Keyes Commercial Leads Full Year 2016 Miami-Dade MLS Ranking

Keyes Commercial Realty Leading Market Share ChartView Listings · Contact

In the  twelve months ending December 31, 2016, The Keyes Company Commercial Division, commonly referred to as Keyes Commercial Realty, once again dominated the Miami MLS market share broker rankings for number of sales transactions of commercial improved properties within Miami-Dade County.  The firm’s impressive 28.6% share among the top 10 brokers of such properties was more than three times that of its nearest competitor and greater than the total share of the next three highest combined.

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

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

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January 12, 2017

Miami Commercial Real Estate News February 21, 2018: Swire Partnering to Develop Next to Brickell City Centre; More…

Swire partners with Carlos Mattos to develop site next to Brickell City Centre

Swire Properties is making moves again in Brickell. Swire is partnering with Colombian businessman Carlos Mattos to jointly develop the property at 650 South Miami Avenue, a spokesperson told The Real Deal. The developers are planning a residential project on the former Tobacco Road site. Mattos made his money with Hyundai Colombia Automotriz, a car import and distribution company he founded in…

The site of Dean’s Gold strip club will become a massive mixed-use project

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Hyde Midtown Suites & Residences is in its final stages

The mixed-use project is wrapping up After topping off this time last year, mixed-use development Hyde Midtown Suites & Residences at 3401 NE 1st Avenue is ready to open its doors. The Next Miami reports that closings of residences are underway and that the hotel will be ready for guests next month. The mixed-use development includes 410 luxury residences, 60 hotel suites, retail space, and six stories of…

Markers Grove Isle battles way to condo starting line

Markers Grove Isle on Fair Isle is marked by controversy. Developer Eddie Avila expects the $200 million project to place the Grove community on par with Tahiti Beach in Coral Gables and Fisher Island. But most current island residents aren’t on board. Fair Isle, commonly called Grove Isle, boasts three residential towers with a total of 510 units that date to the 1970s and a club that debuted in…

Collection Residences site listed for sale as litigation between Ugo Colombo and Masoud Shojaee drags on

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Dufry signs lease for future HQ at Prologis’ Beacon Lakes

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Brightline owner’s proposal to build a new Miami-Dade courthouse lives on

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Developers refinance 2500 Biscayne, sell ownership stakes

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Home sales, prices rose in all three SoFla counties in January: Florida Realtors

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Avra Jain turns to Overtown for next restoration project

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Mixed-use development Buena Vista Lofts just broke ground

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Restaurants at CityPlace Doral sued for unpaid rent

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Mexican real estate investors focus on South Florida amid heated presidential race

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Video: Integra Realty Resources Chairman Anthony Graziano Presents Retail Property Viewpoint for 2018

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Miami Yacht Show will move to a new location next year

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Foreclosure fight heats up: Trial could give Schecher Group nearly complete control of Miami Beach’s Sixty Sixty Resort

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Winn-Dixie may be headed back to bankruptcy

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US housing starts were up 10% in January, led by multifamily building

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Missoni Baia, Paseo Miami and Coconut Grove Playhouse submit new plans

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Luxury Apartments Planned South of Miami

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Grand jury investigation adds to Bal Harbour hotel developer’s woes

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Affordable housing crisis in Miami. For landlords, “the math just doesn’t work.”

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Inflation drives mortgage rates to peak not seen since 2014

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Hotelier buys shuttered Miami Beach assisted living facility

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Wynwood Yard chef to open food hall in Miami Heath District

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February 21, 2018

Video: Integra Realty Resources Chairman Anthony Graziano on Office and Tenant Opportunities

Anthony Graziano, Chairman at Integra Realty Resources, joins host Michael Bull to talk about Integra’s Viewpoint 2018. Topics discussed include tenant trends for office properties, expected office property occupancy levels, cap rates for office property commercial real estate, interest rates, revenues and expenses, office property appraisal value, challenges, and opportunities for the office property sector. The report discussed, Viewpoint 2018, also covers how economic and political influences as well as user trends will impact the various commercial real estate sectors.

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February 21, 2018

Video: Integra Realty Resources Chairman Anthony Graziano Presents Retail Property Viewpoint for 2018

Anthony Graziano, Chairman at Integra Realty Resources, appears on the Commercial Real Estate Show to discuss his firm’s Viewpoint 2018. Topics that are discussed include expected retail property occupancy levels, cap rates for retail commercial real estate, interest rates, online investments, effects of ecommerce, outlook for restaurants, challenges, and opportunities for the retail commercial property sector. The report also covers how economic and political influences as well as user trends will impact the various commercial property / commercial real estate sectors.

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February 20, 2018

Video: A Discussion of Changes in Single Tenant Net Lease Operations and Technology

Fred Weir, President at Meadowbrook Restaurant Company, and Nancy Miller, President at National Net Lease Investment Group, appear with host Michael Bull on America’s Commercial Real Estate Show to talk about trends in single tenant net lease commercial investment properties. Topics that are covered include operational trends and trends in technology that serves the single tenant new lease property market.

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February 15, 2018

Miami Commercial Real Estate News February 14, 2018: More Parcels Secured for MiamiCentral Project; More…

Florida East Coast Industries buys more land for MiamiCentral project

Florida East Coast Industries just closed on two parcels of public land in downtown Miami, locking in another component to its massive MiamiCentral mixed-use development. FECI and AAF Miami TOD Holdings LLC paid $14 million for the city-owned parcels at 104 Northwest First Avenue. Also included is a half-acre strip of land at 435 Northwest First Court, which runs parallel to Northwest Sixth…

Drivers Club Miami, a “country club for cars,” could be headed near Miami Gardens

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Florida East Coast Railway sues Miami developer for alleged trespass

Jacksonville-based Florida East Coast Railway is suing a Miami developer along its 351-mile long freight line. The railway, owned by a subsidiary of Grupo Mexico, is alleging that Ofer Mizrahi’s Miami Ironside is encroaching on the train tracks that run behind the office and retail development, according to a lawsuit filed in Miami-Dade County Circuit Court earlier this month. Florida East Coast Railway is…

Major US cities saw sharp drops in new construction projects in 2017: report

Multifamily and commercial construction slowed in most major U.S. metro areas last year, according to a new report. Major declines in funding for new construction starts were registered in cities like New York, Miami and Los Angeles. The report by Dodge Data & Analytics tracked the 20 cities with the highest dollar contribution for new construction projects last year. The total was $194.7 billion, down from…

Miami Beach board backs plan to convert Prince Michael condos to hotel

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Drivers Club Miami project heads to county commission

A Miami-Dade County committee just green lit a developer’s vision to turn land just west of Miami Gardens into a $100 million luxury auto club, dubbed the “country club for cars.” Tuesday night, South American developer Carlos de Narváez received approval from the government operations committee to move forward with his project, which would entail building a 2-mile track for car aficionados…

New Office Bldg Planned North of Downtown Miami

A New York developer is betting big on the Class A office market in the emerging Miami neighborhoods of Wynwood, Midtown, Edgewater and the Design District. R&B Realty said Tuesday it expects to break ground in the next three months on The Gateway at Wynwood, a 225,000-square-foot building at 2916 N. Miami Ave. The firm is building the project on spec, and says it will be ready by…

Mixed-Use Building on Miami Beach Fetches $38M

East End Capital Partners LLC and GreenOak Real Estate acquired a mixed-used building in Miami Beach, FL for $38 million, or about $588 per square foot, from KBS Realty Advisors. The 555 Washington Ave. property, designed by the Arquitectonica architecture firm, consists of 44,000 square feet of Class A office space, 22,000 square feet of retail space and a 243-stall attached parking garage. Tenants include…

Video: A Discussion of Changes in Single Tenant Net Lease Operations and Technology

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$9.2 million deficit looms to restore Miami Marine Stadium

City of Miami officials are estimating a $9.2 million deficit for the project to restore Miami Marine Stadium and build the new maritime museum and welcoming center next door. The city intends to renovate the stadium and make other improvements on Virginia Key using revenue bonds and other funds, and is working on a request for proposals to manage the stadium. City commissioners got a status…

Plaza Coral Gables works through the chain of reviews

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Construction is going up on Coconut Grove’s The Optimum office tower

The office project is set to open in September Optimum Group’s Class A office tower at 3480 Main Highway in Coconut Grove is going vertical. The Arquitectonica-designed project is on track for completion this September, according to a rep. When The Optimum opens, it will bring 44,000 square feet of office space and a 6,500 square-foot ground floor restaurant — along with a rooftop bar which…

Check out these jaw-dropping new renderings of One Thousand Museum’s amenity spaces

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Nitin Motwani has 10 acres ready for Amazon. But will Bezos play ball?

