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

Video: Reis Chief Economist & VP of Research Victor Calanog on the Future of Commercial Real Estate

Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, joins Michael Bull on his show to discuss his outlook on trends in commercial real estate, including interests rates, tax reform, and where we are in the economic cycle. He talks about the effect of recent tax law changes on commercial property, makes some predictions about the future, and more. Dr. Calanog’s firm, Reis, is the leading commercial real estate data source in the nation, providing a distinct advantage to firms with commercial real estate related debt or equity exposure across capital markets.

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September 21, 2018

Miami Commercial Real Estate News September 19, 2018: $100 Million Self-Storage Sale; Lissette Calderon Returns to River; Condo Glut Concerns; More…

Carlyle JV sells Miami-Dade self-storage portfolio for $100 million

An entity tied to William Warren Group just paid $100 million for three self-storage buildings spread throughout Miami-Dade County. Property records show CRP/Westport Self Storage Dixie, a joint venture between the Carlyle Group and Westport Properties that operates as US Storage Centers, sold the buildings. The self-storage facilities are located in Kendall, North Miami and North Miami Beach. Records…

Berkadia Arranges $45.8M Acquisition Loan for Apartment Tower Along Miami River

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Sunny Isles Beach’s ultra high-end condo market has a big inventory problem: report

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PMG nabs $106 million loan for downtown Miami rental tower

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Why title insurance firms are paying close attention to the latest Russian sanctions bill

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Neil Hasu Shah: Grows the 50-hotel empire of Hersha Hospitality Trust

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North Miami’s Chinatown works on incubator linkup

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Is it curtains for Coconut Grove Playhouse revival?

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Alabama investor buys Shalimar Motel in MiMo

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OSHA fines contractors of FIU bridge that collapsed

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South Florida’s largest multifamily investment sales in August

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Wells Fargo expects CRE lending to decrease while bank copes with fallout from scandals

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Lissette Calderon returns to the Miami River with $61 million deal

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Site of planned office project in Coconut Grove hits the market

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Mixed-use Causeway Village project moves forward in North Miami

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No Announcement, But Jeff Bezos Still Says Amazon HQ2 Will Be Decided By Year-End

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Miami-Area Developers Use Condominium Terminations to Deal With Land Shortage

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After 123 years, Henri Bendel is closing its doors. And it’s leaving a lot of retail space behind

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West Flager Associates wants a gambling venue in Edgewater, but the city wants more oversight

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Student-Oriented Apartments Near UM Fetching $3.95/SF Rents

The average price per square foot for rent in Florida is $1.31, according to Apartment List. But in Miami, a boutique co-living venture geared toward students is getting as much as $3.95/SF.  Orduna Court’s upscale units near the University of Miami are commanding high rents. Orduna Court, at 800 South Dixie Highway, is a 24-unit co-living property within walking distance of the University of Miami. Here…

SoFla’s biggest retail property sales in August

Commercial real estate heavyweights Blackstone Group and Stiles Corp. recorded the two priciest retail trades in South Florida in August. Another notable trade last month involved a former Toys “R” Us building in Plantation. That sale was part the company’s efforts to unload 284 of its stores after filing for bankruptcy a year ago. Overall, the retail market in South Florida has…

Booming Office Market, Soaring Apartment Rents Give Miami Developers Justified Optimism

Miami’s office market is going from strength to strength, according to Cushman & Wakefield of Florida Vice Chairman Brian Gale. “Overall, the market is very strong,” said Gale, who represents office landlords. “Some submarkets are certainly stronger than others, but we’re seeing close to single-digit vacancy for all of Miami. And the one important thing to know is there’s been a plethora of new-to-market…

The end is near: Downtown Miami’s condo cycle will likely end this year, report shows

After a more than eight-year run that changed the Magic City’s skyline, Greater Downtown Miami’s condo cycle is likely nearing the end. The Downtown Development Authority’s mid-year report, prepared by Integra Realty Resources, suggests that the cycle is coming to a close as Miami’s urban core has yet to see a new condo project break ground so far this year. The average resale prices for condos fell…

TA Realty pays $92 million for industrial portfolio in Hialeah Gardens and Medley

Hialeah’s industrial market is showing no signs of a slowdown. TA Realty just paid $92.25 million for a ten-parcel industrial portfolio in Medley and Hialeah Gardens. Miami-based commercial real estate firm Cofe Properties sold the nearly 932,500-square-foot portfolio.
Property records show Cofe bought the assemblage in 2013 for $48.3 million. South Florida’s industrial market remains strong, and…

Luxury Condo Glut Forms in Downtown Miami, Suburbs

Downtown Miami isn’t the only area in Miami-Dade County saturated with luxury condominiums, a sign buyers may be seizing control of the softening market. Sunny Isles Beach, an upscale suburb in the northeastern part of the county, has almost 600 units listed for sale at $1 million or more, according to Condo Vultures Realty, a brokerage and consulting firm. With an average of nearly 12 condos selling…

Residential On the Way at Signature Development Near Miami

Construction is due to start this month on the first residences at Dania Pointe, one of the largest mixed-use developments under way in metropolitan Miami. The first 264 of 600 apartments at Avery Dania Pointe will likely start leasing late next year and be ready for occupancy in 2020, said Stuart Meyers, chairman of project developer Meyers Group. The $800 million Dania Pointe is just off Interstate…

Video: David Madson of CBT Architects on Office Design’s Impact on a Company’s Profitability

David Madson, Principal with CBT Architects, appears on America’s Commercial Real Estate Show to discuss how the office design a business employs can impact its bottom line. Boston based CBT refers to itself a leading design firm working locally, nationally and internationally in the areas of architecture, interior design and urban design. In the video, he discusses wellness considerations…

Sale Of 2.31 Acres Negotiated In Doral

DiGiacomo Group’s Patricia Marquez negotiated the sale of an industrial land parcel totaling 2.31 acres, or 101,059 square feet, located at 10405 NW 19 Street in Doral, Florida. Buyer Inter Dolphin Property, LLC. purchased the parcel from Rarity Builders, LLC, for $2,675,000. The deal closed July 31, 2018. Marquez represented the buyer in the transaction. “The absorption rate of industrial land in the City of Doral…

Israeli firm to buy SunTrust parking garage in downtown Miami for $18M

Crocker Partners plans to sell a parking garage near the SunTrust International Center in downtown Miami to Tel Aviv-based Mishorim Development Group for $18.5 million, according to documents filed with the Tel Aviv Stock Exchange. Crocker Partners bought the 31-story SunTrust building and the seven-story garage for a combined $82.4 million in 2011, according to property records. In May, it sold…

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September 19, 2018

Video: David Madson of CBT Architects on Office Design’s Impact on a Company’s Profitability

David Madson, Principal with CBT Architects, appears on America’s Commercial Real Estate Show to discuss how the office design a business employs can impact its bottom line. Boston based CBT refers to itself a leading design firm working locally, nationally and internationally in the areas of architecture, interior design and urban design. In the video, he discusses wellness considerations, advantages of natural elements like stone and steel, and more.

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September 14, 2018

Miami Commercial Real Estate News September 12, 2018: Commissioner, Little Havana Developer at Odds; Miami Skyscraper Facts & Figures; More…

Commissioner ‘Crazy Joe’ Carollo takes on Little Havana developer

Go back in journalistic history to the year 2000 and there’s a little gem in The Economist about Joe Carollo, who is currently a city of Miami commissioner. “When the mayor of Miami, Joe Carollo, was a budding city commissioner in the mid-1980s, he earned the nickname ‘Crazy Joe’ for calling the police chief a ‘two-bit punk’ and for making the even bigger mistake of feuding with the Cubans’…

Skyscrapers in Miami and the USA: Fact, Figures, and Charts

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Flagler, Ware Malcomb Complete Build-to-Suit Industrial Facility in Miami-Dade County for Aerospace Firm

Construction is complete on the new KLX Aerospace Solutions global headquarters and distribution hub located in Hialeah, a city in Miami-Dade County. Ware Malcomb provided master planning and architectural design services for the 700,000-square-foot project, which is part of the first phase of the planed 95-acre Countyline Corporate Park, a logistics park developed by Flagler Global Logistics.

SunTrust Bank Renews Miami CBD Office Lease

Cushman & Wakefield has arranged a roughly 25,000-square-foot lease renewal and restructure for SunTrust Bank at 777 Brickell, an office property totaling 288,485 square feet in Miami’s financial district. The longtime anchor tenant signed on for an additional 10-year term. Located at 777 Brickell Avenue, the property recently underwent an improvement program that included upgrades to the common…

Towns and cities want in on mall redevelopment game

Local governments around the country are doing what few investors will — buying up dead or underperforming mall properties. Towns and cities are scooping up the beleaguered malls with the hopes of redeveloping or repurposing them for the community, according to the Wall Street Journal. The acquisitions are often made through land banks at bargain…

Long-awaited plan for marinas on Virginia Key moving fast

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Urban Land Institute shows Miami Beach a path to resiliency

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Jackson Health System faces hearing on opening Doral hospital

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Metronomic plans apartments to accommodate residents with varying needs

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SALT and a hard place: House Republicans want to make tax cuts permanent

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112,000 Square Feet Of Space Leased In Miami Airport Industrial Submarket

State Street Realty recently closed 112,000 square feet of industrial and office space lease transactions at Prologis Beacon Centre Industrial Park and Prologis MIA Business Center valued at $5.5 million. The parks are located within the Miami Airport Industrial submarket. The following transactions were recently completed: Pharma-Wholesale Corp. Inc. leased 3,600 square feet of industrial space at 1904 NW 84…

Forget flipping houses: Here’s how much flipping offices can net

Office-flipping is taking off in Hong Kong and New York as a reliable way to make quick–and sizable–returns. Flipping office space is done through strata-title office transactions, wherein ownership is parceled out over several sections of a building as opposed to the entire building. With just a few floors to consider, investors are increasingly finding office-flipping to be a good way to make a quick a buck…

SunTrust renews Brickell lease, other news in leasing

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Prying inside Miami Arts & Entertainment District developer Alex Sapir’s real estate empire

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Starwood buys Marriott-branded Springhill Suites hotel near MIA

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Is the housing price-rent ratio a leading indicator?

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Planet Fitness inks lease in Little Havana

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Nationwide overbuilding is causing rents in even the hottest markets to plummet

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Annual survey shows a worsening shortage of construction workers in Florida

A survey shows about eight out of 10 construction companies in Florida are struggling to find workers with trade skills. Bricklayers, drywall installers, electricians, pipe layers and welders are the workers most in demand across Florida. Iron workers and concrete workers also are scarce. The survey by the Associated General Contractors of America found that 79 percent of Florida construction companies are…

Hundreds came out in support of Grove Playhouse

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New TOD Project For Low-Income Seniors Breaks Ground

A new, transit-oriented development for seniors called Caribbean Village will break ground this week. The seven-story, 123-unit project in South Miami Heights will be built for low-income tenants earning 60% or less of the area median income, which in Miami-Dade County is $52,300. Five percent of the units at 19755 SW 110th Court will be designated for extremely low-income people making as little as…

Fall opening expected for first warehouse at Miami Gardens business park

Rendering of EastGroup’s first warehouse at a Miami Gardens business park. A Mississippi-based developer this fall expects to finish construction of the first phase of a business park in Miami Gardens on land purchased from Calder Casino and Race Course. Jackson, Miss.-based EastGroup Properties paid $27 million to buy the 61-acre development site from Calder in 2016. Miller Construction Co. has…

Going Green in Commercial Real Estate Investing: Finding Truth Behind the Hype

When it comes to investing in commercial real estate, there are some great ways to increase profitability. Additionally, there are some areas in which it can be difficult to assess whether an improvement will be a net positive in the long run. One of those areas is in going green or making green improvements just for the sake of it. Some of these kinds of improvements will help commercial owners see a…

Brickell’s Una Residences tower clears key vote

The “yacht-inspired” proposal got the nod from Miami’s Urban Development Review Board The Una Residences—a sculptural 47-story condo tower proposed for 175 SE 25th Road in Brickell – took a key step forward this week by gaining the approval of Miami’s Urban Development Review Board. The 579-foot-tall building will contain 137 units, 251 parking spaces, and a public baywalk with landscape…

Codina Partners takes on property management services

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TIAA entity pays $71.3 million for apartment complex in northwest Dade

An apartment community in northwest Miami-Dade County just traded hands for $71.3 million. Property records show TH Real Estate picked up the 358-unit Latitudes at the Moors rental community at 6200 Northwest 173rd Street, in a deal that breaks down to about $200,000 per unit. TH Real Estate is an affiliate of Nuveen Investments, which serves as the investment management arm of TIAA.

Miami board approves Russian billionaire’s Brickell condo tower, Lennar’s Wynwood project & more

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South Florida Investors Get In Position For Opportunity Zones

Around the country, real estate and finance experts are talking about the new opportunity zone program. And around the country, they have lots of questions. “It could be the best thing since sliced bread, or it could be a disaster,” Urban League of Broward County President and CEO Germaine Smith-Baugh said. Several experts spoke to Bisnow about their questions, hopes and fears as the program relates…

Downsizing SunTrust Extends Lease on Miami’s Signature Brickell Avenue

SunTrust Bank has at least another decade at 777 Brickell Ave., but in a smaller space as the bank is planning a major downsize in the Miami office tower it has anchored since the building opened in 1978. The bank extended its lease for 10 years beginning in July 2019, and will occupy 25,631 square feet, according to Cushman & Wakefield, which represented SunTrust as well as landlord Alliance Real…

Why Does the Yield Curve Typically Invert before Recessions?

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Starbucks, vegan restaurant among new leases signed in Midtown Miami

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Bon appétit: Investor buys Wynwood site with plans to lure Montreal restaurant

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MAPS Production House in Miami Beach hits the market

The historic MAPS Production House and an adjacent apartment building in Miami Beach’s South-of-Fifth neighborhood just hit the market with an asking price of $16 million. The properties’ owner, Paul Lardi, tapped Marcus & Millichap’s Alex Zylberglait and Francisco Baserva to sell the sites at 200 and 212 Collins Avenue. The two buildings, built in 1940 and 1941, sit on a 13,000-square-foot lot on the…

Berkowitz scores $12 million construction loan to build Floor & Décor store in Kendall

Berkowitz Development Group just scored a $12 million construction loan from City National Bank of Florida to build a Floor & Décor store in Kendall. The 82,311-square foot store will be an anchor at the Kendall Village Shopping Center at Kendall Drive and Southwest 124th Avenue. The center, along with an adjacent parcel, totals 27.4 acres and 13 buildings. Other tenants include Regal Cinema, Old…

Affordable Rental Community Coming to Southern Miami-Dade County

An affordable housing rental for seniors is under construction 15 miles south of downtown Miami, the first project of its kind in the South Miami Heights neighborhood in a quarter century, the developer said. Pinnacle Housing Group expects to complete the 123-unit Caribbean Village at 19755 SW 110th Court in unincorporated Miami-Dade County by the first or second quarter of next year, said…

What is the business tort of usurpation of corporate opportunity?

