Keyes Commercial Leads Full Year 2017 Miami-Dade MLS Ranking

Keyes Commercial Leads Miami-Dade in 2017 MLS Commercial Sales

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In the  twelve months ending December 31, 2017, The Keyes Company Commercial Division, commonly referred to as Keyes Commercial Realty, yet again dominated the Miami MLS market share broker rankings for number of sales transactions of commercial improved properties within Miami-Dade County.  The firm’s impressive 22.9% – nealry a quarter – share among the top 10 brokers of such properties was nearly double that of its closest competitor.

The Keyes Company has dominated such rankings in every year since at least 2006, which is as far back as the MLS reports are available.  The firm also ranked #1 in sales transactions of commercial land (commercial/agricultural/industrial/business land),  with nearly four times the number of sales transactions versus its nearest competitor, and was #1 combined (commercial improved and land).

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March 13, 2018

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June 26, 2019

Video: Moise Mana Discusses Vision for Wynwood and Miami in General

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June 20, 2019

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The New York state legislature passed sweeping rent regulation reform on Friday, dramatically limiting how landlords can increase rents on stabilized apartments and opening the door for rent stabilization to expand outside of New York City. Gov. Andrew Cuomo signed the bill almost immediately. The bill includes the elimination of vacancy decontrol and new caps on the Major Capital Improvements and…

Design Center of the Americas faces $173 million foreclosure lawsuit

Cohen Brothers Realty Corp.’s Design Center of the Americas in Dania Beach is facing a $172.9 million foreclosure lawsuit. Wells Fargo, acting as a trustee of GE Commercial Mortgage Corp., filed the lawsuit in Broward County Circuit Court on June 4. The 782,986-square-foot property at 1855 Griffin Road has faced troubles with its loans for years. The lawsuit alleges that Design Center of the Americas…

Wall Street warns against privatizing Fannie and Freddie without Congress guarantee

FHFA director Mark Calabria is ready to set Fannie and Freddie free, while Wall Street worries about potential risks. As the Trump administration gears up to end the decade-long conservatorship of Fannie Mae and Freddie Mac, some voices on Wall Street are warning against doing so without congressional support. Only Congress has the ability to provide an explicit government guarantee for the $4.7…

Incentives could be coming for West Grove property owners, developers

Miami commissioners agreed to expand the Omni Community Redevelopment Agency to include the West Grove, setting the stage for developers to capitalize on government-subsidized projects and incentives in the long-neglected, historic neighborhood that was among the city’s first Bahamian settlements. The Miami City Commission voted 4-1 on Thursday to approve the expansion and extend the life…

Video: Dwell Design Studio Managing Principal Ryan Miller Discusses Transforming Retail Properties for New Use

Ryan Miller, Managing Principal for Dwell Design Studio, an Architecture, Planning, Interiors and Environmental design firm practicing nationally, appears on this episode of America’s Commercial Real Estate Show to talk how retail spaces are being transformed for new uses that benefit their communities and tenants. He talks about conversion of retail properties to medical use, general office space…

Chetrit scores loan for Miami River project, buys out JDS stake

The Chetrit Group closed on $55 million in financing for its long-planned mixed-use Miami River development, The Real Deal has learned. Rabina Properties is providing the pre-development loan to Chetrit for the planned $1 billion development, according to a source. Chetrit, a New York-based real estate investor and developer, bought out its former partner, Michael Stern’s JDS Development…

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June 19, 2019

Coworking’s Room to Grow Final | The Real Deal Showcase + Forum

If an expected economic slowdown comes, the flexible-space industry will be well-poised to capitalize, top players in the space said. Participating in the forum were Jamie Hodari, CEO and Founder of Industrious, Brad Hargreaves, CEO and Founder of Common, Barry Gosin, CEO of Newmark Group, and Bruce Mosler, Chairman of Global Brokerage at Cushman & Wakefield.

Bruce Mosler commented that the demand for flexible space “is going to grow because it’s what corporates have wanted for a long time”. Brad Hargeaves, CEO of co-living firm Common, noted that his field may still be in its infancy. “Some of the trends are similar to co-working,” he said, such as the sense of shared community it can provide.

Barry Gosin, CEO of Newmark Group, said too much dedicated co-working space in a single property isn’t ideal. “I’m not a big fan of a co-working space taking more than 15-20 percent of a building, because I think then you diminish the credit quality of a building,” he said.

Jamie Hodari, CEO of flex-office firm Industrious, agreed, saying the “holy grail” of co-working would involve a mix of long-term, middle-term and flexible leases within a single property.

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June 18, 2019

Video: Dwell Design Studio Managing Principal Ryan Miller Discusses Transforming Retail Properties for New Use

Ryan Miller, Managing Principal for Dwell Design Studio, an Architecture, Planning, Interiors and Environmental design firm practicing nationally, appears on this episode of America’s Commercial Real Estate Show to talk how retail spaces are being transformed for new uses that benefit their communities and tenants. He talks about conversion of retail properties to medical use, general office space, and more. Several examples around the United States are discussed. As the retail landscape changes, this is a timely topic, to be sure.

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June 14, 2019

Miami Commercial Real Estate News June 12, 2019: Apartment Boom in Wynwood; WeWork to Take 4 Floors in Southeast Financial Center; More…

CREC Capital Purchases Retail Center in Homestead for $62.3 Million

CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center at 2400 NE 10th Court in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike…

WeWork to Occupy Four Floors in Southeast Financial Center – Miami’s Tallest Office Building

WeWork has signed a four-floor lease within the 55-story Southeast Financial Center, Miami’s tallest office building. WeWork will move into the space in phases, with two floors expected to open by the end of 2019 and the other two floors expected to be ready in summer 2020. Southeast Financial Center is located at 200 S Biscayne Boulevard in downtown Miami. Southeast Financial Center is attached…

Miami should ensure a happy ending for Olympia Theater

One of Miami’s best dramas is a play for control now hidden behind the curtain of the Olympia Theater at the Gusman Center for the Performing Arts in downtown Miami. The best conclusion of this play would be to bring a cultural and civic landmark to renewed glory. Regular readers of this newspaper might stop me right there to point out that I’ve been saying something like that in this column…

Engineers blamed for ignoring warning signs before fatal FIU bridge collapse

The Occupational Safety and Health Administration found a slew of errors in the design and construction of the Florida International University pedestrian bridge that collapsed in 2018, killing six people. Among them, Eighth Street should have been shut down, OSHA stated in the report. Figg Bridge Engineers’ “deficient” design led to structural failure of the bridge, and Figg’s attempt to close the cracks,

Lennar closes $1.3 billion fund to invest in multifamily projects across US

Lennar Corp.’s multifamily arm closed a $1.3 billion fund that will invest in apartment projects in large U.S. cities. LMC, a subsidiary of Miami-based Lennar Corp. announced the closing of the equity fund on Tuesday. It said eight institutional investors, including foreign pensions, sovereign wealth funds, banks and insurance companies invested in the fund. Lennar also contributed $381 million to the fund.

Trump official to pressure Congress to privatize Freddie and Fannie

A decade after Fannie Mae and Freddie Mac were put under government control, a Trump administration-appointed regulator is stepping in to try again to hand the mortgage finance companies back to the private sector. “If I do nothing and don’t push, then I’m fairly certain Congress will do nothing,” Mark Calabria, the Trump-appointed head of the Federal Housing Finance Agency, said, according to the Wall…

Blue Road scores $18 million loan to renovate South Beach hotels

UPDATED June 12, 12:45 p.m.: Blue Road scored an $18 million loan to renovate two hotels in South Beach, as the company pursues its strategy of buying and rehabbing older hotels. The Bay Harbor Islands-based firm secured the loan from City National Bank of Florida for Hotel 18 at 1775 James Avenue and the Redbury South Beach at 1776 Collins Avenue, property records show. Blue Road bought Hotel…

Florida Keys developer sentenced for illegally filling wetlands following Hurricane Irma

A developer in the Florida Keys was sentenced for illegally filling and clearing federally regulated wetlands without a permit in the wake of Hurricane Irma. Bonefish Holdings LLC pleaded guilty and was sentenced to three years of probation, and ordered to pay a $50,000 criminal fine and to fully restore the impacted 3.7 acres of wetlands. Bonefish, led by Coral Springs developer Albert Vorstman, estimated…

Magic City lands first tenants in Little Haiti

Magic City Innovation District in Little Haiti secured its first commercial tenants. Five businesses, including an art gallery, a tech company and a marketing firm signed long-term leases totaling 18,650 square feet of commercial space in existing warehouses at the planned $1 billion mixed-use project, according to a release. The developers spent $12 million to renovate the buildings, according to a…

Triple Five Worldwide gets American Dream Mall on road

The retail component of MiamiWorldcenter, arranged around an open-air plaza designed to be a gathering place, will probably be shaped by the mega-development’s location, observers say. It’s within walking distance of AmericanAirlines Arena, Pérez Art Museum Miami, the Frost Science Museum, and MiamiCentral, the Adrienne Arsht Performing Arts Center, and the downtown Brightline station. PortMiami…

Polish American Club plans major mixed-use development

The Polish American Club of Miami is proposing a major mixed-use development on its property on Northwest 22nd Avenue, near the Dolphin Expressway, that would include apartments, offices, retail, a restaurant and more. The site is at 1250 NW 22nd Avenue (Pulaski Avenue), on a tributary of the Miami River called South Fork, near Fern Isle Park and north of the expressway. The property is…

Miami River office space swap could cost City of Miami $150 million

The City of Miami is preparing to devote $150 million toward its new government office complex near the Miami River, as part of a complicated deal to turn over city land to a private developer who plans a large mixed-use residential project on the riverfront site. This involves the fate of the city’s current Miami Riverside Center (MRC) at 444 SW Second Avenue on the north bank of the river and just…

Coconut Grove Playhouse patch: post office parking lot?

As officials with the Miami Parking Authority ponder another potentially long delay in the plan to redevelop the Coconut Grove Playhouse property and build a companion municipal garage, they are turning to higher powers when searching for parking solutions for the Grove. The city’s parking agency is controlled by the Off-Street Parking Board. At the board’s June 5 meeting, Authority CEO Art…

Related Group’s plan for Terminal Island tower sails ahead

Miami Beach commissioners have asked their Land Use and Development Committee to consider altering land use and zoning on Terminal Island for residential use. Related Group is behind the request – it deems property on the island ideal for a 90-unit condominium. Related aims to win land use and zoning OKs to build One Island Park. The 90-unit residential tower would exceed 400…

Wynwood 3.0: The Apartment Boom In Miami’s Post-Industrial Chic Neighborhood

When the Wynwood 25 apartment building opens this month, 289 units will come online in the neighborhood, nearly doubling its inventory in an instant. According to the most recent annual market report commissioned by the Wynwood Business Improvement District, Wynwood’s apartment inventory currently consists of 413 units spread across 15 properties. With another 175 expected to…

Public-private development could transform Palmetto Bay

Palmetto Bay will wait until next month to decide whether to proceed with a public-private project that, if approved, promises to transform the village’s downtown area into a modern city center. Village officials and residents June 3 discussed the estimated $72 million development, which would redevelop about 4.6 acres off US 1. But after roughly 90 minutes of talks, the village council voted 3-1 to…

Celebrity chef Marcus Samuelsson brings Red Rooster to Miami

Signage is up and permits have been pulled in preparation for the construction of celebrity chef Marcus Samuelsson’s Red Rooster restaurant in Overtown, which will occupy the former Clyde Killens Pool Hall at 920 NW Second Avenue. Mr. Samuelsson helms the well-regarded and successful Red Rooster franchise, which began in New York’s Harlem and now has outposts in London, Bermuda and…

Karyn Cunningham Palmetto Bay mayor seeks creation of vibrant downtown

Palmetto Bay Mayor Karyn Cunningham believes that everyone has tipping points in life, occasions when enough factors are in play to spur positive change. For her, that moment came after 18 years teaching, when a change in leadership in the United Teachers of Dade prompted her to seek a job with the county education union. That, she said, was where her interest in politics took root. The Miami-Dade…

Little Havana could be redeveloped like Wynwood

Taking cues from zoning changes that have ignited redevelopment of old industrial buildings in Wynwood, a master plan for revitalizing Little Havana calls for more small-scale buildings that fit the character of the historic neighborhood, the slashing of parking requirements for projects, and developer bonuses for affordable housing, streetscape improvements and historic rehabilitation jobs. For more than…

Magic City Innovation District Announces Tenants

Plans to build out the $1B Magic City Innovation District in Miami’s Little Haiti neighborhood don’t yet have the final go-ahead, but tenants are lining up to fill already-existing renovated space on the property. MCID yesterday announced that it had signed long-term leases with an e-commerce company called OnPoint Global, Diana Lowenstein Gallery, boutique creative services agency COOL Creative…

Design Center of the Americas’ appraised value cut by more than 50%

It’s been a rough year for Cohen Brothers Realty Corp.’s Design Center of the Americas in Dania Beach. Following loan delinquencies, a new appraisal has cut the value of the property by more than half. DCOTA, at 1855 Griffin Road, was previously valued at $250.35 million, but is now worth $115 million based on June’s remittance data, according to Trepp, a New York-based financial data provider…

Video: WePartner Vice President of Business Development Michael Godin Discusses Retail Property Strategies for 2020

Michael Godin, Vice President of Business Development with WePartner appears on this commercial real estate related video cast to discuss adaptive reuse for retail and strategies to make these properties profitable, a hot topic in today’s market. Mr. Godin speaks very openly about their acquisition and investment strategies. WePartner Management, which is based in Atlanta, is a fully integrated real…

City rezoned their neighboring property, and now Miami River homeowners are getting the same treatment

Residents of Miami’s Oak Park neighborhood weren’t happy when real estate developer Antonio Pardo sought a zoning change that would enable him to build a four-story apartment building on lots along the Miami River previously zoned for single-family homes. But now that the zoning change is a done deal, 16 single-family lot owners on or near Northwest South River Drive have demanded similar…

Navigating through the complexities of business litigation

Companies in Florida provide many different products and many different services. These companies are very knowledgeable about the products and services they provide. However, there are many aspects to running a company other than knowing the product or services. There are employment decisions that need to be made, contracts that need to be drafted and executed, trade secrets that need to be…

Hunt Real Estate Capital Closes Two HUD 221 (d)(4) New Construction Loans for Multifamily Properties in South Florida

Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided two HUD 221 (d)(4) New Construction Loans to finance the development of two multifamily properties in South Florida. The total funding equals $67 million. “Both loans were structured under the U.S. Housing and Urban Development’s (HUD) 221 (d)(4) loan program. This is a…”

Bringing the band back together: Eddie Lampert to buy Sears Hometown and Outlet Stores

Seven years after Sears spun off its outlet stores into a separate company, controversial former CEO Eddie Lampert wants to bring them back under his wing. The parent company of the retail giant, in which Lampert has a majority share, announced this week that it would pay $2.25 per share to acquire Sears Hometown, according to the Associated Press. The acquisition would allow Sears Hometown to sell…

With sights set on Miami, Sapir looks to sell NYC dev site

As Alex Sapir shifts his focus to Miami, his firm is looking to sell a Madison Avenue site. Sapir Corp. is seeking $23 million for 218 Madison Avenue, according to sources familiar with the deal. A four-story mixed-use building occupies on the property, which is on the corner of East 38th Street. Alex Sapir and his former partner Rotem Rosen bought it for $18.5 million in 2015 with plans to build a luxury…

How can Miami cope with two extra feet of water by 2060? ULI experts weigh in

To cope with rising seas, Miami may have to update zoning and building codes, increase seawall heights, re-write the city’s master plan for downtown with resilience in mind and maybe even transform the FEC slip into a living shoreline pilot project. Those were some of the recommendations from a panel of 10 experts from the Urban Land Institute, presented to a packed house at the city of Miami’s…

Public Storage picks up industrial portfolio in Miami-Dade for $63M

Public Storage bought four large storage facilities in Miami-Dade County for $63 million. Banner Real Estate sold the properties at 91 Southwest Third Street, 180 West Sixth Street, 2190 Southwest Eighth Street and 5609 Northeast Second Avenue in Miami to Glendale, California-based Public Storage, according to property records. The buildings total 411,438 square feet, which equates to a purchase…

All the Miami Worldcenter Projects Happening Right Now

One of the biggest urban development projects currently under construction in the U.S. is the Miami Worldcenter, a huge, mixed-use facility that is about to change the face of Downtown Miami forever. The Miami Worldcenter project site encompasses almost 30 acres, stretching across 10 blocks in the West Park neighborhood of Downtown Miami, one block from Biscayne Boulevard, and adjacent to…

Video: Co-working 2.0: What will the next phase of flex space look like?

If an expected economic slowdown comes, the flexible-space industry will be well-poised to capitalize, top players in the space and brokerage executives said at The Real Deal’s 12th annual showcase. Bruce Mosler, Chairman of Global Brokerage at Cushman & Wakefield, said that the demand for flexible space “is going to grow because it’s what corporates have wanted for a long time”. Brad Hargeaves…

Industrial Real Estate Demand Growth Is Decelerating

Industrial real estate―defined as warehouses, distribution centers, flex spaces and other industrial buildings with storage facilities―is one of the few traditional property sectors that has sustained demand in the past five years, earning it golden child status. But that may be about to change, according to newly published research from Deloitte, that predicts that industrial […]…

Crescent Heights scores $41 million construction loan for CitizenM hotel

Crescent Heights is forging ahead with plans to build a mixed-use hotel on the corner of Alton and Lincoln Roads in Miami Beach. Affiliates of the Miami-based developer scored a $40.5 million construction loan from SunTrust Bank for 1212 Lincoln Road. The firm, led by Russell Galbut, will build a five-story, mixed-use CitizenM hotel designed by Perkins + Will on the property, which stretches…

Mortgage rates plummet to lowest levels in nearly 2 years

Mortgage rates fell for the sixth straight week, hitting their lowest point since September 2017. The 30-year fixed-rate average slid to 3.82 percent and the 15-year rate hit 3.28 percent this week, according to new data from Freddie Mac reported in the Washington Post. Rates have been on a steady decline since November, when they topped out near 5 percent and pushed mortgage applications to a four-year…

Coconut Grove’s Critical Need for Parking

There is a story in Miami Today about Coconut Grove’s parking situation. It says that at a recent meeting, of the Miami Parking Authority, CEO Art Noriega, spoke about the need for critical parking, he said he has spoken with US Rep. Donna Shalala about building a garage near or on the Post Office property. There was talk of this at a few meetings in 2007. It’s an excellent location. But it begs the question…

Lennar buys 58 acres near Cutler Bay amid land buying spree

Lennar Corp. paid $19.5 million for a 58-acre lot near Cutler Bay, as the homebuilder continues to buy property in south Miami-Dade County. The Miami-based homebuilder bought the property tucked behind Southwest 104th Avenue for $336,206 per acre. The seller was H.R. Realty and Investments of Coral Gables, records show. The property does not have an exact address, and its primary…

Fitch to include natural disasters risks to RMBS ratings

Fitch Ratings will include natural disaster risks into its ratings of residential mortgage-backed securities, a sign that the industry is beginning to acknowledge the financial risks of climate change. Fitch is the first of the three major U.S. credit ratings agencies to consider environmental risk for RMBS, which are securities backed by the interest paid on residential mortgages. The change adds a new…

County’s Coconut Grove Playhouse plan is ‘Mostly commercial real estate space with an attached subservient theater’

The Miami Herald posted a letter to the editor by Miami Mayor Francis Suarez regarding his recent Playhouse veto. He says, “Unfortunately, the county, in its proposal, has misled our residents and created a false narrative. To clarify the record in this polemical arena and for residents to make informed decisions, I am compelled to debunk these falsehoods.” He says, “historic preservation in our…

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June 12, 2019

Video: WePartner Vice President of Business Development Michael Godin Discusses Retail Property Strategies for 2020

Michael Godin, Vice President of Business Development with WePartner appears on this commercial real estate related video cast to discuss adaptive reuse for retail and strategies to make these properties profitable, a hot topic in today’s market. Mr. Godin speaks very openly about their acquisition and investment strategies. WePartner Management, which is based in Atlanta, is a fully integrated real estate investment and management firm that specializes in acquisition, development and management of commercial office, industrial, retail and residential properties.

