Keyes Commercial Leads Full Year 2016 Miami-Dade MLS Ranking

Keyes Commercial Realty Leading Market Share ChartContact James Hawkins

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

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

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

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January 12, 2017

Miami Commercial Real Estate News November 15, 2017: Target to Open in South Beach; Tax Plan Implications; More…

Historic Olympia Theater offer may still spark renovation

A developer’s proposal to renovate the historic Olympia Theater building at 174 East Flagler Street in downtown Miami may be the catalyst for a restoration of the entire property – even though the proposal was withdrawn after voices of opposition were raised. Now the owner of the famous venue, the City of Miami, is studying exactly what will be needed to bring the theater and the old building above it…

Builder pick set to spur Coconut Grove bayfront development

A contractor has been selected to build the long-awaited Grove Bay Parking Garage on the waterfront in Coconut Grove. The city’s Off-Street Parking Board on Nov. 1 authorized the Miami Parking Authority to negotiate a construction agreement with Munilla Construction Management (MCM). Authority staff reported that MCM was the lowest responsible bidder among six companies at $14,526,192.

Target is taking its talents to South Beach

Miami Beach is getting its first Target, the company announced Tuesday. They’ll be opening a small-format store at a new development called BLVD at Lenox, which will be located on the corner of Fifth Street and Lenox Avenue. It’s across the street from a popular retail space housing major tenants like Publix, Best Buy, Total Wine, and T.J. Maxx. The Target store will encompass 33,000 square feet, which…

Target to open first Miami Beach store

Miami Beach residents, rejoice. Target is coming to South Beach, which means residents will no longer have to leave the island to get their Target fix. The retailer will open its first small-format store in South Florida at BLVD at Lenox, a four-story retail development being built by Michael Comras’ MAC 1045 5th St. LLC, according to a press release. The 33,000-square-foot store is slated to open in the spring of 2019.

Institute of Contemporary Art, Miami ready to make a splash

With preparations underway to open its permanent home in the Miami Design District on Dec. 1, the Institute of Contemporary Art, Miami plans to kick off its grand opening with a bold inaugural program that its director says reflects the museum’s commitment to championing new narratives in contemporary art, while providing a platform for the exchange of art and ideas. “We are thrilled to…”

Bruce Berkowitz And Billionaire W.R. Berkley Buy Coconut Grove Assemblage

A company led by billionaire William Berkley and Bruce Berkowitz of Fairholme Holdings just picked up pieces of an assemblage in west Coconut Grove. B and B Group Properties LLC paid $5.4 million for six lots totaling about an acre at a bankruptcy auction on Tuesday… The properties sold were: 3364, 3384, 3441 and 3461 Grand Avenue, and 3400 and 3412 Florida Avenue. Other bidders…

South Miami kills plan to redevelop Shops at Sunset Place

The Shops at Sunset Place at 5701 SW 72nd Street won’t be redeveloped anytime soon. The South Miami City Commission killed proposed zoning rules that would have allowed the mall’s new owners, Federal Realty Investment Trust, Comras Company and Grass River Property, to redevelop the aging mall. Commissioners voted 3-2 against the project during a meeting that stretched into Tuesday…

Apartment developers warn micro units may not make living more affordable

Micro units may not be worth the hype, according to prominent apartment developers in Miami. “The cost of land in the city makes the price per unit the same regardless of size,” said Carlos Melo, a principal of the Melo Group, during a panel discussion on millennial living hosted by Bisnow on Wednesday. “So you really don’t reduce the price of the unit.” Melo’s company has developed nine apartment…

Dallas REIT wants to build mixed-use rental complex in Wynwood

One of the nation’s largest multifamily companies is planning a major project for the north end of Wynwood. Dallas-based Westdale Real Estate Investment Management is seeking to redevelop 19 properties in Miami’s hot neighborhood into a 202-unit apartment complex with some office and commercial space, according to documents and plans submitted to the city’s planning and zoning department.

Fanjul sugar moguls score loan for new Palmetto Bay project

The development arm of the Fanjul’s Florida Crystals just took out a $43.6 million construction loan for an apartment complex in Palmetto Bay. PNC is providing the financing, property records show. FCI Residential plans to build Atlantico Palmetto Bay, a 271-unit rental building at 17945 Southwest 97th Avenue with about 7,000 square feet of commercial space. Last year, FCI affiliate FCI Palmetto Bay LLC…

Coconut Grove Playhouse grant denied by state

By now, you probably have heard about the issue regarding Bernardo Fort-Brescia, CEO of Arquitectonica destroying mangroves behind his house at the Moorings here in the Grove, claiming that Hurricane Irma destroyed them. The story was front page news in the Herald, blasted all over Sunday’s front page. It’s not such a catastrophe on the surface if you take Hurricane Irma into account, but the fact that…

One Company Is Single-Handedly Transforming Miami Suburb of West Miami

West Miami, where Sen. Marco Rubio lives and started his political career as a commissioner, is adjacent to affluent Coral Gables. EIG has developed three apartment complexes there: Soleste West Gables (206 units), Soleste West Gables II (221 units) and Soleste Club Prado (196 units). EIG has plans to develop two more projects in West Miami — Soleste Alameda, to include 310 units, and Soleste Twenty2…

GOP tax reform plan could slash Florida home values, Florida Realtors say

The House bill will end the practice of writing off local property taxes, will limit first home mortgage loans and will not allow homebuyers to take out mortgage-interest deductions for second homes. A proposed tax-reform bill making its way through the U.S. House of Representatives has some Realtors worried about its impact on home ownership. Some said the tax bill could cut Florida home values…

Mall sector brings down commercial property values

The country’s struggling mall sector is pulling overall commercial property values down with it, according to a new report. Green Street Advisors’ Commercial Property Price Index declined 1 percent to 125.5 in October, the most dramatic month-over-month decline since the recession, the Wall Street Journal reported. Mall values fell 6 percent in October from September and 11 percent in the past year.

