Brightline Miami station. Courtesy photoVirgin MiamiCentral Office Buildings Sell to San Francisco Investor for $159M
Shorenstein Properties buys the 2 MiamiCentral and 3 MiamiCentral downtown office towers.
May 16, 2019 at 12:56 PM
3 minute read
The Virgin Trains USA parent company has sold the office and retail segments of its downtown Miami station to a San Francisco-based real estate investor for $159.4 million.
Florida East Coast Industries LLC sold the 3 MiamiCentral and 2 MiamiCentral offices and their retail to Shorenstein Properties, according to the Miami-Dade County property appraiser's office.
The Virgin Trains passenger service, newly rebranded from Brightline after British billionaire Richard Branson bought a minority stake, connects downtown Miami, Fort Lauderdale and West Palm Beach and plans an Orlando extension.
It's the second South Florida venture Shorenstein after the company partnered with Stiles Corp. on The Main Las Olas mixed-use project under construction in downtown Fort Lauderdale, according to Shorenstein's website.
Shorenstein, which focuses on office and residential, has a portfolio of 25 million square feet of in 20 markets valued at $9 million. The company developed 2.3 million square feet of its holdings.
MiamiCentral has two existing office buildings, retail in the office towers and station, and more than 800 apartment units under construction.
3 MiamiCentral, a block west of the station complex, has 95,000 square feet of office space and 35,000 square feet of retail. 2 MiamiCentral sits atop the northern section of the station and has 190,000 square feet of office space.
Some of the signed tenants at the train stations are architecture and engineering firm HNTB Corp., mass media conglomerate Viacom Inc. and entertainment company Grupo Cisneros, now based in Coral Gables. Carlton Fields also will move from the Miami Tower to 50,000 square feet at 2 MiamiCentral in 2020.
Einstein Bros. Bagels has opened at 3 MiamiCentral, and a grocery store is expected soon.
The station itself has a total of 85,000 square feet of retail space where Joe and the Juice and Parliament Coffee have opened. A 40,000-square-foot Central Fare food hall is expected.
Virgin Trains plans to expand by connecting West Palm Beach and Orlando International Airport. The company closed a $1.75 billion bond deal for the new stretch in April.
The sale announcement came after Virgin Trains stopped plans in February to go public. Virgin Trains considered a $619 million common stock offering priced at $17 to $19 per share, according to a Securities and Exchange Commission filing.
The filing outlined potential expansion of rail corridors, including announced plans for service between Las Vegas and Southern California.
The company previously reported an operating loss of $87.1 million in the first nine months of 2018 followed by a ridership increase, according to The Real Deal, which first reported the MiamiCentral sale Wednesday.
Coral Gables-based Florida East Coast Industries also is the parent of supply chain management company Flagler Global Logistics and the Flagler development company.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
How Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute read
The Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute read
Meet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
- 1'Confusion Where Previously There Was Clarity': NJ Supreme Court Should Void Referral Fee Ethics Opinion
- 2How Amy Harris Leverages Diversity to Give UMB Financial a Competitive Edge
- 3Pa. Judicial Nominee Advances While Trump Demands GOP Unity Against Biden Picks
- 4The Unraveling of Sean Combs: How Legislation from the #MeToo Movement Brought Diddy Down
- 5Publication of Information Regarding Client Matters
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
