Keyes Commercial Leads Full Year 2017 Miami-Dade MLS Ranking

Keyes Commercial Leads Miami-Dade in 2017 MLS Commercial Sales

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

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

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March 13, 2018

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

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

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May 17, 2019

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

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

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

VirginTrains USA owner sells MiamiCentral office buildings for $159 million

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

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

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

Washington Post: Business down sharply at Trump National Doral

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

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

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

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

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

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

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

DeSantis Urged To Veto Bills That Could Restrict Challenges To Development

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

Quest Workspaces Opens Fifth Metro Miami Location

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

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

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

Miami-Dade looks at redeveloping Government Center

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

Cuba ties intercede in David Beckham’s Golf Course deal

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

Jackson Health System pushes on for a Doral hospital

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

Miami moves toward filling in FEC Slip

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

Solar power plants may sit atop Miami-Dade County lakes

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

Broker Negotiates 192K SF Lease Renewal in Miami

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

Tequesta Indians’ Miami Circle Park to get state upgrade

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

NAR inks partnership with Crexi

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

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

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

Bacardi partnership plans mixed-use tower in downtown South Miami

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

Senate bill would expand Fair Housing Act to protect LGBTQ households

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

Ram Realty CEO isn’t buying into Opportunity Zones

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

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

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

Miami investors buy apartments in Overtown Opportunity Zone

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

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

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

Shoemaker lists Wynwood assemblage for $16 million

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

Cofe Properties sells warehouse portfolio near MIA for $25M

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

Coral Gables Zoning Law: New Electric Vehicle Charging Station Laws

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

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

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

Partnership that developed Marathon hotel allegedly squeezed out investor: lawsuit

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

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

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

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

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

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

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

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May 15, 2019

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

Steve Firestone, Managing Partner with Crown Bay Group, joins Michael in Studio One to discuss tips for managing and investing in C-Class apartment properties also referred to as workforce housing. Crown Bay Group typically has 200 to 400 C+ to B- multifamily housing. He notes that they’ve seen great rent growth in recent years. He notes that investing in such properties is not rocket science, but you need to know what you’re doing, as it has its own set of specific challenges. Also discussed are opinions on whether it is a buyer’s market or a seller’s market, with an answer ever so typical.

May 10, 2019

Miami Commercial Real Estate News May 8, 2019: Miami River, Edgewater Sites Hit Market; Spaces Leases on Brickell; More…

Miami River site in Brickell hits market, could sell for $90M

One of the last remaining large-scale development sites in Miami’s Brickell neighborhood just hit the market – 99 Southwest Seventh Street, 625 Southwest First Avenue, and 66 Southwest Sixth Street  – and could fetch more than $90 million, according to the listing broker. The Trust of Norman Superstein and Benzol Properties Corp. combined three parcels totaling 2.08 acres next to Brickell City…

Edgewater Opportunity Zone site hits market, could sell for more than $100M

A block-long Opportunity Zone development site in Miami’s Edgewater neighborhood just hit the market and could go for more than $100 million, the listing broker says. The 3-acre property at 1700 Biscayne Boulevard currently has a Burger King and a commercial building owned by a Florida company Biscayne Arts. The investment group spent more than $7.5 million…

Commercial Property Executive Miami Office Report – Winter 2019

Healthy demand, job growth and company relocations are the main factors driving growth in Miami’s office sector. Rising wages and grow­ing demographics indicate economic stability. With unemployment at an all-time low of 3.2 percent as of November, the metro is well-positioned for further expansion. Miami had 276,000 office-using jobs at the end of November, with information and financial…

More Co-Everything Is Coming To Miami

A Miami developer is gearing up to deliver co-living and coworking — with a side of wellness — all around the world. Rishi Kapoor’s Location Ventures is launching Urbin, one of several new co-everything ventures springing up in Miami, the city that reportedly has the most coworking in America, making up 3% of its office space. Kapoor grew up Atlanta, where his dad invested in commercial real…

Zoning Appeals Law Update: Miami PZAB Applies Incorrect Waiver Standard

In CUBE 3585, LLC, v. CITY OF MIAMI, et al., Circuit Court, 11th Judicial Circuit (Appellate) in and for Miami-Dade County[i], an appeal was filed by Cube 3685, LLC (“Cube”) from proceedings involving application for a zoning waiver[ii] for a demolition permit with the required tree survey to demolish the single-family residence (cottage). The City of Miami Zoning Administrator (“Zoning Administrator”) approved…

Here’s what’s happening with Related’s $250 million Opportunity Zone fund

Add Related Companies to the growing list of institutional investors that have launched a dedicated Opportunity Zone fund, all hoping to benefit from the popularity of the federal tax incentive program. According to public filings, the developer behind Hudson Yards is more than halfway to its goal of raising $250 million. It set up the fund last year through a limited partnership, but did not immediately start…

South Florida hotel investment firm launches $50 million Opportunity Zone fund

Add one more South Florida company looking to get into the most talked-about program in real estate. Coral Gables-based Driftwood Acquisitions and Development is launching an Opportunity Zone fund with the goal of raising at least $50 million to invest in hotel assets throughout the country. The company has already closed two deals in its fund: a 218-key dual-branded hotel Home 2/Tru by Hilton in…

192,454 SF Warehouse Lease Renewal  Arranged in Metro Miami

Cushman & Wakefield has arranged a 192,454-square-foot warehouse and distribution lease renewal for Miami International Freight Solutions (MIFS) in Miami Lakes. MIFS fully occupies the facility, which is situated at 14100 NW 60th Avenue in Miami Lakes Business Park East, 10 miles north of Miami International Airport. The property was built in 1971 and sits on 13.2 acres. It offers numerous loading…

Miami deadline crush seeks Melreese Golf Course deal help

Facing a deadline crunch, Miami officials await city commission approval to hire a consultant to help negotiate the best lease with David Beckham’s group for what is today the Melreese Golf Course. That move could come today (5/9), after the issue was deferred two weeks ago when one commissioner was out sick. A successful lease would turn the city-owned course into Miami Freedom Park, a sweeping…

Miami Jewish Health Systems advances memory care village

Miami Jewish Health Systems sees its garage taking shape during phase one of constructing its S. Donald Sussman Empathicare Village. hase one is to be completed by the summer and lead to construction for another year and six months of the residences and programming centers for individuals with Alzheimer’s disease and other forms of dementia. The S. Donald Sussman Empathicare Village is expanding…

Former South Florida bank chairman sues over Miami Gardens shopping center partnership

Guy Lazzeri, the former chairman of Home Federal Bank of Hollywood, is suing his business partner in a Miami Gardens shopping center, alleging intimidation tactics and breach of a shareholders agreement. According to the suit… Lazzeri received a heated email from his partner Peter Izaak in April over a refinancing for the shopping center at 18400 Northwest Second Avenue in Miami Gardens.

Spaces inks first Brickell-area lease

Spaces is making moves in South Florida. The co-working operator, which is owned by Regus’ parent company IWG, signed a lease at 801 Brickell Avenue, a 28-story office building. Spaces will have a total of 49,000 square feet. It will take over Regus’ existing 18,000 square feet, plus it will have a new 31,000-square-foot extension. Regus, which acquired Spaces in 2015, has leased space at 801 Brickell since…

Spaces Expands Miami CBD Footprint

Regus—the workspace provider part of IWG—has extended and expanded its lease at 801 Brickell, a Class A office tower in Miami’s Brickell Financial District. A tenant at the location since 1991, the company has previously occupied the entire ninth story of the building. The new rented space encompasses a portion of the seventh and the whole eighth and ninth floors, totaling 48,913 square feet and…

Video: REIS Senior Economist Barbara Denham Office Market Update with Reis

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss the status of the office market market, including performance, trends, construction costs, and what investors might expect for the remainder of 2019. She notes how, regardless of the length of the expansion, that vacancy rates persist, not having fallen below…

Florida History: The rise and fall of real estate in South Florida

Welcome to Florida Time, a weekly column about Florida history. Today, we hear about the real estate boom and all of its madness from the ‘Binder Boys’ to negative campaigns about hurricanes. Q: Who were the ‘Binder Boys’ and how did they change South Florida? A: Boom. Frenzy. Free-for-all. Pick your metaphor. None come close to the madness that was Florida’s 1920s real estate boom. With World…

More buyers want deposits back at Parque Towers due to construction delays: lawsuits

Eight buyers are now seeking to get out of their contracts and have their deposits refunded at J. Milton & Associates’ long-delayed Parque Towers luxury condo project in Sunny Isles Beach. Since March, four buyers filed lawsuits in Miami-Dade County Circuit Court against the development group of the two-tower, 320-unit project at 300-330 Sunny Isles Boulevard, after construction delays of more…

Statute of limitations for a contract dispute

There may have been a time when people in Florida would make agreements based on conversations and a handshake. Some may wish this was a viable option for operating a business, but the reality is that people and business need to have written contracts to ensure that people will keep their word after agreements are reached. While written contracts make the terms clear and state specifically what each…

Will Flagstone Island Gardens continue its legal winning streak against the city of Miami?

The city of Miami could be facing a losing — and very expensive — legal battle. More than a year ago, a Miami-Dade Circuit Court judge ruled that the city of Miami illegally derailed Mehmet Bayraktar’s often-troubled $1 billion resort project on Watson Island. Since then, the city has made several unsuccessful attempts to limit the dollar amount in damages owed to the Turkish developer, who is seeking to…

Will new Opportunity Zones rules propel an office boom?

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

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May 8, 2019

Video: REIS Senior Economist Barbara Denham Office Market Update with Reis

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss the status of the office market market, including performance, trends, construction costs, and what investors might expect for the remainder of 2019. She notes how, regardless of the length of the expansion, that vacancy rates persist, not having fallen below 16% throughout, and dropping by only 0.1% in the last quarter. Her conclusion is that the nature of the office market climate has changed. She notes that office rent growth is not stellar either, growing at a slow rate than inflation, typically 0.4% to 0.5% in any quarter. Toward the end there is some discussion of transit oriented development, something we’ve seen more of in recent years in Miami.

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May 3, 2019

Miami Commercial Real Estate News May 1, 2019: More Retail, Parking to Miami Worldcenter; Big Hialeah Mixed-Use Breaks Ground; Fed Holds Rates; More…

Hilton Hotel Replaces Spanish Brand at Downtown Miami Tower Along With $57M Refi

The ME by Meliá hotel in downtown Miami at 1100 Biscayne Boulevard has been replaced by the Hilton-branded Gabriel with help from a $57 million bridge loan. “We wanted to move toward a more competitive U.S. brand, and the biggest in the world are the Hilton and Marriott. Hilton just made the most sense,” said Raoul Thomas, CEO and founder of the company that owns the commercial space at the…

Developer Begins Construction on Retail Project, Parking Garage at $4B Miami Worldcenter

Miami Worldcenter Associates has broken ground on a 50,000-square-foot retail project and a 922-space parking garage within its namesake development, the $4 billion Miami Worldcenter underway in the city’s downtown area. The street-level retail space and new parking structure will front NE 7th Street and will ultimately be part of Miami Worldcenter’s 300,000 square feet of retail, restaurant…

Miami Worldcenter to Get More Retail, Parking

The developers of Miami Worldcenter, the $4 billion mixed-use project that begun construction in 2016, have broken ground on a 50,000-square-foot, street-level retail property and a public garage of 922 parking spaces. The 27-acre site will feature residential, commercial and hospitality buildings as well as 300,000 square feet of retail, restaurant and entertainment space.