Miami’s Apeiron at Jockey Club gains key approval

Apeiron at the Jockey Club, a planned luxury residential-hotel project for just north of Miami Shores, has received approval from the Biscayne Shores Community Council. The unanimous 5-0 vote from a council comprised of area residents was reached after the zoning staff at the Miami-Dade County’s Department of Regulatory and Economic Resources provided a favorable recommendation, according…

Echo Brickell, projecting sellout of $300M, begins closings

Property Markets Group and JDS Development Group just completed Echo Brickell with an expected sellout of about $300 million, developer Ryan Shear told The Real Deal. Nearly 30 units have closed to date, Shear said. The developers launched sales of the 57-story, 180-unit tower at 1451 Brickell Avenue in 2013. ISG is handling sales and five units are left, according to Shear. Buyers hail from around…

What Will Happen To Little Haiti Real Estate If Haitians Lose Temporary Protected Status?

If President Donald Trump’s administration does what it has threatened and ends a program allowing people from troubled nations to temporarily live in the United States, Miami could see an exodus of some 50,000 people, many of those from its quickly gentrifying Little Haiti neighborhood. Wikipedia Little Haiti has a vibrant stretch of retail on NE Second Avenue. Business could be affected if Haitians with…

Will the city of Miami go mini? Commission to vote on smaller micro units

The city of Miami will vote on a new standard of micro units at a commission meeting this week. The ordinance would bring the minimum size of micro units to 275 square feet, smaller than the 400-square-foot minimum currently in place. It was recommended for approval by the city’s planning, zoning and appeals board on Nov. 1 and will go before the commission on Thursday. Micro units allow developers…

Miami Beach voters approve North Beach mixed-use district, reject Ocean Drive alcohol ban

Miami Beach voters approved a measure on Tuesday that will increase density in the city’s North Beach neighborhood, and rejected an ordinance that would curtail alcohol sales on Ocean Drive. The North Beach ballot measure was approved by nearly 59 percent of voters just two years after they rejected a similar density increase in North Beach. Miami Beach residents have consistently rejected any density…

Terra and Related propose new mixed-use office project in the Grove

Terra and the Related Group want to add a new office development to their plans for Coconut Grove. The two Miami developers, which are in the midst of building Park Grove, are seeking rezoning of the properties at 2850 Tigertail Avenue and 2765 South Bayshore Drive from T5-O and T6-12-O to T6-8-O, according to documents filed with the city of Miami. The joint venture will go before the Miami City…

American Legion Post To Be Developed For Mixed-Use

Last year, Global City Development and Midtown Group announced that they would redevelop an underused waterfront Upper Eastside property owned by the American Legion. The parcel at 6445 Northeast Seventh Ave. would be transformed into a mixed-use waterfront project with 237 apartments, plus state-of-the-art facilities for military veterans of American Legion Post No. 29. But Global City also…

Why commercial real estate owners will salivate over the Republican tax plan

There’s a lot to love in the GOP tax plan for the commercial real estate industry. Commercial property owners would see several benefits under bills from both the House and Senate, including lower taxes on their profits and the ability to avoid a 30 percent limit on interest expense deductions, according to the Wall Street Journal. The Senate bill would also lower the commercial property depreciation period…

Miami’s TSG Group launches national investment platform

Miami-based TSG Group is launching a new investment platform with plans to spend up to $300 million on commercial real estate in the U.S. over the next two years. Black Salmon is led by TSG’s Camilo Lopez and Jorge Escobar; Ignacio Murman, former head of acquisitions of Independencia Asset Management; Diego Madotta, former commercial vice president of Capital Markets Argentina; and Eduardo…

Brickell Avenue Building Being Offered as Prime Redevelopment Site

The Banco Santander Building in downtown Miami is for sale, but prospective buyers are likely more interested in the land than the 15-story tower sitting atop it. Avison Young’s listing flyer describes the 188,138-square-foot building at 1401 Brickell Avenue as a, “One-of-a-kind redevelopment opportunity,” between the most prominent buildings in the corridor: the Four Seasons and Brickell Arch.

Video: IREM’s Government Affairs Coordinator Andrew Lomo on What’s New in Fair Housing Rental Properties

The host of America’s Commercial Real Estate Show, Michael Bull, is at NAR (National Association of Realtors®) discussing with his guest, Andrew Lomo, Government Affairs Coordinator with IREM (Institute of Real Estate Management), fair housing for rental properties, issues to avoid with rental properties, and what’s new with rental properties. These, of course, are all issues of the utmost importance to…

Video: Miami Developers Edgardo Defortuna, David Martin, Arthur Falcone, Hiten Samtani Size up the Development Cycle

The Real Deal South Florida 4th Annual Real Estate Showcase & Forum – Panel 2: Sizing Up the Development Cycle, featuring Edgardo Defortuna, David Martin, Arthur Falcone, and Hiten Samtani.

Four Factors That Could Threaten Industrial Real Estate’s Winning Streak

U.S. industrial real estate fundamentals were strong this past year and are expected to continue their upward trajectory throughout the next 18 months. A strong economy, plenty of investment properties and a slew of buyers have led to favorable market conditions while the rise of e-commerce and the push for same-day deliveries will continue to lead to exponential growth in industrial leasing activity…

Miami is the least affordable city for renters in the US: report

The Magic City is not just expensive. It’s the most expensive. Miami ranked as the least affordable metro for renters in the U.S. last year, according to a new report. Nearly 63 percent of Miami renters spent more than 30 percent of their income on rent in 2016, according to Apartment List. Miami ranked the worst at No. 100, while Ogden, Utah, has the lowest share, at 37.9 percent. In Miami, rents have…

10 of Miami’s most iconic buildings, mapped

Miami may not have quite the same voluminous history as some other major cities across the country but our rapidly developing cultural melting pot still offers a magnificent list of iconic architecture. We attempted to pick out 11 buildings of varying sizes from across multiple eras. Single family properties were not featured prominently (we’ll look into posting an additional map highlighting those) but there was…

Office Space on Doral Boulevard Leased

Doral, LLC is pleased to announce it concluded its 12,450 sq. ft. office space sublease assignment at the Federal Reserve Bank located at 9100 Doral Boulevard in Doral, Florida. The sublease is for a long term totaling over $1M. The Sub-Landlord was Claro Video, Inc. a multinational telecommunications company and the Sub-Tenant was US Health Exchange, LLC. (USHX), a health insurance provider.

