Keyes Commercial Leads Full Year 2016 Miami-Dade MLS Ranking

Keyes Commercial Realty Leading Market Share ChartContact 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

Miami Commercial Real Estate News August 16, 2016: Conrad Hotel Sells; Brickell City Centre’s New Italian Food Hall; More…

EI-American RE Sells The Conrad Miami Hotel on Brickell

Mast Capital and Angelo Gordon & Co. acquired The Conrad Miami hotel at 1395 Brickell Avenue in Miami, FL for $72 million, or about $355,000 per room, from EI-American Real Estate, Inc. The 36-story, 203-room hotel was built in 2003 in the Brickell submarket. It totals 212,503 square feet located in the base of Brickell Arch Tower (aerial). Paul Weimer, Christian Charre and Natalie Castillo of CBRE…

Video: Reis Chief Economist & VP of Research Victor Calanog Update on Q2 2017 Office Sector Trends

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides his assessment of Q2 2017 Office Sector trends. Highlights include: Not much happening in the office property sector this past quarter; Vacancies were unchanged at 16.0% versus the prior quarter and down a mere 10 basis points year over year; Vacancies peaked in Q3 2010 at 17.6%, since have only descended 160 bp…

Here’s what La Centrale in Brickell City Centre is going to look like

Step inside and take the rendering tour Back in February we saw initial renderings of La Centrale, which is set to become Miami’s first Italian food hall when it opens this December in Brickell City Centre. However, these newly released renderings of the 40,000-square-foot space comprised of 14 different dining areas, present a much clearer vision of what the exciting new culinary endeavor will look like.

Market Trend: South Florida’s Industrial Vacancy Increases To 3.9%

The South Florida Industrial market ended the second quarter 2017 with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 599,281 square feet in the second quarter. That compares to positive 1,095,827 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 785,915 square feet.

Mansion nightclub’s former space on Washington Avenue for lease at $70k/month

Mansion nightclub’s former space on Washington Avenue in South Beach is on the market for lease at $70,000 a month or $840,000 a year, The Real Deal has learned. John Brandt’s family has owned the building at 1225-1265 Washington Avenue since the 1950s, and this is the first time it is available for lease since 1984 because operators have always traded the lease to successive operators, he said.

Six pivotal decisions vital before restoring marine stadium

An architect has listed more than 50 uses for a restored Miami Marine Stadium, which is heartening, but before the city tries to actually restore the stadium it has six pivotal decisions to make. The list of possible uses includes many that would be financial failures. So restoration must follow a solid business plan that outlines not only principal uses but who would operate the stadium and under what…

Miami casts annexation eye on Blue Lagoon, Melrose, Brownsville

If Miami annexed several unincorporated areas, including Blue Lagoon, Melrose and Brownsville, it would take a financial hit, a study says.
Based on revenue and expense calculations and factoring in the current tax rate, adding the areas as they are today would cost the city nearly $14 million a year. The possibility of annexing unincorporated areas isn’t new; Miami leaders have debated it for years.

The appeal of a working riverfront wends way to city hall

Cory Offutt, owner of Biscayne Towing & Salvage Inc., has for months spoken out against a planned riverside restaurant on land zoned for marine-industrial uses right next door to his business. He says a restaurant with outdoor dining is incompatible with a loud and smelly shipyard. “This is a huge impact on my business,” he said at a meeting early this year. “There’s no way we can survive in harmony…

There’s A Niche Market Rising On Miami’s Industrial Real Estate Scene

There’s a niche market rising on Miami’s industrial real estate scene: leases under 25,000 square feet and satisfying distribution needs in the realm of smaller space. While everyone speaks about the large deals, these smaller industrial transactions make a significant footprint in the local economy, driving business beyond e-commerce. GlobeSt.com caught up with Ernesto Cambo, principal of CPF Investment…

New Miami condo planned to exclusively house FIU students and faculty

Intertersting mandate There’s a new Miami condo planned across the street from the main campus of Florida International University with a twist: While anyone can purchase its 492 units, only students, faculty, and those affiliated with the university will be allowed to live there.
University Bridge Residences is planned for 20 stories with a direct connection to campus via the new 8th Street pedestrian bridge.

Miami metro has the most dire need for affordable housing in the country, per report

Entailing the Miami metro area of Miami, Fort Lauderdale, and West Palm Beach A new report by the U.S. Department of Housing and Urban Development (HUD) to Congress indicates the Miami metro area (Miami-Fort Lauderdale-West Palm Beach) has the highest share of low-income renters with the “worst case needs” in the country. The issue stems from a massive shortage of affordable housing for…

 

Inside Brickell City Centre’s Italian food hall, Estates at Acqualina & more

The developers of Brickell City Centre, the Estates at Acqualina, Akoya Boca West and others just released a slew of new renderings. Brickell City Centre revealed what’s planned for the three-story Italian food hall, La Centrale. The 40,000-square-foot food hall, located at the northeast end of the shops, is now set to open in December. It will include: A market with grab-and-go options…

Food Halls at Brickell City Centre and Lincoln Road Release Details

La Centrale, the Italian-themed food hall tucked into the billion dollar Brickell City Centre will include a handful of eateries that draw inspiration from different regions of Italy along with a spot for Neapolitan pizzas and a grab-and-go café spanning 5,000 square feet replete with cheeses, breads, and all manner of Italian products. The portion of the food hall dubbed Pesce will draw from the region…

Miami International Airport gets bonanza in federal grants

The Federal Aviation Administration awarded this week over $36 million in infrastructure grants to Miami International Airport to reconstruct and rehabilitate taxiways to improve the safety and efficiency of airport operations. The FAA announced the grant through its Airport Improvement Program, which awarded a total of $162.4 million to 72 airports around the US to fund infrastructure projects.

Two Miami-Dade Zip Codes Top Florida’s Most Expensive Rents List

Florida’s 14 highest apartment rents by zip code in 2017 are in the southeast. Fully half of top 10 are in Miami-Dade county. Using data collected by sister company, Yardi Matrix, RENTCafé assembled a list of the most expensive zip codes for renters in Florida. The Sunshine State has always been a renter-friendly location. Florida rentals cost on average $1,231/month, but with prices steadily growing in recent…

Downtown Doral graduates from realty project to city core

If you ask Ana Codina Barlick, CEO of Codina Partners, the biggest challenge she faces in developing Downtown Doral is finding a comprehensive way to describe its magnitude. “It’s not a project at all anymore; it’s the downtown of a major municipality of Miami-Dade,” Ms. Codina Barlick said. Codina Partners, real estate investment and development firm behind Downtown Doral, first developed…

As study goes on, Venetian Causeway a replacement target

The Florida Department of Transportation’s study of the Venetian Causeway that began last October to address known structural and functional deficiencies of the 12 bridges that make up the causeway is moving ahead to determine whether to rehabilitate, replace or do nothing to those bridges. The county’s stated aim, however, is complete replacement. The historic causeway, built in 1926, connects…

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August 16, 2017

Two Miami-Dade Zip Codes Top Florida’s Most Expensive Rents List

Berkshire Coral Gables Apartments

Image via RENTCafé   – Berkshire Coral Gables Apartments

Florida’s 14 Highest Apartment Rents by Zip Code in 2017 Are in the Southeast, Half of Top 10 are in Miami-Dade County

Using data collected by sister company, Yardi Matrix, RENTCafé assembled a list of the most expensive zip codes for renters in Florida. The Sunshine State has always been a renter-friendly location. Florida rentals cost on average $1,231/month, but with prices steadily growing in recent years, finding affordable apartments has become more difficult for the average renter.

Overall, the priciest apartments are concentrated in Southeast Florida. Miami-Dade County holds 19 of the state’s 50 most expensive zip codes. Not far behind, in second place, with 13 zip codes in the top 50, is Broward County. Palm Beach County takes third place with 10 of the most expensive zip codes.

As more and more luxury apartments in or near Downtown Miami hit the market, two zip codes earn top 2 positions on the list: 33146 in Coral Gables, with an average rent of $2,617/month and 33131 in Downtown Miami, where the average rent for an apartment is $2,590. Boca Raton in Palm Beach is third, with an average rent of $2,475/month in 33431. Fort Lauderdale takes spots 4 and 5 with zip codes 33301 and 33304, where apartment rents are on average $2,431 and $2,327, respectively. Fort Myers’ 33967 ranks highest in Southwest Florida, on position 15, as the most expensive zip code outside Southeast Florida with apartments renting for an average of $2,081.

Take a look at the complete list of Florida’s 50 most expensive zip codes on RENTCafé

Other Multifamily Trends Related Pages:

August 11, 2017

Video: Reis Chief Economist & VP of Research Victor Calanog Update on Q2 2017 Office Sector Trends

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides his assessment of Q2 2017 Office Sector trends. Highlights include:

  • Not much happening in the office property sector this past quarter
  • Vacancies were unchanged at 16.0% versus the prior quarter and down a mere 10 basis points year over year
  • Vacancies peaked in Q3 2010 at 17.6%, since have only descended 160 basis points in 7 years
  • In previous cycle, office property vacancies peaked at 17% in 2002 or so, declined to 12.5%, a more than 500 basis point decline, before next recession hit in 2008 or so
  • Asking and effective rents grew .4% and .5%, respectively, in the quarter,1.6% for both asking and effective year over year, essentially in line with GDP growth
  • Not a lot of new construction
  • Would be hard pressed to find financing without significant pre-leasing commitments
  • Lackluster results not a surprise with modest 2.1% GDP growth from 2009 to 2015, slowing to 1.6% in 2016
  • 2017 GDP growth remains to be seen, but pundits are scaling back expectations from 3% plus to slightly above 2%
  • Without economic growth and corresponding job growth not going to see much action in office sector
  • Without much new supply, expect a a slow equilibrium of progress for rents and vacancies
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August 10, 2017

Miami Commercial Real Estate News August 9, 2017: Opa-Locka Flea Market Sells for $80 Million; More…

Torburn Partners sells chunk of former Motorola office park for $57 million to Miami Based Midtown Capital Partners

Northbrook, Illinois-based Torburn Partners just sold a portion of an office park in Plantation for $56.6 million to Miami-based Midtown Capital Partners, led by Alejandro Velez, property records show. The two buildings at 7600 and 7700 West Sunrise Boulevard span about 215,744 square feet. The trade breaks down to about $262 per square foot. An additional parking lot that spans 8 acres was also part…