Video: CCIM Chief Economist KC Conway Discusses Strategic 2019 Real Estate Decisions ~ Part 2 of 2

CCIM Chief Economist KC Conway appears on America’s Real Estate Show to discuss the state of the commercial real estate industry. In this episode he talks about the re-purposing of commercial property as commerce changes dramatically, and the importance of highest and best use analysis for owners. How does your real estate fit in the point of procurement vs. the point of sale. He notes that Walmart,,,

Fed holds interest rates steady amid housing market slowdown

The Federal Reserve said Wednesday that it will hold interest rates steady amid signs that the housing market is slowing down. The Fed will keep rates at 2.25 percent to 2.5 percent, stating the economy rose at a solid rate, but that inflation fell below its 2 percent target. The decision was expected after the Fed signaled in March that it would not raise rates for the rest of the year…

Chetrit shuts down oceanfront Miami Beach hotel for major renovation

The Chetrit Group’s Miami Beach Resort is now closed for a major renovation of the oceanfront hotel. Kobi Karp, the architect for the Miami Beach Resort renovation, as well as the Collins Park project, said the Miami Beach Resort property is being completely renovated but declined to comment further. It closed within the last two weeks, according to sources. The 3-acre, 424-key hotel at 4833 Collins…

Dockerty Romer Arranges $53.1M Loan for Refinancing of Mixed-Use Asset in Miami’s Coconut Grove

Dockerty Romer & Co. has arranged a $53.1 million permanent loan for the refinancing of Mayfair in the Grove, a three-story mixed-use asset in Miami’s Coconut Grove neighborhood spanning 281,066 square feet. Situated adjacent to the Mayfair Hotel & Spa, the property features office and retail space spread across three buildings. Mayfair in the Grove was 94.1 percent leased at the time of financing…

Mayfair in the Grove Mixed-Use Complex Gets $53M Loan

Whalou Properties has received $53.1 million in permanent mortgage financing for Mayfair in the Grove, a 281,066-square-foot office and retail complex in the Coconut Grove neighborhood of Miami. Craig Romer and Chris Romer of Dockerty Romer & Co. arranged the financing through Guggenheim Partners. The three-building property at 3390 Mary Street, is currently 94.1 percent leased, with tenants…

Coral Gables seeks downsizing of five towers in Miami

Chalking up prior non-invitations to “an honest oversight,” Coral Gables City Attorney Miriam Soler Ramos says the city still expects to talk about downsizing an immense planned project around a nearby Metrorail station with Miami-Dade commissioners “in the next month or so.” “The last we heard from them… we had been told there would be an upcoming meeting,” she said. “We want to go speak and…”

Naeem Khan plan for fashion studio, school under microscope

The Miami River Commission is expected to review a redesigned fashion studio and school on riverfront land owned by Miami-Dade County when it meets May 6. New York fashion designer Naeem Khan plans to build a studio for design and manufacture at a county-owned site at 1175 NW South River Drive under his long-term lease with Miami-Dade County. The project has evolved since first being…

Coral Gables public safety building a fast build

Construction is on schedule for Coral Gables’ new public safety building, but plans for the art installation by the main entrance face months of delay. Construction on the public safety building continues on time for a debut in August 2020. “The contractor completed the concrete pour of the second floor slab last week,” Assistant Public Works Director Ernesto Pino said by email. “They are currently…”

New trolley route deferred as consultants look

A plan to add a trolley route in the Liberty City neighborhood was deferred April 25 by Miami city commissioners for additional study and work on the proposal. Also, commissioners learned from the city manager’s office that an outside consulting firm is currently conducting a route efficiency study on the popular trolley service. At its last meeting, commissioners had scheduled a resolution that if approved…

Bus terminal under casino giant’s future hotel advances

The plan for a brand new bus terminal in the Omni neighborhood has taken another step forward as the City of Miami has accepted a final plat for the property. City commissioners on April 25 accepted the plat titled “Awana Forest,” a replat of city property between Biscayne Boulevard and North Bayshore Drive. The city manager and city clerk are authorized to have the plat recorded in the county’s…

Coconut Grove Playhouse center stage, but garage is the star

The fate of the idle Coconut Grove Playhouse is center stage next week at a Miami City Commission meeting, but city officials are considering building a garage there no matter what. Miami-Dade County plans to restore and redevelop the historic 3500 Main Highway site beside a garage lined with retail from the Miami Parking Authority. On April 25 the city commission was to hear the county’s appeal…

Miller Construction Delivers $8.4M Self-Storage Facility Near Miami

Miller Construction Co. has delivered an $8.4 million, 993-unit CubeSmart facility in South Florida for the owner, Urban Storage Fund LLC. The building is situated at 19301 West Dixie Highway in Aventura, 19 miles north of downtown Miami. The two-story structure spans 107,429 square feet and offers 75 locker units. Units range in size from 25 to 300 square feet. The project team included architect WHA…

Baywalk funds flowing from Legislature

There could be some good news for Baywalk, the planned 5.7-mile pedestrian- and bicycle-friendly promenade that will hug Biscayne Bay and the Miami River. The Florida Legislature included $300,000 for the project in its 2019-2020 budget, said Elena Bondarenko, Downtown Development Authority team leader for government relations. “It’s pretty great,” she said. “It’s now a matter of not getting vetoed” by…

Three’s a charm? Michael Shvo, partners add to oceanfront assemblage in Miami Beach

Michael Shvo and his partners are planning to buy their third property, the South Seas Hotel, as they expand their oceanfront assemblage in Miami Beach, The Real Deal has learned. The partnership of SHVO, led by Shvo; Bilgili Holdings, led by Serdar Bilgili; and Deutsche Finance America, put the South Seas at 1751 Collins Avenue in South Beach under contract, according to sources. The 118-key property…

Moishe Mana is still picking up properties in downtown Miami. Here’s the latest.

Developer Moishe Mana paid $2.3 million on a three-story building in downtown Miami, adding to the more than $350 million he’s spent in the Flagler Street area. Mana is still “picking up the stray pieces that add to the critical mass” that he’s assembled, and could spend a total of $400 million when he’s done, said broker Mika Mattingly of Colliers International South Florida. Mattingly has worked on the…

Moishe Mana Is Still Buying Up Downtown Miami

There are a lot of companies and partnerships working to make downtown Miami a happening place, but standing out among them is a one-man force. Billionaire developer Moishe Mana, who since 2014 has spent $315M buying some 40 parcels in downtown Miami — about 1.65M SF of office and retail, and about 317K SF of land. Although Mana has admitted to some frustrations, another new…

Venezuela opposition leader spurs renewed interest among SoFla real estate investors amid turmoil

As Venezuela descended into economic turmoil in recent years, real estate values plummeted and investors looked elsewhere, including to South Florida. Eventually, that too dried up, as the government’s grip tightened and the country grew more isolated. Now, as Venezuela’s opposition leader vies for control amid a humanitarian crisis, some of those investors are turning their attention back to the…

Shiff Group sells apartment complex in Little River for $23M

A company tied to Shiff Group Holdings sold a 239-unit apartment complex in Miami’s Little River neighborhood for $23.3 million as developers increasingly buy up properties in the area. Zvi Shiff, of Shiff Group Holdings, sold the 239-unit development at 1401 Northwest 103rd Street for about $97,489 per unit, records show. The buyer is a Delaware company, Newcastle Lake LLC. The Silver Blue Lake…

Related sues talent agency at former Auberge dev site for $66K in alleged unpaid rent

The Related Group sued a talent agency at an office building on the site of its scrapped Auberge Residences & Spa Miami for allegedly failing to pay rent. Related’s PRH 1400 Biscayne Trustee LLC, as trustee for 1400 Biscayne Land Trust, filed a suit against Magma Talent Management LLC in Miami-Dade Circuit Court on April 1. On July 1, Magma entered into a lease for suite 304 at 1444 Biscayne…

Case Study Series: Benefits of Coral Gables Shared Parking Ordinance

Urban cities and developers alike are taking advantage of the modern utility and benefits of shared parking. Particularly in mixed-use projects, shared parking can deliver more affordable development, reduce construction waste, improve building aesthetics, and also reduce traffic. In the world of real estate development where solutions to housing affordability, massing aesthetics, and construction…

Back again: Michael Shvo, partners to buy oceanfront Richmond Hotel in South Beach

Developer Michael Shvo and his partners are bulking up in South Beach. The partnership is under contract to buy the oceanfront Richmond Hotel, marking the group’s second purchase along Collins Avenue this year, sources told The Real Deal. In February, Shvo’s New York-based SHVO, Bilgili Holdings and Deutsche Finance America paid Tommy Hilfiger and the Dogus Group $103 million for the…

South Florida by the numbers: Brazil is back

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Parabens! After years of political and economic chaos, Brazil has made a splashy return to Miami’s real estate radar in recent months. At one time a primary driver of Miami’s boom cycle, South America’s largest country fell into a deep recession in 2015 which, coupled with a strong…

Brazilians Are Leading Foreign Real Estate Investments in Miami

Brazil is the number one foreign country purchasing real estate in Miami, according to a report by the MIAMI Association of Realtors Commercial and the National Association of Realtors (NAR). According to the report, Brazilians were responsible for 12 percent of all foreign purchases in South Florida last year, followed by Colombians and Venezuelans (11 percent each), Argentinians and Canadians…

Transformative Mixed-Use Breaks Ground in Miami

Miami-based Coral Rock Development Group and Arena Capital Holdings broke ground on Pura Vida Hialeah, a mixed-use project in Miami. The nine-acre development at 2901-3099 W. 16th Avenue and 1571 W. 29th Street is set to be the first of its kind in Hialeah in more than 20 years. Plans call for three eight-story residential towers consisting of 260 apartment units, with one tower offering roughly…

Too many rooms at the inn? Q1 hotel occupancy falls in SoFla amid growing supply

South Florida hotels reported lower first-quarter occupancy rates, as thousands of new rooms hit the market. Still, total industry revenue edged slightly higher, according to hospitality industry monitor STR. STR data for South Florida shows that the tri-county area had about 4,400 more hotel rooms available in the first quarter than in the same period last year. The boost in supply comes amid growing…

Pier 1 Imports could close up to 15% of its stores in coming year

Add Pier 1 Imports to the list of retailers struggling to adapt to the rise of e-commerce. After posting a dramatic drop in sales in the fourth quarter, the home goods giant said it might close as many as 45 stores in the coming year, according to BisNow. Pier 1 reported comp-store sales in its final quarter as down nearly 14% year-over-year. The company has already closed 30 locations due to dwindling…

Terra founder Pedro Martin’s former mistress files defamation suit; latest in ongoing feud

The former mistress of Terra chairman and founder Pedro Martin is suing him for defamation in an ongoing feud that two years ago saw Martin secure a temporary restraining order against her. Johanna Vibe Ener filed the suit on Tuesday from England — where she now lives after fleeing Miami three years ago — and is representing herself. She accuses the Miami developer of orchestrating an “elaborate…”

Scott Robins, partner restore Art Deco hotel near Faena District

Scott Robins and his business partner Rory Greenberg are in the final stretch of restoring and redeveloping the Greenbriar Hotel property in Mid-Miami Beach, near the Faena District. The partnership paid $14.5 million for the majority of the condo units that made up the Greenbriar at 3101 Indian Creek Drive. It was originally built in 1940 as a hotel, and later was converted to a condominium. Centennial…

Mixed-use project in downtown Miami Springs scores approval

The Miami Springs City Council approved plans for a nearly 100,000-square foot mixed-use project in the city’s downtown. The Miami Springs Town Center, a joint venture between CIP Miami Springs and LV Lending, recently obtained site plan approval from the city to build the $12 million project, according to a release. The 1.5-acre property, at 1 Curtiss Parkway, is next to Circle Park and near a strip of…

“I love your concept, but I don’t believe in it.” TRD Shark Tank real estate judges take on UM grad proposals

A panel of real estate sharks that included Lennar Corp. COO Fred Rothman and Miami developer Lissette Calderon offered sage advice to a group of University of Miami graduate students pitching their real estate projects at The Real Deal’s Shark Tank: Future Leaders of Real Estate Challenge. The sharks – Rothman, Calderon, developers David Arditi and Jay Massirman, and investor Richard…

South Florida construction starts fall in March

Construction starts continued to decline in South Florida in March, led by a big drop in new residential construction. Year-to-date, total construction has declined 40 percent, according to a recently released report by Dodge Data & Analytics. It’s another indicator that South Florida’s real estate market is slowing down due to high land and construction costs that are making building more expensive. In March…

Broker sues Avenues school over unpaid commissions for role in Miami location search

Cushman & Wakefield alleges Avenues: The World School owes the commercial brokerage $500,000 in unpaid commission for its role in finding the site for the private school’s new Miami location. The brokerage alleges in a suit filed earlier this month in Miami-Dade Circuit Court that after it was contracted by Avenues in May 2018, it found the school a location on the former site of Archbishop Curley

South Florida Investment: Opportunity Zones Survey

With the issuance of the long-awaited Opportunity Zone regulations by the U.S. Department of the Treasury on April 17, 2019, real estate investors, owners, and operators in the State of Florida are anxious to seize the “opportunities” afforded by the Opportunity Zone program, which will offer participants significant tax benefits. While the Opportunity Zone program appears to hold a lot of promise…

Is Florida Running Out Of Mitigation Sites?