Video: Area commercial brokers on South Florida’s rising retail rents and evolving tenant mix

Miami is somewhat immune to challenges that face retail across the country, a group of top brokers told a crowd at The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum in October. Lyle Chariff, Tere Blanca, Avra Jain and Jonathon Yormak were joined by TRD’s South Florida Managing Editor Ina Cordle on a panel titled “Commercial’s Hot Pockets: From broker poaching to an evolving…

ICSC Alert: Tax Reform Update

On November 2, the long-awaited legislation on tax reform was released by Chairman Brady of the House Ways and Means Committee. The “Tax Cuts & Jobs Act” favorably addresses a number of elements related to the retail real estate industry that ICSC, in collaboration with others, has been actively lobbying. In this first draft of the bill, carried interest has been left untouched; a 25% rate for a portion…

Miami commission to hold preliminary vote on contentious parking garage plan near Design District

A controversial plan to build a new parking garage on the border of Miami’s Design District and the Buena Vista neighborhood is set for its first city commission vote next week. Oak Plaza Associates, a partnership between Craig Robins‘ Dacra, L Real Estate, General Growth Properties and Ashkenazy Acquisition Corp, is seeking permission to rezone five duplexes and two commercial properties along North…

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November 15, 2017

Video: IREM’s Government Affairs Coordinator Andrew Lomo on What’s New in Fair Housing Rental Properties

The host of America’s Commercial Real Estate Show, Michael Bull, is at NAR (National Association of Realtors®) discussing with his guest, Andrew Lomo, Government Affairs Coordinator with IREM (Institute of Real Estate Management), fair housing for rental properties, issues to avoid with rental properties, and what’s new with rental properties. These, of course, are all issues of the utmost importance to investors in multifamily properties.

November 15, 2017

The Florida Commercial Contract CC-5 ~ Commercial Property Purchase Agreement

Below are screenshots of the 8 pages of the form from the Florida Association of Realtors®, the Florida Commercial Contract CC-5, which we and others frequently use for commercial property purchase transactions.  This form replaced its predecessor from the Florida Association of Realtors®, the Commercial Contract CC-4, in 2017. Click through any image to go directly to that page of the PDF.

For assistance in preparing an offer on a property or otherwise negotiating to purchase a commercial property, contact us today.

The Florida Commercial Property Purchase & Sale Contract CC-5 | Page 1

The Florida Commercial Property Purchase & Sale Contract CC-5 | Page 1

 

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November 8, 2017

Video: Miami Developers Edgardo Defortuna, David Martin, Arthur Falcone, Hiten Samtani Size up the Development Cycle

The Real Deal South Florida 4th Annual Real Estate Showcase & Forum – Panel 2: Sizing Up the Development Cycle, featuring Edgardo Defortuna, David Martin, Arthur Falcone, and Hiten Samtani.

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November 8, 2017

Miami Commercial Real Estate News November 8, 2017: Apartments Proposed on Miami River Shore; Miami Rents Dip in October; More…

Rental apartment building proposed on shore of Miami River

A developer is proposing to construct a rental building with 63 market-rate apartments on the south shore of the Miami River at 1515 NW South River Drive. Antonio P. Pardo of 1515 Miami River LLC is requesting land use and zoning changes on the property from the City of Miami. The Miami River Commission has recommended approval of the project, with several conditions. The land use and zoning…

Miami apartment honoring Celia Cruz breaks ground in Little Havana

Plaza Celia, a 16-unit boutique apartment building at 2640 Southwest 12th Street, broke ground recently in Little Havana, with Miami Mayor Tomás Regalado on hand for the ribbon-cutting ceremony kicking off construction. The development’s name honors the late Cuban-born singer Celia Cruz, the Queen of Salsa and an advocate for freedom and justice for the Cuban people. The lobby will…

Another one bites the dust: HFZ cancels Fasano condo project at Shore Club hotel

HFZ Capital Group is canceling Fasano Residences Miami Beach, a 67-unit luxury condo project planned for the Shore Club hotel property, The Real Deal has learned. The New York developer began reaching out to buyers on Friday and is in the process of returning deposits, Jay Parker, CEO of Douglas Elliman Florida, told TRD. Elliman’s Jorge Sanchez, the sales director, confirmed the sales center is closed.

Committee backs downsized Miami Beach convention center hotel

More than a year and a half after voters rejected a 288-foot tall convention center hotel in Miami Beach, an ad hoc committee is recommending a proposal for a hotel capped at 185 feet with up to 1,000 rooms, according to a recently released report. At a Miami Beach City Commission meeting on Tuesday, commissioners deferred a discussion on the committee’s findings until a later, as yet…

Miami rents dip in October, rank 9th nationally

Miami rents moderately dropped last month, according to reports by both Zumper and Abodo. The former says one bedroom median rent in Miami, which continues to rank ninth nationally, decreased by 2.8 percent to $1,750 while the national one bedroom median rent dipped by 1.4 percent to $1,175. It was the largest decrease by a city ranked in the Top 10 outside of Seattle, which dipped by 3.7%…

Wage slowpoke Miami suddenly leads the national pack

The labor market puzzle just got more perplexing. Job demand is growing, unemployment is falling, yet wages seem stuck in place. Or are they? “Jobs Rebound, Wages Stand Still” was the Wall Street Journal’s banner weekend headline as it reported a 17-year jobless low yet a national annual wage increase of only 2.4%. What’s really happening? In the Miami region, what’s happening is that we have in just…

Wynwood brewery building sells to Brooklyn investor

The building leased to Veza Sur Brewing Co. in Wynwood just sold for $4.5 million, or nearly $1,200 per square foot. Property records show Wynwood Warehouse 25th St. LLC sold the building at 55 Northwest 25th Street to an entity controlled by Philip Knoll, a Brooklyn-based investor. The off-market deal was brokered by Alex Sherman of Affinity International Realty and Dov Tepper of Forte Capital…

Miami doesn’t crack Top 25 in new Amazon HQ study

A new study by real estate research firm Reis looking at the best cities for Amazon’s second headquarters didn’t so much as sniff in Miami’s direction as a legitimate option. Instead, New York, San Francisco, and Washington D.C. paced the list, which was comprised of 25 metro areas across the nation. Amazon has received proposals from over 200 cities and the project would create roughly 50,000 jobs.

