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Starwood Urban acquires three more on Miracle Mile By Marilyn BowdenStarwood 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. The group bought 65 Miracle Mile, where the tenant is Old Navy, and 45-55 Miracle Mile, two buildings formerly occupied by Uptons. "We 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." The 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. "Coral 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." The 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. Backed 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 City. Charles Treister and Joanne Rosen of Beacon Realty Advisors represented the investment company in local acquisitions. Details: Starwood Urban, Robert Wennett, (202) 478-4600 or, for leasing inquiries, Claude Chandonnet, (202) 478-4605. |
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