Keyes Commercial Leads Full Year 2016 Miami-Dade MLS Ranking

Keyes Commercial Realty Leading Market Share ChartView Listings · Contact

In the  twelve months ending December 31, 2016, The Keyes Company Commercial Division, commonly referred to as Keyes Commercial Realty, once 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 28.6% share among the top 10 brokers of such properties was more than three times that of its nearest competitor and greater than the total share of the next three highest combined.

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),  and was #1 combined (commercial improved and land).

View a full size chart and a link to the PDF here.

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January 12, 2017

Video: PwC Partner, Real Estate Practice Leader Mitch Roschelle on the Impact of the Tax Cuts and Jobs Act

Mitch Roschelle with PwC joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the Tax Cuts and Jobs Act impact on the United States economy and commercial (and other) real estate. Among the topics discussed are the changes in tax rates and potential effects, GDP growth history and possible effects on GDP growth, potential effects on the housing market, of the tax reform, and more.

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January 16, 2018

Video: Barbara Denham, Economist at Reis, Submits Office Property Investment Forecast for 2018

Barbara Denham, Economist with Reis, a company providing structured, quality assured commercial real estate data, joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the office property sector forecasts and investment opportunities for 2018. Some of the topics discussed are 2017 office investments review, interest rate level expectations, capitalization rate expectations, Tax Cuts and Jobs Act impact and implications, and deduction opportunities.

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January 16, 2018

Miami Commercial Real Estate News January 10, 2018: Downtown Miami Macy’s to Close; More…

Macy’s to shutter historic downtown Miami store amid rash of closures

Macy’s will shutter its downtown Miami store this quarter as part of a new wave of closures nationwide, the retailer announced Thursday.
The company plans to close 11 stores early this year, including one in Gainesville and four in California. The restructuring will save the department store chain about $300 million a year, according to a press release. The move is part of 100 planned closures announced…

Ocean Terrace Development Wins Key Approval

The city’s Historic Preservation Board voted for the proposed makeover North Beach’s waterfront Ocean Terrace redevelopment just won a unanimous vote from the city’s Historic Preservation Board on Tuesday, reports the Miami Herald. The project will span a condo tower, hotel, storefronts, and the restoration of 11 historic buildings on Ocean Terrace and Collins Avenue. It’s been a long road to get here.

Video: Deloitte’s Mark Van Deusen on Provisions of the Tax Cuts and Jobs Act

Mark Van Deusen, with Deloitte, joins America’s Commercial Real Estate Show to discuss what The Tax Cuts and Jobs Act while honing in on major changes in the bill, small business, big business and household benefits of the bill, changes impacting CRE, and carried interest and interest deductions. He discusses changes in personal and corporate tax rates.

Cofe Properties buys warehouse portfolio in Hialeah

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Starwood picks up Homestead rentals as part of $600M acquisition

Starwood Property Trust snapped up a rental complex in Homestead as part of a $600 million acquisition of affordable housing units in Florida, property records show. The Greenwich, Connecticut-based investment firm paid $34.35 million for the Homestead Colony, a 312-unit development at 800 East Mowry Drive. Starwood affiliate SPT Dolphin Homestead Colony paid about $110,100 per apartment.

Alex Blavatnik and Sandor Scher get approval for North Beach redevelopment

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Doral’s Office Market Seeing ‘Unprecedented Rental Rate Growth’

Easily accessed by three major highways, the City of Doral has long been an ideal site for offices. In fact, the city says that 150,000 people per day come in just to work. A residential boom over the past few years — the population rose by 26.1% from 2010 to 2016 — has also boosted the office sector. CREC Senior Vice President Doug Okun, who supervises leasing at Lennar Corporate Center, said there is a…

Malls dying slower death than some investors anticipated

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Jorge Villacampa: Wells Fargo region’s president is adding two branches

In the conference room at the Wells Fargo offices in downtown, Jorge Villacampa pointed out a mural of Miami on the wall, saying “this is just one way we connect to the community.” Among the photos is an image of a Wells Fargo & Co.’s Express office in Camaguey, Cuba, in 1924. Though Mr. Villacampa says Wells Fargo will do business “with anyone, no matter how large or small,” the Hispanic business…

Curtain lifted from Coconut Grove Playhouse battle details

As a county commissioner plans to unravel the negotiated lease and adopted restoration plan for the Coconut Grove Playhouse, preservationists fighting to save the entire building are claiming a victory at the city level. Immediately after a Dec. 14 vote by Miami city commissioners, the one clear fact was that a third party was getting more than three months to raise additional millions to restore all…

Florida Department of Transportation weighs five options for Kendall corridor

The Florida Department of Transportation is considering five transit alternatives for the Kendall corridor as part of the Smart Plan to broaden the county’s rapid transit web and expects to recommend one to the county Transportation Planning Organization by spring. The state agency continues its project development and environment study as it continues to meet with stakeholders and agencies. Since…

Mount Sinai Medical Center to finish expansion this year

Mount Sinai Medical Center, which broke ground in late 2016 on a $275 million expansion plan to include a new surgical tower and emergency department to its Miami Beach campus, anticipates completing construction by year’s end, according to Chief Executive Officer Steven Sonenreich. “The new surgical tower will offer up to 350,000 square feet of space, 12 state-of-the-art operating rooms…

Miami Mayor Shares Outlook With CRE Execs

Miami Mayor Francis Suarez had just left a meeting with Pitbull when he settled into a conference room in his real estate office at Carlton Fields just before Christmas to meet privately with about a dozen key real estate and finance executives and share his thoughts about the coming year. “This is a pivotal moment for the city,” said the 40-year-old mayor, who was elected in November after serving eight years…”

An “elaborate shell game”: Miami businessman David Brillembourg sued over alleged real estate investment scheme

A partner of Miami-based investor David Brillembourg is suing him for allegedly stealing money in a labyrinthine shell company scheme involving the Raleigh Miami Beach hotel and a resort on the island of Anguilla. The plaintiff, Crandal Properties, claims an 88 percent interest in Brilla AJ RMB, a Miami-based LLC founded in 2009 that bought the Raleigh that year. Brillembourg managed the company…

Death without fanfare: Many mall tenants simply choosing not to renew leases

A high number of mall tenants are choosing to quietly bow out of their space at the end of a lease, instead of breaking it. A report by Green Street Advisors found that 979 of 2,468 in-line retail stores (non-anchor tenants) that closed in 2017 chose to do so quietly by not announcing their closure and simply not renewing leases. That’s in contrast to “doing something a bit…

Miami board to review Worldcenter, Miami River and Little Havana projects

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Hallandale Beach developer under contract to buy Miami Gardens site for mixed-use project

A Hallandale Beach developer is under contract to buy a plot of land in Miami Gardens with plans to build a $60 million mixed-use project, according to the South Florida Business Journal. AAA Investment Group I LLC, led by Elyhau Hadad, is proposing New Way Gardens, a mixed-use project with 429 apartments and 2,200 square feet of commercial space, on the site at 16800 Northwest 22nd…

Transit-Oriented Developments in the Pipeline Across South Florida

Link at Douglas is expected to break ground later this year as a $464 million, game-changing development in South Miami. The Link at Douglas project, a joint venture between 13th Floor Investments and the Adler Group, will have 1,375 units of residential, 280,000 square feet of office space, 75,000 square feet of retail and 83,000 square feet of public space on a seven-acre site bordered by U.S. 1…

CRE Predictions For 2018: ‘South Florida May Be Ready To Boom Again’

As 2017 faded away and 2018 stormed in, Bisnow asked some of Miami’s top commercial real estate executives for their predictions as to how the market will fare in the coming year and where they see opportunity. Douglas Elliman Florida CEO Jay Phillip Parker: “South Florida was a buyer’s market in 2017, particularly in the ultra-luxury sector. While the market is generally seeing lower pricing, there is no doubt…”

Miami-Dade closes in on waterborne transportation system

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MiamiCentral subcontractor sues for $25.8M of allegedly unpaid work

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Miami marina development planned by Genting Group advances

The Miami City Commission took a step toward clearing the way for a marina development along Biscayne Bay just north of downtown Miami. The commission agreed to accept a deed for submerged land in Biscayne Bay, which the city would lease along with other submerged land for a marina development by Malaysia-based Genting Group. Genting wants to lease the submerged land for a marina…

Coral Gables is getting a Life Time fitness club and an “urban living room” park

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NP International scores $158M construction loan for mixed-use Gables project

NP International just closed on a $158.4 million construction loan for its mixed-use Gables Station development, property records show.
Bank of the Ozarks is the lender. Developer Brent Reynolds plans to break ground on the Coral Gables project before the end of the first quarter, he said. Construction is expected to take about 30 months. Records reveal the developer also inked a lease for about 90,000…

Macy’s is closing its historic downtown Miami location

Let’s walk down memory lane Sad news today for Miami shoppers and history buffs: Macy’s is closing stores across the country and its flagship downtown Miami store was not spared. That’s the Macy’s located in the historic Burden’s building, which was once a home-grown Florida department store chain. There’s no set closing date for the Miami Macy’s store, according to CBS Miami, but clearance…

Miami Worldcenter nabs construction loan for retail component

Miami Worldcenter Associates just closed a $43 million construction loan for the retail and parking component of the massive mixed-use project under construction in downtown Miami. The loan, provided by Fifth Third Bank, brings the project’s total financing up to about $500 million, according to a spokesperson. It’s being used for 53,000 square feet of retail space and a 1,100-space parking garage on…

Nicklaus Children’s Hospital buys shuttered hospital campus for $88M

Nicklaus Children’s Hospital just paid $88 million for the Miami Medical Center campus near Miami International Airport, property records show. HC 5959 NW 7th Street LLC, an affiliate of the Carter Validus Mission Critical REIT, sold the property at 5959 Northwest Seventh Street to Variety Children’s Hospital, an entity of Nicklaus Children’s Hospital. The deal…

Moinian ramps up lending with over $200M in NY, Miami deals

Joseph Moinian’s Moinian Group is building up its lending operation with four new financing deals for projects in Brooklyn, Harlem and Miami totaling $216.3 million, according to documents filed on the Tel Aviv Stock Exchange on Wednesday. That puts Moinian’s total lending activity at $513 million, of which $84 million is in mezzanine lending. Moinian, which has about $2 billion in real estate assets…

Macy’s Adds Seven More Stores to Closure List to Bring Total in Latest Round to 11

Macy’s on Thursday announced 11 more store closings including seven that weren’t previously disclosed. They include one in downtown Miami as well as Macy’s stores in Gainesville, FL; Novato, CA; Terre Haute, IN; Fort Gratiot Township, MI; Cincinnati, OH; and Burlington, VT. Clearance sales are expected to begin at most locations Jan. 8 and last for eight to 12 weeks. Including these stores, Macy’s has closed…