Miami Boasts Third Densest Skyline in United States

During a recent HistoryMiami Museum tour I attended, (the museum’s) Resident Historian Dr. Paul George mentioned a fact I thought I would have known, that Miami boasts the third most dense skyline in the United States. I’m fairly certain I’d not heard this before.
Upon returning to my office, I decided to fact check this. How Miami ranks in this regard depends on how you count it, of course, but…

Opa Locka Hialeah Flea Market Portfolio Sells for $80M

Gramercy Property Trust, a New York-based public REIT, acquired three parcels totaling 72.1 acres in Opa Locka, FL from Bodwin, Ltd. and SeaBase Florida Corp. for $80 million, or about $1.1 million per acre. The property consists of the 43.8-acre flea market at 12691 and 12705 NW 42nd Avenue and the neighboring 50,619-square-foot industrial building on 28.3 acres at 12700 NW 42nd Avenue, currently…

Video: Reis Chief Economist & VP of Research Victor Calanog Provides Q2 2017 Retail Sector Trend Update

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides an assessment of second quarter 2017 retail property sector trends. Highlights of this video include: Fundamentals in retail sector reflect all the negative news; Neighborhood and community center vacancies increases 10 basis points to 10%; Regional malls had a 20 basis point increase in vacancies to 8.1%; Rents grew slowly…

Spain-Based Travel Tech Co. Inks 115K Square-Foot Lease At Doral Office Park

Amadeus, a travel tech company, just inked a 115,000-square-foot lease at the New Boston Fund’s One Park Square office complex in Doral. The South Florida Business Journal reported that Amadeus’ new lease marks a 10,000-square-foot expansion for the company, which has housed its United States headquarters at One Park for five years. Blanca Commercial Real Estate brokered the deal on behalf…

Aircraft Supply Store Inks 88,680 SF, Long-Term Lease At Doral Logistics Center

Transwestern’s South Florida industrial team announced that it facilitated a long-term, 88,680-square-foot lease with NexGen Aero LLC at Doral Logistics Center, a 174,024-square-foot industrial building at 2900 NW 112th Avenue in Doral. Transwestern Senior Vice President Thomas Kresse, Senior Managing Directors Walter Byrd and Ben Eisenberg, and Senior Associate Carlos Gaviria represented the landlord…

Miami Office Market Thrives Due to Young Workers Seeking South Florida Lifestyle

Looking ahead to the rest of 2017, we can expect to see continued improvement of Miami’s office market based on strong market fundamentals and employment growth. Key trends to watch in 2017 that will help drive and shape the market, include: Steady, modest growth in office rents; Declining available office supply; New transit-oriented mixed-use developments that include office space…

Update: Property Owners Gaining New Tools To Fight ADA Lawsuits

At the end of May, I wrote a post about new legislation in Florida intended to help property owners fight Americans with Disabilities Act (“ADA”) lawsuits.  As discussed in more detail in the prior post, the bill allows property owners to register a remediation plan or certificate of conformity with the ADA with Florida’s Department of Business & Professional Regulation, which will maintain an online registry of…

New Miami Beach hotel named after Julia Tuttle opens Thursday

Tour the South of Fifth boutique hotel Opening this Thursday, August 10, is the Julia Hotel in Miami Beach’s South of Fifth neighborhood. The 29-room boutique hotel that was originally pegged for a May opening is located at 336 Collins Avenue and was named after Julia Tuttle, the “Mother of Miami” and “the only woman to found a major American city.” Stephen Busto designed the…

Florida Keys motel featured in Netflix’s Bloodline sells for $7M

The Islamorada development will be renovated as well Harbor Lights, a Florida Keys motel featured in the Netflix show Bloodline, sold recently for $6.8 million. It was among the two Islamorada hotels acquired by Songy Highroads LLC and the Wardman Group, joining the Days Inn Islamorada Resort, a 37-unit property located about two miles away that sold for $7.05 million. Harbor Lights sits on five acres…

Tour the new Flats at CityPlace Doral

The residential comopnent to the new development While we led you on a tour of CityPlace Doral a few months ago, taking you through the mixed-use project’s 250,000 square feet of retail and restaurant space, we wanted to take a closer look at the residential component. The Flats is a two-tower, mid-rise luxury apartment complex located directly above the retail/restaurant space.

Will dead malls be the next logistics hubs?

Some of the real estate most coveted by e-commerce giants and logistics companies just so happens to be the malls they helped to snuff out. Warehouse landlords are turning to former malls as new locations for delivery companies and retailers due to their proximity to consumers’ homes and easy access to transportation, the Wall Street Journal reported. In North Randall, Ohio, for…

Market Trend: South Florida’s Industrial Vacancy Increases to 3.9%

The South Florida Industrial market ended the second quarter 2017 with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 599,281 square feet in the second quarter. That compares to positive 1,095,827 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 785,915 square feet.

Liebler Gonzalez & Portuondo Renews Lease in Miami’s Courthouse Tower

Full-service banking, business, commercial and real estate law firm Liebler Gonzalez & Portuondo signed a lease renewal for its 14,875-square-foot space in Courthouse Tower at 44 West Flagler Street in Miami, FL. The 26-story office building (birdseye view) totals 164,771 square feet in the Downtown Miami submarket. It was constructed in 1974 and fully renovated in 2010. Tony Jones and Ryan Levy…

Understanding the importance of zoning laws

Zoning laws, and familiarity with them, are important to commercial real estate in general and are important for commercial real estate transactions. Understanding zoning laws in the Miami area is important when conducting a commercial real estate transaction in the area. Zoning laws can address the zoning of the site and the property uses that are permitted within the zone, including minimum lot size…

Miami Industrial Real Estate Market Report Midyear 2017

Midyear into 2017 and the average rental rate for Miami warehouse space slightly increases… grudgingly. Although some landlords have been able to increase rates for their warehouses, tenants and their respective brokers fight to keep the average under $10.00 per sq. ft. Institutional landlords are fairly disappointed that rates have not increased higher as they had forecast. Positive absorption this quarter…

$3.375 Million Medley Warehouse Sale Negotiated

NAI, Miami, a member of a managed network of commercial real estate firms, announced that the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated a 34,864-square-foot industrial warehouse investment sale for their client Romanini Brothers Investment Company, LLC. The property is located at 8205 Northwest 74th Avenue in Medley, Florida. The buyer, FB Medley LLC, was…

MLS Miami officially expected to be announced by fall

It’s been a three-year journey for David Beckham’s team in its quest to bring an MLS franchise to Miami but the chief of the league can see the light. After Beckham met with MLS owners yesterday in Chicago, which just hosted the league’s All-Star Game, Commissioner Don Garber shared his optimism on Miami becoming team No. 24. “I had some concerns they wouldn’t get past today,” he said in a press…

By the numbers: The WeWork effect

From TRD New York: There’s never a dull moment at WeWork. In 2014, the New York City real estate industry’s jaw dropped when the office-sharing start-up raised $150 million and hit a valuation of $1.5 billion, suddenly catapulting it into “unicorn status.” But less than a year later, it shocked the business world again with another monster fundraising round and new valuation — this one for $5 billion.

Next act at Coconut Grove Playhouse may be city garage

While neighbors keep campaigning to save the old Coconut Grove Playhouse from the wrecking ball, officials with the Miami Parking Authority are moving ahead with plans for a municipal garage for the theater site. The Miami City Commission has put off a decision on partial demolition of the large theater, a fact reported to the city’s Off-Street Parking Board Aug. 2 by authority CEO Art Noriega.

County looks at buying rail lines from CSX Corp. for transit

Miami-Dade’s business leaders should look again at a proposal to have the county buy 35 miles of rail line from the CSX Corp. for new commuter service, County Commission Chairman Esteban Bovo Jr. says. The county and business leaders have looked at the plan in the past but had difficulty striking a deal. But Mr. Bovo says things now have changed. The railroad has two lines that would tie into county…

How to close the continental divide in county’s transit plans

The chairman of the Miami-Dade County Commission says his bold, far-ranging plan for six new mass transit corridors is not really at odds with the mayor’s aim to focus for now mostly on a new style of bus service. Chairman Esteban Bovo Jr. offers a complex and visionary program that aims at mostly new rail service as a way of spreading major mass transit across the county, while Mayor Carlos Giménez…

Population Growth and Affordable Cost of Living Accelerate CRE Renaissance in the Southeast – Miami Featured

The Miami market, which comprises Palm Beach, Broward and Miami-Dade counties, is also experiencing exceptional population and job growth, along with strong property fundamentals. The three-county Miami region, with more than 6 million residents, is the state’s largest consumer market, and population is projected to grow by 1.2 percent in the coming years, according to CBRE. Tourism, financial services…

Plan to transform Biscayne Boulevard gets federal grant

A plan to transform Biscayne Boulevard into something other than a busy downtown street just got a significant financial boost. The City of Miami and the Downtown Development Authority applied for and were awarded a $421,829 federal grant to speed the Biscayne Green Lane Elimination Analysis Project along Biscayne Boulevard from Southeast First to Northeast Sixth streets. The Florida Department of…

If Retail Is Dying, Why Is Money Pouring Into Malls?

If you are one of those people who thinks America’s retail industry is doing just fine, well, there are three possibilities: You’ve been living under a rock; you think Amazon refers to a South American river; or you’re a real estate developer. As everything from once-mighty department stores to niche clothing chains announce plans to shutter hundreds of locations, and retailers file for bankruptcies…

Miami Marine Stadium could host festivals, drone races, and pageants in the future

An updated Miami Marine Stadium, which has been dormant since closing in 1992 after Hurricane Andrew, could host a wide variety of events, including boxing matches, beauty pageants, concerts, and drone racing, among over 50 potential uses recently presented to the Miami City Commission, per Miami Today. R.J. Heisenbottle Architects, along with a dozen consultants and community input, compiled…

The Three Forces That Will Accelerate The Pace Of Change In Commercial Real Estate

The technology that the next generation of deal makers will have will allow them to do more deals in less time, so the demand for this type of tech will only increase.

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August 9, 2017

Miami Boasts Third Densest Skyline in United States

Miami Skyline: Third Most Dense in USA

During a recent HistoryMiami Museum tour I attended, (the museum’s) Resident Historian Dr. Paul George mentioned a fact I thought I would have known, that Miami boasts the third most dense skyline in the United States. I’m fairly certain I’d not heard this before.

Upon returning to my office, I decided to fact check this. How Miami ranks in this regard depends on how you count it, of course, but by one common measure, the number of skyscrapers at least 150 metres (490 ft) in height, Miami does indeed rank number 3 in the United States according to Wikipedia, trailing behind New York and Chicago.