Florida developers have long depended on the state’s mitigation banking system — through which they can build on wetlands so long as they offset their impact by paying for wetlands to be improved on another site using mitigation credits. But lately, builders have been told by some mitigation banks that no credits are available, potentially delaying projects for months or years. “It’s a very easy system” when…

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May 1, 2019

Video: CCIM Chief Economist KC Conway Discusses Strategic 2019 Real Estate Decisions ~ Part 2 of 2

CCIM Chief Economist KC Conway appears on America’s Real Estate Show to discuss the state of the commercial real estate industry. In this episode he talks about the re-purposing of commercial property as commerce changes dramatically, and the importance of highest and best use analysis for owners. How does your real estate fit in the point of procurement vs. the point of sale. He notes that Walmart is converting 800 stores a year to online. He also talks about changes in office space including changes driven by WeWork, again making the point of the value of highest and best use analysis.

View part one.

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May 1, 2019

Miami Commercial Real Estate News April 24, 2019: Another Amazon Facility Planned; Billionaire Buys in Wynwood; Sunny Isles and its Russians; More…

Amazon Plans New Facility In Miami Airport West

Miami-Dade County missed out on Amazon.com’s HQ2, but it could gain a new delivery station for the e-commerce giant. Prologis filed a pre-application with county officials on March 20 to modify its warehouse at 6703 NW Seventh Street in a plan titled “Amazon Delivery Station.” Developers file pre-applications so they can receive feedback from county…

Billionaire hotelier buys Wynwood property for mixed-use project

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

Russia’s Filthy Rich Have a Thing for Miami—but the Good Times May Be Ending

Here in the Russian capital, even though black snow has finally melted after the endless freezing winter, many people still feel a lack of vitamin D. But not everybody. Thousands of rich Russian citizens—those not under U.S. sanctions—have been working on their tans around Biscayne Bay in the United States. Many spend their winters relaxing at Sunny Isles Beach in North Miami, enjoying the multi…

Crazy Rich Russians and Sunny Isles Beach

U.S. sanctions on Russia are having an impact on real estate in Sunny Isles Beach, according to an in-depth report by The Daily Beast. Some Russians can’t travel to their condos in Sunny Isles because they are blocked to traveling to the United States under measures taken after the Russian takeover of the Crimean Peninsula and meddling in U.S. elections. As a result, some Russians are renting out or…

Joint Venture Acquires 11.3 Acres in Miami to Develop $36M Mixed-Use Project

A joint venture between ZOM Living, Scout Capital Partners and Mattoni Group has acquired 11.3 acres of Ludlam Trail in Miami. The developers will transform the unused train tracks into a six-mile, 100-foot wide trail that connects Miami International Airport and Dadeland Station, a three-story, 330,000-square-foot retail shopping center anchored by Target, Bed Bath & Beyond, Best Buy, Dick’s…

South Miami approves long-planned Shops at Sunset Place redevelopment

Two years after a redevelopment proposal for the Shops at Sunset Place died, the South Miami mall’s new owners kept their plan alive long enough to get it approved. During a special commission meeting on Wednesday, the South Miami City Commission voted unanimously in favor of several ordinances that will allow a partnership between Federal Realty Investment Trust, Grass River Property…

Scaffolding firm wants to tackle ex-NFL star Dumervil for alleged nonpayment of $100K: lawsuit

Elvis Dumervil, the former NFL linebacker who has been on a real estate buying binge the last three years, allegedly sacked a Miami scaffolding company for nearly $100,000. J and M Scaffolds of Florida sued Dumervil in Miami-Dade Circuit Court two weeks ago for breach of contract and unjust enrichment. The complaint alleges Dumervil rented scaffolding from J and M since 2018 for construction…

This is how Miami-Dade plans to protect itself from climate change

Miami-Dade County is embarking on infrastructure projects that could total $20 billion as part of a push to protect the region from climate change. Miami-Dade Mayor Carlos Gimenez spoke to Bloomberg about the county’s plan for a $10 billion water and sewer project that is the largest public works project in the county’s history. It’s expected to take 15 to 20 years, he said. The county is also planning…

Here are South Florida’s five largest multifamily deals in March

Six apartment properties in Miami’s Overtown neighborhood sold for $14 million, signaling growing interest in real estate in the area. A company tied to Thomas Neary and Arthur Bartholomew of Fort Lauderdale-based Walnut Street Capital bought the 2.2-acre assemblage, records show. All of the buildings were owned by companies tied to either Larry and Leslie Gratz or Teresa Matias of Miami.

Downtown Miami tower to mix church, offices, residences, retail

In what’s described as a truly mixed-use project for the heart of downtown Miami, a developer plans a residential and office tower atop a new church and parking garage accented with retail uses. PMG X Biscayne is designed at 49 stories at 400 Biscayne Blvd., former site of First United Methodist Church of Miami. “The church has been our partner and will relocate back there,” said Javier F. Aviñó, attorney…

Newmark Knight Frank Arranges Refi for Miami Office

Brickman has refinanced a 142,000-square-foot office building in downtown Miami at 200 SE First Street by $31 million. Per Miami-Dade County public records, the owner used the Varde Partners-originated financing to retire an existing loan. Brickman purchased the asset in 2016 for $33.9 million, using a $24.4 million loan from Canadian Imperial Bank of Commerce, according to Yardi Matrix data.

Six-tower Blue Lagoon growth to add 888 apartments

A major development project poised to bring hundreds of apartments and hotel rooms to land fronting the Blue Lagoon near Miami International Airport has gained zoning approval. Towers at Blue Lagoon is to include a half-dozen new buildings constructed in phases on vacant land at 4865, 4875, and 4885 NW Seventh Street. Owner-developer is Caroline Weiss, the Weiss Group of Companies, 7 at Blue…

Coconut Grove Playhouse restoration at turning point

Art Noriega, chief executive officer of the Miami Parking Authority, is predicting a win for Miami-Dade County’s restoration plan for the Coconut Grove Playhouse. The final decision rests in the hands of Miami city commissioners who are today (4/25) scheduled to hear the county’s appeal of a March 5 decision by the city’s Historic and Environmental Preservation Board (HEPB). On a split vote of 6 to 4 the…

Investors believe in Miami more than we do in ourselves

Despite the end of our latest condo boom, Miami’s powerful magnet keeps luring investment of all sorts. Why? Start with the well-known list: lifestyle, weather, arts and cultural, immigration from the nation and the globe, geographic position, broadly diverse population, low cost-to-value ratio, growing tax advantages, the rule of US law. While internally we highlight flaws – did someone mention transportation?

Video: CCIM Chief Economist KC Conway Discusses Strategic 2019 Real Estate Decisions

CCIM Chief Economist KC Conway appears on America’s Real Estate Show to discuss the state of the commercial real estate industry, our lengthy market expansion, and whether or not we should have any fear an incoming recession. They discuss unemployment as this begins, then move on to sensitivity analysis. He believes that we are one trade deal away from 3% growth again, and that this in turn would put…

Another Linear Park Is Spurring Development, This Time In Miami

In Miami, TOD stands for trail-oriented development, as a newly designated linear urban park is spurring building along its path. Ludlam Park, a corridor that had been intended for railway operations but went unused, was designated public space last year. Developers are now jumping ahead with projects — but meeting some resistance along the way. The 6.2-mile linear park will run between Dadeland…

100K SF Leases Brokered in Miami

Geodis Logistics and Crowley Logistics have signed industrial leases totaling 104,055 square feet in Miami’s Airport and Medley submarkets, respectively. Executive Managing Directors Walter Byrd and Ben Eisenberg, Managing Director Thomas Kresse and Vice President Carlos Gaviria of Transwestern’s South Florida office worked on behalf of both tenants. Geodis Logistics signed a new long…

Notable Retail Leases Signed in South Florida Q1 2019

South Florida Retail Leases 2019 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q1 2019. This quarter was very busy overall and saw several big box leases signed and sealed. Despite the sentiment that the traditional retail market is suffering due to several factors, particularly…

‘Upscale Co-Living’ Will Occupy 6 Floors At Gables Station

Upscale co-living might sound like an oxymoron, but Ollie has tested the concept in Long Island City and Manhattan, and is bringing it to Coral Gables, where it is filling space in an ambitious new mixed-use, transit-oriented development project. The company touts an “all-inclusive living experience” that combines furnished micro-studios and shared suites with “extraordinary lifestyle-relevant services,” plus…

Metrorail station being transformed into mini-city

This is the new project by the Adler Group and 13th Floor Investments which has broken ground at the Douglas Road Metrorail station. It’s called Link at Douglas. The 7-acre, $600 million project will consist of a public plaza surrounded by 250,000 square feet of office space, 25,000 square feet of retail shopping and 1500 residential apartments. The project will be built in phases over the next five years.

Port Cities, Miami and Others, and Industrial Real Estate

Surging e-commerce activity, increasing investments in seaport infrastructure and the proliferation of post-Panamax vessels are boosting shipping volumes and creating a boon for port cities and industrial real estate. Industrial real estate markets surrounding nine seaports—Charleston, Houston, Long Beach, Los Angeles, New York/New Jersey, the Northwest Seaport Alliance (Seattle-Tacoma), Oakland…

What Makes Miami International Airport Special?

Perhaps it is its location that makes this airport a little different than others. Located in South Florida, over 80 airlines serve the airport with 14 of those being U.S. all-cargo carriers and 21 being foreign-all-cargo carriers. Statistically, Miami International Airport (MIA) has started 2019 where it left off in 2018, with strong domestic cargo tons. For 2018, total cargo tons were up 2.8 percent, with international cargo…

Jolted: Elevator companies face lawsuits over injuries at two Brickell sites

Two recent lawsuits filed in Miami-Dade Circuit Court allege people experienced sudden drops in elevators at Brickell Heights and Brickell City Centre in Miami, causing injuries. Thyssenkrupp was sued over an incident at Brickell Heights East Condominium, at 315 South Biscayne Boulevard. Separately, Otis Elevator and Swire Properties are defendants in a suit that alleges an elevator at Brickell City

Lakefront Miami-Dade Apartments Trade for $23M in Multifamily Boom

With a booming Miami-Dade County multifamily market, it’s been rare to see large transactions because owners prefer to keep the rising income stream. Yet Capital Commercial Real Estate Group Inc. broker Randy North and associate and agent Sofia Sagastegui, both based in Davie, closed the $23.3 million sale of the Silver Blue Lake apartment complex west of Interstate 95 at 1401 NW 103rd Street.

