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    Aurora L. Alvarez

           President

DOWNTOWN MIAMI RE-DEVELOPMENT REQUIRES PLANNING AND PATIENCE. JANUARY 25, 2013.  With 17 buildings downtown and another nine throughout Miami-Dade County, Rok Enterprises president Sergio Rok is one of the largest property owners in Miami, and like many of the city’s landlord’s he is committed to the re-development of downtown Miami. “This is very complex area with a lot of individual owners, and few big parcels, “Rok told the Miami Herald in an interview, I truly believe in the future of downtown but a lot more needs to be done”. It requires planning and patience.” Rok currently leases near 300 downtown tenants and over the last five years, i.e., through the recession, he has only let four of his property trade“. “Once you stabilize an asset, the upside is limited so you look for a good time to sell” Rok said. According to Rok the future of downtown Miami will be adding residential real estate and luring national residential than ever, so the population has increased, but national retailers are still holding back.

WALMART GETS NOD FOR 186,000 SQUARE-FOOT  NORTHWEST MIAMI-DADE. DECEMBER 22, 2012.  Walmart is going ahead with a new supercenter in Northwest Miami-Dade County the company announces which got final approval this week from the Miami-Dade County Community Zoning Appeals Board, will be located  at NW 32 Avenue and 79 Street is slated to open in 2014. We think this store will be part of the solution for folks who want more job opportunities, or affordable great work, “ Steven Restivo senior director of community affairs at Walmart said. Walmart opened another location a Walmart Neighborhood Market in Hialeah Gardens in October.  

PUBLIX AFFILIATES BUY TWO RETAIL CENTERS DECEMBER  20, 2012.  Publix affiliates have bought Plantation Towne Square and Colonial Shopping Center. Plantation Towne Square is a 108,111 square-foot retail center at 6905-6989 West Broward Blvd. in Plantation. Built in 2001, the center is 98.6 percent adjacent to South Dixie Hwy in Miami. Plantation Towne Square  and Colonial Shopping Center are among the most successful grocery anchored shopping centers in S. Florida.

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    MACY’S PROPERTY IN DOWNTOWN  MIAMI

    SELLS FOR $ 15.55 MILLION.

 

JANUARY 03, 2013– Owners of the historic property where Macy’s department store is located in downtown Miami have sold it for $ 15.55 million or $ 322.26 per square foot to New York Based Aetna Realty Group. The property comprises most of the land that the Macy’s store occupies at Flagler Street and Miami Ave., while Macy’s Inc owns a smaller parcel on the east side of Miami Ave. This sale of 48,000 square feet straddling  Miami Avenue on behalf of 22 descendants of Miami business pioneer Richard Ashby. Ashby originally leased the property to Burdines in 1917 for about $ 30,000 a year. That historic lease rate was all that Macy’s was paying on that portion of the property under its old lease. The old lease was a 99 years agreement so it  was set to expire  in a few years.     Macy’s struck  a new lease with Aetna and the store will continue operating for the time being. Ashby descendants were tracked down to Albania, Scotland, California and other locations.  Three bidders went to the finish line on the bid. Aetna will have to close on Macy’s Inc. portion if they want to develop the entire block area some day. A walking bridge, underground tunnels and the Metromover connect the two Macy’s across Miami Avenue. Anticipated changes to the tax law would have sent the deal right back to the drawing board.

 

  MIRAMAR INDUSTRIAL PROPERTY TRADES

  FOR $ 36.5 MILLIONS.

 

DECEMBER 18, 2012- MIAMI- Industrial Income Trust , has purchased a 280,000 square foot property  according to the S. F. B. J . Public records uncovered by the Business   Journal’s show that the industrial property, which is located at 11500 Miramar Parkway inside the Countyline Corporate Center, was sold by an entity operating as an industrial Property Fund  Vl an affiliate of Strategic Industrial Properties. 

     MMG ACQUIRES PAIR MIAMI SHOPPING CENTERS.

DECEMBER 31, 2012. MMG Equity Partners has acquired two grocery anchor shopping centers in Miami-Dade County the firm announced.   The Miami based company has acquired Colonial Shopping Center, a 64,000 square foot President Supermarket anchored center at 450 NE 125 street in North Miami and Tropical Shopping Center which is located at 8100 North Miami Avenue. “Both assets are grocery anchored shopping centers in infill areas of Dade County,” said Gabriel Navarro principal at MMG “We believe that we can increase value through enhancing the tenant mix and improvements to the properties”. MMG has now acquired five properties over 21,000 S. F in South Florida this year.

  SOUTHDADE SHOPPING CENTER TRADES FOR $ 40.5 M

JANUARY 4 2013. The South Dade Shopping Center has sold for $ 40.5 million, the SFBJ reported. South Dade Shopping Center LLC an entity associated with Des Moines, Iowa based Principal Financial Group bought the 213,661 SF from WRI TC South Dade Shopping Center LLC an affiliate of Houston TX based Weingarten Realty Investors.          

 

       JIMMY TATE  AND SERGIO ROK RAMP ACTIVITY

       WITH $ 23 MILLION CORAL SPRING SALE..               

 

DECEMBER  17, 2012- The partnership of developers  Jimmy Tate and Sergio Rok has sold the Coral Landings ll property in Coral Spring for just over $ 23 million. The note on the property was first purchased by the pair in 2009 for $ 14.5 million following the stabilization of the debt. The Coral Landings deal was part of a total of  $ 55 million in deals for Tate and Rok, along with the $ 11.7 million sale of a Tennessee shopping center, a $ 17 million apartment building sale in Myrtle Beach and a $ 2.5 million note sale in Homestead. Rok also sold three of his company for $ 14.5 in November 2012.  Sergio Rok is one of South Florida’s most successful entrepreneurs. As head of the innovative firm Rok Enterprises, he is developing the exciting core of a city with so much promise. As a major downtown property owner and active member of the Downtown Development Authority, Rok is a strong supporter of efforts to create a fresh mix of residential and business activity that will capture the potential allure the city center has for residents worldwide. Was not wrong…