Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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FLORIDA 68 • SHOPPING CENTER BUSINESS • August 2016 of The Graham Cos. "We're looking to do about 3 million square feet of office space, 1 million square feet of retail and 2,000 residential units. There's a long way to go, but it will be a good thing for South Florida, especially northwest Mi- ami-Dade County." The massive amount of development in the pipeline — roughly 2.2 million square feet according to CoStar Group — comes against a backdrop of tight market condi- tions. Miami-Dade's retail market is cur- rently at 3.1 percent vacancy. From an investment standpoint, Mi- ami's reputation as an international city and safe haven for foreign dollars has led to increased competition among buyers for retail space in Miami. Chris Weilmin- ster, president of the mixed-use division at Federal Realty Investment Trust, says Miami's strengths have led to the firm in- vesting heavily in the market this past year. "Federal's joint venture with our local partners Grass River Property and Com- ras Co. has invested close to $200 mil- lion in the Miami market within the past year, purchasing CocoWalk in Coconut Grove and The Shops at Sunset Place in South Miami," says Weilminster. "These neighborhoods share characteristics that are aligned with our investment criteria: strong household incomes and year-round demographics, high barriers to entry for Thursday, August 25, 2016 19422 N. US Hwy 281• San Antonio TX Multi-Tenant Shopping Center with 30,672 square feet of rentable area over two buildings on 3.3 acres. Includes 2 adjoining pads totaling 2.67 acres. Sold with tenants in place. AUCTION Whitman Family Development is planning a $400 million enhancement to Bal Harbour Shops, which includes revamping the existing Saks Fifth Avenue store.