Image courtesy of Marc Averette.

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August 8, 2017

Video: Reis Chief Economist & VP of Research Victor Calanog Provides Q2 2017 Retail Sector Trend Update

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides an assessment of second quarter 2017 retail property sector trends. Highlights of this video include:

  • Fundamentals in retail sector reflect all the negative news
  • Neighborhood and community center vacancies increases 10 basis points to 10%
  • Regional malls had a 20 basis point increase in vacancies to 8.1%
  • Rents grew slowly in neighborhood and community centers and in regional malls, both about 0.4% in the quarter
  • Neighborhood and community centers experienced paltry, 1.8% and 1.7% year over year increase in asking and effective rents, respectively
  • Retailers are still figuring out omni-channel strategies
  • News only highlights the negatives, missing winners like Apple Stores, etc.
  • Online sales are nonetheless taking a bigger share of retail sales
  • Rising vacancies projected next year or two, as well as continued slow rent growth
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August 6, 2017

Miami Commercial Real Estate News August 2, 2017: Miami Office Market Rebounds; Changes at Turnberry Isle; More…

Miami Office Market Makes Surprising Rebound

The South Florida office market has rebounded this year, but developers hoping for long-term success in the sector should already be paying attention to the popularity of co-working space. Courtesy: WeWork The interior of a WeWork co-working space in Miami Colliers International South Florida Executive Managing Director Ken Krasnow and Research and Consulting Manager Verity Mosquera spoke…

Downtown Miami’s 20 Most Architecturally Significant Buildings: An Interactive Map to Accompany Dr. Paul S. George’s List

This interactive Google map was created to accompany the list and descriptions posted by HistoryMiami Museum’s Resident Historian Dr. Paul S. George in the Miami Heritage Month website: “Downtown Miami is Southeast Florida’s most historic neighborhood. At the edge of its southern sector stands the north bank of the Miami River, which, in the course of several thousand years, has hosted…

Restored Miami Marine Stadium could host beauty pageants, Jet Ski competitions

A restored Miami Marine Stadium could host Jet Ski competitions, beauty pageants and much more, says a report on the future of the Virginia Key venue that R.J. Heisenbottle Architects submitted to the Miami City Commission last week. Richard J. Heisenbottle said his team and a dozen consultants assembled more than 50 potential uses for the waterfront stadium, thanks in large part to community…

Half of the Top 10 Most Expensive Zip Codes for Renters in Florida in 2017 are in Miami-Dade

Key Highlights: Apartment rents in Coral Gables zip 33146 are the highest in the State of Florida; 42 of the state’s top 50 zip codes with the most expensive apartments are in Southeast Florida; 18 Florida zip codes have average rents above $2,000/month; A sought-after location for renters of all ages, the Sunshine State has an average apartment rent of $1,231/month, less the national average, yet…

Deal set for public-private downtown Miami retail, apartments

Final details have been worked out on a planned public-private partnership set to bring multi-family apartments and retail development to downtown Miami. Grand Station Partners LLC plans to build a 31-story residential tower attached to the Miami Parking Authority’s Courthouse Center Garage at 40 NW Third Street. It was the authority’s decision to redevelop the vacant land it owns next to its 11-story…

Flood Insurance Reforms Loom In Florida

Florida wades deeper into hurricane season as the debate heightens over what to do with the deeply indebted National Flood Insurance Program and its coverage of properties prone to repeated flooding. The Sunshine State ranked fourth nationally in damages paid by the national program to rebuild homes and businesses that have suffered repeated and severe flood losses, according to a recently released…

US Industrial Vacancy At Record Lows

The growth of e-commerce and a steadily improving economy are driving demand for industrial space and helping push industrial vacancy to record-low levels, particularly near major population centers, according to the 2017 U.S. Industrial Midyear Outlook report from… “Vacancy rates on a national level have fallen to record lows while rent growth has accelerated to outpace all other commercial…”

Report Projects Chronic Inundation – High Tide Floods in 10% or More of its Usable Area at Least 26 Times a Year – for Miami Area by 2100

In Florida and all along the US coastline, many cities and towns will experience high-tide flooding within the next few decades that will be chronic and extensive enough to force difficult choices. Because this persistent flooding can render neighborhoods, commercial districts, industrial zones, and recreational and other areas unusable, communities will face either major coastal defense investments or the…

More than 3,000 new residential units in pipeline for Doral

With more than 3,000 new residential units and nearly 300,000 square feet of retail space approved or in the pipeline, Doral is sure to hold its place as one of the country’s fastest-growing cities. Perhaps the most significant project is Downtown Doral South, which will occupy a 130-acre parcel east of Northwest 87th Avenue and north of Northwest 41st Street, said Julian Perez, director of the city’s…

Pullback Continues in the Investment Sales Market for Apartment Properties

Investors spent a lot less money on apartment properties so far this year compared to 2016, but prices in the sector keep rising anyway. Prices for mid-rise and high-rise properties inched up 1.0 percent year-over-year, and prices for garden-style apartment properties grew 10.0 percent in the second quarter of 2017, according to the Real Capital Analytics Commercial Property Price Index…

Doral Evolving As A Live-Work-Play Destination

Once upon a time, Doral was a wasteland of industrial buildings and nondescript offices, with a soundtrack that came courtesy of planes landing at nearby Miami International Airport. Today, Doral is evolving into the live-work-play community that developers bet it could become. That is largely thanks to big-budget, meticulously planned developments. Back in 2015, Related Group CEO Jorge Perez told…

Are Brazilian Real Estate Buyers Back In Miami?

Brazil is to the Miami real estate market as LeBron James was to the Miami Heat: a supernova phenomenon that lifted us to the greatest heights, but left difficult questions and painful longing in its absence. And as the former MVP teased a dramatic comeback to the Magic City on his Instagram in July, Brazil appears doing the same. In 2010, Brazilians rescued Miami from the biggest housing bubble this…

Unrest in Venezuela alters market strategies for developers in Doral

Political and economic unrest in Venezuela are altering market strategies for developers in Doral. As Century Homebuilders Group moves forward on its two major projects in Doral – Midtown Doral and Mansions at Doral – it is shaking up the previous model to accommodate a new type of buyer. “When we began the project in 2012, the rate was about 30 to 40 bolívars per dollar; today, it’s about 10,000,” said…

A real estate broker’s guide to avoid being a victim of cyber fraud

The headline’s become all too familiar: “Cyber thief hacks real estate broker’s email, steals retired couple’s nest egg,” or something similar.  The past few years have seen a dramatic increase in such incidents, with the FBI reporting ten “hacked real estate broker email” investigations in Tampa in just the past two months. I’ve handled two such cases recently for real estate buyers tricked into wiring…

Miami Beach flooding: what you need to know

“Turn around, don’t drown” Many of the streets in Miami Beach are covered in water this evening as 7 inches of rain caused flooding throughout the area. The National Weather Service issued a flash flood warning Tuesday for central Miami-Dade County, which remains in effect until 7:45 pm. Flood advisories were also issued for Downtown Miami and Coral Gables. In their weather statement and on…

Miami just had its hottest month ever

0.2 degrees warmer than the previously record-setting June 2010 Miami just wrapped up its hottest month on record, per Climate Central, with July registering 0.2 degrees warmer than the previous high set in June 2010. Temperature tracking dates back to 1896. Miami also nearly set the mark for most consecutive days (41) with a high temperature in the 90s but Tropical Storm Emily…

Turnberry Isle Miami to renovate, expand, and rebrand

Turnberry Isle Miami willbe rebranded as a JW Marriott Turnberry Isle Miami is on the cusp of a significant renovation, expansion, and rebranding. Turnberry Associates announced the 300-acre Aventura resort will be rebranded as a JW Marriott upon completion of the renovation, which will include a new 16-story building designated for meeting space that was designed by Nichols, Brosch, Wurst…

Chinese overseas RE investment could nosedive this year: Morgan Stanley

From TRD New York: Chinese overseas real estate investment could fall by 84 percent this year and another 18 percent in 2018 amid a government crackdown on capital outflows, according to a new report from Morgan Stanley. This should concern Manhattan’s real estate market, where 30 percent of deals signed this year involved a Chinese investor, Bloomberg reported. Last year, the U.S. accounted…

Miami Design District luxury jeweler sues construction firm Moderna Development

A high-end jewelry and watch store in the Design District is alleging Miami-based construction company Moderna Development nearly tripled the negotiated price for interior work done to a two-story commercial building at 3818 Northeast Second Avenue owned by well-heeled real estate investor Sam Herzberg. And when the job was finished, Moderna claimed it was still owed an additional $21,966…

Who would be a retail broker right now?

From TRD New York: No deal is too small for Max Swerdloff, a retail broker at Eastern Consolidated. He trawls social media and the web for the latest food trends, and reaches out to fashion e-tailers and restaurateurs, always in the hope his efforts will result in a lease deal.
“I just love the process of dealmaking, I try to get my hands on any sized deal,” said Swerdloff, who started as a broker in 2015.

Miami home prices rise at a slower pace in June: report

Miami home prices rose at a slower rate in June, according to a newly released report by CoreLogic. Home prices in the Miami-Miami Beach-Kendall metro area increased 4.4 percent year-over-year, marking the seventh-highest increase in the U.S. From May to June, home prices increased by 0.1 percent. Prices rose 6.1 percent statewide and 6.7 percent nationally. Four of the 10 biggest metros in the…

CoStar Market Insights: Three Most-Active Multifamily Submarkets in South Florida

The Brickell/Downtown Miami submarket has been the focus of Miami developers’ attention in the midst of a period of aggressive construction. The submarket has historically ranked at the top of the South Florida market for new deliveries, but the current pace of construction is torrid even by Brickell’s standards. More than 5,000 units are under construction, representing more than 25……

BBG Acquires Appraisal Firm in San Antonio; Opens Offices in Miami, Tampa

Dallas-based commercial real estate valuation, advisory and appraisal firm BBG announced the acquisition of Trager Property Advisors (TPA), a San Antonio-based appraisal and consulting firm. Terms of the acquisition were not disclosed. TPA Managing Director Travis Taylor will continue to serve in that position with BBG’s new San Antonio office and Trager’s other employees will also join BBG.