Billionaire Michael Dell is buying the 1,000-plus room Boca Raton Resort

Billionaire Michael Dell’s MSD Partners is under contract to purchase the waterfront 1,047-room Boca Raton Resort & Club from the Blackstone Group. The deal is expected to close at the end of the second quarter, according to a press release. The 337-acre resort, which was developed in 1926, includes two 18-hole golf courses, a 50,000-square-foot spa, seven swimming pools, 30 tennis courts, a full…

Going private: Fed housing finance chief details plan to end Fannie-Freddie oversight

President Trump has not been shy about his desire to end the federal conservatorship of Fannie Mae and Freddie Mac. Now, he appears to have someone at the helm of the Federal Housing Finance Agency ready to put the plan in action. Newly installed FHFA chief Mark Calabria said he is working to re-privatize the two mortgage giants, which were brought under government control in 2008 following…

Virgin Trains closes $1.75 billion bond issue to fund expansion to Orlando

Virgin Trains USA, formerly Brightline, closed a $1.75 billion private-activity bond issue to fund an expansion of its passenger train service to Orlando. Investment banking firm Morgan Stanley was the underwriter for the bond issue purchased by 67 investors. A state agency, the Florida Development Finance Corp., approved the bond issue April 5. Part of the Virgin Group founded by Richard Branson, Virgin…

Developer finishes 10-story Coral Gables condo with 65% of the units under contract

The Astor Companies completed Merrick Manor, a 10-story building with 227 condominium units, the largest condo developments delivered in Coral Gables in nearly a decade. Astor received a temporary certificate of occupancy for the building at 301 Altara Avenue, a short walk from the outdoor shopping mall Shops at Merrick Park. The temporary certificate of occupancy will allow Astor to close sales…

Climate Experts: Don’t Flee Miami, But Do Start Pricing In Risk

“Don’t get too depressed,” said Billy Grayson, the executive director of the Urban Land Institute’s Center for Sustainability and Economic Performance. As Miami has become the poster child for the threat of climate change, residents may fantasize about abandoning the coast and running for the literal hills. “You could say the same thing about New York or Hong Kong or Shenzhen or Boston,” Grayson…

Amid rising demand, investors acquire apartment portfolio in Little Havana

A group of investors has acquired a 103-unit apartment portfolio in Miami’s Little Havana, with plans to upgrade the properties and flip them amid… The buildings are 676 Southwest Second Street, 529 Southwest Seventh Court, 967 Southwest Fifth Street, 977 Southwest Fifth Street, 1142 Southwest Fourth Street, 1012 Southwest Fourth Street, 1036 Southwest Fifth Street, and 1648 Southwest Seventh Street.

Risky business: Marijuana dispensaries present high risk, high reward for landlords, panelists say

Landlords who rake in rents from medical marijuana dispensaries may put their commercial bank accounts and title insurance at risk, according to cannabis real estate experts. Meanwhile, cannabis retailers are baking early termination clauses into leases in the event municipalities deny permits to open dispensaries. Dan Deitz, manager of real estate acquisitions for GrowHealthy, a Florida medical…

Leonard Abess buys 86 acres of farmland in western Miami-Dade County

Leonard Abess, the former owner of City National Bank of Florida, bought 68 acres in western Miami-Dade County, adding to his massive portfolio of farmland. A company tied to Abess bought the vacant land at Southwest 147th Street for $6 million, records show. Abess purchased the property from a company tied to Xavier Rosales Jr. The property was last purchased in 1990 for $2.1 million, records…

Moshe Popack pays $12M for senior living facility in Miami

A company tied to investor Moshe Popack bought the Grand Court Lakes senior living facility near Miami Gardens for $11.5 million. The New York-based Melohn Group sold the 140-unit facility at 280 Sierra Drive for $82,142 per unit. The building totals 183,828 square feet and sits on 3.4 acres. It was built in 1984. The Melohn Group is managed by Alfons Melohn. The company previously owned an assisted…

How many people visited the Wynwood Walls in March?

When touting Wynwood’s popularity, developers and property owners boast that the trendy arts district is Miami’s most walked neighborhood. Now, there’s quantifiable data to back up those claims, according to one of Wynwood’s pioneers. At the Greater Miami Chamber of Commerce’s annual real estate summit on Wednesday, Jessica Goldman Srebnick, CEO of Goldman Properties, said close…

ZOM Living buys land, scores financing for Luma at Miami Worldcenter

ZOM Living bought the land and scored a $119 million construction loan to build a 43-story apartment tower at Miami Worldcenter. Records show ZOM bought the property near Northeast First Avenue and Northeast Eighth Street for $19.5 million. The Orlando-based developer secured the loan from the New York-based Moinian Group, records show. The Moinian Group will also be…

Officer and director duties of care and of loyalty

Companies in Florida vary greatly in size and therefore they vary greatly in the number of employees working for them. These companies need people to manage the employees and to do this they hire managers and other officers of the company to ensure everything runs smoothly. These officers can include chief executive officers, chief financial officers, chief operating officers and many others who may…

Banks face increasing competition from capital investors to finance Miami CRE

So much capital investment is flowing into Miami commercial real estate, developers can take advantage of financing options that traditional banks can’t compete with — or offer, according to industry leaders. “Debt funds and institutional investors are getting very competitive in a universe where banks would traditionally refinance you,” said Matthew J. Allen, COO of the Related Group. “Before we…”

New Opportunity Zones rules are released. Will developer money follow?

The government released its long-awaited and latest set of Opportunity Zone regulations Wednesday, hoping to provide investors who have been on the fence with the clarity needed to begin developing projects in distressed areas nationwide. Real estate developers have become enamored with Opportunity Zones, seeking to raise funds into the billions of dollars. But with…

South Florida’s industrial market cooling after prices surged in 2018

South Florida’s hottest asset class may finally be cooling down. Vacancy rates increased and rental rates decreased for industrial properties in some parts of South Florida in the first quarter, according to a recent report from Colliers International South Florida. Some experts project that the industrial market is due for a correction after prices have skyrocketed and inventory has soared. While many segments…

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April 24, 2019

Video: CCIM Chief Economist KC Conway Discusses Strategic 2019 Real Estate Decisions ~ Part 1 of 2

CCIM Chief Economist KC Conway appears on America’s Real Estate Show to discuss the state of the commercial real estate industry, our lengthy market expansion, and whether or not we should have any fear an incoming recession. They discuss unemployment as this begins, then move on to sensitivity analysis. He believes that we are one trade deal away from 3% growth again, and that this in turn would put the Fed back on the rate hiking path. Opportunity zones are discussed strategically, noting that there are 8,700 opportunity zones of which likely only 10% make any sense.

View part two.

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April 23, 2019

Miami Commercial Real Estate News April 17, 2019: $300 Million Development Planned at PortMiami by Royal Caribbean; More…

Royal Caribbean plans $300M office development at PortMiami

Royal Caribbean Cruises Ltd. scored approval for a $300 million office complex at PortMiami. The Miami-based cruise company is looking to build a new headquarters that would house 4,200 employees, an increase from its current 2,200 employees. Royal Caribbean hired HOK, a St. Louis, Missouri-based architecture firm, to design a 10-story, 350,000-square-foot office building on the site of the company’s…

Miami looks at filling large bayfront FEC Slip

Maurice A. Ferré Park downtown has been saved from commercial development and Miami commissioners are now considering filling in the large FEC Slip next door to expand the waterfront park’s footprint. Scores filled City Hall on April 11 with pleas to support commission Chairman Ken Russell’s resolution to protect the park and slip from commercial development. The resolution ran counter to an active…

Miami-Miami Beach transit link advances, with water options

For more than five years now, Miami Commissioner Wifredo “Willy” Gort has pushed for studies and programs to improve public transportation on the area’s waterways. Mr. Gort believes that with Biscayne Bay at our doorstep, and the long and winding Miami River and tributaries extending waterways inland, this area is ripe for more waterborne transportation services. Countless times he has…

Bridge replacement to cause three-year detour

Work is to begin the week of May 20 on a $67.2 million Florida Department of Transportation project to construct a new bridge to replace the 90-year-old bascule bridge along Southwest First Street from Southwest Second to Seventh avenues. During the three years of construction, the bridge will be closed and a detour will be in place. Besides replacing the bridge, the project will provide new bridge…

How much longer before we actually start to build Baylink?

No Miami-Dade corridor suffers more hours of intense traffic than the Mac-Arthur Causeway between Miami and Miami Beach. Think weekends and late nights, not just rush hours. Nowhere is need greater for rapid transit. So Miami commissioners’ vote last week to join Miami Beach and Miami-Dade County to create cross-bay rapid transit was on point. That need has been apparent for decades. After…

US retailers have closed more stores this year than all of 2018

Retailers sent out 2018 on an optimistic note, with strong consumer spending and an unexpected comeback of brick-and-mortar stores. But 5,994 stores have closed in the U.S. so far this year, more than last year’s total of 5,864, the Wall Street Journal reported, citing data from Coresight Research. “I don’t think malls are out of the woods yet,” S&P Global Ratings analyst Ana Lai told the Journal.

Is artificial intelligence overhyped in real estate?

A suite of new software applications will ease the leg work of tracking down the next big real estate play, but technological advances still can’t replicate a broker’s human touch. “At the end of the day, the big national players are calling you guys,” Jason Doyle, CEO of zoning software developer Gridics, said to a group of commercial brokers, lenders and other real estate executives at a CCIM luncheon on…

Video: Crescent Heights implodes South Beach building

With the pull of a lever and 235 pounds of explosives, developer Russell Galbut imploded a building – paving the way for his mixed-use residential tower in South Beach. The former South Shore Hospital building at 5th and Alton is now demolished. Galbut and Terra developer David Martin, who recently joined the project, counted down before a crowd that included Miami Beach Mayor Dan…

A Tale of Two Downtowns. In Miami, Modern Retail Meets Shuttered Storefronts

In downtown Miami, start at Biscayne Boulevard and walk west on Flagler Street. A perfume shop gives way to a restaurant with outdoor seating and a discount luggage shop. Several jewelry shops later, you’ll have seen shuttered storefronts and plenty of graffiti, some invited. After going past the historic Alfred I. DuPont Building and the vacant Macy’s, head north, and the Virgin MiamiCentral station…

Judge bars Miami Beach from turning off water at properties owing short-term rental fines

The water will keep flowing in a single-family home in Miami Beach at the center of the city’s crackdown on short-term rentals. Following an evidentiary hearing earlier this month, Miami-Dade Circuit Judge Jennifer Bailey upheld an earlier ruling that Miami Beach cannot shut water off at 3098 Alton Road because its owner owes $201,500 in illegal short-term rental fines.

Foreign Investors Continue to Prefer Industrial Assets, Latest AFIRE Survey Reveals

Once again in 2019, foreign investors in U.S. commercial real estate indicated they would most like to increase their allocations to industrial properties, according to this year’s survey by the Association of Foreign Real Estate Professionals (AFIRE), an organization promoting cross-border real estate investment. Seventy-nine percent of 2019 survey participants said they would like to increase their…

The Fed: Is the rent too high? : Way more than 525,600 minutes of rent data

If you’re a renter and have been complaining that your rent keeps rising, the statistics seem to back you up. In the graph, the purple line shows the evolution of rents in the U.S. as a whole, while the light blue line shows the general price level (CPI). Clearly, rents are increasing faster than prices overall. Of course, location matters for anything related to housing, and there are large regional differences: Rents in…

Move to cut business rent tax continues

The 2019 Florida legislative session is setting up to be busy for bills affecting the commercial real estate sector. Topping the industry’s priority pile again this year is further reducing the business rent tax on commercial leases. Florida is the only state that imposes a sales tax on commercial rent and operating expenses, collectively known as CAM (common area maintenance). Because CAM is generally inclusive…

Big data could save physical retail. But privacy concerns are bubbling.

