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Alan Macken and his partners in the Palmetto Park joint venture scored a major coup for their Miami Gardens shopping center when they landed the world's largest retailer as a tenant.

The group's Palmetto Gardens Plaza has a new anchor, a 40,000-square-foot WalMart Neighborhood Market, one of the latest of a series of large retail stores planned for South Florida. A proposed store is in the works for Palm Springs North and a long-running campaign has sought to bring a 203,000-square-foot Wal-Mart Supercenter to Midtown Miami. Meanwhile, Broward County commissioners have cleared the way for a $100 million Wal-Mart-anchored shopping center in Fort Lauderdale. For Wal-Mart, the expansion strengthens its foothold and responds to renewed competition from deep discounters and aggressively growing dollar stores. Their neighborhood stores cut into the mega retailer's share of the bargain retail market. "When you develop a big-box center, you have to achieve the highest and best use," said Macken, whose North Miami-based VCM Builders and af?liated companies have worked single-box redevelopment plays for banks, 7-Eleven Inc. stores, Family Dollar and restaurants. "It makes you, as a landlord, up your game." To sign Wal-Mart, Palmetto Park needed to meet the retailer's loading-zone speci?cations, parking requirements, tenant exclusions for certain competitors and a slew of other contractual terms. The deal took a year to hammer out versus 60 days for smaller tenants. "The big box is not necessarily a panacea," Macken said. "It doesn't cure all your ills, but Wal-Mart gave our other tenants the con?dence that there was going to be good traf?c.” That's been good and bad news for South Florida retail landlords when one powerful lessee could mean a ?ood of shoppers to buoy neighboring tenants. For some, like developers Art Falcone and Nitin Motwani, big-box leases help bolster massive projects like the proposed 10-block Miami Worldcenter with 765,000 square feet of retail anchored by a 195,000-square-foot Macy's store and a 120,000-square-foot Bloomingdale’s. But elsewhere across the region, where some big-box tenants folded during the recession or shrunk to adapt to the rise of online shopping, the loss could spell disaster for neighborhood centers like Nassau Square in suburban Lake Worth.

New Life When broker Bill Reichel took over leasing for Nassau Square, the 160,000square-foot neighborhood center had been nearly half empty for about a decade since losing its largest tenant, a regional department store that once occupied 45,000 square feet. The dramatic stem in traf?c cost the center smaller tenants and hinted at more bad news for Nassau Square. Its second largest lessee, Publix Super Markets Inc., had only three years left on its lease with no de?nitive plans for renewal. Reichel's strategy involved a $1.2 million renovation with new facades, a sprucedup parking lot, fresh landscaping and thousands of dollars' worth of new lighting to reposition the lagging center. The move paid off, allowing him to broker transactions valued at $4.25 million and raise occupancy enough to bolster the value of the $10 million shopping center over the next 18 months. Reichel secured a 45,000-square-foot lease with Metro Lumber and Hardware, a large Puerto Rican chain looking to make a South Florida entry. He then successfully negotiated renewals with Publix, Dollar Tree Inc. and the Brass Money Sports Bar & Grill, which together accounted for nearly 55,000 square feet. As part of the deal, Publix will invest about $1 million to renovate its interior. Plus, McDonald's Corp. signed a 20-year ground lease on an outparcel. "Within 90 days that shopping center will take on a whole new complexion," said Reichel, president of Reichel Realty & Investments Inc. in Palm Beach Gardens. That sort of repositioning is key, analysts say.? Emerging Opportunities As some big-box tenants shrink their brick-and-mortar footprint to compete with online sellers and others change their business models to adapt, retail landlords must prepare for new demands. Once-lucrative tenants like Of?ce Depot are shuttering hundreds of stores nationwide, leaving behind vacant storefronts that once were key revenue drivers.

In Broward County, Of?ce Depot will shutter three stores in 2015 as part of a plan to close more than 400 Of?ce Depot and Of?ceMax locations nationwide. That's both good news and bad for landlords. "Of?ce Depot is looking to sublet some of their spaces, but most people who come in wanting that much space typically want long-term deals," said Cammi Goldberg, director of retail leasing and landlord representation for Franklin StreetReal Estate Services' South Florida operations. Instead of subletting, replacement tenants go straight to landlords to negotiate new long-term leases, which often mean higher rates and improved revenue streams for property owners. But big tenants often mean big expenditures for extensive remodeling, adaptation and improvements. "In most of these cases it means a big check for improvements, so landlords need to look for term.” That's easier to get now than it was just a few years ago when departures by stores like Borders meant these businesses were struggling ?nancially or in bankruptcy. For some landlords, it meant rent streams immediately dried up as key tenants defaulted. Now departing tenants are likely to be realigning their business and still have enough revenue to pay the remainder of their contract, giving landlords a steady stream of upfront cash for renovation and repositioning. "It's a really a good time to have these spaces come back to the market," said Barry Wolfe, vice president of investments and senior director of the national retail group at Marcus & Millichap Real Estate Investment Services. "It just took time, but now we're in a much different environment. I think landlords might be licking their chops, looking for opportunities to back?ll these spaces."

