Codina Partners’ plan for Coral Gables rental tower advances with three-way property swap

Codina Partners’ plan for a high-end rental tower in Coral Gables is a step closer… As part of the three-way trade, Codina Partners bought a 1.3-acre development site… bought Coral Gables’ former police building at 2801 Salzedo Street from the city for $16.7 million… had given the city land for its new police department headquarters at 2151 Salzedo Street.

Terreno Realty pays $50 million for two buildings at FECI’s Hialeah industrial complex

Terreno Realty Corp. paid $50 million for two recently completed industrial buildings at Countyline Corporate Park in Hialeah. San Francisco-based Terreno Realty, a publicly traded industrial real estate investor, bought the properties at 4021 and 4071 West 108 Street from affiliates of Florida East Coast Industries, records show. The buildings total 274,000 square feet…

Miami Worldcenter developer sells 1-acre lot to Abbhi Capital, doubling its site

Miami Worldcenter Associates sold another piece of the mega-project to Coral Gables investment firm Abbhi Capital. Abbhi paid $20 million for the 1-acre development site between Northeast 10th and 11th streets along Northeast First Avenue, according to a press release. It’s zoned for nearly 850 residential units and 1.2 million square feet…

Chart: TIPS Spread Indicating Highest Inflation Expectations in 13 Years

The TIPS spread, United States Treasury bond yields less Treasury Inflation-Protected Securities (TIPS) yields, for the 5 years ending April 2, 2021. The TIPS spread is the difference in the yields between United States Treasury bonds and Treasury Inflation-Protected Securities (TIPS). It is a useful and oft-quoted measure of expectations for (CPI) inflation in the financial…

The Fed: Is Inflation Making a Comeback?

The average price level dropped sharply during the early stages of the COVID-19 pandemic and has gradually recovered since then. As a result, annual inflation has remained low: The 12-month change in the personal consumption expenditure (PCE) price index reached 0.5% in April 2020, its smallest increase that year. Core PCE inflation (which excludes food…

Florida lawmakers look to restrict impact fees

Amid a booming real-estate market in many areas, state lawmakers are moving forward with proposals that would place additional restrictions on impact fees that cities, counties and school boards say are needed to help keep up with growth. House and Senate committees Wednesday approved bills that include putting limits on impact-fee increases and defining…

Bank OZK Provides $64.8 Million Construction Loan for Natura Gardens Apartments in Miami

Bank OZK has provided $64.8 million in construction financing to Terra and New Valley, the development partners of Natura Gardens, a multifamily community in Miami. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground…

TM Real Estate sells Miami Gardens office park for $15 million

TM Real Estate Group sold the Lincoln Square office complex in Miami Gardens for $15.35 million. Coconut Grove-based TM Real Estate sold the office park at 18405 Northwest Second Avenue to Preminger Investments, according to a news release. The buyer assumed an $11.5 million CMBS loan on the property with a fixed interest rate of 4.9 percent and about…

$15.4 Million Sale of Lincoln Square Office Complex in Metro Miami Arranged

Aztec Group Inc., a real estate investment and merchant banking firm, has arranged the $15.4 million sale of Lincoln Square, a 116,560-square-foot suburban office complex located at 18405 NW 2nd Avenue in Miami Gardens. Peter Mekras and Brell Tarich of Aztec Group led the transaction. Miami-based TM Real Estate Group ran a marketing process to sell the…

Opportunity Zone investors pour in ahead of key deadlines

This is a critical year for Opportunity Zone investors. Real estate developers, property owners and funds have until the end of December to take full advantage of the federal tax-break program, but have also benefited from a Covid-related deadline extension. Though the coronavirus briefly paused Opportunity Zone investment nationwide, backers…

These US real estate titans made Forbes’ 2021 billionaires list

The world minted new billionaires at a rate of one every 17 hours in 2020 — and some of those came from the real estate industry. Zillow co-founders Rich Barton and Lloyd Frink, eXp World Holdings founder Glenn Sanford and his wife Penny, and Florida home-builder Patrick Zalupski were among the real estate industry’s newest entrants into the ranks of the uber…

Foreclosures and evictions could be halted for rest of 2021

An onslaught of home foreclosures and evictions could be forestalled for another year. The Consumer Financial Protection Bureau is looking at restrictions on mortgage servicers that would prevent struggling homeowners from going straight into foreclosure. The agency has proposed a measure to stop mortgage servicers from proceeding with…

Office landlords offer discounts to lock in leases

Office landlords in New York, Chicago and San Francisco could be taking a hit in the next few years even if some companies lock in long-term leases. More companies are keeping their offices, but are downsizing those spaces to allow employees to work remotely part-time, according to data from VTS, first reported by the Wall Street Journal. The analysis shows that…

Miami-Dade seeks federal funding for Northeast commuter rail line

Background work for a planned commuter rail linking Miami to Aventura is underway, as Miami-Dade applied last month for federal funding for the project and is in talks with operator Brightline to run the route. If all goes according to schedule, construction of what is known as the Northeast Corridor will be done in 2024, according to Luis Espinoza, spokesman…

State finishes six-year, $260 million Krome Avenue upgrade

After more than six years of non-stop construction to enhance Miami-Dade’s westernmost thoroughfare, the Florida Department of Transportation’s (FDOT) $260 million Krome Avenue improvement program is finished. FDOT on Friday announced completion of the 11th and final project in the program, which began in February 2015. The projects…

David Martin: Leads Terra to develop projects based on community needs

David Martin wants to build better neighborhoods. His firm, Terra, has developed more than 5 million square feet of residential, commercial and mixed-use projects. Another 3 million or so square feet are on the way, adding up to more than $8 billion portfolio of assets. In the 20 years since he co-founded Terra with his father, Pedro Martin, the company’s aim…

Miami Industrial Real Estate Quarterly Market Report Released: 1st Quarter 2021

The Miami industrial market’s Q1 vacancy rate was 4.6% at the close of the quarter with a $13.16 per sq. ft. average (gross) lease rate. Industrial vacancies are for Miami warehouses are back below the National Index rate after climbing higher in 2020 for the first time in 20 years. Deliveries have totaled 4.7 million sq. ft. over the past 12 months. After trending…

Terra scores $65 million loan for Northwest Miami-Dade project

Terra is moving forward with its multifamily project in northwest Miami-Dade County, near the planned American Dream Miami mega-mall. Terra and New Valley secured a $64.8 million construction loan from Little Rock, Arkansas-based Bank OZK for Natura Gardens, a 460-unit development planned for a 23-acre site along Northwest 170 Street between…

Miami’s Real Estate Boom: Too Good To Be True?

Every Monday, Mirielle Enlow, executive vice president of operations for Keller Williams in Miami Beach, gathers her top real estate agents for a meeting that she calls the Millionaire Mega-Agent Mastermind. With South Florida now experiencing a well-publicized real estate boom characterized by top-dollar prices and fierce competition for homes, you might expect…

Amol Sarva trashes Newmark after ouster from Knotel

Knotel co-founder Amol Sarva took some shots at its new owner, Newmark, on his way out the door of the flex office company he ran into the ground. In a blistering email Friday evening, Sarva accused the brokerage of using the bankruptcy process to take over the once high-flying Knotel and damaging the company’s relationships. In months leading up to…

Peebles accuses former associate of “anonymous and malicious” smear campaign

Don Peebles is accusing one of his rivals of running a covert smear campaign against him. The Peebles Corporation head claims that former business associate Daniel Hoeg used untraceable Russian servers to send anonymous, defamatory emails to public officials who were reviewing Peebles’ real estate projects, according to a lawsuit filed Friday in…

Big Tech firms led office leasing in 2020

Big Tech keeps getting bigger, and the office footprint of the companies in the sector is keeping pace. Tech firms leased more office space than any other industry last year, according to CBRE’s latest TechInsights report. In total, the tech sector took about 26 million square feet in 2020, which accounted for 17 percent of total office leases. Tech has dominated…

Construction, leisure & hospitality jobs rebounded in March

The leisure and hospitality industry bounced back in March, adding 280,000 jobs to the economy as hotels, restaurants and bars continued to reopen across the country. Bars and restaurants saw the majority of job gains last month, as 175,000 individuals were brought back to work, according to the latest data from the U.S. Bureau of Labor Statistics. Hotels added…

Visualizing the CRE Market Timer’s Thought Process

These probability distribution charts are the topic of this article. The first is a normal distribution of returns using a combination of a cap rate of 5% and rent growth of 2% (and assuming an unchanged cap rate a year later) further assuming an annualized standard deviation of returns of 6.5%. The second is how some market participants feel this is in reality now…

Openings From Carbone to Moxy Hotel Enliven the Miami Scene

Things were looking grim last year, when Miami’s hospitality industry took an estimated $3.4 billion hit from March to August 2020, according to a recent study. Fast forward to March 2021, when the city’s hotel occupancy rate hit 80.7 percent, according to data from STR, with many Miami Beach hotels reporting sold-out weekends — and Miami was back as one of…

Video: GSU’s Jon Wiley, PhD and Lynn Mckee on Opportunity Zones and the Office Market

Jon Wiley, PhD, Professor at J. Mack Robinson School of Business at Georgia State University, and Lynn Mckee, Lecturing Professor at the J. Mack Robinson School or Business at Georgia State University and Senior Vice President and Commercial Real Estate Banker at SunTrust Bank, appear on America’s Commercial Real Estate Show to discuss opportunity zones…

New York Taqueria Tacombi Comes to Miami

Yet another Big Apple institution is coming to South Florida. Tacombi, the popular New York-based taqueria chain, will open two branches in Miami this year. One location is slated to open in October by Lincoln Road, the popular shopping street in South Beach, according to information from the Lincoln Road Business Improvement District. Tacombi has signed up…

Q&A With Yair Levy, Developer Of Miami’s Time Century Jewelry Center

Yair Levy, founder of Time Century Holdings, is the developer behind the Time Century Jewelry Center, a planned epicenter for Miami’s jewelry and diamond trade that will command an entire square block when it opens in mid-2022. Levy is sinking $50 million into the renovation of a lackluster shopping mall in downtown Miami to create his 225,000-square-foot…

Cold Storage’s Explosive Growth Hasn’t Removed Its Risk

The growth in the cold storage sector of industrial real estate over the past 12 months has been simply staggering. Average rent for U.S. cold storage space increased about 15% from the first quarter through the end of last year, CoStar Group reports. Since 2017, rent in the sector has grown by 29%, easily outpacing the still-impressive 21% growth in industrial…

Construction spending fell slightly in February

Thanks to bad weather and pricier materials, construction spending fell slightly last month — though it’s still higher than it was last year. National construction spending dropped 0.8 percent to a seasonally adjusted estimated rate of $1.516 trillion in February, according to the Census Bureau’s monthly report. In January, spending hit a record rate of…

Wynwood Norte plan aims to spur new affordable housing development

A city of Miami zoning overhaul of a traditionally single-family neighborhood just north of Wynwood is largely aimed at enticing affordable housing development in the area. The Miami City Commission last week unanimously approved the Wynwood Norte Neighborhood Revitalization District, a zoning overlay that proponents claim will…

Canadian investor scoops up Hallandale Beach office building for $17M

A Canadian real estate investor expanding its holdings into South Florida bought a Hallandale Beach office building for $16.5 million. Soliman Corporation, based in Montreal, purchased the 1250 Building from Murray Family Associates, an affiliate of Hallandale Beach-based real estate firm KEI Properties, the buyer said. It’s roughly 80 percent occupied.

