CBRE Tapped to Manage Miami Portfolio

The largest of the three buildings, The Collection, is a mixed-use asset which contains both retail and office across its eight stories.

The Collection in Coral Gables, Fla.
The Collection in Coral Gables, Fla.

The CMC Group has hired CBRE to manage its three-building Miami office portfolio. The three properties, while all located within a half mile of U.S. Highway 1, contain a diverse tenant mix across different submarkets.

“The CMC Group portfolio requires a high level of service due to the buildings’ locations, caliber of tenants and CMC’s brand and reputation in the real estate market,” said Patty Nooney, senior managing director of CBRE’s asset services division, in a prepared statement.

Located at 4000 Ponce de Leon Blvd., The Collection is an eight-story, 190,000-square-foot mixed-use asset in Coral Gables, southwest of Miami’s city center. Home to tenants including JPMorgan Chase, Steinway & Sons and the Consulate General of Italy, the property features office space on its upper floors, with the first two floors primarily occupied by a luxury car dealership.

Grove Professional, the second asset in CMC’s portfolio, is situated at 2950 S.W. 27th Ave. in Coconut Grove and consists of 41,000 square feet of office space across three stories. Constructed in 1985, the property includes two levels of parking. The building is home to a mix of tenants including the TREO Group and Turtle Tent.

A new look, a new tenant

1550 Biscayne Blvd. in Miami
1550 Biscayne Blvd. in Miami

The third asset, located at 1550 Biscayne Blvd. in downtown Miami, encompasses 22,497 square feet over three stories, along with an attached parking garage. Built in 1953, CMC acquired the building in 2014 for $10 million, according to public records. The owner’s offices are located on the upper two floors of the property. The company began significant interior and exterior renovation work in early 2017, and Ferrari plans to open a dealership in the structure’s street-level space, according to The Next Miami.

Images courtesy of Yardi Matrix and via Google Street View