Miami Worldcenter Gets $43M in Financing

Miami Worldcenter developers said they have secured a $43 million construction loan, bringing financing for the massive mixed-used project in downtown Miami to about $500 million. Fifth Third Bank provided the new loan for 53,000 square feet of retail and a 1,100-space parking garage on Northeast Second Avenue between Eighth and 10th Street…

The Versace Mansion is back in the spotlight, thanks to ‘American Crime Story’

Even producer Ryan Murphy can’t believe he was able to shoot at Villa Casa Casuarina The South Beach mansion featured in producer Ryan Murphy’s new American Crime Story season devoted to the murder of fashion designer Gianni Versace is no movie set. It’s the real thing. Twenty years after Versace’s death, Murphy and crew headed to Miami to film parts of the show at the iconic 1930-era home that…

Schmier joint venture spends $38M on Doral shopping center

Schmier Property Group just purchased a Bed Bath & Beyond-anchored shopping center in Doral for $37.9 million, a source close to the deal confirmed. A joint venture between the Boca Raton-based retail and office developer, led by Brian Schmier, and Independencia Asset Management acquired the 107,000-square-foot shopping center at 10640 Northwest 19th Street for about…

Tax Changes Seen as Boon for South Florida Commercial Real Estate, Pros Say

Some real estate professionals insist the Tax Cuts and Jobs Act hurts homeowners, but the impact on commercial real estate is largely seen as positive. The National Association of Realtors (NAR) says it’s concerned that the bill reduces tax benefits for homeowners due to restrictions on mortgage interest deductions. Still, the residential and commercial trade group credits member advocacy for adding…

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January 10, 2018

Video: Deloitte’s Mark Van Deusen on Provisions of the Tax Cuts and Jobs Act

Mark Van Deusen, with Deloitte, joins America’s Commercial Real Estate Show to discuss what The Tax Cuts and Jobs Act while honing in on major changes in the bill, small business, big business and household benefits of the bill, changes impacting CRE, and carried interest and interest deductions. He discusses changes in personal and corporate tax rates.

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January 10, 2018

Video: Reis Economist Barbara Denham on U.S. Office Property Sector Performance

Barbara Denham, Economist with Reis, joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the office property sector’s performance for the first quarter of 2018 first. Some of the topics discussed by Ms. Denham include a recap of the prior year 2017, vacancy rates, the impact of the Tax Cuts and Jobs Act, occupancy rates, economic stimuli, and expactations for the year 2018.

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January 9, 2018

Miami Commercial Real Estate News January 3, 2018: Largest Multifamily, Retail, Industrial Property Sales in 2017; More…

Bobby Cayre pays $15M for Miami Beach retail building

New York investor Bobby Cayre just paid $15 million for a retail building on Lincoln Road. Property records show Rand Real Estate Services affiliate CLR Lincoln Associates sold the building at 337 Lincoln Road in Miami Beach to 337 Lincoln Road Holdings, controlled by Cayre. The buyer financed the deal with a $9 million mortgage from Mercantil Bank. The nearly 15,000-square-foot building, constructed…

South Florida’s top multifamily property deals of 2017

Despite an onslaught of new inventory, South Florida’s multifamily market showed continued strength in 2017, with the majority of the top deals exceeding $100 million. At the top of the list was the $158.5 million sale of Montage at City Center in Pembroke Pines, which Harbor Group International bought in the first half of the year. And only one property in Miami-Dade County made the cut, a nearly…

This battle over credit scores could shake up the mortgage market

From TRD New York: Millions in home mortgages may be on the line as the Federal Housing Finance Agency debates whether to accept a new credit scoring system for loans backed by Fannie Mae and Freddie Mac. Currently, Fannie and Freddie won’t buy mortgages unless lenders assessed the borrowers using the FICO credit score, which was created decades ago by Fair Isaac Corp. But several non-bank…

South Florida’s largest retail property sales in 2017

Despite the overwhelming number of store closures across the country, South Florida appeared to be an exception for retail investment and development in 2017. Neighborhoods like Wynwood, the Design District and Brickell continued to establish themselves as retail destinations, with projects like Brickell City Centre opening the rest of its stores and the expansion of Aventura Mall. But a majority of the…

Miami clears way to transfer bay site to casino giant Genting

Miami can move ahead to lease bayfront bottomlands to a subsidiary of Malaysian gambling giant Genting for a marina now that the city commission has unanimously OK’d the transfer. Resorts World Miami LLC – the developer that owns choice waterfront where the Miami Herald once stood – is in negotiations with city officials for submerged land to build a marina. Before the deal can be cut, the Florida…

Dolphin Station Park & Ride to be done by March

The Miami-Dade Expressway Authority (MDX) expects to finish the Dolphin Station Park & Ride by late March to feed riders into the Miami-Dade Transit SR 836/Dolphin Express Bus Service by summer, linking Dolphin Mall, Miami International Airport, Downtown and Brickell. MDX leads construction on the $19 million project alongside the county’s Department of Transportation and Public Works…

Garage delays drive down Miami Parking Authority bond status

Emerging technology and delayed projects are having an impact on the Miami Parking Authority, the city’s semi-autonomous parking agency. That’s according to a report from Fitch Ratings service. Fitch Ratings has just affirmed the city Department of Off-Street Parking (DOSP)’s $65.04 million of outstanding series 2009 A & B parking system revenue bonds at ‘A’. The Rating Outlook has been revised to…

Climate Gentrification: In Florida, The Hot Amenity Is High Ground

If seas rise six feet by 2100, 13 million people could migrate to higher ground, including 2.5 million fleeing South Florida alone, according to a Harvard researcher. “Climate gentrification” could ensue as wealthy people claim high ground, displacing poorer residents. Jesse M. Keenan, a researcher at Harvard’s Graduate School of Design, looked at home prices and elevation in Miami-Dade County since 1971…

South Florida by the Numbers: Hurricane Irma’s long-term impact

Irma gerd! Back in September, we examined the immediate impact of Hurricane Irma on South Florida business and real estate with a general sense of relief, having avoided the anticipated direct hit. Months later, we have a much clearer sense of the storm’s long-term structural and economic impact, and the numbers are bleak. In addition to 42 storm-related deaths, Irma caused billions of dollars’…

Miami public art proposal riles builders

A 4-foot-high, 30-foot-long bench made of oolite stone will soon decorate Balboa Plaza in Coral Gables. The massive sculpture, called “A Midsummer Night’s Dream,” was commissioned by MG Developer, a company building three mid-rise luxury boutique townhouses near Balboa Plaza. Jenny Ducret, MG Developer’s chief operating officer, recently boasted that the installation will add value to the…

70-acre development site in West Kendall Sells

Investors keep flocking to the Miami suburb of West Kendall. Property records show an entity tied to NAI Miami just paid $41.8 million for a large development site near West Kendall Baptist Hospital. West Kendall Holdings, a subsidiary of the Howard Hughes Corporation, sold the nearly 70-acre parcel at the southeast corner of Southwest 88th Street and Southwest 162nd Avenue for about…

5 things to know about Compass and WeWork’s biggest backer

Masayoshi Son’s SoftBank Vision Fund committed almost $5 billion to real estate startups WeWork and Compass in ’17 – and that’s just a drop in the bucket. With $93 billion in capital raised, Son has been showering startups with cash, whether they want it… A new Bloomberg profile takes readers behind the scenes of the Japanese mogul’s delmaking spree. Here are five key takeaways: He’s not afraid…

The Commercial Real Estate Industry Comes Out On Top In Tax Law Overhaul

While housing sector proponents gave a thumbs down to the new tax law, most commercial real estate industry execs are celebrating the federal overhaul. Housing took a hit with fewer deductions in the just-passed tax law rewrite. But lower corporate tax rates and special treatment for many real estate companies could give the commercial property sector a boost and more profits for big builders.

The Unquestioned Winners Of 2017? Owners Of Industrial Land

Prices for industrial land have outpaced all other sectors this year thanks to strong demand for warehouses and a dwindling supply of sites. “This situation won’t go away any time soon, because the markets where distribution centers are most in demand—typically near or in densely populated city centers—have scant available land for industrial uses,” David Egan, head of global industrial research for CBRE…

SIOR 2018 Commercial Real Estate Outlook

How long will real estate’s “hot streak” continue? At least through 2018, according to the experts. The Urban Land Institute (ULI), in its “Real Estate Consensus Forecast,” predicts a number of areas of continued strength, both in those that create a fertile atmosphere for commercial real estate growth, and in specific key sectors. For example, ULI predicts: Transaction volume of $450 billion in 2017 and…

“Climate Gentrification” Could Add Value To Elevation In Real Estate

Homes at higher elevations in Miami are gaining value at a faster clip than those closer to sea level. It’s an accelerating trend, and it has residents and real estate agents — in Miami and other coastal communities — asking whether “climate gentrification” has arrived. The term, which only recently entered the lexicon, describes the role of climate change in recalibrating land values, a phenomenon that…

Miami is the country’s 4th most valuable housing market, per report

Valued at 864.2 billion Miami is the country’s fourth most valuable housing market as we head into 2018, according to a new report by Zillow. Trailing only Los Angeles (total value of $2.7 trillion), New York (2.6 trillion), and Washington (996.7 trillion), the total value of Miami’s housing market is an estimated 864.2 billion, which represents a solid 4.7 percent increase year over year. However, that…

Miami-Dade Airbnb hosts earned over $134 million this year

Florida hosts earned a combined $450 million Airbnb is wrapping up quite a strong year in Florida, with hosts in the Sunshine State earning a combined $450 million in supplemental income in 2017, representing a 75 percent increase year over year. The hospitality company says there are now 40,000 hosts who utilize the rental service, averaging out to about $6,700 annually per host. Airbnb…

Cheers! Terra and Terranova sink $40M on PepsiCo’s regional HQ

Two Miami developers are quenching their thirst for South Florida land. A joint venture between Terra and Terranova paid $40.3 million for PepsiCo’s regional headquarters and distribution center in Doral, a spokesperson said. The food-and-beverage giant arranged a sale-leaseback with the buyers, 7777 Investment LLC, for the 232,000-square-foot facility at 7777 Northwest 41st Street. PepsiCo…

Miami zip code makes 2017 list of 10 most expensive zip codes in America

PropertyShark’s annual ranking of the 100 priciest zip codes in the country is out. California’s neighborhoods dominated overall, while New York snagged 19 spots on the list as well as scoring within the top three most expensive addresses. Here’s a look at the top 10 zip codes which are home to some of the most expensive real estate from coast to coast, from #1 to #10: 94027…

