Numbers of Latitude One Office Condos Available from $245K

There are a number of office condos available for purchase in Latitude One, located at 175 SW 7th Street in Miami zip code 33139. Most of these are listed at $338 to $500 per square foot, with the least pricey listing at $245,000, the priciest (and the largest) at $4,397,000. There is a wide variety of sizes and configurations available from well under 1,000 SF to several thousand square feet. Notably, commercial property data provider Costar does not show a sales price over $400 since January 2015.

For more information about available office condominium listings in Latitude One or otherwise, send an email or call.

July 1, 2017

Video: National Association of Realtors Quant Discusses Commercial Real Estate Lending Trends

George Ratiu, the National Association of Realtors Director of Quantitative and Commercial Research, joins the Commercial Real Estate Show to talk about their 2017 Commercial Real Estate Lending Survey in addition to current trends in commercial property lending.

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June 30, 2017

Miami Commercial Real Estate News June 27, 2017: Turnberry Associates Gets $259 Million Construction Loan; SW 8th CVS Sells; More…

Turnberry Associates scores $259M construction loan for Turnberry Ocean Club

Turnberry Associates just scored a $259 million construction loan for Turnberry Ocean Club Residences, the luxury condo tower rising in Sunny Isles Beach, The Real Deal has learned. At least seven months in the making, the loan from Bank of the Ozarks closed on Friday, a spokesperson for Turnberry told TRD. The financing, which has not yet cleared records, ranks among the largest in South Florida so far this year. Turnberry Ocean Club at 18501 Collins Avenue

Bruna Real Estate Acquires Miami CVS for $16.5M

The Astor Companies sold the retail building at 5695 SW 8th Street in Miami, FL to Bruna Real Estate LLC for $16.5 million, or about $1,052 per square foot. The freestanding drug store is fully occupied by CVS on a 25-year, triple-net lease. The 15,683-squarefoot building was built in 2017 in the West Miami submarket. Eric Gaunt and Stephen Gaunt of JLL represented the seller. John Naranjo of Acqua International Realty represented the buyer.

China’s real estate investors on a $200B global spending spree in Miami, other major markete

In 2007 China’s commercial property outflow was less than $1 billion. Now it exceeds $20 billion annually. Individuals and corporations in China still have an estimated $200 billion to invest abroad. Prominent commercial markets include Hong Kong, Australia, the U.K. and North America, particularly Los Angeles, Miami, New York City, San Francisco, Seattle, Toronto and Vancouver. In 2015, Wendy Wei Mei Wu, a self-described billionairess housewife, bought a $5 million…

Thor puts Wynwood site on the market for $6.75 million

Thor Equities just put a Wynwood development site on the market for $6.75 million, The Real Deal has learned. The 14,750-square-foot parking lot at 269-285 Northwest 27th Terrace is across the street from Thor’s mixed-use project planned to have rental apartments, retail space and a garage. The price equates to $458 per square foot. The larger site of the planned mixed-use project is not on the market, but also could be available for $45 million, according to a source familiar…

Developer Seeks Miami-Dade Development Boundary Expansion

Homestead, Florida-based developer Marista Holdings has proposed an expansion of the Miami-Dade Urban Development Boundary, which separates urban and rural development areas, by 113.5 acres in the Homestead area. This expansion comes with a request to rezone a 45-acre tract of agricultural land, currently located outside the development boundary, which Marista Holdings purchased for over $10 million in February. Marista plans to build a mixed-use project on the site…

Jorge Perez Slams Developers For Proposing Condominium Projects That ‘Don’t Make Sense’

Related Group’s Jorge Perez thinks that there are condo projects proposed in Miami that “don’t make sense” and “should not be developed.” “Developers have come to Miami from Colombia and Argentina who don’t know the market, and some are proposing projects that wouldn’t work even in a good market,” Perez told The Real Deal. Perez didn’t specify which projects he was referring to, saying he didn’t want to throw anyone under the bus. According to Perez, the strength…

Hines sells Aviva Coral Gables apartments for $100M

Houston, Texas-based Hines just sold a recently completed apartment complex (birdseye view) near Coral Gables for $100 million to the Berkshire Group. Property records show Ponce & Bird Miami Development LLC sold the 276-unit Aviva Coral Gables at 3880 Bird Road to Delaware entities managed by Boston-based Berkshire, BIR Coral Gables I LLC and BIR Coral Gables II LLC. Aviva, completed in 2015 and about 95 percent leased as of April, sold for about…

Macy’s will open its first Miami outlet location at the Falls

Macy’s is set to open a discount store later this summer on the second floor of its existing location at the Falls in south Miami-Dade. Macy’s Backstage The Outlet Store will feature 16,300 square feet of retail space for discounted merchandise, according to the Miami Herald. While many big-box retailers are crumbling at the virtual hands of online retail, Macy’s Backstage is trying to lure customers back to the store with deals of 20 percent to 80 percent off merchandise…

The Weekly Dish: Vegan fast-casual spot opens in Midtown Miami … & more

The Weekly Dish is a TRD recurring feature that showcases the latest in South Florida’s restaurant openings, leases and sales. Miami is getting some new street food, vegan fast-casual, Tex-Mex and more. Chef Todd Erickson of “HuaHua’s Taqueria” and “Haven” is now in Midtown Miami. Erickson designed the menu and kitchen for the vegan, fast-casual spot called GLAM, which stands for…

Coastal Markets Among Most Challenging for Adding New Apartment Supply; Miami Among Toughest Four

Following the release of its findings last week that the U.S. may need millions more apartment units by 2030 if current household formation trends continue unabated, the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) identified what they see as the hardest and easiest metro areas where new apartment supply can be added. The top four most-challenging places to add new apartments are all coastal markets: Honolulu, Miami…

JLL Chief Economist Ryan Severino, CFA, Shares His View on the Multifamily Market

Ryan Severino joins Michael to discuss the multifamily property market, including demand, supply, performance, trends, and where good apartment investment opportunities may lie. Highlights of this video include: Supply is “certainly at an elevated level”; 2016 to 2017 appears to be high water mark for construction; New inventory making market more challenging; Relative to a few years ago, investors should do more homework; Lender enthusiasm has cooled off a touch; Lots of…

Where’s the Chinese money?

When a Beijing-based partnership scooped up a Brickell Avenue development site for $74.5 million in 2014 and subsequently announced plans for a $1 billion mixed-use complex, it marked the first significant foray by Chinese investors into South Florida commercial real estate. The joint venture between China City Construction and American Da Tang Group appeared to signal that the region was primed for an influx of Chinese capital in the office, hotel and retail sectors.