Concerns about consumer privacy are not just flourishing online but in brick and mortar stores as well. Retailers are already using Bluetooth technology to detect customers’ smartphones when they walk into stores and hit them with promotions while they shop, and companies are also marketing facial-recognition technology to them, describing it as a way to flag shoplifters, according to the Wall…

Overtown apartments, retail store sell for $14 million

Six properties in Miami’s Overtown neighborhood just sold for $14 million, signaling growing interest in real estate in the area. A company tied to Thomas Neary and Arthur Bartholomew of Fort Lauderdale-based Walnut Street Capital bought the properties spanning 2.2… 701 Northwest 5th Avenue451 Northwest 7th Street458 Northwest 7th Street448 Northwest 7th Street400 Northwest 7th Street…

Plans revealed for PMG’s apartment tower at 400 Biscayne

Property Markets Group is seeking approval for a mixed-use tower at 400 Biscayne Boulevard in downtown Miami. The New York-based developer filed plans for a 49-story, 882,000-square-foot building with 646 residential units, nearly 48,000 square feet of office space, about 3,000 square feet of retail, car and bicycle parking. PMG Greybrook 400 Biscayne Trustee LLC is going before Miami’s Urban…

Smoking mad: MedMen sues Miami Beach citing marijuana dispensary restrictions

MedMen is launching a legal attack on medical marijuana dispensary restrictions in Miami Beach, just as doubts are brewing about the financial health of the Culver City, California-based cannabis company. In a Miami-Dade lawsuit filed last month, MedMen alleges Miami Beach violated state law when the city commission adopted an ordinance in February that prohibits two or more dispensaries from…

Four red flags to spot before a construction dispute

Construction projects hold a considerable amount of potential and promise for project owners; you are bringing to life a new space, from the ground up. Whether it’s residential or commercial space, you are ultimately creating a new, engaging environment. However, construction projects also bring several moving parts that may result in a significant dispute. As the project owner or property manager…

Video: Hartman Simons Partner Jeremy Cohen Discusses Retail from a Lawyer’s Perspective

Jeremy Cohen, Partner at the law firm Hartman Simons, and the host of America’s Commercial Real Estate Show Michael Bull review the retail market from a lawyer’s viewpoint. They discuss trends in tenant defaults and mixed use developments, as well as the benefits and detriments of developing with a partner. There is a concentration on the e-commerce driven trends and effects on brick and mortar…

Maurice A. Ferré Park to remain green space with no commercial development

At least one large Miami public park will not see any new large-scale commercial development. In a meeting that drew pleas from residents of downtown and even former Miami Mayor Maurice Ferré, Miami commissioners voted unanimously on Thursday to keep the 30-acre Maurice A. Ferré Park in downtown Miami as a public park. The vote came after commissioner Joe Carollo sought bids to build…

Who owns this North Palm Beach river? Homeowners fight back against developer

A group of owners of properties along a river in North Palm Beach are fighting back against a company’s claim that it owns the submerged land behind their properties. For more than 20 years, dozens of owners have received demands from North Palm Beach Properties Inc., which wants to sell off the Earman River it says it has owned since it began building homes there in the 1950s. But the…

New concepts join food hall at Virgin MiamiCentral, other South Florida restaurant news

Virgin MiamiCentral released new food and beverage concepts opening soon at its food hall, according to a release. The recently re-branded station, at 600 Northwest First Avenue, will include: World Famous House of Mac, a food truck concept; Bucks Crepes, a crepe and galette restaurant from France; Patagonia Flavors by Delicatessen Patagonia, an Argentinian cafe; Bio Bio Gelato; Art de…

Main types of construction defects that may lead to lawsuits

There are construction projects occurring every day in Florida. Many homes, offices, apartment buildings and other buildings are being built and there are many designers, construction companies, suppliers and construction workers that are involved in these projects. There are also many different phases of the project and different companies that complete these various phases. This means that there are…

Renderings revealed: Beckham group’s Miami stadium

Inter Miami CF, the Major League Soccer team owned by David Beckham, Marcelo Claure, Jorge and Jose Mas and their partners, unveiled new renderings of its future home. Miami Freedom Park would be the permanent home for the team. The Beckham group is pursuing another site in Fort Lauderdale for a temporary stadium, where the owners would spend more than $60 million to redevelop the now…

Dubai-based consultants allegedly scared off Skyrise Miami’s Middle East investors: lawsuit

Skyrise Miami lost a slate of Middle East investors after a pair of Dubai-based lawyers allegedly frightened them with false claims that the proposed observation tower in downtown Miami would not get built, according to a recently filed lawsuit in Miami-Dade Circuit Court. Skyrise Miami Tower Investors LLC, a project lender incorporated in Delaware, claims it paid $720,000 in commissions to Step…

Video: Hines Leasing Direct Nick Garzia Presents Retail Forecast & Review

Nick Garzia, Director of Leasing at Houston based developer – and owner of Doral Corporate Center at 3750 NW 87th Avenue – Hines – appears on this commercial real estate related show to discuss the final quarter of 2018, which retailers excelled and which rather flopped and what these scores and fails mean for the future (of retail) to come. He discusses Amazon versus Walmart, who will win, and mixed…

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April 17, 2019

Video: Hartman Simons Partner Jeremy Cohen Discusses Retail from a Lawyer’s Perspective

Jeremy Cohen, Partner at the law firm Hartman Simons, and the host of America’s Commercial Real Estate Show Michael Bull review the retail market from a lawyer’s viewpoint. They discuss trends in tenant defaults and mixed use developments, as well as the benefits and detriments of developing with a partner. There is a concentration on the e-commerce driven trends and effects on brick and mortar retail operations, and by extension, property owners. Discussion of a trend toward smaller locations in mixed use developments are discussed, including the legal implications. This is a solid practical discussion of changes in the retail property market sure to be of interest to investors and other players in this market.

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April 12, 2019

Miami Commercial Real Estate News April 10, 2019: ZOM Buys to Develop at Miami Worldcenter; Considering Climate Risk; Developer Faces New Charges; More…

ZOM Living, Moinian Group Purchase Land to Develop 43-Story Apartment Tower in Miami Worldcenter

ZOM Living and The Moinian Group have partnered to purchase the land necessary to develop Luma, a 43-story, 434-unit apartment community within downtown Miami’s Miami Worldcenter project. The joint venture plans to break ground in the coming weeks. Luma will offer floor plans ranging from 566 to 1,808 square feet and amenities such as a wellness center, speakeasy, sundry shop, dog salon…

Miami Developer Robert Zangrillo among parents facing new charges in college admissions scandal

Miami developer Robert Zangrillo is among the 16 parents now facing additional charges in the Justice Department’s largest-ever college admissions investigation. Zangrillo was among the 33 parents indicted in March for paying to get their children into schools that included the University of Southern California, Stanford, Georgetown and Yale. In addition to being charged with conspiracy to commit mail fraud…

Miami Developer Robert Zangrillo Hit With More Charges in College Bribery Scandal

Robert Zangrillo, one of the main investors behind a controversial luxury development in Little Haiti, was hit today with new charges in the college admissions cheating scandal. In addition to being charged with conspiracy to commit mail fraud and honest-services mail fraud, he has now been indicted for conspiracy to commit fraud and money laundering. The CEO of Dragon Global is among 16 parents…

New York Based Just Salad Is Bringing Its Avocado Toast in a Box to Miami

Just Salad, a New York-based fast-casual restaurant all about eating healthy on the go, is coming to Florida. The chain is more than just salads, however. The menu also offers customizable, made-to-order wraps, bowls, and smoothies as well as salads. One of its most popular menu items is the “toast box”: avocado toast served in — you guessed it — a box. …Miami at 1050 NW 14th Street

Why Publix is stocking up on real estate

As Amazon’s acquisition of Whole Foods threatens to upend the entire grocery sector, those currently sitting atop the retail food chain are working hard to solidify their standing. Publix Super Markets, the dominant chain throughout Florida with 227 locations in the tri-county South Florida region alone, is doing just that. The company is making moves to ensure that it can weather any market challenge…

Former Parmenter exec launches Miami investment firm

Areya Keshvari, a former vice president at Parmenter, launched his own investment firm in Miami. Keshvari created Biscayne Capital Advisors to provide real estate investment for private capital, he said. The firm is backed by a prominent real estate family from the Southeast, whom he declined to identify. Biscayne Capital will focus on buying value-add office buildings and multifamily properties in…

Miami ready to move ahead on Miami Beach transit connector

Miami city commissioners are ready to move ahead on a long-awaited beach corridor transit plan connecting with Miami Beach. A proposal to establish a partnership among the city, Miami-Dade County and the City of Miami Beach to improve regional mobility between the city’s urban core and Miami Beach via the MacArthur Causeway is on today’s (4/11) commission agenda. On July 20, 2016…

Parbel Renews Miami HQ Lease

Parbel has signed a lease renewal at 6100 Waterford, located at 6100 Blue Lagoon Drive and one of the three buildings comprising Waterford Atrium, a Class A office campus in Miami that is part of the Waterford at Blue Lagoon business park. The 43,624-square-foot space serves as the headquarters for the cosmetics, perfumes and beauty products distributor formerly known as Helena Rubinstein…

Health District apartment project allowed to shrink

The developer who intends to bring new apartments to the edge of the Health District in Miami adjacent to the Dolphin Expressway has revised plans for a shorter building. In February, Spring Garden Apartments LLC received the Urban Development Review Board’s conditional approval for an 11-story mixed-use building at 1005 Spring Garden Road. Attorney Iris Escarra, representing the developer…

Brickell Avenue Bridge hours change may be permanent

The Florida Department of Transportation (FDOT) is conducting a traffic study that includes a temporary change in the schedule of openings of the Brickell Avenue Bridge. Depending on what the data reveal, the change could become permanent. Stakeholders downtown and in Brickell have complained for years that excessive bridge openings paralyze the two areas. The project was approved…

Chairman vows to bar Ferré Park, FEC Slip commerce

Miami City Commission Chair Ken Russell is ready to move on his vow to protect the city’s Maurice A. Ferré Park and adjoining FEC Slip from commercial development. A proposed resolution from Mr. Russell to limit uses there to only park and other green space is on today’s (4/11) commission agenda. The topic of city park land being impacted by commercial uses arose two weeks ago when…

Learn from New York: congestion pricing can build transit

As New York takes the nation’s first step to charge drivers to enter congested areas, other cities will examine doing the same. Congestion-weary Miami should take the lead. Manhattan aims to reduce traffic in densest areas and peak times, lessening gridlock, speeding travel and funneling fees to subways. When the charges begin in 2021, air pollution will dip. Those aims fit Miami’s needs too. Manhattan has…

Related breaks ground on second phase of CityPlace project

Related Companies is making progress on its redevelopment of CityPlace in West Palm Beach. The New York developer announced it is officially changing the property’s name to “Rosemary Square” and is breaking ground on phase two of its plans for the mixed-use property. The project calls for a redesigned plaza, public spaces, green areas, outdoor dining venues, new stores and interactive art…

Downtown Miami condo board sues unit owner for violating short-term rental ban

Front desk personnel at the Marquis Miami luxury tower near American Airlines Arena began logging the number of guests entering a unit on the 18th floor on March 13. Over the next 10 days, more than two dozen visitors were granted access to the two-bedroom condo owned by DDW Property Holdings, LLC, a recently dissolved Florida corporation managed by Larry Zuckerman in Cleveland, Ohio.

