Keyes Commercial Leads Full Year 2017 Miami-Dade MLS Ranking

Keyes Commercial Leads Miami-Dade in 2017 MLS Commercial Sales

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

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

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March 13, 2018

Miami Commercial Real Estate News June 20, 2018: KKR Buys Sabadell Financial Center for $250 Million; More…

Parkway Properties, KKR pay $250M for former Sabadell Financial Center: sources

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KKR, Parkway Acquire 30-Story Sabadell Financial Center in Miami’s Brickell District for $250M

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KKR, Parkway Properties Buy 522 KSF Miami Office Tower

The 522,000-square-foot office tower at 1111 Brickell Ave. in Miami’s vibrant Brickell submarket has changed hands. In a joint venture, affiliates of KKR and Parkway Property Investments purchased the Class A building from PGIM Real Estate. Also known as Sabadell Financial Center, 1111 Brickell made its debut in the city’s central business district in 2000 as part of a mixed-use development that…

KKR, Parkway Venture Acquires Miami Office Tower

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Half of Biltmore’s rent to restore historic hotel

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New Flagler ‘Festival Street’ design adds $10 million to cost

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Wells Fargo Grants $103M Financing for Miami Transit Oriented Development

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Video: Reis Economist Predicts Self Storage CAP Rates to Rise 1.25% in Next 12 Months

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5-point solution targets Brickell Bridge Gridlock

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Clock ticks to replace Miami-Dade civil courthouse

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Gubernatorial candidate Philip Levine discloses real estate assets worth $109 million

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Marsha Soffer sues Ritz-Carlton, Miami Beach developer over delays

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Grand Peaks pays $66 million for apartment complex near FIU

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Celebrity Chef Samuelsson To Open A Restaurant In Overtown

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Miami Industrial Market’s Future Hinges On Infill And Demand For Single-User Properties

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$22.8M Sale Negotiated for Leasehold Interest in Industrial Property Near Miami Airport

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Commercial Office Lease Negotiation – A Pro-Tenant Checklist

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Miami board to vote on Finvarb and Cho’s mixed-use Brickell hotel, other projects

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June 20, 2018

Video: Reis Economist Predicts Self Storage CAP Rates to Rise 1.25% in Next 12 Months

Barbara Denham, Economist with REIS, a firm that provides structured and quality assured commercial real estate data including 30 years of commercial real estate market research and economic analyses. discusses how a 1.25% increase in CAP rates (capitalization ratio) could impact the self-storage property market, what is means for valuation and overall property performance. The conversation, basically a supply versus demand outline, covers supply of self storage properties, noting over-development in recent periods, and trends in multifamily given its direct effect on demand for self storage units.

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June 20, 2018

Miami Commercial Real Estate News June 13, 2018: Gateway Commerce Park Breaks Ground; Adler Shares Plans for Riverfront; More…

EastGroup Breaks Ground On 850,000-SF, Class A Industrial Park

EastGroup Properties Inc. has officially broken ground on Gateway Commerce Park, becoming the most prominent Class A industrial project in Miami Gardens. Spanning 61 acres, the park marks EastGroup’s entrance into the premier Miami-Dade market. Gateway Commerce Park will offer tenants the flexibility to lease spaces ranging from 30,000 square feet to a full 200,000-square-foot building…

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Brazilian investor sues developer of Parque Towers in Sunny Isles over construction delays

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Miami board to vote on Finvarb and Cho’s mixed-use Brickell hotel, other projects

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Arquitectonica’s Bernardo Fort-Brescia talks “Miami Vice,” breaking into new markets

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SeaVee Boats set to replace five sites, add 100 jobs

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Jungle Island to jump-start transit link to Miami Beach

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Miami River developments increasing after $26 million deal

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Brazilian Investor Pays $22.8M for Leasehold Interest in Warehouse, Offices in Miami

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3 MiamiCentral Office Project Nearing Full Lease-Up

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I.CON 2018 Special Report: Experts Unveil Industrial’s Big Disruptors

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How E-Commerce Growth Benefits the Industrial Sector

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USDOT Identifies 26 Projects To Receive $1.5 Billion: PortMiami Among Grant Beneficiaries

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Romero Britto sues to break Lincoln Road lease, citing raucous atmosphere

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Greenstreet joins Related and Block Capital’s Wynwood project as equity partner

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Brazil’s Dayan family pays $23M for industrial property near Miami airport

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Turnberry and Simon, Owners of Top-Grossing Aventura Mall, Complete $1.75 Billion Refinancing

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La Piaggia closes after settling with Murano at Portofino

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Flower distributor takes 93,000 SF at Clarion’s Doral warehouse campus

Colour Republic owner Remi Davalos and the Westpointe Business Park
The closing of another large-scale lease is a sign that Miami-Dade County’s industrial market is in full bloom this year. Colour Republic, a wholesale flower seller and distributor, just agreed to lease 93,000 square feet of warehouse space at Clarion Partners’ Westpointe Business Park in Doral, marking the 12th-biggest lease inked in 2016. Commercial brokerage Transwestern announced the deal Tuesday.

South-of-Fifth revamped apartment building lists for $22 million

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Aria on the Bay and neighboring apartment building settle lawsuit

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Investment group files plans for boutique condo project in Edgewater

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Sea-level rise at center of heated debate over future of North Beach’s historic designation

Property owners and business advocates used sea-level rise as an argument against designating North Beach neighborhoods historic during a contentious special Miami Beach City Commission meeting on Monday. Advocates and critics of the proposed historic districts hurled insults and accusations at each other during the four-hour workshop.

Canadian investors buy MiMo building with plans for micro condos

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Related-led partnership closes on Wynwood development site for $12 million

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Gables commercial building sells for $3 million

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Miami residents to vote on Jungle Island lease extension, redevelopment

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Prudential sues South Beach club Ora for nearly $5 million

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Turnberry and Simon score $1.75 billion refinancing for Aventura Mall

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Sorbillo Pizzeria will open its first location in the Southeastern U.S. in Miami Beach’s South-of-Fifth neighborhood in September, The Real Deal has learned. The restaurant signed a lease at 100 Collins Avenue, said Noah Fox of Koniver Stern Group, who represented Myles Chefetz, the owner of the property. The 2,500-square-foot space, next door to Chefetz’s Prime Fish, most recently housed Craft Social…

Michael Simkins sells warehouse in northwest Miami-Dade to financial technology firm

Michael Simkins just sold a warehouse in northwest Miami-Dade for $5.25 million to a California financial technology company that specializes in administering EB-5 projects. NES Financial, a San Francisco-based company that provides back office services for complex financial transactions, bought the property at 6955 Northwest 52nd Street from Simkins. Simkins, the president and CEO of Innovate…

Bulk investor lists units near University of Miami for $11 million

An Alaskan investor is looking to sell a bulk condo deal near the University of Miami for $11.2 million, or about $287,000 per unit. Property records show 4831 LLC, a company controlled by Albert Siefert of Alaska, paid about $9 million for the condos at Gables Court, at 6811 Southwest 44th Street in Miami, in 2013. The units, a combination of two- and three-bedroom apartments averaging…

South Florida’s Innermost Suburbs Benefit from Affordable Housing Shortage

It is no secret that South Florida has an affordable housing problem. With new households forming faster than affordable housing units can be built, existing affordable properties have seen strong demand. While rent growth has slowed dramatically for newly constructed communities, affordable properties in the innermost suburbs are now seeing some of the highest rent growth of the cycle. The areas…