CubeSmart buys Weston self-storage for nearly $12M

CubeSmart scooped up a Weston self-storage facility for $11.5 million. The Malvern, Pennsylvania-based company bought the building at 1500 North Park Drive from an affiliate of South Florida real estate investor Leo Ghitis, according to a deed. The 93,182-square-foot storage facility was built in 1991 on 6 acres, property records show. Ghitis, through 1500…

Publix pays $10 million for site of new Fort Lauderdale supermarket

Publix is advancing its plan for a new store in Fort Lauderdale’s Lauderdale Beach neighborhood, buying the development site for $10 million. Deed records show Publix bought 1.4 acres of mostly parking lots and an existing retail building at 2985 North Ocean Boulevard in two separate purchases. In one deal, Publix bought 0.9 acres consisting of two adjacent parking…

Intalex Capital buys Plantation office park for $15M

Intalex Capital bought a Plantation office complex, Executive Court at Jacaranda, for $15 million. Fort Lauderdale-based Intalex Capital, through an affiliate, bought the offices at 7800-8040 Peters Road from Executive Properties, according to a deed. Intalex took out an $11.2 million loan from Pacific National Bank to finance the purchase. Property records show…

Kushner’s Proposed 1M SF Industrial Project in Palm Beach County Could Impact Florida Agricultural Reserve

Palm Beach County, Florida, commissioners in 1980 set aside 21,000 acres in the western part of the county as an agricultural preserve for farmland, wetlands, water resources and open space. Now, New York-based Kushner Cos. intends to build a massive, 1M SF industrial warehouse on 51 acres that had long been the site of a plant nursery. To proceed, Kushner would…

City Furniture leases Miami Gardens distribution center

City Furniture leased a nearly 287,000-square-foot building at Bridge Point Commerce Center in Miami Gardens, another deal marking the strength of South Florida’s industrial market. The Fort Lauderdale-based furniture retailer led by founder Keith Koenig will open a distribution center at Bridge Development Partners’ under…

Bridge Development Lands New Tenant at Miami Industrial Park

CITY Furniture has committed to a 286,991-square-foot, full-building lease at Bridge Point Commerce Center in Miami Gardens, Fla. The agreement brings Bridge Development Partners’ 1.1 million-square-foot, three-building Phase I to 80 percent occupancy. Delivered in two separate phases, with final completion set for early 2023, Bridge Point Commerce Center…

Two Large-Scale Residential Developments Underway in Metro Miami for Combined $695M

Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation. Five Park. A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500…

4 Industrial Tenants Ink More Than 293K SF of Deals in Miami-Dade

A quartet of industrial leases totaling 293,278 square feet have been inked in Miami-Dade County, with tenants ranging from Crane Worldwide Logistics to PGT Industries, according to information from Cushman & Wakefield. Crane Worldwide signed a six-year lease for 121,656 square feet at Crossroads West, located at 10901 NW 146th Street along the Florida…

SoLé Mia in North Miami scores $32M multifamily construction loan

The multifamily and retail SoLé Mia project in North Miami has secured a $32 million construction loan for its second rental community. Development duo Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, secured the financing through affiliate SM Parcel A, a mortgage…

SALT shakeup: Democrats pressure Biden to repeal tax cap

As President Joe Biden unveils a multi-trillion-dollar infrastructure proposal this week, House Democrats are calling on him to repeal the Trump-era limit on state and local tax deductions, or SALT. Rep. Tom Suozzi, who represents parts of Queens and Long Island, along with Reps. Mikie Sherrill, Josh Gottheimer and Bill Pascrell of New Jersey, have publicly…

Cofe Properties sells Pinecrest office-retail plaza for $32M

Cofe Properties sold an office-retail plaza in Pinecrest for $32 million, the same price the investment firm paid for the property six years ago. Property records show an affiliate of Miami-based Orion Real Estate Group bought Pinecrest Town Center at 12651 South Dixie Highway from Cofe’s Cofe Town Center. Coral Gables-based Cofe Properties bought Pinecrest…

Watch: Gil Dezer on guerrilla marketing and working with Donald Trump

For this month’s The Closing, The Real Deal sat down with Gil Dezer, the head of Dezer Development and one of the most active real estate players in South Florida. The family-run firm, which was started in 1970 by Dezer’s father, Michael, is behind flashy projects such as the Porsche Design Tower and Residences by Armani/Casa. The elder Dezer influenced his son’s…

What distress? Dry powder piles up with few discounts in sight

After raising billions of dollars to spend on commercial real estate, distress investors are having a difficult time spending it. Despite projections of massive discounts in real estate prices, few have arisen. Banks have yet to write down loans and commercial property owners have had little incentive to sell. These factors, along with generous stimulus packages…

Miami-Dade regains 21,600 jobs in one-month recovery climb

Miami-Dade gained 21,600 workers on payrolls from January to February, unemployment ticked down and every sector but one added jobs as Covid-19 vaccination broadened. Nonetheless, every sector continued to show a decline from February 2020, the last normal month in the state before the pandemic hit in March. Figures from the US Bureau of Labor Statistics…

Work to begin on Miami Beach’s tallest building

Terra, GFO Investments and New Valley plan to break ground this month on Five Park, a 48-story, roughly 280-unit tower at 500 Alton Road that will become the tallest building in Miami Beach at 519 feet upon completion in 2023. Construction will be made possible by the largest residential construction loan in South Florida to be funded since the pandemic struck…

Bidding nears for private developers of taller Government Center

Miami-Dade is seeking one more round of public input before requesting a first round of bids from private builders to redevelop downtown Miami’s Government Center area into a taller, denser and more pedestrian-friendly metropolitan neighborhood. The goal, said Eileen Higgins, the county commissioner leading the effort, is to begin preliminary processes this…

Limited-capacity movie theaters fill, add programming

With social distanced automatic seating and ticketing protocols for each showing, several local theaters are reporting uptake of audiences, filling up showings at limited capacity. Still under strict safety regulations, movie theaters throughout Miami-Dade are seeing an increase of moviegoers, who are feeling safer and more confident as the Covid-19 vaccinations…

What Can We Expect From Retail in 2021?

Retail had a turbulent and uneven ride during the COVID-19 pandemic, but a broad recovery should follow once most Americans receive a vaccination. It goes without saying that 2020 was an incredibly challenging year for many brick-and-mortar retailers as pandemic-related restrictions made turning a profit an uphill battle. Although recovery likely won’t be…

Subleases up 40% across US as companies ditch space

JPMorgan Chase, Salesforce and PricewaterhouseCoopers are among a growing number of firms looking to sublease space as the demand for traditional offices diminishes. About 137 million square feet of office space was up for sublease across the U.S. at the end of last year, according to CBRE Group, the Wall Street Journal reported. That represents a 40 percent…

“There will be blood:” VTS’ Nick Romito on why landlords must embrace data

In this installment of the REInterview, TRD’s Hiten Samtani sat down with founder and CEO of VTS Nick Romito. He noted the office sector’s reputation as a steady, stable, unsexy source of income, and explained how all that could change. VTS began as a video-tour company (literally “View the Space”) and is now a cloud-based leasing and portfolio management…

Founders Fund, Atomic and OpenStore ink long-term leases in Wynwood

Is Big Tech here to stay? Venture capital firms Founders Fund and Atomic and e-commerce company OpenStore signed leases for more than 22,000 square feet in Wynwood, while SoftBank and Microsoft are reportedly looking to expand their presence in Miami. Silicon Valley’s Founders Fund, which took a temporary space in Brickell earlier this year, is leasing…

RedSky, JZ sell Wynwood Block at a loss for $24M

RedSky Capital and JZ Capital Partners sold the Wynwood Block retail building at a loss, as they have been offloading their Miami portfolio in recent months. The joint venture sold the one-story retail building at 2621 Northwest Second Avenue to Wynwood Block Realty, led by Joseph Cohen, for $24.2 million. The buyer took out a $12.2 million mortgage on the…

SoftBank Seeks More Miami Space as City’s Tech Industry Expands

SoftBank Group Corp. is looking for a big block of expansion space in Miami in the latest sign that this city’s tech sector is flexing its muscles. The Tokyo-based company, one of the world’s largest tech investors, is searching for as much as 100,000 square feet of space, according to executives in the real-estate and technology industries. A SoftBank spokeswoman confirmed…

Melo Group Breaks Ground on 57-Story Downtown 1st Apartment Tower in Miami

Melo Group has started construction of Downtown 1st, a transit-oriented multifamily development at 22 SW 1st Street in Miami’s central business district (CBD). The 57-story tower will include 560 market-rate apartments, 10,000 square feet of office space and 3,000 square feet of ground-floor retail space. Completion is slated for 2022. Downtown 1st will include…

Melo Group Breaking Ground On 57-Story Downtown Miami Tower

One of Miami’s busiest developers, Melo Group, has launched construction of Downtown 1st, a transit-oriented development at 22 SW 1st Street in downtown Miami’s central business district. The development comes as Miami’s once-dead downtown is going through a boom. A Brookings report from last year found that Miami’s downtown population decreased…

AquaBlue sells Miami Beach apartment complex for $10M

An apartment complex in Miami Beach sold for $10.4 million, slightly less than its asking price of $13.9 million…. AquaBlue Group, led by Philippe Harari, sold the 30-unit property, called Greenview Courtyard, to an entity led by the Dasilva family. The deal equates to $346,667 a unit. The three buildings span just over a half- acre at 2021, 2025 and 2031 Meridian Ave…

Natixis Lends $177M on Blackstone’s MiamiCentral Office Towers Buy

Blackstone Real Estate tapped the commercial mortgage-backed securities (CMBS) market for its recent acquisition of two office towers in Downtown Miami, Commercial Observer has learned. Natixis was the lender in the deal, providing a $177 million loan. Shorenstein Properties sold the two recently built, Class A office buildings, 2 & 3 MiamiCentral, to funds…

Miami Heat’s Arena Will Be Renamed After Cryptocurrency Exchange In $135M Deal

The FTX cryptocurrency exchange intends to buy the naming rights for the NBA’s Miami Heat’s arena for $135M, the Miami Herald reported Friday. The downtown Miami venue is called the American Airlines Arena, often referred to as the Triple A. An agreement with Miami-Dade County would last 19 years. In a complex deal, the county would take in $8.2M…

CDC extends national eviction ban through June

A few days before its expiration, the national eviction ban was extended for another three months. The Center for Disease Control and Prevention announced Monday it will continue the moratorium through June. “Keeping people in their homes and out of crowded or congregate settings — like homeless shelters — by preventing evictions is a key step in helping to…

South Florida by the numbers: Here comes the money

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. While Miami continues to reshape itself as the new global hub for technology and finance, it appears the latter industry has taken the lead in terms of decision makers choosing to live here — perhaps for the long term. In the past two…

Q&A With Akerman’s Neisen Kasdin, former Miami Beach Mayor, on Miami’s Rising Star

Scan the Miami skyline and it’s hard not to lay eyes on a development bearing Neisen Kasdin’s imprint. The commercial real estate pro led the South Beach revitalization that began taking shape in the late 1980s, and has also put his unique stamp on everything from urban revitalization to the development of complex, large-scale, multi-use projects and smaller…

Quantifying the Effect of Rent Growth Assumptions on Commercial Real Estate Cap Rates

