Industrial rents keep climbing, as vacancies drop in South Florida

Inflation? Recession? Pfft. South Florida’s industrial market hasn’t slowed down, as super low vacancy rates continue driving rents to new heights. In the second quarter, industrial landlords in Miami-Dade County increased asking rents by more than $1, compared to the same period last year, while Broward and Palm Beach industrial property owners jacked up the rate…

Ken Griffin’s Citadel leases at 830 Brickell office tower in Miami

Billionaire Ken Griffin inked a major lease for Citadel’s offices at 830 Brickell, less than two months after he announced moving the hedge fund to Miami from Chicago, with plans to build a new headquarters. Citadel took roughly 95,000 square feet in a long-term lease at the 55-story tower at 830 Brickell Plaza that is under construction, according to sources…

Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner

Italian restaurateur, real estate investor and soccer club owner Tonino Doino bought Jimmy’s Eastside Diner, which was featured in the 2016 film “Moonlight.” Doino, who owns the Lincoln Road restaurant Rosinella Italian Trattoria, paid about $4.3 million for the property at 7201 Biscayne Boulevard, according to the brokers involved in the deal and the…

Miami vs NYC: A developer’s guide

Don Peebles, in partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, wants to build a six-story office and apartment building on a city-owned parking lot: Ian Bruce Eichner took on two condominium projects last year.  In Manhattan’s Murray Hill, he struck a deal to buy the Community Church of New York’s home. And in Bay…

Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach

A judge awarded Israeli investor Benny Shabtai a $4.6 million judgment in his lawsuit against HFZ Capital Group over the failed Shore Club Miami Beach redevelopment. New York-based HFZ, led by Ziel Feldman, lost its ownership of the historic Shore Club when Monroe Capital foreclosed on the property. Monroe brought on Witkoff as its partner…

Hyatt Regency redevelopment to net $25 million for affordable housing

In November, voters in the City of Miami will determine the fate of a new plan to revive a crucial city-owned property in the heart of downtown. If approved, the sweeping development would bring three new towers to the riverfront, including a new hotel and an improved public walkway along the Miami River. Near the end of an exhaustive daylong meeting July 28…

Miami gives leaseholder 18 years to build on Coconut Grove bayfront

A formal restaurant that voters approved nine years ago for city-owned waterfront land got another nine years for completion in a unanimous Miami City Commission vote last week. The unnamed restaurant is to replace the Charthouse at 51 Charthouse Drive near city hall. The commission vote gave operators an OK to set up “temporary food…”

Chart Reflects Dearth of Industrial for Sale Listings in Miami-Dade

About any active commercial broker in Miami-Dade will tell you that there is all kinds of demand for industrial property, but none to buy. I can personally attest to this. This chart of properties noted as “industrial” in the Miami-Dade MLS and with an asking price of $1 to 5 million (mid-market industrial) illustrates this. The number of such active listings has only…

PortMiami Tunnel blazes trail to future

Some 120 feet below sea level the 42-foot-diameter PortMiami tunnel connects the mainland to Miami-Dade County’s second-greatest economic engine, supporting more than 334,000 jobs and contributing $42 billion annually. Since opening to traffic in 2014 after over four years in construction, it has become a gold standard for tunnels in Florida…

Golden Glades hub adding transit passengers

Most of the Metrobus routes serving the new Golden Glades Multimodal Transportation Facility that opened Jan. 24 have gained riders at a hub that also serves an express bus route and links in Tri-Rail and bus transit from Broward County. “This new transit facility is helping to bring more equity, accessibility, and innovation into our public transit system,” said…

Chart of Net Migration by State Shows Florida’s Population Growth at expense of California, New York

The map above shows each states net domestic migration from April 2020 to July of 2021. Florida and Texas had the most new residents, gaining around 200,000 each. New York and California suffered the largest losses. It appears that Arizona is benefiting from the exodus of people leaving California, as are Tennessee and the Carolinas form people leaving…

Citadel grabs Miami office space ahead of building its own tower

Ken Griffin’s Citadel is tying up deals for office space as it prepares to expand in Miami, where the firm is establishing its headquarters. Citadel has taken a floor at 200 South Biscayne Blvd., where it already has temporary offices, and leased roughly 90,000 square feet at 830 Brickell, an under-construction tower where Thoma Bravo and Microsoft Corp…

Z Capital loses attempt to assess Carillon condo owners in Miami Beach nearly $8M

Z Capital Group lost its attempt to levy a $7.7 million assessment on condominium unit owners at the Carillon Miami Wellness Resort. The outcome is the latest in the drawn out and still-ongoing legal battle, pitting the associations for the North, South and Central towers against Z Capital’s affiliate, Carillon Hotel. The oceanfront complex is at 6801 Collins Avenue…

All Florida Paper Signs 226,698 SF Industrial Lease in Metro Miami

All Florida Paper, a Hispanic-owned paper and sanitation products wholesaler, has signed a full-building, 226,698-square-foot industrial lease at Building D in Beacon Logistics Park in the Miami suburb of Hialeah. Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlord, Codina Partners, in the lease deal. Wayne Ramoski and…

Report: Apartments In Sun Belt Markets Set Up For ‘Significant Collapse Of Demand’

Rent growth is slowing considerably around the country, especially in some of the Sun Belt markets that were once scorching-hot, a new report shows. For the first time since 2020, 12 markets experienced a drop in asking rents over the course of a month, according to a report released Wednesday by CoStar-owned Apartments.com. The markets that…

Miami’s Office Pipeline Expands in Q2

By the end of the second quarter, Miami’s office pipeline reached 5.6 million square feet, according to CommercialEdge data. The metro’s under-construction stock represented 7.4 percent of its total office supply—the third largest rate in the country. Most gateway cities saw boosts to their pipelines during the second quarter, except Los Angeles and San…

Macken scores $16.5M construction loan for Koya Bay townhome development in North Miami Beach

Macken Companies scored a $16.5 million construction loan to complete a waterfront luxury townhouse development in its own backyard. The North Miami Beach-based developer secured the financing from LV Lending, according to a press release. The funds will go toward finishing Koya Bay, a collection of 10 four-story townhomes on the Intracoastal Waterway…

Ari Pearl JV pays $32M for Bay Harbor Islands condo complex

Developer Ari Pearl and investor Jonathan Leifer paid $32 million to acquire all of the units in an older Bay Harbor Islands condo complex on a waterfront property that they could redevelop. Nearly 30 individual owners at Bay Harbor Towers, at 10141 and 10143 East Bay Harbor Drive, sold their units to Pearl and Leifer, records show. Pearl’s PPG BHT Owner LLC…

Lease roundup: Cargo Management Group expands in Doral, All Florida Paper leases in Doral

Freight forwarding company Cargo Management Group opened additional operations in an industrial building in Doral. Cargo Management, based in Sweetwater, leased 49,986 square feet at 1325 Northwest 78th Avenue, according to a news release from the tenant’s broker. Andrew Fernandez of CBRE represented Cargo Management. Ana Rivera of JLL represented…

Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum

Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue: Hyatt avoided a third strike at possible redevelopment of the James L. Knight Center site in downtown Miami. The Miami City Commission by a 4-1 margin on Thursday approved a…

Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK

Two major Miami projects – David Beckham’s soccer stadium, as well as Swire Properties and Stephen Ross’ One Brickell City Centre office tower – are a step closer to fruition. The Miami City Commission on Thursday gave preliminary approval to the Major League Soccer project’s designation as a Special Area Plan, as well as to items related to…

Crunch Fitness founder beefs up retail portfolio with $18M purchase in Little Haiti

Crunch Fitness and Big Move Properties’ Douglas Levine with 8200 Northeast Second Avenue and 201 Northeast 82nd Street: Douglas Levine, founder of Crunch Fitness, is pumping up his retail real estate holdings with a two-building, $17.8 million purchase in Miami’s Little Haiti. An entity managed by Levine, a real estate investor who also founded Miami-based…

NR Investments wants to build mixed-use complex in Miami’s Allapattah

NR Investments wants to develop a massive mixed-use complex on Miami’s General Services Administration site in Allapattah. Ron Gottesmann and Nir Shoshani’s development company filed a proposal for a 99-year lease and redevelopment of the city-owned 18-acre property at 1970 Northwest 13th Avenue and 1950 Northwest 12th Avenue, according to…

Madrid-Miami JV buys WeWork leased office building in South Beach for $37M

Azora Exan is jumping into Miami Beach’s office market with a $37 million purchase of a five-story building fully leased to WeWork. An affiliate of Azora Exan, a joint venture of Madrid-based Azora and Miami-based Exan Capital, bought the property at 429 Lenox Avenue in the city’s South of Fifth neighborhood, according to records. The partnership paid $461 per…

Related, partner pay $51M for Aventura mixed-use dev site

Related Group and a partner scooped up an Aventura office property for $51 million, with plans to develop a mixed-use project on the site’s parking lot. Coconut Grove-based Related and Aventura-based BH Group bought the 4.5-acre property at 2999 Northeast 191st Street that includes the Aventura View office building, according to the buyers’ news release. The seller…

Damac closes on acquisition of Surfside collapse site for $120M

Dubai developer Damac Properties closed on its $120 million acquisition of the site of the deadly Surfside condo collapse, The Real Deal has learned. The sale was recorded on Wednesday, according to the receiver’s notice, filed with Miami-Dade Circuit Court. The transfer of ownership marks a key milestone in litigation tied to the collapse…

Former low-income South Beach apartments hit market as possible hotel conversion

Jamestown is looking to cut off a slice of its Collins Avenue portfolio by listing a historic South Beach apartment building for sale. The Atlanta-based real estate investment firm, led by CEO and principal Matt Bronfman, retained Marcus & Millichap to market 727 Collins Apartments at 727 Collins Avenue in Miami Beach, according to an online listing. Jamestown…

Aimco adds to Flagler Village dev site set for 3M sf mixed-use project

845 Northeast Fifth Terrace and two other unaddressed lots in Fort Lauderdale with Aimco’s CEO Wes Powell: Aimco added another parcel to its Flagler Village development site slated for a 3 million-square-foot project. Denver-based Aimco, through an affiliate, scooped up 1.7 acres of parking lots on the southeast corner of Northeast Ninth Street…

Duncan Hillsley fattens up rental portfolio with $25M bulk condo purchase in Sunrise

Duncan Hillsley Capital bulked up its South Florida rental portfolio with a $25.1 million acquisition of 143 units at a Sunrise condominium complex. An affiliate of the Boca Raton-based real estate investment firm now owns a majority of Sunrise on the Green, a 238-unit garden-style condo complex at 4001 North University Drive, according to records. The…

Keiser University sells pair of Fort Lauderdale office properties for $58M

Keiser University sold a pair of Fort Lauderdale office properties to its owner, Everglades College, in two deals for a combined $57.6 million. In the bigger of the two deals, an affiliate of Keiser University sold the 111,542-square-foot office complex at 1900 West Commercial Boulevard for $30.4 million, according to records. Everglades College assumed an existing…

AvalonBay pays $295M for two Miramar complexes

From left: Rockpoint’s Bill Walton, AvalonBay Communities’ Benjamin W. Schall and Timothy J. Naughton, and The Altman Companies’ Seth Wise with 11385 SW 30th Ct and 2750 SW 113th Ln: AvalonBay Communities bought two Miramar apartment complexes for a combined $295 million. AvalonBay purchased Altís Miramar at 11385 Southwest 30th Court for…

Bridge Industrial nabs $28M construction loan for facility near Ft Lauderdale airport

Bridge Industrial is moving quickly on its project on the former Park ‘N Fly property in Dania Beach. It scored a $28 million construction loan less than two months after scooping up the site Windsor, Connecticut-based Talcott Resolution Life Insurance provided the financing for Bridge’s planned logistics facility at 2200 Northeast Seventh Avenue between Fort…

JV scores $87M construction loan for West Palm Beach office projects

Seven months after unveiling plans to develop a new office building and renovate an existing one in downtown West Palm Beach, a joint venture secured an $87 million construction loan for both projects. New York-based Acore Capital provided the financing to Brand Atlantic Real Estate Partners and Wheelock Street Capital, according to records. The funds will go…

Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M

The Florida arm of Gatsby Enterprises is taking over a proposed office and retail project in Palm Beach Gardens after paying $17.5 million for a development site. Miami-based Gatsby FL, an affiliate of the New York-based real estate investment firm, bought a 7-acre site at 11200 RCA Center Drive from an entity managed by Palm Beach Gardens…

Developers of troubled West Palm resort project facing $61M foreclosure

The Banyan Cay Resort & Golf Club development is in deeper trouble, as a lender seeks to foreclose on the property after the alleged nonpayment of a $61 million construction loan. Dogged by four years of construction delays, the 150-room luxury hotel development’s partners allegedly failed to repay the loan by its July 1 maturity date, according to a July 16 lawsuit filed…

Coral Gables commission gives Allen Morris another chance for Ponce Circle project