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June 11, 2019

Miami Rent Levels Above National Average; Hialeah the Exception

National Average Rent Levels

National Average Rent Levels

The April Rent Report issued by RentCafe shows Miami rent levels as above the national average, except for the submarkets within it of Pompano Beach and Hialeah. Rents across the United States saw an upwards move of 3% versus last year to an average of $1,436 per month. As area multifamily investors are gleefully aware, the Miami Metro long ago surpassed the national average, with rents now more in line with California.

Here are more highlights of the report that related to the Miami area:

  • The priciest rental markets in Florida are Fort Lauderdale and Miramar, with average rents of $1,933 and $1,846, respectively
  • Around the $1,700 rent level are Davie at $1,743, Pembroke Pines at $1,717, Miami at $1,707 and Coral Springs at $1,698.
  • Hollywood ($1,489) and West Palm Beach ($1,463) are more in line with national average rent av
  • Pompano Beach at $1,394 and Hialeah at $1,373 average rents are under the national reference points.
Five Most and Five Least Expensive Rent Markets in USA

Five Most and Five Least Expensive Rent Markets in USA

View fhe report for additional details.

 

 

June 7, 2019

Miami Commercial Real Estate News June 5, 2019: Plaza Coral Gables Nabs $100 Mil Loan; Beckham Group Submits Lease Draft for Melreese; Miami Cited as Emerging Tech Center; More…

Beckham group submits draft lease deal for Miami Freedom Park complex

David Beckham and his partners moved forward with their plans to redevelop the Melreese Country Club property in Miami into a $1 billion mega mixed-use soccer complex. Miami Freedom Park submitted a draft lease agreement to the city of Miami that outlines the terms of the deal that Miami voters approved in November. The referendum allowed the city to negotiate and execute the 99-year…

Beckham Group Submits Proposed Lease To Miami

David Beckham’s plan to build a Major League Soccer stadium and install a team in South Florida is getting closer to reality, as his partners in the proposed Miami Freedom Park project submitted a draft lease agreement to the city of Miami Wednesday. Voters last November gave the OK for the city to negotiate a no-bid contract exclusively with the Beckham group to build on the city-owned…

Miami Office Building Trades for $14 Million

Key International has disposed of Highland Park Center, a Class A office building in Miami. TopMed Realty, a healthcare real estate private equity firm, acquired the asset for $13.9 million. Institutional Property Advisors, a division of Marcus & Millichap, negotiated on behalf of the seller. The asset – located at 1011 NW Sunnybrook Road – previously changed hands in 2014, when it traded for $7.9 million.

Key International, 13th Floor Investments Sell Office Building in Miami for $13.9 Million

Key International and 13th Floor Investments have sold Highland Park Center, a fully occupied, 44,740-square-foot office building in Miami’s Health District, for $13.9 million. TopMed Realty, a healthcare real estate private equity firm, acquired the property. Highland Park Center was built in 2011 and is situated two blocks from the Miami-Dade Courthouse and less than one mile from the intersection of…

Developers Snatch Up Land in Hialeah as Property Values Increase

Hialeah calls itself the City of Progress — though the general perception is probably otherwise. While Hialeah doesn’t exactly have a reputation as the hottest place to be in Miami, property values show the city is progressing quite well after all. Late last week, the Miami-Dade property appraiser released preliminary estimates of 2019 property values for every city in the county. Among the top three cities…

Prologis Trade And Logistics Lab Opens In Miami

Logistics real estate firm Prologis, Inc. and the Miami-Dade County Public Schools opened the Prologis Trade and Logistics Lab at Miami Springs Senior High School this week, launching a career development program that will reach 300 students, the organizations said. The lab simulates an operational warehouse and uses a Prologis-designed curriculum to educate high school students interested in careers…

As Records Fall, South Florida Industrial CRE Lures Institutional Capital To Local Projects

Last year, Miami added nearly 10,000 jobs in logistics alone — more than double the number added in any previous year and almost half the number created across the state according to Transwestern’s most recent market reports. Miami’s industrial vacancy rate has been below 5% since 2015, and even with new product having come online, it is still just 4.5%, with activity strongest in North Miami Beach…

Jorge Pérez unveils plan to develop luxury condo tower on Miami Beach’s Terminal Island

Related Group CEO Jorge Pérez is reviving plans for a luxury condo project he wants to build in Miami Beach. The Miami condo developer went before the Miami Beach City Commission on Wednesday to present the firm’s latest proposal for a waterfront property it owns on Terminal Island. Over the years, Related has proposed building different projects on the 3.7-acre parcel at 120 MacArthur Causeway.

5 More Tech Markets Emerging In Unexpected Places ~ Miami Among Them

Number of metro-area STEM jobs (2018): 93,530 STEM job increase year over year: 2.2% A notable tech company in metro Miami: Magic Leap, which specializes in augmented-reality goggles. The company has already raised $2.3B, an exceptional amount for a startup, and recently obtained $280M from Japanese cellphone service provider NTT DoCoMo, as part of a new partnership between the two. Why…

Aztec Group Provides $11.9 Million Loan for Redevelopment of Office Building in Miami

Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami at 30 NE 39th Street. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building…

CenterPoint Properties to build massive logistics center at Port Everglades

CenterPoint Properties is planning to build a massive, 296,207-square-foot logistics center at Port Everglades. The Oak Brook, Illinois-based industrial powerhouse is planning to build two logistics/industrial buildings on 16.5 acres at 3413 and 3423 McIntosh Road in Fort Lauderdale. The property will be used for storing cargo coming into Port Everglades that requires U.S. Customs and U.S. Department of…

CenterPoint Properties Breaks Ground on Miami-Area Logistics Park

CenterPoint Properties has just broken ground on Port Everglades International Logistics Center, a two-building industrial and distribution facility totaling 296,207 square feet in Hollywood, Fla. The company signed a ground lease with Port Everglades of Broward County in May 2019 and the project is slated for delivery in Spring 2020. RLC Architects headed up the project design and ANF Group will lead…

Massive I-395, I-95, SR 836 and signature bridge work rolling

All three pieces of the $802 million design-build project encompassing I-395, I-95 and SR 836 are underway and on-schedule, Florida Department of Transportation (FDOT) spokesperson Oscar Gonzalez said. Mr. Gonzalez confirmed this week that while some parts of the design-build project are “being further developed” by contractor Archer-Western-de Moya Joint Venture, FDOT still targets fall 2023…

Naeem Khan fashion studio and school gets new plan

A modified plan for a fashion studio and school on riverfront land owned by Miami-Dade County earned support Monday from the Miami River Commission. On a 9 to 4 vote, the commission recommended approval of the project, with some conditions. New York fashion designer Naeem Khan plans to build a studio for design and manufacture at a county-owned site at 1175 NW South River Drive...

Vote coming on Jackson South Medical Center expansion

Significant additions to Jackson South Medical Center will wait until June 20 for an OK, as Miami-Dade lawmakers Tuesday deferred a hearing and vote on plans to expand the Kendall facility. Sponsor Daniella Levine Cava asked for the deferral. Expansion would enlarge the hospital’s campus footprint from roughly 104,000 to more than 360,000 square feet by 2021. Proposed additions include: A four-story…

Developer proposes partnership on Miami’s Olympia Theater

A developer is proposing a public-private partnership with the City of Miami for one of the city’s most valuable gems: the Olympia Theater at 174 E Flagler Street. Details of the proposal haven’t been formally released, but the idea is expected to be a discussion item for city commissioners when they next meet June 13. Daniel Rotenberg, director of the city’s Department of Real Estate and Asset Management…

The Plaza Coral Gables scores $100 million construction loan

Agave Holdings, a group that includes the family behind the Jose Cuervo spirits business, closed on a $100 million construction loan for The Plaza Coral Gables. Agave Ponce secured the loan from PNC Bank, according to property records. The Plaza, a major mixed-use project under construction at 2901 Ponce de Leon Boulevard, will have a high-end hotel, Class A office space, retail, and luxury rentals.