When considering changes or potential changes in commercial real estate capitalization rates (cap rates), market participants tend to most commonly think of interest rates. However, rent growth assumptions also affect cap rates as the more one expect earnings to grow over time the less return an investor is willing to accept now. This is just like growth stocks in the…

More than 1 in 5 company execs plan to slash office space

Even as Covid vaccinations bring a return-to-office closer to fruition, more companies are expecting to reduce their real estate footprints. A recent survey conducted by the American Institute of CPA found that 21 percent of company executives said they expect to reduce their office space in the next 12 months, Bloomberg News reported. That’s up by 3 percentage points…

Harbor Landings mixed-use multifamily, hotel and retail project near Seminole Hard Rock advances

Developers Eric Metz and Louis Birdman advanced their plan to build Harbor Landings, with apartments, hotel rooms, and retail space on a site that touches both Hollywood and Dania Beach near the Seminole Hard Rock Hotel & Casino. The Dania Beach commission on Tuesday approved the multifamily portion of Harbor Landings. The eight-story, 275-unit…

Miami commission deals Edgewater jai alai site a winning hand

West Flagler Associates scored a four-of-a-kind win when Miami commissioners Joe Carrollo, Alex Diaz de la Portilla, Manolo Reyes and Jeffrey Watson voted to approve a new settlement agreement, allowing the company to develop a jai alai fronton and card room in Miami’s Edgewater neighborhood. The pari-mutuel and casino company also procured…

Royal Senior Care scores $42M construction loan for south Miami-Dade project

A senior living facility in south Miami-Dade County got a big boost, as the developer scored a $41.9 million construction loan. Aventura-based Royal Senior Care, led by CEO Avi Bittan and managing director Sean Kanov, plans a three-building, 200-unit independent living, assisted living and memory care facility near the Jackson South Medical Center. Tel-Aviv-based…

The REInterview: Real estate’s climate reckoning, with Fifth Wall’s Brendan Wallace and Greg Smithies

Real estate is the quiet sinner in the climate crisis. The industry might not be the Disney villain of greenhouse gases, cackling as it wreaks havoc on the world, but some estimates show it accounts for up to 40 percent of global carbon emissions. In major real estate markets such as New York, that number is over 70 percent. Why has the industry been unwilling…

Krispy Kreme sells Miami Gardens store — sans doughnuts — for $9M

Doughnut shop Krispy Kreme sold its store just outside Miami Gardens for $9 million. A deed shows the Winston-Salem, North Carolina-based chain and Florida Family Realty sold the 4,345-square-foot, one-story building at 530 Northeast 167th Street to New York-based Bremen House. The building was constructed in 2019 on 1.8 acres, according to property records.

ROVR Development Begins Pre-Leasing 300-Unit Miami TOD Community

ROVR Development has started pre-leasing its residential project that’s being built atop the Miami Parking Authority’s headquarters and garage. The developer began construction on Grand Station Apartments in August 2019 and is expecting to complete the luxury community and welcome its first residents in the summer. The $70 million project was the result…

WeWork to go public in $9B SPAC deal

If at first you don’t succeed, try, try again: Two years after its failed IPO, WeWork has struck a deal to go public with a special-purpose acquisition company. The merger with BowX Acquisition Corp. would value the embattled flexible-office company at $9 billion including debt — a fraction of its $47 billion valuation in 2019. WeWork will get $1.3 billion in…

‘People believed it’: the rise and fall of WeWork, a $47bn unicorn

It’s almost by requirement that Hulu’s WeWork: Or The Making and Breaking of a $47 Billion Unicorn, a documentary on the spectacular over-inflation of the company that coated shared offices in a soft-lit shell of capitalistic spirituality, starts with Adam Neumann (in business terms, a unicorn is a private company valued at over $1bn). WeWork’s charismatic…

Closed El Portal church to be born again with office and retail

The sight of a boarded up church with fading yellow paint and white columns along Northeast Second Avenue in El Portal has become customary for drivers and joggers. But that won’t be for long. The former Rader Memorial United Methodist church and school at 205 Northeast 87th Street, closed for 10 years, will be born again as an office and retail site with…

Subway inks lease at Miami’s Waterford Business District, plans to bring 100 employees

Subway made good on its announcement earlier this month that it’s moving to Miami, inking a major lease at the Waterford Business District, with plans to bring 100 employees. The fast food giant leased 64,256 square feet at 1000 Waterford in the massive office park across Miami International Airport. The office park is owned by a joint venture of Chicago…

The money’s moving to South Florida. Will the office leases follow?

Law firm Levine Kellogg Lehman Schneider + Grossman, now at downtown Miami’s Citigroup Center, plans to cut its space in half at its future office as many attorneys opt to work from home permanently. Across the street, at Southeast Financial Center, law firm Meland Budwick plans to expand by 18 percent. These contrasting approaches show the dichotomy of the…

Bridge Development scores $78M construction loan for Opa-locka industrial park

A three-building industrial complex west of Miami-Opa Locka Executive Airport is on its way to completion in the third quarter, after scoring a $78.3 million construction loan. The Class A… will total 589,887 square feet. Bridge Point AVE spans 47 acres, as part of the 178-acre master-planned AVE, Aviation and Commerce Centre at 14350 Northwest 56th Court.

Bridge Development Secures $78.2M Construction Financing for Bridge Point AVE Industrial Park in Opa-Locka

Bridge Development Partners has secured $78.2 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport. The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and is scheduled to be delivered in the third quarter. Steve Roth of CBRE’s Debt & Structured Finance team arranged the loan…

Post-COVID Miami: The Changing Landscape of Commercial and Residential Development

Earlier this month, Bilzin Sumberg’s South Florida Redevelopment Conference engaged hundreds of real estate developers, government staff and officials, architects, engineers, and construction professionals from 12 different states and three different countries in thoughtful discussions about the current real estate market and the future of land development…

Last piece of the pie: Franco & Vinny’s Pizza Shack owners sell Fort Lauderdale Beach assemblage for $7M

All the pieces of the pie came together for the owners of Franco & Vinny’s Pizza Shack. The pizzeria owners, Vinny and Caterina Esposito, sold their assemblage for $7.2 million and plan to close the Fort Lauderdale Beach restaurant next month. It’s a deal that has been in the works for close to three years, according to the brokers involved. Marcus & Millichap’s…

Stiles sells Sunrise office building to IP Capital for $25M

Investors remain bullish on South Florida’s office market, despite the massive remote work shift, with IP Capital Partners as the latest to join the onslaught of buyers. The Boca Raton-based investment firm bought Sunrise Corporate Plaza from a company tied to Stiles Corp., a deed shows. IP Capital took out a $16.3 million…

Harbor Group International buys Boca Raton apartments for $81M

300 West Palmetto Park Road in Boca Raton with PGIM Real Estate executive Eric Adler, Harbor Group International CEO Jordan Slone and president T. Richard Litton Jr. (Google Maps) PGIM Real Estate sold a 248-unit apartment community in Boca Raton for $81 million. Norfolk, Virginia-based Harbor Group International bought the Heritage complex at 300…

Blackstone buys MiamiCentral office buildings for $230 million

Blackstone Group paid about $230 million for the office buildings at Brightline’s MiamiCentral station, marking one of the largest investment sales to close in South Florida this year. Funds managed by New York-based Blackstone Real Estate bought 2MiamiCentral and 3MiamiCentral from San Francisco-based Shorenstein Properties, according to a news release….

Shorenstein Properties Sells Miami Office Complex for $230 million

Shorenstein Properties, a privately owned investment firm with offices in New York City and San Francisco, has sold 2 & 3 MiamiCentral, a 320,000-square-foot office complex in the city’s downtown area. A fund backed by Blackstone purchased the property for $230 million. Constructed in 2018, the two-building complex is located within MiamiCentral, a transit…

Blackstone Expands in Miami With $230 million Office Buy

On the heels of Blackstone signing a 41,000-square-foot lease for its tech team at the recently constructed 2 MiamiCentral in Miami, funds managed by Blackstone Real Estate have purchased the entire asset along with the neighboring 3 MiamiCentral. Shorenstein Properties sold the pair of downtown office buildings for $230 million. According to…

Blackstone Drops $230 million On 2 Miami Buildings

San Francisco-based Shorenstein Properties announced Friday that it sold two high-profile Class-AA office buildings in downtown Miami to funds managed by Blackstone Real Estate for $230M. MiamiCentral is a mixed-use, transit-oriented development project that spans six city blocks. The train station was designed to accommodate Brightline private trains and…

Shorenstein Properties Sells 2 & 3 MiamiCentral to Funds Managed by Blackstone Real Estate

Shorenstein Properties, LLC (“Shorenstein”), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the sale of 2 & 3 MiamiCentral to funds managed by Blackstone Real Estate (“Blackstone”) for approximately $230 million. Located in Downtown Miami, this approximately 330,000 square-foot property…

Related wins approval for another Wynwood mixed-use multifamily project

Nearly 10 months after acquiring a 2.27 acre assemblage in Wynwood’s south end, the Related Group is forging ahead with a new mixed-use project on the site. The Miami Design Review Board on Wednesday approved the developer’s proposal for a pair of 12-story buildings at 2130 North Miami Avenue and 38 Northwest 22nd Street. The project, currently known as…

Galbut development group scores approval for mixed-use North Beach resi project

The developers of one of the first projects planned for the North Beach Town Center district secured approval from the Miami Beach Design Review Board late last week. NoBe Creek LLC, an entity led by Jefferson Brackin, Russell Galbut and his daughter Marisa Galbut, wants to develop a mixed-use multifamily building at 666 71st Street. The board unanimously…

Chetrit scores $15 million for Miami River $1 billion mixed-use project

The Chetrit Group is pushing forward with its long-planned mixed-use Miami River mega-project, as it just scored a $15 million construction loan, bringing its total financing to $70 million. Chetrit Group, through affiliate MC Miami River, secured the loan from MSD PCOF Partners XXXIV, an affiliate of Michael Dell’s MSD Capital private investment firm….