The Allen Morris Company has another chance to amend its plans for a controversial development near The Plaza megaproject in Coral Gables. The city commission voted to postpone a decision on two ordinances that would allow a change in the property’s zoning to commercial high-rise, as well as to vacate a public alleyway that separates the assemblage. Coral Gables…

Developers score $65M construction loan for Flagler Village apartments

Midtown’s Alejandro Velez and Prospect Real Estate’s Michele Zahn, and Richard Zahn Sr. with rendering of Advantis Station: Midtown Capital Partners and Prospect Real Estate Group scored a $64.5 million construction loan for a multifamily project in Fort Lauderdale’s Flagler Village neighborhood. The joint venture plans to build the 252-unit Advantis…

Spurred by new-to-market firms, South Florida office rents hit record highs

In South Florida, asking more than $100 a square foot for premium office space could soon become the norm. Already, some new buildings in downtown areas have cleared that threshold, according to commercial brokers and recent quarterly reports. One Flagler, a 25-story Class A tower with 275,000 square feet of primarily office space in…

Miller Construction Completes Distribution Facility In Hialeah Gardens

Miller Construction Company delivered a $22.7-million distribution facility in Hialeah Gardens. The 103,000-square-foot warehouse project is a joint venture between Orlando-based Cadence Development Partners and New York-based Clarion Partners. Construction began in August 2021. Located 10910 NW 144 St., the tilt-wall shell structure is equipped with…

Miami may ask proposals to run historic Olympia Theater

The historic Olympia Theater and Tower’s uncertain future might finally be heading towards a positive resolution. The Miami City Commission is set to discuss today (7/28) whether to request proposals to continue the theater’s restoration and move forward with appointing a permanent operator. Also known as the Maurice Gusman Theater for the Performing Arts, the…

Historian Dr. Paul George offers insight into soaring housing costs in Miami

The rising cost of homes and rent and high inflation are nothing new for Miami, according to historian Paul George. South Florida has been through booms and busts before, with probably the most spectacular boom reaching its peak in 1925, he said. “It began a couple of years before that and then it collapsed in 1926. I keep looking at that trying to make some sense out…

Miami-Dade mayor ponders waste facility site

“Please, please, please keep the new facility out of Doral,” Odell Torres, a resident of the city, beseeched county commissioners prior to an unscheduled vote selecting the municipality as the location for a new county waste-to-energy facility to replace the 1982 existing plant in Doral reaching the end of its useful land. Now county Mayor Daniella…

Rezoning, redevelopment on tap for Freedom Park soccer complex

David Beckham and business partners Jorge Mas and Jose Mas are wasting no time in bringing solid plans forward to begin building Miami Freedom Park. What will become the new home to a Major League Soccer team’s stadium, along with a sweeping commercial park, hotel and new 58-acre public park, is the former Melreese golf course, on land owned by…

Hyatt Regency riverfront redevelopment on table

A high-profile riverfront property in the heart of downtown Miami is headed for a long-promised rebirth. The City of Miami owns the land that is home to the aging and dated James L. Knight Convention Center and its private partner next door, the Hyatt Regency Hotel. A new plan to build three new towers of mixed-use on the Miami River site is on the…

Billionaire-backed restaurant group buys Peacock Garden in Coconut Grove

The hospitality that owns the South Beach restaurant Mila bought the Peacock Garden cafe property in Coconut Grove, The Real Deal has learned. Mutiny on the Park, led by developer Ricardo Dunin and restaurateur Lalo Durazo, sold the commercial condo at what’s now the Hotel Arya tower for $9.5 million, or nearly $1,500 per square foot, property…

After overcoming construction delays, Esplanade at Aventura could fetch $200M, brokers say

After a pandemic-related work stoppage, lawsuits and contractor claims briefly crippled progress at Esplanade at Aventura, construction and leasing at the office-and-retail center at 19505 Biscayne Boulevard is back on track. But whether the mixed-use project will stay in the hands of developer Seritage Growth Properties remains to be seen. The New York-based…

Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project

Chicago-based Bridge plans a roughly 2.6 million-square-foot project on the southwest corner of Northwest 107th Avenue and Northwest 41st Street, according to the developer’s news release. The land is west of Miami International Airport and east of the Florida Turnpike ramps. The preliminary plan for the project, called Bridge Point Doral, is for six…

Bridge Industrial to Break Ground on Miami-Area Project

Bridge Industrial has received approval from the City of Doral to break ground on Bridge Point Doral, its more than 2.6 million-square-foot logistics center in Doral, Fla. Aaron Hirschl, vice president at Bridge, said in prepared remarks that the company plans to begin construction on the project later this month. The first building is expected to be delivered in…

WeWork won’t work: Firm backs out of lease at Doronin’s 830 Brickell

A rendering of the 830 Brickell office tower in the Brickell Financial District of Miami with WeWork CEO Sandeep Mathrani, Jonathan Goldstein of Cain International and Vlad Doronin of OKO Group: WeWork won’t lease space at 830 Brickell in Miami, after all. The co-working firm confirmed it opted out of its plan to open at the marquee office tower that is under…

Miami Office Leasing Slows in Q2

By the end of the second quarter of 2022, Miami’s office vacancy rate clocked in at 13.1 percent, according to CommercialEdge. Office leasing activity slightly decreased between March and June, but vacancy dropped 280 basis points on a year-over-year basis. The Miami office market has been performing slightly smoother than other gateway metros, such…

Snapbox picks up North Miami Beach self-storage facility from Dan Essig for $26M

Snapbox President and CEO Jake Rammage and the self-storage building at 15025 Northeast 18th Avenue: With a $26 million purchase in North Miami Beach, Snapbox Self-Storage is joining other national operators beefing up their South Florida portfolios. An affiliate of the Philadelphia-based firm, led by President and CEO Jake Rummage, bought a four-story self-storage…

Snapbox Pays $26M for North Miami Facility

Snapbox Self Storage has acquired a 110,000-square-feet facility in North Miami, Fla., for $26 million, according to the South Florida Business Journal. The seller of the Class A property at 15025 NE. 18th Ave. was Daniel Essig, a private owner and developer. Anna Siradze Hrdina, director of Acquisitions, led the transaction, which marks Snapbox’s 58th purchase.

Harbor drops $184.5M on Brickell apartments

Less than five months after scooping up a pair of downtown Miami rental towers in a record deal, Harbor Group International bought a Brickell multifamily property for $184.5 million. The Norfolk, Virginia-based real estate investment and management firm bought the 372-unit Miro Brickell at 251 Southwest 11th Street, according to a Harbor news release.

Harbor Group International Acquires Miro Brickell Apartments in Miami for $184.5M

Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two…

Major Food Group exits JV in Stern’s Miami condo tower

JDS Development’s Michael Stern and Major Food Group partner and co-founder Jeff Zalaznick with renderings of the project at 888 Brickell Avenue: Major is no longer. Major Food Group parted ways with Michael Stern’s JDS Development Group to co-develop the hotel-condo tower in Brickell… Major, a 90-story tower planned for 888 Brickell Avenue…

Witkoff, Monroe sued over alleged “crooked and secretive land grab” of Shore Club in South Beach

A former owner of the Shore Club in South Beach sued developer Witkoff and its financial backer on the project, Monroe Capital, alleging it was illegally cut out of its share of ownership in the oceanfront property through a “crooked and secretive land grab.” Read more Witkoff and Monroe Capital unveil major redevelopment plan for the…

Miami Beach voters to decide on controversial Peebles, Sternlicht office projects near Lincoln Road

Don Peebles and Barry Sternlicht with renderings of proposals to develop city-owned property in Miami Beach:  A pair of controversial office development proposals in Miami Beach are headed to a November referendum. City commissioners gave final approval for the two proposals — one by Don Peebles, and the other by Integra Investments that…

Office Rents In Miami Have Gone Parabolic, Reports Say

Office rents in Miami have been soaring at what appears to be an unprecedented pace, new reports say. The price increases have been so strong that the developer of the under-construction 830 Brickell office tower is buying out a lease with WeWork that was signed just three years ago. According to Commercial Observer, developers Oko Group…

Silicon Valley VC firm a16z opening office in Barry Sternlicht’s Miami Beach building

Silicon Valley venture capital firm Andreessen Horowitz will open an office at Barry Sternlicht’s Starwood Capital Group headquarters building in Miami Beach, as the city tries to attract new-to-market firms. Marc Andreessen and Ben Horowitz’s firm, also called a16z, took 8,000 square feet under a five-year lease at the Class A property at 2340 Collins Avenue…

BOOM! Andreessen Horowitz opening office in Miami Beach

Andreessen Horowitz, the Silicon Valley venture capital giant, is putting down stakes in the Miami area. The firm also known as a16z signed a five-year lease for a new office in Miami Beach and will likely be moving in by the end of the year. Andreessen is leasing a floor at the new Starwood Capital Group headquarters building at 2340 Collins Ave., taking in…

Off the lot: Miami-Dade auto dealership properties trade for $96M

Lithia CEO Brian DeBoer with the Largo Honda at 554 Northeast First Avenue in Florida City and the Esserman dealership at 10455 Northwest 12th Street in Doral: Lithia & Driveway revved up its South Florida real estate holdings by acquiring six Miami-Dade auto dealership complexes for a combined $96 million. The sales are tied to Medford, Oregon-based…

Law firm Sidley Austin inks record lease at Doronin’s 830 Brickell

Law firm Sidley Austin signed a record lease at the 830 Brickell office tower slated for completion this year. Chicago-based Sidley Austin took 60,000 square feet on three floors at OKO Group and Cain International’s office tower, according to a news release from the developers. This is the biggest new-to-market company lease in Miami’s urban…

Chicago’s Sidley Austin Law Firm Joins Mass Flight To Miami

Sidley Austin is the latest out-of-town firm joining the wave headed to South Florida. The international law giant inked a 60K SF lease at the favored 830 Brickell tower in Miami’s Financial Business District. This is the company’s first expansion out of its native Chicago and, according to a statement from 830 Brickell’s developers Wednesday, the largest new-to-market office…

OKO Group, Cain Sign 60 KSF Tenant at Miami Tower

After topping out the 55-story skyscraper last month, co-developers OKO Group and Cain International secured another tenant at 830 Brickell, a 640,000-square-foot office tower taking shape in Miami’s Brickell Financial District. Law firm Sidley Austin LLP inked a 60,000-square-foot lease and will occupy three floors at the 724-foot high-rise. The Miami office…

2.6 MSF+ Logistics Center Coming To Doral

Bridge Industrial (“Bridge”) announced it has received approval from the City of Doral to break ground on the company’s newest state-of-the-art South Florida logistics park: Bridge Point Doral. Situated on a prime 175-acre site in Doral, the Class-A industrial park will encompass more than 2.6 million square feet at full build out with an adjacent retail…

Bridge Industrial Pays $16M For Logistics Facility Dev Site Near Miami-Opa Locka Airport

Less than a month after scooping up a Dania Beach logistics facility development site, Bridge Industrial is embarking on another project farther south near Miami-Opa locka Executive Airport. The Chicago-based company plans to build the 409,189-square-foot Bridge Point Gratigny project just south of the airport and on the southwest corner of Northwest 135th St…

Photos: Artistic Murals Installed At 189-Unit Apartment Project On Former Wynwood Yard Site

The apartment complex that replaced Wynwood Yard has had artistic murals installed. The project is known as Wynwood Green, and topped off at 11-stories. According to a 2019 utilities agreement, it will include: 189 apartments; 6,043 square feet of retail; 9,829 square feet of full service restaurant; The parking garage will have 324 spaces. An affiliate of…

Miami’s economy ‘on fire’ despite other major cities’ financial slide

During an interview on “Mornings with Maria” Thursday, Miami Mayor Francis Saurez touted the revolutionary “ecosystem” that cryptocurrency has provided as the city continues to thrive in various economic sectors. FRANCIS SUAREZ: It’s on fire. Our tax base grew by 12% year over year. We’ve transferred over $2 trillion in assets under-managed…

Suffolk sues for $16M, alleging unpaid work at Shahab Karmely’s Hallandale Beach condo project

Suffolk Construction is suing the developer of the luxury condo project 2000 Ocean in Hallandale Beach, seeking at least $16 million in damages tied to allegedly unpaid work. The Boston-based general contractor is accusing the developer, an affiliate of Shahab Karmely’s New York-based KAR Properties, of breach of contract and of refusing to issue a certificate…

Pulte buys Plantation site for 86-townhome development

PulteGroup, the nation’s third-largest home builder, closed on a development site in Plantation for an 86-townhouse project dubbed Emory. The Atlanta-based builder paid $6.9 million for 6.7 acres at 777 American Express Way from affiliates of Miami-based TM Real Estate Group, according to Andrew Maxey, PulteGroup’s vice president of land…

Developers win initial approval to buy downtown Oakland Park land for mixed-use multifamily makeover

Falcone Group’s Art Falcone and Kaufman Lynn Construction’s Michael Kaufman with renderings of the Oakland Park redevelopment: Plans to redevelop part of downtown Oakland Park are moving forward, with the commissioners agreeing to sell about 4 acres of city-owned properties to a development team for $11.2 million. The Oakland Park City Commission…