Officers and directors within companies in Florida have many responsibilities. The most basic responsibility is to make sure that the business runs correctly and is profitable. In order to do this, they need to make sure that they maintain good relationships with potential clients and others who could provide the company with business opportunities. When these officers and directors receive various…

New Doral Office Building Goes On The Block

Doral 58, located at 10305 NW 58 Street in Doral, is on the market. The asset is a new office property which was designed with flexibility in mind. All of the 6 floors are able to house both traditional office spaces and medical uses along with both medical and retail opportunities on the first floor. Offices can have both high unfinished ceilings or traditional ceiling tiles with height of up to 11.5 feet clear. Each floor…

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September 12, 2018

Skyscrapers in Miami and the USA: Facts, Figures, and Charts

Tallest Existing Skyscrapers in the United States

Both Miami and Sunny Isles each have one of the tallest existing skyscapers in the USA.

Both Miami, now with the third most dense skyline in North America (video: watch it grow 1990-2016; interactive growth chart), and Sunny Isles Beach make the list of 18 cities in the USA that have at least five skyscrapers. The tallest building in Miami is the Panorama Tower, rising 868 feet, while the Muse at the 649-foot mark is the tallest in Sunny Isles. By 2021, Miami will boast an 817-foot tall tower in the form of the Aston Martin Residences. The year before that, 2020, Sunny Isles Beach will get another building at its 649-foot maximum height limit, the Estates at Aqualina South Tower. Other notable projects in the city include the Armani/Casa tower, the Turnberry Ocean Club residences and the Ritz-Carlton Residences.

Tallest Skyscrapers Under Construction in USA

Miami and Sunny Isles each have one of the 10 tallest skyscapers under construction.

Tallest Skyscrapers Under Construction in USA by City - Infographic

Tallest Buildings Today are Typically Residential

Skyscrapers are an important part of a city’s identity, symbols of economic prosperity and cultural prestige. The biggest skyscraper construction boom in the country started out in the 1960s. The 1980s was the peak decade of new office towers. After the year 2000 most of the new skyscrapers were residential. So far this year (2018), ten skyscrapers have been  completed, three of which are more than 1,000 tall.

More on skyscrapers in the USA.

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September 5, 2018

Miami Commercial Real Estate News September 5, 2018: New Development Proposed for Surfside; Development Approved for Coral Gables; More…

I Squared, Moving Headquarters to Miami, Raises $7 Billion for Infrastructure Investments

I Squared Capital, an infrastructure-focused private equity firm founded by former Morgan Stanley executives, has raised $7 billion for its second fund, exceeding its original target as competition for investor capital heats up. The fund, known as ISQ Global Infrastructure Fund II, will make equity investments that average $300 million for energy, utilities, transport and telecommunications deals around the world…

Video: Downtown Miami 2018

This promo clip from the Miami Downtown Development Authority (Miami DDA) discusses features and benefits for businesses located in the city’s central business district (Miami CBD). Flashing between images of brightline, Citibikes, nightlife, office centers, and more, the clip endeavors to bring attention to the vitality of downtown, which has rapidly grown and evolved over the last few years. Considered…

Investors buy land in downtown South Miami, plan mixed-use project

More changes are coming to downtown South Miami. Edgewater Capital Investments just entered the development business with a $1.8 million purchase of vacant land at 7435 Southwest 61st Avenue, where the firm is planning to build a mixed-use project. Manny Mato, a principal at Edgewater Capital, said the firm wants to develop a four-story building that will…

Trump is considering a tax break that would be a boon for real estate

President Trump is considering a tax break that would link capital gains to inflation. Such a change would cut tax bills for investors selling real estate or stock by adjusting the original purchase price for inflation. For example, under current law, corporate stock with dividends held for a decade would be subject to a tax rate of 24.3 percent. When indexed to inflation, that rate falls to 21.4 percent, according to…

Little Haiti’s Magic City Innovation District on tap at city

A property that for decades was home to a trailer park is to be reborn as a major mixed-use development bringing thousands of residential units, hotel rooms, nearly 350,000 square feet of commercial-retail uses and more than 1.9 million square feet of offices to the City of Miami. If that’s not ambitious enough, the developers of Magic City Innovation District hope to attract a railroad station too as…

Allen Morris-Related Group projects in talks for Coral Gables

There is still no deal between Coral Gables and developers to turn two city-owned Andalusia Avenue garages into multi-use buildings. The original deadline for the city and the developers, Coral Gables City Center LLC (CGCC), to come to an agreement was Sept. 1. After Sept. 1, the city could have started negotiations with the runner-up developer, Terranova. But the deadline has been pushed back another month…

Search and destroy: How CoStar became a $15B juggernaut

Just before 8 a.m. on Dec. 13, 2016, two teams of sheriffs descended upon narrow streets lined with cinder block buildings in Laoag, a city in northern Philippines. They stormed a pair of office buildings, leading some onlookers to think brawls had broken out. In fact, the target was Avion BPO, a call center and research facility with U.S. clients. A group of panicked Avion researchers locked themselves in a room…

Pinnacle plans new senior affordable housing for south Miami-Dade

A new senior affordable housing project is underway in Miami-Dade’s South Miami Heights neighborhood, the first in the area for more than two decades. Pinnacle Housing Group is developing Caribbean Village at 19755 Southwest 110th Court, just north of Southland Mall. The project is set to rise on about 3.25 acres of public land, Pinnacle partner David Deutch said. The 123-unit transit-oriented project will…

SoFla’s office, multifamily sales fall in Q2, year-over-year: report

Some of South Florida’s best performing real estate sectors now appear to be showing signs of a cool down — with the exception of Palm Beach County’s multifamily market and the tri-county region’s retail and industrial asset sales. A new report from the data firm Vizzda and the Miami Association of Realtors shows that the volume of office and multifamily sales fell in South Florida in the second quarter of…

Ice River Springs, others lease space at Miami Industrial Logistics Center; other leasing news

Three companies signed leases at Miami Industrial Logistics Center, a three-building warehouse and distribution center in northwest Miami-Dade County that totals nearly 677,000 square feet. Supply chain logistics company Pegasus Logistics Group inked a 20,750-square-foot lease at 15002 Northwest 107 Avenue. Casal Group represented the tenant. Ice River, a bottled water company producing…

Pointe Development, Monceau Realty Submit Bid to Develop $33.5M Town Hall, Civic Center in Miami-Dade County

Pointe Development Co., in partnership with Monceau Realty Group, has submitted a bid to develop a new town hall and civic center in Surfside, a town in Miami-Dade County. The proposed $33.5 million development would be located at 9293 Harding Avenue and 269 93rd St., which are the sites of the current town hall and a municipal parking lot, respectively. Plans for the project include a new town hall…

Offices, Retail Part of Public-Private Partnership Proposed for Surfside Civic Center

A developer is proposing Class A offices and retail as part of a $33.5 million project that also would feature a new town hall, civic center and police station in Surfside, Florida, a small oceanfront town north of Miami Beach. Pointe Development Company wants to build about 61,000 square feet of offices and 11,000 square feet of ground-floor retail as part of a civic and recreation center at 9293…

Declare the Grove Playhouse as being historic?

The Coconut Grove Playhouse was discussed by National Register Review Board in Tallahassee on August 9. The Playhouse was considered for listing on the National Register of Historic Places. The board went over criteria of the building original 1927 design by Kiehel and Elliott Architects. Melissa Wyllie, Director of the Florida Trust for Historic Preservation and about nine other speakers spoke about the cultural…

County suing City of Miami over Coconut Grove Playhouse decision

The County is suing the City over the Coconut Grove Playhouse. There is a meeting on Thursday, September 6, regarding historical status of the Playhouse. The suit is against the City of Miami Commissioners who ruled in favor of saving the Playhouse, considering it historic. At a meeting in December the City Commissioners discussed an appeal by two Grove residents and the HEP Board’s approval of…

New Development Focused on Wellness Opens in Florida

Aventura ParkSquare opened in the past month as a mixed-use project focused on health, wellness and walkability in Aventura, Florida, an affluent suburb north of Miami that’s drawing increasing interest from developers. Victor Ballestas, principal of Integra Investments, said he expects the 1.2 million-square-foot project on 7.4 acres at Waterways Boulevard and NE 207th Street to serve as a new town center…

Developer Snags $138M Construction Loan Even as Miami’s Condo Market Sputters

A developer secured a $138 million loan to finance a 57-story waterfront condominium near downtown Miami, an impressive feat according to one analyst who says the city’s saturated condo market is well past its peak. The financing from JPMorgan Chase Bank comes with the 100-unit Elysee nearly half sold and in the early stages of vertical construction. The project by Two Roads…

Site Selection in Tertiary Markets, Making the Most of Incentives

Incentive packages can really make a difference to a smaller company’s profit and loss statement… There is no question that incentives play a role in site selection, even in small-town America. While the Amazons of the world grab headlines for site selection and financial incentive packages to lure them to community ‘X’ and ‘Y,’ it’s worth remembering when seeking an industrial site or back-office location…

Three Warehouse Leases Completed In The Past 60 Days At The Miami Industrial Logistics Center In Hialeah

State Street Realty recently leased an impressive 92,259 square feet of industrial space at Miami Industrial Logistics Center (MILC) located within the Hialeah Gardens/Medley Industrial submarket. The following transactions were completed in the past 60 days: Pegasus Logistics Group, Inc. leased 20,749 square feet of industrial space at 15002 NW 107 Avenue, Hialeah Gardens. State Street Realty Vice…

Retailers dip their toes with short-term deals

With so much turmoil in the retail market, tenants are increasingly looking to do short-term deals. Figures from CBRE show that since 2016, the number of retail leases inked for shorter than three years has increased dramatically, the Wall Street Journal reported. Retailers are using the shorter terms to test out new locations and see where rents will go. “The obvious positive on the tenant side is that they…

Bus shelters created by Ferrari designer coming to Miami Beach

Style-conscious Miami Beach has decided that even its humble bus shelters need an updated look. So, the city government has hired a bus-shelter design team that includes Pininfarina, an Italian firm famous for designing Ferraris. The city of Miami Beach named Fort Lauderdale-based Acai Associates as the architect for the bus-shelter project, and Acai hired Pininfarina as designer. Pininfarina has…

Moody’s buying CRE data firm Reis in $278M deal

Moody’s is buying Reis, the commercial real estate data company, in a deal valued at $278 million. The financial services company best known for its credit ratings is paying all cash to acquire Reis and incorporate its data archive of some 18 million properties into Moody’s Analytics offerings, Globe Street reported. “Their data on CRE supply and Moody’s Analytics’ insights on the…

LISTEN: The Real Deal discusses dirty money in U.S. real estate

For the The Real Deal’s first-ever subscriber conference call, managing issue editor Damian Ghigliotty sat down with reporters Will Parker and David Jeans to discuss money laundering in U.S. real estate. Check out the SoundCloud player to listen to the full conversation, and be sure to keep an eye out for more information on our next conference call, happening in mid-September.

Coral Gables approves Regency on the Park

A new 152-unit apartment building is in the works for the city of Coral Gables. Developer Alliance Starlight I LLC, led by Roberto Trapaga and Henry Paper, just won unanimous site plan approval from the city commission for its Regency on the Park rental project on the southwest corner of Galiano Street and Calabria Avenue. Behar Font & Partners designed the 12-story building. Jorge L. Navarro of…

Developer proposes $33.5M mixed-use town hall in Surfside

Surfside may get a new town hall. Pointe Development Company and Monceau Realty Group submitted an unsolicited proposal to build a new town hall and civic center between 87th and 96th streets. The team was the only group to submit a proposal after Surfside opened up bidding, and the proposal will go before the commission in late September, attorney Alex Tachmes said. The proposal calls for a…

Nationwide rents remain largely flat during August: report

In the battle of West Coast versus East Coast, one might say the former just added another notch under its belt. The price for a one-bedroom in Santa Ana, located in Orange County, climbed 3.4 percent, knocking Miami off the list of the top 10 most expensive places to rent, according to a new report from Zumper. Otherwise, rents remained relatively flat nationwide last month, with one- and two…

South Florida construction starts fall in July

South Florida construction starts fell in July on a year-over-year basis. Total building activity declined 38 percent to $586 million in July 2017, according to Dodge Data & Analytics. Residential construction starts decreased 17 percent to $354 million. And commercial construction saw the sharpest decrease, down 55 percent to $232 million from $521 million. On a year-to-date basis through July…

Real estate bigwigs weigh in following governor’s race nominations

After Democrat Andrew Gillum pulled off a stunning upset against well-funded competitors Gwen Graham, Philip Levine and Jeff Greene for the Democratic nomination for Florida governor in Tuesday’s primary election, many members of the real estate industry found themselves Googling Gillum, mayor of Tallahassee. The Florida Association of Realtors won’t take a position on the new candidates…

Avra Jain, Terra among developers planning new projects in Hialeah

A slew of developers are proposing new projects for the city of Hialeah, amid strong efforts to transform its image from an industrial and manufacturing district into a trendy residential and commercial area. New entertainment venue proposed near Hialeah Market Station: Among the new projects, developers Avra Jain and David Martin of Terra are partnering to refurbish an aging 6-acre…

CN Hotels scores $12M loan to build Hilton Garden Inn in Homestead

CN Hotels just secured a $12 million loan to build a Hilton Garden Inn in Homestead. Greensboro, North Carolina-based CN Hotels filed plans with the city of Homestead July 2017 to build a six-story, 130-room hotel with 76,632 square feet at 2601 Northeast 9th Court. The company purchased the 2.6-acre vacant land for the building on December 2017 for $1.7 million from a company affiliated with DDR…

Blackstone buys Sedano’s-anchored center near Miami Lakes

A company tied to Blackstone Group just dropped $34.5 million on a Sedano’s-anchored shopping center near Miami Lakes, property records show. Miami-based commercial real estate firm Saglo Development sold the Vista Shopping Center at 6400 Northwest 186th Street, along with three standalone buildings, a 7,730-square-foot 7-Eleven, a La Brasa Rotisserie & Grill restaurant and an adjacent Jiffy…

Henley USA buys another Miami Beach hotel for $20M

Henley USA, the U.S. arm of United Kingdom-based private equity firm Henley, just purchased another boutique hotel in Miami Beach. Encotel LLC, led by Enrique Colmenares, sold the Eurostars Vintro Hotel at 2216 Park Avenue for $20 million in an off-market deal, according to One Sotheby’s International Realty. Susan Gale of One Sotheby’s represented the seller and buyer, whom the brokerage…

Will Brightline Get $1.75B In New Bonds, Add A Stop In Treasure Coast?

