Keyes Commercial Leads Full Year 2016 Miami-Dade MLS Ranking

The Keyes Company Commercial #1 Market Share Full Year 2016

Contact James Hawkins

In 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: Green Street Believes Transportation Revolution Will Significantly Impact Commercial Property

In this commercial real estate related video, Dave Bragg of Green Street Advisors discusses the transportation revolution and its expected impacts on real estate. He provides  a touch of added color through some real world examples and a few highlights of other disruptors that are key areas of focus for Green Street.

  • Biggest disruptor of real estate revolution is transportation, the combination of ride hailing and driverless cars
    • Less car ownership
    • Less parking
    • Easier, faster, cheaper commutes
    • Major safety implications
  • Real estate beneficiaries
    • Self storage will not fare well
      • Summit NJ subsidized uber rides in lieu of building a garage, implying
      • Less garage space
      • Less car ownership
    • Industrial a beneficiary with e-commerce growth
    • Low quality retail negatively affected as tech solves last mile problem
    • Opportunities in retail with infill opportunities
      • Compares Aventura and Bal Harbor malls as an example of long term effects, noting that Aventura’s excess land in form of parking lots stands to benefit more as land needed for parkign is reduced, freeing it up for infill opportunities
  • Also
    • Believe online education will begin to affect student housing needs negatively
    • AirBnB has not yet had a material effect on lodging

 

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May 26, 2017

Video: Shahab Karmely discusses Miami River, One River Point

In this video: Despite the condominium market slowdown, Miami developer Shahab Karmely is confident that his project and the Miami River are poised for big growth.In an interview following a panel, Karmely and TRD South Florida’s Managing Editor Ina Cordle discussed his One River Point and the river in general at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April. Presales at One River Point are soon to pass the 18, 20 percent market. Buyers there are mostly from South America, but they also come from Georgia, New York and Canada. “We have headwinds – not us, just everybody else,” he said. “On the other hand, we are financially very secure. We have no financing.”

The Real Deal previously reported that Karmely’s silent partner is Daniel Loeb, a billionaire investor who runs one of the most prominent activist hedge funds, Third Point LLC. Karmely’s KAR Properties has spent more than $112 million on acquisitions along the Miami River, in Wynwood and in Hallandale Beach since 2013, and more on pre-develoment costs.

Karmely was part of a panel discussion on the economics of new development amid a new administration and continuing global market fluctuation. To watch the panel in full, click here.

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May 25, 2017

Miami Commercial Property News May 25, 2017: Bal Harbour Shops Founder Dies; Fed May Raise Rates Again; More…

Bal Harbour Shops founder Stanley Whitman dies at 98

Bal Harbour Shops’ founder Stanley Whitman, largely viewed as a visionary for creating a high-end retail center that has endured more than 50 years, passed away on Wednesday. Exactly a week earlier, his longtime plans to expand the center gained final village approval. He was 98 and died of natural causes at his Miami Shores home, according to Whitman Family Development. He remained active until recently, and often enjoyed having lunch at Bal Harbour Shops (info, aerial)…

Fed may raise interest rates again in June

The Federal Reserve may raise interest rates as soon as next month, the minutes from a recent policy meeting show. In the minutes, released Wednesday, officials at the U.S. central bank said it would “soon be appropriate” to raise short-term interest rates again, the Wall Street Journal reported. That means the Fed may lift its benchmark rate at the scheduled gathering in June, according to the newspaper. Officials also moved toward a…

Coconut Grove: Building the new Starbucks; changes at CocoWalk

This new rendering of the new CocoWalk was released today. This is the future. While this is being constructed, there will be changes in the interim. Starbucks is moving across the street. They started renovating the 3400 Main Highway building for Starbucks today. This empty space is 3400 Main Highway, the center of Coconut Grove. It will soon be Starbucks! This is the location where Coldwell Banker was and before that, for maybe 50 years, the Coconut Grove Bank.

The Plaza Coral Gables – formerly Mediterranean Village – is shorter but trimmer

Shorter but trimmer, the former Mediterranean Village is now The Plaza Coral Gables, and Ramon Trias, city planning director, says it’s better for the changes.
The mixed-use project is to rise at 2801, 2901 and 3001 Ponce de Leon Boulevard, just south of downtown Coral Gables (aerial view). The maximum habitable height was to be 218 feet; that has been shortened to 190 feet. Retail has been reduced from two levels to one, and the hotel component is moving to the rear of the complex…

Hines to Develop Office, Mixed-Use Tower at Miami Worldcenter

International real estate firm Hines plans to develop a new office-led, mixed-use tower at 110 10th St. in the heart of downtown Miami, FL. Hines expects to commence construction in the second quarter of 2018, with an anticipated initial occupancy date in the late 2020 or early 2021. Set to rise within the 27-acre Miami Worldcenter, which ranks along with Manhattan’s Hudson Yards as one of the largest private real estate developments underway…

Video: Jim Sullivan of Greenstreet Advisors Discusses Retail

Jim Sullivan of Greenstreet Advisors opines on the headwinds in the retail sector, notably the onslaught of e-commerce market share gains and recent department store closings.  He sheds light on the tailwinds that tend to be overlooked. He says that half of the time they are spending today is with retail property customers, indicating that this is an area undergoing rapid change. On the positive side, he notes that construction is very low compared with history, and that occupancy rates…

Downtown offers wish list for Miami general obligation bonds

Directors of Miami’s Downtown Development Authority say they are generally in favor of the City of Miami’s plan to seek a $275 million general obligation bond issue. But several added that there also must be changes in the city’s Capital Improvements Program (CIP) before any potential bond-funded projects get started. The authority produced a wish list at its meeting Friday. Among priorities are Baywalk and Riverwalk, waterfront open spaces for pedestrian and cyclists ($25 million)…

Florida Is the Only State to Tax Commercial Leases

Politicians, business owners, realtors, and lobbyists are all baffled. While this notoriety can be blamed on ease of access to police blotters thanks to the state’s open records law, there’s another item that is uniquely Florida: We are the only state that imposes a sales tax on commercial leases. The monetary benefit of the Business Rent Tax: Written into the state’s tax code in the late ‘60s, the Business Rent Tax (BRT) means businesses must pay a 6% state sales tax on their rent and…

Internet cafes making Florida comeback

Four years after they were shut down by the government and a scandal led to the arrest of dozens of people and the resignation of a lieutenant governor, Internet cafes are cropping up again across Florida — including one in Volusia County. The Hot Spot has been open since February at 1230 Hand Ave. and business is so good there is already talk of expansion. Each day for more than 14 hours, nearly every parking spot in front of the business is filled and most of the 80-plus seats inside are…

