Shops at Midtown Miami Sold, Has Over 3.4 million Annual Visitors
Benderson Development has completed the purchase of the Shops at Midtown Miami. JLL Capital Markets said it worked on behalf of the seller to complete the transaction. The property has a leasing rate of 98.3%, and attracts 3.4 million annual visitors. It opened in 2006. Tenants include Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods.
With Purchase of The Shops at Midtown Miami, Benderson Again Grows South Florida Footprint
A Target store anchors The Shops at Midtown Miami. Image courtesy of JLL Benderson Development has purchased The Shops at Midtown Miami, a 347,740-square-foot, grocery-anchored retail center in Miami. SITE Centers sold the asset for $83.8 million in a transaction arranged by JLL. It was only a few days prior to this transaction that Benderson acquired…
Benderson bulks up South Florida retail portfolio with $84M Midtown Miami purchase
Benderson Development added a third South Florida retail property to its national portfolio, acquiring a big box center in Midtown Miami for $83.7 million. An affiliate of New York-based Benderson, led by President Randy Benderson, acquired Shops at Midtown Miami, a 347,740-square-foot building with a garage at 3401 North Miami Avenue, a press release states.
Benderson Development Acquires 347,740 SF Shops at Midtown Miami
Benderson Development has purchased Shops at Midtown Miami, a 347,740-square-foot infill power shopping center located at 3401 N. Miami Ave. in Miami. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. The seller and sales price were not disclosed, but South Florida Business Journal reports that SITE Centers Corp…
Construction Begins on La Maré Signature Collection at 9781 East Bay Harbor Drive in Bay Harbor Islands
Chicago-based Regency Development Group has officially broken ground on the first building of the La Maré Brand Collection, a residential development located at 9781 East Bay Harbor Drive in Bay Harbor Islands, Florida. This project was designed by renowned architect Kobi Karp, and its interiors were designed by the acclaimed Debora Aguiar Arquitetos.
Vertical Construction Now Underway At 606-Unit Worldcenter Tower
Vertical construction is now underway at 600 Miami Worldcenter, according to photos taken by Ryan RC Rea. Groundbreaking for the 32-story tower took place in March, when a site work permit was issued. A phased vertical permit was issued in May. The 606-unit tower is 100% sold, and the developers obtained a $95M construction loan earlier this year. All 606 residential units…
Okan Tower ‘Averaging Floor Per Week Vertical Rise’
Okan Tower is now “averaging a floor a week vertical rise,” according to contractor Jacob Companies. A photo posted to social media showed a line of concrete trucks ready for a pour, which took place at 4AM. The 70-story Okan Tower is eventually planned to reach a height of 902 feet in the air. It will be one of Miami’s tallest towers when it reaches completion, which…
Design District Building Approved By FAA At 330 Feet
The Federal Aviation Administration has issued a letter stating that a building planned on Biscayne Boulevard does not represent a hazard to air navigation. A description attached to the FAA filing states the proposed building development project is to be located at 3801-3833 Biscayne Boulevard in Miami. The approved height is 320 feet above ground, or 330 feet above sea level.
Here’s When Demolition On One Bayfront Plaza Is Expected to Begin
Demolition at One Bayfront Plaza is tentatively expected to get underway in early October, according to a memo posted to social media by @AllThings305. The memo was issued by the manager of an office building across the street. The first phase, which includes demolition of a garage and a portion of the structure closest to the street, is expected to last through December…
Baylink transit linking Miami Beach-Miami rolling ahead
A Baylink transit line between Miami and Miami Beach that has been a 40-year dream has cleared objections of the City of Miami Beach and a National Environmental Policy Act Review for an elevated Metromover on the MacArthur Causeway and is moving ahead. “We plan on moving this project forward expeditiously,” Josiel Ferrer-Diaz, deputy director and chief project delivery…
First new Smart Program rapid transit stuck in slow lane
