As HQ2 announcement approaches, Amazon execs are revisiting NYC, Chicago, Miami

Some cities are getting another look from Amazon as the announcement for where the e-commerce giant will set up its second headquarters looms. New York City, Chicago, Newark, Miami and the Washington, D.C. area all had recent follow-up visits from Amazon executives, according to the Wall Street Journal. In New York, the company is reportedly looking at sites in Long Island City and, more…

Allapattah to get 8 acres of offices, apartments, hotel, retail, farming, school

A developer is promising a cutting-edge mixed-use project in the heart of Allapattah’s industrial district, bringing a hotel, apartments, offices, retail and restaurants, urban farming and a school. Miami Produce Center LLC is proposing the ambitious development on more than 8 acres, bounded by Northwest 22nd Street to the north, Northwest 12th Avenue to the east, Northwest 21st Street to the south…

Shoma to convert Hialeah retail center into apartment complex

Hialeah’s city council just cleared the way for Masoud Shojaee’s Shoma Group to convert an old shopping center into a new apartment complex. The council unanimously approved Shoma’s rezoning proposal Tuesday. According to the application, the developer plans to build a 304-unit apartment complex called Shoma Village on a 5.2-acre corner lot at 401 and 435 Hialeah Drive. Shoma Village will…

The stock market is still riding high. So why are real estate stocks tanking?

Even a record-high stock market can’t cheer up real estate investors. The Dow Jones saw a winning streak earlier this month. And the economy, broadly, is strengthening, with the unemployment rate falling to the lowest level since 1969. But real estate stocks across the board have been sliding downhill over the last year. “We are definitely in a soft market and it will continue to soften next year,” said…

Estate Investments scores loan for Palmetto Bay apartments; may market as Opportunity Zone play

Estate Investments Group just secured a $34 million construction loan for its 200-unit Soleste Bay Village in Palmetto Bay, which could be sold to an investor seeking to benefit from a federal tax incentive program. The Miami-based development group scored the loan from Banesco USA and Spain-based Abanca for the property at 18301 South Dixie Highway, according to a press release. Miami-based Estate…

American Dream developer pulls out of deal to buy Archbishop Curley in Little Haiti

Triple Five Group, the developer of the proposed American Dream Miami mall, has pulled out of its contract to buy the Archbishop Curley-Notre Dame High School site where it had planned a mixed-use project, The Real Deal has learned. Robert Gorlow, a Miami Lakes-based consultant for Triple Five, confirmed that the… company withdrew its offer for the 15.56-acre site at 4949 Northeast Second Avenue in…

Developer Drawn to Miami River’s ‘Authenticity’

­Developer Lissette Calderon has lau­nched her fourth project along the Miami River – a once-polluted waterway that has turned into a commercial and residential destination in Florida’s second-largest city. Pier 19 Residences & Marina is a planned 199-unit apartment complex formerly known as River Oaks Tower. Last month, Calderon’s Neology Life Development Group paid $61 million for the property…

Flying electric taxis from Lilium on the horizon in Miami-Dade

In two years, you might see flying electric taxis streaking across the sky, linking travelers to four Miami-Dade airports. That’s the vision of Mayor Carlos Giménez, who last week met with Lilium GmbH, a German engineering startup whose five-seat Lilium Jet could transform global mobility. “It’s definitely cutting edge, so I’m interested in it,” the mayor told Miami Today. “We have an interesting place to try…”

County chases new sponsor for what’s now AmericanAirlines Arena

The home of the Miami Heat may have a new name after more than two decades, as Miami-Dade commissioners Tuesday directed the administration to secure a naming rights sponsor for what in two years may no longer be called AmericanAirlines Arena. Basketball Properties Ltd., the Heat sister company that manages the county-owned arena, is required to assist in the process. The arena manager…

Scott Robins: Targets Wynwood project after Miami Beach successes

Scott Robins, founder and CEO of Scott Robins Companies, has been changing the appearance, and consequently the culture, of Miami Beach since the 1980s. With a portfolio primarily localized in the Art Deco District of Miami Beach and downtown Miami, Mr. Robins specializes in developing, building, leasing and managing office, retail, hotel and resident spaces in some of the most famous spots in…

Golden Sky to follow Umbrella Sky in Coral Gables

Golden Sky will be the newest art installation decorating Giralda Plaza in Coral Gables, with a price tag of approximately $150,000. After the success of Umbrella Sky, the wildly popular art installation that hung hundreds of colorful umbrellas over Giralda Plaza, in August the city commission requested that staff come up with another idea to ramp up visitation to the area over the holiday season. City staff…

Downtown backs vast Miami City Centre add-on

Miami’s Downtown Development Authority is supporting a proposal to add 972 residential units in two towers to the Special Area Plan (SAP) for Brickell City Centre. The revision would allow two sites to be redeveloped: the former Associated Photo site at 19 SW Sixth Street and 650 S Miami Avenue, site of the former Tobacco Road. “These are the missing pieces,” said Christian Gondolfo of Swire Properties.

Miami is one of the country’s top real estate market’s to watch: report

In real estate terms, Brooklyn seems like it has already arrived, but but evidently there’s more room for growth. The borough ranked as the No. 2 overall U.S. market to watch in the annual “Emerging Trends in Real Estate” survey, which also put Miami and Los Angeles near the top of the pack. Chicago came in at a middling 49 out of the 79 biggest real estate markets nationwide, down seven spots from last year…

Institutional investors flock to South Florida’s industrial market: Q3 reports

South Florida’s industrial market continued to remain one of the area’s best performing asset classes in the third quarter of 2018, thanks in part to growing demand from institutional investors. In Miami-Dade County, vacancy rates fell to 3.8 percent from 4 percent on a year-over-year basis. Amid an influx of new industrial space, asking rental rates declined to $9.95 per square foot, a 3.8 percent decrease…

Hotel Astor shuts down after allegedly owing more than $300k

Hotel Astor is being sued by its ground lessor for allegedly defaulting on its lease, and faces separate lawsuits from its former law firm and ex-employees. In total it allegedly owes more than $300,000 in unpaid bills, court records show. The 42-key hotel at 956 Washington Avenue in Miami Beach has been closed for about three weeks, owner David J. Hart confirmed. Hart said he’s in talks with a new…

Hostel or boutique hotel? Youth hostels are adding private rooms, services

Hostels are upping their efforts to win over youth, adding private rooms and more services to gain greater appeal as they expand nationwide. After finding that the term ‘hostel’ is a turnoff to majority of American guests, the London-based hospitality group Generator shifted its focus onto its bars and restaurants at its first U.S. location in Miami Beach, according to the Wall Street Journal. The recently…

PMG scores $39 million condo inventory loan for Muse Sunny Isles

Property Markets Group just closed on a $39 million inventory loan for Muse Residences in Sunny Isles. Pebb Capital, a Boca Raton-based real estate and private equity investment firm, is providing the financing for PMG, according to a press release. The developer and its partner, S2 Development, completed the 68-unit, 49-story tower at 17100 Collins Avenue earlier this year and began recording closings…

Sales of sites in Opportunity Zones up 80%

Property owners in designated Opportunity Zones are now seeing their sales prices and asking prices spike since the tax incentive program was announced last year. Sales of development sites in the 8,700 designated zones across the country increased 80 percent in the first three quarters of 2018 year over year, according to the Wall Street Journal, citing data from Real Capital Analytics. Opportunity…

Even All Those New Miami Apartments Can’t Fill the Demand

Miami apartment demand is exceeding a surge in construction. Miami area residents are moving into apartments faster than new units are being built as developers struggle to keep pace with the ravenous demand and short supply following the latest surge of condominium conversions. But analysts warn that the demand may slow next year. Strong job growth, rising home prices and changing attitudes…

Commercial Borrowing Cost: Rate Watch Quarterly 2018 Q3

At the end of the 3rd quarter of 2018, both short and intermediate yields continued their climb begun nearly three years ago. As can be seen in the accompanying chart, five year rates, most closely tracked for commercial property borrowing cost, found themselves testing 3%, with short term (here 1 month) rates following close behind as they stayed at a spread similar to the one held in periods past as…

Notable Retail Leases Signed in South Florida Q3 2018

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q3 2018. While there are a number of construction projects as well as acquisitions, retail leasing is striving with several major retail leases closed in the past 3 months. Retail leasing activity in South Florida remains robust. Vacancy…

Speculators descend on top contenders for Amazon HQ2

As cities continue to court Amazon, real estate speculators are betting on areas they think might be the home of the online giant’s second headquarters. Investors are throwing cash at sites near top contenders for Amazon’s new headquarters; a decision is expected by year end. They are also buying shares in real estate investment trust JBG Smith Properties, which owns a significant chunk of commercial…

National Security Review of Foreign Investments to Escalate

With its roots in the Exon-Florio Amendment to the Defense Production Act, the Committee on Foreign Investment in the United States (CFIUS), is an inter-agency committee that reviews certain foreign investments in the United States that implicate national security concerns. CFIUS generally determines its own jurisdiction within the parameters of regulatory framework ascribed to it by the federal…

Brazilian billionaire launches sales of 57 Ocean, beachfront condo in Miami Beach