Economy Watch: Technology, Taxes to Significantly Impact Economy

According to the 2018 Akerman U.S. Real Estate Sector survey, which major law firm Akerman LLP released on June 6, the most active real estate market segment is multifamily, according to 63 percent of the survey’s respondents. That marks a significant reversal from 2017, when 43 percent of CRE executives predicted single-family homebuilding would outpace multifamily development.Akerman findings…

CRE Tech, Innovation in the Age of Acceleration

Bob Sulentic and Jim YoungAs evinced by Realcomm’s central theme—navigating the age of acceleration—it is crucial for real estate professionals to keep pace with the technological advancements that are rapidly transforming the industry. Now in its 20th year, the conference brought together innovators in commercial and corporate real estate, technology, automation and innovation.In the two…

Viacom to move to MiamiCentral, other leasing news

Florida East Coast Industries announced that Viacom Inc. recently signed a lease for 24,000 square feet on the 12th floor of 3 MiamiCentral, bringing the building to 95 percent occupancy. Viacom’s MTV Latin America plans to move its headquarters to the downtown Miami development. The Confederation of North Central America and Caribbean Association…

J. Milton plans resi tower with 500-plus units in Miami’s A&E District

It could get crowded in Miami’s Arts and Entertainment District. Developer J. Milton and Associates wants to build a residential project with a maximum of 550 units and ground floor commercial space on a 1.7-acre site sandwiched between the Filling Station Lofts apartment building and the Canvas condo tower, both of which are being developed by NR Investments. Art Luxury Rentals LLC, which is…

Best Strategies for Landing the Perfect Anchor Retail Tenant

There are many areas to consider when strategizing which anchor tenant is the best fit for a new project. For developers trying to secure an anchor tenant, quality is key.  If tenants lack significant credit, the next thing to consider is the number of other stores, their performance in similar markets and how well the proposed anchor will complement existing tenants and the surrounding area…

Boosting ROI With the Right Balance of Smart Tech

In today’s competitive market, integrating “smart” devices and high-tech building management systems is essential to attracting and retaining renters. Research shows that “smart” apartments appeal to “smart” renters regardless of age: 86 percent of Millennials surveyed by Schlage say they’re willing to pay more for an apartment equipped with automated or remotely controlled devices; and 65 percent of…

Office Owners Elevate Their Amenity Game

Amenities have been critical to the hospitality sector for decades, with hotel owners often having only one night to impress their guests and maintain a good reputation. But as technology has advanced to offer consumers constant connectivity and mobility, the office sector has had to boost its offerings, as well, to compete with today’s seemingly endless alternatives of where and how to work. With the…

Rents Remain Strong Despite Growth Decrease

Multifamily rents have again risen $4 to $1,381, up $14 over the last three months. Although this has produced a 1.1 percent year-to-date increase through May, the growth is showing to be much weaker than usual in the current cycle. The year-over-year increase has hit its lowest point over the last seven years, falling by 2 percent and down 70 basis points. Despite the decrease, rents continue to grow in…

Melo closes $85M construction loan for Art Plaza apartments

Melo Group closed on an $85 million construction loan for two apartment towers north of downtown Miami. Ocean Bank is providing the financing for Art Plaza, two 34-story buildings with 667 multifamily units under construction at 58 Northeast 14th Street, in Miami’s Arts & Entertainment District. The development is slated to open in mid 2019, according to a press release. Art Plaza will include 577 two…

153,000 SF Tenant Inks Deal At Gratigny Industrial Park

The 10-year lease deal is valued at $12,000,000. “We have been encouraging FPD for some time to consolidate into one facility, but timing and finding the right available facility proved challenging,” explained Cook. “Ultimately, we called Easton & Associates, which had a building that fit FPD’s needs, but it wasn’t available. We pressed Jim Armstrong, the listing agent, to contact the building owners…”

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June 13, 2018

Video: RealPage VP Jay Parson on U.S. multifamily property outlook

In this video, RealPage Vice-President Jay Parsons, whose company provides property management software solutions, discusses multifamily property sector performance. Parson discusses rent growth, how the job market is impacting the sector, supply and demand trends, multifamily property property class outlook, new multifamily construction trends and costs of construction trends, cycle outlook, generational drivers in the multifamily property market, new technology trends for multifamily, rent affordability issues, and density conditions that are impacting multifamily properties.

June 9, 2018

Miami Commercial Real Estate News June 6, 2018: Amazon Fulfillment Hub Near Complete; $85 Million Loan Secured for New Downtown Towers; More…

Amazon’s major Miami fulfillment hub nearly done

Construction of the 855,000-square-foot Amazon fulfillment center at the Carrie Meek International Business Park is nearing completion. The Amazon center is the first of three phases. The second is a 280,000-square-foot industrial building. The final phase is a 5,000-square-foot headquarters for the Carrie Meek Foundation. The project will total more than 1 million square feet. All the buildings…

Miami Apartment Developer Secures $85M Construction Loan

Melo Group said it has secured an $85 million construction loan from Ocean Bank to build the Art Plaza Apartments, a planned 667-unit, transit-oriented development in downtown Miami. Art Plaza, at 58 NE 14th St., will feature two 34-story towers with ground-floor retail and restaurants. Amenities will include a resort-style swimming pool, a fitness center, a social room and security-controlled remote access.

Residents to vote on incorporating new city between Aventura and North Miami Beach

A section of Northeast Miami-Dade with more than $1 billion of real estate could become its own city if residents vote in favor of it during a special election in November. Miami-Dade commissioners approved the election on Tuesday, according to the Miami Herald. It would give the 20,000 residents in the area, which includes Highland Lakes, Skylake and the previously incorporated Ojus, a say in the proposed…

All rise: Miami-Dade commission restarts bidding process to build new courthouse

It’s a do-over. The Miami-Dade County Commission will restart the bidding process for developers interested in building a new civil courthouse in downtown Miami. Commissioners on Tuesday approved a resolution sponsored by commissioner Sally Heyman to allow a partnership led by Florida East Coast Industries to continue bidding on its proposal to build a new courthouse alongside the old circa…

Construction company sues Jockey Club III over allegedly unpaid bill

Another legal battle is brewing at the Jockey Club condo complex in northeast Miami-Dade. North Bay Village-based AG Contractors Corp. last month sued Jockey Club III Association in Miami-Dade Circuit Court for nonpayment of construction services that commenced in 2016. During that time, Jockey Club III’s condo board and the associations for the other two towers at 11111 Biscayne Boulevard have…

Melo closes $85M construction loan for Art Plaza apartments

Melo Group closed on an $85 million construction loan for two apartment towers north of downtown Miami. Ocean Bank is providing the financing for Art Plaza, two 34-story buildings with 667 multifamily units under construction at 58 Northeast 14th Street, in Miami’s Arts & Entertainment District. The development is slated to open in mid 2019, according to a press release. Art Plaza will include 577 two…

Special meeting targets Jungle Island lease on Watson Island

Miami city commissioners will be playing a version of Beat the Clock on June 8 when they hold a special meeting to get a property lease before voters on the August primary election ballot. It involves Jungle Island and plan to build a hotel as part of a multi-million-dollar redevelopment of the animal theme park on city-owned Watson Island. The special meeting begins at 10:30 a.m. at City Hall. City…

Bird Square Plaza Lands $10 Million Refi

Su Investment Corp. has secured $10 million to refinance Bird Square Plaza, a Fresco y Más-anchored shopping center in Miami. CBRE’s Capital Markets Debt & Structured Finance practice arranged the non-recourse, 20-year term loan through a correspondent life insurance company. The loan includes a low interest rate and the ability to advance future funds at various times throughout the loan term.