Watch: South Florida’s top developers size up Miami’s post-boom market

Edgardo Defortuna, David Martin and Art Falcone joined The Real Deal’s Hiten Samtani for a discussion on Miami’s post-boom market at TRD’s fourth annual showcase and forum last week. The panel touched on the challenges of a slow market, land banking, financing and more. Falcone, co-founder and managing principal of Encore Capital Management, said the key to developing a major mixed-use project…

New York firm scores loan for project in Miami’s Upper East Side

A company tied to New York-based Knickpoint Ventures just secured $13.75 million in financing for a Class A self-storage facility in Miami’s Upper East Side, property records show. Florida Community Bank provided the loan to Bel Air Crest LLC. Records show the entity paid $840,000 for the 29,000-square-foot lot at 7865 Northeast 10th Avenue in 2003. Knickpoint was founded this year by Zain Koita…

Florida Blue Relocates Within Doral, Marking South Florida’s Largest Office Relocation Of 2017

Cushman & Wakefield and Behar Real Estate Group, Inc. announced today that it has negotiated an ±81,000-square-foot relocation lease with Florida Blue at Doral Court. According to Cushman & Wakefield research, this the largest office relocation lease of 2017 in Miami-Dade, Palm Beach and Broward Counties. Managing Director Gordon Messinger negotiated the lease on behalf of a joint venture…

Developer Funding For Underline Could Result In Larger, Taller Projects Along Metrorail

Developers building projects along or near the Underline could be allowed to go bigger if they contribute funds for the city of Miami’s portion of the planned 10-mile long linear park. Under a proposal crafted by the clty’s planning and zoning department, projects within a half-mile radius of Metrorail stations could get an increase in height from eight to 12 stories, as well as a floor lot ratio bonus increase…

Miami’s Wynwood Walk begins construction

A new retail and restaurant space in Wynwood Thor Equities announced the beginning of construction on Wynwood Walk, a large restaurant and retail space set to rise in the booming Miami neighborhood. The 63,000-square-foot project is located at 2800 Northwest 2nd Avenue and was designed by Oppenheim Architecture. Details include a green rooftop, a paseo, 300 feet of retail frontage on…

Bayside Marketplace tenants accuse ownership of dirty dealings

The owners of Bayside Marketplace at 401 Biscayne are embroiled in a very ugly legal war with a small group of tenants and ex-tenants that were evicted from the open-air mall in recent months, according to court documents filed in Miami-Dade Circuit Court. In separate counterclaims and responses to eviction lawsuits filed by Bayside Marketplace LLC, two retailers and two restaurant operators accuse…

Arbor Coconut Grove to break ground tomorrow

A 52-unit boutique condo Miami’s latest condo to break ground will be the 52-unit Arbor, which plans to begin vertical construction tomorrow morning in the heart of Coconut Grove, per developers Urban Atlantic Group and Oak Ventures. The five-story project designed by Behar Font Architects will rise at 3034 Oak Avenue and features interiors by New York-based Samuel Amoia. The site is located just…

330-unit apartment building near Miami airport secures $52M in construction financing

Soleste Blue Lagoon is planning to break ground early next year Expecting to begin vertical construction in the first quarter of next year is a 330-unit apartment development just south of Miami International Airport. Estate Investment Group has closed on $52 million in construction financing from Florida Community Bank for Soleste Blue Lagoon, which will rise eight stories at 5375 Northwest 7th Street.

Developer nabs construction loan for Blue Lagoon apartments

Estate Investment Group just closed on $52 million in construction financing for a new project near Miami International Airport. The developer, led by founder and principal Robert Suris, secured the loan from Florida Community Bank for the 330-unit Soleste Blue Lagoon luxury complex, at 5375 Northwest Seventh Street in Miami. It’s expected to be completed by mid 2019, according to a news release.

New Miami food halls set to open in Wynwood and Aventura

1-800-LUCKY and Treats Food Hall Miami’s culinary scene continues to explode with the announcement of two food halls that are both expected to open this month. First, a marketplace called 1-800-LUCKY is set to open in Wynwood at 143 Northwest 23rd Street. It’s located next to The Butcher Shop and sits a block away from Coyo Taco; whose team of Sven Vogtland and Alan Drummond, in…

Wynwood Park to blend retail with curated food

Wynwood Park, a mixed-use project by ASG Wynwood LLC, an affiliate of ASG Equities and the Gindi Family, which is set to open in early 2019, has set its sights on creating a retail experience focused on international curated food and beverage options combined with progressive retail. “It’s all about the experience,” said Tony Arellano, executive vice president at Metro 1 Commercial. “We are looking to…”

Watch: Experts talk climate change and its impact on the real estate industry

Francis Suarez, Patrick Murphy, Kobi Karp and Bruce Mowry discussed what rising sea levels mean for the real estate industry in South Florida at The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum in October. The group, moderated by TRD’s Editorial Director of Digital Hiten Samtani, spoke candidly about encouraging resilient buildings, changing city codes, engaging politicians and…

Thor starts construction on Wynwood Walk

Thor Equities is beginning construction on its planned retail and restaurant development Wynwood Walk, after securing construction financing, The Real Deal has learned. New York-based Thor won approval from the Wynwood Design Review Committee in May for the project at 2800 Northwest Second Avenue, to be built on 2.3 acres the firm owns in the artsy neighborhood. The developer recently…

Bad news for the rental market: Millennials have finally started buying homes

Sorry, apartment landlords, but it looks like millennials are interested in settling down and buying houses after all. According to the U.S. Census Bureau, homeownership rose to 63.9 percent in the third quarter of the year, the highest rate it has reached since 2014, the Wall Street Journal reported. This is partially due to millennials hitting that age where a house and a family start to seem more appealing than…

