Kushner starts construction on first South Florida development, scores $80M loan

Laurent Morali and Charles Kushner with a rendering of their Wynwood project Kushner Companies started construction on its first South Florida development with partner Block Capital Group. The developers are financing construction of their Wynwood project with a roughly $80 million loan from Axos Bank and Fortress. New York-based Kushner, founded…

Kushner Breaks Ground On First Florida Project – in Wynwood

Kushner Cos. broke ground Thursday on its first development project in Florida, where the company has been purchasing land over the past few years. Wynd, formerly called Wynwood 27 & 28, will be a mixed-use complex in Miami composed of two buildings at 130 NW 27th St. in the Wynwood arts district. Designed by Arquitectonica and developed…

Interactive Map: Land Sales psf by Miami 21 Zoning Code

To really use this correctly, you’ll need to access this on Google Maps directly. First, read the following. This map was made by using publicly available sales, filtering out sales types that tend to result in errant data. Consequently, though the underlying data was systematically assembled, it is far from complete, and thus is not perfect. Also note that this is intended…

SH Hotels & Resorts to Open 62-Story Treehouse Hotel in Brickell District

SH Hotels & Resorts, an affiliate of global private investment firm Starwood Capital Group led by Barry Sternlicht, will open the Treehouse Hotel in Miami’s Brickell district in 2023. Rockwell Group and SHoP Architects are the designers of the development, which will be the first U.S. Treehouse Hotel. The first Treehouse Hotel debuted in London in 2019. Treehouse…

Yardi Releases Winter 2021 Miami Multifamily Report

As Miami continues to navigate the health crisis and ensuing economic hardship, the metro became an example of resilience in the face of adversity, according to a study by the Atlantic Council’s Adrienne Arsht-Rockefeller Foundation Resilience Center. The report commended Miami’s efforts to repurpose existing strategies—already tested against coastal…

Edgewater Assemblage Site Fronting Biscayne Blvd Lists for $49.5M

A commercial assemblage spanning almost three acres in Miami’s blooming Edgewater neighborhood was recently placed on the market with a price tag nearing $50 million. The site includes a commercial building as well as 54 apartments. According to property records, the assemblage, located at 3333 Biscayne Boulevard, is controlled by Miami Sunrise Properties…

HFZ faces lawsuit, unpaid tax bill for Shore Club South Beach hotel

A partner in HFZ Capital Partners’ Shore Club in South Beach filed a lawsuit against the hotel’s owners, as HFZ’s financial and legal troubles continue to mount. A company tied to The Clark Estates, the family of the late newspaper publisher and businessman Stephen Carlton Clark, is suing the Shore Club’s owners to block the sale of the hotel without the approval…

Hulu unveils trailer for new WeWork documentary

“When you tell a 30-something male he’s Jesus Christ, he’s inclined to believe you.” That’s a line from the trailer for Hulu’s new crime-thrilleresque documentary on WeWork, set to hit the streaming service April 2. The two-and-a-half minute preview for “WeWork: Or The Making And Breaking Of A $47 Billion Unicorn” released Wednesday give…

Retail spending falls in February, but here come stimulus checks

Retail sales in February dropped 3 percent from January, a sharper decline than expected, but reflecting the timing of stimulus payments. Sales in January had surged 7.3 percent after $600 stimulus payments were deposited into consumers’ bank accounts at the end of last year. Spending then fell in February, but was $33 billion higher than in February 2020…

Citizens insurance seeks rate increase after adding 100K policies over last year

Florida’s state-backed insurer, Citizens Property Insurance Corp., is seeking a rate increase as it grapples with more than 100,000 new customers gained over the past year. Barry Gilway, Citizens’ president and CEO, said an increasing number of private insurers are not writing new policies or are restricting the types of properties they will cover, according to the…

Miami Beach Treehouse nightclub for sale — for cash or cryptocurrency

A Miami Beach nightclub is for sale, and open to Bitcoin buyers, which could make it the first known commercial real estate deal to close with cryptocurrency. Treehouse nightclub owner and operator Michael Freundlich put the single-story, 4,322-square-foot property at 323 23rd Street on the market. The nightclub, known for its techno and EDM…

Will This Miami Nightclub Be First U.S. CRE Sale In Bitcoin?

A Miami Beach nightclub called Treehouse at 323 23rd Street in South Beach is for sale, and the seller will accept Bitcoin as payment. If a Bitcoin buyer emerges, it could be the first U.S. commercial real estate transaction using cryptocurrency, according to.. “He’ll do part Bitcoin, full Bitcoin. He’ll hold paper. He’ll do a lease with an option. He would probably entertain…”

Bitcoin price – Miami Beach Nightclub for Sale, Open to Bitcoin Buyers

A Miami Beach nightclub is for sale, and open to Bitcoin buyers, which could make it the first known commercial real estate deal to close with cryptocurrency. Treehouse nightclub owner and operator Michael Freundlich put the single-story, 4,322-square-foot property at 323 23rd Street on the market. The nightclub, known for its techno and EDM…

Eric Trump is pushing for the family’s Doral golf resort in Florida to be turned into a casino

Eric Trump is pushing for the Trump Organization’s financially struggling Miami Doral Resort in South Florida to be turned into a casino to help boost revenues, the Washington Post reported Wednesday. The Florida state legislature is considering pursuing legislation that would allow real estate developers to grant gambling permits to properties without needing…

Much Of NYC’s CRE Business Has Moved To Florida. Will It Stay?

Miami has come to be known as the sixth borough of New York City, flourishing through the pandemic as moneyed Northeasterners have made a well-publicized move south. High earners, who in any other year would be packed into subways on their way to Midtown skyscrapers, are instead filling the Miami restaurants and buying pricey Florida houses and…

Oasis Wynwood unveils restaurant lineup, Pura Vida opens Abba Telavivian Kitchen on Miami Beach, other restaurant news

The Oasis, a mixed-use development in Wynwood, unveiled its food and beverage lineup. Coyo Taco co-founders Sven Vogtland and Alan Drummond are managing the 35,000-square-foot outdoor space. The Oasis is set to open next month and it will include six dining concepts, a tower bar, and a stage for live performances. Sandwich shop Alidoro, Buya…

Sluggish hotel market showing signs of life

Hotels are receiving an injection of new guests as more Americans receive the Covid-19 vaccine and consider traveling again. U.S. hotel occupancy hit 49 percent in the week ending March 6, its highest level since last August, the Wall Street Journal reported, citing data from STR. That’s down from 65 percent in March 2020 before the effects of the pandemic were fully felt.

Four national, global firms sign Downtown Doral office leases

The Offices at Downtown Doral, a mixed-use office campus within the suburban town center of Doral, has announced leases for four new tenants at 8333, the campus’s class “A” office building. A spokesperson for Codina Partners said the four new tenants are Paramount Residential Mortgage Group Inc. (PRMG), HDR Engineering Inc., Ekman Group and Kia Motors…

Coral Gables sounds out merchants on adding street music

Coral Gables city commissioners favor possibly easing noise prohibitions near and around the Central Business District. During their March 9 commission meeting, Commissioner Michael Mena brought up a discussion on whether restaurants or venues residing at the Central Business District should have lighter restrictions to play live music. Mr. Mena said he has…

Melreese soccer development seen as airport safety threat

Several county departments have joined the agency that runs Miami International Airport (MIA) in citing safety, traffic and commercial concerns with a soccer stadium complex proposed on nearby City of Miami-owned Melreese golf course. While there is reason for concern, said Lester Sola, Miami-Dade Aviation director, county staff still needs more information.

Wells Fargo moving Coconut Grove office into city-owned Regatta Harbour garage

Regatta Harbour, the mixed-use development at the helm of Coconut Grove’s waterfront revitalization, has attracted a notable tenant. Project developer The TREO Group– a Miami-based, privately-held real estate investment firm – announced Tuesday a signed lease agreement with Wells Fargo, the diversified, community-based financial services company…

Requiring 68% more costly steel is waste, not patriotism

With the aim of patriotism, Miami-Dade commissioners just signed a blank check to raise costs to taxpayers on an unknown number of infrastructure projects by an unknown percentage with an unknown total price. They missed their target. Their unanimous vote requires that the county use iron and steel products that are made in the USA. Only if suppliers couldn’t…

Blackstone, Starwood strike $6B deal for Extended Stay America

A long-in-the-works deal for an extended-stay hotel chain is finally coming to fruition. Blackstone Group and Starwood Capital Group have acquired Extended Stay America for about $6 billion, Bloomberg News reported. The two private-equity firms are paying $19.50 per share for the hotel operator, according to the report. Both companies have previously invested in the…

AEW sells Miami apartment complex to Grand Peaks for $63M

Cascades at the Hammocks with Grand Peaks CEO Luke Simpson and AEW CEO Jeff Furber (Google Maps) AEW Capital Management sold the Cascades at the Hammocks multifamily complex in southwest Miami-Dade County for $63 million. Records show AEW’s affiliate, Cascades at Hammocks LLC, sold the apartments at 10605 Hammocks Boulevard, to Grand Peaks Properties’ affiliate Cascades Hammocks Apartments LLC. Denver-based…

Newmark’s bid to acquire Knotel is nearly complete

Newmark’s bid to acquire Knotel is nearly complete. The bankrupt flex-office provider was scheduled to be sold on Friday afternoon in an auction, but no other qualified bidders submitted an offer, the Commercial Observer reported. A subsidiary of Newmark, which established a stalking-horse bid in advance of the auction, became the winner, according to the report.