Downtown Miami apartment tower Grand Station — A-Rod an investor — launches leasing

Grand Station Apartments in downtown Miami is launching preleasing of the tower, which counts retired Yankees shortstop Alex Rodriguez as an investor. Rovr Development, led by principals Oscar Rodriguez and Ricardo Vadia, is beginning to lease the 30-story, 300-unit building at 40 Northwest Third Street, near the federal courthouse, according…

Waldorf Astoria Miami, planned as the tallest resi tower south of Manhattan, launches sales

The developers of Waldorf Astoria Residences Miami, planned as the city’s tallest residential tower at 100 stories, are launching sales, The Real Deal has learned. The luxury project, at 300 Biscayne Boulevard, will be the highest skyscraper south of Manhattan at 1,049 feet tall, the developers said. Property Markets Group…

Miami’s upcoming Waldorf Astoria property will soon be the Tallest Residential building south of Manhattan

Step aside, New York; there will soon be a new big building city on the East Coast. Florida isn’t necessarily known for tall, glamorous residential or commercial buildings. As it stands, the tallest building in Florida is the Panorama Tower in the Brickell area of downtown Miami. The 85-story skyscraper is a commercial and residential building that soars 849-feet…

Venezuelan food mogul Mauro Libi nabs Miami warehouse for $8 million

A company tied to Venezuelan Mauro Libi, who owns a food empire, bought a warehouse in Miami International Park for $7.8 million. Records show Eleo Group, managed by Libi, bought a 47,668-square-foot warehouse at 7300 Northwest 35th Terrace from Medley-based window blinds and shades manufacturer Vertilux. Built in 1983, the two-story facility is on 1.8 acres…

Harbor Group International Finances Miami Hotel-to-Multifamily Conversion

Harbor Group International, LLC (“HGI”), a privately-owned international real estate investment and management firm, today announced the $27.5 million financing of a hotel-to-multifamily conversion project in the Coconut Grove neighborhood of Miami. The loan was provided to AB Asset Management (“AB AM”) to acquire and rebrand the property as a Class…

Developers see green in turning golf courses into warehouses

It’s a hole-in-one for warehouse developers. Builders have been turning golf courses into warehouse locations as the industrial space boom continues, according to Bloomberg Businessweek. In May, for example, Onondaga County in New York announced that Amazon would build a $350 million distribution center over 111 acres of land formerly occupied by the…

South Beach Businesses Feel the Pain of Spring Break Chaos and Curfew

Upon entering Miami Beach from the MacArthur Causeway, an electronic sign on Fifth Street warns visitors: “Loud Music Arrestable.” Just a few blocks to the east, vacationers walk along Ocean Drive with stereos and Bluetooth speakers, blaring music and dancing in the street outside the fenced-in dining areas of local bars and restaurants. Miami Beach is…

Spring Break Chaos On Miami Beach: Just A Blip For CRE

After big crowds converged on Miami Beach this weekend, the city imposed an 8 p.m. curfew and shut down bridges connecting the beach and the mainland — giving people just hours’ notice and backing up traffic late into the night. The restrictions are in place Thursdays, Fridays, Saturdays and Sundays through April 11. Officials, residents and business owners have…

Federal bill would give $1.5B to pro-housing localities

To combat the affordable housing crisis, three U.S. senators are set to introduce the Housing Supply and Affordability Act. The bipartisan bill would provide $1.5 billion for federal grants to local governments that commit to increase their supply of local housing, to be distributed over the next five years, according to Bloomberg CityLab. “All Americans deserve…”

Miami Beach developers nab $345M construction loan for 500 Alton

Beach developers Russell Galbut and David Martin scored a $345 construction loan for their planned residential tower at the entrance to South Beach, marking one of the largest loans to close in South Florida during the pandemic, The Real Deal has learned. Galbut’s GFO Investments and Martin’s Terra are partnering on the project at 500 Alton Road…

Miami Beach investor Greg Mirmelli to convert former Banana Republic store into mansion hotel

Miami Beach investor Greg Mirmelli bought the former Banana Republic building at 800 Collins Avenue, with plans to convert the property into a mansion hotel, The Real Deal has learned. Mirmelli paid $4.5 million for the 10,026-square-foot building, he said. Property records show the seller is 800 Collins Ave LLC, led by Sam Herzberg. Herzberg’s entity paid $9.7 million…

 $5.4M Sale Arranged for Former Methodist Church and School in Miami

Gridline Properties has arranged the sale of a former Methodist church and school in Miami for $5.4 million. The 28, 947-square-foot property is located at 205 NE 87th St. in Miami’s Upper East Side and within El Portal Village. Built in 1952, the former Rader Memorial United Methodist Church has been vacant for more than 10 years. Gridline’s Alfredo Riascos…

Rock-bottom prices: 11 malls whose valuations have tanked

The pandemic has wreaked havoc across the retail industry, but few have been hit harder than second-tier malls. And it’s no surprise the largest mall operators have taken the biggest hits. Simon Property Group and Brookfield Property Partners controlled 5 of the 11 malls whose values have fallen the most, according to Trepp, which tracks commercial mortgage-backed…

Limestone Asset Management Closes on Pinecrest Town Center Mixed-Use Retail and Office Property for $32 Million

Miami-based Limestone Asset Management, via a joint venture with Orion Real Estate Group, closed on Pinecrest Town Center, the mixed-use retail and office property located at 12651 South Dixie Highway, Pinecrest, FL 33156, for $32 million. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout North…

Pop-Up Hotel Concept WhyHotel Launches In Miami

A pop-up hotel concept that originated in Washington, D.C., will launch in Miami on May 1. WhyHotel takes over units in new luxury apartment buildings, bringing in revenue and adding vitality to properties during the lease-up period. In Miami, WhyHotel will operate over 100 units at AMLI Midtown Miami, a 719-unit complex at 3000 NE Second Ave. that…

Sterling Bay Signs Retail Lease with Love Life Café at 545WYN in Miami

Sterling Bay, a Chicago-based real estate development firm, has signed a retail lease with eatery Love Life Café in Miami’s Wynwood district. Love Life Café will take 3,767 square feet of storefront space at 545wyn, Wynwood’s first Class A creative office building. Sterling Bay broke ground on 545wyn in January 2019 and completed the building in late 2020.

Office sector to keep sinking until 2024, Moody’s predicts

The office market is looking at three more years of pain until it turns the corner, according to a new report. Moody’s Analytics and CWCapital note that long-term leases saved landlords from a mass exodus but downsizing will continue to erode their tenant base. As a result, the rise in subleasing and vacancy and the fall in rents will continue before starting to ease…

Sleepy No Longer, Downtown Miami Evolves Into Urban Hub

Once a place that emptied at 5 p.m., Downtown Miami is in the midst of a dramatic transformation. Overlooked no longer, the city’s central business district is getting denser, growing taller and attracting new attention. The area has been poised for a breakout since the Great Recession, and its moment finally seemed to arrive during the pandemic. Out-of-state…

Developers look to seize the moment as Miami condo craze returns

A rendering of Baccarat Miami With half the business elite seemingly moving to Miami, South Florida’s residential developers are betting that migration momentum will overcome even the market’s significant supply glut.    They’re launching major condo towers set to bring thousands of new luxury units to the area, citing the spillover from booming single-family…

Israeli bond market rule changes could hinder U.S. developers

Around 30 U.S. real estate firms have raised over $5.5 billion in the Israeli bond market in the past decade (iStock) Over the past decade, U.S. developers have flocked to the Israeli bond market to obtain cheap financing for real estate projects — but that could change if new rules governing bonds are enacted. The Israel Securities Authority has…

Multifamily complex in Overtown Opportunity Zone hits market for nearly $12M

An apartment complex in an Opportunity Zone in Miami’s Overtown neighborhood hit the market with an asking price of $11.5 million. The owner of Citywalk Apartments, tied to Miami-based Armos Investments, listed the property at 415 Southwest Ninth Street after renovating some of the 92 units. The apartments were built in 1950, records show. Arthur Porosoff, David Cohen and Joseph Phelps of The Porosoff Group,…

WeWork lost $3B in 2020: report

Investors betting on WeWork’s second act just got a wake-up call. The co-working company lost $3.2 billion last year as the Covid-19 health crisis slashed the demand for flexible office spaces, the Financial Times reported, citing documents shown to possible investors. The pandemic caused WeWork’s occupancy rates to fall 47 percent in 2020, down from 72…

What’s Driving Record Industrial Real Estate Demand

The global pandemic accelerated the growth of e-commerce as lockdowns and safety concerns prompted an increasing number of consumers worldwide to shop online. As a result, several years of online sales growth were condensed into 2020 alone, causing industrial leasing to surge globally as logistics became essential for retailers. Changes in population…

Industrial Properties by U.S. Airports Command Premium Rents

According to CBRE, distribution firms want to be close to major air hubs to expedite speedy deliveries, but there is often a price to pay: Industrial rent premiums average 13 percent in the top U.S. airport submarkets and reach as high as 47% in the Chicago O’Hare submarket. In the era of next-day delivery, third-party logistics firms, ecommerce companies and retailers…

Weird flex but OK: How CRE giants hope to cash in on the future of the office

As a vision of the post-vaccine future of the workplace began to emerge late last year, Industrious co-founder Jamie Hodari was nearing a new funding round with a private equity firm in October. Then, CBRE came calling. The entrepreneur sat down for a socially distanced dinner with CEO Bob Sulentic and Andrew Kupiec, head of CBRE’s in-house co-working…

After $345 million buildout, Brightline to run new Miami-to-Aventura intercity rail

As heralded by a 2019 decision by Miami-Dade commissioners to pay $76 million for a Brightline station near Aventura Mall, county transportation decision-makers last week endorsed the for-profit inter-city rail company’s trains as the preferred mode for a Miami-to-Aventura commuter rail corridor. It will cost an estimated $345 million to build the necessary…

Mixed-use Wynwood buildings on Miami Avenue win OK

A sprawling mixed-use project designed to bring apartments, office space and more in two new buildings in Wynwood won a positive review from the city’s Urban Development Review Board. The board unanimously recommended approval of the project, known as PRH N. MIAMI, after the developer made several changes to the plan in response to issues…

Miami Today Editor suggests we need unity to bar casino perils

Whenever our economy slides, would-be casino owners look to Miami for a free lunch. All that keeps them from the lunch table is state law that bans casinos here and the integrity of enough lawmakers to keep the important barrier intact. As post-pandemic business swings back to normal, casino interests have their knives and forks out with hope of swaying Florida…

A downturn in travel of pandemic proportions : The latest data on miles traveled by air, rail, and road

It’s not news to say that people in modern economies travel. For work, school, or pleasure. For a few hours, days, weeks, months, or even longer. Going places has been an integral and obvious part of work and life for most American households and those of any wealthy economy. It’s also not news to say that travel and work commutes came to a halt last year…

One Thousand Museum developers score $90M refi to stave off foreclosure

The developers of the Zaha Hadid-designed One Thousand Museum condo tower in Miami secured a lifeline, The Real Deal has learned. Louis Birdman, Gilberto Bomeny, Kevin Venger and partners Gregg Covin and Todd Glaser, closed on a $90 million condo inventory loan from Cirrus Real Estate Partners, according to the lender. The refinancing comes less…

Knotel to tap former top WeWork exec as CEO

Knotel is bringing on a WeWork veteran to help straighten out the bankrupt flex-operator. Former WeWork vice chairman Michael Gross will join Knotel as its chief executive, the Wall Street Journal reported. Gross’ first order of business will be to reduce Knotel’s significant losses. The company already plans to close a number of its locations as part of its bankruptcy…

Here’s where Trumpworld has put down roots in South Florida

When Donald Trump left the White House on Inauguration Day, skipping his successor’s ceremony, he flew to South Florida, which has become a base of sorts for his inner circle since election results became widely accepted. Facing a hostile reception in the ex-president’s previous home state of New York, the former president and his wife, Melania…

Changing Zoning From Residential to Commercial

Converting commercial property into residential space—like turning a parking garage into condos—has been popular recently. But what about changing zoning from residential to commercial? Commercial real estate is lucrative. Nearly $90 billion is spent building it each year. If you have a residential property, it could be well worth your time to convert it to…

Cerberus Capital, Stonemont Financial form $1 billion domestic industrial property venture

Stonemont Financial Group and an affiliate of Cerberus Capital Management LP have formed a joint venture to invest in the white-hot logistics sector. The partners want to buy as much as $1 billion worth of industrial real estate, according to Commercial Property Executive. So far, the two firms have purchased properties in Illinois, Florida, Mississippi…