Asana buys office, industrial properties in Fort Lauderdale’s Flagler Village

Roughly six months after it scooped up two marquee Flagler Village properties, Asana Partners is expanding its portfolio in the neighborhood with an office and industrial purchase. The Charlotte, North Carolina-based real estate investment firm paid $10 million for the building at 707 Northeast Third Avenue in Fort Lauderdale and the warehouse…

Related pays $48M for affordable senior housing complex in Boynton Beach

Related Group paid $48 million for a Boynton Beach apartment complex that is restricted to low-income senior residents. The Coconut Grove-based real estate company bought the Boynton Bay community on the southwest corner of Northeast Fourth Street and Northeast 20th Avenue from an affiliate of Delray Beach-based affordable senior housing developer…

Olara is latest residential high-rise development planned in West Palm Beach

New York City-based Savanna is the latest developer to reveal plans for a residential high-rise in West Palm Beach, where planned condos are proliferating in the waterfront Flagler Drive corridor. Savanna, a real estate firm that has made $5 billion worth of property investments throughout New York City’s five boroughs, is developing…

Palm Beach Breaks Record With Exuberant Retail Rent Hikes

If Miami’s Brickell is the new Wall Street then Palm Beach is Fifth Avenue. While Miami is dominating the office market with mind-boggling rent hikes, Palm Beach is taking the lead in retail growth — with a never-before-seen record of $27.74 per SF direct asking rates for Palm Beach County and a whopping $80 per SF for Palm Beach’s central business…

Steve Ross’ plan to redevelop oceanfront Deauville into Frank Gehry-designed project heads to Miami Beach voters

After securing the blessing of the majority of the Miami Beach City Commission, billionaire developer Stephen Ross’ proposal to build a two-tower residential and hotel complex on the site of the historic Deauville Beach Resort is heading to voters Nov. 8. Miami Beach Commissioner Kristen Rosen Gonzalez was the sole ‘no’ vote on the three resolutions…

Helm Equities Announces Plans for $300M Office Building in Miami’s Design District

Helm Equities has announced plans for Parterre 42, a $300 million office building that will occupy a full city block between NE 42nd and 43rd streets in Miami’s Design District. The 500,000-square-foot development will offer 80,000 square feet of functional outdoor space dispersed across each floor of the building with communal work tables, outdoor power and…

Helm Equities Launches $300M Miami Office Tower

Helm Equities, a division of NYC-based JEMB Realty Corporation, has unveiled plans for Parterre 42, a 500,000-square-foot mixed-use office and retail development in Miami. COOKFOX Architects will design the $300 million tower, marking the firm’s first high-rise project in the South Florida market. CBRE will oversee the leasing of the property. The project aims…

500K SF Office, Retail Project Coming To Miami Design District

Helm Equities unveiled a proposal to develop Parterre 42, a 500K SF high-rise with office and retail space in the epicenter of the Miami Design District. The $300M project is being designed by Cookfox Architects, a design firm known for its biophilic aesthetic and for creating indoor-and-outdoor working spaces, according to Bloomberg. Helm, an affiliate…

Miami’s CBD Is Getting Mind-Boggling Office Rent Increases – 42% Year-Over-Year. Thank Tech

For the first time in history, the average asking rent for office space in Miami skyrocketed to more than $50 per SF in Q2. Brickell is dominating the market — its 42% year-over-year rent increase surpassed Manhattan and Los Angeles, according to a JLL report. Migration of America’s top talent to Miami is the main factor driving high rents and making…

Ari Pearl, partners plan 700 apartments in North Miami Beach

Ari Pearl’s PPG Development wants to build an apartment complex on the Nova Southeastern University campus in North Miami Beach, The Real Deal has learned. The plan is for a roughly 700-unit, market-rate complex with indoor and outdoor amenities on the 8.8-acre site at 1750 and 1775 Northeast 167th Street, Pearl told TRD. Matt Press of EquiShares and…

Lions, Fortis Design propose 57-story apartment tower in downtown Miami

Lions Group NYC and its development partner propose a 57-story apartment tower on the site of a public parking garage along an I-95 ramp in downtown Miami. The Long Island-based firm and Miami-based Fortis Design + Build, want to build the 675-unit M Tower on an acre at 56 and 70 Southwest First Street, as well as at 65 Southwest Second Street…

Citadel’s Move to Miami Emblematic of Local Real Estate’s Transformation

It was recently announced in the news media that billionaire Ken Griffin is moving his $50 billion, 1,000-person hedge fund and trading firm – Citadel Securities – from Chicago to Downtown Miami. Citadel Securities is a giant in the financial services industry. Formed in 2002, Citadel Securities is the largest market maker on the New York Stock Exchange, providing…

Massive auto club plan promising 2,609 jobs reworked as Project iTECH

Miami-Dade is expecting the redevelopment of 160 acres at the Landmark property into a new mixed-use economic development project to include housing, light industrial manufacturing, education, recreation, and a new government center in the northwestern part of the county. Project iTECH is to be completed by developer 13 Pista LLC…  at 20000 NW 47th Avenue…

Beacon Council cites 108 active relocation or expansion projects

No companies have sought tax incentives to relocate here under the Miami-Dade Relocation and Expansion Incentives Program created by the county commission last year and led by the Beacon Council, but the county still has been able to attract new businesses and foster expansions. Recent announcements of relocations and expansions include A-Cap, Azamara…

County sets industry day for 20-acre downtown Miami project

Miami-Dade staff is still crafting a bid solicitation to be out in late July to redevelop over 20 acres of county-owned properties downtown, a spokesperson for the county’s District 5 confirmed to Miami Today. The county is to hold an industry day Aug. 9 to meet with companies interested in bidding on the project. Government agencies usually hold this type…

Freedom Tower heads to $25 million renovation

Miami Dade College’s $25 million state-funded renovation of its historic Freedom Tower will focus on urgent structural repair and is in design development with engineers and architects, said President Madeline Pumariega. The focus is on repairing pipes, improving water and sewer infrastructure and outside restoration. The building at 600 Biscayne…

Bridge Industrial Plans Miami Logistics Facility Near Opa-Locka Airport

Bridge Industrial has acquired 26 acres of land adjacent to the Miami Opa Locka Executive Airport in Miami, where it plans to build a 409,189-square-foot logistics facility called Bridge Point Gratigny. Completion is slated for early 2024. The developer purchased the site at NW 135th and NW 47th streets from AA Acquisitions. The site requires some environmental…

Resia scores $60M construction loan for workforce housing complex near Cutler Bay

Rendering of the Resia Old Cutler workforce apartment complex in south Miami-Dade County with Resia’s CEO and President Ernesto Lopes: Resia, a multifamily developer formerly called AHS Residential, scored a $60 million construction loan for a workforce housing complex in south Miami-Dade County. PNC Bank provided the loan for the Resia Old Cutler rental….

Habitat Group sells Little Havana apartments to LA investors for $15M

Habitat Group sold a recently completed Little Havana apartment project for $15 million shortly after offloading a Brickell redevelopment site for $23.5 million. Four entities managed by Richard Gerber, Brett Talla and David Talla bought East River Living, an eight-story building with 34 apartments at 39 Northwest Seventh Avenue in Little Havana, property…

Recession Threatens To Slow South Florida’s Booming Office Market

Office deals in South Florida appear to have slowed as companies reassess their growth strategies, a Colliers broker told the Business Journal. Mark Rubin, executive managing director of Colliers’ Boca Raton office, said some companies are rethinking their expansions due to inflation and a looming recession. “New office requests have been tempered a little bit,” Rubin…

Video: PwC Real Estate Deals Leader Tim Bodner Discusses Firm’s Midyear 2022 Outlook for Real Estate

2022 Midyear Outlook for Real Estate. The discussion includes forecasts for all the major commercial real estate sectors, future opportunities within the various sectors, and overall commercial property deal activity. The conversation digs into some of the changes due to and implications of disruptions in commerce in general over the past few quarters.

Video: Office Market Forecast with Moody’s Analytics’ Thomas LaSalvia, PhD

Thomas LaSalvia, PhD with Moody’s Analytics CRE joins America’s Commercial Real Estate Show to discuss predictions for office properties, central business district and suburban office property performance, and opportunities ahead for office investors.The post Video: Office Market Forecast with Moody’s Analytics’ Thomas LaSalvia, PhD appeared…

Bridge Industrial pays $16M for logistics facility dev site near Miami-Opa locka airport

Bridge Industrial’s Steve Poulos and an aerial of the development site, south of the airport in unincorporated Miami-Dade County: Less than a month after scooping up a Dania Beach logistics facility development site, Bridge Industrial is embarking on another project farther south near Miami-Opa locka Executive Airport. The Chicago-based company plans to build…

Feds slap Bal Harbour-based developer Eric Sheppard with PPP fraud indictment

A Bal Harbour-based developer who was close pals with an infamous Ponzi schemer allegedly stole nearly $900,000 from the U.S. government’s Paycheck Protection Program, also known as PPP, according to a recent federal indictment. Eric Sheppard, owner of WSG Development, is facing one felony count of wire fraud for allegedly submitting “false and…”

Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood

Rockpoint’s Bill Walton and Keith Gelb with the Shops at Mary Brickell Village, 1221 Brickell, and 911 Southwest First Avenue: Getting to the Brickell party early paid off big time for Rockpoint. The bustling mixed-use downtown neighborhood has become one of the key beneficiaries of the “we’re moving to Miami” craze. It’s attracting blue-chip real estate…

Caroline Weiss locked in legal conflict with daughter over $21M loan tied to massive Blue Lagoon development

Developer Caroline Weiss is locked in a mother-daughter feud that could unravel her plans for a massive mixed-use project in Miami’s Blue Lagoon. A vacant 7-acre waterfront assemblage on Northwest 7th Street and Northwest 48th Avenue is at the center of the family conflict. The site, which consists of three separate properties, has been owned by the…

“Forced and contrived”: Fisher Brothers’ Wynwood rental project strikes out with Miami board

Fisher Brothers’ proposal for an eight-story apartment building on a former Miami Rescue Mission site in Wynwood struck out with a Miami design review board. The New York City-based family owned development firm opted to defer its proposal and rework aspects of The Wynhouse project after members of the Wynwood Design Review Committee on…

Helm Equities, Gindi family want to plant 500K sf office/retail project in Miami Design District

As demand from new-to-market firms heats up in South Florida, Helm Equities is beefing up its plan for a giant office and retail project in the Miami Design District, six years after acquiring the development site. The New York-based real estate firm and its partner, the Gindi family, are proposing a $300 million mixed-use complex spanning 500,000 square…

MCSS Rebrands As Basis Industrial, Closes Major Acquisition In Medley

The former MCSS Self-Storage Development & Investment has rebranded as Basis Industrial and broadened its investment focus to include traditional industrial properties in high-value markets across the nation. In a one-week span, the vertically integrated real estate owner and developer completed a significant acquisition in Miami through its subsidiary BaySpace.

Fed’s Beige Book: Activity Grows, but More Slowly

Economic activity in the Southeast continued to grow but at a slightly slower pace in early summer, according to the Federal Reserve Bank of Atlanta’s new Beige Book compilation of anecdotes from business contacts. From mid-May through June, retailers reported healthy sales, and travel and tourism contacts said leisure travel remained strong and…

Northlink Capital buys Hallandale Beach Opportunity Zone site for $26M, plans mixed-use project

Fresh off winning approval for a Miami Beach condo project, Northlink Capital bought a Hallandale Beach development site for $26 million. An entity with the same corporate address as the New York-based real estate development and investment firm acquired the 1.5 acre-property at 900 South Federal Highway, records show. The buyer took out a $15.6…

Lauderhill fattens tax break for Le Parc, Vivian Dimond’s planned 330-unit multifamily development

Developer and broker Vivian Dimond won a bigger tax break to offset the increased cost of building Le Parc at Lauderhill, a planned 330-unit apartment development. The Lauderhill City Commission this week increased the maximum amount of property tax abatement over 10 years on the 9.9-acre Le Parc development to $9.1 million from $6.3 million.

Freshwater expands South Florida commercial portfolio with $16M Coconut Creek purchase

Looking to diversify its South Florida portfolio, Freshwater Group bought a Broward County mixed-use property for $15.7 million. In recent months, commercial investors like Freshwater have boosted their interest in acquiring retail sites in the tri-county region’s suburban submarkets, as both sectors have rebounded significantly since the height of the…

Triangle Services pays $17.5M for Fort Lauderdale industrial building

As South Florida’s robust industrial market continues to catch the interest of investors, an aviation services company paid $17.5 million for a Fort Lauderdale warehouse. Valley Stream, New York-based Triangle Services, through an affiliate, bought the 93,193-square-foot, fully leased building at 1600 Northeast 12th Terrace from an entity tied to Gregg Wallick’s…

FCP, Mill Creek pay $25M for multifamily dev site next to NSU in Davie

Mill Creek’s William MacDonald with FCP’s Alex Marshall, Esko Korhonen and Lacy Rice in front of rendering of the Modera Academical Village project: A joint venture between FCP and Mill Creek Residential bought a multifamily development site next to Nova Southeastern University’s campus in Davie. Chevy Chase, Maryland-based FCP and Boca Raton…

Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project

Developer Dan Catalfumo’s waterfront luxury condo development in Palm Beach Gardens will be branded Ritz-Carlton. The Catalfumo Companies project, formerly known as the Landing at PGA Waterway, will now be the Ritz-Carlton Residences, Palm Beach Gardens, the Palm Beach Post reported. It will consist of three six-story buildings with 98 units.

Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes

Extra Space Storage hit a double play with a $29.2 million acquisition of two self-storage complexes in West Palm Beach. Affiliates of the Salt Lake City-based self-storage real estate firm, led by CEO Joseph Margolis, bought a 56,307-square-foot self-storage facility at 401 North Military Trail for $12.4 million, records show. Extra Space Storage also paid $16.8 million for…

Developers pay $41.5M for bayfront condo towers dev site in West Palm Beach

Hines and Frisbie Group paid $41.5 million for the waterfront West Palm Beach development site for their planned South Flagler House luxury condo towers. Flagler Towers Project Dev bought the 3-acre property on the northeast corner of South Flagler Drive and Diana Place from Palm Beach Atlantic University, according to records. The buying entity took out a…

Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants

A rendering of One Flagler in downtown West Palm Beach and River Landing Shops & Residences in Miami with Related Companies Stephen Ross and Andy Hellinger and Coralee Penabad of Urban-X Group, developer of River Landing: GTCR, Diameter Capital Partners I One Flagler I Downtown West Palm Beach Stephen Ross’ One Flagler office tower…

Kolter pays $37M for golf course dev site proposed for 707 homes near West Palm Beach

Kolter Group paid $36.9 million for a former golf course near West Palm Beach that is proposed for redevelopment as a townhouse community. An affiliate of Kolter Land, Kolter’s residential land development arm, bought the 57.3-acre site on the northeast corner of Okeechobee Boulevard and North Haverhill Road from…

Ken Griffin’s South Florida state of mind: Citadel to open Palm Beach office

Ken Griffin continues storming into South Florida, with Citadel poised to take over the former Neiman Marcus building in Palm Beach. The Chicago-based hedge fund is setting up an office in the former 48,578-square-foot department store at 151 Worth Avenue, according to Bloomberg. In May, an affiliate of Jeffrey Camp paid $78 million for the three-story building…

RPT Realty buys Shops at Mary Brickell Village for $216M

RPT Realty picked up the Shops at Mary Brickell Village for $216 million, marking the latest major real estate deal in the Miami neighborhood. New York-based RPT Realty, through an affiliate, bought the retail at 900 and 901 South Miami Avenue, as well as at 911 Southwest First Avenue, from an entity tied to Rockpoint, according to records. The 200,000-square…

Miami-Dade may help renters in eviction court secure attorneys

Laurel Pizarro had difficulty navigating the legal process when she tried to fight her eviction from a Miami apartment in March. She looks back on her day in court as hardly a fair one: She went on her own, but her landlord had an attorney. Miami-Dade County is in the midst of an affordability crisis. Rent hikes in South Florida consistently outpace those in the….

Here’s what happens to renters after developer converts Miami apartment tower to condos

Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with rendering of The Elser Hotel & Residences: Prospective apartment tenants at Property Markets Group and Greybrook’s downtown Miami tower have restarted their housing search after the developer decided to instead sell the units as condos. The developers…

County defers study of Freedom Park impact on airport

Miami-Dade commissioners deferred a report analyzing the potential impacts to Miami International Airport from the Miami Freedom Park project, home to the Inter Miami CF soccer team, to be developed at the Melreese Country Club, right next to the airport. The mixed-use development includes a 25,000-seat soccer stadium, offices, restaurants…

OKO Group, Cain International Land $97M Construction Loan for Florida Tower

A joint venture between OKO Group and Cain International has secured $97.2 million in construction financing for One River, a new downtown Fort Lauderdale, Fla., luxury multifamily tower. The financing funding the construction of the 34-story tower encompasses two loans. The first is a senior construction loan provided by Bank OZK. The second is a…

Miami Multifamily Report – June 2022

Boosted by above-average job growth, Miami has one of the country’s tightest rental markets. As of April, rates were up by a whopping 24.6 percent year-over-year, earning Miami the top spot nationally in terms of annual rent growth. On a T3 basis, rates improved by 0.9 percent to $2,261, while the U.S. average hit $1,659, up 0.8 percent. Miami added 153,200…

Two-building Miami River project plans 593 units where trailer park stood

A major residential development along the Miami River received conditional approval from Miami’s Urban Development Review Board. River Rapids Partners LLC proposes the two-building River Rapids at 2750 NW South River Drive. The two-phase project is to consist of two multi-family residential buildings totaling 593 rental units and 862 parking…

The Related Group to Build Miami High-Rise Downtown

The Related Group is set to develop a 343-unit luxury condominium high-rise in Miami. The project also includes ROVR Development and BH Group. New York-based Madison Realty Capital has financed the project with a $76 million construction loan. The property is being designed by Sieger Suarez Architects and Meshberg Group, the latter being in charge of interior…

Miami again ranks as nation’s least affordable housing market, followed by LA, NY

Miami again topped the list of least affordable U.S. housing markets in July, ahead of Los Angeles and New York, according to RealtyHop. Even though the median home price in Miami fell slightly in July compared to June, to $600,000, the city remained the least affordable based on a projected median household income of about $45,000. That means the average…

Jimmy Resnick Acquires Kendall Shopping Center For $32M

The Resnick family has added another coveted piece of real estate to its extensive South Florida portfolio. Jimmy Resnick paid $32M for Kendall Marketplace, a 58K SF shopping center at 11531-11631 Southwest 88th Street, The Real Deal reports. Resnick, whose father — the late Abe Resnick — was a Miami Beach city commissioner and the founder of the Miami…

Lender sells foreclosed aviation maintenance site in Medley for $20M

Synovus Bank sold a foreclosed, defunct aviation maintenance facility in Medley to Terreno Realty for $20 million. An affiliate of Terreno, a publicly traded, San Francisco-based real estate investment firm led by co-founder, Chairman and CEO W. Blake Baird, bought the 6.7-acre industrial property at 8050 Northwest 90th Street, records show. The site includes a 55,000…

Mexican developer-led JV plans Brickell apartment tower

A joint venture consisting of two Mexican firms making their U.S. debut and a Miami-based partner is betting on Miami’s booming apartment market with plans for a 24-story tower in Brickell. Menesse International bought the development site at 143 Southwest Ninth Street from an affiliate of Miami-based Habitat Group for $23.5 million, according to the seller’s…

Miami Investment Volume Lowest Among Gateway Markets

Year-to-date through May, Miami’s office market has seen $490 million in office sales, according to CommercialEdge data. The metro’s investment volume has increased by $140 million only in May, while the average price per square foot fell by $42 to reach $325 per square foot at the end of the month. At the same point last year, the Magic City’s deal volume…

Berkadia Arranges $100M Construction Loan for Gardens Residence Apartments in North Miami, Florida

Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and…

Joe Carollo Takes Ball & Chain Lawsuit Ruling to U.S. Supreme Court

Joe Carollo has brought his legal dispute with Ball & Chain owners Bill Fuller and Martin Pinilla to the highest court in the land. Joe Carollo has brought his legal dispute with Ball & Chain owners Bill Fuller and Martin Pinilla to the highest court in the land. In October 2018, Ball & Chain owners Bill Fuller and Martin Pinilla filed a federal lawsuit against City of…

Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra

Cruise Yacht Opco I Plaza 100 I Fort Lauderdale Ritz Carlton’s luxury yacht service division Cruise Yacht Opco is moving its offices to the Plaza 100 building in Fort Lauderdale from Miami’s Coconut Grove neighborhood. Cruise Yacht Opco leased the entire penthouse spanning 17,000 square feet at the building at 100 Northeast Third Avenue, according to a news…

Doral, Miami Springs, Other Miami-Dade Municipalities Considering Annexation

Four municipalities in Miami-Dade County want to expand their boundaries and the proposition comes with plenty of controversy. The process is called annexation. It includes for example, a city expanding into unincorporated areas of Miami-Dade County. Miami Springs is interested in annexing county land. So is Doral. The Village of Virginia Gardens is too as […]…

Miami Beach commission to soon determine fate of Steve Ross’ plan to develop Deauville site into two-tower Equinox project

Miami Beach commissioners soon will determine whether billionaire real estate developer Steve Ross’ plan to redevelop the historic Deauville Beach Resort can head to voters in November. Ross, founder and chairman of New York-based Related Companies, is proposing a two-tower development of up to 375 feet tall with a 175-room Equinox hotel and 150 luxury condos…

Miami-Dade judge hits Codina Partners’ affiliate with $6M in damages

A Codina Partners affiliate is on the hook for $6.4 million in damages after a Miami-Dade judge found the developer wrongfully terminated Grycon, the general contractor that built the developer’s 5350 Park condominium project in Downtown Doral. On Tuesday, following a non-jury trial, Miami-Dade Circuit Court Judge William Thomas ruled against 5350 Park LLC…

Up in smoke? Comras loses bid to open medical marijuana dispensary

Real estate investor and developer Michael Comras lost his bid to open a medical marijuana dispensary in Miami’s MiMo Biscayne Boulevard Historic District. But he is not calling it quits — he will appeal to a higher authority. Comras, CEO of Miami Beach-based The Comras Company, and Elad Kohen’s The Flowery, a licensed medical cannabis provider in…

Developers score $76M construction loan for Airbnb-branded condos in downtown Miami

The developers of District 225, an Airbnb-branded condo project planned for downtown Miami, secured construction financing. Related Group, ROVR Development and BH Group received a $76 million loan from Madison Realty Capital, a New York-based lender, for the 37-story, 343-unit condo building at 225 North Miami Avenue. District 225 has been fully presold…

MSP Capital pays $50M for Davie office/warehouse complex

A Dallas-based real estate private equity firm scooped up an office/warehouse complex in Broward County for $50 million. An affiliate of MSP Capital Investments, led by co-founders and managing partners Murray McCabe and Max Lamont, acquired Pelican Bays at 4900-4990 Southwest 52nd Street in Davie, records show. MSP Capital paid $254…

Affiliated Development wins approval for Boynton rental project with workforce housing

Affiliated Development scored final approval for a mixed-use project with workforce housing in Boynton Beach. The Boynton Beach City Commission this week unanimously approved the city’s community redevelopment agency entering into a sale and development agreement with an Affiliated-tied entity for the site at 115 North Federal Highway. The project, called…

Media company buys office building near FAU’s Jupiter campus for $19M

From left: LRP Media Group’s Ken Kahn and Gladstone Commercial Corporation’s David Gladstone with 1395 University Boulevard: LRP Media Group bought an office building near Florida Atlantic University’s Jupiter campus for $19 million. Gladstone Commercial Corporation, through an affiliate, sold the four-story property at 1395 University Boulevard…

Jimmy Resnick joins South Florida shopping center buying spree with $32M Kendall purchase

A Miami Beach investor is the latest retail player to catch South Florida’s shopping center wave with a $32 million purchase in Kendall. An entity with ties to Jimmy Resnick bought Kendall Marketplace at 11531-11631 Southwest 88th Street, records show. The buyer obtained an $18 million loan from Professional Bank. The seller, El Tablon Investments, led…

SHVO to Develop 250,000 SF Office Building in Miami Beach

SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building…

Change of plans: Developer switches to condos from rentals at downtown Miami tower

A new downtown Miami rental tower will be sold as condos due to continued demand from buyers, The Real Deal has learned. Property Markets Group, led by Ryan Shear, Kevin Maloney and Dan Kaplan, and its partner Greybrook, plan to launch sales soon of The Elser Hotel & Residences at 398 Northeast Fifth Street, Shear said.

Omega scores $100M construction loan for North Miami apartments

Omega Real Estate Management scored a $100 million construction loan for the multifamily portion of its planned mixed-use The Gardens District project in North Miami. The nine-story apartment building, called The Gardens Residence, will have 358 units and 1,100 square feet of ground-floor retail at 1155 Northeast 126th Street, according to a…

Miami self-storage firm buys Medley industrial site for $38M

Looking to capitalize on demand from small warehouse tenants, a Miami-based firm specializing in self-storage facilities is expanding into industrial buildings with its recent $37.5 million purchase in Medley. An affiliate of Basis Industrial, formerly… Miami City Self-Storage, bought… 180,000-square-foot mixed-use site at 8600 Northwest South River Drive, Basis…

Northlink scores approval for condo project on Denny’s site in North Beach

New York real estate firm Northlink Capital plans to build a condo project with co-living on a Denny’s-anchored property in Miami Beach, where the previous developer had planned a mixed-use hotel. Northlink, led by Robert Rosenthal, secured approval from the Miami Beach Design Review Board on Tuesday for the proposed project at 7140 Collins Avenue in North Beach.