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Why savvy real estate investors are looking at mid-level malls

High dividends have some investors taking a second look at “class B” shopping centers. Due to falling share prices, mall operators’ dividends have increased dramatically, some well over 15 percent, the Wall Street Journal reported. For example, Tennessee-based CBL & Associates Properties and Ohio-based Washington Prime Group saw dividends spike 19 and 18 percent, respectively, last year, even as…

Developer submits plans for mixed-use project near Hard Rock Stadium

About 40 acres of city-owned land near the Hard Rock Stadium in Miami Gardens has captured yet another development proposal.
Garden Square Holdings LLC, led by developer Barron Channer, submitted plans for a mixed-use project with a hotel, two office towers, restaurants and retail, according to the South Florida Business Journal. The city, which owns the land at the northeast corner of…

Cadillac Hotel & Beach Club will reopen in Miami Beach this spring

The Art Deco hotel is going through a multi-million-dollar renovation An Art Deco icon is about to be revealed in Miami Beach. The Cadillac Hotel & Beach Club, originally designed by renowned Art Deco architect Roy France in 1940, is set to reopen this spring following a multi-million-dollar renovation. The 357-room hotel, located at at 39th and Collins Avenue, will joins Marriott International’s…

Marriott Stanton South Beach is finishing $22 million worth of upgrades

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Airbnb says Florida hosts generated $45.7M in tax revenue

As Airbnb continues to duke it out with Florida’s hotel industry over property owners’ rights to rent their homes to vacationers, the tech company announced its hosts are helping fill up state and local government coffers with a new lucrative cash stream. In 2017, Airbnb collected and remitted $45.7 million in sales and local bed tax revenue to the Florida Department of Revenue and 39 counties that have…

Moishe Mana inks lease on 120K sf warehouse in Miami Gardens

Developer and investor Moishe Mana has completed a deal to expand his corporate document storage company, signing a lease for a 120,000-square-foot space in Miami Gardens, The Real Deal has learned. The firm, GRM Information Management, will occupy the warehouse at 15801 Northwest 49th Avenue. Jason and Marcos Morjain of Warehomes are the property owners. Jason Morjain…

Starwood’s Sternlicht Opens Up at Real Estate Conference

Starwood Capital Group CEO Barry Sternlicht addressed a variety of topics in a discussion with PGIM Real Estate executive Cathy Marcus at the University of Miami Real Estate Impact Conference. Credit: University of Miami. Barry Sternlicht, chairman and CEO of Starwood Capital Group, is not bashful in big groups. Sternlicht weighed in on a number of topics during last Friday’s University of Miami’s Real Estate…

Meet the gatekeepers to South Florida’s Amazon HQ2 bid

Amazon’s search for a second headquarters may be shrouded in secrecy. But in South Florida, three power brokers have a direct line to the e-commerce giant as they make their pitch to host HQ2. Mike Finney, president and CEO of the Miami-Dade Beacon Council; Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance; and Kelly Smallridge…

Starwood’s Sternlicht Opens Up at UM Real Estate Conference

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Aventura Mall celebrates its newest artwork: a 93-foot-tall spiral slide

Actress Chloë Sevigny joined artist Carsten Höller for yesterday’s debut Aventura Mall’s latest public artwork is designed to make you feel like a kid again. Behold the Aventura Slide Tower, a nearly 100-foot tall slide that’s free for all ages and takes 15 seconds to traverse at speeds of up to 15 miles per hour. The slide is a permanent installation from Belgian artist and former scientist Carsten Höller, who has…

See inside the new co-working space WeWork Ponce de Leon in Coral Gables

Find 552 desks and kombucha on tap Co-working office space brand WeWork opened its fifth location in the Miami area earlier this month, with a shiny new space within a six-story building at 2222 Ponce De Leon Boulevard. WeWork’s in-house design team, Lunch Money, brought in a custom wallpaper, neon signage, murals and a massive custom terrazzo bar in the main pantry. To break it down…

Miami-Dade Mayor Gimenez nixes FECI’s courthouse proposal

Miami-Dade’s mayor has rejected a proposal by the operator of the Brightline passenger train to build a new downtown Miami courthouse. Instead, Mayor Carlos Gimenez revealed in a memo obtained by The Real Deal that he has started a formal bid process for developers to replace the 90-year-old Miami-Dade County Courthouse — which lawyers and judges insist is obsolete, moldy, and falling…

Four favorites to win Amazon’s HQ2

While there are officially 20 cities Amazon is deciding between, economists have singled out four stand-out contenders. The four cities, all located in Southern states, are being called favorites by the Wall Street Journal due to their labor-markets and employment growth.  Known as Sunbelt cities, they have the right mix of capable, highly-educated workers minus fierce competition from whom Amazon…

The Miami commission is trying to prevent leaks on its Amazon HQ2 bid

To the tune of non-disclosure agreements What is going on with South Florida’s bid to land Amazon’s new headquarters? Amazon boss Jeff Bezos and the leaders behind Miami’s effort want to keep things securely under wraps, according to the Miami Herald. Andres Viglucci reports that non-disclosure agreements are involved, writing: The Miami Commission voted unanimously and with no discussion…

The major expansion at Bal Harbour Shops is taking shape

Barneys New York will open its first Florida flagship there A major enhancement of Bal Harbour Shops is taking shape: the South Florida Business Journal reports that the Bal Harbour Shops obtained a $150 million mortgage as part of its plan to add 340,387 square feet of retail. The mall’s upgrades include the addition of a Barneys New York flagship, the first store for the brand in Florida…

Miami Beach firm pays $13.5M for Hialeah apartment complex

A Miami-Beach based company paid $13.5 million for a 90-unit apartment complex in Hialeah, property records show. The acquisition comes at a time when city has seen an increase in investment there. The 114,575-square-foot rental community at 6195 West 19 Avenue traded hands for $150,000 per unit. The buyer, Fields and Green Family’s LLC, is led by Jonathan Fields and Leah Green. Records show…

Coral Gables office market sizzles with new construction and low vacancy rates

In Coral Gables’ highly competitive office market, landlords are always seeking a slight edge in luring new tenants and retaining existing ones. But for the owners of Douglas Entrance at 800 Douglas Road, spending $7 million to renovate the office park’s lobbies, corridors, elevators, indoor common areas and its historic “La Puerta del Sol” ballroom wasn’t enough, said Maggie Kurtz, a CBRE senior…

Versailles, La Carreta owner sells two shopping centers in Northwest Miami-Dade

Felipe Valls Jr. and Isabel Dimise just sold two shopping centers in Northwest Miami-Dade for $16 million, property records show. The Valls family owns popular Cuban restaurants Versailles and La Carreta. Records show Valls Jr. and Dimise sold shopping centers Country Club Shopping Center and Palmetto Plaza Center to Miami Lakes-based R.I.C. Inc., led by Rolando and Jonathan Hernandez.

Whitman gets $150M loan for Bal Harbour Shops expansion

Whitman Family Development scored a $150 million mortgage for Bal Harbour Shops’ expansion, property records show. SunTrust Bank provided the financing for the luxury shopping mall at 9700 Collins Avenue in Bal Harbour. The Whitman family secured approval last year for a $400 million expansion and renovation of the high-end mall that will add more than 340,000 square feet to the 511,000 sf…

Video: Experts Discuss Single Tenant Net Lease Financing and Investment Trends

Fred Weir, President at Meadowbrook Restaurant Company, and Nancy Miller, President at National Net Lease Investment Group, joins the show host Michael Bull on America’s Commercial Real Estate Show to discuss various trends in single tenant net lease properties. Among the topics discussed are financing and investment trends for single tenant net lease real estate.

Video: Experts on Single Tenant Net Lease Market and Cap Rate Trends

Nancy Miller, President of National Net Lease Investment Group, and Fred Weir, President at Meadowbrook Restaurant Company, appear on America’s Commercial Real Estate Show, with its host Michael Bull, to talk about a variety of trends in single tenant net lease properties. Among the single tenant net lease real estate related topics discussed in this video are overall market trends and trends…

Real estate market unfazed by changes to tax law

You might recall the scary predictions from the realty industry and some independent economists that began last fall: Cutting tax benefits for homeowners would inevitably lead to declines of 4 to 10 percent in home prices, and maybe even more for upper-bracket properties in high-tax areas. So how are those dire warnings holding up? It’s still early in the game for hard statistical answers. But it’s not too…

First phase of Jungle Island’s multimillion-dollar renovation to open this year

Jungle Island is getting back on track with its multimillion-dollar renovation after Hurricane Irma forced its closure in September. The first phase, expected to cost $16 million, is underway and the park is projected to reopen in late spring with new attractions. ESJ Capital Partners paid $60 million for the property in April with major redevelopment plans. Irma caused substantial damage to the 18.5-acre…

Commercial real estate in Florida: do not try this at home!

Commercial real estate is big business in South Florida — maybe even the biggest. It is connected to all of the state’s major industries from tourism and housing to banking, government and health care. If there is a business sector that requires property, commercial real estate, in some form or another, will come into play. The trouble is, commercial real estate is whole different animal from residential…

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February 14, 2018

Video: Experts Discuss Single Tenant Net Lease Financing and Investment Trends

Fred Weir, President at Meadowbrook Restaurant Company, and Nancy Miller, President at National Net Lease Investment Group, joins the show host Michael Bull on America’s Commercial Real Estate Show to discuss various trends in single tenant net lease properties. Among the topics discussed are financing and investment trends for single tenant net lease real estate.

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February 9, 2018

Miami Commercial Real Estate News February 7, 2018: First Worldcenter Tower Tops Off; Terra Files for Doral Retail Center; More…

Worldcenter Apartments Top Off

The first tower at Miami Worldcenter has topped off, bringing the massive, $1.2B development a little bit closer to reality. Caoba, the Spanish word for mahogany, is one piece of the Worldcenter puzzle — a 444-unit apartment complex at 698 Northeast 1st Avenue. Miami Worldcenter will ultimately take up 10 city blocks and 27 acres right in Miami’s downtown. When completed, it will include a train station…

Terra files plans for retail center in Doral

More retail stores and restaurants are coming to Doral, adding to the surge of mixed use-projects and residential development underway. Terra just filed plans to deliver Doral Square, a 145,000-square-foot retail center at the southeast corner of Northwest 36th Street and Northwest 87th Avenue, according to the South Florida Business Journal. Doral Square would rise on a 3.9-acre parking lot…

Miami leads the way for ultra rich overseas buyers looking for U.S. property

Per a new study Ultra-wealthy foreign buyers looking to scoop up some U.S. luxury real estate are turning to Miami, New York and L.A., according to a new report from Beauchamp Estates in association with Leslie J Garfield & Co — and Miami is leading the way. “Miami is a leading hub for overseas buyers investing in U.S. luxury real estate,” managing director at Beauchamp Estates Gary Hersham told Robb…

Miami river hangout spot The Wharf faces noise complaints

We “want to be cognizant of residents’ wishes,” owner says. As the area around the Miami river continues to transform — with more development than ever — residents are getting used to the new normal. Now the Miami Herald reports that new hangout spot The Wharf, which popped up in a previously empty lot near the river, is being called “ridiculously loud” by its neighbors. “I don’t expect it to be…”