Related and East End score construction loan for Wynwood Annex

More office space is coming to Wynwood. Property records show East End Capital and the Related Group just closed on an $11.6 million construction loan for its Wynwood Annex office project. Bank of the Ozarks, an active lender in Wynwood, provided the financing. The eight-story, 40,000-square-foot office building will be built alongside the partnership’s Wynwood 25 apartment development…

Panorama Tower’s contractor sues Florida East Coast Realty after firing

Panorama Tower may rise above all the other residential towers in Miami, but it’s not above the legal controversies that can accompany such a lofty project. Tutor Perini Building Corp., the contractor overseeing construction of the tower, filed a lawsuit in Miami-Dade Circuit Court against developer Florida East Coast Realty last month alleging it failed to turn in project designs on time and revised project plans…

South Florida’s priciest industrial property sales in 2017

Demand for industrial real estate in South Florida was up again this year as consumer sentiment continued to favor faster deliveries – calling for more distribution centers closer to heavily residential areas. In 2017, South Florida’s industrial market took center stage, making it a potential suitor for the next Amazon headquarters and seeing yet another wave of activity by larger industrial real estate investment…

The South Florida WeWork Wars

South Florida increasingly pays for office space as a one-stop service business, with companies forsaking a traditional lease in favor of a modern mix of open-seating areas and private offices with perks, including free coffee, that aim to promote collaboration and innovation among tenants. But as co-working behemoth WeWork — with its $20 billion valuation — increases its presence in the area, will the…

South Florida’s biggest hotel sales in 2017

Big-ticket hotel sales were few and far between in South Florida this year as the market struggled to recover from a dreary 2016. The five biggest deals ranged from the $36 million sale of the Ritz-Carlton Coconut Grove to the $85 million trade of the Courtyard Fort Lauderdale Beach by Marriott, according to The Real Deal’s analysis of data from property records and Real Capital Analytics…

Cousins Properties Sells Orlando, Miami Assets

Cousins Properties, a real estate investment trust, said it has sold 1 million square feet of offices in Orlando for $208.1 million and also unloaded its equity interest in a Miami office complex for $33.9 million. Atlanta-based Cousins (NYSE: CUZ) also sold a 20 percent stake in the two-building Courvoisier Centre at 501 and 601 Brickell Key Dr. in Miami. The buyer of the 343,000-square-foot property was…

SoFla luxury condo sales to stay slow as single-family market grows in ’18, experts say

As the pool of deep-pocketed foreign investors continued to recede over the past year, developers, brokers and sellers in South Florida’s luxury condo sector have been forced to adjust their pricing, wait longer for units to move and scour the globe for new buyers. But for the folks doing business by moving condos listed at $600,000 or below, as well as single-family homes in every price range, signs are…

North Miami Beach Pays $12,000 Settlement, Changes Codes After Lawsuit From Gun Store

For nearly five decades, the law in North Miami Beach has been clear: If you want to open a gun store, you must set up shop in the industrial areas of the city. But that long-standing rule is about to change. After code enforcement cited a business for selling guns in a shopping plaza on NE 167th Street, the owners sued the city for violating state law. In late December, North Miami Beach commissioners…

South Florida Real Estate Industry Update

Begin the new year with essential guidance that will help prepare your real estate company or clients for a productive and profitable 2018.  The South Florida real estate community will come together on Thursday, January 18, to hear industry leaders discuss some of the most significant tax, accounting, and legal planning opportunities affecting their businesses today. Bilzin Sumberg attorney Josh Kaplan joins…

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January 3, 2018

Video: Visualization of Growth of Miami’s Skyline from 1990 to 2016

This short video fades from the skyline of 1990 to that of 2016, essentially today. During this period, Miami has gone from just exiting its sleepy southern town origins to a truly bustling international city with, by one measure, the third most dense skyline in the United States, trailing behind New York and Chicago.

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December 28, 2017

Miami Commercial Real Estate News December 27, 2017: Stake in Courvoisier Centre Sold; Biggest Office Deals of 2017; More…

Cousins Properties sells interest in Courvoisier Centre in Miami’s Brickell Key

Cousins Properties, an Atlanta-based real estate investment trust, just sold its 20 percent interest in the Courvoisier Centre office complex in Miami’s Brickell Key for $33.9 million. The Courvoisier Centre, a 343,000-square-foot office complex at 501 and 601 Brickell Key Drive, was purchased in 2014 by Orlando-based investor Parkway Properties for $146 million, records show. A spokesperson for Cousins…

Mixed-use Miami Plaza tower moves ahead to join two others

Better but still lacking. That was the consensus of a City of Miami review board evaluating the renderings and floor plans for a mixed-use tower to be called Miami Plaza. The Urban Development Review Board on Dec. 20 was looking over fresh documents on the project, deferred with the developer’s approval in November. Nearly all board members said the redrawn plans were an improvement from…

South Florida’s biggest office deals of 2017

South Florida’s luxury office market, which often boasts gleaming high-rises set against sunny landscapes with water views, didn’t outshine the previous year in sales. But considering it survived some crazy weather (including a hurricane) and a shift in investment dollars towards multifamily and industrial real estate, the market remained relatively healthy. Office towers smack in the middle of growing…

Coral Gables office market roaring into 2018

The Coral Gables office market continues to be steady and reliable, observers say. “In the big picture, Coral Gables is solid,” said Donna Abood, principal and managing director of Avison Young’s Miami operations. “It never has major shifts, because of the value of the city overall. “In 2018, we expect a stronger first quarter than we had this year, and the second quarter will be stronger than the first, because…

Brightline rail still standing in station awaiting feds’ OK

The startup luxury Brightline rail service to link Miami with West Palm Beach is still standing in the station, the company announced Friday. In a news release, the company says it still doesn’t have federal permission to start service. “The company continues working toward operational readiness with the Federal Railroad Administration for the launch of introductory service between West Palm Beach…

Land for Pop-up businesses face legislative tangle

A late addition to proposed legislation to govern temporary uses on vacant land, which impacts so-called pop-up businesses, has stalled the measure. Miami city commissioners approved the ordinance amendment on first reading in September, noting that planning and zoning officials were making further tweaks. The final version of the proposal was up for a final vote Dec. 14, but Commission Chairman…

International passengers through Miami International Airport grow

The number of international passengers traveling through Miami International Airport this year is slightly ahead of the same period in 2016, most recent data from the Miami-Dade Aviation Department show. Those international passengers are coveted in most areas of business, from real estate to retail sales, and in restaurants and hotels. Those who stay in Miami tend to stay longer and spend more per…

Edgewater’s Missoni Baia launches first phase of construction

The luxury condo project broke ground in October Miami’s Missoni Baia, a high-end condo project rising in Edgewater, announced the first phase of construction has begun for the 649-foot tower after breaking ground a couple of months ago. A spokesperson for OKO Group says 190 piles totaling over 12,000 linear feet have been installed along with 150 tons of steel reinforcing bar, and over 1,000…

The next threat to RE prices: demographics

Real estate executives are keeping an anxious eye on the Federal Reserve, but maybe they shouldn’t. Conventional wisdom holds that when the central bank raises short-term rates, long-term rates also rise, which pushes up the cost of mortgages and puts downward pressure on property prices. But recently this didn’t seem to hold true, the Wall Street Journal reported. The Fed raised its short-term…

Investors take a knee – for now – as land prices soar in Overtown

The Miami Innovation District’s developers spent $100 million assembling a 10.4-acre plot where they hope to attract technology companies like Amazon, developer Michael Simkins told TRD. There’s an aerial map of the city of Miami on the desk of Cornelius “Neil” Shiver. His job is to promote economic development in a 600-acre swath of real estate in Overtown and Park West that’s outlined in red…

The 10 juiciest real estate lawsuits of 2017

Accusations of backstabbing, disputes over multimillion-dollar deals, undisclosed vermin problems and many other allegations of shady behavior involving South Florida real estate developers, brokers and buyers made headlines in 2017. Lucky for you, The Real Deal was there to document all the salaciousness. Here’s a look back at the…

Are South Florida’s retail landlords too optimistic about the market?

The first retail portion of the $350 million mixed-use development at the former Plantation Mall is nearly 65 percent leased, Encore Capital Management says. From the December issue: As South Florida’s retail real estate sector continues to show strength — an anomaly as the rest of the country sees vacancy rates creep ever higher — some worry that landlords in the tri-county region’s hottest neighborhoods…

$5.1 Million Coral Gables Sale Closes

Sold was a 37,134-square-foot building, situated on a 21,244-square foot parcel, located at 4950 SW 8th Street in Coral Gables. The Buyer, GDJARD Investment LLC, purchased the property for $5,100,000 from 4950 SW Eighth LLC. The deal closed on March 31. Preferred Medical Partners previously utilized the 1985-built, three-story medical office building as…

Condo Building On Washington Avenue Hits The Market: $14 million

A low-rise condo building in South Beach has hit the market for $14 million. The Golden Dreams Condominium, a 26-unit complex at 65 and 75 Washington Avenue, is being offered as a bulk sale, according to CoStar Group. Built in 1960, units range in size from 380-square-foot studios to 620-square-foot one-bedrooms. The list price breaks down to about $540,000 per condo. The building is being marketed…

As Developers Go On Shopping Spree, Miami Retail Has Never Been Hotter

There’s a gold rush on for retail in South Florida. Developers and mall operators want to renovate and expand shopping centers across the region. New retail is popping up, too, especially open-air “high-street” shops with surprisingly gourmet dining — a breezy contrast to the enclosed suburban malls of old. The cost of all that investment runs into the billions. The timing may seem odd, given the obstacles…

Crowdfunding Backs Miami Infill Apartments

An emerging trend among real estate investors has made its way into Miami’s development community. Ricky Trinidad, Coral Gables-based developer and president of Metronomic Inc., recently launched a private crowdfunding platform to raise capital for his residential projects, where investors can pitch in as little as $2,000 to back the firm’s latest ventures: GroveHaus, a boutique rental community in…

Miami Hotel Market Could Reach Maturity In 2016: Experts Say

Industry experts say Miami’s hotel market could be reaching its peak in 2016 as revenues and occupancy rates begin to level out. Last year was solid for the individual hotels that make up Miami’s leisure industry: more than 44 million travelers passed through the Miami International Airport, a bevy of new hotel developments opened their doors and room rates saw steady gains compared to 2014.

Could Moishe Mana Be Assembling A Portfolio In Another Submarket?

Switching gears from Wynwood, Moishe Mana has purchased a commercial property along Northeast 167th Street in North Miami Beach. Miami-Dade County records show a Mana affiliate paid $9.5 million for the Regions Bank office tower and adjacent retail at 699 Northeast 167th Street and 699 North Miami Beach Boulevard. Jaw of Divine Square, an LLC managed by Glenn M. Chwatt was the seller.

