Publix buys West Miami store from Brandon Partners for $23M
Publix just closed on the purchase of a new West Miami location for $23.2 million, according to data from Real Capital Analytics. Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed. The deal, which has not yet cleared public records, was first reported by the South Florida Business Journal. The 110,905-square-foot building was completed last year and includes parking on the second…
Will More Apartments Bring Less Traffic In Doral?
Doral City Council members will be taking a preliminary vote on whether to change the land use from business and office/residential to high density residential for a 10-acre palm tree nursery.
A Developer Talks Miami River, Market Challenges, And His Project, One River Point
Shahab Karmely was part of a panel discussion on the economics of new development amid a new administration and continuing global market fluctuation at TRD‘s Third Annual Broward Real Estate Showcase & Forum in April.
Norwegian Cruise Lines (Bahamas) getting new terminal in Miami
County commissioners on Tuesday approved an agreement between Miami-Dade and Norwegian Cruise Lines (Bahamas) Ltd. for construction of a new cruise terminal, expected to cost $100 million, at PortMiami. Joe Martinez voted against it, saying the actual price of the terminal has not yet been determined. Port Director Juan Kuryla said the agreement that commissioners were asked to approve is for the port to sit down with Norwegian Cruise Lines and determine exactly what…
Is a lease always just a lease?
For one Miami-Dade County shopping center owner, the answer is now yes, but only after a ruling from Florida’s Third District Court of Appeal in Garcia v. Dadeland Station Associates, Ltd. In 2015 that owner found itself getting billed for property taxes on land it does not own, suggesting that a lease is not always just a lease. The owner of Dadeland Station leases land from Miami-Dade County under a 90-year ground lease since 1994. The owner built the shopping center and from…
Coconut Grove is getting another new office building in 27@Lincoln
This one has hydraulic car elevators There’s yet another new office building in the works in Coconut Grove, with LointerHome announcing plans for 27@Lincoln, a boutique mixed-use development expected to rise at 3151 Southwest 27th Avenue. The building is planned for five stories, encompassing 68,000 square feet of “Class A” office space and 5,000 square feet of retail space. The location is a block off South Bayshore Drive and a brief stroll from CocoWalk. William Hamilton Arthur IV…
New Miami Beach condo planned to supplant Marlborough House
The underground parking could be an issue A new Miami Beach condo has been proposed for 5775 Collins Avenue by a company owned by a Brazilian billionaire named Jose Isaac Peres, per The Next Miami. The 12-story Marlborough House, which was constructed in 1961 and sold in bulk last year, would be demolished and replaced by a new 16-story tower designed by Arquitectonica with 86 condo units and 185 parking spots. The latter would be housed in a two-story garage…
How Miami’s improving office market could affect your life
While the lack of affordable housing and the glut of luxury condos were getting all the attention, another segment of Miami’s real estate has started to heat up: The lowly, unglamorous office space. The total square footage of office space leased in Miami-Dade in the first quarter of 2017 shot up 40 percent over the same period last year, according to a new report by the real estate brokerage firm JLL. The average asking price per square foot was $36.99, which continues a steady climb since…
Miami River site asking $5.6 million under contract
A Miami River investor who listed his property for $5.6 million in late April is under contract to sell the site for close to the asking price, listing broker Andrey Laranjeira of Engel & Völkers told The Real Deal. Investor Jerry Yoham is looking to sell the 18-parcel assemblage at 2974 Northwest North River Drive (aerial view). It hit the market April 21st and went under contract less than a week later. Laranjeira declined to name the buyer, but said a developer and two investors made offers…
Monument Names Rauscher as COO
Monument Real Estate Services, a Miami, FL-based multifamily asset and property management firm, has named Jaime Rauscher as its chief operating officer in the firm’s North Carolina office. Most recently the vice president of operations at Monument, Rauscher’s expanded role will see her lead an experienced team of professionals overseeing 60 apartment communities across 10 states and help set the strategic direction of the firm while leading its…
In this video, REIS Chief Economist and Senior Vice President Victor Calanog provides a quick update on first quarter 2017 multifamily property/apartment building market fundamentals and trends. Highlights include: National vacancy rate for multifamily properties ending the first quarter of 2017 at 4.3%, down 10 basis points from the end of the prior quarter; Vacancy reate is unchanged versus a year prior; Market participants are paying a lot of attention to the 250,000 units expected…
Miami Beach is moving quickly to ban casinos in the city
The Miami Beach City Commission unanimously voted on Wednesday to start the process for new legislation that would ban casinos throughout the city. The proposed measure will now go before the Miami Beach Planning Board on May 11 followed by a first reading vote by the city commission. The move was in response to the State Legislature’s proposed expansion of gambling facilities in Miami-Dade County, which stalled late Tuesday as a result of an impasse between House and Senate…