Printer Friendly

W&M fund heading south to Miracle Mile.

Wien & Malkin Strategic Capital IV, L.P. has made an $11 million preferred-equity investment in the redevelopment of a 246,000-square-foot retail property along the popular "Miracle Mile" corridor linking Miami with fashionable Coral Cables.

The funds will be applied to the $67-million redesign and modernization of the retail center, formerly known as Miracle Plaza. With more than 90% of the space pre-leased, Coral Gables-based Talisman Companies. L.L.C. will reopen the center next year as Miracle Place Market. Branded national tenants will include Marshall's, Bed Bath & Beyond, Office Max, PetSmart, DSW and Bally's Total Fitness Centers.

Miracle Place Market will be a "big box" center comprising three floors of high-ceiling retail space and three decks of covered parking. The property occupies the northern end of the Miracle Mile on Coral Way, greeting motorists as they head into Coral Gables.

"We're delighted to join in making this a successful project," says George S. Perry, Senior Vice President and Director of Investments of W&M Properties, which sources and structures investments for the Strategic Capital program. "We moved fast, overcame the myriad issues associated with a complex redevelopment project like this, and showed the value we bring to the owner/developer community with our ability to understand and provide what is required."

Designed to free trapped equity and cover a wide range of special funding requirements, the Strategic Capital program provides relatively short- and longterm capital to real estate entrepreneurs, either as mezzanine debt or structured equity.

To date, four Strategic Capital partnerships have raised more than $86 million of equity from Wien & Malkin investors, and made investments in transactions with total capitalization of more than $1.2 billion. Strategic Capital has been especially active in Florida in recent months, having made loans totaling more than $14 million to help finance affordable housing and luxury apartments in the state, in addition to the Coral Gables preferred-equity investment.

Talisman Companies, based in Coral Gables, has made shopping center redevelopment a specialty over the course of its 26-year history, with projects totaling more than seven million square feet nationwide. Fashion Outlets of Las Vegas, Towson Mall near Baltimore, and Brookdale Center in Coral Gables are among its high-profile redevelopments.
COPYRIGHT 2006 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Wien & Malkin Strategic Capital IV, L.P.
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Apr 19, 2006
Previous Article:Reckson putting Executive Park in league of its own.
Next Article:C&W: Office demand and rent rise to continue through 2007.

Related Articles
Peter L. Malkin and Anthony E. Malkin.
Anthony Malkin to speak at B'nai B'rith lunch April 9.
Lawrence Ackman wins REBNY award.
$8M mezzanine loan for UK retailer.
W&M Capital Program launches fourth fund.
Reinventing the portfolio.
Wien & Malkin's Vail investment.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |