Dezer’s 30-acre megaproject in North Miami Beach gets first approval

A nearly 30-acre mixed-use development that would bring luxury condo towers, a harbor and public promenade secured a key approval from the city of North Miami Beach. Developer Gil Dezer’s plan to transform the Intracoastal Mall will return to the North Miami City Commission next month, after commissioners voted to pass zoning amendments and a…

Miami Multifamily Report – Summer 2020

Miami ended 2019 on a high note; In a study by financial advice website SmartAsset, the metro ranked fourth out of 500 U.S. cities ranked for economic growth. Miami joined the nation’s top “boomtowns” thanks to its gross domestic product and business growth, job creation and population change. However, rents started to moderate in late 2019 and early 2020.

South Florida construction starts rose in August

August construction starts rose in South Florida South Florida construction starts were up in August, according to a recently released report. Total construction starts for Miami-Dade, Broward and Palm Beach counties totaled $904.1 million, according to Dodge Data & Analytics, a Hamilton, New Jersey-based construction data analytics firm. That’s about 46…

10 Questions Your Litigator May Ask about Your Post-Covid Commercial Lease

Much has been written about commercial real estate in a post-Covid world. As real estate users consider how Covid will change their space needs, they should also consider what provisions will serve them in future lease-related litigation. Of course, every commercial lease is different, but there are provisions that most leases do or should have. Here are 10 questions your…

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land

Coral Gables-based Magellan Housing and its celebrity partner, Miami Heat star Udonis Haslem, scored a slam dunk with Miami’s Omni Community Redevelopment Agency. Miami city commissioners — acting as the agency’s board of directors — on Thursday approved a proposal submitted by the partnership to build a 12-story, mixed-use apartment project in the…

Colony sells most of its hotel biz to Highgate in $2.8B deal

Tom Barrack’s Colony Capital is selling the majority of its beleaguered hotel business to private investor Highgate Hotels in a deal valuing the properties at $2.8 billion. It’s the largest shakeup the hospitality sector has seen since being decimated by the pandemic. The publicly traded Colony signed an agreement to sell six of its seven hotel portfolios to Highgate for $67.5…

Builder involved in deadly FIU bridge collapse sues for $15M, alleges design firm botched review

The contractor behind the Florida International University bridge that collapsed in March 2018, killing six and injuring 10, filed a lawsuit seeking $15 million from the company responsible for reviewing the bridge’s design before its construction. The plaintiff and builder of the $14.2 million bridge at Southwest 109th Avenue and Southwest Eighth Street, Miami-based…

Report: Office market won’t return to glory until 2025

The office market won’t reach pre-Covid levels until 2025, a brokerage report has found. The analysis by Cushman and Wakefield predicts that office vacancies across the world will continue upward, reaching 15.6 percent in 2022, Bloomberg reported. About 95.8 million square feet of space will become vacant in the next two years. Before the coronavirus…

Kitchen And Bath Supplier Plans New 95,000 SF Warehouse And Distribution Center In Doral

Panda Kitchens has purchased a 28,800-square-foot industrial building located at 7800 NW 34 Street in Doral for $6,500,000 with plans to build a new 95,000 square foot warehouse and distribution center. The property is situated on one of the largest assemblages of industrial land, encompassing 4.20 acres, or 182,937 square feet, within the…

Brookfield and Namdar plan to hand over keys to struggling malls

Some mall owners have given up trying to revive their struggling malls and pay off their debt payments and are now seeking to hand over the keys to their servicers. Brookfield Properties and Namdar Realty are separately requesting they be allowed to give up their J.C. Penney-anchored malls to special servicers to avoid loan foreclosure, according to Trepp. The…

It’Sugar files for bankruptcy protection after sales sour

A Deerfield Beach-based candy chain is the latest retailer to file for bankruptcy protection due to Covid-19. It’Sugar, with about 100 candy stores in mostly tourist markets, has $500,000 in cash, with $6.2 million of secured debt and $10.4 million of unsecured liabilities, including unpaid rent, according to a press release. The company reported losses before…

Red South Beach signs $5 million lease for new space & other Miami restaurant news

Red South Beach Red South Beach is moving on from its Washington Avenue location of the last 10 years, but it’s not going too far. Chef and owner Peter Vauthy signed a 10-year, $4.5 million lease for the restaurant space at 801 South Pointe Drive, he told The Real Deal. The new location includes 6,000 square feet of indoor space and 3,000 square feet of,,,

Blackstone assembles biggest real estate debt fund ever

Blackstone Real Estate Debt Strategies’ Jonathan Pollack (Blackstone; iStock) PTA moms can look to Blackstone for fundraising inspiration. The giant firm gathered $8 billion for a property debt fund born last year and closed this month, making it the largest real estate credit fund ever raised. That’s thanks to low interest rates and the potential for high returns during the…

Hotel industry is in trouble and more lenders want out

As hotels across the U.S. continue to suffer — average occupancy is just under 50 percent — an increasing number of lenders are scrambling to sell their mortgages. Mack Real Estate Credit Strategies has hired Cushman & Wakefield to sell mortgages totalling $500 million tied to the Times Square Hotel in Manhattan and two St. Regis hotels in Washington…

Wynwood streetscape plan gets a thumb’s-up

A proposed vision for greener and more pedestrian-friendly streets in Wynwood is a step closer to being realized. The Planning, Zoning and Appeals board recommended approval of the Wynwood Streetscape Master Plan on Sept. 16. It sets guidelines that would dictate the build-out of Wynwood streets. The master plan focuses on increasing pedestrianism…

Famed Ocean Drive might become Ocean Walk

Pedestrians first, bicyclists and transit second, personal vehicles last is the mantra for officials looking to revamp transportation in Miami Beach’s Entertainment District. A permanently pedestrianized Ocean Drive was featured in a game plan that transportation staff presented at a city committee workshop last week.  The goal of such a makeover…

Common raises $50M, eyes housing for remote workers

With its eye on housing for remote workers, co-living startup Common has raised $50 million in new funding. The Series D was led by Kinnevik with participation from existing investors Maveron, 8VC and Norwest Venture Partners, CEO Brad Hargreaves wrote in a blog post Tuesday. The round brings Common’s total funding to more than $113 million at a time when…

Leaked bank documents show South Florida real estate’s alleged ties to money laundering

A group of South Florida property owners’ alleged ties to global money laundering are revealed in newly leaked bank documents. A family who owns a home worth more than $2 million in the Jockey Circle neighborhood in Davie and a man accused of buying an $850,000 Tudor cottage in Davie with drug money are among the property owners emerging from a trove…

Kitchen and bath supplier pays $7M for Doral land for distribution center

A kitchen and bath supplier paid $6.5 million for 4.2 acres of industrial land in Doral, with plans to build a distribution center. Panda Kitchen & Bath bought the property at 7800 Northwest 34th Street, according to a press release. The sale comes to $35.53 per square foot for about 183,000 square feet of land. The asking price was $8 million, according to an offering…

How do companies decide who should return to offices first? It’s tricky

Companies are relying on surveys and other data points to determine who will come back to offices first. (iStock) Companies are starting to bring employees back to offices after months of working from home, but deciding who should come back first is tricky — so firms are relying on surveys, apps and other tech to guide staffing decisions. International Business…

“That was a business decision”: Why real estate execs are backing Trump — or backing away

Sotheby’s International Realty broker Nikki Field was leading sales at Kushner Companies’ Puck Penthouses in Manhattan when, in 2016, the Kushners raised the idea of the brokerage getting involved in a fundraiser for Donald Trump’s presidential bid. Sotheby’s said it couldn’t because it was prohibited from donating to political campaigns…

Movie theaters might not come back after all

The release of Christopher Nolan’s “Tenet” was expected to be a return to some semblance of pre-coronavirus normalcy for movie theaters, but the industry might have a longer road ahead than some thought. Around 68 percent of movie theaters across the U.S. were open for the film’s debut over Labor Day weekend, but it made just $9.8 million over that weekend…

Firms dangle big bucks to lure employees out of big cities

In an increasingly work-from-home world, those with the means have also been moving out of big cities in favor of roomier, perhaps more suburban confines. Now, electronic payment company Stripe is offering employees $20,000 if they move out of cities including San Francisco, New York and Seattle, according to Bloomberg. But even that comes at a price.

Miami-Dade police said pre-Covid evictions could resume. Then came mayor’s stop order

The Miami-Dade Police Department announced on Thursday that pre-pandemic evictions could resume. But by the end of the day, county Mayor Carlos Gimenez had reversed the decision, causing confusion among landlords and tenants. Coronavirus-related evictions have been on hold in Florida for several months. Gov. Ron DeSantis’ two previous orders…

More multifamily may be coming to Overtown

Kelly Kite and 690 Northwest 13th Street (Google Maps) A landowner Miami’s Overtown neighborhood seeks city approval to turn a former chemical site into a multifamily or mixed-use development. Attorney Ines Marrero has applied for a zoning change on the site at 690 Northwest 13th Street on behalf of the landowner, a company tied to Vero Beach-based…

South Beach office building inks lease for record $92 psf

119 Washington Avenue Miami Beach Investment management firm J. Goldman & Co. signed a lease expansion at a South Beach office building for $92 per square foot, reportedly a record for South Florida. The company inked an eight-year lease for 3,318 square feet at the Yukon at 119 Washington Avenue. The six-story Class A office building is being…

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

Jeffrey Soffer, Brett Mufson, David and Simon Reuben Reuben Brothers acquired a 25 percent stake in Jeffrey Soffer’s JW Marriott Miami Turnberry Resort & Spa. The private equity and investment firm, led by British billionaire brothers David and Simon Reuben, is partnering with Jeffrey Soffer’s Fontainebleau Development on other investments as well…

Off Lease Only sells two South Florida locations for $50M

Off Lease Only, the used car dealership, sold its Fort Lauderdale and West Palm Beach locations in a $50 million deal. Records show Off Lease Only Real Estate Holdings LLC sold both properties to Spirit Realty L.P. The Fort Lauderdale site at 827 South SR 7 sold for $27.5 million, and the West Palm property at 1200 South Congress Avenue sold for $22 million. Dallas…

Deutsche Bank: Employees can stay home until mid-2021

Deutsche Bank CEO Christian Sewing and Deutsche Bank’s Manhattan headquarters at 60 Wall Street (Getty) Employees at Deutsche Bank won’t have to replace sweats with suits any time soon. The German lender notified staff in New York, New Jersey and Connecticut this week that they can keep working from home until next July, according to Bloomberg.

Estate Companies plans Soleste apartments in North Miami Beach

Estate Companies received approval for a waterfront 23-story apartment tower in North Miami Beach. The tower, dubbed Soleste NoMi, will have 367 units, 2,708 square feet of commercial space and 655 parking spaces. It will be on almost two acres at 16395 Biscayne Boulevard. Estate Companies expects to break ground toward the end of the year on the 686,000…

Landlords lost about $9B in rental payments last quarter: report

Almost 11 million households were behind on rent or mortgage payments during the first three months of the pandemic. Nearly 6 million of those households were renters, who reported either missing, delaying or paying reduced rent during the second quarter of the year, according to a report from the Mortgage Bankers Association. Just over 5 million households…

Aman tower planned for Faena Versailles site in Miami Beach advances

Billionaire developers Vlad Doronin and Len Blavatnik secured initial approval for a zoning change that will allow them to build a 250-foot Aman-branded tower in Miami Beach. Despite considerable opposition for the proposed zoning, Miami Beach commissioners on Wednesday voted to pass the ordinance on first reading, sending it to the Miami Beach Historic…

Shvo to hell: Inside the ugly dispute between Michael Shvo and partner pal

Michael Shvo’s rule-breaking had finally caught up with him. The controversial broker-turned-developer was sidelined on more than $2 billion worth of Manhattan condos when he pleaded guilty to evading $1.5 million in taxes in 2018. But just when it looked like Shvo was persona non grata to any major investors and lenders, he surprised everyone. His…

Where real estate’s investment giants stand on Biden vs. Trump

Private equity and other major investment firms have donated more to Joe Biden than President Donald Trump so far this election cycle, campaign filings show, despite the potential for higher taxes. And while some companies with a heavy focus on real estate have been keeping hush on their candidate of choice, at least one firm is bucking that trend. The…

Amazon’s plan for massive warehouse heats up Homestead industrial market

Rendering of the project About two months after Amazon secured approval for what could be its largest distribution warehouse yet in South Florida, commissioners will vote on whether to approve a second e-commerce development on Homestead-Miami Speedway land. Homestead’s Planning & Zoning Board approved plans Tuesday for a 145,000-square-foot…

Amazon to open 1,000 warehouses in the suburbs

Amazon is moving to the ’burbs. The e-commerce giant plans to open 1,000 warehouses in suburbs and cities across the U.S., according to Bloomberg. The expansion will allow the company to quicken deliveries as it competes with rivals such as Walmart. Although other efforts, such as hiring 175,000 new workers, have already sped up Amazon shipments, the company is…

Investment Management Firm Expands Lease in Miami Beach, Breaking Florida’s Rental Rate Record Per Square Foot

J. Goldman & Co. LLP, an independent investment management firm, has signed an eight-year lease for 3,318 square feet of office space and a 700-square-foot covered terrace at The Yukon Miami at 119 Washington Avenue in Miami Beach. J. Goldman, which already leases 1,223 square feet on the fourth floor of the Class A office building, broke Florida’s per square foot…

Miami Commercial Real Estate Sales to List Price Ratio Recovers from July’s Slight Dip ~ August 2020 MLS

After dipping a touch, just enough to make some market players wonder what it might mean, the sales to list price ratio as reported by the Miami MLS, rebounded right back to around 92%, very much in line with where is has generally been for the past few years. This ratio has held up well since coronavirus emerged. That this measure continues to stay steady overall…

University of Miami sells land for Walmart-anchored project

Ram Realty bought land north of Zoo Miami for $9.6 million, for a mixed-use development under construction anchored by Walmart. Palm Beach Gardens-based Ram bought the site at 15601 Southwest 127th Avenue from the University of Miami, according to records. The development has been known by the names Coral Reef Commons, as well as Botanical. Retail…

The CDC Says Indoor Dining Is Risky. Miami Restaurants Are Scrambling to Adapt

When the managers at All Day cafe convened for their weekly meeting on March 11, co-owner Camila Ramos could sense that major changes were afoot in the food-and-beverage industry. Although it was 24 hours before the mayor of Miami-Dade County declared a state of emergency, Ramos and her team began hatching plans for what to do if cases of the coronavirus…

Years in the making, $425M mixed-use Miami River development opens

The massive mixed-use River Landing Shops & Residences development along the Miami River opened after years in the making, while other projects in the area remain on hold. The retail, multifamily and office River Landing project was completed earlier this year, but the owner, H&R Real Estate Investment Trust, held off on a grand opening due to the pandemic.

H&R REIT, Urban-X Open First Wave of Tenants at $452M River Landing Development in Miami

Toronto-based H&R REIT and Coral Gables, Fla.-based Urban-X Group have welcomed the first tenants to open at River Landing Shops & Residences in Miami, the first phase of the $452 million River Landing mixed-use development. The first tenants opening beginning this week include Hobby Lobby, Burlington, Publix, Five Below, Chase Bank and AT&T. Ross Dress…

Quiet dorms and distress storms: Student housing sector takes hit

Stay-at-home orders and virtual classes have asked serious questions of the once-booming market for student housing. (Photo: University of North Carolina at Chapel Hill via Getty) A few days into classes in August, students at the University of North Carolina at Chapel Hill were in panic mode. Covid-19 cases were breaking out in dorm rooms and frat houses at the…

Miami-Dade puts new airport in Homestead onto agenda

After years of negotiating, it’s time to make a deal to use Homestead Air Reserve Base land for Miami-Dade County aviation purposes, according to Commissioner Dennis Moss. Commissioners are to decide Oct. 6 whether to OK his resolution to direct Mayor Carlos Giménez to “expeditiously effectuate a joint use agreement with the United States of America to allow…

Idle arts center stages may become recording studios

With live and in-person performing arts productions at a halt, Cultural arts organizations are finding ways to put large empty theater stages to good use while fundraising initiatives continue. Doing everything possible to move forward and keep facilities operational, performing arts centers are consistently looking for permits, funds and grants to keep them afloat…

Beyond beetles and bats, is Miami Wilds deal best for us?