HFF Arranges $100M Construction Loan for Mixed-Use Development in Metro Miami

HFF has arranged a $100 million construction loan for the development of The Plaza Coral Gables, a mixed-use project in downtown Coral Gables. Developer Agave Holdings LLC will use the loan to finance the first of two phases of the project. Phase I will include a 14-story, 291,129-square-foot office building; 135 residential units; and 101,439 square feet of retail space. CallisonRTKL is designing the first…

FM Capital Originates $21 Million Loan to Refinance Cold-Storage Warehouse in Miami

FM Capital has provided a $21 million refinancing loan for a cold-storage warehouse in Miami. The 235,758-square-foot warehouse was originally built in 1968 and is located near I-95 with access to the Florida Turnpike. The property was 82 percent leased at the time of the refinancing to South East Frozen Foods and Super Value. The undisclosed borrower will also invest $1.1 million in capital improvements…

Sapir Corp. posts $7 million loss in first quarter of 2019

Developer Alex Sapir’s Israeli real estate company Sapir Corp. reported a loss of 26 million shekels in the first quarter, the equivalent of roughly $7.2 million. The company’s revenue in the first quarter totaled 23 million shekels, or about $6.4 million, which grew from nearly zero the previous year, Globes, an Israeli financial newspaper, reported. Revenue was up year-over-year because Sapir Corp. bought…

Former NFL star Dumervil adds to North Miami multifamily portfolio

Former NFL star Elvis Dumervil paid $10 million for an apartment building in North Miami, adding to his multifamily portfolio, The Real Deal has learned. Dumervil’s Prestige Estates bought the 91-unit Arlington Manor property at 12501 Northeast 13th Avenue, with plans to rename it Prestige Biscayne, said John Sasso of Charles Rutenberg Realty. Sasso and his partner Shuli Stock brokerered…

Avra Jain teams with Bob Zangrillo on $200 million mixed-use project on Miami River

Developer Avra Jain and her partners, who include Bob Zangrillo, are planning a $200 million mixed-use project with a Sixty Hotel along the Miami River. About two years ago, a partnership led by Jain and Zangrillo paid $5 million for partial ownership of the 2.3-acre property at 555 Northwest South River Drive. Zerby Interests, a developer out of Oklahoma City, is the majority owner. Jain’s partners include…

Spaces Adds New FL Location

Spaces continues its Florida expansion by opening a new location at 1111 Lincoln Road in Miami Beach. CBRE Global Investors inked a 51,064-square-foot lease with the coworking firm, which currently has two locations in the state. The former Suntrust Bank Building underwent significant renovations in 2010, which resulted in 94,488 square feet of creative office and 51,839 square feet of Class A…

Fake sultan sentenced after allegedly defrauding Jeffrey Soffer and others

Two years ago, Anthony Gignac was living the life of royalty. Going by the name “Khaled Al-Saud,” he had convinced investors that he was a Saudi Arabian prince and had access to the family’s vast trove of wealth. Gignac was sentenced on Friday by a U.S District judge for fraudulently assuming the identity of a member of the Saudi royal family. His scheme caused investors to lose more than $8 million…

American Legion project’s developers allegedly stiffed Berkadia of $500K: lawsuit

Berkadia is suing the developers of an American Legion project under construction in Miami’s MiMo District, alleging nonpayment of a $500,000 “success fee.” Berkadia filed suit against ACRE GCDM Investments and Montreal-based real estate development firm Quadreal Property Group in Miami-Dade Circuit Court this month for breach of contract and unjust enrichment in connection with a $51 million…

Mortgage guarantors Fannie Mae and Freddie Mac to return to private control

More than a decade after the government seized control of Fannie Mae and Freddie Mac, the Trump administration is finalizing a plan to return the mortgage guarantors to private shareholder membership. That would be a boon for investors who have been banking on the move. The proposal could be on President Trump’s desk for approval in the coming weeks. The plan will likely be a version of what has…

Leo Ghitis sells office building in Fort Lauderdale’s Cypress Creek

Real estate investor Leo Ghitis sold a seven-story Class A office building in Fort Lauderdale’s Cypress Creek market for $24.1 million. Ghitis sold the 139,864-square-foot building known as Radice III at 1000 Corporate Drive for $172 per square foot, records show. A company managed by Greenberg Traurig lawyer Paul Berkowitz bought the property. The Radice III is part of the Radice Corporate Center that…

Video: May 2019 Multifamily Update by RealPage Deputy Chief Economist and VP of Asset Optimization Jay Parsons

Deputy Chief Economist and VP of Asset Optimization at Real Page Jay Parson discusses the multifamily property market, touching on topics like rent growth, urban vs suburban multifamily trends and observations, construction costs, and apartment supply levels. He talks about the wide difference today between class A and class B properties, with a 40% difference between the two, and how this insulates…

Two Hialeah construction execs sentenced for defrauding low-income housing program

Two Hialeah construction executives were sentenced by a federal judge after being convicted of hiding people on their payrolls and defrauding the low-income housing tax credit. Aaron Construction Group President Javier Estepa of Davie was sentenced to 51 months in prison, while Vice President Diego Alejandro Estepa Vasquez of Boca Raton was sentenced to 41 months in prison. The sentencing…

Burke Leighton asks $45M for Little Havana apartments

A portfolio of three apartment buildings in Little Havana is being listed for sale for $45 million in one of the largest portfolio listings to hit the market in the… The properties are: the 63-unit, 11-story Ipanema building at 120 Southwest Eighth Avenue; the 60-unit, six-story Victorian building at 1430 Southwest First Street; and the 44-unit, five-story Miramar building at 1023 Southwest Sixth Street.

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June 5, 2019

Video: May 2019 Multifamily Update by RealPage Deputy Chief Economist and VP of Asset Optimization Jay Parsons

Deputy Chief Economist and VP of Asset Optimization at Real Page Jay Parson discusses the multifamily property market, touching on topics like rent growth, urban vs suburban multifamily trends and observations, construction costs, and apartment supply levels. He talks about the wide difference today between class A and class B properties, with a 40% difference between the two, and how this insulates class B property as class A supply hits the market. He comments that investors and lenders tend to overestimate the impact of supply hitting the market while they underestimate the supply of demand tails winds, which has seemingly been the case in recent years.

May 31, 2019

Miami Commercial Real Estate News May 29, 2019: Tallest Proposed Projects; Health District Office Property Trades; Major MXU Planned for Ojus; More…

Here are the tallest projects proposed in Miami

More than 20 years ago, residential skyscrapers started sprouting up in Brickell and downtown Miami, slowly replacing low-rising condo and apartment buildings, older hotels and retail buildings. Today, Miami boasts the third tallest skyline in the U.S., trailing only New York City and Chicago with over 300 high-rises. Fueled by demand from wealthy South American buyers and the city’s emergence as a…

Key International sells Miami Health District building to TopMed Realty

TopMed Realty, a private health care real estate investment firm, paid $13.9 million for an office building in Miami’s Health District. Key International, along with its partner on the project, 13th Floor Investments, sold Highland Park Center, a Class A, 43,000-square-foot building at 1011 NW Sunnybrook Road for more than $320 per foot. The 11-story building, which was completed in 2011, sold fully…

Video: Ballard Spahr Partner Craig Ganz Discusses Trends and Expectations for Retail Bankruptcies

Craig Ganz, Partner with Ballard Spahr, a national law firm with headquarters in Philadelphia and more than 500 lawyers in its employ, joins America’s Commercial Real Estate Show to discuss recent retail bankruptcies and the impact of big box closures on commercial property investors, particularly those concentrating on retail properties. He goes through a number of chains that have filed for…

Will A Walmart Be Allowed On Rare Habitat In Miami?

For years, private citizens have been battling developers, the government and the University of Miami over a rare ecosystem. “Pine rocklands,” a habitat characterized by a limestone ridge and often covered with pine tree species and saw palmetto plants, once made up much of South Florida. Now, less than 2% of the original ecosystem is estimated to remain in Miami-Dade, and it is home to…

This is how many new condos are left to sell in Miami

To gauge the start of Miami’s next condo cycle, you could look at the bulk of inventory that remains today. Developers currently have 2,101 new development units left to sell in Miami from this cycle, according to ISG Miami’s latest report. Of those, 587 units have been delivered, 1,331 are under construction and 183 are in the preconstruction phase. The current cycle began in 2012, and the pipeline…

Co-working firm Spaces moving into 1111 Lincoln

The co-working firm Spaces just leased a lot of space in one of Miami Beach’s marquee properties. Spaces leased 51,064 square feet at 1111 Lincoln, at the corner of Alton Road and Lincoln Road. The lease covers 55 percent of the total office space at the building. The property is known for its large parking garage designed by Swiss architectural firm Herzog & de Meuron that some say resembles…

One Thousand Museum seeks $331M condo inventory loan

One Thousand Museum, the Zaha Hadid-designed skyscraper in downtown Miami, is seeking a $331 million condo inventory loan as the project’s completion date nears, The Real Deal has learned. The project’s developers tapped Lotus Capital Partners to arrange the loan, according to an email obtained by TRD. Financing offers are due June 13. The development group, which includes Louis Birdman…

Miami seeks law firm to cut deal with David Beckham group

Miami commissioners will let City Attorney Victoria Mendez pick a law firm to advise on a Melreese Golf Course lease to the David Beckham group. Commissioners on May 23 were debating which of 16 applicants to use as consultants. After listening to lawyers from several firms fighting for the job, and continued contention from Commissioner Manolo Reyes who was adamant that the chosen…

Miami Yacht Show cites success, staying downtown

Though there was one major unexpected expense, the Miami Yacht Show’s first year downtown was successful, directors of Miami’s Downtown Development Authority heard Friday. The show, which had been held on Miami Beach for 30 years, generated $484 million in direct economic impact in February, when it moved to the former Miami Herald site, now owned by the Genting Group. The Biscayne…

Real Estate Gives Back: Don Peebles Champions Economic Equality

Peebles Corp. founder Don Peebles wants to bridge the U.S. wealth and academic achievement gap that continues to separate the country’s haves and have nots. “There’s a big wealth disparity in the country, a significant income disparity,” said Peebles, whose personal wealth was estimated to be around $700 million by Forbes in 2015 and whose current company portfolio of active and completed…

Are waterfront hotels ready for climate change?

Memorial Day weekend ushers in the unofficial start to summer tourism season, and the strong economy suggests this may be an especially great season for the hospitality industry. But, while throngs of vacation travelers head for sunny beachfronts, it’s also the start of the hurricane season, which, as the impacts of climate change continue to accelerate, will become a growing risk to the industry.