Landlords shun federal rent relief over program requirements

The federal government wants to give landlords and tenants $50 billion to help keep renters in their homes — but some of those property owners are turning down the funding that they’re eligible for. Some landlords have taken issue with the requirements to receive federal rent relief, including disclosing financial information, as well as limits on evicting tenants if…

Flamboyant Miami developer Gil Dezer talks branding, car racing, partnering with Trump

Any screenwriter who pitched the character of Gil Dezer to a Hollywood studio would be laughed out of the room. A chain-smoking, gold chain-wearing, foul-mouthed developer who owns the Aston Martin DB5 James Bond drove in “Goldfinger” and was married at Donald Trump’s Mar-a-Lago? The 46-year-old president of the development firm started by his…

Newmark’s acquisition of Knotel is approved

A bankruptcy court has approved the sale of flex-office provider Knotel to brokerage Newmark. Newmark officials said they expected the deal to close quickly, Commercial Observer reported. The brokerage provided $20 million in debtor-in-possession financing after Knotel filed for bankruptcy in January, and its stalking-horse bid of $70 million brought it closer…

Chart: Miami-Dade Commercial Real Estate Sales February 2021

Miami MLS Number of Sales from March 2019 to February 2021 for a) Commercial, Industrial or b) Commercial, Business, Agricultural, or Industrial Vacant Land within Miami-Dade County, Florida. The chart in this post shows the number of closed sales of Miami-Dade commercial properties, including improved commercial property and vacant commercial land, that were recorded in the Miami MLS for the two…

Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure

The owner of a development site, planned for the mixed-use project Triptych, near Midtown Miami, filed for Chapter 11 bankruptcy amid foreclosure. The companies that own the property at 3601 North Miami Avenue are controlled by HES Group CEO and managing partner Francisco Arocha, and managing partner Alberto Abilahoud. Those companies filed…

Data center demand — and rent — surge in secondary markets

As new technologies, streaming and remote work drive demand for data centers across the country, smaller markets with relatively limited supply are attracting more attention. Data center space in secondary markets rented at a rate of $134 per kilowatt per month in the second half of 2020, a significant premium from the average primary market rent of $121…

Chart: Miami Commercial Real Estate Sales to List Price Ratio February 2021

January 2011 to February 2021 Sales to List Price Ratio for Commercial/Industrial Property within Miami-Dade County, Florida and Priced from $1 Million to $10 Million as Recorded in Miami MLS The sales to list price ratio as reported by the Miami MLS for improved commercial real estate (MLS classification: commercial/industrial) within…

Woerners buy historic Paramount Theatre in Palm Beach for $14M

The historic Paramount Theatre building in Palm Beach, which opened in 1927 as a silent film cinema and later morphed into a mixed-use retail and office landmark, sold for $14 million. The family investment firm, Woerner Holdings, through its affiliate WEG Paramount, bought the property at 139 North County Road from Paramount Church, a deed shows. Paramount…

JB’s on the Beach site in Deerfield sells at a discount for $11M

JB’s on the Beach oceanfront restaurant site in Deerfield Beach sold for $11 million, more than a year after it hit the market for $18 million. Ark Restaurants, which already owns and runs the restaurant, bought the 1.5-acre property from Boyle Beach House, led by John Boyle, according to a news release. JB’s on the Beach includes a 9,777-square-foot building…

PrivCap sells assisted living facility in Hollywood for $10M

PrivCap Companies sold the Midtown Manor assisted living facility in Hollywood for $9.7 million. Boca Raton-based PrivCap, through affiliate Midtown Manor Holdings, sold the property at 2001 Polk Street to Midtown Al Propco, led by Moshe Soskin and Joseph Hirsch, according to a deed. The buyer took out a $7.5 million loan from Israel Discount Bank of New York.

Related wins approval to develop high-rise condo project in Hollywood

Hollywood commissioners approved the Related Group’s proposal to develop a high-rise condominium and community center on city-owned beachfront land. Miami-based Related would rebuild the outdated Hollywood Beach Culture and Community Center at 1301 South Ocean Drive, and develop a 30-story, 300-unit condo project on adjacent…

Fort Lauderdale shoots down $1B Bahia Mar condo project on public land

Fort Lauderdale shot down developer Jimmy Tate’s $1 billion Bahia Mar condominium project proposal, but left the door open for Tate to renegotiate his lease for the publicly owned waterfront property. Following Tate’s pitch for 651 condo units during a public meeting on Tuesday, it was clear he didn’t have the needed commission support…

Hollywood approves funding for apartment project with workforce units

Affiliated Development won city approval of its subsidized plan to develop The Tropic, an 18-story apartment building with rent-controlled “workforce” units in downtown Hollywood. The 208-unit, mixed-income apartment building at 1744 and 1753 Federal Highway will have 50 percent of its units reserved for such middle-income tenants as police officers…

Triarch buys Dania Beach industrial property for $10M

Triarch Capital Group bought a Dania Beach warehouse distribution property for $10.4 million, in a deal a broker says set a record price per square foot. Aventura-based Triarch Capital bought the two buildings at 950-952 and 940 Eller Drive as well as a next-door half-acre lot in an off-market deal, according to a press release. Records show the buildings…

Kushner starts construction on first South Florida development, scores $80M loan

Laurent Morali and Charles Kushner with a rendering of their Wynwood project Kushner Companies started construction on its first South Florida development with partner Block Capital Group. The developers are financing construction of their Wynwood project with a roughly $80 million loan from Axos Bank and Fortress. New York-based Kushner, founded…

Kushner Breaks Ground On First Florida Project – in Wynwood

Kushner Cos. broke ground Thursday on its first development project in Florida, where the company has been purchasing land over the past few years. Wynd, formerly called Wynwood 27 & 28, will be a mixed-use complex in Miami composed of two buildings at 130 NW 27th St. in the Wynwood arts district. Designed by Arquitectonica and developed…

Interactive Map: Land Sales psf by Miami 21 Zoning Code

To really use this correctly, you’ll need to access this on Google Maps directly. First, read the following. This map was made by using publicly available sales, filtering out sales types that tend to result in errant data. Consequently, though the underlying data was systematically assembled, it is far from complete, and thus is not perfect. Also note that this is intended…

SH Hotels & Resorts to Open 62-Story Treehouse Hotel in Brickell District

SH Hotels & Resorts, an affiliate of global private investment firm Starwood Capital Group led by Barry Sternlicht, will open the Treehouse Hotel in Miami’s Brickell district in 2023. Rockwell Group and SHoP Architects are the designers of the development, which will be the first U.S. Treehouse Hotel. The first Treehouse Hotel debuted in London in 2019. Treehouse…

Yardi Releases Winter 2021 Miami Multifamily Report

As Miami continues to navigate the health crisis and ensuing economic hardship, the metro became an example of resilience in the face of adversity, according to a study by the Atlantic Council’s Adrienne Arsht-Rockefeller Foundation Resilience Center. The report commended Miami’s efforts to repurpose existing strategies—already tested against coastal…

Edgewater Assemblage Site Fronting Biscayne Blvd Lists for $49.5M

A commercial assemblage spanning almost three acres in Miami’s blooming Edgewater neighborhood was recently placed on the market with a price tag nearing $50 million. The site includes a commercial building as well as 54 apartments. According to property records, the assemblage, located at 3333 Biscayne Boulevard, is controlled by Miami Sunrise Properties…

HFZ faces lawsuit, unpaid tax bill for Shore Club South Beach hotel

A partner in HFZ Capital Partners’ Shore Club in South Beach filed a lawsuit against the hotel’s owners, as HFZ’s financial and legal troubles continue to mount. A company tied to The Clark Estates, the family of the late newspaper publisher and businessman Stephen Carlton Clark, is suing the Shore Club’s owners to block the sale of the hotel without the approval…

Hulu unveils trailer for new WeWork documentary

“When you tell a 30-something male he’s Jesus Christ, he’s inclined to believe you.” That’s a line from the trailer for Hulu’s new crime-thrilleresque documentary on WeWork, set to hit the streaming service April 2. The two-and-a-half minute preview for “WeWork: Or The Making And Breaking Of A $47 Billion Unicorn” released Wednesday give…

Retail spending falls in February, but here come stimulus checks

Retail sales in February dropped 3 percent from January, a sharper decline than expected, but reflecting the timing of stimulus payments. Sales in January had surged 7.3 percent after $600 stimulus payments were deposited into consumers’ bank accounts at the end of last year. Spending then fell in February, but was $33 billion higher than in February 2020…

Citizens insurance seeks rate increase after adding 100K policies over last year

Florida’s state-backed insurer, Citizens Property Insurance Corp., is seeking a rate increase as it grapples with more than 100,000 new customers gained over the past year. Barry Gilway, Citizens’ president and CEO, said an increasing number of private insurers are not writing new policies or are restricting the types of properties they will cover, according to the…

Miami Beach Treehouse nightclub for sale — for cash or cryptocurrency

A Miami Beach nightclub is for sale, and open to Bitcoin buyers, which could make it the first known commercial real estate deal to close with cryptocurrency. Treehouse nightclub owner and operator Michael Freundlich put the single-story, 4,322-square-foot property at 323 23rd Street on the market. The nightclub, known for its techno and EDM…

Will This Miami Nightclub Be First U.S. CRE Sale In Bitcoin?

A Miami Beach nightclub called Treehouse at 323 23rd Street in South Beach is for sale, and the seller will accept Bitcoin as payment. If a Bitcoin buyer emerges, it could be the first U.S. commercial real estate transaction using cryptocurrency, according to.. “He’ll do part Bitcoin, full Bitcoin. He’ll hold paper. He’ll do a lease with an option. He would probably entertain…”

Bitcoin price – Miami Beach Nightclub for Sale, Open to Bitcoin Buyers

A Miami Beach nightclub is for sale, and open to Bitcoin buyers, which could make it the first known commercial real estate deal to close with cryptocurrency. Treehouse nightclub owner and operator Michael Freundlich put the single-story, 4,322-square-foot property at 323 23rd Street on the market. The nightclub, known for its techno and EDM…

Eric Trump is pushing for the family’s Doral golf resort in Florida to be turned into a casino

Eric Trump is pushing for the Trump Organization’s financially struggling Miami Doral Resort in South Florida to be turned into a casino to help boost revenues, the Washington Post reported Wednesday. The Florida state legislature is considering pursuing legislation that would allow real estate developers to grant gambling permits to properties without needing…

Much Of NYC’s CRE Business Has Moved To Florida. Will It Stay?

Miami has come to be known as the sixth borough of New York City, flourishing through the pandemic as moneyed Northeasterners have made a well-publicized move south. High earners, who in any other year would be packed into subways on their way to Midtown skyscrapers, are instead filling the Miami restaurants and buying pricey Florida houses and…

Oasis Wynwood unveils restaurant lineup, Pura Vida opens Abba Telavivian Kitchen on Miami Beach, other restaurant news

The Oasis, a mixed-use development in Wynwood, unveiled its food and beverage lineup. Coyo Taco co-founders Sven Vogtland and Alan Drummond are managing the 35,000-square-foot outdoor space. The Oasis is set to open next month and it will include six dining concepts, a tower bar, and a stage for live performances. Sandwich shop Alidoro, Buya…

Sluggish hotel market showing signs of life

Hotels are receiving an injection of new guests as more Americans receive the Covid-19 vaccine and consider traveling again. U.S. hotel occupancy hit 49 percent in the week ending March 6, its highest level since last August, the Wall Street Journal reported, citing data from STR. That’s down from 65 percent in March 2020 before the effects of the pandemic were fully felt.