Ocean Bank Lends $85M for Development of Miami Resi Towers

Ocean Bank provided Miami-based real estate developer Melo Group with a $85 million loan to aid in development of Art Plaza Apartments, a multifamily complex currently under construction just north of Downtown Miami, according to a press release Tuesday announcing the deal. The planned development includes two, 34-story towers and 667 multifamily units at 58 Northeast 14th Street in…

Miami Logistics Park Bolsters Occupancy

Cushman & Wakefield has negotiated a 68,787-square-foot lease expansion at Airport North Logistics Park (ALP), a master-planned industrial complex encompassing 900,000 square feet of Class A space in Medley, Fla. Neutralogistics currently occupies 105,920 square feet at Building 1 and will be expanding into Building 2. The deal brings the property to 75 percent occupancy. Located at 8501-8503…

50K SF Industrial Lease for AAR Aircraft Arranged in Miami

A South Florida industrial team has secured a long-term lease for 50,000 square feet at Miami International Commerce Center (MICC), a 3.5 million-square-foot industrial park in Doral, Fla. The company worked on behalf of the landlord, PS Business Parks Inc., while NKF represented the tenant. AAR Aircraft Services relocated its headquarters at 7850 N.W. 25th St., just a few miles from Miami International…

In Miami, Signs Of A Condo Glut

While the housing market around the country is still benefiting from demand outweighing supply, the opposite is happening in Miami. “We are beginning to see the effects of market corrections,” Miami-Dade County property appraiser Pedro Garcia wrote in a May 31 report. The market downturn is evident primarily with condominiums and high-value, single-family residential properties in…

Key Biscayne drops suit of Miami over Virginia Key

A 3-year-old lawsuit between the Village of Key Biscayne and the City of Miami about uses on Virginia Key is history. On May 11, an attorney for Key Biscayne filed in circuit court a Notice of Voluntary Dismissal without Prejudice in the case of Village of Key Biscayne vs. City of Miami and the National Marine Manufacturer’s Association Inc. The dismissal of the lingering litigation has left players on both…

Gold Medal Awards to six, Tibor Hollo named Lifetime Achiever

Three accomplished individuals and three prominent organizations accepted Gold Medal honors highlighting their outstanding contributions to Greater Miami at Miami Today’s Gold Medal Awards dinner. During the star-studded May 24 ceremony at Jungle Island that also marked Miami Today’s 35th anniversary, longtime development leader Tibor Hollo, the founder of Florida East Coast Realty…

Federal Reserve Bank focuses on Miami’s economy

Florida’s construction business is booming, while job prospects continue to decline in information, the most recent statewide employment index from the Federal Reserve Bank of Atlanta shows. Statewide construction employment, which averaged 17.4% growth in the first quarter of 2018, has remained steady since rebounding from a fourth-quarter dip last year. Between January and March, about 16,800…

Baskir Capital buys Fogo de Chao building in Miami Beach’s South of Fifth

Baskir Capital Management just paid $15.25 million for a retail building in Miami Beach’s South-of-Fifth neighborhood, leased to the Brazilian steakhouse Fogo de Chao. The New York-based private equity firm bought the building at 836 First Street from a partnership controlled by restaurateur Myles Chefetz, Lyle Stern, Nelson Fox and Durfee Day, said Noah Fox of Koniver Stern Group. The seller was…

Despite Record New Development, Miami’s Office Vacancy Remains Low

According to Transwestern, Miami-Dade County’s office market continued to reflect near record-low vacancy in first quarter 2018, posting at 12.3 percent. Consistently low vacancy over the past several quarters has prompted the highest levels of new construction since 2010, with 811,731 square feet under construction as of first quarter. “Though construction activity in Miami-Dade has increased dramatically…

Logistics Company Relocates From Hialeah To Doral, Inking 44,000 SF Lease

Transwestern’s South Florida industrial team announced it negotiated a new lease for 44,160 square feet on behalf of Esquire Logisitics Inc., a leading provider of warehouse logistics, air freight, and white-glove shipping. The tenant will relocate from Miami-Dade County’s Hialeah submarket to Miami International Commerce Center (MICC), a 3.5 million-square-foot industrial park at 8272 NW 21st St. in Doral.

South Florida is coming off its EB-5 addiction

A program that was once described as the “crack cocaine of real estate financing” no longer seems to hold the same addiction for South Florida’s developers. In 2014 and 2015, Rodrigo Azpurua’s Riviera Point Development Group financed two projects entirely with capital raised from the EB-5 program, which gives foreign investors a green card in exchange for investing in job-creating U.S. projects. At the…

Prestige Builders Group seeks rezoning to build 212 apartments in Hialeah

An affiliate of Miami Lakes-based Prestige Builders Group proposed a development at 7755 West 4th Avenue in Hialeah that would replace an industrial property in Hialeah with 212 apartments. The affiliate of Prestige Builders, Hialeah 7.65 LLC, applied to Hialeah’s municipal government to build a nine-building apartment complex on the site of a 62-year-old industrial building. The developer paid…

Owner of nearly 70 acres in West Kendall proposes major mixed-use development

The owner of a 69.85-acre site in southwest Miami-Dade County proposed a major development on the vacant land that would include apartments, hotel rooms, retail stores and office space. KTC SW 88th Street LLC filed a pre-application with the county government to develop the southwest corner of Southwest 88th Street and Southwest 158th Avenue in West Kendall, near West Kendall Baptist…

Retail’s revolving door

Simon Property Group is dedicating much of its focus to outlet malls like Chicago Premium Outlets in Aurora, Illinois, pictured. The onslaught of retail bankruptcies and store closings in the past year has mall owners in a mad dash to fill hundreds of vacant spaces. The mall owner with the largest holdings nationwide, Simon Property Group (SPG), is no exception. During a 12-month span, dozens of…

Renderings revealed: One Thousand Museum, 5000 North Ocean, more

The Zaha Hadid-designed One Thousand Museum is bringing back the heliport. The helicopter-friendly condo building will be the only residential tower on the East Coast to have a heliport, according to the developers. The development team, led by Gregg Covin, Louis Birdman and Kevin Venger, topped out the 62-story tower earlier this year. Prices at the 83-unit tower range from $5.5…

Cipriani to open first hotel in the Southeastern US in Coconut Grove: sources

The Cipriani family is bringing its Italian luxury brand to Miami’s Coconut Grove, sources told The Real Deal. The famed family will operate the 98-room hotel, which is currently under construction, at 3401 and 3405 Main Highway, adjacent and behind the Engle Building. The property, at the corner of MacFarlane Road and Main Highway, would be the first Cipriani hotel in the Southeastern U.S. In Miami, the…

Florida’s only private, residential helipad set to debut at One Thousand Museum

One Thousand Museum is Zaha Hadid’s final residential tower in the Western Hemisphere. Magic City residents just keep getting more and more forms of transportation. First, the Brightline train opened its doors May 19 to commuters traveling between Miami-Dade, Broward, and Palm Beach counties. Then, Brightline named Lyft as its exclusive ride share partner. Lime, the bike-sharing service…