Avanti pays $181M for apartment building near Brightline’s MiamiCentral

The Estate Companies sold the Soleste Grand Central apartment building it developed near Brightline’s downtown Miami station for $181 million. Avanti Residential, a Denver-based investor and owner-operator of multifamily real estate, bought the 18-story, 360-unit building at 218 Northwest Eighth Street, according to the buyer…

Avanti Residential Buys Miami Apartments for $181M

Investor and lifestyle multifamily owner-operator Avanti Residential has acquired Downtown Miami’s Soleste Grand Central from seller The Estate Cos. The newly-built, luxury apartment community commanded a purchase price of $181 million. The acquisition marks Avanti’s fourth South Florida investment in the last 12 months, following its acquisitions in…

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from…

Lloyd Jones drops $92M for Little Havana apartments

Lloyd Jones expanded its South Florida multifamily portfolio with a $92 million acquisition in Miami’s Little Havana. Miami-based Premium Development sold First Apartments, a 194-unit building at 701 Southwest First Street, to Lloyd Jones, a multifamily and senior living-focused real estate firm also based in Miami, according to a press release…

Movers & Shakers: Self-storage giant SROA names new COO

From left: SROA Capital’s Kenneth Speegle, PropertyForce’s Charles Grau, and Katz & Associates’ Allan Carlisle: SROA Capital, a West Palm Beach-based private equity firm that invests in self-storage facilities under the brand Storage Rentals of America, appointed Kenneth Speegle as its new chief operating officer. Speegle joins the firm from Extra Space…

Location Ventures completes Villa Valencia condo project in Coral Gables

Developer Rishi Kapoor’s Location Ventures completed Villa Valencia, a luxury Coral Gables condo project that’s been four years in the making. Villa Valencia, a 13-story, 39-unit building at 501 to 525 Valencia Avenue is 95 percent sold with $100 million in closings so far. Three units are left, including a $14.9 million penthouse and two units averaging about…

City board tells Freedom Park to break up vast 4,900-car garage

Miami Freedom Park, which will rise next door to Miami International Airport and be home to the Inter Miami CF soccer team, has earned its first of many needed City of Miami approvals from the Urban Development Review Board. The board was presented the first site plans and new renderings for Miami Freedom Park, which when completed is to…

Industrial Real-Estate Developers Are Hot On Cold-Storage Warehouses

Industrial real-estate developers have been stepping up building cold-storage warehouses in the U.S. without tenants lined up for the space, betting that pandemic-driven changes in the way consumers buy groceries and meals are here to stay. Nearly 3.3 million square feet of refrigerated warehouse space was under construction through the second quarter…

CP Group, DRA Advisors buy Miami Tower for $164M

CP Group and DRA Advisors teamed up to buy Miami Tower, a landmark downtown office skyscraper at 100 SE 2nd Street known for its color-changing LED exterior, for $60 million less than its owner paid six years ago in a bet that the recent rush of major employers to South Florida will continue. A source close to the deal said the joint venture paid $163 mil…

CP Group, DRA Advisors Acquire 47-Story Office Tower in Downtown Miami

A joint venture between CP Group and DRA Advisors has purchased Miami Tower, a 47-story office tower located at 100 SE Second St. in downtown Miami. The seller is USPO Miami LLC, an entity established by Sumitomo Corp. of America, which purchased Miami Tower in 2016. The sales price was not disclosed, but South Florida Business Journal reports the tower…

CP Group, DRA Advisors Buy Miami Tower

CP Group has partnered with DRA Advisors to acquire one of the most recognizable office buildings in downtown Miami. The joint venture purchased the 636,000-square-foot Miami Tower from Sumitomo Corp. for $163.5 million, according to CommercialEdge information. Cushman & Wakefield’s Dominic Montazemi represented the seller.

Oak Row Equities plans 400-unit apartment, office tower in Edgewater

Oak Row Equities, the developer and private equity firm that until recently was known as Carpe Real Estate Partners, is planning a roughly 40-story apartment and office tower in Miami’s booming Edgewater neighborhood. The newly renamed firm, led by founders Erik Rutter and David Weitz, purchased the 2-acre site between Northeast Second Avenue and…

Mortgage rates falling back toward 5%

Suddenly, a 5.3 percent mortgage seems low. That was the average rate on a 30-year, fixed-rate mortgage this week, the Wall Street Journal reported. The average rate was a significant drop from last week, when Freddie Mac had the average rate at 5.7 percent, and mid June, when it surpassed 6 percent. Still, it is much higher than at the beginning of the year…

Sunrise investors buy South Miami retail building for $19M

A trio of Sunrise-based investors paid $18.5 million for a South Miami retail property, three months after selling a downtown Miami office building to Aby Rosen’s RFR Realty. An entity managed by Robert Balogh, Cara Balogh and Orli Teitelbaum bought The Crossroads, a 34,901-square foot building at 5700 Sunset Drive that was completed in 1955, records show. The deal…

Miami Development – The Gardens Residence – Lands $100M in Financing

Omega Real Estate Management has secured $100 million in financing for the development of The Gardens Residence, a 358-unit community in Miami. Churchill Real Estate provided the construction loan and North Miami CRA provided $15 million in subsidies. Berkadia arranged the financing. The project is set to break ground this month. Ten percent…

Miami Office Development on the Right Track

As of May, Miami’s office development pipeline reached 5.6 million square feet, according to CommercialEdge data. Month-over-month, the pipeline expanded by roughly 200,000 square feet. The Magic City’s office market has seen been expanding during the last 12 month. In May 2021, the metro’s pipeline reached merely 2.6 million square feet, representing 3.8 percent…

Miami’s Office Vacancy Drops 2.8% Year-Over-Year

As of May, Miami’s office vacancy hit 13.1 percent, down 280 basis point year-over-year, according to CommercialEdge data. The national average vacancy rate clocked in at 15.4 percent that month, virtually unchanged year-over-year. The Florida metro registered one of the largest drops in vacancy on a year-over-year basis across all markets and the largest…

Doronin’s OKO, Cain score $97M construction loan for downtown Fort Lauderdale rental tower

OKO Group’s Vlad Doronin and Cain International’s Jonathan Goldstein along with the development site at 629 Southeast Fifth Avenue in Fort Lauderdale, Vladislav Doronin’s OKO Group and partner Cain International scored a $97.2 million construction loan for an apartment tower planned south of the New River in quickly redeveloping downtown Fort Lauderdale.

SobelCo wins approval for 67-unit townhouse project in Dania Beach

Dania Preserve SobelCo won rezoning and site plan approval for Dania Preserve, a 67-unit townhouse development in Dania Beach on a 12-acre site just west of I-95. The Dania Beach City Commission voted Tuesday to rezone the development site, which currently has one house, at Southwest 31st Avenue and Griffin Road, from “estate residential” (E-1) to…

Newgard Lands $170M for Miami Condo Project

Newgard Development Group has secured $170 million in financing for Lofty Brickell, a luxury condominium community in Miami. 3650 REIT provided the construction loan and also originated one for the land acquisition last year. Eighty percent of the property’s inventory is under contract and construction is set to break ground in the fourth quarter…

Festival Flea Market Mall in Pompano Beach to be replaced with warehouses

A developer and warehouse operator won approval from the Pompano Beach City Commission to replace the Festival Flea Market Mall with about 470,000 square feet of warehouse space. North Miami-based IMC Equity, led by owner and CEO Yorham Izhak, is working with Atlanta-based IDI Logistics to demolish the Festival Flea Market Mall on the southeast…

River Oaks picks up Delray Beach shopping center for $26M

Count River Oaks Properties among the retail real estate investors feasting on grocery store-anchored shopping centers in South Florida. The El Paso-based firm, led by founder and Chairman Gerald Rubin, paid $25.5 million for Shop Delray at 8918 Atlantic Avenue in Delray Beach, according to a press release. Anchored by Joseph’s Classic Market, the 33,000-square…

Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate

Kaufman Lynn Construction sold its Palm Beach County headquarters for $10.3 million, but is staying put. An entity managed by Kaufman President and CEO Michael Kaufman sold the 22,000-square-foot, single-tenant office building at 3185 South Congress Avenue in Delray Beach, records show. The buyer, J.J.D. Associates of Palm Beach, an entity tied to Westmount…

Pebb JV buys Boca Raton office complex for $30M

Pebb Enterprises tripled its office holdings in a Boca Raton business park with a $29.8 million joint venture acquisition. The Boca Raton-based private equity real estate firm, led by CEO Ian Weiner, and Greenwich, Connecticut-based Contrarian Capital Management acquired Meridian Office Center at 6551 and 6601 Park of Commerce Boulevard, according to…

Tortoise Properties nabs $89M construction loan for downtown West Palm apartments

Tortoise Properties scored an $88.5 million construction loan for a multifamily project in downtown West Palm Beach. The real estate investment firm plans a pair of eight-story buildings with 264 units at 740 and 840 North Dixie Highway, according to Tortoise’s news release. Larkspur, California-based Acore Capital is…

Arnaud Karsenti’s 13th Floor, Wexford propose 25-story apartment tower in downtown West Palm

13th Floor’s Arnaud Karsenti and Wexford’s Joseph Jacobs and Philip Braunstein with rendering of The Residences of Palm Beach West: Arnaud Karsenti’s 13th Floor Investments and Wexford Real Estate Investors want to build a 25-story apartment building with a grocery store in downtown West Palm Beach. The 372-unit Residences of Palm Beach West project…

Forest Development, Royal Palm nab $269M condo construction loan

A joint venture between Forest Development and Dan Kodsi’s Royal Palm Companies scored a $269 million construction loan for a waterfront condo project in Palm Beach County’s Lake Park. Boca Raton-based Forest Development recently partnered with Miami-based Royal Palm on the two 24-story…

Griffin’s Citadel seen behind record $363 million Miami land purchase

Ken Griffin’s plans to shift Citadel’s headquarters to Miami from Chicago gained momentum months ago with a record-breaking acquisition on the South Florida waterfront. Griffin and his company were behind the $363 million purchase of a 2.5-acre vacant site at 1201 Brickell Bay Drive, according to people familiar with the matter, who asked not to be…

Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos

Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures) Coral Gables is poised to get more development. Codina…

Lenders dole out $320M in construction financing for Brickell, Miami Worldcenter condo towers

Newgard’s Harvey Hernandez, Lalezarian Properties’ Kevin Lalezarian and the Lofty Brickell and Miami World Tower projects: Developers for a pair of condo projects in Brickell and downtown Miami nabbed construction financing totaling $320 million. Coconut Grove-based 3650 REIT lent $170 million for the construction of Lofty Brickell, a 44-story condo tower…

A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis

Marcia Fudge, U.S. Secretary for Housing and Urban Development, swooped into Miami on Tuesday, and declared the city ground zero of the nation’s housing crisis. Local residential real estate experts somewhat agreed. “I decided I was going to Miami, to the epicenter of the housing crisis in this country,” Fudge said during a tour of Related Group’s Liberty Square…

Fruchtlanders pay $61.5M for apartment complex near Zoo Miami

The Fruchtlanders’ FBE Limited bought an apartment community near Zoo Miami for $61.5 million, marking the family’s expansion in South Florida’s multifamily market. New York-based FBE Limited bought the 316-unit The Park at Sheffield at 15601 Southwest 137th Avenue in unincorporated Miami-Dade County, near Kendall, according to broker Tal…

Competition For Industrial Real Estate Around Ports Heats Up. Leading the Port Markets Is Miami.