Mattoni Group closes on commercial units at 1010 Brickell

The developers of 1010 Brickell just sold two commercial units to Mattoni Group for $10.5 million, property records show. Mattoni put the units under contract about three years ago, president Ricardo Caporal said. They total 11,283 square feet with an additional 1,976 square feet of outdoor space. Mattoni secured leases with the Halal Guys of New York City, an undisclosed national tenant and an undisclosed…

Miami-based real estate tech startup Gridics closes $1.6M seed round

Gridics just raised a $1.6 million round of seed funding, led by South Florida developer BH3. The Miami-based real estate tech startup will use the investment for development and sales of its Zonar.City platform, according to a news release. Dune Road Capital is also an investor. Since it was founded in 2015, Gridics has raised $3.735 million, according to co-founder and director of business development…

Housing, E-Commerce Driving Industrial Boom in Miami

Robust demand for industrial properties was the biggest buzz among brokers and other professionals on NAIOP’s annual commercial real estate bus tour in Florida’s Miami-Dade County. Close to one-third of the 25 featured properties during the daylong event on Nov. 2 were recently completed or under-construction projects. One of the first stops was the South Florida Logistics Center, where owner JP Morgan…

Video: Trademark Property Group CEO Terry Montesi Talks Retail Development Today

Terry Montesi, CEO at Trademark Property Group, joins America’s Commercial Real Estate Show to chat about forecasts in the retail market, what appears to be trending amongst millennials, changes happening in parking structure for retail properties, changes in food and beverage and entertainment, and general tips for tenants, commercial real estate investors and retail industry professionals.

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Best Bets

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: affordable housing; construction costs and labor; opportunities in retail; best investment bets.

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Top Cities

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: the top 78 cities to invest in; where capital is going; sectors; opportunities.

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 3

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: Residential and multifamily housing stock; investments in the market for new construction; retail direction with e-commerce…

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 2

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: generational procession; technology impacting generations; generations in the work force; multifamily expectations; supply in…

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 1

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: what is Emerging Trends; how results are formulated; business profitability expectations; measure of sentiment; economic expansion…

Capital controls strangle Chinese investment — but some firms find ways around them

Beijing’s capital controls continue to cut into Chinese investment in U.S. real estate. Overseas real estate investment from China totaled $19.7 billion in the first three quarters of the year according to Real Capital Analytics – a far slower pace than 2016, when Chinese firms bought $36.8 billion in properties during the entire year. “One thing that’s concerned the regulators, these rich entrepreneurs were…

Miami Developer: Impact Investors Can Profit From Infill Real Estate Development And Do Well By Doing Good

There have always been investors who value profitable opportunities that create a positive social and economic impact on communities and the environment. In Miami, the market I serve, impact investment in new-construction projects is an increasingly popular choice for investors who embrace this noble creed. The investment opportunity is a result of an aged housing stock within stable and desirable…

Miami Parking Cost Well Down the List Versus Other Cities Globally

All prices were calculated as the mean of corresponding parking rates for all publicly available off-street parking facilities in a city center based on Parkopedia’s global dataset of parking in 6,500 cities across 75 countries. 2 hour parking: 2 hour stay on a weekday. Day parking: 8 hour stay on a weekday. Monthly parking: Unreserved monthly rate (a space is guaranteed but it is not a dedicated space).

How do I negotiate a commercial lease?

Commercial leasing is an important concern for many businesses and companies. As a result, it can be helpful to understand the different aspect of a commercial lease and how to negotiate a commercial lease to help avoid commercial lease litigation. Commercial leases are commonly negotiated and most all of the terms of the lease may be negotiated but tenants negotiating a commercial lease may wonder…

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November 8, 2017

Video: Trademark Property Group CEO Terry Montesi Talks Retail Development Today

Terry Montesi, CEO at Trademark Property Group, joins America’s Commercial Real Estate Show to chat about forecasts in the retail market, what appears to be trending amongst millennials, changes happening in parking structure for retail properties, changes in food and beverage and entertainment, and general tips for tenants, commercial real estate investors and retail industry professionals.

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November 1, 2017

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Best Bets

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: affordable housing; construction costs and labor; opportunities in retail; best investment bets.

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November 1, 2017

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Top Cities

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: the top 78 cities to invest in; where capital is going; sectors; opportunities.

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November 1, 2017

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 3

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: Residential and multifamily housing stock; investments in the market for new construction; retail direction with e-commerce; restaurant trends; transforming space for mix use.

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November 1, 2017

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 2

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: generational procession; technology impacting generations; generations in the work force; multifamily expectations; supply in various markets.

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November 1, 2017

Video: PwC’s Mitch Roschelle, Andrew Warren on PwC/ULI Emerging Trends in Real Estate: Part 1

Mitch Roschelle, Real Estate Practice Leader at PwC, and Andrew Warren, Director of Real Estate Research at PwC, make an appearance on America’s Commercial Real Estate Show to discuss the PwC / ULI 2018 Emerging Trends report. Among the trends discussed in this video are: what is Emerging Trends; how results are formulated; business profitability expectations; measure of sentiment; economic expansion; cycle expectations; sector outlook; stock; investments.

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November 1, 2017

Miami Commercial Real Estate News November 1, 2017: Related Withdraws Olympia Theater Proposal; Aetna Buys Former Barney’s Building; More…

Related withdraws proposed theater renovation and redevelopment

A unit of Miami-based Related Group withdrew an unsolicited proposal to renovate the historic Olympia Theater in downtown Miami at 174 East Flagler Street and convert 80 apartments above the theater to affordable housing units. Related Urban Development Group proposed the theater renovation and the residential project in a May 9 offer sheet, the Miami Herald reported. The proposal included turning the 80 apartments above…

Aetna Realty buys former Barneys building in Miami Beach

Companies tied to New York-based Aetna Realty just purchased the former site of a Barneys New York Co-Op in Miami Beach for $5.75 million, property records show. The 9,377-square-foot retail space at 832 Collins Avenue sold for about $610 per square foot. Aetna’s U.S. Realty Financial Corp. now owns 49.09 percent, U.S. Realty & Investment Co. owns 48.52 percent, and Olympic Gardens HB owns…

Terreno Realty Corp. Acquires Doral Industrial Distribution Building For $6.8 Million