Four national, global firms sign Downtown Doral office leases

The Offices at Downtown Doral, a mixed-use office campus within the suburban town center of Doral, has announced leases for four new tenants at 8333, the campus’s class “A” office building. A spokesperson for Codina Partners said the four new tenants are Paramount Residential Mortgage Group Inc. (PRMG), HDR Engineering Inc., Ekman Group and Kia Motors…

Coral Gables sounds out merchants on adding street music

Coral Gables city commissioners favor possibly easing noise prohibitions near and around the Central Business District. During their March 9 commission meeting, Commissioner Michael Mena brought up a discussion on whether restaurants or venues residing at the Central Business District should have lighter restrictions to play live music. Mr. Mena said he has…

Melreese soccer development seen as airport safety threat

Several county departments have joined the agency that runs Miami International Airport (MIA) in citing safety, traffic and commercial concerns with a soccer stadium complex proposed on nearby City of Miami-owned Melreese golf course. While there is reason for concern, said Lester Sola, Miami-Dade Aviation director, county staff still needs more information.

Wells Fargo moving Coconut Grove office into city-owned Regatta Harbour garage

Regatta Harbour, the mixed-use development at the helm of Coconut Grove’s waterfront revitalization, has attracted a notable tenant. Project developer The TREO Group– a Miami-based, privately-held real estate investment firm – announced Tuesday a signed lease agreement with Wells Fargo, the diversified, community-based financial services company…

Requiring 68% more costly steel is waste, not patriotism

With the aim of patriotism, Miami-Dade commissioners just signed a blank check to raise costs to taxpayers on an unknown number of infrastructure projects by an unknown percentage with an unknown total price. They missed their target. Their unanimous vote requires that the county use iron and steel products that are made in the USA. Only if suppliers couldn’t…

Blackstone, Starwood strike $6B deal for Extended Stay America

A long-in-the-works deal for an extended-stay hotel chain is finally coming to fruition. Blackstone Group and Starwood Capital Group have acquired Extended Stay America for about $6 billion, Bloomberg News reported. The two private-equity firms are paying $19.50 per share for the hotel operator, according to the report. Both companies have previously invested in the…

AEW sells Miami apartment complex to Grand Peaks for $63M

Cascades at the Hammocks with Grand Peaks CEO Luke Simpson and AEW CEO Jeff Furber (Google Maps) AEW Capital Management sold the Cascades at the Hammocks multifamily complex in southwest Miami-Dade County for $63 million. Records show AEW’s affiliate, Cascades at Hammocks LLC, sold the apartments at 10605 Hammocks Boulevard, to Grand Peaks Properties’ affiliate Cascades Hammocks Apartments LLC. Denver-based…

Newmark’s bid to acquire Knotel is nearly complete

Newmark’s bid to acquire Knotel is nearly complete. The bankrupt flex-office provider was scheduled to be sold on Friday afternoon in an auction, but no other qualified bidders submitted an offer, the Commercial Observer reported. A subsidiary of Newmark, which established a stalking-horse bid in advance of the auction, became the winner, according to the report.

Landlords, condo associations sue to end ban on eviction writs in Miami-Dade

A group of Miami-Dade County landlords, condo associations and others are pushing to end the moratorium on executing residential writs of possession filed during the pandemic. The county has suspended police enforcement of such writs for evictions filed since March 2020. The Miami-Dade Police Department executes writs of possession. Six landlords, three condo…

Data centers poised for record year of leasing

Data centers appear poised for record growth this year. A recent CBRE report found that demand is strong, and preleasing suggests 2021 a sustained surge, CNBC reported. Data centers https://therealdeal.com/chicago/tag/data-centers/ — essentially large warehouses filled with computing and data storage systems — are…

Spider nixes plans for Edgewater condo project, disposes of dev site for $7M

Spider sold an assemblage in Miami’s Edgewater neighborhood for $7.25 million, after scrapping plans to build a 12-story condominium. Spider, led by Andres Goldenberg and Alejandro Eskenazi, sold the 28,000-square-foot site to Edgewater investor Jehad Audy, according to a press release. The two lots are at 113 and 123 Northeast 25th Street, and include a 1926-built…

Target moves to hybrid work-from-home model for corporate office

Target is making moves to take its corporate workforce remote after a banner year in sales. The company will cease operations at the City Center building in downtown Minneapolis and will find alternative office accommodations for its 3,500 workers, the New York Times reported. More than 25 percent of the big-box retailer’s Minneapolis-area corporate…

Residence Inn Coconut Grove sells for $31M, to be converted to apartments

Hersha Hospitality Trust sold a Marriott-branded hotel in Coconut Grove for $31 million…. The Philadelphia-based hotel real estate investment trust sold the three-building, 140-unit Residence Inn by Marriott to AB Asset Management, led by Getzy Fellig and Sam Zalmanov. The Miami Beach-based buyer plans to upgrade the property at 2835 Tigertail Avenue in…

Hersha Hospitality Trust Sells 140-Room Hotel in Miami’s Coconut Grove Neighborhood

Hersha Hospitality Trust has sold the Residence Inn by Marriott, a three-building, 140-room hotel at 2835 Tigertail Avenue in Miami’s Coconut Grove neighborhood. John Crotty, Michael Fay, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth of Avison Young represented the seller in the transaction. AB Asset Management purchased the hotel for an…

Record cargo activity at PortMiami; January busiest month in history

PortMiami, one of the top ports in the U.S., processed 113,835 Twenty-Foot Equivalent Units (TEUs) in January 2021, an increase of 21.02 percent from the 94,064 TEUs processed in January 2020, the most active month ever recorded. Between fiscal year to date, Oct. 1, 2020, through Jan. 31, 2021, PortMiami processed a total of 420,838 TEUs representing the busiest…

The future of commercial real estate in Miami Beach

One year after the pandemic shut everything down the region is seeing a pop of activity in residential sales and interest from companies in having some kind of a presence in South Florida. If and how long that lasts is unpredictable, but four local industry leaders shared their thoughts on what’s ahead for commercial real estate in Miami Beach.

Rotem Rosen wins round in fight with Alex Sapir over Tamir Sapir’s estate

Rotem Rosen has won the most recent courtroom skirmish in the protracted war for more than $100 million of the estate of his former father-in-law, the late Tamir Sapir. The dispute, now in its second year in New York Surrogate’s Court, was nearly settled last year. But then the late real estate titan’s son and executor of his will, Alex Sapir, reversed course at the…

Biscayne Boulevard dev site hits market for $11M

A multifamily and commercial development site at 11240 Biscayne Boulevard near North Miami hit the market for $10.5 million. Owner Alex Silberman purchased the 3.2 acres of land at 11240 Biscayne Boulevard in August 2012 for $2.9 million from Biscayne 114 Center of New York, property records show. The asking price shows a significant uptick in valuations since then.

The 369-unit multifamily Vesada in Doral begins lease-up phase

LMC has kicked off leasing at its second community in Doral, Fla. Leasing opportunities for Vesada will be available through the leasing office that opened earlier this month alongside virtual and online alternatives. Scheduled to see its first move-ins in March, the 369-unit Vesada will offer one-, two- and three-bedroom floorplans. The units…

Done deal: Biden signs $1.9T stimulus with billions for real estate

President Joe Biden signed the $1.9 trillion stimulus package on Thursday, aggressively expanding federal aid to renters, homeowners, small businesses and more. “This historic legislation is about rebuilding the backbone of this country,” Biden said before signing the bill, “and giving the people of this nation, working people, the middle-class folks, people…

Bruce and Shawn Chait arrested on charges of extorting Miami based 13th Floor Investments

Father and son real estate duo Bruce and Shawn Chait were arrested on charges they tried to extort millions of dollars from Arnaud Karsenti of 13th Floor Investments, in connection to Tamarac housing communities the firm developed on golf courses once owned by the Chaits. The Florida Department of Law Enforcement arrested…

AMC reopens 90% of U.S. theaters

The show is going on for AMC. The international movie theater chain has reopened nearly 90 percent of its U.S. cinemas. AMC Entertainment Holdings said Wednesday that 527 out of 589 domestic theaters have reopened since last year’s shutdown. They include theaters in New York City, and theaters in Los Angeles are set to reopen soon. Internationally…

Sunbeam Television buys North Bay Village site next to Channel 7 for $29M

Sunbeam Television Corp., owner of WSVN-Channel 7, bought property next to the TV station in North Bay Village for $29 million. Records show Sunbeam Television, led by Andrew Ansin, bought two lots next to Channel 7 from Isle of Dreams, led by Andre Radandt. The property at 1415 Northeast 79th Street now has a two-story, 17,426-square-foot utility…

Lynd buys Margate apartments from Grand Peaks for $51M

San Antonio-based multifamily investor Lynd bought a Margate apartment complex for $50.75 million. Lynd bought the 280-unit Lakes of Margate at 5750 Lakeside Drive from Denver-based Grand Peaks, according to a press release. The sale price equates to $181,250 per unit. Built in 1987, the garden-style community spans nearly 14 acres, according to property…

Raanan Katz buys Publix-anchored Plantation shopping center for $17M

Raanan Katz’s RK Centers picked up a Publix-anchored Plantation shopping center for $17 million, its third South Florida acquisition since September. RK Centers, through affiliate RK Veranda, bought Veranda Shoppes from Regency Centers Corp. affiliate Equity One JV Sub Veranda, according to a deed. Property records show the 47,678-square-foot shopping…

RCI Group sells River Cove Marina in Miami for $11M

Real estate and marina developer and owner RCI Group sold a marina on the Miami River for $11 million. Records show RCI Group affiliate 2000 Miami River Marina sold the 72-slip River Cove Marina to Cove Marina Holding, a Delaware entity. Built in 2009, the marina spans 4 acres and includes a 2,778-square-foot structure for a dockmaster station as well…

David Martin, Avra Jain, Joe Del Vecchio sell Miami industrial dev site for $8M

An aerial of the property with Avra Jain and Terra’s David Martin Avra Jain, Joe Del Vecchio and Terra’s David Martin sold a Miami industrial land site for $7.5 million where they previously planned to develop a warehouse for a sports entertainment facility. Boston-based logistics real estate investor Xebec Realty bought the 4.7 acres at 1010 Northwest 72nd Street in…

Two SPACs led by Russell Galbut and Michael Liebowitz each file for $100M IPOs

Developer Russell Galbut and investor Michael S. Liebowitz are rolling out the SPACs. The two partners, who last year raised $115 million for their New Beginnings Acquisition Corp. blank check company, filed initial public offerings for two more companies, New Beginnings Acquisition Corp. II and New Beginnings Acquisition Corp. III, each targeting $100 million raises.

Flight to Florida? Data show few Manhattanites moved permanently

Headline after headline made it seem like half of Manhattan had moved to Florida for good. Chefs, celebrities and bankers alike relocated to the Sunshine State during the pandemic. Reality check: Only a small percentage of Manhattanites relocated permanently to Florida last year. And as vaccinations amp up, many might be returning — or changing their…

Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse

Commercial real estate firm Ryan Companies scored a $28.2 million construction loan for its planned Kendall e-commerce warehouse and bought the development site for $12 million. Records show that Ryan Companies affiliate Kendall Property Owner bought the 10 acres on the intersection of Southwest 136th Street and 132nd Avenue from TCAG…

Proposed North Miami Beach mixed-use, multifamily high-rise development advances

Plans for a 19-story mixed-use, multifamily high-rise in North Miami Beach are moving forward. The North Miami Beach Planning & Zoning Board on Monday night approved the project at Northeast 163rd Street and 19th Avenue. The variances and site plan for the 224-foot-tall Skygarden tower still needs to be approved by the North Miami Beach City Commission.