With Miami-Dade unemployment highest in 80 years and our visitor industry hurting as never before, a long-sought attraction that would add 300-plus jobs would seem heaven sent. Miami Wilds might be just that. But you can’t tell that from its press clippings. As a committee last week recommended a lease for the water park beside Zoo Miami for a full…

Flywheel Sports files for liquidation bankruptcy

Flywheel Sports and its affiliates have filed for bankruptcy, joining a list of fitness studio operators crushed by the coronavirus. The spin-cycle studio brand’s Chapter 7 filing would lead to liquidation of its assets. The documents were filed late Monday with the U.S. Bankruptcy Court in New York. Read more Dead weight: New York Sports Clubs owner files for…

Cushman partners with Industrious in bid to bring the office back

Cushman & Wakefield is betting big on co-working, even as millions of Americans have yet to return to the office amid the pandemic-imposed remote work revolution. The firm has teamed up with startup Industrious to help provide flex-office space for companies and individuals outside the corporate environment, according to the Wall Street Journal. The co…

South Florida by the numbers: Miami Heat back in the spotlight

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Against the backdrop of a global pandemic and crackling racial tension, the Miami Heat find themselves back in the spotlight this month, with their first trip to the NBA Eastern Conference Finals since 2014. September…

The Compelling Math of Owning vs. Renting Commercial Property for Businesses

I find buyers commonly debating total monthly cash outlay to own versus that of renting in year one. Though I admire the cash-is-king disciple of this, I would submit that the projected net cost to own compared to that of renting is so attractive that is offsets they typically small differences in cash outlay at inception. After all, the difference, over time, tends to be…

Early economic effects from “safer at home” practices : What Census data from the Quarterly Services Survey can show us

Social distancing and “safer at home” practices have been in effect for many months now, so what do the data show us so far? These protective measures have had widespread effects across the economy; but some industries were affected much more quickly, as behavioral changes predated any official stay-at-home directives. Our first example is transportation revenue…

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Michael Swerdlow and his partners’ planned Target-anchored, mixed-use development in Overtown is moving ahead, despite ongoing litigation. The developers, including Swerdlow Group, SJM and Alben Duffie, closed on the land for the mixed-use development at 249 Northwest Sixth Street in Miami, and scored $25 million to finance the purchase, according to a release.

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami

In early March, Residences by Armani/Casa’s developers hosted a blowout opening party, featuring a Giorgio Armani fashion show, a performance by Pitbull, and a fireworks display over the beachfront pool deck of the high-rise condo. Agents offered tours of the Sunny Isles Beach tower’s units and amenity spaces. Some attendees wore ball gowns, and the drinks flowed.

Amazon to open 100 more distribution centers this month

Amazon is riding the online-shopping boom brought on by the pandemic. The e-commerce giant plans to open 100 facilities, including fulfillment centers, delivery stations and sorting centers, in September, the Wall Street Journal reported. That’s on top of more than 75 others opened this year in the U.S. and Canada.

South Beach dev site with multifamily, retail hits market

A development site in the Flamingo/Lummus neighborhood of South Beach hit the market, and could sell for at least the mid-$30 million range, according to the listing brokerage. The site includes seven multifamily and retail buildings on 1.4 acres at the southwest corner of Washington Avenue and 16th Street in Miami Beach. It includes 98 apartments and about…

Authentic Brands in talks to join J.C. Penney takeover

Authentic Brands, one of the most active bidders on bankrupt retail, is joining a deal to take over J.C. Penney. The New York-based brand management company is reportedly in discussions with Simon Property Group and Brookfield Property Group to participate in their plan to rescue J.C. Penney, according to Business Insider…

DeSantis moves Miami-Dade, Broward counties into phase two

Florida Gov. Ron DeSantis announced Miami-Dade and Broward counties will enter phase two of reopening on Monday, but that doesn’t mean bars and nightclubs can open in South Florida. The move into phase two allows in-person schooling to begin in Miami-Dade and Broward counties, but does not force students to attend classes in person. For Miami-Dade County…

Mortgage rates notch new low

Mortgage rates sank to an all-time low — again. The average rate for a 30-year fixed-rate mortgage dropped .07 percentage points for the week ending Sept. 10, reaching 2.86 percent — a new low since Freddie Mac began conducting the survey in 1971. This time last year, the mortgage rates averaged 3.56 percent. Fifteen-year mortgages declined, too…

Drink up: Bars can reopen Monday in the Florida Keys — but not in rest of South Florida

Bar and brewery owners can drink to this: Florida will allow bars and breweries to reopen beginning on Monday at a reduced capacity. But the order, announced on Thursday evening, only applies to counties that have entered phase 2 of the state’s reopening, which excludes Miami-Dade and Broward counties. Bars and breweries in other counties in phase 2 will…

CMBS delinquencies fell, but hold the applause

The special servicing rate has increased each month since the coronavirus pandemic hit the United States, and clocked a 55 basis point increase to 10.04 percent in August (iStock) The delinquency rate for CMBS loans has fallen for two consecutive months. Save the party supplies for later, though, because there is still no reason to celebrate. Many CMBS lenders have…

Lender acquires TooJay’s out of bankruptcy

Florida restaurant chain TooJay’s Deli is emerging from bankruptcy with a new owner. The West Palm Beach-based deli filed for Chapter 11 bankruptcy in April as a result of the impact of the coronavirus pandemic, which forced restaurants to shut their indoor dining rooms down temporarily. When it filed for bankruptcy, the company had 28 locations.

Real estate donors backing Biden over Trump

As the pandemic continues to wreak havoc on real estate, industry donors are siding with Joe Biden over President Donald Trump, records show. They have so far given $17.1 million to the former vice president’s campaign and political action committees backing him, and $15.6 million to Trump, according to the Center for Responsive Politics, a nonpartisan research…

Estate Companies scores $36M construction loan for Soleste Spring Gardens

The Estate Companies scored a $36 million construction loan for an eight-story apartment complex in Miami’s Health District. Bank OZK provided the financing for Soleste Spring Gardens at 1033 Spring Garden Road in Miami, according to a press release. The 240-unit complex will offer studios, one- and two-bedrooms from 400 square feet to 1,100 square feet…

JPMorgan is calling employees back to the office

JPMorgan is heading back to the office. The bank, one of New York City’s largest employers, told senior employees in the sales and trading division that they and their teams are to return to the office by Sept. 21, the Wall Street Journal reported. By directing employees to return after months of working from home, JPMorgan’s message is clear: It’s safe to head back…

Bad breakup? Developer Vlad Doronin sues ex Naomi Campbell

Real estate developer Vlad Doronin is suing his ex-girlfriend, supermodel Naomi Campbell, for millions of dollars. Doronin, who develops projects in South Florida and New York, filed a summons in New York County Supreme Court on Friday. He alleges that Campbell wrongfully refused to repay loans that Doronin made to her and failed to return personal property valued…

Century 21 Stores files for bankruptcy, blames insurers

Century 21 Stores is the latest retailer to file for bankruptcy, and it blames insurance providers for its collapse. The New York-based off-price retailer filed for Chapter 11 bankruptcy on Thursday and announced it will wind down operations to close its 13 stores across New York, New Jersey, Pennsylvania, and Florida. The company said it was forced to file for…

Remote work threatens cash flows for office REITs

The rise of remote work puts cash flows for U.S. office real estate investment trusts at risk in the near and long term, according to a recent report from Fitch Ratings. Trepidation about the future of the U.S. economy has led companies to sign fewer and shorter leases, which hurts cash flows for office REITs in the near future. Moreover, the broader shift toward…

What is Going to Happen with Rent Payments?

The economic impacts of COVID-19 won’t be fully measured for quite some time, but one thing is clear: many commercial real estate owners aren’t receiving rental payments from tenants. Even as communities reopen, numerous restaurants, personal-service providers, and retailers don’t do enough business to pay their bills. Restaurants operating at 25% of…

Trump’s fair housing repeal roils multifamily developers

This summer, President Donald Trump put low-income residents on notice: The suburbs would be off-limits to them. His administration repealed an Obama-era rule known as Affirmatively Furthering Fair Housing — a moment amplified by a series of tweets from the president declaring victory for suburbs across the country. “I am happy to inform all of the people…

America’s Largest Landlord To Make $550 Million Bet On Trailer Parks

A decade ago, Blackstone Group Inc. became America’s largest landlord, purchasing tens of thousands of single-family homes during the foreclosure crisis. Now the private equity firm has spotted the next big opportunity as the virus-induced recession crushes the working poor, that is, betting on mobile-home parks.

Behind a Former South Miami Mayor’s Idea For Real Estate Climate ‘Restoration Bonds’

Politicians and developers in South Florida love to cheerlead about how great the region is, often brushing off concerns about climate change to instead talk about beautiful beaches and tax advantages. But Philip Stoddard, a Florida International University biology professor and the former mayor of South Miami, has a darker take. “My biggest concern is…”

Luxury Esgewater Condo Association Sues Airbnb While Platform Cracks Down On Parties

The condominium association of a luxury tower in Miami’s Edgewater neighborhood has filed a civil lawsuit against Airbnb, and several additional lawsuits against Airbnb hosts, over short-term rentals at the property. Transient renters have led to problems including a shootout in an elevator and increased costs for security, maintenance and insurance…

South Florida Shutts Attorney Martha Rabbitt Comments on Commercial Real Estate Deals during COVID-19

Four South Florida attorneys discussed the impact of COVID-19 on commercial real estate deals in an article titled “Wuhan, Florida: COVID-19 Slashes Commercial Real Estate Deals in Stricken South Florida,” published by the Daily Business Review. South Florida commercial real estate deals have decreased in sales and dollar value. “Lenders are being cautious…”

Michael Shvo’s proposed Miami Beach tower gets haircut and approval

The Miami Beach Historic Preservation Board approved developer Michael Shvo’s plans to add a residential tower behind the landmark Raleigh Hotel. But that tower won’t be 200 feet tall, as Shvo had proposed. Instead, following community outcry and a passionate plea from board chairman Jack Finglass during a meeting on Tuesday, the board shortened the…

Miami Beach’s Historic Preservation Board Approves $750M Mixed-Use Redevelopment Project

The Historic Preservation Board (HPB) of the City of Miami Beach has approved the three-acre master plan for the redevelopment of the historic Raleigh, South Seas and Richmond hotels. Real estate owner and developer Michael Shvo plans to fully restore the three properties and unify them as one site to be operated as a luxury hotel and condominium building.

Banyan Capital buys Doral office towers for $43M

A company with ties to Miami-based Banyan Street Capital bought a Doral office complex for $43 million, marking a discount from its last purchase price four years ago. The real estate investment firm bought the twin office buildings near the intersection of Northwest 36th Street and Northwest 87th Avenue, along with some adjacent properties, according to records.

Homestead Among Cities In At Least 25 States Vying for Headquarters Of U.S. Space Command

Space Force got all the attention when President Donald Trump announced it in June 2019, but there’s another federal military agency that was announced last year: U.S. Space Command. Whereas Space Force is a brand-new agency that will be part of the Air Force (like the Marine Corps is a part of the Navy) and have wide latitude, Space Command is technically a…

Miami Beach Trophy Building Signs Record-Breaking Office Lease

The Yukon Miami, a class-A commercial office building at 119 Washington Avenue in Miami Beach’s affluent South of Fifth neighborhood, has shattered office leasing records in Florida despite the Covid-19 pandemic and economically-challenging times – as reported by The Company Real Estate and The Global Consulting Organization. J. Goldman & Co., LLP, an…

Chart: Miami-Dade Commercial Property Sales Reach Highest Level of Year ~ August 2020 MLS

Looking at the chart of two year trailing closed sales of Miami-Dade commercial properties, both improved and vacant land, thus for the period from September 2018 to August 2020, sales reached the highest level of this year. Given that COVID really began to impact markets in February, these numbers thus could be said to exceed pre-pandemic levels. It must be…

Starwood loses control of US mall portfolio

It’s over for Starwood Capital Group’s U.S. mall portfolio. The real estate investment firm lost control of seven shopping centers after defaulting on Israeli bonds earlier this year, according to the Wall Street Journal. A ratings downgrade on the debt triggered a clause that allows bondholders to take control of the properties. Six parties — including Starwood…

J.C. Penney saved by Simon and Brookfield

J.C. Penney is saved. The retailer will be acquired by mall operators Simon Property Group and Brookfield Property Partners, avoiding liquidation. Simon and Brookfield will pay about $300 million in cash and assume $500 million in debt to buy J.C. Penney, according to the New York Times. Some of the stores and distribution facilities will be divided into two property…

Market-rate rent payments sink to lowest level since start of pandemic

September rent payments for market-rate apartments nationwide fell, the largest drop since the pandemic began in March. A survey of 11.4 million market-rate units found 76.4 percent of those households made a rent payment in the first week of September. It marked a 4.8 percent-point drop from the same time last year, representing 552,796 fewer households…

Miami-Dade mayor: Bars and nightclubs won’t reopen until there’s a vaccine

Bars, nightclubs and movie theaters will remain closed in Miami-Dade County, though some outside activities can restart, and the curfew has been extended an extra hour. Miami-Dade Mayor Carlos Gimenez announced that more outdoor activities will be allowed beginning next week, two weeks after indoor dining was allowed to resume. Zoo Miami and Jungle…

Sign of the times: Developers want to add industrial to redevelopment of Pompano casino

Two companies redeveloping the 232-acre Isle Casino property in Pompano Beach want to make a pandemic-based pivot to industrial space and shrink the office component. Cordish Companies and Caesars Entertainment want to change the zoning and approved land use for Isle Casino so they can include 1.5 million square feet of industrial space in their mixed-use…

Miami Beach, minus 80,000 Art Basel visitors, vows to save Art Week

The cancellation of Art Basel will cost the City of Miami Beach and Miami-Dade County millions in lost tax revenue and economic activity, but officials are working to ensure that some form of Art Week will still take place. Art Basel was scheduled for Dec. 3-6 at the Miami Beach Convention Center, but organizers announced Sept. 2 that it would be cancelled due to Covid-19…

Brew pub with shipping container on top targets historic building

One of downtown’s most historic staples, the Alfred I. duPont Building, could soon be home to a microbrewery and brewpub that would boast a cantilevered shipping container. The City of Miami’s virtual Planning, Zoning and Appeals Board heard plans last week for the 11,000-square-foot brew hub that would also feature an outdoor beer garden built atop the…

Series of snags adds four months to Miami-Dade courthouse construction

More than half a year after breaking ground, the builders of the new civic courthouse in downtown Miami have hit several snags that have added at least four months to the project’s timeline. A July report from Plenary Justice Miami, the development team behind the courthouse project, notes several setbacks that have pushed back the building’s opening from…

Miami River condo association alleges $10M in defects: lawsuit

The condo association for a Miami River project is suing a group of developers and subcontractors, alleging $10 million in design and construction defects. Terrazas Riverpark Village Condominium Association filed suit last month in Miami-Dade Circuit Court against more than 80 parties. The association alleges that unit owners only discovered the…

Miami Wilds water park near zoo flows toward county deal

A long-sought deal for a water park beside Zoo Miami is near, with terms between Miami-Dade and developers awaiting signatures. A county commission committee Friday is to review a lease with Miami Wilds LLC, the team behind Miami Wilds park, hotel and retail spanning 27.5 acres near the zoo and two museums. If it advances, the lease is subject to a…

250-truck concrete pour key step on I-395, Signature Bridge project

A parade of 250 trucks pouring concrete in a 12-hour span later this month will mark the next big step as the Florida Department of Transportation and the Archer Western – de Moya Group Joint Venture continue to make good progress on the I-395/SR 836/I-95 Design-Build Project. “Work continues around-the-clock on all three project corridors,” said Oscar Gonzalez III…

Retail rent payments inch back toward normal in August

A report shows major retailers paid 83 percent of August rent (iStock, Andy C via Wikipedia Commons) Retail landlords can celebrate as rent collections are slowly but surely returning to normal levels after months of lackluster payments. Major chains paid 83 percent of August rent, a new record, and only 14 percent below the nearly 97 percent that they paid during the…

Wall Street calls BS on apartment landlords’ rosy projections

Wall Street isn’t buying the rosy rent and occupancy predictions that many apartment landlords have been offering up. (iStock) Many apartment landlords across the U.S. maintain that tenants are paying rent, that occupancy remains high and all is going well. Understandably, investors are skeptical, according to the Wall Street Journal. The FTSE Nareit Equity…

Mondrian South Beach unit owners sue condo association and companies tied to Russell Galbut, alleging securities fraud

Russell Galbut, Mondrian South Beach A group of unit owners at the Mondrian South Beach sued the condo association and companies tied to developer Russell Galbut, alleging securities fraud. Fifty-one unit owners are each seeking $600,000, for a total of $30.6 million. They allege that a group of entities raised assessments and special assessments for…

David Martin’s Miami Beach Marina proposal heads to voters in November

David Martin and a rendering of the project Voters will decide if developer David Martin can redevelop the Miami Beach Marina into a high-rise, mixed-use tower. The Miami Beach City Commission on Wednesday agreed to send the proposal to a referendum in November. Martin’s Terra is proposing a tower of up to 385 feet in height, or about 38 stories tall.