Florida’s new, privately run train, Brightline, has already sold $600M in private activity bonds and started up luxury service between Miami, Fort Lauderdale and West Palm Beach. To extend to Orlando as planned, it is seeking another $1.75B in bonds, and Wednesday will ask the Florida Development Finance Corp. to issue them. Courtesy of Brightline Brightline President Patrick Goddard waves to riders May 19…

South Florida Office Volume Surges in 2Q 2018

South Florida office dollar volume rose to its highest value in the past three quarters, according to the new 2Q 2018 The Quarterly Report – South Florida Commercial Real Estate released by data firm Vizzda (Visual Data) and the MIAMI Association of Realtors Commercial (MIAMI Commercial). Miami-Dade, Broward and Palm Beach counties registered a combined $799.4 million in office sales in 2Q 2018…

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September 5, 2018

Video: Downtown Miami 2018

This promo clip from the Miami Downtown Development Authority (Miami DDA) discusses features and benefits for businesses located in the city’s central business district (Miami CBD). Flashing between images of brightline, Citibikes, nightlife, office centers, and more, the clip endeavors to bring attention to the vitality of downtown, which has rapidly grown and evolved over the last few years. Considered generally downtrodden and largely unsafe not so many years ago, the city’s CBD now boasts the third most dense skyline in the USA, and has become a truly exciting place to live, work, and play.

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September 5, 2018

Miami Commercial Real Estate News August 29, 2018: Second Hotel Coming to Miami Worldcenter; More…

Mall reuse 2.0: This LA firm wants to turn vacant mall space into transitional housing

As landlords consider what to do with their faltering shopping malls, one idea is gaining traction statewide: repurposing unused space into housing for the homeless. Irvine-based KTGY Architecture + Planning is developing a new concept called Re-Habit, which would redevelop empty big-box stores into mixed-use spaces focused on transitional housing and social servicesca, according to Re Journals.

Sorry, buyers: Survey says market won’t go your way until 2020

Buyers will have to wait another two years for the market to go their way. A survey of economists conducted by Zillow and Pulsenomics found that the real estate market won’t favor buyers until 2020, Inman reported. “For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market,” said Aaron Terrazas…

Rubber-tire travel for South Dade Transitway gains traction

Support for bus expansion on the South Dade Transitway is mounting ahead of the pivotal vote today (8/30) to determine the fate of Miami-Dade’s southernmost transportation corridor, as the Greater Miami Chamber of Commerce last week joined Mayor Carlos Giménez’s administration in throwing weight behind a rubber-tire solution. On Aug. 21, the chamber’s board of directors voted 92% in…

Negotiations to develop school board land across from the Adrienne Arsht Center for the Performing Arts nears completion

Negotiations to develop school board land across from the Adrienne Arsht Center for the Performing Arts are nearing completion, according to Miami-Dade County Public Schools Superintendent Alberto Carvalho. “We are well on our way,” Mr. Carvalho told Miami Today. “We selected one business entity and partnership with the Arsht Center, as well as the county, and in the coming months we’ll…

Ritz-Carlton Residences Miami Beach developer hit by another lawsuit over construction delays

The development group behind the Ritz-Carlton Residences, Miami Beach is facing another lawsuit from a prospective buyer over the luxury condo development’s construction delays. A couple from Beijing recently filed a lawsuit in Miami-Dade County Circuit Court against 4701 North Meridian LLC, a partnership between Lionheart Capital and Elliott Management Corp., alleging breach of contract. The…

Sonesta sells Coconut Grove hotel to Nevada firm

Sonesta International Hotels Corp. sold its Coconut Grove hotel to the Kishan Group, a Reno, Nevada-based hotel company that will rename it the Hotel Aria, The Real Deal has learned. Boston-based Sonesta sold the 31,000 square feet of common space, which included the lobby, restaurant and event space at 2889 McFarlane Road, for an undisclosed amount. The deal closed on Monday and is the first…

Sears is struggling. But its real estate isn’t

As Sears continues to struggle to stay afloat, a real estate investment trust that bought more than 200 of its stores is seemingly thriving.
Seritage Growth Properties, a spinoff company created to convert former Sears and Kmart stores, bought 235 of of the retailers’ stores three years ago. The company plans to convert a store in Hicksville, Long Island, into a 600-unit apartment complex…

Trump’s “new NAFTA” deal with Canada could be relief for developers

With a tentative bilateral trade deal in their pockets, both American and Mexican officials have their sights set north of the U.S. border with hopes of negotiating new trade deals with Canada. That could be big news for U.S. property developers. A deal with Canada that resolves the 25 percent import tax on steel imposed by President Donald Trump’s administration would be a relief…

SoFla lease roundup: Logistics company inks $3.5M lease at Flagler Station, other leasing news

Interworld Freight Line inks 63,300 sf lease at Flagler Station: International logistics and distribution company Interworld Freight Line just secured a 63,300-square-foot lease at Flagler Station in Medley. The seven-year lease at 9705 Northwest 108th Avenue is valued at $3.5 million, according to a press release. The company was previously at Blue Lagoon, a business park owned by Prologis at 6703 Northwest…

Second Hotel Coming to Miami Worldcenter

CitizenM, a Netherlands-based hotel chain in the so-called affordable luxury sector, plans to open at Miami Worldcenter, one of the largest mixed-use developments currently under construction in the United States. The 12-story, 348-room hotel will be situated next to the retail promenade at Worldcenter, a 10-block project on 27 acres in downtown Miami that developers assembled over a decade.

Netherlands-Based Hotel Chain to Open 348-Room Location at Miami Worldcenter

Netherlands-based hotel chain citizenM has unveiled plans to open a 348-room hotel at Miami Worldcenter, a $2 billion mixed-use development in downtown Miami. The 12-story hotel will total 128,000 square feet and will be located along 2nd Avenue, adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. The hotel will feature a swimming pool, bar and sun deck…

Tech And Manufacturing Is Driving Growth In The Southern U.S. Markets

From her 25th-floor office in downtown Austin, Texas, Carey Gunn Venditti, a partner in the real estate practice group at international law firm DLA Piper, stops talking about the vitality of the city’s economy and glances out the window at the construction cranes dotting the skyline. “Today, I count eight cranes working on both office and residential high-rise projects,” Gunn Venditti says. “That’s proof that…”

Retail Property Sales Lighting Up in Hialeah

The commercial property market in Hialeah just keeps getting hotter. Cervera R.E. Ventures just paid $11.3 million for a property it intends to renovate at 3800 West 12th Avenue, its first acquisition in the city of Hialeah, according to sources. The sales price for this two-story retail plaza, built in 1984 and sitting on just under 3 acres of land fronting Ludlam Road, reportedly works out to about $150 per square…

ARTIC Refinances Bal Harbour St. Regis, Two Other Luxury Hotels for $503 Million

Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has refinanced three of its luxury hotels for a total of $503 million, according to HFF, which arranged all three loans. The hotels, which total 1,049 guestrooms, are The Manhattan at Times Square Hotel; the St. Regis Bal Harbour Resort, in Miami; and the St. Regis Washington, D.C. The three floating-rate loans were placed with Mack Real Estate Credit…

Rising Risks: ‘Climate gentrification’ is changing Miami real estate values – for better and worse

A new Harvard study claims climate change is altering home values both on the coast and inland, coining the term, “climate gentrification.” “Higher elevation properties are essentially worth more now, and increasingly will be worth more in the future,” according to Harvard’s Jesse Keenan. Universities, climate research groups and the National Oceanic and Atmospheric Administration have made…

LeFrak seeks to benefit from Opportunity Zones at SoLē Mia project

Tony Blair, Lloyd Blankfein, Steven Mnuchin and others gathered for a four-day conference in the Hamptons sponsored by the Milken Institute to talk about some of the world’s most pressing topics. One of the sessions focused on affordable housing, where U.S. Treasury Secretary Steven Mnuchin discussed the importance of a new federal tax incentive called Opportunity Zones, according to Bloomberg.

Video: RealPage Director of Analytics Jay Parsons on Whether the Multifamily Sector Remains Viable

New supply of multifamily property units, changing demographics, and rising interest rate levels are all combining to have a big impact on the multifamily market. Jay Parsons, Director of Analytics at RealPage, a company that provides property management software solutions for multifamily, commercial, single-family and vacation rental property owners, appears on America’s Commercial Real Estate Show to…

The Yield Curve vs. Unemployment Rate in Predicting Recessions

Economists look at several indicators when gauging whether the economy is heading toward a recession. A recent Economic Synopses essay examined the predictive power of two of the most commonly used indicators: the yield curve and the unemployment rate. Business Economist and Research Officer Kevin Kliesen explained how these two indicators are used in evaluating the likelihood of a recession…

Notable Retail Leases Signed in South Florida Q2 2018

Commercial real estate in South Florida continues to be a healthy market as exhibited by metrics in the Q2 2018 report. While there are a number of construction projects as well as acquisitions, retail leasing is also striving with several major retail leases closed in the past 3 months. We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q2 2018.

What’s up (or down) with the yield curve? : Analyzing the new most-popular series in the St. Louis Fed’s FRED Portal

For as long as we can remember, the most popular series in FRED has been the consumer price index (CPI). Well, not anymore. Recently, the series describing the difference between the 10-year and 2-year Treasury constant maturity rates became the most popular. Why this sudden interest? It has to do with the concept of the yield curve: Under normal circumstances, long-term interest rates are higher than…

Staybridge Suites Opens Miami Hotel

InterContinental Hotels Group has opened Staybridge Suites Miami International Airport, a 153-key hotel in Miami. Grapeland Hospitality Development owns the property, while Buffalo Lodging Associates manages it. Located at 3651 NW 25th Street, the all-suite hotel is close to Miami Jai Alai, Grapeland Water Park and Magic City Casino. Major hospital centers and Marlins Park are also nearby. Additionally…

Miami-Dade To Decide Its Transit Future: Rail, Finally, Or More Buses?

Some story plots are as old and predictable as the ages. The bad witch always gets her comeuppance, Sherlock Holmes always solves the case, and municipalities always struggle to find and to fund transit solutions. Bisnow/Deirdra Funcheon From the 43rd floor of Paramount Miami Worldcenter, you can see the American Airlines Arena (the round building), where the Miami Heat play. The bridge leads to Port…

SoBe hotel under construction asks $11M

A Venezuelan businessman is sticking to the non-real estate businesses he knows – and is looking to sell a hotel under construction in Miami Beach’s South-of-Fifth neighborhood. RG Michigan 2014 LLC, led by Gianfranco Rondón, hired Jeff Cohen of Brown Harris Stevens to list the partially developed boutique hotel at 411 and 419 Michigan Avenue for nearly $11 million. Rondón has reportedly had his…

Rubell family scores $20M refi for Albion Hotel in Miami Beach

The Rubell family just scored a $20 million refinancing for its Albion Hotel in Miami Beach, which is undergoing renovations. Property records show a company led by art collector and property investor Jason Rubell, of the family-owned Rubell Hotels, secured the mortgage from Bank of America. It takes over a previous $17.6 million loan that was issued in 2008 by the same lender, and adds about $6 million…

Atlanta developer opens new 19-story apartment building in Coral Gables

Atlanta-based Gables Residential opened its newly built 19-story apartment building in Coral Gables with monthly rents starting at $2,306. The 200-unit building at 60 Minorca Avenue, called Gables Columbus Center, has apartments ranging in size from 770 to more than 1,500 square feet. Gables Residential, a real estate investment trust, built common-area amenities that include a mid-level…

Newest addition to Miami’s skyline has unusual basket-weave façade design

Construction of Solitair Brickell, a 50-story apartment building, has been completed, adding a new high-rise with an unusual façade to Miami’s skyline. Global architecture and design firm Stantec created the angular, basket-weave design of Solitair Brickell’s exterior. According to Stantec, the design of the building’s zigzag, serrated balconies was inspired by the texture of the Medjool date palm tree…

New Hotel Headed for Downtown Miami

Dutch hotel chain citizenM plans to open a 348-key, 128,000-square-foot property at Miami Worldcenter, a new, 27-acre mixed-use development underway in Downtown Miami. Gensler Architects is handling design. Located along Second Avenue between Seventh and Eighth streets, the new hotel will be situated next to Miami Worldcenter’s pedestrian-only, open-air shopping promenade, which will…

Angular palm tree-inspired tower joins Miami skyline

The angular high-rise includes 438 rental units and many amenities The 50-story Solitair Brickel rental tower is complete and ready to show off its unique basket-weave design said to be inspired by the angular trunk of a Medjool date palm tree. Designed by the Miami offices of global architecture firm Stantec, the high-rise has been under construction since mid 2015. “The unique design of the building…

Inside gubernatorial candidate Philip Levine’s real estate holdings

Florida gubernatorial candidate Philip Levine may be known best locally as the former mayor of Miami Beach, but he is also a developer with a sizable real estate portfolio of more than $79 million that stretches from Miami to New York City’s Park Avenue. Earlier this summer, he and his real estate partner Scott Robins sold a major retail portfolio they had developed in Miami Beach’s Sunset Harbour…

FPL puts 69-acre Palmetto Bay waterfront site on market

Florida Power & Light is putting a 69-acre waterfront property in Palmetto Bay back on the market where it will likely go for at least $50 million, sources said. Once home to a power plant, the property at 6525 Southwest 152nd Street is one of Miami-Dade County’s largest undeveloped waterfront properties. The site, known as Cutler Plantation, could be the site of a luxury home development, according…

Here’s why retail is making a comeback

The retail sector may be bouncing back. In the face of challenges, companies like Walmart, Target, Nordstrom and Best Buy have expanded their services. And it appears to be paying off: Walmart reported its best quarterly sales gain in a decade, while Target saw the biggest jump in 13 years, according to Bloomberg. “The American retail sector is enjoying a renaissance,” Neil Saunders, managing…

If they drive, they will park (Or if they park, they will drive?) : Correlation does not always equal causation

This graph shows that the more people drive, the more they park and generate revenue for parking lot and garage operators. While there’s clearly a correlation between these two indicators, it isn’t clear that there’s a straightforward causality between them. In fact, a third indicator may be affecting the other two: the number of cars in use, the size of the road network, economic activity in general…

Florida’s First Radisson RED Hotel Tops Off

RivieraPoint has topped off its six-story Radisson RED hotel in Miami, less than nine months since construction started on the project. Featuring 155 keys, this is the brand’s first hotel in Florida. Besides loans and private equity, the developer is using EB-5 funds to finance the $34.5 million hotel. Located at 3401 N.W. 25th St. on a 1.1-acre site in Miami’s Lake Palmer area, the hotel will be near Miami…

Hundreds of protesters call on NFL to boot Related’s Steve Ross from committee

Thirty-seven protesters were arrested by NYPD officers Wednesday night for blocking Park Avenue. The protesters called on NFL to boot Related’s Steve Ross from a committee on social and racial justice. After briefly blocking traffic on Park Avenue, 37 protesters wearing T-shirts saying “Step down Steve Ross” were arrested on Wednesday and carted off in a large white police bus. The arrests were expected…

Shuttered Toys “R” Us location near Dadeland selling to Chevy dealer

Gone are the toy Corvettes and Camaros, and in their places will be the grownup versions when Chevy dealer Arnaldo Bomnin closes on the former Toys “R” Us building on U.S. 1 near Dadeland Mall. Bomnin submitted the winning bid of $25 million for the property at 8325 South Dixie Highway, The Real Deal has learned. Bomnin, president and CEO of Bomnin Auto Group, beat out bidders like Baptist…

Blue Road scores $17M loan for Miami Beach hotel project

Blue Road just secured a $16.9 million loan from Mercantil Bank to finish renovating the Sadigo Hotel in Miami Beach. Kobi Karp is designing the renovation and expansion of the hotel at 334 20th Street. The project, which will turn the property into a 30,000-square-foot hotel with 80 rooms, is scheduled to be completed next year. In 2016, the Miami Beach Historic Preservation Board approved…

Turkey’s economy is melting down. Will it hurt US real estate?