Mission Capital Arranges $8M Refinancing Loan for Hotel Near Miami International Airport

Mission Capital Advisors has arranged an $8 million refinancing loan for the EB Hotel Miami, a 133-room hotel located at 4299 NW 36th Street, across the street from Miami International Airport. The borrower, Eurobuilding Hotels, originally acquired the property in 2007 when it was an office building. Eurobuilding Hotels transformed the asset into a hotel that offers an outdoor pool with poolside bar…

Coconut Grove Playhouse fight may end up in court

The battle over Are waterfront hotels ready for climate change?the fate of the long-closed Coconut Grove Playhouse lingers on. Miami-Dade County, garnering approval of its restoration plan from the Miami City Commission on a split vote, saw its hopes dashed May 17 when Mayor Francis Suarez vetoed the approval, and then on May 23 the commission failed to override the veto. County officials vow…

Miami International Airport due billions in upgrades

Up to $5 billion in improvements at Miami-Dade’s five airports are a vote away, with lawmakers to decide Tuesday if they’ll OK funds and first plans focusing on Miami International Airport (MIA). The 15-year, $4 billion to $5 billion program is meant to meet needs through “2035 and beyond,” a memo from Mayor Carlos Giménez said. MIA last year passed 45 million passengers, ranking it third-busiest…

Major mixed-use development planned for Ojus

A development group is planning West Aventura Town Center, a $200 million, 600,000-square-foot mixed-use development in Ojus. West Aventura Exchange LLC has assembled almost 8 acres in the Miami Gardens Drive corridor, along Northeast 186th Street and Northeast 187th Street between Northeast 23rd Court and Northeast 24th Place. The developer gained approval for a land use change for the last…

Opportunity Zones are now big business for lawyers

While it’s too early to tell whether the Opportunity Zones program will benefit the distressed neighborhoods it was designed to help, the legislation has already been a boon to at least one profession. A growing number of big law firms like Morrison Foerster and K&L Gates are setting “pop up” working groups of tax, real estate, and private funds lawyers to work on Opportunity Zone issues, according to…

Aztec Group Provides $11.9M Loan for Redevelopment of Office Building in Miami

Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building, known as…

Will new Opportunity Zones rules propel an office boom?

When Michael Tillman’s PTM Partners bought property in Overtown in February to build an 18-story apartment complex, it became one of the first Miami-based real estate firms to utilize the Opportunity Zone program. The federal program is seen by many as the biggest economic boost to the real-estate industry since the 1031 Exchange. But given the murkiness of the Opportunity Zone guidelines…

Miami Worldcenter developers sell another piece of their pie

Miami Worldcenter developers Nitin Motwani and Art Falcone sold off another chunk of land at their mixed-use development in downtown Miami. Property records show Miami Worldcenter Associates affiliate MWC Block E LLC sold the 2.5-acre parking lot at Northwest Eighth Street between North Miami and Northeast First avenues to Miami World Towers LLC for $43 million. BNY Mellon…

Here are South Florida’s top industrial sales in April

A billionaire hotelier based in the Bahamas has turned his sights to Miami, paying $26.4 million for an assemblage in Wynwood with plans to build a mixed-use project. Sarkis Izmirlian, the original developer of Baha Mar in the Bahamas, bought the properties at 201 Northwest 21st Street and 210 Northwest 22nd Street in Miami through a Delaware company, Miami Development 2122 Trustee, Inc. The…

Lincoln Road could get two hotels under proposed new rules

It takes one developer to start a trend. More than a month since real estate investor Sam Herzberg unveiled a possible transformation of the Sterling Building on Lincoln Road into a hotel, a second property owner wants to do the same to the Lincoln Center, an apartment building with a ground-floor retail annex at 1637 Euclid Avenue. Monika Entin, an attorney representing Lincoln Center Associates…

The Importance of Commercial Building Permits

You’ve found the perfect commercial property to invest in: it has the right number of office suites, the perfect amount of square footage, and plenty of parking spaces. It’s just what you’ve been looking for. Before you put in an offer, it’s crucial that you get a commercial inspection and check for outstanding building permits. It’s probably the last thing on your mind when searching for a commercial…

Italian restaurateur sells Allapattah property to CenturyLink for $19M

Rosinella Italian Trattoria owner Tonino Doino sold a property in Allapattah to CenturyLink for $18.75 million, The Real Deal has learned. Doino’s Miami Avenue Holding Company LLC sold the 101,000-square-foot building and land at 1101 and 1109 Northwest 22nd Street. CenturyLink, a telecommunications company based in Monroe, Louisiana, provides communications and data services in 37 states and…

Tax-driven migration to South Florida won’t end soon: panel

Migration to South Florida from New York and other high-tax states is a long-term trend in its early stages, according to a group of experts. “To use a tired baseball analogy, everybody asks: What inning are we in? I would say we’re still driving up to the ballpark. This [migration] is just getting started,” said Jonathan Miller, president and CEO of Miller Samuel Inc., who moderated a panel presentation…

City and county spar: Mayor Suarez’s veto of Coconut Grove Playhouse plan stands

The fate of the Coconut Grove Playhouse revival plan could now head to the courts. The Miami City Commission on Thursday failed to overturn Mayor Francis Suarez’s veto that had thrown the renovation project proposed by Miami-Dade County into peril. County officials, led by Miami-Dade Mayor Carlos Gimenez, said the county will likely sue the city to nullify a previous Miami Historic and Environmental…

Remy Jacobson nabs loan for Miami Design District project

Developer Remy Jacobson closed on a nearly $12 million loan to redevelop a property in the Design District. Centennial Bank is providing the $11.93 million loan for interior and exterior renovation of the historic building at 4141 North Miami Avenue. J.C. de Ona and Yuleisy Montalvo of Centennial represented the bank and Aztec Group was the mortgage broker. Jacobson’s 4141 Design LLC paid $10.5 million…

Which Miami Neighborhood Will Heat Up Next?

The residential population in downtown Miami has doubled from about 40,000 in 2000 and is expected to surpass 100,000 in 2021. That is just one sign of the city’s surging urban core. The surge of population could help turn Downtown Miami’s main corridor, Flagler Street, into a café district, said Gary Ressler, a principal at Tilia Cos. The Flagler Business Improvement District could give those efforts a big…

North Beach developers offer city $15M park in exchange for ownership of streets

As part of their plan to build a $220 million mixed-use project along Ocean Terrace in Miami Beach, partners Alex Blavatnik and Sandor Scher want to take ownership of the public streets and sidewalks surrounding the proposed development. The potential deal would allow Blavatnik and Scher to include the public right-of-way as part of the project’s footprint. In exchange, the North Beach developers are…

Could a Trump tax break be behind Beckham’s renewed interest in an Overtown stadium?

MasTec chairman Jorge Mas revealed on Tuesday that his fellow partners in the Miami Beckham United Group wanted to close on a $9 million land deal in Overtown. The news meant the Beckham group planned to buy land once slated for a Major League Soccer stadium until the partners abandoned that plan for a larger sports and commercial complex about eight miles away on real estate currently…

Could Miami Beach’s Free Electric Cars Solve Cities’ Transit Problems?

On Friday, the city of Miami Beach will launch a partnership with Freebee for free, on-demand, door-to-door transportation to certain areas. Freebee’s fleets of fully electric cars have been popular in Miami-area neighborhoods as solutions to transit woes. Freebee was started by two University of Miami graduates in 2011, at first offering free rides to bars and restaurants on the beach. It then expanded…

FM Capital’s Direct Bridge Lending platform Originates $21 Million loan for Industrial Freezer in Miami, Florida

FM Capital’s direct bridge lending platform originated a $21 Million loan for the refinancing of an industrial freezer warehouse located in Miami, Florida. Built in 1968, the 235,758 square foot warehouse is located near major highway I-95 with quick access to the free-way, turnpike and other major roads. The property is currently 82 percent leased, occupied by South East Frozen Foods and Super Value.

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May 29, 2019

Video: Ballard Spahr Partner Craig Ganz Discusses Trends and Expectations for Retail Bankruptcies

Craig Ganz, Partner with Ballard Spahr, a national law firm with headquarters in Philadelphia and more than 500 lawyers in its employ, joins America’s Commercial Real Estate Show to discuss recent retail bankruptcies and the impact of big box closures on commercial property investors, particularly those concentrating on retail properties. He goes through a number of chains that have filed for bankruptcy, joking that Payless, is now referred to as a chapter 22 given that it has filed chapter 11 twice. He believes that the bankruptcies we’ve seen in retail will continue. Interesting are slides displayed showing factors leading to bankruptcy for Toys-R-Us and The Limited, as well as a chart of the aggregate square footage of vacant stores.

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May 29, 2019

Miami Commercial Real Estate News May 22, 2019: Virgin Train to Orlando Construction Underway; David Beckham Group to Close on Overtown Site; More…

Virgin Trains USA starts building rail line to Orlando

Virgin Trains USA announced Tuesday that construction of its highly anticipated expansion from Palm Beach County to Orlando is underway, beginning with preliminary groundwork for a 70-acre maintenance facility and 3.5-mile rail section at Orlando International Airport. The “Phase 2” expansion, which the company formerly known as Brightline said in statement will be completed and in service…

David Beckham, partners to close on county site in Overtown after all

David Beckham and his partners will close on a site in Miami’s Overtown neighborhood, even as they forge ahead with their plans to build a mega-soccer stadium complex on a different property near Miami International Airport. According to a statement from Inter Miami CF, the Major League Soccer team owned by Beckham, Jorge and Jose Mas and others, the group remains “fully committed to bringing…

Here are South Florida’s top multifamily sales in April

A company tied to Shiff Group Holdings sold a 239-unit apartment complex in Miami’s Little River neighborhood for $23.3 million. Zvi Shiff, of Shiff Group Holdings, sold the 239-unit development at 1401 Northwest 103rd Street for about $97,489 per unit, records show. The buyer is a Delaware company, Newcastle Lake LLC. The Silver Blue Lake Apartments are right off I-95 near Miami Shores City Hall.