Affiliate Of The Easton Group Buys Newly Constructed Warehouse For $21.8 Million

An affiliate of The Easton Group, an established commercial real estate firm based in Doral, has acquired a new, 182, 000-square-foot warehouse/distribution facility in west Miami-Dade County. EWE Airport North Logistics Center, LLC paid $21.846 million in cash to the seller, Ridge Development, the industrial property arm of Transwestern Development Co., which recently built the Class A facility. The Easton Group, which is handling leasing and management, is currently talking with…

Arbor Coconut Grove unveils new renderings

Showing off the bright and open interiors Arbor Coconut Grove, a 52-unit boutique condo that launched sales in March, has unveiled a batch of renderings showcasing its open and contemporary interiors. These new visuals include a shot of the northeast corner of the building; a chef-style kitchen that’s equipped with Bosch appliances and cerused oak cabinetry; and a glimpse inside a master bathroom. There are natural wood finishes and wide-plank porcelain wood-grain flooring…

Trader Joe’s breaks ground in Miami Beach

The popular grocery store is expected to open in late 2018 Miami Beach’s grocery store game is inching closer to a shake-up with the Trader Joe’s-anchored West 17 breaking ground off 17th Street and West Avenue. The Real Deal reports construction has commenced on the the mixed-use project, which entails 28,000 square feet of retail space, loft apartments, townhomes, and around 200 parking spaces. The five-story property is being developed by Turnberry Associates and Elion Partners…

Port Everglades Receives Approval To Begin $437M Expansion Project

Port Everglades this week received unanimous approval from the Broward County Board of County Commissioners to begin the most expensive capital improvement in the port’s history. The $437.5 million Southport Turning Notch Expansion (STNE) project will add new berths for larger cargo ships and install rail infrastructure for new Super Post-Panamax cranes. It will lengthen…

Air rights play role in bringing passenger rail service to Miami

Land swaps, road realignment, right-of-way access and even air rights have come to play a role in bringing passenger rail service – and more – back to downtown Miami. Another major piece to the MiamiCentral transportation hub, now under construction paralleling Northwest First Avenue, is a proposed airspace easement from the City of Miami. City commissioners have the item under consideration for a vote today (5/25). The resolution would authorize the city manager to execute…

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May 25, 2017

Video: Jim Sullivan of Greenstreet Advisors Discusses Retail

Jim Sullivan of Greenstreet Advisors opines on the headwinds in the retail sector, notably the onslaught of e-commerce market share gains and recent department store closings.  He sheds light on the tailwinds that tend to be overlooked. He says that half of the time they are spending today is with retail property customers, indicating that this is an area undergoing rapid change. On the positive side, he notes that construction is very low compared with history, and that occupancy rates are remaining high.

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May 23, 2017

Miami Commercial Real Estate News May 23, 2017: New Office Tower Coming to Downtown; Property Near Beckham’s Listed; More…

Downtown Miami is getting its first new office tower in six years

Another piece in the ambitious Miami Worldcenter project has clicked into place. Hines, the privately-owned real-estate investment firm with a presence in 189 cities in 20 countries, will build a 45-story tower with 600,000 square feet of Class A office space at 110 NE 10th St. in downtown Miami. The tower, to be called 110 10th, will fill one of the last remaining parcels of vacant land at Miami Worldcenter, the $2 billion, 27-acre mixed-use development covering 10 blocks in downtown.

Miami’s CocoWalk unveils new renderings of a transformed center

Following a slew of new retail projects sprouting across Miami, CocoWalk has unveiled details and renderings of a multiphase renovation, which is expected to begin this summer and modernize the heart of Coconut Grove. Led by new ownership, the redesigned Cocowalk will be comprised of a contemporary open-air plaza at its core with café seating, water features, foliage, and a new façade. It’s designed by Beame Architectural Partnership and Foreseer. Renovations to the existing retail…

Miami Transit Director: Uber And Lyft May Not Be The Answer

They are helpful, but unless they become financially stable, Uber and Lyft may not be Miami’s answer to last-mile transit. Or so says the head of Miami-Dade County’s transit planning organization.Aileen Bouclé, the executive director of the Miami-Dade Transportation Planning Organization, said ride-sharing app services do help the county’s transit system with those connections between station and destination, but their financial instability makes them something the county may not be able…

Business Rent Tax in Florida Budget

It may not sound like a lot to cut Florida’s business rent tax from 6 percent to 5.8 percent, but after years of calling for the elimination of the levy, lawmakers home from legislative session say that education shouldn’t be ignored. “It’s a lot in the sense that we finally got something started,” says state Rep. Jim Boyd, R-Bradenton. “My goal next year is for us to continue whittling away at that.” Florida today stands as the only state in the union to charge a tax on commercial leases, something…

Brokers From Three Companies Combine On 164K SF Industrial Deal

A Miami warehouse known as the Econocaribe Building traded with the help of three brokers who formed a unique partnership to seal the deal. The South Florida trio marketed the property at 2401 NW 69th Street (birdseye aerial) on behalf of an ownership group that included Econo 1 LLC, Joseph Luchese Jr. and Michelle Gersten. The 164,432-square-foot distribution facility named for its lone tenant houses the headquarters of ECU Worldwide, a global freight company formerly…

Micro Apartments Are Coming To Miami

Miami’s rental apartment market is about to get smaller — literally. Micro-units — compact, affordable apartments aimed at young, single professionals who want to live in popular neighborhoods without paying exorbitant rents — are sprouting up in Wynwood… Groundbreaking is scheduled to begin in July on Wynwood 25, a $100 million mixed-use project by Miami’s Related Group… Vice, a 464-apartment rental tower at 230 NE Fourth Street, is part of a national rollout of micro-units…

Crocker Inks 80K+ SF In Deals In Revitalized Citigroup Center

Crocker Partners’ $20M renovation bet on Miami’s second-tallest office tower seems to be paying off in big leases. Those deals at Citigroup Center (aerial view) in Downtown Miami include the expansion by its anchor tenant, Citigroup, by nearly 10K SF to more than 136K SF. The biggest, so far, is the 23,500 SF deal inked by Harvard Maintenance, which is relocating from One Biscayne Tower, said Tower Commercial Real Estate founder Jon Blunk, who, along with Cristina Glaria…

Multifamily Investor Angst: Miami neighborhood map shows dipping rents

Compared to last year, rents in many popular neighborhoods have fallen While renting in Miami remains relatively high on a national scale (median rents ranked ninth in the U.S. last month), it would appear the asking rents in many core neighborhoods have dipped with the rising supply over the last year. According to Zumper’s latest neighborhood rent map (it’s not to be taken literally as far as the neighborhood outlines are concerned), rents have decreased throughout most…