Brazilian billionaire José Isaac Peres is moving forward with plans to build a luxury condo building, 57 Ocean, in Mid-Miami Beach. Peres’ Multiplan Real Estate Asset Management is launching sales of the 81-unit, 18-story project at 5775 Collins Avenue with Fortune Development Sales. The beachfront property was previously home to the Marlborough House condo building, which unexpectedly…

Grove Isle condo owners fight to stop demolition of hotel, restaurant and spa

Three years after settling a lawsuit with the development firm that built Grove Isle, the luxury condominium’s unit owners have launched a new legal battle against a proposal to redevelop part of the waterfront site. The Grove Isle Association last month filed a petition requesting Miami-Dade Administrative Judge Jennifer Bailey force the city of Miami to cancel a demolition permit issued to Grove Isle…

There’s gold in them zones: How Opportunity Zones could impact real estate

At 9800 Grape Street in the Watts neighborhood of southern Los Angeles, gone are the low-rise complexes that were the epicenter of the Rodney King riots. In their place stand rows of wood-frame skeletons taking the shape of 12 garden-style apartment buildings, the first phase of an ambitious redevelopment. While funds for the first and second phases are largely being drawn from city and state coffers…

Condo owners in Little Havana band together to list building as dev site

In an unusual twist, the owners at an aging condo building in Little Havana have banded together to list their property as a redevelopment site. Norman Smith of Weichert Realtors Best Beach Real Estate is representing the 16 owners at Habana Condo at 424 Southwest Seventh Street in Miami. The 16,000-square foot building includes 18 parking spaces and sits on a 15,000-square foot lot.

Special servicing applied to $67.5 million loan secured by Southland Mall in Cutler Bay

A $67.5 million loan secured by the Southland Mall in Cutler Bay was transferred to special servicing, according to Trepp, a data bank for the commercial real estate industry. The loan was scheduled to mature in May 2016 but provided options for three 12-month extensions of the maturity date. The borrower has exercised all three options to extend the maturity date, which is now May 2019. Built in 1972…

Miami Industrial Real Estate Market Report 3rd Quarter 2018

The average vacancy rate decreased to 3.8% and the average lease rates have increased to $11.76 per sq. ft. Landlords continue to drive rates up while giving tenants fewer concessions. Over 5M sq. ft. is under construction in Miami’s industrial real estate market, however the net absorption for this quarter was only about 200,000 sq. ft. The largest sales transaction this quarter was TA Realty’s acquisition of…

Airport Palmetto Corridor Industrial Report

Surrounded by the municipalities of Doral, Sweetwater, Miami Springs, Hialeah, and Coral Gables, the unincorporated area of The Airport Palmetto Hub offers owners and users one less level of government bureaucracy. Heavy manufacturers and production companies find this especially appealing as zoning, electrical, water, and other government regulated items can often entangle their operations…

Pricey parking: Warehouses for wealthy car collectors emerge as new niche in storage

Collectors of vintage cars face a bigger storage challenge than owners of wine and art collections. That’s why car warehouses are opening across the country with parking for 100 or more collector’s items, from classic Porsches to Plymouth Barracudas, according to wealth-management advisers and and car collectors. For example, hedge fund partner Henry Robertelli of Axius Holdings is building out a…

The Clevelander and an adjacent hotel in Miami Beach sell for $28M

Montreal-based Jesta Group acquired the Clevelander South Beach hotel in Miami Beach and an adjacent hotel for $28.5 million. Clevelander Holdings, managed by Eric Aintabi, the chief executive officer of Jesta Group, bought the Clevelander for $20.6 million. Built in 1938, the Clevelander last sold in 1999 for $7 million. The property at 1020 Ocean Drive has 60 hotel rooms, a swimming…

BBX Capital to purchase 50% stake in the Altman Companies for $23M

BBX Capital’s real estate arm announced on Friday that it plans to purchase a 50 percent interest in the Altman Companies for $22.7 million, expanding the company’s luxury multifamily portfolio. The deal gives BBX Capital a big stake in a company that owns and manages more than 24,000 apartment units across the country with a strong focus on South Florida. Fort Lauderdale-based BBX Capital…

Coastline Management, Tower Capital buy Miami Gardens apartments for $33 million

A joint venture between Coastline Management and Tower Capital Group paid $33.2 million for an apartment complex in Miami Gardens.
EB Real Estate Group, an investment firm in New York, sold the 234-unit Park Plaza Apartments at 17600 NW 5th Avenue for about $142,000 per unit, according to a press release. Berkadia’s Tal Frydman, Yoav Yuhjtman and Nicholas Perrone represented the buyer…

Opportunity Zones guidelines released, offering developers more details

Real estate developers and fund managers with questions about how to invest in the Opportunity Zones program are beginning to get more detailed answers. The U.S. Treasury Department today released more guidelines. The program, enacted late last year as part of the Trump administration’s tax overhaul, provides tax deferments and tax breaks for developers who invest in projects in designated low…

Prominent Miami Construction Lender Bank OZK’s stock drops nearly 24% after CRE write-offs

Bank OZK’s stock tanked almost 24 percent in early morning trading on Friday after it reported two large commercial real estate write-offs in its third quarter earnings. The bank is one of the largest condo construction lenders in South Florida, New York City and Los Angeles. The Little Rock-based regional bank, with just over $22 billion in assets, also reported that net income declined 23 percent…

Bridge Investment targets $500 million in Opportunity Zone possibilities

A $12 billion real estate investment and management firm is the latest player looking to capitalize on the Opportunity Zones tax incentive development program. Salt Lake City-based Bridge Investment Group will launch what it’s calling an Opportunity Zones initiative, targeting $500 million in “attractive opportunities” across the U.S. The Opportunity Zones plan, part of President Trump’s tax overhaul…

AGM Builders Group is launching sales of a new luxury townhouse project in Coconut Grove

AGM Builders Group is launching sales of a new luxury townhouse project in Coconut Grove. The Puerto Rico-based firm is developing Habitat at The Grove, an eight-unit townhome community at 2924 Bird Avenue. The firm hired the Jill Penman Group of One Sotheby’s International Realty to handle sales. Units range from $839,000 to $939,000. The four-story, 2,381-square-foot townhouses each have…

Fractured condo near Tropical Park sells for $12 million

A fractured condo deal near Tropical Park in Miami just sold for $12.45 million. 10th Street Realty, a New York-based real estate investment firm, paid about $160,000 per unit for a controlling interest in the condo complex at 5400 Southwest 77th Court. The deal gives 10th Street Realty 78 of 108 condos, allowing the company to control 72 percent of the association, Deme Mekras of MSP Group said.

Berkadia Secures $13 million Refi for Miami Beach Hotel

Berkadia has secured a $13 million loan for the refinancing of The Lord Balfour Hotel, an 81-key boutique hotel in Miami Beach, Fla. Mercantil Bank provided the 24-month mortgage that carries one 36-month extension option. Located at 350 Ocean Drive in Miami Beach’s South of Fifth neighborhood, the hotel was constructed in the Art Deco style during the 1940s. Current owner Eidico, an…

Miami board approves two mixed-use projects in Edgewater and Overtown

A deal to transform the Unity on the Bay Church in Miami’s Edgewater District into a 29-story mixed-use rental building moved closer to fruition following key approvals by two city of Miami boards. The Urban Design Review Board on Wednesday granted six waivers for a 541,000-square-foot tower and pedestal with 296 apartments, 11,600 square feet of commercial space and 432 parking spaces proposed…

Related Companies placing $3 billion bet on luxury senior housing

Related Companies sees a golden opportunity in seniors with a taste for luxury. The company announced this week that it plans to build $3 billion worth of high-rise luxury condominiums for seniors across the country, according to Bloomberg. The move follows a growing number of developers who have sought to accommodate a wave of Baby Boomers entering their twilight years. Last year, Maplewood…

Common types of construction disputes that arise

There are many buildings and other structures in Florida, and none of them built themselves. Each building required construction, and given the different aspects of any building project, they often require a general contractor and then various subcontractors to complete various aspects of the project. All of the people involved must do their job in order to complete the project correctly. Then, once their…

An offer they could refuse: Inside the failed bulk buyout of Isola Condominium

With nearly every acre of Miami waterfront land scooped up, developers have increasingly turned to the bulk buyout, targeting older properties in prime locations that can be demolished and replaced with glittering, taller versions. Developers 13th Floor Investments and Key International thought they had the ideal candidate recently in the aging 300-unit Isola Condominium on Brickell Key. The 23-story…

How a Reeling Retail Center in Miami Doubled in Value in Four Years

The once-struggling retail part of the mixed-use Downtown Dadeland in Miami has more than doubled in value in four years, a success story rooted in renovations, robust demand for outdoor urban centers, selective tenant choices and efforts to cater to the broader community. Retail developers across the…

Miami’s Downtown Dadeland Sells For $78 Million

Whatever Miami shoppers need, they can probably find in the “Dadeland Golden Triangle,” a special zoning district where three major roadways — U.S. Highway 1, Kendall Drive and the Palmetto Expressway — converge. On one side is the Dadeland Mall, with standard mall tenants like Macy’s and Nordstrom, and across from it is Downtown Dadeland, seven additional acres of retail and 460 condo units…

Experts On The Ups And Downs Of Coworking From The City (Miami) Where It’s Most Prevalent