Landlords, condo associations sue to end ban on eviction writs in Miami-Dade

A group of Miami-Dade County landlords, condo associations and others are pushing to end the moratorium on executing residential writs of possession filed during the pandemic. The county has suspended police enforcement of such writs for evictions filed since March 2020. The Miami-Dade Police Department executes writs of possession. Six landlords, three condo…

Data centers poised for record year of leasing

Data centers appear poised for record growth this year. A recent CBRE report found that demand is strong, and preleasing suggests 2021 a sustained surge, CNBC reported. Data centers https://therealdeal.com/chicago/tag/data-centers/ — essentially large warehouses filled with computing and data storage systems — are…

Spider nixes plans for Edgewater condo project, disposes of dev site for $7M

Spider sold an assemblage in Miami’s Edgewater neighborhood for $7.25 million, after scrapping plans to build a 12-story condominium. Spider, led by Andres Goldenberg and Alejandro Eskenazi, sold the 28,000-square-foot site to Edgewater investor Jehad Audy, according to a press release. The two lots are at 113 and 123 Northeast 25th Street, and include a 1926-built…

Target moves to hybrid work-from-home model for corporate office

Target is making moves to take its corporate workforce remote after a banner year in sales. The company will cease operations at the City Center building in downtown Minneapolis and will find alternative office accommodations for its 3,500 workers, the New York Times reported. More than 25 percent of the big-box retailer’s Minneapolis-area corporate…

Residence Inn Coconut Grove sells for $31M, to be converted to apartments

Hersha Hospitality Trust sold a Marriott-branded hotel in Coconut Grove for $31 million…. The Philadelphia-based hotel real estate investment trust sold the three-building, 140-unit Residence Inn by Marriott to AB Asset Management, led by Getzy Fellig and Sam Zalmanov. The Miami Beach-based buyer plans to upgrade the property at 2835 Tigertail Avenue in…

Hersha Hospitality Trust Sells 140-Room Hotel in Miami’s Coconut Grove Neighborhood

Hersha Hospitality Trust has sold the Residence Inn by Marriott, a three-building, 140-room hotel at 2835 Tigertail Avenue in Miami’s Coconut Grove neighborhood. John Crotty, Michael Fay, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth of Avison Young represented the seller in the transaction. AB Asset Management purchased the hotel for an…

Record cargo activity at PortMiami; January busiest month in history

PortMiami, one of the top ports in the U.S., processed 113,835 Twenty-Foot Equivalent Units (TEUs) in January 2021, an increase of 21.02 percent from the 94,064 TEUs processed in January 2020, the most active month ever recorded. Between fiscal year to date, Oct. 1, 2020, through Jan. 31, 2021, PortMiami processed a total of 420,838 TEUs representing the busiest…

The future of commercial real estate in Miami Beach

One year after the pandemic shut everything down the region is seeing a pop of activity in residential sales and interest from companies in having some kind of a presence in South Florida. If and how long that lasts is unpredictable, but four local industry leaders shared their thoughts on what’s ahead for commercial real estate in Miami Beach.

Rotem Rosen wins round in fight with Alex Sapir over Tamir Sapir’s estate

Rotem Rosen has won the most recent courtroom skirmish in the protracted war for more than $100 million of the estate of his former father-in-law, the late Tamir Sapir. The dispute, now in its second year in New York Surrogate’s Court, was nearly settled last year. But then the late real estate titan’s son and executor of his will, Alex Sapir, reversed course at the…

Biscayne Boulevard dev site hits market for $11M

A multifamily and commercial development site at 11240 Biscayne Boulevard near North Miami hit the market for $10.5 million. Owner Alex Silberman purchased the 3.2 acres of land at 11240 Biscayne Boulevard in August 2012 for $2.9 million from Biscayne 114 Center of New York, property records show. The asking price shows a significant uptick in valuations since then.

The 369-unit multifamily Vesada in Doral begins lease-up phase

LMC has kicked off leasing at its second community in Doral, Fla. Leasing opportunities for Vesada will be available through the leasing office that opened earlier this month alongside virtual and online alternatives. Scheduled to see its first move-ins in March, the 369-unit Vesada will offer one-, two- and three-bedroom floorplans. The units…

Done deal: Biden signs $1.9T stimulus with billions for real estate

President Joe Biden signed the $1.9 trillion stimulus package on Thursday, aggressively expanding federal aid to renters, homeowners, small businesses and more. “This historic legislation is about rebuilding the backbone of this country,” Biden said before signing the bill, “and giving the people of this nation, working people, the middle-class folks, people…

Bruce and Shawn Chait arrested on charges of extorting Miami based 13th Floor Investments

Father and son real estate duo Bruce and Shawn Chait were arrested on charges they tried to extort millions of dollars from Arnaud Karsenti of 13th Floor Investments, in connection to Tamarac housing communities the firm developed on golf courses once owned by the Chaits. The Florida Department of Law Enforcement arrested…

AMC reopens 90% of U.S. theaters

The show is going on for AMC. The international movie theater chain has reopened nearly 90 percent of its U.S. cinemas. AMC Entertainment Holdings said Wednesday that 527 out of 589 domestic theaters have reopened since last year’s shutdown. They include theaters in New York City, and theaters in Los Angeles are set to reopen soon. Internationally…

Sunbeam Television buys North Bay Village site next to Channel 7 for $29M

Sunbeam Television Corp., owner of WSVN-Channel 7, bought property next to the TV station in North Bay Village for $29 million. Records show Sunbeam Television, led by Andrew Ansin, bought two lots next to Channel 7 from Isle of Dreams, led by Andre Radandt. The property at 1415 Northeast 79th Street now has a two-story, 17,426-square-foot utility…

Lynd buys Margate apartments from Grand Peaks for $51M

San Antonio-based multifamily investor Lynd bought a Margate apartment complex for $50.75 million. Lynd bought the 280-unit Lakes of Margate at 5750 Lakeside Drive from Denver-based Grand Peaks, according to a press release. The sale price equates to $181,250 per unit. Built in 1987, the garden-style community spans nearly 14 acres, according to property…

Raanan Katz buys Publix-anchored Plantation shopping center for $17M

Raanan Katz’s RK Centers picked up a Publix-anchored Plantation shopping center for $17 million, its third South Florida acquisition since September. RK Centers, through affiliate RK Veranda, bought Veranda Shoppes from Regency Centers Corp. affiliate Equity One JV Sub Veranda, according to a deed. Property records show the 47,678-square-foot shopping…

RCI Group sells River Cove Marina in Miami for $11M

Real estate and marina developer and owner RCI Group sold a marina on the Miami River for $11 million. Records show RCI Group affiliate 2000 Miami River Marina sold the 72-slip River Cove Marina to Cove Marina Holding, a Delaware entity. Built in 2009, the marina spans 4 acres and includes a 2,778-square-foot structure for a dockmaster station as well…

David Martin, Avra Jain, Joe Del Vecchio sell Miami industrial dev site for $8M

An aerial of the property with Avra Jain and Terra’s David Martin Avra Jain, Joe Del Vecchio and Terra’s David Martin sold a Miami industrial land site for $7.5 million where they previously planned to develop a warehouse for a sports entertainment facility. Boston-based logistics real estate investor Xebec Realty bought the 4.7 acres at 1010 Northwest 72nd Street in…

Two SPACs led by Russell Galbut and Michael Liebowitz each file for $100M IPOs

Developer Russell Galbut and investor Michael S. Liebowitz are rolling out the SPACs. The two partners, who last year raised $115 million for their New Beginnings Acquisition Corp. blank check company, filed initial public offerings for two more companies, New Beginnings Acquisition Corp. II and New Beginnings Acquisition Corp. III, each targeting $100 million raises.

Flight to Florida? Data show few Manhattanites moved permanently

Headline after headline made it seem like half of Manhattan had moved to Florida for good. Chefs, celebrities and bankers alike relocated to the Sunshine State during the pandemic. Reality check: Only a small percentage of Manhattanites relocated permanently to Florida last year. And as vaccinations amp up, many might be returning — or changing their…

Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse

Commercial real estate firm Ryan Companies scored a $28.2 million construction loan for its planned Kendall e-commerce warehouse and bought the development site for $12 million. Records show that Ryan Companies affiliate Kendall Property Owner bought the 10 acres on the intersection of Southwest 136th Street and 132nd Avenue from TCAG…

Proposed North Miami Beach mixed-use, multifamily high-rise development advances

Plans for a 19-story mixed-use, multifamily high-rise in North Miami Beach are moving forward. The North Miami Beach Planning & Zoning Board on Monday night approved the project at Northeast 163rd Street and 19th Avenue. The variances and site plan for the 224-foot-tall Skygarden tower still needs to be approved by the North Miami Beach City Commission.

Matis Cohen, Russell Galbut score approval for Normandy Isles project in Miami Beach

Matis Cohen and Russell Galbut with the original building and a rendering of the Normandy Isles project Matis Cohen and Russell Galbut’s plans for a mixed-use building in Normandy Isles are moving forward. The Miami Beach Historic Preservation Board on Monday voted 4 to 2 in favor of the certificate of appropriateness, and voted unanimously in favor of five…

Discount chains thrive amid retail meltdown

What retail meltdown? While department and chain stores have been suffering since even before the pandemic, discount retailers — including Five Below, HomeGoods, TJ Maxx and Dollar General — are ramping up to open more stores in the next few months. TJX, the parent company of TJ Maxx and Marshalls, will open 81 stores across its brands in…

Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum

One Thousand Museum, the luxury downtown Miami condo tower designed by the late Zaha Hadid, is facing a foreclosure lawsuit, The Real Deal has learned. Reuben Brothers, the London-based private equity and investment firm led by British billionaire brothers David and Simon Reuben, sued to foreclose on the remaining 15 unsold units at the…

Big names vie to build first Miami International Airport hotel in 60 years

Three firms are on a shortlist to build the first new hotel at Miami International Airport (MIA) in more than six decades, and they feature names known to the Miami-Dade development community. The firms were the only ones to respond to a bid request the county issued in October, according to Rita Silva, division director of procurement for Miami-Dade…

Historic Walgreens site to bustle with restaurants

An historic and iconic building on a high-profile corner in downtown Miami is being reborn as a venue bustling with new restaurants and bars, and some office space. The city’s Historic and Environmental Preservation Board has approved a special certificate of appropriateness for an addition and alterations to a property at 200 E Flagler St. The applicant, 200 East…

7-acre Plaza Coral Gables sprints to finish line

Despite hurdles and challenges presented by the pandemic, construction at The Plaza Coral Gables remains on schedule to meet its August 2022 completion goal.  Developed by Agave Holdings LLC, the $500 million, 7-acre plaza at 2901 Ponce De Leon Blvd. will feature more than 450,000 square feet of LEED (Leadership in Energy and Environmental Design)…

Sorry, boss: 72% of workers don’t want to return to offices full-time

Though landlords aren’t quite ready to say goodbye to their offices, employees are, according to a new survey by JLL. Office landlords may be ready to get their buildings filled with workers again, but employees aren’t exactly clamoring to go back, according to a new survey by JLL. Of the 2,000 workers surveyed by the commercial brokerage, 72 percent said they…

Lawsuit against Jared Galbut, Keith Menin alleging fraudulent special assessments at Bentley South Beach moves forward

A judge ruled that the plaintiff in a 2014 lawsuit against hoteliers Jared Galbut and Keith Menin can seek punitive damages from the Menin Hospitality principals. Colleen Bennett, a unit owner at the Bentley South Beach, filed the lawsuit against the Bentley condo association more than six years ago. In an updated complaint filed in January against the condo…

What real estate gets in Biden’s $1.9 trillion package

From rent relief to aid for restaurants, the $1.9 trillion stimulus package has lots of goodies for real estate. President Joe Biden’s American Rescue Plan was passed Saturday by the Senate and is headed back to the House, which is expected to follow suit. Read more National eviction moratorium ruled unconstitutional, but remains in place Biden to…

Movie theaters’ future uncertain as studios focus on streaming

A lackluster box office performance of Walt Disney’s new movie is putting a cloud over the future of movie theaters. Ticket sales for the Walt Disney Company’s highly-anticipated “Raya and the Last Dragon” totaled only $8.6 million over the weekend in the United States and Canada, the New York Times reported, citing data from Comscore. The result is considered…

Baptist submits plans for medical offices, Altman multifamily project in Kendall

Baptist Health South Florida CEO Brian Keeley with The Altman Companies Seth Wise and Joel Altman and renderings of the project A 354-unit multifamily complex and an adjacent medical building could rise on a 14.5-acre property in Kendall that is now a strawberry farm. Baptist Hospital of Miami, part of Baptist Health of South Florida, last week submitted an…

A Look at the Post-COVID Recovery of the Hotel Industry

The pandemic is severely challenging the hotel industry, and a bounce-back could take some time. Although the pandemic is causing massive economic disruption and putting numerous sectors in trouble, perhaps no industry is experiencing more significant challenges than hospitality. Consumers aren’t traveling anywhere near pre-COVID levels despite the lift of initial travel…

Does the Hotelization of Offices Work in the Age of COVID?

