Starwood Urban acquires three more on Miracle Mile
Urban, a Washington, DC-based investment company, added to its holdings
on Miracle Mile in Coral Gables with the acquisition of three more
properties, representing a $6.45 million investment.
group bought 65 Miracle Mile, where the tenant is Old Navy, and 45-55
Miracle Mile, two buildings formerly occupied by Uptons.
are evaluating whether to re-tenant the former Uptons buildings,"
says CEO John Richman, "or to redevelop them with ground-floor
retail and a mix of office and residential, all of which are permissible
by the current zoning."
new properties bring Starwood Urban's holdings along Miracle Mile
to more than 150,000 square feet, making it the largest landlord on
the shopping strip.
Gables is part of an ongoing national trend that recognizes the promise
of distinctive downtown neighborhoods with unique stores, lively cafes
and charming streetscapes," Mr. Richman says. "We believe
that there is tremendous potential here."
investment company recently bought buildings at 1674 and 1688 Meridian
Ave. on Miami Beach. Both properties are home to high-profile Internet
and entertainment companies such as Yupi.com, EMI and Sony.
by $1 billion in joint-venture capital, the nine-year-old investment
group has been actively acquiring retail and mixed-use properties
across the US. Recently, Mr. Richman says, Starwood Urban has made
substantial investments in Washington, DC; Norwalk, CT; Chevy Chase,
MD; Alexandria, VA; Boston and the meat-packing district of New York
Treister and Joanne Rosen of Beacon Realty Advisors represented the
investment company in local acquisitions.
Starwood Urban, Robert Wennett, (202) 478-4600 or, for leasing inquiries,
Claude Chandonnet, (202) 478-4605.