Coming to Miami Worldcenter: 45-story Class A office building

Comprised of 600,000 square feet Plans have been unveiled for a 45-story office building at Miami Worldcenter in downtown Miami. Developed by Hines and named “110 10th Street,” the mixed-use tower will be comprised of 600,000 square feet of Class A office space and high-street retail. It will include three indoor/outdoor terraces and is expected to open by late 2020 or early 2021. It’s the first building of its kind in Miami’s Central Business District in eight years and will rise between…

Miami River site near Beckham’s stadium hits the market for $11.8 million

A development site along the Miami River was just listed for $11.8 million, near David Beckham’s planned MLS stadium, broker Jonathan Molano told TRD. The owner, Blue Road Properties planned to develop the 1.1-acre site at 600 Northwest Seventh Avenue, but because of the stadium decided to list it for sale. The firm is not in a rush to sell and if it doesn’t sell, Blue Road will develop it, Molano, of Blue B Properties, said. Miami Beckham United plans to build an over $300 million…

Video: REIS Chief Economist & SVP Victor Calanog Delivers an Update on Industrial Property Market Trends for 2017 REIS Q1

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the industrial sector for Q1 2017. Highlights include: In contrast to most other sectors, lots of movement in industrial property fundamentals; Vacancy ended quarter at 10.1% down 10 basis points for the quarter and 40 basis points over the past year; Flex/R&D property vacacny ended at 10.9% down 20 bp for the quarter and 80 basis points for the year…

Market Report – 2017 Q1 South Florida Pre-Construction Condo Market Update

Ladies & Gentlemen, we have already arrived at the second week of May, which can only mean two things: 1. The Miami Marlins are almost out of the playoff hunt (already); and 2. First Quarter market reports are out for real estate markets around the world. These reports are certainly useful to industry insiders and real estate brokers/agents, particularly because it helps them get a quick picture of the current health of any given market. However, the information in these reports can also…

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May 23, 2017

Video: REIS Chief Economist & SVP Victor Calanog Delivers an Update on Industrial Market Trends for 2017 REIS Q1

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the industrial sector for Q1 2017. Among the highlights are:

  • In contrast to most other sectors, lots of movement in industrial property fundamentals
  • Vacancy ended quarter at 10.1% down 10 basis points for the quarter and 40 basis points over the past year
  • Flex/R&D property vacacny ended at 10.9% down 20 bp for the quarter and 80 basis points for the year
  • Rents were up 0.6% for the quarter on both an asking and effective basis
  • Asking and effective rents increased .5% and .6%, respectively, for flex/R&D property
  • Rent growth good relative to other property sectors
  • Economy was expected to grow more than it has under new administration, but industrial is bucking the trend as trade is OK and e-commerce continues to grow
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May 19, 2017

Buyer – $25 Million to Invest – Seeks Single Tenant Properties, Preferably 3 Years or Less Remaining on Lease, Flexible on Credit Quality

A buyer with $25 million to invest seeks triple net (NNN) properties in South Florida. This investor’s preference is NNN properties with 3 years or less remaining on its lease. They are flexible with regard to the credit quality of the tenant.

If you have a property that meets this requirement, send an email or call.

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May 18, 2017

Miami Commercial Property News May 18, 2017: Rapid Transit Stops Identified; Miami a Top Buy for Retail; New Controversial Bridge Renderings; More…

Aldi-anchored shops in Miami Gardens listed for $32 million

Westport, Connecticut-based Rand Real Estate Services listed Palmetto Plaza (aerial view), an Aldi-anchored shopping center in Miami Gardens, for $31.75 million, a nearly 48 percent increase from its last sale about four years ago. The 176,000-square-foot center, at 16301 Northwest 57th Avenue, is 93.3 percent occupied by Aldi, Sherwin Williams, Dunkin’ Donuts, a Regions Bank and others. Rents average about $20 per square foot, which broker Drew Kristol said is “much lower than in the…”

Island Gardens under consideration for Watson Island multimodal transit hub

Instead of a mega resort for the rich called Island Gardens, Ken Russell sees Watson Island as home to a multimodal transit hub with plenty of wide open green space offering “the most amazing views of our downtown skyline.” The City of Miami commissioner shared his vision for the city-owned island at the tail end of the commission’s May 11 meeting. Mr. Russell vowed to bring a motion at the May 25 meeting to find developer Flagstone Property Group LLC in default of a…

Strategic Miami Area Rapid Transit stops identified

While many details about the six corridors of the Strategic Miami Area Rapid Transit plan remain to be worked out, the county’s Transportation & Public Works Department has identified tentative stops along all of the routes. Speaking before the Transportation Planning Organization’s Fiscal Priorities Committee, Albert Hernandez, department assistant director, said many of the stops dovetail with existing transit. On the 9.7-mile Miami to Miami Beach corridor, an extension of…

Miami and Fort Lauderdale rank as top “buy” markets for retail property assets: report

As the nation’s retail market struggles amid store closings and mounting pressure from online shopping, South Florida stands out as a top market for retail assets, according to a newly released report. Ten-X’s Retail Market Outlook ranked Miami as the top long-term “buy” market, based on demand, followed by Fort Lauderdale, Houston, Austin and Tampa. In Miami, retail vacancies dropped by 0.05 percent to 5.7 percent at the end of last year. Rents averaged $23.37, and are projected to rise…

See the winning  and controversial design of the I-395 signature bridge

The Florida Department of Transportation voted for the winning design of Miami’s I-395 reconstruction and new signature bridge – sans public input – and on a tight margin. A state panel endorsed a proposal by a joint venture team led by Archer Western and The de Moya Group for the $800 million project on Friday, the Miami Herald reported. The proposal, which beat the Fluor-Astaldi-MCM team by half a point, was not scored by the FDOT committee on aesthetics. In fact, a panel…

Miami Beach convention center hotel plan has been delayed

Miami Beach won’t be told how to develop a headquarters convention hotel until June or later, more than a year after commissioners appointed a seven-member study team that was expected to wrap up Monday. The Blue Ribbon Steering Committee did outline nine action points, including the site, a straw ballot to gauge perception and the aim that the hotel’s architect be renowned, but in the end it decided to review the action points one last time and reconvene after Memorial Day for a twelfth…

Future of Mana Wynwood snags on power lines

A development agreement that would allow Moishe Mana to build up to 9.72 million square feet on more than 23 acres in Miami’s Wynwood neighborhood may go back to the drawing board over the issue of power lines. The Wynwood Business Improvement District’s board of directors on Wednesday approved a resolution asking that the Miami City Commission either require Mana remove and place underground all power lines along Northwest 25th Street between I-95 and North…

J. Milton’s apartment development in East Little Havana won Miami board approval

A 12-story apartment building in East Little Havana proposed by J. Milton & Associates is moving forward. Miami’s Urban Design Review Board voted 4-0 on Wednesday in favor of the proposal by the Coral Gables developer for a vacant property at 1000 Northwest Seventh Street near Marlins Park and the Miami River. “Not everybody takes the risk to go into this area,” said board member Fidel Perez. “There is a stigma that it is a low income area. We should not give it that image.”