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Doral, Florida on October 23, 2017 for a purchase price of approximately $6.8 million. The property consists of one industrial distribution building containing approximately 38,000 square feet on 3.3 acres at 1480 NW 94th Avenue in Miami’s…

Miami’s tallest planned tower 300 Biscayne unveils new renderings, design

300 Biscayne looks a bit different. 300 Biscayne, one of several planned towers that would be Miami’s tallest at 1,041 feet above ground, has launched its website and unveiled a batch of exterior renderings, notes The Next Miami. Within these renderings you’ll notice a new look. The luxury residential project’s initial approved design depicted two towers with what appeared to be several walkways…

Climate change and sea level rise could have a negative impact on commercial lending: CIASF panel

Commercial real estate developers building projects in cities facing threats from climate change and sea level rise may find it harder to find traditional bank financing in the near future. “One of my concerns is rising seas,” said Veronica Birch Flores, executive vice president with First National Bank of South Miami, during a panel discussion earlier this week. “How municipalities deal with rising seas and the…

City tweaks rules affecting Wynwood Arts District

Miami planning and zoning officials continue to tweak language of proposed legislation to govern temporary uses on vacant land, which impacts so-called pop-up businesses – in particular the venture in the Wynwood Arts District called The Wynwood Yard. City commissioners approved the ordinance amendment after a first reading in September. The final vote has been deferred to December.

New residential developments meet demands in Midtown

Developers in Midtown are meeting the increase in demand for residences by building new developments such as Hyde Midtown and Midtown 8, industry experts say. With such developments underway, experts point to a higher demand for rentals in the Midtown area. “The amount of supply in Midtown is a lot less compared to other markets,” said Carlos Rosso, the president of Related Group’s…

Aston Martin Gets Into Real Estate; Miami Tower Breaks Ground

Ever since James Bond drove a DB5 in the 1964 film “Goldfinger,” Aston Martin cars have been associated with the handsome spy. Now, the luxury automaker is getting into the housing business. Aston Martin The Aston Martin Residences are expected to be completed in 2021. The carmaker’s first condo project, Aston Martin Residences, broke ground in Downtown Miami Oct. 18. In press materials,

Samsung, WeWork Partner To Take On Apple’s Genius Bar in Miami, Other Cities

Samsung and WeWork are teaming up to offer a new work-while-you-wait concept. The companies will be opening “care centers” in several WeWork offices across the U.S., including Detroit, Miami and Williamsburg, Brooklyn, that will combine tech service tune-ups with WeWork’s co-working concept, Fast Company reports. While the centers are similar to Apple’s Genius Bar, they will be taking a slightly…

Aventura Mall Food Hall to Include Todd English Concept, Shake Shack, and Other Local Favorites

Aventura Mall is joining the food hall scene with its own robust entry. The mall’s Treats Food Hall will include nearly a dozen local and national restaurants when it opens this winter. A date has not yet been pinpointed, but Turnberry Associates, the mall’s owner and management company, would probably want to give holiday shoppers additional incentive to spend money.

Here’s the lineup at Aventura Mall’s new food hall

A slew of new restaurants will open at Aventura Mall’s new food hall later this year, including Shake Shack and Luke’s Lobster. The food hall will be part of the mall’s three-story, 315,000-square-foot expansion wing that’s set to open in November. Joining Shake Shack and Luke’s Lobster are Figs by Todd English, GoGo Fresh, My Ceviche, Zuuk Mediterranean Kitchen, Poke 305, Hank & Harry’s Delicatessen…

Food Halls to Crowd Miami Soon

Jacopo Giustiniani picks up a clay brick from a stack and gestures toward a vaulted ceiling. “These are the same tiles used to reconstruct the Brunelleschi’s dome on the Duomo of Firenze,” he says, referring to the 13th-century main church of Florence, Italy. Then the lean 37-year-old, clad in a white button-down shirt and faded jeans, gestures around the room, straining to be heard over the sounds of…

Coconut Grove’s Neighborhood Conservation District (NCD) Reform: City Planner revises interpretation

Will taller condo towers, more building sites, and other measures to increase residential density help preserve the unique character of Coconut Grove’s single-family neighborhoods? As puzzling as it sounds, that’s the recommendation of the City of Miami’s Planning Department as a proactive solution to the growing concerns over lot splitting, mega-home construction, destruction of the tree canopy…

University Bridge Residences unveils new renderings

The newly announced Miami condo requiring FIU-affiliated residents has released new renderings, showing off the 20-story project’s interiors and amenity spaces. Set to rise at 740 Southwest 109th Avenue, University Bridge Residences is comprised of 492 units priced from around $190,000 to upwards of $600,000. Each unit comes fully furnished and includes stainless steel appliances and washers…

New renderings of Smart Brickell, University Bridge Residences & more

University Developments, Lionheart Capital and Habitat Development unveiled new renderings of their residential and mixed-use projects in Miami, Miami Beach and Brickell. University Bridge Residences: The developers of University Bridge Residences just released a fresh glimpse of the 492-unit condo tower near Florida International University. The project, at 740 Southwest 109th Avenue, is geared toward…

North Bay Village approves 19-story condo

Set to begin construction next fall A 19-story condo planned for North Bay Village developed by P&O Global Technologies was approved by the village commission, per The Real Deal. The waterfront tower will be located at 7918 West Drive and is comprised of 54 units, which is scaled back from the original design calling for 77 units in addition to “elevator parking spaces.” Rising 240 feet, the self-financed…

South Florida construction starts down in September: report

September was a slow month for construction starts, thanks in part to Hurricane Irma. Overall, new contracts in September totaled nearly $726 million, down 12 percent year-over-year from $822 million, according to a new report from Dodge Data & Analytics. Residential and commercial each posted declines on a year-over-year basis. Last month, residential construction starts totaled $287 million, a 13 percent…

Zaha Hadid’s computer drawings of One Thousand Museum

Its exoskeleton is comprised of 5,000 pieces of lightweight concrete reinforced with glass fiber With Zaha Hadid’s One Thousand Museum on the cusp of topping off in downtown Miami — expected in December — we thought it’d be cool to take a deeper look at the design of the highly anticipated development. Hadid’s first and final residential tower in the Western Hemisphere, the 62-story tower is a…

Manafort’s indictment includes ties to Florida property

Former Trump campaign manager Paul Manafort used his Palm Beach Gardens home as the mailing address for a number of companies included in Monday’s indictment and spent more than $1 million on home improvements in Florida. Special Counsel Robert Mueller charged Manafort and his business associate Rick Gates as part of the Trump-Russian collusion investigation. According to the 12-count…

Southeast Overtown/Park West Community Redevelopment Agency’s Executive Rirector resigns

The executive director of a city of Miami agency tasked with encouraging redevelopment in one of Miami’s poorest neighborhoods handed in his resignation, The Real Deal has learned. Clarence Woods’ resignation as executive director of the Southeast Overtown/Park West Community Redevelopment Agency is effective Dec. 1st, according to Cornelius Shiver, assistant director of the Overtown CRA.

Broker running for Miami Beach commission loses campaign staff amid sexual harassment allegations

A Miami Beach commission candidate, who is the broker of a boutique brokerage firm, just lost his campaign staff amid allegations of sexual harassment. Rafael Velasquez, president and broker of Sunset Realty Group, was accused of sexual harassment by two women this week, commissioner and congressional candidate Kristen Rosen Gonzalez and publicist Frances Alban, in the wake of the Harvey…

Moishe Mana, unplugged: Investor dishes on his plans for Wynwood, unloads on POTUS

What’s Moishe Mana’s rationale for gobbling up large swathes of land in Wynwood and picking up trophy properties along Flagler Street?  Mostly, his desire to reshape the city into a global cultural and trade hub, the investor told a standing room only crowd on Thursday during The Real Deal’s fourth annual South Florida Real Estate Showcase & Forum at SoHo Studios in Miami.

TRD‘s Miami event tackles sea level rise, new development, Moishe Mana and more

More than 4,500 real estate brokers, investors and developers flocked to The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum on Thursday to get the latest intel from the industry’s movers and shakers, including Moishe Mana, Alicia Cervera Lamadrid and Art Falcone. Forty-six exhibitors, including new development projects, lenders and brokerages, lined the path to the panel room at Soho…

“We have to work a lot harder to make a little bit less money”: Top developers discuss Miami’s post-boom market at forum

As Miami’s condo market lags, developers are working hard to sell their remaining inventories and looking long term when it comes to completing major projects like Miami Worldcenter. In 2010, “there was a lot of need and a lot of demand and we all thought it was going to last for a long time,” Edgardo Defortuna, president and CEO of Fortune International Group, said at The Real Deal’s Fourth Annual…

New York investor sells Coral Gables buildings for $9 million

A local investor paid $8.6 million for two rental buildings in northern Coral Gables, with plans to renovate the properties and raise rents. Capri Street Partners, a New York-based company controlled by Alfred Sayegh, sold the buildings at 800801 Capri Street to Capri Elite Holdings LLC, led by Ivan Ryabushkin, according to property records. The 42-unit deal breaks down to about $205,000 per apartment.

C-III Capital Partners in partnership scoops up office building in Sunrise

A partnership between NAI Merin Hunter Codman and C-III Capital Partners, an institutional investor, just scooped up an office building in Sunrise for $19 million, property records show. The 93,724-square-foot office building, called International Place II, at 1580 Sawgrass Corporate Parkway traded for $203 per square foot. The partnership financed the deal with a $13.85 million loan from Branch Banking…

Miami Investors Buy Fort Lauderdale Office Tower for $81.5M

Banyan Street Capital and Oaktree Capital Management LP paid $81.5 million, or $361 per square foot, for the 200 East Broward office building in Fort Lauderdale, FL from TA Realty. The Realty Associates Fund X LP acquired the asset from Invesco Advisors for $66.4 million ($294 pSF) in July 2014, according to CoStar data. The 21-story, 225,761-square-foot, 4-Star office tower was built in 1992 on…

Auto insurer buys new headquarters building near Doral

Windhaven Insurance is shifting gears into a new office space near Doral at 3155 Northwest 77th Avenue. Property records show Windhaven paid $10.4 million for a 57,500-square-foot office building at 3155 Northwest 77th Avenue. The company will be moving out of its two offices at 7300 Northwest 19th Street and in the Doral Commons office building at 8550 Northwest 33rd Street

Airbnb, Miami Developer to Offer Home-Sharing Apartments

Airbnb and Newgard Development Group of Miami are partnering to offer home sharing in new apartment buildings to be built the Southeast, with the first project planned for Kissimmee, FL, near Orlando. The 324-unit building will be called Niido Powered by Airbnb, and will allow residents to rent out their units for up to 180 days each year. A new app integrated with Airbnb’s system will allow…

Video: Yardi Matrix BI Director Doug Ressler Presents Office Investment Trends and Forecasts

Doug Ressler, Director of Business Intelligence at Yardi-Matrix, an apartment information service provider, appears on The Commercial Real Estate Show to discuss trends and forecasts in the office property market. Among the topics covered are occupancy and rental rates for the office market, profitability, and some tips going forward for investing in office building properties.

Malaysian developer wins approval for North Bay Village luxury condo tower

The first new condominium project in North Bay Village in several years will move forward after the village commission gave unanimous approval this week to three measures that will allow P&O Global Technologies, a Malaysian-based company, to build a 19-story 240-foot tower with 54 units at 7918 West Drive. The waterfront parcel is adjacent to Vogel Park on Harbor Island. The commission approved…

North Miami firm sells Orlando-area shopping center for $23.8 million

A North Miami-based firm sold a Publix-anchored neighborhood shopping center in the Orlando area to a Canadian buyer for $23.8 million. Canada-based Slate Retail REIT paid about $143 per square foot for Good Homes Plaza at 8805-8995 West Colonial Drive in Ocoee, a western suburb of Orlando. Colonial Drive is a major east-west thoroughfare in the Orlando area. Anchor tenants other than…