Coworking has disrupted real estate, but is there room for more? Has it reached its peak? And will landlords hijack the concept from operators? In Miami, 3% of office space is designated as coworking, making it the city with the highest such percentage, according to Cushman & Wakefield Vice Chairman Brian Gale, who moderated the event. “Literally every single building in downtown and Brickell…

Berkadia Secures $46.9 Million Acquisition Loan for Mixed-Use Development in Miami

Berkadia has arranged a $46.9 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development located 7250 N Kendall Drive in Miami. Brad Williamson and Mitch Sinberg of Berkadia secured the financing for the borrower, Midtown Capital Partners, a real estate investment and asset management firm led by Alejandro Velez and Alexander Saieh. A life company originated…

6 People Died In Miami’s Bridge Collapse. Here’s What Happened To The Property Next Door.

Florida International University is the fourth-largest university in the U.S. with more than 55,000 students. But it only has the capacity to house about 8% of them on its Miami campus. That’s why a large student housing building at the foot of a planned pedestrian bridge to campus seemed like a can’t-lose proposition. Courtesy of University Bridge Residences When University Bridge Residences was…

Eyzenberg & Co. Arranges Capital for Acquisition of Apartment Community Near Miami

Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative investment manager…

Developers propose mixed-use projects in Allapattah, Edgewater and Overtown

Developer Robert Wennett, Mill Creek Residential, and Estate Investments Group are taking their projects to the city of Miami’s Urban Development Review Board on Wednesday. Modera Biscayne Bay: Mill Creek Residential plans to acquire the properties at 412 Northeast 22nd Street and 436 Northeast 22nd Street in Edgewater and build a 29-story apartment building. The developer is proposing Modera…

City National Bank inks lease, gains signage rights to Miami Tower

City National Bank of Florida and UBS just leased a combined 142,000 square feet of office space at the Miami Tower at 100 Southeast Second Street , in a deal worth $75.1 million. City National Bank will also make the building its new headquarters and plans to take over signage rights for the iconic downtown tower at 100 Southeast Second Street in downtown Miami that was featured in the opening…

Say What? CCIM Senior Economist Thinks Amazon HQ2 to be Multi-City Co-Sharing Arrangement, Cites Loan Proposal in Process

“My new wild forecast is – get my red shoes out again – is that Amazon’s HQ2 is not going to be in one city. I think that between now and the end of the year they’re they’re exploring an option with some cosharing entity like a WeWork to say what if we had you provide us with 10,000 offices across five cities in the eastern southeastern United States where our IT, our sales, our engineering folks could travel…”

Foundry and partner to expand Miami Free Zone complex

More industrial space is planned for Doral. Foundry Commercial and Oakwood Real Estate Partners will add two new buildings to the Miami Free Zone, which they plan to rename Miami Central Commons. A Foundry partnership acquired the 823,000-square-foot industrial complex for $85.5 million earlier this year. Established in 1979, the 47-acre foreign trade zone at 2305 Northwest…

Is Allapattah Really Miami’s Next Hot ‘Hood?

Even though it’s blanketed with auto repair shops, printing presses and little taquerias, Miami’s busy, grungy Allapattah area has been dubbed as the “next hot neighborhood,” words that excite real estate speculators and give residents anxiety. Some of the retail stores in the Allapattah assemblage purchased by an investor from the Dominican Republic. At a panel discussion Tuesday…

Amazon Air joins Miami International Airport

Miami International Airport last week became part of Amazon Air’s cargo flight operations, at the same time that the airport was marking a nearly 4% gain in cargo carried for the year to date. Amazon launched twice-daily freighter service at Miami Internastional to destinations across the US. The new service is being operated by Atlas Air Worldwide with Boeing 767-300F aircraft and includes an…

José Leonardo Martí: Growing Mexico’s Miami-based CMX Cinemas chain

As CEO of CMX Cinemas, the North American subsidiary of Mexican cineplex corporation Cinemex, José Leonardo Martí has led an aggressive expansion campaign that since 2016 has seen the company develop into the eighth largest movie theater chain in the US. Counting last year’s acquisition of Cobb Theaters, Cobb’s luxury dinner-and-a-movie CinéBistro brand and theater spots across 10 states…

Miami-Dade grows affordable housing inventory by 3%

Miami-Dade’s Public Housing and Community Development department is working to meet the needs of low-income elderly residents through a combination of new construction, rehabilitated sites and novel ideas, according to Mayor Carlos Giménez, who reported Oct. 9 that the department grew its affordable housing inventory by 3% in one year. Between April 2017 and 2018, the department completed…

Bayside Marketplace unveils a basket of upgrades

Renovations continue at Bayside Marketplace. Senior general manager of Bayside Marketplace LLC Pamela Weller is overseeing a variety of facelifts occurring around the site and says they are on schedule. The north and south buildings are experiencing simultaneous renovations. Elevating portions of Bayside is underway for the north side. The first floor of the building will be elevated and a food…

Florida Department of Transportation asks city to run 30-acre illuminated park under bridge

The Florida Department of Transportation is looking to the City of Miami to develop and run a 30-acre illuminated park under a rebuilt and elevated I-395 and its long-planned “signature bridge.” It appears the state is finally ready to start the I-395/SR 836/I-95 project, with major work by early 2019. James Wolfe, who heads the state transportation department for this area, reported on the project to Miami…

Sites near Wennett’s proposed Allapattah development hit the market

Now that plans for Robert Wennett’s mixed-use project in Allapattah have been unveiled… 1101 and 1109 Northwest 22nd Street… a warehouse at 1395 Northwest 22nd Street, which is asking $3.85 million… SunTrust bank branch building at 1400 Northwest 20th Street… reportedly under contract… the warehouse at 1034 Northwest 23rd Street for $8 million… Mana… 2301 Northwest Seventh Avenue…

Co-living concept might be finally taking off

Co-living may have reached its maturity phase. The concept is less than 10 years old, but developers are now getting ready to build some of the continent’s biggest new co-living properties, indicating its growing popularity, according to the Wall Street Journal. Starcity, a co-living startup based in San Francisco, agreed to buy a development site in San Jose, California, last week where it is planning a co-living…

Senator says Opportunity Zones guidelines will be released soon

The federal Opportunity Zones program has drawn increasing interest — despite limited details on its rules — from real estate investors and developers who have launched funds to take advantage of the expected incentives. Since the program was created late last year, the government has been promising more guidance. The wait may soon be over. Greater details are expected to be released by month’s end…

Video: CCIM Institute Senior Economist KC Conway Discusses Which Commercial Sector Wins Going Forward

CCIM Chief Economist KC Conway appears on America’s Commercial Real Estate Show with its host Michael to present various predictions, principally comments on which commercial real estate sector will come out on top. Included in the discussion are some the the innovations in retailing concepts, experiential and otherwise. He discusses how the bulk of industrial property transactions are actually…

Video: A Discussion with CCIM Institute Senior Economist KC Conway; Headwinds or Tailwinds for Commercial Real Estate?

CCIM Institute Senior Economist KC Conway joins Michael on his commercial real estate show to give his overall economic forecast and discuss how factors like trade wars and disruption can affect commercial real estate. He discusses things like the risks of tariffs and trade war risks and what history tells us about these, the risk of rising interest rates, and other potential negatives on the mind commercial…

Scott requests to freeze property insurance rates following Hurricane Michael

Florida Gov. Rick Scott is seeking to keep insurance property rates steady in the wake of the damages caused by Hurricane Michael. Scott directed Florida’s Insurance Commissioner David Altmaier to freeze property insurance rates for 90 days as businesses and residents recover from the hurricane, according to the Tampa Bay Times. He also directed Altmaier to give policyholders more time to find…

Industrial investors buoyed by strong economy and e-commerce, but wary of tariffs and interest rates

Boosted by e-commerce and steady economic growth, investors are shaking off their doubts over the staying power of the country’s industrial development boom. Nearly half of investors surveyed in Real Capital Markets’ annual Industrial Investor Sentiment Report said they believe investment activity will remain steady headed into next year, and another 43 percent said they expect investment to…

Fed Policies’ Continued Effects on Short-Term Liquidity Markets

The Federal Reserve implemented a number of policies to combat the effects of the 2007-08 financial crisis and the recession that followed. Three of these are notable for their persistent impact on short-term liquidity markets: Keeping interest rates low; Paying interest on banks’ reserve balances; Buying securities on a large scale. The Federal Funds Rate: First, the target for the federal funds rate (FFR)…

Chinese investors sue Nick Mastroianni over alleged EB-5 fraud

Nearly 80 Chinese investors have filed suit against EB-5 fundraiser and Jupiter developer Nicholas Mastroianni II, alleging he defrauded them of their EB-5 investments. Mastroianni, who’s been tied to President Trump’s longtime attorney, Michael Cohen, as well as to the Kushner Companies, founded the U.S. Immigration Fund for EB-5 investment. He’s known to have raised EB-5 funds for a number of…

Sears files for bankruptcy; will close another 142 stores

Sears Holdings filed for bankruptcy protection early Monday, with immediate plans to close 142 stores near the end of this year. The closings are in addition to 46 locations the once-mighty retailer already planned to shutter, though it did not specify how many of the new closures would be Sears or Kmart stores, according to the Chicago Tribune. Despite efforts to cut costs by closing hundreds of…