Lease negotiated or FujiFilm Medical Systems in Doral

A South Florida commercial real estate firm announced today that their associates John Erixon and Harry Jordan recently negotiated a 38-month, 13,815-square-foot office lease for their client, FUJI Film Medical Systems, USA, Inc., located at 11900 SW 128th Street in Doral. The landlord is Flyer Ventures, Limited Partnership. Fujifilm Medical Systems U.S.A., Inc. (Fujifilm) is a leading provider of medical image and information products and technologies for acquiring…

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June 27, 2017

1031 Exchange Buyer Seeks $2 to $3 Million Multifamily, Retail, or Industrial

A 1031 tax deferred exchange buyer, i.e. a commercial property investor that needs to complete a 1031 exchange on a timeline, is looking for a multifamily, retail, or industrial property in the $2 million to $3 million range.

If you have a property that meets this requirement, send an email or call.

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June 26, 2017

1031 Exchange Buyer Seeks $3 Million to $8 Million Retail – Perhaps Other Type – Commercial Property

A buyer that needs to complete a 1031 exchange, and is thus a serious buyer with a speedier than normal timeline, seeks a retail property – or perhaps any commercial property – in the Miami / South Florida Area with a price of as much as $8 million but not less than $3 million.

If you have a property that meets this requirement, send an email or call.

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June 26, 2017

Video: RC Analytics SVP Jim Costello Discusses the Impact of the Amazon Whole Foods Deal on Commercial Property

In this video, Jim Costello, Senior Vice President with RC Analytics, joins The Commercial Real Estate Show to discuss the potential impact of Amazon’s purchase of Whole Foods and what it could mean for the property investors. He discusses the historical value premiums (low cap rates) for Whole Foods anchored properties due to their strong balance sheet and the desirable demographics of their customer base and the areas surrounding their locations, and how their purchase by Amazon may affect their relative valuation.

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June 26, 2017

Miami Commercial Property News June 23, 2017: Grove Bayfront Development to Being in July; New Multifamily Construction to Absorption; More…

New multifamily construction to test the South Florida market

Demand remains robust for rental housing in Miami and the rest of South Florida, among residents and real estate investors alike. But despite the area’s population and employment growth, some market watchers say South Florida’s extended, postrecession rise in monthly rents could slow or stop if overbuilding floods the market with units. National brokerage Marcus & Millichap predicts developers this year will finish construction of 15,200 new apartments across South Florida, including…

Mixed-use Coconut Grove bayfront project to start in July

The next major project to sink millions of dollars of new investment into the Coconut Grove waterfront is expected to begin next month. The long-awaited construction of a mixed-use development called The Harbour is scheduled to commence in July. That’s the latest word from Ignacio Garcia-Menocal, co-founder and CEO of Grove Bay Hospitality Group. Mr. Garcia-Menocal told Miami Today the work will begin in July and major construction should be finished by the end of 2018.

Mayor gutsy in sticking his neck out for 836 extension

As road commutes take longer each day yet new mass transit drifts farther and farther off into the unfunded future, Mayor Carlos Giménez has taken the tough but logical step of asking Miami-Dade commissioners to override a vote to roadblock a new expressway link from West Kendall into downtown. The extension of 836 for a 15-mile curve west and then into South Dade – an extension to be funded not by taxpayers but by tollpayers on five roadways run by the state-authorized Miami-Dade…

Top South Florida developers mix it up

After a dismal 2016, condo developers were ready to put the year behind them. The election, the strong dollar, political instability in key Latin American markets — it all sounded like a broken record. To make matters worse, the first quarter of 2017, which the industry had hoped would prove a turning point, instead revealed an accelerated slowdown. South Florida’s condo developers are increasingly holding off on launch dates, extending timelines…

Aviation Repair Company Does Expansion, Relocation To Medley

A South Florida industrial team today announced it facilitated a new 38,900-square-foot lease for the relocation and expansion of TMC Engine Center at Lucky Industrial Park, located at 8545 NW 79th Avenue in Medley. Transwestern Senior Managing Directors Walter Byrd and Ben Eisenberg, Senior Vice President Thomas Kresse, and Senior Associate Carlos Gaviria represented the Florida-based FAA Repair Station in the transaction. The tenant relocated from a smaller multitenant…

Miami judge partially derails homeowners’ lawsuit against Privé at Island Estates developers

Miami-Dade Circuit Judge William Thomas handed the developers of Privé at Island Estates a victory this week in their tumultuous legal war with neighboring homeowners. Thomas ruled Tuesday that the statute of limitations had long expired for the Island Estates Homeowners Association and the Williams Island Property Owners Association to challenge a vested rights determination agreement. Lawyers for the developers contend the…

Will Amazon’s Whole Foods Purchase Be Good or Bad for Real Estate Developers?

Amazon’s purchase of Whole Foods last week sent shockwaves through the grocery industry—and now the real estate industry is fired up. The effects of this major real estate play will unfold in the coming years, and it reinforces the fact that brick-and-mortar retail is not dead. In fact, it’s the key to sustainability in this volatile retail marketplace. Real estate developers and investors are about to get busy thanks to Amazon’s acquisition of Whole Foods. With Amazon’s focus on solving the…

Something’s Brewing In The Craft Beer Industry — And It’s Driving Industrial Absorption

In the mid-2000s, Jeff Heck and some friends from his Bible study class started getting together Monday nights to try their hands at brewing their own beer. By 2011, Heck had turned a hobby that brought 20-plus friends together to sip homemade beer in his backyard into a full-blown business. Today, Heck’s Monday Night Brewing
The post Something’s Brewing In The Craft Beer Industry — And It’s Driving Industrial Absorption appeared first on SVN South Commercial Real Estate Advisors….

Parking authority itching to get into no-parking Beckham soccer stadium

A planned 25,000-seat soccer stadium in Miami with no on-site parking remains a hot topic for those in charge of the city’s vast parking inventory. While the Miami Parking Authority – under the control of the Off-Street Parking Board – plans no formal role in the stadium project, the agency stands ready to assist if asked, said Authority CEO Art Noriega. When board members asked for his thoughts on the stadium proposal, Mr. Noriega made several points. The development group…

Map shows income needed to afford rent in Miami-Dade and Broward

South Florida’s cheapest and most expensive cities have just been mapped out. RentHop looked at the median asking rents of two-bedroom apartments and calculated the required household income, comparing it to the median household income in In Miami-Dade and Broward counties. In Miami-Dade, the median income is nearly $44,000 and in Broward, it’s about $54,000. That means more than half of the population can’t afford average asking rents over the past 12 months, according to…

Too many keys, too few takers in Miami-Dade’s hotel market

Miami-Dade has occupancy issues. As tourism slumps in the wake of last year’s Zika virus threat and the ongoing financial and political unrest in Latin America, hotel development experts continue to warn that the supply of new rooms in Miami-Dade is far outstripping demand, and falling occupancy rates bear that out. Some projects on the drawing board may not break ground, and others in the planning and construction phases will face even tougher financing hurdles in the coming…

Retail buzz surrounds Brickell City Centre

When it comes to the retail sector, much of the buzz surrounds Brickell City Centre and its retail component, which opened late last year. “Drop a pin on Brickell City Centre and you can see the ripples going out, all around the Miami River,” said Robert Granda, a director of Franklin Street of Fort Lauderdale. He points to the Nexus Riverside Central mixed-use development, planned for the 2-acre site of the City of Miami’s office building at 444 SW Second Ave., for which a deal has yet to be…

