Keyes Commercial Leads Full Year 2016 Miami-Dade MLS Ranking

The Keyes Company Commercial #1 Market Share Full Year 2016In the  twelve months ending December 31, 2016, The Keyes Company Commercial Division, commonly referred to as Keyes Commercial Realty, once again dominated the Miami MLS market share broker rankings for number of sales transactions of commercial improved properties within Miami-Dade County.  The firm’s impressive 28.6% share among the top 10 brokers of such properties was more than three times that of its nearest competitor and greater than the total share of the next three highest combined.

The Keyes Company has dominated such rankings in every year since at least 2006, which is as far back as the MLS reports are available.  The firm also ranked #1 in sales transactions of commercial land (commercial/agricultural/industrial/business land),  and was #1 combined (commercial improved and land).

View a full size chart and a link to the PDF here.

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January 12, 2017

Video: Deloitte’s Bob O’Brien Discusses the State of Different Commercial Property Types

Bob O’Brien, Global Real Estate Sector Leader at Deloitte, join The Commercial Real Estate Show to chat about the state of different commercial property sectors. Some highlights include:

  • Rise in one day or same day shipping has caused a rise in industrial space
  • Global trade disruption is the risk to industrial
  • In hospitality, excess supply is a risk as added inventory is outpacing demand
  • Trump initiatives could be positive for commercial real estate
  • Commercial lending has been suppressed by regulatory pressure

 

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March 24, 2017

Miami Commercial Real Estate News March 21, 2017: Merrick Manor Rising; Deloitte on Economy; More…

Development by design: Will Miami’s Design District live up to its promise as the city’s premier shopping destination?

The once-gritty Miami Design District is nearing the final stages of its transformation into a luxury shopping destination and cultural hub, filled with designer shops, restaurants, museums, hotels, home furnishings and art collections. Designer boutiques like Louis Vuitton, Hermès, Christian Dior, Tom Ford and Giorgio Armani have opened on mahogany-tree-lined streets, alongside open courts and paseos dotted with such outdoor artworks as Buckminster Fuller’s Fly’s Eye Dome and Xavier Veilhan’s sculpture Le Corbusier.

Merrick Manor in Coral Gables finally begins its rise

Merrick Manor is rising in Coral Gables after years of setbacks, with vertical construction starting at 301 Altara Avenue for the 10-story luxury residential project that’s been planned since what feels like the Clinton presidency. The news comes shortly after a 5,000-square-foot sales gallery was constructed across the street at 4200 Laguna Street, showcasing its model kitchen, bathroom, living room, and master bedroom, with interiors designed by Stephen G. The Astor Companies development is a Mediterranean villa-style building…

Doral Had No Downtown For Nearly 15 Years. Now It Has Two.

Nearly 15 years after it was carved out of a sprawling, disjointed agglomeration of warehouses, gated communities, office parks and strip malls, the suburban city without a focal point finally has not just Downtown Doral but CityPlace .

Miami’s Class A office space, already expensive, will likely get pricier: panel

Rents for Class A office space in Miami are high, at $50 or more per square foot, and will continue rising as the market tightens, real estate experts told attendees at a conference Thursday. Panelists also said that, despite the city’s increasing traffic problems, they expected sustainable demand growth for Miami commercial properties in the future, since the city is an appealing location and a gateway to Latin America. “The market is tightening up,” said Angelo Bianco, managing partner at Crocker Partners during the Bisnow…

Miami’s Upper Buena Vista expected to debut this summer

With more renderings and details of the “pocket village” Set to debut this summer in Miami’s Buena Vista neighborhood will be the mixed-use open-air “pocket village of Upper Buena Vista, which was introduced towards the end of 2015 by BVM Development on a 0.85-acre plot at 184 Northeast 50th Terrace. Located between the neighborhoods of Edgewater and Little Haiti, the development will feature microboutiques to allow for more affordable retail space, offered at 250 square feet and 500…

Miami’s One River Point opens museum-like sales gallery

One of Miami’s most unique pre-construction developments in One River Point has opened an equally distinct sales gallery, one similar to high-end residential projects in New York City, notes Miami Luxury Homes, as it mirrors a museum exhibit. The two-story sales center encompasses 5,000 square feet and is located at 92 Southwest 3rd Street. Co-developed by Shahab Karmely’s KAR Properties, Ackerman Development, and Mink Development, the twin-tower luxury project designed by Rafael Viñoly is comprised of 380 residences…

Miami Hotel Opening: The Hampton Inn & Suites near Midtown

151 rooms Opening just east of Midtown Miami is a Hampton Inn & Suites, a 151-key hotel suited for leisure and business travelers. It’s located on the corner of 35th Street and Biscayne Boulevard, with amenities including an outdoor pool, 24-hour fitness center, complimentary breakfast, meeting space, and business centers. It was co-developed by 3H Group Inc. and Mayan Group Inc., an affiliate of Aztec Group Inc. “With the opening of Hampton Inn & Suites Miami Midtown, we are adding…

Miami-Dade reaches tax agreement with Airbnb

Largely excluding Miami Beach Miami-Dade County has reached an agreement with Airbnb that will net them roughly $8 million in annual tax revenue, after allowing the short-term lodging service to collect a 6 percent county resort tax. The deal is contingent on ratification from the County Commission. Airbnb is likely to deliver over that estimate, as revenues from its near-7,000 hosts in the area rose by 25 percent year over year from January through February. “We commend Tax Collector Marcus…”

Going viral: Zika isn’t the only thing bugging the Miami-Dade hospitality market

From the March issue: The Centers for Disease Control (CDC) still lists all of Miami-Dade County as a cautionary “yellow” Zika area. And Miami-Dade hotels have reported a significant slump in business. But is Zika the main reason for the decline? No, asserted Bobby Bowers, senior vice president at STR, a research company that analyzes hotel data. Bowers said the slump has more to do with an oversupply of new accommodations. About 4,000 hotel rooms were completed in Miami-Dade last year…

