Apr 06, 2017 - 0 Comments - Top Stories -

Miami Commercial Property News April 6, 2017: $400 Million Project to Break Ground in Coral Gables; Dine-In Theater Coming to Brickell City Centre; More…

Historic Buena Vista Post Office building in Miami’s Design District sells for $8.1 million

The historic Buena Vista Post Office building in Miami’s Design District just sold for $8.125 million, marking a near-record price per square foot in the redeveloping neighborhood, The Real Deal has learned. The 2,287-square foot building at 4000 Northeast Second Avenue, which was the former site of the Billionaire clothing store, sold for $3,553 per square foot to a New York-based investment group that represents foreign investors, Chariff Realty Group President Lyle Chariff told TRD. The buyers are part of the same group…

$400 Million‘The Plaza Coral Gables’ expects to break ground within a year

A massive mixed-use development in Coral Gables has a new name and a scaled-down design in the Plaza Coral Gables, which expects to break ground at Ponce Circle within a year, according to the Miami Herald. Developed by Agave Ponce and formerly titled “Mediterranean Village,” the previous design was approved nearly two years ago. The updated and recently approved version calls for a reduction of max height (from 218 feet to about 190 feet), smaller retail space (from 265,000 square feet to 137,000 square feet), fewer…

CMC nabs $236M construction loan for Brickell Flatiron

Developer Ugo Colombo has secured a $236 million construction loan for Brickell Flatiron, as condo financing continues to dry up in South Florida.  Colombo’s CMC Group closed on the financing on Friday. Bank of the Ozarks and RFR Realty provided the loan. It breaks down to a $138.5 million mortgage and a $97.5 million mezzanine loan, Bilzin Sumberg partner Jay Sakalo said. Jim Shindell, also of Bilzin, worked on the deal. At this stage in the real estate cycle, condo financing is the most difficult to secure, a group of experts…

CMX’s Dine-In Theater Due to Open at Brickell City Centre This Month

To compete with digital downloads and streaming services, theatrical movie presenters have begun to evolve. Old theaters are being retrofitted with fancy reclining seats and are offering moviegoers menu items like chicken wings. Meanwhile, new theaters opening in Miami are upping their games even further, adding chef-designed culinary experiences and unique cocktails by mixologists delivered right to viewers’ seats. Landmark Theatres recently opened its first luxury theater in the Southeast inside Merrick Park…

Tour CityPlace Doral’s retail and residential spaces

CityPlace Doral held their ribbon-cutting ceremony a few weeks ago, opening with 40 tenants in addition to luxury residences. The Arquitectonica-designed development is a collaboration between Shoma Group and The Related Group, encompassing 250,000 square feet of retail and restaurant space, along with 700 luxury rental units. Among the entertainment draws are CinéBistro Theatre, Improve Comedy Club, and Kings America, with restaurants including BurgerFi, Gyu-Kaku Japanese BBQ, and IceBox Cafe.

Casino Giant Genting’s plans for 300-room hotel wait

Miami-Dade County commissioners deferred legislation Tuesday to approve a joint development at the county’s Omni Bus terminal and access to the Adrienne Arsht Center Metromover station in which Malaysian casino giant Genting plans a 300-room hotel over the bus terminal. The resolution is to be discussed at the next commission meeting April 18. The development contract would include air rights over the real property for the Department of Transportation and Public Works. Awarding the contract would bring…

The troubles at the American mall are coming to a boil

A fresh round of distress signals sounded in the retail industry this week, as another big-name chain announced hundreds of new store closings and still others moved aggressively to recalibrate their businesses for the online shopping stampede. Payless ShoeSource filed for Chapter 11 bankruptcy and outlined plans to immediately close nearly 400 of its 4,400 stores globally. Ralph Lauren is shuttering its flagship Polo store, a foot-traffic magnet located on tony 5th Avenue in Manhattan, the latest step in a massive cost-cutting…

Banyan Street, Oaktree Capital cinch $100 million refi for Douglas Entrance in Coral Gables

Banyan Street Capital and a Oaktree Capital Management fund just closed on a $100 million refinance of Douglas Entrance (birdseye aerial view), an office complex in Coral Gables. The floating rate loan was secured on the heels of completing a $7 million renovation to the five-building, Class A office property at 800 South Douglas Road. The Blackstone Group is the lender, according to CBRE. Christian Lee, Amy Julian and José Lobón of CBRE’s South Florida Capital Markets team arranged the financing.

President Trump Floats New Tourism Crackdown That Could Devastate Miami’s Economy

Thanks to President Donald Trump, the nation is already expected to lose $1.6 billion in tourism from Mexican travelers, who are skipping the States and flying to Canada, according to some analysts. On a local level, economic analysts worry that the so-called Trump effect from his xenophobic rhetoric and attempted Muslim bans is also discouraging Latin American tourists from venturing onto U.S. soil. In most U.S. cities, this news would be sad but not crippling. In Miami, where tourism and international investment make up…

Chinese Now The Largest Group Of Foreign Investors In U.S. Commercial Real Estate

Chinese investors were the single largest group of foreign investors in commercial real estate in the U.S. last year, with deal volumes reaching a record high of $19.2 billion, up 10% from $17.3 billion in 2015, according to a new report from Cushman & Wakefield. Chinese investment made up about 29% of total foreign investment in U.S. commercial real estate, ahead of Canada, the second largest foreign investor, which invested $13.1 billion. In a rush to diversify holdings and hedge against a slowing economy and depreciating…

$30 Million Industrial Lease Renewal Secured

The lease renewal at the Medley Logistics Park is one of the largest to occur in South Florida in several years.

