Sumitomo Corp. Acquires Miami Tower
LaSalle Investment Management more than doubled its investment on the Miami Tower office building at 100 SE 2nd St. in Miami, FL, in six years, selling it to Sumitomo Corporation of America last week for $220 million, or about $348 per square foot. The seller acquired the asset in December 2010…
Report Indicates $76M in Miami Airbnb Revenue Came From Illegal Practices
62% of revenue in Miami In what was intended to be a peer-to-peer business model, Airbnb is being manipulated in Miami, where a new report indicates 62 percent of revenue came from operators listing multiple units for rent. It is the highest percentage of the 14 cities studied by the American Hotel …
Miami Tower Sells for $220M – View it in 12 Different Colors
LaSalle paid $105 million in 2010 The iconic gleaming Miami Tower just sold to a Japanese firm for $220 million, per The Real Deal. County records show a fund controlled by Chicago’s LaSalle Investment Management transferred the air rights of the office tower at 100 Southeast Second Street to…
Miami Lands Super Bowl LIV in 2020
Perfect fit So Stephen Ross’ stadium renovation has paid off as Miami will be hosting the Super Bowl in 2020.
In a perfect harmony between roman numerals and night club, the 54th Super Bowl in NFL history will aptly be named Super Bowl LIV. Miami beat out Tampa. Official logo?
Midtown 6 Announced, Featuring 447 Luxury Apartments
Midtown is popping. Midtown Miami continues to build with vigor as Midtown 6 has been revitalized as a luxury apartment project, per a press release by Magellan Development Group and Midtown Development, the same duo that developed Midtown 5, which topped off in April.
Refi Roundup: Six Shopping Center Refinance Deals
Fluctuations in the cost of capital serve to change the price of commercial property opportunity on a daily basis. Investors, owners, and brokers: here’s a handful of the recent refinancing deals for shopping centers culled from the national marketplace in commercial real estate: NorthMarq…
The nation’s retail barons
From the National Market Report: From browsing luxury designer stores and boutique clothiers to negotiating sprawling supermarkets and big-box retailers, American consumers engage in a wide variety of shopping activities. But who owns all this space that figures so prominently…
Miami Airbnb operators dodged $16M in taxes in one year: report
Airbnb has grown exponentially in Miami, marking one of the top five markets for the short-term rentals website.
A new report shows that if municipalities collected the same taxes as other local lodging businesses in Miami, Airbnb operators would have owed nearly $16 million from October…
Kalashnikovs and supercars: How dealmakers handle the stress of ICSC
David Firestein of SCG Retail, with his target from AK-47 shots at a gun range and James Wacht of Lee & Associates NYC, climbing rocks. The whirlwind of meetings, emails and parties that fertilizes the soil in which deals take root at RECon Las Vegas …
Barlington Group plans new retail, restaurant project at entrance to Brickell
The Barlington Group is under contract to purchase an aging office building in Brickell with redevelopment plans, managing principal Bill Fuller told The Real Deal. The property, at 90 Southwest Eighth Street, hit the market in August…
A video trip down memory lane for Miami Tower
This week, Japanese conglomerate Sumitomo Corp. bought a piece of Miami history with its $220 million purchase of the iconic Miami Tower office building. The sale marked one of 2016’s biggest investment deals so far, and the latest chapter for a tower…
Resorts World Miami hit with lawsuit over broker commissions at Boulevard Shops
Resorts World Miami has just been sued by a brokerage alleging it’s owed commissions for a lease signed at the Boulevard Shops redevelopment site in Miami. As first reported by the Next Miami, brokerage Prime Sites, Inc. filed suit last week alleging…
Chinese firms have spent $9.3B on US real estate in 2016
From the New York website: The U.S. commercial property market may be showing signs of slowdown, but that’s not stopping Chinese investors. Firms based in the country spent a hefty $9.3 billion on a…
150,000 SF Lease Deal for First Building At Airport North Logistics Park
The deal brings the building to full occupancy.