Morgan Stanley’s offices are getting a millennial makeover

Morgan Stanley is revamping its offices to bring techies and brokers closer — and to attract millennials. Over the next 15 months, roughly 1.2 million square feet of the bank’s office space will get a makeover, Bloomberg reported. The changes come as the bank builds up its focus on blockchain, automation and other technologies. The renovations will bring the company’s…

Politics may divide the siblings who run the Turnberry real estate empire

Two referendum issues on the Nov. 6 ballot may have caused a political divide between the senior partners of the Aventura-based Turnberry real estate empire: Jackie Soffer and her brother Jeff Soffer. Miami Beach voters will decide whether to approve an 800-room, city-owned hotel that Jackie Soffer wants to build next to the Miami Beach Convention Center. The operator of the hotel would be…

As Sears totters on the edge of bankruptcy, talks are reportedly underway to save part of the chain

Sears Holdings’ executives and lenders are supposedly negotiating over the fate of the long-standing, much-beleaguered retail chain.
According to Bloomberg, Sears could declare Chapter 11 bankruptcy as early as Sunday, as the Oct. 15 maturation date of a $134 million debt package looms large. The retailer would then file for court protection, secure a loan of between $300-$500 million and a smaller…

Mattress Firm closing at least 10 stores statewide, including 3 in South Florida

Bankrupt retailer Mattress Firm will close at least three stores in South Florida and seven others elsewhere in the state. Mattress Firm, which filed for bankruptcy on Oct. 5, is immediately closing 200 stores, including two in Miami and one in Fort Lauderdale.
The Miami stores that are closing or already have closed are at 7703 West Flagler Street and 14200 Southwest 8th Street…

Hurricane Michael is a new test of Florida’s odd property insurance market

Hurricane Michael’s damage to property in the Florida’s Panhandle region on Wednesday will provide a fresh test of the state’s unusual property insurance market. Florida is odd because such industry leaders as Allstate and State Farm play a much smaller role in protecting home owners than they do in other states. Small Florida property insurers with backing from larger reinsurance companies…

Midtown Capital Partners drops $78M on Downtown Dadeland shops

A joint venture between Pebb Capital and Duncan Hillsley Capital just sold Downtown Dadeland to Midtown Capital Partners for $78.2 million. The deal includes about 126,000 square feet of ground floor retail space at 7270 North Kendall Drive that’s 97 percent leased to tenants like Pasión del Cielo, West Elm, Orangetheory Fitness, Ghee and Harry’s Pizzeria. The development, which features 416 condos…

River Oaks Among South Florida’s largest multifamily sales in September

The second-priciest deal also marks developer Lissette Calderon’s return to real estate since leaving the Related Group in 2016. Calderon’s firm, Neology Life paid about $61 million for the River Oaks Tower & Marina with plans to renovate the waterfront apartment building. Calderon developed Neo Lofts and Neo Vertika, also on the Miami River. Neology Life financed the deal for the 199-unit, 20-story rental…

This tax bill would be a massive win for condo developers, if it ever makes a vote

A stalled bill in the House of Representatives would grant luxury condominium developers the same tax benefits homebuilders already receive, saving them millions during construction. The “Fair Accounting in Condominium Construction Act,” introduced last summer by Miami Republican Carlos Curbelo and co-sponsored by Queens Democrat Joe Crowley…

Canadian family feud puts ownership of horse race tracks in doubt

A Canadian billionaire’s dispute with his daughter over his fortune involves valuable horse-racing tracks in Los Angeles and South Florida. Frank Stronach, who built the Magna International car parts empire, is suing his daughter, Belinda Stronach, and other family members, for about $400 million, claiming they mismanaged the family’s assets and worked to limit his control over the fortune he…

Making a splash: Aston Martin Residences to offer yacht service to beach as latest amenity

The developer of the Aston Martin Residences in downtown Miami is aiming to make a splash with the latest amenity offering: a butler service that takes owners from the luxury high-rise to the sand – via yacht. G&G Business Developments is working with International Booking Services LLC to offer the amenity, which includes home management and luxury travel support. G&G, owned by the Coto family…

Video: SoftBank in talks to buy out WeWork; TRD Reporters Konrad Putzier and David Jeans Discuss

Konrad Putzier and David Jeans, reporters at commercial real estate news organization The Real Deal, discuss reports that SoftBank, a Japanese multinational holding conglomerate headquartered in Tokyo, is planning to invest an additional $15 to 20 billion in WeWork to then become the majority shareholder in the coworking behemoth. This would indeed be a seismic event for coworking, and for that…

Little Havana developers allege commissioner is using code violations as political retaliation

Late-night stakeouts, targeting businesses, and circumventing city procedure are among the allegations Barlington Group principals Bill Fuller and Martin Pinilla are making against Miami Commissioner Joe Carollo. Fuller and Pinilla are suing Corollo in federal court, alleging the commissioner violated their right to free speech, using code enforcement to retaliate against them for supporting his opponent…

Could Sears’ demise spell doom for malls?

A possible Sears bankruptcy could mean the end for the 125-year-old retail legend and yet another headache for the nation’s shopping mall owners. A Sears bankruptcy could leave malls already dealing with the loss of major tenants like Carson’s with massive amounts of additional vacant space. Even worse, the malls would be losing an anchor tenant that for decades has successfully drawn shoppers to…

Nationwide demand for warehouse and distribution space at 18-year high: report

The growth of e-commerce has been a boon for industrial landlords and investors across the U.S., fueling demand for warehouse and logistics space that has reached an 18-year high. The third-quarter industrial availability rate — which measures properties that are vacant or about to be — stood at 7.1 percent, according to a new CBRE tally, the Wall Street Journal reported. That marks 33 straight quarters…

Video: CCIM Institute Senior Economist KC Conway Discusses the Economy’s Effect on Real Estate

Kiernan “KC” Conway, Senior Economist at the CCIM Institute, appears on America’s Commercial Real Estate Show to talk about the current economic cycle and how it is affecting the commercial real estate market. Conway notes general optimism, with a couple of caveats, the upcoming midterm elections and what is going on with tariffs. He believes the upcoming GDP numbers will be tempered…

The data behind the fear of yield curve inversions

FRED can help us make sense of the recent discussions about an inverted yield curve. But first, some definitions to get us started: The yield curve is the difference (or spread) between the yield on the 10-year Treasury bond and the yield on a shorter-term Treasury bond—for example, the 3-month or the 1-year. The yield curve is flattening if short-term rates are increasing relative to long-term rates, which is…

JMH Development must turn over remaining interest in 300 Collins: judge

A judge has ordered Jason Halpern’s JMH Development to turn over its remaining interest in Three Hundred Collins to its silent partner, amid ongoing litigation. The five-story, 19-unit boutique condo at 300 Collins Avenue in Miami Beach’s South of Fifth neighborhood was completed this summer, and has just one unsold unit remaining: Penthouse 2 priced at $5.3 million. JMH must turn over that unit and…

Mortgage rates hit 7-year high amid slowing housing market

Would-be homebuyers have another reason to be concerned: mortgage rates rose to nearly 5 percent, the highest in more than seven years and the biggest weekly increase in two years. Rising mortgage rates slow the housing market, which is an indicator of the overall economy. Long-term rates are now up nearly a full percentage point from the start of 2018, the Wall Street Journal reported.

$7.2M Sale of Mixed-Use Property in Miami’s Coconut Grove Brokered

Cushman & Wakefield has arranged the sale of a mixed-use building located at 3138 Commodore Plaza in Miami’s Coconut Grove neighborhood. A partnership between Terra and Banyan Street Capital purchased the property for $7.2 million, or $232 per square foot. Hollywood, Fla.-based MG|3 Development sold the property. Developed in 1986, the 31,000-square-foot, multi-tenant property features…

Mercedes-Benz dealer buys office building in Coral Gables

A company tied to Robert “Bob” Brockway, chairman and CEO of Bill Ussery Motors, just paid $11 million for an office building across the street from the firm’s Mercedes-Benz of Coral Gables dealership. Property records show Brockway Limited Partnership bought the 36,600-square-foot, three-story office building at 300 Sevilla Avenue from OOOM LLC, led by architect F. Michael Steffens and Marjorie Goldman.

Judge rules against Matheson: Beckham’s Overtown land deal stands

Bruce Matheson lost an appeal against Miami-Dade County’s no-bid land deal in Overtown with David Beckham and his partners. The lawsuit and Matheson’s failed appeal actually bought the Beckham group more time, according to the Miami Herald. While Beckham and his partners are now seeking approval from city of Miami residents to allow them to build a mixed-use soccer complex on the Melreese…

New York Life Real Estate Investors Buys Brickell City Tower in Miami for $117M

New York Life Real Estate Investors, on behalf of an institutional client, has acquired Brickell City Tower, a Class A office tower located in Miami’s Brickell office submarket, for $117 million. The buyer was not disclosed but media outlets have reported that the seller was a joint venture between Banyan Street Capital, Crocker Partners and Independencia Asset Management. The 33-story tower features 291,554…

X Miami Retail among biggest retail property sales in September

Tricera Capital’s sale of the retail space it bought from Property Markets Group netted a quick $3 million. Miami-based Tricera entered into a preconstruction contract last year to buy the retail units at 230 Northeast Fourth Street for a little more than $3 million. Exan then sold the commercial space, which includes 6,520 square feet of retail and 1,752 square feet of patio space, to Exan Capital for $6.3 million.