Miami-Dade’s taxable property values rise in 2017 at a slower pace to $289B

Miami-Dade County’s taxable property values rose 6 percent to $288.86 billion in 2017, despite the condo market slowdown. The county’s property appraiser, Pedro J. Garcia, released the June 1 estimates, showing that property values are growing at a slower pace than in previous years. Garcia said in a release that the oversupply of condos put downward pressure on condo values, but that the short supply…

Hotel development ramps up in South Florida amid rising demand

Hotel construction is up in South Florida with a number of properties slated to come online this year, amid heightened demand following last year’s hurricanes. Nearly 4,200 new hotel rooms and 2.8 million square feet of space will be completed within the next two years in the tri-county area, according to Lodging Econometrics data analyzed by Colliers International South Florida. Of the total, 3,158 keys will…

South Florida’s residential construction booms in April, commercial plummets

For residential construction and commercial construction, South Florida was the tale of two markets in April. Residential construction in South Florida boomed, while commercial construction dropped off significantly in April compared to April 2017, according to a new report by Dodge Data & Analytics. Commercial construction starts decreased 42 percent in April to $316.2 million, while residential construction…

Sears to close another 72 US stores

Sears Holdings Corporation is set to close another 72 stores as the company attempts to stave off plummeting sales. While the retail giant has struggled to retain customers who are increasingly heading online to Amazon or seeking out Walmart stores, it has already closed hundreds of stores. With about a half-dozen stores in New York City, it is unclear which stores will shutter but the company is expected…

Concord Wilshire Sells Stake in Diplomat Resort in South Florida

A partnership that includes Concord Wilshire Cos. says it has sold the majority of its interest in the Diplomat Golf Resort & Spa in Hallandale Beach, FL for $43.25 million to a firm headed by developer Ari Pearl. The property at 501 Diplomat Pky has an 18-hole golf course, a 31,000-square-foot spa, a 48-slip marina, 10 clay tennis courts and a 60-key, AAA Five Diamond hotel. Concord Wilshire…

Louis Birdman, partners sell 127-acre Diplomat property in Hallandale for $43M

A partnership led by Louis Birdman sold the 127-acre Diplomat Golf & Tennis Club in Hallandale Beach to a company controlled by Ari Pearl for $43.25 million, property records show. Diplomat Golf Course Venture LLC, which includes Birdman, and Mike Meyers and Nate Sirang of California-based Concord Wilshire Companies, sold the property at 501 Diplomat Parkway to Maltese Diplomat Owner LLC…

The indestructible tenant?

It’s been called the “e-pocalypse”: the closing of so many brick-and-mortar stores because customers would rather get what they need with a click. But not every retailer seems to be swept up in the destruction. Discount retailers, which sell everything from spaghetti sauce and shampoo to sweatshirts — sometimes for as little as $1 — are not turning off the lights for good, like department stores and others.

Who Will Bankroll the $4B American Dream Miami?

American Dream Miami will rise in northwestern Miami-Dade County, with the first phase expected to open in 2023. Now that American Dream Miami has the blessing of county commissioners, the question becomes: How will the developer pay for the $4 billion behemoth? Triple Five Worldwide officials are revealing little about financing for the 5 million-square-foot planned mega…

Video: Jeremy Cohen of Hartman Simons discusses retail property legal trends

In this video from America’s Commercial Real Estate Show, Jeremy Cohen of leading commercial real estate law firm Hartman Simons discusses commercial real estate legal trends in retail properties. Among the topics that are discussed are the ICSC RECon 2018, new trends in retail and mixed-use development, changes in leases and lease clauses, parking related challenges, and trends in retail…

National Rents See Slow Season Start,Most Renter Mega-Hubs Up, Hollywood in Top 5

The national average rent was $1,381 in May 2018, having increased by 2 percent year over year, and by 0.3 percent ($4) month over month, according to data from Yardi Matrix. Rents increased in 79 percent of the nation’s biggest 250 cities in May, were unchanged in 17 percent of cities, and dropped in 4 percent of cities compared to May 2017. The top 25 fastest growing rents in the country are in small…

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June 6, 2018

Video: See What’s In Store and Tour the Paramount Miami Worldcenter Construction Site with its Developers

This video from Miami Channel 10 News profiled the 16 million square feet being developed on 27 master planned acres as Paramount Miami Worldcenter. The development features 10 to 30 foot sidewalks with retail everywhere, a sprawling 60-story residential tower, links to Metromover and Brightline, a 1,700 room Marriot Marquis with a 5,000 square feet of convention and exhibition space, and a sports entertainment center with an electric race car track suspended over the pool deck. Check out the Paramount Miami Worldcenter 360 Panorama View yourself.

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June 6, 2018

Video: Paramount Miami Worldcenter is being modified to accommodate passenger drones

Meet George Jetson. His Boy Elroy. Daughter Judy. Jane his wife.

The developer of Paramount Miami Worldcenter is planning for a future with passenger drones, otherwise referred to as flying cars. The company is modifying plans for Paramount Miami Worldcenter in order to fit a 5,000-square-foot skyport on top of the development’s 60-story, 530-unit tower. Residents of Paramount Miami Worldcenter would be able to land right on top of the building in vertical takeoff and landing vehicles, then enter the property through a sky lobby and ride down to their condominiums in a glass-enclosed elevator.

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June 6, 2018

Listed: 1007 Park Centre Blvd, Miami Gardens, FL 33169 ~ Details, Offering Memorandum, HD Pics, More

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June 1, 2018

Listed: 1003 Park Centre Blvd, Miami Gardens, FL 33169 ~ Details, Offering Memorandum, HD Pics, More

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June 1, 2018

Miami Commercial Real Estate News May 30, 2018: CocoWalk Redevelopment Demo Begins; Construction Spike Coming; On Jon Paul Perez; More…

Redevelopment of CocoWalk advances as demolition starts on property’s east side

Demolition work is under way on the east side of the CocoWalk complex in Coconut Grove to make way for a five-story office building and street-level retail space. It will be the first new office building to open since 1989 in Coconut Grove, where the office vacancy rate is 1 percent, according to research by Blanca Commercial Real Estate. Construction of the 85,000-square-foot office building, called One…

New Hotel Chain for Digital Nomads Opening Soon in Little Havana Like A Backpackers’ Hostel With Coworking

In September, an outpost of Selina will open in Miami’s Little Havana neighborhood at 1450 SW Seventh Street, the site of the former Tower Hotel. The hospitality company, which already operates 24 locations throughout Latin America and the Caribbean, is like a travelers’ hostel that comes with coworking space and a cool tour guide, designed for today’s globetrotting, Instagram-happy laptop junkies.