Matis Cohen, Russell Galbut score approval for Normandy Isles project in Miami Beach

Matis Cohen and Russell Galbut with the original building and a rendering of the Normandy Isles project Matis Cohen and Russell Galbut’s plans for a mixed-use building in Normandy Isles are moving forward. The Miami Beach Historic Preservation Board on Monday voted 4 to 2 in favor of the certificate of appropriateness, and voted unanimously in favor of five…

Discount chains thrive amid retail meltdown

What retail meltdown? While department and chain stores have been suffering since even before the pandemic, discount retailers — including Five Below, HomeGoods, TJ Maxx and Dollar General — are ramping up to open more stores in the next few months. TJX, the parent company of TJ Maxx and Marshalls, will open 81 stores across its brands in…

Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum

One Thousand Museum, the luxury downtown Miami condo tower designed by the late Zaha Hadid, is facing a foreclosure lawsuit, The Real Deal has learned. Reuben Brothers, the London-based private equity and investment firm led by British billionaire brothers David and Simon Reuben, sued to foreclose on the remaining 15 unsold units at the…

Big names vie to build first Miami International Airport hotel in 60 years

Three firms are on a shortlist to build the first new hotel at Miami International Airport (MIA) in more than six decades, and they feature names known to the Miami-Dade development community. The firms were the only ones to respond to a bid request the county issued in October, according to Rita Silva, division director of procurement for Miami-Dade…

Historic Walgreens site to bustle with restaurants

An historic and iconic building on a high-profile corner in downtown Miami is being reborn as a venue bustling with new restaurants and bars, and some office space. The city’s Historic and Environmental Preservation Board has approved a special certificate of appropriateness for an addition and alterations to a property at 200 E Flagler St. The applicant, 200 East…

7-acre Plaza Coral Gables sprints to finish line

Despite hurdles and challenges presented by the pandemic, construction at The Plaza Coral Gables remains on schedule to meet its August 2022 completion goal.  Developed by Agave Holdings LLC, the $500 million, 7-acre plaza at 2901 Ponce De Leon Blvd. will feature more than 450,000 square feet of LEED (Leadership in Energy and Environmental Design)…

Sorry, boss: 72% of workers don’t want to return to offices full-time

Though landlords aren’t quite ready to say goodbye to their offices, employees are, according to a new survey by JLL. Office landlords may be ready to get their buildings filled with workers again, but employees aren’t exactly clamoring to go back, according to a new survey by JLL. Of the 2,000 workers surveyed by the commercial brokerage, 72 percent said they…

Lawsuit against Jared Galbut, Keith Menin alleging fraudulent special assessments at Bentley South Beach moves forward

A judge ruled that the plaintiff in a 2014 lawsuit against hoteliers Jared Galbut and Keith Menin can seek punitive damages from the Menin Hospitality principals. Colleen Bennett, a unit owner at the Bentley South Beach, filed the lawsuit against the Bentley condo association more than six years ago. In an updated complaint filed in January against the condo…

What real estate gets in Biden’s $1.9 trillion package

From rent relief to aid for restaurants, the $1.9 trillion stimulus package has lots of goodies for real estate. President Joe Biden’s American Rescue Plan was passed Saturday by the Senate and is headed back to the House, which is expected to follow suit. Read more National eviction moratorium ruled unconstitutional, but remains in place Biden to…

Movie theaters’ future uncertain as studios focus on streaming

A lackluster box office performance of Walt Disney’s new movie is putting a cloud over the future of movie theaters. Ticket sales for the Walt Disney Company’s highly-anticipated “Raya and the Last Dragon” totaled only $8.6 million over the weekend in the United States and Canada, the New York Times reported, citing data from Comscore. The result is considered…

Baptist submits plans for medical offices, Altman multifamily project in Kendall

Baptist Health South Florida CEO Brian Keeley with The Altman Companies Seth Wise and Joel Altman and renderings of the project A 354-unit multifamily complex and an adjacent medical building could rise on a 14.5-acre property in Kendall that is now a strawberry farm. Baptist Hospital of Miami, part of Baptist Health of South Florida, last week submitted an…

A Look at the Post-COVID Recovery of the Hotel Industry

The pandemic is severely challenging the hotel industry, and a bounce-back could take some time. Although the pandemic is causing massive economic disruption and putting numerous sectors in trouble, perhaps no industry is experiencing more significant challenges than hospitality. Consumers aren’t traveling anywhere near pre-COVID levels despite the lift of initial travel…

Does the Hotelization of Offices Work in the Age of COVID?

More services and amenities could be the key to attracting tenants. But the difficulty of obtaining capital for customized improvements puts up barriers to “hotelizing” offices. COVID-19 is speeding up the work-from-home revolution, as more employees are avoiding the office and working remotely than ever before.  Pew Research Center reports that 71% of…

Is the Open Office Concept a Thing of the Past?

The need for social distancing is sure to amplify many pre-pandemic questions about the efficiency of open offices. The open-concept office is widespread in corporate America, though it has taken some hits in recent years. The movement first gained traction in the 1970s and remains a go-to setup for many businesses around the country.

Off the grid: Developers eye “virtual power plants” for properties

A growing number of developers in the U.S. are investing in integrated solar power and battery systems for their buildings. Advances in energy storage technology and falling prices for batteries mean these “virtual power plants” are becoming viable for a variety of buildings and uses, according to the New York Times. The technology would also create more energy…

Leisure, hospitality big winners in February job gains

Leisure and hospitality may finally be on the road to recovery. The industry added 355,000 jobs in February, as coronavirus restrictions began easing in some parts of the country amid the rollout of a national vaccine campaign. The vaccine news is a welcome shot in the arm for the economy: There were 379,000 jobs added last month, according to the Bureau of Labor…

Retailer Burlington plans to double store count

One discount retailer says it plans to open twice as many stores, due to industry disruption and a change in its strategy. Burlington Stores, which previously operated as Burlington Coat Factory, has a long-term plan of increasing its total store count to 2,000 locations, up from 1,000, Chain Store Age reported. The company currently operates 761 stores, and intends…

Mall owner Washington Prime Group prepares for bankruptcy

A major mall owner is preparing for bankruptcy after it failed to make an interest payment on its debt. Washington Prime Group, a real estate investment trust which owns more than 100 malls, has been negotiating with its lender to reduce its debt — but the talks are not going well, Bloomberg News reported. The mall owner has said Covid-19 could…

Considering Multifamily Construction Costs in Miami

Finding myself involved in multifamily development deals of late, I tasked myself with updating my general feel for area construction costs of such projects. What I discovered matched all such conversations of late and can be summed in a word; escalating. One conversation was with a principal of a substantial area general contractor. When I asked him this question…

For multifamily, office landlords, worst is yet to come: Moody’s

For landlords across different commercial real estate sectors, Moody’s Analytics has some potentially distressing news: The worst may be yet to come. A new report by the economic research firm looks at the state of commercial real estate in the wake of the pandemic, and what to expect in 2021. The report looks at four CRE sectors — multifamily, office, retail…

Chilean developer launches first South Florida condo project in Bay Harbor Islands

Edgardo Defortuna, Claudio Cordero and Carlos Balart with a rendering of the project Ambienta Developers is launching sales of its first condo development in South Florida in Bay Harbor Islands, The Real Deal has learned. Ambienta Bay Harbor Islands, a planned 30-unit building at 9901 West Bay Harbor Drive, is expected to break ground in June, said…

Address not applicable: What happens to the HQ in the remote-work age?

When a company prepares to go public, it submits to the SEC a document known as the S1, which details its business, financials, risks and opportunities. On the first page is a field for the location of its headquarters. Some of these addresses have become legendary: 1600 Amphitheatre Parkway (Google); 1601 Willow Road (Facebook); 345 Park Avenue…

Morgan Properties, Olayan America buy $1.75B multifamily portfolio

Morgan Properties and Olayan America have purchased a portfolio of 48 U.S. multifamily properties for $1.75 billion. The seller was STAR Real Estate Ventures, a joint venture of El-Ad National Properties LLC and Yellowstone Portfolio Trust, according to a press release from Morgan and Olayan. It is Morgan’s largest acquisition since the Pennsylvania-based firm bought…

Maroone drives away with Roger Dean Chevy dealership in West Palm Beach for $13M

Auto mogul Michael Maroone bought the Roger Dean Chevy dealership in West Palm Beach for $12.5 million. Records show Maroone’s Maroone USA, through its affiliate, PD-MM Opco, bought the dealership at 2235 Okeechobee Boulevard from Roger Dean Chevrolet. The buying entity is led by Michael Maroone and his nephew, John Hoctor. The group took out…

Highline, Sefira Capital sell Weston office building for $8M

South Florida real estate investors Highline Real Estate Capital and Sefira Capital sold a Weston office building for $8.3 million. Fort Lauderdale-based Fox Ridge Capital bought Weston Commerce Center at 1625 North Commerce Parkway from Highline and Sefira affiliate HRE/Sefira Weston Office, according to a release. Built in 1991…

Terra, Grass River Break Ground on Grove Central Mixed-Use Project in Miami

Terra and Grass River Property Co. have broken ground on a new mixed-use project in Miami called Grove Central. Located at 2780 SW 27th Court, the transit-oriented development will include a new 23-story residential tower comprising 402 market-rate, workforce and co-living units; a 1,250-space public parking garage; and approximately 170,000 square feet…

Checking into the wild: Miami commissioners approve zoning changes to allow for Jungle Island hotel

Jungle Island’s planned transformation into a lushly-landscaped theme park with a waterfront hotel and new attractions took a major leap forward. The Miami City Commission on Thursday unanimously approved a development agreement with Jungle Island and a special area plan, or SAP, for 18 acres on Watson Island, the site of the animal-centric tourist…

Atlanta Fed: Beige Book Finds Small Uptick in Labor Market

The latest Beige Book report on the regional economy from the Federal Reserve Bank of Atlanta shows hopeful signs in the labor market, a bit of upward pressure on prices, and a modest expansion of general activity over the past several weeks. February’s Beige Book reports that employment levels rose “modestly” from December and early January, and about half…

8 Key Statistics for the Miami Commercial Real Estate Market

Miami’s commercial real estate market offers a wide range of projects, assets, and property types due to its pivotal access as an Atlantic coastal town and its geographic position near Central and South America. These factors give Miami a distinct cultural influence and importance as a transportation node between North America, Central America…

The Fed: Does Rising National Debt Portend Rising Inflation?

The previous post examined the national debt in terms of debt issuance, debt as currency and debt service. This post looks at monetizing the debt, inflation and pressures on the larger debt picture caused by COVID-19. In a Regional Economist article, Senior Vice President and Economist David Andolfatto pondered the question, “Does the National Debt Matter?”