Jason Halpern’s partner in Miami Beach deals sues, seeks $10M

Jason Halpern’s silent partner in two Miami Beach deals just sued him, alleging Halpern exploited his role as manager and sold off property on Indian Creek Drive at a below-market price in a sweetheart deal to a colleague. The suit, filed in New York Supreme Court, seeks at least $10 million in damages and to rescind the sale. Investor Dhruv Piplani alleges in the suit that…. Brooklyn-based Longo bought 2901 Indian Creek Drive and 2911 Indian Creek Drive in January for $7.75 million…

Miami’s Omni Park is holding its grand opening tomorrow

Downtown Miami is getting an infusion of green space with Omni Park holding its grand opening tomorrow afternoon. Located at 1234 North Miami Avenue, the new public park encompasses seven acres on previously vacant land near I-395. Some features include a skate park, restaurants comprised of repurposed shipping containers, farmers’ markets, art installations, live concerts, yoga, and other events. The site sits on four city blocks owned by the Florida Department of Transportation, with the project serving…

Three Waterford at Blue Lagoon Bldgs Earn LEED V4

MetLife Real Estate earned the U.S. Green Building Council’s LEED certification for its office buildings located at 6100, 6303 and 6505 Blue Lagoon Drive in Miami. The three office buildings, totaling 495,870 square feet, were constructed between 1991 and 1996 in the Miami Airport submarket. Notable tenants in the buildings include L’Oréal Retail Americas, The Art of Shaving, Zimmer Biomet, Regus, Johnson & Johnson, Discovery Channel Latin America…

Video: Deloitte’s Bob O’Brien Discusses the State of the Current Economic Cycle

Bob O’Brien, Global Real Estate Sector Leader at Deloitte, join The Commercial Real Estate Show to talk about where we stand in the current economic cycle and what we might expect going forward for the office and multifamily sectors. Some highlights include: Low interest rates and lack of new supply driving real estate value increases; Now 8 or 9 years into an 18 year cycle; Prices relative to peaks of prior cycle raise question of whether a downturn might come sooner than normal 18 year cycle…

5 More Apps That are Revolutionizing the Commercial Real Estate Industry

Learn how commercial real estate brokers are leveraging the power of technology to better serve their clients. In a recent blog post, we showcased five smartphone and tablet apps that have drastically changed the commercial real estate industry. But those are by no means all of the technological innovations geared toward CRE; here are 5 additional apps that are also making an impact: Apps that are changing the way that commercial real estate is done: 1. CoStarGo – This tool is a free iPad and iPhone…

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March 21, 2017

Video: Deloitte’s Bob O’Brien Discusses the State of the Current Economic Cycle

Bob O’Brien, Global Real Estate Sector Leader at Deloitte, join The Commercial Real Estate Show to talk about where we stand in the current economic cycle and what we might expect going forward for the office and multifamily sectors. Some highlights include:

  • Low interest rates and lack of new supply driving real estate value increases
  • Now 8 or 9 years into an 18 year cycle
  • Prices relative to peaks of prior cycle raise question of whether a downturn might come sooner than normal 18 year cycle
  • Lack of new supply provides comfort that such a downturn is unlikely
  • Leverage and excess supply are 2 variables that drive downside of a cycle, neither happening now
  • Interest rate increases would likely have a negative effect
  • Expect 2 or 3 fed rate increases in 2017
  • 2018 Interest rate environment will depend on economy
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March 17, 2017

Miami Commercial Property News March 17, 2017: Airbnb Scrutiny; Beckham Under Pressure; Little Havana’s Future; More…

Miami Commercial Real Estate Panel: Hotels seek level playing field with Airbnb

A panel of commercial real estate developers on Tuesday touched on Airbnb, Zika virus hysteria and financing challenges builders in the commercial sector are currently facing. Diego Lowenstein, CEO of Lionstone Development, addressed the escalating conflict Airbnb is facing in Miami-Dade County. “We want a level playing field,” Lowenstein said. “They should be under the same guidelines we are supposed to work under from a code enforcement and taxing standpoint.” The Internet-based short-term rental service…

The future of Little Havana is under a microscope

Over 100 people gave their opinions last week on what they like about Little Havana and how they want it to develop moving forward. A number of stakeholders came to Miami Senior High School on Saturday for the first of three community meetings dedicated to Little Havana. Plusurbia – in partnership with the National Trust for Historic Preservation, Dade Heritage Trust and Live Healthy Little Havana – invited anyone with interest in the neighborhood to share thoughts on a long-term plan for the community’s healthy…

Miami officials put pressure on David Beckham’s stalled MLS stadium plans

While Miami remains “slated” to debut as Major League Soccer’s 24th team in the 2019 season, it appears city commissioners are getting antsy with the recent lack of progress towards finalizing funding to build a 25,000-seat stadium on county-owned land in Overtown. Xavier Suarez, a former Mayor of Miami and current city commissioner, voiced his concerns during a city meeting yesterday, via the Miami Herald: “How long are we going to negotiate for the use of that [county-owned land] before we decide that maybe…

North Miami Beach board gives nod to 5 Park, with apartments, offices, retail

The North Miami Beach Planning and Zoning Board backed the construction of a 19-story twin tower apartment building and a 7-story office facility on the east side of West Dixie Highway between Northeast 170th and 171st streets. Monday night’s 5-to-1 vote was a recommendation for the North Miami Beach City Council to approve a site plan and development agreement to replace a one-story, 43-year-old office building with rooftop parking and a string of retail buildings with a 838,712-square-foot complex designed…

Edgewater growth surging ahead

Despite turbulence at the top of the luxury residential market, growth in Edgewater is surging ahead, observers say. “We got into the market 10 to 15 years ago, at the start of the cycle,” said Taylor Collins, partner in Two Roads Development. “Edgewater was very new on the radar for condo development, and we’ve had tremendous success there.” The company’s first building, the 399-unit Biscayne Beach, is near completion, and a second, Elysee Miami, is in preconstruction site work. “Biscayne Beach sold out in record time…