The Weekly Dish: Brickell City Centre’s Italian food hall is finally opening & more

The three-story Italian food hall at Brickell City Centre is finally set to open Feb. 16, more than a year after the Shops at Brickell City Centre were completed. In all, the 40,000-square-foot space on the northeast end of the mall at 701 South Miami Avenue will have 14 restaurants, five bars, a cooking school, retail space, a wine store and more than 1,000 specialty products. It marks the largest new food…

Board approves Historic Designation for Coconut Grove Playhouse

The City’s Historic and Environmental Preservation Board recommended 9-0, that the Coconut Grove Playhouse be included on the National Register of Historic Places at Tuesday’s meeting. Architect Jorge Hernandez who is working with the county on rebuilding the playhouse spoke for the county which was in favor of the nomination, but of course only for the section that they plan on…

Here are some issues in the tax law that remain foggy

In many ways, the new federal tax law is a major boon to the real estate industry. But several issues — including some surrounding the deep deductions awarded to pass-through entities — remain ambiguous. For one, it’s unclear how the 20 percent deductions on pass-through incomes will be calculated in certain cases. Many real estate companies own several different entities, some of which bring in…

Four Predictions For The Industrial Market In 2018

The industrial sector flourished in 2017. Real estate research firm Real Capital Analytics (RCA) noted in a recent report that the industrial sector, seeing gains from rising e-commerce sales and the resulting need for industrial facilities, was the only commercial real estate sector last year that saw an increase in transaction activity from January through November. NREI discussed possible trends to look out…

Commission rejects mayor’s plan to replace Dade County Courthouse

After Mayor Carlos Giménez asked his administration to reduce the cost and scope of a new county civil courthouse, Miami-Dade commissioners voted unanimously Tuesday to approve the original master plan for the courthouse, rejecting Mr. Giménez’s recommendation. “Today is a great day,” said Chief Judge Bertila Soto of the Eleventh Judicial Circuit of Florida at the commission…”

Coconut Grove waterfront soon to get major remake

The Chart House restaurant, a fixture of the Coconut Grove waterfront for more than 30 years, is history and the long-awaited redevelopment of the site is scheduled to begin in just a few weeks. Litigation caused years of delay for The Harbour project, and Hurricane Irma was the latest challenge to mess with the plans in September. But once demolition workers were done with Irma clean-up…

Carolina Herrera: President of the Builders Association of South Florida

When Carolina Herrera moved to Miami from Colombia, she hoped to use her law degree to get a job at a law firm. Instead, her first job was an assistant in the construction department at Lennar. “Once I started seeing the company, what we build, our customers and the product, I completely fell in love,” Ms. Herrera said, “and here I am.” Today, Ms. Herrera is director of land operations at Lennar and the…

Construction activity spotted at One River Point

The tower is expected to go vertical in early 2019 Uruguayan architect Rafael Viñoly’s luxury project One River Point is on its way to becoming a reality, according to The Next Miami, which scoped out construction activity at the project’s site along the Miami River. The 60-story project, which includes two towers connected by a “floating sky bridge,” is now expected to go vertical in 2019.

Details On 3 Miami Sites Considered By Amazon For HQ2

When Amazon sought bids from cities that could support its second headquarters, the Beacon Council, Miami-Dade County’s economic development partnership, took the lead in preparing a presentation touting Miami. Phillip Pessar via Flickr Creative Commons The historically black Miami neighborhood of Overtown is being eyed for redevelopment. It was submitted as part of a package promoting…

Miami-Dade commission demands a new 26-story courthouse, old one to be sold

Private developers interested in building a new Miami-Dade courthouse in downtown Miami will have to make it 26 stories and 600,000 square feet in size. At the request of Miami-Dade County Commissioner Sally Heyman, county commissioners on Tuesday approved a rule specifying that bids to construct a new courthouse must conform to the terms of an 800-page master plan crafted last year with the…

Victoria’s Secret chief doubles down on brick and mortar despite falling sales

Weak holiday sales and declining same-store sales may be a warning sign for some retailers to cut back and reduce their physical footprints. But L Brands CEO Leslie Wexner is focusing on brick and mortar, so much so that the company, which owns Victoria Secret, has added stores over the past two years, bringing its total in North America to about 3,000, Wexner told the Wall Street Journal. He believes…

Miami Industrial Real Estate Market Report for the Year End 2017

2017 ends with only about 1.2M sq. ft. of positive absorption. A stronger market is closer to 2M sq. ft. (or more) annually. This being said, the overall vacancy rate slightly decreased to 4.0% and the average lease rate is at an all-time high at $9.76 per sq. ft. gross. Investors continue to purchase warehouse buildings also at record-setting prices per sq. ft. The fundamentals of owning tangible real estate as an…

Terra’s $72 Million Sale Of Doral Commons Is A Sign Of Strong Market In Doral

In the latest sign of intense demand for stable, well-positioned assets in Doral, Terra’s Doral Commons retail plaza has traded hands to Jamestown, L.P. The 140,000-square-foot center is 95 percent leased, with a tenant roster anchored by Publix Supermarket alongside TJ Maxx, Citibank, GNC, AT&T Wireless, McDonald’s, and others. According to public record, Miami-based Terra sold the shopping center…

Follow the construction of One Thousand Museum on the PBS doc Impossible Builds

The episode premieres on February 7  The Zaha Hadid-designed ultra-luxury condo development One Thousand Museum is getting a starring role on a PBS construction doc. Impossible Builds spotlights the world’s most ambitious, complex and technologically advanced construction projects, and now Miami’s own futuristic tower will be featured as part of this year’s episodes. One Thousand Museum by…

Construction starts picked up in 2017, thanks to large institutional and public works projects

Construction starts picked back up again last year, totaling $37.78 billion on the back of public works and institutional projects. That was the second-highest total since 2010, according to information from Dodge Data & Analytics reported by the Commercial Observer. Spending hit $41 billion in 2015, but then dropped to $31.93 billion the following year. In 2017, spending on institutional…

Survey finds Grove voters prefer smaller, cheaper redevelopment of playhouse

The future of the Coconut Grove Playhouse is still undecided, but a new report shows that residents prefer a cheaper, smaller redevelopment plan. Nearly 80 percent, or 312 of 400, of Miami residents surveyed by Bendixen & Amandi International favored Miami-Dade County’s $20 million plan to renovate and reopen the historic playhouse, according to the Miami Herald. GableStage, the theater…

Ex-Vornado CEO Fascitelli and partner score loan for South Beach hotel

New York-based Imperial Companies has secured $45 million in construction financing for a hotel in South Beach. Records show Washington Squared Owner LLC closed on the loan from Bank of the Ozarks, bringing the company’s total financing for the property to nearly $90 million. Imperial’s Michael Fascitelli and Eric Birnbaum are building the roughly 300-key hotel at 601 to 685 Washington…

Rent control push is spreading across US

Rent control, long the scourge of New York City landlords, is becoming more popular across the country. Lawmakers and tenant advocates in California, Illinois and Washington state are looking to repeal laws banning cities from imposing rent control or limits to regulate rent increases, the Wall Street Journal reported. California is poised to be the largest battleground this year. Advocates have gathered…

How to leave a job: Yellen bans a bank’s growth, warns of commercial RE prices

Yesterday, Federal Reserve Chair Janet Yellen was succeeded by Republican and Fed governor Jerome Powell, President Trump’s pick for the role, but that doesn’t mean she’s stopped making headlines. In fact, her last day was one for the books. In a final interview taped Friday aired today, Yellen contemplated whether the American commercial real estate market was in a bubble. The market’s prices are…

Owner of Brightline operator offers to build new Miami-Dade courthouse

A group led by Florida East Coast Industries, the owner of the company that operates the Brightline passenger train service, made an unsolicited proposal to build a new civil courthouse for Miami-Dade County. County commissioners acknowledged the unsolicited proposal at a meeting in January without saying who made the proposal or what it entails. Tara Smith, director of the county’s Internal…

Miami Freezer Warehouse for Sale

This is one of the largest warehouses in Miami now listed on-the-market for sale. The property’s freezers and coolers make it ideal for the perishables industry. However, it could also be great for dry distribution and/or manufacturing. Investors may appreciate that the property is multi-bay and that the owner might lease-back about 65,000 sq. ft. The building, located at 18770 NE 6th Avenue, sits on 9.46 acres.

