City swap, three-tower development on Miami River cast adrift

A complicated deal to gain a new office complex for the City of Miami in exchange for a triple tower private development on the Miami River is not as advanced as recently proclaimed. In fact, City Manager Emilio González said it’s far from being a sure thing. The deal arises from the city’s intent to sell or lease Miami Riverside Center, its office tower complex on the river at 444 SW Second Ave. Saying they…

Never Mind South Beach. Miami’s Downtown Is Undergoing A Multibillion-Dollar Transformation

In 2010, when LeBron James announced during a televised ESPN special that he would be “taking his talents to South Beach” and joining the Miami Heat, Floridians chuckled, because while South Beach is the main tourist drag on a barrier island, the Heat’s stadium is actually located across a causeway, on the mainland in downtown Miami. Bisnow/Deirdra Funcheon Developers Art Falcone and Nitin Motwani…

Macken sells Walmart-anchored center in Miami Gardens

Macken Companies just sold a Walmart-anchored shopping center in Miami Gardens for $11.85 million. The newly developed Palmetto Design Center at 3791 Northwest 167 Street sold for about $190 per square foot to Rise Star LLC, a Hollywood-based company led by Valentina Georgescu, according to a press release. The plaza, completed in 2016, was developed in a joint venture between Macken…

Mall Of America’s Developers Are Planning A Bigger, $4 Billion Project On Outskirts Of Miami

Triple Five Worldwide says its three North American malls — Mall of America in Minnesota, West Edmonton Mall in Canada and the under-construction American Dream Meadowlands just outside of New York — will draw more tourists annually than Disneyland, Walt Disney World, Times Square, the Las Vegas strip, the French Quarter, the Grand Canyon and Yellowstone combined. Now, the company…

Hyatt Regency riverfront deal gets a slowdown

Hyatt Regency executives are eager to lock in a new long-term lease of Miami riverfront so they can build a new hotel and more, but city commissioners are in no rush and made that clear May 10. Proposed legislation to put the matter on the August primary election ballot was deferred for at least two weeks. The City of Miami owns the 4.2-acre site at 400 SE Second Avenue, home to a Hyatt Regency hotel…

GreenOak Raises $1.55 Billion for Real Estate Deals in Miami, Other Major U.S. Cities

GreenOak Real Estate has raised $1.55 billion for its third U.S. fund, the largest yet for the firm formed by former Morgan Stanley property executives. While GreenOak has historically spent most of its capital in New York, San Francisco, Los Angeles and Boston, it will also target other major cities, including Seattle, Washington and Miami.

Downtown Miami’s largest office lease gets boulevard penthouse

Downtown Miami just saw its largest office lease in 2018 signed and secured. Duane Morris LLP is the new penthouse tenant at the CitiGroup Center with the help of Tower Commercial Real Estate. Duane Morris LLP is making a short jump from its current location at 200 S Biscayne Boulevard to its new offices at 201 S Biscayne Boulevard According to Jon Blunk, president of Tower Commercial Real Estate…

Miami-Dade courthouse bidding D-Day: June 5

Brightline’s parent company might still have a chance to build a new downtown Miami-Dade civil courthouse — in spite of the county mayor’s opposition. On June 5, the Miami-Dade County Commission will decide whether or not to merge two bidding processes for real estate developers and contractors interested in building a new courthouse that will replace the deteriorating circa 1928 civil courthouse…

Success In The Suburbs: Build For Underserved Customers Outside The Urban Core, Florida CRE Experts Say

In South Florida, the focus is usually on the flashy, the sexy, the chic. But developers working in the suburbs of Fort Lauderdale are finding that it is profitable to leave trendy developments to others and focus on quieter deals in underserved areas, like the small cities of Sunrise, where the Florida Panthers hockey team plays, and Plantation, where major companies like Magic Leap and Virgin Cruises have recently…

L’Atelier developers score $28M refi for sold-out North Beach tower

The developers of L’Atelier Residences in North Beach refinanced their construction loan with a $27.8 million loan from Bank of the Ozarks. The Disney family’s Shamrock Holdings, SMG Management and W Capital Group are the developers behind the 18-story, 24-unit building under construction at 6901 Collins Avenue in Miami Beach. The lower leverage, lower interest rate loan replaces the $57 million…

Miami-Dade’s resi sales suffered the most in Q1: Realtors reports

Fewer South Florida homes sold in the first quarter compared to the same period last year, with Miami-Dade taking the brunt of the slowdown, new reports from the Florida Realtors show. Still, prices continue to rise across South Florida. Residential closings fell 6.5 percent in Miami-Dade County to 5,770 during the first quarter. The decline was marginal in Miami’s counties to the north. In Broward…

Triarch buys North Miami Beach retail building near planned SoLē Mia

Triarch Capital Group just picked up a retail building along Biscayne Boulevard in North Miami Beach for $6.55 million, property records show. The 15,000-square-foot retail building at 14652 Biscayne Boulevard is leased to Boga Style Home. Online marketing materials show its lease is set to expire in about three years, with four five-year renewal options that would run through 2044. The seller, Glazer…

South Florida Retail Summary (Q1 2018)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q1 2018 for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the health of the CRE market in Miami-Dade County. In Q1…

SunTrust building in downtown Miami sells for $127M

SunTrust International Center in downtown Miami just sold to PCCP for $127 million. Crocker Partners sold the 31-story office building at 1 Southeast Third Avenue about three years after renovating the tower. The 440,000-square-foot office building has nearly 170,000 square feet of vacant space, José Lobón of CBRE said in a press release. The 33,500-square-foot retail portion is fully leased…

American Dream Miami developer Triple Five under contract to buy Archbishop Curley site in Little Haiti

Triple Five Group, the developer of the proposed American Dream Miami mall, is under contract to buy the Archbishop Curley-Notre Dame High School site in Miami, with plans to build apartments, condominiums and retail space, The Real Deal has learned. Robert Gorlow, a Miami Lakes-based consultant for Triple Five, confirmed that the Edmonton, Canada-based company has the 15.56-acre site…

Nearly 3M sf of retail space will be delivered this year in South Florida: report

Who says brick and mortar retail is dead? More than 2.8 million square feet of retail space are projected to be delivered this year in South Florida. And in Miami-Dade County alone, about 1.8 million square feet will open by year’s end, including several shopping centers that are more than 100,000 square feet, according to a report from Marcus & Millichap. While traditional retail stores across most of the…

SunTrust International Center Sells for $127M

SunTrust International Center, a 4-Star office tower in downtown Miami, has sold for $127 million, or roughly $283 per square foot, to institutional investor PCCP LLC. The seller, Crocker Partners, paid $82.5 million as part of an auction sale in 2011 that valued the office property at roughly $54.79 million, or about $122 per square foot, according to CoStar data. See CoStar COMPS #2155498.The 449,076…

Multifamily Concessions Creeping Up in Miami, Fort Lauderdale

Despite hyper-supply in Miami’s multifamily market, lease-up of new apartments remained as strong in 2017 as it was in 2016. However, an uptick in concessions indicates property managers may be working harder to maintain that same level of lease-up momentum. Concessions increased year-over-year for Miami and Fort Lauderdale. Strong population growth in South Florida has kept demand for…

Take a virtual reality tour of Paramount Miami Worldcenter

The tour shows what the 27-acre, Miami development will look like once it’s finished Paramount Miami Worldcenter, home to the largest construction site in Miami’s history, aims to build a city within a city in Downtown Miami. Unlike Metropica, a $1.5 billion mixed-use project by Joseph Kavana that aims to transform Sunrise’s corridor in Broward County into a city within a city, the Miami development…

Can landlords discriminate against porn stars?

Adult film stars say they often get screwed when it comes to finding housing. Adult-film actress Aurora Snow claims she and others face discrimination from landlords due to their line of work, Inman reported. “I was young, had great credit and plenty of money, and had even agreed to put down three times the deposit,” Snow wrote in an op-ed for the The Daily Beast. “But it wasn’t enough. He grilled me…

Two Little Havana retail properties command $11.19 million

A company run out of Broward County paid $11.19 million for two properties that span two acres in Miami’s Little Havana. Gamla LLC, managed by Dov Ohayon in Plantation, paid $7.5 million for a 1.59-acre property in the 1100 block of Flagler Street that extends to Northwest First Street and Northwest 11th Street. The property has 26,223 square feet of retail space and is located in an area of Little…

All aboard: Brightline train services start May 19

Brightline will host a two-day celebration at the MiamiCentral station for the public Commuters in Miami-Dade County will have a new form of transportation to visit Broward and Palm Beach counties starting next week. Brightline, a passenger rail that offers non-stop service between Miami, Fort Lauderdale, and West Palm Beach, will officially launch Saturday, May 19, revealed Brightline representatives…

Miami officials to expedite $45 million Flagler, SW 1st Street roadway project after construction delays

Store owners near West Flagler Street and Southwest First Street have seen a 50 percent dip in profits since the project began The City of Miami Commission passed a resolution Thursday that allows the City Attorney to take all necessary actions to expedite the construction delays relating to West Flagler Street and Southwest First Street. One of those actions includes suing the Florida Department of…

Midtown Miami Hotel Lands $21M Construction Loan

Aztec Group has arranged $21.3 million in construction financing for the development of AC Marriott Hotel, a 153-key hotel in Midtown Miami. Florida Community Bank provided the loan, secured by Aztec Managing Director Boaz Ashbel on behalf of Midtown Lodging 2 LLC. Located at 3400 Biscayne Blvd., at the corner of Northeast 34th Street and Biscayne Boulevard, the new hotel is scheduled for…

Estates at Acqualina breaks ground with skydivers, a marching band and 25 Rolls-Royces

Three skydivers parachuted onto the sand as a marching band played “The Champion” alongside 25 Rolls-Royces — all to celebrate the groundbreaking of the Estates of Acqualina in Sunny Isles Beach Thursday evening. The luxury condo project, developed by the Trump Group, will include two 50-story towers with a total of 247 units at 17895 Collins Avenue. The south tower will have 154 units, and the…

Duane Morris signs $17 million lease at Citigroup Center in downtown Miami

Duane Morris LLP is moving into the penthouse office suite at the Citigroup Center in downtown Miami. The law firm signed a lease for more than 23,000 square feet on the top floor of the 34-story building at 201 South Biscayne Boulevard. The lease is valued at $16.8 million, marking one of the largest office deals in downtown Miami so far this year, according to a press release. Duane Morris is moving…

Mast Capital, partner close on Miami River dev site for $26M

Mast Capital just closed on a 6.3-acre site along the Miami River where the developer is planning a 688-unit project. The firm, led by CEO Camilo Miguel Jr., paid $26 million for the property at 1001 Northwest Seventh Street in a joint venture with AEW Capital Management, according to a press release. Colliers International South Florida’s Gerard Yetming and Mika Mattingly brokered the deal. Property…

Former offices of South Florida’s biggest Ponzi schemer now available to lease

The space once held a massive aquarium, a private elevator and was protected by a high-tech security system in what a U.S. Attorney called “the structure of a secretive man.” The former offices of one of South Florida’s most well-known convicted Ponzi schemers and a beleaguered bankrupt insurance company are now available for lease in downtown Fort Lauderdale. The 36,537 square feet of office…

Hyatt’s redevelopment dreams for the Knight Center strike out again

For the second time in less than a year, Hyatt Hotels Corp. failed to win the Miami City Commission’s permission to let residents vote on their redevelopment proposal for the site of the James L. Knight Convention Center and the adjacent Hyatt Regency Miami. Citing pressure to rush through an Aug. 28 ballot measure that could grant the company a new 99-year lease, four out of five commissioners…

688-Unit Apt. Complex Coming to Long-Vacant Miami River Site

Mast Capital.A $26 million land deal that closed late Thursday clears the way for a large rental development along the revitalized Miami River. Mast Capital bought the 6.3-acre site at 1001 NW 7th Street in Miami’s Little Havana neighborhood from RAD Miami. Mast already has site plan approval for Miami River Walk, featuring four buildings of 688 apartments and nearly 3,000 square feet of retail.

Spectacular recoveries : Comparing the strongest economic recoveries in recent U.S. history

In a previous post, we discussed how the economic recoveries from recessions are longer and slower than the downturns that lead to those recessions. Today, we compare the sizes of recoveries across the economic history of the United States. In the graph above, which shows the unemployment rate, the current recovery is clearly remarkable: The drop from unemployment’s high point of 10% down to…

How Industrial Became CRE Financing’s Newest Sweetheart

Over the last few years, industrial properties have risen through the ranks among banks and other commercial real estate lenders to become financing’s new sweetheart property type. These include core market warehouse and distribution centers, refrigeration/cold storage centers, flex buildings, manufacturing properties and R&D facilities. Lenders are aggressively targeting these specific property…

Starwood Capital wants to build a new HQ in Miami Beach

Barry Sternlicht’s Starwood Capital Group plans to develop a new headquarters in Miami Beach to move into by 2021, according to a memo sent out to employees reviewed by The Real Deal. In the memo, Starwood-owned LNR Partners said it is “in the process of finalizing plans with Barry [Sternlicht] and our partners at Starwood Capital to build a new world-class headquarters office here in Miami…

Jack’s Miami to open second location, Pharrell to partner on new Design District restaurant, other restaurant news

Jack’s Miami is opening a second location at Mary Brickell Village. The restaurant, which has its original location near Wynwood, is opening a pop-up at The Craftsman Miami, unit 135 at 900 South Miami Avenue. Jack’s has a sublease with the bar, and is taking about 1,000 square feet, which includes an 800-square-foot kitchen. The homestyle restaurant’s second outpost is an “express” location for…

Law firms want smaller offices amid SoFla’s shifting real estate market

Law firms’ office spaces are shrinking in South Florida. The average office size for a law firm in South Florida decreased from 800-1,000 square feet per lawyer to 550-700 square feet per lawyer, according to a recent CBRE study cited in the Daily Business Review. Nationally, law firms’ average square footage reduced 27 percent between 2010 and 2017, according to the study. Andrew Smulian, former…

The end of real estate’s flashiest foreign buyer: Anbang’s ex-chair Wu Xiaohui gets 18 years in prison

Wu Xiaohui, the former chairman of Anbang Insurance Group, has been sentenced to 18 years in prison after being convicted by a Chinese court of orchestrating a $12 billion fraud. Wu had become the poster boy for Chinese debt-fueled U.S. real estate purchases, acquiring some of New York’s most notable assets between 2014 and 2016. In addition to his prison term, Wu will also have $1.65 billion…

Hines Eyes Amazon for Downtown Miami Office Tower

The Hines real estate firm plans to build a 47-story, multi-tenant office tower in downtown Miami, unless retail behemoth Amazon swoops in to make it single-tenant. Michael Harrison, a senior managing director for Houston-based Hines, said on Thursday that the firm has hired CBRE to begin marketing the building, which could be as large as 600,000 square feet. It’s scheduled to open in 2021 in the mixed…

Video: Director of Leasing at Hines on retail tenant success in today’s changing environment

In this video, Nick Grazia, Director of Leasing at Hines, appears on America’s Commercial Real Estate Show, discusses the retail sector with an emphasis on maximizing tenant success. This includes tips for landlords,  helping tenants, Yelp and other reviews of tenants, mall REITs, retail operator issues, franchisee relations with franchisors and their landlords, and retail landlord and tenant rep relations. Hines, per its…

South Florida Parking in the 21st Century

One of the greatest thrills for South Florida city drivers these days is to find available parking, whether it’s in front of a specific destination or in a convenient garage. That gift, though, is becoming fewer and farther between, which is why so many commercial and corporate locations provide valet services. Drivers and passengers get to walk a short distance, while valets run all over the city to park and retrieve…

Shopping and Entertainment Mecca in South Florida Nearing Final Approvals

As South Florida awaits word on its chances to land Amazon’s coveted second headquarters, another massive development moves closer to reality. Triple Five Worldwide, the company that built the Mall of America in Minnesota, is working on an even bigger retail and entertainment destination at Interstate 75 and Florida’s Turnpike in northwest Miami-Dade County. Topping 5 million square feet at full…