Reis Chief Economist and VP of Research Victor Calanog Provides Q2 2017 Apartment Sector Trends Update

In this video update, Reis Chief Economist and VP of Research Victor Calanog provides an assessment of second quarter 2017 apartment sector (multifamily properties) trends. Highlights include: 4.4% vacancy rate is up 10 basis points from the prior quarter, the third consecutive quarterly increase; YTD 80,000 to 90,000 units have opened their doors, with 100,000 likely once all are accounted for…

Partition Actions: A More Detailed Look

In a previous post, we established an over-arching general understanding of Partition Actions and their applications.  Now let’s investigate some of the details of common Partition Actions. As with every facet of the justice system, proper procedure is a must in all court filings for Partition Actions.  As detailed in Florida Statute 64.041, the initial Complaint in a Partition Action must include the following…

Retail Condo Sale Negotiated For Westend Of Miami In Doral

A member of a managed network of commercial real estate firms, announced today the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated a retail sale for their client, Westend of Miami, LC, at 8726 Northwest 26th Street in Doral (birdseye view), Florida. The buyer, Benessere, LLC, purchased the retail condo for $575,000. Benessere Miami is located in Doral, and is established and run by…

Could west Coconut Grove get historic designation?

West Coconut Grove could become a historic district, a move that would impact future investment and development in one of Miami’s oldest neighborhoods. Miami commissioners on Thursday voted unanimously to consider whether the 65-block western portion of the Grove, which was founded by Bahamian settlers in the 1800s, qualifies as a historic district. Commissioner Ken Russell proposed the…

Why does our approved affordable housing take so long?

A report issued quietly Friday should startle anyone who cares about Miami-Dade’s future. In that report, Mayor Carlos Giménez details affordable housing completions and lists projects stuck in the pipeline from April 1 to June 30. It shows that the county provided financial aid to exactly one completed affordable housing development in the three months totaling 84 rental units at a cost from county funds…

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August 2, 2017

Downtown Miami’s 20 Most Architecturally Significant Buildings: An Interactive Map to Accompany Dr. Paul George’s List

This interactive Google map was created to accompany the list and descriptions posted by HistoryMiami Museum’s Resident Historian Dr. Paul S. George in the Miami Heritage Month website: “Downtown Miami is Southeast Florida’s most historic neighborhood. At the edge of its southern sector stands the north bank of the Miami River, which, in the course of several thousand years, has hosted a large…”

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July 31, 2017

Reis Chief Economist and VP of Research Victor Calanog Provides Q2 2017 Apartment Sector Trends Update

In this video update, Reis Chief Economist and VP of Research Victor Calanog provides an assessment of second quarter 2017 apartment sector (multifamily properties) trends. Highlights include:

  • 4.4% vacancy rate is up 10 basis points from the prior quarter, the third consecutive quarterly increase
  • YTD 80,000 to 90,000 units have opened their doors, with 100,000 likely once all are accounted for
  • On track for 200,000 to 250,000 new units for year, the highest level of new supply since the late 1990s
  • Asking and effective rents grew 1.3% and 1.2% in the quarter, respectively
  • Asking and effective rents grew 3.5% and 3.1% year over year, (again) respectively
  • Projecting higher vacancies but new supply pressure will likely dry up in 2018 to 2019 as financing has dried up of late
  • Fundamentals appear strong, but next 12-18 months will represent a bit of a reckoning for multifamily investors with properties in certain neighborhoods and markets
July 29, 2017

Miami Commercial Real Estate News July 28, 2017: 92-Story Building Approved for Downtown Miami; More…

92-Story Downtown Tower Approved for Miami’s Skyline

A sleek glass tower packed with amenities and mixed uses is ready to make a lasting impression on Miami’s skyline. In doing so, One Bayfront Plaza would capture the prize as the tallest building in Florida, 1,049 feet. The city’s Urban Development Review Board recommended approval July 19 of a revised plan for the high-profile site in the heart of downtown. Board members were taken by its style. “It’s the most beautiful building I’ve seen presented to this board,” said member…

200-room hotel for narrow Miami River slice

The plan to build a 200-room hotel on a narrow site on the Miami River is a step closer to reality after it earned a supportive vote from the city’s Urban Development Review Board. The project, called The Edge on Brickell, is planned for 55 SW Miami Avenue Road, right next to the South Miami Avenue Bridge on the site of the former Big Fish restaurant. The property has changed hands since a condo tower was approved for the site in 2014. New owner-developer Leo Macedo of The Brick…

Site pinpointed for new civil courthouse in Miami

The preferred site for a new civil courthouse is the surface lot at the recently completed Miami-Dade County Children’s Courthouse at 155 NW Third St., according to a report Mayor Carlos Giménez sent to county commissioners last week. Two parties have provided in-depth analyses for helping construct a new Miami-Dade County Courthouse but staff needs more time to analyze the best way forward, the report says – including finding funding for the project. The county’s Internal…

Restoration of Miami Marine Stadium a $40 million ticket

Planned restoration of Miami Marine Stadium is estimated to cost more than $40 million and considers a new version of a floating stage for entertainment acts.
City commissioners are to hear the findings of a report from R.J. Heisenbottle Architects on the restoration of the historic stadium at their meeting today (7/27).
The city hired the Heisenbottle firm in January for architectural and engineering services related to the long-awaited restoration of the waterfront structure…

Determining Apartment Building Risk

Ideally we all would like to know the amount of risk involved before making a decision. That’s why we evaluate the side-effects before trying out a new medication, check online reviews before eating at a restaurant or check a vehicle’s motor history before purchasing a used car. It’s safe to say that knowing certain information pertaining to risk helps us to understand what we’re really getting ourselves into, especially as it pertains to investing in rental property. Knowing the true…

Souvenir Wholesaler Sells Doral Warehouse For $6.4M

Paul Rosenfeld, president of the souvenir wholesale company Goldfarb-Fischer Novelty, just sold his Doral warehouse for $6.4 million, property records show. Coral Springs-based Daoud Investments Inc., led by Wadid Daoud, bought the 52,230-square-foot warehouse at 10005 Northwest 58th Street for about $123 per square foot. Records show Rosenfeld bought the property for $3.5 million in 2002 – the same year it was built. The warehouse sits on nearly 2 acres, and is divided into…

Seaboard Marine Expands Its Cargo Services At PortMiami

PortMiami’s largest cargo terminal and carrier, Seaboard Marine, has added a new direct service between Miami, Guayaquil, Ecuador, Callao, Peru and Paita, Peru. The weekly service is scheduled to start in early August and will be supported by three dedicated vessels transiting via the Panama Canal to and from Ecuador and Peru. “Our customers, which appreciate the high level of service and convenience at PortMiami, have been requesting faster transit times to and from Ecuador…”

They’ve Paid For Lots Of Miami Buildings But These Visas May Vanish

Estimated to have funneled more than $18 billion in overseas cash into U.S. business development since 2008 including hundreds of millions of dollars in Florida, the EB-5 visa program will expire on Sept. 30 unless Congress renews it.

Wyn 26 development site hits the market for $2.85M

The Venezuelan investors who planned to build Wyn 26, a 16-unit condo project in Wynwood, have instead put the site on the market for $2.85 million amid slumping sales, The Real Deal has learned. Dave Colonna of FIP Realty Services, who has the listing, said the developers had received only a couple of reservations since launching sales last fall, and were unable to secure financing. The price for the 10,400-square-foot site at 50 and 58 Northwest 26th Street equates to $274…

Jungle Island hotel vote delayed at least one more year

City of Miami residents won’t get to vote on a hotel proposal for Jungle Island this November. Prior to a crucial vote by the Miami City Commission to move forward with a referendum, Jungle Island’s new owners pulled their request for a 39-year lease extension and a deal allowing for the development of a $50 million hotel next to the local theme park on Watson Island. For weeks, ESJ Capital Partners had hoped at…

Aventura firm nabs $9M loan for single-family home portfolio

UPDATED July 27, 5:50 p.m.: Contemporary Single Family LLC, an entity of Transcendent Investment Management, just scored a $9.15 million mortgage on an assemblage of single-family homes, property records show. Transcendent, led by Jordan Kavana and Jacques Bessoudo, secured the loan from USA Banesco. The Aventura-based firm mortgaged 48 newly built homes scattered throughout Miami-Dade and Broward counties. Bessoudo said the duo rents the homes…

ZOM VRO Greg West Named the New Chair of ULI SE Florida/Caribbean

Greg West, president and CEO of ZOM, has been named the new chair of the Urban Land Institute (ULI). West will serve the Southeast Florida and Carribean region. In his new role, West will be ensuring the responsible use of land and of sustaining communities in Southeast Florida by working to resolve the important land issues facing the region, according to a corporate release. The organization will continue focusing on housing affordability, resiliency…

Demand For Miami Office Space Dwarfs Last Year’s

The South Florida office market has rebounded this year, but developers hoping for long-term success in the sector should already be paying attention to the popularity of co-working space. Courtesy: WeWork The interior of a WeWork co-working space in Miami Colliers International South Florida Executive Managing Director Ken Krasnow and Research and Consulting Manager Verity Mosquera spoke to Bisnow about Collier’s Q2 market reports, and both experts say the most…

Additional Opportunity to Extend Development Orders & Building Permits

Governor Scott recently expanded the previously declared State of Emergency issued for the Zika Virus, allowing holders of permits and development orders an even greater opportunity to toll the period remaining to exercise rights under the permit or order for more than 19 months. Section 252.363 of the Florida Statutes permits a tolling of development orders and permits upon the declaration of a state of emergency by the Florida Governor. The statute provides that the tolling…

Florida in The Top 5 For Commercial Development

When the NAIOP, the commercial real estate development association, conducted its analysis to determine the top states for commercial development, it looked at GDP, salaries, wages, and the amount of jobs created and supported from the development and operation of commercial real estate. People in South Florida, though, merely had to look at the number of cranes and construction projects filling the skyline to realize that Florida is in the…

Wealthy Miami Heir Sues to Kill David Beckham Stadium Deal

If Bruce Matheson wants to tank a real-estate deal, the heir to one of the richest and oldest families in all of Miami knows how to do it. Through sheer force of will, he has successfully prevented the ultrarich owners of the Miami Open tennis tournament from plowing over portions of Crandon Park. He’s mounting a battle to stop Florida International University from buying the public Tamiami Park. And now he’s funding a new lawsuit in an attempt to kill soccer star David Beckham’s…