Five Hot Spots for ADA Lawsuits And How To Prevent Them

Do all of your building’s public spaces comply with ADA requirements? You might be certain that people with disabilities can navigate your facility with ease, but total compliance with the Americans with Disabilities Act is surprisingly rare. You’re likely losing out on people who otherwise want…

Mayor broaches new taxes for Strategic Miami Area Rapid Tran

Mayor Carlos Gimenez has asked Miami-Dade commissioners if they might consider raising countywide millage or assessing another half-percent sales tax to help fund the Strategic Miami Area Rapid Transit (SMART) plan. In November, commissioners directed the mayor to analyze using tax increment financing (TIF) to help fund the plan and infrastructure near the planned American Dream Miami Mall, the mayor wrote in a March 7 memo. “TIF financing is one of many possible alternatives that can be used to fund future capital…

Bridge Development Sells Off Second Industrial Property in Hialeah Gardens

The second half of Bridge Development Partners’ big industrial transaction with TA Realty closed with a $31.65 million sale of Bridge Point Crossroads West in Hialeah Gardens.

Fort Lauderdale’s soon-to-be tallest building breaks ground next week

100 Las Olas Poised to become Fort Lauderdale’s tallest building when it tops off at 499 feet, 100 Las Olas is set to break ground next Thursday at 100 East Las Olas Boulevard. The 45-story mixed-use development will overtake Las Olas River House (452 feet) as the tallest in the city and entails…

Step inside Monad Terrace’s sales gallery in Miami Beach

One of Miami’s hottest pre-construction projects One of Miami Beach’s most anticipated projects has yet to break ground in Monad Terrace—they’ve been experiencing some delays with the steel delivery—but their sales gallery has been in full swing. Located on the corner of Alton Road and…

Sneak peek: One River Point launches $3.5M sales gallery

Clockwise from left: Rendering of One River Point, model kitchen, site along Miami River and Shahab Karmely. One River Point launches its new sales gallery Wednesday evening, and plans to break ground on the 60-story luxury condominium development by the end of the year. The twin-tower project at the…

Fed votes to lift rates by quarter of a percentage point

From the New York website: In an unsurprising move, the Federal Reserve increased its benchmark interest rate to a range between 0.75 and 1 percent on Wednesday.
It’s the third time the Fed has raised interest rates since the 2009 financial crisis. Officials…

MMG Equity Partners Acquires Kendall Corners

MMG Equity Partners acquired the Kendall Corners shopping center at 12755-13091 SW 88th St. in Miami, FL for $38.58 million, or about $400 per square foot, from Orion Real Estate Group. The shopping center totals 96,515 square feet and was built in 1974 on 8.3 acres in the Kendall submarket of Miami…

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Industrial Market Trends

Reis Chief Economist and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the industrial property sector for the fourth quarter and year of 2016.  Some highlights from this video include: Industrial properties continued improvement trends in 2016; In the war…

Miami-Dade County upgrading Miami International Airport cargo space

Miami-Dade Aviation Department officials are moving forward with a multi-phased project that aims to optimize Miami International Airport’s usable cargo space and have already completed one of the first phases. The Aviation Department has completed the planning phase of its Cargo Optimization, Redevelopment and Expansion Program. The project is a comprehensive, long-term concept to modernize the airport’s cargo operations and double its current capacity. The multi-phased program will maximize the use…

The Upside Of Rising Rates For Commercial Real Estate Investors And Owners

After a year of strong economic performance, the Federal Open Market Committee (FOMC) voted at its year-end meeting to hike interest rates by 25 basis points and also released projections revealing it intends to increase rates three more times in 2017. Although this most recent hike was long anticipated…

$1 billion project focused on development of Miami strip

Many commercial developers in Miami have an eye for finding the perfect area to execute their vision. Wealthy businessman Alan Faena, along with billionaire Len Blavatnik, were no different when they began a $1 billion project in 2013 to develop a once-forgotten piece of the Miami strip. The area is…

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March 16, 2017

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Industrial Market Trends

Reis Chief Economist and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the industrial property sector for the fourth quarter and year of 2016.  Some highlights from this video include:

  • Industrial properties continued improvement trends in 2016
  • In the warehouse distribution sub-sector:
    • Vacancies ended at 10.3% down 20 basis points for the quarter, 30 basis points for the year
    • Asking and effective rents both increased .7% in fourth quarter
    • Asking rent up 2.1%, effective rent up 2.2% for the year of 2016
  • In the indutrial flex and R&D sub-sector:
    • Vacancies ending at 11.1%, down 30 basis points for the fourth quarter, 70 basis points for the year of 2016
    • Askgin rent increase .5% while effective rent increased 0.6% n the quarter
    • During the year of 2016 askind and effective rent increased by about 2.0%
  • In general, industrial property continues to benefit from tailwinds in retail, particularly online commerce, and healthy trade
  • Expect positive trends to continue in 2017
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March 15, 2017

Miami Commercial Real Estate News March 14, 2017: MDM Closes on Former Arena Site; Staples & Radio Shack Store Closures; More…

MDM Closes On Purchase Of Miami Arena Site, Convention Center Hotel Coming

MDM’s 53- story convention center hotel is one step closer. MDM closed on the purchase of the former Miami Arena site (birseye aerial view) late Friday for $45 million. The developer has issued a press release confirming the purchase. The deed is said to be restricted to only allow a convention center hotel to be built on the vacant lot. MDM has approval to build a 1,700-room hotel with 600,000 square feet of convention center space. The 4.7-acre site at 700 North Miami Avenue last sold for $35 million in 2012. MDM will break..

RadioShack and Staples, with 35 South Florida stores between them, plan rash of store closings

The parent company of RadioShack filed for bankruptcy and plans to close about 200 stores, and Staples Inc. announced plans to close about 70 stores. Neither national retailer identified which stores will be closed. Their websites show that RadioShack has 24 stores in Miami-Dade, Broward and Palm Beach counties, and Staples has 11 stores in tri-county South Florida. RadioShack’s corporate company, General Wireless Operations Inc., filed for Chapter 11 bankruptcy on Wednesday in the U.S. Bankruptcy Court…

Downtown Miami to see surge of nearly 3,500 new condos delivered in 2017 as resale pricing falls: report

As new condo units continue to come online in 2017, resale pricing in Miami’s urban core is reporting a drop for the first time in eight years. Greater Downtown Miami’s condo inventory will grow by 3,456 new units this year, the largest surge of new product expected over the next three years, according to the latest Miami Downtown Development Authority report authored by Integra Realty Resources. That annual growth is expected to fall after 2017: 2,846 units will be delivered in 2018 and 1,960 units in 2019.