Industrial real estate has been the one of the most sought-after property types nationally, leading to record low vacancies and increased competition among investors and tenants. When it comes to selecting a market for industrial investment, port markets are emerging as the safe bet for investors to park capital due to the positive rental growth…

Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries

Michael Comras and Marc Roberts with Google Street View of the properties at 60 Northeast 11th Street, 6901 Biscayne Boulevard, 2222 Northwest Fifth Avenue and 172 West Flagler Street all in Miami: South Florida real estate investors and developers Marc Roberts and Michael Comras are the first to push for medical marijuana stores in Miami, after the city’s de-facto ban…

Arrival of Tri-Rail in downtown Miami stalled, leader spreads blame

Arrival of Tri-Rail in downtown Miami remains delayed from a previously announced November date as the South Florida Regional Authority (SFRTA), Brightline and FEC Railway seek agreement on the need for a new dispatch desk and begin training staff to run the trains. Steven Abrams, executive director of SFRTA, said FEC Railway, which owns the tracks, is requiring…

As imports rise, PortMiami expects 3% cargo increase

PortMiami cargo has been growing after Covid-19 slowdowns and is expecting a conservative increase rate of 3% year-over-year as demand for all types of imported commodities continue to increase and new trends leverage closer manufacturing regions and avoid international conflict. Last year, PortMiami recorded a cargo performance high of 1,254,062 TEUs…

Lehman Dealership group sold to national Lithia and Driveway

Lehman Dealership Enterprises, a family-owned business with over 80 years in South Florida’s market, just sold its automotive business to Lithia & Driveway, one of the largest automotive retailers in the nation, headquartered in Oregon. “We’re very eager to expand [and] to serve customers in Florida, and within Florida, the Lehman group is regarded…

Vizcaya restoration dooms former science museum

Say goodbye to the former Miami Science Museum. In another step toward restoration of county-owned Vizcaya Museum and Gardens set to begin next month, the former science museum and planetarium building will fall. The first phase consists of tearing down the non-historic buildings on the site of Vizcaya’s farm village west of Bayshore Drive and building an…

Russell Galbut buys dev site near Five Park in South Beach, plans hotel

Russell Galbut’s GFO Investments picked up a hotel development site in South Beach, steps away from the Five Park condo tower the firm is co-developing with Terra. An affiliate managed by executives of Miami-based GFO paid $5.7 million for the two-story, 12-unit apartment complex at 1030 and 1050 Sixth Street, records show. The city of Miami Beach last year…

Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract

Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect) Rishi Kapoor’s Location Ventures proposes a 16-story condominium in Coral Gables, marking continued redevelopment in the city. Location…

Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price

Rockpoint sold a Brickell office tower for $286.5 million, marking a record for South Florida office deals since 2016. Boston-based Rockpoint sold the 28-story building at 1221 Brickell Avenue in Miami to a Delaware-registered entity led by Randall Davis and listing a Palm Beach address, according to records. The deal follows another mystery entity…

Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report

Miami’s industrial market, which includes all of Miami-Dade County, is the nation’s top performer for annual rent growth, according to a JLL report. Year-over-year, the Miami industrial market experienced a 53 percent jump in rent, more than Los Angeles, which had the second highest rent hike at 45 percent, and New York/New Jersey, which had the fourth highest…

Year since deadly collapse marked by condo reforms, new development in Surfside

Susie Rodriguez has difficulty accepting that a new building will soon stand in place of her former home, Champlain Towers South, which collapsed a year ago, killing her friends and neighbors. “It will be very strange to see another building there,” said Rodriguez, who was not in her condo during the tragic event last summer. “I don’t think I can ever…

OKO Group, Cain Top Off 55-Story 830 Brickell Office Tower in Miami

OKO Group and Cain International have topped off construction at 830 Brickell, a 55-story office tower underway in Miami’s Brickell Financial District. The 724-foot building is the first standalone office tower to break ground in Brickell in over a decade, according to the developers. Project partners include general contractor Civic Construction, architectural…

Miami’s 830 Brickell Tops Out

OKO Group and Cain International are developing the first Class A office tower in the city’s urban core in more than a decade. Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be built in the urban core in more than a decade, at 55 stories and 724 feet as it nears completion later this year. Developed by OKO Group and Cain…

Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M

Pebb Capital and LeaseFlorida sold a renovated, historic hotel in Miami Beach for $43.9 million, a month after selling an adjacent retail space for nearly $18 million. An affiliate of Spot On Ventures, an Osterville, Massachusetts-based real estate firm specializing in hotels and restaurants, acquired the Hampton by Hilton at The Continental at 4000 Collins Avenue…

Blackstone’s Link Logistics pays $291M for Calder’s horse racing track

Blackstone’s subsidiary Link Logistics paid $291 million for Calder’s former horse racing track and surrounding property, with plans for an industrial complex and movie studios in Miami Gardens. The New York-based company purchased the 115.7-acre site at 21001 Northwest 27th Avenue from an affiliate of Calder Casino’s parent company, Louisville…

EverWest buys Hialeah Gardens industrial building for $43M

EverWest Real Estate Investors’ Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens: EverWest Real Estate Investors bought a newly built warehouse in Hialeah Gardens for $43.2 million, continuing its buying spree in South Florida. Denver-based EverWest bought the 164,298…

Miami nabs another big name as Citadel’s Griffin shifts HQ

Miami nabbed another deep-pocketed hedge fund billionaire – and his business. Citadel founder Ken Griffin, the wealthiest resident of Illinois, is moving his family and corporate headquarters to Miami from Chicago, multiple news outlets reported, citing a letter to employees. Griffin has long criticized Illinois Gov. J.B. Pritzker, a Democrat, and lashed out at…

Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road

Controversial proposals to build offices in Miami Beach near the city’s famous Lincoln Road passed another hurdle on Wednesday. The Miami Beach City Commission voted 5-1 to approve a slew of items needed for the proposals to proceed. Vice Mayor Kristen Rosen Gonzalez cast the sole dissenting vote after hours of heated debate with the rest of the…

Steve Ross’ plan to redevelop historic Deauville resort in Miami Beach advances

Billionaire developer Steve Ross is one step closer to achieving his goal of buying and redeveloping the historic Deauville Beach Resort property in Miami Beach. Ross, founder and chairman of the Related Companies and owner of the Miami Dolphins, has an agreement with the Meruelos, the controversial owners of the Deauville, to buy the hotel for an…

Miami leads nation in rent hikes — again

If rising rents were a race, Miami would be crushing the competition. Miami rents climbed 45.8 percent in May compared to last May, according to a newly released report from Realtor.com. Miami’s annual rent growth was a stand-out; its closest rival was Orlando at 28.4 percent. Nationwide, rents increased an average of 15.5 percent. The latest data on Miami…

Developers plan Lauderhill mixed-use, multifamily development with 245 units

Developers plan a Lauderhill rental project that may include affordable housing. The Lauderhill City Commission on Monday approved 441 Arthouse, a mixed-use development on U.S. 441 with 245 units and 10,000 square feet of commercial space. Hollywood-based developer Matthew Jacocks said the units will include at least four two-story townhouses…

Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices

Google Street View of the properties at551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings) Billionaire Carl DeSantis’s CDS International Holdings bought a Bank of America-leased property in Delray Beach for $25 million. CDS International, based…

Cottonwood buys Pompano Beach apartment complex for $95.5M

From left: Harbor Group International’s Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential’s Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach: Cottonwood Residential bought a Pompano Beach apartment community for $95.5 million, marking unceasing investment appetite for South Florida…

Estate Companies’ Pompano Beach, Hollywood apartment projects advance

From left: The Estate Companies’ managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard: The Estate Companies is moving forward with two Broward County multifamily projects. The South Miami-based company scored final approval for a 253-unit Pompano…

Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar

An exodus of tenants and diminished net cash flow could spell trouble for the owner of Pembroke Lakes Mall, which is saddled with a $260 million interest-only loan that is due in two years, according to a recent Morningstar report. New York-based Brookfield Properties acquired Pembroke Lakes Mall in 2018 when the firm bought shopping mall…

First Industrial picks up Pompano Beach manufacturing facility for $25M

First Industrial Realty Trust scooped up a Pompano Beach manufacturing building for $25 million, marking continued investor appetite for South Florida’s industrial market. Chicago-based First Industrial purchased the 113,610-square-foot building on 8.4 acres at 1801 North Andrews Avenue, and leased it back to the seller, according to a news release from the sell…

Starwood sells UM-leased medical office building in Plantation for $46M

Starwood Capital Group sold a Plantation medical office building fully leased to the University of Miami Health System for $45.5 million. An affiliate of Anchor Medical Properties, a Charlottesville, Virginia-based real estate investment firm, bought Crossroads III, a 101,851-square-foot Class A medical office building at 8100 Southwest 10th Street, records…

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Avenue in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price…

Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach

Developer Michael Shvo’s plans for a Norman Foster-designed Class A office project on Alton Road moved forward on Tuesday, after a Miami Beach board voted in favor of transferring city land to the developer. Shvo’s proposal…  250,000-square-foot development on the site of the long-shuttered Epicure…  at 1656, 1664, 1676 and 1680 Alton Road…

Robert Wennett sells warehouse complex near Miami Produce Center for $11M

Robert Wennett sold a warehouse complex near his Miami Produce Center redevelopment site in Miami’s Allapattah for $10.5 million. An affiliate of Accesso Partners bought the 35,908-square-foot, multi-tenant industrial warehouse at 1335 Northwest 21st Terrace, according to a press release. The deal breaks down to $292 per square foot…

Lease roundup: The Gateway at Wynwood scores three new tenants

Ripple, Victory Polymers I The Gateway at Wynwood I Miami R&B Realty Group scored three new tenants at its Gateway at Wynwood office building. Victory Polymers, a Houston-based provider of Spray Polyurethane Foam insulation products, took 4,000 square feet at the 13-story building at 2916 North Miami Avenue, R&B said in a news release. San Francisco-base…

Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Allapattah

A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th Street in…

Miami-Dade urges feds to push down loan interest on farmland

County commissioners are urging the Biden administration and the US Department of Agriculture to act to lower interest rates on loans for the purchase of land for agricultural use. The request came only one day before the Feds announced a record .75 percentage point increase in interest rates to slow the economy and put brakes on inflation. A resolution sponsored…

60-story residential tower for Edgewater rejected

In a rare move, Miami’s Urban Development Review Board has rejected a 60-story mixed-use residential tower proposed for Edgewater. On a vote of 5 to 1, the board voted to recommend denial of the project to the city’s planning director. Board members voiced many concerns regarding the planned traffic and pedestrian circulation of the planned skyscraper…

Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami

Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s…

JDS Development Group Receives Construction Financing for 64-Story Southside Park Mixed-Use Tower in Miami

JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the…

Success of Miami hotels a barrier to international groups

International group travel to Miami is facing the challenge of high room rates caused by the area’s success as a leisure destination. High prices for hotel blocks in the travel group business and long delays in visa processing are slowing growth of sales for international groups, says David Whitaker, president and CEO of the Greater Miami Convention & Visitors Bureau.

Town of Surfside sued after approving project next to aging condo building

The town of Surfside is facing a lawsuit over its approval of a luxury oceanfront development next to the aging Carlisle on the Ocean condos, reflecting fears of construction near old buildings that have rippled through the community in the year since the deadly collapse of Champlain Towers South. Shannon Gallagher, a Carlisle…

Preservation board approves NY developers’ South Beach office project

Developers Sumaida + Khurana and Bizzi & Partners can move forward with their Miami Beach office project after receiving the green light from the city’s historic preservation board. The joint venture between the two New York-based firms is planning a five-story office building with 3,125 square feet of ground-floor retail…

Miami board OK’s Beckham stadium design, complex master plan

David Beckham’s proposed Major League Soccer stadium and surrounding mixed-use development just cleared another hurdle. The Miami Urban Development Review Board on Wednesday approved designs for the 25,000-seat stadium and nearly 5,000-car parking garage, as well as the master plan for the broader project, which includes a hotel, offices and a public…

Miami board rejects Aimco’s proposal for waterfront Edgewater tower

It’s back to the drawing board for Aimco, after a city of Miami board denied recommending approval of its plans for a luxury rental tower in Edgewater. Miami Urban Development Review Board members voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower, after finding a number of “major issues…”

What are fiduciary duties?

Business partners, key employees and shareholders all have certain obligations and requirements they owe to one another, and to a business. Basically, all of these individuals commit to making decisions that first and foremost benefit the company, without regard to the potential impact that it may have on them personally. In short, this means that they are…

Swire, Stephen Ross’ Related plan Florida’s tallest commercial tower in Miami’s Brickell

For the second phase of Brickell City Centre, Swire Properties is teaming up with Stephen Ross to build one of the tallest towers in the Sunshine State. Swire, led by President Kieran Bowers, and Ross’ Related Companies announced a joint venture to develop One Brickell City Centre, an office tower that will rise 1,000 feet at 700 Brickell Avenue and 799 Brickell…

Ugo Colombo’s CMC and Morabito land $65M construction loan for Bay Harbor condos

Ugo Colombo’s CMC Group and Morabito Properties nabbed a $64.5 million loan to complete construction of a waterfront luxury condominium in Bay Harbor Islands. Bank OZK provided the financing for the joint venture’s Onda Residences, a planned 41-unit, eight-story development at 1135 103rd Street, according to an emailed statement from Colombo, Miami-based…

Ares Management Pays $62M for 2 Miami Industrial Assets

Ares Management Real Estate has acquired Building 18 and Building 22, two industrial facilities under construction within Countyline Corporate Park in Hialeah, Fla., for a combined $62 million, according to Miami-Dade County records. The 360,845-square-foot Building 18 traded for $37 million, while the 213,907-square-foot Building 22 changed hands for $25 million…

Developer switches office park plan in Pembroke Pines to mixed-use apartment project

TPA Group plans to build a mixed-use project with 350 rental apartments around its ongoing office development in Pembroke Pines. City commissioners voted Wednesday to rezone the 25-acre Edison Pembroke development site between I-75 and 145th Avenue just south of the Shops at Pembroke Gardens. Atlanta-based TPA Group has built a three-story…

Investor drops $31M for North Lauderdale shopping center

A North Miami Beach investor beefed up his South Florida retail portfolio with a $31 million purchase of a Broward County shopping center. Two entities managed by Alberto Dayan bought Arena Shoppes at 7296 West McNab Road in North Lauderdale, records show. The entities obtained a $20.7 million mortgage from FirstBank Puerto Rico. Paul Ahmed…