The first route of the Smart Program to add six Miami-Dade transit legs was not elevated as some had hoped, but much of it sits up in the air as it nears two years past its initial completion date with nobody yet aboard. South Dade Bus Rapid Transit remains in construction, with opening targeted in next year’s second quarter. But the trust that doles out transit tax receipts to help…
Terreno Realty Corporation Announces Development Completion In Hialeah
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced that it has completed the development and stabilization of Countyline Corporate Park Phase IV Building 39 in Hialeah, Florida effective September 30, 2024. Building 39 is 100% leased to one tenant. Building 39 of Terreno Realty Corporation’s…
New Renderings Of 65-Story Summit Brickell
New renderings and details have been filed for the Summit Brickell tower, which is currently moving through the approval process. Developers are seeking site plan and zoning approval for the tower, and filed a presentation with the county earlier this month highlighting the refined design. The 65-story, 750-foot tower is planned to include 505 residential units…
Elliott Strikes $450M Deal for Miami Office
Elliott Investment Management has struck a contract agreement for roughly $450 million to acquire a Miami office building, according to a report from The Real Deal. The asset, 701 Brickell Avenue, spans 687,000 square feet asset and was first opened in 1985 before undergoing renovation in 2021. The 33-story building now features floor plates, an art conference facility…
Foodmageddon: South Florida restaurant landlords experiencing record tenant turnover
Goat Hospitality Group is giving up on its Miami taco stand while the firm searches for a bigger spot. The Miami-based food and beverage firm recently put on the market its lease for Pilos Tacos at Paseo Brickell, a retail and restaurant center. Prospective restaurateurs interested in taking over a fully built-out 990-square-foot space with a kitchen and furnishings would pay…
43-Story Downtown Miami Tower Near Top Off, Permit Pending For Second
A downtown Miami apartment tower is now about five floors from topping off, new photos by Ryan RC Rea show. The 43-story tower is being built by developer Namdar. It wall have 680 apartments upon completion. Namdar is also now in permitting to build a second tower on the property with an additional 714 units, bring the total apartment count to 1,394 units.
Alliance HP acquires first Miami-Dade industrial site for $24M
Alliance HP made its first foray into Miami-Dade’s industrial submarket with a $24 million warehouse acquisition near Hialeah. An affiliate of Bryn Mawr, Pennsylvania-based Alliance HP and partner, Southern Star Shipping Co., bought Airport East Business Center, a 101,685-square-foot industrial building at 4201 Northwest 37th Court, records and real estate database…
Three New Retail Tenants Announced for Miami Worldcenter’s Expanding Commercial Space
Three new retail and restaurant concepts are set to open at Miami Worldcenter, the $6 billion, 27-acre mixed-use development reshaping Downtown Miami. The project’s ownership group has finalized leases with Go Greek Yogurt, HŸP, a sneaker and streetwear retailer, and SkinSpirit, a medical aesthetics clinic and spa. These additions are expected to open by early 2025.
Andrew Korge makes $28M offer for Location Ventures Coconut Grove dev site
Andrew Korge is aiming to drop $28.2 million for a former Rishi Kapoor development site in Coconut Grove that ignited the embattled developer’s legal troubles. Bernice Lee, a court-appointed receiver managing the assets of Kapoor’s defunct Coral Gables-based Location Ventures, is seeking a federal judge’s approval to sell a mixed-use building at 3120–3170 Commodore Plaza…
Construction Underway for Bay Harbor Towers at 10141 East Bay Harbor Drive in Bay Harbor Islands
PPG Development and L3C Capital Partners have officially broken ground on Bay Harbor Towers, an eight-story waterfront condominium at 10141 East Bay Harbor Drive in Miami’s Bay Harbor Islands. Designed by renowned architect Kobi Karp, the project offers luxurious living with modern architecture and unparalleled views. The residences’ sales started in late 2023…
Northwood Investors Acquires $160M Industrial Portfolio in Sun Belt, Including Miami
Northwood Investors has acquired a $160 million industrial portfolio located in Georgia, Florida and Texas. Totaling 1.8 million square feet… fully leased at the time of sale. The portfolio comprises three industrial buildings: Home Depot Cedar Port Distribution Center in Baytown, Texas; Havertys Distribution Center in Braselton, Ga.; and 10000 N.W. 15th Terrace in Miami.