Gateway at Wynwood, with over 184,000 square feet of office space, proposed near Midtown Miami

A large modern office building called Gateway at Wynwood was proposed for a 1.1-acre site (birdseye) between Northwest 29th Street and 30th Street on North Miami Avenue, reports the South Florida Business Journal. Planned for 12 stories a couple of blocks south of The Shops at Midtown Miami, the 464,700-square-foot building designed by Kobi Karp would entail over 184,000 square feet of office space, nearly 34,000 square feet of ground-floor retail, 574 parking spaces, and a rooftop amenity deck. Momentum continues…

Port Tracker Report Bullish On Import Growth In Months Ahead

Strong United States-bound retail container imports appears to be in the cards in the coming months, according to the most recent edition of the Port Tracker report issued this week by the National Retail Federation (NRF) and maritime consultancy Hackett Associates. The ports surveyed in the report include: Los Angeles/Long Beach, Oakland, Tacoma, Seattle, Houston, New York/New Jersey, Hampton Roads, Charleston, and Savannah, Miami, and Fort Lauderdale, Fla.-based Port Everglades. Authors of the report explained…

A sneak peek of the Four Seasons Hotel and Residences at The Surf Club, with photos

The Four Seasons Hotel and Residences at The Surf Club will begin welcoming guests on March 27, and at the same time will launch Le Sirenuse Miami Restaurant and Champagne Bar in the revamped historic Russell Pancoast-designed Surf Club. The north tower of condominiums, adjacent to the hotel, also just received its temporary certificate of occupancy, developer Nadim Ashi, CEO of Fort Partners told The Real Deal. He said $1 billion in condos have already been sold and closings are underway. The 72-room hotel…

Four Major Developments Proposed In Miami

The city’s Planning, Zoning and Appeals Board will consider all four applications on March 15. If approved, the applications need to pass two readings before the City Commission.

Miami Amenity Alert: Estates at Acqualina’s ice skating rink, modeled after an underwater cave

Within the 45,000-square-foot amenity complex Miami’s amenity game continues to evolve. Months after Estates at Acqualina in Sunny Isles Beach released renderings of their lobby designed by Karl Lagerfeld (modeled after a Roman piazza) and speakeasy, the $1.5 billion development unveiled a visual…

Block Capital Group buys property in Wynwood for $11M, plans redevelopment

Block Capital Group just closed on a corner property in Wynwood where it’s planning a restaurant and retail project. The firm, led by CEO Martin Miculitzki, paid $11 million for the 12,100-square-foot lots at 285 NW 27th Street and 295 NW 27th Street (birdseye aerial view), Gaston Miculitzki told The Real Deal. The purchase price breaks down to $909 per square foot for the land and $1,144 per square foot for the 9,616-square-foot building. Gaston Miculitzki, of BM2 Realty, said he has letters of intent with deposits…

Time Out Market gets narrow vote of approval from Miami Beach Historic Preservation Board

After more than two hours of contentious debate, the Miami Beach Historic Preservation Board on Monday allowed the developer to apply for permits for the proposed Time Out Market at 1601 Drexel Avenue (45° aerial view), on the ground floor of a parking garage, just around the corner from Lincoln Road. Earlier this month the city’s planning board approved a conditional use permit for the site, but their approval was based on limiting outdoor seating to 120 seats and restricting operating hours to 11 p.m. for outdoor…

Galleria Mall redevelopment plan hits another snag in Fort Lauderdale

A $750 million proposal to redevelop Galleria Mall hit a major roadblock last week when Fort Lauderdale commissioners voted to defer an application from mall owner Keystone-Florida Property Holding Corp. until the commission’s April 4 meeting.

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Office Market Trends

In this video, Reis Chief Economist and Senior Vice President Victor Canalog, PhD, provides an analysis of office property market fundamentals for the fourth quarter and year of 2016.  Some highlights from this video include: Vacancies fell by 20 basis points to 15.3%; Year over year vacancies fell…

Construction disputes may require qualified attorneys

High-end commercial and residential companies and contractors may find themselves in the middle of a construction disputes. Construction litigation can get complicated, particularly when large Miami developers are involved. The most common construction disputes often involve a breach of construction…

The Celino South Beach is coming to Ocean Drive

Located at 640 Ocean Drive, the property (birdseye) was acquired for $51 million in 2013, and includes the historic Park Central Hotel, Imperial Hotel, Heathcote Apartments and the plot that will house a new five-story atrium structure. A collaboration between Highgate, ICONINK, Space4Architecture (design architect), Borges + Associates Architects (executive architect), and Navigate Design (interior design), the new development will transform a chunk of South Beach amid a $40 million renovation that will unveil 132…

Market Report – Residential Condo Market in Miami, South Florida – March 2017

The Miami Downtown Development Authority’s Annual Residential Market Study Update for the Greater Downtown Miami area, prepared by Integra Realty Resources (IRR), came out in early February, and is full of interesting/useful information. In this post we will discuss…

The transformation of Miami Beach’s North Shore Open Space Park

mong the new plans for renovating the 28-acre North Shore Open Space Park in Miami Beach’s North Beach neighborhood is increasing the number of entranceways from four to six and including sculptured metal gates, reports The Real Deal. Other details surrounding the $6 million reinvention of the park, which runs from 78th Street to 87th Terrace, include extensive trimming and pruning of the vegetation and adding over 200 trees. Calvin, Giordarno & Associates is the project manager and West 8 is leading the re-design…

Monad Terrace: A new incredible Residential Real Estate Project in Miami Beach!