Slow Your Roll, David Beckham: Critics Vow To Fight His Miami Soccer Stadium Plan

After four years of false starts and a surprising last-minute injection of cash, David Beckham and his business partners announced Monday that Major League Soccer awarded them a new franchise and that a team will launch in Miami in 2020. But despite confetti guns that blasted during the announcement, a dozen-plus celebrities congratulating Beckham in video clips and Diddy offering to be the goalie…

Florida Turnpike Logistics Center Warehouse in Doral Leased

Leased! The ComReal Miami-Doral Industrial Team is pleased to announce that they have successfully leased the Turnpike Logistics Center located at 3450 NW 115th Avenue in Doral, Florida. The warehouse measures 87,531 sq. ft. and was 100% leased to a single tenant. The lease value was about $3.5M. The non-disclosed client of ComReal is in the international skin care production and distribution…

Miami is the 11th most expensive rental market in the U.S, per new study

See how the city’s median 1-bedroom rent price compares to the national median A new report by ABODO Apartments indicates that Miami apartment dwellers continue to pay some of the highest rents in the country. The February 2018 edition of the National Apartment Report includes new data and pricing for Miami. The February data shows that, as of this week, Miami is the 11th most expensive rental…

Loud thuds from barbells spark nuisance lawsuit at Mint on Miami River

Apparently, folks getting fit and shredded is too much to handle for the condo association of the Mint at Riverfront luxury high-rise in downtown Miami. The Mint Condominium Association in January sued three companies that own two commercial spaces in the 56-story building and their tenant Society Barbell and Fitness for breach of contract and breach of the condo’s declaration. The association claims…

Deco Capital Group buys missing piece of Sunset Harbour assemblage, plans new proposal to the city of Miami Beach

Deco Capital Group has closed on the missing piece of its Sunset Harbour assemblage with plans to submit a new proposal to the city of Miami Beach for a mixed-use project. The company, led by developer Bradley Colmer, paid $3.53 million for the Bay Road Animal Clinic building at 1730 Bay Road last week. “The original plan required additional height. We didn’t have this lot, which forced everything to…

Royal Caribbean’s sleek new terminal tops off at PortMiami

It’s slated for completion in October 2018 Royal Caribbean Cruises just hit a construction milestone with its sleek new Terminal A at PortMiami. Royal Caribbean and building contractor Suffolk celebrated in January with a party to commemorate reaching the highest construction point of the $247 million state-of-the-art terminal. The cruise terminal is slated to open in October, and will become home…

South Florida home prices rose 9% year-over-year in the fourth quarter of 2017

Home prices in South Florida keep rising, according to a new report from Attom Data Solutions. The index, which tracks prices in 112 U.S. metros, found that median home prices in Miami, Fort Lauderdale and West Palm Beach jumped by 8.9 percent year-over-year to $245,000 in the fourth quarter of last year. Ocala, Florida saw the biggest annual increases in home prices with a 14.3 percent jump…

Florida lawmakers advance bill allowing state to oversee vacation rental regulations

A bill that would allow the state to take over vacation rental regulations — eliminating local government authority — has cleared a Senate committee. The bill would allow for continuity across Florida, a state in which many municipalities have their own set of regulations, according to one of its authors. Under the proposed bill, vacation rental properties would be regulated like hotels and motels, meaning…

Fortune and Premier Developers complete two major condo projects

Developers recently completed two large condo projects, adding about 300 new units to the South Florida market. Closings are underway at Jade Signature, a 57-story, 192-unit beachfront tower at 16901 Collins Avenue in Sunny Isles Beach. The building is 96 percent sold, according to a spokesperson for developer Edgardo Defortuna. Defortuna declined to provide the projected sellout amount…

Self-driving cars could kill parking garages. Here’s how developers are responding

As the rise of self-driving cars threatens to make many parking garages obsolete, developers are thinking about ways to repurpose them. Architecture firm Gensler, for example, is working on ways to turn garages into affordable housing, for example by building modular units that can fit into existing structures. The firm also recently designed an office building in Cincinnati that includes three…

Biggest Change for Retail, Real Estate? No, It’s Not Amazon

The biggest game-changer for retail and real estate in the next decade probably isn’t what you think it is, insists Beth Azor, a longtime South Florida broker, owner and industry consultant. “Driverless cars will be the biggest disruption in real estate ever, way more than what Amazon has done,” Azor said Jan. 23 at a retail seminar in Plantation, FL sponsored by the Building Owners & Managers Association…

International Air Transport Association Leases 26,000 SF in Miami

International Air Transport Association leased 26,105 square feet at the 703 Waterford office building at 703 Waterford Way in Miami, FL. Occupancy is scheduled for June. The 10-story, 247,000-square-foot office building was constructed in 2001 on 14.2 acres in the Miami Airport submarket, within the Waterford at Blue Lagoon business park. The building is home to multiple tenants including Baxter…

Anatomy Gym Signs a 14,000-SF Lease on Second Avenue

Anatomy Gym signed a 14,000-square-foot lease at 3415 NE 2nd Ave. in Miami, FL. The three-story, 52,499-square-foot office building was built in 1960 and is currently under renovation. The building is located in the Biscayne Corridor submarket. Lyle Chariff of Chariff Realty Group represented Anatomy Gym. Joseph Del Vecchio with ABC Realty represented the landlord….

Fed leaves benchmark rate steady at Yellen’s final meeting

In Janet Yellen’s final policy committee meeting as Federal Reserve chairwoman, the benchmark interest rate was left unchanged in a unanimous vote, holding at between 1.25 and 1.5 percent. That leaves incoming Fed Chairman Jerome Powell — to be sworn in on Monday — with a decision to maintain the slow hike of interest rates or speed up the pace. Go too slow and the low borrowing costs…

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February 7, 2018

Video: Experts on Single Tenant Net Lease Market and Cap Rate Trends

Nancy Miller, President of National Net Lease Investment Group, and Fred Weir, President at Meadowbrook Restaurant Company, appear on America’s Commercial Real Estate Show, with its host Michael Bull, to talk about a variety of trends in single tenant net lease properties. Among the single tenant net lease real estate related topics discussed in this video are overall market trends and trends in cap rates for such properties.

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February 7, 2018

Miami Commercial Real Estate News February 1, 2018: New Mixed-Use Project for Arts & Entertainment District; More…

NR Investments plans two new mixed-use projects for Miami’s Arts & Entertainment District

Miami’s Arts and Entertainment District is getting two more NR Investments projects. Just two blocks south of its Canvas luxury condo tower and its apartment building, Filling Station Lofts, the developer is proposing a two-tower, mixed-use project split into condos, a hotel and office space. And Just north of Canvas and Filling Station Lofts, NR Investments seeks to build a smaller development consisting of…

Spanish conglomerate Grup Peralada pays $58M for South Beach hotel

Spanish conglomerate Grup Peralada purchased the Hall South Beach hotel from Rockwood Capital. Property records reveal Inverama USA Corp., an affiliate of the Barcelona-based company, paid $58.2 million, or $357,000 per room, for the 163-key hotel at 1500 Collins Avenue in Miami Beach. That price may not include furniture, fixtures and equipment. Grup Peralada is owned by the Suqué-Mateu…

Is a fight brewing for David Beckham over the MLS stadium location?

Opposition is heating up in Overtown The congratulations flowed freely at Monday’s David Beckham’s Miami MLS team official launch. But the community opposition to the soccer team’s proposed stadium (site) seems to be heating up. According to the Miami Herald’s Doug Hanks, community organizers in Overtown are passing out fliers that look like eviction notices to public housing residents near the…

Fed leaves benchmark rate steady at Yellen’s final meeting

In Janet Yellen’s final policy committee meeting as Federal Reserve chairwoman, the benchmark interest rate was left unchanged in a unanimous vote, holding at between 1.25 and 1.5 percent. That leaves incoming Fed Chairman Jerome Powell — to be sworn in on Monday — with a decision to maintain the slow hike of interest rates or speed up the pace. Go too slow and the low borrowing costs…

Privé developers win $26M jury verdict against Williams Island homeowners

Score a court victory for the developers of Privé at Island Estates in Aventura. Builders Gary Cohen and BH3 are walking away with a $26 million jury verdict against the Williams Island Property Owners’ Association, which had sought to stop the luxury two-tower development since 2013. On Tuesday, after a seven-day trial, a jury in Miami-Dade Circuit Court ruled that the association breached a…

Sergio Pino’s Century Homebuilders buys land, scores financing for new single-family home community near Tamiami

Sergio Pino’s Century Homebuilders Group just paid $8.85 million for a large vacant lot west of Tamiami and is about to break ground on Century Lakes III, a planned single-family home community, The Real Deal has learned. Century Lakes III will be built on a 12.5-acre lot south of Coral Way and just east of Southwest 152nd Avenue. The land traded for about $16 per square foot. Pino said the company…

3 Commercial Real Estate Trends To Watch In 2018

Political and economic uncertainty has pervaded the past year, with the U.S. economy showing signs of growth amid low inflation and a distressed retail segment in 2017, as accountants struggle to understand all the implications of the recently passed changes to the tax laws and Europe prepares for Brexit. Here’s a look at three commercial…

Miami office rents increased, I-sales fell in 2017: report

Despite increases in rent and absorption, sales volume fell dramatically for Miami-Dade’s office market in 2017, according to a report from Avison Young. Sales volume dropped 58 percent from the previous year to more than $816 million. In 2016, investment sales totaled more than $2.3 billion thanks to the $516 million trade of the Southeast Financial Center and the $220 million sale of the Miami Tower, both…

Miami beats out NYC and LA when it comes to renter-to-homeowner ratios, study says

Miami’s proportion of renters is 68 percent A new report claims that Miami beats out NYC and LA when it comes to the ratios of renter-to-homeowner. The Miami Herald scoped out a study from national apartment search website RentCafe looking at renter versus owner-owned housing in the largest 100 cities by population with data based on US Census Bureau’s public database. According to RentCafe…

Prestige Companies breaks ground on Hialeah apartments

Prestige Companies just broke ground on Las Vistas at Amelia, a 174-unit rental complex in Hialeah. The Miami Lakes-based developer expects to soon close on more than $18 million in construction financing from Centennial Bank, Prestige principal Alex Ruiz said. Las Vistas at Amelia will be built at 7925 West 2nd Court, just north of Florida State Road 924 and next to Amelia Earhart Park. Records show…

Developer neighbor of Ransom Everglades sues to stop Grove expansion

A Miami-based commercial developer who lives next door to Ransom Everglades is seeking a legal roadblock against the private school’s expansion plan. On Jan. 25, Caroline Weiss sued Ransom in Miami-Dade Circuit Court for breach of contract, alleging school officials violated a 2010 agreement to protect her four-bedroom estate at 3187 Royal Road from any negative impacts caused by future…

Video: Yardi-Matrix Director of Business Intelligence Doug Ressler Submits Multifamily Property Forecasts

In this video, Doug Ressler, Director of Business Intelligence at Yardi-Matrix, a leading provider of high-performance software solutions for the real estate industry, joins the show host Michael Bull on America’s Commercial Real Estate Show to assess as well as forecast the multifamily property market. Ressler and Bull discuss occupancy and vacancy trends for multifamily properties, economic growth that is…

