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% – nearly a quarter – share among the top 10 brokers of such properties was nearly double that of its closest competitor.

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

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March 13, 2018

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February 19, 2020

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February 12, 2020

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February 11, 2020

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South Florida will see nearly 16,000 apartments delivered this year, leading rents to flatten in markets with added supply, according to a recently released report. Fueled in part by population growth, the number of apartment deliveries will be nearly double the 8,871 units that were completed in South Florida last year, according to Berkadia’s annual…

Freshwater Group buys Miami office building

Freshwater Group paid $7.2 million for an office building near Coral Way in Miami. The Brooklyn-based private equity real estate firm closed on the six-story, 33,407-square-foot office building at 1800 Southwest 27th Avenue, said managing partner Joey Sayegh. Property records show 1800 Professional Building LLC, led by Julio Del Rey, sold the 51,722-square-foot building for $216 per square foot. The family owns a line of “love hotels…”

Miami’s International Status Helps Sustain Office Development, Fundamentals

The surge of momentum happening in Miami’s office market is undeniable with the metro emerging as a new international hub for startups and regional companies alike. Fueled by a multilingual workforce and easy access to Latin America and the Caribbean, Miami’s status as an international gateway is drawing the attention of office landlords and…

The era of retail-tainment

If you want to find where the retail meltdown is, take a look at retail real estate investment trusts. A recent article on the Motley Fool website says REITS for malls were down 9.1 percent in 2019 as more people shopped online and some retailers declared bankruptcy. Malls are turning into the haves and have nots. Among the haves is the Whitman family and its…

Inside the coronavirus epidemic’s impact on US real estate

The impact of China’s coronavirus outbreak on real estate in the U.S. remains muted for now When real estate broker Sunanne Zhu brought a group of Chinese clients to visit a Manhattan luxury apartment tower last week, the building’s staff had some concerns. In the wake of the Chinese government’s decision to put the central city of Wuhan on lockdown…

2020 “will get a little better” after peak year for retail bankruptcies: Brookfield

Just days after making an $81 million bid to save tapped-out retailer Forever 21, company executives at Brookfield Property Partners think the worst of the bankruptcy bloodbath is behind them. “We had 3.5 million square feet of closures due to bankruptcies,” last year, Brookfield CEO Brian Kingston said on the company’s fourth-quarter earnings call Wednesday.

Climate change is a real threat to America’s very expensive stadiums

Miami’s Hard Rock Stadium hosts the Kansas City Chiefs and the San Francisco 49ers in Super Bowl LIV on Sunday. Over the last few years, extreme weather and hurricane threats have affected several games at the 65,000-seat stadium. Stadiums across the country are threatened by climate change as well, according to CNBC. Some teams and stadium owners are…

Miami commission closer to issuing $85M in bonds for affordable housing

The Miami City Commission unanimously accepted the data of an affordable housing master plan created by Florida International University, during a special meeting on Friday. However, city commissioners want to analyze the report’s suggestions on how to leverage $85 million in bond money for affordable housing to up to $6 billion, in order to build 32,000…

Why Super Bowl LIV could spark interest in Miami Gardens real estate

Tens of thousands of people will pass through the turnstiles into Hard Rock Stadium on Sunday for Super Bowl LIV, as they take part in the spectacle and competition. And when it’s over, nearly all of them will bypass the neighborhood entirely on their way out. While the stadium’s privately-funded, $500 million renovation boasts an open-air canopy along with….

How “third-grade math” led to one of Blackstone’s first RE deals

It was the height of the 1990s when Stephen Schwarzman struck one of Blackstone’s first real estate deals — guided by little more than what he said was third-grade math. At the time, the U.S. government was selling off foreclosed properties to firms like Blackstone, Goldman Sachs and Morgan Stanley. Blackstone and Goldman had teamed up to bid on a portfolio…

Video: This 1982 pre-Amazon Documentary About the (then) New Dominance of Indoor Malls Feels so – well – 1982

Just watching the first couple of minutes of this video, then skipping through a bit, one quickly realizes just how much things have changed in the past couple of decades. At that time, indoor malls had become dominant on the retail landscape, but this dominance had only taken hold in the prior decade or two. Now, retail is on the ropes, with numbers of retail malls…

Why Use a New Construction Inspector?

Having new office buildings, warehouses, apartments, residential homes, strip malls, or any other structure built from the ground-up according to your own specifications often sounds like the easiest way to avoid extensive (and expensive) repairs later on, but before you start talking to architects and builders, you should know that new construction is plagued by the…

JB’s on the Beach site hits the market for $18M

JB’s on the Beach and Native Realty’s Jaime Sturgis (Credit: Google Maps) The site of one of Deerfield Beach’s most popular restaurants hit the market for $18 million. Native Realty, led by Jaime Sturgis, is listing the oceanfront restaurant JB’s on the Beach at 300 Northeast 21 Avenue, along with a nearly 1-acre parking lot across the street. The parking lot could be…

Opportunity Zone site in Aventura hits market, could trade for $100M, broker says

An assemblage of land in an Opportunity Zone in Aventura could trade for about $100 million, according to the listing broker. The 10.5-acre site at 21440 Biscayne Boulevard hit the market on Friday, said Jonathan Molano of Blue B CRE and Blue B Properties, who is listing the property. Molano said the property could sell for more than $100 million based on…

Video: REIS Senior Economist Barbara Denham Discusses Commercial Real Estate Opportunities in 2020

As the decades closes out with the end of 2019 and we consider the upcoming decade, the question arises as to what opportunities might be forthcoming in commercial real estate? Barbara Denham, Senior Economist with Moody’s Analytics REIS, appears on America’s Commercial Real Estate Show to share observations and thoughts on the major commercial…

Miami developer Harvey Hernandez fights back against Airbnb

Harvey Hernandez’s development group is striking back against Airbnb after the short-term rental company alleged he committed fraud and siphoned money out of an apartment-sharing concept. NGD Homesharing, led by Miami developer Hernandez, alleges in a countersuit filed Friday in Miami-Dade Circuit Court that Airbnb was actually the one operating in…

Miami Beach Convention Center contractor sues city, alleging $90M in unpaid work

During Art Basel Miami Beach, attendees enjoyed new exhibition space at the Miami Beach Convention Center, thanks to the completion of a half billion-dollar renovation project. But Clark Construction, the contractor on the project, alleges the city of Miami Beach still owes it about $90 million in unpaid work, even as the…

TA Realty drops $112M on apartments in Flagler Village

The love affair with multifamily properties in Fort Lauderdale’s Flagler Village continues. TA Realty bought a 340-unit apartment project in Fort Lauderdale’s Flagler Village for $112 million from a partnership between Morgan Group and JPMorgan. The development, known as Pearl Flagler Village, sold for $329,411 per unit, records show. The project at 400…

Bridge Development sells Fort Lauderdale warehouses for $28M

Bridge Development Partners sells two warehouses near Port Everglades in Fort Lauderdale for $28 million to an entity that lists its address as Morgan Stanley Private Wealth Advisors in Chicago. Chicago-based Bridge Development sold the 174,129-square-foot properties at 3233-3303 Southwest 12th Avenue for $161 per square foot, records show. The…

Code Capital snags affordable housing complex in Lauderhill for $45M

Code Capital Partners bought an affordable apartment complex in Lauderhill for $44.6 million. The New York-based private equity firm purchased the 814-unit Cypress Grove-Lauderhill apartments at 4200 Northwest 19th Street for $54,791 per unit. Reliance Sadalgrove LLC, which is tied to the Housing Preservation Trust of Marietta, Georgia, sold the…

Agassi scores again with $61M Pembroke Pines based charter school sale

Andre Agassi and Franklin Academy at 5000 Southwest 207th Terrace (Credit: Getty Images) Andre Agassi, the world’s former No. 1 tennis player, had a punishing backhand that led to points against his opponents. Now, as a charter school developer, his company has found a way to get in and out of deals quickly and turn a profit. Turner-Agassi Charter School Facilities…

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February 5, 2020

Video: This 1982 pre-Amazon Documentary About the (then) New Dominance of Indoor Malls Feels so – well – 1982

Just watching the first couple of minutes of this video, then skipping through a bit, one quickly realizes just how much things have changed in the past couple of decades. At that time, indoor malls had become dominant on the retail landscape, but this dominance had only taken hold in the prior decade or two. Now, retail is on the ropes, with numbers of retail malls undergoing significant changes. E-commerce is taking its toll, and that toll seems likely to increase. Some malls have just died completely, as chronicled by the (some might say morbid) DeadMalls.com. New shopping destinations are different, offering more entertainment and dining options, with a great example being the planned American Dream Miami, a mega mall to become the largest mall in the United States, in the northwest corner of Miami-Dade county.