American Consolidation Logistics in South Florida Logistics Center

Strong efforts by the ComReal team, led by Partner and Managing Member, Edward Redlich, led to the leasing of a third Miami warehouse location for international produce importer, American Consolidation & Logistics (ACL). The 93,799-sq. ft. facility located at 3200 NW 67th Avenue in the South Florida Logistics Center is one of the only…

Amazon Wardrobe is another blow to department stores

Amazon Wardrobe competes with other services like Trunk Club as well as department stores. Amazon.com Inc. isn’t letting a $14 billion deal to buy Whole Foods Inc. distract from its efforts in fashion. With the introduction of Amazon Wardrobe, experts say the e-commerce giant is delivering yet another blow to the already-ailing department store sector. Department stores are already suffering from a number of headwinds, including declines in mall traffic and the need…

What’s Next for Marijuana Warehouses?

Does the growing legalization of recreational and medical marijuana represent a pot of gold for industrial real estate? It could, experts say, but only if investors quickly and carefully pounce on opportunities. The industrial real estate frenzy tied to legalized marijuana is subsiding in Colorado, which has been the country’s hottest market in that category, but it’s primed to take off in California and Massachusetts — two heavily populated states where growing, selling and using recreational…

Coconut Grove Playhouse fight enters Miami commission chamber

The fight to save the Coconut Grove Playhouse ends up in the lap of Miami city commissioners this week, as preservationists try to reverse a decision allowing a partial demolition of the cavernous and aging structure. On the commission’s agenda today (6/22) is an appeal of the city’s Historic and Environmental Preservation Board’s granting an application for a special certificate of appropriateness for the partial demolition of the structure (birdseye view), the reconstruction of a theater, and the…

$1.6 Million Miami Retail Lease Negotiated in Pinecrest Village

A Miami commercial real estate firm announced that the team of Edward Schmidt, CCIM, and Timothy Merriman Jr. recently negotiated a seven-year, 5,664-square-foot retail lease for their client, Pinecrest Village Plaza, located at 12455 South Dixie Highway in Miami. The lessee is LBU Lighting (Light Bulbs Unlimited), who are moving from their current location next door. This move will allow them to display their lighting in an open showroom floor. This lease is valued at over $1.6 million.

FECI’s Mike Reininger: Big expectations for Brightline’s success

Brightline hasn’t picked up a train passenger yet or even announced what fares will be when it does, but its former boss says the passenger train service won’t lose money during its first full year in operation. Mike Reininger is executive director of Brightline’s parent company Florida East Coast Industries. Until March, he was the CEO of All Aboard Florida, which will operate Brightline. “We expect that we will be break-even or profitable in 2018,” he told WLRN’s Sunshine Economy.

Assisted living center in West Miami sells for $7.8 million

Pointe North Gables, an assisted living center in West Miami, has just sold for $7.8 million to Hallandale-based Hernandez Family Ventures. Records show the three-story building at 5890 Southwest 8th Street holds 94 units. West Gables Holdings sold the 34,232-square-foot building for $228 per square foot to Pointe Real Estate, an affiliate of Hernandez Family Ventures. The family-owned company is led by Alain Hernandez, Andy Hernandez and Chantel Hernandez. West Gables Holdings…

Chinese investor picks up another South Florida property

Weeks after making its first real estate purchase in the U.S. in Broward County, a Chinese investor picked up another commercial property in South Florida, records show. Jin Yang Real Estate Corporation paid $6.8 million for an office building at 11285 Southwest 211th Street in Cutler Bay following the $4.15 million purchase of a Tire Kingdom-anchored shopping center in Lauderhill in late May. The deal, which includes a development opportunity, is one of a few examples of Chinese investment in South Florida…

Malls Pay the Most on Miami-Dade Property Tax Bills

Miami-Dade County commercial property owners don’t have it easy when it comes to paying taxes. Sweetwater’s Dolphin Mall shelled out more than $10.7 million on 2016 property taxes — the highest paid countywide. That’s much higher than the U.S. Bank Tower in Los Angeles, which paid about $4.3 million last year, or the iconic Transamerica Pyramid in San Francisco, which paid $2.8 million, according to Commercial Cafe. The 1.4 million-square-foot Dolphin Mall

On-street sensors to monitor use of parking spaces

In a pilot program, the Miami Parking Authority plans to install on-street sensors to monitor use of parking spaces in various lots and curbside locations. Changing technology, web-based applications and the proliferation of smartphones have already dramatically altered the parking industry. The parking authority, under the control of the city’s Off-Street Parking Board, prides itself on being a leader in the changing industry. The authority’s adoption of PayByPhone technology several…

Former Lennar executive joins BBX Capital Real Estate

Former Lennar executive David Canfield has joined BBX Capital Real Estate, a division of Fort Lauderdale-based BBX Capital Corp., as managing director, multifamily development. Canfield previously was vice president of development at the multifamily communities unit of Miami-based Lennar Corp., where he was responsible for originating, analyzing, and managing multifamily development and acquisition strategies in Florida. Canfield has more than 20 years of development experience…

Affordable housing a cause of concern for Miami CEOs

This week’s question to the Miami Herald CEO Roundtable: How does the local affordable housing shortage impact your business? What do you think are potential solutions to workforce housing costs? This is one of the most important issues confronting South Florida. When housing costs absorb more that 50 percent of your workforce’s annual income, there is little left to fund consumer economic expansion. Aside from creating massive subsidized housing projects that will not meet…

Miami Realtors Commercial Event Analyzed Technology’s Impact on Real Estate

The Miam Association of Realtors® Commercial Alliance (RCA Miami) analyzed the impact of self-driving cars, the rise of e-commerce, the growth of industrial real estate and the largest proposed mall in the United States at its fifth annual RCA Miam Midyear Update held recently in Coral Gables. “The way we did business 30 years ago or 20 years ago or even 5 years ago is changing,” said RCA MIAMI panelist Jose I. Juncadella, an office and industrial Miami broker and principal…

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June 23, 2017

JLL Chief Economist Ryan Severino, CFA, Shares His View on the Multifamily Market

Ryan Severino joins Michael to discuss the multifamily property market, including demand, supply, performance, trends, and where good apartment investment opportunities may lie. Highlights of this video include:

  • Supply is “certainly at an elevated level”
  • 2016 to 2017 appears to be high water mark for construction
  • New inventory making market more challenging
  • Relative to a few years ago, investors should do more homework
  • Lender enthusiasm has cooled off a touch
  • Lots of new construction in major markets; 4 or 5 years ago about any new project was a home run, not the case today
  • There is a question as to how many people can afford all the premium property coming online
  • Even in New YOrk, there isn’t an infinite pool of people that can afford premium product
  • Land and construction costs are fueling high price points
  • Believes some new premium projects will not hit pro-forma, will miss asking rent levels, “late to the party”
  • Boom in likely to rent millennials not at immediate risk as group is still young with three most common ages in USA at 25, 26, and 24
  • Median first time home buyer age in 31, indicating a few years before a need to worry about transition out of renting into home ownership
  • Supply side is where risk is, not demand
  • Believes underpinnings of “for sale” market remain strong
  • Believes strength in for sale supply  (lack of) supply driven as inventory levels are less than in the housing bubble
  • High housing prices benefit multifamily investors due to lack of affordability of purchase options
  • Loves all multifamily properties today below institutional radar in multifamily, all B+ and even somewhat further below
    • Inventory declining
    • demand increasing
    • Price points attractive
    • Do homework, particularly on capex
    • Proper management can make a big difference in NOI and value

 

June 23, 2017

Miami Commercial Real Estate News June 20, 2017: Dadeland Office Towers Sell; Considering Amazon’s Whole Foods Buy for Commercial Real Estate; More…

Keystone Property Group buys Dadeland office towers for $36M

Keystone Property Group paid $36 million for Dadeland Towers South (birdseye) and inked a lease with the seller, insurance giant AvMed. For Keystone, the deal adds to its holdings in the Kendall-Dadeland area. The commercial real estate firm picked up the two-building, 228,000-square-foot portfolio at 9400 South Dadeland Boulevard  to 9500 South Dadeland Boulevard, plus a 246,300-square-foot parking garage. AvMed leased back 102,000 square feet in a longterm lease, according…

Avra Jain, Bob Zangrillo buy into Miami River development site

A partnership led by Avra Jain and Bob Zangrillo of Dragon Capital paid $5 million for a minority stake in a prime redevelopment site along the Miami River, The Real Deal has learned. Property records show 555 SRD LLC, an entity led by Jain, paid $5 million for partial ownership of the international port at 555 Northwest South River Drive. Oklahoma City-based Zerby Interests is the majority owner, and Jain and Zangrillo now own 45 percent of the site, Jain told TRD. The Miami…

Miami International Logistics Center Sells To Lincoln Property Co. For $27.4M

Dallas, Texas-based Lincoln Property Co. has added the Miami International Logistics Center to its portfolio for $27.4 million – more than two times its last sale – Cushman & Wakefield announced Friday. The two-story warehouse terminal at 725 Southeast Ninth Court spans 500,194 square feet and sold for about $55 per square foot. Cushman’s Mike Davis, Rick Brugge, Michael Lerner, Wayne Ramoski, Gian Rodriguez, Robert Given and Troy Ballard represented the seller, Keating…

Billboard Blight And Mural Ads Are Infecting Downtown Miami

If you live or work in one of the towers wrapped like packages, you could pinpoint your location by saying you’re in the Heineken building or the Verizon building or the Apple Watch building or the “47 Meters Down” building that warns shark-phobes to “just stay out of the water.” If you’re trying to find the bold new Zaha Hadid-designed exoskeleton high-rise on Biscayne Boulevard, it’s next to Ten Museum Park — more easily identifiable as the Sparkling Smart Water building. In addition…

Jorge Perez: Riding the condo roller coaster

When the development firm lead by condo king Jorge Pérez hit the brakes on Auberge Residences Miami, a three-tower, luxury project planned for Miami’s Arts & Entertainment District, South Florida’s real estate community took notice. When the king lays off the gas, that doesn’t usually bode well for others. So what’s next for the firm in a challenging economic and political time? Differentiation is key, says Pérez. If a division or market slows down, Related can always focus on another.

How Will the Amazon-Whole Foods Deal Affect Retail Real Estate?

The proposed $13.7 billion acquisition of organic grocery retailer Whole Foods Market by e-commerce giant Amazon holds the potential to upset the grocery cart, so to speak. Yet retail real estate investors should cheer the Amazon-Whole Foods deal, experts say. Experts predict Amazon will use the Whole Foods stores, in part, as hubs for grocery pick-up and delivery, helping Amazon resolve the “last mile” dilemma of how to get products from local shipping hubs to nearby customers.

What could Amazon’s purchase of Whole Foods mean for the future of retail?

From TRD New York: When Amazon announced its headline-grabbing deal to buy Whole Foods on Friday, the $13 billion question the real estate world asked was: Will the brick-and-mortar grocery chain become more like the e-tailing giant, or the other way around? And while New York City’s retail players stressed they didn’t have a crystal ball into Jeff Bezos’ thinking, they said it’s probably a little bit of both – Amazon is like…

RC Analytics Senior VP Jim Costello Delivers an Update on Multifamily Investment Property

Jim Costello with Real Capital Analytics joins Michael to discuss the multifamily investment market. Highlights include: Deal volume into 2017 has given up ground, down 26% YTD through April; Deal volume down 20 mil from 2016 volume of 60 million; Prices, however, remain high; Believes this says that sellers are pulling back; Owners can’t find a reason to sell as can’t replace with a better investment; There appears to be a disconnect between what buyers will pay and what sellers…

Neighborhood Dive: Sunny Isles Beach, Miami’s new billionaire playground

What do a Mexican mogul, a medical billion CEO and a venture capitalist have in common? They’re all new condominium buyers at Sunny Isles Beach, a tiny barrier island town chock-full of branded condo concepts that is fast becoming one of Miami-Dade’s most expensive places to buy a home. The island was founded in 1920 by a private investor named Harvey Baker Graves, who envisioned Sunny Isles as America’s answer to Venice. Six years later, the “Great Miami” hurricane laid waste…

Pinecrest Whole Foods Is Moving To A New Location

The popular Whole Foods supermarket at 11701 South Dixie Highway in Pinecrest is moving. The 32,300 square-foot store, which employs 180 people, will close its doors at the end of the year and reopen at at 7930 SW 104th Street. The new store, which is currently under construction on the former site of a Winn-Dixie supermarket, will occupy 46,700 square feet and employ 250 people. All current employees at the Pinecrest location will be able to transfer to the new store, which…

Additional In-Line Store Closings to Hit Mall NOIs

The retail industry’s children’s apparel segment took a turn for the worse last week, as The Gymboree Corp. filed for bankruptcy and Ascena Retail Group, parent of tween brand Justice, said it would close stores across its portfolio. San Francisco-based Gymboree is aiming to reduce its debt load t by more than $900 million, and in a statement said it plans to close more than 350 stores as a result of its restructuring (out of a total of 1,281). Ascena is expected to close between 650 and 667…

Opinion: Another part of the real estate market is starting to crumble

While the struggles of mall REITs are no secret given Amazon’s increased dominance of the retail sector, real estate investors may also contemplate putting apartment REITs on their warning lists. That’s because although apartment real estate investment trusts have done well this year — and since the end of the housing crisis, in general — rent growth is starting to slow. To understand the current situation of multifamily rental housing, some recent history is necessary. In the lead-up to the…