Professionals learn of plans to grow Miami International Airport

At the 48th annual Florida Airports Council Conference in Miami Beach this week, leaders were excited to announce Florida is among the top growing states in aviation in the country, with many plans to grow Miami International Airport. “From the first commercial flight… to the first duty-free concessions, this state has an outstanding record of staying one step ahead of the game,” said Angela Gittens, director general of the Airport Council International. Florida jumped to the second…

Pepsico Seeks Buyer For Miami-Dade Plant As Redevelopment Opportunity

Pepsico has listed the site of its Miami-Dade County bottling plant for sale as a redevelopment opportunity. The 23.7-acre site at 777 N.W. 41st Street in Doral is listed for sale on the Real Capital Markets website. The brokers are NAI Global’s Jay Olshonsky, Clifford Moskowitz and Kimberly Kocur, plus NAI Miami’s Gabriel Garcia-Menocal and Lucia Custer. Located just off the Palmetto Expressway…

Hialeah Flea Market Sells As ‘Alternative Retail Play’

While many South Florida developers focus on luxury properties and brand-new developments, Gramercy Property Trust last week invested in something different: The Opa-locka Hialeah Flea Market. The trust bought three land parcels from Bodwin Ltd. and SeaBase Florida Corp. for $80M. The properties, which include a 43.77-acre flea market and a 28.33-acre auto auction site, last sold separately between 1984 and 1991 for a total of $11.3M. Avison Young’s Michael T. Fay …

Supermarket Wars Heat Up In Miami

Not only did the behemoth buy Whole Foods for $3.7B, it is also charging ahead with its PrimeNow delivery service. It recently set up a hub in Wynwood, at 101 Northeast 23rd St., from which to deliver frozen items like ice cream and will partner with specialty-foods purveyor El Latino to also deliver arepas and other goodies. Walmart is ready to compete, using price as its main allure, as always. The company in 2016 embarked on a three-year plan to lower its prices…

The basics of contract disputes and breach of contract

A breach of contract can have a significant impact on a business or a transaction such as a real estate transaction. In the real world, problems arise such as delays, financial challenges and other problems that may impact the completion of a contract and a contract relationship. As a result, it is important for businesses and parties to business transactions, such as a real estate transaction, to understand what breach of contract is and what they can do if a breach of contract occurs.

Can a handshake be considered a binding contract in Florida?

Earlier this month, Florida Power and Light (FPL) was issued a stunning legal defeat when a $1.5 million dollar judgment was issued against the company for breaking a handshake agreement for the purchase of real estate.  A Palm Beach County jury handed down the decision after finding that the energy giant failed to pay a commission to the realtor who initially informing them of the available tract of land for development.  According to the court file, the Plaintiff and…

South Florida Markets In Top 5 For Tech Growth

The Fort Lauderdale area ranked No. 2 and the Miami ranked No. 4 on CBRE’s list of tech talent momentum markets, a measurement of the change in tech job growth. As part of its Scoring Tech Talent Report, which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent, the report also found that Madison, WI, had the most tech hiring momentum. Salt Lake City and Kansas City, MO, rounded out the top five. The report found that tech…

Global Real Estate Firm Pays $29 Million For A Brickell Retail Development Site

Arnaldo Cantero III of BGRS Commercial Real Estate Advisory represented the seller in the deal while HFF represented the buyer. The company (NYSE: GZT) owns about $22 billion in properties in 13 countries. It also trades on the Toronto Stock Exchange and the Tel Aviv Stock Exchange. The property at 90 S.W. 8th Street is between Brickell City Centre and Mary Brickell Village – two of the busiest shopping and dining areas downtown. It currently has a three-story, 45,564-square-foot…

Malaysian developer downsizes plans for North Bay Village condo tower

The Malaysian developer of a previously rejected condo tower in North Bay Village has submitted plans for a slimmed down version of the project. Malaysia-based P&O Global Technologies now plans to build a 19-story, 240-foot tower with 54 units, according to the South Florida Business Journal. Units would range from 1,200 to 6,200 square feet. The North Bay Village Commission would likely review the project at 7918 West Drive in September or October, and P&O hopes…

Ice River Springs Leases 84,000 SF at Miami Industrial Logistics Center

Ice River Springs signed an 84,369-square-foot industrial lease at 10701 NW 140th Street in Miami, FL. The newly-constructed industrial building is 255,846 square feet. The property has immediate access to US 27, Florida Turnpike, I-75 and SR-826 in the Medley Industrial submarket. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the landlord. Steve Medwin and Nick Wigoda of Newmark Knight Frank represented the tenant.

Fedex Miami Ave Distribution Center Sells for $37.3M

Lalezarian Properties acquired the FedEx distribution center at 200 South Miami Avenue in Miami, FL from Fifteen Group for $37.25 million, or about $339 per square foot. The six-story, 110,000-square-foot industrial building was built in 1999 in the South Central Miami Industrial submarket. Robert Given, Troy Ballard, Mike Davis, Travis Trautvetter, Rick Brugge and Michael Lerner of Cushman & Wakefield, along with Colliers’ Gerard Yetming, represented…

Jim Costello, Real Capital Analytics SVP, Discusses Commercial Property Lender Sentiment

Jim Costello, Senior Vice President with Real Capital Analytics, appears on The Commercial Real Estate Show to discuss how commercial real estate lenders are feeling in the today’s economic environment. Highlights of this video include: Lenders are currently stuck in same world as equity investors, questioning whether to loan at inflated values as compared to the not so distant history; Lending standards are nevertheless remaining firm, but new entrants are increasingly…

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July 28, 2017

Jim Costello, Real Capital Analytics SVP, Discusses Commercial Property Lender Sentiment

Jim Costello, Senior Vice President with Real Capital Analytics, appears on The Commercial Real Estate Show to discuss how commercial real estate lenders are feeling in the today’s economic environment. Highlights of this video include:

  • Lenders are currently stuck in same world as equity investors, questioning whether to loan at inflated values as compared to the not so distant history
  • Lending standards are nevertheless remaining firm, but new entrants are increasingly competitive
  • New entrants are less competitive, however, on first mortgages, participating more in mezzanine financing, etc.
  • On regulation; can be a good thing, can be a bad thing
    • Heavy handed response to housing crisis years back has resulted in seemingly over regulated lending
    • This has hindered lending on commercial property
    • Developers are being hit the hardest
  • Thinks fear of supply driven downturns are overblown, but there are nevertheless pockets (of over supply)
  • Office property strength and development is highly market specific
  • Among commercial property segments, lenders are most anxious about retail and likely will be for a while
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July 19, 2017

Miami Commercial Real Estate News July 19, 2017: Downtown FedEx Trades; Terra Going Spec on Grove Office Building; More…

Downtown Miami FedEx Facility Trades, Could Be Redeveloped

A New York investor has invested in the last-mile facility for a major package delivery company in a property with future redevelopment potential. Lalezarian Properties purchased 200 South Miami Avenue, a six-story, 110K SF facility in Downtown Miami that acts as a last-mile warehouse and retail packaging center for FedEx, according to Cushman & Wakefield. Miami-based Fifteen Group sold the property for $37.25 million. Cushman & Wakefield Vice Chairman Robert Given…

Real Madrid to Open First U.S. Café in Miami; Players to Participate in Handprint Ceremony

Real Madrid, possibly the world’s best known Soccer brand, is opening its first restaurant in the United States right in downtown Miami at Met Square, located at 340 SE Third Street. American Franchise Group (AFG) is opening Real Madrid Café as a partnership agreement with the team, with an expected opening date in early 2018. The Spain-based investment group will work with the sports franchise to promote team-based restaurants, cafés, and museums in a five-year…

Optimum Development nabs $22M construction loan for Coconut Grove office building

The race is on: who will complete Coconut Grove’s first new office building in more than a decade? Optimum Development USA closed on a $21.5 million construction loan for a five-story, Class A office building planned for 3480 Main Highway in Miami, property records show. Demolition is underway for the nearly 14,000-square-foot development site, which is on the same stretch as the Coconut Grove Playhouse. Optimum, led by CEO Ricardo Tabet, plans to complete…

BB&T Loan Lets Terra Go Spec On Mary Street Office Building in Coconut Grove

Terra Group is going forward with Coconut Grove’s first new office building since 1989 at 2860 Oak Avenue, without a tenant in tow. With the help of a $32M BB&T Bank construction loan, Terra is breaking ground next month on Mary Street, a 78K SF office project that will also include 18K SF of retail in a retrofitted parking deck. Terra Group Terra Group President David Martin In a joint venture with Mayfair Real Estate Advisors, Mary Street is the latest development by Terra…

The Amazon-Whole Foods Deal and Its Impact on Owners and Lenders

On the heels of Amazon’s recently announced acquisition of Whole Foods for $13.7 billion, owners and lenders of Whole Foods-anchored properties are waiting along with the rest of the world to see just what Amazon will do with the latest purchase the e-commerce giant has placed in its shopping cart. The addition of hundreds of new properties, largely in upmarket urban areas, looks like a win for Amazon. The deal could potentially help Amazon store food and other goods…

Chilean fast food mogul pays $12 million for Hialeah office building

The co-founder of a popular Chilean fast food chain paid about $11.76 million for an office building in Hialeah, The Real Deal has learned. Oscar Fuenzalida, who recently sold the hot dog restaurant company Doggis, just picked up the building at 2300 West 84th Street. Records show 2300 Building LLC, led by investor Carlos A. Martinez, is the seller. It traded for nearly $170 per square foot. The 2300 Business Center Tower, a six-story, 69,571-square-foot building, was built in 2007.

Lubavitch Educational Center pays $5.1M for building in Golden Glades Office Park

An affiliate of Accesso Partners, a private real estate investment trust based in Hallandale Beach, sold a four-story office building in the Golden Glades Office Park in Miami Gardens for $5.1 million, The Real Deal has learned. The buyer was the Lubavitch Educational Center, whose main campus is less than a mile away. The 48,681-square-foot building at 1525 Northwest 167th Street (birdseye aerial) was the last unsold portion of an eight-building office park built in the early 1970s.

