Turnberry Associates scores $259M construction loan for Turnberry Ocean Club
Turnberry Associates just scored a $259 million construction loan for Turnberry Ocean Club Residences, the luxury condo tower rising in Sunny Isles Beach, The Real Deal has learned. At least seven months in the making, the loan from Bank of the Ozarks closed on Friday, a spokesperson for Turnberry told TRD. The financing, which has not yet cleared records, ranks among the largest in South Florida so far this year. Turnberry Ocean Club at 18501 Collins Avenue…
Bruna Real Estate Acquires Miami CVS for $16.5M
The Astor Companies sold the retail building at 5695 SW 8th Street in Miami, FL to Bruna Real Estate LLC for $16.5 million, or about $1,052 per square foot. The freestanding drug store is fully occupied by CVS on a 25-year, triple-net lease. The 15,683-squarefoot building was built in 2017 in the West Miami submarket. Eric Gaunt and Stephen Gaunt of JLL represented the seller. John Naranjo of Acqua International Realty represented the buyer.
China’s real estate investors on a $200B global spending spree in Miami, other major markete
In 2007 China’s commercial property outflow was less than $1 billion. Now it exceeds $20 billion annually. Individuals and corporations in China still have an estimated $200 billion to invest abroad. Prominent commercial markets include Hong Kong, Australia, the U.K. and North America, particularly Los Angeles, Miami, New York City, San Francisco, Seattle, Toronto and Vancouver. In 2015, Wendy Wei Mei Wu, a self-described billionairess housewife, bought a $5 million…
Thor puts Wynwood site on the market for $6.75 million
Thor Equities just put a Wynwood development site on the market for $6.75 million, The Real Deal has learned. The 14,750-square-foot parking lot at 269-285 Northwest 27th Terrace is across the street from Thor’s mixed-use project planned to have rental apartments, retail space and a garage. The price equates to $458 per square foot. The larger site of the planned mixed-use project is not on the market, but also could be available for $45 million, according to a source familiar…
Developer Seeks Miami-Dade Development Boundary Expansion
Homestead, Florida-based developer Marista Holdings has proposed an expansion of the Miami-Dade Urban Development Boundary, which separates urban and rural development areas, by 113.5 acres in the Homestead area. This expansion comes with a request to rezone a 45-acre tract of agricultural land, currently located outside the development boundary, which Marista Holdings purchased for over $10 million in February. Marista plans to build a mixed-use project on the site…
Jorge Perez Slams Developers For Proposing Condominium Projects That ‘Don’t Make Sense’
Related Group’s Jorge Perez thinks that there are condo projects proposed in Miami that “don’t make sense” and “should not be developed.” “Developers have come to Miami from Colombia and Argentina who don’t know the market, and some are proposing projects that wouldn’t work even in a good market,” Perez told The Real Deal. Perez didn’t specify which projects he was referring to, saying he didn’t want to throw anyone under the bus. According to Perez, the strength…
Hines sells Aviva Coral Gables apartments for $100M
Houston, Texas-based Hines just sold a recently completed apartment complex (birdseye view) near Coral Gables for $100 million to the Berkshire Group. Property records show Ponce & Bird Miami Development LLC sold the 276-unit Aviva Coral Gables at 3880 Bird Road to Delaware entities managed by Boston-based Berkshire, BIR Coral Gables I LLC and BIR Coral Gables II LLC. Aviva, completed in 2015 and about 95 percent leased as of April, sold for about…
Macy’s will open its first Miami outlet location at the Falls
Macy’s is set to open a discount store later this summer on the second floor of its existing location at the Falls in south Miami-Dade. Macy’s Backstage The Outlet Store will feature 16,300 square feet of retail space for discounted merchandise, according to the Miami Herald. While many big-box retailers are crumbling at the virtual hands of online retail, Macy’s Backstage is trying to lure customers back to the store with deals of 20 percent to 80 percent off merchandise…
The Weekly Dish: Vegan fast-casual spot opens in Midtown Miami … & more
The Weekly Dish is a TRD recurring feature that showcases the latest in South Florida’s restaurant openings, leases and sales. Miami is getting some new street food, vegan fast-casual, Tex-Mex and more. Chef Todd Erickson of “HuaHua’s Taqueria” and “Haven” is now in Midtown Miami. Erickson designed the menu and kitchen for the vegan, fast-casual spot called GLAM, which stands for…
Coastal Markets Among Most Challenging for Adding New Apartment Supply; Miami Among Toughest Four
Following the release of its findings last week that the U.S. may need millions more apartment units by 2030 if current household formation trends continue unabated, the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) identified what they see as the hardest and easiest metro areas where new apartment supply can be added. The top four most-challenging places to add new apartments are all coastal markets: Honolulu, Miami…
JLL Chief Economist Ryan Severino, CFA, Shares His View on the Multifamily Market
Ryan Severino joins Michael to discuss the multifamily property market, including demand, supply, performance, trends, and where good apartment investment opportunities may lie. Highlights of this video include: Supply is “certainly at an elevated level”; 2016 to 2017 appears to be high water mark for construction; New inventory making market more challenging; Relative to a few years ago, investors should do more homework; Lender enthusiasm has cooled off a touch; Lots of…
When a Beijing-based partnership scooped up a Brickell Avenue development site for $74.5 million in 2014 and subsequently announced plans for a $1 billion mixed-use complex, it marked the first significant foray by Chinese investors into South Florida commercial real estate. The joint venture between China City Construction and American Da Tang Group appeared to signal that the region was primed for an influx of Chinese capital in the office, hotel and retail sectors.
Lease negotiated or FujiFilm Medical Systems in Doral
A South Florida commercial real estate firm announced today that their associates John Erixon and Harry Jordan recently negotiated a 38-month, 13,815-square-foot office lease for their client, FUJI Film Medical Systems, USA, Inc., located at 11900 SW 128th Street in Doral. The landlord is Flyer Ventures, Limited Partnership. Fujifilm Medical Systems U.S.A., Inc. (Fujifilm) is a leading provider of medical image and information products and technologies for acquiring…