The Brits are coming: Billionaires Simon and David Reuben are seeking majority stake in W South Beach for $400M-plus
British billionaires Simon and David Reuben are betting big on Miami Beach’s hospitality market, seeking majority ownership of the W South Beach for close to a half-billion dollars. Reuben Brothers, their eponymous London-based global investment arm, is negotiating a deal with the 395-room hotel’s current owners, Aby Rosen and David Edelstein, who lead New York-based…
West Eleventh Residences Breaks Ground at 18 Northwest 11th Street in Miami’s Park West Neighborhood
Developers Property Markets Group (PMG), Lion Development Group, and Marc Roberts Companies have broken ground on West Eleventh Residences in Miami. This 44-story project will feature 659 fully furnished luxury residences in the Park West neighborhood. It is designed with short-term rental flexibility in mind, allowing owners to host guests year-round…
Miami Beach board approves expanding Standard hotel
A star-studded group that includes billionaire developer Barry Sternlicht, architect Bjarke Ingels and hospitality CEO Miguel Isla Esteve secured approval to expand and renovate the Standard Spa, Miami Beach. Sternlicht, Ingles, Isla Esteve, Anthonio de la Rúa and Sebastian Sas are leading the redevelopment of the waterfront Venetian Islands hotel at 40 Island Avenue in…
Bridge lands $53M construction loan to redevelop ex-Ryder HQ in Miami-Dade, as industrial market chugs along
Bridge Industrial landed a $53 million construction loan to redevelop Ryder System’s former headquarters site in Miami-Dade County with a logistics complex. Chicago-based Bridge plans the 326,400-square-foot Bridge Point Flagler Station with a 128,800-square-foot building and a 197,600-square-foot building at 11690 Northwest 105th Street in an unincorporated area…
Bill Fuller and partners score nearly $13M settlement from city of Miami
Developer Bill Fuller and two partners extracted a $12.5 million settlement from the city of Miami stemming from… The complaint alleged the Miami-based company suffered $27.9 million in damages after its businesses, Ball & Chain bar at 1513 Southwest Eighth Street, and Taquerias El Mexicano restaurant at 521 Southwest Eighth Street, were forced to close due to…
C-III Capital pays $71M, scoring $25M discount for two Doral office buildings
Another South Florida suburban office property sold at a steep discount, as C-III Capital Partners acquired two Doral buildings for $25 million below the previous sale price seven years ago. An affiliate of Irving, Texas-based C-III Capital, led by CEO Andrew Farkas, acquired One Park Square at Doral, a 3-acre campus at 3470 Northwest 82nd Avenue, for $71 million…
Construction Starts on Luxury ‘Bay Harbor Towers’ at 10143 East Bay Harbor Drive
Construction has started on Bay Harbor Towers, an eight-story residential venture in the eponymous Bay Harbor Islands. Led by PPG Development, the community will offer 44 condos, offering two-bedroom to four-bedroom floorplans. According to Miami Residential Group, residences will measure 1,870 to 3,393 square feet, featuring floor-to-ceiling windows…
Adam Neumann’s Flow launches Miami condo sales
Flow, the apartment startup founded by Adam Neumann, is adding condominium ownership to its offerings in South Florida. Neumann is launching sales at Flow House, a 466-unit project in Downtown Miami. The residences at the 40-story development within Miami Worldcenter are expected to be delivered next year. The option for ownership under the Flow umbrella…
One West Twelve Residences in Overtown Gets Quick FAA Approval
Overtown’s One West Twelve Residences has been approved by the FAA, just a few weeks after it was submitted for review. The FAA approval allows the tower to be built at a permanent height of 300 feet above ground, or 314 feet above sea level. Approval was issued on September 23. The application was submitted on September 11. One West Twelve Residences is now also…
New Interior Renderings Released of North Edgewater 25-Story Elle Residences
Elle Residences has released new interior renderings of its residential units The One Atelier is leading interior design in collaboration with Elle. The 25-story development is planned to be built at the north end of Edgewater. It will include 180 residences, delivered move-in ready. Units will range in size from 450 to 845 square feet, with one or two bedrooms, and prices…
From London To Miami, Hedge Funds Are Buying Into Real Estate
Two of the world’s best-known hedge funds are taking on real estate deals in the UK and U.S. as financial investors spot an opportunity in the sector due to asset and share price declines. In the UK, GoldenTree Asset Management agreed to buy a listed property company that was in wind-down mode, and Elliott Management is continuing a London office buying strategy.
Photo: Signature Miami Bridge Arches Under Construction
A photo taken this week shows the Signature Bridge arches under construction in downtown Miami. According to a presentation to stakeholders his month, the project remains on schedule for completion in late 2027. The budget has also not changed recently, and remains at $840m. Photo is by Phillip Pessar.
Take a Tour of SoLé Mia, North Miami’s Mini-City
Situated on 184 acres near Oleta River State Park in North Miami, SoLé Mia is a $4 billion master-planned community that encompasses luxury living, nature, wellness, recreation, shopping, dining and more. The mini-city is rising at the intersection of NE 151 Street and Biscayne Boulevard, with three residential buildings—The Shoreline, Villa SoLé and Villa Laguna—already completed.
Report Names Miami A Top Destination For Those With 100M+
Miami remains a strong draw for individuals with a high net worth, according to a new report. New World Wealth and Henley & Partners listed the top “holiday hotspots,” where those with over $100m liquid investable wealth had primary or secondary homes. Miami was at the top of the list, with over 650 centi-millionaires having either primary or secondary residences.