Sugarcane chef opening downtown Miami concept & other Miami restaurant news

Chef Timon Balloo, a chef-partner at Sugarcane Raw Bar Grill, is opening a new concept in downtown Miami called Balloo: Modern Home Cooking. The 800-square-foot restaurant is set to open at the Ingraham Building at 25 SE 2nd Avenue in downtown Miami this summer. Bar Lab Group, led by mixologists Gabriel Orta and Elad Zvi, will open a 1,172-square feet…

Busted: City doles out code violations to Miami commissioner’s Coconut Grove home

It looks like Miami Commissioner Joe Carollo’s outspoken goal to enforce code violations in Little Havana has come back to haunt him. Miami government officials went to Carollo’s home in Coconut Grove on Monday and found five violations for work done without permits, according to the Miami Herald. The Herald obtained an email showing that employees from the city’s code compliance, building…

Brazilian developer redesigns Miami Beach condo to include more luxury units

The developer of a boutique luxury condo project in Miami Beach is adding units based on increased demand, a rarity during a condo market slowdown. Multiplan Real Estate Management is adding 10 “sky residences” to 57 Ocean, now a 71-unit development planned for 5775 Collins Avenue, managing partner Marcelo Kingston said. That brings the number of sky residences to 18, up from 8. Penthouse…

County aims to build two hotels at Miami International Airport

In a booming local hotel market, Miami-Dade County plans to issue solicitations to developers to design and construct two new hotels at Miami International Airport, Mayor Carlos Giménez revealed in a memo to county commissioners this month. One hotel would be built directly east of the airport’s Dolphin Garage and across from the North Terminal. The second hotel would be built on the airport’s short…

Miami may be ready to pick Virginia Key marinas operator

After years of controversy, countless meetings, administrative appeals and lawsuits, the City of Miami may be ready to move ahead with a new operator for its marinas on Virginia Key. The final court case has finally ended and today’s (5/23) agenda for the city commission includes two proposed resolutions that would determine the fate of Rickenbacker Marina and Marine Stadium Marina on the city-owned…

Roads area due Tru Hilton hotel geared to younger guests

A new hotel brand that targets younger travelers is planning a new location in The Roads neighborhood of Miami. Benito Irastorza, president and chief executive officer of IRAS Group, is the owner-developer proposing a Tru Hotel by Hilton at 1931 SW Third Ave. The selected-service hotel will rise eight stories and offer 141 rooms, have parking for about 73 vehicles, and have an exterior pool deck at…

Dinner Key Marina to be returned to former glory

More than 20 months after Hurricane Irma tore up Dinner Key Marina, the City of Miami is ready to bring the marina back to its former glory at a cost that could exceed $22 million. On today’s (5/23) agenda, city commissioners are to consider hiring a company to repair and rebuild the marina, located on the waterfront in Coconut Grove, surrounding historic Miami City Hall. Before Hurricane Irma, Dinner Key…

Commercial insurance rates facing double-digit climb in June

‘Tis the season… for commercial insurance rates to rise, observers say. “Commercial property insurance rates are expected to increase 10% to 20% within this calendar year,” said Ryan Papy, president of Keyes Insurance, a part of The Keyes Co., via email.v“The main factor is the rise in reinsurance rates,” he continued, referring to the insurance that carriers buy to protect themselves against exposure in case of…

Approval rates rise for small business lending

Approval rates for small business lending continue to grow and those in finance say it is all thanks to a strong economy. But traditional lenders are rethinking their lending strategies as more nontraditional players are taking advantage of the strong economy and playing the field. Loan approval ratings for small business lending is growing. Banks are averaging 18% higher approval rating from the first quarter…

Virgin Trains USA starts work on tracks to Orlando

Virgin Trains USA, formerly Brightline, has started a $4 billion construction project on the tracks between West Palm Beach and Orlando International Airport. Virgin Trains said the first load of steel for the tracks was shipped from Steel Dynamics in Fort Wayne, Indiana, on May 16. The high-speed rail project will take three years. While there are existing tracks from West Palm Beach to Jacksonville, they…

Dressbarn is winding down operations and closing 650 stores including 2 in Miami

Dressbarn is the latest casualty of the retail apocalypse. Ascena Retail Group announced on late Monday it planned to wind down operations for its Dressbarn chain and close all of its 650 stores, according to a press release. The company did not give a date as to when it would officially close its stores. Ascena Retail Group also owns the Justice, Lane Bryant, and Catherines clothing store brands. “This…”

Flying carport at Miami Worldcenter featured on CBS Sunday Morning

CBS 5-17-19 No Exit Paramount Miami Worldcenter from World Satellite Television News on Vimeo. A very Jetson future is here, and it’s live on television. Paramount Miami Worldcenter was featured on CBS Sunday Morning for its flying carport amenity. Developer Dan Kodsi has modified the condo tower’s design to fit a 5,000-square-foot skyport on top of the 60-story, 530-unit building. While it would be…

Real estate seen as “safe haven” amid trade war uncertainty

While the stock market at large took a beating amid last week’s escalation of the U.S.-China trade war, one sector continued to show strong growth: real estate. By offering investors more exposure to domestically-oriented businesses, real estate investment trusts have largely established themselves as a safe haven from global supply-chain disruptions, the Wall Street Journal reported. “Our conclusion…”

Blackstone pays $209 million for Doral apartments

Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral, marking the largest multifamily deal in South Florida so far this year. The Related Group and Rockpoint Group sold 720 units, split between Doral View at 901 Northwest 97th Avenue and Town Fontainebleau Lakes at 1062 Northwest 87th Avenue. Blackstone paid about $290,000 per apartment. Cushman…

Macerich exec says “the retail apocalypse is a good thing”

As e-commerce continues to kill brick-and-mortar stores, some landlords appear to be embracing the new reality for retail. “The retail apocalypse is a good thing,” said Jesse Franklin, the vice president of investment and innovation at retail giant Macerich, during a panel Monday at the International Council of Shopping Centers convention in Las Vegas. “It’s calling out all of those retailers that have…”

South Florida Retail Summary (Q1 2019)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q1 2019 for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County. In…

Coral Gables and Doral Among The 10 Best Small Cities For Entrepreneurs

Florida, perhaps for its tax friendliness and educated population, is very well represented on the list of small cities for starting a business. Twenty of the top 50 small cities are in Florida, and three made it into the top 10. With just over 51,000 residents, Coral Gables just barely meets the Census Bureau definition for a city, or standard metropolitan statistial area, as bureaucrats put it. But what it lacks in…

Up the River: The Miami River, Past, Present, and Future

To look at the history of the Miami River, is to look at the history of Miami itself. According to historian Jerald T. Milanich, the world “Miami” is a derivation from “Mayaimi,” which referred to the vast size of Lake Okeechobee. (Another interpretation is that Miami means “sweet water.”) Spanish explorers who visited Miami in 1743 mentioned “Maymies” or “Maimies” living in the area. The Miami Circle…

Developer picks up Edgewater property for $14 million

A large development site in Edgewater near the Related Group’s Paraiso development just sold for $13.65 million, The Real Deal has learned. Edgewater 29 LLC, tied to DLC Capital Management, a family office in Miami, bought the property at 2927 Northeast Fourth Avenue. Property records show the seller is AR Edgewater Investments, which is controlled by Juan Agudelo Restrepo. The zoning allows…

Investment group buys South Beach building near Crescent Heights project for adaptive reuse

Fwd Group paid $5.35 million for a building near an upcoming Crescent Heights project in South Beach where it’s planning an adaptive reuse project, The Real Deal has learned. Seven Forty Central Corp., led by Boris Shvartsman, sold the property at 740 Alton Road to 740 Alton Rd LLC, which is led by Jefferson Brackin. Fwd Group, founded by Brackin and his partner, Michael Bird, is an investment…

Here are South Florida’s largest office and retail sales in April

The parent company of VirginTrains USA, Florida East Coast Industries, sold the office portion of its MiamiCentral station for $159.4 million. Coral Gables-based FECI sold the ground floor retail, two office buildings and the parking space at 600 Northwest First Avenue to San Francisco-based Shorenstein, property records show. Wells Fargo provided a $126 million mortgage to Shorenstein to finance the…

New industrial development in Hialeah Gardens breaks ground

A new 65,500-square-foot industrial building is coming to Hialeah Gardens amid a wave of new industrial development. CanPen Holdings is building a 65,500-square-foot warehouse at 14600 Northwest 112th Avenue. It marks the first development project for Medley-based CanPen Holdings, whose principals are Jose “Pepi” Cancio Jr. and Mario Penzo. Cancio’s father, Jose Pepe Cancio Sr…

Office vacancy rates are rising in downtown Miami: report

The downtown Miami office market took a beating in the first quarter, despite the opening of new state-of-the-art buildings like the office portion of the Virgin MiamiCentral train station. According to a JLL report prepared for the Commercial Industrial Association of South Florida, downtown Miami experienced a negative absorption of nearly 18,000 square feet during the first quarter, mostly due to the…

Developer Lissette Calderon plans flurry of projects

You might say Lissette Calderon was born to be a developer along the Miami River. When her parents brought her home from the hospital, they lived in an apartment building on the mouth of the river. The building is now long gone to unveil the underlying Miami Circle, home to the indigenous Floridians who first appreciated living on the river. As a child, Calderon says she loved reading about…

Beckham group faces deadline to keep Overtown stadium site under contract

David Beckham and rendering of the soccer stadium his group planned to build in Overtown. David Beckham and his partners have less than two weeks to pay $901,500 and keep three acres of county-owned land in Miami under contract for a soccer stadium. The Beckham group owns six acres in the Overtown area of Miami and contracted to buy another three acres from Miami-Dade County to build…

IMC Equity Group buys flea market property near Liberty City

IMC Equity Group bought the Flea Market USA property at 3017 Northwest 79th Street  in the West Little River neighborhood of Miami for $13.5 million, where it plans to build a mixed-use project. Carlos De J. Segrera, chief investment officer of IMC Equity, said the group plans to build a multi-phased mixed use project with retail and a residential portion with up to 2,500 units. He expects the building to break ground next year and the project…

Spain’s Richest Person Bets Billions on Prime U.S. Real Estate

Ortega’s U.S. spending spree increases the value of his global property empire beyond $13 billion, according to the Bloomberg Billionaires Index, giving him the biggest real estate portfolio among Europe’s super-rich. Diversifying his fashion fortune to preserve his sizable wealth, Ortega has invested… landmark properties like Manhattan’s historic Haughwout Building and Miami’s tallest office tower.