Forbes: Miami Owes Its Life To Foreigners

Walter DeFortuna, CEO of Fortune International Reality, is showing me the new Reach apartment building from the outside deck of the sister property called Rise, two high-end residential towers built by Swire Properties of Hong Kong. These twin towers are the kind of place that comes equipped with full spa and weight lifting facilities and Caribbean blue infinity pools. Yes, like the ads, there are bikini clad women, at least two on this sunny hot day in Miami, sitting poolside with their…

South Florida’s war with Airbnb

South Florida is a mecca for all kinds of tourists, but local governments extend little hospitality to Airbnb, HomeAway and other online home-sharing companies active in the Miami and Fort Lauderdale area. Consider, for example, the low tolerance for home-based competition with hotels in Miami Beach, where ordinances allow short-term rentals only in limited areas and residents who violate the rules face steep fines. Last year, from March to mid-August, the city collected nearly…

ArborCrowd Now Offering $69.7 Million Commercial Real Estate Deal to Investors in Miami

Online commercial real estate company ArborCrowd announced on Thursday it is now offering a new $69.7 million commercial real estate deal to investors. The Lago Paradiso property is described as a multifamily complex located in Miami, Florida. According to ArborCrowd, investors now have the opportunity to own a piece of a $4 million stake in Lago Paradiso. The property now has a targeted 13 percent to 17 percent Internal Rate of Return (IRR) and a projected hold period of four…

New Times: Five Studies That Prove Miami Renters Are Totally Screwed

Even under ideal circumstances, finding an apartment or house to rent is an utter nightmare. You spend weeks poring over misleading Craigslist ads with retouched photos, haggling over deposits and monthly fees, and trying to please NIMBY condo boards that hold your entire living arrangement in their hands. Renting in Miami, though, is more like a David Lynch-level night terror. The reasons are simple: There’s not nearly enough affordable housing in a market where the population has…

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June 20, 2017

Buyer Seeks Commercial Plaza to $6 Million with 6% Plus Cap Rate

A buyer seeks a commercial plaza / shopping center or the like offering a least a 6% cap rate. The price can be anywhere up to $6 million. If you have a property that meets this requirement, send an email or call.

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June 20, 2017

RC Analytics Senior VP Jim Costello Delivers an Update on Multifamily Investment Property

Jim Costello with Real Capital Analytics joins Michael to discuss the multifamily investment market. Highlights include:

  • Deal volume into 2017 has given up ground, down 26% YTD through April
  • Deal volume down 20 mil from 2016 volume of 60 million
  • Prices, however, remain high
  • Believes this says that sellers are pulling back
  • Owners can’t find a reason to sell as can’t replace with a better investment
  • There appears to be a disconnect between what buyers will pay and what sellers will sell for
  • Garden apartment cap rates have continued to compress as high rise apartments have remained steady
  • With interest rates not expected to go lower, cap rates and likewise not expected to go lower, causing buyers to be less aggressive absent potential appreciation from cap rate compression
  • Investors, however, remain hungry for yield
  • Market seems to be on the “sell high” side of the “buy low sell high” maxim, but then what do you do with the money?
  • Doesn’t believe cap rates will return to their long term averages due to vast amount of money worldwide seeking yields
June 16, 2017

Miami Commercial Property News June 15, 2017: Milagro Coral Gables Sells for $78 Million; 1031 Exchange May Disappear; More…

Wafra buys Milagro Coral Gables apartments for $78 million

An affiliate of the New York-based Wafra Group just picked up a luxury apartment complex in Coral Gables for $78.15 million, property records show. Delaware-based Rex Art Owner LLC, an entity managed by JP Morgan Investment Management Inc., sold the 238-unit building at 2263 Southwest 37th Avenue in Miami to Coral Gables GF Deal LP. The buying entity is managed by Wafra Senior Vice President and Director of Acquisitions Edward J. Ryan. The deal breaks down to about…

City’s kick can block Miami Beckham United stadium deal

A last-minute change to a deal between Miami-Dade County and Miami Beckham United clearing the way for the firm to buy county land for a Major League Soccer stadium in Miami has left City of Miami officials crying foul. Among conditions the county commission set June 6, one would require Beckham’s group to hire county police and emergency responders for off-duty work inside the planned 25,000-seat Overtown stadium. By agreeing, Beckham’s group may have created another…

Popular commercial real estate tax break 1031 exchange may be wiped out

The 1031 exchange, a tax break used extensively in the commercial real estate industry, could disappear if a lower tax rate is passed by Congress. The tax break gives sellers of real estate and other asset types the opportunity to defer capital gains taxes by reinvesting in “like-kind” properties. But lobbyists and Capitol Hill officials working on tax legislation have told the Wall Street Journal that, even if a sweeping federal tax overhaul doesn’t go ahead this year, a more modest tax-rate cut may still

Boulevard 57 condo site sells to 13th Floor, Tricera for $20 million

13th Floor Investments and Tricera Capital paid $19.5 million for the former site of Boulevard 57 in Miami’s Upper East Side with plans to build a mixed-use project. 13th Floor, led by managing principal Arnaud Karsenti, in partnership with the newly formed Tricera Capital, led by Scott Sherman and Ben Mandell, acquired the 2.2-acre site at 5700 Biscayne Boulevard on Monday in an all-cash deal, Karsenti told The Real Deal. The deal has not yet cleared public records. The developers…

Riverfront revival in Miami targets hotel, convention center

A variety of stakeholders have their eyes set on a riverfront revival in Miami. These interests are converging now and could lead to a new and vibrant riverfront downtown that could see a revived hotel and convention center, expanded and improved public riverwalk, and a renovated and reopened Fort Dallas Park. The changes might also encourage the use of water taxis. The players include City of Miami officials, the Miami River Commission, Downtown Development Authority, Hyatt…

County working on foreign trade zone at Miami International Airport

Miami-Dade’s Aviation Department is still working to set up a foreign trade zone magnet site on Miami International Airport property, anticipating that the approval will come by the end of the summer. Officials have said that the zone will attract new business opportunities and better utilize vacant cargo and non-terminal areas. Emilio González, Miami-Dade Aviation Department director and CEO, first told Miami Today of the plan in April 2016. The airport first began talking with…

Miami DDA launches ‘Complete Streets’ initiative

A $500,000 program designed around adding in bike and bus lanes The Miami Downtown Development Authority, in partnership with the City of Miami, Miami-Dade County and the Health Foundation of South Florida, launched a $500,000 project called Complete Streets, which includes the creation of a dedicated bike lane in downtown Miami along Southeast/Southwest First Street into a multimodal corridor. The pilot initiative entails a high visibility bike lane, bus lane, enhanced…

EastGroup Debuting In Miami-Dade With 200,000 SF Spec Warehouse

As Miami’s industrial market sees vacancy rates below 4%, Mississippi-based EastGroup Properties is rolling the dice on an 850K SF industrial park for its Miami-Dade County debut. EastGroup has tied up a 61-acre site that was formerly the practice track for Calder Race Course with plans to develop an industrial park of up to five buildings. The developer plans to break ground later this year on a 200K SF multi-tenant warehouse without any tenants pre-leasing spaces, JLL Senior Vice…