Field of Broken Dreams Extends to Garages as Mayor Braces for Final Insult

As the Miami Marlins owner considers offers to buy the team, the public that funded the bulk of the $600 million stadium and garage complex is bracing for one final insult: a delay in any sale beyond March of next year. After that date, local governments would receive no share of net profits. at was part of the deal owner Jeffrey Loria cut with Miami-Dade County and the City of Miami, in exchange for the governments taking on a debt load of more than $2.6 billion – including all the interest that…

American Dream Miami mega-mall expects October approval

The backers of the American Dream Miami mega-mall in Northwest Miami-Dade County predict that the County Commission will approve their concept in October, said Robert Gorlow, an attorney for the complex. He and Edgar Jones, a development consultant for the entertainment and shopping mall, spoke at Friday’s meeting of the Realtors Commercial Alliance, part of the Miami Association of Realtors. “The county thinks we’re going too fast, but they’re okay with it,” Mr. Gorlow said.

The single secret ingredient to unsnarl downtown Miami traffic

The simplest, least-costly solutions to problems often are the best, but also the most overlooked. Take the gelatinous slow-moving traffic on the main streets in Brickell and downtown. Driving is rapidly deteriorating. On the other hand, the most-discussed solutions are the least promising – at least, in the next few years. For Brickell, the hot topic is to tunnel under the Miami River near the Brickell Avenue Bridge starting from far to the south to dump out cars somewhere…

Ronit Neuman: Ties Sagamore Hotel into city’s fast-growing arts scene

Roughly a year ago, Ronit Neuman walked into the Sagamore Hotel, which her dad had just purchased (owner info) on somewhat of a whim, to find white walls and a proverbial blank canvas. Though she’s a fashion school graduate with some experience in the real estate and medical industries, Ms. Neuman felt ready for the job of taking the Sagamore, historically known as Miami’s art hotel, to the next level by elevating its presence and making it a major art destination for people other than…

PriceSmart Opens 325,000-Square-Foot Distribution Center

U.S. Rep. Mario Diaz-Balart of Miami joined PriceSmart President and CEO Jose Luis Laparte for a ribbon-cutting ceremony Tuesday for PriceSmart’s new distribution center in Miami-Dade County. PriceSmart is the largest operator of membership warehouse clubs in Central America, the Caribbean and Colombia. The 325,000-square-foot Class A facility, at 11441 NW 107th St. in Flagler Station in Medley, will serve 75 warehouse clubs across its retail network in Latin America.

Little Havana’s first museum targets winter opening

El Museo de Little Havana Little Havana’s first museum, El Museo de Little Havana, is expected to open on Calle Ocho this winter, according to the Miami New Times.
Located at 1637 SW 8th Street, the space will “aim to showcase the social, cultural, and political importance that the area brings to South Florida.” The project was announced yesterday onsite by Barlington Group and HistoryMiami Museum. The latter will provide resources for the exhibits in the form of photos and artifacts…

Bal Harbour Shops’ $400M renovation receives final approval

Adding over 340,000 square feet of retail A $400 million enhancement of the Bal Harbour Shops (birdseye view) received final approval last night, paving the way for a multi-year renovation of one of Miami-Dade County’s most high-end malls. The renovation plans, designed by Zyscovich Architects, will add 340,387 square feet of new retail space, which nearly doubles the open-air shopping center’s current retail portion. The project also will create over $100 million in public benefits…

Future of Mana Wynwood hits snag over power lines

A development agreement that would allow Moishe Mana to build up to 9.72 million square feet on more than 23 acres in Miami’s Wynwood neighborhood may go back to the drawing board over the issue of power lines. The Wynwood Business Improvement District’s board of directors on Wednesday approved a resolution asking that the Miami City Commission either require Mana remove and place underground all power lines along Northwest 25th Street between I-95…

J. Milton’s apartment development in East Little Havana wins Miami board approval

Rendering of Reflections Apartments. Inset: CEO Joseph Milton. A 12-story apartment building in East Little Havana proposed by J. Milton & Associates is moving forward. Miami’s Urban Design Review Board voted 4-0 on Wednesday in favor of the proposal by the Coral Gables developer for a vacant property at 1000 Northwest Seventh Street near Marlins Park and the Miami River. “Not everybody takes the risk to go into this area,” said board member Fidel Perez. “There is a stigma that it…

Video: REIS Chief Economist & SVP Victor Calanog Updates on 2017 REIS Q1 Retail Property Market Trends

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the retail propery sector for the first quarter of 2017. Highlights include: Retail fundamentals were mostly flat in 2017; Vacancy rate for neighborhood and community shopping centers remained flat at 9.9%; Also flat on a year over year basis at 9.9%; Asking rents rose by 0.5%, with effective rents rising 0.4%, 2% for the year; Regional mall vacancy rose by 10…

Despite 9,000 new units, Miami rental apartments demand soars

Demand for rental apartments is increasing in South Florida despite the opening of more than 9,000 new units in 2016, according to a first quarter market update from Cushman & Wakefield’s Multifamily Investment South Florida Team – a dynamic that continues to draw investor interest. Record apartment sales in the region were recorded for the second consecutive year in 2016, the report shows, with the sale of 278 properties valued at an estimated $3.6 billion…

Anheuser-Busch to Open Boutique Brewery in Wynwood

Anheuser-Busch InBev is adding another brand to its craft-and-import-focused, “high-end” portfolio with the launch of Veza Sur Brewing Co. this summer in Miami. The beverage megacompany has tapped Colombia’s Bogota Beer Company and Oregon’s 10 Barrel Brewing for the collaboration. Veza Sur is set to open at 55 NW 25th Street early this summer. The 10,000-square-foot space will include a 15-barrel DME brewhouse and a 5,000-square-foot taproom with a terrace. The brewery gets…