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January 31, 2020

Video: REIS Senior Economist Barbara Denham Discusses Commercial Real Estate Opportunities in 2020

As the decades closes out with the end of 2019 and we consider the upcoming decade, the question arises as to what opportunities might be forthcoming in commercial real estate? Barbara Denham, Senior Economist with Moody’s Analytics REIS, appears on America’s Commercial Real Estate Show to share observations and thoughts on the major commercial sectors, office, retail, industrial, and multifamily, as well as specialized sectors like self-storage. She also discusses important and active issues for the commercial real estate industry like trade tariffs and where we are at in the current economic cycle.

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January 30, 2020

Miami Commercial Real Estate News January 29, 2020: Industrial Property Rally Extends; Superbowl Boosts Lodging; Q4 Office Rents Rise; More…

South Florida office rents rise in Q4

South Florida businesses looking to catch a break on their rent may have to wait another year. Office rental leasing rates rose in the tri-county area in the fourth quarter, year-over-year, according to a newly released report. Miami’s office rents rose for the eighth quarter in a row, increasing to $43.40 from $39.10 in the fourth quarter of 2018, according to JLL’s…

Moss Construction Completes 19-Story Multifamily Property in Downtown Miami’s Brickell District

Moss Construction has completed Maizon at Brickell, a 19-story, 262-unit multifamily property in downtown Miami. The property offers apartments ranging from 490 square feet to 1,234 square feet. Maizon at Brickell also features an attached parking garage, 15,000 square feet of retail space and 3,400 square feet of amenity and leasing space. RD Jones designed the…

Fast-Growing Hotel Disrupter – Nearing 5 Hotels in Miami – Raises $30M As Its Business Model Gets Put To The Test

A lean, tech-oriented hotel operator, Life House, has raised $30M in a Series B funding round, it announced this week, which comes as its business model is being put to the test. Courtesy of Life House A Life House suite in Miami Beach’s South of Fifth neighborhood. Life House’s model is to be hired by independent hotels, do a cosmetic refresh and use proprietary…

The Big-Money Development Push Is On In Wynwood, Allapattah

After a frenzied few years of flipping, landowners in Miami’s Wynwood and Allapattah neighborhoods have fully shifted to build mode. Jon Paul Perez is learning how to run Related Group. At 33, he already oversees multiple condo projects. Related Group recently completed two projects in Wynwood and has more in the works, Vice President Jon Paul Perez told Bisnow this…

American Fine Food Relocates South Florida Operations to Doral

American Fine Food Corp. has signed a 147,581-square-foot lease at International Corporate Park in Doral, Fla. Boeing Distribution Services subleased the facility where the food distributor will relocate its South Florida operations. Easton & Associates, the brokerage arm of The Easton Group, represented the tenant in the lease, while CBRE assisted the…

AC Hotel Opens In Miami’s Edgewater Neighborhood, Marking A Turning Point For The Area

A stretch of Biscayne Boulevard in Miami’s Edgewater neighborhood—once known as a seedy red-light district—is now attracting brand hotels. On January 25, the AC Hotel Miami Midtown opened its doors for business next to a Hampton Inn & Suites that’s been in operation since 2017. Miami architect Kobi Karp, who designed both hotels, said AC Hotel’s arrival…

Between Two Super Bowls, Downtown Miami Real Estate Development Boomed To Record Levels

When South Florida hosted its last Super Bowl in 2010, downtown Miami was still reeling from the great recession and the real estate market crash. Ten years later, as downtown Miami takes center stage for Super Bowl LIV, the city’s urban core has rebounded with an unprecedented building boom that has added more than a dozen new skyscrapers, including the Zaha…

Video: Economist Hugh Kelly, Ph.D. on Riding the Cycle

The economic cycle remains expansive, not yet having turned as we continue to ride out what has become the longest economic expansion in United States history. Given this, what’s next for commercial real estate? Join Michael Bukl and his guest Hugh Kelly, Ph.D., of Hugh Kelly Real Estate Economics, as they talk about where we are in the economic cycle, how…

Sunny Isles Property manager stole HOA money, then gambled it away: police

A property manager in Sunny Isles Beach was arrested and booked into jail on Monday after police say she stole hundreds of thousands of dollars and gambled it all away. It’s the second time the property manager, Georgina Pineda, has been charged in connection with her role of managing a Sunny Isles Beach condo building. Pineda is out on bond on a felony charge of…

Miami Beach seeks interest in running one of oldest buildings

It’s one of Miami Beach’s oldest buildings. Now, city commissioners want to drum up ideas for use of the Carl Fisher Clubhouse. Mayor Dan Gelber and the city commission discussed the clubhouse’s potential Jan. 15 and agreed the city will seek letters of interest to attract potential ideas for the site.  However, a letter from City Manager Jimmy Morales to the mayor and…

Miami Beach kaleidoscopic bridge inches toward reality

For Miami Beach, a development that’ll lead to a kaleidoscopic bridge to welcome those coming in and out of the city, a 3-acre park with residency features and a 519-foot tower of 330 residential units is inching toward reality. The Miami Beach commission unanimously approved on first reading the second amendment to its agreement with the developers…

Miami land swap for city administration building may collapse

The Miami City Commission deferred a rezoning for the city’s riverside offices site linked with its lease to a developer in exchange for a new municipal administration building nearby, with discussion portending a possible collapse of the complex deal.  Commissioners last week indefinitely deferred the rezoning and land use change, following a request from…

Miami International Boat Show, Marine Stadium on collision course?

There remain serious concerns among those supporting restoration of Miami Marine Stadium that the millions of dollars going into rebuilding it may be wasted if the Miami International Boat Show continues to control the city-owned property in the peak tourist season. The boat show is held in mid-February on Virginia Key, under a license agreement between the…

Downtown pays for look at closing some Biscayne Boulevard lanes

Directors of Miami’s Downtown Development Authority voted unanimously Friday to back Biscayne Green Weekend – three days of activations to evaluate the outcome of closing part of Biscayne Boulevard to traffic and opening it to programming – and fund the event at $65,000. The event would take place sometime this spring, but further details haven’t…

Magellan launches leasing of Midtown Miami apartment tower

Magellan Development Group launched preleasing for its latest Midtown Miami apartment building, adding nearly 450 rentals to the market, The Real Deal has learned. Chicago-based Magellan, investor Alex Vadia and J.P. Morgan Asset Management are completing construction of Gio Midtown, previously known as Midtown 6, at 3101 Northeast First Avenue in Miami.

$1K a night, easy: South Florida hotels score high rates for Super Bowl LIV

AC Hotel Miami Midtown is ready for some football. The 153-key hotel opened its doors less than a week ago, and with mere days until the Big Game, it is fully booked from Jan. 30 to Feb. 2, the four days that encompass Super Bowl LIV weekend. Pre-booking at the hotel, at 3400 Biscayne Boulevard, started in the $300 range before the AFC and NFC…

South Florida industrial market continues to rally in Q4

Bridge Point Powerline Road industrial property The industrial party in South Florida seems poised to roll on in 2020. As e-commerce giants increasingly seek out large warehouse spaces and interest from investors like Blackrock and Prologis grows, industrial prices in South Florida have skyrocketed over the past few years. Miami-Dade and Broward counties…

Condos at Mr. C Residences in Coconut Grove will start in the $600Ks

Developer David Martin is launching sales of Mr. C Residences, months after revealing plans for the luxury condo project in Coconut Grove. The 20-story, 118-unit development will have condos ranging from 650 square feet to 3,645 square feet. Pricing will range from the low $600,000s to more than $5 million. Martin’s Terra and Ignazio and Maggio Cipriani’s Mr. C will…

Lung Yai partners ink lease for former Gigi space; other restaurant news

The partners behind Lung Yai Tapas, Bonding and Ahi Sushi restaurants in Miami will open a new Asian-fusion concept at 3470 North Miami Avenue, The Real Deal has learned. The 2,317-square-foot space is the former site of Gigi and more recently, Mason. Marc Sirkin of Engel & Volkers Delray Beach and Asi Cymbal of Cymbal Realty brokered the deal. Sirkin…