When we talk about architecture innovation in Miami, “Monad Terrace” is a great example. Located in the wonderful, active and tourist South Beach, this residential complex breaks all schemes by focusing on giving their residents, the privacy of an exclusive environment with the possibility…

Miami Beach mayor says coastal cities need more state and federal help to deal with sea-level rise

Calling sea level rise an “existential threat,” Miami Beach Mayor Philip Levine on Thursday called on federal and state authorities to do more to help coastal cities like Miami Beach deal with rising tides that he says are threatening cities like his. Levine spoke Thursday at a conference of five government agencies that make up the Community Resilience Panel at a meeting at The University of Miami that was sponsored by the Miami law firm Hinshaw and Culbertson LLP. Noting that Miami Beach has raised about $500 million…

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March 14, 2017

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Office Market Trends

In this video, Reis Chief Economist and Senior Vice President Victor Canalog, PhD, provides an analysis of office property market fundamentals for the fourth quarter and year of 2016.  Some highlights from this video include:

  • Vacancies fell by 20 basis points to 15.3%
  • Year over year vacancies fell by 40 bp
  • Vacancy decline is somewhat disappointing in that drop was less than anticipated, but is not bad when considered as during a maturing business environment with less job growth
  • Seeing a slowdown in improvement trends in office fundamentals
  • Asking and Effective rent rose .3% and .4%, respectively, in the fourth quarter of 2016
  • Year over year asking and effective rents rose slightly over 2%
  • In 2017 question is wheter new admin will truly usher in stronger economic growth
  • Also in 2017, question is wehter promised 1 trillion in infrastructure spending will benefit office market
  • Projecting relatively steady year for office property fundamentals in 2017 with some upside potential
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March 10, 2017

Miami Commercial Property News March 9, 2017: 1428 Brickell Sells; Paramount Miami Worldcenter clinches $285 million construction loan; More…

Paramount Miami Worldcenter clinches $285M construction loan

Developer Dan Kodsi closed on a massive $285 million construction loan for Paramount Miami Worldcenter, marking the second biggest condo construction loan to close in Miami-Dade over the past two years. Inbursa Bank provided $170 million and BC Immigration Fund provided $115 million in financing for Paramount, a 60-story, 562-unit tower at Miami Worldcenter. BC Immigration Fund is a Crown corporation that manages and invests funds from British Columbia, Canada’s federal immigrant investor program. Paramount…

Waterton Associates Sells Avesta Biscayne Apartments in North Miami

Waterton Associates LLC sold the 402-unit Avesta Biscayne apartment building at 1490 NE 123rd Street in North Miami, FL for $61.75 million, or about $154,000 per door, to Avesta Acquisition LLC. The 338,200-square-foot multifamily community was constructed on 11 acres in 1989 and was renovated…

Taplin Co Sold 1428 Brickell Office Tower

Ytech International, a Miami-based development and investment firm, has purchased the 1428 Brickell office building at 1428 Brickell Avenue (birdseye view) in Miami, FL for $26.5 million, or about $392 per square foot, from Taplin Company Ltd. The nine-story, 67,599-square-foot office building was constructed…

Fashion designer Naeem Khan adds school to Miami River site

A New York fashion designer building a design studio on the Miami River is expanding his concept with plans to establish a vocational school of fashion there too. Naeem Khan plans a studio for design and manufacture at county-owned 1175 NW South River Drive under his long-term lease with Miami-Dade. A Miami River Commission vote Monday recommended revisions to his plan for approval. Mr. Khan and his team presented the latest changes to the evolving plan, which now includes a vocational school.

Canadian REIT buys distressed mortgage for mixed-use Miami River project

A Toronto-based REIT has purchased the mortgage on the River Landing mixed-use project proposed along the Miami River as the developer deals with a foreclosure lawsuit. The loan assumption could put H&R REIT, which owns over 44 million square feet of commercial real estate in Canada and the United States, in position to take over the project, unless the developer can repay the debt. River Landing will have 426,000 square feet of retail and restaurant, 475 market-rate apartments and 2,200 parking spaces. River Landing…

Multimillion-dollar makeover unveiled for North Shore Open Space Park

North Shore Open Space Park, the nearly 28-acre natural oasis that stretches from 78th Street to 87th Terrace in Miami Beach, is about to get a complete makeover. The park, known for its dense vegetation, is a popular destination for weekend visitors from the mainland who like the generally uncrowded beach area that runs along the park, and North Beach residents who enjoy running in the park and who make extensive use of its dog park. The Miami Beach Design Review Board on Tuesday reviewed plans that will transform…

Three studies at $11 million each for SMART plan transit corridors OK’d

Something new might be in the offing for the Strategic Miami Area Rapid Transit plan, which aims to add transit along six corridors. Alice Bravo, director of the county’s Transportation & Public Works Department, told a Feb. 16 meeting of the Citizens Independent Transportation Trust that minimum operating segments might be built if funding goals for full build-out aren’t reached within a realistic time frame. “This assumes we build a reasonable part and come back for a second round and build the rest later,” she said.

Tunnel under the Miami River gets major backer

The idea of digging a tunnel under the Miami River to keep traffic flowing on Brickell Avenue to and from downtown continues to attract the spotlight. On the heels of a January decision by the Miami Downtown Development Authority (DDA) supporting the Brickell Avenue tunnel project, the Miami River Commission approved a resolution supporting the concept of the tunnel. The action came Monday at the commission’s monthly meeting. The lone “no” vote was cast by Gary Winston, the Miami-Dade State Attorney’s Office…

Adrienne Arsht Center parking garage hinges on new I-395 bridge

County officials continue to work closely with administrators at the Adrienne Arsht Center for the Performing Arts as both entities stick to their word of collaborating for the creation of a dedicated parking garage. Arsht Center administrators have expressed concern about building the garage too close to the Florida Department of Transportation’s (FDOT) I-395 Signature Bridge project. The Florida Department of Transportation’s I-395 Reconstruction Project involves rebuilding of the I-395 corridor to increase capacity and improve…

