Apr 04, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News April 4, 2017: Brickell City Centre Among Most Expensive Developments in American History; More…

At a cool $1.05 billion, Brickell City Centre makes Business Insider list of 8 most expensive real estate developments in American history

Located in Miami’s financial district, the Brickell City Centre cost approximately $1.05 billion to build from 2014 to late 2016. The mega-development spans five blocks and consists of shops, a movie theater, restaurants, office towers, and condos.

Building up Brickell: the latest development wave, what’s ahead

Back in the 1870s, Brickell was hardly more than a trading post run by the Brickell family. Today, it’s one of Miami-Dade County’s most intensely developed neighborhoods, boasting some of the tallest buildings in Florida. More than 10,000 apartments and condos were built, under construction, or proposed in the 1.2-square-mile Brickell neighborhood in 2016 alone, according to the latest figures from the Miami Downtown Development Authority. In addition to new residences, plenty of new hotels, offices and retail projects have…

How the Brightline train will transform the Sunshine State — and its real estate

All Aboard Florida’s Brightline train service between Miami and West Palm Beach, scheduled to begin this summer, has the potential to be transformational for South Florida, local real estate experts agree. “This will change the way travel and development and redevelopment occur in South Florida,” said Rick Gonzalez, president of REG Architects in West Palm Beach. “You can now work in downtown Miami and live in Fort Lauderdale or West Palm Beach.” Brightline, which has been under construction for almost three years…

There’s No Affordable Housing in Miami Because Developers Block It, Study Says

Florida lawmakers have, over the past ten years, quietly siphoned $1.3 billion away from a $1.8 billion, statewide fund for affordable housing, the Miami Herald/Tampa Bay Times Tallahassee Bureau reported Friday. Asked whether this is a problem, Miami Republican state Rep. Carlos Trujillo basically flipped his hometown — which is trapped in an unprecedented affordability crisis — the bird. “Housing is definitely a problem, but the issue is we aren’t going to just throw more affordable housing into South Florida,” he…

Chile a steady, growing factor in Miami real estate

Over the past decade, as South American investment in Miami real estate has flowed and ebbed dramatically, Chile’s impact has been comparable to the Miami Dolphins in the NFL: good enough to be mentioned, but not enough to outshine the influence of neighbors like Brazil, Argentina or Venezuela. However, just like the Dolphins team from last season, Chile has taken big steps forward over the past few years, earning much-deserved respect and attention in this unique market. Last October’s inaugural Chile Week USA…

Miamians spend up to 58% of income on rent in minority neighborhoods: report

In Miami, residents can expect to spend more of their paychecks on rent if they live in a mostly black or Hispanic neighborhood than if they live in a predominantly white neighborhood, according to a new report. The share of income needed to pay rent in black communities in Miami is 58.2 percent, higher than the national average of 43.7 percent. In Miami’s predominantly Hispanic neighborhoods, it’s 55.1 percent, also higher than the national average of 48.1 percent. In Miami’s white neighborhoods, residents…

U.S. rental market hits resistance in first quarter

The U.S. multifamily market reportedly took a beating in the first three months of 2017, with rents falling in a slew of major metropolitan areas nationwide amid a jump in supply.
The Wall Street Journal reported that rents either stagnated or fell in 28 of 79 metros studied in the first quarter by real estate research firm Reis, most notably in the nation’s priciest rental markets: New York City and San Francisco, which saw dips of 0.6 percent and 1.3 percent, respectively. Overall rent growth for the country was also declining…

One Of China’s Largest Logistics Firms Sets Up Shop At Beacon Centre Business Park

One of the largest logistics firms in China, Apex Global Logistics’ new office will help it ship products to and from South America.