Bang: Energy drink company drops $40M on warehouse

The maker of Bang energy drinks paid $40.37 million for a warehouse in Pembroke Pines, adding to its assemblage. Weston-based Vital Pharmaceuticals purchased the 249,005-square-foot warehouse known as the South Florida Distribution Center at 20351 Sheridan Street for $165 per square foot. South Florida Distribution Center Building B, LLC, which…

Miami to debate FIU affordable housing plan

Miami is among the least affordable cities in the U.S., and needs to build or rehab 32,000 residential units over the next 10 years to help alleviate its affordability crisis, according to a new report from Florida International University. City of Miami commissioners will convene a meeting to focus on recommendations from FIU’s Affordable Housing Master Plan, as well…

Shoma plans two-tower rental project near Coral Gables

Shoma Group is betting on Miami’s multifamily market. Developer Masoud Shojaee is planning to build a two-tower, 359-unit rental development on Bird Road near Coral Gables. Shoma is under contract to buy the property at 3650 Bird Road, which is home to Deel Volvo, he said. Closing on the site is contingent on the developer securing approval for the project, to be…

Multifamily still delivers as investors avoid rent control

Investors are still paying top dollar for multifamily assets — if they are outside of the reach of rent control. Across the country, investors paid more on average per apartment in the third quarter of 2019 than they did in 2018 — $158,296 per door, up from $151,766 in 2018 and $106,074 in 2012, according to an analysis by Marcus & Millichap, the Wall Street Journal…

How South Florida CRE Is Addressing Climate Change

A new way to invest in a weather-weary world Not a day goes by when there isn’t some sort of mention of climate change and sea-level rise. Pundits may debate the validity of the science behind the issue, but Miamians and other South Floridians are becoming increasingly adept at wading and driving through flooded streets and sidewalks. Businesses…

Commercial Real Estate Trends For 2020

5 key areas that will shape the new year and beyond A television commentator recently claimed that 2020 isn’t a year. He did say, tongue-in-cheek, that it’s the name of a news show on a competing network. He also said it’s a word that defines hindsight and perfect vision—but not a year. In commercial real estate (CRE), though, hindsight and vision are essential to determine the trends and cycles that will define the industry in 2020…

What Investors and Developers Need To Know About EB-5 Investment

The impact of changes to the EB-5 program on commercial real estate investment in South Florida and beyond For developers, one of the keys to seeing a proposed project completed is sufficient capital. At the same time, investors are looking for the right projects with the best potential returns on their investments—wherever those investors are from. Enter the…

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January 29, 2020

Video: Economist Hugh Kelly, Ph.D. on Riding the Cycle

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The economic cycle remains expansive, not yet having turned as we continue to ride out what has become the longest economic expansion in United States history. Given this, what’s next for commercial real estate? Join Michael Bukl and his guest Hugh Kelly, Ph.D., of Hugh Kelly Real Estate Economics, as they talk about where we are in the economic cycle, how trade tariffs and heightened political uncertainty may affect our economy, and potential opportunities as we go further into the year 2020.

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January 29, 2020

Miami Commercial Real Estate News January 22, 2020: Two Coconut Grove Office Building Sold for $48 Million; Transit Plans Taking Shape; SAPs Under Siege; More…

Madison Marquette Acquires Two Office Buildings in Miami’s Coconut Grove for $47.7M

Madison Marquette, a real estate investor, developer and operator, has acquired two office buildings in Miami’s Coconut Grove neighborhood for $47.7 million. The properties include the 80,380-square-foot Continental Plaza, located at 3250 Mary Street and the 57,155-square-foot Bayview Executive Plaza, situated at 3225 Aviation Avenue less than a mile from Continental Plaza. MetLife provided…

Madison Marquette pays $47M for Coconut Grove office buildings

A Washington, D.C. commercial real estate firm purchased its first properties in Miami. Madison Marquette, an investor, developer and operator of mixed-use real estate, paid a combined $47.4 million for the office buildings at 3250 Mary Street and 3225 Aviation Avenue in Coconut Grove, property records show. The deals closed in late December. Allegra Holding sold both buildings to affiliates…

Senior living developer buys dev site in south Miami-Dade

Royal Senior Care closed on the site of a planned senior living development in south Miami-Dade, next to a Jackson Health System hospital. Property records show RSC Coral Reef PropCo LLC paid $7.55 million for the 12.9-acre site on 97th Avenue behind Southwest 152nd Street. The seller is HTA-Miami Dade Land LLC, an affiliate of Healthcare Trust of America, a medical office real estate investment…

Miami board votes to repeal Special Area Plans

Special Area Plans have enabled developers to build massive projects in the city of Miami like Brickell City Centre, River Landing Shops and Residences, Mana Wynwood, the Miami Produce Center, and Magic City Innovation District. SAPs have also antagonized neighborhood activists who fear that such massive developments destroy the character of low-rise neighborhoods and speed up…

R&B Realty Breaks Ground on Miami Office Tower

Rose & Berg Realty Group has broken ground on The Gateway at Wynwood, a 12-story Class A office building in Miami’s Wynwood district. The upcoming project at 2916 N. Miami Ave. is scheduled for completion in the second half of 2021. The property will comprise about 195,000 leasable square feet of office space, about 26,000 square feet of street-level retail, a private rooftop terrace and a garage.

Video: Futurist Author Daniel Burrus Discusses Predicting the Future of Commercial Real Estate

In this 2 part video series, Daniel Burrus, Technology Futurist, New York Times Bestselling Author of The Anticipatory Organization, business advisor, and public speaker in the areas of business strategy and innovation joins America’s Commercial Real Estate Show to talk about how to recognize inevitable trends and foresee disruption, and to share some of his predictions for the commercial real estate…

South Beach Business Improvement District advances

A special district aimed at improving the safety and appeal of Ocean Drive and Collins Avenue is inching toward reality.  At last week’s meeting, Miami Beach commissioners gave their preliminary approval to the proposed South Beach Business Improvement District (BID). If it clears all hurdles, it could result in a tax fund of over $2 million a year for the next 10 years to improve Ocean Drive and Collins Avenue.

Legislature moves to drain funding pool for pro stadiums

A proposal is once again in play to eliminate an untouched pool of state money set aside in 2014 to help build and renovate professional sports stadiums. The House Workforce Development & Tourism Subcommittee on Tuesday quickly backed the proposal, which would repeal a funding program that spells out steps for state dollars to become available for stadium construction and renovation. Without…

Miami-Dade targets five 2020 transportation milestones

Work to improve mobility in Miami-Dade is ongoing, and according to Transportation Director Alice Bravo, travelers here can already expect the county to reach five major milestones before the year is over. “First things first, we’ll be completing the delivery of all the new railcars for Metrorail by spring,” she said. “By then, we’ll have received the next 120 CNG buses [the county bought, which will] bring us…

Transit Alliance Miami wants to audit county’s Smart Plan

With a final vote on Transit Alliance Miami’s redesign of the Metrobus network expected by June, the nonprofit has set its sights on auditing the Strategic Miami Area Rapid Transit (Smart) Plan. Miami-Dade adopted the Smart Plan in 2016 to advance six commuting corridors, select transit modes and seek matching state and federal funds to install them. They sold it as way to keep a promise made…

Miami Beach officials cool to downtown Miami transit link plan

While Miami-Dade County may soon firm up a Miami Beach to downtown transit link, Miami Beach officials aren’t sold yet. At last week’s Beach commission meeting, county transportation head Alice Bravo shared a preferred Beach Corridor plan based on a study by engineering firm Parsons: elevated rubber-tire vehicles – either an automated people mover or monorail – along the MacArthur…

Lucky’s Market plans to close nearly all Florida stores

The popular grocery chain Lucky’s Market is closing almost all of its Florida stores, a month after Kroger announced that it would pull back its investment in the company. Lucky’s plans to close 20 stores in Florida, including its stores in Coral Springs, Oakland Park and Plantation by Feb. 12, according to the Sun Sentinel. The company’s West Melbourne store is the only store that will remain open in the Sunshine…