5 Revelations From UM Real Estate Conference With National Leaders

Executives with industry heavyweights such as Blackstone Group, Prudential Real Estate Investors and Federal Realty Investment Trust told attendees of the University of Miami’s Real Estate Impact Conference that 2016 won’t be as strong for real estate values as the previous two years, but we’re not headed into a recession. Nearly 600 people learned about what’s ahead in the real estate market at the…

Thor Unloads Design District Properties For $128.3M

Less than three years after it began assembling a war chest of properties in Miami’s Design District, Thor Equities has just sold eight sites to Redsky Capital and JZ Capital Partners… The properties include: 3995 North Miami Avenue; 10 Northeast 40th Street28 Northeast 40th Street40 Northeast 40th Street; 50 Northeast 40th Street53 Northeast 39th Street; 3925 North Miami Avenue15 Northeast 39th Street.

Miami rental development draws $46.4 million construction loan

Pinnacle Housing Group and Ascend Properties got a $46.4 million construction loan to build a 272-unit apartment complex near Miami International Airport. Pinnacle and Ascend expect to finish construction of the Oasis at Blue Lagoon apartments at 6650 Northwest 7 Street in Miami in mid-2019. The development firms also secured a preferred equity investment in the development by Arbor Realty…

Sale of Kendall Synagogue Negotiated for $5.35 Million

Sold was a property owned by Bet Breira Congregation. Juan Carlos Mas, former CEO for one of the nation’s largest equipment rental companies, just paid $5.35 million for the Kendall synagogue, which he’s eyeing for possible redevelopment. Mas’ purchased includes the synagogue at 9408 Southwest 87th Avenue, which has operated for…

Ground broken for construction of Elysee Miami

Two Roads Development broke ground for construction of Elysee Miami, a 100-unit condominium tower in the Miami’s East Edgewater neighborhood. West Palm Beach-based Two Roads, led by managing principal Reid Boren, is developing the 57-story condo at 788 Northeast 23 Street in partnership with entities managed by New York-based investment firm DW Partners. Construction is expected…

Jeffrey Dagowitz and Lionheart Capital buy Miami Beach’s Seagull Hotel at auction

Hotelier Jeffrey Dagowitz and Lionheart Capital bought the Seagull Hotel Miami Beach at auction Friday, putting in a high bid of $31.1 million for the prime piece of waterfront land, Dagowitz confirmed. Bidders were required to submit a $5 million deposit, according to the requirements set by the auctioneer, Pompano Beach-based Fisher Auction Company.

SEC sues Robert Shapiro for allegedly masterminding $1B Ponzi scheme

The Securities and Exchange Commission is suing Robert Shapiro, the former head of embattled Woodbridge Group of Companies, for allegedly running a $1 billion Ponzi scheme. Shapiro, who resigned earlier this month, is accused of misleading investors by making it appear that Woodbridge was financing property acquisitions made by third-party borrowers, the Wall Street Journal reported. Most of…

Blackstone REIT pays $139M for Codina’s West Kendall apartment complex

An entity of Blackstone Group’s real estate investment trust just scooped up an apartment complex in southwest Miami-Dade for about $139 million… Signature at Kendall, developed by Armando Codina’s CC Residential firm, sold in two separate parcels. Records show Blackstone’s REIT paid $96.95 million for the first phase, which includes a 396-unit apartment complex at 8881 Southwest 172nd Avenue.

18 Miami metro cities ranked by median rent prices

Rents are rising in Boca and Homestead In looking at the median rent for one bedroom apartments across the Miami metro area, we learn Homestead and Sunrise are are producing some of the fastest-rising figures in the region. The Zumper report of 18 cities shows median rent in Homestead rose by a whopping 15.1 percent year over year to $1,070. Placing in second and third was Sunrise and Plantation…

Inside the food hall coming to MiamiCentral

Central Fare Miami’s booming food hall scene—2017’s version of a food court—continues to expand, with the latest news coming from the under-construction MiamiCentral, an 11-acre mixed-use project encompassing residences, office space, retail, and a public transit hub for Brightline Express Train Station. Central Fare, which had planned to open this Fall, is now targeting Summer 2018 and has chosen…

Developer Richard Siemens dies at 82

Florida developer Richard “Dick” Siemens died on Sunday at the age of 82, according to his family. Siemens, president and CEO of the Siemens Group, founded the company in 1964 and led the development of more than 15,000 homes in over 20 communities since then. He was active in Boca Raton, where Siemens Group is building Akoya Boca West, a luxury condo building under construction at the…

Developer Buys 823,000-SF Industrial Complex in Doral with Expansion Potential as Land Scarcity Spurs Demand for Infill Locations

The developer of Amazon’s massive warehouse in Miami-Dade County has acquired another large industrial project nearby. Orlando-based Foundry Commercial, along with partner American Realty Advisors, bought Miami Free Zone, a two-building warehouse-distribution complex totaling 823,000 square feet on 47 acres in Doral, FL. The buyers declined to reveal the price. The transaction…

Miami-Dade transit takes worst plunge in use ever

Miami-Dade’s beleaguered transit system took its worst plunge in use ever in the past fiscal year, new figures reveal. Ridership among all four transit modes declined a combined 9.6% as almost one in every 10 riders disappeared. Declines hit across the board, though the drop in bus passengers, the largest single group of transit riders with 58 million yearly trips, was greatest, at 11%. The figures through Sept. 30…

E-Commerce And The Need For Local Distribution Centers

The revolution in retail has been Amazonian. Because of the growth of that online mega-merchant, all aspects of commerce have changed. As a result, other retailers have had to wade into the e-commerce pool in order to remain competitive. The question facing many e-commerce retailers – especially those trying to get a toehold in a land ruled by two giants, Amazon and Walmart – is how to…

Masoud Shojaee sues development partner for $100K in office rent spat

Three months ago, Miami-based developer Masoud Shojaee and New Boston Fund, an investment, development and management firm based in Bean Town, sold an 11-story office building in Doral for $96.1 million — a 253 percent price increase from what he and the company paid for it in 2010. One might think such a substantial profit would have left the previous owners more than happy about…

Crocker Partners Unveiled Citigroup Center During Miami Art Week

The intersection of real estate, art and high-design merged at Miami Art Week when South Florida-based investment giant Crocker Partners unveiled its highly-anticipated Citigroup Center in Downtown Miami. The complex boasts a newly renovated tower, featuring a refurbished modern glass façade, stunning lobby and multiple retail spaces on the ground level redesigned by world renowned architect…

Are Miami Beach’s Luxury Towers the Future of Climate Resilience?

The Monad Terrace—a 59-unit Miami Beach luxury condominium—hasn’t been built yet, but its salesroom is up and running. Set on the ground floor of an office building a few blocks from the Monad’s bayfront building site, the space re-creates the look and feel of a model apartment in hopes that its white marble bathroom, open-plan kitchen, and glassy bedroom might persuade buyers to spend from $1.7…

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December 27, 2017

Miami Commercial Real Estate News December 20, 2017: Design District Building Sells for $22 Million; More…

Karakhanian sells Design District building

Developer Alex Karakhanian sold a building housing an international fashion school in the Miami Design District to Stockbridge Capital for $22 million. Karakhanian’s Lndmrk Development sold the property at 3701 Northeast Second Avenue for $1,000 per square foot, according to a press release. Milan-based Istituto Marangoni is leasing the 22,000-square-foot, seven-story building. The fashion school…

Airbnb Is Getting a $200 Million Boost to Build Its Hotel-Like Apartment Business in Miami, Other Major Cities

If you can’t beat ’em, join ’em, as the old saying goes. That seems to be ringing true for some multifamily housing developers, who are just now beginning to explore the opportunities of building “Airbnb-friendly” apartments. Today, you can count Brookfield Property Partners and Silverpeak Real Estate Partners as two of those landlords who see dollar signs in working with homesharing giant Airbnb.

Istituto Marangoni’s first U.S. campus set to open in Miami’s Design District

Istituto Marangoni, the leading Italian fashion, art and design school, an-nounces the group expansion into the Americas with the opening of the first U.S. School in Miami’s Design District, the 10th in the world. Istituto Marangoni, which was founded in 1935 in Milan and has more than 80 years of history and success in training the top professionals of fashion and design, can praise itself for the education of…

UniVista Insurance buys new HQ along Miami River

Miami-based UniVista Insurance just purchased a new office building along the Miami River where it plans to move its headquarters. Property records show Riverside Property Building LLC, led by UniVista CEO Ivan Herrera, paid $10.2 million for a four-story office building at 528 Northwest 7th Avenue. The 15,000-square-foot building sold for about $680 per square foot. The seller, GLF Construction Corp…

TBD Group sells Edgewater dev site on Biscayne Blvd. for $5 million

A Miami real estate investment and development firm just flipped a site in Edgewater for $5.24 million. Property records show an affiliate of TBD Group, a Key Biscayne company owned by Miami architects Tamara and Bernadette Despujols and their parents Leonor Ortega and Claudio Despujols, sold the 0.37-acre lot at 3200 Biscayne Boulevard to Green Circle Development, led by Sexton E. Garcia. It sold for…

Foreigners Are Unloading CRE Assets — In Miami, At Least

For the past decade, foreign investors looking to stash capital in a safe place bought up Miami condos like kids dropping pennies in their piggy banks. Fearing that prices were plateauing, many investors moved into commercial real estate in major U.S. cities. Now they are cashing out, Marcus & Millichap Senior Managing Director Alex Zylberglait said. Foreigners began moving into CRE in 2015, Zylberglait…

‘I Hand-Pick All My Tenants’: Miami Developers Curate Retailers To Create Cool Neighborhoods

The Little River area of Miami is a large jigsaw puzzle, MVW Partners principal Matthew Vander Werff said, and because he quietly bought almost 80 properties there before the area got too hot, he is able to act like a master hand, guiding a distillery here, a vintage motorcycle shop there, making the neighborhood fit together just so. Deirdra Funcheon MVW Partners principal Matthew Vander Werff pictured at…

Coconut Grove reinventing itself as a luxury enclave

Coconut Grove has long played an important role in Miami’s transformation into a bustling metropolis. Discovered in the early 19th century by mariners attracted to bubbling freshwater springs along its coastline, it was one of the city’s earliest settlements founded by maritime traders from the Bahamas and Europe. After its official founding in 1873, Coconut Grove went through several evolutions…

Major League Soccer approves David Beckham’s 3 new partners in Miami dream

After four years of pushing for Miami’s very own Major League Soccer team and stadium, David Beckham announced more progress Thursday. He now has the backing of two wealthy Cuban-Americans and a multi-billionaire from Japan. The MLS board of governors approved a new ownership group that aims to celebrate the team’s first game in a new Overtown stadium in 2020. Todd Boehly…

