CBRE Capital Markets’ Debt & Structured Finance team has secured financing for the construction of BLVD at Lenox, a multi-level retail development in Miami Beach, Fla. The project broke ground this January and is slated for delivery in early 2019.
City National Bank originated the $35 million financing. The advisory team worked on behalf of the developer, an entity affiliated with Comras Cos. The development is 50 percent pre-leased, with Target’s new urban format as the primary anchor tenant.
Located at 1045 Miami Beach Blvd., on the corner of 5th Street and Lenox Avenue, the five-story property will encompass 67,673 square feet. Three levels will include retail space and the upper two stories will provide 224 parking spaces. The building’s base elevation has been uplifted to accept the future raising of the street and of other sustainable features.
BLVD at Lenox was designed to become South Beach’s first commercial LEED Gold certified development. Michael Comras of Comras Cos. is spearheading leasing efforts. Future tenants should include service-based retailers such as a bank, nail salon and spa, dry cleaner, café and quick-service restaurant, among others.
CBRE’s Atlanta-based Senior Vice President Jonathan Rice and Executive Vice President Jeffrey Ackemann secured the construction financing.
“Miami Beach has a retail market that is extremely supply-constrained with exceptionally high barriers to entry for new development. For that reason, we’re even more excited to have played a role in bringing the first Target to Miami Beach, a retailer that was long-anticipated among residents,” said Arden Karson, senior managing director of South Florida at CBRE, in prepared remarks.
Rendering courtesy of Comras Cos.