Investor buys Sunny Isles apartments

An investor bought an apartment building on the non-oceanfront side of Sunny Isles Beach for $7.56 million. Bella Apartments LLC, managed by Riad Belarbi of Miami, sold the apartments at 225 179th Drive to Arcadia Real Estate FL LLC. The 17-unit building sold for $444,705 per unit, records show. The 41,105-square-foot building sits on a 15,000-square-foot lot. The property last sold for $5.7 million…

Real estate fundraising hits lowest level since 2013

As high-yielding real estate deals become harder to come by, institutional investors are starting to become more selective — making it harder for private equity real estate funds to raise capital. Real estate funds closed in the fourth quarter of 2019 totaled $18 billion, the Wall Street Journal reported, citing…

Grove Isle tennis club lawsuit aims volley against developer’s new project

The Markers Grove Isle Grove Isle Tennis Owners Association is launching a volley at The Markers Grove Isle, a proposed five-building luxury project swirling with controversy. A recently filed lawsuit alleges that construction of the new waterfront condominium complex in the ritzy enclave of Grove Isle is going to end tennis amenities for unit owners of three existing residential towers. It’s the latest legal…

Decrease in Florida Sales Tax on Commercial Rent

Effective as of January 1, 2020, the Florida state sales tax rate applicable to the lease of commercial real property has decreased from 5.7% to 5.5%.  Therefore, the state will levy a 5.5% sales tax on all rent collected from commercial properties in Florida. This new state sales tax rate, however, does not impact county surtax rates.  Because individual counties may impose a discretionary sales surtax, the surtax rate…

International Produce Trade Remains Critical To Miami

Despite the Miami region’s abundant production, the heart of South Florida’s fruit and vegetable industry revolves around trade with Latin America, the Caribbean, Asia, and Europe. Three major ports serve the greater Miami area, including PortMiami, Port Everglades, and the Port of Palm Beach. Most of Miami’s produce businesses use all three ports to import and export fresh produce.The closest U.S. port…

Falcone’s mega projects make progress

As SFBW celebrates its fifth anniversary, this occasional series will look at past story subjects. Developer Art Falcone, Falcone Group and Encore Capital Management had myriad major projects when profiled in SFBW’s July 2016 cover story. (The original article is available at SFBWmag.com.) Falcone recently spoke with SFBW to update progress on them. Miami Worldcenter The $4 billion project in downtown…

Beyond The Bio: 16 Questions With Black Salmon CEO Jorge Escobar

He left it behind to delve into commercial real estate, and now he is at the helm of Black Salmon, a Miami-based CRE investment firm with a $450M nationwide portfolio of office, senior housing, industrial and hospitality properties. The tennis-obsessed exec has retained much of his banking DNA, though, and continues to work with a select group of high net worth individuals and family offices in Latin America…

Miami CRE Moves To Capitalize On The Super Bowl

For the first time in a decade, the Super Bowl will be played in Miami — well, just outside of it, in Miami Gardens, at Hard Rock Stadium, owned by billionaire developer Stephen Ross — and hotels, retailers and even luxury condo developers are trying to score a victory for business while the show is in town. The San Francisco 49ers and Kansas City Chiefs will battle it out during the game Feb. 2, and…

This “living concrete” could revolutionize real estate on earth, and in space

Researchers and their “living concrete” Could this be the building block of real estate life on Mars? Researchers at the University of Colorado have turned light-eating bacteria into the world’s tiniest construction workers, utilizing their power to create “living concrete.” Their breakthrough process uses the bacteria in the same way binders are used in traditional concrete-making. The living concrete can…

Opportunity Zone investigation won’t derail developer investment, experts say

The Treasury Department’s investigation into the Opportunity Zones program will weed out the bad apples but won’t derail the federal tax incentive initiative, investors and developers say. Instead, the probe could provide a way for companies with Opportunity Zone funds to promote the social impact of their investments, and could push to strengthen reporting requirements on those investments.

Miami board OKs self-storage development freeze

Miami’s Planning, Zoning & Appeals Board backed two proposed ordinances that will put the brakes on new storage facilities in the city of Miami. The first rule, banning storage facilities near mixed-used residential areas zoned T5 and T6, passed unanimously during the board’s meeting on Wednesday. A second piece of legislation, a 270-day moratorium on any new storage facilities throughout the city, barely…

Ivy Realty Sells Miami Office Building for $30.4M

Greenwich, Conn.-based Ivy Realty has sold the Waterford Centre at Blue Lagoon office building in Miami for $30.4 million. An affiliate of Coral Gables-based Patton Real Estate Group bought the six-story property for $332 per square foot. The 91,431-square-foot office building is located on four acres at 6205 Blue Lagoon Drive. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell and Mike Davis of…

Ivy Realty Sells Miami Office Building

Ivy Realty has sold Waterford Centre at Blue Lagoon, a 91,431-square-foot office building in Miami’s Waterford Business District. Patton Real Estate Group acquired the Class A asset for $30.4 million.Cushman & Wakefield and Kapp Morrison assisted the seller in the disposition. The property last traded in 2014, when Ivy Realty purchased it for $21.6 million from New Boston Fund, according to Yardi…

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January 22, 2020

Video: Futurist Author Daniel Burrus Discusses Predicting the Future of Commercial Real Estate

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In this 2 part video series, Daniel Burrus, Technology Futurist, New York Times Bestselling Author of The Anticipatory Organization, business advisor, and public speaker in the areas of business strategy and innovation joins America’s Commercial Real Estate Show to talk about how to recognize inevitable trends and foresee disruption, and to share some of his predictions for the commercial real estate industry going forward. Those involved in commercial real estate are always working to get and stay ahead of the curve, but is it possible to actually predict the future? Daniel Burrus would seem to suggest that it is.

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January 22, 2020

Miami Commercial Real Estate News January 15, 2020: $50 Million Financing Secured for Miami Gardens Multifamily; Wynwood Assemblage Sells for $35 Million; More…

David Edelstein sells Wynwood site to AMLI for $35 Million

David Edelstein and a rendering of the Wynwood site Developer David Edelstein sold an assemblage in Wynwood to multifamily giant AMLI Residential, The Real Deal has learned. Edelstein of New York-based TriStar Capital sold the “45 Winwood” development site to AMLI for $35 million. Together, the properties are zoned for 669,600 sf and 321 residential units. The assemblage, at 45 Northwest 24th Street

Latigo Group scores $50M loan for Miami Gardens apartments

The Center at Miami Gardens apartments (Credit: iStock) The Latigo Group scored a $50 million construction loan for its apartment project that will be part of a major mixed-use development in Miami Gardens. The Los Angeles-based real estate firm scored the loan from 3650 REIT to construct its 259-unit project at 19279 Northwest 27th Avenue in Miami Gardens. Called the Center at Miami Gardens, the…

3650 REIT Provides $50M Construction Loan for Multifamily Community in Miami Gardens

3650 REIT has provided a $50 million construction loan for the development of the Center at Miami Gardens, a 259-unit multifamily property to be located at 19279 NW 27th Ave. in Miami Gardens. Located 18 miles northwest of Miami and less than three miles from Interstate 95, the Center at Miami Gardens will feature three residential buildings and a clubhouse. Los Angeles-based multifamily…

3650 REIT Provides $50M Construction Loan for Miami Multifamily Property

Los Angeles-based real estate investor and developer The Latigo Group (TLG) has nabbed $50 million from real estate investment trust 3650 REIT, to help fund the construction of the Center at Miami Gardens, a four-building multifamily property in Miami Gardens, Commercial Observer can first report. The loan funds the construction of the 10-acre residential development, which is part of a broader…

Harbor Group’s 13K-unit apartment purchase is one of largest ever

Two years ago, Harbor Group International acquired a 9,600-unit apartment portfolio, paying $1.8 billion for properties across the East Coast and in Chicago. Now, the Virginia-based real estate investment firm has gone even bigger. Harbor has closed on one of the largest apartment portfolio deals ever, paying $1.85 billion for 13,243 units, most of them across the South and Southwest. The portfolio…

Comras looks to sell Five Guys property on Washington Ave

Michael Comras and 1500 Washington Avenue (Credit: Google Maps) Michael Comras is looking to sell a retail property on Miami Beach’s Washington Avenue. The Comras Company is listing a 7,116-square-foot building at 1500 Washington Avenue that is anchored by the popular fast casual restaurant Five Guys. The property is hitting the market for $9.9 million or $1,391 per square foot, according to a…