Little Havana Institution Morro Castle Sells Property, Looks to Move West

Morro Castle, one of Little Havana’s oldest, best, and most beloved frita spots, will close its doors sometime in the coming months, says owner Alberto Villalobos, who sold the property last month. But don’t fret. Villalobos says he’s looking to relocate the beloved cafeteria at 2500 NW Seventh Street farther west to a larger, more comfortable space that will better accommodate customers who’ve been coming to the place since it opened in 1962. “There’s no air conditioning,” Villalobos…

Wolfsonian-FIU takes first step to build expansion

The Wolfsonian-FIU has issued an Invitation to Negotiate, or ITN, for the ground lease of two Miami Beach properties – The Annex, 1538 Lenox Avenue, and a nearby surface parking lot at 1500 Lenox Ave. The posting represents the first step in long-awaited plans to expand the museum and research facility’s exhibition space, said Director Tim Rodgers. The county granted the Wolfsonian $10 million in bond money in 2004 to increase public access to the collection as part of a $2.9 billion…

Miami-Dade accepting proposals from developers to rebuild historic courthouse

Miami-Dade County commissioners approved several developmental sites that could replace its downtown civil courthouse at a meeting on Tuesday. The county is also accepting proposals from builders interested in generating revenue for a courthouse replacement, the Miami Herald reported. Already, Crescent Heights developer Russell Galbut made an unsolicited offer to build a new $300 million courthouse in exchange for a 99-year lease that would collect $18 million a year in rent from…

Recent College Grads Can Afford Only 2 Percent of Miami’s Rental Market

There comes a point in life when you grow tired of living in six-person apartments, swatting flies from the leftover pastelitos your roommate left congealing on the table, and cleaning up after the feral cats your other housemate insists on bringing into your tiny space. For a huge number of people, that desire comes right after college ends. But according to data that real-estate site Trulia released last week, a scant 2.2 percent of Miami’s rental market is affordable to recent college graduates.

Filing a lawsuit after a construction defect

A building’s infrastructure is something we all take for granted. Unfortunately, some buildings and houses in Florida are not built according to contract or regulations. These defects in the structure can result in a great deal of construction litigation. Oftentimes, the builder or developer will find themselves in disagreement with a homebuyer. There are also a number of cases where contractors are in dispute with subcontractors who have worked on the home. In these cases…

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May 18, 2017

Video: REIS Chief Economist & SVP Victor Calanog Updates on 2017 REIS Q1 Retail Property Market Trends

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on the market fundamentals in the retail propery sector for the first quarter of 2017. Highlights include:

  • Retail fundamentals were mostly flat in 2017
  • Vacancy rate for neighborhood and community shopping centers remained flat at 9.9%
  • Also flat on a year over year basis at 9.9%
  • Asking rents rose by 0.5%, with effective rents rising 0.4%, 2% for the year
  • Regional mall vacancy rose by 10 basis points to 7.9%
    Asking rents increased 0.4% for the quarter, 1.8% for the year
  • No surprises given the slew of articles discussing the issues in retail
  • Despite all the negative news, other retail types like restaurants, experiential retail, are doing well, offsetting higher profile closures
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May 17, 2017

Miami Commercial Real Estate News May 16, 2017: CRE Panel Gets Heated Discussing Donald Trump Effects; Apartment Planned Near Marlins Park; More…

Industrial Building In Medley Sells For $22 Million

The recently completed Airport North Logistics Center in Medley was sold for $22.02 million, or $120 per square foot. Ridge Medley Partners, an affiliate of Transwestern Development Co.’s industrial development arm Ridge Development Co., sold the 184,008-square-foot industrial building at 9101 N.W. 87th Avenue. to CFFI Airport North LLC, managed by CFFI Investors in Dallas. Airport North Logistics Center was completed in 2016 with 32-foot clear ceiling heights.

So just where is David Beckham’s stadium site?

Retired soccer super star David Beckham is reportedly ready to buy the last three acres needed to complete his nine-acre stadium site, which made me interested in exactly where it is and what’s in the neighborhood. I was partially curious because Beckham had talked about fans walking en masse to watch games at previously proposed sites at PortMiami and next to the AmericanAirlines Arena. I’m also wondering whether Beckham’s stadium would do more to transform its neighborhood…

Miami’s $800M ‘signature bridge’ project chosen amid major controversy

Spiderman would love it After years of chatter, the design for a state-funded “signature bridge” at Miami’s core has been chosen, albeit through a questionable selection process that could potentially delay the innately controversial $800 million project. The winning proposal — approved by the Florida Department of Transportation on Friday with no public input — is named “Fountain” and was created by a joint venture team led by Archer Western and The de Moya Group, edging the next…

Little Havana apartment development ‘Reflections’ planned near Marlins Park

A residential development named Reflections has been proposed for a Little Havana site a few blocks east of Marlins Park. The 12-story building would be located at 1000 Northwest Seventh Street, featuring 138 apartments, 228 parking spaces, and ground-floor retail. The developer is J. Milton Associates, which recently opened a 177-unit apartment complex near Midtown called Miami Bay Waterfront Midtown Residences. Axioma3 is the architect. Miami’s Urban Design and Review Board…

Sparks fly over politics and projects at fiery NY developer panel

Someone snatched The Real Deal managing web editor Hiten Samtani’s moderator notes just minutes before the beginning of the TRD Forum’s panel on how the Trump administration is impacting real estate. But this was a group that needed hardly any prompting to get the conversation going. The panel began with what sounded like a strong defense of the Trump…

Wynwood retail building lists for $9.85M

A retail property on the edge of Wynwood has hit the market at $9.85 million. The asking price for the 14,000-square-foot site (45° aerial) at 2830 Northwest Fifth Avenue equates to $704 per square foot. Marcus & Millichap’s Scott C. Sandelin and Jonathan De La Rosa have the listing, representing the seller, Fifth Avenue Real Estate LLC. Property records show the entity, led by Robert Nacron and Doree Fromberg, paid $225,000 for the property in 1974. The building was built in 1950.