Miami Beach developer sues contractor over Hurricane Irma damage

Alan Lieberman’s South Beach Group Hotels is suing a contractor over damage to a construction site in Miami Beach, alleging negligence and breach of contract. Allied Roofing was hired to build new roofs for the building at 6755 Harding Avenue, 8320 Harding Avenue and 2365 Pinetree Drive in Miami Beach. Owner Marcial Garcia told The Real Deal that his workers completed all three, but that he wasn’t…

Inside Seminole Hard Rock’s $1.5B expansion

The Seminole Tribe of Florida and Seminole Gaming unveiled the $1.5 billion expansion of the Seminole Hard Rock Hotel & Casino in Hollywood on Wednesday. The project will be centered around a giant guitar-shaped, 450-foot tower. The casino will double in size and have 3,267 slot machines, 178 table games and a new 18,000-square-foot poker room, according to a press release. Hard Rock’s…

Industrial Investment To Stay Strong In 2018, Based On Survey Of RCM Principals And SIOR Members

Spurred by e-commerce growth, corporate expansion of distribution spaces and overall momentum in the supply chain, investment levels in leasing, construction and capital market sales in the industrial sector are expected to remain strong for at least 12 to 18 more months, according to a new survey. The Real Capital Markets/Society of Industrial and Office…

Miami-based hoteliers invest in 35-room property in The Bahamas

Miami-based boutique hotel owner-operators Jesper and Gustaf Arnoldsson of SMS Lodging are part of a partnership that acquired a historic hotel in the southern Bahamas. SMS Lodging will manage the operations of the Peace & Plenty Hotel on Great Exuma, which was built in 1958 by Lawrence Lewis, grandnephew of Henry Flagler, the railroad tycoon who pioneered the development of Florida more…

Miami Based Munilla Construction reportedly was in running for a Paul Manafort negotiated buyout by a Chinese firm

Despite the spotlight, Paul Manafort appears to be trying to put together major real estate deals with a motley crew from across the globe. (A potential deal between a foreign firm and a U.S. firm doing sensitive government work, such as Pacific acquiring Munilla, could attract the attention of the Treasury Department.) A common denominator in those deals, both past and present, is Zackson, a veteran…

How to handle a partnership dispute

Partnership disputes can oftentimes result in litigation which can be partnership ending. Partnership disputes most often arise from a real or perceived breach of trust between the partners. The most common breaches of trust usually involve money, self-dealing by one of the partners, failing to account for money or assets, profiting individually from a partnership opportunity or theft. These disputes may also…

The magnificent “Four Seasons” Hotel in Surfside has already an opening date!

It is not a secret to anyone the fact that “Four Seasons” Hotel is one of the main world references of quality, service and sophistication. This Canadian hotel chain started its projects in the 60’s. It incorporates a concept of exclusive and non-comparable attention to guests, aspect that currently prevails as a principle. They have reached successfully millions of guests in 35 countries with its 80 luxury hotels all…

New Bayside Owner Trying To Rid Mall Of Local Business With Over 40 Eviction Lawsuits

Bayside Marketplace has been working to remove local and regional businesses from the mall since a recent ownership change, according to a lawyer representing one of the tenants. In 2015, New York’s Ashkenazy Acquisition Corp. paid a reported $196 million for a 49 percent stake in the center, valuing the property (a leasehold owned by the city) at $400 million. Since then, management has been working to…

Miami 12th, Fort Lauderdale 6th in most investable real estate markets, per PwC study

In this year’s edition of PWC’s Emerging Trends in Real Estate, both Fort Lauderdale and Miami registered leaps from a year ago in regards to the most desirable U.S. markets for real estate investment. Fort Lauderdale soared to No. 6 among the 78 markets included in the study after placing 35th a year ago. Miami checked in at No. 11, up from 25th year over year. Seattle, Austin, Salt Lake City, Raleigh/Durham…

Storm-damaged Ritz-Carlton on South Beach closed indefinitely, laying off staff

The Ritz-Carlton, South Beach notified the state government that the hurricane-damaged hotel will lay off 281 employees and remain closed indefinitely for repairs. The 375-room hotel at 1 Lincoln Road in Miami Beach has been closed since Sept. 8, two days before Hurricane Irma made landfall in the Florida Keys. The hotel’s general manager, Sase Gjorsovski, wrote in a Worker Adjustment and…

Miami-based Lennar to pay $5.7B for CalAtlantic, become biggest US homebuilder

Lennar Corporation will merge with CalAtlantic Group, creating the largest homebuilder in the country in a $5.7 billion deal. The deal will boost the combined company’s standing to a top 3 ranking in 24 of the top 30 markets in the country, Lennar CEO Stuart Miller said in a statement. Together, Lennar and CalAtlantic reported revenues of more than $17 billion last year and a market cap of about $18 billion.

Monty’s new lease in Coconut Grove on ballot

A popular waterfront venue in Coconut Grove that anchors several small businesses and a marina is looking to gain a long lease extension and make millions in improvements. The land is owned by the City of Miami and a lease amendment or extension requires the approval of city voters at referendum. The changes would mean additional rent revenue and improvements to the property at 2550 S Bayshore Drive

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November 1, 2017

Video: Yardi Matrix BI Director Doug Ressler Presents Office Investment Trends and Forecasts

Doug Ressler, Director of Business Intelligence at Yardi-Matrix, an apartment information service provider, appears on The Commercial Real Estate Show to discuss trends and forecasts in the office property market. Among the topics covered are occupancy and rental rates for the office market, profitability, and some tips going forward for investing in office building properties.

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November 1, 2017

Video: Walking & Talking at the IREM 2017 Global Summit

America’s Commercial Real Estate Show host Michael Bull joins the Institute of Real Estate Management’s Global Summit 2017 in Chicago to bring you the IREM experience. Various speakers and key players at IREM are interviewed to get their take on IREM and the real estate industry.

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October 30, 2017

Video: Developers Andrew Frey, Kobi Karp, Jesse Ottley, and Santiago Vanessa on Next Generation Development & Design

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October 25, 2017

Video: Miami Investor Roundtable ~ Where is the Value?

Jose Maria Serrano, President of Commercial, talks with Carlos Andres Chavarro, William Fuller, and Bernado Rieber about the best practices for commercial real estate developers.

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October 25, 2017