As Turkey’s meltdown continues, so do fears that it could turn into a broader emerging-market malaise. But in the U.S. commercial real estate industry, the crisis hasn’t caused any jitters — and with good reason. Companies from Turkey have bought just $231.4 million worth of commercial properties in New York City since 2000, according to data from research firm Real Capital Analytics…

Photos: An Update on the Cocowalk Construction

This is the state of CocoWalk this weekend. I checked it out yesterday morning. I had seen it from the 24 Hour Fitness gym across the street. I was looking out from the second floor window and for some reason, the empty space reminded me of the space so many years ago. For some reason on that corner, I’m picturing a closed down, abandoned gas station and I can vaguely remember people have…

Sears to close 46 more stores nationwide, 1 in Miami

The bleeding hasn’t stopped at Sears Holdings Corporation. The once-ubiquitous big-box retailer said it will close another 46 Sears and Kmart stores around the country in November, according to CNBC. The locations include those in Los Angeles, in Miami, and in Long Island, New York. The company has seen a decline in sales each quarter since 2011. Sears has steadily shed properties in recent years…

Tulip-Shaped Tower Planned for Miami Skyline

Turkish billionaire Bekir Okan met with architect Robert Behar last year and asked him to design a skyline-altering development in downtown Miami. As a result of that chat, he says construction scheduling is now underway on Florida’s tallest building. Behar wanted to create a symbolic reference to Okan’s homeland and came back to him a few weeks after their discussion with an unusual idea: a tower…

CitizenM joins Miami Worldcenter project

Netherlands-based citizenM Hotels is joining the Miami Worldcenter project. The Dutch hotel chain will buy the land, along Northeast Second Avenue between Seventh and Eighth streets in downtown Miami, from Miami Worldcenter Associates, a spokesperson said. CitizenM will build a 12-story, 348-key hotel on the site and be part of the master-planned, mixed-use development. The 128,000 sf…

Video: Miami Filmmaker Makes 360° VR of the Demolition of Cocowalk

Richard Fendelman, a Coconut Grove based film maker, has created a 360 degree virtual reality video – embedded herein – showing the demolition underway at Cocowalk, “The Demise of Cocowalk as We Know It in 360° VR.” and Grovite, sent me this video he took of the final stages of CocoWalk called, “The demise of CocoWalk 360 degrees.” It seems like only yesterday that tourists would ask for…

Developer Snags $138M Construction Loan Even as Miami’s Condo Market Sputters

Rendering of the 100-unit Elysee waterfront condominium tower in Miami. A developer secured a $138 million loan to finance a 57-story waterfront condominium near downtown Miami, an impressive feat according to one analyst who says the city’s saturated condo market is well past its peak. The financing from JPMorgan Chase Bank comes with the 100-unit Elysee nearly half sold and in the early stages…

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August 29, 2018

Video: Miami Filmmaker Makes 360° VR of the Demolition of Cocowalk

 

Richard Fendelman, a Coconut Grove based film maker, has created a 360 degree virtual reality video – embedded herein – showing the demolition underway at Cocowalk, “The Demise of Cocowalk as We Know It in 360° VR.” and Grovite, sent me this video he took of the final stages of CocoWalk called, “The demise of CocoWalk 360 degrees.”

It seems like only yesterday that tourists would ask for directions to Cocowalk. In any case, exciting changes are underway there. Out with the old, in with the new…

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August 29, 2018

Video: RealPage Director of Analytics Jay Parsons on Whether the Multifamily Sector Remains Viable

New supply of multifamily property units, changing demographics, and rising interest rate levels are all combining to have a big impact on the multifamily market. Jay Parsons, Director of Analytics at RealPage, a company that provides property management software solutions for multifamily, commercial, single-family and vacation rental property owners, appears on America’s Commercial Real Estate Show to discuss the multifamily property market, offering an inside look at the sector including, among other topics, multifamily rental rate and cap rate (capitalization rate) trends and what he believes investors should expect moving forward.

August 27, 2018

Miami Commercial Real Estate News August 22, 2018: Mana Expands in Allapattah; Wennet’s Big Plans in Allapatah; More…

What is Melreese really worth? Experts consider value of Beckham’s proposed soccer site

Miami voters will decide in November if an ownership group led by David Beckham and the Mas brothers can build a $1 billon mixed-use development on the site of the Melreese Country Club. The ambitious proposal would be anchored by a 25,000-seat stadium that would be home to Miami’s Major League Soccer team. But some real estate developers and experts are crying foul about the price and…

Moishe Mana expands Allapattah portfolio

Moishe Mana is expanding his holdings in Allapattah. The Wynwood/Miami investor paid $5 million for a 1.46-acre assemblage… The sellers are Jose Holdings, Seventh Avenue Holdings and R & R Real Investments, all companies led by Jorge Salazar. The deal included the lots at 675 and 685 Northwest 23rd Street; 664 and 680 Northwest 24th Street; 2315, 2319, 2335 and 2343 Northwest Seventh Avenue.

Major Miami Mixed-Use Project in Aventura Reaches Completion

Aventura ParkSquare, a $300 million mixed-use destination totaling 1.2 million square feet in Aventura, Fla., has reached completion. Developer Integra Investments wrapped up the project following Miami-Dade County’s granting of the temporary certificate of occupancy for the last two structures at the five-building property. Integra broke ground on ParkSquare, sited at the intersection of 2900…

Developer Of Midtown Miami Hotel Gets Financing To Buy Out JV Partner

A stalled hotel project in midtown Miami might be poised to move ahead after some shuffling of financing. This week, LV Lending — a Miami-based private lender, and an affiliate of Linkvest Capital and Linkpoint Properties, focusing on mortgage loans — announced that it arranged a $15M senior loan for Aventura Hotel Properties to help refinance a previous $9.7M loan and buy out its partner, JQ Group…

Public-Private Venture Breaks Ground on 123-Unit Affordable Seniors Housing Community in Miami

A public-private collaboration between Miami-Dade County, Pinnacle Housing Group and the South Miami Heights Community Development Corp. has broken ground on Caribbean Village, an affordable seniors housing property in Miami. Located in the South Miami Heights submarket, Caribbean Village will offer 123 units. The development is part of a two-phased plan to develop transit…

Miami Worldcenter developer hails progress of Brightline

Downtown Miami development may have its share of competing interests, but when it comes to transportation solutions, one developer said he’s happy with the big moves his immediate neighbor is making in the area. Early pieces of the 27-acre, $2 billion mixed-use Miami Worldcenter puzzle are nearing the finish line, complete with transit infrastructure improvements to accommodate the project – the…

Arnaud Sitbon: Heads charter schools, Jungle Island realty investments

As president and CEO of ESJ Capital Partners, Arnaud Sitbon oversees a commercial, residential and educational real estate portfolio valued at $700 million and totaling 3 million square feet. Mr. Sitbon co-founded ESJ in 2007, just before the world financial crisis. In ensuing years, he led the company – ESJ stands for “equity,” “syndication” and “joint venture” – to exponential growth. He attributes…

South-Dade Transitway gets $100 million, but for bus or rail?

In one of history’s shortest government meetings, the Transportation Planning Council on Monday committed $100 million to build “premium transit infrastructure” on the South Dade Transitway along US 1 from Kendall Drive to Florida City. The council, which advises the Transportation Planning Organization (TPO), in less than a minute OK’d amendments to Miami-Dade’s 2040 transportation plan…

Deutsche Bank Closes $192 Million Acquisition Loan for MIA Office and Industrial Portfolio

Deutsche Bank has provided a $192 million acquisition loan to Walton Street Capital and Crocker Partners for their purchase of The Landing at MIA, an office and industrial portfolio adjacent to Miami International Airport, Commercial Observer has learned. CBRE Capital Markets’ James Millon, Tom Traynor, Amy Julian and Ethan Gottlieb arranged the balance sheet financing. Officials at CBRE declined…

Residences by Armani/Casa tower reaches 649-foot final height

The exclusive Sunny Isles Beach project is now topped off After climbing to its halfway point in March, the upcoming Residences by Armani/Casa condo project in Sunny Isles Beach has officially topped out at 649 feet. Designed by the firm of internationally recognized architect Cesar Pelli, the glassy tower features sleek interiors by Armani/Casa Design Studio and represents the firm’s first self-branded…

California teachers’ fund and Miami based 3650 REIT launch $200 million fund

Miami-based 3650 REIT just announced a partnership with the California State Teachers’ Retirement System to form a $200 million joint venture focusing on bridge and short-term real estate financing. The new fund will provide loans for ground-up construction, recapitalizations, acquisitions and repositions in some U.S. markets where traditional capital is unavailable. After the initial $200…

National Security Review of Foreign Investments to Escalate

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

Apartment Construction Is Expected to Slow Down in 2018 After a 6-Year Upward Streak

Almost 283,000 new apartments are expected for completion by the end of 2018, 11% less than last year. Apartment construction peaked in 2017, finally slowing down in 2018. In spite of the year-over-year slowdown, the past three years’ total deliveries are projected to pass the 900K mark by the end of this year – the highest since the mid-‘80s. Continuing the trend seen in recent years, Texas is leading the…

Developers in Miami, Other Major Cities, Forced To Wean Themselves Off Chinese EB-5 Funding As Visa Waitlist Balloons

The EB-5 program, for years a reliable source of capital for builders in Miami, New York and other major U.S. cities, has been beset with fraud, long waits and uncertainty. Chinese investors, who made up 85% of all EB-5 investors, are now facing up to a 15-year wait between the time they file their initial petition and the time they receive a green card. With such a backlog, developers are turning to investors…

What Has Happened to the Yield Curve Since Liftoff?

What has happened with the yield curve since the Federal Reserve started raising its policy rate from near zero in December 2015 (so-called liftoff)? In this video, taken from a Dialogue with the Fed presentation on May 22, St. Louis Fed Director of Research Chris Waller discusses how the yield curve has flattened since liftoff. He also discusses reasons why rates would potentially be pushed up faster at the…

Voters to decide on two major projects in Miami and South Miami

Miami and South Miami residents are voting on the futures of two major projects in the Aug. 28 primary: the proposed Jungle Island hotel, and a land-use amendment that could allow the Shops at Sunset Place to be redeveloped. Early voting is underway. ESJ Capital Partners wants to build a hotel limited to 300 rooms and 130 feet tall on the Jungle Island land it leases from the city of Miami. The…

Ram Realty scores $65 million loan for Whole Foods-anchored project

Ram Realty Advisors just closed on land in Fort Lauderdale and scored $65 million in construction financing to build its long-planned 501 Seventeen mixed-use project. Property records show Hudson Capital sold the the 3.2-acre development site, on the northwest corner of Federal Highway and Southeast 17th Street, to Ram Realty affiliate RRPIV WF FTL for $18.5 million. Ram was under contract to purchase…

Anbang is looking to unload a $5.5B portfolio of 15 hotels in Miami & Other Major Cities

Anbang Insurance Group is switching strategies: Instead of selling hotel properties one-by-one, the Chinese conglomerate is looking to shed the entire $5.5 billion portfolio all at once. The portfolio of 15 hotels includes Essex House Hotel in Manhattan and the InterContinental Hotels in Chicago and Miami. Angbang purchased the properties from the Blackstone Group in 2016 for $5.5 billion…

Miami broker sues for allegedly unpaid commissions tied to financing for a hotel and gym

A Miami-based broker who assists developers in obtaining financing is accusing a Phoenix-based construction firm and former NFL player Donald “Dre” Bly of stiffing him for a combined $8.91 million in commission fees, according to a pair of lawsuits filed in Miami-Dade Circuit Court. Harvey Burton sued Palacio Development Group and its executives, president Young Troung and vice presidents Craig Ball…

South Florida by the numbers: Win-Wynwood situations

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. We all love Miami’s Wynwood district for its cool and funky vibe, its dining and entertaining options, and of course the incredible street art. But the story of Wynwood’s dramatic rise to real estate prominence (in such a short time span) probably deserves a towering, eye-catching…

PMG’s New Concept for X Miami: Mash Up Co-Living With Hotel

Airbnb blurred the line between hotels and homes. Co-living blurred the line between dorms and apartments. Now, here comes another level of mashup: part co-living, part hotel. Property Markets Group — a New York-based firm that has developed 85 residential buildings, including Mei Miami Beach and Echo Brickell — launched a new co-living division called X Social Communities, which basically arranges…

Will the Hurricane of New Construction Hurt Miami’s Apartment Market?