Rental Properties Make Good Investments, But Come With Risk

Maybe your financial house is in order. Your debt is manageable or paid off. You have an emergency fund and now you’re looking for ways to grow your wealth. Or, perhaps you’re planning ahead by learning about different investments options. Have you considered becoming a landlord? Rent prices…

Why East Edgewater is the best opportunity since ‘South of Fifth’

Miami is a town of visionaries, from the original pioneers like Julia Tuttle and Mary Brickell to modern-day trail blazers like Tony Goldman, the urban place-maker responsible for emerging neighborhoods like New York’s SoHo, Miami Beach and the Wynwood Arts District. The “Magic City” has been erected on the dreams and determination of few. It has been built on a philosophy embodied in Goldman’s immortal words: “If you just look at what you see, you won’t go anywhere. You’ve got to look beyond what you see to be able…

International Logistics Company To Relocate 88 High-Paying Jobs To Miami-Dade

DB Schenker America has chosen Miami’s Blue Lagoon for its Region Americas headquarters, bringing 88 high-paying jobs to the region.

Skyrise Miami’s main attraction includes rotating pods at 1,000 feet

The signature attraction of Skyrise In what has amounted to a colossal tease at this point—similar to David Beckham’s alleged MLS Miami franchise—new plans for Skyrise Miami’s main attraction have surfaced at The Next Miami, with “Skyway” calling for rotating pods along the outer rims of…

The Celino South Beach luxury hotel is coming to Ocean Drive

Opening in the fall Expected to debut this fall on Ocean Drive is The Celino South Beach, a luxury boutique hotel complex led by Optimum Development USA. Located at 640 Ocean Drive, the property was acquired for $51 million in 2013, and includes the historic Park Central Hotel, Imperial Hotel, Heath…

Miami is the worst city for apartment renters, study says

Below New York City and San Francisco? Miami is the worst city for apartment renters this year, according to a study by Forbes, which analyzed 46 cities across various metrics such as “rent as a share of household income.” Though Miami consistently ranks toward the bottom of the Top 10 national…

Step inside Miami’s newly opened Midtown Five

400 luxury apartments in the heart of Midtown Miami Miami’s Midtown Five received its Temporary Certificate of Occupancy a couple of months ago, bringing 400 luxury apartments to the popular and evolving Midtown Miami neighborhood north of downtown. The mixed-use Magellan Development Group project…

Alex Birkenstock and partner cut price to $11M for Miami Design District building

Rendering for 4030 North Miami Avenue, existing building, with Jonathan De La Rosa on left, Scott Sandelin on right. A vacant building on the edge of Miami’s Design District, owned by Alex Birkenstock and a partner, was just re-listed for $11 million — 15 percent below its $12.9 million asking price…

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Retail Market Trends

Reis Chief Economis and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the retail property sector for the fourth quarter and year of 2016.  Some highlights from this video include: Retail property fundamentals were mostly flat for 2016; In neighborhood and…

Growth Predicted For 2017 Commercial Mortgage Lending

Last year, $502 billion in commercial mortgages was originated. That was down slightly from the $504 billion originated the year prior and well shy of the $537 billion that the Mortgage Bankers Association (MBA) had predicted. The Washington, D.C.–based trade group made the prediction last November…

229 Acres Of Farmland Properties Sell In South Miami-Dade

The 11 parcels are located in four places around Homestead and the Redlands.

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March 9, 2017

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Retail Market Trends

Reis Chief Economis and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the retail property sector for the fourth quarter and year of 2016.  Some highlights from this video include:

  • Retail property fundamentals were mostly flat for 2016
  • In neighborhood and community center properties:
    • Vacancies were unchanged for the fourth quarter of 2016, down a mere 10 basis points for the full yearr
    • Both asking and effective rent grew ,4% in the fourht quater.
    • For the year, asking rent grew 1,9% while effective rent grew 2.0%
  • In regional mall properties
    • Vacancies were unchanged for both the fourth quarter and the year
    • Asking rents increased 0.4% for the quarter and 2% for year
    • Still struggling with retail tenants figuring out optimal selling channels
    • With a rash of store closings, including Macys, J.C. Penney, and The Limited, now having change in expectations, now expecting vacancies to rise slightly in 2017 before stabilizing in 2018
    • Non-traditonal tenants incoreasingly prevalent
March 8, 2017

Miami Commercial Real Estate News March 7, 2017: Allapattah Emerging; Warehouse Sells for $26 Million; Chinatown Plans for North Miami; More

Conceptual plan for Chinatown in North Miami unveiled

Chinatown in North Miami? In a neighborhood with a nearly 75 percent black population, much of it Haitian, the city wants to turn a 16-block area into a district that will rival such well-known Chinatowns as those in New York, San Francisco and Los Angeles. A conceptual plan for the proposed project, created by Keith and Schnars, a Fort Lauderdale-based engineering consulting firm, was unveiled this week at a meeting at the Joe Celestin Community Center on the city’s west side. After the presentation, planners asked…

Allapattah — emerging neighborhood: ULI event

The alligators are long gone from Allapattah, but you can still see some of the statuesque Royal Palm trees that former Cuban President Gerardo Machado planted on his small plantation after he was exiled to Miami. Like much of Allapattah — which means alligator in the Seminole language – Machado’s home is now for sale and it’s listed at over $1 million, a sign of the times in one of Miami’s oldest neighborhoods that’s in the middle of a real estate boom. With investors who are priced out of Wynwood, and increasingly…

Time Out Market, a gourmet food hall, coming to Miami Beach

More dining options are in the works for Miami Beach residents and visitors near Lincoln Road, with Time Out Market, a gourmet food hall, opening soon. The city’s planning board on Tuesday approved a conditional use permit for 420 Lincoln Road Development LLC to operate a Time Out Market at 1601 Drexel Avenue, on the ground floor of a parking garage built in 2012, just around the corner from Lincoln Road. The building is owned by Paul Cejas, who moved to Miami from Cuba in the 1960s and founded one of the country’s…

Major P3 Real Estate Development Opportunities in Downtown Miami

On March 7, the Miami-Dade County Mayor will be presenting a report to the Board of County Commissioners on County-owned properties in downtown Miami that are ripe for joint development with the private sector. The upshot: the County has at least nine properties, totaling 22.7 acres of land, that…

Another New Office Building Just Announced For Coconut Grove

CocoWalk owners plan to raze the eastern building on Grand Avenue and Virginia Street and build a five-story, 73,000-square-foot Class A building on the site.