Turner & Townsend Releases International Construction Market Survey 2018

Global construction volume is on the up and the future is looking bright. But the industry faces more work with fewer workers. The challenge for the supply chain is how to convert this increased output into profit. There is an expectation of increasing construction activity around the globe with a few exceptions, notably a reduction in the UK. Our survey shows that of the 46 markets examined 21…

Bridge Development scores $75M loan for Miami Gardens industrial park

Bridge Development Partners just scored a $75 million construction loan and broke ground on the first phase of its Bridge Point Commerce Center project in Miami Gardens. The 2.1-million-square-foot industrial park is being built on 186 acres at 3900 Northwest 215th Street. Bridge Development bought the site in October for $28.2 million . The first phase consists of three buildings totaling 1.1…

Ecosteel USA proposes $240M steel mill complex in Homestead

Ecosteel USA, a construction and engineering firm and building supplier, is proposing a $240 million steel mill complex on about 124 acres of county-owned land in Homestead, outside the Homestead Air Reserve Base. The Ecosteel facility would be an “eco-friendly steel mill,” meaning it would use an electric furnace to melt scrap steel into billets. The company said it expects to produce about 1,000 tons…

Video: Survey on Open Floor Plan vs. Private Offices ~ Those Not Fans of Open Far from Alone

In this video, Marketing Communications Specialist Diana Sabau discusses a recent survey she performed asking employees from various age groups and in various industries. The survey questioned how they felt about office layouts. In particular, she wanted to find out preferences regarding open floor plans – if you’re not a fan I think you’ll be stunned at how much company you have – as opposed…

City of Miami swap of its riverfront office tower moves ahead

A high-value deal to build new City of Miami offices and open up riverfront for a three-tower private development could go to city voters in November. The city charter requires a referendum on any sale or lease of city-owned waterfront. The city aims to sell or lease Miami Riverside Center, its office tower complex on the river at 444 SW Second Ave. Officials say they’ve outgrown the building. A few years…

Duty-free giant to upgrade 21 Miami International Airport stores

The Western Hemisphere’s largest duty-free retailer is pledging to spend $17 million to upgrade its 21 stores in Miami International Airport in extending its leases at two of the airport’s three terminals to 2024 in a no-bid deal. The deal is part of the fifth amendment to the lease of Duty Free Americas Miami that the Miami-Dade County Commission approved in November 2005 and that was to expire…

Miami-Dade office market shows major gains

Miami-Dade’s office market in the first quarter showed prices markedly above three years ago but vacancy rates also higher, with the central business district in particular having growing vacancy. Despite a changing landscape, experts say they aren’t worried, as reports show the market on track to surpass absorption levels due to increased popularity in co-working offices. A presentation of the…

Developer Secures $75M Construction Financing for Industrial Park

Bridge Development Partners LLC obtained a $75 million construction loan to build a massive industrial business park in Miami Gardens, FL. At full build-out, Bridge Point Commerce Center will consist of 2.1 million square feet on 186 acres at 3900 NW 215th Street Fronting Florida’s Turnpike, the site is equidistant to the two major airports in Miami and Fort Lauderdale and has immediate access to the…

Top office and industrial trends that will impact Northeast Florida in 2018

Businesses, investors and real estate owners are still watching and waiting for the office and industrial markets to catch up with the real estate boom happening in Florida and across the country. Jacksonville is still slow to recover fully from the recession, there are some high points in the market and indicators all analysts will be watching this year. Will this be a banner year for growth and expansion in these…

Ex-Bacardi buildings in Edgewater head for historic roles

A pair of unique and colorful structures, making a statement in Miami’s Edgewater neighborhood for decades, is being considered for placement on the National Register of Historic Places. The city commission is to consider a resolution today (5/10) to support the nomination of the Bacardi Buildings Complex. City code requires the City of Miami Historic and Environmental Preservation Board…

Miami River Commission backs vast downtown development

The Miami River Commission is endorsing the latest plan to redevelop a city-owned property in the heart of downtown. By unanimous vote Monday the commission recommended approval of a proposal to redevelop a 4.2-acre site at 400 SE Second Ave., home to a Hyatt Regency Hotel and the city’s James L. Knight Convention Center. The matter is up for review by the Miami City Commission today…

City of Miami may buy, renovate former theater

In an effort to spruce up another corner of the Liberty City neighborhood, the City of Miami is considering a project to purchase and renovate a vacant former theater. Known as The Carver Theater, the building at 6016 NW Seventh Avenue has been vacant and for sale for years. The structure had been divided into smaller shops years ago, before being boarded up. The city’s Department of Community…

After 5M riders, city officials aim for trolley expansion

The meeting will be attended by Commissioner Willy Gort and Commissioner Manolo Reyes City of Miami officials plan to continue expanding the Miami Trolley by adding a new route, the Flagami route to Miami-Dade County’s bustling transportation scene. The Miami Trolley added a Little Haiti route earlier this year and held a ribbon cutting ceremony on February 9 at the Little Haiti Cultural Center.

Now that firms behind the collapsed FIU bridge dropped out, $800M I-395 bridge can move ahead

Miami may get its new “signature” I-395 bridge sooner than expected now that bid protests tied to the multimillion-dollar contract have been dropped. A group that includes Munilla Construction Management and Figg Bridge Group, the builder and engineer of the Florida International University bridge that collapsed in March and killed six people, withdrew its lawsuit after a judge confirmed awarding…

Miami River Commission gives thumbs-up to Knight Center and Hyatt redevelopment proposal

A proposal to replace the James L. Knight Convention Center and the adjacent Hyatt Regency Miami with a three-tower mixed-use project gained support from a key quasi-public agency, leading the way toward a public referendum. The Miami River Commission on Monday voted unanimously to recommend approval of the redevelopment project, which is being spearheaded by an affiliate of Hyatt Hotels…

Russell Galbut’s Crescent Heights sells South-of-Fifth nursing home for $31M

A Brooklyn buyer paid $30.75 million for a nursing home and rehabilitation center in the heart of South Beach, property records show.
Southpointe Heights LLC, an affiliate of the Miami-based development firm Crescent Heights, sold the four-story, nearly 63,000-square-foot South Pointe Plaza Rehabilitation and Nursing Center at 42 Collins Avenue to 42 Collins Avenue LLC. The buyer, a Delaware…

Tata Harper spa opens in Miami condo

Tata Harper Spa has a skincare line that’s popular with Emma Watson, Anne Hathaway, and Gwyneth Paltrow Tata Harper, a green-friendly skincare and wellness line, debuted a full service spa in the Jade Signature condo tower in Miami. Tata Harper’s skincare line has a celebrity fan base that includes Gwyneth Paltrow, Brooke Shields, Emma Watson, and Anne Hathaway. Located in Sunny Isles Beach…

Paul Cejas scores approval for partial demo at Washington Avenue project

A company controlled by former U.S. ambassador Paul Cejas and his wife Gertie reached a compromise with a Miami Beach board to move forward with a mixed-use project on a prime slice of Washington Avenue near Lincoln Road. By a 5 to 1 vote, the Miami Beach Historic Preservation Board approved an application submitted by 420 Lincoln Road Development LLC to save a portion of a two-story…

Metropica, a $1.5B mix-use project aims to transform Sunrise’s corridor

The developer, Joseph Kavana, aims for an upscale makeover right across the street from Sawgrass Mall One developer aims to bring the city to the suburbs. Metropica, a master planned 65-acre, $1.5 billion high street project is coming to Sunrise’s western corridor. The mixed-use development, which is the first of its kind within South Florida’s western corridor, will soon make its debut in the heart…

LeBron James’ Unknwn signs lease for flagship store in Wynwood

LeBron James is bringing his well-known talent to Wynwood. But this doesn’t have to do with this supreme skills on the basketball court. Unknwn, a men’s fashion retailer co-founded by James, just signed a lease for a flagship store in Miami’s Wynwood neighborhood, The Real Deal has learned. The 9,500-square-foot property at 261 Northwest 26th Street will feature a 2,300-square-foot store and an…

Self-storage developer buys land in Hialeah Gardens, scores construction financing