Amid Coconut Grove Playhouse intermission, garage shrinks

Historic preservationists may have won a partial victory with a Miami Parking Authority vow to shrink the height and scale of a garage planned in efforts to save the shuttered Coconut Grove Playhouse. Beyond that, it appears preservationists fighting to save the entire structure – including the 1,100-seat auditorium – have found powerful allies at the city and county level. The Miami City Commission…

Miami-Dade looks at rolling circulator buses across county

Though many municipalities provide low fare and free bus circulators to their residents, unincorporated Miami-Dade residents are left to rely exclusively on the Metrorail, Metrobus and Metromover systems. To provide more options to residents in unincorporated areas of the county and make existing systems more accessible, commissioners are asking the mayor’s office to explore county-run bus circulator…

Ransom Everglades School expanding in a big way

The latest plan will expand the Upper School campus by nearly 7 acres by adding adjacent property known as La Brisa, purchased in 2016. School officials are seeking approval from the City of Miami for an amended Special Area Plan or SAP for Upper School at 3575 Main Highway, and an amended development agreement with the city. The city commission on Dec. 14 unanimously approved both…

Developer scores construction loan for Casa Grove rentals

Miami-based MEC Development Associates and and B Developments just closed on a $27 million construction loan for Casa Grove, a luxury apartment tower planned for Coconut Grove, according to a press release. The transit-oriented project is being developed by a joint venture between the two firms. Construction of the 130-unit project at 2900 Southwest 28th Lane is set to begin next month…

Connectivity key in building our next generation economy

Amazon’s announcement that the company will build a second headquarters in North America led to almost every major city across the US scrambling to put together the best package possible to convince the online behemoth that their city is the right fit for the aptly named Amazon HQ2. Amazon’s request for proposal (RFP) laid out several “paramount” prerequisites for any city hoping to land HQ2.

Anatomy at 1220 to anchor Avra Jain project near Midtown Miami

Miami Beach gym Anatomy at 1220 is bulking up with a second location. Owners Chris Paciello and Marc Megna signed a lease for 15,000 square feet at 3415 Northeast Second Avenue in Miami, broker Lyle Chariff told The Real Deal. Avra Jain and Joe Del Vecchio of Vagabond Group paid $13 million in May for the building, which sits just east of Midtown Miami near Edgewater. Chariff, Luis Guevara and…

DHL Inks 100,000 SF Lease Renewal At Beacon Centre In Doral

Transwestern’s South Florida industrial team closed a long-term lease renewal for approximately 100,000 square feet with global logistics provider DHL at Beacon Centre, a Class A business park located at NW 25th St. and NW 84th Ave. in Doral. Rhis renewal maintains 100 percent occupancy at the 180,000-square-foot building at 8400 NW 25th Street. “Beacon Centre is centrally located in Doral, just 2 miles…”

CRE will hit “the jackpot” with GOP tax plan


Commercial real estate owners who hold properties through pass-through companies could fare quite well under the final Republican tax bill compared to other companies using the same structure. The proposal gives a 20 percent deduction on taxable income to pass-through companies owned by individuals who make less than $157,500 and joint filers who make less than $315,000, the Wall Street…

Doral Is One Of Only Four Cities To Nab Prestigious Platinum Certification

The World Council on City Data has recognized the City of Doral with the ISO 37210 Platinum certification. This certification is awarded to cities who reach the highest standard in collecting and sharing data, using it for effective decision-making. The City of Doral is the fourth city to receive ISO 37120 certification in the U.S., joining a global network of over 50 cities worldwide, including Dubai, Barcelona, and…

Construction of Brightline link to Orlando to start in first quarter

All Aboard Florida expects in the first quarter of 2018 to start construction to extend its Brightline passenger rail service to Orlando and to launch service to Miami. The Federal Railroad Administration on Friday approved All Aboard Florida’s plan to link Orlando to its pending Brightline service in South Florida. The Brightline rail service is expected to start between downtown stations in West Palm Beach…

Miami apartment building Casa Grove to begin construction in January

Just northwest of Coconut Grove A new luxury apartment building in Miami is preparing to begin construction next month after securing the necessary construction funding. The 130-unit Casa Grove will rise at 2900 Southwest 28 Lane (just northwest of US1 and next to the Coconut Grove Metrorail Station) after the development team, comprised of MEC Development Associates and B Developments, closed…

Miami’s 26 Edgewater expecting early 2018 opening

Over 90% sold Another new condo project is nearing completion in Miami with 26 Edgewater expecting to open early next year. Located at 321 Northeast 26th Street and designed by Modis Architects, the 10-story mixed-use development is currently over 90 percent sold. It’s comprised of 86 units, ranging from one to two bedrooms and 560 to 998 square feet. It’s the first boutique development in Edgewater.

Miami Jewish Health Systems nabs approval, breaks ground on Buena Vista campus

The Miami Jewish Health Systems broke ground on the redevelopment of its Buena Vista campus on Friday, a day after securing approval from the Miami City Commission for its special area plan. The commission approved the plan for a linear park on Northeast Miami Place and 50th Terrace, according to a press release from Greenberg Traurig. The SAP will also allow property owners of nine or more acres…

The Ritz-Carlton Residences, Miami Beach offers an aquatic helicopter experience

The latest in over-the-top amenities Miami’s condo amenity game has officially reached absurd levels. The Porsche Design Tower has its car elevator. Paramount Miami Worldcenter will have its theme park of an amenity deck. Estates at Acqualina will house an ice skating rink. The latest over-the-top amenity: A navigable marine helipad coming to The Ritz-Carlton Residences, Miami Beach, which is…

Battle for the $1 billion Island Gardens project

Flagstone Property Group fi led suit against the city of Miami after the developer was kicked out of Watson Island and the Island Gardens project. From the latest issue: For well over a decade, Turkish entrepreneur Mehmet Bayraktar has been on a seemingly quixotic quest to transform a barren patch of prime waterfront land in Miami into a billion-dollar ultraluxury resort with a supersized wharf…

$20 million Coconut Grove Playhouse renovation plan booed off stage

Miami commissioners closed the curtains on an initial $20 million plan to renovate the Coconut Grove Playhouse that entailed razing the playhouse’s deteriorated 1,100-seat auditorium and replacing it with a modern 300-seat theater. In a 3-2 vote on Thursday, the commissioners moved to preserve the exterior facade of the theater — a motion carried out by Commissioner Ken Russell, according…

Toys “R” Us could close as many as 200 locations

Toys “R” Us is reportedly considering closing 100 to 200 U.S. stores, according to Bloomberg. The toy chain’s sales during the critical holiday season have declined 15 percent, compared to last year, Bloomberg reported, citing anonymous sources who were briefed on the matter. Toys “R” Us spokeswoman Amy von Walter referred to the report as “speculation.” “Final decisions about our real estate…”

Related closes on construction loan for Liberty Square redevelopment

The Related Group’s affordable housing division just closed on construction financing for a mixed-income redevelopment of Liberty Square in Miami’s Liberty City neighborhood. Related Urban Development Group secured the $23.1 million construction loan from Bank of America, according to the developer. The financing will be used to build 204 units in six garden-style buildings as part of the first phase…

Miami Open moving to Hard Rock Stadium in 2019 under new deal

After a two-week standoff, Miami-Dade county officials agreed Tuesday to move the Miami Open from the Crandon Park tennis complex in Key Biscayne to Hard Rock Stadium in 2019. Mayor Carlos Gimenez and IMG, the sports giant that runs the tennis tournament, agreed earlier this month to make the move to the Miami Dolphins stadium owned by developer Stephen Ross, but negotiations fell through…

NFL star’s $18.2 million North Miami buy sparks three-way battle for commission fee

A fight over commission from the $18.2 million sale of five North Miami apartment buildings to an NFL star last year… Dumervil’s company bought five low-rise and mid-rise apartment buildings totaling 233 apartments at 1525 Northeast 125th Street, 13020 Northeast Sixth Avenue, 13055 Northeast Sixth Avenue, 14050 Northeast Sixth Avenue and 400 Northeast 137th Street

Miami real estate loves Bitcoin – will Bitcoin love it back?

A condo for sale in Miami hit the market earlier this month accepting only Bitcoin, grabbing headlines as one of the only U.S. real estate listings to limit itself to the cryptocurrency. The one-bedroom pad at 480 Northeast 30th Street listed on Dec. 8 for 33 Bitcoin, or about $550,000 at the time, according to the listing agent. But as of Tuesday, 33 Bitcoin is now equal to about $603,000. In dollar terms, that’s…

Link Real Estate, Jameson Equities team up on creative office project in Wynwood

A partnership between Link Real Estate and Jameson Equities paid $5.4 million for a building in Wynwood where it’s planning a creative office project. The Schenker family, which operated a printing press at the building, sold the property at 2509 North Miami Avenue, Lombardi Properties broker Jonathan Eismann told The Real Deal. Eismann had the site on the market for $6.5 million. Andy Charry of…

Miami Investor Spends $42 million for Broward County Office Bldg

A Miami-based investor paid a reported $42 million, or about $293 per square foot, for Pembroke Pointe 880, a four-story office building in Pembroke Pines, FL, a western suburb of Fort Lauderdale, public records show. Midtown Capital Partners LLC bought the 143,535-square-foot property at 880 SW 145th Ave. from Duke Realty Corporation. The building opened in 2015. It fronts Interstate 75 in…

Xceligent shuts down, files for Chapter 7

Real estate data firm Xceligent, which has been embroiled in a multimillion-dollar lawsuit with CoStar Group, shut down operations Thursday and filed for Chapter 7 liquidation, according to a source familiar with the matter. A note was sent out to staff Thursday informing them about the decision, according to a source who read it. Employees were asked to vacate the building immediately…

DHL Renews 100,000-SF Lease in Doral

Global logistics provider DHL has renewed its lease for 100,044 square feet in the Beacon Centre business park in Doral, FL. The renewal keeps the 180,000-square-foot Building 26 at 8400 NW 25th Street fully occupied. The property is part of a four-building, 425,000-square-foot portfolio within Beacon Centre that’s owned by institutional investor RREEF. “Beacon Centre is centrally located in Doral, just two…

Alex Karakhanian sells building on Wynwood-Edgewater border to Morgan Reed Group

Developer Alex Karakhanian sold a building at the border of Wynwood and Edgewater to Morgan Reed Group for $10.7 million. The Miami-based real estate firm bought the property at 1900 Northeast First Street with plans to convert it into a creative office building, brokers Tony Arellano of Metro 1 and Devlin Marinoff of Whitehall Realty told The Real Deal. It was on the market for $13.7 million…

Calypso St. Barth to Liquidate Coral Gables Store and All Stores Nationwide

Luxury women’s lifestyle brand Calypso St. Barth is liquidating and closing all of its stores following its bankruptcy filing late last month. Founded on the Caribbean island of Saint Barthélemy in 1992, the luxury lifestyle brand operated 26 boutiques in New York, Georgia, Massachusetts, Colorado, California, Florida, Arizona, Maryland and South Carolina. Valued at a total of $15 million, the…

Miami Beach broker files plans for Wynwood hotel

A Miami Beach broker submitted plans last month for an eight-story hotel in Wynwood, The Real Deal has learned. High Cube LLC, a company controlled by Sterling Equity Realty broker Robert Ziehm, filed a building permit with the city of Miami for an eight-story, 95-room hotel at 51 and 45 Northwest 28th Street, according to documents obtained by TRD. Ziehm confirmed he plans to develop the…

Florida developers react to millennials’ generational disruption

The burgeoning population of millennials in Florida is having a profound effect on commercial real estate transactions in the state. At more than 75 million individuals, millennials – those born between 1980 and 1997 – are the largest consumer group ever to have to lived in the United States. And their collective decisions are making an impact on real estate development in the Sunshine State. Trends…

Mas bros. team up with Beckham in pitch for Miami MLS stadium

Score! David Beckham has brought in powerful Miami siblings Jorge and Jose Mas to his investment group planning a multimillion-dollar Major League Soccer stadium in Overtown. The MasTec brothers, whose father founded the engineering and construction firm, have joined the venture, while majority partner and Los Angeles Dodgers co-owner Todd Boehly has bowed out, according to the Miami…

Tax Overhaul Could Be Big Win for U.S. Real Estate Investors

U.S. commercial real estate is a likely winner in the evolving Republican tax overhaul, which is poised to lower rates for property owners, spur new investment and increase demand for rental housing, according to a new report. Owners and developers of commercial real estate stand to gain from a new tax break for “pass-through” entities, which don’t pay corporate tax but instead pass income through…

East 41 mixed-use project in Hialeah scores approval

East 41, a mixed-use project that will bring retail, self-storage and more than 400 residential units to Hialeah, is underway after the city council approved to extend its business district regulations where the project’s developers plan to build. The current property owner, J.R. Realty Corp., led by David Small, is under contract to sell the development site to 1100 E. 41st Street LLC, led by Miami investor Rolando…

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December 20, 2017

Miami Commercial Real Estate News December 13, 2017: Cirque de Soleil Founder Buys in Little Haiti; More…

Cirque du Soleil founder buys trio of warehouses in Little Haiti

Cirque du Soleil founder Guy Laliberte is betting big on Miami. The Canadian theater impresario paid $6.9 million cash for a trio of new warehouses at 300, 310 and 320 Northeast 60th Street in Little Haiti, The Real Deal has learned. Laliberte, who founded Cirque du Soleil in 1984 and still owns a stake in the entertainment company, is partnering with Magic City developers Bob Zangrillo, Plaza Equity Partners…

State-to-city-to-Genting deal for Miami bayfront property

The developer that owns a choice piece of bayfront property in Miami that was formerly the home of the Miami Herald is in negotiations with city officials for submerged land in order to build a marina. But first, the Florida Department of Transportation needs to deed the strip of bottomlands back to the City of Miami, so the city can lease it to Resorts World Miami LLC, a subsidiary of Malaysian casino giant…

Narrowing of Biscayne Boulevard in parking department hands

The city’s Off-Street Parking Board has approved an agreement between the Miami Parking Authority and the Downtown Development Authority to proceed with the Biscayne Green Project – the plan to transform Biscayne Boulevard into something other than a busy downtown street hugging vast surface parking lots. At the board’s Dec. 6 meeting, authority CEO Art Noriega asked the board…

Commission probes case of the disappearing public park

Some members of the Miami River Commission were disappointed recently to learn that a proposed major mixed-use residential project would not be providing a public park after all. Mast Capital plans nearly 700 residential units in two buildings on a large vacant lot at a bend in the river, to be called Miami River Walk. The 6.3-acre site at 1001 NW Seventh Street is on the south bank of the river, just east…

South Florida among fastest in US in job gains

South Florida tied for the second-fastest rate of job growth among the nation’s 12 largest metropolitan areas in October, with 62,000 added jobs increasing the area’s total by 2.4%, the US Bureau of Labor Statistics revealed last week. That gain far surpassed the national growth of 1.4% and trailed only the 2.7% job growth in the Dallas area. The Atlanta area also added jobs at a 2.4% rate. The gain…

Paramount Miami Worldcenter reaches the halfway point

30 stories remain Paramount Miami Worldcenter recently hit the halfway mark of its 60-story climb in downtown Miami. Miami’s future amenity king is currently 70 percent sold with over 48 nationalities represented among the buyer pool, per a spokesperson. Among its array of amenities are pool cabanas starting at $295,000 and an amenity deck (90 feet up) including the country’s first outdoor soccer…

Developers see incubation as key to North Beach retail success: panel

To reimagine retail in North Beach’s Ocean Terrace, developers are looking to projects doubling as business incubators that they hope will seed the commercial landscape in Miami’s most popular neighborhoods. “We have started talking about what we want it to feel like,” said Sandor Scher, co-founder of Claro Development, which is redeveloping 2.2 acres in historic Ocean Terrace, at a Tuesday conference…

Retail landlords are using the courts to stop stores from closing — and they’re winning

Retailers might want to think twice before closing a struggling store, as they could end up with a lawsuit on their hands. As shopping centers continue to struggle, landlords have started pushing back against stores that shut down by filing and winning court cases to prevent them from doing so, especially in instances where their closing would cause the landlord to take a huge financial hit, according…

The accounting reform that could be a game changer for co-working firms

A change in federal accounting rules taking effect by 2019 could give co-working companies a major boost. Under the new rules, public companies will have to list office leases as liabilities on their balance sheets, which could make them look worse on paper. But there’s a loophole: if public companies sign a lease with a co-working space provider, and if the provider has a right to move the tenant, that…

Airbnb grapples with slow listing growth in major cities

As Airbnb inches closer to going public, the company faces lackluster listing growth and questions over its expansion into more traditional hospitality ventures. Growth of listings in New York, Paris, Rome, London, Barcelona, Amsterdam and other cities, for example, slowed in 2017, the Information reported. The number of nights that homes in these cities were listed as available increased at a faster pace than…

Coral Gables moving forward with Little Gables annexation

The city of Coral Gables is moving forward with annexing the unincorporated neighborhood of Little Gables, according to the Miami New Times. The roughly 205-acre…, which lies just south of Southwest Eighth Street and east of Granada Boulevard, has about 90 trailer park homes in the Gables Trailer Park community. City officials recently discussed replacing the trailer park at Southwest 44th Avenue…

Multifamily Assets Give South Florida Investors a ‘Solid, Secure Feeling’

Multifamily sales volume in South Florida for 2017 likely won’t reach the dizzying heights of a year ago, but brokers and analysts expect investor demand for rental properties to remain strong in 2018 and beyond. As of early December, 709 sales in Palm Beach, Broward and Miami-Dade Counties totaled $4.25 billion, compared with 755 sales and $6.3 billion in 2016, according to CoStar data. The dollar…

Video: Visualization of Growth of Miami’s Skyline from 1990 to 2016

This short video fades from the skyline of 1990 to that of 2016, essentially today. During this period, Miami has gone from just exiting its sleepy southern town origins to a truly bustling international city with, by one measure, the third most dense skyline in the United States, trailing behind New York and Chicago.

Video: John Paul Ruiz of Entrust Discusses Real Estate Investing in a Self Directed IRA

John Paul Ruiz, QKA. CISP, Director of Professional Development with The Entrust Group, joins show host Michael Bull on America’s Commercial Real Estate Show to discuss self-directed IRA’s and relative topics like retirement, investing, real estate investment types, IRA and investment type differences, tax deferment strategies, IRA 8606 articles and forms, deductible and nondeductible contributions…

Video: Deloitte’s Jim Berry on Re-imagining Talent and Culture ~ 2018 CRE Outlook

Jim Berry, Real Estate Audit and Enterprise Risk Services Leader at Deloitte, joins host Michael Bull on America’s Commercial Real Estate Show to discuss his Deloitte’s 2018 Commercial Real Estate Outlook report and to discuss today’s talent, culture and generational management. The guest, Jim Berry, currently serves as the Audit and Enterprise Risk Services national leader for Deloitte’s Real Estate…

Barlington Group principals sell Little Havana property for $6.75 million

Barlington Group principals Bill Fuller and Martin Pinilla just sold a property in east Little Havana three months after putting it on the market. Property records show 1393 LLC sold the office building and development site at 1393 Southwest First Street and 120 Southwest 14th Avenue for its asking price of $6.75 million to 1393 Building LLC, a company controlled by Miami attorney Jorge E. Blanco.

Video: Reis Chief Economist & VP of Research Victor Calanog Updates on Q3 2017 Retail Property Sector Trends

Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, provides an assessment of third quarter 2017 Retail Sector trends. In this video, he discusses retail property occupancy rates, retail real estate deliveries (new construction), rental rate trends for retail properties, and more, all considered on a national level but with information applicable to Miami retail properties and to the Miami…

Coconut Grove’s long-awaited garage set to begin

Construction on the long-awaited Grove Bay Parking Garage in Coconut Grove is expected to begin next month, and if current plans fall into place the municipal parking garage and its liner of retail shops will be completed by January 2019. That’s the latest word from Art Noriega, chief executive officer of the Miami Parking Authority. The city’s Off-Street Parking Board on Dec. 6 authorized Mr. Noriega…

Resorts World in talks with the city of Miami to lease marina land

Resorts World Miami is in talks to lease land where it plans to build a marina, part of a multimillion-dollar redevelopment plan in Miami’s Arts and Entertainment District. The Genting Group subsidiary wants to lease submerged land that’s owned by the city of Miami and the Florida Department of Transportation, according to the Next Miami. FDOT acquired a portion of the land from the city to build the…

Fort Lauderdale Grows Up

In a strange sense, Fort Lauderdale is the Jan Brady of South Florida cities. To the north is West Palm Beach, bastion of high society, and to the south, it’s all Miami, Miami, Miami. Even mapmakers are hard-pressed to get Fort Lauderdale’s name to fit on the southern tip of the Florida peninsula. Often, it’s just easier to deal with the neighbors. That’s all about to change, though, as a series of major construction…

Micro-Units Are A Big Deal:

In 1963, Walt Disney approached two of his staff songwriters, the Sherman Brothers, to come up with a catchy tune for the UNICEF exhibition in the upcoming New York World’s Fair. The result was “It’s A Small World (After All).” Little did Mr. Disney know that his song could easily be the soundtrack for today’s boom in tiny living. Americans these days are obsessed with simplifying their lives.

Fort Lauderdale developer proposes resort hotel in Miami Gardens, near Hard Rock Stadium

A South Florida developer just proposed a resort hotel near Stephen Ross’ Hard Rock Stadium. Fort Lauderdale-based developer Abraham Baker’s Mazex Holding LLC just filed plans with the city of Miami Gardens to develop a 600,000-square-foot resort hotel on nearly 40 acres of land near the stadium, according the South Florida Business Journal. The city, which owns the land at the northeast corner…

How E-Commerce is Impacting CRE

A lot has changed since 2011. That’s when a blog post on this site stated: “Many consumers still want to see or touch goods before they purchase, so they still go into a physical store to get this experience.” That statement still holds somewhat true, but e-commerce has continued to grow by leaps and bounds in the past six years – and fewer consumers have to go into a physical store to touch the goods…

International supplier sells Doral warehouse to Boston firm

Overseas supplier Topp Investments Inc. just sold its warehouse in Doral for $5.8 million, property records show. Boston-based real estate private equity firm, Longpoint Realty Partners, bought the 39,050-square-foot building at 3055 Northwest 84th Avenue for about $150 per square foot. The deal also includes an adjacent 14,400-square-foot lot. Rubin’s company supplies…

Artists Creating – And Owning – Their Own Spaces in Miami

Art does a lot for people. It appeals to our creative nature; it’s personal; its expression touches something in all of us. In the words of Pablo Picasso, “The purpose of art is washing the dust of daily life off our souls.” The same sentiment can be said about art in communities. By embracing creativity, neighborhoods are learning that art can wash off their dust. We’ve seen that with Miami’s…

Condo developers in Miami, other major cities encourage buyers to kick their cars to the curb

Developers are increasingly telling buyers to ditch their cars in cities like Miami, San Francisco and New York. In exchange for discounts, credits, car-rental and car-sharing services, the move saves residential developers building costs since they can reduce or eliminate garages. Some builders are also planning for a garage-less future, designing parking structures that can be easily converted or removed,

CRE In Miami is Getting Greener

When it comes to climate change, perhaps no other region in the nation has as much to lose as South Florida – Miami and Miami Beach in particular. With each year, King Tide flooding becomes increasingly extreme and creeps into more and more neighborhoods, and herculean efforts are underway to adapt city design and pump water back into the ocean. It should come as little surprise that cities…

Underline scores $15M in funding from Coral Gables

The Underline just got another boost in funding, this time from the city of Coral Gables. The Coral Gables City Commission voted Tuesday to direct $15 million from impact fees, which come from developers constructing projects in the area, to the linear park. Collecting the funds will take about five years and will likely come from projects like the controversial Paseo de la Riviera, the Miami Herald reported.

Florida in The Top 5 For Commercial Development

When the NAIOP, the commercial real estate development association, conducted its analysis to determine the top states for commercial development, it looked at GDP, salaries, wages, and the amount of jobs created and supported from the development and operation of commercial real estate. People in South Florida, though, merely had to look at the number of cranes and construction projects filling…

Multifamily deals in SoFla totaled $3.6 billion through October, down from 2016

The total sales volume of multifamily deals in South Florida may not set a new record this year, but per-unit and per-square-foot prices are already higher than the previous year, according to a new Cushman & Wakefield report. From January to October, nearly 200 multifamily sales totaling $3.6 billion have closed in South Florida. For all of 2016, multifamily sales totaled $5.6 billion. Cushman…

Crossing the line: corporate disputes and tortious interference

Competition — friendly or otherwise — is a normal part of doing business. It drives value, innovation, and market growth. Sometimes, however, competition can go too far and give rise to a legitimate business dispute. Tortious interference is one place where competition crosses the line of legality. Tortious interference occurs when a third party prevents someone from receiving the benefits of a contract…

Brazilian billionaire scores approval for Miami Beach condo project

Brazilian billionaire José Isaac Peres received city approval Tuesday to redevelop the former Marlborough House property at 5775 Collins Avenue in Miami Beach. Peres, founder of Multiplan Real Estate Asset Management, secured approval from the Miami Beach Design Review Board for the once-contentious project after modifying designs for the building at 5775 Collins Avenue to include public beach…

Miami Downtown Development Authority Tries To Lure Hedge Funds Worried About Tax Changes

The Miami Downtown Development Authority hosted a party during Art Basel, in an attempt to lure Hedge Funds to relocate to Miami. The upcoming tax reform that is likely to negatively affect those living in Northern states was highlighted. Some of the invitees have expressed interest in relocating to Miami due to proposed tax changes. Under bills currently working through congress…

Judge halts work at Walmart-anchored mixed-use project in south Dade

Environmentalists scored a win on Friday after a federal judge ordered a stop to bulldozing at the proposed site of a Walmart in Miami-Dade County. Developers plan to build a mall, 900 apartments and a parking lot on the land, near Zoo Miami in south Dade. The Center for Biological Diversity and three other groups sued the U.S. Fish and Wildlife Service after it paved the way for the development earlier…

Those new towers are great, but where’s the new mobility?

Why does government keep approving far taller towers in Miami-Dade when we’re driving on the same old traffic-choked roads with inadequate mass transit? Most of us have asked that question in frustration as congestion gets worse, population expands and we’re cramming more and more buildings and people into the same geographic confines. Now the public’s question is joined by that…

Dan Gelber: New Mayor seeks to brand Miami Beach a cultural hub

Dan Gelber was born in Miami Beach – the only home he’s known and to him the most interesting city in the world. As its new mayor, he wants to keep it that way but ensure the virtues always prevail over challenges that come with being so interesting. Some of the challenges facing Miami Beach include safety, sea level rise and its street-level raising project, which Mr. Gelber said is disruptive…

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December 13, 2017

Video: Deloitte’s Jim Berry on Re-imagining Talent and Culture ~ 2018 CRE Outlook

Jim Berry, Real Estate Audit and Enterprise Risk Services Leader at Deloitte, joins host Michael Bull on America’s Commercial Real Estate Show to discuss his Deloitte’s 2018 Commercial Real Estate Outlook report and to discuss today’s talent, culture and generational management. The guest, Jim Berry, currently serves as the Audit and Enterprise Risk Services national leader for Deloitte’s Real Estate Services practice. He has more than 29 years of experience in providing audit and consulting services to companies in the real estate and hospitality industries.

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December 13, 2017

Video: John Paul Ruiz of Entrust Discusses Real Estate Investing in a Self Directed IRA

John Paul Ruiz, QKA. CISP, Director of Professional Development with The Entrust Group, joins show host Michael Bull on America’s Commercial Real Estate Show to discuss self-directed IRA’s and relative topics like retirement, investing, real estate investment types, IRA and investment type differences, tax deferment strategies, IRA 8606 articles and forms, deductible and nondeductible contributions, and Entrust Group custodian practices and benefits.Real Estate Investing in Self Directed IRA on CRE Show

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December 13, 2017

Miami Commercial Real Estate News December 6, 2017: Omni Mixed-Use Approved; Cirque du Soleil Founder Partnering in Little Haiti; More…

Split decision on new mixed-use towers in Miami’s Omni area

One of two mixed-use residential projects planned for Miami’s Omni neighborhood won a green light from a city review board last week as the other was deferred for more design work. Both are from The Melo Group, a family development company championed for building more affordable housing for the growing city. At a special meeting, the Urban Development Review Board heard presentations on Art…

Forbes Refers to Brickell City Centre as New Model For Retail

The great retail apocalypse of 2017 shows what happens to industries that don’t adapt. The bottom goes out of their industry – slowly at first, and then all at once. Some of the largest bankruptcies of 2017 have been retailers like Toys R’ Us, Payless and Radio Shack. There have been 6,700 store closings announced in the U.S. in 2017, which is already more than in all of 2008, in the thick of the financial crisis.

Miami International Boat Show faces manatee stricture

Miami-Dade’s Department of Regulatory and Economic Resources is recommending a variance and permit for an 830-slip temporary dock for the next five Miami International Boat Shows on Virginia Key with an unusual manatee protection stricture attached that could trigger an instant change in plans. The annual show moved to Virginia Key from Miami Beach temporarily for two years while the Miami Beach…

Trump Deutsche Bank Records Said to Be Subpoenaed by Mueller May Involve Trump National Doral Mortgage

Trump’s relationship with Deutsche Bank stretches back some two decades and the roughly $300 million he owed to the bank represented nearly half of his outstanding debt, according to a July 2016 analysis by Bloomberg. That figure includes a $170-million loan Trump took out to finish a hotel in Washington. He also has two mortgages against his Trump National Doral Miami resort and a loan against his…

The fate of the Coconut Grove Playhouse is center stage

Further drama played out as hundreds of people packed Miami City Hall last week to debate the fate of the Coconut Grove Playhouse. There was little agreement except on one point: the time to act is now. Waiting another month or year only subjects the massive structure to further wear and tear from Mother Nature and time. No decisions were made: the town hall was designed to hear comments on…

53-story apartment-hotel-office tower in Omni area OK’d

A major residential-hotel-office tower is planned for the heart of the Omni neighborhood fronting Biscayne Boulevard. Owner-developer V-Downtown Inc. plans a 53-story building at 1775 Biscayne Boulevard that will offer 200 hotel rooms, 444 residences, about 45,600 square feet of commercial space and 64,800 square feet of office space, rising from a parking pedestal for 546 vehicles. The city’s Urban…

Riverview Tower apartments tops off in Little Havana

Total 100 units priced from $1,200 A mixed-use project with 100 apartments recently topped off in Miami’s Little Havana neighborhood after breaking ground less than a year ago. Riverview Tower, a CADE Capital Partners development, is located at 645 Northwest First Street just west of the Miami River. The eight-story building features 55 one-bedroom units, 45 two-bedroom units, and about 1,200 square ft…

Miami rent report shows slight decrease from last year

Miami remains No. 9 in the country According to the latest national rent report by Zumper, Miami apartments have decreased slightly in price year over year. The data may have placed Miami as the ninth most expensive market for median one-bedroom apartments, which is actually up a spot from a year ago, but it also shows a 3 percent decrease from $1,800 to $1,750 a month. For two-bedrooms, it was a…

Miami’s 16 ultimate aerial drone photos, mapped

Featuring some of the best aerials of Miami that we’ve ever seen Drone photography has taken the real estate world by storm, especially with high-end property owners and marketers looking to give their projects a little extra oomph. It’s especially been apparent in coastal cities like Miami, where waterfront aerials often look more like sophisticated renderings than actual photos. Drone photos have also…

Residence Inn opens in Miami’s Sunny Isles Beach

Featuring 194 all-studio suites The 19-story Residence Inn Miami Sunny Isles Beach has officially opened at 17700 Collins Avenue. Designed by Kobi Karp, the $65 million modern project under the Marriott umbrella features 194 all-studio suites with kitchenettes and was designed with the business traveler in mind. Additional details include two rooftop decks, a poolside restaurant…