More services and amenities could be the key to attracting tenants. But the difficulty of obtaining capital for customized improvements puts up barriers to “hotelizing” offices. COVID-19 is speeding up the work-from-home revolution, as more employees are avoiding the office and working remotely than ever before.  Pew Research Center reports that 71% of…

Is the Open Office Concept a Thing of the Past?

The need for social distancing is sure to amplify many pre-pandemic questions about the efficiency of open offices. The open-concept office is widespread in corporate America, though it has taken some hits in recent years. The movement first gained traction in the 1970s and remains a go-to setup for many businesses around the country.

Off the grid: Developers eye “virtual power plants” for properties

A growing number of developers in the U.S. are investing in integrated solar power and battery systems for their buildings. Advances in energy storage technology and falling prices for batteries mean these “virtual power plants” are becoming viable for a variety of buildings and uses, according to the New York Times. The technology would also create more energy…

Leisure, hospitality big winners in February job gains

Leisure and hospitality may finally be on the road to recovery. The industry added 355,000 jobs in February, as coronavirus restrictions began easing in some parts of the country amid the rollout of a national vaccine campaign. The vaccine news is a welcome shot in the arm for the economy: There were 379,000 jobs added last month, according to the Bureau of Labor…

Retailer Burlington plans to double store count

One discount retailer says it plans to open twice as many stores, due to industry disruption and a change in its strategy. Burlington Stores, which previously operated as Burlington Coat Factory, has a long-term plan of increasing its total store count to 2,000 locations, up from 1,000, Chain Store Age reported. The company currently operates 761 stores, and intends…

Mall owner Washington Prime Group prepares for bankruptcy

A major mall owner is preparing for bankruptcy after it failed to make an interest payment on its debt. Washington Prime Group, a real estate investment trust which owns more than 100 malls, has been negotiating with its lender to reduce its debt — but the talks are not going well, Bloomberg News reported. The mall owner has said Covid-19 could…

Considering Multifamily Construction Costs in Miami

Finding myself involved in multifamily development deals of late, I tasked myself with updating my general feel for area construction costs of such projects. What I discovered matched all such conversations of late and can be summed in a word; escalating. One conversation was with a principal of a substantial area general contractor. When I asked him this question…

For multifamily, office landlords, worst is yet to come: Moody’s

For landlords across different commercial real estate sectors, Moody’s Analytics has some potentially distressing news: The worst may be yet to come. A new report by the economic research firm looks at the state of commercial real estate in the wake of the pandemic, and what to expect in 2021. The report looks at four CRE sectors — multifamily, office, retail…

Chilean developer launches first South Florida condo project in Bay Harbor Islands

Edgardo Defortuna, Claudio Cordero and Carlos Balart with a rendering of the project Ambienta Developers is launching sales of its first condo development in South Florida in Bay Harbor Islands, The Real Deal has learned. Ambienta Bay Harbor Islands, a planned 30-unit building at 9901 West Bay Harbor Drive, is expected to break ground in June, said…

Address not applicable: What happens to the HQ in the remote-work age?

When a company prepares to go public, it submits to the SEC a document known as the S1, which details its business, financials, risks and opportunities. On the first page is a field for the location of its headquarters. Some of these addresses have become legendary: 1600 Amphitheatre Parkway (Google); 1601 Willow Road (Facebook); 345 Park Avenue…

Morgan Properties, Olayan America buy $1.75B multifamily portfolio

Morgan Properties and Olayan America have purchased a portfolio of 48 U.S. multifamily properties for $1.75 billion. The seller was STAR Real Estate Ventures, a joint venture of El-Ad National Properties LLC and Yellowstone Portfolio Trust, according to a press release from Morgan and Olayan. It is Morgan’s largest acquisition since the Pennsylvania-based firm bought…

Maroone drives away with Roger Dean Chevy dealership in West Palm Beach for $13M

Auto mogul Michael Maroone bought the Roger Dean Chevy dealership in West Palm Beach for $12.5 million. Records show Maroone’s Maroone USA, through its affiliate, PD-MM Opco, bought the dealership at 2235 Okeechobee Boulevard from Roger Dean Chevrolet. The buying entity is led by Michael Maroone and his nephew, John Hoctor. The group took out…

Highline, Sefira Capital sell Weston office building for $8M

South Florida real estate investors Highline Real Estate Capital and Sefira Capital sold a Weston office building for $8.3 million. Fort Lauderdale-based Fox Ridge Capital bought Weston Commerce Center at 1625 North Commerce Parkway from Highline and Sefira affiliate HRE/Sefira Weston Office, according to a release. Built in 1991…

Terra, Grass River Break Ground on Grove Central Mixed-Use Project in Miami

Terra and Grass River Property Co. have broken ground on a new mixed-use project in Miami called Grove Central. Located at 2780 SW 27th Court, the transit-oriented development will include a new 23-story residential tower comprising 402 market-rate, workforce and co-living units; a 1,250-space public parking garage; and approximately 170,000 square feet…

Checking into the wild: Miami commissioners approve zoning changes to allow for Jungle Island hotel

Jungle Island’s planned transformation into a lushly-landscaped theme park with a waterfront hotel and new attractions took a major leap forward. The Miami City Commission on Thursday unanimously approved a development agreement with Jungle Island and a special area plan, or SAP, for 18 acres on Watson Island, the site of the animal-centric tourist…

Atlanta Fed: Beige Book Finds Small Uptick in Labor Market

The latest Beige Book report on the regional economy from the Federal Reserve Bank of Atlanta shows hopeful signs in the labor market, a bit of upward pressure on prices, and a modest expansion of general activity over the past several weeks. February’s Beige Book reports that employment levels rose “modestly” from December and early January, and about half…

8 Key Statistics for the Miami Commercial Real Estate Market

Miami’s commercial real estate market offers a wide range of projects, assets, and property types due to its pivotal access as an Atlantic coastal town and its geographic position near Central and South America. These factors give Miami a distinct cultural influence and importance as a transportation node between North America, Central America…

The Fed: Does Rising National Debt Portend Rising Inflation?

The previous post examined the national debt in terms of debt issuance, debt as currency and debt service. This post looks at monetizing the debt, inflation and pressures on the larger debt picture caused by COVID-19. In a Regional Economist article, Senior Vice President and Economist David Andolfatto pondered the question, “Does the National Debt Matter?”

Global digital payment firm ACI Worldwide Corp. moving to Miami-Dade

A global digital payment firm currently headquartered in Collier County will get more than $360,000 in state and local incentives to move to Miami-Dade, with vows to spend millions on its new world headquarters and create 180-plus high-paying jobs. County commissioners Tuesday unanimously approved the incentives for ACI Worldwide Corp…

Settlement with Magic City Casino would ban gambling elsewhere in city

After hearing parties are nearing a settlement on a jai-alai and poker establishment in the Edgewater neighborhood, Miami city commissioners decided last week to defer a previously scheduled meeting that was to be closed to the public. Vice Chairman Ken Russell said his understanding was that both sides are at the table in good faith. While getting close to…

82-acre Doral Central Park begins development

Construction to build-out Doral Central Park has officially begun after city officials broke ground Monday, closing the park to the public until further notice. With phases two and three scheduled to be completed in 2022 and phase four in 2023, the 82-acre existing passive park at 3000 NW 87th Ave. will be transformed into a multipurpose and multigenerational park…

NYC Meatpacking District Icon, Pastis, Is Coming to Wynwood

Pastis, New York City’s iconic version of a classic Parisian bistro, is bound for Miami. Restaurateurs Keith McNally and Stephen Starr will open Pastis Miami at 380 NW 26th Street in Wynwood in 2022.The property is owned by Miami developer David Edelstein. The 8,000-square-foot restaurant will echo its Manhattan sibling’s look with mirrors, subway tile, and warm…

Pastis to open Miami restaurant in Wynwood

New York City institution Pastis is landing in Miami. James Beard award-winning restaurateurs Stephen Starr and Keith McNally plan to open in Miami’s Wynwood neighborhood, in an 8,000-square-foot space at 380 Northwest 26th Street, The Real Deal has learned. The restaurant, Pastis’ first in South Florida, is expected to open in the summer of 2022.

Internet, shminternet: Target adds, renovates stores as money pours in

Target has hit the bullseye. The big box retailer is adding and renovating stores as well as warehouses as it thrives in the competition with Amazon and other internet retailers. The moves stem in part from Target’s stellar year: Its 2020 sales growth of more than $15 billion was greater than in the prior 11 years combined, the company announced Tuesday. Total…

Order up: Real estate investors line up to buy drive-throughs

Real estate investors are placing their bets on a new property type: drive-throughs. Restaurants with drive-through lanes are seeing their values increase as the coronavirus pandemic forced social distancing rules and the closure of indoor dining, the Wall Street Journal reported. Chains such as Chick-fil-A and McDonald’s have reported an increase in sales thanks…

South Florida’s Top 10 Retail Projects Currently Under Construction

To expand on the South Florida Retail Real Estate Quarterly Report, MMG puts together a periodical update of the Top 10 Retail Real Estate Construction Projects in the area. There are currently 32 retail projects under construction with a total square footage of 1,879,865 being added to the market. That accounts for 1.4% of the…

South Florida’s Top 10 Retail Real Estate Property Sales

In order to add further context to the South Florida Retail Real Estate Quarterly Report, MMG puts together an update of the Top 10 Retail Real Estate Property Sales in the region. In the last 12 months, there have been 356 retail properties sold with an average cap rate of 5.8% between all of them…

New York Real Estate Developers See Opportunity in South Florida Amid Pandemic

COVID-19 shook things up across the country, but some out-of-state business owners saw a silver lining in South Florida. Business owners across various industries are opening up shop, but the hospitality sector in particular is seeing a boom, according to real estate experts. “New York and Miami are two different worlds with the pandemic,” said Mitchell Hochberg…

U.S. mall values fall 60% after appraisals

The suburban mall that you frequented as a teenager could now be worth substantially less than the dirt underneath it. U.S. mall values declined 60 percent due to appraisals in 2020, according to an analysis by Bloomberg News. Across 118 shopping centers with commercial mortgage-backed securities loans, about $4 billion was lost after reappraisals caused…