Self-storage developer Richard Beavers just bought vacant land in Hialeah Gardens and scored $12.4 million in construction financing, property records show. Hialeah Storage Builders LLC, led by Beavers, paid $2.3 million for about 2 acres of land north of Northwest 107th Street and just west of Northwest 89th Avenue. Beavers is the president of Self Storage Associates, headquartered in Ocoee…

Video: Reis Economist Barbara Denham on U.S. Office Market Performance and Economic Outlook

Barbara Denham, Economist at Reis, makes an appearance on America’s Commercial Real Estate Show to discuss office property market performance. Among the topics discussed are rent growth, interest rate changes, job growth and its impact on office market performance, the impact of shared space models, economic and global markets impacts, office property supply, the best markets for vacancy rate…

Miami-based developer faces indictment linked to Tampa project

Mordechai Boaziz, director of Miami-based Maverick Investments, was indicted on federal charges of conspiring to lie to banks and a federal agency. His attorney in Tampa, John Fitzgibbons, said Boaziz is innocent and intends to fight the indictment. Boaziz could face a $1 million fine and as many as 30 years in prison. The charges against Boaziz stem from his acquisition of an apartment complex in Tampa…

Turkish developer unveils plans for $300M tower in downtown Miami

Billionaire Turkish developer Bekir Okan is launching plans for a $300 million, 70-story hotel and condo tower in downtown Miami. Okan Tower will have a 294-room Hilton-branded hotel, 236 condo-hotel units, 153 condos, 64,000 square feet of Class A office space and a restaurant on the 67th floor. Okan Group unveiled the project at an event at its 3,000-square-foot sales gallery in Istanbul on…

Miami Worldcenter condo buyer alleges he was misled about project’s retail

A condo buyer at Paramount Miami Worldcenter is suing to get his deposit back, alleging the developer misrepresented the type of retail beneath the luxury high-rise that is under construction. Longobardo Lozada Becerra, who put a $274,500 deposit on unit 1805 at Paramount Miami Worldcenter, filed a civil suit in Miami-Dade County Circuit Court alleging that the developer falsely told him there…

Lagunitas Brewing Co. buys Wynwood property

A major brewer out of California is tapping into Wynwood. Lagunitas Brewing Company affiliate Cerveceria La Tropical USA LLC paid $10.53 million for a warehouse at 42 and 50 Northeast 25th Street, adding to a growing list of breweries in the neighborhood. The seller was Kaco Afe LLC, a company owned by Karen Cohen of Always Flowers. The building sits on a 28,400-square-foot lot and includes…

Salumeria 104 to open in Coral Gables, Other Restaurant News

Graspa Group is bringing its Salumeria 104 concept to Coral Gables. The restaurant is taking 3,300 square feet at 117 Miracle Mile, in the former Angelique Euro Cafe space, according to a spokesperson. Alan Howard of Great Miami Investment brokered the 10-year deal. Graspa has two five-year extensions, which would bring the lease to 20 years. Salumeria has been open in Midtown Miami since 2012.

Miami Developer Looks to Cash Out of 4-Star Apartments

Miami-based AHS Development Group, eager to capitalize on continued strong demand for multifamily properties, is putting The Place at Dania Beach on the market. The firm hired Cushman & Wakefield to find a buyer for the 4-Star multifamily community at 180 E. Dania Beach Blvd. in Dania Beach, FL, south of Fort Lauderdale. There is no asking price. The 144-unit, seven-story complex is fully occupied…

Miami officials to demolish eight buildings in Little Haiti

The demolitions are part of the City of Miami’s effort to remove urban blight. One building was demolished May 1 in Little Haiti and eight more demolitions are scheduled as part of city officials’ efforts to remove urban blight. The property, located at 5527 NW Miami Court, was deemed uninhabitable after City of Miami inspectors found structural damage, such as missing windows and doors; damaged…

Miami investor Ricardo Caporal buys dev site near Westchester

A company controlled by Miami investor Ricardo Caporal paid $5 million for a development site near Miami’s Westchester neighborhood, property records show. AmeriLumber Hardware & Building Material Inc. sold the 1.37-acre property on Bird Road and Southwest 70th Court to Altis Ludlam Miami LLC. The lot is just north of a development site owned by a self-storage company and west of the proposed…

Two Prominent Office Properties Hit the Market in South Florida

CBRE is marketing two signature office properties in South Florida that brokers expect will fetch substantially more than their previous sale prices. The Landing at MIA, a 50-acre business park adjacent to Miami International Airport, could command close to $250 million – nearly twice what it last sold for, sources say. Los Angeles-based CBRE Global Investors bought The Landing four years ago from Hines REIT…

Miami-Dade’s First Waffle House Opens in Miami Gardens

It’s time for smothered hash browns and double chocolate chip waffles. Today at 2 p.m., Miami-Dade County’s first Waffle House will open at 19675 NW Second Ave. Though the company made no formal announcement, by 7 a.m., about 50 people had shown up at the restaurant even though breakfast wasn’t being served. “We don’t make a big splash when we open,” manager Tim Carley says.

Jungle Island’s new owner seeks approval for Watson Island hotel vote

The new owner of Jungle Island is returning to the Miami City Commission later this month seeking referendum approval to build a hotel on the Watson Island site. In July, ESJ Capital Partners pulled the plug on a referendum request due to a lack of commission support. The Aventura-based asset management firm paid $60 million for the theme park, and said last year that it needed to quickly move on the…

Acre Cos. has big development plans near Hard Rock Stadium in Miami Gardens

Some vacant plots of land near Stephen Ross’ Hard Rock Stadium in Miami Gardens are being developed, amid a push by investors to capitalize on the recently renovated attraction. Property records show a partnership between an affiliate of Acre Companies and commercial real estate developer Education Development Specialists just scored a $10 million construction loan to build a 24 Hour…

Voters get last word on Jungle Island hotel, lease extension

The owners of Jungle Island plan a long, slender hotel designed like the curves and cascading balconies of a cruise ship, only smaller, as a key to a multi-million-dollar redevelopment of the animal theme park on city-owned Watson Island. City of Miami voters will be asked to approve the hotel as part of a proposal extending the lease of ESJ Capital Partners. The city leases the land at 1111 Parrot Jungle Trail…

Michael Cohen once pitched Miami-Dade on an 800-acre Trump film studio

Back in 2012, Donald Trump had big plans for Homestead. So big that he sent his attorney, Michael Cohen, to pitch the Miami-Dade County Commission on Trump Studio City, an 800-acre production facility on county-owned land near Homestead. Cohen is now the subject of a federal criminal investigation that reportedly includes suspected bank fraud, wire fraud and campaign finance violations.

Owner of Iconic Bookstore Buys Buildings for $15M

Mitchell Kaplan was a law school student who spent more time in bookstores than he did in the law library. So he knew what he had to do. Kaplan dropped out of school and started Books & Books in 1982 in Coral Gables, FL. The independent book dealer became an icon in the community south of Miami, with crowds coming for the poetry readings and big-name book signings. Last week Kaplan partnered…

Books & Books, accounting firm pay $15M for Coral Gables property

A joint venture that includes Books & Books’ owner Mitchell Kaplan just paid $15 million to acquire the Coral Gables property that serves as the bookstore’s flagship location. Lopez Levi Lowenstein Glinsky, P.A., led by Raimundo Lopez Levi and Eric Glinsky, and Kaplan closed on the Books & Books office complex at 255 to 265 Aragon Avenue, Glinsky told The Real Deal.