Slight slowdown, but no reason to panic

Less is more for Coco Chanel and her legion of followers, but when it comes to absorption of office and industrial real estate, significantly less can be a sign of something unfashionable happening in the commercial real estate market. Generally, South Florida’s office and industrial…

Miami is still ‘slated to be our 24th team,’ says MLS Commish

The progress for David Beckham’s Miami MLS franchise remains at a crawl Over three years since David Beckham announced his intent to bring an MLS franchise to Miami, and it would appear Miami Beckham United is making progress toward finalizing an investment to help fund their 25,000-seat stadium…

Prologis pays $26M for Miami warehouse near Opa-locka

Prologis just picked up a distribution warehouse at 12300 Northwest 32nd Avenue near Opa-locka for $25.75 million. Records show Futernick Associates sold the 343,553-square-foot building at 12300 Northwest 32nd Avenue in Miami to an affiliate of the San Francisco-based real estate investment trust. Future…

Fund mulling $4B WeWork investment is Saudi-backed: report

Saudi Arabia King Salman bin Abdulaziz and Adam Neumann. From the New York website: A Japanese fund reportedly in talks to invest up to $4 billion in WeWork is heavily backed by sovereign wealth from Saudi Arabia and other Middle Eastern countries, according to a new report. The Saudi government…

PS Business Parks Closes 108K SF Of February Lease Deals At Miami International Commerce Center

PS Business Parks’ leasing team at MICC closed 17 leasing transactions at the business park that features a unique portfolio of industrial, office and flex space.

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March 7, 2017

Video: Green Street Advisors Analyst Jason White Sees Limited Strip Center Development

In a REIT.com interview, Jason White, Equity Research Analyst at Green Street Advisors, explains why growth within the strip center retail segment has been limited as compared to other sectors of real estate. Strip centers started to struggle when the recession hit and numbers of new housing developments failed at attracting buyers. Limited growth in supply of single family housing since has curtailed interest in strip center development.

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March 3, 2017

Video: Operating Expenses and Expansion Rights ~ Mistakes to Avoid in Commercial Leases

Laura Hall, partner at Sheley, Hall & Williams, joins Michael to discuss mistakes to avoid in leases. She discusses operating expense related provisions in leases as well as language related to expansion rights.

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March 2, 2017

Video: Lease Negotiating Tips for Retail Landlords

Jonathan Neville, a partner at the law firm Arnall, Golden, Gregory, joins Michael to discuss contract tips and mistakes to avoid for retail properties from a landlord’s perspective. Discussed are the importance of actively negotiating items for which a landlord can charge, controlling the construction process, understanding and negotiating co-tenancy clauses, project predictability, and having an exculpation clause.

The guest, Jonathan “Jon” Neville, leads his firm’s Retail Practice, and continues to establish a national reputation as a leader within n the retail real estate industry. He has completed transactions in almost all 50 states and has spoken at numbers of conferences around the United States as well as on nationally syndicated media productions.  Hi practice focuses on commercial real estate development as well as franchising. He is active in assisting clients in commercial real estate purchases on a nationwide basis. He represents many principals as well as investment groups which acquire, develop and sell retail shopping centers and other retail and restaurant development projects of various sizes. He has  negotiated, and additionally continues to be responsible for leases on behalf of numbers of nationally-recognized restaurant, retailers, and developers.

March 2, 2017

Miami Commercial Property News March 2, 2017: Cocowalk to be Partially Razed for New Office Building; Convention Center Hotel Land Set to Close; More…

The new owners of CocoWalk have a plan, and it’s not all about shopping

After nearly 30 years without any new office buildings in Coconut Grove, the area is now slated to get two new projects as part of the neighborhood’s revitalization. The team behind the redevelopment of CocoWalk, a dining and entertainment complex in the center of the Grove’s commercial area, plans to build 73,000 square feet of Class A office space on the property’s east side. The complex is located at the intersection of Main Highway, McFarlane Road and Grand Avenue. The new five-story building will have retail on the first…

Miami OKs 838 rentals in two Midtown towers

Miami city commissioners succeeded in getting a local workforce commitment and a contribution to the affordable housing fund from a Midtown developer poised to bring two more towers to the bustling new community. Midtown 6 and 7 are twin mixed-use projects sharing a common courtyard and a narrow pedestrian plaza, or “mews.” Together the towers will provide 838 market rate apartments along with retail and offices and garages with room to park 1,106 cars. Midtown Opportunities VB LLC and Midtown…

County’s mayor opens the door to a gold rush downtown

A new 40-page memo from county Mayor Carlos Gimenez opens the doors to a development gold rush in downtown Miami. It suggests the county could package nine of its sites so someone could develop 13.5 million to 18.9 million square feet smack in the core of the city. The memo says that probably not all nine would be developed at once, and that all work should be consistent with aims for downtown. But, it says, opening these sites to one or more private partners could bring the county a much-needed civil courthouse…

Vast expansion for Miami Jewish Health Systems

Miami Jewish Health Systems, a medical campus that has grown and evolved since the 1940s, is working on a master plan for the next 30 years and beyond. The City of Miami’s Urban Development Review Board this week recommended approval of a sweeping master plan for the health service, along with Phase I, which will include construction of a cutting-edge memory care facility. It will be called Empathicare Village and include a new 142,708-square-foot, three-story facility and a 135,576-square-foot, three-story…

Photo Tour: Hyde Midtown Suites & Residences tops off

Hyde Midtown Suites and Residences topped off in Midtown Miami last week, with the mixed-use development leveling off at 32 stories. A $98 million product of Moss & Associates, The Related Group, and Dezer Development, the project entails 410 luxury residences, 60 hotel suites, retail space, and six stories of parking. Amenities include a pool deck, luxury spa, fitness center, private theater, private dog park, and putting green. The development was designed by Arquitectonica, with interiors by the Rockwell Group.