Coconut Grove: Changes at 3480 Main Highway; again

The renovation of Coconut Grove continues with the office building construction started at the 3480 Main Highway site, which is next to Greenstreet Cafe. The two restaurants currently on the site were demolished, this is a photo of the site today. The site will have 44,000 square feet of office space and a 6500 square foot restaurant. You can see all the details in a Real Deal article here. It’s a shame the restaurants didn’t make it there. Remember the Greek place Acropolis Greek…

Matthew Kenney Faces $1.4 Million Lawsuit From Plant Food + Wine Landlord

Celeb vegan chef Matthew Kenney is facing a lawsuit from his Plant Food + Wine Miami landlord, The Sacred Space, which alleges unpaid rent for the duration of his lease, breaking his non-compete and failing to pay sales taxes, The Miami Herald is reporting. This is happening just as Kenney has also walked away from his namesake culinary academy, which has shuttered its Wynwood location. While Plant Food + Wine remains open, The Herald reports that of July 1 its landlord…

Startling new census bureau statistics provide vital perspective on key issues

New federal statistics unveiled last week paint an image of Miami vastly different from the televised pictures of the glistening metropolis that the nation was concurrently viewing during coverage of Major League Baseball’s All-Star Game. National images of downtown Miami, South Beach, Brickell Avenue and our upscale hot spots are very real but only part of the community. Fully inclusive statistics from the Census Bureau’s new American Community Survey look…

Hyatt lease tied to Brickell tunnel staging area

If the Hyatt hotel and adjacent Knight Convention Center downtown are razed for redevelopment, part of the high-profile riverfront site could become a staging area to dig a Brickell tunnel under the river. That’s just one of many possibilities considered now that city officials and Hyatt reps are renegotiating a lease extension of the city-owned site, with the hotel giant wishing to run the convention center. Staging for a tunnel has been mentioned a few times in the past three months as city…

Here’s what Miami could look like in 2100 

Before you put your Miami home on the market and book a one-way ticket to Peru (or Mars), keep in mind these images—showing a drowning Miami in the year 2100—are reflective of one extreme outcome, which is far from definitive. That catastrophic scenario where Miami becomes mostly uninhabitable in many of our lifetimes was alluded to in New York Magazine’s recent deep dive doomsday piece on climate change, which should not be digested just before bedtime.

Fourth new concept to remake Miami River marina

A plan to redevelop a property on the Miami River that has an existing marina has changed at least three times in as many years. The latest proposal would require a rezoning and a loss of scarce marine-industrial zoned property, giving some officials pause. Losing the working river to residential development was a thorny issue more than a decade ago and led to a wave of litigation. Lawsuits were consolidated into one case and settled, basically offering protections for marine-industrial…

Miami Beach’s iconic parking garage sells for $283 million

1111 Lincoln, the iconic parking garage designed by Herzog & de Meuron on the western end of Lincoln Road in Miami Beach, was reportedly sold last week at a previously undisclosed price to an unknown buyer. Today, we learn the number is an eye-opening $283 million, per The Real Deal, and the buyer is German investment fund Bayerische Versorgungskammer. The sale also includes 1664 Lenox Avenue and 1666 Lenox Avenue. The aesthetically-pleasing predominantly…

A New Era In Commercial And Specialty Insurance

When people hear about property and casualty (P&C) insurance, they often think of the highly-marketed personal lines brands like State Farm, Geico, Allstate or Progressive. The reality is that commercial lines have the edge in P&C dominance. In the U.S. Market, 2015 P&C commercial lines direct written premium (DWP) was $295B, representing 50.6% of the total P&C market. The Insurance Information Institute expects overall personal and commercial exposures to increase…

Three Insurance Coverages Commercial Property Owners Shouldn’t Overlook

With hurricane season upon us, property managers should sit down with their agents and review each policy. So says Jason Wolf, a shareholder at Koch Parafinczuk Wolf Susen in Fort Lauderdale. Specifically, he says, property managers and insurance professionals should total the dollar amounts on the main policy and other policies that address windstorm, flood, storm surge and wind-driven rain. GlobeSt.com caught up with Wolf to get his take on these facets of commercial real…

Codina Partners Breaks Ground On Phase II Of The Shops At Downtown Doral

Real estate development and investment company Codina Partners recently celebrated the commencement of construction on the second phase of The Shops at Downtown Doral with a golden-shovel groundbreaking ceremony. Phase II will add to the 250,000 square feet of retail space in Downtown Doral. The tenant mix for phase II focuses on locally-owned storefronts, trendy eateries along with desirable service offerings to compliment the Downtown Doral lifestyle that puts…

Another Doral Warehouse Property Trades

State Street Realty closed the sale of a 17,000 square foot industrial property located at 10850 NW 30 Street in Doral. The transaction is valued at $2.6 million. State Street Realty President George Pino, SIOR, Senior Vice President Frank Trelles, SIOR and Associate Brian Cabielles represented Doral P & S LLC, the Seller, in the transaction. The buyer was 10850 Doral LLC. Trelles stated, “There is significant interest from qualified buyers for commercial properties in the Doral and Miami…

Miami Fast Becoming The Aviation Hub Of The Americas

It has been an evolutionary process, but Miami-Dade County, with the support of industry leaders at the Miami-Dade County Beacon Council (MDBC) Aviation Committee, has evolved into the aviation center of the Americas. Consider These Facts: Miami International Airport (MIA) ranks #1 in most international freight in the US and #2 in the number of international passengers. Miami is the home of flight simulation. Boeing’s 134,000 square foot facility in Miami-Dade County…

First Office Building At MiamiCentral Will Open By The End Of Summer

The parent company of All Aboard Florida this summer will open the first of two office buildings at MiamiCentral, an 11-acre mixed-use development that will include a train station for AAF’s Brightline rail service. Florida East Coast Industries is developing a standalone office building called Three MiamiCentral and another office building called Two MiamiCentral that will be connected to the train station. Three MiamiCentral, expected to open by the end of summer…

Report Finds Miami One Of The Best Cities For International Investment

Miami was ranked by Schroders Global Cities Index for being a prime global location for real estate investment. Coming in at no. 27, Miami is one of 18 American cities listed in the top 30 by Schroders. The index utilized a number of factors to identify the most “economically vibrant cities” including the population age 15 and over as a way to gauge demand for goods and services, median household income, retail sales and gross domestic product. The index also factors potential future…

Accelerated rent and traps for the unwary landlord

Commercial leases often give the landlord the right to accelerate rent through the end of the lease term when the tenant defaults.  Acceleration clauses do not usually cause too much controversy in litigation, but there is room for missteps by the landlord. When a tenant breaches, Florida law generally gives the landlord three options: (i) terminate the lease and retake possession on the landlord’s account; (ii) retake possession on the tenant’s account; and (iii) do nothing and hold the…

University of Miami School of Architecture launches new market, gathering space in Coconut Grove

Introducing ‘MKTplace at Goombay Plaza’ on Grand Avenue There’s a new market and gathering space heading to Coconut Grove called MKTplace at Goombay Plaza, a project led by the University of Miami School of Architecture with support from city and county commissioners and the John S. and James L. Knight Foundation. The market will be comprised of modified shipping containers, utilizing moveable incubator structures to house prepared food, entrepreneurs…

Downtown Miami finally gets its park next to American Airlines Arena

Parcel B injects more green space into downtown Miami Miami-Dade County officially added another chunk of new green space to the downtown Miami area. Located on a 2.75-acre waterfront plot just east of American Airlines Arena, Parcel B has finally become the park it was intended to be many years ago. The area now boasts 42 new Green Malayan coconut trees, new plantings of cordgrass and sad, park benches, and a new electrical infrastructure designed for a future…

Coconut Grove’s newest office building will include a rooftop restaurant

Demolition is underway at 3480 Main Highway in Coconut Grove, paving the way for a new five-story office building with a restaurant that’ll have a rooftop area. Optimum Development USA took out a $21.5 million mortgage for the two-building property, which is next to popular eatery Greenstreet Cafe. The location served as the home to many failed restaurants over the years, including Senor Frog’s, Sekai, and El Sitio. Designed by Arquitectonica, the new project entails…

Lionstone Development lists its office space at 605 Lincoln Road for $5.5M

Lionstone Development is looking to sell its office space at 605 Lincoln Road, listing broker Alex Zylberglait told The Real Deal. Lionstone, headed by CEO Diego Lowenstein, is based out of the fifth-floor office condo at the former Sony Music Building, now the Compass building. Zylberglait, of Marcus & Millichap, is marketing the 10,228-square-foot floor for $5.475 million, or $535 per square foot. Zylberglait said Lionstone is considering…

Wynwood 25 breaks ground with 289 apartments headed to Wynwood

Wynwood 25 has broken ground at 227 Northwest 24th Street, laying the foundation for 289 apartments to be added to an evolving area that’s already booming with stores and restaurants. The mixed-use project includes 31,000 square feet of ground-floor retail and 340 parking spaces, while 80 percent of the units are projected to rent for under $2,000 a month. Most of them will be studios or one-bedrooms. Amenities include a fitness center with a yoga studio; work-from-home spaces…

“We’re now seeing pressures even on luxury retailers:” Blackstone

A senior Blackstone Group executive believes the state of the U.S. retail market is worse than expected. “The retail industry is clearly facing headwinds. And it’s the first time we’ve seen secular rather than cyclical headwinds,” Nadeem Meghji, Blackstone’s head of North American real estate, told the Financial Times. “We’re now seeing pressures even on luxury retailers, which…

Miami’s Eighty Seven Park expected to break ground soon

There’s quite a bit of news emanating from Renzo Piano’s Eight Seven Park in Miami’s Surfside neighborhood. First, the oceanfront condo project is 60 percent sold and expected to begin vertical construction within the next three weeks, according to Miami Luxury Homes. Among those buyers is Million Dollar Listing New York’s Fredrik Eklund, who announced the acquisition in the Summer 2015. The Terra Group development has also added a new 4,888-square-foot beach house…

Tibor Hollo’s One Bayfront Plaza, the Edge in Brickell and others seek Miami approval

Developers are submitting updated plans for a handful of projects that would change Miami’s skyline. One Bayfront Plaza, a 92-story skyscraper planned for downtown Miami, the Edge along the Miami River, and others are seeking approvals from the City of Miami Urban Design Review Board on Wednesday. One Bayfront Plaza. Tibor Hollo’s Florida East Coast Realty is looking to officially slim down its plans for One Bayfront Plaza, a supertall at 100 South Biscayne Bo…

Berkshire Group Enters Miami Market, Buys Coral Gables Apts from Hines

Berkshire Group purchased the 276-unit Berkshire Coral Gables apartments at 3880 Bird Road in Miami for $100 million, or about $362,000 per unit, from Hines Global REIT, Inc. The acquisition marks Berkshire’s entry in the Miami multifamily market. The eight-story, 247,000-square-foot, 5-Star multifamily property was built in 2015 on 2.2 acres located near the Village of Merrick Park lifestyle center in the Southeast Gables Multifamily submarket…

Venevision Studios Sells Finser Corp Bldg in Medley

Venevision International sold the Finser Corporation building at 7500 NW 72nd Avenue in Medley, FL to Gramercy Property Trust for $18 million, or about $151 per square foot. The 119,008 square-foot industrial building is located in the Miami Airport North Industrial submarket. The seller has leased back the building from the new owner. Pedro Garcia of Binswanger-Gateway Partnership and Andrew Harris of Chesterton Binswanger Capital Advisors…

Monmouth Acquires FedEx Distribution Ctr in Homestead

Monmouth Real Estate Investment Corporation acquired the FedEx Distribution Center at 27200 SW 127th Avenue in Homestead for almost $38.35 million, or about $161 per square foot, from SunCap Property Group. The single-story, 237,756-square-foot industrial building was constructed in 2017 in the South Dixie Hwy Industrial submarket. FedEx Ground Packaging System, Inc. occupies the entire building under a lease that runs through 2032.

