Sep 23, 2015 - 0 Comments - Top Stories -

Miami Commercial Real Estate News September 23, 2015

Keyes Commercial RealtyThor Equities buys an entire block in Wynwood for $41.5M

Thor Equities just paid $41.5 million for more than an entire block in Wynwood, a missing piece that gives it one square block and marks the largest deal ever in the red-hot Miami neighborhood, The Real Deal has learned.  New York-based Thor…

Across From The Jockey Club, Developer Plans 402-Unit Biscayne Boulevard Rental Project

Two out-of-state developers are planning to build a 402-unit residential project on Biscayne Boulevard across from The Jockey Club.  11200 Biscayne LLC, controlled by Arbor Realty Trust of New York and Belfonti properties of Connecticut are requesting that the six acre property be replatted so that they can build the project. A Dade…

Chetrit scores $55M loan for Miami Beach project

The Chetrit Group, a New York-based development firm, just closed on $55 million in financing to redevelop part of Collins Park: a group of Postwar modern and Art Deco properties in South Beach, some of which were ravaged…

1,771 Miami Worldcenter residences OK’d

Two main components of Miami Worldcenter won the approval of a city review board Sept. 16, promising apartments, hotel rooms, office space, restaurants and stores hugging a new 7th Street Promenade.
Two groups of architects, designers, attorneys and developers took a tag-team approach in presenting…

Three massive towers to rise beside arts center

The Related Group is bringing another triple tower project to Miami’s urban skyline, this one right next door to the Adrienne Arsht Center for the Performing Arts.  As a bonus to adding to the city’s burgeoning arts district, the project will bring a nearly 40-foot sculpture to anchor the…

Regency Manor Sold for $17.5M

 

Two New York-based private investors acquired the Regency Manor apartments at 4355 NW 11th St. in Miami, FL for $17.5 million, or approximately $118,000 per unit, from RAIT Financial Trust.  Delivered in 1969, the 136,476-square-foot multifamily complex is located near the intersection of Le Jeune…

University Commons SC Sells for $80.5M

Schmieer & Feurring Properties, Inc. sold the University Commons shopping center at 1400 Glades Rd. in Boca Raton, FL for $80.5 million, or approximately $453 per square foot, to Regency Centers Corporation.  The 180,323-square-foot shopping center was built in 2001 by the seller. Featuring…

Residence Inn By Marriott in Pompano Beach Trades for $24.8M

Mercury Investment Co., Concord Hospitality Enterprises Company, and Aztec Group, Inc. sold the oceanfront Residence Inn by Marriott at 1350 N. Ocean Blvd. in Pompano Beach, FL to Claremont Companies for $24.8 million, or about $279,000 per unit.  Built in 2002, the site was originally the Ocean…

Development Update: Hyde Midtown Breaking Ground on Friday, 70 Percent Sold

The Related Group’s Hyde Midtown is 70 percent sold out and breaking ground on Friday report The Real Deal. The project is being designed by Arquitectonica, with interiors by David Rockwell, and Curbed has written about it a whole lot already. So, for a thorough update, do check out our archives.

Development Update: Collins Park Hotel Renovations Finally Moving Forward

After getting the project approved all the way back in 2012, the Chetrit Group has secured a $55 million loan and is finally moving forward on plans to restore a block of art deco and midcentury modern hotels and apartment building just off Collins Park to create a boutique hotel, reports The Real…

South Beach apartment portfolio up for sale at $65M

 

Clockwise from left: An aerial view of the portfolio, CBRE agent Calum Weaver and the apartment building at 700 Euclid Avenue.  A portfolio of 240 units in South Beach has been brought to market with a ballpark price of $65 million, CBRE announced on Tuesday.  The units are mostly housed in…

Hyde in Midtown nearing 70 percent sold, breaking ground

Hyde Midtown Suites & Residences is now nearing 70 percent sold, The Real Deal has learned. And the project, a joint venture between Related Group and Dezer Properties plans to break ground on Friday.  The developers partnered back in 2013 on the…

Mercy Hospital closes on $20M in financing

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Mercy Hospital has closed on a $20 million construction loan, according to Miami-Dade County records.  Miami Mercy Medical Center Development was the borrower. The LLC is tied to Onicx Construction, the Tampa-based general contractor…

SoFla once again looks to China to bolster condo market

More than three decades after establishing a link to East Asia, Miami is reportedly finally experiencing some success in appealing to foreign investors located more than 8,000 miles away in China — and the timing could not be better for the local real estate market.

Miami Condo Sales Uptick 6.5 Percent in August Over Last Year

According to the Miami Association of Realtors, Miami-Dade County residential sales rose nearly three percent year-over-year in August 2015, while median sales prices for single-family and condominium properties continued their upward trend.  Total existing Miami-Dade County residential sales, including single-family and condo markets…