Brightline owner offers to develop Miami-Dade County courthouse

With an unsolicited proposal from the developers of All Aboard Florida’s Brightline to build a Miami-Dade civil courthouse on the table, plans seem to be hitting another snag as the administration and Chief Judge Bertila Soto differ on the project’s scale and cost. At the Chairman’s Policy Council, commissioners asked attorneys to draft legislation to return to the original, more expensive plan for the…

Board OKs 688 Little Havana rentals on Miami River

The plan to build nearly 700 apartments on vacant land in East Little Havana near a bend in the Miami River has garnered approval from a city review board. Mast Capital hopes to have a groundbreaking within 10 months on the large mixed-use residential project to be called Miami River Walk. The city’s Urban Development Review Board last week recommended approval of the project, with a couple of …

Flagler Street apartments make a splash, but pool doesn’t

A new multi-family residential building is coming to a high-profile site on West Flagler Street in Miami. Romagna Mia Realties LLC, the owner-developer of 2744, 2780, 2810 and 2828 W Flagler Street, proposes Flagler Apartments, offering 208 dwellings in a 12-story building adjacent to a five-story parking structure with ground floor commercial uses. The garage would have space for about 330…

Partners float a heads-up idea for Miami-to-Beach transit

A display at a transportation summit last week laid out a tempting and innovative solution to unraveling Miami-Dade’s tangle of traffic woes. After a two-team competition for cutting-edge solutions days earlier had unveiled a phone app to reward carpooling and transit use, a four-team consortium offered its own answer: aerial cable cars linking Miami to Miami Beach. At least it’s new. New to Miami…

Must a commercial landlord consent to a lease assignment?

Many commercial leases include a provision concerning the tenant’s right to assign the lease or sublet the leased premises.  These provisions often require the tenant to get the landlord’s consent to any assignment or sublease.  This is for good reason – the landlord (or perhaps its predecessor-in-interest) had the opportunity to vet the tenant before signing the lease and generally wants similar…

WeWork’s newest location is in Coral Gables

The shared office space will open next month WeWork’s newest shared office space outpost is set to open next month, according to South Florida Business Journal. The city’s mayor Raúl Valdés-Fauli will host a ribbon-cutting for the Coral Gables WeWork on February 6.
The address for the new space is 2222 Ponce De Leon Boulevard, and WeWork’s website touts amenities like a custom terrazzo bar…

There’s a phase 2 in the works for Brickell City Centre’s Climate Ribbon

According to architect Hugh Dutton It’s been more than a year since the opening of Brickell City Centre’s Climate Ribbon — a futuristic, undulating outdoor canopy meant to lower stifling temperatures. Now the Next Miami unearths a fascinating interview with the mind behind the project, Hugh Dutton of Paris architectural firm HDA, who looked back on the process with the Financial Times.

Rents in major US cities fluctuate as much as 5.8% during the year

Renters in the nation’s largest cities could save as much as $2,200 a year on rent if they wait for the right time of the year to sign a lease, according to a newly released report. Renthop found that rents during the most expensive and least expensive months last year fluctuated by 4 percent to 5.4 percent for one-bedroom apartments and from 2.3 percent to 5.8 percent for two-bedroom apartments…

Miami, New York, LA home prices continue to rise

Home prices continued their upward streak in November. The 20-city index registered a 6.4 percent growth rate year-over-year, marking the biggest increase since June 2014. The monthly data was released Tuesday by the S&P CoreLogic Case-Shiller index. The November gains were spread unevenly. The best performing cities were again in the West. Seattle led the nation with a 12.7 percent annual…

SoFla lease roundup: Ross Furniture Logistics moves to Hialeah & more

Ross Furniture Logistics takes 115,000 sf at Hialeah warehouse. Freight forwarder Ross Furniture Logistics just inked a 115,000-square-foot lease in Hialeah. The company, of no relation to the retailer, is moving into a 215,000-square-foot warehouse at 6699 Northwest 36th Avenue, owned by Seagis Property Group of Conshohocken, Pennsylvania. The Easton Group’s Mike Waite and Jim Armstrong brokered…

Is South Florida Approaching the Tipping Point For Luxury Rentals?

The 35-story New River Central luxury apartment in Fort Lauderdale is expected to be delivered by 2021. Nine days into the new year, a development partnership announced plans for yet another luxury rental in downtown Fort Lauderdale, FL, this one featuring 401 units in a 35-story tower with 5,500 square feet of ground-floor retail. Silverback Development and Bizzi & Partners Development…

David Beckham and a whole lot of celebrities welcome MLS Soccer to Miami

“Today, you made my dream come true.” “Bringing an MLS club to Miami has been a hell of a journey,” David Beckham said today at the Adrienne Arsht Center for the Performing Arts as he officially announced that Major League Soccer awarded a franchise to Miami. Today, after a years-long attempt to bring a professional soccer team to the city, it’s official. “There were times when we sat back and said, this…

Kickoff time: David Beckham and partners officially launch Miami MLS franchise

He’s gone up against the toughest bruisers and tactical minds in world soccer. But even for David Beckham, bringing Major League Soccer to Miami was a monumental challenge. Soccer fans drowned out the sounds of Gloria Estefan’s “Conga” at the Adrienne Arsht Cente Monday as they prepared for the official launch of the franchise, brought to the city by Beckham and…

Top 10 US malls haven’t gotten the memo that malls are dying

The traditional American shopping mall may not be the retail powerhouse it once was, but the best properties in the sector are still delivering for tenants and landlords across the country. The 10 most valuable malls owned by REITs — which includes Sawgrass Mills in Sunrise — are generating between $960 and $1,450 in sales per square foot, and are worth billions, research firm Boenning…

Arquitectonica’s first commercial building to get the wrecking ball

After recently losing its short-lived landmark status, an eye-catching building on Brickell Bay Drive, designed by Arquitectonica, may be demolished. In a 4-1 vote, Miami commissioners moved to overturn the Babylon Apartments’ protected architectural landmark status, according to the Miami Herald. It was granted landmark status last year by the city’s historic preservation…

Italian Fashion School Opening First U.S. Campus in Miami

Istituto Marangoni, an Italian fashion and design school, is opening its first U.S. location in Miami after leasing the entire seven-story building at 3700 NE Second Avenue. The Miami-Dade Beacon Council, the county’s economic development arm, said the school’s 21,957-square-foot campus will create 35 full-time jobs over three years with an average salary of $85,000. It also brings $10 million of…

Declining Sales Volume Ahead For US Real Estate, Economist Warns

Interest rates are creeping up, confidence in the dollar is waning and real estate transaction volume keeps slipping despite an abundance of investment capital. Combine those factors and you have a recipe for a looming recession, according to economist Hugh Kelly. “It’s not just about preparing ourselves for a slowdown three, four years down the road, but also for a contraction,” said Hugh Kelly, principal…”

New Comfort Suites in Miami Springs secures $15M construction loan

The developers behind a planned 120-key Comfort Suites hotel in Miami Springs scored a $15.2 million construction loan for the project. The hotel is among a few set to go up near Miami International Airport. Developers Steven Marin and Michael Pfeffer want to build an eight-story Comfort Inn & Suites at 665 Mokena Drive, right along Northwest 36th Street, according to a news release. The area has…

New co-working concept in Overtown adds to a growing list

A new co-working concept geared to the Overtown community is opening, part of a growing number of shared-space buildings that are popping up in South Florida. Tribe Co-Work and Urban Innovation Lab will open Feb. 5 out of a historic building in Overtown, co-owner Felecia Hatcher said. Miami Innovation District developer Michael Simkins owns the building at 937 Northwest Third Avenue.

Apartment builder plans mixed-use apartment tower in Little Havana

A multifamily developer based in Miami Beach is jumping on the Little Havana apartment boom. Alan I. Amdur is proposing a 19-story mixed-use project on a 2.84-acre block between West Flagler Street and Northwest First Street. It will feature 719 apartments for seniors and workforce housing, 150,000 square feet of retail and 959 parking spaces. The Miami City…..

Q&A: Is Downtown Miami the Best Fit for Amazon?

Miami Worldcenter is currently in development on 27 acres in Downtown Miami. The mixed-use project could potentially accommodate Amazon should the online retailer select the city for its second headquarters.-Rendering courtesy of Miami Worldcenter Associates
Amazon short-listed South Florida for its coveted second…

Head of Miami’s EB-5 regional center quits

The city of Miami’s EB-5 regional center is getting a major overhaul. Managing Director Mikki Canton resigned on Wednesday due to the changes brought on by Miami’s new city manager, Emilio González, according to the Miami Herald. González cut Canton’s salary and role with plans to use the money to staff his office. Regional centers submit applications to U.S. Citizenship and Immigration…

South Florida by the numbers: Alexa, add Miami to the Amazon HQ2 shortlist

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Miami and South Florida got some exciting news last week, when e-commerce giant Amazon announced that the city/region had made the shortlist of candidates for its second national headquarters, or “HQ2”. The bid was formally and collectively submitted last year by South Florida’s…

South Florida’s new commercial construction spiked in 2017

South Florida in 2017 was a tale of two sectors when it came to new commercial and residential construction. On the commercial side, developers were putting shovels in the ground at a rapid pace, with $5.7 billion in new construction. That amounted to a 27-percent increase from 2016, according to Dodge Data & Analytics’ year end report. The commercial sector, including multifamily and industrial…

Another year of declining sales volume ahead for US real estate, economist warns

Interest rates are creeping up, confidence in the dollar is waning and real estate transaction volume keeps slipping despite an abundance of investment capital. Combine those factors and you have a recipe for a looming recession, according to economist Hugh Kelly. “It’s not just about preparing ourselves for a slowdown three, four years down the road, but also for a contraction,” said Hugh Kelly, principal…

Video: Yardi-Matrix Director of Business Intelligence Doug Ressler Delivers Office Property Forecast