There’s a storm of new development coming to the Miami apartment market—and it’s likely to hurt the prices investors are willing to pay for apartment properties there. So far, however, cap rates in the city have remained stable as storm clouds gather. “CoStar expects cap rates to increase in the face of these conditions,” says Pamela Stergios, market analyst for research firm CoStar Group. “But we aren’t yet…”

Contaminated land? No worries. Developers aren’t shying away in South Florida

In its heyday, the Cuyahoga Wrecking company in Opa-locka was one of the most active demolition contractors in South Florida. During the 1970s and 1980s the company, run by the Schwab family, dismantled as many as 275 buildings. And up until abandoning the property in the late 1990s, the ownership also haphazardly managed to leave behind mounds of toxic debris that festered for decades and…

Video: Nelson Mullins Partner Rusty Fleming Discusses Lender Trends

On this episode of Michael Bull’s America’s Commercial Real Estate Show, Rusty Fleming, a partner with the law firm of Nelson Mullins, joins show host Michael Bull to discuss various commercial real estate legal concepts today, including loan underwriting, trends in commercial property lending, commercial property equity investing, relations between borrowers and lenders relations, borrower…

Miami Among America’s 10 most liveable cities, according to The Economist ranking

Though American cities didn’t fare well in The Economist’s annual global ranking, there were a handful of stars. Known as The Global Liveability Index, the publication’s ranking report is published every year based on a number of factors like education, healthcare, stability and infrastructure. In the 2018 report, only 10 U.S. cities made it into the top 50–and none of those cities made it into the world’s top 20…irbnb partnered with Miami-based developer Newgard Development Group for the venture now known as “Niido Powered by…

Five-story mixed-user unveiled for Coconut Grove

The five-story project includes an office, retail, and hotel component A vacant stretch of Grand Avenue in Coconut Grove will be the site of a newly unveiled five-story, mixed-use development. Named ‘Metronomic Place’ after its developer Metronomic, Inc., the upcoming building will deliver 5,000 square feet of office space, 3,200 square feet of ground-floor retail, and a 44-room All-Suite Hotel. Designed…

Coral Gables condo hotel sues city over approval of neighboring project

The David William Hotel Condominium Association is suing the city of Coral Gables, demanding it appeal the approval of a neighboring condo project. The David William, at 700 Biltmore Way, and Jorge Guarch Jr., who owns a unit in the building, filed a complaint for Writ of Mandamus, or as an alternative, complaint for declaratory judgment and injunctive relief, that would allow the hotel condo association…

Qatari owner of St. Regis Bal Harbour scores $132 million refi

Al Rayyan Tourism Investment Company just closed on a $132 million refinancing of the St. Regis Bal Harbour Resort. The Qatari owner secured the floating-rate loan from Mack Real Estate. The four-year deal has a one-year extension, according to a press release. HFF arranged the financing. ARTIC paid $213 million for the St. Regis, at 9703 Collins Avenue, in 2014, a deal that broke down to more than…

Metronomic launches mixed-use project on Grand Avenue in Coconut Grove

Metronomic plans to build a mixed-use office, retail and hotel project on Grand Avenue, marking another example of development pushing west in Coconut Grove. The firm, led by Ricky Trinidad, paid $4.1 million for the 13,000-square-foot site at 3280 Grand Avenue in June, property records show. It’s planning to build Metronomic Place, a five-story building with about 5,000 square feet of Class A office…

Advenir drops $60M on apartment complex near FIU

The Rilea Group sold an apartment complex near Florida International University to Advenir for $59.75 million. Vista Verde at Westchester, a 302-unit complex at 10491 Southwest 14th Terrace, just east of the university, sold for about $198,000 per apartment. Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley and James Quinn represented Rilea, according to a release. The property was…

SoFla’s biggest multifamily deals in July

South Florida’s multifamily market continued to have another strong month in July. The growing demand for properties outside of South Florida’s major metros, like Lake Worth, is likely driven in part by South Florida’s lack of affordable housing, which has pushed renters outside of the urban cores. The July investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County…

Multifamily Property Near Florida International University Fetches $60M

The 302-unit Advenir at University Park apartment complex in Miami. Advenir, a real estate investment company, paid $59.75 million, or nearly $198,000 a door, for an apartment complex adjacent to Florida International University in Miami. The seller, Miami-based Rilea Group, built the 302-unit property in 1993 at 10495 SW 14th Terrace. It’s now called Advenir at University Park, but formerly was known…

Miami Based 3650 REIT Forms New Commercial Real Estate Finance Joint Venture

3650 REIT, the national commercial real estate lending, investment and services firm, today announced a new joint venture with the California State Teachers’ Retirement System. The JV is dedicated to 3650 REIT’s bridge and event driven lending strategy and will include an initial $200 million commitment with an accordion feature for a potential total commitment of $500 million.

Colliers Broker Joins MMG Equity Partners in Bet on South Florida Shopping Centers

­­A private investment firm in South Florida has hired Colliers International broker Marcos Puente to build its commercial property portfolio, making a bet on large shopping centers in the region. Puente will be director of acquisitions for MMG Equity Partners, based in Pinecrest, FL. The firm currently has about 40 properties totaling more than 2.5 million square feet. The Navarro family started MMG in 2008 after…

Allapattah’s Miami Produce Center Surely Among America’s More Unique Redevelopment Projects

Robert Wennett’s plan to rebuild the Miami Produce Center may be among the most unique redevelopment projects in America. A new description from architect Bjarke Ingels, along with an analysis of the developer’s zoning application, reveals just how innovative the design is. The redeveloped Produce Center will include urban farming plots (either between buildings or on “roofscapes,”) co-living…

Badia Spices peppers its portfolio with the $9.5M purchase of a Doral warehouse

Badia Spices is peppering its portfolio with the purchase of a Doral warehouse for $9.5 million. The global spice company headquartered in Doral purchased the 54,361-square-foot warehouse at 2101 Northwest 82nd Avenue from Lagunita Holdings, records show. The price equates to $175 per square foot for the warehouse, which sits on a 119,535-square-foot lot. Lagunita Holdings, led by Holy Rincon…

McDonald’s to spend $6B updating restaurants nationwide

McDonald’s is making a supersized effort to modernize its restaurants across the country. The ubiquitous fast food joint and its franchisees plan to spend $6 billion renovating and updating its U.S. restaurants by 2020. Much of that will be spent incorporating tech and infrastructure to cater to new trends in fast food, the Associated Press reported. The new restaurants will feature digital self-order…

HES Group buys out partner on Triptych project in Midtown Miami

HES Group refinanced the site of a planned mixed-use hotel across from Midtown Miami Shops and bought out its former partner, JQ Group of Companies. Property records show HES affiliate Aventura Hotel Properties scored two loans for $15 million and $8.2 million from LV Midtown LLC and QR Triptych LLC, respectively, for the development site at 3601 North Miami Avenue. Jose Herrera, HES Group…

Miami Stadium Apartments developer scores $36 million HUD-insured refi

Low-income and market-rate housing developer Lewis Swezy just closed on a $36 million refinancing of Miami Stadium Apartments in Miami-Dade County’s Allapattah neighborhood. The 336-unit affordable housing community at 2625 Northwest 10th Avenue sits on the former site of the Miami Marlins stadium, built in 1949 and razed in 2001 to make way for apartments, which were completed a year later.

South Florida’s biggest retail property sales in July

As legacy retailers close their doors and the so-called “retail apocalypse” nears, South Florida remains somewhat of an exception. Retail in the area has performed better than the national average and with the approval of the American Dream mega-project earlier this year, the region will eventually be home to the largest mall in the country. A few notable properties traded hands in July, including one…

In Miami, Armani-Branded Condo Tower Tops Off

The 56-story, 649-foot Residences by Armani Casa, which was announced in 2014, has topped off in Sunny Isles Beach. The project is being developed by Dezer Development and Related Group. It is expected to open in 2019. The Armani project is part of a bigger trend of brand-name condos in Miami. An Aston-Martin-branded condo tower is going up on Biscayne Boulevard and a Missoni condo in…

How Well Do Yield Curve Inversions Predict Recessions?

The yield curve plots rates on similar assets with different maturities, such as the 10-year U.S. Treasury note and the three-month U.S. Treasury bill. Typically, the difference between the rates (also called the “term spread”) is positive, meaning longer-maturity assets have a higher return than shorter-maturity assets. However, the yield curve can invert, meaning shorter-term assets have higher interest rates…

South Florida Retail Summary (Q2 2018)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q2 2018 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.

$120 Million Refinancing Secured for Mixed-Property Portfolio in Metro Miami

Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year…

Opa-locka residents of join forces to make a change in housing conditionsg

The residents of Cordoba Courts Apartments in Opa-locka are not backing down. Faced with widespread substandard housing conditions, they are joining together to demand their right to the provisions of the Fair Housing Act. An Aug. 16 Cordoba Courts Community Tenant Association meeting to address the faulty living conditions and safety was packed with residents. Also in attendance were Opa-locka…

Lagging Formula One talks now target Miami Grand Prix race here in 2020

The roar of Formula One racing engines won’t be echoing off of skyscrapers in downtown Miami next year as planned. Prolonged negotiations have led the car racing organization to move the anticipated inaugural of the Miami Grand Prix one year to the fall of 2020. A proposal for the city to host the race for a 10-year period was on the Miami City Commission’s July 26 agenda but was deferred to…

Planning collaboration targets affordable housing shortage in Miami

City of Miami leaders are turning to master planning work to help address the critical shortage of affordable housing in the growing city.
The Miami City Commission recently approved a resolution establishing collaboration between the city and Florida International University’s Metropolitan Center to work on the preparation of the city’s Affordable Housing Master Plan. The move allows the FIU…

$56 million pact kicks off Golden Glades’ park-ride

The Florida Department of Transportation has awarded a contract for a $56 million multimodal transportation facility and truck travel center in the current Golden Glades park-and-ride lot. The contract went to LEAD Engineering and Construction and Kaufman Lynn Construction. Work on the park-and-ride hub that is to become a gateway to Miami-Dade County and unite several modes of…

$138.1 Million Construction Loan Secured for 57-Story Condominium Tower in Miami

Walker & Dunlop has arranged a $138.1 million construction loan for Elysse, a 57-story condominium tower in Miami. The 100-unit community, located at 788 N.E. 23rd St., overlooks the Intracoastal Waterway in Miami’s Edgewater neighborhood. Kevin O’Grady and Eric McGlynn of Walker & Dunlop arranged the financing through JPMorgan Chase Bank on behalf of Two Roads Development, which is…

North Miami moves closer to Chinatown architectural plan

The proposed Chinatown in North Miami is moving closer to solidifying some design plans. The city could be requesting proposals for architecture firms in the next few weeks, according to City Manager Larry Spring Jr., who said the city also plans a surprise public announcement in the next three to four weeks. “Currently, our in-house engineers are looking at storm water plans so that we can to…

Massive ParkSquare Aventura development now complete

The 1.2 million-square-foot project emphasizes pedestrian friendliness in a traditionally auto-centric area After many months of construction, the mixed-use Aventura ParkSquare development is nearly ready to welcome residents, commercial tenants, and shoppers to the corner of Waterways Boulevard and NE 207th Street. In discussion since at least 2014, the 7.4-acre project broke ground in 2016…

Realterm Logistics pays $10M for Medley industrial site

Realterm Logistics just purchased an industrial site in Medley for nearly $10 million, property records show. Realterm Logistics is an affiliate of the real estate private equity firm Realterm. The recent deal gives the company control of more than 10 acres of industrial land at 7500 Northwest 82nd Place, including a two-story, 28,000-square-foot warehouse. The seller, Dones & Krissel Management, is led by…

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in Miami, NYC, D.C.

Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132…

LA investment group drops $16.5 million on property next to Miami Worldcenter

A Los Angeles-based family office just picked up a piece of the Miami Worldcenter pie. Romie Chaudhari’s Chiron Investments paid about $16.5 million for the former nightclub building at 90 Northeast 11th Street in Overtown, property records show. The seller is Miami First LLC, led by Miami Worldcenter developer Nitin Motwani. Chiron affiliates Pug44 and Pug45 LLC financed the deal with a $10.5 million…

PMG adds hotel to apartment high-rise in downtown Miami

Property Markets Group is bringing a hotel component to X Miami, its newly completed apartment tower in downtown Miami. The Guild Hotels, a tech-oriented, boutique hotel group, is opening on four floors with 64 units of the 32-story, 464-unit building at 240 Northeast Fourth Street. Hotel guests will have access to X Miami’s amenities, which include a gym, sky dog park, screening lounge, co-working…

Two Roads scores $138 million loan for Elysee condo in Edgewater

Two Roads Development just secured a $138 million construction loan from JPMorgan Chase for its 57-story luxury condo tower Elysee in Miami’s Edgewater neighborhood. The developer, which completed the nearby Biscayne Beach condo tower last year, has secured nearly 50 percent in presales, according to a release. Traditional construction lenders typically require at least 50 percent in presales.

Homestead Convinced $100 Million Downtown Revitalization Key to its Future

Decades after suburban shopping malls left downtowns in disrepair, communities across the country have been making the city centers relevant again as “live-work-play” destinations. That’s not hard to do in major cities such as Seattle, Atlanta and Miami, where thousands of new apartments, condominiums, shops, restaurants and offices cater to pedestrian crowds dominated by millennials. Achieving that…

Ugo Colombo can seek punitive damages from Craig Robins in fight over private jet

An appellate court denied a petition by Craig Robins to prevent another leading real estate developer in Miami, Ugo Colombo, from seeking punitive damages in long-running litigation over a private jet they owned. After Miami-Dade Circuit Judge Barbara Areces allowed Colombo to amend his lawsuit against Robins to seek punitive damages, the Third District Court of Appeal denied a petition by Robins…

$59.8 Million Sale of Multifamily Community in Miami Arranged

A broker has arranged the $59.8 million sale of Vista Verde at Westchester, a 302-unit apartment community located at 10491 SW 14th Terrace in Miami. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller, Rilea Group. Advenir Inc. acquired the asset, which is located adjacent to Florida International University, a public…

Two-building industrial property in Miami sells for $10.4M

A two-building industrial property in the West Little River neighborhood of Miami has been sold for $10.4 million. The buyer paid $211 per square foot for the buildings at 7101 North Miami Avenue and 7111-7119 North Miami Avenue, which span a total of 49,260 square feet. The new owner is 7101 N. Miami Ave. LLC, managed by Alan P. Matthews and John Matthews. The seller was Miami-based 170 NE…

Judge strikes down claims brought against former Canyon Ranch condo-hotel

At least one major component of a long and complicated legal battle between the owner of the Carillon hotel in Miami Beach and a homeowners association has finally reached a verdict. A Miami-Dade County Circuit Court judge dismissed a number of claims with prejudice brought by the Central Carillon Beach Condo Association against a company affiliated with Z Capital, the development group…

Integra completes $300M Aventura ParkSquare project

Integra Investments completed the final pieces of its $300 million Aventura ParkSquare mixed-use development by securing temporary certificates of occupancy for the residential and office condo components. In all, the 1.2-million-square-foot project, at 2920 Northeast 207th Street, includes a 131-unit luxury condo building, a 100,000-square-foot Class A office component, 55,000 square feet of ground…

Could co-working offices save malls?