Is cheap debt creating a CRE bubble?

Former Federal Reserve chair Janet Yellen, her successor Jerome Powell, Wells Fargo CEO Tim Sloan and Goldman Sachs all agree on one thing: commercial real estate prices are too damn high. Cap rates have been falling across the country, leaving investors with minuscule returns. Goldman Sachs claimed back in May that commercial real estate may be overvalued by 16 percent. And yet there is no sign of a…

Wynwood vying for train station, saying density to rival downtown Miami

Wynwood property owners are pushing for a train station at or near 29th Street, arguing that the area is poised for nearly 65 million square feet of additional development. To prove that, the Wynwood Business Improvement District’s board retained planner Cesar Garcia-Pons to create a study on the potential development capacity within a half-mile radius of 36th Street and 29th Street by the Florida East…

How Miami’s Limited Supply Affects Office Investment

With more than 60 million square feet of office inventory, Miami has been characterized by steadily rising demand in the face of constrained supply. According to Yardi Matrix data, less than 1 million square feet are under construction. The slowly growing amount of office product has led to shifts in acquisition strategies, balanced with the needs of today’s commercial tenants. Tom Farmer, vice…

Hurricane Michael Imperiled More Than $25 Billion in Florida Commercial Property

The commercial property in the area struck by Hurricane Michael spans the Florida panhandle along the Gulf of Mexico. Hurricane Michael smashed into beach resorts, shopping centers, apartments and office buildings with 155-mile-per-hour winds and rising seas, threatening more than $25 billion in commercial property along the Florida Panhandle…

Video: Reis Economist Barbara Denham on Whether Industrial Property Performance May Be Cooling Off

America’s Commercial Real Estate Show host Michael Bull and Barbara Denham, Economist at Reis, discuss the current state of the industrial property market in the United States and whether it might be cooling off. She notes that tenants are likely on hold as they try to figure out where the trade war situation is more clear, although she only expects this to likely last a quarter or two. Also discussed is the…

After Sears Declares Bankruptcy, Kimco Looks To Recapture Below-Market Leases

Sears Holdings, which operates the Sears and Kmart retail chains, currently has 14 lease agreements with Kimco for three Sears and 11 Kmarts nationwide, according to a Kimco news release… A second Sears big-box location they are looking to take back is an 89K SF Kmart at the Bridgehampton Commons in Bridgehampton, New York. And another is a 114K SF Kmart at the Kendale Lakes Plaza in Miami.

Related Cos. Sees Future in $3 Billion of Senior Housing in Miami, Other Major Cities

Related Cos. has built luxury condos and hotels across the U.S. and is remaking Manhattan’s far west side. But executives at the developer decided something was missing from the portfolio: senior housing. That’s about to change. New York-based Related plans to build $3 billion of luxury senior high-rises over the next five years, in the same pricey urban areas where it has rentals and condominiums. A joint…

Sears explores bankruptcy filing even as CEO scrambles to avoid it

Sears Holdings is preparing for a possible bankruptcy even as CEO Edward Lampert continues his push to shrink the once-dominant retailer back to profitability. Sears has hired advisers to prepare a possible bankruptcy filing that could come as early as this week, according to the Wall Street Journal. The move comes as the struggling chain faces a Monday deadline to make a $134 million debt…

Neighborhood dive: Doral morphs from industrial business center to luxury enclave

Doral is still officially a young city, incorporated only 15 years ago. But Doral’s roots date back to the 1950s, when Doris and Alfred Kaskel scooped up 2,400 acres of swampland for $49,000 on which they built a grand hotel, country club and golf resort nearly a decade later. The Kaskels, apartment developers from New York City who also built a pair of Art Deco hotels in Miami…

Softbank in talks to take a majority stake in WeWork: report

SoftBank is in discussions to take a majority stake in Adam Neumann’s co-working firm WeWork, which could amount to an investment as high as $20 billion, a new report claims. If a deal were to materialize, the money would reportedly come from SoftBank’s Vision Fund, according to the Wall Street Journal. SoftBank, an almost $100 billion fund backed by Saudi Arabia and Abu Dhabi sovereign wealth…

Wanted: Blockchain Companies for Fledgling Miami Tech Hub

Billionaire investor Moishe Mana plans to build a technology hub in downtown Miami, making him just the latest real estate owner across the United States building centers to house blockchain systems for increasingly popular cryptocurrency investments. The so-called Block Building in downtown Miami will serve as an incubator for tech companies, which analysts say the city lacks compared to other major…

What Edgewater Could Have Been: Incredible Projects In and Near this Miami Neighborhood that Never Happened

Around the time Biscayne Boulevard was being built by the Shoreland Company, in the style of a grand, palm-lined boulevard and shopping street stretching all the way up to Miami Shores, another developer, the Davenport & Rich Development Company, planned a plaza of four buildings centered on a fountain at 33rd Street and Biscayne Boulevard. Interestingly, the plaza was actually planned in…

Video: Everything you need to know about Opportunity Zones, 67 of which are in Miami-Dade

Developers and investors across the United States are turning their attention to a new tax benefit program introduced as part of President Trump’s tax plan known as Opportunity Zones. These incent developers to build in low-income communities by providing tax benefits. In Miami-Dade county there are 67 designated opportunity zones, making this topic very much of interest to area commercial real estate…

Interactive Map: Locate Miami-Dade’s 67 Opportunity Zones

The Miami area, or more broadly Florida’s Miami-Dade county, has 67 Opportunity Zones within it. Opportunity Zones, introduced as part of President Donald Trump’s tax plan known, provide incentives for developers to build in low-income communities by providing substantial tax benefits. Within Miami-Dade county there are 67 designated Opportunity Zones. These are easily located using an…

South Florida’s largest office sales in September

South Florida’s five biggest office sales in September occurred outside of Miami, in Broward and Palm Beach counties. September lacked any large trophy office sales, but data compiled by The Real Deal suggest that there is still a lot of activity in South Florida’s broader office market. It also speaks to the continued strength of the Class B office market in Broward County. Three Broward medical office buildings…

Downtown Miami Office High-Rise Commands $117 Mil

In what evidently is one of the larger office building transactions in South Florida so far in 2018, a joint venture of Banyan Street Capital, Independencia Asset Management and Crocker Partners has sold Miami’s Brickell City Tower. CBRE Capital Markets represented the sellers in the deal. The buyer was not officially disclosed, but the South Florida Business Journal reported that the buyer was Madison-OFC…

Jay Kislak, Versatile Executive, Dies at 96

Jay Kislak, a well-known Florida real estate mogul and philanthropist who was also an avid collector of historic artifacts, died October 3. He was 96 years old. Kislak was born in Hoboken, N.J., and got his real estate license while still in high school at Newark Academy. He went on to earn a degree in economics from the Wharton School of Finance at the University of Pennsylvania, where he graduated early…

Hotel developers get specific in South Florida as new projects get delivered

The 275-room Biltmore Hotel in Coral Gables recently began a $25 million dollar renovation. The historic Biltmore Hotel in Coral Gables has never lacked for luxury. A stroll through the property’s resplendent hallways and alongside its swimming pool — once the largest in the world — serves as a testament to the old-school elegance of a property that came of age during Florida’s original land boom of the…

Florida Department of Transportation studies U.S. 1 congestion

The Florida Department of Transportation is studying traffic congestion on US 1 from Kendall Drive to I-95 and is asking Miami-Dade residents to take a survey to help develop appropriate solutions. The roughly 18-mile stretch of US 1 running through or along the Village of Pinecrest and cities of Miami, Coral Gables and South Miami “has significant impacts on community travel times, the environment and…

How a fake Saudi prince allegedly swindled Turnberry’s Jeffrey Soffer

Turnberry Associates developer Jeffrey Soffer thought he had an offer from the prince of Saudi Arabia to buy the Fontainebleau Miami Beach in 2017 for $140 million more than what it was worth. Negotiations spanned for months, as Soffer allegedly wined and dined the supposed prince and bought him a Cartier bracelet worth $50,000, along with expensive artwork to court his investment, according to…

Getting Serious: Amazon Executives Return To Miami For Another HQ2 Visit

Amazon continues to seriously study Miami for the company’s HQ2. Amazon executives were in Miami within the past 30 days for a follow up visit to scout HQ2 sites, according to three confidential sources cited by the SFBJ. It is at least the second such visit to Miami this year. During the most recent visit, Amazon officials took a close look at the Park West and Overtown area, a source said. The Miami…

Lissette Calderon will turn Miami River project into luxury rental tower and marina

Lissette Calderon plans to turn her recently-purchased waterfront tower into luxury rentals after a major renovation, The Real Deal has learned. The new property was just renamed Pier 19 Residences & Marina. Formerly called River Oaks Tower & Marina, the 21-story building on the Miami River has 199 apartments at 1951 Northwest South River Drive. A year in the works, Calderon’s Neology Life…

The SoFla lowdown: Trump Group’s big loan, spec home partners form amid slowdown and investors target mobile home parks