Video: Common’s founder Brad Hargreaves discusses “dorms for adults” emerging multifamily trend

Warning: For those only now getting used to co-working spaces, this emerging multifamily trend is bound to be a shock. Sit down before reading. During a panel discussion in February on the city’s multifamily market, Ofer Yadeni said what the rest of the industry may be thinking about co-living. “If you are a 35-year-old and you live in [WeLive or Common], you are a loser,” the Stonehenge Partners CEO said. “I’m sorry, but if you live with 10 people and you share breakfast or lunch…

ICSC’s Stephanie Ceglieski Discusses Amazon Whole Foods Deal’s Impact on Retail Property Market

This post originally included a video. That video was deleted by its publisher. In the video, Stephanie Ceglieski with ICSC (International Council of Shopping Centers) joined The Commercial Real Estate Show Michael to discuss the potential impact Amazon’s purchase of Whole Foods might have on the retail market. Highlights included: Purchase caught everyone off-guard; Both Amazon and Whole Foods stock rose on announcement, indicating Wall Street support of marriage…

Video: Lessons for Miami: How NYC is tackling rising sea levels

Much of what this video discusses with regard to sea level rise projections and what one city – in this video New York – is doing about it, is highly relevant to low lying Miami, Florida, and the commercial real estate within it.

6 Ways to Save On a Commercial Real Estate Lease

Because everyone loves a good bargain – if the space is right. “Man is an animal that makes bargains; no other animal does this – no dog exchanges bones with another.” Economist Adam Smith wrote these words in 1776 in his seminal Wealth of Nations, and this macroeconomic maxim is just as appropriate for today’s CRE market. Everyone loves a good bargain, from BOGOs at their local grocery store to businesses looking to lease office space. Bargain hunting, however, is easier…

If Banks Are Still Lending, What’s The Real Reason Behind The Growth Of Debt Funds?

A decade ago alternative lenders, or debt funds as they are more popularly called, were known as the last option for borrowers looking for capital to get a project off the ground. Today these funds are standing toe-to-toe with some of the country’s largest banks, and it is not because traditional lenders have ceased to take on commercial…

CRE Professionals Worry These 6 Issues Could Negatively Impact The Industry

Political volatility, tech disruption and rising sea levels — these are but a few of the issues on the minds of commercial real estate professionals and policymakers globally. The following are six of the top trends CRE players worry will affect real estate in 2017 and the years to come, according to a survey conducted by the Counselors…

Understanding how to respond to construction disputes

Construction disputes can interfere with the completion of a project and can be costly for the parties involved. In addition, construction disputes can quickly become complex and can involve commercial property owners; residential property owners; industrial property owners; developers; and contractors. Construction disputes can also quickly become costly and can cause significant project delays. A variety of legal claims can be part of construction litigation. Legal claims may include…

CMBS – Commercial Loan Maturity: The “Wall of Maturities” – Status Update

According to reporting by Morningstar Credit Ratings LLC, commercial real estate mortgage borrowers with maturing loans paid them off at a slower rate as of May 2017.  Peter Grant of the Wall Street Journal suggests this slower payoff rate, and the ensuing swell in delinquent/unpaid loans, can be at least partly attributed to 10-year mortgage loans taken out by borrowers in 2007, which got repackaged into commercial mortgage backed securities (CMBS).  This mass…

Tax Deed Sales: An Overview

In Florida, as in many other states, properties that fall into arrears on delinquent taxes may eventually be sold at public auction by the county in which they are located.  The process by which this occurs, called a Tax Deed Sale, is detailed in Chapter 197 of the Florida Statutes and can be a little daunting to read through.  We here at Jordan + Pascale, P.L. have years of experience representing clients in Tax Deed Sales; the following is a short overview to help you get acquainted with the…

The Builder Of Florida’s High-Speed Train Is Getting Into The Apartment Business

The developer of Florida’s upcoming Brightline train service is getting into the rental apartment business. Florida East Coast Industries (FECI), the company behind the $3 billion, 235-mile express train system that will eventually connect Orlando to Miami, is launching a new real estate brand, to be called Park-Line. The initial offering will be three towers of rental apartments. The first tower, due in 2018, will offer 290 units ranging from studios to two-bedrooms at Brightline’…

Study: Miami Apartment Demand Exceeding New Supply

Miami’s population boom means that demand for apartments in Miami has been outpacing supply, leading to price increases, according to a new study cited by the Miami Herald. The Harvard Joint Center for Housing Studies study showed that over 50,000 high-cost units (priced above $2,000) were added to the Miami market in the past 10 years alone, an increase of 148 percent. At the same time, 20,000 low-cost units (priced below $800) were removed from the market…

Juan Carlos Mas And Partner Propose Office Building On Former Kendall Synagogue Site

A three-story, 309,500-square-foot office building may soon be erected on the site of a former synagogue in Kendall. Developer Galloway Road Partners submitted a pre-application to Miami-Dade County for the project in late June, according to the South Florida Business Journal. Bet Breira/Samu El Or Olom Jewish organization sold the 4.4-acre site at 9408 Southwest 87th Avenue and 8790 Southwest 94th Street, near Baptist Hospital, in August 2016 for $5.35 million…

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July 19, 2017

Video: Common’s founder Brad Hargreaves discusses “dorms for adults” emerging multifamily trend

Warning: For those only now getting used to co-working spaces, this emerging multifamily trend is bound to be a shock. Sit down before reading.

During a panel discussion in February on the city’s multifamily market, Ofer Yadeni said what the rest of the industry may be thinking about co-living.

“If you are a 35-year-old and you live in [WeLive or Common], you are a loser,” the Stonehenge Partners CEO said. “I’m sorry, but if you live with 10 people and you share breakfast or lunch… where do you go with your girlfriend?”

As the founder of Common – which has now opened 10 such buildings in New York, Chicago, San Francisco, and Washington, D.C. – Brad Hargreaves could have taken offense. But when he sat down with The Real Deal‘s Konrad Putzier, Hargreaves laughed off the remark, joking that doors have been shut in his face “plenty of times” by landlords and developers.

“But we’re generally pretty friendly people,” Hargreaves said. “So most people would at least listen to us before they told us we’re idiots.”

It looks like co-living isn’t disappearing any time soon, as rising rents are pushing a larger cross section of New Yorkers into shared living arrangements. Pioneer firms like Ollie, Founder House and WeLive weathered the early years, and big players like Boston Properties, Vornado Realty Trust and Rudin Management have either partnered with or invested in these companies.

Hargreaves discussed with Putzier the viability of the business, how Common managed to get some major developers in the mix, and why he thinks co-living is more than just “dorms for adults.”

Given Miami’s reputation for high rents, this seems like a trend soon destined for it.

July 18, 2017

ICSC’s Stephanie Ceglieski Discusses Amazon Whole Foods Deal’s Impact on Retail Property Market

This post originally included a video. That video was deleted by its publisher. In the video, Stephanie Ceglieski with ICSC (International Council of Shopping Centers) joined The Commercial Real Estate Show Michael to discuss the potential impact Amazon’s purchase of Whole Foods might have on the retail market. Highlights included:

  • Purchase caught everyone off-guard
  • Both Amazon and Whole Foods stock rose on announcement, indicating Wall Street support of marriage
  • Have not heard much about it yet from ICSC members
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July 6, 2017

Miami Commercial Real Estate News July 5, 2017: Moishe Mana Nearly Done Assembling for Massive Development; More…

Miami board approves 393-apartment 2000 Biscayne

Miami’s Urban Development Review Board gave a thumbs up to 2000 Biscayne, a 36-story apartment building developed by Verzasca Group. Comprised of 393 units ranging in size from studios to three-bedrooms, the 200,000-square-foot project still requires approval from the city’s Planning and Zoning Department. Dorsky + Yue International Architecture is the project’s designer. Verzasca Group is also behind several other South Florida projects, including…

Moishe Mana Nearly Done Assembling Flagler Parcels For Massive Development

How can someone transform a vacant, 6K SF lot into more than 8M SF of mixed-use properties? Ask Moishe Mana. The developer has purchased a lot at 30 East Flagler St. — the latest in a string of purchases Mana has made along Flagler Street — in what may be one of his last pieces in a larger assemblage in Downtown Miami. Now, Mana has amassed 70,500 SF along Flagler Street sandwiched between South Miami Avenue and Southeast First Avenue. “He’s wrapping it up,” said…

Video: RC Analytics SVP Jim Costello Discusses the Impact of the Amazon Whole Foods Deal on Commercial Property

In this video, Jim Costello, Senior Vice President with RC Analytics, joins The Commercial Real Estate Show to discuss the potential impact of Amazon’s purchase of Whole Foods and what it could mean for the property investors. He discusses the historical value premiums (low cap rates) for Whole Foods anchored properties due to their strong balance sheet and the desirable demographics of their customer base and the areas surrounding their locations, and how their purchase…

36-story tower replacing City Hall (the restaurant)

A corner lot on Biscayne Boulevard in Edgewater is being redeveloped as a mixed-use apartment tower. Developer Verzasca Group plans to build 2000 Biscayne, a 36-story tower offering 393 rental units, an 8-level parking garage for 462 vehicles and nearly 8,000 square feet of ground floor commercial space. The site was home to the City Hall restaurant, which has been demolished. The city’s Urban Development Review Board on June 29 recommended approval of the project…