Pricing revealed at Sapir’s Arte by Antonio Citterio in Surfside

Developer Alex Sapir has unveiled prices at his boutique luxury condo project in Surfside. Units start at $10.2 million and go up to $40 million at Arte by Antonio Citterio, a 12-story, 16-unit building at 8955 Collins Avenue. Sapir’s Sapir Corp. said it is officially launching sales of Arte now, about four months after launching during Art Basel Miami Beach, according to a spokesperson. Corcoran Sunshine…

CC Homes seeks NY registration to sell Canarias at Downtown Doral

Capitalizing on the surge of Northeasterners fleeing high-tax states, CC Homes is seeking registration to sell Canarias at Downtown Doral in New York and New Jersey, The Real Deal has learned. Jim Carr, who is developing the luxury home and townhome community with partner Armando Codina, said the developers have already seen an influx of buyers from those states, as well as from the Washington…

The Thames, The Seine, And … The Miami River?

Lissette Calderon was thinking of London and Paris after she graduated from Wharton, finished an investment banking stint in New York and came back to her hometown of Miami in the late 1990s. “All big cities were started around a river,” Calderon said. “Having traveled the world — New York, Chicago — they all have this amazing artery in the urban core. All good metropolises have this riverfront.”

Another Coconut Grove Playhouse meeting; and protest, planned

The City Commission is meeting Thursday, April 25 and on the agenda is the Playhouse issue, yes, again. They will decide whether to go ahead with the County’s plans, which seem to not be liked by anyone except the county. At the last HEP Board meeting, the board voted against the County’s current plans, by a vote of 6 to 4, that the Certificate of Appropriateness and demolition permit were denied, yet…

This developer is joining Russell Galbut’s South Beach tower project

Developer David Martin joined Russell Galbut’s Crescent Heights project in South Beach as a partner. Martin, president and co-founder of Terra, announced his involvement in the Park on Fifth, Galbut’s mixed-use tower and park project at 500 to 700 Alton Road, during a recent community meeting, according to RE Miami Beach. Crescent Heights will perform an implosion of the 10-story South Shore…

LA firm Hawkins Way Capital lists two South Beach hotels for sale with expansion plans

A Los Angeles real estate investment firm is looking to sell two boutique hotels in South Beach that could trade for more than $300,000 a key, according to a commercial broker. Hawkins Way Capital is listing the 35-room Clifton Hotel at 1343 Collins Avenue and the 22-room Loft Hotel at 952 Collins Avenue for sale with CBRE’s Natalie Castillo and Joshua Beene. At that price per room, the properties could sell…

Anti-development activists warn locals against selling to prospectors in Little River

The Miami City Commission is expected to vote on the proposed 8.2 million-square-foot Magic City Innovation District project at the end of March. It isn’t every day that a food hall with 15 restaurants opens just a few blocks away from the bedroom municipalities of Miami Shores, El Portal and Biscayne Park. So when Nick Hamann celebrated the grand opening of the Citadel at 8300 Northeast Second…

State agency approves bond issue to finance Virgin Trains expansion to Orlando

Virgin Trains USA won state approval for a bond issue to finance an extension of its South Florida passenger train service to Orlando. The rail service, formerly known as Brightline, will be able to issue as much as $950 million private activity bonds approved Friday by the Florida Development Finance Corp. Virgin Trains expects to launch service to Orlando in 2023. Approval of the bond issue will allow…

Coral Rock Development principals sell Wawa site in Cutler Bay

Two principals of Coral Rock Development Group and a partner sold a property in Cutler Bay where a Wawa is under construction for $5.7 million. David Brown and Victor Brown of Coral Gables-based Coral Rock Development and Joe Weiselberg of Miami sold the 90,526-square-foot lot at 11101 Southwest 184th Street in Cutler Bay for $62 per square foot, records show. Joel Horowitz of Boca Raton…

Key International sells Little Havana apartments

Key International sold a group of apartments in Little Havana for $10.1 million. The Miami-based company, led by co-presidents Inigo and Diego Ardid, sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street in Miami, to an undisclosed foreign buyer, according to Marcus & Millichap. The 2-acre property includes 10 buildings built in 1947. The property was 97 percent occupied at…

Institutional investors are factoring climate change into real estate deals in coastal cities: panel

The impacts of climate change are spurring institutional investors to consult imaging maps, computer models and big data to help make decisions about whether or not to buy real estate in Miami, New York and other major coastal cities around the world, according to real estate experts. At a a sea level rise conference Thursday hosted by the law firm Hinshaw and Culbertson…

Investors underpricing impact of climate-related risks, says BlackRock

Asset manager behemoth BlackRock warns that investors are underpricing the impact of climate-related risks and need to rethink their assessment of asset vulnerabilities. The group, in a major piece of on-going analysis, asserts that while the physical manifestations of climate change are clear, including rising sea levels, and more intense hurricanes, wildfires and droughts, how investors incorporate…

Climate change will crush real estate values for investors who don’t prepare, new report says

For any investor, measuring opportunity against risk is critical. And for real estate investors in particular, risk is rising exponentially in the age of climate change. To that end, big real estate firms are pouring significant resources into calculating climate risk and its likely effect on property portfolios — everything from increasingly extreme weather to a rise in sea levels. “This process will be painful for investors…”

YotelPad Miami scores construction loan from Bank OZK

The development group building YotelPad Miami closed on a construction loan from Bank OZK for the downtown Miami project. Aria Development Group and AQARAT received a $76.25 million loan from the bank, previously known as Bank of the Ozarks, property records show. The project, at 227 Northeast Second Street, will be a 31-story tower with 231 condos and 222 Yotel “cabins,” or small hotel rooms.

Double play: A-Rod’s real estate firm closes multifamily fund and opens $50M fund

Retired Yankees slugger Alex Rodriguez’s real estate company just closed its first multifamily fund and is trying to score again with the opening of its fourth fund. Miami-based Monument Capital Management said it closed its first multifamily fund with $21 million in equity. It’s now launching a $50 million fund focused on workforce Class B and C housing. The new investment fund will look at buying up…

Miami Beach to legalize renting out guest apartments

Does your Miami Beach home have a guest apartment with its own bathroom and kitchen? If so, you may soon be able to legally rent it out. In an attempt to create more affordable housing and provide homeowners with extra income, the Miami Beach Land Use and Development Committee unanimously backed a proposed ordinance that seeks to legalize the leasing of accessory dwelling units in…

Baskir Capital buys a TD Bank branch in North Miami Beach

Baskir Capital Management bought a TD Bank branch in North Miami Beach for $6.6 million amid increasing investor interest in the area. The New York-based real estate firm bought the 4,676-square-foot property at 1190 Northeast 163rd Street for $1,411 per square foot, records show. A company tied to Aventura-based Elion Partners sold the property. The bank sits on a nearly 1-acre lot…

Richard Branson, Brightline unveil Virgin Trains at MiamiCentral

Sir Richard Branson promised to “sprinkle some Virgin magic” on Brightline at the official unveiling of the renamed Virgin MiamiCentral on Thursday. The Virgin Group founder was joined by Virgin Trains USA President Patrick Goddard, Miami Mayor Francis Suarez and other city and county officials at the mixed-use train station previously called MiamiCentral. The rebranding was revealed as the high-speed…

Video: Hines Leasing Direct Nick Garzia Presents Retail Forecast & Review

Nick Garzia, Director of Leasing at Houston based developer – and owner of Doral Corporate Center at 3750 NW 87th Avenue – Hines – appears on this commercial real estate related show to discuss the final quarter of 2018, which retailers excelled and which rather flopped and what these scores and fails mean for the future (of retail) to come. He discusses Amazon versus Walmart, who will win, and mixed…

Factors used to determine tortious interference with contracts

One of the basic principles of the economy in Florida is that there is competition. Therefore, there are many businesses who offer the same or similar services and products. This gives consumers choices to pick the product that best fits their needs and budgets. It also creates competition between companies to produce better products or services at competitive prices. However, this competition can…

What Real Interest Rates Tell about the Recession to Follow

Can economists say anything about the severity of a recession before it starts? This blog post argues that long-term real interest rate levels before recessions exhibit a correlation with the severity of the recession, measured in terms of its duration or its impact on macroeconomic variables such as the unemployment rate. This topic is especially pertinent as one yield curve briefly inverted and…

Todd Glaser kills plan for 15-acre mixed-use development in South Beach

Developer Todd Michael Glaser killed his plans to build a 15-acre mixed-use district in western South Beach, saying he won’t pursue it unless there’s an outcry from area residents and property owners demanding it. Glaser said he withdrew his West of West overlay district proposal a day before Wednesday’s Miami Beach Land Use and Development Committee meeting after city planners criticized aspects…

Video: Bainbridge EVP & COO Discusses Multifamily Development Opportunities

Kevin Keane, Executive Vice President and COO with the multifamily developer Bainbridge Companies, joins Michael on America’s Commercial Real Estate Show via Skype to discuss opportunities in multifamily development, construction costs, and lender sentiment.  Bainbridge develops “basically along I-95,” from Miami to New Jersey. He discusses how construction costs, particularly materials and…

Miami Beach may encourage taller hotel development on Lincoln Road

Real estate investor Sam Herzberg’s desire to turn the 91-year-old Sterling Building into a 130-room hotel has sparked interest in Miami Beach to encourage more hotels and smaller rooms on Lincoln Road. Miami Beach commissioners Ricky Arriola, Joy Malakoff, and John Elizabeth Aleman on Wednesday largely backed a proposed law that would waive parking requirements for hotel additions attached…

Miami is the most rent-burdened city in the country: report

More than a third of Americans are considered rent-burdened, meaning they spend at least 30 percent or more of their monthly income to pay for rent. A new report from Freddie Mac shows the most expensive cities aren’t always at the top of the list. Miami ranked as the most rent-burdened of the top 50 metro areas in Freddie Mac’s report. It was followed by San Diego, Los Angeles, New York and…

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April 10, 2019

Video: Hines Leasing Direct Nick Garzia Presents Retail Forecast & Review

Nick Garzia, Director of Leasing at Houston based developer – and owner of Doral Corporate Center at 3750 NW 87th Avenue – Hines – appears on this commercial real estate related show to discuss the final quarter of 2018, which retailers excelled and which rather flopped and what these scores and fails mean for the future (of retail) to come. He discusses Amazon versus Walmart, who will win, and mixed use developments; can they have too many restaurants? He talks about how Costoco and Walmart and Target had big numbers last holiday season, and even throws in Amazon, noting that they’re morphing into a hybrid with brick and increasing brick and mortar presence. He puts Sears and Pier One into the big loser category, as well as – wait for it – Starbucks, which he submits put too much effort on merchandise, only to be disappointed.

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April 4, 2019

Miami Commercial Real Estate News April 3, 2019; Apartments, Hotel Rooms Coming to Blue Lagoon; Wennett’s Big Allapattah Project Gets First Commission Approval; More…

Miami’s Blue Lagoon Has 888 Apartments, 294 Hotel Rooms Coming

The turquoise Blue Lagoon swimming hole in Jamaica is stunningly picturesque. Miami’s Blue Lagoon, just south of the international airport, is, uh, slightly less so, surrounded by boxy office buildings and efficient business hotels. That’s changing, though, as Miami last week approved a plan for 888 mixed-income apartments, plus another 294 hotel rooms.

Major mixed-use project in Allapattah scores first commission approval

A major mixed-use project with thousands of co-living apartments in Miami is one step away from fully moving forward. The Miami City Commission voted on Thursday to approve Robert Wennett’s Miami Produce Center special area plan on first reading. The proposed 1.4 million-square-foot development would be built in Allapattah, a neighborhood east of Miami International Airport and west of Wynwood.