Downtown Miami site for 1700-room convention center hotel expected to close in weeks, per report

The much-discussed Downtown Miami convention center hotel planned for the old Miami Arena site (700 North Miami Avenue) inches closer to life, with MDM Group reportedly under contract to acquire the property for $44.5 million with the deal expected to close by the end of March, according to The Next Miami. New plans were filed under the “Marriott Marquis Miami Worldcenter Hotel & Expo Center” towards the end of 2016, with the updated design calling for two standalone towers within the estimated $750 million project.

Report: CRE Execs Bullish On Industrial Sector In 2017

The recent 2017 Real Confidence Executive Index results showed the industrial sector in the top spot as the preferred asset type for investment, believed to be the greatest beneficiary of the macro changes expected to come from the New Administration.

Miami Development Listed as One of Most Important in the Country

Although Curbed Miami acknowledges that the frenetic pace of Miami development has slowed somewhat, the Magic City still has several high-rises currently under construction throughout town. The most important one is the highly anticipated Zaha Hadid project known as One Thousand Museum. Now past the halfway mark, the 62-story high-rise condominium will tower over 700 feet, making it one of Miami’s tallest buildings upon its completion in 2018. It will also be the first building in the United States to utilize…

Miami Beach’s Time Out Market has been approved

Following in the footsteps of Time Out Lisbon That game-changing food hall planned for Miami Beach is moving forward, per The Real Deal, after the planning board approved a conditional use permit allowing for a Time Out Market on the ground floor of a parking garage at 1601 Drexel Avenue. The concept…

Florida property taxes rank 27th nationally

1.06 percent tax rate Florida property taxes have remained steady over the years, with the Sunshine State ranking 27th nationally, according to a new WalletHub study. Hawaii (0.27%), Alabama (0.43%), and Louisiana (0.49%) had the lowest tax rates while New Jersey (2.35%), Illinois (2.3%), and New Hampshire…

New North Bay Village overlay district — and 340-foot proposed tower — on hold for now

North Bay Village, which bills itself as a three-island paradise, took a step back this week from approving a major new development that backers said would boost its low tax base and fraying infrastructure, but which opponents said would overwhelm the sleepy village and…

Pubbelly Sushi Market heads to Aventura Mall

The Pubbelly Restaurant Group has another eatery up its sleeve, this time at Aventura Mall. Pubbelly Sushi Market will open later this month in a 600-square-foot space on the first floor of the mall in the Nordstrom wing…

First phase of CocoWalk redevelopment to add office building to the Grove

Another new office building was just announced for Coconut Grove, marking the second in recent weeks after nearly 30 years. CocoWalk owners Federal Realty Investment Trust, Grass River Property and Comras Company plan to raze the eastern…

Hersha Hospitality Trust Acquires Ritz-Carlton Coconut Grove

Hersha Hospitality Trust (NYSE: HT) acquired the Ritz-Carlton Coconut Grove at 3300 SW 27th Ave. in Miami, FL for $36 million, or about $313,000 per room, from Genmag Coconut Grove LLC. The 21-story, 75,000-square-foot, 4-Star hospitality building was built in 2002 on 3.4 acres in the Coconut Grove…

CFH Breaks Ground on Villas De Las Palmas

CFH Group broke ground on its Villas De Las Palmas, a planned 226-unit multifamily complex at 3500 W. 9th Ave. in Hialeah, FL. The 200,000-square-foot apartment building will include one-, two- and three-bedroom units ranging from 1,014 to 1,296 square feet. The community will include a swimming…

Ace Hardware Leases 14,000 SF in Miami

Ace Hardware leased 14,000 square feet in retail building at 6448 S. Dixie Highway in Miami, FL. The 26,849-square-foot building was constructed in 1996 and is located in the Kendall submarket. The property is zoned C-3 and is located on 1.3 acres. Justin Schultz of Gadinsky Real Estate LLC represented…

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Multifamily Market Trends

Reis Chief Economis and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the apartment/multifamily sector for the fourth quarter and year of 2016.  Some highlights from this video include: During 2016, vacancies declined by only 0.1%;
200,000 New units came …

Issues related to construction defects plague Miami condo

Given the amount of construction that is done in Miami, it is inevitable that there will be issues in certain cases. If the matter cannot be settled through discussion with the developer, those who are concerned about a construction defect need to understand their rights to have the matter addressed…

Allapattah’s Diversity Key To Its Fast-Pace Growth

Property values are still relatively low but investors and developers are getting wind of the profitable potential the area has as one of the latest booming Miami neighborhoods, Allapattah, with most properties within zip code 33136.

Commercial real estate indicators signal robust 2017

Year-end surges in the office, industrial and retail sectors foreshadow robust economic growth across South Florida for 2017, commercial real estate experts say. A lack of new supply pushed office rents higher, particularly in the downtown corridors, and the optimism displayed by businesses looking to expand is prompting developers to strongly consider shovels in the ground after a decade of inactivity. West City Partners has proposed a 500,000-square-foot office building in downtown Fort Lauderdale, although the project isn’t expected…

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March 2, 2017

Video: Answering the question of how important a tenant’s option to renew its lease is to an investor buying a property

 

The host of The Commercial Real Estate show addresses the question of how important a tenant’s option to renew its lease is to an investor buying a property. His opinion, shared by most, is that a unilateral option of a tenant has no value to an investor. I think many would agree with the caveat that in some cases it creates a perception, if not a reality, of a likely longer-term tenancy.

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March 2, 2017

Video: Personal Guarantees ~ Some Mistakes to Avoid in Commercial Leases

Laura Hall, partner at Sheley, Hall & Williams, joins Michael to discuss mistakes to avoid in leases. Part one covers personal and corporate guarantees. Within this video Ms. Hall discusses the perils of personal guarantees for tenants as well as landlords, and the benefits of letters of credit as an alternative.

 

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March 1, 2017