New Brickell Hotel Leases Over 50% of Commercial Space

Hamid Moghadam, CEO of Prologis (Prologis, CBRE, iStock)

UPDATE, January 24, 10:13 a.m.: AC Hotel by Marriott / Element by Westin I Brickell

More than half of the street-level retail space is taken up by the newly opened AC Hotel by Marriott/Element by Westin in Miami’s Brickell neighborhood.

Three restaurants and a facial bar signed the deals, according to a press release from hotel developers Robert Finvarb Companies and Tony Cho.

Cho is founder and chairman of Metro 1, a brokerage involved in some of the transactions.

Mexican restaurant and bar Toro signed a 4,500 square foot lease; speakeasy piano bar Il Piano signed a 1,900 square foot lease; and Venezuelan family bakery La Suiza Bakehouse signed an 850 square foot lease, the statement said.

Silver Mirror, a facial bar, has signed a 1,700 square foot lease, marking its first location in Miami. The company already has outposts in New York and Washington, DC.

Keller Williams’ Julian Acosta represented Toro in its deal. Valentina Grajales of Fortune International Realty represented Il Piano. Metro 1’s Hector Antunez and Prime Sunshine’s Luis Maggi represented La Suiza, and SRG Retail Group’s Ana Barcelo represented Silver Mirror.

Juan Andres Nava and Bernardita Banfi of Metro 1 represented Robert Finvarb and Cho.

Robert Finvarb, through his Miami-based company founded in 2002, has developed and invested in real estate in South Florida and beyond, building projects with a market value of over $1 billion. dollars, according to the company’s website.

Finvarb and Cho’s 22-story AC by Marriott-Element by Westin Hotel, located at 115 Southwest Eighth Street in Miami, includes 4,683 square feet of meeting space; a Rosa Sky Rooftop Bar & Lounge, run by The Restaurant People; and 22,500 square feet of retail space — of which 10,500 square feet are still available, according to the release.

The hotel has 264 keys, which break down into 156 under the AC brand and 108 under Element by Westin. It opened this month, having secured a $67 million construction loan in 2019.

The property is close to downtown Brickell and the 10-mile Underline Linear Park which is under construction and will run under Metrorail tracks in parts of Miami-Dade County.

OpenStore I The Gateway at Wynwood

OpenStore, the e-commerce technology joint venture backed by Founders Fund and Atomic, has moved into Wynwood’s new gateway.

OpenStore has leased 14,914 square feet of space on the 10th floor of the 13-story office building at 2916 North Miami Avenue in Miami, according to a press release from Gateway developer R&B Realty Group.

Stephen Rutchik and Tom Farmer were part of the Colliers team representing R&B Realty. Adam Bernstein and Jeffrey Gordon of JLL represented OpenStore.

OpenStore buys Shopify businesses, then uses its software in a bid to increase sales, according to media reports. Keith Rabois, general partner of venture capital firm Founders Fund; Jack Abraham, founder of startup and investment fund Atomic; and Michael Rubenstein, the former president of AppNexus, founded OpenStore.

In June, OpenStore raised $30 million in Series A funding, reaching a valuation of $250 million, and also raised $75 million in Series B funding, according to a November Forbes report.

OpenStore is the first tenant to move into The Gateway at Wynwood, but not the first to sign a lease. Oncology biopharmaceutical company Veru signed an eight-year, 12,155-square-foot lease for its global headquarters in the building.

The 10th floor of the Kobi Karp-designed Skywalk at Wynwood is dedicated to specification suites, designed by Gensler, which are fully built and move-in ready, according to the release. Spec suites, which are now extended to the ninth floor, start at 2,000 square feet but can be combined for larger units.

The OpenStore move is another sign that new-to-market technology and financial companies are moving to Wynwood. Previously, OpenStore, Founders Fund and Atomic together leased 22,000 square feet at the Wynwood Annex. The three signed the lease in 2021, making them part of the first wave of technology and financial companies to open in Wynwood. Founders Fund and Atomic remain at Wynwood Annex.

Pardo Jackson Gainsburg I Downtown Miami

Pardo Jackson Gainsburg has signed a 6,000 square foot lease at the Miami Tower in downtown Miami, marking an expansion of the law firm’s former space.

Pardo Jackson recently moved into its 20th floor offices from its former 4,000 square foot space at 200 Southeast First Street, also in downtown Miami, according to a spokesperson for the law firm.

The 47-story Miami Tower sits at 100 Southeast Second Street.

The expansion represents expected growth this year in Pardo Jackson’s real estate and construction practice, as well as its commercial litigation and bankruptcy groups, founder Stevan Pardo said in a mailed statement. electronic.

Pardo Jackson has added an attorney and two support staff members over the past year.

Jeg & Sons I Prologis Seneca Park at Pembroke Park

Industrial developer and prolific investor Prologis has signed another tenant in its Seneca development in Pembroke Park, bringing the project to full occupancy.

An e-commerce tenant has signed a 57,929 square foot lease at Prologis Seneca Park, according to a press release from CBRE, which represented the landlord.

The statement did not identify the tenant, but sources said The real deal it’s Jeg & Sons, who currently own their space west of Aventura.

Tom O’Loughlin and Larry Genet of CBRE represented Prologis, and Ana Rivera of JLL represented the tenant.

The master-planned 1.1 million-square-foot Prologis Seneca Park will include eight buildings, with construction beginning in 2022 on the last two, according to the statement. The final two buildings will total 380,000 square feet and have 32-foot unobstructed ceiling heights, a rear loading dock height configuration, early suppression, fast-response sprinklers, LED lighting, and purpose-built office space.

San Francisco-based real estate investment firm Prologis has a portfolio of nearly 2.9 million square feet in southern Broward County. The deal at Seneca Park fills the last vacancy in his portfolio, according to the statement.

In October, Prologis, led by Hamid Moghadam, sold two Weston Business Center warehouses to Nuveen Real Estate for $110 million.

Jonathan Guffey is Prologis’ market manager for Broward and Palm Beach counties.

The big bets from industrial behemoths like Prologis come as the South Florida market booms, largely due to limited developable land and dwindling supply during a period of high demand.

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