Office is out, school is in: Co-working operators try to lure students into workspace

Laura Kozelouzek, CEO of Quest Workspaces, and a Quest classroom Office is out, but school is in session. Quest Workspaces, a co-working operator with 12 locations in Florida and New York, is turning some of its enclosed office space into small pods where groups of students can gather for virtual learning. The move comes as many school districts are opting to forgo…

Record-breaking surge in Covid cases spells trouble for South Florida’s hotel market

Jeffrey Soffer’s iconic Fontainebleau Miami Beach was among the first of the city’s hotels to reopen on June 1, after the majority were shut down for the entire month of May. The sponsors of the 1,500-room oceanfront resort — whose hallways have been graced by Elvis Presley, Lucille Ball, and more recently, Jennifer Lopez and Kim Kardashian West — spent hundreds…

Hot commodity: Investors bet on mobile home parks

As returns fade and uncertainty reigns in traditional commercial real estate sectors, investors are moving money into mobile home parks. More than $800 million worth of mobile home parks traded during the second quarter, according to Bloomberg. That’s 23 percent more than the volume sold in the second quarter of 2019. Meanwhile, total commercial trades declined 68…

Retail adds nearly 250K jobs in August

The retail sector added nearly a quarter-million jobs in August, notching the highest growth among private industries. General merchandising stores added 116,000 workers, while automobile and appliance sales each added about 20,000 positions. (Related: Fifth Wall’s Brendan Wallace on the need for a retail bailout) Overall, the American economy continued its recovery…

CRE is doing better in cities where tech dominates

In smaller U.S. metros, big tech can mean the difference between boom and bust for commercial real estate. That’s according to a recent report from the commercial mortgage-backed securities data provider Trepp, which tallied the top secondary metro areas using several key industry metrics. Trepp ranked those markets by average occupancy rate, CMBS loan delinquency…

Developers land loan for Dania Beach multifamily project

Merrimac Ventures brought on another developer and secured a $4.7 million loan, with plans to bring an eight-story, mixed-use multifamily project to Dania Beach. Fort Lauderdale-based Merrimac is now joined by Miami-based high-end apartment developer The Estate Companies. The 340-unit project, at 4 North Federal Highway, has been renamed Soleste…

TikTok, Clarice: Why the government’s moves against Chinese firms could hurt real estate

Trump’s crackdown on TikTok and WeChat could further chill Chinese investment in U.S. real estate. Daniel Chang’s phone wouldn’t stop lighting up. It was the night of Aug. 6, shortly after President Trump signed an executive order banning the ubiquitous Chinese social media platform WeChat. Chang, a prominent broker at Sotheby’s International Realty…

Saks Fifth Avenue countersues Bal Harbour Shops for defamation

Saks Fifth Avenue is striking back at Bal Harbour Shops for attempting to evict the luxury retailer over alleged missed rent payments. On Tuesday, the department store chain countersued Bal Harbour Shops and Matthew Whitman Lazenby, president and CEO of Bal Harbour Shops’ owner Whitman Family Development, for defamation, breach of contract…

Nearly 70% of CEOs expect to downsize offices: KPMG

The pandemic has drastically changed the way CEOs around the globe see the future of work. More than two-thirds said they may reduce their office footprint in the coming years, according to a recent survey. Out of 315 CEOs answering the survey published in KPMG’s “2020 CEO Outlook: Covid-19 Special Edition,” 69 percent checked the “We will be downsizing office…”

The pandemic’s impact on North American GDP: Checking on the neighbors

An earlier FRED Blog post discussed the global scale of the ongoing pandemic. Today, we focus on some recent GDP values in North America, comparing inflation-adjusted growth for Canada, the United States, and Mexico. The data shown in this FRED graph are from the Organization for Economic Co-operation and Development (OECD), which uses the label…

As stocks rally, real estate investors try to pick winners

Stocks have surged as the government and Federal Reserve has acted to stabilize corporate debt and sustain consumer demand. But returns for real estate investors have ranged from robust to wretched. Major U.S. indices climbed during August, with the Nasdaq and S&P 500 reaching record highs Wednesday despite a slower than expected comeback in the labor market.

Landlords and tenants blast CDC eviction ban

Jaime Cain, a real estate attorney in Rochester, New York, nabbed one of the first court dates for a pre-Covid eviction as trials slowly picked up after a months-long shutdown. But just two days before the scheduled conference, the federal government may have dashed those plans. “Is it still happening? Is it canceled? I don’t know,” Cain said of her day in court. Washington’s…

Simon Property Group livestreams merchandise in new partnership

Simon Property Group is going virtual. The nation’s largest mall operator is partnering with ShopShops, a livestream shopping app, according to the app’s founder and CEO, Liyia Wu. Read more Simon’s rent collection inches up in Q2 while profits plummet Rent relief for retailers is expiring. Now what? Mall owner CBL Properties nears bankruptcy “With experience and…

Miami Company Introduces ‘Virtual Coworking’

For people skittish about signing full-term office leases, coworking was supposed to be a flexible solution. Now, with an airborne pathogen complicating all aspects of life, people are even skittish about coworking. A number of coworking operators are experimenting with their formats. CommonDesk is offering virtual memberships for $75 to $150 that offer…

CVS, drive-thru bank in Margate fetch $7M

A CVS pharmacy and adjacent drive-thru bank building in Margate sold for $7 million. A company connected to Aleksandr and Ekaterina Dolganov of Osprey bought the properties near the intersection of State Road 7 and Coconut Creek Parkway, according to records. The seller — a company tied to Lawrence A. Freeman of Boca Raton — paid $6.85 million for the…

Developer plans multifamily project in Dania Beach

A rendering of the project A developer plans a 79-unit apartment building with ground-floor retail space in west Dania Beach. A vacant restaurant will be demolished to make way for the market-rate multifamily development to be called Griffin Living. It will be built on about 2 acres along the south side of Griffin Road, west of I-95. Dania Beach commissioners greenlighted the…

Redwood JV Lands Financing for Opa-Locka 112-Unit Townhome Project

A gated lakefront townhome project that will offer affordable homes received a $19 million construction loan. Redwood National Properties, an affiliate of BAS Holdings Investments LLC, alongside its joint venture partner Winston Capital Partners LLC, received the financing from City National Bank of Florida. DWNTWN Realty Advisors’ Andrew Kurnit…

Beige Book: Pandemic Continues to Shape Southeast Economy

The latest summary of economic conditions in the Southeast paints a mixed picture, with the COVID-19 pandemic and accompanying mitigation measures heavily influencing the region’s economy. In the labor market, for example, conditions improved as some firms rehired laid-off employees, according to the Federal Reserve’s August Beige Book summary. Yet…

Businesses Organize To Push Brightline Expansion With 5 New Stops In Miami-Dade

The eastern side of Miami-Dade County has long been starved for commuter rail, but a private-public partnership could finally bring service to five neighborhoods between Aventura and downtown, including North Miami, the Upper East Side and Wynwood. The administration of outgoing County Mayor Carlos Gimenez has been negotiating with private train…

South Dade seeks formal Metrorail-ready program

When Miami-Dade’s transportation board voted to upgrade the South Dade Transitway with bus rapid transit (BRT), Metrorail advocates were assured that when ridership gets high enough, the corridor will be converted to rail. Now they want it in writing. County commissioners Monday passed a resolution by Dennis Moss cosponsored by Esteban “Steve” Bovo, Daniella…

To fill vacant stores, Lincoln Road seeks pop-up businesses

Cultural institutions and new retail shops may find temporary homes on Lincoln Road this winter, as the Lincoln Road Business Improvement District is hoping to bring in a series of pop-ups to boost business and fill vacancies.  The improvement district’s executive committee has unanimously voted to support and promote pop-ups during the…

Macy’s to open smaller stores, bigger fulfillment centers

Who ever said bigger is better? Macy’s has unveiled a plan to open smaller, off-mall stores and fulfillment centers, while consolidating its current locations. “Everything on the digital agenda has been accelerated,” CEO Jeff Gennette said on the retailer’s second quarter earnings call Wednesday. The department store’s flagships have been hit hard by the pandemic as…

Art Basel cancels Miami Beach fair in December

Art Basel Miami Beach is canceled this year, delivering an economic blow to South Florida hotels, restaurants, stores and other venues. The renowned art fair takes place each year in early December at the Miami Beach Convention Center, but will not be held this year due to the pandemic, Switzerland-based Art Basel announced on Wednesday. The annual fair…

Developers land $19M construction loan for Opa-locka affordable housing

A joint venture closed on a $19 million construction loan for a $26 million Opa-locka development geared toward affordable housing. Redwood National Properties, a subsidiary of BAS Holdings Investments, in a joint venture with Winston Capital Partners, paid $5 million for a 10-acre site at 1719 Northwest 143rd Street within the existing Mirage at Sailboat Cove…

Coronavirus-Resistant Offices May Have An Advantage In The Market

Jonathon Yormak, founder and managing principal of East End Capital, was in the middle of renovating a more than 100-year-old, 120K SF office building in New York when the coronavirus hit. He’d already decided to completely overhaul the air and ventilation system in the building. “It’s only a 26-story building, so it wasn’t so big as to make it impossible, but we…”

Coral Gables looks at how to fund city hall upgrade

Coral Gables city commissioners are still debating whether funds from selling a municipal parking lot should be allocated toward a general park trust.  Vice Mayor Vince Lago proposed half of the potential fund proceeds from the parking lot, on the northwest corner of University Drive and Pisano Avenue, should go into a park trust to continue acquisitions of…

Accessibility to historic Vizcaya under microscope

In March, just before the pandemic prompted closures and stay-at-home orders in South Florida, residents from Gran Via Apartments, an elderly housing community in Outer Westchester, took a trip to the Vizcaya Museum and Gardens. Once they got there, they ran into a multitude accessibility issues.  The floors of the estate, built nearly a century ago…

Lincoln Road seeks to cut back renovation plans

The Lincoln Road District Master Plan, which aims to revitalize the iconic Miami Beach shopping and entertainment street, may be redrafted to allow for less disruptive construction as local businesses recover from the economic impacts of the coronavirus.  Tim Schmand, executive director of the Lincoln Road Business Improvement District, told Miami Today…

Michael Davey: Key Biscayne mayor targets infrastructure, shoreline work

The next two years will be pivotal for the Key Biscayne, both in addressing issues that need fixing, from infrastructure and shoreline preservation projects to helping residents and businesses rebound from the pandemic. Mayor Michael Davey knows how important his second and final two-year term will be, but if engagement from the community is any indication…

Restaurants’ more palatable menu: 50% indoors plus on-street dining

Restaurant owners are breathing a sigh of relief after getting the OK to welcome more patrons back with indoor dining and still take advantage of closed portions of streets as an outdoor dining option.  Miami-Dade County restaurants are once again allowed to invite people for indoor dining at 50% capacity, along with the expanded outdoor dining permit option…

Evictions banned through December for most US tenants

The Trump administration today announced sweeping eviction protections in light of the health crisis. The public health order, a draft of which the Centers for Disease Control posted Tuesday afternoon, will halt evictions from Sept. 4 through the end of the year for tenants who qualify. To be eligible, tenants must file a form to their landlord declaring they cannot…

Miami Beach Senior Housing to Undergo $78M Rehab

Council Towers Senior Apartment Homes, a two-building, 250-unit, age-restricted affordable housing community in Miami Beach, Fla., will undergo a $78 million redevelopment thanks to a financing package including a $30 million construction loan under the HUD 221(d)(4) program provided by Greystone. The HUD-insured loan was originated by Greystone Senior…

Greystone Provides HUD-Insured Construction Financing as part of $78 Million Affordable Housing Development Project for Seniors

Greystone, a leading national commercial real estate finance firm, has provided a $30 million construction loan under the HUD 221(d)(4) program for the $78 million redevelopment of Council Towers Senior Apartment Homes, an age-restricted affordable housing community located in Miami Beach, FL. The transaction was originated by Jon Morales, Senior Vice…

Why Saks Fifth Avenue Is Suing Bal Harbour Shops

The legal battle between Saks Fifth Avenue and Bal Harbour Shops is heating up. Today in the 11th Judicial Circuit Court of Florida, the high-end department store filed a lawsuit against Bal Harbour Shops and Matthew Whitman Lazenby, president and CEO of Whitman Family Development, which owns the mall, over statements that allegedly breached the…

25% of U.S. malls are expected to shut within 5 years. Giving them a new life won’t be easy

Coresight Research estimates 25% of America’s roughly 1,000 malls will close over the next three to five years. The coronavirus pandemic has accelerated a demise that was already underway. “Just because retail space has gone vacant or remained fallow does not mean that it is automatically a good candidate for repurposing into industrial space,” Moody’s Analytics…

Working from home saved Americans $90 billion in commuting costs: analysis

During the pandemic, many companies implemented a work-from-home policy to comply with local rules and to keep their employees safe. The policy — which has rocked the office real estate market — has also resulted in huge savings on commuting costs: Americans collectively saved $90 billion by not commuting by car in the months since the pandemic…

South Florida multifamily sales fell 50% in first half of year: report

Multifamily sales declined 50 percent during the first half of the year, according to a mid-year report and forecast by Cushman & Wakefield. Total sales volume for 2020 could also fall by half, compared to last year, as the economic effects of Covid-19 linger, the report shows. Ninety-one multifamily projects sold in South Florida during the first six months of…

J.C. Penney’s lenders could take it over, liquidate assets

J.C. Penney’s lenders are preparing to take control of the struggling retailer after discussions with its bidders have hit a dead end, Bloomberg News reported. J.C. Penney filed for bankruptcy May 15 and has since been in talks with large mall and retail operators, including Simon Property Group and Brookfield Property Partners. But those discussions have reached…

Flood of retail evictions expected as courts reopen

For months, retail landlords have been negotiating lease modification and rent breaks with tenants. But talks that reached a stalemate may soon end in litigation. A wave of retail evictions among big tenants and small businesses is expected to flood in as courts reopen and eviction moratoriums across the country expire, according to the Wall Street…

Facebook exec expresses confidence in office real estate

The future of office properties has been in question since the pandemic emptied out Manhattan. But Brian Rosenthal, a senior executive at Facebook, told Business Insider that having a physical space in New York is critical for the social media giant. “So much of what we do is collaborative,” Rosenthal said. “[Software is] like writing a book together where all the…

Dogfish Head to take over Concrete Beach social hall in Wynwood

Concrete Beach Brewery Concrete Beach Brewery closed the doors to its Wynwood social hall for good. The brewery, which opened its 11,000-square-foot space in 2015, announced the permanent closure on its social media accounts, citing the “unprecedented global crisis.” Concrete Beach is part of A&S Brewing Collaborative, an independent subsidiary of the…

Report shows how much commercial real estate has fallen

The economic toll on commercial real estate shows no signs of abating as the health crisis lingers. Indexes for office, retail and lodging properties were all lower in July than they were a year ago, according to analytics firm Real Capital Analytics, Bloomberg reported. Deals were also down, with transaction volume across all sectors plunging 69 percent to $14…

Developers score $22M construction loan for Westchester senior living and medical office project

Alberto J. Pérez, Juan Carlos Mas, and a rendering of the project A group of developers scored a $22 million construction loan for a mixed-development in Miami’s Westchester neighborhood that will include a medical office building and senior living facility. Commercial real estate developers AJP Ventures and Mas Group, along with equity partner OCTA, expect to…

Fed signals low rates are here to stay

The Federal Reserve has shifted its strategy for setting interest rates, allowing inflation to rise higher than previous targets. The change codifies what the Federal Reserve has been practicing for the past 18 months, and signals that interest rates will remain low, the Wall Street Journal reported. As the Federal Reserve allows inflation to rise above 2 percent, the target…

AIMCO Acquires Miami Apartment Tower

AIMCO has acquired Hamilton on the Bay, a community located in the Edgewater neighborhood of downtown Miami. The sale was facilitated by the Hussami Rockson Group of Marcus & Millichap, which represented the seller, SunTrust Community Capital, and procured the buyer. The price was $89.6 million, which was a portfolio sale that included Hamilton on the…

Sale of 28-Story Waterfront Apartment Complex in Miami Arranged

Marcus & Millichap has arranged the sale of Hamilton on the Bay, a 28-story, 275-unit apartment complex in Miami. The property, which backs up to Biscayne Bay, is situated at 555 34th St., four miles north of downtown Miami. Built in 1985, the property offers studio to four-bedroom floor plans. Communal amenities include a dog park, fitness center, bike storage…

Thor Equities sues to evict Stefano Ricci from Miami Design District

Thor Equities is seeking to evict luxury fashion retailer Stefano Ricci from its store in Miami’s Design District. The New York-based real estate firm alleges the luxury retailer owes more than $133,000 in rent at 118-120 Northeast 39th Street, according to a lawsuit filed in Miami-Dade County Circuit Court last week. Stefano Ricci’s lawyers fired back, filing a…

Behind Miami’s Largest Upcoming Office Project, 830 Brickell

The office landscape is currently going through one of the biggest transformations in recent history, as property managers and developers alike are making significant adjustments for offering tenants a safe and healthy environment. Recent development data showed improved construction activity in the summer, but with the economy expecting…

Two Roads Development lists Elysee sales center for $6M

The sales center, David Restainer and Reid Boren Two Roads Development is taking a different path with its sales gallery for Elysee Miami, a luxury condo project under construction in Edgewater. The developer had planned to lease out or sell the commercial condo, which has been used as Elysee’s sales center, to a restaurant. Then the pandemic hit. The 5,481-square-foot…

Class B malls face collapse as retail bankruptcies pile up

Second-tier malls are at increasing risk of collapse as retail bankruptcies and store closures add up across the country. The category of malls — known in the industry as Class B — are in a vulnerable middle ground: more secure than their Class C and D counterparts but not as safe as high-end, Class A malls, which are considered likely to make it out of the…

Black-led banks combine, focused on multifamily housing

Two banks have merged to form the country’s largest Black-led lender. The combination of Broadway Federal Bank in Los Angeles and City First Bank in Washington will focus on multifamily affordable housing, the New York Times reported. “We need to scale up our impact,” said City First CEO Brian E. Argrett, who will lead the new lender of the same name.