 

Tags:  News

It would seem that there would not be room in South Florida for more preconstruction properties, however they are announced daily and are being bought at record prices in preconstruction. One of the areas of demonstrable growth is the Bay Harbor Islands. It is proximately located to the Miami International Airport, Downtown Miami, and is mere walking distance to the Shoppes at Bal Harbour. The views from properties on Bay Harbor Islands are incredible and whether you are north, east, south, or westerly facing, you have unparalleled vistas.

Some of the preconstruction properties in Bay Harbor Islands are townhomes, such as 101 Bay Harbor Islands which features twelve residences total with up to five bedrooms to the Bay Breeze Residences which is a slightly larger development with prices from $525,000 and have one to two bedroom floorplans and 17 residences total. One of the larger new developments is Kai at Bay Harbor which has 58 residences and starts at $612,700 and has features you would expect in resort style condo living. If you are looking to live amidst this intimate enclave that is centrally located, contact us today for more information!

 

Tags:  News

North Miami Beach officials are hoping for a surge in development after updating the city’s zoning code in key areas to allow for greater density.


The city of 43,250 is just south of high-end Aventura and across the water from the booming condos on Sunny Isles Beach, but it’s mostly been overlooked for major new developments. Mayor George Vallejo said its zoning code was decades out of date and it fell behind the progress of neighboring cities. The recently approved code allows buildings of up to 30 stories in the new central district along Northeast 163rd Street between Dixie Highway and Biscayne Boulevard, he said. Heading away from the new city center, buildings of eight to 15 stories are allowed on some parcels on those roads, and also on Northeast 164th Street.
Vallejo compares it to Midtown Miami.
“Rather than just have a building, you would have retail on the bottom with parking inside and active street uses to encourage walkability and live/ work,” he said. “Those are the kind of housing choices consumers want today.”
Vallejo said the city is offering incentives for developers – such as a 75 percent tax rebate over at least 15 years for new buildings and partially funding infrastructure – through its community redevelopment agency.
"The new zoning code will encourage redevelopment in North Miami Beach after years when the city’s major streets have been overlooked", said Alan S. Macken, founder of development firm Macken Cos., who grew up in the city and has offices there. He owns several properties on Dixie Highway, and he’s considering going vertical with them for mixed uses.
“North Miami Beach has a great opportunity to enhance the lifestyle of Aventura and Sunny Isles Beach because it has more streetscapes,” Macken said. “It will be different because we have wider, more diversified uses. It has the ocean and the Intracoastal and a mall.”

 

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The Ritz Carlton Residences of Sunny Isles has launched its’ preconstruction sales and the residences are already generating much press and discussion in the real estate market in Miami. The 52 story Atlantic Ocean facing tower will have the amenities and services of a Ritz hotel, but will be solely residences. Renderings are available on the link below with floor plans and below are some of the interior amenities as well as building amenities. Residences start at $2 million. For more information on this top of the line pre-construction, please contact a member of Macken Realty today!

Design by Aquitectonica

Interiors by Michele Bonan

212 Residences from 1,600 square feet to 3,640 square feet with penthouses up to 6,320 square feet

Porte Cochere

Residence Features

Floorplans with views of ocean, city, and intracoastal

High Ceilings

Oversize Terraces

Italian Cabinetry and Custom Countertops

Private Elevator Lobby

European Appliances

Walk in Closets

Fully equipped laundry

Smart Wired

Service Quarters


Tags:  News

Macken Realty is pleased to feature 6429 NW 65th Way in Parkland Florida as its’ home of the Month. This extensive property would fetch easily upwards of $12 million in Miami Beach, however this is not this home’s allure, it is in the more quiet Estates of Pine Tree in Parkland and is listed at $2.789 million. It is on an oversize lot at 43,571 square feet and its interior space is a staggering 8,500 square feet. The home has 7 bedrooms and 9 and 1 half baths. It is fully fenced with central air and heat and is complete with a large circular drive and three car garage, in a Mediterranean style. This home is distinguished in many ways and below are some of the particulars, if you would like more information on this home or other luxury homes in Parkland, please contact a Macken Team Member today!

Residence Features

Gated

Fireplaces

½ basketball court

Putting Green

Built in BBQ

Hurricane Windows

Stainless steel appliances

Marble and Hardwood Floors

Swimming Pool and Spa

Gas Range

Eastern Exposure

Breakfast Bar and Kitchen Isle

Walk in Closets

Guest Suite

 

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