Restaurant Boom Feeds 1031 Investment Pipeline

Investors using 1031 exchanges continue to have a voracious appetite for triple net lease properties, and they are increasingly setting their sights on restaurants. “People are shifting to e-commerce-resistant retail, and restaurants are at the top of the list of what people are looking for,” says Randy Blankstein, president of the Boulder Group, a net lease advisory firm. “So it has gone from a category that five years ago was considered specialty to very much a mainstream…

Planned Miami condo nixed for 393-unit apartment tower

At 2000 Biscayne in Edgewater In what’s becoming a trend for residential projects across Miami’s core, another developer is planning to swap out its condo plans in favor of rentals, according to The Real Deal. Planned for 2000 Biscayne in Edgewater, the 393-unit development will rise 36 stories and include 455 parking spaces in an attached eight-story garage. Dorsky + Yue, based in Fort Lauderdale, is the architect and the residences range from studios to three-bedrooms. The 0.75-acre site…

EB-5 financing can provide up to 35% of investment stack, but lining up investors may take years: panel

While not “a magic wand,” financing from foreign nationals under the U.S. government’s EB-5 investment program can provide between 25 percent to 35 percent of a real estate project’s capital stack, said attorney Larry J. Behar. But obtaining approval for an EB-5 application is a long and complicated process for the potential investor, sometimes taking about five years, he noted. Speaking…

Bed Bath & Beyond Plaza in Doral hits the market, could fetch $40M, brokerage says

The Bed Bath & Beyond Plaza in Doral, next to Miami International Mall, just hit the market. Though the retail center at 10640 Northwest 19th Street doesn’t have a price, listing brokerage HFF told The Real Deal that it expects offers of more than $40 million. HFF Miami’s Danny Finkle, Luis Costello, and Eric Williams have the listing. In addition to Bed Bath & Beyond, other tenants at the 97,456-square-foot shopping center include including Office Depot, Pier 1 Imports…

Brazilians Using Economic Recovery To Funnel Millions Into Miami Real Estate

On the evening of June 7 in Porto Alegre, Brazil, about 150 people showed up to a cultural center called Instituto Ling to hear a pitch from Alan Araujo. There, the director of international sales at One Sotheby’s in Miami was pitching these mostly high-net-worth investors and their families on condominium units at two high-end projects in Miami: One Thousand Museum by Zaha Hadid Architects and the Louver House. And on this Wednesday evening, Araujo said at least part of his…

Grand Peaks Properties Acquires 196-Unit Soleste Club Prado Apts

Grand Peaks Properties acquired the Soleste Club Prado apartments at  (950 Red Road) in Miami, FL for $61 million, or about $311,000 per unit, from Mattoni Group and Fortune Capital Partners, Inc. The eight-story, 175,000-square-foot luxury mid-rise multifamily building (view birdseye) sits on 1.8 acres in the West Miami submarket, with easy access to major job centers in Coral Gables, Blue Lagoon, Brickell and Downtown Miami. It features best-in…

Video: Nadia Balint of RENTCafé Discusses Suburban Multifamily Performance

Nadia Balint of RENTCafé joins The Commercial Real Estate Show to discuss multifamily growth in suburban markets and why they appeal to renters today. She discusses rent growth in downtown markets versus suburban markets from a supply and demand standpoint, noting suburban markets as benefiting from lower, more competitive, rent rates.

Study: U.S. must add 4.6 million new apartments by 2030 to meet rising demand

The affordable housing crisis in the United States has many causes. A new study, commissioned by apartment industry groups, highlights how low inventory may be a contributing cause for this issue in cities nationwide. The country needs to construct 4.6 million new apartments by 2030, according to a new study conducted by Hoyt Advisory Services and commissioned by the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA), two nonprofit…

Commercial borrowers struggle to repay loans maturing in May

The number of commercial mortgage borrowers failing to repay their loans was up last month. In May, commercial real estate mortgage borrowers paid off maturing loans at a slower rate, according to Morningstar Credit Ratings LLC. In 2007, borrowers took out 10-year loans that were repackaged into commercial mortgage backed securities. This partially explains the uptick in the number of unpaid and delinquent loans, the Wall Street Journal reported. About $9.4 billion was unpaid…

Real Estate Investors Navigating Fully-Priced Market

For institutional investors, 2016 was a year of portfolio rightsizing. In 2017, this cascaded throughout the commercial real estate sector, which has seen an increase in flight-to-quality strategies, a widened bid-sell gap and uncertainty related to the effects of monetary policy. It appears the industry may be coming to terms with a slowing market.

What kind of construction disputes can occur in Miami?

Construction projects in Miami, as well as in other parts of Florida, may involve the creation of corporate buildings, residential buildings, roadways, bridges industrial plants and many other structures. Regardless of what type of property you are developing, you will likely be required to enter into construction contracts and work with other parties to determine the terms of these contracts. When these terms are unclear, the parties may disagree on what was agreed upon and end up in a major…

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June 15, 2017

Video: Nadia Balint of RENTCafé Discusses Suburban Multifamily Performance

Nadia Balint of RENTCafé joins The Commercial Real Estate Show to discuss multifamily growth in suburban markets and why they appeal to renters today. She discusses rent growth in downtown markets versus suburban markets from a supply and demand standpoint, noting suburban markets as benefiting from lower, more competitive, rent rates.

June 14, 2017

Miami Commercial Real Estate News June 13, 2017: Two Chinatowns Proposed for Miami-Dade; Riverfront Development Deal Nears; More…

Where Miami might undo development to deal with sea-level rise

Shorecrest might become the first neighborhood in Miami where efforts to deal with sea-level rise would include demolishing structures in areas prone to flooding and returning the land to nature. Scientists and government officials who participate in the Southeast Florida Regional Climate Change Compact have considered alternatives to installing pumps and raising streets to protect such low-lying neighborhoods as the Arch Creek area of North Miami, Lower Matecumbe Key…

Not one, but two dueling Chinatowns proposed in neighboring Miami-Dade cities

Dueling Chinatowns in Miami-Dade County? After years of false starts by other municipalities, it seems there will be two Chinatowns in the county, one in North Miami and another next door in North Miami Beach. The proposed Chinatowns are fueled by Chinese investors’ appetite for South Florida real estate and commerce, plus, the two cities’ desire to create tourist destinations, among other factors, proponents say. As The Real Deal has reported, the latest version of North Miami’s…

Verzasca files plans for former City Hall restaurant site at 2000 Biscayne

A year after buying the City Hall restaurant building on Biscayne Boulevard, the Verzasca Group just filed plans to develop the property into a rental tower, The Real Deal has learned. Verzasca closed on the $13 million purchase of the 32,775-square-foot site at 2000 Biscayne Boulevard in March 2016, but has remained quiet on its plans. The Edgewater project calls for a 36-story, 393-unit apartment tower with 25 studios, 175 one-bedrooms, 181 two-bedrooms, 12 three-bedrooms and an…

South Carolina Trucking Firm Pays $774 PSF For Warehouse Near MIA

The appetite for industrial real estate is strong in the Miami Airport West submarket due to a scarce supply of land for development and the increased demand of industrial assets.