South Florida construction starts show short-term recovery in July

South Florida construction starts showed a monthly recovery in July, but were still a far cry from life before Covid-19, according to a recently released report. In July, total construction starts for Miami-Dade, Broward and Palm Beach counties totaled $619.1 million, according to Dodge Data & Analytics, a Hamilton, New Jersey-based commercial construction project…

Rent relief for retailers is expiring. Now what?

With millions of U.S. stores remaining shuttered, property owners have handed out billions of dollars of rent relief. In recent earnings calls, some landlords gave hints as to who got tentative relief and how these negotiations went down. Simon Property Group’s David Simon alluded to the mall owner abating rent for thousands of local retailers during…

These multifamily, Miami among, and office markets are more vulnerable to Covid distress

Since the early days of the coronavirus crisis, distressed real estate investors have been gearing up for the opportunity to scoop up assets at rock-bottom prices. So far, even in the hard-hit hospitality and retail sectors, deals have been slow to materialize as buyers and sellers continue to wait each other out. Signs of distress in the office and multifamily…

Wood Partners Lands $86M Refi for Miami Tower

Wood Partners, the developer behind the Miami luxury tower Yard 8, has secured a $86.3 million refinancing loan from Asia Capital Real Estate. The Atlanta-based owner, developer and manager will use the first mortgage loan to place permanent financing on the Class A multifamily property. Completed in May 2019, the 387-unit community is located in…

SBA Disaster Assistance for May 2020 Flood that affected City of Doral

The U.S. Small Business Administration (SBA) is offering low-interest disaster loans in response to the May 26th & 27th flood that affected several areas including the City of Doral. Businesses of all sizes, Private Non-Profit organizations, Homeowners and Renters and with physical or economic damages stemming from this disaster, are encouraged NOT to wait for…

Motley Fool: Here’s Why Warehouses Will Be a Good Investment in the Near Future

The retail apocalypse was a major concern before the COVID-19 outbreak took hold. In 2019, an estimated 9,500 stores went out of business, according to Coresight Research. But now, a lot of major retailers are making plans to close stores as the effects of the pandemic rear their ugly head. According to the company, bankrupt retailer J.C. Penney…

Lauderdale Lakes affordable housing complex fetches $17M

Affordable housing developer the Cornerstone Group sold a 246-unit Lauderdale Lakes apartment complex for $16.9 million. Peak Capital Partners, a Provo, Utah-based affordable housing owner and manager, bought the St. Croix Apartments complex at 4075 to 4201 Northwest 34th Street, according to records. The price comes out to $68,699 a unit.

Jenco Properties pays $68M for Flagler Village apartments

Apartment giant AMLI Residential sold a rental complex in Fort Lauderdale’s Flagler Village for $67.5 million. Chicago-based AMLI sold the 218-unit development at 450 Northeast Fifth Street to two affiliates of Jenco Properties, a Hialeah-based property management firm, records show. The deal breaks down to $310,000 per unit. The companies tied to Jenco…

Seagram scion pays $38M for West Palm affordable housing

A company tied to a member of Seagram’s Bronfman family bought a 264-unit, waterfront West Palm Beach affordable housing community for $38 million. Malibu Bay Preservation Limited, the buyer of the Malibu Bay Apartments at 750 Malibu Bay Drive, is managed by Jeremy Bronfman, a partner and founder of investment group Lincoln Avenue Capital…

Despite mounting opposition, Miami Beach board endorses taller Aman tower

Developers Vlad Doronin and Len Blavatnik can now go to the Miami Beach City Commission with proposed legislation that would allow them to build a 250-foot tall tower on the site of the Versailles building in the Faena District. The billionaire developers face mounting opposition from nearby residents, including a number of fellow billionaires at Faena House, an ultra-luxury…

Miami Beach board rejects Mast Capital’s plan to build 12-story tower

Miami Beach’s Planning Board unanimously rejected Mast Capital CEO Camilo Miguel Jr.’s request for zoning changes that he needs to build a 12-story condo tower beside the Julia Tuttle Causeway. The project, now called Alton Bay, at 4000 Alton Road in Mid-Beach, is actually smaller than the concept the developer presented to Miami Beach’s Land Use Committee…

Asia Capital Real Estate Provides $86.3M Refinancing Loan for Apartment Complex in Midtown Miami

Asia Capital Real Estate (ACRE) has provided an $86.3 million refinancing loan for Yard 8, a 387-unit apartment complex in Midtown Miami at 2901 NE 1st Avenue. Borrower Wood Partners will use the permanent financing to refinance the construction loan. The Atlanta-based developer opened Yard 8 in May 2019. Daniel Jacobs of ACRE originated the loan on behalf…

Moss Construction Completes University of Miami Development

Moss Construction has completed Lakeside Village, a $134 million student housing project at the University of Miami. Arquitectonica served as the architect for the development. Moss is also slated to manage the property. The 569,441-square-foot development comprises 25 seven-story, interconnected buildings. The 1,115-bed project includes classrooms…

Moss Construction Completes $134M University of Miami Lakeside Village Student Housing Property

Moss Construction has delivered University of Miami Lakeside Village, a $134 million, 1,115-bed student housing community on the University of Miami campus. The 569,441-square-foot, seven-story project features 25 interconnected buildings and several outdoor spaces. The property offers classrooms, music rooms, study areas, recreation rooms, a 200-seat…

Retail’s Flexibility, Versatility in Pandemic Times

The $424.8 million River Landing Shops & Residences project along the Miami River, west of downtown Miami is currently one of the largest mixed-use developments in South Florida. Upon completion, the 2.2 million-square-foot modern urban lifestyle property will offer 345,000 square feet of commercial space—including 25,500 square feet of waterfront dining…

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater

A company affiliated with the Arison family sold Hamilton on the Bay, a large waterfront apartment building in Edgewater, to investor Aimco, The Real Deal has learned. Carnival Cruise Line founder Ted Arison built the 28-story apartment building in 1984, and the property, which includes three parcels and a total of 275 units, hit the market last year unpriced. It was…

Miracle Mile to get four murals to stimulate economy

Coral Gables residents and visitors will soon have a new backdrop to photograph and post on social media with the year-long installations of four art murals along Miracle Mile. Presented by the city’s Economic Development Department during Tuesday’s city commission meeting, commissioners voted 5-0 approval of four murals on Miracle Mile to boost…

Miami Hotels see visitor uptick as they market safety

Miami-Dade’s hotels have undeniably taken a hit, but with Covid cases plateauing for the moment they are seeing an incremental, if small, uptick in business and focusing on marketing safety measures, local experts say. “We welcome you to Miami but please, please behave in a responsible way,” said Rolando Aedo, chief operating officer of the Greater Miami…

Felonious CPA Seeks Millions In Lawsuits Involving Developers Jorge Perez, Stephen Ross

While President Donald Trump is fighting efforts to bring his tax returns and financial history into the light, there’s another real estate billionaire whose taxes are wanted in court: Miami “condo king” Jorge Perez, the founder, chairman and CEO of Related Group. As part of two civil lawsuits he filed in Florida’s 11th Circuit Court in Miami-Dade County, Ronald Katz…

Team produces package to battle pandemic economic slide

An advisory team tasked with developing ideas to help Miami-Dade emerge from economic peril caused by the coronavirus pandemic has delivered a score of recommendations. For now, most of those recommendations remain ideas, but each has been designed to be actionable, said Beacon Council CEO Albert Finney, chairman of the Covid-19 Economic Recovery…

President Trump seeks to move federal agencies into Opportunity Zones

President Donald Trump signed an executive order Monday to push federal agencies to move into Opportunity Zones as he continues to promote the program as a key part of his re-election campaign. The president’s order will direct some federal agencies such as the Department of Labor and Department of Housing and Urban Development to look outside of city…

Concessions stand: Wary of another shutdown, retail landlords sweeten pot for tenants

Some retail landlords are offering additional concessions to tenants in case the government mandates another Covid-related shutdown. Landlords are including language in new leases that allows retail tenants to defer part of their rent if the government requires store closures, according to the Wall Street Journal. Many insurance policies did not cover pandemic…

Restaurants can reopen their dining rooms in Miami-Dade starting next week

Restaurant dining rooms in Miami-Dade County can reopen beginning on Monday, more than a month after restaurants were ordered to close indoor seating due to spiking coronavirus cases. Miami-Dade Mayor Carlos Gimenez said restaurants will be able to operate at 50 percent capacity indoors, as long as tables are spaced at least six feet apart with a…

A few big-box stores now account for 29% of US sales

Despite fears of decreased spending amid the pandemic, big-box stores — plus Amazon — raked in the cash last quarter. Walmart, Amazon, Target, Home Depot, Lowe’s and Costco accounted for 29.1 percent of all U.S. retail sales in the second quarter, up from 25.6 percent a year ago, the Wall Street Journal reported. That’s a 14 percent increase in market share.

Bondholders approve Sapir Corp debt restructuring

Sapir Corp’s Israeli bondholders have decided that it’s a good idea to give the development firm a few more years to pay off its debt, given current economic uncertainty caused by coronavirus. In a Monday vote, investors in Sapir Corp.’s $44 million bond series overwhelmingly approved of the company’s proposal to push back the maturity date from 2022 to 2025.

Wood Partners lands $86M refi for Midtown Miami apartments

Multifamily developer Wood Partners sewed up $86.3 million in refinancing for its 387-unit apartment complex in Midtown Miami. Asia Capital Real Estate provided the first mortgage from its latest debt fund, with a loan-to-value ratio of 57.5 percent, according to a release from the company. The term of the loan is five years, inclusive of extension options. The…

Here are the landlords benefiting from Amazon’s tech workforce expansion

Amazon recently announced plans to expand its tech workforce at the 660,000-square-foot Lord & Taylor building it recently bought in New York, and in five other cities across the country. Amazon has inked leases totaling about 270,000 square feet in those office buildings in Dallas, Denver, Detroit, San Diego, and Tempe, Arizona. Here is a rundown on Amazon’s…

Flower Firm Renews 93,000-SF Industrial Lease At Westpointe Business Park In Doral

Transwestern has arranged a 92,579-square-foot lease renewal at Westpointe Business Park, a three-building industrial facility totaling 260,000 square feet in Doral. Managing Director Thomas Kresse, Executive Managing Directors Walter Byrd and Ben Eisenberg and Vice President Carlos Gaviria brokered the deal on behalf of the landlord, Clarion…

Italian restaurateur lists Sunset Juice Cafe property for $24M

The owner of Sunset Juice Cafe and other restaurants in Miami Beach wants to sell his Sunset Harbour property for $24 million. The corner building, at 1920 Alton Road, is home to the Sunset Juice Cafe, Rosinella Market and Anatomy Gym. Restaurateur Tonino Doino, who owns both Sunset Juice and Rosinella, is listing it with Brown Harris Stevens Miami, led by Phil…

Bal Harbour Shops seeks to give Saks Fifth Avenue the boot

Matthew Whitman Lazenby and Bal Harbour Shops One of South Florida’s longest running retail marriages could be headed for a bitter breakup. For nearly 45 years, Saks Fifth Avenue has anchored Bal Harbour Shops, helping transform the shopping center into one of the most exclusive luxury retail destinations in the world. Now, mall owner Whitman…

Real estate investors raise billions while skipping debt payments

In the real estate investment world, being delinquent on debt doesn’t mean investors have run out of money. They are likely to be cutting losses to shift funds into something more lucrative. Colony Capital, for example, stopped making payments on many of its hotel bonds when the pandemic hit, while raising at least $6 billion to invest in properties such as cell towers and…

How Carl Icahn and others made a killing shorting malls

The pandemic has devastated brick-and-mortar retail, but some investors profited handsomely by betting on shopping malls’ misfortune. Among them is Carl Icahn, one of the country’s best-known investors, who took a calculated risk that malls would suffer. Read more Investors who shorted malls stand to make out big Party’s over: Neiman Marcus to close its…

39K SF Hialeah Warehouse Trades

An industrial team announced the successful sale of the 39,000 SF warehouse facility at 595 E 10th Avenue in Hialeah, Florida. The seller, 595 Realty Corp, was represented by Patrick McBride, Esq. and Edward Redlich, SIOR, CCIM. CarSafe Storage purchased the warehouse for $3,350,000. The property was extensively marketed for lease prior to the seller testing…

Europe tops United States in commercial real estate deal volume

The U.S. property market is no longer on top. For the first time since 2017, Europe saw more commercial real estate deals than the U.S. America saw $19 billion less in property trades above $10 million than Europe during the second quarter, Bloomberg reported, citing data from Real Capital Analytics.

Cast away: Boatmaker Invincible sells Opa-locka warehouses for $11M

The founder of a high-performance saltwater fishing boat manufacturer sold three warehouses in Opa-locka for $11.4 million. Alex Lipworth, who founded Opa-locka-based Invincible Boat Co. in 2006, sold the warehouses at 13185 Northwest 47th Avenue, 13050 Northwest 47th Avenue, and 4700 Northwest 132nd Street, according to a press release. The warehouses…

US hotel occupancy hits highest point since mid-March

As travelers throughout the U.S. try to make the most of a surreal summer, hotel occupancy has slowly improved, and has finally hit the 50 percent mark for the first time since mid-March. While overall occupancy has risen for 17 of the last 18 weeks, growth in demand has slowed, according to the latest occupancy rate from industry tracker STR. Occupancy is also about…

Mall of America, behind on mortgage, fights foreclosure

The country’s biggest shopping mall is trying to stave off foreclosure after falling months behind on its $1.4 billion mortgage. Triple Five Group, which owns the Mall of America, has entered into a cash-management agreement with a special servicer, CWCapital Asset Management, according to the Star Tribune. Canada-based Triple Five began to…

Wiped out: Firm says stakes in Brooklyn, Miami projects now worthless

The private equity firm behind a $1 billion real estate portfolio in Brooklyn and Miami said its investments in two big projects have been wiped out — and one critic is blaming a pair of 20-somethings who were trusted with the company checkbook. JZ Capital Partners recently wrote down to zero its stakes on a Downtown Brooklyn development site and a portfolio of…

Miami Beach to allow short-term rentals in condos, hotels

The city of Miami Beach loosened its restrictions on short-term rentals, more than a month after banning them, as the coronavirus positivity rate falls in South Florida. The city will allow such rentals to operate in condo buildings and hotels beginning on Saturday, Aug. 22. The positivity rate declined to 9.7 percent on Wednesday. In Miami-Dade County, hotels…

Duke Realty Inks 161,000 SF Lease Deal At New Logistics Facility In Medley

The South Florida office of Duke Realty has signed a prelease with a distributor of technology products for 160,793 square feet in a new 221,984-square-foot logistics building in Medley. The building is one of two logistics facilities planned on the 34.92 acre site, which will be known as Miami 27 Business Park. The tenant, which…

Wayne M. Boich Announces Approved 16,000 sq ft Mixed-Use Building in Miami Beach

The City of Miami Beach has approved entrepreneur Wayne M. Boich and Boich Companies plans for a mixed-use building in Sunset Harbour. Construction on the five-story project, located at 1910 Alton Road, will begin immediately. “We at Boich Companies are not only looking forward to developing this project in one of Miami Beach’s most vibrant…”

SunTrust Equity Funding closes on Amazon-leased site at Palm Beach Park of Commerce

SunTrust Equity Funding paid $21.8 million for land leased to Amazon, property records show. An affiliate of TPA Group sold the 100-acre site within the Palm Beach Park of Commerce to AZ Palm Beach FL Landlord LLC, which is tied to SunTrust Equity Funding. Included in the deed is the mention of a lease with the e-commerce giant Amazon. A spokesperson…

Restoration 1 franchise founder buys North Lauderdale office and retail center for $6M

The founder of a restoration franchise that helps with damage from water, fire and other disasters bought a North Lauderdale office and retail center for $6.3 million. A company tied to Andor Kovacs bought the center, called Jefferson Square Plaza, at 6041-6047 Kimberly Boulevard, records show. The 53,000-square-foot center is on about 5 acres of land, with four…

Fifteen Group Proposes Mixed-Use Project On Plantation Office Site

The developer is seeking site plan approval for 442 residential units in three buildings totaling 444,168 square feet, 150,000 square feet of offices, and a 2,500-square-foot retail building, which would likely be a drive-thru fast-food restaurant. The project would have 1,326 parking spaces, including a 238,739-square-foot garage.