Skyrise Miami unveils new renderings

Skyrise, one of Miami’s most unique projects under development, unveiled new renderings of its observation decks and Sky Plunge in wake of conducting wind tunnel tests, per The Next Miami. The 1,000-foot sleek tower features rotating pods along the outer rims for supreme views of Miami. It has been in the works for a number of years and hasn’t yet begun vertical construction. A little more about the design, per the architect: According to Arquitectonica, the design of the tower…

Miami-Area Retail Asset Trades in $9 million Deal

CBRE completed the sale of a 9,055-square-foot multi-tenant retail property in Surfside, Fla. Related entities Harding Avenue at Bal Harbour LLC, Harding Avenue at Surfside LLC and Surfside Retail Properties LLC sold the asset in a $8.6 million deal to ErikDavid LLC and 9525/37 Harding Avenue LLC. Located between Miami Beach, Fla., and Sunny Isles Beach, Fla., the street-retail property sits on a 0.24-acre site at 9525-9537 Harding Ave. Constructed in 1952, the building…

New Orleans-Based Food Hall St. Roch Market Is Coming to the Design District

The new St. Roch Market food hall will take its inspiration from the New Orleans flagship, which operated for more than 140 years until Hurricane Katrina forced it to shut down. Since reopening in 2015 under the ownership of entrepreneurs Will Donaldson and Barre Tanguis, St. Roch has showcased a variety of up-and-coming local food vendors in a communal space offering a cohesive look. An additional three St. Roch locations are set to open around the country by the end of next year…

Preparing For The Next Hurricane Wilma Before It Hits

Almost a decade has passed since a devastating hurricane has hit the Southeast, memories still haunt many commercial real estate owners. Now, hurricane season is upon us again. Globest.com caught up with Jason Wolf, a shareholder at Koch Parafinczuk Wolf Susen in Fort Lauderdale how property owners and managers whose careers began in the region in the past 10 years should prepare for the storm season. We also asked him about the repercussions that are totally…

Gramercy Property Trust Buys Warehouse In Medley For $18M

An affiliate of the New York City-based Gramercy Property Trust paid $18 million for a warehouse in Medley, records show. The 110-acre warehouse at 7321 Northwest 75th Street sold for about $151 per square foot. Property records show the seller, Venevision Studios LLC, an entity of the Coral Gables-based Cisneros Real Estate, paid $10 million for the warehouse in 2005. The seller, also known as Grupo Cisneros, is an international conglomerate of media entertainment…

US Industrial Market Still Has Room To Run

Many people have started to wonder how long the industrial sector’s extraordinary run will last. CBRE Group, Inc. has run the numbers, however, and says the current streak of positive absorption should last well into next year. Almost half of the 167 million square feet of US warehouse space under construction in the first quarter—72 million square feet—has been pre-leased by tenants, primarily e-commerce, third-party logistics and retail users, according to a new report from…

Florida East Coast Industries CEO Leaves to Launch Real Estate Venture

Vincent Signorello has left the company building South Florida’s $3 billion Brightline express train to launch his own real estate venture. The former CEO and president of Coral Gables-based Florida East Coast Industries has led the company since 2008. FECI is now months away from launching the nation’s first private passenger rail system in more than 100 years with service between Miami and West Palm Beach slated to begin this summer. “After nine years leading Florida East…

South Dade rentals sell for over $4 million

Real estate investor Abiel Ballestros paid $4.125 million for a portfolio of 35 parcels in south Miami-Dade County. Ballestros bought 34 duplexes and one house that had been family-owned since the 1960s. The family that sold the portfolio built the duplexes and operated them as rentals, a practice Ballestros intends to continue. Kurz Real Estate Corp. broker-associate Erick Vargas represented Ballestros, a local investor who specializes in multifamily properties.

New York-Based RE Company To Develop 200,000 SF Office Building In Miami’s Wynwood District

Rose & Berg Realty, a New-York-based private real estate company, has unveiled plans to develop The Gateway at Wynwood, a 12-story, 200,000-square-foot office building located at 2916 North Miami Avenue in Miami’s Wynwood neighborhood. The building will have eight floors of office space above four floors of covered parking. In addition, The Gateway at Wynwood will include approximately 25,000 square feet of retail space being marketed by RKF. Kobi Karp Architecture…

Landlords beware: Your trademark infringing tenant is your problem too

If a landlord learns that trademark infringement is occurring on its premises by one of its tenants and fails to stop further violations, the landlord may be held responsible by the trademark holder for damages relating to the infringement of a trademark. This situation most commonly occurs for landlords that own flea markets or at venues in which goods are sold by a variety of small independent operators.  Typically, in order to assert a claim for damages, the trademark holder…

Here’s how Trump transferred wealth to his son while avoiding the usual taxes

In April 2016, as Donald Trump was on the cusp of clinching the Republican nomination for the White House, he sold two luxury condos near Manhattan’s Central Park for less than half the price his company had said they were worth. The lucky buyer: Trump’s son, Eric. Such family-friendly deals would normally incur hundreds of thousands of dollars…

Michael Comras files suit alleging NJ real estate firm used predatory lending tactics

Commercial real estate developer Michael Comras is in a dog of a legal fight with a New Jersey-based real estate financing company that bought a loan on one of his Coconut Grove retail properties. Comras’ S&C Venture sued Coconut Grove Acquisition LLC in Miami-Dade Circuit Court last month for malicious prosecution and breach of contract for attempting to foreclose on the property, a three-story 36,230-square-foot retail building at 2982 Grand Avenue. Coconut Grove Acquisition…

EastGroup Plans 850 KSF Industrial Park in Florida

EastGroup Properties Inc. just announced its response to the persistent cry for industrial accommodations in metropolitan Miami. The REIT will develop Gateway Commerce Park, an 850,000-square-foot distribution campus in a highly coveted area in Miami-Dade County. Gateway will be erected on what was once the practice track for Calder Race Course in Miami Gardens. EastGroup completed the $26.5 million acquisition of the land, situated at the N.W. 27th exit of the…

Republican Senators to DHS: Whoa, please don’t make EB-5 more expensive!

From TRD New York: A group of Republican senators want the Department of Homeland Security to roll back an Obama-era proposal that would drastically make it more expensive for foreign investors to participate in the EB-5 visa program. In late January, the department proposed a series of reforms to the program, which grants green cards to foreigners who invest in U.S. real estate projects and has been a popular financing mechanism for Miami and New York…

The next Wynwood? Allapattah is Miami’s new hot ’hood

What the new Rubell Family Collection museum, which is moving to Allapattah from Wynwood, will look like on the inside. From the June issue: Lyle Stern had his “aha” moment on a quiet Saturday afternoon last year when he visited Miami’s Allapattah neighborhood with his 11-year-old daughter. Stern, the president of Koniver Stern Group — a leading retail leasing and consulting group based in Miami Beach — took his daughter to a bodega for a $2 fresh fruit shake and to show…

Blue Road LLC Pays $32M for Miami Beach Hotel

Blue Road LLC acquired the 69-room hotel at 1776 Collins Avenue in Miami Beach, FL from Levy Family Partners for $32 million, or about $464,000 per room. The three-story, 42,611-square-foot hotel was constructed in 1951 in the Miami Beach submarket. Both parties handled the sale in-house. See CoStar COMPS #3929625 for more information on this transaction…

Video: National Association of Realtors Quant Discusses Commercial Real Estate Lending Trends

George Ratiu, the National Association of Realtors Director of Quantitative and Commercial Research, joins the Commercial Real Estate Show to talk about their 2017 Commercial Real Estate Lending Survey in addition to current trends in commercial property lending.

Lessons for Miami: How NYC is tackling rising sea levels

Much of what this video discusses with regard to sea level rise projections and what one city – in this video New York – is doing about it, is highly relevant to low lying Miami, Florida, and the commercial real estate within it.

Fed Boosts Rates In June: Here’s What Commercial Real Estate Players Need To Know

In a move that was of little surprise to commercial real estate experts, the Federal Reserve raised short-term interest rates for the third time in six months. The quarter-point move boosted rates to a range of 1% to 1.25%. Though this is the fourth rate hike central bankers have implemented since December 2015, the gradual moves have had…

How can I file a lawsuit for tortious interference?

When businesses enter into a contract, there is an understanding between them that both parties will act in good faith and do their best to hold up their end of the deal. However, when a third party interferes with the contract with the purpose of forcing someone to break a contract or ending a professional relationship, the aggrieved party may file a lawsuit against that party for tortious interference. Tortious interference, or the interference with contractual relations, occurs in many…

Quiet Title Actions: An Overview

Most people never hear of a Quiet Title action until they’re in the midst of one.  Here at Jordan + Pascale, P.L. one of our main focuses is Quiet Title actions. Because we believe that an ounce of prevention is worth a pound of effort, the following is an overview of Quiet Title actions in the State of Florida. What is a Quiet Title Action? A Quiet Title action is a civil lawsuit brought in the circuit court to “quiet” any and all claims on a piece of real estate.  Essentially, Quiet…

$2.15 Million Industrial Sale Negotiated

A miami commercial real estate firm announced that Harry Jordan negotiated a 14,808 square foot industrial sale, plus an additional half acre of land for their client, HC Property Company, LLC, located at 512-582 West Mowry Drive in Homestead, Florida. The property sits on 1.25± acres of land in total, and the buyer is First American Exchange Company, LLC. The sale was valued at $2,150,000.

South Florida Among The Top Areas For Investors

Investors have begun to recognize the growth potential of middle markets, but do they know where the best of those markets lie? A recent study by Malartu analyzes America’s top 10 metropolitan areas with the highest-potential middle markets, and the Miami-Fort Lauderdale-West Palm Beach metro area made the list. Florida markets make up half of the total list of 10 metro areas, including Tampa, Fort Myers, Orlando and Sarasota. Middle markets are fast-growing markets composed…

Six-Year Lease Negotiated For Advanced Vision Care Of Kendalll

A Miami firm announced that its team of Josh Rodstein and Brandon Weiss recently negotiated a 6 year, 1,647-square-foot retail lease for their client, Advanced Vision Care of Kendall, located at 11605 Southwest 88th Street in Miami, Florida. The landlord is Inversiones Cosmos, S.A. Inc. The lease is valued at over $252,000. Advanced Vision Care consists of a team of Board Certified Optometric Physicians and well-trained, friendly staff that are bilingual for the convenience…

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July 5, 2017

Video: Lessons for Miami: How NYC is tackling rising sea levels

Much of what this video discusses with regard to sea level rise projections and what one city – in this video New York – is doing about it, is highly relevant to low lying Miami, Florida, and the commercial real estate within it.

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July 4, 2017