A Trump-sized loan: It was among the biggest financing deals to hit the South Florida condo market. The Trump Group’s $558 million construction loan for The Estates at Acqualina in Sunny Isles turned heads. Not surprisingly, it was Bank OZK that provided the loan. Formerly Bank of the Ozarks, the deal again shows the Arkansas-based bank’s aggressiveness  in the local condo market, where it has…

13th Floor and Adler plan 40-story skyscraper next to Douglas Road station

A planned mixed-use development next to the Douglas Road Metrorail station is nearly doubling in height – unbeknownst to many nearby residents and city officials. 13th Floor Investments and Adler Group are now planning to build a 40-story skyscraper at the project, which is near Coral Gables and Coconut Grove. The developers won the bid for the project about two years ago, but their updated plans…

Developers plan mixed-use hotel near Wynwood Walls

Another development group has filed plans for a mixed-use hotel in Wynwood near the popular Wynwood Walls. 111 Wynwood LLC filed plans for a five-story, 72-key hotel at 111 Northwest 26th Street. Developers Eduardo Vargas and Andres Hogg plan to break ground on the 50,000-square-foot project early next year and open in 2020, Vargas said. Alain Bartroli is the architect of record, and Richter Dahl…

AvalonBay’s New York City Apartment Profits May Head to Denver, South Florida

Invesco Real Estate to buy an 80 percent stake in five apartment buildings owned by AvalonBay, including the Avalon Morningside in Manhattan. Real estate investment trust AvalonBay is considering a shift in its latest focus from apartments in New York City to Denver and southeast Florida, areas where the company expects steady job growth, consistently high occupancy rates and other solid real…

Shared Working, Living Spaces ‘Coming on Us Like a Tsunami’

Real estate brokers and developers must get comfortable quickly with both shared office and living spaces — concepts that are bringing about the “flexible intertwining of life and work,” according to Richard Florida, a nationally known urbanist. “It is coming on us like a tsunami,” he said in Fort Lauderdale, Florida, during a presentation to members of NAIOP, the commercial real estate development…

How does The Estates at Acqualina’s $558M construction loan stack up?

When Trump Group, the developers of The Estates at Acqualina in Sunny Isles Beach, scored a $558 million construction loan from Little Rock-based Bank OZK this week, it marked the largest condo construction loan of this cycle in Miami-Dade County. How did it compare to others? It was nearly 1.7 times as big as the next biggest condo loan this cycle — a $315 million construction loan in 2016 by Wells…

Lights out: Mattress Firm to shutter hundreds of stores nationwide

The nation’s largest specialty mattress and bedding company will have some rough nights ahead. Mattress Firm Inc. said it will close up to 700 retail stores nationwide after filing for bankruptcy Friday, according to the Wall Street Journal. The closures will start with around 200 stores over the next few days. The company has dozens of locations in Miami, New York, Chicago and Los Angeles. Mattress..

Kislak’s Legacy Still Spans US Commercial Real Estate

Jay I. KislakJay Kislak, who built one of the largest privately held U.S. mortgage banks, celebrated his 95th birthday last year with a big party on a World War II museum and relic: The USS Intrepid aircraft carrier. It was fitting, because the ship was part of his own history – Kislak had been an aviator on the carrier, years after he had already earned his real estate license while still a New Jersey high school kid.

Jay Kislak, 96, real estate mogul with passion for history, dies

Businessman Jay I. Kislak, a philanthropist whose love of history benefited both scholars and students through millions in donations, died on Wednesday in Miami. He was 96. Kislak, an avid collector of books and artifacts, made donations to the Library of Congress, the University of Pennsylvania, the University of Miami and Miami Dade College Freedom Tower — always with his wife, Jean Kislak by his side.

Urbanica buys Edgewater site for mixed-use hotel

A developer just picked up another property along Biscayne Boulevard with plans for a mixed-use project. Urbanica Management paid $7.95 million for the 18,800-square-foot site at 3001 Biscayne Boulevard and 325 to 311 Northeast Fourth Avenue, according to a press release. The development firm, which owns Urbanica The Meridian Hotel in Miami Beach, will build an Urbanica 220-key hotel with retail…

The History of Brickell: Miami’s Manhattan

Bordered by the Miami River to the north, Biscayne Bay to east, the Rickenbacker Causeway to the South, and I-95 to the west, Brickell is one of Miami’s oldest neighborhoods. Constantly evolving, Brickell has changed radically over the years, including an incredible development boom in the last twenty years. Brickell is a hub of the Latin American financial industry, and home to many of Miami’s…

Jules Trump on his childhood, the Trump name and his start in real estate

It’s quite a time to be a Trump. Though this 74-year-old developer is no relation to the current occupant of the White House, Jules Trump has delivered his own set of glitzy projects, like Williams Island, Acqualina Resort & Spa and the Mansions at Acqualina. And the South African-born Trump also opts to work with family, having built all of his projects in partnerships with brother Eddie. Despite a general…

The $2.7 Billion Miami Worldcenter is Progressing Rapidly. Downtown Miami Will Never Be the Same

Construction is proceeding rapidly at Miami Worldcenter, the $2.7 billion mixed-use megaproject that will finally fill the blighted gap between downtown Miami and the Omni area directly to the north. Spearheaded and master planned by developers Nitin Motwani and Art Falcone, various elements of Miami Worldcenter are being built either by them or other developers, and the first part of the massive…

Moishe Mana offers blockchain space in downtown Miami

There’s an opportunity for cool blockchain companies to be one of the new economic pillars of a revitalized downtown Miami. Developer Moishe Mana is leasing six floors (2, 3, 7, 8, 9 & 10) at 100 E. Flagler Street and is targeting blockchain companies. The announcement comes as Miami is about to host a major blockchain event. Colliers International South Florida Executive Vice President Mika Mattingly’s…

Broker hired to manage 275 former Toys “R” Us properties amid selloff

Raider Hill Advisors has hired JLL to manage 275 former Toys “R” Us stores across the country as the bankrupt retailer continues to sell off its entire portfolio. Even amid the orderly liquidation, the New York company’s stakeholders have plans of their own for the brand. JLL will handle retail and facility management, tenant coordination, construction, accounting and tax services for…

Jay Kislak, chairman of The Kislak Organization, dies at 96

Jay Kislak, a prominent real estate investor and chairman of Miami Lakes-based The Kislak Organization died at 96 in his Miami home, the company announced. Kislak grew the investment company from a small family business with just six employees to more than 1,000 employees with multiple lines of business. Born in Hoboken, New Jersey, Kislak became interested in real estate at an early age…

Senators call for investigation into real estate money laundering law vulnerabilities

The risk of money laundering in residential real estate is high. That’s according to two U.S. senators who are calling for an investigation to probe the potential vulnerabilities of existing U.S. money-laundering provisions, according to the Wall Street Journal. Chris Van Hollen of Maryland and Sheldon Whitehouse of Rhode Island, both Democrats, sent a letter to the Government Accountability Office, saying the…

Terra, Banyan buy Coconut Grove site, ink ground lease with co-working company

A joint venture between Terra and Banyan Street Capital just bought the site of a vacant mixed-use building in Coconut Grove, and inked a ground lease with co-working space operator URBIN. The 31,000 square-foot mixed-use property at 3138 Commodore Plaza traded hands for $7.2 million, or about $247 per square foot, with URBIN inking a 99-year ground lease. A spokesperson declined to comment…

That empty feeling: Shopping mall vacancies hit a 7-year high

Despite all the doom and gloom over shopping malls, one key figure remained fairly strong. Nationwide, average rents have either stayed the same or ticked up from one quarter to next for the last seven years. Until now. In the third quarter, the average rent for malls was $43.25 a square foot — down from $43.36 in the second quarter, the Wall Street Journal reported. Rents had not slid quarter over…

MMG picks up Pinecrest shopping center

MMG Equity Partners’ portfolio along South Dixie Highway corridor is growing. The firm just paid $9.72 million, or about $280 per foot, for the 34,300-square-foot shopping center at 11975 South Dixie Highway. Earlier this year, MMG acquired Pinecrest Shoppes, a 14,560-square-foot shopping center at 11635 South Dixie Highway. Records show Ann D. Bowen, listed as a trustee of Marlin Family Trust, sold…

Coral Gables medical office building sale ignites lawsuit among brokers

A disbarred attorney with a troubled past is accusing two Miami commercial real estate brokers of muscling him out of a commission… Among the properties were several buildings owned by real estate investor Kevin Fox, including a two-story office building at 4950 Southwest Eighth Street, and Borell allegedly provided Zelonker confidential information about these pocket listings, the lawsuit….