Addiction treatment firm Banyan buys Pompano Beach office tower for $6M

An entity tied to a drug and alcohol addiction treatment provider bought an empty office building in Pompano Beach sold for $5.9 million. Banyan Corporate Center LLC, which shares an address with Banyan Treatment Centers, bought The Tower at Avery Place, formerly called Atlantic Tower, at 225 North Federal Highway, records show. Built in 1973, the eight-story…

Convenience be gone: Sunrise suspends small store developments that pose “food desert” threat

Sunrise Imposes Moratorium To Avoid “Food Desert” Threat Convenience stores must stay away from Sunrise, a city apparently at risk of not having enough grocery stores serving fresh food. The city commission last week enacted a one-year moratorium on the development of what it calls “small box discount stores” that are 16,000 square feet or smaller and…

Related Urban Kicks Off $106M Allapattah Redevelopment

Related Group and Miami-Dade County have broken ground on Three Round Towers B&C/Brisas del Este, a $106 million affordable housing redevelopment project in the Allapattah neighborhood. The 383-unit Opportunity Zone project will draw on federal, state and county funds for the rehabilitation of two existing towers and the creation of an adjacent…

Duke Realty Leases 72% Of Yet-To-Be-Built Medley Facility

In another sign that industrial real estate is running strong despite the coronavirus, Duke Realty has already leased up 72% of a new industrial facility in Medley that it hasn’t even started building yet. The news came Tuesday as Duke announced it signed a pre-lease with a tech products distributor to take up 161K SF at a 35-acre site off U.S. 27 that is being…

Hilton and CGI plan $500M fund to acquire distressed hotels

Hilton and a Miami-based partner are planning to launch a $500 million fund to invest in distressed hotels in North America and the Caribbean, The Real Deal has learned. The hotel giant is partnering with private equity firm CGI Merchant Group to acquire about 20 properties in the next few years, said Raoul Thomas, founder and CEO of CGI Merchant Group. The venture…

Mall owner CBL Properties nears bankruptcy

Suffocating under retailers’ inability to pay rent and more than $3 billion in debt, CBL Properties is on its way toward declaring bankruptcy. The company announced that it reached an agreement with some of its creditors to hand control to holders of its unsecured notes and that it is negotiating with senior lenders and others who haven’t yet signed onto…

Tech deals give hope to shaky office market

Amazon and Facebook both made major commitments in the past two weeks to a New York City office market with an uncertain future. But that shot in the arm belies the fact that many companies are still in wait-and-see mode. “A lot of tenants are punting on the whole topic and saying they’re going to continue working remotely,” said Grant Greenspan, head of…

Another drugstore sells: Lauderdale Lakes Walgreens flips for $8M

A Walgreens in Lauderdale Lakes, last purchased in April, changed hands again. Real estate investor and developer Ricardo Carozzi bought the Walgreens-leased property at 3099 North State Road 7 for $8.1 million, according to records. He made the purchase through an entity he co-manages along with Daniela and Nara Carozzi. The seller was a company…

Authentic Brands raises $600 million for retail acquisitions

Authentic Brands Group is on the acquisition hunt, after bolstering its war chest by $600 million. CEO Jamie Salter said the cash injection from BlackRock, General Atlantic and Leonard Green & Partners now brings the apparel licensing firm’s total cash up to $1 billion, according to CNBC. Salter said he’s looking to use that to buy up struggling retailers. Authentic has…

92K SF Doral Industrial Lease Brokered

Transwestern has arranged a 92,579-square-foot lease renewal at Westpointe Business Park, a three-building industrial facility totaling 260,000 square feet in Doral, Fla. Managing Director Thomas Kresse, Executive Managing Directors Walter Byrd and Ben Eisenberg and Vice President Carlos Gaviria brokered the deal on behalf of the landlord…

Aircraft Maintenance Company Triples Footprint, Inks 81,000 SF Lease Deal

Newmark Knight Frank (NKF) announced an 81,250-square-foot lease for Aerotech Ops at Pan American North Business Park, owned by Link Logistics Real Estate. NKF’s Executive Managing Director Steve Medwin and Nick Wigoda along with Associate John Mejia represented the landlord in the transaction. Aerotech Ops (ATOPS) is an organization that primarily…

Target will open 27 new stores as Q2 sales soar

The pandemic has dealt a crushing blow to countless retailers, but for behemoths like Amazon, Walmart and Target it has brought outsized profits. Target said it expects to open 27 new stores between now and the end of the year, part of a rosy second quarter earnings report it released Wednesday. The big-box retailer’s net income soared to…

North Beach Residents Petition to Stop Development of Byron Carlyle Theater

North Beach residents are petitioning against a developer’s proposal to build micro-size apartments at the historic Byron Carlyle Theater, which was most recently home to O Cinema. The petition, which has more than 500 signatures, asks the City of Miami Beach to reject a proposal that would give the theater to a developer to build the apartments. An August 3 letter…

Are office landlords turning a corner or rolling over?

Empty room in a building Office landlords and leasing agents breathed a sigh of relief this month when Facebook inked a massive lease deal at Manhattan’s landmark Farley Post Office building. The deal with Vornado Realty Trust for 730,000 square feet at the $1 billion-plus redevelopment — which includes new commercial space and the expansion of Penn Station…

Annie Lord: Leads Miami Homes For All to increase our housing stock

Housing in Miami-Dade County is expensive, burdening Miamians across the county. Among entities trying to make Miami more affordable is Miami Housing for All, founded in 1985, which strives for everyone in the county to have safe, stable housing and prevent homelessness.   Annie Lord, the executive director, earlier led the South Florida Community Development…

Office is out, school is in: Co-working operators try to lure students into workspace

Laura Kozelouzek, CEO of Quest Workspaces, and a Quest classroom Office is out, but school is in session. Quest Workspaces, a co-working operator with 12 locations in Florida and New York, is turning some of its enclosed office space into small pods where groups of students can gather for virtual learning. The move comes as many school districts are opting to forgo…

Florida Law Keeps Developers From Having To Subsidize Affordable Housing

Affordable housing has long been a crisis issue in Florida, which leads the nation in housing unaffordability. One study by Apartment List shows that 56.5% of renters spend 30% or more of their income on housing. The state fund for affordable housing gets raided by the state legislature year after year, its monies diverted to other issues. So, throughout the state, local…

130-Foot-Tall, High-Tech Marina Coming To Fort Lauderdale

Boating is so popular in South Florida that marinas are getting more dense, just like multifamily buildings. With dockage in short supply, boaters often keep their boats stored on top of one another in dry dock facilities, but top concerns are whether slips are big enough, whether facilities are hurricane-proof, and whether boaters can get their boat down without hassle when…

A ‘New Normal’ for Offices

Stuart Elliott Remember when August was the time of year when the news cycle slowed, there weren’t that many big stories, people were on vacation, and there was the expectation that life would return to its regular rhythm in the fall? Like everything else this year, you can throw those rules out the window. Because we have been living inside the pandemic bubble for…

Amazon plans office expansion in six US cities

Amazon is planning to expand its offices in six major U.S. cities, just weeks after announcing plans to double down on its fulfillment centers and warehouses. The tech giant plans to add new hubs in New York, Phoenix, San Diego, Denver, Detroit and Dallas, which will bring about 3,500 corporate jobs, the company announced on Tuesday, according to the…

August brings no sign of the rent apocalypse

Tenants across the country are largely still paying rent despite high unemployment and waning government aid, a new report found. About 87 percent of apartment households made a full or partial rent payment by Aug. 13, according to the National Multifamily Housing Council’s Rent Payment Tracker. That was only a 2-point drop from the same period…

Superblue, Miami’s First Experiential Art Space, is Coming to Allapattah

If you’re an art lover, you may be feeling a little blue these past months. With the Miami art scene, like many other major art cities, including Art Basel, relying on virtual exhibitions, a seasoned New York Art gallery has the solution to your art blues — and it’s called Superblue and it’s coming to Miami this December. So, what is Superblue? Many people aren’t always…

Not your father’s distress: Down market could be opportunity of a lifetime or a big letdown

As the coronavirus pandemic bore down on the economy, veteran investor Tom Barrack emerged as one of the loudest voices urging a lifeline for the real estate industry. Barrack, the head of Colony Capital and a longtime friend of President Donald Trump, penned a series of much-discussed blog posts and took to the airwaves, warning that the real estate industry…

Drugstores in demand: Pembroke Pines Walgreens flips for $9M

The owner of a Pembroke Pines store leased to Walgreens flipped it for $9 million, just a few months after purchasing it. DS Pembroke Pines Florida Landlord, tied to SunTrust Funding, sold the 15,458-square-foot property at 18410 West Pines Boulevard for $582 per square foot, records show. West Pines EDN RE LLC, led by Enzo Dalmazzo, the CEO of the…

Walker & Dunlop Provides $67M HUD Construction Loan for Shoma Village Apartments in Hialeah

Walker & Dunlop has provided a $67 million HUD construction loan for Shoma Village Apartments, a 304-unit multifamily community that will be located in Hialeah. The borrower was locally based developer Shoma Group. Shoma Village Apartments will include 11,625 square feet of retail space fronting Hialeah Drive, about 15 miles northwest of downtown…

South Florida Property Receives $67 Million Construction Loan via Walker & Dunlop

Walker & Dunlop, Inc. announced today that it structured $67,211,400 in financing for the construction of Shoma Village Apartments, a Class A mixed-use property with 304 apartment units and 11,625 square feet of retail. Located in Hialeah, Florida, just 15 miles northwest of Miami, the local area is experiencing a significant uptick in real estate investment.

North Beach’s Ocean House apartments hit the market for $50M

One of Miami Beach’s largest apartment complexes is hitting the market with a target price of $50 million. Miami-based developer and investor Ytech is listing Ocean House, a 186-unit garden-style multifamily property at 7790 Tatum Waterway Drive in Miami Beach’s North Beach area. Cushman & Wakefield’s Calum Weaver, Robert Given, Zachary Sackley…

Florida Streamlines Requirements for Lease Execution

Florida’s Governor signs into law HB 469, which streamlines the execution of Florida real property leases by eliminating all statutory witness requirements. On June 27, 2020, Florida Governor Ron DeSantis signed into law House Bill 469 (HB 469), which amends Section 689.01 of the Florida Statutes, eliminating the requirement for two subscribing witnesses to…

Taurus pays $31M for Civica Center, adjacent building in Miami’s Health District

A shopping center in Miami’s Health District changed hands from one Boston-based private equity firm to another, with plans for a major facelift. Taurus Investment Holdings paid a combined $30.5 million for Civica Center, a two-story, 47,000-square-foot retail center at 1050 Northwest 14th Street and an adjacent 4,200-square-foot building, according to a press…

AMC theaters to reopen next week, but not in New York

AMC theaters will reopen more than 100 of its movie theaters on Aug. 20, with another 300 the following two weeks, according to Newsday. None of those theaters will be in New York, however. The state, where less than 1 percent of coronavirus tests are coming back positive, has indefinitely pushed back the reopening of movie theaters, along with gyms and…

Blackstone snags eight industrial properties in Miami-Dade

Blackstone bought eight industrial properties in Miami-Dade County from Elion Partners as part of a $93.5 million portfolio deal in South Florida. Blackstone’s purchases include properties at 16200 Northwest 49th Avenue and 16100 Northwest 49th Avenue in Hialeah for $11.7 million. The investment firm also bought a warehouse at 7425 Northwest 79th Street…

Developer completes $225M Paseo de la Riviera mixed-use project

Paseo de la Riviera and Brent Reynolds The developer of Paseo de la Riviera in Coral Gables opened the hotel component last week, completing the mixed-use project that has been in the works for about five years. Nolan Reynolds International, led by CEO and managing partner Brent Reynolds, decided to open ahead of the University of Miami’s fall semester that…

Miami’s Bar Invest pays $56M for West Palm apartments

Jonathan Shechtman from Axonic and Herve Barbera from Bar, with 4860 Sandstone Lane Miami real estate investment firm Bar Invest Group bought a 300-unit garden-style apartment community in West Palm Beach for $56.2 million. The apartments, known as Visions at Willow, at 4860 Sand Stone Lane, include 17 two- and three-story buildings with a mix of one- to two…

Bloomingdale’s sued for $2.5 million in missed rent

Bloomingdale’s is getting into some heat with its landlord. The famed retailer began skipping rent payments in April and now owes nearly $2.5 million on its outlet at 2085 Broadway, the landlord alleges in a lawsuit. The lease for the store states Bloomingdale’s will pay the Stahl Organization $437,500 of fixed rent plus a percentage sales. Stahl is also suing its parent…

Richman plans senior housing on Allapattah Opportunity Zone property

The Richman Group is planning a senior housing development in Allapattah. Richman, a major multifamily developer, is planning a 105-unit building for the site at 2137 Northwest 36th Street, and 3629 and 3645 Northwest 21st Court in Miami, according to MSP Group, which brokered the sale of the 0.7-acre assemblage.

Simon, Brookfield in talks to buy bankrupt J.C. Penney

Simon Property Group and Brookfield Property Partners are reportedly in advanced talks about buying J.C. Penney’s retail business. J.C. Penney filed for bankruptcy in May and said it would close 242 stores. Simon and Brookfield — two of the retailer’s biggest landlords — are now competing against other bidders to acquire the retail operations, and the Wall…

The Looming Legal Challenges of COVID-19

COVID-19 has come to mean many things to many people, from a global public health crisis to a logistical nightmare to a political hot potato. It has also presented a new set of legal challenges. With lockdowns, re-openings, and a hodgepodge of rules, business owners are worried about lawsuits related to exposure, workplace health and safety, termination, and…

How Two U.S. Religious Aid Workers, Miami Commercial Property Investors, May Have Helped Launder Millions

In the early 1990s, Mordechai Korf and Uriel Laber traveled to Ukraine as Jewish humanitarian volunteers as the country gained its independence and ended Soviet restrictions on religion. Korf was still a teenager just out of a rabbinical institute when he arrived in 1991. His friend Laber, whom he met at a religious school in Detroit, came a few years later. When…

Carson, Rubio To Celebrate Groundbreaking Of Biggest OZ Project In Miami-Dade

Housing and Urban Development Secretary Ben Carson, Sen. Marco Rubio and others are expected to be on-site in Allapattah Thursday to celebrate a groundbreaking at Three Round Towers, a low-income housing complex that is undergoing a renovation. The $106M redevelopment project is the largest qualified opportunity zone affordable housing project in the…

The Estate Cos. Acquires Former Ramada Inn in Hialeah for $15.3 Million

The Estate Cos. has acquired a former Ramada Inn in Hialeah for $15.3 million. The non-operational hotel was originally built in 1970 with expansions completed in 1973, 1979 and 1988. The property offers 258 rooms and sits on five acres at 1950 W. 49th Street, 15 miles northwest of downtown Miami. Camilo Niño, Ricardo Uribe and Alen Hernandez of…

Former 258 Key Ramada Hotel Trades for $15 Million in Hialeah

The Estate Cos., a developer of luxury multi-family communities in South Florida, has acquired a site occupied by a 258-key, former Ramada Hotel in Hialeah, Fla., for $15.3 million. The company financed the purchase with an $11.5 million acquisition loan arranged by LV Lending. The seller is a joint venture between Urban Commons and several other investors, according…

Estate Companies buys shuttered Hialeah Ramada for $15M

Jeff Ardizon and Robert Suris with 950 West 49th Street, Hialeah High-end apartment developer The Estate Companies bought a former Ramada Inn in Hialeah. The developer paid $15.25 million for the 5-acre property at 1950 West 49th Street. Estate Companies principal Jeffrey Ardizon declined to comment on what the firm is planning to build, but said it will be…

Aviation Company Triples Industrial Space With Move To Medley Facility

In a further sign that industrial real estate is as strong as ever, even amid a pandemic, an aerospace company has tripled its footprint at a Medley site. Aerotech Ops, an aircraft maintenance and repair company, has signed an 81K SF lease at Pan American North Business Park, located at 10733 NW 123rd Street in Medley, owned by Link Logistics Real Estate, Newmark…

Chart: Miami-Dade Commercial Property Sales Within Normal Range ~ July 2020 MLS

In this month’s chart of three year trailing sales of Miami-Dade commercial properties tracking, for the period from August 2018 to July 2020, sales of both improved and vacant land, it is evident that the level is holding within a normal range. This “holding pattern” follows a brief dip in April and May as the coronavirus pandemic had just begun. The Miami Multiple Listing…

Top 10 Office Projects Under Construction in Miami

Despite the pandemic’s severe impact on Florida, real estate development in Miami forged ahead. As of July, the metro’s office pipeline included 18 projects totaling more than 3.7 million square feet, Yardi Matrix data shows. Most of the upcoming projects are mixed-use and transit-oriented, while two of them—included in the list below—are headquarters developments.