With Florida’s Industrial Market Super Hot, Opportunity Is In Mergers, Off-Market Deals

“It’s getting a little hairy. Somebody’s going to be upset.” That is CBRE First Vice President Larry Genet’s outlook for the South Florida industrial market, where rental rates are hitting record highs and investors are clamoring to get in. Bisnow/Deirdra Funcheon Bisnow’s South Florida Industrial event included JLL Managing Director Brian Smith, CBRE First Vice President Larry Genet and Prologis Vice…

County pitches Miami Marlins court winnings (if any) for transit

Any available funds that the county claws back from the Miami Marlins in an ongoing lawsuit over the team’s stadium contract should be allocated to the county’s planned six-corridor transit infrastructure expansion, Miami-Dade commissioners recommended in a vote Tuesday.. After the Miami Marlins changed ownership, the prior owners, headed by Jeffrey Loria, claimed there were no profits from the…

International travel up 5% through Miami International Airport

The number of international passengers traveling through Miami International Airport this year is nearly 5% ahead of the same period in 2017, most recent data from the Miami-Dade Aviation Department show. Those international passengers are coveted in most areas of business, from real estate to retail sales, and in restaurants and hotels. Those who stay in Miami tend to stay longer and spend more…

Miracle Mile, Giralda Plaza lure more businesses

Pedestrians strolling along Giralda Plaza and the widened sidewalks of Miracle Mile can spot a handful of new businesses, with another soon to open its doors as Coral Gables welcomes more merchants and plans to keep long-standing businesses competitive. The Coral Gables Business Improvement District, the Coral Gables Chamber of Commerce and city aim to lure more proprietors. They’re relying…

Miami tourism industry records a flock of record gains

Despite facing setbacks such as Hurricane Irma, Zika and the closure of the Miami Beach Convention Center for renovations, Bill Talbert, president and chief executive officer of the Greater Miami Convention & Visitors Bureau, points to 2017 as “a year of headwinds turning into tailwinds,” with the tourism industry setting records in overnight visitors, hotel demand and tourism jobs. “Overnight visitors spent…”

Coral Gables office occupancy, demand soar

With office occupancy reaching 93.34% in Coral Gables and leasing costs increasing up to 20% in the past few years, industry experts anticipate a continued healthy office market in the Gables across all Class A, B and C markets. “The Coral Gables market is very healthy overall,” said Steven Hurwitz, director of office leasing and partner at CREC. “Total occupancy is in the low 90s percent-wise across all…

Blast from the past: Photos show ‘Miami that was never built’

A University of Miami employee creates a photo slideshow that includes a car-less Flagler Street. Getting caught up in Miami’s past is easy to do especially when you work at the University of Miami. Jorge Damian de la Paz, the program manager for Office of Civic and Community Engagement at the Big U, shares his photo slideshow that includes renderings of Miami’s historic developments that were…

Fed leaves interest rates under 1.75 percent following May meeting

The Federal Reserve offered no surprises this month. The country’s central bank held target interest rates steady at between 1.5 and 1.75 percent but said nothing to indicate it won’t follow through next month with an expected second hike in 2018, according to the Wall Street Journal. The Fed made its announcement Wednesday, following a two-day meeting of its Federal Open Market Committee.

Dade Paper & Bag leases at Flagler Station II, other leasing news

Flagler Station II gets 70,000-square-foot industrial lease.  PriceSmart just terminated its lease for 122,000 square feet at Flagler Station II in Medley, and signed on a 70,424-square-foot sublease with Dade Paper & Bag. PriceSmart still has two 35,000-square-foot spaces available for sublease, according to a press release. The deals chip away at a 262,898-square-foot block that PriceSmart listed for…

Sam Zell isn’t hot on industrial real estate

It seems everyone is bullish on industrial real estate except for at least one well-known billionaire who has made a fortune investing in distressed real estate. Equity International founder and chairman Sam Zell told Bloomberg he was more than skeptical about demand for the large amount of industrial space coming online nationwide. As e-commerce continues gain ground on brick and mortar retail stores…

South Florida’s Downtown Miami, Southwest Broward Submarkets Leading the Way for New Retail Development

South Florida developers aren’t buying the “retail is dying” mantra. Three major shopping centers are in development across downtown Miami and Southwest Broward, ranking those areas as the leading submarkets for retail construction in the tri-county region, according to CoStar data. Miami Worldcenter and MiamiCentral, both 5-Star projects, account for more than three-quarters of the downtown…

The Future Of Non-Bank Real Estate Lending: 10 Predictions For The Next 10 Years

Non-bank real estate lending has become much more prominent in the wake of the financial crisis as banks pulled back dramatically from this asset class, which played such a large role in causing the crisis. With the U.S. government and regulators injecting hundreds of billions of dollars to avoid a collapse of the financial system, banks…

Chart: Florida Just Ahead of Georgia as Leading Exporter to Cuba

Looking at the first chart herein, one can see that among U.S. states Florida exports the most to Cuba in the most recent year (2015), albeit with less margin versus number two ranked Georgia that one might guess. Florida’s near $35 million in exports, presumably much of which originates from Miami, represents 18.8% of a total of $180 million in exports by the USA as a whole. There are a number of…

What Miami’s Skyline Could Mean For All Of Miami’s Residents

Over the last decade, Miami’s skyline has transformed. Where once there was only a handful of tall buildings, skyscrapers now crowd the horizon, standing alongside cranes promising more construction of buildings reaching taller heights. Even while standing in awe at the feet of these striking symbols of economic growth and progress, I can’t help but pause and wonder, how much of this development is…

Miami, home to five WeWorks, ranks as the 14th-best place to launch a startup

The WalletHub list shows that Miami outranks Orlando and Port St. Lucie. According to WalletHub, Miami ranks 14th as the best large city to start a business in the United States. While other Florida cities, such as Orlando and Port St. Lucie, made the cut, Miami outranked both.
”Miami’s diverse population, access to education and capital, and innovative partnerships with the private sector strengthen the city’s…

Singaporean investment group pays $61.5M for industrial buildings in South Florida

A Singaporean investment group just paid $61.5 million for a bundle of industrial buildings throughout South Florida as part of a national portfolio sale. Mapletree Investments purchased two buildings in Boca Raton, seven in Tamarac, one in Weston and one in Pompano Beach from Philadelphia-based Exeter Property Group, according to property records. In Boca Raton, Mapletree bought the 55,899…

Cranes Again Dotting the Skyline in Miami, Fort Lauderdale Metros

The Miami metro has clearly led new office deliveries over the last three years. While new office construction has been mostly muted over the current economic cycle, it has started to pick up across the Miami and Fort Lauderdale metros over the past three years or so. As of the second quarter of this year, the Miami metro is a clear leader in new construction, with 2 million…

Lennar buys farmland near Zoo Miami approved for 85 houses

Miami-based home builder Lennar Corp. paid $4.5 million for 32.7 acres of farmland in southern Miami-Dade County near Zoo Miami.
Lennar paid $137,614 per acre for the land, which has county approval for construction of 85 “estate” houses with 3,001 to 5,000 square feet of space. The property’s zoning designation is estate residential, which requires a minimum lot size of 15,000 square feet.

March hotel occupancy dips in Broward, rises in Miami-Dade, Palm Beach

Hotel occupancy in March increased in Miami-Dade and Palm Beach counties and fell slightly in Broward County, according to hotel data specialist STR. Hotel occupancy in Miami-Dade rose to 87.9 percent in March from 85.7 percent in the same month last year, and the average daily room rate in March was $268.22, up from $232.86 last year. The average daily room rate also jumped in Broward County…

Related sues Gran Paraiso crane suppliers over collapse during Hurricane Irma

The Related Group is suing the companies that provided a tower crane that collapsed at an Edgewater construction site during Hurricane Irma. Related’s PRH Paraiso Two LLC and PRH NE 31st Street LLC are suing Connecticut-based manufacturer Terex Corp. and Pennsylvania-based Maxim Crane Works LP in Miami-Dade Circuit Court, alleging the crane was defective, and that the collapse damaged Gran Paraiso…

The Related Group Bets Big on Wynwood

Jon Paul Perez, a vice president at The Related Group, spends most Saturdays in the car looking for development opportunities in Miami’s most popular neighborhoods. And he notices the same thing just about every time he zooms through Wynwood: The place is packed. “People love Wynwood,” Perez said of the revitalized, 50-block corridor north of downtown. “But if someone wanted to live…”

What Is the Bank Secrecy Act, and Why Does It Exist?

Almost 50 years ago, concerns about large amounts of cash coming into the country from the drug trade led Congress to pass what’s become known as the Bank Secrecy Act (BSA).1 The BSA was designed to help identify the source, volume and movement of currency and other monetary instruments transported or transmitted into or out of the U.S. BSA Basics: To meet the law’s objectives, the BSA assigned…

What Are Indicators Saying about a Potential Recession?