South Florida’s suburbs dominate ranking of the top multifamily deals

Three of the top five multifamily transactions occurred in Miami-Dade County. In August 2017, TA Realty picked up the 398-unit Manor CityPlace in Doral for $135 million. The Boston-based REIT, which typically focuses on office and industrial, paid $339,196 per apartment. The Related Group, Shoma Group and PGIM Real Estate Investors developed the luxury six-story apartment building as part of the…

NYL Investors buys Brickell City Tower for $117 million

New York Life Investors just paid $117.25 million for the Brickell City Tower, property records show. A joint venture between Banyan Street Capital, Independencia Asset Management and Crocker Partners sold the 33-story, 291,554-square-foot office tower at 80 Southwest Eighth Street to Madison OFC Brickell FL LLC, an affiliate of NYL. The buyer manages fixed income and real estate assets, and is owned…

Sale Of $117M Downtown Tower Illustrates How Miami Office Market Is Thriving

The $117M sale of a 33-year-old, 87% leased Brickell office tower, closed last week, is yet another sign of investors’ growing appetite for downtown Miami office real estate. Courtesy: CBRE Brickell City Tower, built in 1985, recently renovated and sold in September 2018 for $117M Brickell City Tower traded for just over $117M to NYL Investors from sellers Banyan Street Capital, Independencia Asset…

Waldorf Astoria Coming to Miami

In a sign of strength for South Florida’s hospitality market, the Waldorf Astoria Hotels & Resorts is opening its first Miami location in what would become one of the tallest buildings on the East Coast. The Waldorf Astoria Hotel & Residences Miami, at 300 Biscayne Boulevard, is planned as part of a mixed-use development that also would include about 400 condominiums. The building would stand at 1,049 feet…

Miami’s First Waldorf Astoria Will Be In A Supertall

Miami’s first supertall tower, to be built at 300 Biscayne Blvd. in downtown, will carry the iconic Waldorf Astoria brand. Courtesy: Property Markets Group Rendering of the planned Waldorf Astoria tower in Miami, set to reach over 1,000 feet tall. The building, designed at 1,049 feet and approved by the Federal Aviation Administration last year, would be higher than Miami’s current tallest building, the 868-foot…

Video: WeWork Senior Account Executive Ben Rickets Discusses Downtown Miami Presence, Plans

In this video, Ben Rickets, Senior Account Executive at WeWork Miami, briefly discusses is presence in downtown Miami and the Miami overall, and touches on its plans going forward. As he talks, the camera pans around their space, attractively designed, as WeWork spaces tend to be. WeWork is an American company dedicated to providing shared workspaces, to supporting technology startup subculture…

The Economic Risk of Yield Curve Inversion—and How to Avoid It

The possibility of nominal yield curve inversion—which occurs when the nominal interest rates on shorter-term government debt are higher than those on longer-term government debt—has drawn more attention from policymakers and financial markets in recent months.1 I see this potential inversion as a key issue in U.S. monetary policy in the near term. A Flattening Yield Curve: While the spread…

MMG Equity Partners Acquires Pinecrest Center in Pinecrest, FL

MMG Equity Partners has acquired Pinecrest Center, a 34,306 SF mixed-use shopping center located at 11975 South Dixie Highway, Pinecrest, FL for a purchase price of $9,725,000 or $284/SF. Drew Kristol and Kirk Olson, both Senior Vice Presidents of Investments and Associate Jean-Baptiste Ramet from Marcus & Millichap’s Miami office represented the Seller, a family owned investment group.

Bus depot in Omni beneath a Genting hotel rolls ahead

The plan for a brand new bus terminal in the Omni neighborhood can advance after the recent move by the City of Miami to approve a street closure. At their Sept. 27 meeting, city commissioners approved a requested street closure of Northeast 14th Terrace between Biscayne Boulevard and North Bayshore Drive. The resolution will discontinue public use of the street. Resorts World Miami LLC and…

$200,000 check stalls Virginia Key marinas eviction by city

The City of Miami’s eviction of the private operator of its marina on Virginia Key is on hold, after Rickenbacker Marina Inc. had its attorney show up at City Hall with a six-figure check in hand. The city commission approved a motion from Joe Carollo to stay the eviction order for now, upon the acceptance of a $200,000 cashier’s check delivered to the city to cover additional rent of the city-owned marina.

North Beach Town Center plans stretch skyward

The North Beach Town Center development is another step closer to having some buildings that are 200 feet tall. The Miami Beach City Commission’s Land Use and Development Committee voted Sept. 28 to accept the city staff’s recommendation to allow buildings up to 200 feet tall in the development. The ordinance will come for a second reading before the full commission in November but there is still…

Price tag due for Coral Gables public safety building

Construction manager the Weitz Company is to set a guaranteed maximum price for Coral Gables’ new public safety building by mid-October. The price tag is to include Aecom Technical Services design plans and pay for architects and engineers. The project continues its design development stage after city officials sought a fresh start in 2015 out of its Brutalist-style home at 2801 Salzedo St. Construction…

Miami approves creating parklets in city parking spaces

Miami city leaders are willing to try out a program designed to take back sections of paved street downtown devoted to parking and give it back to the people. The Miami City Commission on a split vote of 3-to-2 on Sept. 27 approved a one-year pilot program for parklets. The idea is to extend sidewalk depth and use the dedicated parklet space for people, from tables and chairs for an upfront and…

Prestige partnership plans $100 million rental complex to replace mobile home park

A joint venture between Prestige Companies and Summit Property Group is planning a $100 million multifamily community next to the planned Ludlam Trail, The Real Deal has learned. The partners want to develop 600 to 800 apartments in addition to commercial space on nearly 8 acres of land on the northwest corner of Southwest 12th Street and Southwest 70th Avenue, just south of Miami International…

Coral Gables Restaurant Row Project Scores Loan, Other Restaurant News

The developer of 120 Giralda Avenue, a retail and restaurant project on “Restaurant Row” in Coral Gables, secured a $6.25 million mortgage from City National Bank of Florida. 120 Giralda LLC, controlled by Marc and Barry Schwarzberg of Maven Real Estate, is redeveloping the building. The company acquired the property last year from the Church of Scientology for $5.8 million. The renovation…

Will the new NAFTA deal benefit the real estate industry?

Tariffs on imported steel have hit the construction industry nationwide but the newly-minted trade deal between the U.S. and Canada may not provide the needed relief, at least not immediately. With the final piece hammered out Sunday night, the United States-Mexico-Canada Agreement replaces the North American Free Trade Agreement, which took effect in 1994. President Trump has long denounce…

Exclusive: Fort Lauderdale Office Tower Fetching $108.5 Million

A prominent office tower in downtown Fort Lauderdale, Florida, is set to change hands this week. A group that includes institutional investor PCCP LLC and the NAI/Merin Hunter Codman brokerage in West Palm Beach, Florida, is buying 1 E. Broward Blvd. for $108.5 million, or about $308 per square foot, a source said. The new price tag is more than double its previous sales price of $42 million…

Video: Fordham University’s Hugh Kelly, Ph.D Submits Outlook for Commercial Real Estate

Special Advisor for Fordham University’s Real Estate Institute Hugh Kelly, Ph.D, appears on America’s Commercial Real Estate Show to talk about his outlook for the commercial real estate industry. Among the topics discussed are economic trends and legislative changes, strategies for commercial property investors when economic growth slows, opportunities presented by lower valuation in stressed…

Fed Charts: Job and Wage Growth Since the Great Recession

Wage growth since the beginning of the Great Recession has been slow. In the figure below, the average hourly earnings of production and nonsupervisory employees in the U.S. are presented over the last four recession-recovery periods as defined by the National Bureau of Economic Research. For each period, the lowest point in wage growth is identified and then centered at zero. As can be seen, over the…

Tropical Foods beefs up in Doral; other corporate leasing news

Global food distributor Tropical Foods LLC is beefing up its lease in Doral. The company, which works with brands like Baileys, Blue Diamond Almonds and Hershey’s Milk & Shakes, just doubled its space at International Corporate Park. Tropical Foods now occupies 64,000 square feet at 1665 Northwest 102nd Avenue. Records show the landlord is a partnership led by a company tied to Global…

Parking — who needs it? Miami gives initial nod to small-scale development incentives in Wynwood

A measure aimed at encouraging single-lot owners in Wynwood to redevelop their properties by relaxing their parking requirements is one step away from being implemented. The Miami City Commission last week narrowly voted 3-2 to approve the proposed legislation, which is backed by the Wynwood Business Improvement District. Commissioners have to vote on it one more time to make it…

Audio: The Real Deal discusses dirty money in South Florida real estate

For The Real Deal’s latest subscriber conference call, editor-at-large Hiten Samtani spoke and reporter Keith Larsen gave readers an inside look at our fall issue’s blockbuster cover story, “See no evil: How a culture of secrecy boosts South Florida’s condo market.” Check out the SoundCloud player to listen to the full conversation, and be sure to keep an eye out for more information about our next conference…

Key Waterfront Project in Coconut Grove Gets Financing

A new $33 million loan will help finance construction of a mixed-use project that the developer says will serve as a sorely needed waterfront centerpiece in the Coconut Grove neighborhood of Miami. FirstBank Florida provided the financing package to The TREO Group, a Miami-based real estate investment firm that is building Regatta Harbour at 3385 Pan American Drive. The project will offer…

Construction starts on 7-story self-storage building in Allapattah

A Fort Lauderdale-based commercial real estate firm got a $9.8 million loan and started construction of seven-story self-storage building in Miami’s Allapattah neighborhood. Generation4 Partners started building a SpaceSpace Storage facility after an affiliate of the firm… The 143,080-square-foot SpareSpace Storage facility at 644 Northwest 30th Street is expected to open for business in the summer of 2019.