In this video, Doug Ressler, Director of Business Intelligence at Yardi-Matrix, a leading provider of high-performance software solutions for the real estate industry, joins host Michael Bull on America’s Commercial Real Estate Show to assess as well as forecast the United States office property market sector. They discuss recent tax rate changes and tax reform, go through a recap of the 2017 office buildings…

Liability for construction defects in Florida

Construction defects can be costly. Where they involve large commercial developments, the price tag for mitigating defects in construction can easily run into the millions of dollars. In the case of an undiscovered defect, if it results in personal injury or death, the financial and legal fallout can be disastrous. Whenever a defect of design or construction is present, the potential for construction…

Get ready for more live events at Herald Plaza

The former site of the Miami Herald will become an event venue The waterfront site on Biscayne Bay that once housed the Miami Herald is going to be home to many more live events. The owner of the site, Resorts World Miami, kicked off hosting events at the sites with the Art Miami and Context Art Fair in December. Now, Resorts World Miami is bringing in event group Loud and Live to keep the…

Toys “R” Us is closing three South Florida stores

Toys “R” Us plans to close 180 stores as part of the company’s attempt to emerge from Chapter 11 bankruptcy. The Wayne, New Jersey-based company will be shuttering three stores in South Florida — in Coral Springs, Boca Raton and Royal Palm Beach. Toys “R” Us is also closing 15 stores in New York, including its Union Square Babies “R” Us…

Genting inks multi-year deal for events at former Miami Herald site

Malaysian gambling giant Genting Group isn’t redeveloping the former Miami Herald site in Miami’s Arts & Entertainment District – at least not for now. Genting’s Resorts World Miami inked a multi-year deal with Miami-based Loud and Live to use the 14.6-acre property as an event venue, according to a press release. The announcement comes less than two months after Art Miami and Context moved…

The stock market is booming. So why are REIT shares falling?

Does no one like real estate investment trusts anymore? While the overall stock market is surging, real estate investment trusts are the odd one out. Last year, the S&P 500 stock index rose by 21.8 percent, but the FTSE NAREIT All Equity REITs index rose by a mere 8.7 percent. And over the first few weeks of 2018 REIT shares are even down 2.4 percent while the stock market overall continued to climb.

Brazilians are getting in on the EB-5 game in a major way

The United States welcomed 282 Brazilian immigrants last year through the EB-5 investor visa program, as the country rose to become the third largest user of EB-5 visas for the first time, a new report from the U.S. Department of State shows. Brazil’s rise to number three for fiscal year 2017 came on an 88 percent increase in new visas issued year-over-year. In 2015, just 34 EB-5 visas were issued to Brazilians.

Dezer allegedly pushing tenants out of North Miami Beach mall

Since it paid millions for the property in 2013, Dever Development has tried to evict at least six tenants from its Intracoastal Mall in North Miami Beach. Attorneys for the tenants claim Dezer is ringleading efforts to push tenants out in order to move ahead with its redevelopment of the mall, according to the Daily Business Review. Under a 2015 rezoning of the property, Dezer could build up to…

Biggest Change for Retail, Real Estate? No, It’s Not Amazon

The biggest game-changer for retail and real estate in the next decade probably isn’t what you think it is, insists Beth Azor, a longtime South Florida broker, owner and industry consultant. “Driverless cars will be the biggest disruption in real estate ever, way more than what Amazon has done,” Azor said Jan. 23 at a retail seminar in Plantation, FL sponsored by the Building Owners & Managers Association…

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January 31, 2018

Video: Yardi-Matrix Director of Business Intelligence Doug Ressler Submits Multifamily Property Forecasts

In this video, Doug Ressler, Director of Business Intelligence at Yardi-Matrix, a leading provider of high-performance software solutions for the real estate industry, joins the show host Michael Bull on America’s Commercial Real Estate Show to assess as well as forecast the multifamily property market. Ressler and Bull discuss occupancy and vacancy trends for multifamily properties, economic growth that is impacting it, multifamily rent growth, areas of demand, the pros and cons of renting vs owning, and factors driving the multifamily property market overall.

January 31, 2018

Video: Yardi-Matrix Director of Business Intelligence Doug Ressler Delivers Office Property Forecast

In this video, Doug Ressler, Director of Business Intelligence at Yardi-Matrix, a leading provider of high-performance software solutions for the real estate industry, joins host Michael Bull on America’s Commercial Real Estate Show to assess as well as forecast the United States office property market sector. They discuss recent tax rate changes and tax reform, go through a recap of the 2017 office buildings property sector, vacancy rates in office properties, economic growth, inflation, potential opportunities, trends in urban compared to suburban office properties, effects of e-commerce on office properties, potential investor opportunities, office market cap rates and NOI, and employment.

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January 25, 2018

Miami Commercial Real Estate News January 24, 2018: Miami Worldcenter Coming Along; Plans for Nearly 700 Apartments for Downtown; More…

Components of vast Miami Worldcenter coming together

The vast components of the sweeping Miami Worldcenter project are coming together as residential towers rise and plans for a 330,000-plus-square-foot shopping venue are being finalized. A team representing developers Miami Worldcenter Associates LLC met with the city’s Urban Development Review Board recently with proposed façade changes to a large parking structure and the selection of a key…

Developer Plans Nearly 700 Apartments in Downtown Miami

Developer Property Markets Group paid $55 million for a site at 400 Biscayne Blvd. in downtown Miami, where it plans to build nearly 700 rental units above 20,000 square feet of shops and restaurants. The property is located across from Bayside Marketplace and offers unobstructed views of Biscayne Bay. “We feel that this market is one of the most important areas of Miami from a future growth…

Video: SNL Skit Imagines Pitbull Pitching Jeff Bezos to Locate Amazon’s HQ2 in Miami

In this parody video, queued up to 3:39 where Miami enters to make its pitch, Pitbull joins to do his thing following pitches by Boston with an “impassioned” Casey Affleck (who quickly recommends Los Angeles instead), Atlanta, and Corey Booker pitching – sort of – New Jersey. This is not SNL’s best work, but for those in Miami, it is worth the chuckle.

Video: RealPage Director of Analytics Jay Parsons on U.S. Multifamily Property Performance and Trends

Jay Parsons, Director of Analytics with RealPage, which offers property management software solutions for the multifamily, commercial, single-family and vacation rental housing industries, appears with show host Michael Bull on America’s Commercial Real Estate Show to talk about multifamily performance trends moving into the year of 2018. Among the topics that are discussed are a review of 2017 performance, rental rates, growth levels, potential growth opportunities, vacancy rates, and supply…

South Florida Primed To Ride Continued Industrial Wave

The industrial market has been enjoying a record-setting run, and “the party’s not over,” according to Cushman & Wakefield’s 2018-19 North American Industrial Forecast Report. Perhaps no market in the country stands to benefit more than South Florida in the next two years. Yellow Green Farmers Market/Flickr The Yellow Green Farmers Market in Hollywood hosts 300 vendors in a 100K SF warehouse.

Video: MorningStar Credit Ratings Vice President Steve Jellinek Discusses the eCommerce Impact on Grocery Retail

Steve Jellinek, Vice President with MorningStar Credit Ratings, appears on America’s Commercial Real Estate Show with Michael Bull to give an assessment and provide a forecast the grocery retailing sector. Discuss are eCommerce’s impact on the sector, risks and opportunities created, changes happening or will happen in-store, services that are impacting growth, and the CMBS lending outlook.
The post Video: MorningStar Credit Ratings Vice President Steve Jellinek Discusses the eCommerce I…

Video: Ernst & Young National Tax REIT Leader Dianne Umberger with on the Impact of The Tax Cuts and Jobs Act

Dianne Umberger, National Tax REIT Leader with Ernst & Young, appears with show host Michael Bull on America’s Commercial Real Estate Show to talk about the Tax Cuts and Jobs Act impact on the overall economy and real estate, including commercial real estate. Among the topics she discusses are the potential impact on jobs and related effect on commercial property of all types.
The post Video: Ernst & Young National Tax REIT Leader Dianne Umberger with on the Impact of The Tax Cuts and Jobs…

Coconut Grove Playhouse script gets major rewrite

The script has been rewritten again in the seemingly endless drama over the fate of the closed and dilapidated Coconut Grove Playhouse. The latest plot twist has a Miami-Dade commissioner rejecting the idea of allowing a third party time to raise enough cash to rebuild a large theater. The state owns the cavernous and historic playhouse and has leased it to the county and Florida International University.

Tax reduction on pass-through companies to have big impact

Tax experts and individual business owners welcome the income tax reduction on pass-through companies that’s starting this year. Despite its complexities, the change is expected to help area business owners in 2018. Miguel Farra, chairman of tax and accounting at accounting and advisory firm MBAF, warns business owners that the new law’s income reduction is not automatic. “You have to qualify…”

Miami River could double current cargo load

An ongoing state-led study, part of the Miami River Freight Improvement Plan, concludes the river has the capacity to handle double the cargo now on the waterway. “There’s a lot of reserve capacity on the river,” said Jack Schnettler, vice president and senior transportation engineer with Atkins North America Inc., a consulting firm working with the Florida Department of Transportation (FDOT) on the freight…

Designer Naeem Khan’s Miami fashion high school plans a 2020 opening

“Slowly but surely my school is becoming a reality.” Fashion designer Naeem Khan’s big headquarters move from NYC to Miami has been in the works for years, and now one component of the project is moving forward. Part of Khan’s HQ includes a high school devoted to fashion education. “An immigrant’s dream,” Khan wrote on Instagram. “Miami Dade schools confirms the partnership with Naeem Khan…

Edgewater ‘Micro-Unit’ Condos Might Be Sold Out When They Open Next Month

The 86 condos that comprise 26 Edgewater, a new building at 321 NE 26th St. in Miami, range from 560 to 998 SF. Some of them even have two bedrooms. Although a working definition of “micro-unit” typically refers to units 350 SF or smaller, these are being touted as “Edgewater’s first micro-units” and are set to open in February. According to a press release, the man behind 26 Edgewater, Stripey…