Miami condo Aston Martin Residences won’t be getting its private beach club on Virginia Key

Aston Martin Residences, a fancy new condo that will rise on a waterfront lot next to the Epic Hotel in downtown Miami, has failed to secure what would’ve ended up being one of Miami’s most unique condo amenities: an off-site private beach club on Virginia Key. The Miami Herald reports that city commissioners have decided not to pursue an unsolicited bid from G and G Business Developments to construct a $4 million pavilion at Virginia Key Beach Park despite its attorney assuring…

Condo sales slow down even more during the first quarter, less than 1% of pipeline sold: ISG Miami Report

Developers sold only 212 units — or less than 1 percent of the pipeline — during the first quarter of this year, as the supply of preconstruction condos slowly gets absorbed, according to a new ISG Miami Report released on Monday. As of May, 80 percent or 19,326 units were presold of the 23,220 in the pipeline, according to ISG. The company surveys the sales centers and sales teams of each project in the following areas: Brickell…

Miami Worldcenter’s fully capitalized and SLS Lux Brickell is close to sold out: panel

Amid a slumping real estate market, developers of two major luxury projects in Miami’s urban core told a gathering of real estate professionals that construction timelines on their developments are moving ahead at full steam. Allen Morris, president and CEO of The Allen Morris Company, said the SLS Lux Brickell luxury tower his company is building in partnership with The Related Group is very close to being sold out. “Yesterday, we sold one,” Morris said.

The Economist: Supreme Court says Miami, other cities may sue banks over predatory lending

IN 2012, John Roberts, America’s chief justice, angered conservatives when he formed a majority with his four liberal colleagues to save Obamacare from its first major legal attack. Three years on, in 2015, he did so again to uphold campaign-finance rules for judges. Later that spring, he and Justice Anthony Kennedy teamed up with the liberals to rebuff a second assault on Obamacare. On May 1st, the moderate side of Justice Roberts reappeared when he once again shuffled to the left…

Ernst & Young’s Mark Grinnis Discusses the Potential Impact of Rising Interest Rates

Global Real Estate Investment Funds Leader with Ernst & Young Mark Grinis  joins The Commercial Real Estate Show to discuss E&Y’s Global Market Outlook, including the impact that rising interest rates might have on commercial real estate. Some highlights include: At inauguration markets moved, including an increase in 10 year rates, but this has dropped back; Central bank balance sheet has moved from around $2 trillion before the financial crisis to $12 trillion today; How this…

$4,425,000 Sale Of SAAM Building In Coral Gables Secured

NAI Miami’a Tom Smith represented the seller in the sale of the 24,039-square foot office building. NAI Miami announced today that Tom Smith represented the seller, SAAM Building, Inc., in the sale of a 24,039-square foot office building. The property is located at 3195 Ponce De Leon Boulevard in Coral Gables, Florida. The buyer is 3195 Ponce, LLC.

Live at the Metrorail station — and bid horrible South Dixie traffic goodbye?

Miami’s lone rapid-transit system, Metrorail, began rolling in 1984 under a forward-looking premise that went beyond shuttling commuters downtown: Metro stations would become urbanized hubs where residents wouldn’t need a car to get to work, or to visit a lunch spot or the gym, or to pick up groceries or their dry cleaning. It took just 33 years, but that train’s finally pulling into the station. And fast. The high-demographics stretch of South Dixie Highway that runs between…

84,364 SF of Leases Arranged at Downtown Miami Office Tower

Tower Commercial Real Estate has arranged 84,364 square feet of leases at Citigroup Center, a 34-story, 802,974-square-foot office tower in downtown Miami. The lease deals include Harvard Maintenance signing for 23,540 square feet, law firm Kobre & Kim signing for 9,366 square feet and anchor tenant Citigroup expanding its office by 9,507 square feet, as well as opening a 6,250-square-foot bank branch on the ground floor. Additionally, Tower Commercial executed about 32,000…

Miami condo Paraiso Bayviews tops off at 43 floors in Edgewater

Progress is mounting in Miami’s Paraiso District, with Paraiso Bayviews recently topping off at 43 stories in the booming Edgewater neighborhood. It’s the second of Paraiso’s four towers to complete vertical construction after Paraiso Bay topped off last summer, with the latter expected to be completed in the coming months. The 54-story Gran Paraiso was the final tower to begin construction after breaking ground last February. Paraiso Bayviews is 90 percent sold, and sales updates at the…

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May 16, 2017

Ernst & Young’s Mark Grinnis Discusses the Potential Impact of Rising Interest Rates

Global Real Estate Investment Funds Leader with Ernst & Young Mark Grinis  joins The Commercial Real Estate Show to discuss E&Y’s Global Market Outlook, including the impact that rising interest rates might have on commercial real estate. Some highlights include:

  • At inauguration markets moved, including an increase in 10 year rates, but this has dropped back
  • Central bank balance sheet has moved from around $2 trillion before the financial crisis to $12 trillion today
  • How this will unwind remains to be seen
  • Believes Fed should be able to manage a stable recovery
  • Believes interest rates and cap rates will run into a headwind now
  • Expects rates to be 125 basis points higher in 2019
  • Nearing full employment
  • Rate increases not directly correlated to cap rates and prices, but are related
  • Thinks higher anticipated cap rates are having an effect on transactions already
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May 15, 2017

Miami Commercial Property News May 11, 2017: Beckham to Buy Last Chunk for MLS Stadium; County Nearer New Courthouse; More…

David Beckham to pay $9 million for final piece of MLS stadium development site in Overtown

Miami’s Major League Soccer stadium may finally become a reality. David Beckham is ready to close on the 3 acres of Miami-Dade County-owned land needed to build the stadium, and he now has an investor to pay for it, the Miami Herald reported. While the county has been ready to negotiate a deal for the Overtown land, Beckham held off, until Los Angeles Dodgers owner Todd Boehly came on board to help back the stadium. The Miami-Dade County Commission could vote on the deal…

Miami-Dade county is closer to building new courthouse

Miami-Dade is getting closer to building an estimated $361 million civil courthouse, whether through a private partnership or some kind of lease payment from the private sector for properties the county owns. Commissioners at Chair Esteban Bovo Jr.’s policy council May 4 voted support for legislation directing the administration to solicit ideas from developers, financiers, real estate investment companies, contractors and builders to design, build, finance, operate or maintain…

Don Peebles: Inflated Land Prices Are a Detriment To Affordable Housing In Miami Ttansit-Oriented Developments

A prominent East Coast developer is bowing out of the Miami development scene until land prices justify affordable housing projects near transit stations. Cameron Sperance Don Peebles at Bisnow’s Trump Era Forecast event in Boston Don Peebles said some people seeking to live at transit nodes cannot afford the luxury prices of new apartment developments, which behooves developers to add affordable and workforce housing units in transit-oriented developments. But land costs prevent…

Wynwood expansion effort stumbles, will continue

A push to extend the boundaries of the Wynwood Business Improvement District (BID) suffered its second setback in the past few weeks but will continue, directors say. Earlier this year, BID directors sent out all ballots to property owners in the area soliciting them to join; 350 positive replies were needed to expand the boundaries. The district received 390 positive votes, but a glitch forced the vote to be thrown out. There were plans, pending the city’s commission’s approval, to send…