Miami Office Building Trades Hands for $30M

JB Waterford, an affiliate of Coral Gables-based Patton Real Estate Group, has acquired Waterford Centre at Blue Lagoon, a 91,431-square-foot office building in Miami’s Waterford Business District Park. The sales price was $30.4 million. Located at 6205 Blue Lagoon Drive, Waterford Centre at Blue Lagoon is a six-story, institutional-grade office building developed in 1999 on a four-acre site in Miami’s…

Miami Office Report – Fall 2019

Miami’s maturing market dynamics and solid office sector are underpinned by a diversifying economy, a steady wave of company expansions and relocations, and a robust development pipeline. Lured by Florida’s favorable business environment, finance firms and hedge funds from high-tax markets are moving to Miami—Wall Street giant Icahn Enterprises, relocating from New York, is just one…

AT&T Looking To Sell Miami Beach Building as Part of a 13-Building Office Portfolio In Huge Sale-Leaseback Deal

AT&T is looking to monetize a substantial chunk of its office assets. The telecommunications giant is in talks with multiple potential buyers for a 13-property portfolio of office buildings it owns and occupies across nine cities, CoStar reports. The properties, collectively dubbed by AT&T as the Central Office Portfolio… 6800 Harding Avenue in Miami Beach, 68K SF…  AT&T has been selling off properties or…

MMG buys two strip malls in southwest Miami-Dade

MMG Equity Partners paid $12.7 million for two shopping centers in southwest Miami-Dade County. MMG closed on Naranja Plaza at 27000 to 27100 South Dixie Highway for $7.1 million, or $139 per square foot. It also purchased Westlake Plaza, at 10969 Southwest 40th Street, for $5.6 million, or $128 per square foot, according to a press release. The real estate investment company financed the deals…

Metrorail leg to north could depend on state, federal funds

Whether Metrorail rolls northward could depend on state and federal fund pledges, Miami-Dade Mayor Carlos Giménez says. His office last year drafted a request for proposals (RFP) for 9.5 miles through Miami Gardens known as the North Corridor in the county Smart Plan, he said in a Jan. 7 memo. But the RFP for the “design, construction, financing, operation and maintenance” of a transit mode for the…

Miami needs to patch up its commission mess on live TV

When Miamians elected five commissioners, we presumed they aimed to do their best for the city. We still believe that. But they’re making it mighty hard for us to see that motivation.  At their meeting last week they bickered like five kids in a ballgame. When they didn’t get their ways about who got to bat first, they took their bat, ball and gloves and went home without playing.  They accomplished not one…

New EB-5 rules targeting abuse may be eased

EB-5, the federal visa program that helped fund development projects like the massive Hudson Yards in New York, has been fading recently and on the ropes, a result of fraud and its own popularity. But it still has supporters, and they are now looking to U.S. Sen. Lindsey Graham, Chuck Schumer and other powerful elected officials to help ease newly-passed rules, according to the Wall Street Journal.

The CRE Issues To Watch As Florida’s Legislature Convenes

Florida’s state legislature convened for its 2020 session Tuesday, charged with passing laws and an estimated $91.4B state budget over the course of the next 60 days. In his annual State of the State speech to kick off the legislative session, Gov. Ron DeSantis touched on everything from raising teacher pay to reducing barriers for occupational licensing. DeSantis said he would like to see people who…

1,700-ton concrete pour set for Missoni Baia condo tower

Rendering of Missoni Baia with a concrete truck and Vlad Doronin (Credit: Getty Images and iStock) Two months after scoring a construction loan, the developers of Missoni Baia will begin a 12-hour, 1,700-ton concrete pour for the condo tower’s base. The concrete pour starts at 7 a.m. on Wednesday and will end at 7 p.m. Nearly 300 trucks working in groups of 30 or 40 will deliver and pour roughly…

Sapir claims employee stole trade secrets

The Sapir Organization’s Alex Sapir (Credit: Getty Images and iStock) The Sapir Organization has a leak problem – and not the kind you find in shoddy condo buildings. A legal assistant employed by one of Sapir’s subsidiaries has allegedly been hoarding trade secrets that competitors could use to undercut Alex Sapir’s real estate empire, a new lawsuit claims. Patricia Lemanski, who’s worked for Sapir’s…

Here’s why open-air strip centers are outperforming enclosed malls

Town & Country Crossing in Town & Country, MO; The Crossroads in Royal Palm Beach, FL; and Mission Bay Plaze in Boca Raton, FL While mall landlords have struggled to stay ahead of a challenging retail environment, owners of a less glamorous type of American shopping center have maintained modest growth. And now, even foreign investors are interested. Real estate investment trusts that own open-air…

Telefonica sold its Doral data center for $44M

Telefonica sold its data center in Doral for $44 million, amid booming demand for such real estate. Telefonica sold the 153,000-square-foot property at 11300 Northwest 25th Street for $288 per square foot, records show. Daytona US Partnership LP, which lists its address in Madrid, Spain, bought the property. Telefonica is a Spanish multinational telecommunications company, also headquartered…

Brightline launches leasing of apartment towers at MiamiCentral

Brightline’s apartment towers have arrived at Virgin MiamiCentral. Park-Line Miami, at 100 Northwest Sixth Street in Overtown, is part of the mixed-use development that is home to MiamiCentral. The project adds two 30-story towers with a combined 816 luxury apartments to the project, and the Greater Downtown Miami multifamily market overall. Leasing begins this month with rents starting at $1,900 a…

Ambitious Rival Florida Airport Targets A Prime Slice Of Miami’s Freighter Traffic

Freighter operators moving cargo on intra-Americas routes have a new option as Airglades International Airport (AIA) targets their traffic. The airport has announced plans for a “state-of-the-art logistics complex in southern Florida to dramatically reshape the efficient flow of perishable goods from Latin American producers to North American consumer markets”. The US Federal Aviation Administration (FAA)…

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

In the biggest hotel sale in Miami Beach so far this year, partners Lionheart Capital and Actium Development Co. sold the Seagull Hotel Miami Beach for $120 million, The Real Deal has learned. JHG Holdings Miami Owner LLC, a joint venture between Lionheart, led by Ophir Sternberg, and hotelier Jeffrey Dagowitz’s Actium, sold the waterfront hotel at 100 21st Street to BHI Miami Limited, according to sources.

South Beach hotels hit the market for $24M

Susan Gale and the South Beach hotels A Miami Beach investor is looking to sell two boutique hotels he owns in South Beach. Scott Weinberg of Azco Realty owns Hotel La Flora at 1238 Collins Avenue and Hotel Impala at 1228 Collins Avenue, property records show. Both are now on the market with Susan Gale of One Sotheby’s International Realty for a combined $23.5 million, or $490,000 per room…

Greystar sells The Mile apartments for $40M

Greystar Real Estate Partners sold the luxury apartment development The Mile near Coral Gables for $40 million. Charleston, South Carolina-based Greystar sold the 120-unit building at 3622 Southwest 22nd Street in Miami for $333,333 per unit, records show. Miami-based Acumen Real Estate purchased the property. Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley, Calum Weaver…

The obscure reason banks will finally embrace Opportunity Zones

A rendering of the Tampa Bay Rays’ plans for a new ballpark in Tampa’s historic Ybor City (Credit: iStock, WJCT) Banks may soon have the incentive they need to sink huge amounts of money into Opportunity Zones, the controversial Trump administration tax abatement program that has seen tepid investment levels to date. The federal government plans to give commercial banks credit for issuing loans…

Can Coral Gables absorb all the new development underway?