Buyers settle litigation with 1010 Brickell developers, move forward with purchase of units

Nine months after Victor Mijares and Caterina Angilello sued the developers of 1010 Brickell to cancel contracts on three condo units, the investors appear to have had a change of heart following setbacks in Miami-Dade Circuit Court. Barry Rothberg, an attorney for 1010 Brickell Holdings, and Key International Co-President Inigo Ardid, whose company is co-developing the 50-floor luxury tower, told…

Proposal to sell Opa-locka site pulled amid ethics probe

A nonprofit with an alleged history of not paying its bills may not get the sweet deal it expected on a development site in Opa-locka.
Last week, county commissioner Barbara Jordan requested that EcoTech Visions Foundation, Inc., led by Pandwe Gibson, receive three county-owned properties for just $10. In exchange, the nonprofit would build affordable housing on the lots, which are valued at…

$13,500,000 Purchase Negotiated on Behalf Of The Cushman School

Negotiated recently was the sale of an office building located at 4700 Biscayne Boulevard in Miami, Florida. The seller was MGB Biscayne Boulevard Corp and the buyer is The Cushman School, Inc. The sale price was $13,500,000 or $356 per square foot. This five-story property will become the new High School for the Cushman School. Founded in 1924, the Cushman School expanded in 2017 from;;;

Panorama Tower move-ins slated for March 2018

It’s an 85-story development Construction is moving along at Panorama Tower in Brickell, which is aiming to claim the title of the tallest residential building on the eastern seaboard south of New York. Move-ins are scheduled for March 2018, and developer Florida East Coast Realty, LLC just announced that Fortune Development Sales will take over the remaining leases at Panorama Tower. Besides views over…

WeWork’s next expansion plan? Study halls

The $20 billion co-working company is partnering with 2U Inc., an online education company, to let students enrolled in 2U courses use any of WeWork’s 207 offices as study spaces, according to Bloomberg. The students will be able to rent conference rooms where they can work with classmates and join in-person study groups at the offices, and 2U has also pledged to give WeWork members $5 million in…

These 3 Words Best Describe South Florida Real Estate Market

For the past four years, the real estate team at the Berger Singerman law firm has been doing its own annual survey of local developers, brokers and investors to gauge market conditions. This year, 102 people responded to the survey, and 31% of respondents said they expect 2018 will be even more successful than 2017. Alan Light via Flickr Creative Commons South Beach at sunset Partner Barry D.

Video: Reis Economist Barbara Denham Discusses U.S. Retail Property Sector Performance

Barbara Denham, Economist with Reis, appears on America’s Commercial Real Estate Show to discuss the retail property sector within the overall commercial real estate market. In this video, she provides forecasts for the year of 2018, discusses vacancy rate and occupancy rate trends, some sample rental rates, the recently enacted Tax Cuts and Jobs Act and its potential impact, and online retail sales performance.
The post Video: Reis Economist Barbara Denham Discusses U.S. Retail Property …

Codina Partners adds 17 acres to planned Beacon Logistics Park in Hialeah, as firm returns to industrial roots

Codina Partners just purchased another 17 acres in Hialeah, bringing the total assemblage for its planned Beacon Logistics Park to 72 acres, with the capacity to develop at least 1.3 million square feet of warehouse space, The Real Deal has learned. The plan is to build distribution warehouses amid rising demand in the sector, and represents Codina’s return to the industrial market after more than…

Miami hotel industry sees lift following storm-battered hurricane season

Miami’s hotel industry had one of the strongest fourth quarters of any market in the country last year, on increased demand following the devastation from Hurricane Irma in September. Revenue per available room — a widely used metric of the market’s health — shot up 16.3 percent to $152.42 from October through December. That’s about four times the growth in RevPAR nationwide over the same period in…

Foundry partnership buys Doral business park from PGIM

A partnership between Foundry Commercial and American Realty Advisors just paid $22.8 million for a six-building business park in Doral.
An affiliate of Prudential’s PGIM Real Estate sold Transal Park, a 134,175-square-foot compex at 8200 and 8290 Northwest 27th Street, for about $170 per square foot, according to a press release from Cushman & Wakefield. It last sold for $13.1 million…

Another blow to retail: Amazon’s automated store launch is a ‘Go’

From TRD NYC: Amazon’s cashier-free store is opening after a year of delays. Running off a new system called Amazon Go, the store is filled with cameras that allow the technology to track shoppers and identify the products they select and then charge their accounts.
Though the tech giant notes that cashiers would still be needed if items being sold included restricted products like alcohol…

South Florida Identified as a Finalist for Amazon HQ2

South Florida business development leaders said they aren’t surprised that the Tri-County region made the list of 20 finalist communities for Amazon’s new headquarters, though the timing caught them off guard. “I didn’t think we’d see this until February or March,” said Bob Swindell, CEO of the Greater Fort Lauderdale Alliance. But Swindell insists the accomplishment shows…

‘Most Important Undeveloped Site’ in Miami’s Wynwood For Sale

A 1.72-acre slice of land in Miami’s Wynwood neighborhood is up for grabs in what could lead to a mixed-use project with rentals, shops, restaurants, offices and a hotel. Cushman & Wakefield says it has been named the exclusive adviser for the sale of Strada Wynwood on behalf of the William & Doris Friedopfer Trusts. There is no asking price for the land, at Northwest Second Avenue and Northwest 25th…

The Nautilus Hotel on South Beach Hits the Block

The fully-renovated Nautilus South Beach hotel has hit the market, and the listing broker said the oceanfront property could command nearly three times the previous sale price of $61 million. CBRE Hotels said Wednesday that it’s marketing the 250-room hotel, located at 1825 Collins Ave. in Miami Beach, FL, for owner Quadrum Global. CBRE’s Christian Charre said there is no asking price, but he expects…

International Air Transport Association Leases 26,000 SF in Miami

International Air Transport Association leased 26,105 square feet at the 703 Waterford office building at 703 Waterford Way in Miami, FL. Occupancy is scheduled for June. The 10-story, 247,000-square-foot office building was constructed in 2001 on 14.2 acres in the Miami Airport submarket, within the Waterford at Blue Lagoon business park. The building is home to multiple tenants including Baxter…

Doral Commons Shopping Center Fetches $72M

Robust growth and a stellar retail occupancy rate in Doral, FL led to the sale of the Doral Commons shopping center for $71.56 million, or about $518 per square foot. Miami-based developer Terra sold the 138,091-square-foot plaza at 7550 NW 104th Avenue to Jamestown LP, an investment and management company. The center, currently 95 percent leased, is anchored by Publix Super Markets and TJ Maxx.

Building on Miami’s Brickell Avenue Pulled Off the Market

Banco Santander International has canceled plans to sell its 15-story office building in downtown Miami. Services and Promotions Miami LLC, an entity tied to Santander, hired Avison Young last year to market its 188,138-square-foot building at 1401 Brickell Ave. It was expected to be a prime redevelopment opportunity, given that the bank was seeking another Miami location and other tenants there…

Miami Firm Buys 41-Building Industrial Portfolio

An affiliate of Boston-based TA Realty sold a 376,016-square-foot industrial portfolio in Hialeah, FL for $32.5 million, or about $86 per square foot. The 41-building West Hialeah Industrial Portfolio is arranged in two separate clusters: one just west of the Red Road corridor and north of the Hialeah Expressway, and the other west of West 16th Avenue and north of Okeechobee Road. The buyer was an entity…

American Top Team Leases 17,000 SF in Sunny Isles Beach

American Top Team, a mixed martial arts academy, signed a five-year lease for 16,500 square feet of retail space in the R.K. Village Plaza shopping center at 18100-18288 Collins Ave. in Sunny Isles Beach, FL. Built in 1957 and renovated in 1987, the R.K. Village Plaza shopping center totals 151,213 square feet and is located in the Aventura submarket. Jorge Ventura of R.K. Centers represented the landlord…

Florida Blue Leased 82,000 SF in Miami

Florida Blue, a health insurance provider in Florida, signed an 81,856-square-foot lease at 8600 NW 36th Street in Miami, FL. The eight-story, 230,504-square-foot Doral Court office building was built in 1992, renovated in 1998 and is located in the Miami Airport submarket. Gordon Messinger and Ericka Witkowski of Cushman & Wakefield represented the landlord. David Behar of BEHAR…

Planet Fitness Leases 20,000 SF in Miami

Planet Fitness, a national franchisor and operator of fitness centers, leased 19,700 square feet at 19101-19191 S. Dixie Hwy in Miami, FL. The 233,453-square-foot Point Royale Shopping Center was built in 1971 with renovations in 1993 and is located in the South Dade submarket. Marielle De La Hoz of Regency Centers represented the landlord, Equity One…

Video: Reis Economist Barbara Denham on the U.S. Retail Property Investment Market

In this video, Barbara Denham, Economist with Reis, joins show Michael Bull on America’s Commercial Real Estate Show to discuss the retail property sector, specifically forecasts and investment opportunities for the year 2018. Some of the commercial real estate related topics discussed in this piece are a review of the prior year 2017 retail, new supply that has come or is coming online, supply and cap rate expectations/projections for 2018, as well as tips for retail property buyers and sellers…

Court rules that insurers must treat notice of claim for construction defects as a “suit”

The Florida Supreme Court ruled that filing notice of a claim for a construction defect is equivalent to a filing a “suit” that a general liability insurer may have to defend. The ruling came in response to a question about the state’s procedural requirements before filing a court claim for a construction defect. The case centered on the Sapphire Condominium, a high-rise condo in Fort Lauderdale on North Ocean…

Duke Realty pays $35.7M for Medley industrial site

Duke Realty paid $35.7 million for a lumber yard in Medley where the Indianapolis-based company plans to construct warehouses. Duke bought the 35.1-acre property at 10300 Northwest 121st Way in Medley from an affiliate of Universal Forest Products. Duke plans to build distribution warehouses spanning 650,000 square feet on the Medley property. The property now has 452,109 square feet…

Business leaders consider Miami just making the Amazon HQ2 cut a win

“This shows we’re not just a fun-in-the-sun city.” Miami officials and business leaders are celebrating just making the top-20 cut of cities that might host Amazon’s second headquarters, even if Amazon HQ2 doesn’t ultimately pan out. The Miami Herald’s Douglas Hanks points out that being in consideration at all is a chance to highlight Miami’s strengths (diversity, Florida’s lack of an income tax…

Construction is complete at Miami’s Privé at Island Estates

Prive is reportedly almost 75 percent sold Privé at Island Estates, one of the most unique recent residential developments in Miami, is complete. That’s according to the South Florida Business Journal: Michael Neumann, director of sales for co-developer BH3, told SFBJ that Privé is almost 75 percent sold and closings have started. The twin-tower project has its own island in Aventura out on Dumfoundling…

Who stands to gain if Miami wins Amazon’s second headquarters?