$160 million state budget cuts for South Florida hospitals

Local hospitals – especially safety-net institutions that serve uninsured people – emerged as the losers as this year’s session of the Florida Legislature that ended Monday. That body included $160 million in budget cuts for South Florida hospitals in the budget it passed and sent to Gov. Rick Scott. For the fiscal year beginning July 1, the Legislature cut the proportion of federal Medicaid funds and state tax revenues it will send to hospitals. In Miami-Dade County, Jackson Health System…

Miami Beach setting the pace on gambling for all of us

For all the right reasons, Miami Beach this week is to vote to keep casinos out of its city limits. The legislation should be passed, and then should become a model for every other government in Miami-Dade County to do the same thing. The most important reason for every city to act now to bar gambling is that neither the state legislature nor county hall can be counted on to hold the gates against the constant battering ram of mega-casinos. Each legislative session casino interests get…

Miami Beach preservation board expresses concerns over stalled Faena Versailles tower

In order to protect the gutted 16-story Versailles Hotel in Miami Beach from the elements, and to avoid the wrath of code enforcement, developer Alan Faena plans to wrap the entire 77-year-old building with a plain red wrap absent of logos while the development company re-evaluates its proposed renovation project. The building during Art Basel: A wrap with the logo “Culture Reimagined Faena District” was partially blown down about a month ago, said Matthew Barnes, a consultant…

Neighbors want Miami City Commission to scuttle part of Avra Jain and Mattoni’s Bayside Motor Inn redevelopment

Miami activist Elvis Cruz and the Morningside Civic Association are hoping to put the kibosh on Avra Jain and the Mattoni Group’s plans to demolish a building tied to the redevelopment of the Bayside Motor Inn (aerial view) site. Cruz and the association are asking the Miami City Commission to overturn a February vote by the Miami Historic and Environmental Protection Board that authorized tearing down a 6,430-square-foot structure at 5125 Biscayne Boulevard. The appeal…

Taubman, retail co-developer of Miami Worldcenter, is at odds with hedge fund

Taubman Centers, which operates Dolphin Mall and is planning the retail component of Miami Worldcenter, is battling with activist investor Jonathan Litt’s hedge fund, after it filed documents to nominate Litt and a corporate governance guru to Taubman’s board. Taubman, a Bloomfield Hills, Michigan-based real estate investment trust, said in a filing with the Securities and Exchange Commission that it has reviewed the nominees from the hedge fund, Land & Buildings Investment…

What To Do About Multifamily Insurance Sticker Shock

Owners and buyers of multifamily housing are experiencing sticker shock when they refinance, sell or purchase properties. Insurance premiums have jumped as much as 25% because of the broadened insurance requirements set forth by lenders. GlobeSt.com caught up with Ryan Cassidy and Evan Seacat, both senior directors at Franklin Street Insurance Services, for a deeper understanding of why lenders have changed their standards and what owners and buyers can expect in part one…

Miami parking agency wants to control Biscayne Green boulevard

Art Noriega, the man who runs the City of Miami’s parking agency, says he wants control of a project called Biscayne Green, designed to make one of the busiest streets in Miami smaller, less imposing and more pedestrian friendly. The plan has been around for at least a half dozen years, and along with eliminating lanes of traffic on Biscayne Boulevard, it would reduce public parking spaces from 388 to 187 and cost the Miami Parking Authority $1.2 million a year in revenue. Although…

Miami Realtors Commercial Event To Provide Key Market Update; American Dream Mall Presentation, Other Topics

More than 100 MIAMI members will attend the fifth annual Miami Association of Realtors® Miami Realtors Commercial Alliance (RCA) Midyear Update event on Friday, May 12, at the Coral Gables Country Club. Ten industry leaders, including an American Dream Miami consultant, will discuss the state of South Florida commercial real estate. “Miami’s commercial real estate continues to evolve in new and exciting ways,” said José María Serrano, the 2017 Miami…

Sam Zell on WeWork: “Wouldn’t let those guys near my business with a 10-foot pole”

Sam Zell isn’t sold on WeWork’s business model — especially when it comes to the unicorn company consulting on office management for corporations outside of its own shared spaces. “I wouldn’t let those guys near my business with a 10-foot pole,” he quipped during an appearance on CNBC earlier this week. “The last thing I want to do is introduce somebody else’s culture and have them influence the way my company is run.” WeWork’s move…

Brickell Key getting water taxi site, park

A site on Brickell Key is being dedicated as a public park and water taxi pick up and drop off location. Miami city commissioners meeting today (5/11) are to consider accepting a right-of-way deed of dedication for upland property on the key, a man-made triangular island at the foot of Southeast Eighth Street. It is part of a development agreement the city has with property owner-developer Swire Properties. The legislation is a resolution authorizing and directing City Manager…

International Inn in North Beach might be designated historic, amid uncertain future

The Miami Beach Historic Preservation Board unanimously directed city staff to look into the feasibility of designating the International Inn on the Bay in North Beach as an historic landmark, amid uncertainty about its future. The action, which came during a meeting Tuesday, could lead to a moratorium on any demolition activity for the next 60 days if a preliminary report from the city’s Planning Department sees evidence that the International Inn is worthy of preservation…

Related Group buys into East End Capital’s Wynwood project

The Related Group will jump in as a 50-50 partner on East End Capital’s Wynwood 25 mixed-use project at 339 NW 24th Street (birdseye), the two firms announced on Wednesday. Related and East End will break ground on the 289-unit rental development this summer and deliver the building in 2019, East End founder Jonathon Yormak said. Yormak declined to provide the total project cost, but said the project is close to securing construction financing that would cover…

Video: Ernst & Young’s Mark Grinnis Discusses the Trump Effect on Real Estate

Global Real Estate Investment Funds Leader with Ernst & Young Mark Grinis  joins The Commercial Real Estate Show to discuss E&Y’s Global Market Outlook, in particular the potential effect of a Donald Trump Presidency. Highlights include: Thinks there will be a lot of resistance to significant tax cuts; Believes there will be some tax cuts, both personal and corporate; Have had a long period of slow growth; In general, seems optimistic but cautious.

The Common Sense of Common Space

Today’s office is all about space – and how to best utilize space that’s often shrinking and more expensive. There’s open space and space dedicated to focused individual work, small group space and larger meeting space, shared space and co-location space. With an emphasis on flexibility, productivity, and cost-effectiveness, it only makes sense for the office common space – also known as the break room …

Forecast: Commercial Real Estate To Grow Modestly By 2019

A recent forecast out of the Urban Land Institute (ULI) presents a modest growth scenario for the economy, as well as the real estate industry in the commercial sector. The ULI Real Estate Consensus Forecast, a semi-annual projection based on survey responses, anticipates commercial real estate will see $450 billion in transaction volume in 2017.