At the corner of Malaga Avenue and Ponce de Leon Boulevard, work crews recently topped off a Class A office building and an apartment tower that make up the first phase of the Plaza Coral Gables, the largest commercial project in the city’s history. Agave Holdings, a commercial real estate firm that includes the family behind the Jose Cuervo spirits brand, is making a $600 million gamble that Coral…

South Florida developers venture statewide for opportunity

High prices and the scarcity of raw land are prompting some prominent South Florida developers to do projects elsewhere in the state. One example is Noah Breakstone’s BTI Partners, a Fort Lauderdale-based company that is one of Florida’s leading real estate developers and land investors. Since 2011, BTI Partners and institutional partners were able to assemble a portfolio of nearly 8,000 acres of land…

Unholy real estate strategy: Catholic churches shuffle properties to shield billions from sex abuse victims, report says

Catholic church dioceses across the country are moving around their real estate portfolios and using Chapter 11 bankruptcy to protect assets in sex abuse lawsuits. Over the last decade and a half, the U.S. Catholic Church has shielded more than $2 billion worth of assets from people who were abused by clergy, according to a Bloomberg Businessweek report. In some cases, that has significantly reduced…

Ivy Realty sells Blue Lagoon office building for $30M

Ivy Realty sold an office building in the Blue Lagoon office park near Miami International Airport for $30.2 million, almost doubling its last sales price. Montvale, New Jersey-based Ivy Realty sold the 129,444-square-foot office building at 6205 Blue Lagoon Drive for $233 per square foot, records show. JB Waterford LLC, which is tied to William Holly of Coral Gables, purchased the property. The building, known…

Presidente Supermarkets owner lists Little Havana assemblage for $22M

The owners of Presidente Supermarkets are looking to sell a 2.5-acre assemblage of land in booming East Little Havana, The Real Deal has learned. Property records show Eight & First LLC owns the site at 702 West Flagler Street, which hit the market for $22 million. The company is controlled by Ana V. and Pedro O. Rodriguez, who own the grocery store chain. The development site is on the market with…

TM Real Estate parts with Miami Gardens office building

TM Real Estate sold an office building in Miami Gardens that houses the Youth and Family center nonprofit. The Coral Gables-based investment group sold the 72,407-square-foot office building at 111 Northwest 183rd Street for $6.1 million, or $84 per square foot, records show. Washington Square GP Management, which is managed by Zachary Preminger of Palmetto, Florida, bought the property.

Airbnb hosts score 34K bookings for Super Bowl LIV — more than for Art Basel

Airbnb hosts gear up for Super Bowl LIV Airbnb is gearing up to host more visitors in South Florida during Super Bowl weekend than during Art Basel. Airbnb hosts have already picked up more than 34,000 bookings for the weekend of Super Bowl LIV, Jan. 30 to Feb. 2. That tops Art Basel weekend of Dec. 5-8, when the short-term rental company racked up 26,000 bookings, according to Airbnb…

Title fraud is on the rise. Here’s why it won’t stop anytime soon.

When family members of Lycienne Prince Barber were about to sell their dead relative’s two duplexes in Biscayne Park, they made a startling discovery. During the prerequisite title and lien searches on the properties, they found that a 55-year-old man named Hencile Dorsey, whom Prince Barber’s relatives never met, had filed two warranty deeds transferring ownership of the properties to his own…

Apeiron at The Jockey Club partners fight over failed $20M deal: lawsuit

The partnership behind the Apeiron at the Jockey Club project is in tatters, amid allegations of double-crosses, a loan-to-own scheme and the sabotage of a $20 million deal, according to a recently filed lawsuit in Miami-Dade Circuit Court. Apeiron Holdings Miami and Apeiron Miami, two shell corporations controlled by developers Muyad “Mo” Abbas and Michael Bedner, are suing partners Asaf Horesh…

These will be the best multifamily markets in 2020

Multifamily vacancy nationwide is expected to rise slightly as developers keep up the rapid pace of building set over the last few years. Vacancy is expected to rise 20 basis points to 4.5 percent, according to a CBRE’s 2020 market outlook report. Rent growth is expected to slow to 2.4 percent for the year, below the 2.6 percent long-term average. Developers are expected to deliver an estimated 280,000…

Eight Predictions For The Industrial Sector In 2020

New project deliveries, continued cannabis legalization, a decline in manufacturing, faster e-commerce deliveries and the upcoming presidential election will all have an impact on the U.S. industrial sector in 2020, experts say. Here are eight predictions for the industrial sector in the new year: The rush to cannabis production will likely accelerate in 2020, as more states…

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January 15, 2020

Tenant Representation: The Importance of a Prospective Tenant Package

Years ago I was the owner of a franchise territory for Aaron’s Sales & Lease Ownership stores, with a multi-unit territory in New England. Upon executing an agreement for territory with the franchisor, I began driving my markets, getting to know the territory, trying to intuit natural trade areas for my concept. After a few weeks of driving around, I felt like I absolutely knew where I wanted to be, at which point I began making offers to lease different 8-10,000 square feet spaces.

At first, dealing with landlords was difficult. I was opening my first store, and had no industry experience. The franchise concept was established, to be sure, but I was new to the business, even new to the industry. What could go wrong? There were, however, strong selling points to taking me on as a tenant. The franchise, for starters, was part of 600 units nationally, the majority of which were franchised. In their history, they claimed they had never had a store go dark. As I was discussing these points and dealing with prospective landlord, someone, either a broker I was working with or another franchisee, mentioned that I should create a prospective tenant package, essentially a summary business plan laying out the case for a landlord to take us on as a tenant.

That idea made immediate sense to me. That same night I put it together. It didn’t take more than a couple of hours. I knew the points by heart, as I’d been verbally pitching them already. Thus, it was only a matter of putting it into a reasonably nice looking format.

That one document made conversations with landlords so much easier. The conversations flipped. Whereas before landlords were less than hurried to return my call, suddenly they were not only taking my calls, but offering turnkey tenant improvements before I could even ask. It made negotiations more fluid, and helped me get better terms.

Today, years later, as a commercial real estate broker helping others with similar searches for their businesses, I find it common for entrepreneurs to have in their heads some concept that has not been committed to paper in a way that can be shared with landlords. Entrepreneurs commonly just expect landlords to offer space at which point they simply decide if they want to take it or not. Actually, the selling process is more the reverse. Landlords have to be sold on the viability of a tenant. Property owners know that if a tenant fails it is going to cost them.

So, what’s the point?

If you are looking for commercial space to lease:

1. Understand that the process is much about selling you as a tenant to the owner of the property. Make your case, directly or through your broker (that should be me, as an aside). Tell your broker about your business, what your concept is, and why it is unlikely to fail. Submitting a personal financial statement – you’ll almost always have to personally guarantee leases – as you submit any letter of intent, if not earlier, will go a long way toward helping you get a better deal.

2. Prepare a one or two page prospective tenant package. Succinctly make the case for your viability, preferably with a bullet points and photos, i.e. a deck. Remember, the landlord doesn’t care about how much money you might make, he cares about whether he’ll get paid, and further what his property is worth with you as a tenant (stronger tenants make properties more valuable). You want to make a case for viability. Your personal business history and financial wherewithal, industry data, and business concept summary can all serve to illustrate this.

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January 15, 2020

Video: Tour the New Venture X Co-Sharing Location in Downtown Doral

In this short video, Dade Construction presents a tour of the new Venture X space at 8350 NW 52 Terrace, Suite 301, in Downtown Doral. Venture X is a co-sharing franchise with locations in Texas and Florida (so far?). The company was founded by entrepreneur and real estate investor David Diamond and his son Brett Diamond. As a supporter of tech startups, the founders saw that coworking spaces tended to increas the success of businesses within them, while creating a social experience that young entrepreneurs found attractive. In 2012, they founded Venture X in Naples, Florida. In 2018, Ray Titus/United Franchise Group acquired the full rights to the brand Venture X.

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January 15, 2020

Miami Commercial Real Estate News January 8, 2020: Wynwood Office Project Gets Financing; Opa-Locka Apartments, Former Shoma Development HQ Sell; More…

Luxury athletic resort to take over Bloomingdale’s space at The Falls

Life Time Fitness will be bulking up the Bloomingdale’s space at The Falls, as malls around the country try to adapt to the changing retail environment. The company plans to break ground on a 140,000-square-foot luxury athletic resort after Bloomingdale’s closes its doors later this month, a spokesperson for Simon Property Group confirmed. Simon owns the mall at 8888 Southwest 136th Street in Miami.