A new kind of co-working space is seeking to capitalize on two current market trends: the increasing number of freelance and remote-location workers, and the loss of tenants in the retail sector. The idea? To combine vacant retail space with co-working offices. Commercial real estate firm JLL conducted a nationwide study of 75 co-working offices occupying more than 1 million square feet of former retail…

Miami Beach Convention Center shows off its new exterior fins

Here’s a first look at the three-year-long construction project As work on the $620 million transformation of the Miami Beach Convention Center rounds the home stretch, the project’s design team of Fentress Architects, Arquitectonica, and West 8 have released new images of the building’s dramatic undulating exterior and bright interior lobby. Made up of 500 aluminum “fins” arranged to mimic nearby ocean…

Paramount Miami Worldcenter tops out at 700 feet

Workers celebrated the milestone by flying the flags of 50 countries representing the tower’s many international buyers After reaching the half-way point back in December, downtown’s upcoming Paramount Miami Worldcenter has achieved its final height of 700 feet. The construction milestone saw crews fly the flags of the 50 countries that comprise the project’s geographically diverse condominium…

This downtown Miami building just sold — but not to Moishe Mana

A Wynwood investor paid about $5.4 million for the World Precious Metals building in downtown Miami’s Flagler district — and it wasn’t Moishe Mana. First & First Investment Associates LLC, managed by Vicken Bedoyan, sold the property at 40 Northeast First Avenue to Downtown NS, city records show. The buyer entity is tied to Elliot Antebi, who has owned properties in Wynwood, according to records.

American Dream mega-mall approval hits a snag

The South Florida Regional Planning Council voted against American Dream Miami, a mega-mall planned for northwest Miami-Dade County. Five of the nine-member board voted against the 6.2 million-square-foot mixed-use development. The council’s vote is used as a recommendation for the Florida Department of Economic Opportunity, which has final approval of the 174-acre project, according to…

Dezer pays $20 million for Nova Southeastern’s North Miami Beach campus

Dezer Development just picked up a development site currently home to Nova Southeastern University’s North Miami Beach campus for $20 million. Property records show Nova Southeastern University sold the 8.28-acre property at 1750 Northeast 167th Street to the Sunny Isles Beach-based development firm, less than a year after it hit the market for $32 million. NSU, which has its main campus in Davie…

Rich New Yorkers are flocking to Florida. But soaring prices might offset the tax perks

The tax overhaul is fueling a luxury home boom in Florida. Prices for luxury properties in the state climbed 16 percent in the second quarter versus a year earlier, according to Bloomberg. And values for the top 5 percent of properties rose at the fastest pace in five years, even as prices in the rest of the Florida market increased only 7 percent. “The trigger is tax reform,” Jay Phillip Parker, CEO of Douglas…

Political infighting is choking efforts to reveal kleptocrats and terrorists using U.S. real estate to wash dirty money

A Malibu mansion and Gulfstream jet were seized from the playboy son of the president of Equatorial Guinea, who pilfered hundreds of millions of dollars from his starving country. Authorities retrieved $100 million from a bank used by Hezbollah to wash money from drug trafficking. And a foreign not-for-profit is facing charges that it helped Iran evade sanctions by secretly investing in a Manhattan…

3-D Architecture, Urban Farming Part of Proposed Development for Miami’s Allapattah Neighborhood

An innovative development featuring three-dimensional architecture, urban farming and co-living apartments could be coming to the rejuvenated Allapattah neighborhood in Miami. Developer Robert Wennett and Danish architect Bjarke Ingels have proposed the project on 8.3 acres known as Miami Produce Center, located at 2140 NW 12th Ave. The development also would include restaurants, shops…

BIG unveils stilt-supported Miami megaproject

At 1.36 million square feet, the project is a BIG deal World-famous Danish starchitect Bjarke Ingels is behind the design of a newly revealed proposal calling for a massive, stilt-supported development in Miami’s Allapattah neighborhood. Dubbed ‘Miami Produce Center,’ the project comprises eight interconnected rectangular buildings rising near the intersection of 12th Avenue and 21st Street.

Greater Downtown Miami may have 5 years of excess luxury condo inventory: report

In Greater Downtown Miami, it’s a true buyer’s market. The area is facing a glut of luxury condo inventory, with about five years of excess supply, according to a new report from Condo Vultures Realty. Nearly 560 luxury units asking at least $1 million are on the market. During the first half of 2018, about eight high-end units sold each month in Greater Downtown Miami. That means that there are about 70…

Macerich partners with Industrious to bring co-working into malls

Mall owner Macerich announced a partnership with co-working company Industrious to turn unused retail space into flexible offices. The first Industrious-managed co-working space inside a Macerich mall is set to open in Scottsdale, Arizona, in January 2019. “We feel very confident that integrating co-working into retail will be a slam dunk in urban areas,” Industrious’ CEO Jamie Hodari told CNBC…

The basics of mechanic’s liens for construction contracts

There are many new construction projects starting in Florida almost all the time. These construction projects could include just improvements to existing structures and dwellings or could involve construction of completely new buildings. These construction projects generally begin with the owner of the property signing a contract with a contractor in which the contractor agrees to complete the…

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August 22, 2018

Video: Nelson Mullins Partner Rusty Fleming Discusses Lender Trends

On this episode of Michael Bull’s America’s Commercial Real Estate Show, Rusty Fleming, a partner with the law firm of Nelson Mullins, joins show host Michael Bull to discuss various commercial real estate legal concepts today, including loan underwriting, trends in commercial property lending, commercial property equity investing, relations between borrowers and lenders relations, borrower and lender finances, interest rate changes, property closing requirements, regional commercial property investing and commerciala real estate development.

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August 20, 2018

Miami Commercial Real Estate News August 8, 2018: Building Collapse Results in Death; Brightline Boosting Development; Popeyes HQ to Miami; More…

Project manager dies from injuries in Miami Beach building collapse

A project manager died Friday from his injuries in what appeared to be a flawed effort to demolish the old Marlborough House condominium in Miami Beach. AlliedBean Demolition project manager Samuel Landis, a 46-year-old father and Lighthouse Point resident, had been in critical condition since July 23, when the Marlborough House collapsed after it was prepared for demolition. Landis was hit…

Growing Demand Shapes Miami

South Florida’s favorable tax environment, affordable cost of living and diverse economy contributes to Miami’s reputation of an ever-growing market. The metro mainly depends on organic expansion rather than large-scale corporate migration. Brightline, the high-speed rail service from All Aboard Florida, is a major step toward an elaborate infrastructure. The project will benefit the metro’s economic…

$23 Million Sale of Industrial Campus Near Miami Airport Secured

Cushman & Wakefield has brokered the $23 million sale of Airport East Distribution Center, a 397,585-square-foot industrial campus located at 7000 N.W. 32nd Avenue, roughly five miles north of Miami International Airport. Wayne Ramoski, Mike Davis, Gian Rodriguez, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Equitable Real Estate Partners.

Topgolf to Open Second Miami-Area Location on Friday

Golf entertainment concept Topgolf will open its second Miami-area location on Friday, Aug. 10. The three-level, 65,000-square-foot venue is located at 11850 N.W. 22nd Street in Doral, roughly 15 miles northwest of Miami. Topgolf features food and beverage options, big screen TVs, private event spaces and music in climate-controlled hitting bays. The entertainment concept has four existing locations…

Brightline’s Boost to Multifamily Development

Many expected the Brightline high-speed rail system to boost South Florida’s economy. So far, its biggest impact has been to spur multifamily development in the urban cores. As of July, there are 6,400 apartment units under construction within a half-mile radius of the three South Florida Brightline stations. There has not yet been a measurable impact on other commercial real estate variables, such as…

Construction Surge Dilutes Rent Growth in Miami

Miami’s multifamily market remains relatively healthy amid population and job gains, producing growth across asset classes, as rent increases continue to be on par with the national figure. However, following another record-breaking year for deliveries, the metro is on the verge of oversupply, with the accelerated rhythm of inventory expansion expected to linger. The metro added 24,000 jobs in the 12…

KHP Capital Partners pays $109M for Key West Inns

A San Francisco private equity firm just paid $109 million for the Key West Inns, a portfolio of six boutique hotels in Key West. Julie Fondriest, who began assembling the 222-key portfolio in 1997, sold the Key Lime Inn, Lighthouse Court, Albury Court, Merlinn Inn, Chelsea House and Cypress House to KHP Capital Partners, a hotel investment firm that also owns the Hilton Key Largo, a 200-room…

Miami orders audit of Melreese Golf Course as it seeks retail-office-soccer complex

What exactly has been going on behind the scenes at the Melreese golf course in Miami? City of Miami officials are seeking to find out. The city-owned property, about 131 acres with an 18-hole golf course, has been thrust into the spotlight this summer after David Beckham and his business partners showed an interest in securing the site for redevelopment and home to a new professional soccer…

Tri-Rail targets third quarter 2019 runs to downtown Miami

Mobility options are expected to widen for residents in Miami-Dade, Fort Lauderdale and West Palm Beach late next year. Tri-Rail trains are to arrive in downtown Miami by the third quarter of 2019, opening up a larger labor force to employers and more access to attractions and entertainment across South Florida. All Aboard Florida’s express passenger rail project Brightline and the South Florida Regional…

Site work on Grand Station in the heart of downtown Miami takes root with tree mitigation

Site work has begun on a high-profile parcel in the heart of downtown Miami that will bring one of the first new residential towers to an area anchored by many institutional buildings. “They are moving fast,” said Miami Parking Authority CEO Art Noriega regarding developer Grand Station Partners LLC. Construction fencing has been erected around the vacant corner lot next door to the parking agency’s…

County looks at putting trails under Florida Power and Light lines

Miami-Dade County is considering developing park space under Florida Power and Light (FPL) transmission lines and easements as bicycle trails and walking paths. Commissioners in July accepted a report from Mayor Carlos Giménez detailing how the county could best work with the power company to create a 1.76-mile trail system under FPL lines on land managed by the county’s parks department. The…

New airport use agreement puts American Airlines first

American Airlines went to the front of the line at up to 61 gates as Miami-Dade commissioners approved a 15-year agreement granting high-volume airlines priority use of concourse gates and changing how domestic and international carriers pay for facilities and services at Miami International Airport – but not before Commissioner Barbara Jordan ensured tougher language was included to eliminate living…

Owners who cap rent rises will see lower finance costs under new Freddie Mac plan

Freddie Mac is launching a new program to help keep rents down. The initiative will offer owners who cap rent increases for the duration of their loans lower-cost financing, according to the Wall Street Journal. It works similar to rent control but is a voluntary program. Freddie Mac plans to announce the program on Tuesday and launch it immediately. The firm will provide mezzanine debt to owners at below…

Feds look to seize Porsche Tower condo unit tied to $1B money laundering case

Federal officials are seeking to seize a condo unit at Porsche Design Tower in Sunny Isles Beach that they allege is tied to a $1 billion Venezuelan money laundering scheme. Prosecutors allege the scheme laundered money out of Venezuela’s state-run oil company, PDVSA, and into fraudulent investments and Miami real estate. One deal allegedly involved was the $5.3 million purchase of unit 2205…

Midtown Capital Partners buys Coral Gables office building

Midtown Capital Partners just paid $14.75 million for a Coral Gables office building as part of a sale-leaseback deal. Steiner Management Services, the parent company of One Spa World, which has its headquarters at the property, sold the 58,500-square-foot building at 770 South Dixie Highway to Midtown Capital Partners, a commercial investment firm led by Alejandro Velez and Alexander Saieh. The buyer…

Mast Capital just sold a historic French chateau in Brickell that was to become restaurant

Mast Capital just sold a historic French chateau on Brickell Avenue for $6.25 million, where it planned to bring an Italian restaurant. Mast Capital sold the 5,837-square foot building at 1500 Brickell Avenue to Chateau Petit Douy LLC for $1,070 per square foot, property records show. Camilo Miguel, CEO of Mast Capital, said Chateau Petit Douy is controlled by the hospitality group that is bringing a restaurant to…

Paramount Miami Worldcenter – Miami’s tallest building – tops off

The developers of Paramount Miami Worldcenter topped out the luxury condo tower on Friday along with hundreds of construction workers, engineers and subcontractors. Paramount developers Dan Kodsi, Nitin Motwani and Art Falcone hosted the event along with the project’s general contractor, CoastalTishman. The 60-story, 500-plus unit tower is part of Motwani and Falcone’s mixed-use, master…

Popeyes Moving Headquarters to Miami From Atlanta, Reports Say

A rendering of the building that Popeyes and Burger King will share when the brand moves to Miami, Florida. After building a base in Atlanta, the Popeyes restaurant chain appears to be moving its headquarters to Miami, according to published reports. The South Florida Business Journal reported last week that Restaurant Brands International, which owns Popeyes, Tim Hortons and Burger King, will…

Video: Reis Economist Barbara Denham Presents Retail Property Sector Update and Forecast

Brick and mortar retail has been getting a bit of a bad review. Should that be so? Barbara Denham, Economist with Reis, appears on America’s Commercial Real Estate Show to discuss the retail property sector within the overall commercial real estate market. In this video, she provides updates and forecasts on retail properties, discussing vacancy rates, occupancy rate trends, some sample rental rates, and…

Fed Chart: Is there a skills gap in the South? Mapping education and unemployment across the U.S.