Alex Karakhanian picks up Miami Design District building

Investor and developer Alex Karakhanian closed on another property in the Miami Design District. A partnership led by Karakhanian paid $12 million, or $1,445 per foot, for the 8,304-square-foot building at 3921 to 3925 Northeast Second Avenue, he said. Rammos HoldCo Inc., led by Bill Rammos, sold the lots, which total 9,240 square feet of land. Rammos will remain a partner in the property. Tony Arellano…

Revenue fell at Trump’s Palm Beach properties in 2018

President Trump’s Palm Beach County businesses lost $3.6 million last year, according to newly released financial disclosure forms. Mar-a-Lago reported the biggest drop in revenue, down 10 percent year-over-year to $22.7 million in 2018, according to the Palm Beach Post. The report, filed with the Office of Government Ethics on Thursday, only shows asset values in ranges and does not include profits or…

Miami-Dade County Zoning: Administrative Requirements of Workforce Housing Bonuses

In 2007, the Miami-Dade County Board of County Commissioners adopted Ordinance No. 07-05, which created a voluntary Workforce Housing Development Program in order to encourage development of land available for residential use targeted towards the workforce income group. The program allows real estate developers to obtain density and intensity development bonuses by providing either…

When Florida lenders act in bad faith

When companies in Florida look to expand or move into a better space for their operations, they may decide to purchase commercial real estate. This can be a very important decision for the company and one that needs to be done carefully. There are also many steps to the process, but it usually starts with securing the money for the purchase through lending. This is usually secured from a bank or other…

Only Florida Taxes Commercial Leases. NAIOP Wants To End That.

Florida is the only state in the nation to charge sales tax on commercial leases, which it has been doing since 1969. The rate was 5.7%, but in the annual legislative session that ended this month, lawmakers agreed to roll it back to 5.5% starting in January. It will be the third fraction-of-a-percentage-point rollback in three years. Darcie Lunsford, president of the South Florida chapter of NAIOP — which…

Contraction in the real estate offer of new units in Miami predicts a positive future

A recent study conducted by the firm Integra Realty Resources – Miami | Palm Beach (IRR-Miami), confirmed the forecasts on the real estate market in South Florida. The number of units under construction was reduced by 43%, between the second and fourth quarter of 2018, with a total of 1,649 units delivered. Of these units, 1,020 belong to the new Edgewater area, while the remaining 513 are part of…

Video: RC Analytics SVP Jim Costello Presents Retail Property Investor Outlook

Jim Costello, Senior Vice President of RC Analytics, joins America’s Commercial Real Estate Show to discuss the retail property market. Among the topics discussed are transaction volume, cap rates, and adaptive reuse. He starts by discussing issues in the sector, with some some great properties not trading, and other properties with trouble that have transaction activity around them. Deal activity he states…

I.M. Pei, who designed Miami Tower, other monuments of culture, dies at 102

I.M. Pei, the architect who began his career designing buildings for William Zeckendorf and went on to bring to life some of the most iconic structures of the 20th Century, including the Louvre pyramid, died early Thursday. He was 102. Pei emigrated from China to the U.S. in the 1930s and after attending Harvard’s Graduate School of Design worked in-house for Zeckendorf’s firm, Webb & Knapp. He then…

Former Georgia gubernatorial candidate buys waterfront Palm Beach condo

Former two-time Georgia gubernatorial candidate Guy Millner bought a waterfront condo in Palm Beach for $5 million. Millner bought the 3,432-square-foot condo, unit 413-E, at 400 South Ocean Boulevard for $1,456 per square foot, records show. Millner bought the unit from Nancy Brougher of York, Pennsylvania. Brougher had paid $225,000 for the condo in 1998, records show. The unit has four…

Receiver sues Jay Peak EB-5 developer’s attorney and law firm over alleged misconduct related to Miami developer

Beginning in 2006, more than 800 EB-5 investors thought they were investing in a promising new ski resort in Northern Vermont. But years after investors started putting their money into the Jay Peak project, the Securities and Exchange Commission in 2016 alleged that the two developers ran a “Ponzi-like scheme.” It is considered the largest alleged EB-5 fraud to date. Now the court-appointed receiver…

Life Time Launches High-End Apartment Concept: Miami Among First Cities to Open

Health club chain Life Time is running into the high-end multifamily segment with the launch of Life Time Living, a health-focused luxury residential experience that will be opening its first locations in Dallas, Las Vegas and Miami. Combined with Life Time Fitness and Life Time Work, these projects will now be Life Time Villages. Life Time Living’s first location in DFW will be in Midtown Dallas near Interstate…

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May 22, 2019

Video: RC Analytics SVP Jim Costello Presents Retail Property Investor Outlook

Jim Costello, Senior Vice President of RC Analytics, joins America’s Commercial Real Estate Show to discuss the retail property market. Among the topics discussed are transaction volume, cap rates, and adaptive reuse. He starts by discussing issues in the sector, with some some great properties not trading, and other properties with trouble that have transaction activity around them. Deal activity he states as down, subject to finalization of numbers, by about 20%, with a lot of uncertainty seemingly driving down transaction volume. He further noted that entity level transactions that happened in 2018 have not happened so far in 2019. Cap rates he noted as flat, regardless of any uncertainty and in the face of somewhat higher rates. He believes, however, that deal volume breaks before pricing as expectations between buyers and sellers drift apart.

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May 17, 2019

Miami Commercial Real Estate News May 15, 2019: Trump National in Doral Faltering; MiamiCentral Building Trades; Wynwood Assemblage Listed; More…

Live Nation Entertainment Becomes First Tenant of Office Building in Miami’s Wynwood Arts District

Live Nation Entertainment has signed an 8,000-square-foot lease at Wynwood Annex at 215 NW 24 Street in Miami. East End Capital and The Related Group are developing Wynwood Annex, which is slated to open this summer and will offer 52,000 square feet of office space in the Wynwood Arts District. The building’s suites range from 6,300 to 8,000 square feet. The building also offers a covered outdoor…

VirginTrains USA owner sells MiamiCentral office buildings for $159 million

The parent company of VirginTrains USA, Florida East Coast Industries, sold the office portion of its MiamiCentral station for $159.4 million. Coral Gables-based FECI sold the ground floor retail, two office buildings and the parking space at 600 Northwest First Avenue to San Francisco-based Shorenstein, property records show. Wells Fargo provided a $126 million mortgage to Shorenstein Properties to…

Trump’s Doral Resort ‘Severely Underperforming’ As President’s Brand Takes More Hits

In federal disclosures, President Donald Trump has listed his 643-room resort in Doral, Florida — home of the famed “Blue Monster” golf course — as his biggest moneymaking resort. But a company representative seeking to lower the resort’s property tax bill told local officials the resort was suffering and needed a discount on its taxes, the Washington Post reports, the first instance of a Trump…

Washington Post: Business down sharply at Trump National Doral

Net operating income at Trump National in Doral fell 69 percent over two years ending in 2017, according to a Washington Post article. The article indicates that some consumers may be avoiding the hotel because they dislike the president and his policies. The Trump Organization told the Post that hurricanes and the Zika virus scare were factors. The article indicates the Trump hotel in Chicago has…

Trump Doral’s financial results falter due to Trump name: report

President Trump touted South Florida’s Trump National Doral Miami in federal disclosures as the Trump Organization’s most profitable resort. But the resort’s finances paint a different story, according to a report by the Washington Post. Overall revenue at the golf resort is down since 2015 and net operating income declined by 69 percent from 2015 to 2017. The property is “severely underperforming…”

Trump’s Doral Golf Resort Is Hemorrhaging Money, According to New Report

Last year, first son Eric Trump bragged to the Associated Press that his family’s Miami-area golf resort, Trump National Doral at 4400 NW 87th Avenue, was absolutely crushing it. “The Doral is on fire,” he gloated. What he should have said is that Trump Doral is, in fact, a garbage fire: According to a story today by Washington Post reporters David Fahrenthold and Jonathan O’Connell, revenue has been…

The Case for the Continued Strength of the Multifamily Sector in 2019

Capital One’s survey conducted at the National Multifamily Housing Council’s annual conference earlier this year offered a lot of food for thought regarding the outlook for the multifamily sector in 2019. The vast majority of respondents — 70 percent — believe that we’re nearing the end of the current economic cycle. But despite that notion and despite the 70 percent who are concerned about either…

DeSantis Urged To Veto Bills That Could Restrict Challenges To Development

Florida’s state legislature just finished its annual session, during which it passed almost 200 bills. Among them is HB 7103, which is seen as a boon to developers. Under the bill, residents who oppose a development that applies for an exemption to a local comprehensive plan would be forced to pay a developer or city’s attorney’s fees if they lose the legal challenge. Nonprofit 1000 Friends of Florida…

Quest Workspaces Opens Fifth Metro Miami Location

Quest Workspaces has opened a second coworking space in Coral Gables, Fla., at 2000 Ponce Business Center. The company has leased the fifth and sixth floor of the office building, adding 23,800 square feet to its portfolio. The addition is Quest’s fifth metro Miami location and now ties the company with WeWork for the most coworking locations in Miami… Located at 2000 Ponce de Leon Boulevard

“No one should be lending for 30 years in most of Florida,” financial climate analyst warns

Real estate lenders and investors are ignoring the rising threat that climate change poses in Florida, which could spell disaster for the state’s economy, according to an expert on climate change’s impact on financial markets. By continuing to provide mortgages and by buying long-term debt, financial institutions are ensuring Florida’s economy can “go to hell,” said Spencer Glendon, who studies the…