$76 million opens door for Gateway at Wynwood

On a corner where Midtown Miami meets the Wynwood Arts District, a family-owned realty group based in New York has secured a $76 million construction loan to build the Gateway at Wynwood project with 220,000 square feet of offices and 25,900 square feet of retail. Developers say the site at 2916 N Miami Ave. is ready for foundation work and construction to advance, with a projected opening in the…

Berkadia Arranges $76M Construction Loan for Mixed-Use Complex in Miami’s Wynwood District

Berkadia has secured a $76 million bridge loan for the construction of Gateway at Wynwood, an approximately 230,000-square-foot office and retail complex at 2916 N Miami Avenue in Miami’s Wynwood district. Charles Foschini of Berkadia arranged the financing through Miami-based 3650 REIT on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LLC. Designed by architect…

Miami investor buys Opa-locka apartments for $8 million

An apartment community in Opa-locka sold for $8.2 million, amid growing interest from investors in the financially troubled city. Ingram Park Apartments LLC sold the 118-unit complex at 14255 to 14460 Northwest 22nd Avenue for $70,000 per unit, records show. SteelBlock, LLC, which is managed by Ignacio Murman, a former executive with Miami-based Black Salmon Capital, bought the property. Steel Block…

Architect Kobi Karp buys Miami Ad School in Wynwood

Miami architect Kobi Karp bought the Miami Ad School campus in Wynwood, but doesn’t yet have plans to move his firm from Edgewater. Karp, who owns Kobi Karp Architecture & Interior Design, paid $6.7 million for the advertising school’s parcels at 588 and 570 Northwest 29th Street, as well as 571 and 565 Northwest 28th Street, property records reveal. They total 1.1 acres of land and 14,000…

Related, PMG slapped with suits alleging faulty construction, false advertising

The luxury South Beach condominium One Ocean is among the Related Group’s signature projects of the most recent cycle. Completed in 2016, the 50 units in the eight-story boutique building sold at an average of between $2.1 million and more than $5.1 million each, or from less than $1,030 to nearly $1,700 per square foot. Martin Franklin, executive chairman and co-founder of consumer products…

Florida Commercial Real Estate News Roundup 2019

2019 was a fruitful year in Florida’s commercial real estate market. New, major developments broke ground and finished in several locations. Meanwhile, domestic and international investors contributed to the market, and overall the financial data in Florida’s CRE is positive. Analysts continue their bullish outlook on the commercial real estate market here with positive predictions…

On Miami’s menu for food trucks: red tape

More speed bumps could be rolling out for food trucks wishing to operate in the City of Miami.  The city commission is to vote on first reading today (1/9) on adding requirements for food trucks operating on private land in the city.  The legislation, sponsored by Commissioner Ken Russell, would add more requirements for food trucks present in the same location more than three times a week…

Palmetto Bay hospital zoning battle in court

A zoning battle between the Village of Palmetto Bay and a developer intent on building a 200-bed hospital has devolved to several lawsuits, with a hearing scheduled for the end of the month.  Luxcom Builders acquired a property on the northeast corner of Southwest 152nd Street and 67th Avenue from Florida Power & Light for $33 million and then proposed a hospital on a 71-acre campus. But…

In Melreese talks, safeguard public interest, not dollar sign

As Miami awaits terms due in May to lease Melreese Golf Course for mega-complex Miami Freedom Park, officials should use the precious months to probe why they’re caught up in this mess and what the city should achieve from it. Emphasis has been on how much money the city can get from the Mas brothers and soccer promoter David Beckham for its largest green space, not on whether the city should…

BellSouth sells 1M square feet of land for $25M

Qualcon Real Estate Fund purchased commercial properties with over 1 million square feet of land in South Florida from defunct BellSouth Telecommunications for $25 million. The firm, led by developers Thomas Conway and Kevin Levine, along with Andy Stone and Petra Capital Management… The properties… 9500 Southwest 180th Street, Palmetto Bay; 8038 Northeast Second Avenue, Little River…

R&B Realty’s Miami Spec Project Moves Forward

R&B Realty Group has bagged a $76 million bridge loan for the construction of a speculative Class A office building in Miami’s hot Wynwood neighborhood. The project, Gateway at Wynwood, is slated to open in the second half of 2021, providing around 220,000 square feet of office accommodation plus 25,900 square feet of ground-floor retail space. Balance-sheet lender 3650 REIT originated…

Miami Developer Bob Zangrillo faces new charges for website scams

Miami real estate developer Bob Zangrillo, embroiled in the college admissions scandal, is facing new charges for allegedly co-owning scam websites that purportedly provide services for government agencies. The Federal Trade Commission alleges Zangrillo was an officer, chaired and co-owned a company, On Point Global, that operates websites offering to conduct government transactions such as…

Pier 1 Imports to close 450 stores across US

Pier 1 Imports is the latest retailer to shutter hundreds of stores nationwide amid plunging sales. The home goods retailer said it plans to close almost half of its stores in the U.S., according to a Securities and Exchange Commission filing on Monday. Texas-based Pier 1 also will close some distribution centers, slash corporate expenses and lay off corporate employees. “Fiscal third-quarter sales and margins…”

These real estate players – some Miami based – have raised a bundle for Biden

Scott Rechler is a self-described “longtime Biden supporter.” But the RXR Realty CEO is one of dozens of real estate powerhouses who have raised big money for the former vice president’s 2020 presidential campaign. In a Friday news dump on Dec. 27, Joe Biden’s team released a list of 259 “volunteer fundraisers” — individuals who had raised at least $25,000 for the campaign. In addition to the world…

Amid supply surge, 2 hotels near MIA sell for $21M

Sunburst Hospitality Corp. sold two hotels near Miami International Airport for a combined $20.6 million, amid a surge of supply in the county. Miami-based Demand Hospitality, led by Nitun Patel, bought the Sleep Inn Miami Airport for $10.3 million. The 119-room hotel at 105 Fairways Drive in Miami Springs was built in 1999. The price pencils out to $86,555 per key…

Pebb Capital & Lease Florida Open New Hampton Inn by Hilton in Miami Beach, Florida

Pebb Capital – a diversified, multi-strategy real estate and private equity investment firm – in a partnership with LeaseFlorida, today announced the opening of Hampton Inn at The Continental in Miami Beach, Florida. The new 100-key hotel features a wide range of amenities in one of the U.S.’ leading tourism destinations. This news follows the partnerships acquisition of the historically-designated…

Centerline snags 90-acre dev site in south Miami-Dade

Centerline Capital Advisors paid $6.75 million for 90 acres in south Miami-Dade County that could be redeveloped into a home community. Sunrise, Florida-based Centerline bought the property at 17101 Southwest 200th Street for $75,000 per acre, records show. Francis Dirico of Key Largo sold the property. The property is close to the Redlands and south of the Zoo Miami. It was previously home t…

Apeiron at The Jockey Club partners fight over failed $20M deal: lawsuit

The partnership behind the Apeiron at the Jockey Club project is in tatters, amid allegations of double-crosses, a loan-to-own scheme and the sabotage of a $20 million deal, according to a recently filed lawsuit in Miami-Dade Circuit Court. Apeiron Holdings Miami and Apeiron Miami, two shell corporations controlled by developers Muyad “Mo” Abbas and Michael Bedner, are suing partners Asaf Horesh, Z…

Co-working will outlive WeWork

WeWork’s valuation has collapsed, and now the company is selling off acquisitions. Knotel is grappling with nearly 1 million square feet of vacancies. WeWork and other co-working companies are slashing their workforces. With headlines like that, you might think the whole sector is in trouble. But flexible office space isn’t going anywhere — and will likely continue expanding. The number of co-working…

Gateway at Wynwood scores $76M loan

More large-scale office and retail development is coming soon to Miami’s artsy neighborhood. New York-based Rose & Berg Realty Group snagged a $76 million loan to build the Class A office and retail complex Gateway at Wynwood from Miami-based 3650 REIT. Berkadia Commercial Mortgage, led by Charles Foschini, brokered the loan. The Kobi Karp-designed property at 2916 North Miami Avenue will…

Local industrial players work the angles as Blackstone moves in

Malcolm Butters’ firm has been building industrial properties in South Florida for about 30 years. But the last three or four of those years have been nothing like what came before. Companies such as Butters Construction have been forced to adapt to changes within an industrial market that has seen a massive influx of institutional capital from the likes of Blackstone and Prologis. Thanks to the rise of…

Videos: Deloitte Real Estate Leader Jim Berry Discusses their 2020 Outlook: Cybersecurity, AI, Sector Performance, Digitization, and Tenant Experience

Jim Berry, United States Real Estate Leader at Deloitte, appears on America’s Commercial Real Estate Show to discuss his firm’s (Deloitte’s) 2020 Commercial Real Estate Outlook report. Among the topics discussed are how the internet of things (IoT) has increased cybersecurity demands and commercial real estate sector performance. Additional discussion is given to how organizations are looking to use smart…

Former Shoma headquarters goes for $13M

The former headquarters of Shoma Development sold for $12.8 million. Doral Commons, a four-story, 59,727-square-foot office building in Doral, sold for $214 per square foot, records show. A company managed by Coral Gables real estate investor William Holly bought the property at 8550 Northwest 33rd Street. Bonbon Realty LLC, managed by Arnold Wax, was the seller. The property traded at a slight…

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January 8, 2020

Videos: Deloitte Real Estate Leader Jim Berry Discusses their 2020 Outlook: Cybersecurity, AI, Sector Performance, Digitization, and Tenant Experience

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In these two videos, Jim Berry, United States Real Estate Leader at Deloitte, appears on America’s Commercial Real Estate Show to discuss his firm’s (Deloitte’s) 2020 Commercial Real Estate Outlook report. Among the topics discussed are how the internet of things (IoT) has increased cybersecurity demands and commercial real estate sector performance. Additional discussion is given to how organizations are looking to use smart building and other various technologies to improve the experience for their tenants.