Much research has been published on the labor market transition from low-skill and routine jobs to high-skill and non-routine jobs at both a national and a local level. But is this job polarization occurring to the same degree across the country? A recent report co-sponsored by the St. Louis Fed looks at the issue of workforce development in light of this changing economy, especially in southern…

LatAm logistics firm takes Doral sublease, other big lease news

A Latin American and Caribbean logistics and e-commerce company that was recently acquired by PriceSmart just inked a 106,300-square-foot sublease at the International Corporate Park in Doral… at 9950 Northwest 17th Street. Boutique yacht brokerage and charter firm 26 North Yachts just expanded to Miami Beach… at 520 West Avenue, with plans to hire up to six additional brokers over the next…

Retail Sizzling: Terranova Welcomes Multiple New Tenants

Terranova Corporation… has announced a plethora of new tenants opening in two of its most prestigious retail locations in Miami-Dade County – Coral Gables’ Miracle Mile and Miami Beach’s coveted world-famous pedestrian thoroughfare Lincoln Road. On Lincoln Road, three new restaurants and a café embracing the diversity of Miami Beach’s local and tourist populations, join the vibrant mix of dining…

Newark Gets Ready to Pitch Amazon a $1 Billion Tax Package for HQ2 for a Leg Up on Miami, Other Remaining Contenders

As the battle to land Amazon.com Inc.’s second headquarters comes down to the wire, one of the less glamorous contenders is poised to add as much as $1 billion in tax breaks to its pitch. Newark, New Jersey, is expected to approve the big bag of cash, part of a $7 billion package the state is dangling in front of Amazon to capture HQ2, as it’s called. A trio of ordinances up for adoption at a city council…

Wynwood 25 Among Properties Adding Smart-Lock Technology to Let the Dogs Out and the In-Laws In

Let your dog walker into your apartment while you’re at the office. Or grant your in-laws access to the building’s gym while you’re sunning on a beach. It’ll be possible at new projects by some of the biggest U.S. builders. Toll Brothers Inc., Brookfield Property Partners LP, RXR Realty and Related Group of Florida are… Related Group is adding it to Wynwood 25, a Miami-area rental-and-retail project.

Little Havana driving medium-density apartment growth in the city of Miami

When the Miami City Commission rejected a proposal last year to upzone east Little Havana, it did so in the name of protecting the area from overdevelopment, commissioners said. Now, developers have adapted, and mid-size projects are on the rise. In the first half of 2018, the number of planned rental units in medium-density zones rose nearly 40 percent to 196 over the same period last year, when planned…

Brookstone files for bankruptcy, will close its 5 stores at South Florida malls

Brookstone, a retail chain that sells massage chairs and other novelty merchandise, filed for bankruptcy and plans to close all of its 102 stores in shopping malls, including five in South Florida. Brookstone’s mall locations in South Florida include Aventura Mall, Boca Town Center in Boca Raton, Dadeland Mall in Miami, the Galleria in Fort Lauderdale and the Gardens at Palm Beach in Palm…

The next phase of Monterra would include 175 age-restricted apartments

The Monterra residential community in Cooper City may expand to include more rental apartments and commercial space. The next phase of Monterra’s development would include a four-story apartment complex with 175 units for tenants 55 and older. Plans for the seven-acre apartment complex, called The Residences at Monterra Town Center, include a gym, swimming pool, community garden and bocci…

Miami-based landlord gets $26.5 million loan to refinance 6-building industrial portfolio

A Miami-based landlord got a $26.5 million loan to refinance of a six-property industrial portfolio in Jacksonville, Orlando, Tampa and the Miami-Fort Lauderdale area. The Federated Companies of Miami got a 10-year, fixed-rate loan from a national insurance company to refinance debt on the portfolio. The portfolio comprises six buildings with about 600,000 square feet of fully occupied industrial space.

Aventura firm makes $45M addition to its portfolio of school properties

Aventura-based ESJ Capital Partners, LLC, acquired four charter school properties for $45 million. ESJ bought the four school properties totaling 176,000 square feet from publicly held EPR Properties, listed on the New York Stock Exchange under ticker symbol EPR. The schools in Arizona, Ohio and Washington, D.C., serve more than 3,000 students, from kindergarten through eighth grade. The operator…

Closed since Hurricane Irma, landmark Hawks Cay Resort in the Florida Keys set to reopen this month

Closed since Hurricane Irma, a landmark resort in the Florida Keys is scheduled to reopen August 30 following a $50 million renovation.
Hawks Cay Resort will reopen with a fresh design for its main hotel, two new restaurants and expanded programming for guests. Hawks Cay has 177 guest rooms, 250 villas with two or three bedrooms, six restaurants, five swimming pools a saltwater lagoon and a…

Trump Doral to pay tenant’s legal fees tied to lease dispute

Trump National Doral Miami is running up an expensive tab in a long-running legal war it’s losing against Florida Pritikin Center, a rehabilitation spa leasing space at the luxury resort. On Wednesday, the Third District Court of Appeal affirmed a 2017 final judgement ruling by Miami-Dade Circuit Judge Jose Rodriguez against Trump Endeavor 12, the entity that owns the Doral golf resort managed by…

Bjarke Ingels teams up with 1111 Lincoln Road developer on Allapattah complex

The developer behind Miami’s most famous parking garage is planning a massive mixed-use complex designed by Danish starchitect Bjarke Ingels in Miami’s Allapattah neighborhood, The Real Deal has learned. A special area plan filed with the city of Miami reveals Robert Wennett’s Miami Produce Center LLC is proposing to build an eight-building complex with residential, office, retail, hotel and school…

Private real estate fundraising drops to lowest level since 2013: report

New private real estate funds closed with $22 billion in investor commitments in the second quarter, according to a new report by research firm Preqin. That’s the lowest fundraising volume since the first quarter of 2013. In last year’s second quarter, $37 billion worth of new private real estate funds closed around the globe. Preqin blames a “lack of mega funds” for the decline. In the first quarter of 2018…

60-Story Miami Worldcenter Condo Tower Caps Change to City Skyline

Paramount Miami Worldcenter developers are completing vertical construction on the 60-story residential luxury tower, capping an almost $4 billion project that’s changing one of the biggest skylines in the U.S. Southeast. The last beam was placed Friday atop the highest point in the condominium covering 10 blocks sprawling 27 acres in Miami’s downtown. Developers say the project is one of the…

South Florida Retail Summary (Q2 2018)

A summary of the highlights, trends, and current market activity of Q2 2018 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 Q2 2018 Miami-Dade County’s vacancy rate moved up a fraction of a percent to 3.9% from…

Long-term lease on Lincoln Road up for grabs – again – with plans for a hotel

The leasehold interest in an iconic corner of Lincoln Road is back on the market, complete with plans for a developer to build a mixed-use hotel. The Wexler family is offering the 29,448-square-foot site at 200 Lincoln Road for a whisper price of $4 million a year for a 99-year lease. The 25,594-square-foot building is leased to Alvin’s Island, a beachwear shop, until April 2019. The family put the property on the…

3H Group Hotels buys dev site in Edgewater

3H Group Hotels continues to target Miami’s Edgewater neighborhood. The hotel development firm just picked up a property at 3047 Biscayne Boulevard with approved plans to build a 13-story hotel with 137 rooms. The company, led by developer Hiren Desai, is also building an AC Hotel by Marriott just a couple of blocks north with partner Aztec Group. Records show Biscayne Point Lodging LLLP paid…

Regalia developers score $29 million condo inventory loan

Regalia Beach Developers secured a $29 million condo inventory loan for its two remaining unsold developer units — the penthouse and “beach house.” Atalaya Capital Management, a New York-based alternative investment advisory firm, provided the non-recourse financing, Lotus Capital Partners’ Faisal Ashraf said. Lotus, an independent real estate bank also based in New York, arranged the loan. A group led…

After 85 Years, Miami Shores Finally Gets A Bar

The village of Miami Shores has existed for 85 years. It has a wonderful recreation center, architecturally interesting homes and a family-friendly vibe. But it’s never had a wine bar, until now. Mika Stetsovsky via Flickr Creative Commons Flight Wine Bar has opened in Miami Shores. Residents Kim Flower, an architectural designer, and Andy Wagner, a host on WLRN public radio, opened Flight Wine Lounge…

What is fraudulent misrepresentation in contract disputes?

When businesses in Florida interact with other businesses and individuals, generally it is done through contracts. The parties to the contract agree to do certain things in exchange for something else, and when the parties reach an agreement it is generally then written down and the parties will sign a formal contract. When businesses enter into these contracts though, they have to have some assurances…

South Beach condo tower takes key step forward

The taller, more narrow design for 500 Alton Road leaves more room for a public park The long, drawn-out saga to redevelop SoBe’s vacant South Shore Hospital at 500 Alton Road made meaningful progress last week when the Miami Beach City Commission’s Finance Committee reached an agreement supporting a new 44-story tower. The latest plan was reached after many meetings and intense…

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August 8, 2018

Video: Reis Economist Barbara Denham Presents Retail Property Sector Update and Forecast

Brick and mortar retail has been getting a bit of a bad review. Should that be so? Barbara Denham, Economist with Reis, appears on America’s Commercial Real Estate Show to discuss the retail property sector within the overall commercial real estate market. In this video, she provides updates and forecasts on retail properties, discussing vacancy rates, occupancy rate trends, some sample rental rates, and online retail sales performance. Reis notes it is the leading commercial real estate data source in the nation, providing an advantage to firms that have debt or equity exposure across capital markets as they deliver sophisticated solutions to streamline deal flow for enhanced efficiencies across every facet of the commercial real estate industry.

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August 6, 2018

Miami Commercial Real Estate News August 1, 2018: 100-Units Proposed for Little Havana; More Projects Going to a Vote; More…

Fed keeps interest rates steady, stresses “strong economy and job market”

The Federal Reserve, led by Chairman Jerome Powell, decided not to raise interest rates on Wednesday, stressing that the economy and job market remain strong. Many expect the central bank to raise rates next month. The Fed also highlighted the low unemployment rate, and noted that household spending and businesses investment have grown strongly according to the Wall Street Journal. The comments…

Crowley Inks 286,000 SF Of Lease Transactions In Miami-Dade’s Tight Industrial Market

Miami-Dade County reports a 4.8 percent vacancy rate, and Medley and Doral continue to be two of the most in-demand and active industrial submarkets. A South Florida industrial team announced it negotiated 285,985 square feet of transactions on behalf of Crowley Maritime Corp., a marine solutions, energy, and logistics services company operating in domestic and international markets.

Eastern Atlantic plans affordable housing project in Little Havana

Eastern Atlantic Companies is proposing to build an affordable housing apartment project in Little Havana. The Miami-based firm wants to develop First & Sixth, a 100-unit rental building at 35 Southwest Sixth Avenue, according to a permit filed with the city of Miami. The development would add to a slew of apartment buildings underway in the area, which lies near the Miami River. The 13-story tower wil…

Developer Offers Renters Who Surrender Their Cars Lower Rent at New Miami Apartment Project

Would you be willing to live without a car if it meant a break on your monthly rent? One apartment developer in downtown Miami is betting more prospective tenants will say yes. Melo Group is handing out $100 monthly rent discounts at a new apartment project for people who surrender a set of wheels, though some analysts are skeptical the perk will work in such a spread out region as South Florida.

Miami Takes Steps To Become A Truly International City

Johanna and Juha Mikkola personify Miami’s emerging economy: entrepreneurial, creative and shaped by cultures ranging from the Americas and the Caribbean, to Europe and Asia. In less than five years, the Finnish couple has scaled up their tech education business with a little help from some new friends. They’ve completed a first capital raise – $1 million from…

Don’t let Dolphins’ bonanza reopen business bidding war

Miami opens purses for sports so freely and so often that it was no surprise when the county last week granted the Miami Dolphins up to $71 million to build a practice site that could cost $70 million beside the team-owned stadium in Miami Gardens on what is now a parking lot. That move 10 miles south from Broward County was smart: it would have made business sense for the team without the county…

Carlos Giménez: Mayor sees county taking lead on new mobility modes

Shortly after Carlos A. Giménez was elected Miami-Dade County mayor in June 2011, the former county commissioner and Miami city manager told Miami Today that transitioning to his new role was easier than expected. Now halfway through his second and final four-year mayoral term, Mr. Giménez says that while his prior experience informed his administrative work early on, his confidence as a public…

The city’s Urban Development Review Board recommends Little Havana apartments/retail plan

A developer plans to transform a corner block in Little Havana into a mixed-use apartment building lined by retail shops. Altman Development Corp. is proposing to construct a project called Altis Little Havana at 2100 SW Eighth Street. Plans call for about 224 residences, 9,500 square feet of commercial-retail, and parking for about 351 vehicles. The city’s Urban Development Review Board has…

No doldrums: new jobs spurt up in manufacturing, construction giving Miami-Dade County’s economy a boost

Growing jobs are giving Miami-Dade County’s economy a solid boost in the heat of summer months that decades ago were known only for the off-season doldrums. Both the US Bureau of Labor Statistics and the One Community One Goal targeted job creation program here produced figures last week that showed a stronger labor situation than Miami has ever seen – at least in the total number of…

For the first time in seven years, City of Miami doesn’t lower overall millage rate

The proposed overall millage rate in the City of Miami, used to calculate property tax bills, will remain unchanged for the fiscal year that begins Oct. 1. The city commission on July 26 set the proposed overall millage rate for fiscal year 2018-19 at 8.0300 mills. It includes general operating millage of 7.5865, and debt service of 0.4435, reflecting slight adjustments from the current fiscal year. The city’s…

County OKs funding most of study for dredging to add PortMiami capabilities

Miami-Dade commissioners have approved paying both the remainder of the county’s investment in a $3 million feasibility study of improvements to PortMiami as well as the portion the US Army Corps of Engineers would be responsible for paying. Commissioners last week OK’d spending a total $2,443,750 to fund the study – a combination of $556,250 the county spent to start the study in June plus…

Moishe Mana picks up corner property in downtown Miami

Moishe Mana just picked up another piece of downtown Miami real estate to add to his assemblage, and is under contract to purchase two more for $40 million, according to a spokesperson. Mana’s Jersey Art Holdings LLC paid $3.5 million, or about $440 per square foot, for the 8,000-square-foot corner lot at 100 South Miami Avenue, about one block north of the entrance to I-95. Donald J. Robinson…

Sen. Rubio wants to thwart real estate-targeted money laundering

Florida Republican Sen. Marco Rubio is seeking more transparency of shell companies’ purchases of U.S. real estate in an attempt to thwart money laundering. Rubio is proposing an amendment in an unrelated spending bill that would require shell companies across the country to disclose their owners for real estate purchases of more than $300,000 or more in cash, according to the Miami Herald.