33-Year-Old Jon Paul Perez Will Eventually Take Over Related Group. For Now, He’s Transforming Wynwood

33-year-old Jon Paul Perez is the eldest son of Related Group Chairman and CEO Jorge Perez, the so-called “Condo King” of Miami. As a kid raised in South Beach and later Coral Gables, the younger Perez was mildly aware that his dad had transformed South Florida. Jon Paul Perez is learning how to run Related Group. At 33, he already oversees multiple condo projects. “When you’re growing up around it, you…”

Downtown Miami Expected To Undergo Construction Spike: Study

The Magic City has 12 acres of buildable potential in the downtown area, according to a recent study. That puts Miami on par with Los Angeles in terms of available land. The study also predicted that downtown Miami would undergo a construction spike in the years to come. “As with most Floridians, Miami respondents indicated they prefer improved bus transport, better walkability and more bike lanes…”

More Developers, Investors Turning To Parking As An Industrial Product Type

Tom Barbera formed Industrial Outdoor Ventures in January 2017 with one goal: to carve a niche within industrial real estate from truck and trailer lots, container yards and freight terminals. The assets he is considering are parking only — no property on-site beyond maybe some truck repair services — often where access to warehouses is short. Trucks from haulers and shipping and logistics companies can…

JV Kicks Off Work at Coconut Grove Mixed-Use Project

Federal Realty Investment Trust, Grass River Property and Comras Co. have commenced the redevelopment phase of CocoWalk, a retail-driven lifestyle center in Miami’s Coconut Grove submarket. The partnership revealed its plans for CocoWalk in May 2017 and recently kicked off the transformation program of the eastern… with an expected delivery date set for late 2019. Located at 3015 Grand Avenue

Miami Mayor to Host Quarterly Miami 21 review

Mayor Francis Suarez will host the first quarterly Miami 21 Review and Enhancement Group on June 1. City residents, property owners and development professionals with interests in real estate development in the City of Miami are encouraged to attend. The purpose of the quarterly meeting is to provide a venue for real-time feedback relative to practical application of policies and procedures that affect the…

A Pricey Drafting Error in a Jewelry Store Lease

Many of the topics we cover in this space ultimately come down to problems in drafting (such as here, here, and here).  Of course, these drafting issues aren’t apparent when the parties execute the lease, contract, or other document. A new case about an exculpatory clause (a provision that limits or eliminates the liability of one of the parties to a contract to the other) in a lease is a good example.  In Obsessions…

Deco Capital will again seek approval for mixed-use Sunset Harbour project

Deco Capital Group is returning to the city of Miami Beach seeking approval for its mixed-use project in the Sunset Harbour neighborhood. The developer submitted plans to the Miami Beach Planning Board for a 65,000-square-foot project, which would have more than 20,000 square feet of retail space, 12 residential units and parking. RWN Real Estate Partners, a New York-based private equity…

United States Sailing Center keeps Olympic training site

It wasn’t easy but the United States Sailing Center Inc. was able to keep its piece of the Coconut Grove waterfront for at least another decade. The Florida not-for-profit corporation had campaigned for more time. The US Sailing Center Miami is one of only 18 official US Olympic Training sites sanctioned by the US Olympic Committee, and the only one for sailing in the US. The city is the owner of real…

Miami’s hopes to be a World Cup city rest on a vote in Moscow

Miami-Dade’s hopes to be a World Cup city during the 2026 soccer tournament rest on whether the United Bid Committee (UBC), comprising the US, Canada and Mexico, secures enough votes June 13 to be the host nations. The county’s mayor and commissioners, who voted unanimously in favor of Miami hosting a match, await the votes to see if further action can be taken. On June 13, a day before…

Miracle Mile streetscape wins a thumbs-up

Newly widened sidewalks and updated features along Miracle Mile and Giralda Plaza in Coral Gables are inviting pedestrians to visit their favorite sites and linger long enough to discover new ones. Merchants rate the overall changes positively, with a few recommendations for improvements. The Miracle Mile and Giralda Avenue Streetscape project spans from Douglas to LeJeune roads on the Mile and from…

Shelved condo projects shrink pipeline of new construction in Miami, Fort Lauderdale: report

Miami’s preconstruction inventory is shrinking, thanks in part to a handful of canceled or paused projects, a new report shows. About 83 percent or 16,714 of the roughly 20,000 units in the pipeline were presold as of April, according to the ISG Miami Report. While the percentage is up from the 80 percent that ISG reported last May, the total pipeline shrunk by about 3,200 units. ISG surveys the sales…

Contractor sues owner of bayfront Edgewater tower for $6.5 million in allegedly unpaid work

The contractor tasked with completing a $7 million renovation of a luxury apartment tower in Edgewater is alleging it was only paid a pittance, and is owed nearly the full amount for unpaid construction work. Sierra Commercial Construction is suing Properties of Hamilton Inc., the owner of the Hamilton on the Bay at 555 Northeast 34th Street. State records show the Hamilton company is controlled by…

Where we’re going, we don’t need drivers: Developers pushing for driverless tech

Developers across the country are pitching their mixed-use developments as incubators for driverless-car technology, which they hope could allow them to pack in more product. Developers are hoping that autonomous vehicles will free up space now allocated to parking spaces for other uses like residential and commercial. And some institutional investors are paying close attention to how ride-sharing…

City Of Miami Population Up 15.6% Since 2010, The Sixth Most In Nation

Thousands of new residents moved into the City of Miami again last year, according to newly released Census data. Since 2010, the city’s population has increased at the sixth fastest rate of any big city in America, at 15.6%. As of July 1 2017, the city’s population was estimated at 463,347. That is an increase of 1.47% over the year before, when it was 456,632 (from 2015 to 2016 the increase was 2.9%…

London-based Chotto Matte Opens on Miami Beach, Other Restaurant News

Developer Craig Menin and restaurateur Dennis Max are planning a massive, 30,000-square-foot food hall in Delray Beach. The developers will submit proposals for Delray City Market next month, according to SouthFlorida.com. The food hall will have 30 vendors with about 400 square feet each in the ground floor retail space of a building planned for 33 Southeast Third Street. Menin Development’s…

Miami adviser: Sea-level rise may inflate federal flood insurance premiums by 2021

Premiums charged by FEMA’s National Flood Insurance Program might surge in two to three years if they start to reflect the risk of sea level rise, according to the chairman of the Miami city government’s task force on rising seas. The cost of flood insurance could double in two to three years if the FEMA program starts assessing the risk of sea level rise in setting premiums, said Miami attorney Wayne…

A frontrunner for Amazon’s HQ2 seems to be emerging

If it weren’t enough of a giveaway that Amazon has got serious designs on the capital, what with shortlisting three cities in the Washington metro area in its search for its new home for its second headquarters, even more evidence has emerged that seems to be hinting towards a winner in the vicinity. According to Business Insider, Northern Virginia’s reputation for housing data centers–it is…

Construction phase of the old Fashion Mall’s redevelopment may start soon

Construction of an eight-story building with rental apartments and retail space may start soon at the old Fashion Mall property in Plantation. It will be the first of three new buildings on the former site of the Fashion Mall, which closed in 2007 and was demolished last year. Encore Housing Opportunity Fund, led by developer Art Falcone, acquired the Fashion Mall for $37.7 million in a 2015 bankruptcy…

Fire and Hurricane Irma ravaged the Deauville Beach Resort, but owners won’t make repairs, Miami Beach officials say

Ten months after a fire shut down the Deauville Beach Resort in Miami Beach, followed by water damage caused Hurricane Irma, city leaders want to force the owners of the historic Miami Modern-style building to speed up renovations and repairs. The city commission’s land use committee this week directed Miami Beach City Manager Jimmy Morales to devise an aggressive action plan — including the…

A conversation with Kimco Realty’s David Jamieson

The stock market hasn’t been kind to REITs lately, and open-air shopping center operator Kimco Realty is no exception. Shares have fallen about 36 percent over the past 12 months, according to its Q1 2018 earnings report. Yet other metrics show that the New York-based company, which owns interests in 475 open-air shopping centers in the U.S., is otherwise doing quite nicely. Occupancy rates of its…

Alex Karakhanian buys Wynwood building leased to GoPro, Scripps Network

Alex Karakhanian’s Lndmrk Development paid $12.2 million for a commercial property in Wynwood. Property records show Forte Capital Management affiliate New Wynwood 25 and other companies tied to Forte’s Chaim Cahane sold the 20,730-square-foot office and retail building at 48 Northwest 25th Street for nearly $590 per square foot. It last sold for $5.3 million in 2013, according to property records.

