Jul 29, 2015 - 0 Comments - Top Stories -

Miami Commercial Real Estate News July 29, 2015

Miami Commercial Real Estate Opportunities AboundThe Edge on Brickell is over: site trades for $18M

The developer of the proposed Edge on Brickell has sold the Miami Riverfront site for $18 million to a Brazilian businessman, who plans to spend $200 million to build a 60-story condo-hotel, The Real Deal has learned. Leo Macedo, owner of the Brick Group, bought the two adjoining parcels, at 39 Southwest Miami Avenue Road…

Baptist Health gets OK to build Miami Beach facility

An outpatient and medical office complex proposed by developer Russell Galbut and Baptist Health South Florida for Alton Road and Seventh Street in Miami Beach is moving full steam ahead. Wednesday afternoon, the Miami Beach Planning Board voted 6-1 to grant Galbut-affiliated South Beach Heights II permission to build…

AMAC and Belfonti pay $16M for Miami-Dade development site

A joint venture between AMAC Holdings and Belfonti Cos. paid $16.16 million for a residential development site in the Biscayne Shores neighborhood of Miami-Dade County.  Bay Harbor Island-based 11200 Biscayne LLC, managed by Irwin Tauber, sold the 5.8-acre site at 11150 Biscayne Blvd. to 1st Sun Properties, an affiliate of Hamden…

Tri-Rail downtown link picks up steam

Putting one of the final pieces of a complicated puzzle into place, directors of the Southeast Overtown/Park West Community Redevelopment Agency voted unanimously Monday to contribute $17.5 million for the extension of Tri-Rail into downtown Miami.  “This will be paid by bond proceeds, and we…

One River Point Granted Approval, Will Include Biometric Security Features

Miami’s Planning and Zoning Department granted approval last week for the Rafael Viñoly-designed One River Point towers in downtown Miami.  As with most MUSP modifications, approval came relatively quickly, just two months after plans were submitted. Developer KAR Properties is modifying a Major Use Special Permit…

Pasión del Cielo, Pubbelly Sushi join restaurant lineup at Brickell City Centre

Miami brands Pasión del Cielo and Pubbelly Sushi have claimed space at Brickell City Centre, developers announced Tuesday, and both eateries are expected to open by fall 2016 in the development’s 500,000-square-foot shopping center.  Miami-based Pubbelly Restaurant Group will open its second Pubbelly Sushi with a menu similar to its…

UM bonds to expand health services

The University of Miami is on its way to expanding its health service centers.  The university has applied for the issuance of up to $764 million in revenue bonds by the county’s Education Facilities Authority to finance new university projects as well as refinance a portion of its existing…

Historic site repeal may raise cost of bridge

A decision by city commissioners regarding land on the Miami River might ultimately impact the design and cost to replace the Southwest First Street Bridge.  It might also affect how much access to the river is available for upland properties that have a long history of connections with the river…d. On July 23, they accepted the final plat…

Marlins contract makes soccer next door a tougher game

 

Much as we might want a Major League Soccer stadium near Marlins Park, the clock is running out and obstacles loom, an unreported barrier being the Miami Marlins.  The group David Beckham fronts has yet to secure a franchise from the league, which has made a soccer-specific stadium a condition to get…

Miami Dade College in building mode

To expand the breadth and depth of its course offerings and create space for greater enrollment, Miami Dade College is building new academic facilities and parking garages on some of its campuses.  In spring, construction wrapped up on major renovations to the Hialeah campus. Students and faculty…

PortMiami cargo nears record

 

Cargo containers entering PortMiami are nearing a record, approaching highs last seen a decade ago.  Cranes have unloaded about 740,000 containers from ships this fiscal year, which ends Sept. 30, up 12.6% from the same period last year. In fiscal 2014, 876,000 containers flowed into the port.  Direct…

One of the brightest spots in the economy is… nail salons?

Who knew nail salons were on such a roll?  In the accompanying chart from FRED (Federal Reserve Economic Data) the aggregate revenue of a rather eclectic group of business types are plotted.   These include nail salons, oil change and lubrication shops, bowling centers…

Berger Commercial Realty Secures 282,000 SF In New Leasing and Management Assignments

The three new assignments are for properties in Fort Lauderdale and West Palm Beach.

Panama Canal Expansion is Reshaping America’s Ports – Including Miami’s

According to CBRE Group, the Panama Canal’s expansion, the first major renovation the canal has undergone since its opening in 1914, is a milestone that will have a major impact on the global trade industry, and specifically, the way cargo is handled and transported throughout North America.  Scheduled to open in April 2016, the larger canal…

Easton & Associates Announces More Than 160,000 SF Of Industrial Leases

Demand for new industrial space remains strong in Miami Dade County.

Criddle & ICM Sign 30,000 SF At Cypress Executive Center

ICM Realty Group recently purchased the building and is currently repositioning the asset as a class “A” office building via a capital improvement program slated to be completed by the end of the year.

Rent, Don’t Buy: PMG Bringing Small, Expensive, Youth-Oriented Rentals Downtown, Calling the Building ‘Vice’

About an hour ago, we published a report that the average working millennial (read: young person) in Miami is able to afford only eight percent of the rental housing stock in Miami, less than anywhere else in the country. Now The Next Miami has details and renderings, following up on a Miami Herald…

The Rent is Too Damn High: Miami Rents are the Most Expensive in the USA for Millennials

A new study put together by Zillow for Bloomberg (h/t: New Times) shows that Miami is the most expensive of the fifty largest cities in the US for millennials to rent in, by a long shot. Using 30 of your income as a rule of thumb for the max on…

Big law firm moving from downtown Miami to Brickell

 

Kenny Nachwalter P.A. will move its Miami offices from downtown to the Brickell financial district.  Cushman & Wakefield’s Gordon Messinger represented landlord Millennium Partners in signing the law firm to a 21,000-square-foot lease on the 11th floor of the Four Seasons Tower at 14…

Curbed National: How Will Cuba’s Real Estate Market Adjust to a New Era?

“Come on, this is bullshit, this is for show, it can’t actually be real.”  When travel journalist Nick Watt was told that travelers to Havana’s Paseo del Prado could find not just snack vendors and tourists on the famous promenade, but a thriving…

Monochromes: Vintage Panoramas of a Bygone Miami

Before you could take a panorama with an iPhone, they were a big deal. You had to buy special film and get it developed, then the really long photos never fit in those envelopes with the other photos that one hour photo places gave you. In the 1920s and 1930s they were an…

Miami Industrial Real Estate Market Report Midyear 2015

The Midyear 2015 Industrial Real Estate Market Reports shows that the Vacancy Rate has fallen once again to just under 5% and the Average Lease Rates are up to $8.62 per sq. ft. This marks the eleventh consecutive quarter since 2012 of such trends. Prospective buyers and tenants continue to find it…

Pipeline Workspaces to open Doral location

Shared office space company Pipeline Workspaces will open its fifth location in Doral, the company announced on Tuesday.  Pipeline, which opened its first space in Brickell, will lease 13,000 square feet at Doral Concourse, which is adjacent to CityPlace Doral.