Mixed-Use Development Amid Coronavirus: A Case Study in Aventura

The project—a 10-story complex consisting of 25,000 square feet of office condominiums, a 30,000-square-foot gourmet marketplace and food hall, and 160 independent- and assisted-living units—already had construction financing in place and 40 percent of its office condominiums presold. “At that point, we couldn’t stop,” Rieber said. “I had paid $20 million for the…

Construction Tops Off at Miami Luxury Tower

Developers of a 360-unit luxury rental tower in Miami have topped off construction at the 18-story project, marking the first large-scale real estate development to rise in an opportunity zone in the city. The Estate Cos. and PTM Partners are co-developing Soleste Grand Central, a residential community situated in the heart of downtown Miami on NW 8th Street.

Cooper City gives nod to Monterra development makeover

Plans for the remaining vacant land at Monterra, a 500-acre gated community in Cooper City, are pivoting from a grocery-anchored shopping center to a smaller retail hub, age-restricted apartments, and a corporate headquarters. The city commission Tuesday gave initial approval to rezoning and variances that would allow developer Diversified…

Demand For Hotels Is Flattening As Hotel Owners Burn Through Millions In Cash Reserves

Major U.S. hotel companies lost hundreds of millions of dollars in the spring as they gradually reopened hotels this summer to low demand, and their leaders expect there could be a long road back to profitability. The hotel industry, by job losses and debt defaults, has been the hardest hit by the pandemic. The biggest owners and operators of hotels have revealed a…

Airbnb’s Q2 revenue falls by almost 70%

Airbnb’s revenue fell by a reported 67 percent in the second quarter, as the startup weathered the fallout from a halt in global travel. The company’s quarterly revenue plunged to $335 million — down from more than $1 billion in the same period last year, according to Bloomberg, which cited sources familiar with the matter. By contrast, Airbnb generated $842…

Miami Named a Top 5 Florida Market for Self Storage Development

Miami’s self storage market has been benefiting from the market’s diversifying economy and rapidly expanding housing stock. Although the metro started to feel the effects of the coronavirus outbreak, self storage development has not yet been visibly affected. Year-to-date, five storage facilities encompassing a total of 582,562 square feet came online in…

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

When Charles Bagli first started poking into the businesses and lives of New York’s real estate elite more than three decades ago, he made his ground rules clear. “As a former Catholic boy, I make a distinction between sins of omission and sins of commission,” he would tell the likes of Harry Helmsley, Donald Trump and…

Discount retailer Stein Mart files for bankruptcy, plans to close most stores

Off-price retailer Stein Mart is the latest brick-and-mortar chain to file for Chapter 11 bankruptcy protection. The Jacksonville, Florida-based chain plans to close “a significant portion, if not all” of the 281 stores it operates across 30 states, according to a press release. The publicly traded company, founded in the early 1900s, will continue to operate its business in the…

Developer Rishi Kapoor lands approval for mixed-use co-living project in South Beach

Rendering of the project and Rishi Kapoor Developer Rishi Kapoor is a step closer to bringing his Urbin Retreat concept to South Beach. Kapoor and his partners won the unanimous endorsement of the Miami Beach Historic Preservation Board Tuesday afternoon for a mixed-use co-living and hotel development on Washington Avenue. Unless the decision is appealed…

Miami Beach board again delays vote on Michael Shvo’s proposed tower near Raleigh Hotel

New York real estate developer Michael Shvo’s proposal to build a 200-foot-tall tower beside three Art Deco hotels was continued yet again by Miami Beach’s Historic Preservation Board. Tuesday’s unanimous vote to continue the item to Sept. 8 came after four hours of discussion, during which three board members expressed concern about the tower’s massing, height…

$11.7 Million Sale of Naranja Lakes Retail Property Trades

TSCG has negotiated the $11.7 million sale of Naranja Lakes Shopping Center, a 90,450-square-foot, grocery-anchored retail property in Naranja. The property was 95 percent leased at the time of sale to tenants including Winn-Dixie, Family Dollar and La Colonia Medical Center. The asset is situated at the intersection of U.S. Highway 1 and Naranja Lakes Blvd…

Simon, Authentic Brands to buy Brooks Brothers

Brooks Brothers has found its white knight in mall giant Simon Property Group and apparel licensing firm, Authentic Brands Group. A venture between the two companies, known as Sparc Group, has agreed to buy the retailer for $325 million, the Wall Street Journal reports. Brooks Brothers will close 75 of its 200 stores as part of the deal.

Winn-Dixie-anchored shopping center sells for $14 million

A Miami Gardens shopping center anchored by a Winn-Dixie supermarket sold for $14.5 million. A company affiliated with Smithtown, N.Y.-based Island Associates purchased the 94,000-square-foot retail center at 17237 Northwest 27th Avenue, according to records. The seller, a company associated with Peleg Group, had paid $8.2 million for the center in 2013.

Fear and loathing in a pandemic: Insurers battle business interruption claims

As a Las Vegas casino owner, Phil Ruffin is used to taking risks. But this time the odds seem stacked against the billionaire mogul. For months, slot machines sat empty across the Vegas strip, while hotel conference rooms laid bare. And Ruffin’s Circus Circus Hotel & Casino — perhaps best known as the scene of a drug induced bender in Hunter S. Thompson’s “Fear and…”

Legal Magic: Turning Real Property Foreclosures Into Uniform Commercial Code Sales

Remedies for defaults under loans secured by real property varies on a state-by­-state basis. In the eastern part of the country, enforcement is mostly by mortgage foreclosure. In the western states, there are enforcement proceedings by way of a deed of trust. There is a spectrum of debtor protections afforded to borrowers depending on the state involved.

Business bankruptcy rise of 54% may be artificially low

Business bankruptcy filings are on the rise in South Florida as Covid-19 takes its toll on the economy, but government aid programs may be holding these numbers back from what they might otherwise be.  Multiple high-profile businesses have already filed this year including Neiman Marcus, Lord and Taylor and 24 Hour Fitness, and these cases may well be…

Despite pandemic, financial jobs rock solid

For many in Miami-Dade, money is tight and employment tentative amid a lingering global pandemic now in its fifth month. But while some industries have seen steep declines in workforce rolls, one sector has thus far remained largely immune from the crisis’ effects. Miami-Dade’s unemployment rate was 11.5% as of June, the last month for which there…

9,000 applicants force United Way to hit pause on pandemic fund

A flood of 9,000 applications in two days quickly caused the United Way of Miami-Dade to stop accepting more as it distributes $20 million in federal funds for those hammered by the pandemic. Applications are to reopen in several weeks once the initial flood is dealt with in first-come, first-served funding. The county days before had chosen the United Way for the…

Maritime jobs vacant as companies hunt skilled workers

While unemployment is rife in many industries due to the upheavals of Covid-19, maritime jobs continue to go unfilled for lack of skilled employees. In fact, said Horacio Stuart Aguirre, chair of the Miami River Commission, the pandemic may even be contributing to demand. “In the past six weeks I have visited four boatyards,” he said, “and yacht…”

Macerich posts $27M loss; CEO says physical retail here to stay

Macerich CEO Thomas O’Hern and Santa Monica Place mall Mall landlord Macerich posted a $26.7 million net income loss in the second quarter as the Santa Monica-based firm continues its struggle to collect rent across its portfolio. The dismal quarter compared to Macerich’s profit of $13.9 million over the same period in 2019. At its earnings call on Tuesday, the retail…

Here’s the real estate record for Kamala Harris

While serving as California attorney general, Kamala Harris could have gone after Steve Mnuchin for alleged mortgage fraud at his company, OneWest, but didn’t. OneWest foreclosed on more than 36,000 California homeowners in the years following the Great Recession. Harris’ office conducted a preliminary investigation, and deputy attorneys general…

Blackstone pays $46M for Broward industrial properties

An affiliate of Blackstone bought several industrial properties in Broward County from Elion Partners for $46 million. The warehouses are spread between Weston, Coral Springs and Pompano Beach, records show. Elion had paid about $35 million in total for the properties in 2018 and 2019. The sale includes three warehouses at 1800-1880 North Commerce Parkway…

Marriott claims Covid-induced crisis for hotels has bottomed out

Marriott International believes the hotel industry believes the worst is over, so it’s halting its relief measures for hotel owners’ bills and forging ahead with new development. While announcing the hotel company’s second quarter earnings on Monday, CEO and president Arne Sorenson acknowledged the cataclysmic effect the coronavirus pandemic has had…

Vornado will install facial recognition tech in all its buildings

After testing facial recognition technology on users for years, Facebook will soon have to decide whether to opt in or out of facial recognition for its own employees in New York. Vornado Realty Trust, which has operated face-reading systems at a handful of properties for the past five years, now plans to expand the technology across its entire portfolio, Business Insider…

J. Crew said it was bankrupt. Then its landlords forked over $130M

Bankrupt retailer J. Crew is saving $130 million in rent. The retailer, which has 492 stores including Madewell and outlet locations, has negotiated about $70 million in concessions this year and about $60 million next year from its landlords, according to Retail Dive. That includes waivers and rent deferrals, as long as sales are in line with…

Consumption of goods and services during the COVID-19 recession : Some shirts, some shoes, but a lot less service

First, some background on the line graphs shown above and below: The zero “date” is the start of a recession. The x-axis “periods” are the number of months after the start date. And the data are from the BEA’s Personal Income and Outlay survey. Now, what do they show? The main revelation is that real personal consumption expenditures on services have decreased…

The last mile: Amazon in talks with Simon to convert bankrupt megastores into fulfillment centers

Amazon may soon take over the spaces of bankrupt retailers it has left in the dust. The e-commerce giant is in talks with mall owner Simon Property Group to turn anchor stores into distribution hubs, the Wall Street Journal reported. Read more Amazon doubles down on fulfillment centers How Amazon became the leasing king of e-commerce The main target…

TRD Insights: Gentrification happening fastest in least affordable cities

Want to identify the chief culprit behind gentrification in your neighborhood? Look no further than your city’s housing supply — or lack thereof. Metro areas with less affordable housing disproportionately drive high-income home buyers to lower-income neighborhoods, according to recent analysis from the Urban Institute, Washington-based nonpartisan…

Chart: Miami Commercial Real Estate Sales to List Price Ratio Dips in July ~ MLS

The sales to list price ratio as reported by the Miami MLS, after having held up well as coronavirus hit, reached its lowest level in a number of years for properties classified as commercial/industrial with prices from $1 million to $10 million. That this ratio held up so well as-if-no…

Brightline ends partnership with Virgin Trains in South Florida

Brightline and Virgin Trains are headed on different tracks and have ended their partnership agreement in South Florida. The commuter train service will go back to using the name Brightline, it said in its monthly revenue and ridership report. Brightline had been operating as Virgin Trains USA, and was expected to complete the rebranding by this summer. The rail service…

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm

Billionaire developer Charles Cohen submitted new plans for a Pelli Clarke Pelli Architects-designed office tower in West Palm Beach. The plans reveal a proposal for West Palm Point, a 338-foot-tall tower with 23 floors of office space and a 10-floor parking garage, topped with a reflecting pool and landscaped deck. The late César Pelli’s architecture firm, which designed…

National retail chains paid 80% of July rent, a Covid high

An increasing number of retailers are finding their rent is no longer too damn high. Major retail chains paid 80 percent of their July rent, by far the highest amount in months, according to a new report from Datex Property Solutions. But despite that positive indicator, many retailers are still skipping rent payments, a distressing sign for landlords. The latest rent…

Industrial development, rents and leasing stable in South Florida, but uncertainty remains: panel

Jason Tenenbaum of Prologis, Stephanie Rodriguez of Duke Realty and Ross Giglio of Terrano Realty The industrial sector, a bright spot in South Florida’s real estate market, is seeing shifting strategies, experts say. Some developers, like Duke Realty, are launching new projects, while slowing down in other parts of the country. In mid-March, as the pandemic was…

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings

Bank OZK is seeking to foreclose on a Lincoln Road property owned by developer David Edelstein. The Little Rock, Arkansas-based bank, one of the most aggressive commercial real estate lenders in the country, is looking to collect on the $12.8 million that’s allegedly remaining on the loan, plus fees and interest, for the buildings at 918 and 920 Lincoln Road in Miami Beach.

Hospitality, retail led job gains in July

The hospitality, leisure and retail sectors led job gains in July, with unemployment levels improving slightly overall. Payroll employment rose by 1.8 million in July and the unemployment rate declined to 10.2 percent, following a high of 14.7 percent in April, according to Department of Labor figures released Friday. Still, 16.3 million Americans remain jobless…

U.S. trade during COVID-19 : Imports and exports have plummeted differently

The recession caused by the COVID-19 pandemic has included a precipitous decline in U.S. trade: The FRED graph above shows that both imports and exports have declined more than 20% relative to a year ago. This decline may not be too surprising, given that international trade flows are usually more volatile than domestic economic activity. Large changes in economic…

“We’re not crying in our milk”: Hilton eyes new hotels despite $432M loss in Q2

Hilton Worldwide Holdings pressed on with developing new hotels despite heavy losses last quarter. The hotel giant opened 60 hotels with 6,800 new rooms last quarter despite reporting a net loss of $432 million in the second quarter. That’s down almost 66 percent from its net income of $261 million during the same period 2019. Still, the company grew its pipeline by 11…

Brookfield Property’s retail tenants paid 34% of rent in Q2

Brookfield Property Partners’ Brian Kingston Brookfield Property Partners collected just 34 percent of rent across its retail portfolio in the second quarter, helping drive another sharp decline in earnings this year. Its office holdings also took a hit. The real estate arm of Brookfield Asset Management reported a net loss of $1.5 billion from April through June…

TRD Insights: What #WFH could mean for office and resi costs in tech hubs

With many tech companies open to long-term remote work for their employees, questions are being asked about how that will impact the office and residential markets in hubs of tech talent. (iStock) The technology industry accounted for over a fifth of major leasing activity nationwide in 2019, making it the biggest driver of the office market in the U.S. In hubs…

Simon strikes back at the Gap with $107M lawsuit

Call it a retail rumble, with Simon Property Group in one corner and its largest national tenant in the other. The largest shopping mall landlord has filed another lawsuit against the Gap. This one accuses the retailer of “taking opportunistic advantage” of the pandemic to avoid paying $107 million in overdue rent, even though some of its stores have reopened…

Blue Jay Trucking Inks 40,000-SF Lease Deal In Relo To Medley

Agora Real Estate Group President and Commercial Advisor Elias G. Patsalos, CCIM, recently represented the tenant in a long-term, 40,000-square-foot lease at Lakeview Industrial Center, located at 8005 NW 80th Street in Medley. Patsalos represented Blue Jay Trucking in the direct deal with the landlord, Gamma Delta Corp. “This deal was particularly…

Potential CRE Property Improvements To Adapt To COVID-19

In addition to everything else we can blame on COVID-19, the pandemic has altered what’s important in commercial real estate. Not long ago, landscaping, security, and lighting were among the key elements to increase property values, and often ranked high on the list of tenant wishes. But with the pandemic and re-openings, the most significant concern is the…

Federal agents raid Cleveland and Miami offices of company tied to Ukrainian oligarch

Agents with the FBI and the Internal Revenue Service on Tuesday raided two offices belonging to Optima Management Group, a company with ties to a Ukrainian oligarch, federal law enforcement sources tell CBS News. The federal agents conducted the raid of Optima Management’s offices in Miami and Cleveland as part of an investigation out of the U.S. Attorney’s Office…

Brian Pearl Talks About his 886-unit Development in Miami, Student Housing Operations During COVID-19 

Construction is underway on The One at University City, a 1,244-bed student housing community located across the street from the Florida International University campus in Miami. The developer behind the off-campus property, Global City Development, partnered with RER Ventures and Podium Developments to offer 886 units to students in need of housing…

WeWork’s Lincoln Road landlord seeks $20M in unpaid rent

WeWork’s landlord on Lincoln Road is suing the co-working giant, alleging it failed to pay rent in April, May and June while still occupying the space. SML 350 Lincoln Inc. sued WeWork in Miami-Dade Circuit Court in late July, alleging the company breached its commercial lease by failing to pay rent. The landlord, led by Shaul Levy and Meir Levy, is seeking more than…

Chart: June 1 Miami-Dade Unemployment Level Remains Steady Following Intial COVID-19 Surge in April

The continuing effects of COVID-19 on employment, and thus the economy, in the Miami area continue can bee seen in the June 1 unemployment rate of 11.5% for Miami-Dade county, down slightly from the prior month’s 12.0% level. This is little changed from levels reached in April as unemployment levels made an initial jump due to the effects of…

92,550 SF Medley Industrial Lease Arranged

Cushman & Wakefield has arranged a 92,550-square-foot industrial lease at Medley 104 Industrial Center in Medley. The landlord, Lincoln Property Co., recently completed a $6.5 million renovation at the 263,131-square-foot property. Medley 104 is situated at 9400 NW 104th St., 10 miles northwest of Miami International Airport and 15 miles northwest of the Port of Miami.