Joint Venture Delivers 294-Unit Apartment Community in Miami

A joint venture between Adler Group, 13th Floor Investments and Barings LLC has delivered Motion at Dadeland, a 25-story, 294-unit apartment community in Miami’s Dadeland submarket. The joint venture also teamed with Miami-Dade County Department of Transportation and Public Works to deliver the asset. Motion at Dadeland offers studio, one-, two- and three-bedroom floor plans and…

Miami is the most rent-burdened city in the country: report

More than a third of Americans are considered rent-burdened, meaning they spend at least 30 percent or more of their monthly income to pay for rent. A new report from Freddie Mac shows the most expensive cities aren’t always at the top of the list. Miami ranked as the most rent-burdened of the top 50 metro areas in Freddie Mac’s report. It was followed by San Diego, Los Angeles, New York and…

365K SF Lease Renewed in Miami’s Airport North Submarket

CEVA Logistics has signed a long-term lease renewal with Clarion Partners for the entire 364,608-square-foot industrial building in Miami’s Airport North submarket. A Transwestern team comprising Executive Managing Directors Ben Eisenberg and Walter Byrd, Managing Director Thomas Kresse and Vice President Carlos Gaviria negotiated the lease on behalf of the landlord, while CBRE Senior Vice…

South Dade Transitway developer may be on board this year

Miami-Dade could pick a firm to develop “gold standard” bus rapid transit on the South Dade Transitway by year’s end, Transportation Director Alice Bravo says. “That’s our goal,” she told commissioners Daniella Levine Cava, Dennis Moss and Xavier Suarez at a transportation fiscal priorities meeting Monday. The 20-mile transitway last year became the first of six corridors targeted for upgrades…

Miami seeks expert to negotiate with David Beckham team

Miami commissioners have agreed to hire a third party to assist city administrators in their negotiations with the David Beckham group for a long-term lease of city-owned property adjacent to Miami International Airport. The deal, if approved, would turn the Melreese Golf Course into a sweeping commercial development anchored by a Major League Soccer stadium. The controversial matter has led some…

Miami OKs its first legislation to protect from sea level rise

The Miami City Commission made history March 28 by approving the city’s first piece of legislation related to protections from sea level rise. The move to add resilience methods into the Miami 21 zoning code was met with support from environmental organizations, community leaders and from residents who say the City of Miami is Ground Zero for sea level rise and climate change concerns.

No Ferris wheel for Maurice A. Ferre Park

There will not be a Ferris wheel erected at Maurice A. Ferré Park on the City of Miami waterfront. That was the clear message from city commissioners March 28. Will city rules be changed to allow a Ferris wheel at Bayside Marketplace, a large open air mall of stores and restaurants on leased city-owned land? Maybe. Commissioners directed the city Planning Department to go back to square one in…

Melo Group nabs $63M loan for Miami Plaza apartments

Melo Group closed on a construction loan for Miami Plaza, a 36-story tower in Miami’s Arts & Entertainment District, property records show. BB&T Bank is the lender on the $62.7 million loan for the property at 1502 Northeast Miami Place. The project, planned to have 437 apartments and 7,000 square feet of ground floor commercial space, broke ground in March, Carlos Melo previously said. Miami Plaza…

CIM Group scores $71M loan to build Wynwood Square

CIM Group scored a $71.2 million construction loan to start building its 12-story Wynwood Square mixed-use project. The Los Angeles-based company secured the loan from Sumitomo Mitsui Banking Corp., one of the largest Japanese banks, records show. Wynwood Square will include 241 apartments, 60,290 square feet of office space, 27,212 square feet of retail and 481 parking spaces. The project…

Home sale prices in Opportunity Zone jump 25%

With government officials projecting that more than $10 billion in private capital will pour into federal Opportunity Zones, real estate values in those areas are expected to jump. According to one study, so far they’re right. Home sale prices of residential properties in designated Opportunity Zones rose by more than 25 percent over the past year, according to the new Zillow report. Created as part…

Brazilian developer, contractors facing wrongful death lawsuit over Miami Beach building collapse

The family of a project manager who was killed after a Miami Beach building unexpectedly collapsed last year is suing the developer and construction team behind the demolition, citing a wrongful death. Judith Anne Landis filed a lawsuit Monday against AlliedBean Demolition, Alan Wackes, Miami Beach Associates LLC, AA Demolition Management, Safety & Risk Solutions, and MREAM LLC, the latter…

Keller Williams franchise owners buy Doral office building

The local owners of a Keller Williams Realty franchise paid $5 million for an office building in Doral, with plans to add agents and create a training facility. KW Doral Property LLC, led by Louis Erice, bought the 19,166-square-foot building at 10900 Northwest 25th Street for $261 per square foot. Jeffrey Roa, co-owner and managing director of commercial sales for the franchise, Keller Williams Realty…

Metronomic expands to Miami’s Upper East Side

Developer Ricky Trinidad is tapping into Miami’s Upper East Side neighborhood with three boutique apartment projects in the works and more planned. Trinidad’s Metronomic recently closed on three development sites in the area, where the company plans to build Shorecrest Place, Bayshore Point and Metronomic Place Dos, with a combined 49 units. The sites are near North Bay Village, where…

Miami’s busiest builders

For more than a year, nearly 850 construction workers have been furiously transforming 27 acres of once-abandoned lots in downtown Miami into one of the biggest developments in city history. Within the sprawling $4 billion Miami Worldcenter project, work crews have completed a 444-unit rental apartment tower called Caoba while putting the finishing touches on the 60-floor luxury condominium…

CA Ventures pays $21M for site of student housing project near University of Miami

Chicago investment firm CA Ventures paid $21 million for an assemblage of properties near Coral Gables, where it’s planning to build a student housing development. Property records show 5830 SW 57th Ave LLC paid $15 million in a bulk purchase for the Cloisters at the Gables, a 79-unit condo complex at 5810, 5830 and 5840 Southwest 57th Avenue. The CA Ventures affiliate also paid $6 million for the…

New investor values to-open-hotel-in-Miami CitizenM at $2.6B

Singapore’s sovereign wealth fund has acquired a 25 percent equity stake in CitizenM, a chain of 15 boutique hotels based in the Netherlands. CitizenM said the undisclosed investment gives the hotel company an enterprise value of €2 billion, according to the Financial Times. Founded in 2008, CitizenM targets business travelers seeking short stays and was the first hotel company to list…

Miami city commissioners approve rezoning for mixed-use Blue Lagoon development

Miami city commissioners approved a rezoning that would permit a mixed-use development in the Blue Lagoon area just south of Miami International Airport. The rezoning proposed by the Weiss Group of Companies raised the development site’s maximum building height from eight to 12 stories… to develop 888 apartments and 294 hotel rooms in the area of 4865, 4875 and 4885 Northwest 7th Street.

FIU plans to build hotel as part of $66M project

FIU will build a hotel, alumni center and conference center on its main campus as part of public-private partnership. The $66 million project in Sweetwater will include a 13,700 square-foot alumni center, 33,000 square feet of meeting space and a 150-bed hotel. It will be privately funded, and is expected to open by the fall of 2021, according to a release. The meeting space will host academic, research…

Project manager sues China-based developer over abandoned Brickell tower project

The project manager of a planned major mixed-use tower in Brickell has sued the developer, claiming breach of contract on a property that has remained vacant more than four years after it was acquired. The project manager, American Da Tang and its CEO, Shanjie Li, are suing CCCC International USA, a subsidiary of Beijing-based China City Construction Holding…

Former Collection Residences site in Coral Gables will become luxury senior living

The former site of the planned high-end luxury condo development, The Collection Residences in Coral Gables, will soon become senior housing. Baptist Health South Florida and Belmont Village Senior Living are partnering to build a luxury senior living facility at the 2.8-acre site at 250 Bird Road, according to a press release from HFF. Baptist Health recently closed on the site in January for $37 million.

Robert Zangrillo is no longer involved in Magic City Innovation District

In the hours before a Miami commission meeting Thursday to decide the fate of the Magic City Innovation District in Little Haiti, confusion reigned as to whether the $1 billion project’s primary investor Robert Zangrillo — who was charged in the recent college admissions scandal — was still playing a leading role. MCD Miami LLC, the partnership developing the project, notified city commissioners on…

Former Ecuadorian official accused in bribery scandal has ties to SoFla properties

As South Florida real estate has long…  an investigation reveals the family of a disgraced former Ecuadorian official, Carlos Polit, has ties to three Miami area properties. They include: 1830 Coral Way: A small office building, bought for $1.8 million in 2013; 1902 Southwest 22nd Street: An office building near downtown Miami, purchased for $2.67 million in June 2016.

South Florida construction starts plummet in February

South Florida construction starts plummeted for the second straight month. Total construction starts declined 63 percent on a year-over-year basis in February to $589 million, according to a new report by Dodge Data & Analytics. Commercial real estate saw the biggest drop, falling 78 percent to $190.1 million, while residential starts declined 43 percent to $399 million. While monthly housing starts reports…

Coral Gables changes direction on Allen Morris and Related’s mixed-use project

The Coral Gables City Commission has a new plan for one of its city-owned garages near Miracle Mile. The commission voted on first reading on Tuesday to build a replacement for the Garage 1 at 245 Andalusia Avenue, giving itself three years to build a 750-space garage. If, after three years, the city doesn’t develop the garage, the city would move forward with the previous proposal from Coral…

Baywood scores $17M construction loan for Hilton near MIA

An entity affiliated with Baywood Hotels closed on a $16.6 million construction loan to build a 134-room hotel near Miami International Airport. Baywood Hotels is planning to build a Home2 Suites by Hilton on a 83,200-square-foot lot at 8852 Northwest 26 Street in Miami. The developer secured the loan from Ocean Bank, a Miami-based community bank that is one of South Florida’s most active…

South Florida’s top 5 office sales for February

Bridge Investment Group paid $74.3 million for Sawgrass Technology Park in Sunrise. A joint venture between funds managed by Oaktree Capital Management L.P. and Fifteen Group sold the 11-building office park at 1601 Northwest 136th Avenue. Chris Lee, José Lobón and Marcos Minaya of CBRE represented the seller. SR Technology is one of the major tenants at the office park. The software company…

AirbnBuzz kill: An intensified crackdown on short-term stays is hurting Miami Beach home sales, local brokers say

Two years ago, Natalie Nichols was getting unsolicited cash offers north of $1.7 million to buy her waterfront home in Miami Beach’s Sunset Islands neighborhood. She stood to make at least $500,000 on any potential deal. However, the Miami Beach resident and real estate investor wasn’t interested in selling the two-story residence, which features four bedrooms, three bathrooms, a pool with a bay…

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April 3, 2019

Video: Bainbridge EVP & COO Discusses Multifamily Development Opportunities

Kevin Keane, Executive Vice President and COO with the multifamily developer Bainbridge Companies, joins Michael on America’s Commercial Real Estate Show via Skype to discuss opportunities in multifamily development, construction costs, and lender sentiment.  Bainbridge develops “basically along I-95,” from Miami to New Jersey. He discusses how construction costs, particularly materials and labor, are affecting development. He notes they are putting an additional cushion of 7% into cost budgeting to cover possible overruns in this supply constrained environment, also noting that potential tariffs may have an effect. He talks about how Florida continues to outpace other markets, with Tampa, Jacksonville, and Orlando catching up to southeast Florida in terms of attractiveness for development.