Who stands to gain if Miami wins Amazon’s second headquarters? Of five sites in Miami-Dade submitted in a regional bid, three are in or near Overtown, Miami Mayor Francis Suarez told The Real Deal. Real estate investor Mitchell Newman owns one site; Michael Simkins owns the other – the Miami Innovation District property in Park West; and the third is the mixed-use Miami Worldcenter project…

Boymelgreen scores construction loan on Surfside luxury townhome development

Developer Menachem Boymelgreen just secured a $23.5 million construction loan for a planned townhome project in Surfside, property records show. The developer, under the guise of Eden Surfside LLC, wants to build a 68-unit luxury townhome project on about 2.9 acres. The site, between 93rd and 94th Streets on Collins Avenue, sits across the street from Fendi Château Residences building.

SoFla’s affordable housing crisis: How can developers spur construction?

With all its glimmering waterfront high-rises, South Florida still has a thick cloud hovering over the issue of affordable housing. There is enormous demand from residents, but the supply is not there. A push for more incentives and subsidies and an effort to retool existing apartment stocks are a few of the potential solutions to increasing the amount of affordable housing. Those were just some of the…

PMG closes on 400 Biscayne, nabs financing for apartment tower

Property Markets Group has closed on the site at 400 Biscayne Boulevard where it intends to build a massive two-phase, mixed-use development, as the company continues to move forward with major new construction projects in South Florida. The New York developer paid $55 million for the 1.15-acre site and financed the deal with a $35 million loan from Greybrook Realty Partners, its partner on…

Mast Capital’s proposed Miami River Walk wins city board nod

A month after the Miami River Commission approved Mast Capital’s plan for its 6.3-acre apartment complex on the riverfront, the city’s Urban Development Review Board gave the project a thumbs up. Mast Capital, which is led by CEO Camilo Miguel, Jr., has a contract to buy a redevelopment site at 1001 Northwest Seventh Street where the company wants to put four buildings that will have a total…

Miami is still in the running for Amazon’s new headquarters

20 cities are left in the competition Forget the naysayers: Miami made the cut for Amazon’s list of finalists for its HQ2 competition. Curbed posted the full list of 20 cities selected as potential hosts by the online retail giant for its forthcoming second headquarters. Not much is known about the next phase of the selection process, except that Amazon will reach out to the cities picked and that the same criteria…

Preservationists’ dreams came true yesterday at Miami Beach City Hall

Two new local historic districts are official in North Beach North Beach now has two new local historic districts with demolition protection for more than 200 architecturally significant buildings, reports the Miami Herald. Yesteday’s unanimous vote from the Miami Beach City Commission designated the most buildings at one time since 1990. The neighborhood’s Art Deco buildings represent “Miami Modern…”

More growth expected for South Florida CRE in 2018: CCIM conference

Population growth, new jobs and a tight residential market are fueling Florida’s commercial sectors, and that isn’t expected to change anytime soon. That’s how economist Sean Snaith summarized the current market as he kicked off the 2018 CCIM Commercial Outlook conference. One other major factor has contributed to the rising fortunes, he told the crowd at the Coral Gables Country Club on…

Design changes to Miami Worldcenter’s retail portion approved

The developers of Miami Worldcenter just won a key design modification to the massive project’s retail component. On Wednesday, the Miami Urban Development Review Board granted a request by the Nitin Motwani and Art Falcone-led development team to tweak the facades for the $2 billion mixed-use project’s retail structure, also known as Block D. The changes will allow Miami Worldcenter…

Miami makes shortlist for Amazon HQ2

A surprise package arrived Thursday morning. Amazon has announced its shortlist of 20 proposals for its $5 billion second headquarters, with New York, Miami and Los Angeles all making the cut. There were 238 proposals from around the U.S., Canada, and Mexico for HQ2, although all 20 finalists are American, except for Toronto, Ontario. In the Miami area, proposals were submitted for Overtown…

Suit demonstrates costliness of construction disputes

It seems, Miami and South Florida has been in an unending period of construction and development. These projects range from residential and commercial buildings to considerable overhauls of the regional infrastructure, like passenger rail corridors. However, with construction comes the potential for disputes and even construction litigation. Major construction projects, such as the Brightline rail…

Firm Negotiates $41.8 Million, 70-Acre Development Site In West Kendall

A Miami based commercial real estate team recently negotiated the sale of a 70-acre development site located at the Southeast Corner of Southwest 88th Street and Southwest 162nd Avenue in West Kendall. KTC SW 88 St, LLC purchased the site from West Kendall Holdings, LLC for $41,837,000. Plans for the parcel, recently dubbed Kendall Town Center, are yet to be determined.

One Thousand Museum hits a major milestone

Check out these incredible photos from the top Zaha Hadid-designed development One Thousand Museum is almost at its 62-story zenith. The Next Miami reported yesterday that the ultra luxury condo in downtown Miami is nearing top off. Just check out these vertigo-inducing Instagrams from 706 feet above ground.

SoBe developer/playboy Thomas Kramer’s personal property will be auctioned off

Bid on everything from furniture to life-size collectible figures Notorious Miami developer Thomas Kramer’s personal effects — including everything from European high-end furniture to life-size collectible figurines to a mask collection — will be auctioned off next month by the Miami-Dade County Sheriff’s Office. The Sheriff’s sale is the latest chapter in Kramer’s saga, which included his Star Island mansions…

Dev site in Wynwood hits the market

A development site along Northwest Second Avenue in Wynwood just hit the market. The William & Doris Friedopfer Trusts are selling the 1.72-acre assemblage at 2421, 2431 and 2455 Northwest Second Avenue; 146, 159, 169 and 172 Northwest 25th Street and the lot at 153 NW 25th Street. The assemblage is being listed without a price, but recent land sales along Northwest Second Avenue have closed for…

E-commerce is driving industrial demand, especially in Miami

E-commerce companies are gobbling up newly built warehouse space across the U.S. to become one of the leading industrial tenant types in the country, according to recent data released by JLL. E-commerce tenants now account for 16 percent of industrial activity in Miami and 12 percent nationwide, which ranks second behind logistics firms. During a presentation titled “The E-Commerce Revolution…”

Nautilus South Beach marketed for sale, sources say could sell for as much as $180M

The Nautilus South Beach is being marketed for sale, and hotel industry sources say the property could trade for as much as $180 million, or about $720,000 per key. Quadrum Global owns the beachfront 250-key hotel at 1825 Collins Avenue. The development, investment and management firm paid $61 million for the dilapidated property in 2011 and began renovations a year later.

50,000-square-foot lot underneath Macy’s Miami Beach hits the market

The Miami Beach property leased to Macy’s is for sale, and the owners expect it to trade for more than $20 million. Macy’s still has about 32 years left on its lease, and the planned sale is another indication of the once vaunted retailer’s escalating woes. The 50,000-square-foot lot at 1675 Meridian Avenue is zoned CD-3, meaning it can be developed into 137,000 square feet, and up to 75 feet tall, according…

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January 24, 2018

Video: SNL Skit Imagines Pitbull Pitching Jeff Bezos to Locate Amazon’s HQ2 in Miami

In this parody video, queued up to 3:39 where Miami enters to make its pitch, Pitbull joins to do his thing following pitches by Boston with an “impassioned” Casey Affleck (who quickly recommends Los Angeles instead), Atlanta, and Corey Booker pitching – sort of – New Jersey. This is not SNL’s best work, but for those in Miami, it is worth the chuckle.

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January 24, 2018

Video: RealPage Director of Analytics Jay Parsons on U.S. Multifamily Property Performance and Trends

Jay Parsons, Director of Analytics with RealPage, which offers property management software solutions for the multifamily, commercial, single-family and vacation rental housing industries, appears with show host Michael Bull on America’s Commercial Real Estate Show to talk about multifamily performance trends moving into the year of 2018. Among the topics that are discussed are a review of 2017 performance, rental rates, growth levels, potential growth opportunities, vacancy rates, and supply trends.

January 24, 2018

Video: MorningStar Credit Ratings Vice President Steve Jellinek Discusses the eCommerce Impact on Grocery Retail

Steve Jellinek, Vice President with MorningStar Credit Ratings, appears on America’s Commercial Real Estate Show with Michael Bull to give an assessment and provide a forecast the grocery retailing sector. Discuss are eCommerce’s impact on the sector, risks and opportunities created, changes happening or will happen in-store, services that are impacting growth, and the CMBS lending outlook.

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January 24, 2018

Video: Ernst & Young National Tax REIT Leader Dianne Umberger with on the Impact of The Tax Cuts and Jobs Act

Dianne Umberger, National Tax REIT Leader with Ernst & Young, appears with show host Michael Bull on America’s Commercial Real Estate Show to talk about the Tax Cuts and Jobs Act impact on the overall economy and real estate, including commercial real estate. Among the topics she discusses are the potential impact on jobs and related effect on commercial property of all types.

0 Comments
January 24, 2018