Swire Properties Sells Brickell City Centre Office Towers in Miami to Northwood for $163 Million

Swire Properties has sold Two and Three Brickell City Centre, two office buildings at the $1.05 billion Brickell City Centre mixed-use project in Miami’s Brickell district. The sales price was not disclosed, though The Miami Herald reports the assets traded for $163 million. The South Florida Business Journal reports Denver-based Northwood Investors LLC…

This New Miami Hotel Residence, Connected To A Medical Center, Is Poised For A Pandemic

The developers of a new mixed-use tower in Miami, set to open in 2024, weren’t anticipating a global pandemic when they came up with the idea for their latest project — a medical center attached to a luxury hotel-condo. However, the coronavirus, which has hit Florida particularly hard, has spurred some changes in the complex and attracted interest. Legacy…

Miami Worldcenter developer sells site to Abbhi Capital for $24M

Miami Worldcenter’s development group sold off another part of the mega-project. Abbhi Capital bought a 1.15-acre parcel of land at the Miami Worldcenter development site at 1016 Northeast Second Avenue for $24 million, according to a spokesperson for Miami Worldcenter. MWC Block A, LLC, led by Nitin Motwani, sold the property. The site is zoned T6-60a-O…

Low Income Housing Tax Credit Investors Fight Back, Say Miami Judge’s Ruling Will ‘Chill’ Investment In Affordable Housing

Last month, a Miami judge ruled that a local nonprofit could buy a housing complex by assuming its debt and paying taxes owed — about $110K — icing out its Boston-based private investment partners who had hoped to sell the project for $21M and make a nearly $5M profit on the deal. But the investors, HallKeen, haven’t given up the fight. They’re asking the judge…

Construction accident at Vlad Doronin’s Brickell tower site in Miami lands six workers in the hospital

A bundle of rebar collapsed at a construction site Wednesday near Brickell City Centre, trapping six workers who were eventually freed and sent to the hospital in serious or critical condition. The accident occurred before 11:30 a.m. at the site of 830 Brickell, where developers OKO Group and Cain International are building a 57-story, 724…

Starwood’s Barry Sternlicht predicts demand for hotels, retail will not return to pre-Covid levels “for awhile”

Barry Sternlicht compares the coronavirus pandemic to a race at the Indianapolis Speedway gone wrong. As a pace car laps around the track, lenders have to pull into the pit to change the tires and replace auto bodies. “We have never experienced that,” said Sternlicht, chairman and CEO of Miami Beach-based Starwood Property Trust, during a second quarter…

“We’re seeing more militant direct action:” Tenant groups fight evictions with power drills and other tools

Responding to an eviction in progress in South Central Los Angeles, tenant organizers didn’t call a defense attorney. They called a contractor, who came equipped with a power drill. When a local landlord removed a resident’s belongings and changed the locks on his apartment a week after he missed rent, Paul Lanctot, an organizer with the Los Angeles Tenant…

Nationwide office leasing demand hits two-decade low

The coronavirus pandemic and its economic aftermath have put a damper on office leasing across the U.S. By one measure, the decline in demand for office space in the second quarter was the largest the country has seen since the dot-com crash. Net absorption in the U.S. office market — the amount of space leased minus vacated space and new space — turned…

Miami International Airport projects rushed in pandemic

Miami International Airport’s multibillion-dollar overhaul is still taking off – just not exactly as originally planned. Some big-ticket projects in the $5 billion capital improvement plan for Miami-Dade County’s top economic engine will start earlier than first scheduled. Others set to begin soon are now on hold. It’s all to minimize harm to an air hub whose passenger…

Miami-Dade advised to fast-track transportation projects now

Miami-Dade County decisionmakers should now be moving as many worthwhile transportation projects as possible to the starting line in order to take advantage of free-flowing federal funds, Citizens’ Independent Transportation Trust (CITT) Executive Director Javier Betancourt says. The county for years has sought hard-to-get dollars from Washington to help…

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases

Florida Gov. Ron DeSantis’ latest extension of the ban on residential foreclosures and evictions is expected to flood the courts with new filings once it is lifted, as layoffs continue to mount and federal funding runs out, real estate attorneys told The Real Deal. “Mortgage lenders are getting nervous that the people they’re lending money to are no longer getting…

Inside Hudson Pacific and Blackstone’s field of streams

As many developers just try to hang on during the pandemic, Victor Coleman is celebrating. During an earnings call at the end of July, Coleman could hardly contain his excitement about what he called “the milestone.” Blackstone Group, the New York-based investment giant, had agreed to buy a 49 percent stake in his company and its $1.65 billion Hollywood real…

J.C. Penney taps Cushman, B. Riley to sell 163 locations

As part of its plan to reduce its portfolio and cut costs amid Chapter 11 bankruptcy, J.C. Penney is looking to sell off its interest in 163 locations across the country. The department store chain has tapped Cushman & Wakefield and B. Riley Real Estate to sell the leases for 142 locations, as well as 21 stores it owns, Business Insider reported. “There’s all kinds…

“Blank-check” companies make a comeback in real estate

The 1980s called. They asked for their investment strategies back. In July, an affiliate of prominent New York-based real estate investment firm Benchmark Real Estate Group raised money through a vehicle known as a blank check company. The Benchmark entity, Property Solutions Acquisition, raised $200 million by selling shares of a shell…

‘They Are Literally Exploding Right Now’: The Rise Of Blank Check Real Estate Companies

Special purpose acquisition companies, known as SPACs, have been all the rage in the financial world this year. Now, they are starting to become en vogue in commercial real estate. “Today, three SPACs went public,” former hedge fund portfolio manager Neil Danics, who tracks SPACs for the website he founded, SPACAnalytics, said Wednesday. “They’re literally…”

Falcone Group Hires HUD Executive To Lead New Affordable Housing Arm

Prominent South Florida developer Art Falcone is launching a new affordable and workforce housing arm at his company, Falcone Group, and he has tapped the former deputy chief of staff for Housing and Urban Development Secretary Ben Carson to lead the division.Alfonso Costa Jr. will serve as executive vice president in the division of Falcone…

Brookfield’s nixed mall redevelopment may signal strategy shift

A tough economic environment has led Brookfield Property Partners to cancel plans to redevelop a mall in Burlington, Vermont, and local officials aren’t happy. Brookfield became involved in the project in 2017, with plans to build apartments and a 10-story office tower on the now-empty site. But last month, it sold its interest in the project to local…

The Recent COVID-19 Spike and the U.S. Employment Slowdown

The coronavirus pandemic continues to affect employment across the United States. In a previous blog post, we explored the idea of forecasting weekly changes in employment using data from Homebase, a data set that reports changes in employment daily. In this article, we discuss our updated forecasts for employment using this technique and investigate whether…

How to Avoid an ADA Lawsuit

95% of commercial buildings violate of the ADA…and their owners don’t even know it. But some lawyers make it their job to know. Here’s how to avoid a costly ADA lawsuit. The Americans with Disabilities Act, or ADA, is a vital piece of legislation for ensuring that all Americans have equal access to the same resources. But it also means that property owners, builders…

Notable Retail Leases Signed in South Florida Q2 2020

South Florida Retail Leases 2020 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q2 2020. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment that the traditional retail market is suffering due…

WeWork offers pay-as-you-go workspaces

With the office market in limbo, WeWork has launched a pay-as-you-go offering that allows users to drop in for as little as an hour (and $10). A source familiar with WeWork’s new “On Demand” program said it’s being piloted for the next 60 days in New York City. As companies reopen for business, it reflects a growing demand for a “third place” to work…

Trump says he is “going to stop” evictions

President Donald Trump said Monday that he was “going to stop” evictions by issuing a moratorium as negotiations in Congress bog down over a larger federal coronavirus relief plan. The White House is also looking into whether Trump can unilaterally extend the enhanced unemployment benefits that were part of the federal government’s pandemic relief…

Codina Partners affiliate allegedly owes $3.6M for Downtown Doral condo construction: lawsuit

5350 Park with Armando Codina and Ana-Marie Codina A Codina Partners affiliate allegedly stiffed a Fort Lauderdale construction firm for $3.6 million after completing 5350 Park, the developer’s latest condo project in Downtown Doral, according to a recently filed lawsuit. Grycon LLC is suing 5350 Park LLC and the project’s surety bond provider Arch Insurance…

Dunkin’ to shutter 800 US locations

America will soon have to run on 800 fewer Dunkin’ Donuts. The retailer, one of the largest coffee and doughnut chains in the world, is permanently closing 8 percent of its U.S. locations, according to CNN. The company described the closures as “real estate portfolio rationalization” in its second quarter earnings, released Thursday. The closures will primarily affect…

WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave

WeWork is leaving Lincoln Road after allegedly owing more than $650,000 in unpaid rent at Lenox Avenue, and is consolidating its two Miami Beach locations into one, The Real Deal has learned. The embattled coworking giant notified its members at 350 Lincoln Road in Miami Beach that it was closing the space effective Aug. 14, according to a letter…

Vishaan Chakrabarti on a Manhattan real estate market without private cars

Vishaan Chakrabarti has a message for real estate developers: Think outside your own black car. The founder of Practice for Architecture and Urbanism and the dean of the UC Berkeley College of Environmental Design joined TRD‘s Hiten Samtani to discuss his proposal for a Manhattan in which private cars would be banned. Instead, all the land devoted to…

Columbia Property Trust office REIT sees leasing, revenue rise while buildings just 5% full

Looking at the latest quarterly financials from Columbia Property Trust, you might forget that we’re in the middle of a pandemic. The office REIT leased more square footage than it did in the same period a year ago, and recorded its highest normalized funds from operation since 2018. But the situation on the ground tells…

72K-SF Industrial Lease Secured in Miami

Cushman & Wakefield has secured a 72,304-square-foot industrial lease at Medley Industrial Center in Medley. Located at 6891 NW 74th St., the Medley Industrial Center is a 142,804-square-foot industrial facility featuring 24 foot clear heights, 12 dock loading doors, one ramp, and five rail doors on a Florida East Coast Railway spur line. The lease brings…

Ladder Capital seeks to foreclose on Witkoff’s South Beach hotel

A lender is seeking to foreclose on the Witkoff Group’s South Beach hotel after it alleges the developer failed to make its July payment on a $45 million loan. Ladder Capital Finance filed a foreclosure lawsuit against the owner of the 181-room Washington Park Hotel and is seeking to collect the entire loan, along with interest and late fees. Private equity giant…

“Headwind to profitability”: Amazon doubles down on fulfillment centers

Amazon has been on a torrid pace of leasing and acquiring millions of square feet of fulfillment centers and warehouses across the country this year. And demand is there. The company, which reported $88.9 billion in second quarter sales Thursday, said it would increase its fulfillment center square footage by 50 percent in 2020. That’s on top of the 15 percent…

Starwood eyes $11B raise for real estate, distressed bets

Barry Sternlicht is putting his money where his mouth is. The Starwood Capital Group CEO last month quipped, “when it’s really ugly, it’s a good time to invest.” Now, the company is looking to raise $11 billion for real estate and distressed bets. The firm’s Starwood Global Opportunity Fund XII is looking to raise $8 billion for real estate acquisitions, and a sidecar…

Hudson Pacific is effusive about Blackstone deal, defensive about office space

Hudson Pacific Properties reported a dip in second quarter net income, attributing it to retail tenants that deferred their rent payments because of the coronavirus. But taking into account the massive impact the pandemic has had on retail and office landlords, the real estate investment trust’s net income of $3.7 million and revenue of $199 million in Q2, was…

Welcome to a world of the à la carte retail lease

In sickness and in health, till short-term, revenue-adjusted leases do us part. One of the U.K.’s biggest retail landlords is moving away from a traditional lease structure across its multibillion-dollar portfolio, opting to give tenants a basket of leasing options with adjustments based on in-store revenue. It’s one of the most significant reevaluations of the relationship between…

Congress pitches relief to struggling hotel, mall CMBS borrowers

A bipartisan bill introduced in Congress on Wednesday is intended as a lifeline for hotel and shopping-center CMBS borrowers. The measure would provide preferred equity to borrowers hurt by the coronavirus pandemic, taking from a $454 billion pool set aside for struggling businesses in the earlier stimulus bill, the Wall Street Journal reported. Roughly 10…

Brookfield, creditors reach deal on REIT’s $6.4B credit facility

Brookfield Asset Management has renegotiated a $6.4 billion credit facility for its retail-heavy real estate investment trust, Brookfield Property REIT. The deal imposes restrictions on dividends and requires other Brookfield Asset Management–owned entities to lend at least $250 million to the REIT, the Financial Times reported. In exchange, a group of creditors led by…

SoFla construction starts plummet 54% in June

(iStock) South Florida construction starts took a nosedive in June, continuing the trend since the coronavirus pandemic began. Nonresidential construction declined 43 percent in June, year-over-year, to $239.6 million, while residential construction dropped 61 percent to $265.4 million during the same period, according to a new report from Dodge Data & Analytics.

SoFla industrial market’s Q2 is strongest quarter in three years

South Florida’s industrial real estate market’s second quarter proved to be its strongest period in three years, according to a recently released report from Newmark Knight Frank. In the second quarter, South Florida’s industrial market saw a 51 percent uptick in net absorption, representing the amount of space leased rather than vacated. Net absorption totaled…

Swire sells Brickell City Centre office buildings for $163M

Swire Properties sold two office buildings at Brickell City Centre for $163 million, marking the largest sale to close in South Florida during the pandemic. Two Brickell City Centre and Three Brickell City Centre LLC, led by Swire Properties President Kieran Bowers sold the office portion of 78 Southwest Seventh Street and 98 Southeast Seventh Street in Miami to US…

Florida Class-Action Suit Seeks To Force Insurers To Pay Out ‘All Perils’ Policies

The Miracle Theater in Coral Gables opened in 1948 and has been a Miami-area landmark ever since. But its stages have been empty and its lights dark since mid-March, thanks to the coronavirus. Phillip Pessar The Miracle Theatre at 280 Miracle Mile in Coral Gables, near Miami. Actors Playhouse Productions, the company that runs the theater, on Monday filed a federal…

Unibail-Rodamco sees 15% decline in US mall rents after offering deferrals

While operations at Unibail-Rodamco-Westfield’s European holdings are returning to normal, the retail giant’s U.S. holdings are contending with different reopening — and in some cases re-closing — timelines. Some of the landlord’s European malls have already been back open for 12 weeks, with foot traffic…

A-Rod’s Former Brother-In-Law Scores A Win In Bid To Take A Slice Of Real Estate Company

A Miami judge ruled Alex Rodriguez’s former brother-in-law can add punitive damages in his complaint against the baseball player-turned-real estate investor, in the latest development in the continuing legal dispute between the pair. Constantine Scurtis, the brother of Rodriguez’s ex-wife, Cynthia, is suing the former Yankee for $50M, The Daily Mail reports.