Easton Group scores $12M construction financing for Doral spec warehouse

Edward Easton and rendering of Doral warehouse at 1500 Northwest 97th Avenue The Easton Group scored a $12 million construction loan for a Doral spec warehouse, amid a hot industrial market largely fueled by e-commerce. Easton Group borrowed the funds through its affiliates ICP NW 97th Associates and EEBB Apartment II Holdco, which are listed as the…

Wynwood developer sells retail property in foreclosure for $12M

East End Capital sold a retail property that was in foreclosure for $11.8 million, The Real Deal has learned. Forte Capital Management, led by Chaim Cahane and director of acquisitions Dov Tepper, and Jon Krasner’s 7G Realty purchased the retail property at 310–318 Northwest 25th Street, Cahane said. Property records show East End affiliate EERC 310 Owner…

Greystone Provides $10.9 Million in HUD-Insured Financing for a Multifamily Property in Miami, Florida

Greystone, a leading national commercial real estate finance company, has provided a $10.9 million HUD-insured loan to refinance a 174-unit multifamily property in Miami, Florida. The financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Vizcaya Affordable Corp. The $10,915,700 HUD-insured…

Construction spending hits new record in January

U.S. construction spending reached the highest level on record last month as both local and federal governments began loosening the purse strings. Spending hit a seasonally adjusted annual estimated rate of $1.5 trillion across all sectors last month, the highest recorded since the Census Bureau began tracking this figure in 2002. January’s rate was up 1.7 percent…

How the pandemic has changed small banks’ views of CRE

Fallout from the pandemic is reshaping community banks’ views of commercial real estate. Social distancing measures have restricted retail and restaurant capacity, while forcing people to rely more on digital channels for their purchases. The potential for permanent work-from-home policies is expected to alter how much office space companies need.

These are real estate executives’ worst worries for 2021

After an awful year for much of the real estate world, executives see full recovery not happening this year or even next, yet are optimistic about their own firms’ immediate future. A survey of real estate executives found 85 percent see 2021 as a year of opportunity for their companies, but 70 percent said that the commercial real estate sector will not return to…

Return of the retailer: Century 21 relaunches

Attention shoppers: Century 21 is coming back. The New York-based discount retail chain that built a loyal following but folded after declaring bankruptcy in September, announced its planned return last week. In a statement on Tuesday, Century 21 Stores said the decision to relaunch came “in response to the outpouring of love from the Big Apple and the…

Miami-Dade resumes pre-pandemic evictions after unannounced February break

Miami-Dade County resumed executing writs of possessions for residential eviction cases filed before the pandemic, following an unannounced month-long break. The police execute writs of possession, evicting residents or businesses from their properties. The move follows a final judgment in a court case. Homeowners with federally backed mortgages are protected…

National eviction moratorium ruled unconstitutional, but remains in place

A federal judge in Texas ruled the nationwide eviction moratorium unconstitutional Thursday but issued no injunction, saying he hopes the Centers for Disease Control and Prevention will withdraw the ban. The agency is not expected to do so. The result, for the moment, is no change for tenants — who, as of last month…

South Florida construction starts fall in January

South Florida construction began the new year slowly with new starts falling in January by double-digits, year over year, according to a recently released report. Total construction starts fell 21 percent to $863.6 million in January. Residential construction fell 24 percent, to $573.3 million. Nonresidential fell 15 percent to $290.3 million, according to Dodge…

Victoria’s Secret may close 50 stores this year

Victoria’s Secret’s plans for its future are, well, not so secret. The lingerie retailer will close 30 to 50 stores in the United States and Canada this year, CNN reported. The move comes after the brand closed 241 stores in 2020. The closures will leave Victoria’s Secret with 848 stores across the two countries, down from more than 1,100 just a year ago. Its parent…

It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater

The Miami Beach City Commission on Wednesday rejected a proposal by Menin Hospitality and KGTC, LLC to buy the city-owned Byron Carlyle Theater in North Beach and replace it with a mixed-use project up to 125 feet tall, with a 12,000-square-foot cultural center, 9,000 square feet of retail, and, possibly short-term rentals. The commission’s 5-to-1 vote…

Video: Integra Realty Resources’ Viewpoint 2021; Economic Outlook, Capital Markets, and Interest Rates

Integra Realty Resources CEO Anthony Graziano discusses his firms  Viewpoint 2021 report. In this second video, he discusses how industrial property performed during the pandemic, how changes in policy with a new presidential administration may affect industrial assets. He then goes on to discuss multifamily property performance during the pandemic…

Ladder Capital sells Witkoff’s Miami Beach hotel for $44M

Ladder Capital sold the Washington Park Hotel in Miami Beach for $43.8 million, after foreclosing on the property when it was owned by the Witkoff Group. The foreclosure and subsequent sale of the hotel marks one of a few such deals in South Florida to close since the pandemic began a year ago. Many owners of leisure hotels are focused now on recovery, while…

HSBC to shrink its office footprint amid shift to WFH

HSBC is banking on remote work — and is shedding office space. John Hinshaw, the group COO of Europe’s largest bank, said during HSBC’s fourth-quarter earnings call that the company will switch to a hybrid model where employees have the option to work from home, Bloomberg News reported. As part of the switch, the bank is expected to reduce its real…

South Florida real estate on climate change: ‘Que Sera, Sera’

Real estate is famously all about location. And in Florida, climate change is expected to put some of the toniest locations underwater over the coming decades — either permanently or during storm-driven flooding. Insurers are taking notice and hiking rates accordingly. Developers and homebuyers, however, seem oblivious to the threat. Florida’s geography makes it…

US hotel market had worst year since the Great Depression

The coronavirus pandemic made 2020 the worst year for the U.S. hotel market since the Great Depression, when occupancy rates dipped below 40 percent. In 2020, the overall occupancy rate was 41.6 percent. However, the impact varied significantly by geographic location and the type of hotel, according to a new report from CBRE Research. New York City was…

GDF Properties scoops up Broward multifamily portfolio for $17M

GDF Properties scooped up a 29-building Broward County multifamily portfolio for $17.3 million. Records show Miami-based GDF Properties, through affiliate Broward Multifamily, bought the small apartment buildings totaling 189 units in two $8.6 million deals. The portfolio spans Hallandale Beach, Dania Beach, Hollywood and Fort Lauderdale…

Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M

Tricor Financial Corp. sold Cobblestone Commons shopping plaza west of Boynton Beach for $38 million, as the retail market shows signs of a rebound. Property records show Winter Park-based Tricor, through affiliates Springs Equity and Cobblestone KT, sold the 88,456-square-foot retail center to Cobblestone USA, based in Coral Gables. The buyer…

TJAC Development sells mixed-use portfolio near Boca Raton for $155M

TJAC Development disposed of four mixed-use office and retail plazas west of Boca Raton for $155 million, marking one of the largest commercial sales in South Florida this year. Weston-based Titan General Partners acquired the 515,000-square-foot portfolio by buying an interest in the four limited liability companies TJAC originated to own the…

Banker’s Row office building in Palm Beach sells for $17M

A six-story office building on Palm Beach’s Banker Row sold for $17 million, a little over a year after the seller purchased it. Records show BWREFI Royal Palm Way LLC, a Delaware corporation signed by Alexander H. Griswold, sold the building at 450 Royal Palm Way to 450 RPW LLC. H. William Perry, CEO and managing shareholder of Florida-based law firm Gunster…

Alliance spends $17M on Lake Worth industrial property

Alliance purchased a warehouse on nearly 16 acres of industrial land in Lake Worth for $17 million. Alliance 7233 Seacrest LLC bought two properties at 7233 Seacrest Boulevard and 7109 Seacrest Boulevard from 7233 Seacrest Boulevard LLC, according to records. Robert W. Fessler signed in favor of the seller. The buying entity is an affiliate of Bryn Mawr…

Target Signs 77,000 SF Lease with Terra for CentroCity Mixed-Use Development in Miami

Target has signed a 77,000-square-foot lease as part of Terra’s CentroCity mixed-use redevelopment located at 3825 NW 7th Street in Miami. Construction is expected to start this summer. Arquitectonica and RSP Architects are designing CentroCity. As part of the CentroCity project, Terra is redeveloping what was previously known as Central Shopping Plaza…

Lender Takes Control Of Miami-Area Mall With $2,600 Foreclosure Auction Credit Bid

A Miami-area mall has been seized by its lender, which won a Feb. 10 foreclosure auction with a $2,600 credit bid, the South Florida Business Journal reported. Wells Fargo Bank, trustee for the CMBS trust that issued the loan for the 977K SF Southland Mall at 20505 S Dixie Highway in Cutler Bay, Florida, filed a foreclosure lawsuit in June and won a judgment…

Miami Billionaire Launching Downtown Innovation Hub

Miami billionaire Moishe Mana has broken ground on a downtown building that he intends to make the center of a burgeoning tech and startup community. The 13-story Nikola Tesla Innovation Center will have 136K SF of space, mostly for offices with 2% reserved for retail. It is expected to be completed at the end of this year, with occupancy to begin…

Powell sees new opportunity to reform low-income lending rule

In September, an effort to update a rule encouraging lending in low-income communities turned into a faceoff among three major banking regulators with oversight on the matter. The Federal Reserve’s proposed overhaul of the Community Reinvestment Act called on banks to provide more loans to individuals in low- and moderate-income neighborhoods. That bumped…

Bills Facing Florida Legislature Could Impact Commercial Real Estate

Commercial real estate trade organizations and development watchdog groups are tracking various bills Florida’s state legislature might consider in its new session, which begins March 2, that could affect land use, development and real estate-related COVID-19 litigation. One bill that’s already generated buzz in the state is HB 7/SB 72, which would create…

Grocery wholesaler buys Hialeah warehouse for record $12M

3690 Northwest 62nd Street, Hialeah A wholesale grocery company bought a 122,000-square-foot industrial property in Hialeah for a record $11.6 million. Thirty Six Ninety LLC sold the property at 3690 Northwest 62nd Street to Alfoncito Investments. The buyer is tied to Rex Discount wholesale grocery, which will occupy the building, according to a press release.