Goodbye Park ‘N Fly: Bridge Industrial pays $20M for site of planned logistics facility near Port Everglades

Bridge Industrial plans a logistics facility between Fort Lauderdale-Hollywood International Airport and Port Everglades, marking the company’s unceasing investment in South Florida’s industrial market. The Chicago-based company paid $20 million for the 22.4-acre property at 2200 Northeast Seventh Avenue in Dania Beach in an off-market deal…

Trion enters Miami-Dade with $87M multifamily purchase

Trion Properties made its Miami-Dade County debut with the $87.3 million purchase of a rental complex in the Fontainebleau neighborhood, marking unwavering investment appetite in the multifamily market. Trion, based in Miami and West Hollywood, California, bought the 294-unit Art 88 at 8855 Fontainebleau Boulevard, according to a Trion news release. The…

The Top 5 Office Projects Under Construction in Miami

Miami’s business-friendly environment, rapid population growth and attractive climate act as a catalyst for office investment and development in the metro. According to CommercialEdge data, the active pipeline included some 2.4 million square feet of office space across 18 properties as of June. Construction activity was concentrated in Miami’s Brickell…

Mortgage rates flirt with 6%, but silver linings exist

After reaching record-breaking lows during the pandemic, mortgage rates have been climbing at a similarly historic pace this year, worrying brokers and especially buyers. This week, rates reached another milestone. The average 30-year fixed mortgage rate throughout the U.S. exceeded 6 percent Monday, just two months after breaching the 5 percent barrier. Also on…

Doubling up: Ares pays $62M for two Hialeah industrial buildings under construction

Ares Management made a $62 million double play in South Florida’s industrial market, picking up a pair of Hialeah warehouses under construction. An affiliate of the Los Angeles-based global alternative investment manager paid $37 million for a 9.6-acre site at 410 West 104th Street, and $25 million for an adjacent 10.2-acre parcel, according to…

TM Real Estate parts with Miami Gardens office building Washington Square

TM Real Estate sold an office building in Miami Gardens that houses the Youth and Family center nonprofit. The Coral Gables-based investment group sold the 72,407-square-foot office building at 111 Northwest 183rd Street for $6.1 million, or $84 per square foot, records show. Washington Square GP Management, which is managed by Zachary Preminger…

Office Construction Activity on the Rise in Miami

In April, Miami had the third largest relative office construction pipeline in the nation, according to CommercialEdge data. By the end of the month, the Florida metro had 5.4 million square feet under construction, more than double its pipeline in April 2021, when the total stood at 2.4 million square feet. Miami’s office development activity has seen a noticeable uptick…

Boymelgreens score construction loan for condo project in Mid-Miami Beach

The Boymelgreens scored a $35.5 million construction loan for their planned boutique condo development in Mid-Miami Beach, The Real Deal has learned. JP Roosevelt, an entity led by Sarah, Menachem and Levi Boymelgreen, secured the financing from BridgeCity Capital. The developer plans to break ground this month on the eight-story, 50-unit project…

Michael Stern’s JDS lands $86M loan for planned mixed-use Brickell high-rise

New York and Miami developer Michael Stern secured an $86 million loan for his planned mixed-use Brickell tower called 1 Southside Park. New York-based Maxim Capital Group provided the acquisition and construction financing to Stern’s JDS Development Group, according to a press release. The 64-story tower, between Southwest 11th and 12th streets and…

Block Capital sells two Wynwood buildings for $19M

Block Capital Group sold a pair of warehouses converted to offices in Miami’s Wynwood for $18.7 million. An affiliate of WellMeaning Investments, a Miami-based family office led by CEO Eduardo Pelaez, bought the two buildings at 100 Northeast 28th Street and 85 Northeast 27th Street, according to records. The properties have a total of 23,247 square…

Miami OKs Miami Freedom Park site for its office tower

The Miami City Commission took a major step toward a new city government office building to replace the Miami Riverside Center downtown over strong objections of Commissioner Manolo Reyes. On a 4-1 vote June 9, the commission selected city-owned property at 1550 NW 37th Avenue for the new building, right next door to the new Miami Freedom…

Tower by tower, Edgewater skyline soars higher

Transformative high-rise towers are changing the Edgewater neighborhood, with more to come as demand for luxury residences continues to grow. Residential real estate developer Melo Group, which built Edgewater projects like 22 Biscayne, 22 Skyview, Bayhouse, 25 Biscayne, Second Plaza, 25 Mirage and Urban 22 – all luxury condos…

Revealed: One Brickell City Centre Supertower Redesigned, Construction In 2023

Related Companies and Swire Properties have unveiled plans for their joint development of the One Brickell City Centre supertall. One Brickell City Centre will be an “approximately 1,000 foot supertower” that will become the tallest commercial tower in Florida, according to a statement by the developers. The new tower will be nearly all office space. Tenants will…

Start delayed on Coral Gables Mobility Hub

Groundbreaking plans for the Coral Gables Mobility Hub have temporarily been placed on hold, according to city officials. The city is carefully moving forward with the mobility hub, a project that will position Coral Gables at the forefront when it comes to technology and transportation, City Manager Peter J. Iglesias said. “However, due to the current increases in the cost…”

County looks to lakes filled with floating solar power plants

Miami-Dade is seeking to add floating solar power plants to its electrical operations while it looks to the private sector to speed the use of the floating plants elsewhere, a report from Mayor Daniella Levine Cava says. “The county is reviewing some of its facilities with water bodies close enough to ‘tie-in’ floating solar power plants to their on-site electricity…”

Miami International Airport near cargo ceiling, expansion plans take off

As Miami International Airport became the leading airport in the US for international cargo in 2021, at least five of the 42 cargo airlines have ambitious plans for expansion that would increase cargo capacity in the next five years. The airport currently has 2.8 million square feet of cargo warehouse and storage. Staff is working with major international…

Well-known challenges could impede Miami’s tech growth

Two new studies substantiating Miami’s tech hype also reveal how much we must do to make that growth path pivotal to our economy. The jury is out about whether we can meet that challenge.  Venture capitalists poured $5.6 billion into this area in 2021, according to “Miami’s Tech Entrepreneurship Ecosystem 2012 to 2022,” funded by the John…

Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments

Cymbal DLT scored a $102.5 million loan for the site purchase and construction of a Miami Gardens apartment complex. The Miami-based joint venture plans to build a 341-unit community at 20775 Northwest 17th Avenue, paying $15.5 million for the 14-acre former horse stable site, according to a Cymbal DLT news release. The company is a partnership…

$26B Prologis-Duke deal ends cold war

Everything has a price. For Duke Realty, the industrial powerhouse that had fended off a takeover by Prologis for months, it was $26 billion. San Francisco’s Prologis will acquire Indianapolis-based Duke, which controls some 153 million square feet in 19 markets, in an all-stock deal expected to close in the fourth quarter, according to a Monday announcement.

Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park

Finsight Group I Waterford Business District I Miami-Dade County New York City-based Finsight Group leased an office at the TIAA-owned portion of the Waterford Business District near Miami International Airport, marking continued influx of Northeastern fintech firms to South Florida. Finsight signed for 3,122 square feet at…

YotelPad Miami owners discover they can’t rent their units out daily as promised

Buyers at YotelPad Miami, who were promised the ability to rent their units out without restrictions, are unable to do so due to a change in the city’s code, The Real Deal has learned. And they may be losing rental income as a result, while the developer tries to resolve the issue. An affiliate of David Arditi’s Aria Development Group completed the downtown Miami…

Moishe Mana unloads North Miami Beach office building for $20M

Moishe Mana abandoned plans to convert a North Miami Beach office building into apartments, selling the property for $20 million as he focuses on other redevelopment projects. An entity managed by New York-based real estate investor Yoel Weiss purchased the 12-story building at 633 and 699 Northeast 167th Street, according to a press release. The deal…

Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects

More office and multifamily projects may be coming to Wynwood, as developers propose new projects for the once-gritty warehouse district. Pioneer Wynwood developer Goldman Properties wants to build an office building, and a joint venture between Scott Robins and Philip Levine tweaked a previous plan for a hotel with apartments – and now…

Builders have high hopes for 3D-printed housing

Community First Village, Austin (ICON) America’s first fully permitted 3D-printed home took twice as long to print and cost more than double what its backers expected. Yet it was far from a failure. The 350-square-foot house was set to be printed in a total of 24 hours over the course of several days at the South by Southwest Interactive Conference 2018 in Austin.

Amazon Slowdown Sends Shivers Through Red-Hot Warehouse Sector

Amazon. com Inc.’s decision to throttle back on its e-commerce operations threatens to slow the growth of the industrial-space sector, one of the hottest areas of commercial property. For now, demand from other retailers is expected to pick up the slack, supporting warehouse occupancies and rent levels, analysts say. Rents, occupancy levels…

Walker & Dunlop Structures $61 Million in Financing for Miami Opportunity Zone Development

Walker & Dunlop, Inc. announced today that it structured $61,046,600 in financing for UNI Tower, Miami, Florida’s first 100% income- and rent-restricted residential skyrise. Located in the heart of Miami’s urban core, the property will deliver 252 much-needed affordable and workforce housing units to one of the country’s most costly housing markets.

Charles “Chip” Abele sells Hollywood mixed-use project for $66M tied to $84M refi

Charles “Chip” Abele sold a Hollywood mixed-use project for $65.6 million to a related entity, linked to an $84 million refinancing. An entity managed by the Hollywood-based developer bought 1818 Park at 1818 Hollywood Boulevard from another Abele-related affiliate, records show. The new ownership entity obtained an $84 million mortgage from Deutsche Bank…

Movie studio complex may rise on former incinerator site in Fort Lauderdale

Fort Lauderdale will negotiate with a company to build and operate a full-service movie studio complex on a former garbage incinerator site that the city owns. City commissioners voted 4-0 Tuesday night to approve a resolution directing city staff to negotiate an interim or comprehensive agreement with Fort Lauderdale Studio Initiative LLC for the…

Integra scores approval for Ocean Park hotel and condo project in Fort Lauderdale

Integra Solutions won site plan approval for Ocean Park Hotel and Residences, a planned condominium and all-suites hotel development in Fort Lauderdale near the Intracoastal Waterway. The Fort Lauderdale City Commission on Tuesday approved a site plan development permit for the mixed-use project on 1.26 acres just southwest of the intersection…

Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site

409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development. A joint venture of Jorge Pérez’s Related Group and Henry Pino of Alta Development bought a vacant site in Fort Lauderdale for $15.5 million. The developers purchased an acre, or the majority of the 1.3…

Fort Lauderdale to pay Elon Musk’s company to study tunnel plan for the city

Billionaire entrepreneur Elon Musk is a step closer to achieving his tunnel vision for Fort Lauderdale. The city will pay his tunnel business, The Boring Company, to study the cost and feasibility of an underground loop for vehicles shuttling passengers between downtown Fort Lauderdale and the city’s beach. It is known as the Las Olas Loop project, aimed at…

Elion Partners buys Pompano Beach industrial building for $15M

Elion Partners is continuing its industrial real estate shopping spree, paying $15.3 million for a Pompano Beach warehouse. North Miami Beach-based Elion bought the property at 1121 Northwest 31st Avenue from an entity led by Richard Applegate of Pompano Beach-based United Sheet Metal, according to public records. The buyer took out an $8.8 million loan…

NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton

Malcolm Butters, president of Butters Construction and Development, sold an office building at Boca Raton’s Park at Broken Sound for $13.8 million. Blair Rolnick bought the two-story building at 851 Northwest Broken Sound Parkway, according to the broker’s news release. Rolnick is a pediatrician in New Jersey and is trained in emergency room pediatrics…

Mark Bellissimo sells International Polo Club Palm Beach for $95M

Wellington developer Mark Bellissimo sold the International Polo Club Palm Beach in Wellington for $95 million. Lake Worth Beach-based United States Polo Association bought the 161-acre property on the southwest corner of 120th Avenue and 35th Street from an entity managed by Bellissimo, according to a deed. The properties are at 12560, 12580…

GL Homes pays $28M for homesites at Arden near Wellington

GL Homes bought 209 homesites at Arden near Wellington for $28.1 million. Boston-based Freehold Communities sold the land to Sunrise-based GL Homes in two deals for $11.9 million and $16.2 million, according to deeds. The purchase breaks down to about $134,665 per lot. A GL Homes’ map of its portion of home development sites at Arden…

JV led by Plantation-based investors buys Lake Worth shopping plaza for $15M

A family partnership of Plantation-based real estate investors paid $14.7 million for a Palm Beach County retail complex adjacent to a Super Target. Daryl and Carol Stair Revocable Trust, Steven Stair, Carley Stair, Rebecca Stair Frisoli and Krantz Family LLP acquired Shoppes at Mission Lakes at 5500, 5516 and 5940 South State Road 7 in Lake Worth, according to…