Who Will Bankroll the $4B American Dream Miami?

Now that American Dream Miami has the blessing of county commissioners, the question becomes: How will the developer pay for the $4 billion behemoth? Triple Five Worldwide officials are revealing little about financing for the 5 million-square-foot planned mega mall and entertainment center, except to say that it likely will involve multiple lenders, similar to American Dream Meadowlands. For that sister…

After Hurricane Irma, officials approve $43.6M for Miami restoration

The bulk of the funding comes from FEMA-approved grants. The City of Miami is one step closer to being awarded funds to help restore countless of parks and facilities that were damaged by Hurricane Irma. Today, the Miami City Commission approved a resolution that authorizes the city to accept $34,193,228 in grants from the Federal Emergency Management Agency and $9,429,373 from an insurance…

Public money in play for park to combat sea level rise at Crescent Heights 5th and Alton development site

Some Miami Beach commissioners are open to the idea of using taxpayer dollars to buy a portion of Crescent Height’s Alton Road redevelopment site between 5th and 7th streets to build a park that combats sea level rise. Any acquisition would be part of a deal in which Russell Galbut’s Crescent Heights would still be allowed to build one of the tallest residential towers in South Beach. The Miami…

Following Amazon’s acquisition of Whole Foods, competitors are wondering what’s next for the notoriously secretive e-tailer

Ask any broker who’s dealt with Amazon to tell you what it was like, and they’ll present you with an airtight nondisclosure agreement prohibiting them from speaking. “Under the radar” doesn’t even begin to describe the company’s ultra-discreet approach to its real estate deals, especially as it’s bought up, or leased, more and more property with each passing year. Second only to Apple as the world’s most…

Developers could make bank from rollback of Dodd-Frank

Nearly a decade after bad real estate loans helped thrust the U.S. economy into a major recession, the House of Representatives passed a bill to roll back a number of regulations for banks. The changes, experts said, could become a catalyst for increased commercial real estate lending, opening up many new sources of funding to developers. On Tuesday, the House voted 258-159 in favor of a bipartisan…

South Florida Broker on Bubbies, Bubbas and Brightline

In the 1970s, Neil Merin was making $160 a week running a production line for a toy manufacturer in the Northeast when he quit to move to Palm Beach County for a property manager position that paid 10 percent more. The new gig would be short-lived. “The company I went to work for down here went out of business six months after I joined, so I went and got a real estate license and started…”

Beaker & Gray owners to open BoomBox in former Bardot site in Midtown

The owners of Beaker & Gray have signed a lease to open a new bar and lounge called BoomBox at Bardot’s former site in Midtown Miami. BoomBox will open in a 3,264-square-foot space at 3452 North Miami Avenue late this summer, Marc Sirkin of Engel & Voelkers told The Real Deal. Sirkin and Asi Cymbal of Cymbal Realty represented the owner of the building, North Miami Avenue LLC, led by…

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May 30, 2018

Video: Jeremy Cohen of Hartman Simons discusses retail property legal trends

In this video from America’s Commercial Real Estate Show, Jeremy Cohen of leading commercial real estate law firm Hartman Simons discusses commercial real estate legal trends in retail properties. Among the topics that are discussed are the ICSC RECon 2018, new trends in retail and mixed-use development, changes in leases and lease clauses, parking related challenges, and trends in retail property operations

May 30, 2018

Miami Commercial Real Estate News May 23, 2018: Massive Mall Gets Final County Approval; More…

Triple Five’s $4 Billion American Dream Miami Project Wins Final Approval from County Officials

American Dream Miami will be a massive mall and entertainment center in northwestern Miami-Dade County. The first phase is expected to open in 2023.  Make way for American Dream Miami. The Miami-Dade County Commission did just that Thursday, granting a series of approvals for the mammoth mall and entertainment center after roughly nine hours of debate. The $4 billion development, to be built…

Miami Gardens Shopping Complex Fetches $12 Million

Macken Cos. has completed the $11.9 million sale of Palmetto Design Plaza, a 62,500-square-foot shopping complex in Miami Gardens, Fla. Rise Star LLC acquired the seven-acre property, which hit the market in the fall of 2017. According to public records, the seller was Palmetto Design Center LLC, an entity affiliated with Macken Cos. Located at 3791 NW 167th Street, the shopping center is anchored by…

US Shopping Center Demand Falls to Six-Year Low as Net Absorption Declines and Store Closures Pile Up

Demand growth for mall and shopping center space by retailers fell to its lightest level in six years in the first quarter of 2018 as retailers continued to focus on their top-performing locations and shed marginal stores, with announced store closures totaling nearly 100 million square feet so far this year alone. The balancing act was reflected in the first quarter 2018 U.S. retail vacancy rate, which at 4.6% was…

PCCP Shells Out $127 Million for Miami Downtown Miami Office Tower

The $127 million sale of SunTrust International Center, a nearly 450,000-square-foot, Class A office tower in downtown Miami, sold. PCCP acquired the asset from Crocker Partners, while Invesco Real Estate provided $101.8 million in acquisition financing. Located at 1 SE 3rd Avenue, the LEED Silver certified property was completed in 1973 and recently underwent a $13.5 million renovation program. Amenities…

Video: Bainbridge Companies VP/COO Kevin Keane Bainbridge Discusses Multifamily Properties for 2018

In this America’s Commercial Real Estate Show episode, Bainbridge Vice President and Chief Operating Office Kevin Keane discusses the multifamily sector, including demand drivers, development trends, regional trends, technology for units, issues with affordability, community access points, parking, ride share, labor shortage, construction costs, and rising rates. The Bainbridge Companies, founded…

Video: CCIM Institute Chief Economist KC Conway Bullish on U.S. Economy

In this video, KC Conway, Chief Economist at the CCIM Institute, joins the show host to discuss – if one could refer to such bubbling with enthusiasm as discussing – the U.S. economic state, including job market growth, home building affected by economy, interest rate volatility, net operating income (NOI) concerns, monthly jobs reports, truth of the retail sector, potential political big impacts on United…

Opposition mounts against Brightline’s pursuit of more than $1B in bonds

Phase two of Brightline’s Miami-to-Orlando train service is off to a bumpy start. Members of Florida’s congressional delegation are discussing whether project is eligible for $1.15 billion in tax-exempt bonds that the project’s parent company All Aboard Florida is seeking for the northern expansion of the service to Orlando. All Aboard received $600 million in private activity bonds for the first phase of the…

Mount Sinai Medical Center plans two major fall openings

A new surgical tower and emergency department at the Mount Sinai Medical Center in Miami Beach are on track to be completed by the end of November. Construction on a free-standing emergency department in Hialeah, also owned by Mount Sinai, is expected to be completed by the end of October, a delay by several months from the original expected opening period of this summer. Except for…

Dolphin Expressway getting double-decker elevated Viaduct

A new project on the Dolphin Expressway – State Road 836 – could improve access and alleviate congestion by creating a double-decker elevated bridge over the existing highway, tentatively named the Viaduct, along one of Miami’s most crowded thoroughfares. The project, funded by $186 million in toll revenue from the Miami Expressway Authority (MDX), is intended to modernize the 836 corridor between…

Study: What to Do with All the Vacant Land in Miami and Other Major US CBDs?