Commercial real estate is the surprising winner from the ‘Trumpcare’ debacle

When the effort in Congress to pass a health-care bill – the American Health Care Act, designed to replace the much maligned Affordable Care Act – failed on Friday, the thing that wasn’t supposed to happen happened: The industry that had whined for years about this, that, and the other in the Obamacare law, breathed a huge sigh of relief. On Monday, despite the general unease in the stock market, heath care stocks rallied. Well, they didn’t exactly rally, they edged up. But it made them the best-performing sector among…

Apollo Commercial Real Estate Finance, Inc. Completes $34 Million First Mortgage Loan for South Beach Hotel, More…

ARI closed a $34.0 million first mortgage loan secured by a recently renovated 163-key boutique hotel located on South Beach in Miami, FL. The floating rate loan has a two-year initial term, with three one-year extension options and an appraised loan-to-value (“LTV”) of approximately 56%. ARI closed a $77.0 million first mortgage loan ($72.2 million of which was funded at closing) secured by a recently renovated 763-key hotel located in downtown Atlanta, Georgia. The floating rate loan has a three-year initial term…

There’s A New Trend Among Office Tenants

Developers expect strong leasing momentum in Coconut Grove with the pent up demand for innovative office projects.

H&M opening at 763 Collins in South Beach on April 27

H&M is opening a second store in Miami Beach on April 27, in the former Kenneth Cole space at the corner of Collins Avenue and Eighth Street. The store will span 15,000 square feet at 763 Collins Avenue, marking the 32nd H&M (Hennes & Moritz) in Florida, according to a release. RKF Executive Vice President Drew Schaul represented H&M in the deal. Property records show Tiffany 3/8 Assoc. Ltd., linked to Goldman Properties’ Senior Managing Director Marlo Courtney, bought the…

Miami’s Giralda Place tops off in Coral Gables

Giralda Place, at 2222 Ponce de Leon Boulevard, has topped off at nine stories in Coral Gables, moving a step closer to adding 33 luxury residences to the popular and historic Miami neighborhood upon completion, which is estimated for early 2018. The mixed-use development by Heidi Eckes-Chantré includes 13,390 square feet of ground-floor retail, a 419-space parking garage, and 101,300 square feet of Class A office space. There are 23 condos and 10 townhomes, with the project currently 24 percent under contract.

Deco Capital and RWN pay $7.4 million for Alton Road retail building

A joint venture between Deco Capital Group, led by Bradley Colmer, and New York-based private equity firm RWN Real Estate Partners, just paid $7.425 million for a retail building on Alton Road. The sale marks the latest deal on a redeveloping stretch of the major Miami Beach north-south artery, near the intersection of Lincoln Road. Miami Beach-based Deco Capital and RWN, led by Ari Shalam, bought 1671-1673 Alton Road…

Flurry of Dept. Store Closures Forcing Mall Owners to Adapt, Reinvest or Die

Part 1: Sears Discloses for First Time it May Not Survive, Marks Latest Blow to Dept. Store/Mall Sector. Part: 2: Investors Still Willing to Bet Big on Mall Turnarounds, Even Those Hit by Triple Anchor Closures. In this two-part news report by Senior Editor Mark Heschmeyer, CoStar analyzed the stores being closed by the…

Video: Lisa Pendegrast of CRE Finance Council Discusses Recent Market Outlook Survey

Lisa Pendergast, Executive Director with the Commercial Real Estate Finance Council, joins The Commercial Real Estate Show to Michael to discuss this year’s survey. Highlights of the discussion include: Fed has been good about benchmarking where rates are headed; 80% of respondents expect 25 to 100 bp increase in interest rates; Seeing better signs of economic growth ;Business investment is picking up; The post Video: Lisa Pendegrast of CRE Finance Council Discusses Recent Market Outlook Survey…

Video: Center for Realtor® Technology Labs Managing Director Chad Curry Discusses Newer Office Lighting Technologies for Productivity, Other New Developments

Chad Curry, Managing Director at the Center for Realtor® Technology, joins The Commercial Real Estate Show to discuss how new types of lighting can improve productivity, as well as other technologies that are changing the environment of office buildings, and for that matter, all buildings. This is a must watch video for commercial real estate investors as it has tips for saving money and enhancing a buildings environment relatively inexpensively, likely leading to more rent and net income.

Vacant Hialeah Industrial Warehouse Gets Purchased And Leased On Same Day

Sharpe Properties is please to announce the purchase of a 3,600 square foot street-level industrial warehouse property by SP33 Warehouse, LLC (SP33 Warehouse).  With the help of Sharpe Properties, the new owner of the vacant warehouse was also able to have it fully leased out to a tenant on the same day as the purchase. The warehouse is located at 1040 East 33rd Street, Hialeah, Florida 33013 (birdseye 45° aerial), and Sharpe Properties will provide the property management and leasing.Hialeah Warehouse…

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