EB-5 extended again — until after midterm elections

The EB-5 program, which was set to expire at the end of this month, has been extended until the beginning of December. The controversial visa program, which was due to reach the end of its six-month extension period on Sunday, Sept. 30,  has been reauthorized through Dec. 7. President Trump signed the extension Friday at noon, as part of a spending package to avoid a federal government…

Miami Gardens office complex listed at $88 per square foot

An office complex in Miami Gardens has been listed for sale with a $16.9 million asking price, or $88 per square foot. Despite its 74 percent occupancy rate, the three-building complex yields net operating income equal to 7 percent of the asking price… the Miami Gardens office property at 18425 Northwest Second Avenue, called Lincoln & Washington Square…

Generator Hostels opens first U.S. location in Miami Beach

Generator Hostels last week opened its first U.S. location in a former Miami Beach condominium. The London-based company opened Generator Hostel Miami in a refurbished eight-story building at 3120 Collins Avenue in Miami Beach, previously known as Atlantic Princess Condominium. Generator Hostel Miami has 105 rooms with 300 beds and provides daily housekeeping. Introductory daily rates range…

Miami-Dade OKs Dolphin Expressway extension through the Everglades

“Another sexy highway” is one step closer to becoming a reality After winning preliminary approvals in June, a controversial plan to extend the Dolphin Expressway through the Everglades to West Kendall was OK’d by Miami-Dade commissioners on Thursday by a 9-4 vote. The 13-mile project, according to critics, defies sound urban planning practices and threatens natural ecosystems. Earlier this year, the so…

Supertall Waldorf Astoria hotel and condo tower pitched for downtown

The project is aiming to take the title of the city’s tallest building Downtown’s skyline could reach new heights thanks to a supertall tower unveiled by developers on Friday. Dubbed the Waldorf Astoria Hotel and Residences, the combination hotel and condo skyscraper slated for 300 Biscayne Boulevard represents the Waldorf Astoria brand’s first foray into the Miami market. The project comes from New York…

PMG to build Waldorf Astoria tower in downtown Miami

The Waldorf Astoria is coming to downtown Miami. New York-based Property Markets Group signed a contract with the landmark hotel flag to build a Waldorf Astoria hotel-condo tower at 300 Biscayne Boulevard. The skyscraper, designed by Miami-based Sieger Suarez Architects as a stack of glass cubes, is projected to reach a total sellout of more than $1 billion, developer Ryan Shear told Bloomberg.

Rental prices are inching up — but there are still plenty of bargains

Yes, apartment rents are on the rise. But it’s becoming a renter’s market across many U.S. metro areas, where landlords are expecting more supply. Rents rose 2.9 percent in the third quarter, versus a year earlier, the Wall Sreet Journal reported. That’s also an increase from 2.5 percent in the second quarter. The boost comes from factors including a weaker sales market — tight supply nationally has driven…

Miami’s Development Spillover Leads Residents of a Tiny Nearby Town to Rail Against Getting a Free Municipal Center

A developer wants to build Class A offices and retail as part of a new governmental complex in the town of Surfside, Florida.   Credit: Pointe Development Company. In a one-square-mile seaside town bordering Miami Beach that’s attracted celebrities and notables from Frank Sinatra to Winston Churchill, residents these days are angry over a problem that less wealthy communities might like to have…

Tricera Capital sells retail space at X Miami to Exan Capital

Tricera Capital just sold the ground-floor retail space at X Miami to Exan Capital for $6.3 million in an off-market deal. Miami-based Tricera entered into a preconstruction contract last year to buy the retail units at 230 Northeast Fourth Street in downtown Miami from Property Markets Group for more than $3 million, Tricera co-founders and managing partners Scott Sherman and Ben Mandell said. They closed…

SoFla commercial construction starts rise in August, but resi drops

South Florida construction starts fell slightly in August on a year-over-year basis. Total building activity declined 7 percent to $703 million, according to Dodge Data & Analytics. Residential construction starts plunged 20 percent to $327.8 million, while commercial construction increased 10 percent to 375.2 million in August, compared to August 2017. On a year-to-date basis, construction starts rose 11 percent…

Edgewater investor sells development site on Biscayne Boulevard

An Edgewater investor sold a development site on Biscayne Boulevard and 34th Street in Miami to a company tied to DLC Capital Management. Miami Sunrise Properties, led by Jose Afonso Assumpção, sold six contiguous parcels at 234, 242, 250, 254, 264 and 272 Northeast 34th Street for $11.5 million to 3350 Biscayne LLC. The buyer lists a mailbox at a UPS Store in Miami Beach that’s tied to Jamie…

When is there a modification to a contract under Florida law?

People and businesses in Florida enter into a variety of different contracts each year. The types of contracts depend on the type of business, but every contract involves at least two parties each agreeing to do something or pay for something in exchange for the other party doing something. At the very basic level this is the basis of every contract, but the actions required to actually execute the terms…

Miami Marine Stadium plan ‘going forward,’ but it’s late

The architect hired to bring Miami Marine Stadium back to life says his team is “going forward nicely” with restoration. Richard J. Heisenbottle offered a status report during a Sept. 20 community workshop on the Marine Stadium Flex Park, the land and shoreline hugging the iconic concrete stadium on Virginia Key. “We are in the design-development phase now,” Mr. Heisenbottle told a crowded…

I-395 signature bridge bringing illuminated park downtown

When the I-395 “signature bridge” is finally in place about five years from now, Miami will have not only the landmark span that’s been talked about for years but also a 30-acre illuminated park beneath the new road, said James Wolfe, secretary of the Florida Department of Transportation’s District Six. Speaking to directors of Miami’s Downtown Development Authority last week, Mr. Wolfe said the new…

JP Morgan Chase adding branches in Miami, Other Florida Cities

JPMorgan Chase on Tuesday announced plans to expand its Sunshine State footprint over the next three years with 35 branches, including 10 across Miami-Dade, Broward and Palm Beach counties. The announcement was made precisely 10 years after the company broke into the Florida market with the acquisition of Washington Mutual on Sept. 25, 2008. “We are continuing to fill in gaps across the state so…”

Marine Stadium flex park ideas greeted coolly

“We need to reclaim the space, without sacrificing what we have.” That seemed to be the consensus shared by many members of the public who attended a Sept. 20 community workshop hosted by City of Miami planning department officials and a private urban design team working on a plan for the Marine Stadium Flex Park. The so-called flex park is the land and shoreline hugging the long-idled Miami…

Doral Office Building Hits The Market

A broker announced the exclusive listing of 2500 Building, a 97,476-square foot office property located in Doral, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset is listed for $14,750,000. 2500 Building is located at 2500 NW 79th Avenue. The 2500 Building offers a very strong value add opportunity with huge upside in occupancy and redevelopment potential. The 5.06 acre…

Developer secures $228 million in bond financing for project near FIU bridge collapse

The developer of University Bridge Residences, a planned student housing project next to the Florida International University pedestrian bridge that collapsed earlier this year, raised nearly $228 million in bond financing to complete the project, and has transferred ownership to a nonprofit. Global City Development sold the property at 740 Southwest 109th Avenue to…

The Fed raises interest rates by a quarter percentage point

Federal Reserve Chairman Jerome Powell and the Federal Reserve headquarters in Washington, D.C. The Federal Reserve raised interest rates on Wednesday to between 2 and 2.5 percent, a move that is expected to push up the cost of borrowing for commercial and residential loans. The 0.25 percent hike is the third so far this year, following raises in March and June. The Fed opted not to increase…

CPA Firm to Anchor New Mixed-Use Project in Suburban Miami

The Kaufman Rossin CPA firm will take nearly 65,000 square feet of office space at the mixed-use Mary Street building in Coconut Grove, Florida. A certified public accounting firm has agreed to lease nearly 65,000 square feet at a mixed-use development in Coconut Grove, Florida, the first new non-medical office space in that suburban Miami market in more than 20 years. Kaufman Rossin…

Coconut Grove Mixed-Use Lands Anchor Tenant

Mayfair Real Estate Advisors and Terra Group have secured an anchor tenant at Mary Street, a mixed-use development taking shape in Miami’s Coconut Grove neighborhood. Advisory firm Kaufman Rossin agreed to occupy 64,666 square feet at the Class A project. Developers are transforming a former parking garage, with delivery slated for mid-2019. Kaufman Rossin will lease the building’s top…

Trump’s Miami Golf Resort Revenues Have Plummeted Since He Became President

Lately, business has been good for luxury hotels in Miami. Revenues rose 4 percent in 2017, according to Forbes. But one Miami-area luxury club hasn’t seen that same revenue jump, and it’s not exactly hard to guess why. According to a major report today from Forbes, hotel revenues at the Trump National Doral, arguably the Donald’s golf flagship, have dropped like a stone since Trump became president.

Watch Your Back, WeWork: Landlords Move To Cut Out Middleman, Offer Coworking Themselves

Miami has finally shed its reputation as a place for people to retire. In the past 10 years, the city has seen an influx of people with bachelor’s degrees, and an entrepreneurial ecosystem has been evolving. Bisnow/Deirdra Funcheon Miami Mayor Francis Suarez was the keynote speaker at Bisnow’s annual State of the Market event September 2018. The arrival of new-to-market tenants has created an…