Agreement on Airbnb Inc. doesn’t cover regulatory issues

Miami-Dade commissioners on Tuesday approved 10-3 an agreement between the tax collector and Airbnb Inc. for collecting the 2% tourist development room tax, 1% professional sports franchise facility tax and 3% convention development tax and directed the administration to negotiate similar agreements with other short-term room rental services. Tax revenue is estimated to be $6 million to $8 million yearly, according to Mayor Carlos Giménez. “Quality of life is paramount to all of us,” he said Tuesday.

Mana Wynwood’s Americas-Asia Trade Center to create 20,000 jobs

Over 10 million square feet Miami’s mega-development scene continues to roar. Within Mana Group’s enormous Special Area Plan in Wynwood that has been in the works for years is the introduction of the MANA Wynwood Americas-Asia Trade Center & International Financial Center (TCIFC), according to a press release. Encompassing over 10 million square feet, TCIFC would serve as the hub for all trade and business between Asia, Latin America, North America, and the Caribbean. It is expected to create…

Metrics are squeezing Miami-Dade’s hotel industry

Negative totals in three key performance metrics are squeezing Miami-Dade’s hotel industry, the most recent data from STR reveal. The national visitor industry data and analytics company’s most recent monthly data show that as of February, year-to-date occupancy here is down to 80.1%, a 2.7% drop from February year-to-date 2016. The report’s census included 422 hotels and 54,805 rooms in February, up from 404 hotels and 52,203 rooms in February 2016. The occupancy dip has pushed down average daily rates…

Miami’s Jungle Island sells for $60 million, to be renovated

Purchased by ESJ Capital Partners One of Miami’s most popular zoological parks has changed owners, with Jungle Island selling for $60 million to ESJ Capital Partners, a full-service asset management firm in Aventura. The 18-acre park on Watson Island will also undergo a three-phase renovation and expansion, while adding a private beach club. The first part will open this summer and include zip lines, children adventures, water slides, and a crystal lagoon. The banquet facilities and food and…

Here’s what SoFla real estate pros hope the Xi-Trump meeting at Mar-a-Lago will accomplish

In the run-up to his first meeting with Chinese president Xi Jinping at Mar-a-Lago this week, President Trump hinted on Twitter that the two world leaders would engage in some tough discussions. “The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits and job losses,” the president said in a series of tweets on March 30. “American companies must be prepared to look at other alternatives.

Bell USA Renews 343,000 Square Feet Lease in Medley Logistics Park

Bel USA LLC, a manufacturer, distributer and seller of coffee mugs and t-shirts, has renewed its full-building lease for 342,750 square feet at 12610 NW 115th Avenue in Miami, FL. The single-story, 5-Star distribution center was built in 2008 on 13 acres in the Medley Logistics Park, at the corner of NW 138th St. in Miami/Dade County. It features ESFR sprinkler, four drive-ins, 30-foot clear heights and 52-foot column spacing. David Albert of…

Consentino NA Leases 24,000 SF in Coral Gables

Consentino North America, a producer and distributor of surfaces for design and architecture, leased 23,923 square feet of office space at 355 Alhambra Cir. in Coral Gables, FL. The 224,241-square-foot office building was constructed in 2001 in South Florida’s Coral Gables submarket. Brian Gale, Jeannette Mendoza, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord. Justin Schultz of Gadinsky Real Estate represented…

Cleanup of Miami River tributaries to start in May

The long-awaited cleanup of Wagner Creek and Seybold Canal is expected to start next month, says Horacio Stuart Aguirre, Miami River Commission chairman. Cleanup of the long-polluted Miami River tributary comes two years after the city commission approved the Wagner Creek and Seybold Canal Maintenance Dredging and Environmental Cleanup Project. The city has lined up the permits and money for the $23 million dredging and cleanup, but a start has been delayed as the city procurement department wrangled…

Kimley-Horn Leases 16,000 SF in Coral Gables

Kimley-Horn signed a lease for 15,677 square feet in the office building at 355 Alhambra Circle in Coral Gables, Florida. The 16-story, 224,241-square-foot office building was built in 2001 on 1.2 acres in the Coral Gables submarket. Brian Gale, Ryan Holtzman, Andrew Trench and Jeannette Mendoza of Cushman & Wakefield represented the landlord…

Video: Chad Curry of The Center for REALTOR Technology Labs Discusses Emerging Technologies to Enhance the Enviroment of Commercial Properties

Chad Curry, Managing Director at the Center for Realtor® Technology, joins The Commercial Real Estate Show to discuss his organization.  Some highlights of this video include:
What the Center for Realtor® Technology (CRT Labs) does; How the Center for Realtor® Technology got started; The Internet of Things (IoT) and implications for commercial real estate; Air quality tracking devices (nitrous oxide, particular matter, dust); How such technology is evolving…

$30 Million Lease Renewal Speaks To Miami Industrial Trend

Medley Logistics Park just inked a $30 million long-term lease renewal. Industry watchers are calling it a testament to the region’s strong industrial market. The industrial park, a 670,000-square-foot three-building project is located in the Greater Miami area. Newmark Grubb Knight Frank executive managing directors Steven Medwin and Nick Wigoda represented the landlord. The post $30M Lease Renewal Speaks To Miami Industrial Trend appeared first on SVN South Commercial Real Estate…

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