What Industrial Tenants Want

Ask any industrial broker about the most important feature to industrial tenants looking for a new facility and they’ll say “location.” After that, it’s probably going to be clear height, with at least 32 feet, but preferably 36 or 40 feet, especially for large users (those taking 500 to 1,000 sq. ft. or more). But according to Blaine Kelley, Atlanta-based senior vice president of the global supply chain practice with real…

City votes yes on ‘solar halo’ for Bayfront Amphitheater

The urban installation will be one of the largest of its kind in the country Miami city commissioners have backed a move to construct a retractable, ring-like roof covered in solar panels atop the Klipsch Amphitheater at Bayfront Park. The officials waived the city’s competitive bidding requirements to fast-track the project—which they hope will be completed in 18 months and in time for Miami’s…

Melo Group closes on downtown Miami church site next to Okan Tower

The Melo Group just added to its assemblage in downtown Miami near Miami Dade College, property records show. Melo’s 6 Plaza LLC paid $10.75 million for a portion of the property at 500 Northeast First Avenue. The seller is Christ Fellowship Baptist Church, which has sold pieces of its properties downtown to Melo and the Okan Group. Okan is planning Okan Tower, a 70-story hotel and condo tower…

Class A office rents rise in Q2 across much of South Florida: report

Class A office rents across most of South Florida rose in the second quarter due to a strong economy and new construction, according to a new report by Cushman & Wakefield. The exception was Miami-Dade County, where asking rents declined 2.7 percent year-over-year to $44.96 per square foot. But Cushman & Wakefield’s Florida research director Chris Owen said this drop does not appear to be a trend or…

Mears Group, Florida Vocational secure leases in SoFla: lease roundup

Florida Vocational Institute moves into Miramar Park of Commerce. Florida Vocational Institute has inked a 30,000-square-foot lease at the Miramar Park of Commerce. The 5 million-square-foot business park is located at 3502-3560 Enterprise Way. The school offers training for students interested in entry-level careers in healthcare and information technology. In addition to the new Miramar campus, FVI…

No End in Sight to Industrial Demand in Miami-Dade County, Brokers Say

In the latest sign of strength for the Miami-Dade County industrial market, Crowley Maritime Corp. has expanded and combined most of its South Florida operations into 179,672 square feet at Flagler Station Phase II in Medley, FL, a small town on the northwestern edge of Miami-Dade. The shipping company extended its lease and signed on for more space, taking a full building at 10205 NW 108th Avenue.

Food halls proliferate as the dining format finds more fans in Florida

Food halls have popped up across Central Florida as well as South Florida amid the spreading popularity of  common dining rooms with multiple meal vendors. Just north of downtown Fort Lauderdale, for example, Sistrunk Market and Brewery, a 40,000-square-foot development with a 12-stall food hall, is scheduled to open in November. In Central Florida, a new hotel called Aventura is scheduled to…

Interactive entertainment center spanning 250,000 square feet opens in North Miami

Real estate developer Michael Dezer quietly has opened an interactive entertainment center in North Miami that spans 250,000 square feet. The official grand opening of Dezerland Park in January 2019 will feature the introduction of bumper cars, go-karts, an outdoor paintball facility, a miniature golf course and an indoor skydiving attraction. The North Miami property at 14401 Northeast 19th Avenue…

Half way between an Airbnb and hotel, meet the boutique apart-hotel

A new cadre of hoteliers are championing the concept of apart-hotels, properties set up for longer-term stays, and they credit Airbnb with helping them see the light. Because of the short-term rental giant, the idea “that there could be some advantages to a residence versus a room,” has proliferated and sparked inspiration in the minds of people like Larry Korman, president of apart-hotel brand AKA, according…

Wells Fargo mulls sale of Eastdil Secured

Wells Fargo is considering selling Eastdil Secured as the bank disposes of its non-core businesses. The San Francisco-based financial institution has been gauging interest for the commercial real estate brokerage from private equity firms, the Wall Street Journal reported. It wasn’t clear what price Eastdil might fetch. Wells Fargo bought the company for an undisclosed amount in 1999. However, banks are…

Comras, partners sell Sephora building in South Beach to Cosentino subsidiary

A group of investors led by Michael Comras sold a Miami Beach building leased to Sephora Cosmetics for $7.5 million. CLB Associates Ltd., controlled by Comras, sold the 5,400-square foot building at 721 Collins Avenue to Prisma Properties LLC, a subsidiary of Cosentino North America. Marcus & Millichap’s Kirk Olson and Drew Kristol represented the seller, whom they declined to identify. Steven O’Hara…

Voters to decide on Miami Riverside Center redevelopment

The $1 billion soccer stadium and commercial development proposed by David Beckham and his partners is going to have some company on Miami’s Nov. 4 ballot. The Miami City Commission voted unanimously on Thursday to let residents approve or reject a deal with the Adler Group to build a four-tower mixed-use project on the city-owned site of the Miami Riverside Center in downtown Miami. But…

Moishe Mana nabs $20M loan for Mana Wynwood trade hub

Developer Moishe Mana just financed a handful of properties in Wynwood for a massive trade hub he’s planning next to Mana Wynwood. Mana’s Malux Realty, Malka Realty and Mizrachi Holdings closed on the $20.13 million mortgage from Centennial Bank for the properties at 2337 Northwest Fifth Avenue, 375 Northwest 23rd Street, 394 Northwest 24th Street and 382 Northwest 24th Street. The land includes…

Firm Arranges $180 Million Sale of 1 MSF Industrial Portfolio Near Miami

Duke Realty Corp. acquired the assets for $180 million, according to local media reports. At full build-out, Countyline Corporate Park will include 8 million square feet of space on approximately 500 acres. The three buildings were fully leased at the time of sale to KLX Aerospace, CGI Windows & Doors and Hyde Shipping, among others.

Gambling in Miami? Not so fast. Potential jai alai in Edgewater may prompt new zoning rules

In response to a controversial proposal by the owners of Magic City Casino to open a jai alai fronton and poker room in Miami’s Edgewater neighborhood, city officials want to draft new zoning regulations that would require gambling facilities to go through a public hearing process and obtain a super-majority vote from the Miami City Commission. City commissioners voted 4-0 on Thursday to…

Porsche Design Tower unit tied to $1B Venezuelan money laundering scheme: feds

Federal prosecutors charged eight people on Wednesday in an alleged scheme to launder more than $1 billion embezzled from the Venezuelan state-owned oil company PDVSA, using Miami real estate and fake investments. The criminal complaint further alleges that the former legal counsel to the Venezuelan Ministry of Oil and Mining used a condo at the Porsche Design Tower in Sunny Isles Beach…

South Florida June resi construction starts up, but commercial down

Construction starts in South Florida were up in June on a year-over-year basis, but a sharp drop in commercial construction slowed down the overall growth, according to Dodge Data & Analytics. Residential construction in South Florida leapt by 66 percent to $974 million from $586 million in June compared to June 2017. Commercial, on the other hand, plummeted 44 percent to $616 million from $1.1…

Most big cities across US show signs of housing market cool-down: report

South Florida’s once booming housing market appears to be cooling down along with a majority of other metro areas in the United States, as median annual home prices slowed in the second quarter. The Miami metro area’s annual median home prices rose 6.4 percent to $266,000 from April to June, compared to an 8.7 percent gain from January to March, according to a new report by Attom Data…

Chinese buyers’ retreat could hurt US property values

For the first time in a decade, Chinese insurers, conglomerates and other investors have become net sellers of U.S. commercial real estate. Following Beijing’s tightening of capital controls, Chinese investors sold $1.29 billion worth of U.S. commercial real estate in the second quarter, while purchasing only $126.2 million, the Wall Street Journal reported. The pullback could slow down growth in the U.S. real…

Geoffrey has left the building: Toys “R” Us hires advisory firm to sell US properties

Toys “R” Us is bringing in Raider Hill Advisors to help sell off 284 stores, distribution centers and other properties around the country. The move comes four months after the once mighty toy retailer announced it would shutter all of its stores following its bankruptcy. The company announced that New York-based Raider Hill, a private real estate investment and advisory firm, would lead “efforts to…

Miami-Dade approves plan to lure Miami Dolphins training facility to Miami Gardens

Miami-Dade County has devised a plan to bring a roughly $70 million training facility for the Miami Dolphins to the city of Miami Gardens, approving the plan on Tuesday. In a 10-1 vote, commissioners rubber-stamped an incentive package and land deal that would put the Miami Dolphins’ training facility and headquarters offices right next to the Hard Rock Stadium, according to the Miami Herald.

Video: Equus Capital Partners SVP Joe Nahas on the Top 5 Long Term Issues Affecting Real Estate

The Counselors of Real Estate release an annual report that breaks down the top issues (10) affecting commercial real estate. This year, the publication is broken into the 5 current and 5 long term issues that are facing the industry. This video covers the 5 long term issues affecting commercial property fundamentals. The 5 more current issues can be found in a prior video.

Video: Equus Capital Partners SVP Joe Nahas on the Top 5 Current Issues Affecting Real Estate

The Counselors of Real Estate release an annual report that breaks down the top issues (10) affecting commercial real estate. This year, the publication is broken into the 5 current and 5 long term issues that are facing the industry. This video covers the 5 more current issues affecting commercial property fundamentals. The 5 longer term issues can be found in a subsequent video.

Multiple multi-million dollar office sales last month in Florida

Some companies in Florida own the real estate they do business on. Other companies prefer to rent their premises. This can be very lucrative for the landlord, particularly when the real estate can be portioned out for use by multiple commercial tenants. However, just like real estate in general, the commercial real estate market fluctuates and buildings are sometimes worth more than at other times.

Final PriceSmart Sublease Transactions Totaling 70,000 SF Closed

A South Florida industrial team announced it facilitated two sublease transactions totaling 70,471 square feet at Flagler Station Phase II in Medley for PriceSmart Inc., the largest operator of membership warehouse clubs in Central America and the Caribbean. The transactions consumed what remained of the 262,382-square-foot block that PriceSmart listed for sublease upon migrating the majority of its…

Baptist Health under contract to buy Coral Gables development site at center of litigation

Baptist Health is under contract to pay $41.5 million for the development site of the Collection Residences in Coral Gables — a property at the center of contentious litigation between developers Masoud Shojaee and Ugo Colombo, court documents reveal. The Baptist deal could close within two months. Shojaee and Colombo had planned to jointly develop the Collection Residences, a mixed-use project…

Century Homebuilders scores $20M loan for new home communities in west Miami-Dade

Century Homebuilders just scored a $20 million loan to build four single-family home communities in western Miami-Dade County, property records show. The Coral Gables-based developer will use the financing to construct 92 new homes, including a community with 59 single-family homes in West Kendall. It’s also planning build two smaller communities in Westchester and an 18-home development…

Across US, new home sales and prices drop

The nation’s housing market is showing signs of a slowing down. New home sales reached an eight-month low, according to new government data released Wednesday, dropping 5.3 percent from May. The numbers came out to an annualized pace of 631,000 new homes, according to the data, which Bloomberg reported first. The median home prices was also down last month, to $302,100, which…

Developer of the Fairchild condo project in Coconut Grove closes on $27M construction loan

The developer behind the Fairchild Coconut Grove just closed on a $27 million construction loan for the luxury condo project, marking one of a few new condo projects to secure construction financing in recent months. ROVR Development, led by Oscar Rodriguez and Ricardo Vadia, broke ground on the 26-unit bayfront building at 3581 East Glencoe Street in April and plans to deliver the project in…

What Office Downturn? South Florida Investment Firm Owner Describes Hunt, Competition To Buy Class-A Buildings

Accesso Partners is a South Florida-based investment firm that owns and manages Class-A office space in fast-growing cities and premier suburbs — currently, 40 properties in 12 states. Despite recent reports of a softening office market, the company is hungry to expand. Flickr Creative Commons / Sharon Mollerus The IDS Center in Minneapolis has distinctive architecture and a large open indoor space…

Miami Beach residents to vote on Jackie Soffer and David Martin’s convention center hotel

For the second time in two years, Miami Beach voters will again decide if the city gets a convention center hotel. On Wednesday, the city commission voted unanimously to place a referendum on the Nov. 4 ballot asking residents whether the city should enter into a 99-year lease with a star-studded development team, headlined by Jackie Soffer of Turnberry Associates and David Martin of Terra Group. The…

Avra Jain and David Martin buy site across from Miami Northwestern High School, plan sports entertainment facility

A partnership between Avra Jain and David Martin of Terra closed on a property and financing for a new project in the Liberty City neighborhood of Miami, just west of Little River. Jain and her business partner Joe Del Vecchio are partnering with Martin to build a 95,000-square-foot flex warehouse development on the 4.7-acre site at 1010 Northwest 72nd Street, Jain said. David Avan’s 1010 NW…

American Landmark, Electra America on a Spending Spree in South Florida

A multifamily investment partnership picked up its fourth South Florida property this year with the acquisition of the Park Colony Apartments in Hollywood, FL for $56 million… Tampa-based American Landmark and Electra America of North Palm Beach have already this year acquired High Ridge Landing in Boynton Beach, Beach Walk at Sheridan in Dania Beach and the Lago Paradiso in Miami.

These New Hotels – Coming to Miami – Can Actually Compete With Airbnb

Locke Hotels’ pipeline includes 22 projects in the next few years, including locations in Dublin, Paris, and Berlin. “The intention is to cover every major European city and get the company to $2 or $2.5 billion [in valuation]—then we’ll look at the U.S. and Australasia markets,” says Jafari. AKA, meanwhile, intends to grow from 12 to 36 properties in the next five years, covering Paris, Rome, Austin, Miami…

Developer Bets That, In Miami, You ‘Really Can Live Downtown Without A Car’

Melo Group’s new apartment complex, Square Station, opened in June at 1424 Northeast Miami Place, right in downtown Miami, adjacent to a Metromover stop. Rents at the two towers’ 710 units range from $1,650 for one-bedrooms to $2,500 for three-bedrooms. Units come with a complimentary parking space, but the developer is offering renters a $100-a-month discount for the entirety of their leases if they…

Florida’s Brand-New Private Train Is Close To Running Out Of Money

The privately funded Brightline train debuted in South Florida in January, to great fanfare that included Miami Heat dancers and a mojito bar. So far, Brightline trains have killed half a dozen people who were crossing its tracks — but that is probably not the service’s biggest problem. The deaths were chalked up to careless or suicidal people crossing the tracks and addressed with a public safety campaign.

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August 1, 2018

Video: Equus Capital Partners SVP Joe Nahas on the Top 5 Long Term Issues Affecting Real Estate

The Counselors of Real Estate release an annual report that breaks down the top issues (10) affecting commercial real estate. This year, the publication is broken into the 5 current and 5 long term issues that are facing the industry. This video covers the 5 long term issues affecting commercial property fundamentals. The 5 more current issues can be found in a prior video.

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July 26, 2018