Global digital payment firm ACI Worldwide Corp. moving to Miami-Dade

A global digital payment firm currently headquartered in Collier County will get more than $360,000 in state and local incentives to move to Miami-Dade, with vows to spend millions on its new world headquarters and create 180-plus high-paying jobs. County commissioners Tuesday unanimously approved the incentives for ACI Worldwide Corp…

Settlement with Magic City Casino would ban gambling elsewhere in city

After hearing parties are nearing a settlement on a jai-alai and poker establishment in the Edgewater neighborhood, Miami city commissioners decided last week to defer a previously scheduled meeting that was to be closed to the public. Vice Chairman Ken Russell said his understanding was that both sides are at the table in good faith. While getting close to…

82-acre Doral Central Park begins development

Construction to build-out Doral Central Park has officially begun after city officials broke ground Monday, closing the park to the public until further notice. With phases two and three scheduled to be completed in 2022 and phase four in 2023, the 82-acre existing passive park at 3000 NW 87th Ave. will be transformed into a multipurpose and multigenerational park…

NYC Meatpacking District Icon, Pastis, Is Coming to Wynwood

Pastis, New York City’s iconic version of a classic Parisian bistro, is bound for Miami. Restaurateurs Keith McNally and Stephen Starr will open Pastis Miami at 380 NW 26th Street in Wynwood in 2022.The property is owned by Miami developer David Edelstein. The 8,000-square-foot restaurant will echo its Manhattan sibling’s look with mirrors, subway tile, and warm…

Pastis to open Miami restaurant in Wynwood

New York City institution Pastis is landing in Miami. James Beard award-winning restaurateurs Stephen Starr and Keith McNally plan to open in Miami’s Wynwood neighborhood, in an 8,000-square-foot space at 380 Northwest 26th Street, The Real Deal has learned. The restaurant, Pastis’ first in South Florida, is expected to open in the summer of 2022.

Internet, shminternet: Target adds, renovates stores as money pours in

Target has hit the bullseye. The big box retailer is adding and renovating stores as well as warehouses as it thrives in the competition with Amazon and other internet retailers. The moves stem in part from Target’s stellar year: Its 2020 sales growth of more than $15 billion was greater than in the prior 11 years combined, the company announced Tuesday. Total…

Order up: Real estate investors line up to buy drive-throughs

Real estate investors are placing their bets on a new property type: drive-throughs. Restaurants with drive-through lanes are seeing their values increase as the coronavirus pandemic forced social distancing rules and the closure of indoor dining, the Wall Street Journal reported. Chains such as Chick-fil-A and McDonald’s have reported an increase in sales thanks…

South Florida’s Top 10 Retail Projects Currently Under Construction

To expand on the South Florida Retail Real Estate Quarterly Report, MMG puts together a periodical update of the Top 10 Retail Real Estate Construction Projects in the area. There are currently 32 retail projects under construction with a total square footage of 1,879,865 being added to the market. That accounts for 1.4% of the…

South Florida’s Top 10 Retail Real Estate Property Sales

In order to add further context to the South Florida Retail Real Estate Quarterly Report, MMG puts together an update of the Top 10 Retail Real Estate Property Sales in the region. In the last 12 months, there have been 356 retail properties sold with an average cap rate of 5.8% between all of them…

New York Real Estate Developers See Opportunity in South Florida Amid Pandemic

COVID-19 shook things up across the country, but some out-of-state business owners saw a silver lining in South Florida. Business owners across various industries are opening up shop, but the hospitality sector in particular is seeing a boom, according to real estate experts. “New York and Miami are two different worlds with the pandemic,” said Mitchell Hochberg…

U.S. mall values fall 60% after appraisals

The suburban mall that you frequented as a teenager could now be worth substantially less than the dirt underneath it. U.S. mall values declined 60 percent due to appraisals in 2020, according to an analysis by Bloomberg News. Across 118 shopping centers with commercial mortgage-backed securities loans, about $4 billion was lost after reappraisals caused…

Easton Group scores $12M construction financing for Doral spec warehouse

Edward Easton and rendering of Doral warehouse at 1500 Northwest 97th Avenue The Easton Group scored a $12 million construction loan for a Doral spec warehouse, amid a hot industrial market largely fueled by e-commerce. Easton Group borrowed the funds through its affiliates ICP NW 97th Associates and EEBB Apartment II Holdco, which are listed as the…

Wynwood developer sells retail property in foreclosure for $12M

East End Capital sold a retail property that was in foreclosure for $11.8 million, The Real Deal has learned. Forte Capital Management, led by Chaim Cahane and director of acquisitions Dov Tepper, and Jon Krasner’s 7G Realty purchased the retail property at 310–318 Northwest 25th Street, Cahane said. Property records show East End affiliate EERC 310 Owner…

Greystone Provides $10.9 Million in HUD-Insured Financing for a Multifamily Property in Miami, Florida

Greystone, a leading national commercial real estate finance company, has provided a $10.9 million HUD-insured loan to refinance a 174-unit multifamily property in Miami, Florida. The financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Vizcaya Affordable Corp. The $10,915,700 HUD-insured…

Construction spending hits new record in January

U.S. construction spending reached the highest level on record last month as both local and federal governments began loosening the purse strings. Spending hit a seasonally adjusted annual estimated rate of $1.5 trillion across all sectors last month, the highest recorded since the Census Bureau began tracking this figure in 2002. January’s rate was up 1.7 percent…

How the pandemic has changed small banks’ views of CRE

Fallout from the pandemic is reshaping community banks’ views of commercial real estate. Social distancing measures have restricted retail and restaurant capacity, while forcing people to rely more on digital channels for their purchases. The potential for permanent work-from-home policies is expected to alter how much office space companies need.

These are real estate executives’ worst worries for 2021

After an awful year for much of the real estate world, executives see full recovery not happening this year or even next, yet are optimistic about their own firms’ immediate future. A survey of real estate executives found 85 percent see 2021 as a year of opportunity for their companies, but 70 percent said that the commercial real estate sector will not return to…

Return of the retailer: Century 21 relaunches

Attention shoppers: Century 21 is coming back. The New York-based discount retail chain that built a loyal following but folded after declaring bankruptcy in September, announced its planned return last week. In a statement on Tuesday, Century 21 Stores said the decision to relaunch came “in response to the outpouring of love from the Big Apple and the…

Miami-Dade resumes pre-pandemic evictions after unannounced February break

Miami-Dade County resumed executing writs of possessions for residential eviction cases filed before the pandemic, following an unannounced month-long break. The police execute writs of possession, evicting residents or businesses from their properties. The move follows a final judgment in a court case. Homeowners with federally backed mortgages are protected…

National eviction moratorium ruled unconstitutional, but remains in place

A federal judge in Texas ruled the nationwide eviction moratorium unconstitutional Thursday but issued no injunction, saying he hopes the Centers for Disease Control and Prevention will withdraw the ban. The agency is not expected to do so. The result, for the moment, is no change for tenants — who, as of last month…

South Florida construction starts fall in January

South Florida construction began the new year slowly with new starts falling in January by double-digits, year over year, according to a recently released report. Total construction starts fell 21 percent to $863.6 million in January. Residential construction fell 24 percent, to $573.3 million. Nonresidential fell 15 percent to $290.3 million, according to Dodge…

Victoria’s Secret may close 50 stores this year

Victoria’s Secret’s plans for its future are, well, not so secret. The lingerie retailer will close 30 to 50 stores in the United States and Canada this year, CNN reported. The move comes after the brand closed 241 stores in 2020. The closures will leave Victoria’s Secret with 848 stores across the two countries, down from more than 1,100 just a year ago. Its parent…

It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater

The Miami Beach City Commission on Wednesday rejected a proposal by Menin Hospitality and KGTC, LLC to buy the city-owned Byron Carlyle Theater in North Beach and replace it with a mixed-use project up to 125 feet tall, with a 12,000-square-foot cultural center, 9,000 square feet of retail, and, possibly short-term rentals. The commission’s 5-to-1 vote…

Video: Integra Realty Resources’ Viewpoint 2021; Economic Outlook, Capital Markets, and Interest Rates

Integra Realty Resources CEO Anthony Graziano discusses his firms  Viewpoint 2021 report. In this second video, he discusses how industrial property performed during the pandemic, how changes in policy with a new presidential administration may affect industrial assets. He then goes on to discuss multifamily property performance during the pandemic…

Ladder Capital sells Witkoff’s Miami Beach hotel for $44M

Ladder Capital sold the Washington Park Hotel in Miami Beach for $43.8 million, after foreclosing on the property when it was owned by the Witkoff Group. The foreclosure and subsequent sale of the hotel marks one of a few such deals in South Florida to close since the pandemic began a year ago. Many owners of leisure hotels are focused now on recovery, while…

HSBC to shrink its office footprint amid shift to WFH

HSBC is banking on remote work — and is shedding office space. John Hinshaw, the group COO of Europe’s largest bank, said during HSBC’s fourth-quarter earnings call that the company will switch to a hybrid model where employees have the option to work from home, Bloomberg News reported. As part of the switch, the bank is expected to reduce its real…

South Florida real estate on climate change: ‘Que Sera, Sera’

Real estate is famously all about location. And in Florida, climate change is expected to put some of the toniest locations underwater over the coming decades — either permanently or during storm-driven flooding. Insurers are taking notice and hiking rates accordingly. Developers and homebuyers, however, seem oblivious to the threat. Florida’s geography makes it…

US hotel market had worst year since the Great Depression

The coronavirus pandemic made 2020 the worst year for the U.S. hotel market since the Great Depression, when occupancy rates dipped below 40 percent. In 2020, the overall occupancy rate was 41.6 percent. However, the impact varied significantly by geographic location and the type of hotel, according to a new report from CBRE Research. New York City was…

GDF Properties scoops up Broward multifamily portfolio for $17M

GDF Properties scooped up a 29-building Broward County multifamily portfolio for $17.3 million. Records show Miami-based GDF Properties, through affiliate Broward Multifamily, bought the small apartment buildings totaling 189 units in two $8.6 million deals. The portfolio spans Hallandale Beach, Dania Beach, Hollywood and Fort Lauderdale…

Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M

Tricor Financial Corp. sold Cobblestone Commons shopping plaza west of Boynton Beach for $38 million, as the retail market shows signs of a rebound. Property records show Winter Park-based Tricor, through affiliates Springs Equity and Cobblestone KT, sold the 88,456-square-foot retail center to Cobblestone USA, based in Coral Gables. The buyer…

TJAC Development sells mixed-use portfolio near Boca Raton for $155M

TJAC Development disposed of four mixed-use office and retail plazas west of Boca Raton for $155 million, marking one of the largest commercial sales in South Florida this year. Weston-based Titan General Partners acquired the 515,000-square-foot portfolio by buying an interest in the four limited liability companies TJAC originated to own the…

Banker’s Row office building in Palm Beach sells for $17M

A six-story office building on Palm Beach’s Banker Row sold for $17 million, a little over a year after the seller purchased it. Records show BWREFI Royal Palm Way LLC, a Delaware corporation signed by Alexander H. Griswold, sold the building at 450 Royal Palm Way to 450 RPW LLC. H. William Perry, CEO and managing shareholder of Florida-based law firm Gunster…

Alliance spends $17M on Lake Worth industrial property

Alliance purchased a warehouse on nearly 16 acres of industrial land in Lake Worth for $17 million. Alliance 7233 Seacrest LLC bought two properties at 7233 Seacrest Boulevard and 7109 Seacrest Boulevard from 7233 Seacrest Boulevard LLC, according to records. Robert W. Fessler signed in favor of the seller. The buying entity is an affiliate of Bryn Mawr…