Premier Apartment Community Developer and Investor Acquires Residential Development Sites from Joint Venture of The Rockefeller Group and Kimco Realty
MIRAMAR, Fla. – April 24, 2013 – The Rockefeller Group and Mill Creek Residential Trust today announced the acquisition of residential development sites at Miramar Town Center in Miramar, Fla. Mill Creek Residential, a leading multifamily developer, investor and operator specializing in premier apartment communities across the U.S., acquired the site from a joint venture of The Rockefeller Group and Kimco Realty. The community will operate under Mill Creek’s Modera brand name as Modera Town Center.
Miramar Town Center is a 54-acre mixed-use development located at the intersection of Red Road and Hiatus Road in Miramar. The project consists of various public facilities and amenities, including Miramar City Hall, Miramar Public Library and the Miramar Cultural Center, the popular performing arts and events venue.
In addition to the future residential component, which is approved for 487 apartments and townhouses, Miramar Town Center consists of a 45,000-square-foot office building and approximately 63,000 square feet of built retail space. Tenants include a 24 Hour Fitness location and restaurants including La Famiglia, East Emerald and Subway. The developers expect to build an additional 32,000 square feet of retail space.
“The Miramar Town Center is a highly desirable location anchored by an established growing community,” said Callum Parrott, senior managing director, Mill Creek Residential. “Modera Town Center will fulfill an important component of the overall master plan and provide much-needed rental options.”
“We are very pleased to welcome Mill Creek Residential to Miramar Town Center,” said John Petricola, regional development officer for The Rockefeller Group in the southeast U.S., who is overseeing the company’s development initiatives at Miramar Town Center. “Mill Creek’s investment validates our long-held view that this town center is going to be a great place to live and work. The company’s experience in premier residential development and knowledge of the local community will be a significant addition to the project.”
Cushman & Wakefield’s Brad Capas and Rosendo Caveiro represented the seller and were the sole brokerage professionals involved in the transaction.
About the Rockefeller Group
The Rockefeller Group is a leading global real estate owner, developer and investment manager. For more than eight decades the company has engaged in some of America’s most significant and recognizable real estate endeavors, beginning with the development of one of the world’s finest urban mixed-use complexes, Rockefeller Center in Midtown Manhattan. Since inception, The Rockefeller Group has developed approximately 40 million square feet of commercial property. Today, the company owns and manages a diversified portfolio of office and industrial assets in key U.S. urban and select suburban markets, as well as in Europe through the firm’s October 2010 strategic investment in the London-based real estate investment management firm Europa Capital.
About Mill Creek Residential
Mill Creek Residential Trust LLC is national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Southeast Florida, Tampa, Orlando, Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, Atlanta, Washington, D.C., New Jersey, New York, and Boston. As of April 24, 2013. the company’s portfolio comprised 29 communities totaling nearly 9,000 apartment homes that were operating or under construction.