Miami-Dade looks at redeveloping Government Center

Ten months after Miami-Dade lawmakers reclaimed control over properties around Government Center, they’re one vote from looking at redeveloping the area. Commissioners in committee Tuesday voted for an item that would, if approved June 4, order a “visioning study” by December of 16 properties around the county’s downtown hub. The goal, says Commissioner Eileen Higgins’ item, would be to…

Cuba ties intercede in David Beckham’s Golf Course deal

Debates about law firms’ business ties to Cuba have stalled hiring a consultant to help Miami negotiate a lease with David Beckham’s group for what is today the Melreese Golf Course. With a Sept. 12 deadline looming, commissioners had intended May 9 to hire one of 16 law firms that sent letters of interest in the deal, but potential conflicts of interest led to another deferral. The move to hire had been…

Jackson Health System pushes on for a Doral hospital

Jackson Health System remains in active litigation against Florida’s Agency for Healthcare Administration to obtain a certificate of need for its proposed José Milton Memorial Hospital at the Jackson West Medical Center in Doral. In the latest step in that effort, Judge William David Watkins’ recommended April 30 that the state deny Jackson’s request. A certificate of need (CON) is required to open a hospital…

Miami moves toward filling in FEC Slip

The Miami City Commission has taken the first step toward filling in the large FEC Slip abutting Maurice A. Ferré Park downtown. The potential move would add nearly 10 acres to the park, recently renamed in honor of Mr. Ferré, a former mayor and long-time community leader. Championed by Commissioner Joe Carollo, the commission passed a resolution directing City Manager Emilio González to…

Solar power plants may sit atop Miami-Dade County lakes

Solar power in Miami-Dade may come partly from floating solar power plants, as an item calling for a study of developing “float-o-voltaic” systems on artificial county lakes cleared committee by a 5-0 vote Tuesday. County commissioners will decide June 4 whether to direct Mayor Carlos Giménez’s administration to study the feasibility and by December deliver a report, which would also detail how to…

Broker Negotiates 192K SF Lease Renewal in Miami

Logistics firm Miami International Freight Solutions has renewed their full-building lease at a 192,454-square-foot industrial asset in Miami Lakes, Fla. Owner Terreno Realty Corp. purchased the asset in 2010 for $7.8 million, according to Miami-Dade County Assessor. Cushman & Wakefield Executive Director Wayne Ramoski… Located at 14100 N.W. 60th Ave. within both the Miami Lakes Business Park East…

Tequesta Indians’ Miami Circle Park to get state upgrade

The state is preparing to make long-term improvements to Miami Circle Park, home to a 2,000-year-old Tequesta Indian artifact at the mouth of the Miami River. The Department of State has set aside about $500,000 for an improvement plan for the state-owned 2.5-acre site on the northern edge of Brickell. Timothy A. Parsons, representing the department, presented the plan to improve the famous…

NAR inks partnership with Crexi

A year-and-a-half after the National Association of Realtors’ commercial tech partner, Xceligent, shut down, NAR is partnering with another real estate platform. And it’s not the CoStar Group. NAR, the largest trade association in the U.S. with more than 1.3 million residential and commercial real estate members, finalized an agreement with the Commercial Real Estate Exchange Inc., known as Crexi…

Florida Legislature passes bill that could boost foreign investment in real estate

The Florida Legislature recently passed a bill that would make remote online notarizations legal, a move that could speed up foreign and out-of-state real estate investment in the Sunshine State. Florida’s House of Representatives and Senate approved House Bill 409, which now heads to Gov. Ron DeSantis’ desk. If DeSantis signs it into law, Florida would become one of only a few states that accepts remote…

Bacardi partnership plans mixed-use tower in downtown South Miami

A joint venture led by the Bacardi family is planning to replace a decades-old Winn-Dixie in South Miami with a mixed-use residential tower. Records filed with the city show 5850 S.W. 73 Street LLC is going before the South Miami Planning Board on Tuesday for approval to build an 11-story building with about 300 residential units, a market and retail space on the ground floor of the property at…

Senate bill would expand Fair Housing Act to protect LGBTQ households

A new bill seeks to expand federal anti-discrimination protections to LGBTQ renters and homeowners. A bipartisan group of senators last month introduced the “Fair and Equal Housing Act of 2019,” which would add language to the federal Fair Housing Act banning discrimination in renting, or mortgage lending, based on sexual orientation or gender identity. As currently written, the federal law…

Ram Realty CEO isn’t buying into Opportunity Zones

Opportunity Zones are top of mind in the real estate industry today, with funds raising north of a billion dollars. But Ram Realty Services’ CEO Casey Cummings isn’t buying in. “I don’t see the potential that other buyers are seeing,” said Cummings, whose Palm Beach Gardens company invests in distressed properties across the Southeast. “Anyone who has [Opportunity Zone properties] for development thinks…

Video: Crown Bay Group Managing Partner Steve Firestone Provides an Operator’s Perspective on Class C Multifamily Investing

Steve Firestone, Managing Partner with Crown Bay Group, joins Michael in Studio One to discuss tips for managing and investing in C-Class apartment properties also referred to as workforce housing. Crown Bay Group typically has 200 to 400 C+ to B- multifamily housing. He notes that they’ve seen great rent growth in recent years. He notes that investing in such properties is not rocket science, but you…

Miami investors buy apartments in Overtown Opportunity Zone

BrickOne Group paid $5.8 million for a group of apartments in Overtown, marking its second Opportunity Zone purchase this year, The Real Deal has learned. Miami-based BrickOne Group, led by Costantino Cicchelli, Frank Rodriguez Melo and Stefano Garofoli, acquired 72 units for nearly $81,000 per door at 419 to 439 Northwest Eighth Street. The…

Little Havana developer calls commissioner Joe Carollo a fraud in ongoing feud

Miami developer Bill Fuller is taking a swing at commissioner Joe Carollo, who has led a “code enforcement crusade” at Fuller’s Little Havana properties. Fuller, a principal at the Barlington Group, held a press conference outside of Miami City Hall on Thursday displaying poster boards with photos taken outside of the Miami commissioner’s home, and showed Google street view images with new roofs…

Shoemaker lists Wynwood assemblage for $16 million

Roughly four years after being listed for about $10 million, a Wynwood site is back on the market for $16.4 million as development ramps up in the area. Makers Shoes, a shoe wholesaler, owns the nearly 1-acre assemblage at 2045 Northwest First Avenue, 50 Northwest 21st Street and 2048 Northwest Miami Court. The property totals 39,600 square feet of land and nearly 30,000 square feet of buildings.

Cofe Properties sells warehouse portfolio near MIA for $25M

Institutional investors are continuing to pay high prices for South Florida industrial properties. Boston-based AEW Capital Management bought four warehouses at 7200 Northwest 25th Street for $25 million, records show. The price for the 178,521 square feet of industrial properties equates to $140 per square foot, records show. The seller is Miami-based Cofe Properties. The properties are part of a…

Coral Gables Zoning Law: New Electric Vehicle Charging Station Laws

In 2016 the City of Coral Gables introduced its new Green Fleet of 20 electric Nissan Leaf vehicles. The City of Coral Gables currently has a total of 43 electric vehicles in its fleet which is one of the largest government electric vehicle fleets in the State of Florida. The City’s goal is to have a fleet of 78 electric vehicles by fiscal year 2021. It should come as no surprise then, that the City of Coral Gables is now joining…

On-Demand Warehousing: Coming Soon To An Industrial Property Near You?

On-demand warehouse space involves short-term leases of various sizes and durations — as much space as the customer needs, when it needs it, in a convenient location. “It’s about agility,” Jon Sleeman, JLL’s EMEA Logistics & Industrial research director, wrote in an article published on the company’s website. “Retailers need to be able to scale up and down and have highly variable requirements — be that…

Partnership that developed Marathon hotel allegedly squeezed out investor: lawsuit

An eight-year-old deal to develop a Courtyard by Marriott hotel on a prime slice of waterfront land in Marathon is at the center of a shattered business partnership between a real estate lawyer and his former client and family friend. Reynaldo Gonzalez sued attorney Carlos Triay in Miami-Dade Circuit Court two weeks ago for allegedly cutting him out of an ownership stake in Keys MV Two R…

South Florida office market has upside potential for developers, investors: panel

South Florida office vacancy rates are likely to remain low this year as the area’s inventory of office space grows at a moderate pace, a panel of commercial real estate experts said Wednesday. “In the last cycle, the inventory grew by 27 percent. In this cycle so far, if all the [office] construction projects in South Florida are completed, we will have added 7 percent to the inventory,” said Kyle Jones, senior…

City commission approves county’s restoration plan for Coconut Grove Playhouse

After listening to hours of public comment at a special meeting Wednesday, the Miami City Commission sided with Miami-Dade County regarding the fate of the idled Coconut Grove Playhouse. The commission voted 3 to 2 to grant the county’s appeal of a March 5 decision by the city’s Historic and Environmental Preservation Board (HEPB), which had voted 6 to 4 to deny the county plan for the aging…

Coral Gables developer moves forward with mixed-use tower on Miracle Mile

The city of Coral Gables approved plans for a new mixed-use apartment tower on Miracle Mile. AJP Ventures, led by president Alberto J. Pérez, and its partners Mas Group and TAZ Partners are now moving forward with 100 Miracle Mile, a two-building project with a 14-story building with 135 luxury rental units, about 13,000 square feet of ground-floor commercial space, and 4,236 square feet of office space…

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May 15, 2019

Video: Expedia Group’s Silvia Camarota Discusses Why They Like Being in Downtown Miami

This video produced by the Miami DDA (Miami Downtown Development Authority) features Expedia’s Silvia Camarota, Senior Director of their Market Management Team, discussing what they like about being in downtown Miami, Florida.

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May 13, 2019