Lease roundup: Italian restaurant Rosemary’s coming to Wynwood, Miami Worldcenter lands tenants
New York Italian restaurant Rosemary’s will open in Miami’s Wynwood neighborhood. New York-based hospitality firm Casa Nela leased 7,000 square feet at 310 Northwest 25th Street, where Rosemary’s will open in late fall, according to the tenant’s news release. Carlos Suarez is founder of Casa Nela, and Craig Giunta will be the executive chef at the Wynwood restaurant.
Eight-Story ‘Hollywood Oaks’ Planned for 4220 and 4226 N. 58th Avenue in Hollywood
New York-based Kushner Co. has a 5.7-acre site in Broward County under contract from 58 Oak LLC and 4220 N 58th Avenue Partners LLC. There, it hopes to build Hollywood Oaks, an eight-story mixed-use venture. The South Florida Business Journal reports that the project will feature 470 apartments, along with a seven-story parking garage with 813 spots.
Baptist Health wins approval for 100-bed hospital in Sunrise
Baptist Health South Florida won approval for a seven-story, 100-bed hospital in Sunrise — a city with a population of about 90,000 but no hospital. The Sunrise City Commission on Tuesday approved a site plan for the Baptist Health Sunrise Hospital and a special exception allowing hospital operations on the vacant 25-acre development site at 12401 West Oakland Park Boulevard.
128,550 SF Lake Shore Plaza II Office Building in Sunrise Brokered
CBRE has brokered the sale of Lake Shore Plaza II, a 128,550-square-foot office building located at 1300 Concord Terrace in Sunrise, roughly 19 miles west of Fort Lauderdale. Miami-based Galium Capital purchased the five-story property for an undisclosed price. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa and Matthew Lee of CBRE represented…
Sunrise OKs density boost for massive Metropica project
Developer Joseph Kavana secured initial approval from Sunrise commissioners this week to increase the density of his long-planned, phased, mixed-use development called Metropica. The 65-acre master-planned project in western Broward County has been in the works for at least a decade. The site at 1800 Northwest 136th Street is sandwiched between the Florida Everglades…
Galium Capital snags Sunrise office building at deep discount, paying $17M
In a sign that office properties in South Florida suburbs are bargain deals, Galium Capital acquired a five-story building in Sunrise for $17 million, roughly half the previous sale price nearly a decade ago. An affiliate of Miami-based Galium, led by managing partners Jacques Bessoudo and Iser Rabinovitz, bought Lake Shore Plaza II at 1300 Concord Terrace, records and real estate…
Miami-Dade warehouse sold for $47M as part of portfolio deal
Northwood Investors acquired a distribution warehouse in Doral for $46.5 million as part of a three-building portfolio deal. UBS Realty Investors affiliate 10000 NW 15th Terrace Industrial Investors sold the 201,827-square-foot warehouse at 10000 N.W. 15th Terrace to NW FL Logistics LLC, part of Denver-based Northwood Investors. The price equated to $230 per square foot.
Tavistock begins closings on Pier Sixty-Six condos in Fort Lauderdale
Tavistock Group began closings on units in its Pier Sixty-Six condo project in Fort Lauderdale this week. The developer completed construction on its two-building, 31-unit Resort Residences this summer. Its 11-story, 29-unit, Azul condos recently received a temporary certificate of occupancy, and its 11-story, 28-unit Indigo building is expected to receive its TCO in the coming…
Suburban Fort Lauderdale Office’s Value Cut In Half In $17M Sale
A less than 20-year-old suburban Fort Lauderdale office building traded for $17M, nearly half the property’s previous $32M purchase price in 2013. Galium Capital purchased the five-story, 129K SF office building at 1300 Concord Terrace in Sunrise from a joint venture of Boston-based Barings and MassMutual Financial Group. North Miami-based New Wave Loans provided…
‘Salato Pompano Beach’ Moves Forward After Construction Loan at 305 Briny Avenue in Pompano Beach
In May 2023, Florida YIMBY reported on Salato Pompano Beach, a nine-story residential venture in Broward County. Now with the acquisition of a $73.8 million construction loan, it’s expected to break ground soon. Located on a 1.33-acre parcel, the high-rise building is slated for completion by the conclusion of 2026. Its 40 condos will measure 2,106 to 3,354 square feet…
Dermot is back in South Florida, scoops up 350-unit Wellington apartment project for $144M
Two years after splashing into South Florida to buy multifamily properties, Dermot Company added a Wellington apartment complex for $144.2 million. An affiliate of Dermot, a New York-based, multifamily-focused real estate investment firm, acquired The Quayle at Lake Circle, records and real estate database Vizzda show. The buyer assumed a $60 million State Farm mortgage.