Population Growth and Affordable Cost of Living Accelerate CRE Renaissance in Miami and the Southeast

The Miami market, which comprises Palm Beach, Broward and Miami-Dade counties, is also experiencing exceptional population and job growth, along with strong property fundamentals. The three-county Miami region, with more than 6 million residents, is the state’s largest consumer market, and population is projected to grow by 1.2 percent in the coming years, according to a CBRE report. Tourism, financial services and logistics will continue to drive economic growth, with predicted…

Miami in article re five hottest markets for retail commercial real estate – and the five coolest

Florida was hit particularly hard by the country’s housing bust that spanned from 2006 through 2012. The flow of people moving to the state from the Northeast and Midwest slowed considerably. “(People) couldn’t sell their homes, there were no jobs, (a move) didn’t look attractive because economies weren’t robust, etc., so population growth slowed, which of course is not a good thing for retail,” Muoio said. Since the bust, though, Florida’s housing market has improved, the labor…

Real estate experts rally behind proposed EB-5 legislation

Real estate experts in the EB-5 visa field strongly believe new legislation governing the controversial immigration program that rewards foreign investors with permanent U.S. residency will pass by the end of September. “Either Congress will pass a new EB-5 law, which will be the best news,” said H. Ronald Klasko. “Or the U.S. Citizenship and Immigration Service will pass regulation that will have a significant impact on the EB-5 program.” Klasko, who heads Klasko Immigration Law…

City Of Miami Inches Closer To Multimillion-Dollar Riverfront Development Deal

The City is closer to landing a new administrative building while facilitating the construction of a $465 million mixed-use project, dubbed Nexus Riverside Central, on its current Miami River headquarters site.

$465M Miami River project now entails 1,500 units

Miami voters could have the final say on Nexus Riverside Central Adler Group’s plans for Nexus Riverside Central, a $465 million mixed-use project on the riverfront site of the current City of Miami administrative headquarters, have become more ambitious. Within the Miami Herald’s latest report, which states the City Commission “authorized the appointment of a special estate counsel in the city’s proposed deal to lease its riverside administrative center to property developer Adler Group…

Facebook alum pulls curtain on TheVentureCity, launching in Miami

Former executives of Facebook, Google, eBay and other hyper-growth companies have come together to form a global “city” with everything a startup needs to scale internationally. Co-founding the unique venture, called TheVentureCity, is Laura González-Estéfani, former director of international business development and mobile partnerships for Facebook, and Clara Bullrich, a 20-year private banking and asset management veteran. They call it an accelerator for the global tech…

Ronny Finvarb sells 5th Street lot in South Beach for $6M

Ronny Finvarb just sold a vacant lot at 803 Fifth Street in South Beach for $5.965 million — six times the price he paid six years ago, The Real Deal has learned. The 9,000-square-foot property at 803 Fifth Street, at the corner of Meridian Avenue, can be developed for commercial use. It sold for $667 per square foot. SOBE 5, LLC, led by Finvarb, sold the property to The Fifth Hotel LLC, Finvarb told TRD. The buyer is linked to Urbanica Management, led by Carlos…

Market Trend: Select Top Five South Florida Office Leases Signed in Q1 2017

The select top office lease signed during the first quarter of 2017 in the South Florida market was at The Village of Merrick Park in the Coral Gables submarket. Bayview Financial renewed its 88,047-square-foot lease there. JLL represented the tenant, while CREC represented the landlord. Avison Young represented a tenant in a lease deal for 60.648 square feet at the Sawgrass Pointe II office building in the Sawgrass Park submarket. Hamilton…

Video: Previewing the American Dream Miami Mega Mall

Bob Gorlow and Edgar Jones present their plans a major development in North Miami called American Dream Mall. This is a must see for everyone in Miami. Once completed, it is sure to change the retail and entertainment landscape in South Florida.

Brickman to Reposition Miami Office Towers

Brickman has selected architecture and interior design firm MKDA to renovate Courthouse Tower at 44 West Flagler Street and 200 Southeast First Building, two Class A office towers in downtown Miami. When complete, the renovated assets will feature modern architecture, top-rate service and operations, abundant amenities, and New York-inspired spec suites. Courthouse Tower is a 162,500-square-foot property with 25 floors of office space and ground-level retail.

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June 13, 2017

Video: Previewing the American Dream Miami Mega Mall

Bob Gorlow and Edgar Jones present their plans a major development in North Miami called American Dream Mall. This is a must see for everyone in Miami. Once completed, it is sure to change the retail and entertainment landscape in South Florida.

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June 12, 2017

Miami Commercial Property News June 8, 2017: Two-Tower Complex Planned for A&E District; Beckham Deal Approved; New Courthouse Renderings; More…

ASRR plans massive two-tower complex at Arts & Entertainment District site in Miami

ASRR Capital and two Asian investors are planning a 1.7 million-square-foot residential, retail, and office complex at the Miami Arts & Entertainment District site they put under contract last year, according to documents filed with the Tel Aviv Stock Exchange. Plans for the block-long site at 18th Street and Northeast Second Avenue include two towers, one rising 60 stories and a second rising 40 stories, with up to 1,200 rental units, 20,000 square feet of retail space, and 350,000…

Miami-Dade approves $9M land sale to Miami Beckham United

David Beckham can jump into the next phase of his soccer franchise dream now that he has the land to build a stadium in Miami’s urban core. On Tuesday, the Miami-Dade County Commission voted 9-4 to sell nearly 3 acres in Overtown to Miami Beckham United to complete an assemblage that also includes 6 privately owned acres the group paid $19 million for last year. “Now is the time for MLS to move forward in helping us deliver the soccer club that Miami has been waiting for,” Miami…

David Beckham taking big victory to Miami city hall contest

The Miami-Dade County Commission on Tuesday approved David Beckham and his investors buying county-owned land to build a stadium for a Major League Soccer franchise near Marlins Park, but the group still needs rezoning approval and permits from the City of Miami to build the privately-financed 25,000-seat venue. The 9-4 vote came after a discussion that Chair Esteban Bovo Jr. said took longer than a soccer game. Now, Miami Properties LLC is to pay $9 million for the 2.79-acre…

Miami’s Courthouse Tower renovation gets new renderings

Wynwood-based architecture and interior design studio MKDA has been appointed to lead the $5 million-plus renovation of Courthouse Tower in downtown Miami. Located at 44 West Flagler Street, the building was acquired by New York-based real estate firm Brickman for $27.5 million in March 2016. The mixed-use tower is 162,500 square feet, comprised of 25 floors of office space and ground-level retail (birdseye view). MDKA was also selected to lead a minimal renovation…

