Rendering: Shops at Beacon Lakes
MIAMI - Continental Real Estate Companies (CREC), one of Florida’s largest commercial real estate services firms, has been selected by joint venture partners Flagler and AMB Property Corporation as the exclusive leasing and marketing agent for The Shops at Beacon Lakes, a new 45-acre retail development planned for west Miami-Dade County. News of the leasing assignment signals that the project’s development team is prepared to begin aggressively marketing the property to prospective tenants. This marks a bright spot in a retail sector that saw new project completions fall by nearly 50% nationwide in 2009, with only 70 million square-feet of retail product slated to deliver in 2010, the lowest level on record, according to national industry research.
Upon completion, The Shops at Beacon Lakes will consist of up to 470,000 square-feet of build-to-suit retail development near the intersection of the Florida Turnpike and the Dolphin Expressway (836). The 45 acre parcel, which is fully-entitled and approved for big box retail development, will be the first major retail project to take shape in South Florida’s burgeoning West Miami-Dade submarket in more than two years. The shovel-ready property has already been outfitted with new access roads, such as the 836 Extension and NW 137th Ave., also known as Beacon Lakes Blvd.
Sabrina Meerbott, Senior Vice President at CREC, believes The Shops at Beacon Lakes will generate widespread interest among national anchor tenants. “The Shops at Beacon Lakes offers major national retailers an opportunity to locate in an easily-accessible, build-to-suit location proximate to a large population base,” said Meerbott. “Future tenants can commit with confidence knowing this project is backed by two well capitalized, well respected real estate developers who have depth of knowledge and years of experience, namely Flagler and AMB.”
As one of Florida’s largest retail leasing, brokerage and property management firms, CREC was selected for its depth of understanding of Florida’s retail landscape and for its national network of tenant and broker contacts. Beyond managing and leasing 11.4 million square-feet of retail, office and multifamily space throughout Florida, CREC represents an array of national retail tenants in markets across the state.
“The fact that CREC enjoys a long history working with both landlords and tenants across the country puts us in good position to market The Shops at Beacon Lakes nationally, and closer to home,” said Alan Esquenazi, Senior Vice President at CREC. “Our firm’s experience in construction and property management provides us a built-in advantage when partnering with developers, and we feel confident that this project will attract a healthy mix of big box retailers and smaller tenants.”
The Shops at Beacon Lakes is located at 1970 NW 129th Avenue in western Miami-Dade County, Florida, near the intersection of NW 12th St. and NW 137th Avenue. The project is part of a six million-square-
“We are seeing indications that retailers are back, looking to expand in well located sites such as The Shops at Beacon Lakes which has long been an underserved market for big box retailers,” said Brian Latta, Senior Project Manager of Flagler. “The Shops at Beacon Lakes offers a great location, strong demographics and can deliver at costs that make sense. In addition to serving a community need, The Shops at Beacon Lakes will also serve as a key amenity to our adjacent 4,800,000-square-
For more information, visit www.theshopsatbeaconlakes.com. For leasing information, please contact Sabrina Meerbott or Alan Esquenazi at CREC, (305) 854-7342.
About Continental Real Estate Companies (CREC)
Founded in 1989 by Chairman Warren Weiser and President Carol Brooks, Continental Real Estate Companies (CREC) is one of Florida’s largest commercial real estate services firms, managing a portfolio of more than 80 office, retail and multifamily properties totaling 11.4 million square-feet. With offices throughout Florida, CREC specializes in asset and property management, leasing, tenant representation, construction management, development dispositions and finance, and creative workout solutions. For more information, visit www.crec.com.
About Flagler
Flagler is one of Florida’s oldest and largest integrated, full-service real estate companies. Flagler owns, manages, leases, or has under development approximately 13 million square feet of Class-A office and industrial space located in strategic markets throughout Florida. In addition, Flagler provides third-party construction, property management, and brokerage services and owns 4,400 acres of Florida land, of which 1,650 acres are entitled for up to nearly 19 million square feet of development. Headquartered in Coral Gables, Fla., Flagler is owned by private equity funds managed by affiliates of Fortress Investment Group LLC. For more information on Flagler, visit www.flaglerdev.com.
About AMB Property Corporation
AMB Property Corporation®
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