Dermot Pays $144M for West Palm Beach Property
The Dermot Co. has bought The Quaye at Wellington, a 350-unit luxury community in Wellington, Fla. This acquisition further expands the company’s portfolio in the Sunshine State, where it already owns and manages 1,800 units. Stockbridge Capital Group sold the Class A asset for $144.2 million, according to Yardi Matrix information. In addition, the buyer assumed the outstanding…
Moody’s: Q3 2024 Preliminary Trend Announcement
Multifamily Performance Steadied, Office Stress Continued to Manifest, Retail Vacancy Declined, And Industrial Cooled Down The commercial real estate (CRE) industry received welcome news in September as the FOMC lowered the target federal funds rate by 50 basis points (bps) bringing expectations of continued relief in meetings ahead. The period of ‘higher for longer’ has…
Shortages mere days away as ports strike cripples shipping
A port strike from Maine to Texas that began Tuesday could lead to surcharges and inflation. The ripple effect raises concerns for many. “All of us in the warehousing portion of the business,” said Gary Goldfarb, chief strategy officer of Miami-based Interport Logistics, “have customers’ inventories that may last three, four, five, six days without additional freight, but then afterwards…
Video: LARC President Ryan Meliker Provides Hospitality Real Estate Update; Hotel Performance, Forecast
The dynamic landscape of the U.S. hotel industry was the focus of a recent episode of America’s Commercial Real Estate Show. The guest, Ryan Meliker, president of Lodging Analytics Research and Consulting (LARC), provided a deep dive into current trends, challenges, and opportunities shaping the hotel market. This article highlights key insights from their conversation…
With Pandemic-Era Excess Savings Depleted, What Lies Ahead for the Hotel Sector?
Highlights: Although excess pandemic-era savings have been fully depleted as of March 2024, Moody’s expects the Federal Reserve will navigate a soft landing for the U.S. economy with real GDP expected to increase by the mid-2% area in 2024 and the low-2% area in 2025.With non-financial assets such as real estate holdings and vehicles accounting for a larger share…
Office Loan Maturity Monitor: Maturities Picked Back up in August
Highlights: $2.5 billion CMBS office loans reached fully extended maturity in August, the highest monthly total since we started tracking in January 2023. The payoff rate was strong, at 56.9%. Maturities with debt yield above 8% and limited lease rollover continued to exhibit the strongest performance Although several large loans paid off in August, smaller loans continue to pay…
Report: More Than 8 in 10 CEOs Think Hybrid Work Will Be Dead Within 3 Years
Office usage across the 10 largest metro areas is still at roughly 60.5% of prepandemic levels, according to Kastle Systems’ keycard swipe data. But most CEOs think the era of remote work is coming to an end. In a survey of 1,300 global CEOs conducted by KPMG, 83% said they expect their companies will shift back to requiring five days of office attendance sometime in the next…
Vape Shops Caught Fire Nationally. Now Regulations Could Smoke Them Out Of Existence
Cities and towns across the country have watched a proliferation of vape shops waft across the landscape over the past half-decade, and Sugar Land, Texas, is no different. With about a dozen stores primarily selling electronic cigarettes and accessories, the city is part of a fast-moving retail trend that saw the number of electronic cigarette stores grow almost 20% annually…
Sizing up Hurricane Helene’s expected multibillion-dollar damages, effects on insurance market
As Hurricane Helene churned toward Florida, property owners and insurers braced for the impact from another devastating and costly storm. The Category 3 hurricane, which is expected to make landfall Thursday evening in the Big Bend region of Florida as a Category 4, could cause catastrophic storm surge of up to 20 feet above ground in some areas, according to the National…
Despite Helene’s Record Size And Strength, Property Insurance Market May Weather The Storm
Hurricane Helene continued to punch across three states Friday as a weakened tropical storm after making landfall along Florida’s Big Bend region Thursday night. Professionals across the commercial real estate and insurance industries woke up Friday morning to assess the devastation, which is expected to total billions of dollars. As of Friday evening, at least 25 people across…
U.S. Apartment Market Sees Negligible Change in August
Stability continued to be the key storyline in the U.S. apartment market in August. U.S. apartment occupancy remained stable at 94.1% in August, marking the 10th consecutive month of occupancy straying no more than 10 bps in either direction. In fact, the difference between July (94.16%) and August (94.13%) looks to be incorrect when viewing the data on a chart because…