Written by Miami Today on July 20, 2000
Miami is a weekly feature of Miami Today, keeping readers ahead
of the news. Here are highlights from the most current edition.
A MATTER OF TRUST: The Public Health
Trust is expected to address the ongoing question of how Homestead
Hospital is to be administered at an executive board meeting today
(7/20). In a June 27 letter to Baptist Health Systems of South Florida,
which has been operating the financially troubled hospital since
1995, trust Chairman Amadeo Lopez-Castro asked that Baptist put
$5 million in escrow to fund capital improvements. The letter also
said the trust would have sole discretion over which entity would
be responsible for administrative services — representing a
further potential $3 million burden for Baptist, according to President
Brian Keeley. "We struck a deal and now they throw in these
new conditions with no discussion," Mr. Keeley said, calling
for open meetings to resolve the issue. "I’m flabbergasted.
This isn’t acceptable to us."
Equity One, a real estate investment trust specializing in shopping
centers, secured a $16.35 million loan from Lutheran Brotherhood
for the first two phases of Shoppes at Skylake, a 280,000-square-foot
center in North Miami. The first two phases will have 150,702 square
feet and include a 51,420-square-foot Publix.
DISTRIBUTIONS: TM Distribution Group
leased 25,230 square feet at Beacon Centre. Ophelia de la Torre
of WestVest & Associates represented the tenant in the transaction.
Jose Juncadella, David Spillers and George I. Pino, Codina Realty
Services brokers, represented the landlord, Duke-Weeks Realty Corp.
UNION PLANTERS SITE:
The law firm of Nemser & Wolis bought a 60,000-square-foot Union
Planters Bank, 1666 Kennedy Cswy., for $2.6 million. Jack Lowell
and Tere Blanco de Ulloa of Codina Realty Services represented the
seller in the transaction.
WACO LEASE: Waco Associates leased 21,800
square feet of industrial space at 11701 NW 100th Road, Medley,
from Gran Central Corp. Michael Silver of CB Richard Ellis represented
the tenant in the transaction.
MC DEAL: Allplus Holding Corp. bought
three-quarters of an acre at Northwest 58th Street and 100th Avenue
for $285,000. Mark Aleman of MC Realty Services represented the
buyer in the deal. He said MC Construction will build a 17,000-square-foot
office at the site.
COMMODORE SALE: Joe El-Masry, owner
of Barracuda Bar, bought a one-story, 6,600-square-foot building
at 3131 Commodore Plaza, former site of Sloppy Joes, for $950,000.
The seller is Commodore Partners, whose principal is Manny Alonso
Poch. Berk Boge and Robert Wallace of Coconut Grove Realty co-listed
the property and Keppy Smith of Wood Fay Realty was selling agent.
Little River Studios, whose principals are Mallory Kauderer of Miami
Beach and Robert Gothard of Martha’s Vineyard, MA, paid $335,000
for two buildings of 4,430 and 11,635 square feet on 1.09 acres
at 300 NE 71st St. to convert to a photography studio. The James
M. Perry Co. arranged a 10-year first mortgage of $235,000.
CONSTRUCTION COST: In our July 13 coverage
of BOV Construction’s South Beach projects, the amount of the Commerce
Bank loan for construction of the Bentley Beach Condominium Hotel
should have been $30 million.
HIRING STATUS: Members of the Governor’s
Financial Oversight Board said Tuesday they were pleased that the
City of Miami filled four top executive posts and is reviewing candidates
for an assistant city manager for real estate & development and
a director of finance. In May the board had complained of nine vacancies
in the city’s executive ranks. "You’re building a great team,"
said Gabriel Bustamante, an oversight board member. Three other
positions — directors for building, general services administration
and information technology — are on hold pending a city reorganization.
Linda Haskins, an adjunct professor in the University of Miami’s
finance department who worked as a senior executive for American
Savings of Florida from 1984-95, was hired Monday as the City of
Miami’s new director of management and budget. Ms. Haskins, a registered
CPA, also worked nine years with KPMG Peat Marwick.
E-LUNCH: The Miami Beach Chamber of
Commerce, Visitor & Convention Authority and Greater Miami Convention
Bureau are co-sponsoring a luncheon panel, "E-commerce Travel:
Its effects on the industry & our community," at noon July
27 in the Wyndham Miami Beach Resort. Scheduled panelists include
Hotel Reservation Network’s Robert Diener, Darryl Bowie with SCA
Telecard Services and local e-firm executives. Details: (305) 672-1270,
STEINBAUER MOVE: The commercial and
industrial real estate brokerage firm Steinbauer Associates has
relocated to Suite 111 in Building I at the Doral Executive Office
Park, 3785 NW 82nd Ave. Details: (305) 629-9740.
COMPLIANT SESSION: The Builders Association
of South Florida is holding a seminar, "Workers Compensation
Compliance," from 3-5 p.m. July 25 in the Sheraton Ft. Lauderdale
Airport Hotel, 1825 Griffin Road, Dania. Cost is $15; free to members.
Details: (305) 556-6300.