Deloitte is a multinational professional services network, one of the “Big Four” accounting organizations, and the largest professional services network in the world by revenue and number of professionals. Their headquarters is in London.

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January 3, 2020

Miami Commercial Real Estate News January 2, 2020: Biggest News, Deals of 2019; Lincoln Road’s Sterling Building Scores Hotel Approval; More…

Multi-use redevelopment of Wynwood industrial sites OK’d

A set of interconnected buildings is designed to bring a mix of residential, retail and office uses to a block in Wynwood, along with major murals and other art treatments and a large courtyard. With a current title of Dorsey, the major mixed-use project is proposed by developer Weck 29th LLC for land at 2562/268/286 NW 29th Street and 2801 NW Third Avenue. The City of Miami’s Urban Development…

Sterling Building on Lincoln Road scores hotel approval

Sam Herzberg’s proposal to add a hotel to the 91-year-old Sterling Building on Lincoln Road cleared another hurdle. The Miami Beach Planning Board last week approved the 144-room project by a 6-1 vote. The hotel is one of two currently in the planning stages for the popular pedestrian mall. City leaders and Lincoln Road business owners say the hotels will attract more visitors and supplement the…

Forbes Profiles the Top South Florida Commercial Deals Of 2019

RREEF America, an affiliate of Deutsche Bank, paid $178 million for a three-building and warehouse complex at 5801 and 6301 East 10th Avenue. Totaling 1.6 million square feet, Centergate at Gratigny features two new distribution facilities with 602,657 square feet and a 978,164-square-foot warehouse. The anchor tenant is Bullet Line, a supplier of low-price promotional products, and other tenants…

How Miami-based players are making the most of Opportunity Zones

SIX13 Call it a case of lowered expectations. At one time, former White House communications director Anthony Scaramucci saw auspicious possibilities in the Opportunity Zone program enacted as part of Trump’s sweeping 2017 tax law. Believing the initiative had $100 billion in investment potential, he set up a fund to raise $3 billion from mom-and-pop investors who wanted to cash in on the…

At the desk of: Gil Dezer

Ride the elevator along with swimsuit-clad hotel guests to the 31st floor of Trump International Beach Resort and you’ll find the headquarters of Dezer Development. Hidden within the full-floor suite at 18001 Collins Avenue in Sunny Isles Beach is a winding staircase that leads to the adjoining lairs of Gil Dezer, 44, and his father Michael Dezer, 78. With a large patio from which he can watch his towers…

Melreese golf course deal for major development targeted for May

After debate over a Melreese golf course deal still being negotiated boiled over in November, Miami commissioners have let talks simmer, awaiting a May update from lawyers. Attorneys retained for ongoing negotiations with Miami Freedom Park laid out issues in December. Ex-commissioner Marc Sarnoff, one of the city’s lawyers for the deal, said commissioners could hear a direct report in May and…

Joia Beach to open at Jungle Island and other restaurant news

Chris Paciello and Mio Danilovic of Liquid Hospitality will open Joia Beach at Jungle Island on Watson Island in January. The European-style concept, with its own beach, will be open for lunch and dinner. Joia Beach is opening as part of a partnership with Jungle Island, Danilovic said. The restaurant will span about 4,000 square feet and the beach will take up nearly 2 acres of land that was previously…

Will Moishe Mana’s downtown dream ever become a reality?

Moishe Mana sits down at the head of a conference table in his Wynwood office and immediately slips off his Louis Vuitton shoes, leaving his bare feet to just brush the tile floor. “It is crazy, you know. Like I was in Colombia now, I was walking barefoot on the beach for three days,” said Mana, who has a habit of smiling while he talks. “I need to take the shoes off everywhere I go.” Mana is a…

Aspira sells Homestead charter school, the third they’ve sold in third South Florida

Homestead school and Achikam Yogev Aspira of Florida sold its third South Florida charter school for $5.1 million. Investors Mario and Ramon Castellanos’ company, 216 Corner LLC, bought the Aspira Leadership & College Preparatory Academy at 13330 Southwest 288th Street in Homestead. The 26,596-square-foot charter school sits on a 3.52-acre property. It sold for $192 per square foot. The buyer…

Leasehold, Tenant, and Build-Out Improvements in CRE

Three terms which are similar, but different There’s an old song, made most popular by an Ella Fitzgerald/Louis Armstrong duet, in which the singers lament the differences in how they each pronounce the same words differently. One says “to-may-to,” while the other says “to-mah-to.” As they compare their words, the two must decide if they’re going to overlook their differences or call the whole thing…

Florida State Sales Tax on Commercial Leasing – Reduced to 6.5% for Miami-Dade, Broward and Palm Beach Counties as of January 1, 2020

Effective January 1, 2020, the Florida state tax imposed rate per Florida Statutes section 212.031 on the total rent charged for renting, leasing, letting, or granting a license to use real estate property in the State of Florida is decreased from 5.7% to 5.5%.  This includes lease rent collected from retail spaces, offices, warehouses, and self-storage units or warehouse office combinations. The reduction only…

The latest threat to US landlords? Cities are arming tenants with lawyers

New York State’s Attorney General Letitia James joins a press conference to support rent controlled tenants who have been threatened with eviction (Credit: Getty Images) Half a dozen U.S. cities plan to provide tenants free legal counsel in eviction cases in an effort to reduce evictions and prevent homelessness. The programs are expected to be costly and challenging to implement, but advocates…

Unsettling news for landlords: Online retailers killed it this holiday season

Americans spent more money than ever this holiday season — but shoppers are increasingly doing so online. Overall retail spending jumped 3.4 percent over the holidays, according to a recent report from Mastercard. But the biggest gains came from shopping on e-commerce platforms, as online purchases made up 14.6 percent of the sales. That’s an increase of 18.8 percent over last year. It’s…

South Florida’s top real estate news of 2019

South Florida’s place in the real estate big leagues was cemented in 2019, as uber-wealthy hedge funders and other investors from high-tax states poured millions of dollars into luxury properties. Palm Beach gleaned many of the benefits, with sky-high record sales. At the same time, major players from New York, the Kushners and Michael Shvo — set their sights on South Florida, with big development…

Here are South Florida’s largest industrial sales of 2019

Long an afterthought to the high-rise condos overlooking Biscayne Bay and swanky office buildings in Brickell, industrial has now become the sexiest asset class in Miami. Institutional investors like Blackstone are scooping up industrial properties across the area, especially near Miami International Airport, due to the rise of e-commerce. While 2019 marked a year…

Miami Beach seeks to fix floor area ratio controversy involving Galbut and Martin’s Park on Fifth project

Looking to short circuit an unwanted precedent for future development on Miami Beach, city officials are proposing legislation that would make it clear that a project’s floor area ratio includes elevator shafts and stairwells. The Miami Beach Planning Board last week recommended that the city commission approve the new ordinance. It was drafted as a direct response to a recent Miami Beach Board…

Fort Lauderdale Wawa sells for $7M

Stuart Lazier and the Wawa in Fort Lauderdale Real estate investors are buying into Wawa’s subs and relatively reasonably priced gasoline. Toronto-based Northbridge Investment Management sold a building leased to Wawa in Fort Lauderdale for $7.28 million. The buyer is Promociones 96 Inc, which is tied to Juan Petrizzo of Boca Raton. The building at 2620 West Broward Boulevard is within Riverbend…

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January 2, 2020