Miami Beach convention center headquarters hotel backed

The long-anticipated recommendation has been made: the City of Miami Beach should build a convention center headquarters hotel. The Miami Beach City Commission has waited a year for its Blue Ribbon Committee to recommend whether to proceed with building a headquarters hotel for the city-owned Miami Beach Convention Center, which is in the process of being revamped and upgraded. On June 1, the seven-member panel finally reached consensus that the city needs…

10 questions for the team that will review county’s charter

A 15-member team is nearing the starting line to propose changes to the rulebook under which Miami-Dade County’s government operates. It’s a vital job. Though the task sounds soporific, changes to the county’s charter – its version of a constitution – could affect every voter and every taxpayer, because the rules determine how government serves the governed. That means we all need to heed what the charter task force recommends be put on the ballot for voters to act on – and then…

Investment Sales Market for Multifamily Begins to Recover after a Pause

The year isn’t turning out quite the way apartment experts expected it to just a few months ago. In January, it seemed like interest rates would begin an upward climb, which would push cap rates higher for investments in apartment properties. Instead, interest rates have sagged from their highs at the end of 2016, and cap rates are falling once again. “Apartment cap rates, and cap rate spreads, are declining,” says Jim Costello, senior vice president with Real Capital Analytics (RCA), a New…

Muse Sunny Isles unveils new renderings

Showing the pool, gym, and sauna Muse Residences in Sunny Isles Beach unveiled some new renderings of its common areas, including the fitness center, sauna, and beach-level pool and cabana area. Developed by Property Markets Group and S2 Development, the 68-unit condo overlooks the ocean and topped off in January. It was designed by Carlos Ott, with Sieger Suarez the architect of record, and Antrobus & Ramirez commissioned to design the common areas. Other amenities include…

Wolfsonian-FIU takes first step to build expansion

The Wolfsonian-FIU has issued an Invitation to Negotiate, or ITN, for the ground lease of two Miami Beach properties – The Annex, 1538 Lenox Ave., and a nearby surface parking lot at 1500 Lenox Ave. The posting represents the first step in long-awaited plans to expand the museum and research facility’s exhibition space, said Director Tim Rodgers. The county granted the Wolfsonian $10 million in bond money in 2004 to increase public access to the collection as part of a $2.9 billion…

Who Are the Most Likely Tenants to Backfill Empty Retail Big Boxes?

The next occupiers of the vacated spaces run the gamut, sources say, from specialty retailers to service providers to entertainment concepts to industrial and office tenants. As the retail industry continues with its metamorphosis, talk has turned to what will happen with all that extra big-box and mall anchor space that’s coming on the market? From 36 to 37 million sq. ft. of retail space could be returned to the market by next year, according to a recent report by JLL Research, based on store…

Midtown Doral announces retail tenants to open between July and December

Midtown Doral has announced a list of retail tenants set to open between July and December during phase two of the four-phase, mixed-use development project.
Seventeen boutiques, restaurants and offices will accompany the 1,500 rental units and hotel component of the project, whose amenities include a club and fitness center. Sergio Pino’s Century Homebuilders Group is developing the $230 million Midtown Doral project on Northwest 107th Avenue and Northwest 74th Street…

Shuttered TiramesU subleases its South-of-Fifth space, new chef-driven restaurant to open

TiramesU, the Italian restaurant in Miami Beach’s South-of-Fifth that opened in late 2015 and quietly shut down last month, has subleased its space to restaurateurs who plans a new chef-driven concept, The Real Deal has learned. Grove Bay Hospitality Group has subleased the 2,000-square-foot space at 101 Washington Avenue, Koniver Stern Group’s Noah Fox told TRD, but he declined to disclose lease…

Denver firm picks up new West Miami apartments for record $61M

A Denver, Colorado-based multifamily real estate firm just paid $61 million for a newly completed apartment complex in West Miami. Estate Investment Group, Mattoni Group and Fortune Capital Partners sold Soleste Club Prado at 950 Red Road to Grand Peaks. The eight-story, 196-unit complex sold for $311,000 per apartment and $360 per square foot for the 168,872-square-foot building. The deal marks a new record for the small city just northwest of Coral Gables, and follows…

CoStar Market Insights: Miami-Dade Apartment Sales Remain Hot in 1Q17

Introducing CoStar Market Insights: a new feature providing a snapshot of recent real estate trends in your market. The CoStar Market Analytics team monitors commercial and multifamily real estate across 206 metro areas, with a granular understanding of the projects, players and economic trends that move these markets. Q1 Miami-Dade Multifamily Remain Hot: Over the past few years, investment in Miami-Dade County’s multifamily market has steadily…

Colony Starwood Agrees to Buy GI Partners’ 3,106 Rental Homes in Miami, Elsewhere for $815 Million

Colony Starwood Homes (NYSE:SFR) agreed to acquire a portfolio of 3,106 single-family rental homes from Waypoint/GI Venture LLC for $815 million. Colony Starwood currently manages the portfolio for the sellers, which is located in southern and northern California, Chicago, Atlanta, Tampa, Phoenix, Miami and Orlando. As of March 31, 2017, the GI portfolio was 95.8% occupied with an average monthly rent per unit of $1,703, which the company said…

Could Big Data Help CRE Investors and Developers?

Smarter decisions are a click away. For better or for worse, we live in a data-driven world. Everything we do, eat, wear, or Google leaves a digital footprint to be placed in an algorithm for further crunching, analysis, interpretation, and distribution. The easiest example is to do an Internet search for anything – a new mattress or a future vacation destination – and see how quickly related information and ads appear in your Facebook newsfeed. From Netflix preferences to complex medical…

Public-Private Partnership Including Miami-Dade County Wins City Commission OK

A large mixed-use public-private partnership that includes Miami-Dade County as a player has won preliminary Miami City Commission approval. Platform 3750 LLC proposes to build on 2.1-acres at 3750 S Dixie Highway (US 1). The county is a co-applicant for land use and zoning changes, which city commissioners approved on first reading May 25. A final…

Hyatt maintenance dispute with city of Miami settled for $4 million

The City of Miami has agreed to pay Hyatt Equities close to $4 million in a settlement resolving a maintenance disagreement. The business dispute between the city and Hyatt has been going on for years and was stopping the two parties from moving forward with their plans to redevelop the area. The dispute involved Hyatt’s Miami River hotel and the costly maintenance that was done on the aging property. Hyatt was unhappy with the fact that police and firefighters have been forced to work…

Office Sale Negotiated For Palmetto West Park

NAI Miami, a member of the world’s premier managed network of commercial real estate firms, announced today the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated an office sale for their client, Palmetto West Park, LC, at 7791 Northwest 46 Street in Doral, Florida. The buyer is PJV Engineering. The sale was valued at $380,000.

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June 8, 2017