We combed Yardi Matrix and PropertyShark data, as well as online government records to determine the amount of land that currently remains undeveloped in the urban cores (CBDs) of 25 American cities: Atlanta, Ga.; Austin, Texas; Buffalo, N.Y.; Chicago, Ill.; Cincinnati, Ohio; Dallas, Texas; Houston, Texas; Indianapolis, Ind.; Kansas City, Mo.; Las Vegas, Nev.; Los Angeles, Calif.; Miami, Florida…

Renovations on Flagler Street delayed once again

Directors of Miami’s Downtown Development Authority have once again voted to delay the resumption of renovations on Flagler Street, this time for 30 days. But some signaled that they are getting weary of the postponements. “How much longer are we going to drag this out?” asked board member Alicia Cervera, managing partner of Cervera Real Estate. “I’ve had it. These things are devastating to the…”

Terra and AvalonBay buy Doral office park for mixed-use development

Terra and AvalonBay Communities just paid $33.5 million for a development site in Doral. The developers acquired the Atrium Office Park and adjacent restaurant at 3900 Northwest 79th Avenue in Doral, across the street from CityPlace Doral. Avalon Doral LLC paid $20 million for 4.6 acres of the site and Doral Atrium Retail Investments paid $13.5 million for the remaining 5.2 acres, property records show.

Crescent Heights to go before Miami Beach board for 5th and Alton tower

One of Miami Beach’s most controversial development plans is up for discussion again. Developer Russell Galbut will go before the Miami Beach Land Use and Development Committee on Wednesday for the site at Fifth Street and Alton Road. A rally is planned in opposition. Galbut, co-founder of Crescent Heights, is proposing three options for the 85,348-square-foot block, in exchange for…

The Long View: Why real estate tech won’t kill the middleman

Revolutions tend to promise one thing and deliver another. Think of the Jacobins paving the way for Napoleon, the Soviets toppling one autocracy only to ultimately replace it with another, or anti-corruption crusader Hugo Chavez building an empire of graft in Venezuela. Turns out this maxim also applies to real estate technology. Not too long ago, it seemed like the real estate business was about to enter…

Miami Beach Considers Annexing Scandal-Plagued North Bay Village

Since revelations surfaced last year of a blackmail plot against a commissioner with an undisclosed arrest for cocaine in his past, scandal after scandal has rocked tiny North Bay Village, a two-island town on the 79th Street Causeway. Now Miami Beach Commissioner Ricky Arriola is proposing a dramatic fix: He wants his city to take over the troubled village. “Frankly, North Bay Village residents that I’ve…”

Biscayne Bay Brewing to open at historic post office in downtown Miami

Biscayne Bay Brewing is opening a second location in a historic building in downtown Miami. The brewery, based in Doral at 8000 Northwest 25th Street, is opening a 6,200-square-foot brewery and taproom at the Old United States Post Office and Courthouse building, at 100 Northeast First Avenue. It’s slated to open this winter, according to a spokesperson. Stambul USA, led by Daniel Peña…

Apollo Provides $140 Million Refi for Miami Beach’s Faena District

Apollo Commercial Real Estate Finance has provided a $140 million floating-rate loan to Len Blavatnik’s Access Industries to refinance the Faena Group-developed Faena District properties in Miami Beach, Fla., Commercial Observer can first report. The Faena District—between 32nd and 36th Street on Collins Avenue—is the creation of Argentine developer Alan Faena and totals more than 1 million square feet…

South Florida commercial insurance rates ‘dodged bullet’

South Florida’s commercial insurance rates have “dodged a bullet” after weathering a series of natural disasters. It was expected for rates to spike from 10% to 25% in 2018, but after the first quarter, the increases weren’t what was assumed during a busy storm season. Instead, Miami is seeing 5% to 10% increases. Over the past five years there have been “bargain prices” where South Florida has seen…

New Hotel for Grove’s Commodore Plaza

The parking lot next to Greenstreet Cafe is slated to become a hotel. But nothing has been finalized yet and the announcement may be premature. The Arts & Minds school property has also been sold. Talk is that an office building is going in there. The hotel is called Commodore Place, located at 3102 Commodore Plaza. From their website: “Commodore Place is a new mixed-use edifice planned for…”

Cleaning up after Toys “R” Us

Retail real estate these days can seem like a choose-your-own-adventure of sorts, with a variety of plausible story lines for all the players involved. Pivot to be experiential? Yes. Rebrand? Yup. Relaunch online? Affirmative. Chapter 11? Check. This last ending — filing for bankruptcy — is among the most prevalent plot lines, affecting not just retailers but landlords, brokers and lenders. And it is certainly…

Partying and excess remain fixtures of ICSC, even as some companies opt for modest events

Looking out from a booth in the Wynn nightclub Intrigue, it was difficult to ignore a man on stilts dressed as a tree bounding between the aisles. From up there, the view certainly spelled excess: women dancing on podiums and a crowd of real estate folk bumping and bopping to a top 40 playlist. The party at the nightclub Sunday night set the tone of what was to come on the inevitable party circuit that…

Duane Morris Opts for Smaller Miami Office in Move to Citigroup Center

Duane Morris is moving its downtown Miami office from the Southeast Financial Center to a smaller space at the nearby Citigroup Center, a relocation that reflects a national trend toward smaller law firm workspaces. Duane Morris is moving in September when its long-term, $16.8 million lease of the 34th floor penthouse begins at 201 S. Biscayne Blvd., offering views of Biscayne Bay, Bayfront Park and…

Faena District in Miami Beach scores $140 million refi

Len Blavatnik’s Access Industries secured a $140 million loan to refinance the Faena District in Miami Beach. Apollo Commercial Real Estate Finance is providing the floating-rate loan, according to the Commercial Observer. The financing is backed by the Faena Hotel Miami Beach, Casa Faena hotel, the Faena Hotel Residences, the Faena Forum, the Faena Bazaar and the retail and parking.

Miami’s hotel fortunes a tale of two years

Across the street from The Palm restaurant and across the bay from the Bal Harbour Shops is the Grand Beach Hotel Bay Harbor. Its position, between a carnivore’s bliss and a temple to the monied set, embodies the northern reaches of Miami Beach: relaxed, well heeled, traditional. In a city of disparate submarkets, Bal Harbour and the contiguous Surfside are respite from the more raucous South Beach.

Is Hialeah “the next big thing” for real estate investment in SoFla?

Hialeah is hot. The city has been experiencing a surge in real estate investment, bolstering its reputation as an industrial hub while also identifying it as a more welcoming place for multifamily and commercial construction following recent moves to encourage development.
But investors drawn to cheaper land prices and those who may be looking to make a quick buck on a flip could find it difficult…

Video: Baird’s Michael Bellisario on top line growth for hotels and hospitality

On this episode of America’s Commercial Real Estate Show, Michael Bellisario, Vice President and Senior Analyst at Baird, joins host Michael Bull to discuss the hospitality sector, including sector health, place in the cycle, top line growth, employment, leisure and business travel trends, year-to-date performance, land cost, tips for new construction, renovation costs, tax reform impacts, property level value…

Construction starts on 187 apartments near Florida International University

A 187-unit apartment building that will cater to college students is under construction near Florida International University. TD Bank made a $55.04 million loan to finance construction of the rental property at 400 Southwest 107 Avenue in Sweetwater. The borrower is an affiliate of CA Ventures of Chicago, led by CEO Tom Scott, and the development is called The Residence at University City. CA Ventures…

Video: The Hospitality Group’s President Tom French Discusses Whether it is Time to Sell hotels?