Ladder Capital sells Witkoff’s Miami Beach hotel for $44M

Ladder Capital sold the Washington Park Hotel at 1050 Washington Avenue in Miami Beach for $43.8 million, after foreclosing on the property when it was owned by the Witkoff Group. The foreclosure and subsequent sale of the hotel marks one of a few such deals in South Florida to close since the pandemic began a year ago. Many owners of leisure hotels are focused…

Judge slaps Don Peebles’ Bath Club Entertainment with $1M in sanctions

Don Peebles’ Bath Club Entertainment is on the hook for $1 million in court sanctions after a Miami-Dade judge ruled the developer failed to maintain first-class cabanas and outdoor food and beverage service at the historic private Miami Beach club. Judge Michael Hanzman on Tuesday granted a motion for contempt filed by the Residences at the Bath Club…

Brickell City Centre shops exude optimism

Like every other business in the hospitality and tourism industry, The Shops at Brickell City Centre felt the effects of the pandemic, but managed to power through and keep businesses intact.  Still being a relatively new lifestyle commercial center, Brickell City Centre at 701 S Miami Avenue continued to finalize the leasing of initial first-generation spaces when…

Plans for Metrorail to north forecast to be derailed

A Metrorail extension may be among the rapid transit upgrade proposals Miami-Dade receives for the 9.5-mile commuting route between the northernmost Metrorail station and the Broward County line, but it’s not what will ultimately be built there, Commissioner Joe Martinez said. Miami-Dade expects in spring to receive responses to its request for proposals…

New Miami-Dade Courthouse falling father behind

Construction of Miami-Dade’s new courthouse is further behind schedule and has grown costlier due to several unforeseen snags, though by how much is being debated by the county and the development group erecting the building. The new civil and probate courthouse, which is to rise on Flagler Street beside the 93-year-old building it’s replacing, was…

Aman Miami Beach secures another approval tied to luxury hotel and condo project

The developer of the planned Aman-branded luxury hotel and condo secured another approval tied to the redevelopment of the Faena District site. Aman owner Vlad Doronin, who also heads OKO Group, is working with Access Industries billionaire Len Blavatnik on the Aman hotel and condo project planned for 3425 Collins Avenue. The Miami Beach…

Miami-Dade rezoning paves way for 321-unit multifamily project in Homestead

Miami-Dade County commissioners approved a rezoning change that paves the way for a mixed-use development in Homestead. The developer, South Miami-Dade Farmers LLC, plans to develop the property at 15960 Southwest 296th Street into a 321-unit multifamily project called Kavlar Gardens, according to a spokesperson. The developing entity is headed by…

New York Developer Yair Levy Secures $23.6M Construction Loan for Miami Project

New York developer Yair Levy, who is developing Time Century Jewelry Center in downtown Miami, has secured a $23.6 million construction loan from City National Bank of Florida. The funds will be used to complete Phase 1 of a $50 million renovation of the building formerly known as Metro Mall. Phase 1 consists of the wholesale retail space of the building…

A reckoning on rent

Three of Petra Drauschak’s 14 tenants have abandoned their leases during the pandemic. One had already stopped paying by February 2020, when Covid began sweeping across the U.S., but Drauschak’s hands were tied by Pennsylvania’s eviction ban. The tenant left in August without paying the remaining rent and arrears. Tipped off by a neighbor, Drauschak…

Why Distribution and Fulfillment Spaces Could Remain in High Demand

COVID has accelerated reliance on technology and increased online shopping, which could continue to make warehouse space a valuable investment in 2021 and beyond. COVID-19 has created a situation where consumers spend less time in brick and mortar retail shops. Not only does fear of getting sick accompany shopping in stores, but social distancing…

Brickell City Centre developer sues Arquitectonica, contractors over alleged defects

The developer of Brickell City Centre filed a lawsuit alleging a number of construction defects and damages at the $1.5 billion mixed-use development. Affiliates of Miami-based Swire Properties filed the lawsuit late last month in Miami-Dade Circuit Court against Arquitectonica, John Moriarty and Associates, IBA Consultants, Americaribe, Bouygues…

Out-of-state multifamily buyers eye South Florida

Parc Station When JLL’s Maurice Habif brought a 336-unit Hollywood apartment complex to market just before Labor Day, he noticed more than the regular crop of institutional investors active in South Florida paying attention. Habif saw unfamiliar private investors, family offices from outside Florida, even a group financed by 1031 exchange deferred…

Lender takes control of struggling Southland Mall in Cutler Bay

A lender has taken control of Southland Mall in Cutler Bay after a foreclosure auction failed to yield any bids over $2,600. The lack of interest in the once bustling mall previously owned by private equity firm Investcorp could signal just how bad things have gotten for Class B suburban malls in South Florida and across the country. Wells Fargo…

GL Homes partnering with Bacardi on Calusa golf course in Kendall

Homebuilder GL Homes paid $32 million for a shuttered golf course in Kendall that it plans to redevelop with the seller. Entities tied to Facundo Bacardi, of the Bacardi rum family, sold the Calusa Country Club golf course at 9400 Southwest 130th Avenue to GL Homes affiliate Kendall Associates I LLLP, records show. The sellers, Fort Dallas Gold Club LTD and…

CBRE acquires 35% stake in flex-office provider Industrious

CBRE Group has acquired a 35 percent stake in Industrious ahead of the flex-office provider’s possible 2021 IPO. “We are big believers in the flexible workspace arena and see a tremendous opportunity,” CBRE CEO Bob Sulentic said in an interview with Bloomberg News. The investment makes CBRE the largest shareholder in Industrious, and it’s not done yet…

US warehouse boom attracts foreign investors

It’s not just massive firms like Blackstone Group and Prologis that are throwing billions of dollars at warehouses — foreign investors are also pouring money into the booming industrial sector. Investment firms from France, Germany and South Korea are among those that have recently inked big deals for industrial properties, according to the Wall Street…

WeWork slashes rents in some cities

WeWork has slashed its rents across the country as workers continue to avoid going into offices. The New York-based flex-office provider dropped the price of its rental fees in November and in January by an average of about 10 percent, according to data provided to Bloomberg News. In some places, rents fell by as much as 25 percent. The company reduced rents…

Kissaki restaurateur to open first Miami outpost in Wynwood

New York restaurant group Kissaki Sushi will open its first Miami outpost at Cube Wynwd, a mixed-use office building in Wynwood. Owner Garry Kanfer, who has Kissaki locations in the Bowery and on Madison Avenue in New York City, as well as in the Hamptons, Long Island City and Greenwich, Connecticut, inked a lease for a rooftop space at the eight-story building…

Big companies delay returning to offices — again

What’s the point of setting a deadline you’ll know you’ll miss? That seems to be the prevailing attitude in some C-suites when it comes to getting employees back in offices. Some major companies, such as Alphabet and Grant Thornton LLP, have said employees will return to the office on Labor Day or at the end of the summer, but other firms have simply stopped…

Biscayne Boulevard development site in Edgewater lists for $50M

A nearly 3-acre development site in Miami’s Edgewater neighborhood hit the market for about $50 million. The assemblage at 3333 Biscayne Boulevard was listed for sale with Marcus & Millichap broker Landy Toledo, asking $49.5 million. Property records show Miami Sunrise Properties LLC owns the 11 parcels on the east side of Biscayne Boulevard. They include…

Iconiq buys Related and Block Capital’s Wynwood apartments for $77M

San Francisco investment firm Iconiq Capital paid $77 million for a mixed-use apartment building at 51 NW 26st Street in Miami’s Wynwood neighborhood. Related Group and Block Capital Group sold The Bradley Wynwood, a 175-unit building that was previously leased to short-term rental operator Domio, to Iconiq. Domio, which shut down last year…

Shopping center in Oakland Park sells for $11M

An 11.5-acre shopping center in Oakland Park sold for $10.7 million. Records show Country Wide Mortgage Funding LLC sold two buildings at 2899-2901 West Oakland Park Boulevard that make up The Shoppes of Oakland Forest. The buyer is ACS 2901 LLC. Country Wide Mortgage Funding LLC is managed by Scott Daiagi of Scozak Realty Trust.

D.R. Horton advances 211-unit townhouse project in Pembroke Pines

D.R. Horton advanced plans to build a 211-unit townhouse development called Merrick Square on a portable-classroom site in Pembroke Pines. City commissioners voted 3-2 Wednesday to grant final approval to a land use plan amendment for the 27-acre development site just west of I-75 on the southeast corner of Pines Boulevard and Southwest 172nd Avenue.

Video: Integra Realty Resources’ Viewpoint 2021; Economic Outlook, Capital Markets, and Interest Rates

Anthony Graziano, the CEO of Integra Realty Resources, which bills itself as a world-class, comprehensive commercial real estate market research, valuation, and advisory services company, joins America’s Commercial Real Estate Show to discuss his company’s Viewpoint 2021 report. He talks about the effect of vaccinations, stimulus, bank lending, and more. A chart…

Stalking Horse Bids Due in Metronomics Properties Auction: Map and Summary Info

As has been reported extensively in the press, a number of Metronomic properties are being auctioned. Stalking horse bids are now due by February 24, 2021. The properties being auctioned are available for purchase individually or in any combination, or one can bid on the entire package of properties. As can be seen, these are generally located in…

Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove

Suntex Marina Investors bought the long-term lease for Monty’s Raw Bar and Prime Marina Miami in Coconut Grove for $14.7 million, records reveal. Dallas-based Suntex Ventures purchased the 70-year lease for the marina, also called Bayshore Landing, at 2550 South Bayshore Drive earlier this month. Aligned Bayshore Raw Bar LLC, tied to Jose Hevia’s Prime…

Coconut Grove marina sells for $15M; includes restaurant Monty’s Raw Bar

Monty’s Coconut Grove, a marina in Coconut Grove, sold for $14.7 million. Dallas, Texas-based Suntex Ventures, LLC purchased the marina, also called Bayshore Landing, at 2550 South Bayshore Drive earlier this month. Aligned Bayshore Raw Bar LLC sold the property. Records show Aligned Bayshore Raw Bar assigned a lease to Coconut Grove F&B LLC, a Delaware…

Program to aid affordable housing landlords adapt to climate change launches in Miami

The city of Miami partnered with a nonprofit to launch Keep Safe Miami, a program that will offer affordable housing owners and operators help in updating their buildings to be more climate resilient. Enterprise Community Partners unveiled the program Tuesday with Miami Mayor Francis Suarez, as well as with officials from Miami-Dade County and…

Downtown Miami jewelry center scores construction loan

Yair Levy and a rendering of the project Time Century Holdings closed on a $23.6 million construction loan to begin the first phase of its renovation of a downtown Miami building. The property at 1 Northeast First Street, previously known as Metro Mall, is slated to go through a $50 million renovation that is expected to be completed in the second quarter…

New York restaurateurs decamp to South Florida

It’s not just New York City residents who have migrated to South Florida in the past year. Business owners, including restaurateurs, are following suit. Part of the reason? South Florida’s relatively relaxed Covid-19 restrictions, the New York Post reported. New York’s dining restrictions have changed frequently and sometimes abruptly. Indoor dining was forbidden in…

Miami settlement with Magic City Casino owner over Edgewater jai-alai and poker establishment plans moves into public

Heeding advice to follow the letter of the law, Miami city commissioners canceled a closed meeting last week that was scheduled to discuss a settlement agreement with casino owner West Flagler Associates. The owners of Magic City Casino had plans to build a jai-alai and poker establishment in the Edgewater neighborhood at 3030 Biscayne Blvd…

Aman Hotel and Residence get vital Miami Beach Historic Preservation Board OK

South Florida’s first Aman-branded hotel and residence project has taken a step forward in its development, earning Miami Beach Historic Preservation Board approval for its hotel and condominium components. With the approvals, developer OKO Group can now begin pulling permits for the project at 3425 Collins Ave. The  proposed Aman Hotel and…

Signature Bridge rising in downtown Miami

The Signature Bridge is rising. Prefabricated segments of what promises to be an iconic highway bridge in downtown Miami are being placed by construction crews as the I-395/SR 836/I-95 Design-Build Project continues to progress. The massive $818 million project is the product of a partnership between the Florida Department of Transportation (FDOT)…

Brightline and Tri-Rail may both roll in downtown Miami this year

Brightline is targeting late 2021 to resume passenger trips at MiamiCentral station in downtown Miami, which by then could also host Tri-Rail. Since halting service in March just after the pandemic hit South Florida, high-speed Brightline has been recalibrating its rail systems and testing new technology. That includes adjusting its positive train control (PTC) system…

Reuben Brothers venture buys stake in One Thousand Museum loan

A Reuben Brothers venture bought out Fortress Investment Group’s stake in the loan backing the Zaha Hadid-designed One Thousand Museum, The Real Deal has learned. The venture, which includes Fontainebleau Development, previously controlled half of the $225 million construction loan, according to a source. Fortress provided debt to the developers of One Thousand…

Biden to extend foreclosure moratorium, mortgage forbearance

The Biden administration announced Tuesday that it would extend the nationwide foreclosure moratorium and mortgage forbearance through June. The move would prevent home foreclosures and allow for delayed mortgage payments. It would also offer six months of additional mortgage forbearance for those who enroll on or before June 30, Politico reported.