Forecasting recessions is notoriously difficult. Even so, knowing that a recession may be imminent enables consumers and businesses to make better strategic decisions. For example, households may want to increase their savings in case they lose jobs, while companies may reduce investments to adjust for lower expected future demand. Identifying Recessions through Yield Curves: It is therefore not…

Is the U.S. Due for a Recession?

The U.S. economy has been expanding for the last eight and a half years, but how much longer will that expansion last? On the one hand, economic conditions show few signs of slowing down. On the other hand, economists have found evidence of “positive duration dependence,” which says that the longer an economic expansion goes on, the more likely it is to end soon. Hence, there is a concern…

Resi construction outpaced commercial in March in South Florida: report

Residential construction starts outpaced commercial starts in South Florida last month, according to a new report from Dodge Data & Analytics. Overall, spending was up 4 percent in March to $1.06 billion. The amount of nonresidential construction contracts fell 3 percent to $458.7 million, while residential starts increased 10 percent to nearly $600 million. For the first quarter, construction spending has…

Jackson Memorial Hospital files building permit for $174M rehab center

Jackson Memorial Hospital is moving forward with its plans to build a $174 million paralysis rehabilitation hospital on its Miami Health District campus. Jackson submitted a building permit for the Christine E. Lynn Rehabilitation Center For The Miami Project To Cure Paralysis at UHealth/Jackson Memorial Medical Center, according to the city of Miami’s building department. The permit is pending…

Miami’s EB-5 regional center to shut down

Miami’s EB-5 regional center will be shut down for failing to generate economic activity and create jobs. Founded in 2014 under former Mayor Tomás Regalado and led by attorney Mikki Canton, the center was supposed to inject foreign investment into Miami’s economy through a visa program known as EB-5. But the regional center did not generate any money, nor did it produce any visas. Miami City…

After Becoming World’s Largest Restaurant Chain, Subway’s Sales Struggles Lead to U.S. Store Closures

Milford, CT-based Subway said this week it will close, consolidate or move “a few hundred locations” in 2018, adding to the hundreds of its restaurants shuttered in recent years. Subway said it has nearly 26,000 locations in the United States and 43,700 worldwide. All the restaurants are owned and operated by franchisees. The decision to shutter hundreds more of its restaurants nationwide is likely the…

Miami Shopping Centers: 2018 Trends & Analysis

Miami’s incredible, sunny climate and outdoor, social lifestyle create a foundation for the fundamental presence of retail shopping centers and malls in the region. In fact, out of the Top-10 Shopping Destinations in the USA, Miami and Palm Beach are both featured, making Florida the only state with 2 locations on the list. This is…

MMG acquires Pinecrest Shoppes in Pinecrest, FL

An affiliate of MMG Equity Partners acquired Pinecrest Shoppes, a 14,558 SF shopping center located at 11635 South Dixie Highway, Pinecrest, FL for a purchase price of $6,200,000 or $425 psf. The property last sold for $6,850,000 in 2007. Pinecrest Shoppes, adjacent to Suniland Shopping Center, is strategically…

How to Maximize the Value of Your Commercial Real Estate Properties

Summary: How to impact NOI for commercial real estate owners How to maintain tenant retention Why is Florida’s commercial real estate market consistently a Top performer nationwide? Florida’s commercial real estate market is heading into 2018 with positive news for landlords. The metrics at the end of 2017 illustrate the potential and benefits of currently owning property…

Mayor attends groundbreaking for Max Strang-designed waterfront condominiums

The 26-unit residency includes a marina, dock, gardens, and esplanade. There’s a new residential property coming to Coconut Grove.
The Fairchild Coconut Grove, a 26-unit residency designed by architect Max Strang, is ”the only new waterfront luxury development rising in Coconut Grove.” Strang and ROVR Development held the property’s groundbreaking on April 10 to commemorate the sale of 60…

Top gear for the top tier: Why develop a supercar-branded condo?

When Miami was bracing for Hurricane Irma last September, Gil Dezer offered the city’s superrich a very different kind of shelter: a refuge for their supercars. Dezer offered to house some of the city’s elite collection of Maseratis, Ferraris and Lamborghinis in his Porsche Design Tower, which has a patented car elevator. “It’s really the safest place for billionaires to hold their toys when this kind of thing…

NFL player buys North Miami Beach apartment complex

NFL linebacker turned investor Elvis Dumervil is growing his real estate portfolio. Property records show a company tied to Dumervil’s property management and development firm, Prestige Estates, paid $9.5 million for an apartment complex in North Miami Beach. The buyer financed the deal with a $9 million loan from UC LDBA Fund I Ventures LLC. Investor and developer George Heinlein, who runs…

American Dream Miami mega mall heads to county commission for final approvals

More than a year after securing initial approvals from Miami-Dade County for what is planned to be the country’s largest mall, Triple Five Group will return to the county next month for a final OK. A development impact committee moved the $4 billion, 3.5-million-square-foot project along at a meeting on Tuesday. From there, it will go before the county’s planning advisory board on May 7 and a final vote…

82-story skyscraper headed for heart of downtown Miami

The heart of downtown Miami is set to change in a big way – literally – when the 14-story Marriott hotel comes down to make room for an 82-story skyscraper known as 2nd & 2nd. A developer plans an 898-foot mixed-use tower at 200 SE Second Avenue, with a hotel, rental apartments, retail and a two-story corner bar in a glass circle. The site today is home to a Courtyard by Marriott. Miami…

Chicago Developer Sterling Bay plans Wynwood office tower

A Chicago development company whose client list includes Google and McDonald’s plans to build a large office building in Wynwood.
Sterling Bay LLC is the applicant and development partner of the owner of contiguous properties at 537-557 NW 26th Street and 530-550 NW 27th Street in Wynwood. The proposal is for a 10-story mixed-use office building with ground floor retail, to be called 545 WYN.

Amazon discreetly visits HQ2 cities in Phase 2 of extraordinary second headquarters competition

Amazon is on tour. The Seattle tech titan is visiting the 20 cities competing for its second headquarters, collecting data and touring potential sites for the project to inform the company’s final decision. Reports of visits from Amazon officials are starting to pop up in some of the cities, like Toronto and the Washington, D.C. region. Three cities from the D.C. metro made it onto Amazon’s short list…

Report: Signs point to Boston or Washington D.C. for Amazon HQ2

Given some of the key factors behind what Amazon is looking for in a city to host its second headquarters — including being in a major metro area with a “strong university system” — the Conference Board’s economic research group determined that Boston and Washington, D.C. are likely to top Amazon’s list, per MarketWatch. Their findings: Conference Board analysts found that Amazon’s job…

By the numbers: Is Amazon HQ2 all that?

Ever since Amazon announced last fall that it was looking for a new location for a second headquarters, aptly dubbed HQ2, North American cities have been tripping over themselves to woo the retail giant. But opinions differ on what the $5 billion Amazon campus would mean for residential prices, congestion and the local economy more broadly. And some have characterized the competition as a…

City seeks to retain National Oceanic and Atmospheric Administration

Miami city commissioners are urging the federal government to retain the National Oceanic and Atmospheric Administration (NOAA) Fisheries Headquarters at its current location on Virginia Key. NOAA is reportedly considering relocating its Southeast Fisheries Science Center to St. Petersburg because the fisheries center on Virginia Key is outdated and needs improvement. NOAA’s facilities on the barrier…

MCM, contractor behind collapsed FIU bridge, sued over deal to build Guantanamo Bay school in Cuba

The contractor behind the collapsed Florida International University pedestrian bridge is being sued by a Florida construction company over a $63 million contract to replace a military school in Guantanamo Bay, Cuba. Islands Mechanical Contractor alleges in the suit, filed in Miami-Dade County Court, that Miami-based Munilla Construction Management (MCM) failed to honor an agreement for…