Developers, brokerages look to lure artsy set during Art Basel

Musical and dance performances, lavish parties, art-studded soirees and public installations aren’t only for the art-world set during Art Basel. During Art Week and Art Basel, developers and brokerage firms will capitalize on the well-heeled crowd descending on Miami to boost the visibility of their luxury projects. Condos are hosting parties and exhibits, brokerages are sponsoring art fairs, districts are…

$1 Billion Magic City project in Little Haiti brings on Cirque du Soleil founder

About a year after unveiling plans for Magic City, developers Tony Cho, Bob Zangrillo and Plaza Equity Partners are bringing an arts and entertainment partner to the $1 billion project planned for Miami’s Little Haiti neighborhood. Guy Laliberte, founder of Cirque du Soleil, is partnering with the developers through his Montreal company Lune Rouge, which develops and invests in projects tied to technology…

Gramps by the Sea coming to the Miami River

A new bar and restaurant, Gramps by the Sea, is coming to the Miami River. The sequel to the popular Wynwood bar Gramps won the unanimous consent of the Miami River Commission on Monday. The proposed design for the two-story, 100-seat bar and restaurant at 341 Northwest South River Drive will now be reviewed by the city’s planning and zoning department. It’s planned for the eastern side…

Remy Jacobson lists Design District property

A property in the Miami Design District that was tied up in litigation is now on the market for $14.5 million. Remy Jacobson of J Cube Development wants to sell the site, a three-story, nearly 16,000-square-foot building at 4141 North Miami Avenue, according to marketing materials from Aztec Group. In February, Jacobson secured approvals from the Miami Historic and Environmental Preservation…

Video: Discussion of Gross Lease Versus Modified Gross Lease

The host of America’s Commercial Real Estate Show discusses differences between gross leases and modified gross leases. This video is only a couple of minutes long, and thus is a short overview. Within it is an apt warning for prospective tenants of commercial properties, “the devil is in the details.”

SeaVee Boats return for bond source to build Medley plant

It’s the second time around for $9.7 million in Miami-Dade industrial development revenue bonds for SeaVee Boats, which plans to use the money to construction of a new custom boat manufacturing plant in January. County commissioners originally approved issuance of the bonds on Dec. 20, 2016, but the company had… The plant is to rise on a 9.3-acre property at 11100 NW South River Drive in Medley

Video: Deloitte’s Jim Berry on Re-imagining Talent and Culture ~ 2018 Commercail Real Estate Outlook

Jim Berry, Real Estate Audit and Enterprise Risk Services Leader at Deloitte, joins host Michael Bull on America’s Commercial Real Estate Show to discuss his Deloitte’s 2018 Commercial Real Estate Outlook report and to discuss today’s talent, culture and generational management. The guest, Jim Berry, currently serves as the Audit and Enterprise Risk Services national leader for Deloitte’s Real Estate…

Mast Capital’s proposed project wins OK from Miami River Commission

The Miami River Commission on Monday greenlighted a proposed eight-story apartment complex on a 6.3-acre riverfront parcel that Mast Capital is under contract to buy. The proposed project at 1001 Northwest Seventh Street is planned to have 698 one-bedroom and two-bedroom units, It is not yet named, but is often referred to as “Miami River Walk.”

Video: Boats Group CEO Sam Fulton Discusses its Move to Brickell

In this brief video from the Miami Downtown Development Authority, Boats Group CEO Sam Fulton discusses its business and why it chose to move its headquarters to the 1221 Brickell Center building at 1221 Brickell Avenue in Miami’s central business district. Boats Group operates a number of well known boat trading sites including Boat Trader, Yacht World, Boats.com, and Yacht Closer.

After securing $9 million in EB-5 funds, Hotel Astor is in financial distress, court documents allege

Two years after being approved as an EB-5 project, Miami Beach’s Hotel Astor at 956 Washington Avenue appears to be struggling to stay afloat, according to documents tied to recent lawsuits filed against the owner of the Art Deco-style property. In an affirmative defense filed two weeks ago in response to a suit filed by the hotel’s ex-general manager Eli Kostbar in Miami-Dade Circuit Court, Astor EB-5 LLC…

Video: Francis Suarez, Kobi Karp, Patrick Murphy, and Bruce Mowry Discuss Rising Sea Levels

The Real Deal South Florida 4th Annual Real Estate Showcase & Forum – Panel 4: “Is South Florida Drowning?: What rising sea levels mean for the real estate industry.” With Francis Suarez, Patrick Murphy, Bruce Mowry and Kobi Karp, all of the Miami/South Florida area, and moderated by Hiten Samtani, Editorial Director of TheRealDeal.com, this video is relevant to investors in South Florida commercial real…

Miami based Related discusses mixed-use development at Florida Atlantic University

Miami-based Related Group may enter a partnership with Florida Atlantic University to build a $250 million mixed-use complex on vacant land at the university’s Boca Raton campus. The development would include apartments, restaurants and retail stores, a hotel and a convention center. The development site would be 30 acres on the southeast side of the FAU campus in Boca Raton just east of…

Video: Reis Chief Economist & VP of Research Victor Calanog Updates on Q3 2017 Retail Property Sector Trends

Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, provides an assessment of third quarter 2017 Retail Sector trends. In this video, he discusses retail property occupancy rates, retail real estate deliveries (new construction), rental rate trends for retail properties, and more, all considered on a national level but with information applicable to Miami retail properties and to the Miami…

Avra Jain sues ex-attorneys for $15M over failed development deal

Developer Avra Jain wants $15 million in damages from her former lawyers over a failed real estate deal in Doral. Jain filed a malpractice and breach of fiduciary duty lawsuit against Buchanan Ingersoll & Rooney and shareholder Richard A. Morgan Nov. 20… Jain, whose projects include the Vagabond Hotel at 7301 Biscayne Boulevard and the Bayside Motor Inn at 5101 Biscayne Boulevard

Video: Dr. Larry Souza of Pillar6 Presents Multifamily Forecast

Dr. Larry Souza, Senior Investment Economist and Advisor with Pillar6 Advisors, joins host Michael Bull on America’s Commercial Real Estate Show to discuss trends and forecasts in multifamily sector. The guest, Dr. Souza, has 26 years of experience within the commercial real estate and financial services industries. Prior to his working with Pillar6 Advisors he worked for Charles Schwab Investment…

Regus parent Spaces to open shared-office spaces in South Florida

The parent company of executive office provider Regus plans to bring its shared office concept, called Spaces, to South Florida starting in Miami, a Regus executive told The Real Deal. Regus’ Jeff Doughman, said Spaces plans to open multiple locations in South Florida “from West Palm Beach/Boca Raton on south.” The parent company of Spaces and Regus is IWG plc, a multinational company formerly known…

Video: Reis Chief Economist & VP of Research Victor Calanog Updates on Q3 2017 Industrial Property Sector Trends

Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, provides an assessment of third quarter 2017 Industrial Sector trends. In this video, he discusses industrial property occupancy rates, industrial real estate deliveries (new construction), rental rate trends for industrial properties, and more, all considered on a national level but with information applicable to Miami industrial properties and…

Fat Tuesday Closes in Coconut Grove as Cocowalk Makeover Moves Forward

That’s Louis Del Borello, Grove Ambassador. And that is the end of Fat Tuesday in Coconut Grove. A sort of institution. Years ago, I took a job as one of those secret shoppers. Yes, they exist. And my first job was to go to the Fat Tuesday in the Grove and do a spot check. I had a list of things to look for and I remember one was to see if the bartender offered to refill my drink when it was empty. So my drink…

Video: Reis Chief Economist & VP of Research Victor Calanog Updates on 2017 REIS Q3 Office Property Sector Trends

Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, provides an assessment of third quarter 2017 Office Sector trends. In this video, he discusses office property occupancy rates, office real estate deliveries (new construction), rental rate trends for office properties, and more, all considered on a national level but with information applicable to Miami office properties and to the Miami…

Mequity, Jernigan Capital to Develop Self-Storage in Miami’s Little Havana

Mequity LLC, an Atlanta-based real estate development and investment firm focused on self-storage, and Jernigan Capital Inc., a merchant bank and advisory firm serving the same industry, intend to develop a 96,295-square-foot, 1,152-unit self-storage facility in the Little Havana neighborhood of Miami. The eight-story, climate-controlled structure is proposed for N.W. 27th Street, between the Dolphin…

Third-Quarter Data Release Shows Miami Among Markets with more than 10% Inventory Growth in Seniors Housing

During the past year, there have been nearly 38,000 units added to the stock of seniors housing inventory among the primary and secondary markets (largest 99 CBSAs in the nation). Roughly one quarter of this growth occurred in seven metropolitan areas: Dallas, Chicago, Minneapolis, Atlanta, Phoenix, Austin, Texas and Miami. Dallas alone accounted for 7.0 percent of all new seniors housing…

County seems foggy on what happened at meeting discussing Coconut Grove Playhouse

The county sent out an email called the “Coconut Grove Playhouse Report.” They claim in the report that the majority of people present at last week’s Playhouse meeting were in favor of the county’s plans. I think they mean the people in blue shirts that they planted from GableStage were in favor of the plan. To be honest, I don’t think any of those people even know where the playhouse is. It was just one…

Video: Deloitte’s Jim Berry on the Convergence of Disruption ~ Deloitte 2018 Commercial Real Estate Outlook

Jim Berry, Real Estate Audit and Enterprise Risk Services Leader at Deloitte, joins host Michael Bull on America’s Commercial Real Estate Show to discuss Deloitte’s 2018 Commercial Real Estate Outlook report and disruption or convergence of various factors impacting CRE. The guest, Jim Berry, currently serves as the Audit and Enterprise Risk Services national leader for Deloitte’s Real Estate Services practice.

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December 6, 2017

Video: Reis Chief Economist & VP of Research Victor Calanog Updates on Q3 2017 Retail Property Sector Trends

Reis Chief Economist & Vice President of Research, Dr. Victor Calanog, provides an assessment of third quarter 2017 Retail Sector trends. In this video, he discusses retail property occupancy rates, retail real estate deliveries (new construction), rental rate trends for retail properties, and more, all considered on a national level but with information applicable to Miami retail properties and to the Miami commercial real estate market in general.

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December 6, 2017

Video: Construction of Brickell Flatiron in Miami

Brief video highlights construction features of the Brickell Flatiron building in Miami.

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December 5, 2017

Video: Discussion of Gross Lease Versus Modified Gross Lease

The host of America’s Commercial Real Estate Show discusses differences between gross leases and modified gross leases.

0 Comments
December 5, 2017