Lumber prices at record highs thanks to hot housing market

Lumber prices are rising to record prices, signaling that 2021 could be another strong year for homebuilding. Lumber prices generally drop during the winter months. But this season they have risen to historic highs for species, products and grades, according to Random Lengths, a pricing service, the Wall Street Journal reported. Read more Timber REITs are…

Vaccine rollout is shot in arm for CVS

The vaccine rollout is boosting CVS’s bottom line. The pharmacy company said it projects a strong 2021 and expects to administer more than 3 million vaccines in about 40,000 long-term facilities, according to Bloomberg. CVS said it plans to bring in $400 million to $500 million this year from Covid-related business. The pharmacy retailer said Covid testing contributed…

Prime 1.38 Acre Lot Hits Market in Wynwood for $21.5 Million

2000 N Miami Avenue became available for sale today, presenting a rare opportunity for investors and developers to own a parcel of land in Miami’s Wynwood neighborhood, which has skyrocketed into a thriving arts center, nightlife hub, and tourist magnet over the past decade. As of today, the 1.38 Acre lot located on the corner of North Miami Avenue and NW 20th Street…

The growing share of spending on recreation : It’s not all fun and games, but there’s definitely more

The FRED Blog illuminates interesting graphs from the growing library of FRED data. We often discuss heady and thoughtful topics, but we also showcase the fun side of data. And from the looks of today’s graph, we’re not alone in seeking out the sunny side of the street… The FRED graph above shows the percent of real personal consumption expenditures…

Moxy South Beach Debuts As A Stylish Playful Celebration Of Miami’s Cosmopolitan Culture

Miami’s Art Deco District lights up today with the opening of Moxy Miami South Beach. Lightstone, the developers behind three award-winning Moxy hotels in New York City, has created a stylish, playful open-air concept celebrating Miami’s cosmopolitan culture and breezy outdoor living. With a design that blends the glamour of midcentury Havana, the artistry of…

Dermot Co. pays $143M for Boynton Beach apartments

Dermot Company paid $143 million for an apartment community in Boynton Beach, a record for 2021 and one of the most expensive multifamily deals in more than a year. Property records show Heitman Capital Management affiliate Hart Seabourn Cove sold the 308-unit community at 3501 North Federal Highway and the 148-unit second…

Estate Companies scores $56M construction loan for Dania Beach mixed-use project

The Estate Companies secured financing for a new mixed-use project in Dania Beach. The apartment developer closed on a $55.5 million construction loan from Synovus for a new eight-story, Class-A mixed-use development, called Soleste Cityline, at 4 North Federal Highway. The development will consist of 340 luxury rental units and retail space…

Private equity firm pays $6M for Boca Raton office building

A private equity firm bought an office building in Boca Raton for $6.3 million. Records show AeroEquity Partners LLC, a Delaware corporation linked to AE Industrial Partners LP, bought the property at 6700 Northwest Broken Sound Parkway from WIlliam Scott Real Estate LLC. Boca Raton-based AE Industrial Partners LP is a private equity firm that specializes…

Quaint And Sleepy Hollywood Beach Is Poised For Major Redevelopment

Hollywood, sandwiched between Miami and Fort Lauderdale, has seemed quaint and sleepy compared to its big-city neighbors, despite impressive community assets. The 30-square-mile municipality’s amenities include an airport, a walkable downtown, 7 miles of oceanfront and a beachfront pedestrian walkway called the Broadwalk that’s lined with independent…

Sale of Monty’s Coconut Grove Mixed-Use Marina in Miami Arranged

JLL Capital Markets has arranged the sale of Monty’s Coconut Grove, a fully leased mixed-use marina in Miami’s Coconut Grove neighborhood. Also known as Bayshore Landing, the property features retail, office and restaurant. Manny de Zárraga, Luis Castillo, Ted Taylor and Kim Flores of JLL marketed the property on behalf of the seller, Aligned Bayshore…

Doral Former PepsiCo Site Trades for $55 million

Terra and Terranova Corp. have just sold the 23.7-acre former PepsiCo regional headquarters and distribution center site in Doral, Fla., three years after having acquired the asset in a $40 million sale-leaseback transaction. The companies sold the property to a Santa Monica, Calif.-based entity… Carrying the address of 7777 NW 41st Street, the PepsiCo site…

Terra, Terranova sell 24-acre property in Doral for $55M

Terra and Terranova Corp. sold a nearly 24-acre development site in Doral to logistics real estate investment firm GLP Capital Partners for $55 million. The two firms planned to develop the property, home to PepsiCo’s former regional headquarters and bottling plant, into an industrial and retail development. Terra and Terranova had purchased…

Terra sells piece of northwest Miami-Dade dev site to Butters and Greystar, moves forward with apartment project

David Martin with a rendering of Natura Gardens David Martin’s Terra sold a big piece of its massive development site in northwest Miami-Dade County near the planned American Dream Miami mall, and is moving forward with plans for an apartment project. The Coconut Grove-based developer sold 45 acres to Butters Group and Greystar for $53.5 million…

Butters Construction, Greystar Buy Metro Miami Site for $53.5M, Planning Industrial and Multifamily Project

Butters Construction & Development has partnered with Greystar for the future development of Miami Midway Park, a 45.1-acre site at NW 97th Ave. and NW 170th St. in Hialeah Gardens. The joint venture partnership will develop a 500,000-square-foot, Class-A distribution industrial park and 360 garden-style multifamily apartments. The Butters-Greystar joint venture…

Office woes as Salesforce tells employees they can work from home forever

Salesforce has made a statement that is sure to worry office landlords. “The 9-to-5 workday is dead,” wrote Brent Hyder, the massive company’s president and chief people officer, in a blog post Tuesday. That accompanied an announcement that employees of the cloud-based software company will have the option to return to the office part-time or work…

Polish American Club shores up riverfront development

Since the pandemic interrupted the Polish American Club of Miami’s plans to build… The club proposes to replace its outmoded headquarters, built in 1941 and recently demolished, with a massive modern structure spanning 681,102 square feet and rising 18 stories on land it owns at 1250 NW 22nd Avenue (Pulaski Avenue) on the South Fork of the Miami River.

Ghost structure from 2006 may yield new Miami Station

A plan to complete a skyscraper in the heart of downtown – begun 14 years ago – has evolved again, this time destined to bring more than 250,000 square feet of office space to the City of Miami. The latest proposal is called Miami Station and is planned for 530 NW First Court. The mixed-use project is to be considered Feb. 17 by the city’s Urban Development Review…

Vast Wynwood mixed-use plan wins unanimous OK

One of the largest mixed-use projects planned for the Wynwood neighborhood earned positive comments from the city’s Urban Development Review Board. AMLI Wynwood is designed to bring 316 residential units and 30,596 square feet of commercial-retail uses to 70 NW 25th Street. The review board unanimously recommended approval in…

Homestead salmon farm goes Publix – all 818 Florida stores

Publix shoppers in Florida may have spotted a new product among the store’s seafood offerings this month: Bluehouse Salmon, grown and prepared in an indoor Homestead facility poised to possibly be the biggest of its type in the world. As of Feb. 1, all 818 Publix locations in Florida now carry GMO-, antibiotic- and hormone-free fish filets from Norway…

With cruises halted, PortMiami keeps it head above water

As the pandemic rages on, passenger ships remain harbored at PortMiami. Cruise companies have canceled sailing plans through at least the first third of 2021. But according to Managing Port Director Andy Hecker, internal savings, strong cargo traffic and favorable financing will allow PortMiami to continue operations and cover costs, including debt service on bonds…

Prosecutor pushes for more LLC transparency

A month after a federal law required more transparency on real estate transactions, Manhattan District Attorney Cyrus Vance wants it expanded. Vance is requesting the Treasury Department mandate more reporting from special purpose entities — notably limited liability companies — which are commonly used in commercial real estate deals. Vance also asked…

Aman Miami Beach developer secures approval from historic board

The developer of a planned Aman hotel and condo again secured approval from the Miami Beach Historic Preservation Board, after reducing the project’s height and making other modifications. Billionaires Vlad Doronin and financial backer Len Blavatnik want to build the first Aman-branded development in South Florida at 3425 Collins Avenue, on a site that…

Rental payments improve in February after stimulus payments

In the first week of February, 79.2 percent of renters in 11.6 million market-rate units paid all or some rent. That’s a slight uptick from last month, when 76.6 percent of renters made a payment by the first week of the month. It’s also an improvement from December, when landlords reported the lowest rent collection levels since the start of the pandemic. But compared to…

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

Market Snapshot for South Florida Retail Real Estate A summary of the highlights, trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County.