Hyatt, Gencom advance three-tower project planned for Knight Center site

Developers’ nearly $2 billion plan to build a hotel and multifamily towers on the Miami River site of the James L. Knight Center and Hyatt complex in downtown Miami is gaining ground. The Miami River Commission unanimously voted on Monday to move forward the proposal by Hyatt Hotels and Gencom to the next step. The board, which is charged…

Trion Properties Acquires Art 88 Apartments Near Miami International Airport for $87.3M

Trion Properties, a private equity investment firm with offices in West Hollywood and Miami, has purchased Art 88 Apartments in Miami for $87.3 million. The seller was not disclosed, but South Florida Business Journal reports that Grand Peak Properties was the previous owner. Built in 1971 within one mile of Miami International Airport, Art 88 comprises 294…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County. The retail real estate report is updated every quarter by our CRE experts. The analysis is derived and compiled from…

Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower

The tower at 2150 North Bayshore Drive in Miami with Air Communities CEO Terry Considine and Mill Creek Residential CEO William MacDonald: Aimco’s spinoff Air Communities scooped up a bayfront apartment tower in Miami’s Edgewater neighborhood for $211 million. Air Communities, or Apartment Income REIT, bought the 296-unit Watermarc at Biscayne Bay…

Miami Office Property Investment Volume Increased in April

Year-to-date through April, Miami’s office market has seen $350 million in investment volume, with the average price reaching $367 per square foot, according to CommercialEdge data. In the first quarter of the year, the metro’s office investment volume added up to merely $209 million, but an acceleration in April saw ten properties traded, comprising a combined…

The Sky is Not Falling for Miami’s Retail Market as Healthcare, Dining Activity Soars

When the world shut down in March 2020, “Chicken Littles” everywhere proclaimed the end of one of the primary asset classes in commercial real estate: retail. Retail tenants largely abandoned expansion plans and entered survival mode by shifting focus to seeking rent abatements and lease restructurings. Landlords in weak financial positions fought to meet…

Rethinking the ground lease

Vornado Realty Trust says the land beneath its office building at 330 West 34th Street is worth $145 million. The land’s owner, Haymes Investment Company, claims its value is $225 million — entitling Haymes to more than $5 million in additional annual rent.  Assuming no further hikes, that would be nearly $170 million over the course of Vornado’s 30-year lease.

28 Industrial Acres in The Homestead Park of Commerce Trade for $10.9M+

We are pleased to announce the sale of 28 acres located within The Homestead Park of Commerce in south Miami-Dade County. The closing price was $10,900,000. There was also an additional, non-disclosed assignment fee. The Buyer is EastGroup Properties, Inc. (NYSE: EGP), a S&P Mid-Cap 400 Company who is a self-administered equity real…

Miami hotel room rates up 56% since 2019

Hotel room rates have surged in Miami during the past three years, more so than in several other tourist destinations nationwide. The average daily hotel room rate in Miami for the first five months of the year reached $369.51, according to an analysis from Bloomberg. That represents a 55.6 percent increase from the same period in 2019, when the average was…

$1B Surfside settlement signals condo association, construction insurance premium hikes

The $1 billion-plus Surfside settlement marks a milestone in the lawsuit over the deadly condominium collapse. It also reveals the role of real estate insurance — and is a harbinger of premium hikes that could reverberate across the industry. The insurance carriers for 31 entities are contributing toward the $1.02 billion total disbursement. All who settled have…

The man from Morocco: The untold story of  developer Joseph Chetrit

Though his close friends and family might quibble over the precise ingredients required for a good Joseph Chetrit story, they can all agree on one thing: There’s probably a negotiation involved.  Robert Verrone’s favorite took place during the 2006 FIFA World Cup, when the top debt broker and his father attempted to enter a soccer stadium with Chetrit…

City office tower targeted for soccer complex at Melreese

Miami’s new city government office building may rise next door to the new Miami Freedom Park, soon home to David Beckham and partners’ Major League Soccer stadium and a commercial park. Meeting today (6/9), the city commission is to consider a vote to select the 1550 NW 37th Ave. site for the administrative building. This location is generally where the Melreese…

County may seek bids in July to redevelop 20 acres of downtown Miami

County staff is still working on putting together a bid solicitation to be out in July to redevelop over 20 acres of county-owned land in downtown Miami. “It seems like we’re pretty close to a July release,” confirmed Commissioner Eileen Higgins, who has been working to present an item to the commission for the redevelopment for over a year and a half.

Construction costs for multifamily housing rise by half

Multifamily developers are still facing delayed shipments of construction material and rising project costs due to inflation and interest rates. Construction costs are up about 50% for most development projects, said Matthew Jacocks, principal for Lee & Associates South Florida, who specializes in multifamily development. “Every month we’re having…”

Miami mayor seeks city support of rejected Rickenbacker Causeway plan

Miami city commissioners are considering a continued show of support for the Rickenbacker Causeway Project, also known as Plan Z, advanced by Zyscovich Architects and others. At its meeting today (6/9), the city commission is set to vote on a resolution reaffirming its endorsement of Plan Z and urging Miami-Dade County to immediately reopen the…

Miami’s indefinite deferral stalls Marine Stadium restoration

Miami city officials continue to delay action to reauthorize funding necessary for the long-awaited restoration of Miami Marine Stadium. Miami Today reported the possible further delay of the funding in late March. In February, city commissioners sidelined a resolution to reauthorize issuance of bonds to help pay for the restoration.

Despite aid, business struggle in Flagler Street revamp

The 30-month Flagler Street Beautification downtown is starting its second year of construction with businesses struggling to get customers and keep their doors open. Miami’s Downtown Development Authority has provided $5,000 apiece to businesses that have been hardest hit by the construction. On Friday, the authority is to add $2,000 more for each to help…

How Much Does a Commercial Building Inspection Cost?

Buying commercial real estate is very different from buying a house. What does a commercial building inspection cost?   Many consider real estate of any kind an investment, but commercial real estate has a much more direct impact on your finances than purchasing a house. With residential real estate, you hope that the home will pay off eventually, but with a…

Muy caliente! Little Havana multifamily submarket sizzles with three deals totaling $29M

A trio of Little Havana apartment buildings, 2900 Northwest 7th Street, 1250 Southwest 6th Street, and 718 Northwest First Street, traded for a total of $29 million, a sign investors are flocking to another South Florida multifamily submarket that’s catching fire. Investors are scoping out Miami’s Little Havana because the neighborhood is experiencing…

Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment

Michael Shvo along with an aerial view of his newly-acquired retail properties between 16th and 17th Streets along Alton Road in Miami Beach: Michael Shvo is betting big on Miami Beach. The New York developer, who made his debut in South Florida with the purchase of three South Beach hotels in 2019, bought a commercial strip on Alton Road — including…

Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami

FundKite I 100 Biscayne I downtown Miami FundKite is the latest firm in the financial and tech fields to shun New York and opt for Miami. The fintech firm is moving its headquarters into Aby Rosen’s 100 Biscayne office tower in downtown Miami. FundKite took 5,302 square feet at the 30-story office building at 100 Biscayne Boulevard, according to a news release…

Here are the residential projects planned for Miami’s Wynwood

Developers seem to agree: Wynwood is a winning bet. Similar to other areas of Miami, developers are descending into the neighborhood and have over a dozen projects at various stages in the pipeline. An analysis by The Real Deal found that over 2,200 apartments and condos are coming to Wynwood. That number will likely rise as developers reveal unit…

Alta reels in multifamily dev site near Miami River for $15M

Alta Development picked up an assemblage near the Miami River for $14.6 million, with plans to build a multifamily project. An affiliate of Miami-based Alta Development, led by Principal Henry Pino, bought six properties at 1410, 1420 and 1428 Northwest 14th Avenue; 1420 and 1430 Northwest 14th Terrace; and 1451 Northwest 14th Street, according to records.

Wynwood BID Façade Improvement Grant Program- Inaugural Release

On behalf of the Wynwood Business Improvement District (“BID”) Board of Directors (“Board”), we are pleased to announce the inaugural Façade Improvements Grant Program for our District Members. The Grant is aimed at encouraging and assisting businesses and property owners within the district to restore and improve the appearance of their storefront and…

Robert Rivani’s Black Lion sells Brickell restaurant space for $13M

Black Lion Investment Group’s Miami commercial condo portfolio is a little lighter after selling a waterfront restaurant space for $13 million. An entity managed by Robert Rivani, president of Los Angeles-based Black Lion, sold the 10,700-square-foot space in the mezzanine level of Tower 4 at the Four Ambassadors Condominiums at 801 Brickell Bay Drive, according to…

Here are the resi projects planned for Miami’s Edgewater

More than a dozen projects will bring nearly 6,000 apartments and condos to Miami’s Edgewater, as developers bet big on the Miami housing market. Developers spent about $500 million on property acquisitions in Edgewater alone since late 2020, an analysis by The Real Deal found. Edgewater is hardly alone — other neighborhoods, like Brickell, also have many…

Richard LeFrak On South Florida, New York Affordability and Succession

Richard LeFrak could well be considered the elder statesman of New York’s real estate scene — the scion of a rental empire, the LeFrak Organization, which built and owns tens of millions of square feet there and across the country as well as being a longtime friend of former President Donald Trump. Richard LeFrak’s grandfather, Harry, founded the eponymous…

The Fed’s Beige Book: Growth Chugs On amid Signs of Inflation’s Impact

The Federal Reserve Bank of Atlanta’s new Beige Book compilation of on-the-ground reports shows that economic activity kept growing modestly from April through mid-May, with ongoing tightness in labor markets and rising costs. By and large, business contacts continued to report record profit margins, though several noted a “slight dampening of demand…”

Brooklyn developer plans 1,100-unit Fort Lauderdale project

Brooklyn-based developer Dependable Equities is moving forward with its plans for an 1,100-unit luxury rental project in Fort Lauderdale, the latest multifamily proposal in the Broward County city where thousands of apartments are already in the pipeline. The firm, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinksy, went before the city’s…

Grocery store-anchored shopping center sales ignite South Florida’s retail market

Barron Real Estate principal Charles Ladd with JBL Asset ManagementManaging Partner Jacob Khotoveli and Plantation Marketplace at 7023 West Broward Boulevard in Plantation and Rivertowne Square at 1015 South Federal Highway in Deerfield Beach: A flurry of grocery store-anchored shopping center deals is setting South Florida’s retail…

Aimco drops $64M for mixed-use dev site in Fort Lauderdale’s Flagler Village

Aimco acquired a redevelopment site in Fort Lauderdale’s Flagler Village for $64 million that is part of an assemblage for a new mixed-use project An entity managed by executives of the Denver-based real estate development and investment firm bought the former Searstown Plaza at 901-927 North Federal Highway, according to records. The 5.6-acre site has a 155,760…

Nuveen buys Sunrise apartment complex for $44M

Nuveen Real Estate bought the Oasis at Springtree apartment complex in Sunrise for $43.7 million, marking continued investor interest in South Florida multifamily properties. Chicago-based Nuveen Real Estate, through an affiliate, bought the 276-unit, garden-style complex at 3551 Northwest 85th Way from an entity that lists Nancy Kodsi…

Ferreira family buys grocery-anchored North Palm Beach shopping center for $36M

Investors tied to the Ferreira construction and utility companies scooped up the Shoppes at City Centre retail plaza in North Palm Beach for $36 million. Brothers Antonio and Nelson Ferreira, through an affiliate, bought the property at 11201-11261 U.S. Highway 1 from an entity tied to Martin and Irving Osher, according to the broker’s release and state…

From tenant to owner: CTS Engines buys 44-acre industrial facility in northern Palm Beach County

CTS Engines paid $16 million for the northern Palm Beach County industrial facility it has been leasing for jet engine testing. CTS, a Fort Lauderdale-based turbine engine maintenance and repair company, purchased the 44.4-arce property at 18855 Bee Line Highway from Apogee Investment Partners, according to the broker’s news release. The property is in…

Publix pays $57M for shopping center it anchors in West Palm Beach

Publix boosted its South Florida retail real estate holdings with a $56.5 million acquisition of a West Palm Beach shopping center anchored by one of its stores. The Lakeland-based grocery chain, led by CEO Todd Jones, bought River Bridge Centre, a 229,781-square-foot retail plaza and nine outparcels at 6714-6868 Forest Hill Boulevard, according to a press…

Personal injury lawyers drop $9M for Palm Beach Gardens office building

A trio of Phoenix-based personal injury law partners paid $8.6 million for an office building in Palm Beach County. An entity managed by Sean Greene, Michael Steinger and Michael Feiner bought the two-story building at 11360 North Jog Road 101 in Palm Beach Gardens, records show. The three lawyers head Greene, Steinger & Feiner, a personal injury law…

Bainbridge and TPG team up for $161M purchase of a Jupiter apartment complex

Bainbridge Companies and TPG Real Estate Partners teamed up to buy a Jupiter apartment complex for $161.1 million. Through an affiliate, the joint venture acquired Allure at Abacoa, a 304-unit rental community at 1456 Cades Bay Avenue and 4515 Main Street, according to records. Wellington-based Bainbridge and Fort Worth, Texas-based TPG Real Estate paid…