David Martin’s Miami Beach Marina proposal heads to voters in November

Voters will decide if developer David Martin can redevelop the Miami Beach Marina into a high-rise, mixed-use tower. The Miami Beach City Commission on Wednesday agreed to send the proposal to a referendum in November. Martin’s Terra is proposing a tower of up to 385 feet in height, or about 38 stories tall. It would include about 60 residential units…

WeWork hires help to fill vast empty spaces from NYC to LA

WeWork has hired brokers to help fill millions of square feet now vacant, in New York City and Los Angeles, as the co-working giant continues to get pummeled by the effects of the coronavirus. The company is also shopping for brokerages to help lease spaces in Miami, Boston and Seattle, according to Business Insider. JLL is marketing WeWork spaces at seven buildings…

With Demand For Affordable Housing Rising, Funding Appetites Are Shrinking

To get affordable housing built, developers usually receive government tax credits that they in turn sell to investment partners and banks that use them to offset their tax liability. This year is anything but usual for banks, though — the three biggest ones in America are expecting such a huge drop in loan repayments that they set aside $28B to cover expected losses over…

AOC seeks to block Trump’s recent effort to roll back fair housing rule

New York Rep. Alexandria Ocasio-Cortez is working to defund the Trump administration’s proposed fair housing rules before they even get off the ground. For years, the administration has talked of dismantling an Obama-era rule which President Donald Trump has described as an “effort to abolish the suburbs.” Last week, in what appears to be a bid to win over…

Major retailers are squatting on prime real estate

A Nasdaq-listed squatter? Ann Taylor parent company Ascena Retail Group is among a handful of retailers that refuse to vacate stores after breaking their leases. That’s causing some major headaches for landlord Boston Properties. “As long as these tenants refuse to relinquish possession, we have no ability to re-let their space. And we are showing it as occupied…

Google isn’t coming back to the office until at least next summer. Here’s all the space at stake

In December 2018, Google CFO Ruth Porat announced plans for the search giant’s new 1.7 million-square-foot campus in Manhattan’s Hudson Square, a move that would allow the company to “more than double the number of Googlers in New York over the next 10 years.” It was the latest in a series of billion-dollar moves that had made Google…

Infographic: Prevalence of Working from Home Before vs. During COVID-19

It remains to be seen what will become of office working norms after COVID-19, including the degree to which “the office” will be centralized in corporate space versus wherever one is (usually home). What we can see is what is happening in the pandemic, which also is a measure of the percentage of the office workforce gaining exposure to the option of…

Working From Home Is Terrible News for Landlords

Early on in the pandemic, reports of the death of the office appeared greatly exaggerated. But as Covid-19 lingers, and second infection spikes dot the global map, something is changing in how employees and employers view the workplace: It’s being seen as an option rather than a necessity for many white-collar workers. Once we get the pandemic under control, this shift…

NJ auto dealer pays $21M for North Miami Beach dealerships

A New Jersey auto dealer paid $21 million for the properties housing Honda of Aventura and Aventura Chrysler Jeep Dodge Ram dealerships in North Miami Beach. PSD Automotive Group, led by Patrick Dibre, acquired the land at 2150 Northeast 163rd Street, 16200 West Dixie Highway, 2151 Northeast 161st Street and 16050 West Dixie Highway, records show.

Video: Miami Downtown Development Authority COVID-19 Recovery Committee Virtual Meeting Held July 22, 2020

The COVID-19 Recovery Committee works to direct the Miami DDA’s (Miami Downtown Development Authority’s) actions to prepare Downtown Miami, aka the Miami Central Business District, for reopening responsibly, and to most optimally support the sectors of real estate, tourism, business, and retail, while also maintaining and improving the quality of life in the area.

Desperate hotel owners selling at discounts up to 30%

Cash-strapped hotel owners are selling properties at discounts and agreeing to sky-high interest rates with federal aid about to end. The desperate moves are mostly by small or private hotel owners, though some real estate investment trusts are also feeling the pinch, the Wall Street Journal reports. Read more How will NYC real estate fare without 65 million tourists?

Coral Gables Updates its Zoning Code

For the past century, the City of Coral Gables has been known for the high quality of the original plan implemented by George Merrick in the 1920s and its thoughtful application of high standards for zoning and architectural design. Over the years, the Zoning Code has served as the main document that has preserved the City’s Spanish Mediterranean…

Commercial Property Borrowing Cost Quarterly 2020 Q2

Yields on 5-year U.S. Treasury Notes remain at lows quickly reached as we entered the era of the COVID-19 pandemic. As can be seen in the chart embedded herein, these rates, most closely tracked for commercial real estate financing cost, plummeted from what were already considered low levels to under 50 basis points (0.5%), barely hovering, it would seem…

Telecommuting probe could support work-at-home

Miami-Dade residents who have enjoyed working from home during the coronavirus pandemic may have government-backed research to support their wishes to continue to do so. A county’s transportation planning board last week ordered what promises to be the most comprehensive study to date of telecommuting as a congestion-reducing strategy here. The study…

On-demand shuttle to debut free along north-south transit

Transit riders in four areas along Miami-Dade’s north-south spine will be able to get to and from Metrorail and the South Dade Transitway on an Uber-like shuttle service set to deploy later this year. County commissioners this month OK’d a three-year deal with River North Transit, a subsidiary of New York City-based Via Transportation, for what Deputy Mayor Jennifer…

Trump National Doral hurricane shelter talks blown away

Negotiations for Miami-Dade to lease Trump National Doral Miami hotel rooms as hurricane shelters are dead, according to the county department head who launched talks of the possibility. Frank Rollason, director of the county Office of Emergency Management, said talks with Trump Doral fell through six days after Miami New Times reported they were underway.

With online buys, Doral warehousing in prime position

It may be too early to know exactly what effect the pandemic will have on commercial real estate in Doral, but experts say one segment may emerge particularly strong: the industrial market. With consumers buying online now more than ever, a trend only accelerated by Covid-19, demand for warehouse space and shipping centers may well increase. “The way we…”

Alejandra Argudin: Takes reins of Miami Parking Authority in pandemic fight

For Alejandra “Alex” Argudin, it’s always been about hard work.  From her time at the City of Miami to her rise up the ranks of the Miami Parking Authority, she says she’s always focused on giving it her all.  Shortly before life came to a standstill, she was appointed parking authority CEO, tasked with, among many other things, managing and developing off-street…

The Sapir & Rosen feud: Theft and betrayal at a family real estate empire

Trust betrayed. Contracts breached. Family exploited. Relationship destroyed. The bitter feud that has been playing out between two former real estate business partners and brothers-in-law, Alex Sapir and Rotem Rosen, has been a toxic divorce. It includes accusations of scheming, double-crossing and theft, and includes several members of their…

WeWork courts big corporations as coronavirus slams startups

Despite its roots as a landlord for freelancers and startups, WeWork has spent the past several years pivoting towards larger “enterprise” tenants. The co-working firm’s new CEO, as well as the economic fallout of coronavirus, are now solidifying that trend. For the first time ever, companies with more than 500 employees accounted for more than half…

Bridge Development Adds Logistics Tenant in Miami Gardens

Bridge Development Partners has signed a new tenant at Bridge Point Commerce Center, a Class A, 185-acre industrial park underway in Miami Gardens, Fla. A company in the health-care sector will occupy 80,373 square feet at the park’s 286,991-square-foot Building 1. The developer delivered the three-building Phase I of Bridge Point in January. According to…

Brookfield snags Miami Lakes warehouse for $22 million

Brookfield Property Partners snagged a warehouse in Miami Lakes for $22.2 million, as institutional investors continue to target industrial properties in South Florida. A company tied to the Toronto-based investment manager bought the 192,500-square-foot warehouse at 14100 Northwest 60th Avenue for $115 per square foot, records show.

Terreno Realty Sells Industrial Property in Metro Miami for $22.2M

Terreno Realty Corp. has sold a 192,000-square-foot industrial building in Miami Lakes for $22.2 million. The asset was fully leased to Miami International Freight Services at the time of sale. Terreno Realty acquired the property in December 2010 for $7.8 million. The buyer was not disclosed. Situated on 13.2 acres, the building is located at 14100 NW 60th…

Terreno Realty Sells Miami Industrial Asset for $22M

Terreno Realty Corp. has finalized the $22.2 million disposition of a 192,000-square-foot industrial building in Miami Lakes, Fla. A private investor acquired the property, which was fully leased to an international freight company at the time of the sale. The asset last changed hands in 2010, when Terreno paid $7.8 million for it. The company had an unleveraged rate…

André Balazs plans to convert hotels into private clubs

The coronavirus may have made travelers wary of staying in a hotel with strangers, but hotelier André Balazs is betting that private clubs with familiar clientele will be able to overcome some of these concerns. Balazs is planning to convert Los Angeles’ historic Chateau Marmont into a members-only model by the end of this year, and may then introduce…

There’s A New Hurdle For EB-5 Financing

The federal EB-5 immigrant visa program has been a major source of funds for real estate development over the past decade or so. But conflicts, fraud and tighter program rules have made it a complex gamble for investors. New rules outlined last week have now thrown another wrench in the system. U.S. Citizenship and Immigration Services issued “Clarifying…”

Shelborne South Beach unit owners lose appeal contesting $30 million in assessments

Shelborne South Beach A pair of investors who bought condo-hotel units in the Shelborne South Beach suffered a significant setback in their quest to reverse a three-year-old court ruling that deemed $30 million in special assessments legal and necessary. Earlier this month, the Third District Court of Appeals denied a petition by Evelyn Bailey and Robert Farnik to…

Billionaires vs billionaires: Developers seek height increase for Aman tower, face opposition from Miami Beach neighbors

A billionaire showdown could be brewing in Miami Beach. The billionaire developers of the planned Aman-branded tower in Miami Beach are seeking a height increase to 250 feet, and face opposition from billionaire neighbors at the Faena House next door. A partnership between Len Blavatnik’s Access Industries and Vlad Doronin…

Authentic Brands, Sycamore eye buy of Ann Taylor parent company

Authentic Brands wants to make another big investment in the retail apocalypse. The company, along with frequent partners Simon Property Group and Brookfield, is eyeing the purchase of Ascena Group, according to Bloomberg. The parent company of Ann Taylor, Loft, and Lane Bryant filed for Chapter 11 bankruptcy last week. Private equity firm Sycamore…

Infographic: Prevalence of Working from Home Before vs. During COVID-19

It remains to be seen what will become of office working norms after COVID-19, including the degree to which “the office” will be centralized in corporate space versus wherever one is (usually home). What we can see is what is happening in the pandemic, which also is a measure of the percentage of the office workforce gaining exposure to the option of such.

COVID-safe office buildings come at a cost to Mother Nature

Many office landlords are beefing up their HVAC systems and running them longer to mitigate the airborne spread of Covid-19, but that comes at a cost. Increasing the circulation of outside air through a building is seen as the best way to ensure safe and clean air, but it has to be heated or cooled first. One trade group for HVAC engineers suggested landlords run their HVAC…

Trump repeals HUD rule in bid to win over the ‘burbs

In an apparent bid to gain votes in suburban areas, President Donald Trump repealed an Obama-era fair housing rule. In a press release announcing the measure, the Trump administration wrote that the new rule “eliminates the excessive burden put on local communities and gets rid of the top-down approach that dictated zoning for communities.” The…

Bank OZK eyes multifamily lending opportunities, just not in NYC

Bank OZK’s George Gleason Bank OZK, one of the nation’s largest construction originators, is eyeing lending opportunities in the multifamily sector despite the coronavirus-fueled volatility. Those opportunities just aren’t in New York City. At the bank’s second-quarter earnings call Friday, chief operating officer Brannon Hamblen — president of its real estate…

Bankrupt Brooks Brothers gets $305 million stalking-horse bid

A familiar team is vying for the bankrupt men’s clothier Brooks Brothers Group. An entity backed by Authentic Brands Group and Simon Property Group submitted a $305 million bid as part of a court-supervised auction for the troubled brand, Bloomberg reported. Brooks Brothers announced its Chapter 11 bankruptcy July 8. Simon Property Group, the country’s largest…

Rent collection jumps in NYC, ebbs in US

The owners of 400,000 New York City rent-stabilized apartments reported that rent collection improved markedly in early July, while a national survey found collection in market-rate apartments slipped. Their trade group Community Housing Improvement Program reported that 17.7 percent of residential tenants paid no rent in the beginning of the…

RE-closing time: The latest pandemic pressures by the numbers

A Covid-19 testing site at Dodgers Stadium in Los Angeles In just a matter of weeks, major markets reopened and shut back down. Throughout California, Florida and many other states, the alarms have been ringing once again — especially for retail, hotel and other commercial property owners in big cities. This time around, bars and restaurants have been…

How code could make multifamily construction more predictable

When first looking to raise funds for their construction-tech startup in 2017, Ben Huh and Michael Yarne steered clear of investors from the industry they were hoping to shake up. Instead, the founders of Social Construct went the traditional venture route, believing that outsider money would let them be bolder. “They [venture capitalists] don’t get worried when you…

Miami Beach racks up another court loss over short-term rental enforcement

For the second time in a week, Miami Beach struck out before the Third District Court of Appeals in the city’s quest to keep its hard-nosed short-term rental regulations intact. The appeals court on Wednesday rejected Miami Beach’s petition to overturn a Miami-Dade judge’s ruling that determined that the city’s exorbitant fines for short-term rental violators…

Commercial real estate lawyers: You’re stuck with that lease

As the coronavirus has shuttered stores, reduced foot traffic to a trickle and dampened consumer demand, growing numbers of retailers are looking towards “impossibility of performance” and the doctrine of “frustration” as a way out of pricey leases. But the real estate industry’s top lawyers say judges won’t buy it. “The courts have said that frustration of purpose is…

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park

Brookfield Properties is suing to evict Irving Padron’s Submarket Realty from the Shops at Merrick Park at 358 San Lorenzo Avenue in Coral Gables, alleging the brokerage owes $94,218 in unpaid rent. In the suit, filed earlier this month in Miami-Dade Circuit Court, Brookfield alleges that Submarket Realty is in default of its obligations, and Brookfield wants to take…

Michael Shvo pushed out partner at 2 office tower acquisitions: lawsuit

An investment firm that was partnering on two of Michael Shvo’s biggest recent office tower acquisitions in San Francisco and Chicago is accusing the developer of canceling their agreements and cutting it out of those deals. BLG Capital filed its suit against Shvo and his investors for allegedly cutting it out of the $600 million Transamerica Pyramid purchase in San…

Office landlords, beware: More of corporate America is looking to reduce space

It’s not just tech firms. Corporate America is looking to trim office space as companies shift to remote work and look to reduce costs. An analysis of quarterly earnings calls by Reuters found that more than 25 large companies across different sectors are planning to downsize their office footprint, posing a threat to office landlords’ bottom lines.

Ann Taylor and Lane Bryant parent company files for bankruptcy

Just a few years ago Ascena Retail Group was one of the largest retailers for women’s clothes. Thursday, it filed for bankruptcy. The company, which owns Ann Taylor and Lane Bryant, will close 1,600 of its approximately 2,800 stores in an attempt to shed $1 billion of its $1.1 billion in debt, according to The New York Times. The company said it was in the process…

The REInterview: Social Construct’s founders on making multifamily construction an assembly line

Social Construct CEO Ben Huh, TRD’s Hiten Samtani and Social Construct co-founder Michael Yarne “Nothing can be said to be certain except death and taxes,” goes the old chestnut. If you’re a real estate developer, you could add one more to that category: that your cost of building will keep going up. The primary reason for this is the cost of labor. A construction site is a…

72,304 SF Medley Industrial Lease Secured

A 72,304-square-foot industrial lease was secured at Medley Industrial Center in Medley. Located at 6891 NW 74th Street, the Medley Industrial Center is a 142,804-square-foot industrial facility featuring 24 foot clear heights, 12 dock loading doors, one ramp, and five rail doors on a Florida East Coast Railway spur line. The lease brings the property to full…

Melo Group Opens Downtown Miami Residential Tower

Miami Plaza, a new multifamily community from Melo Group, has opened in the Arts & Entertainment District of downtown Miami. The 36-story, 425-unit building features 8,000 square feet of ground floor retail and restaurant space. Miami Plaza is the fourth multifamily project Melo Group has opened in the Arts & Entertainment District since 2016. It is the final…

An Insider’s View of South Florida’s Office Sector

Although the office market has not yet experienced the full impact of the pandemic, it is evident that workplaces will need to be reimagined and designed more carefully, with safety and well-being in mind. To find out more about how offices are adjusting to the new reality brought about by the coronavirus outbreak, Commercial Property Executive talked to…

1031 exchanges back on the chopping block in 2020 election

As the presidential election season moves into full swing, a popular tax mechanism for real estate investors has found its way into the crosshairs. Presumptive Democratic nominee and former Vice President Joe Biden recently suggested eliminating 1031 exchanges for real estate investors with annual incomes of more than $400,000 in order to help…