Vibrant Capital Partners I 1200 Brickell Avenue | Miami
Vibrant Capital Partners has opened an office in Miami’s Brickell financial district, marking the continued expansion of out-of-state financial firms into South Florida.
Vibrant Capital, an alternative credit investment manager, has leased 3,000 square feet on the eighth floor of the 1200 Brickell Avenue building, with plans to expand to the penthouse in 2023, according to a press release from the tenant’s broker.
This is Vibrant’s first office outside of its New York headquarters, according to its website. Vibrant is led by Founder and Managing Partner Volkan Kurtas, and CEO and Managing Partner Rehan Virani.
Arden Karson of Karson & Co. and Carol Ellis-Cutler of CBRE represented Vibrant Capital in the leases.
The 235,432 square foot, 20 story building is an office condominium. Arnhem Group LLC purchased the eighth-floor space for $1.3 million in July 2021, property records show.
MDR 1200 Brickell LLC, run by entrepreneur Manuel Moratiel Llarena and other members of the Moratiel family, bought the penthouse space for $8.6 million in 2015, records show. The Moratiels also run the Madrid-based MDR Inversiones.
South Florida has seen an influx of financial firms expanding here or relocating altogether, with many opting for offices in Brickell.
In December, New York-based Apollo Capital leased 24,000 square feet at 701 Brickell.
Marsh I 830 Brickell | Miami
Marsh, the insurance arm of the New York-based Marsh & McLennan Companies, will consolidate its South Florida offices into the 830 Brickell skyscraper currently under construction.
Marsh has leased about 25,000 square feet in the tower being developed by Vladislav Doronin’s OKO Group and Cain International, according to the owners’ broker. The tenant will consolidate its South Florida offices into the new space.
Brian Gale and Andrew Trench of Cushman & Wakefield represented OKO and Cain. Tony Jones, also of Cushman, represented Marsh.
The 55-story, 640,000-square-foot 830 Brickell is scheduled for completion this year.
The building sold quickly. Dublin-based aircraft owner and lessor AerCap has leased the 50th floor for its first US headquarters; Microsoft leased about 50,000 square feet; and private equity and growth capital firm Thomas Bravo will occupy approximately 36,500 square feet.
Canadian asset and wealth management giant CI Financial leased about 20,000 square feet at 830 Brickell for its US headquarters in September, and opted to double its square footage in the building in February.
Although Marsh already has a presence in South Florida, over the past year and a half the region has been a magnet for out-of-state financial business expansions and relocations. The number of SEC-registered investment advisers in Downtown grew more than 35% in the two-year period ending in the second quarter of 2021, according to the Miami Downtown Development Authority.
FedEx Ground I Miami 27 Business Park | Mixed
FedEx Ground will occupy an entire building in the two buildings of Duke Realty, spec Miami 27 Business Park in Medley.
FedEx Ground leased the 501,224 square foot Building I at 10300 Northwest 121st Way, marking South Florida’s largest contract for Duke, according to a press release from the developer.
Dave Loudenslager of Duke, along with Erin Byers and Steven Wasserman of Colliers International, represented the owner in the deal.
Indianapolis, Indiana-based Duke, a logistics real estate investor and publicly traded real estate investment trust, began construction of the Miami 27 Business Park in May on nearly 35 acres. Duke bought the property in 2018 for $35.7 million.
The 221,984 square foot Building II at 10310 Northwest 121st Way is also fully leased, according to the release.
FedExGround will open in Building I in 2023, the company told the South Florida Business Journal.
BayWa re Solar Systems I Pompano Industrial Center
BayWa re Solar Systems, a solar energy products distributor and logistics company, has opened its first South Florida warehouse, distribution center and administrative center in Pompano Beach.
BayWa has leased the entire 25,300 square foot Pompano Industrial Center building at 2151 Blount Road, according to the broker’s press release. BayWa moved in on March 1.
Matt McAllister and Chris Metzger of Cushman & Wakefield represented Denver-based owner Black Creek Group. Skylar Stein and Wayne Ramoski, also of Cushman, represented the tenant.
BayWa, based in Santa Fe, New Mexico, distributes solar and energy parts and systems in the United States. It is a subsidiary of Munich-based German retail and agribusiness conglomerate BayWa AG.
The Pompano Industrial Center was built in 1986 on 1.7 acres, according to property records. Black Creek, through an affiliate, paid $2.4 million for the building in 2016.
Ares Management affiliates purchased Black Creek Group in July 2021, according to Black Creek’s website. The company also invests in multifamily, office and retail real estate, according to its website.
The facility has approximately 5,489 square feet of office space, six platform-height doors, a front door, an 18-foot-high ceiling, 30-by-34-foot column spacing and early suppression, a system rapid-response fire safety, according to release.
Florida I Pompano business center accessories
Accessories of Florida has leased 30,155 square feet of space in Building O at 2530 Northwest 19th Street in the Pompano Business Center.
Lessee is a General Motors authorized distributor and installer of automotive accessories for markets such as South Florida; Troy and Kentwood, Michigan; Bolingbrook, Ill.; and Des Moines, Iowa, according to a press release from broker Accessories of Florida.
Michael Feuerman and Daniel Silver of Berger Commercial Realty/Corfac International, and Matt Sultenfus of Groupe Avocat represented the tenant. Cushman & Wakefield represented the building’s owner, Chicago-based First Industrial Realty Trust.
Sprouts Farmers Market I Homestead Pavilion
On Friday, Sprouts Farmers Market opened a 20,000 square foot store at the Homestead Pavilion.
The grocer, known for its health-conscious choices, is located at 2631 Northeast 10th Court, according to a press release from Sprouts.
Wharton Realty Group, based in Eatontown, New Jersey, bought the Homestead Pavilion in January for $82 million.
The four-party joint venture of CREC Capital, Highline Real Estate Capital, MMG Equity Partners and Lubert-Adler Real Estate Funds sold the 298,000 square foot plaza. The joint venture had paid $62.2 million for the property in 2019.
Ocean Bank I The Waverly at Las Olas | Fort Lauderdale
Ocean Bank has leased nearly 5,500 square feet of retail space at The Waverly at Las Olas condominium in Fort Lauderdale.
Ocean Bank will open by the end of this year at 110 North Federal Highway, according to a press release from the attorneys who represented the owner in the deal.
The commercial space is owned by Waverly 1 and 2 LLC, managed by accountant Elliot Kessler, according to company records.
Eric Spritz and Daniel Solomon of Katz & Associates represented the site owner. CBRE’s Paco Diaz represented Ocean Bank.