April 2, 2019

Miami Commercial Real Estate News March 27, 2019: Judge Upholds MLS Stadium Referendum; Hotel Rooms May Double; More…

Tommy Hilfiger to close stores in NY, Miami Beach

Another Fifth Avenue fashion titan has announced it will shutter its flagship on the famed shopping strip, serving a reminder of the decline of brick-and-mortar retail. Tommy Hilfiger will close its 22,000-square-foot store at 681 Fifth Avenue, according to Women’s Wear Daily. The company will also reportedly close its store on Collins Avenue in Miami at the end of April. In a statement to WWD…

Miami seeks proposals for major bayfront development

Maurice A. Ferré, a long-time City of Miami mayor, is not happy that the city that just renamed a waterfront park in his honor plans major redevelopment of adjacent city-owned property, including what’s known as the FEC Slip downtown. In a March 25 letter to the mayor and city commission, Mr. Ferré voices objections to a plan to put a Ferris wheel at Bayside Marketplace, and to an active request for…

American Airlines club deal nets county $80 million

A deal to expand American Airlines’ VIP club space at Miami International Airport (MIA) by more than 52% and yield Miami-Dade County more than $80 million over a decade is one vote from approval. County lawmakers in a tourism committee last week forwarded a 10-year lease agreement with the air carrier to a final April 9 vote. If given the OK, the new deal, sponsored by Commission Vice Chairwoman…

Ready Capital Provides $8M Acquisition Loan for Vacant Retail Property in Miami

Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant…

Alton Gateway changes marching forward

The Alton Gateway developers have proposed changes in their original plans for the condominium tower, park and retail off the MacArthur Causeway entrance to Miami Beach. The amendments passed a first reading this month and are due a final vote in April. The Alton Gateway Development is to bring a luxury condo, three-acre park and retail behind Bentley Bay Condominiums and the Floridian.

University of Miami dorms learning sites

When the University of Miami administration decided to replace its 50-year-old dorms with two sleek new clusters of mixed-use buildings, the focus changed. “This isn’t just housing; it’s an extension of the learning environment,” said Jim Smart, UM’s executive director of Housing and Residential Life. Buildings in each cluster feature housing on the upper floors and classroom, office, recreational, study…

Logistics Company Renews 364,608 SF Industrial Lease in Miami

Ceva Logistics, a global logistics supply chain company, has renewed its long-term, 364,608-square-foot lease to fully occupy 5601 NW 72nd Avenue in Miami. The industrial property is situated about seven miles west of Miami International Airport. Thomas Kresse, Ben Eisenberg Walter Byrd and Carlos Gaviria of Transwestern Commercial Services represented the landlord, Clarion Partners, in the lease…

Ex-Mayor Maurice Ferré pleads to bar bayfront Ferris wheel

One of Miami’s most revered and celebrated former mayors, Maurice A. Ferré, this week delivered a strong message to current leaders at City Hall: Save the waterfront. In a detailed, four-page March 25 letter sent to Mayor Francis Suarez and all five commissioners, the long-time mayor and community leader pleaded with them to protect public open spaces and parks. Mr. Ferré specifically opposes a…

Insurance premiums could rise as more extreme storms hit coastal markets

It’s no secret that coastal homes are becoming more vulnerable to extreme weather and other effects of climate change. But the cost of living on the coast has remained relatively stable in waterfront areas of Miami Beach and the Northeast. That’s partly due to an influx of capital in the insurance industry that has increased competition and kept premiums artificially low, Bloomberg reported. At the…

Brickell House condo owners reach $32M settlement over failed robotic parking

When Brickell House opened in 2014, condo owners thought they were buying into an ultra-modern luxury tower with panoramic views of Biscayne Bay and a new state-of-the-art robotic car elevator that would bring them their cars within 10 minutes. Shortly after closing on their units, however, buyers realized the dream of hassle-free smart parking wasn’t to be: The technology flopped, the elevator’s…

Baywood buys Red Roof Inn near MIA

Baywood Hotels paid $13.1 million to buy a Red Roof Inn near Miami International Airport, amid a growing hotel market. The Maryland-based company bought the 200-room hotel at 3401 Northwest 42nd Avenue for $65,500 per room from Ontario, Canada-based Westmont Hospitality Group. Westmont Hospitality Group previously paid $7.35 million for the 83,765-square-foot building in 1996…

“We’re losing money every day”: Moishe Mana urges patience on downtown Miami plans

Moishe Mana wants you to be patient. Mana, downtown Miami’s biggest landlord with roughly 45 properties on and near Flagler Street, said he’s finally ready to move forward with his plans for the area. Over the past several years, he’s spent at least $350 million acquiring real estate in downtown Miami, in addition to the land he owns in Wynwood. But he has made little progress on launching an art and…

Downtown Miami’s Hotel Sector Shines On

Downtown Miami has recorded a 37 percent increase in overnight stays over the past five years, according to a recent tourism report released by the Miami Downtown Development Authority. This is due to the region’s growing appeal as a leisure destination, growth of passenger volume at Miami International Airport and PortMiami, as well as the area’s enhanced business activity. More than six million…

David Beckham’s Soccer Club Tries To Win Over Miami While Flirting With Fort Lauderdale

David Beckham’s new Major League Soccer team, Inter Miami, has gone through a lot — multiple proposed-then-nixed stadium sites, a key public vote, legal challenges and scads of political battles — to get where it is now: negotiating to build a 25,000-seat stadium and $1B mixed-use project on a city-owned golf course. In the meantime, because the team is scheduled to start playing in 10 months, it…

New apartments near Coral Gables hit the market with rents starting at nearly $2,000

New York City-based Greystone Development started leasing The Aura, a new 100-unit apartment building near Coral Gables with monthly rents starting just under $2,000. Greystone is offering one-bedroom, one-bathroom units for $1,995 to $2,280 per month. Two-bedroom units with two or two-and-a-half bathrooms are available for $2,700 to $3,190 per month. The company currently…

Judge upholds Miami referendum on land lease negotiations for soccer stadium project

A judge upheld the result of a Miami referendum authorizing the city to negotiate a lease for a stadium where David Beckham’s Major League Soccer team would play. The ruling by Miami-Dade Circuit Judge Mavel Ruiz preserved the outcome of the referendum in November, when 60 percent of Miami voters authorized the negotiation of a 99-year lease for the development of a stadium and…

Video: Discussion of Multifamily and Housing from Expectations and Market Realities Outlook Report of NAR, Deloitte, & Situs RERC

Observations and expectations related to multifamily and housing as discussed in the report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC, are discussed, The discussion is held by George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR). He talks about the continued strength in the multifamily…

Mo Vaughn’s firm sells Miami River affordable housing building

A company led by former Major League Baseball All-Star Mo Vaughn sold an affordable housing building in the Miami River District for $6.8 million. An affiliate of Vaughn’s Omni New York sold the 61-unit Temple Court Apartments at 431 Northwest Third Street for $111,475 per unit. The buyer is an affiliate of the Atlantic Housing Foundation, a Dallas-based affordable housing…

Miami’s Next Generation: 5 30-Somethings Doing Big Real Estate Deals

Not all millennials are crying into their avocado toast over their crushing student loan debt — some of them are already out developing real estate. Of course, it helps to have been born into the business, like Related Group Vice President Jon Paul Perez or hotel scion Dev Motwani of Merrimac Ventures, two of six men who made up a lively panel discussion during last week’s Bisnow Fort Lauderdale State…

Arbor Coconut Grove nabs construction loan

The developers of the Arbor Coconut Grove, a boutique luxury condo project, closed a nearly $21 million loan to complete construction. Property records show 3034 Oak Park LLC closed on the $20.7 million in financing, which adds to a $2.3 million bridge loan from 2017. trez Forman Capital is the lender. Trez Forman President and CEO Brett Forman arranged the financing, according to a press…

Miami to see oversupply, high vacancies in CRE and multifamily by 2020: report

Between now and the end of next year, urban neighborhoods from Brickell to Midtown Miami will see the completion of several signature mixed-use projects. Yet, as a result, Miami’s urban core is going to experience an oversupply and high vacancy rates in the retail, multifamily and office markets, according to a recent CoStar report. The report, prepared for the Commercial Industrial Association…

Save Thousands With an ADA Inspection

As the owner of a commercial building, making sure that your investment is ADA compliant is your responsibility. But ADA compliance is about more than ramps and parking spots. There is a long list of standards that your building must meet in order to be ADA compliant. And the only way to make sure that you’re adhering to those standards is to get a professional ADA inspection. Can You Afford…

Zom partnership plans mixed-use project on Ludlam Trail

Zom Living, Scout Capital and Mattoni Group paid $36 million for a portion of the Ludlam Trail in Miami, where they plan to build a mixed-use project. Florida East Coast Industries sold roughly 13 acres of land to the joint venture, which includes 6 miles of unused rail tracks and a 100-foot right of way where the tracks previously were, according to a release. Zom and its partners plan to build 950…

Downtown Miami’s hotel pipeline could more than double existing supply: report

Developers are banking on rising demand for hotels in Greater Downtown Miami, where the pipeline of new development includes more than 12,000 hotel rooms spread across 43 projects. A new report from the Miami Downtown Development Authority found that the number of rooms planned – nearly 4,000 – and the number of rooms proposed – roughly 8,200 – would lead to more than doubling…

Miami investor buys industrial site next to Florida Turnpike

Investor Peter Greither sold an industrial property next to the Florida Turnpike in Miami to an affiliate of Rodan Property Management for $12.25 million. Greither’s Greither Holdings LC sold the 5.8-acre property at 14121 to 14267 Southwest 119th Avenue. The buyer is Rodan X LLC, which is tied to Alireza Shadravan of Coconut Grove, according to Central Commercial Real Estate. Enrique Jordan of Central…

Here are South Florida’s top 5 retail sales from February

Commercial real estate firm KLNB paid $18.3 million to buy a CVS-anchored building on Washington Avenue in Miami Beach, two years after it hit the market. KLNB bought the two-story,12,443-square-foot building at 983 Washington Avenue for $1,470 per square foot, records show. Club Invest Group LLC, which is managed by Eugenio Marrapodi, sold the property to the Washington, D.C.-based…

Fed Reserve holds rates steady amid weakening housing market

The Federal Reserve said it will hold rates steady and signaled it would likely not raise rates for the rest of the year amid worries over economic growth. In a statement, the Fed stressed again that it will remain patient in making future rate changes. The decision marked a change from the past few years. The Fed increased rates four times in 2018 and and nine times overall since December 2015. It said in…

Late Real Estate Exec Andrea Greenberg’s sister, friends speak out over ex-boyfriend’s death

New alleged details surrounding the death of Andrea Greenberg and the recent apparent suicide of her ex-boyfriend are being unveiled by Greenberg’s sister and former friends of the couple. Alejandro Aparicio died earlier this month in an apparent suicide after he rammed his motorcycle head-on into an 18-wheel truck in the Everglades. He was facing charges of grand theft, organized fraud and forgery for…

Real Estate Exec Andrea Greenberg’s ex-boyfriend dies in apparent suicide

Alejandro Aparicio, the ex-boyfriend of the real estate marketing executive Andrea Greenberg who was charged with stealing from her estate, died on Sunday in an apparent suicide. Aparicio rammed his motorcycle head-on into an 18-wheel truck in the Everglades, sources told The Real Deal. The Miami-Dade Medical Examiner confirmed Aparicio’s death, but spokesperson Martha Diaz said the case is…

Linkpoint sells Chase-occupied building in booming Miami River District

Linkpoint Properties sold a Miami River District building that could be ripe for redevelopment, as investors continue to target the area for new projects. Investment firm Inversiones Sion LL paid $7.9 million for the 11,577 square-foot building with a parking lot. The property is on 1.67 acres, and is located at 1400-1404 Northwest 17th Avenue in Miami. Built in 1975, the building is occupied by a JPMorgan…

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March 27, 2019