Retail rents are rising in Miami-Dade: Q1 report

Retail rents are on the rise in Miami-Dade County, despite the doom and gloom surrounding retail nationwide. A first quarter report from Colliers International South Florida shows asking rent increased to $39.59 per square foot, up 14.5 percent from $34.56 per square foot a year ago. The vacancy rate increased slightly to 3.8 percent, up from 3.6 percent in the first quarter of 2017. About 1.9 million square feet…

How real estate developers are using artificial intelligence in Miami: eMerge Americas panel

As big data and artificial intelligence keep pushing into the real estate sector, Miami developers say they are beginning to embrace the technology for analyzing acquisition opportunities and potential development deals, as well as uncovering regulatory hurdles and market conditions that could hurt their plans. Vagabond Group founder Avra Jain recently started…

Michael Stern’s JDS scores Miami’s largest condo construction loan in nearly a year

Michael Stern’s JDS Development scored a $137 million construction loan for a South Beach condo project known as Monad Terrace, in what appears to be the largest financing deal in Miami’s market in nearly a year. Madison Realty Capital, a New York-based real estate investor and lender, provided the financing for the 59-unit, Jean Nouvel-designed project at 1300 Monad Terrace. The loan isn’t…

HealthGains scoops up Integra’s medical office condos at Aventura ParkSquare

HealthGains just bought the entire ninth floor at Integra Investment’s ParkSquare Wellness development, and has scored construction financing to build out the space, property records show. Park Square Holding LLC, led by HealthGains’ Mark White, paid a little more than $7 million for 11 units at ParkSquare Wellness, a 41,000-square-foot wellness medical center at 2920 Northeast 207th Street. The total…

Luxury condo developers could benefit from tax provision meant for low earners

A provision in the new tax law that was designed to help spur economic development in low-income neighborhoods could be exploited by real estate developers who want to build luxury condominiums. The little-known change in the tax code passed late last year would allow states to designate “opportunity zones” in low-income areas, Bloomberg reported. Some community groups and tax policy experts…

Related, partner to close $33 million loan for Lenny Kravitz-designed Wynwood project

The Related Group and Block Capital Group broke ground on a mixed-use development in Wynwood with plans to close on a nearly $33 million construction loan later this month. The joint venture is building the Bradley, a 175-unit apartment building with about 32,000 square feet of retail space and an underground parking garage on the site at 51 Northwest 26th Street. Related vice president Jon Paul…

MMG Equity Partners picks up Pinecrest Shoppes, plans renovations

An affiliate of MMG Equity Partners just paid $6.2 million for a shopping center in Pinecrest, with plans for a major renovation. Pinecrest Shoppes, a 14,560-square-foot shopping center at 11635 South Dixie Highway, traded hands for about $425 per square foot. The seller, Penn Suniland LLC, bought the property in 2007 for $6.85 million, meaning it sold at a loss since the height of the market before the…

Will self-driving cars accelerate development?

If driverless cars and buses become the standard mode of transport, developers could have a lot more land to play with. Parking lots, garages and street-level parking could become less vital, leaving more room for projects, an executive focused on the self-driving car and autonomous vehicle space said at the Greater Miami Chamber of Commerce’s annual real estate awards Friday. “In some cities, as much…”

PriceSmart Finds No Shortage of Tenants for Old Digs in Medley

When PriceSmart moved most of its operations last year to Flagler Station III in Medley, FL, the warehouse club operator still was on the hook for a large block of industrial space at Flagler Station II. But two recent deals have made PriceSmart’s commitment a lot less burdensome. It signed a sublease for 70,424 square feet with Dade Paper & Bag at Flagler Station II at 10800 NW 100th Street

Large Corporations Leasing More Space from Co-Working Providers

Co-working options – offered by shared office space providers such as WeWork, Axis and Quest – are on the rise in Miami. The Miami Downtown Development Authority (DDA) reports at least 30 co-working spaces have popped up in downtown Miami alone and have attracted a number of large corporations as tenants. Twitter, Spotify, TripAdvisor, Microsoft and Wix have all taken shared office space…

Sergio’s to open fast-casual concept in Brickell & other restaurant news

Sergio’s Restaurants is bringing its fast-casual concept to Brickell. Sergio’s Cuban Kitchen + Bar signed a 10-year, nearly 2,600-square-foot lease at 40 Southwest 12th Street, RKF managing director John Ellis said. Ellis and Aaron Labovitz represented the landlord, real estate developer Bernard Wolfson. Wolfson owns the building, the Hampton Inn & Suites by Hilton Miami Brickell Downtown above. Sharon…

‘One unit per floor’ condos are coming to Bay Harbor Islands

The seven units in the Bermello Ajamil-designed boutique property start at $4.4 million Unlike any other property in Bay Harbor Islands, OPUS Bay Harbor, an 8-story boutique condominium, will be made up of only seven units. Brokerage firm, Compass, released renderings of the residency, which is slated to break ground in Fall 2018. Designed by award-winning architect Bermello Ajamil, OPUS Bay Harbor…

Miami Beach rising seas strategy needs more solutions: ULI panel

To combat rising seas, Miami Beach needs to build taller seawalls throughout the island, use green spaces to sponge off water, and should consider commissioning art installations in parks that can catch stormwater runoff, according to a group of Urban Land Institute architects, engineers, market analysts and real estate professionals. Miami Beach is off to a good start mitigating the impact of rising…

Developers close on $21M construction loan for AC Hotel in Edgewater

An AC Hotel by Marriott will soon go vertical in Miami’s Edgewater neighborhood. Property records show a company tied to Aztec Group’s Boaz Ashbel just scored a $21.3 million construction loan for the hotel development, set to rise on the former Midtown Inn Miami site at 3400 Biscayne Boulevard, near the Julia Tuttle Causeway. Midtown Lodging 2 LLC, an affiliate of Aztec and Tennessee-based 3H…

Miami home prices feeling the impact of sea level rise, new research suggests

It looks like sea level rise is beginning to impact home prices in Miami. Prices of single-family homes at lower elevations are rising at a slower pace than those at higher elevations, new research conducted by the Journal of Environmental Research Letters shows. James Keenan, who authored the study, told the Wall Street Journal that homeowners appear to be factoring in the future of sea level rise into…

Estate Investment Group nabs loan for latest West Miami resi project

Estate Investment Group closed on a $57.8 million construction loan for Soleste Twenty2, an apartment complex planned for West Miami.
Florida Community Bank is providing the financing for the project at 2201 Ludlam Road. It marks one of six rental developments that Estate, led by Robert Suris, has built or is planning to build in West Miami. Soleste Twenty2 will be delivered in mid-2019. The 338-unit…

Global Horizons Group picks up three apartment complexes in Miami-Dade

Property management and investment firm Global Horizons Group just paid $6.3 million for a portfolio of apartment complexes scattered throughout Miami-Dade County. The 78-unit portfolio consists of the 18-unit Verona Apartments at 9050 NE 8th Avenue in Miami Shores, the 24-unit Monterrey Apartments at 575 NE 143rd Street in North Miami, and the 36-unit Pris Apartments near Opa-Locka. The deal…

Getting back to normal? : Normalization of the federal funds rate may not look so normal

This FRED graph shows the federal funds rate for approximately the past 10 years. This is the interest rate that the Federal Open Market Committee (FOMC) targets. It’s easy to see that this interest rate has been low for most of the period shown here. But lately it’s been soaring. Or so it seems. The FOMC is currently pursuing a policy of normalization: They’re getting the federal funds rate back to “normal.”

Getting back to normal? Part 2 : Are real interest rates trending down to “normal”?