Seagis Property Group Acquires Warehouse In Doral

Seagis Property Group announced that it has acquired a 54,400 square foot warehouse in Doral. Seagis acquired the property located at 2101 NW 82nd Avenue in the Miami International Commerce Center with a short-term lease in place and is actively marketing the property for lease.  The acquisition increases the company’s South Florida portfolio to 102…

Mall operator Simon Property Group suffers billion-dollar earnings hit

In April 2019, amid a war with e-commerce, mall magnate David Simon told investors, “I think most of the bad news is behind us. But I can’t guarantee it.” He sure couldn’t. Simon Property Group had a rough year. The coronavirus pandemic accelerated store closures and devastated revenues for the mall landlord. “I do frankly want to turn the page on 2020…

Miami-Dade mayor launches $60M relief program for landlords

Some relief is coming to landlords in Miami-Dade County. Miami-Dade Mayor Daniella Levine Cava announced a $60 million relief program for residential landlords that have pending writs of possession with tenants facing eviction. The program will offer those landlords back rent of up to $3,000 per month dating back to March 2020, using federal funding…

Chart: Miami Commercial Real Estate Sales to List Price Ratio at 16 Month High ~ January 2021 MLS

The sales to list price ratio as reported by the Miami MLS for improved commercial real estate (MLS classification: commercial/industrial) within Miami-Dade county in Florida priced from $1 million to $10 million in January hit 95.1%, the highest level in 16 months. The last time this ratio was higher was September 2019 when the ratio hit 95.7%. This ratio…

Exciting Developments in Uncertain Times: What’s in Store for Real Estate in South Florida

Observers of the South Florida real estate industry don’t go very long without seeing headlines about Miami’s hot commercial real estate market. COVID-19 perhaps has only added to the growth of the market. But even in South Florida where the pandemic hasn’t blunted the market, it has indeed shifted trends and dynamics. On February 2nd, Nitin Motwani…

Chetrit’s Tides hotel on Ocean Drive faces $45M foreclosure lawsuit

Affiliates of the Chetrit Group are facing foreclosure of their long-shuttered hotel, The Tides South Beach. SHEDDF3 VNB LLC, tied to Safe Harbor Equity, filed a foreclosure lawsuit against CG Tides and other companies linked to the New York-based Chetrit Group over the 11-story hotel at 1220 Ocean Drive, court records show. Joseph Chetrit, a founding partner of the…

Silicon Valley’s Founders Fund inks Miami lease

Founders Fund, the major Silicon Valley venture capital firm with billions of dollars in capital under management, is planting a flag in Miami. Founders Fund inked a one-year lease at Brickell City Tower at 80 Southwest Eighth Street, taking 2,073 square feet at the Brickell office building, according to a press release from Blanca Commercial Real…

As Pandemic Drags Into 2021, Lenders And Investors Seek Safety, Yield In Florida

When the coronavirus pandemic hit the U.S., investors were expecting a wave of distressed assets. “In 2020, everyone was like, ‘We’re waiting, we’re waiting for the shoe.’ And the shoe never dropped,” said Dan Kodsi, CEO of Miami-based Royal Palm Cos., a developer of luxury residential projects. Capital has been sitting on the sidelines, but in this environment…

Related to partner with Baccarat on major Brickell high-rise development

The Related Group is planning a Baccarat-branded three-tower development in Brickell with up to 1,400 residential units, The Real Deal has learned. The Miami-based developer would build the high-rise project on the property at 444 Brickell Avenue, where it previously planned to build One Brickell, according to marketing materials obtained by TRD.

Northeast Capital pays $15M for Miami office building

An affiliate of a private equity investment firm paid $14.5 million for a nine-story office building south of Miami International Airport. The Northeast Capital Group affiliate bought the building at 5040 Northwest Seventh Street in Miami, according to records. The seller is a company managed by Menachem Gurevitch of Netz Group and Mandy…

Amazon’s real estate footprint ballooned in 2020

It’s a new era for Amazon. Jeff Bezos is stepping down as CEO of the company and transitioning to executive chair of the Amazon board. Andy Jassy, chief executive of Amazon’s cloud computing division, will become CEO during the third quarter of this year. But, as the saying goes, the more things change, the more they stay the same. The e-commerce giant…

SoftBank’s Miami bet, the startup backed by Lizzo and A-Rod

Silicon Valley, who? SoftBank is following the deal train to Miami, where it plans to launch a $100 million fund to back tech companies in the Magic City. COO Marcelo Claure announced the initiative Jan. 28 on Miami Mayor Francis Suarez’s Cafecito Talk series, streamed live on Twitter. Suarez has been courting entrepreneurs and investors, including Elon Musk, Keith…

Member Of Departed HUD Leadership Calls For 10% More Opportunity Zones

During the Trump administration, Alfonso Costa Jr. was deputy chief of staff at the Department of Housing and Urban Development under Secretary Ben Carson. He oversaw housing policy for the federal government, including opportunity zones. The 32-year-old last year moved to Florida to become executive vice president of the Falcone Group, which has heretofore…

Wilton Manors mixed-use multifamily complex sells for $11M

A private investor paid $11 million for a mixed-use multifamily complex in Wilton Manors. Records show Tamuz-Camelot 2625 LLC sold Camelot West Apartments at 2625-2674 North Andrews Avenue to Wilton Pointe Apartments LLC. The complex includes 66 multifamily units and seven commercial units. The price equates to $150,685 per unit. The buyer is…

Benderson buys Publix-anchored Delray Beach shopping center for $9M

A Publix-anchored shopping center in Delray Beach sold for $9.4 million. Records show North Delray (E&A) LLC, a South Carolina company, sold the two buildings at 555 and 455 Northeast 5th Avenue, called North Delray Commons, to 555 NDC LLC, a Florida corporation. The selling entity links to national retail real estate owner, operator and developer Edens, which…

Owner of Pompano industrial park to triple warehouse space to 100K sf

The former owner of the Festival Flea Market in Pompano Beach is tripling the size of a nearby warehouse development to more than 100,000 square feet, as part of a wave of investment in South Florida industrial properties. By March 1, RS Associates of Florida expects to complete construction of three speculative, one-story warehouses totaling 71,440 square feet…

U.S. Construction moves forward with boutique condo development in Delray Beach

U.S. Construction CEO John Farina and a rendering of 1625 South Ocean Boulevard U.S. Construction is moving forward with plans for a new oceanfront condo development in Delray Beach at the site of the former Delray South Shore Club, The Real Deal has learned. 1625 Ocean, at 1625 South Ocean Boulevard, will feature 14 condos, including four…

New York Real Estate Developers Flock to Miami as the Big Apple Struggles

New York families are not the only ones migrating to Florida in search of lower taxes, a better quality of life and year-round warm weather. Since the onset of the pandemic, a growing number of New York real estate developers have been redirecting their attention – and capital – to Miami. Some are also relocating to the Magic City. Despite COVID-driven…

TSG and Lineaire Group Partner with Bridge Investment Group to Develop Multifamily Opportunity Zone Project in Miami Submarket

TSG, a South Florida boutique, diversified real estate development and investment company, and Lineaire Group, a Miami-based real estate investment and development firm focused on urban infill projects – announced today a partnership with Bridge Investment Group to develop Wynwood Haus, a multifamily opportunity zone project in Miami’s…

SoftBank to Invest $100 Million in Miami Area Companies

SoftBank Group Corp. committed $100 million in funding for companies in the Miami area, bolstering a beach-side metropolis that has been aggressively courting the technology industry in recent months. The money will go toward businesses based in Miami or ones that are relocating to the region, said Marcelo Claure, the Miami-based chief operating officer…

Join Us in Miami! Love, Masters of the Universe

America’s business leaders, freed from the office, looked around the country, taking note of its coronavirus lockdowns, taxes and rabble rousers. And many said as if in unison: Miami! Blackstone Group: Miami! Elliott Management: Miami! Silicon Valley venture capitalists: Miami! And the charming mayor, Francis X. Suarez, a registered Republican, knowing…

South Florida by the numbers: Big Tech and Wall Street head to South Florida

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. The big story of 2020 Miami real estate was the extraordinary surge of new residents fleeing cities and states with high taxes, rising living costs, and burdensome Covid restrictions. In the opening weeks of 2021, it appears that several big…

Chart: Miami-Dade Commercial Real Estate Sales Volume Characteristically Sluggish for 1st Month of Year ~ January 2021 MLS

The chart herein shows the number of closed sales of Miami-Dade commercial properties, including improved commercial property and vacant commercial land, recorded in the Miami MLS, for the two years ending January 2021. One can see that this is the slowest month since the initial onslaught of COVID-19 in April and May of 2021. Looking further…

Prologis proposes multistory warehouse for big e-commerce operation

Prologis plans to build the first multistory dedicated warehouse in South Florida to serve a last-mile e-commerce provider. Plans for the facility, in the Palmer Lake area on the east side of Miami International Airport, show how rapidly demand for industrial space has boomed in the region. Multilevel warehouse construction with parking ramps is considerably…

Will Elon Musk’s Boring Company Put Tunnels Under South Florida? Mayors Welcome The Idea

Florida politicians are eager to partner with Elon Musk’s Boring Company to build underground tunnels in order to relieve traffic. Miami Mayor Francis Suarez tweeted with Musk about it on Jan. 18, and Suarez followed that up with a call with a Boring Company official. Last week, Fort Lauderdale Mayor Dean Trantalis announced that he, too, had spoken…

Miami Office Market Could See Rebound

Although Miami-Dade and Broward counties’ office real estate markets have experienced a downturn over the past year, interest from financial firms could help the industry bounce back. While both areas experienced a negative net absorption due to tenants not renewing leases, there is a rejuvenated confidence in the market particularly from firms like…

South Beach Without The Partying? The Future Of Ocean Drive Is In Question

Joshua Wallack was in the midst of his years-long plan to develop a $500M Skyplex with the world’s tallest roller coaster on 14 acres in Orlando. He was courting Lionsgate Entertainment to develop it into a major theme park. But then, “COVID got me, got my term sheet pulled from Wall Street,” he said in a call with Bisnow. He turned his attention back to the…

Blink buys office condo on Miami Beach’s Lincoln Road for new HQ

A publicly traded provider of electric vehicle charging equipment and services is trading one headquarters space on Miami Beach’s Lincoln Road for another. Blink Charging Company bought an office condo at the seven-story 605 Lincoln Road and will move its corporate headquarters there, according to a press release. The company, led by Michael Farkas, has…

Blink Charging continues commitment to Miami as Mayor seeks to attract additional top tech firms from Silicon Valley

Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, closed on a 10,000+ SF Miami Beach office condominium at 605 Lincoln Road. The new office space will house the Company’s corporate headquarters. “We are excited to have a location…

Northeast Capital pays $15 million for Miami office building

An affiliate of a private equity investment firm paid $14.5 million for a nine-story office building south of Miami International Airport. The Northeast Capital Group affiliate bought the building at 5040 Northwest Seventh Street in Miami, according to records. The seller is a company managed by Menachem Gurevitch of Netz Group and Mandy Management…

Jungle Island hotel and theme park final votes near

Residents continue to have differing opinions of the proposed Jungle Island hotel and theme park, with some in favor of its employment opportunities and others leery of neighborhood disruptions. During the Miami City Commission meeting last week, nearby residents cautioned… Joia Beach Restaurant and Beach Club at 1111 Parrot Jungle Trail caters to yachts that…

CocoWalk revival helps drive Coconut Grove business

The revival of lifestyle center CocoWalk at 3015 Grand Avenue in Coconut Grove  and committed support for restaurant and retail industries are to be the driving forces to bring life back into Miami’s Coconut Grove neighborhood, local community business leaders say. At 90% leased, the open-air tourism destination CocoWalk’s concept of carefully curating,,,