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May 11, 2017

Ernst & Young’s Mark Grinnis Discusses the Trump Effect on Real Estate

Global Real Estate Investment Funds Leader with Ernst & Young Mark Grinis  joins The Commercial Real Estate Show to discuss E&Y’s Global Market Outlook, in particular the potential effect of a Donald Trump Presidency. Highlights include:

  • Thinks there will be a lot of resistance to significant tax custs
  • Believes there will be some tax cuts, both personal and corporate
  • Have had a long period of slow growth
  • In general, seems optimistic but cautious
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May 10, 2017

Miami Commercial Real Estate News May 9, 2017: Publix Buys West Miami Store; Yet Another New Office Building for Coconut Grove; More…

Publix buys West Miami store from Brandon Partners for $23M

Publix just closed on the purchase of a new West Miami location for $23.2 million, according to data from Real Capital Analytics. Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed. The deal, which has not yet cleared public records, was first reported by the South Florida Business Journal. The 110,905-square-foot building was completed last year and includes parking on the second…

Will More Apartments Bring Less Traffic In Doral?

Doral City Council members will be taking a preliminary vote on whether to change the land use from business and office/residential to high density residential for a 10-acre palm tree nursery.

A Developer Talks Miami River, Market Challenges, And His Project, One River Point

Shahab Karmely was part of a panel discussion on the economics of new development amid a new administration and continuing global market fluctuation at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April.

Norwegian Cruise Lines (Bahamas) getting new terminal in Miami

County commissioners on Tuesday approved an agreement between Miami-Dade and Norwegian Cruise Lines (Bahamas) Ltd. for construction of a new cruise terminal, expected to cost $100 million, at PortMiami. Joe Martinez voted against it, saying the actual price of the terminal has not yet been determined. Port Director Juan Kuryla said the agreement that commissioners were asked to approve is for the port to sit down with Norwegian Cruise Lines and determine exactly what…

Is a lease always just a lease?

For one Miami-Dade County shopping center owner, the answer is now yes, but only after a ruling from Florida’s Third District Court of Appeal in Garcia v. Dadeland Station Associates, Ltd.  In 2015 that owner found itself getting billed for property taxes on land it does not own, suggesting that a lease is not always just a lease. The owner of Dadeland Station leases land from Miami-Dade County under a 90-year ground lease since 1994.  The owner built the shopping center and from…

Coconut Grove is getting another new office building in 27@Lincoln

This one has hydraulic car elevators There’s yet another new office building in the works in Coconut Grove, with LointerHome announcing plans for 27@Lincoln, a boutique mixed-use development expected to rise at 3151 Southwest 27th Avenue. The building is planned for five stories, encompassing 68,000 square feet of “Class A” office space and 5,000 square feet of retail space. The location is a block off South Bayshore Drive and a brief stroll from CocoWalk. William Hamilton Arthur IV…

New Miami Beach condo planned to supplant Marlborough House

The underground parking could be an issue A new Miami Beach condo has been proposed for 5775 Collins Avenue by a company owned by a Brazilian billionaire named Jose Isaac Peres, per The Next Miami. The 12-story Marlborough House, which was constructed in 1961 and sold in bulk last year, would be demolished and replaced by a new 16-story tower designed by Arquitectonica with 86 condo units and 185 parking spots. The latter would be housed in a two-story garage…

How Miami’s improving office market could affect your life

While the lack of affordable housing and the glut of luxury condos were getting all the attention, another segment of Miami’s real estate has started to heat up: The lowly, unglamorous office space. The total square footage of office space leased in Miami-Dade in the first quarter of 2017 shot up 40 percent over the same period last year, according to a new report by the real estate brokerage firm JLL. The average asking price per square foot was $36.99, which continues a steady climb since…

Miami River site asking $5.6 million under contract

A Miami River investor who listed his property for $5.6 million in late April is under contract to sell the site for close to the asking price, listing broker Andrey Laranjeira of Engel & Völkers told The Real Deal. Investor Jerry Yoham is looking to sell the 18-parcel assemblage at 2974 Northwest North River Drive (aerial view). It hit the market April 21st and went under contract less than a week later. Laranjeira declined to name the buyer, but said a developer and two investors made offers…

Monument Names Rauscher as COO

Monument Real Estate Services, a Miami, FL-based multifamily asset and property management firm, has named Jaime Rauscher as its chief operating officer in the firm’s North Carolina office. Most recently the vice president of operations at Monument, Rauscher’s expanded role will see her lead an experienced team of professionals overseeing 60 apartment communities across 10 states and help set the strategic direction of the firm while leading its…

Video: REIS Chief Economist & SVP Victor Calanog Provides an Update on 2017 REIS Q1 Multifamily Market Trends

In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on first quarter 2017 multifamily property/apartment building market fundamentals and trends. Highlights include: National vacancy rate for multifamily properties ending the first quarter of 2017 at 4.3%, down 10 basis points from the end of the prior quarter; Vacancy reate is unchanged versus a year prior; Market participants are paying a lot of attention to the 250,000 units expected…

Miami Beach is moving quickly to ban casinos in the city

The Miami Beach City Commission unanimously voted on Wednesday to start the process for new legislation that would ban casinos throughout the city. The proposed measure will now go before the Miami Beach Planning Board on May 11 followed by a first reading vote by the city commission. The move was in response to the State Legislature’s proposed expansion of gambling facilities in Miami-Dade County, which stalled late Tuesday as a result of an impasse between House and Senate…

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May 9, 2017

Buyer Seeks Coral Gables, West Miami, Kendall Multifamily Properties up to 70 Units

A buyer is looking for (likely off-market) multifamily properties located in Coral Gables, West Miami and Kendall. Candidate properties must have at least 6 units, and may have up to 70. This buyer seeks a 6% cap rate.

If you have a property that meets this requirement, send an email or call.

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May 8, 2017

School Seeks to Purchase Property in 33183, 33186, 33193, or 33196 for SW Miami-Dade County Campus

A private school is looking for a new campus location in southwest Miami-Dade county. The property must have at least 30,000 square feet of building or at least the possibility to expand to this level. It must sit on at least a 4 acre lot, and preferably will be within the zip codes 33193, 33183, 33196 or 33186. The zoning of the property should be such that it allows for a school to operate. May also consider a long term lease, including for property within a church.

If you have a property that meets this requirement, send an email or call.

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May 5, 2017