In our previous post, we mentioned that the Federal Open Market Committee (FOMC) is trying to normalize interest rates by gradually increasing the target for the federal funds rate. But what is the “normal” interest rate? Some people are arguing that it’s actually lower than what it has been before. One way to try to identify this normal state is by looking at long-term trends in interest rates: Presumably…

The amount of retail space closing in 2018 is on pace to break a record

Toys R Us. Sam’s Club. Sears. Now, Bon-Ton. The amount of retail space going dark in 2018 is on pace to break a record, as companies with massive floorplans are either trimming back their store counts or liquidating entirely. Department store chain Bon-Ton earlier this week was forced into liquidation, after a plan to restructure the business and keep some stores open fell through. The retailer, with a…

Sign of the times: Masoud Shojaee scraps plans for luxe townhouse project Eleven on Lenox in favor of lower-priced condos

Responding to the luxury market slowdown, Masoud Shojaee’s Shoma Group is scrapping plans for the multimillion-dollar townhome project Eleven on Lenox in South Beach, The Real Deal has learned. The developer will instead build lower-priced condominiums. The move marks a reversal to an original idea he had for the site near Lincoln Road a few years ago. He said it was brought on by a tough…

Developer scores approval for $40M office project next to Baptist Hospital

AJP Ventures Corp. and Mas Group are one step closer to building a $40 million office development that would replace a former synagogue in Kendall, near Baptist Hospital. The developer received unanimous approval from a community council meeting on Tuesday to move forward with its plans to build a 116,000-square-foot office plaza at 9408 Southwest 87th Avenue and…

Yoram Izhak’s IMC Equity Group buys Doral office building

Real estate investor Yoram Izhak continues to make moves in South Florida – this time adding an office building in Doral to his commercial portfolio. Records show the Israeli-born real estate investor paid $8.75 million for a 43,500-square-foot office building at 2555 Northwest 102nd Avenue, just north of Northwest 25th Street, through the company Good Homes Orlando LLC. The seller, Point at Doral…

Henley USA pays $15M for Miami and Miami Beach hotels

The U.S. arm of United Kingdom-based private equity firm Henley paid $15.4 million for two hotels in Miami and Miami Beach, property records show. Husa LH JZ LLC, a company controlled by Garrett Solomon, paid $8.6 million for the Jefferson Hotel at 528 and 534 Southwest Ninth Avenue and $6.8 million for the Jazz on South Beach, a hostel at 321 Collins Avenue. The Henley affiliate financed the…

MHP Real Estate Services, Banyan Street Capital Forge Alliance

New York-based MHP Real Estate Services has teamed with Banyan Street Capital of Miami to form one of the nation’s largest private commercial real estate companies with a combined portfolio valued at more than $3 billion. The two firms own and manage office buildings totaling more than 15 million square feet across the Eastern U.S., and will coordinate efforts while continuing to operate under…

$380 Million Development Bringing Rentals, Retail to Miami Riverfront

The banks along the Miami River are mostly closed off to the public. Developer Andrew Hellinger is determined to fix that. “It’s not as inviting as it ought to be,” said Hellinger. “What we’re trying to do is open up the river and invite the people of Miami-Dade County to come hang out with us.” Hellinger’s $380 million River Landing Shops and Residences is under construction along the river’s north bank…

Walmart’s $200 Million Plan in Miami-Dade and Rest of Florida

Walmart says it’s investing $200 million in Florida to build and improve 43 stores while also testing new technologies and innovations across the state. The retailing giant plans to open five of its smaller-formet Neighborhood Market grocery stores statewide in 2018, including three in Miami-Dade and Broward counties. A sixth grand opening will be a Supercenter in Jacksonville. Meanwhile, 37 stores…

Massirman of Miami City Self Storage on the Self-Storage Business

Jay Massirman’s specialty is self-storage, one of the more humdrum – but potentially lucrative – niches in commercial real estate. Massirman’s Miami City Self Storage (MCSS) recently opened a 1,000-unit facility at 490 NW 36th St. in Miami, close to the emerging neighborhoods of Wynwood and the Design District. MCSS and other developers saw opportunity following the housing bust…

Industry Veterans Start Portfolio Lender

Three commercial real estate finance executives have launched 3650 REIT, a Coconut Grove, FL-based private portfolio lender. The new company name comes from the number of days in a 10-year loan, one of its two primary products. “If you’re our borrower, we have a relationship with you for 3,650 days,” co-founder Jonathan Roth told CoStar News. “We really want to communicate that we’re a…

DSV Air & Sea Renews 95,000 SF in Miami

DSV Air & Sea Inc. renewed its lease for 95,000 square feet in the industrial building at 12200 NW 25th Street in Miami, FL. DSV is a global supplier of transport and logistic services. The company will continue to occupy its space in suite 115, housing its warehouse operations. The 206,000-square-foot building was constructed in 2006 in the Miami Airport West Industrial submarket. The property…

Apartment development drives housing starts in Florida, elsewhere

Anyone with eyes can see that residential construction is booming in Miami and throughout South Florida. Much of this boom is due largely to major, multi-million-dollar apartment and condominium developments. Given the increasing population in South Florida, the addition of so many new housing units will help to keep the area somewhat affordable for residents. However, with a boom in…

City of Miami task force issues dozens of violations to landlords in Little Havana

The task force, which targets blight and safety, is part of the City of Miami’s Safe City Initiative A two-day task force inspection culminated in dozens of violations for residential properties in Little Havana. The task force is part of the City of Miami’s Safe City Initiative, which targets blight and safety. Its purpose is to protect tenants’ rights by holding landlords accountable. “The health and safety of our…

A mini revolution: The strategy behind YotelPad’s first East Coast hotel-condo project

For its first micro-unit hotel-condominium on the East Coast, the Yotel chain chose a market that is awash in new development: Miami.
But the chic London-based hotel brand, which focuses on international hub cities and up-and-coming urban neighborhoods, sees an opening for its planned location in downtown Miami, which is gentrifying and redeveloping, said Yotel CEO Hubert Viriot. “Miami has…”

Seminole Hard Rock becomes the battleground for businessmen with Trump ties

Robert Toussie — a New York developer with enough clout to secure a presidential pardon for his son in 2008 that was revoked the same week it was issued — bragged about using his friendship with Donald Trump as part of an alleged revenge scheme against a former business partner who also has ties to the president, according to an explosive lawsuit filed in Miami-Dade Circuit Court last month.

Rich Turn to Crowdfunding for Properties From Offices to Hotels, Including Miami Hotelier

Driftwood Acquisitions & Development LP, a Miami-based hotel owner, took a different path to a similar strategy, says Carlos Rodriguez Jr., the chief operating officer. During the recession, the company saw cheaply priced hotels it wanted to acquire, but found that institutional partners it had relied on when the economy was growing had less appetite for risk during the downturn. Rodriguez and his…

Miami Streets Could Flood Every Day By 2070, But Businesses Will Adjust, Local Experts Say

A recently released federal report says that even by conservative estimates, Miami will experience increased daily flooding by the end of the century. Area businesses are keeping an eye on future sea level rise, but some experts that spoke to Bisnow say there is no need to panic. Maxstrz via Flickr Creative Commons Flooding on South Beach in 2009. “Miami is going to be a great place 50 years from now…

South Florida’s Office Market Slow Out Of The Gate In 2018

South Florida’s office market this year is “off to a quiet start,” JLL research shows. Tenants are moving to high-quality offices, but the pace has slowed, and older, vacated spaces are becoming more challenging to lease up. “Most net absorption gains in Class A assets were largely mirrored by losses in the Class B segment of the market, especially in suburban markets,” the JLL report said. Specifically, in Coral…

Guitar-Shaped Hotel Rises In South Florida

With kids these days into their rap music and their electronic dance, sales of musical instruments are so slow that Guitar Center’s corporate credit is rated as junk, and Gibson Guitars is facing bankruptcy. But the allure of the six-stringed instrument is still powerful. That is the bet being made by the Seminole Tribe, whose Hard Rock International is in the midst of building a 600-room, $1.5B hote…

The indicator with an almost perfect record of predicting US recessions is edging towards a tipping point

The US yield curve is flattening, a normal scenario at a time when the US Federal Reserve is lifting interest rates. When the curve has turned negative in the past — where short-dated yields are higher than for longer-dates — it has almost always indicated that a recession will occur within two years. Macquarie Bank doesn’t expect the curve to turn negative until the end of 2019, but it says 2020 will be a…

Average construction costs jumped nationally year-over-year

Average construction costs across the U.S. rose 4.2 percent last year, with Los Angeles logging the largest uptick, according to a new report. Costs jumped 7.59 percent from January 2017 to January 2018, followed by San Francisco (6.23 percent) and Portland (6.05 percent), a report by construction consultancy firm Rider Levett Bucknell shows. New York City saw a 3.29 percent increase, putting it…