Thursday, July 19, 2012

Facade Renovation Update: Miller Heights Shopping Center

Major Facade Renovation at the Miller Heights Shopping Center
Early February, 2012, Sharpe Properties commenced significant facade renovations to the Miller Heights Shopping Center, located at 9375 SW 56th Street (Miller Drive), Miami, Florida 33165.  This was the first major facade renovation construction project to the South Florida shopping center since it was built in 1965.

Here is a picture of the retail shopping center before the facade renovation construction project started:

retail shopping center
Pre-renovation picture taken November, 2011
Facade Upgrades and Improvements
The upgrades and improvements to the shopping center's facade consisting of many things such as:

  • Elevated storefront signage area for tenants
  • Upgraded hurricane-impact storefront windows
  • Addition of two large towers for added signage and visibility
  • Reverse channel-letter signage
  • Brand new heavily insulated roof system
  • Upgraded electrical and plumbing

Current Status of Renovation Project
With the help of BRV Construction and Azze Architecture, Sharpe Properties is nearing the final stages of the Miller Heights Shopping Center's facade renovation construction project.

facade renovation to retail shopping center
picture of shopping center taken July 18, 2012
As illustrated within the picture above, the entire facade has been elevated, the two large tower structures have been built, and they have just started to paint the building.  Once the painting is finished, the tops of the towers will be installed, and a patina green colored metal roof will be placed throughout the facade and on top of the towers.

Second Phase: Landscape and Parking Lot Renovations
Now that construction on the facade renovations are almost finished, the shopping center is about to start construction on their second phase of the renovation project...landscape and parking lot renovations.

The parking lot renovations at the Miller Heights Shopping Center will include:

  • Addition of more parking spaces
  • Angle parking with now be straight head-in parking
  • Traffic will flow from both directions
  • Addition of lighting throughout parking lot and building
  • Lush landscaping throughout the property

Tenant Mix
Sharpe Properties is looking to upgrade its tenant-mix and quality of tenants at their South Florida retail shopping center.  While many of their mom-and-pop type tenants are expected remain, Sharpe Properties has already received interest from several national tenants, and expects many others will want to move into their shopping center once renovations to the facade and parking lot are complete.

Locations Available For Lease 
If any tenants (mom-and-pop or national tenants) would like more information on locations within the shopping center to lease now or in the near future, please call the property management office of Sharpe Properties 305-693-3500 or visit us at www.sharpeproperties.com/millerheights 

About Author:

mason sharpe Mason Sharpe is Vice President and General Counsel of Sharpe Properties, a property management company handling commercial real estate located in Miami-Dade and Broward County. Mason is also a Member of the Property Tax Appeal Group, LLC ("P-TAG"), appealing property taxes for owners of properties located in Miami-Dade and Broward County. Outside of attending college at Boston University, Mason was born, raised, and still lives in Miami, Florida.  Follow him @ Twitter | Facebook or send email to mason@sharpeproperties.com

Monday, July 2, 2012

South Florida Real Estate Cycle - Commercial follows Residential

The commercial real estate market in Miami-Dade County has gone through many ups and downs over the past several years.  During the real estate boom years (5 to 10 years ago), not only was the cost of buying commercial real estate rapidly increasing, but the rental rates spiked as well.  All that changed when the real estate market bubble collapsed.

Housing Market Collapse
Housing Market Collapse
Market Collapse
The residential market was the first to feel the effects of the real estate market's spiral downwards.

While the entire country feeling the effects throughout the real estate markets, the State of Florida was one of the most effected.

Within the State of Florida, the South Florida market, which includes Miami-Dade and Broward County, suffered greatly.  Home prices deteriorated fast, and it became very difficult for homeowners to sell their homes...let alone make a profit in doing so.

History Predicted the Commercial Real Estate Market Collapse
History shows that within the real estate cycle, the market conditions for commercial real estate follows those of the residential real estate market. While everyone knew the collapse in the commercial real estate market would come, Experts had varied opinions as to when it would occur, how severe it would be, and how long it would last.

Signs of Recovery in South Florida Commercial Real Estate
The residential real estate market in the South Florida area is recovering.  In fact, reports from Miami-Dade County confirmed that home property values have increased for the first time in many years.  Likewise, history shows that the South Florida commercial real estate market, consisting of retail, office, and industrial warehouse property, will also start to show signs of recovery.

Along with commercial property values strengthening, one would also expect that retail and industrial vacancy rates would decline, and rental rates would slowly rebound upwards.  However, only time will tell