On this episode of America’s Commercial Real Estate Show, Tom French, President of The Hospitality Group, joins host Michael Bull to discuss the hospitality / lodging sector. Among the topics discussed are sector health, RevPAR (revenue per available room) trends, buyer and seller cycle concerns, investor opportunities that may exist, hospitality property market trends, developments in hotel financing…

Moishe Mana’s not done yet, picks up downtown Miami building for $13 million

Moishe Mana’s portfolio of properties in downtown Miami keeps growing. The investor and developer just paid $12.9 million for a two-story retail and office building at 201 East Flagler Street. The deal brings his total spent in downtown Miami to nearly $285 million. Mika Mattingly and Cecilia Estevez of Colliers International South Florida represented Mana in the deal.

Miami Beach to request proposals for a new convention center hotel — once again

The Miami Beach City Commission voted unanimously this week to issue a request for proposal for developers to submit designs and bids for a convention center hotel. The hotel would be built on the same site that a previous hotel design was proposed in 2016, which was ultimately turned down by voters. But under the new request for proposal, the hotel would be a third smaller than the previous design.

Treasury issues new LLC disclosure law

The Treasury Department has re-upped rules meant to crack down on money laundering in real estate — but don’t ask Uncle Sam for details. The Financial Crimes Enforcement Network (FinCEN) has released another set of rules requiring title companies to disclose the identity of all-cash buyers who purchase luxury property under the guise of an LLC, sources told The Real Deal. But FinCEN has…

American Dream Miami wins county commission approval

Make way for American Dream Miami. The Miami-Dade County Commission did just that Thursday, granting a series of approvals for the mammoth mall and entertainment center after roughly nine hours of debate. The $4 billion development, to be built on 174 acres at Interstate 75 and Florida’s Turnpike in northwest Miami-Dade, will have more than 5 million square feet or retail and entertainment…

Okan Group launches Miami tower with fireworks display at PAMM

Hundreds of brokers, attorneys, bankers and industry insiders waited in a line that snaked around the entrance to the Pérez Art Museum Miami last week to celebrate the launch of Okan Tower, a new mixed-use tower planned for Miami’s Arts & Entertainment District. The developer, Bekir Okan of the Turkey-based Okan Group, hosted the soirée on the top floor of PAMM with drinks and hor d’oeuvres…

Developer plans mixed-use hotel for Coconut Grove lot next to GreenStreet Cafe

Metronomic Inc. is under contract to buy the parking lot next to the popular GreenStreet Cafe in Coconut Grove, where the developer is planning to build an Aloft hotel. Metronomic, led by Ricky Trinidad, will pay $4.8 million, or about $670 per square foot, for the nearly 7,200-square-foot lot at 3110 Commodore Plaza, broker Miguel Pinto said. The Coral Gables-based developer is expected to close on…

Miami Beach shelves plan to raise roads amid opposition from North Bay Road residents

The Miami Beach City Commission voted down a plan to elevate North Bay Road amid growing concerns from residents that it could ruin their property values and lead to flooding on their properties. The contentious move could delay the project for close to six years since the Florida Department of Transportation plans to start its Alton Road project in 2021. While Alton Road is under construction, drivers…

Retailers Finding a New Home in South Florida

One out of every 10 new multifamily developments throughout South Florida is now incorporating at least some retail space into its design. While this is also common in condominium and office developments, the trend of incorporating retail, and even small amounts of office space, in residential developments seems to be increasing in the market. In the Downtown Miami submarket specifically, 180,000…

Luxe condo breaks ground in Coconut Grove, nearly 50 percent sold

The 23-unit residency held its groundbreaking ceremony on May 10. Glasshaus in the Grove, Miami’s sexiest new boutique condominium, broke ground May 10. Located in Bayshore Village near Millionaire’s Row, the boutique project is walking distance from marinas, parks, shops, and restaurants. Glasshaus in the Grove, is a ‘livable residence’ that mixes outdoor and green space that evokes the tropics.

Silvia Coltrane, partners add condos to mixed-use North Beach hotel project

Miami Beach developer Silvia Coltrane is proposing changes to her North Beach hotel project, including adding condos to the mixed-use development. Coltrane’s 72+ Collins Hotel falls within the North Beach Town Center district. The Miami Beach Commission voted on Wednesday to pass an ordinance on second reading increasing the floor area ratio for the properties between 69th Street, Collins…

Developer of Ritz-Carlton Residences, Miami Beach sued over construction delays

Three condo buyers are suing the developer of the Ritz-Carlton Residences, Miami Beach over the project’s construction delays, seeking to get their deposits refunded. Since March, three separate civil lawsuits have been filed in Miami-Dade County Circuit Court against 4701 North Meridian LLC, which is a partnership between Ophir Sternberg’s Lionheart Capital and Elliott Management Corp. The three lawsuits…

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May 23, 2018

Video: Bainbridge Companies VP/COO Kevin Keane Bainbridge Discusses Multifamily Properties for 2018

In this America’s Commercial Real Estate Show episode, Bainbridge Vice President and Chief Operating Office Kevin Keane discusses the multifamily sector, including demand drivers, development trends, regional trends, technology for units, issues with affordability, community access points, parking, ride share, labor shortage, construction costs, and rising rates. The Bainbridge Companies, founded in 1993, is a leading owner, developer and manager of luxury multifamily apartment communities in the Eastern United States. A fully-integrated family of real estate companies, it is engaged in the development, construction, management and acquisition of residential and commercial real estate.

May 23, 2018

Video: CCIM Institute Chief Economist KC Conway Bullish on U.S. Economy

In this video, KC Conway, Chief Economist at the CCIM Institute, joins the show host to discuss – if one could refer to such bubbling with enthusiasm as discussing – the U.S. economic state, including job market growth, home building affected by economy, interest rate volatility, net operating income (NOI) concerns, monthly jobs reports, truth of the retail sector, potential political big impacts on United States economy, commercial real estate regulations by the Fed, and predictions for economic trajectory. The CCIM Institute is an influential commercial real estate related professional organization.

Commercial real estate investors interested in this topic should also check out the post Handicapping the End of the Economic Recovery for Commercial Real Estate Investors. It succingtly considers the possibility and timing of a recession and provides a number of links to help investors gain the information necessary to develop or refine their own opinions.

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May 23, 2018

Video: Baird’s Michael Bellisario on top line growth for hotels and hospitality

On this episode of America’s Commercial Real Estate Show, Michael Bellisario, Vice President and Senior Analyst at Baird, joins host Michael Bull to discuss the hospitality sector, including sector health, place in the cycle, top line growth, employment, leisure and business travel trends, year-to-date performance, land cost, tips for new construction, renovation costs, tax reform impacts, property level value trends, and RevPAR trends. Baird serves individuals, families, businesses and communities across the United States as well as institutional clients around the globe from more than 100 offices on three continents.

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May 20, 2018

Video: The Hospitality Group’s President Tom French Discusses Whether it is Time to Sell Hotels

On this episode of America’s Commercial Real Estate Show, Tom French, President of The Hospitality Group, joins host Michael Bull to discuss the hospitality / lodging sector. Among the topics discussed are sector health, RevPAR (revenue per available room) trends, buyer and seller cycle concerns, investor opportunities that may exist, hospitality property market trends, developments in hotel financing, lender options, underwriting, property owner types, hotel PIPs, owner and seller tips, and service performance.

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May 19, 2018