Mera Rubell Discusses Family’s Allapatah Museum

Mera Rubell’s days continue to be busy. She swims every morning, plays tennis a few times weekly and, when she isn’t running the family real estate business with her husband, Don, and her son, Jason, her focus is on curating and adding to the family’s famed contemporary art collection, much of which is on display at the Rubell Museum. The 100,000-square…

Amazon’s real estate footprint grew leaps and bounds in 2020

It’s a new era for Amazon. Jeff Bezos is stepping down as CEO of the company and transitioning to executive chair of the Amazon Board. Andy Jassy, chief executive of Amazon’s cloud computing division, will become CEO during the third quarter of this year. But, as the saying goes, the more things change, the more they stay the same. The e-commerce giant…

Jeff Bezos, who turned real estate upside down, quits

Jeff Bezos, the e-commerce titan who drove one of the biggest office and industrial space expansions in history, and displayed an insatiable appetite for real estate in his personal life as well, is stepping down as CEO of Amazon, the firm he founded. The company said Tuesday that Bezos, 57, would transition to executive chairman, and Andy…

Related wins Miami Beach board approval for office project on Terminal Island

The Miami Beach Design Review Board on Tuesday approved the Related Group’s plans for its One Island Park mixed-use office project on Terminal Island. Designed by Arquitectonica, One Island Park will consist of two, five-story, 75-foot-tall Class A office buildings as well as a four-story parking garage, a ground level café, a rooftop restaurant on the west building…

Mapping the Metronomic Properties Being Auctioned

As has been reported extensively in the press, a number of Metronomic properties are being auctioned. The properties being auctioned are available for purchase individually or in any combination, or one can bid on the entire package of properties. As can be seen, these are generally located in Little Havana and Coconut Grove, two of the more desirable…

Malls and Offices Owner Brookfield Property Partners reports $2 billion in losses in 2020

Closing the book on a devastating year, Brookfield Property Partners recorded about $2 billion in losses in 2020, with its office and retail holdings getting slammed by the pandemic. The real estate arm of Brookfield Asset Management reported a net loss of $38 million in the fourth quarter, veering sharply from its net income of $1.55 billion over the same pe…

Little Havana multifamily project scores construction loan

A 43-unit multifamily project in Miami’s Little Havana neighborhood scored a $6.2 million construction loan from Ocean Bank. The project is at 2052 Southwest First Street, according to records. A notice of commencement describes one six-story apartment building with a two-story parking structure on less than an acre of land. The owner is a company managed…

Gauging the recovery in retail sales at bars and restaurants

The FRED Blog has discussed how, during the onset of the COVID-19 pandemic, households cut back on eating out and increased food purchases to prepare meals at home. With data from the U.S. Census Bureau, we created a FRED graph with two lines to compare sales at restaurants and bars with sales at grocery stores.* Today, we use the same Census dataset…

Check out what some tenants pay in rent in the Miami Design District

Over the past decade, Craig Robins’ Dacra and his well-heeled partners have spearheaded the transformation of the once-gritty Miami Design District into a luxury shopping destination and cultural hub. Last February, the ownership group achieved a major milestone when it secured a 10-year, $500 million refinancing from Bank…

Flex-office provider Knotel files for bankruptcy, set to be bought by Newmark

Knotel has filed for Chapter 11 bankruptcy and is in the process of being bought by Newmark Group. In recent months, the flex-office provider has faced mounting lawsuits filed by landlords who claimed that the startup stopped paying rent when the pandemic emptied out offices. The bankruptcy filing aims to aid the sale of business to an affiliate of…

Empty Office Properties: AmEx to its office workers: Don’t leave home…until Labor Day

It’ll be another winter, spring and summer at the home office for American Express employees in the U.S. The financial services giant — whose longtime slogan was, “Don’t leave home without it” — told workers they can continue operating from home through Labor Day, according to Bloomberg. CEO Stephen Squeri said the New York-based company would also help…

But the commute is still great: US office occupancy at just 22%

Office buildings across the U.S. are still pretty empty. In 10 major metropolitan cities, the average number of office workers who returned to their desks fell to 21.7 percent on Jan. 20, according to a new report by Kastle Systems International. Many companies are still taking a wait-and-see approach as coronavirus vaccinations continue their slow pace.

Ocean Bank sells Miami dev site for $14 million, buyer plans mixed-use project

Ocean Bank sold about 3 acres of land in Miami as a development site for $14 million, and the buyer plans a mixed-use project. The Miami-based bank — known as the largest independent state-chartered commercial bank headquartered in Florida — sold the land at 4238 to 4242 Northwest Seventh Street, near its headquarters and Miami International Airport.

Retail bloodbath will continue with 10,000 closures this year: report

Don’t expect brick-and-mortar retail to escape from the discount rack this year, a new report warns. An analysis released this week predicted that as many as 10,000 retail stores could close nationwide in 2021, Business Insider reported. The study, by Coresight Research, found that 8,741 retail stores shut their doors last year, led by 3,151 apparel store closures.

Unanswered Questions on the Corporate Transparency Act

The National Defense Authorization Act for 2021 enacted on January 1, 2021 contains Title LXI, the Corporate Transparency Act (“Act”). It institutes new reporting requirements for legal entities with few employees and limited purposes. The Act requires reporting to the Financial Crimes Enforcement Network of the Department of the Treasury (“FinCEN”)   by so-called…

Need for logistics space remains high, says Prologis

On its fourth-quarter earnings call Tuesday, management from logistics real estate giant Prologis Inc. (NYSE: PLD) said strong demand from the second half of 2020 has continued into the new year. “We entered 2021 with optimism and confidence,” commented CFO Tom Olinger. The positivity stems from broad demand from the bulk of its customer base, with only…

How the election may affect the commercial real estate industry

The presidential election has the country riveted and divided on several fronts. When it comes to the real estate front, the upcoming election is likely to affect the commercial  real estate and residential real estate industry. The economy is still in one of the slowest recovery periods of the past five decades and this has economists scrambling to analyze the outlook…

Milam’s Markets planning to open store at Link at Douglas in 2022

Milam’s Markets, a family owned and operated grocer serving Miami-Dade County since 1984, will open its sixth location in 2022. The new 25,000-square-foot market will be located at S. Dixie Highway (US1) and Douglas Road (SW 37th Avenue) at the Link at Douglas mixed use development. Link at Douglas is being developed by a joint venture between Miami-based…

30-year-old BurgerFi president thinks the chain can be the Shake Shack of the South

Business had dimmed for the Burger King in Lauderdale-by-the-Sea, Fla., and the location closed up in 2011. It’s a small seaside town and the BK just couldn’t sustain its base volume. But in moved another burger joint nobody had ever heard of called BurgerFi. The fast-casual’s menu of fresh burgers, hand-cut fries, chicken, hot dogs, and custard scored a hit with local…

Ivy Realty pays $18 million for Miami Lakes industrial building

A New Jersey-based commercial real estate investor paid $17.5 million for a Miami Lakes industrial building. An affiliate of Ivy Realty bought the 150,000-square-foot warehouse at 13900 Northwest 57th Court in Miami Lakes, according to records. The seller is USpharma, which develops and distributes pharmaceutical…

Casa Hotels buys boutique South Beach hotel for $8 million

Chilean investment firm Casa Hotels Group closed on a boutique hotel in South Beach for $8.1 million. Casa Hotels, led by CEO Jose Aguera, bought the Eva Hotel, a four-story, 30-key building at 1506 Collins Avenue. The group also owns the Odyssey South Beach and Casa Boutique Hotel on Washington Avenue. Opera Real Estate Investment, led by CEO and…

Casa Hotels Group Purchases Eva Hotel in Miami Beach for $8.1 million

An affiliate of Casa Hotels Group has purchased a 30-room hotel in Miami Beach known as the Eva Hotel. CBRE facilitated the $8.1 million sale of the property, which features a fast-casual restaurant and covered parking. Natalie Castillo and Joshua Beene of CBRE represented the seller, Lender West LLC, in the transaction.  The Eva Hotel is located at 1506 Collins…

The value of T4’s and T5’s in Miami’s Opportunity Zones

The latest Opportunity Zone news has single family home parcels seeing a 25% increase in pricing, potential affordable housing opportunities, and different types of large-scale multifamily plays. After assessing the Opportunity Zones on a per-parcel basis during the past few weeks, let’s dive deeper and see how the restrictions of the zoning code allow…

Walmart’s plan to ship packages quicker: robot-staffed mini-warehouses

With online sales surging, Walmart is planning to set up mini warehouses in dozens of its stores. The retailer said this week that it plans to build a large number of fulfilment centers, measuring 20,000 to 30,000 square feet, inside its stores or in spaces next to them, according to CNN. The centers will be manned by robots who can pack orders in “a few minutes…”

Biden to address racial gap, environmental justice in housing

President Joe Biden’s housing plan is coming into focus. The newly inaugurated Biden’s executive order Tuesday reinstating a Fair Housing rule was just the first step in a broader agenda for racial and environmental justice in housing. “Housing is a right in America, and home ownership is an essential tool to wealth creation and to be passed down…

WeWork in talks to go public via SPAC

Now We’ve seen everything. WeWork is in talks to combine with a special-purpose acquisition company to go public, according to the Wall Street Journal. The co-working giant attempted an initial public offering in late 2019 but had a spectacular flameout during the IPO process, after scrutiny of its financials and governance. WeWork CEO Sandeep Mathrani and…

Objecting to a real estate project in Florida carries a risk of liability

By refusing to hear an appeal of a decision by a Florida appellate court, the US Supreme Court effectively sided with a developer who won a multi-million judgment against someone who tried to undermine the developer’s project. The case concerned an environmental activist challenging a development project in Martin County, where she had previously served…

Location Ventures lands financing on Ft. Lauderdale condo project

Location Ventures landed $14.4 million in equity financing for a 65-unit condo project in Fort Lauderdale’s Central Beach neighborhood. The project, at 551 Bayshore Drive along the Intracoastal Waterway, will feature residences that average more than 2,000 square feet, according to a press release. Several marina slips are also in the approval process.

Vision Properties pays $44M for Cypress Creek offices

The Fort Lauderdale home of Marcus & Millichap has a new landlord after a failed purchase last year. An affiliate of Tampa-based Vision Properties paid $44.2 million for the offices at 5900 North Andrews Avenue, called the “Cypress Financial Center,” according to records. Vision is led by Fred Arena. The seller is an affiliate of Steelbridge Capital, an Evanston…

Alliance, Carlyle affiliate buys West Palm Beach dev site from church, lands $43M construction loan for multifamily project

An affiliate of Alliance Residential Co. and The Carlyle Group paid $11.5 million for a development site in West Palm Beach and scored a $42.9 million loan for construction of a 280-unit multifamily project. The companies bought 30 acres of land next to a church at 3590 Village Boulevard, according to records. Santander Bank…