About Hawkins Commercial Realty

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Hawkins Commercial Realty is an entrepreneurial boutique commercial real estate brokerage helping business owners and investors in the Miami, Florida area navigate the processes of buying, selling, and leasing property, and providing M&A/business brokerage services. The company’s guiding principles are to always be responsive, to be effectively, steadily assertive, to continuously develop and utilize competency, to be sensibly creative, and to seek to add value to the process. The company was founded and is owned by a seasoned entrepreneur with more than 25 years of experience in commercial real estate as a broker or principal… (more)

James Hawkins lic. Real Estate Broker

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May 20, 2020

Miami Commercial Real Estate News August 4, 2021: AC Hotel Miami Beach Sells for $45 Million; RaceTrac Buys Medley Junkyard for $9 Million; Eviction Ban Developments; More…

Robert Finvarb sells AC Hotel Miami Beach to TPG

Global investment firm TPG continues its hotel buying spree in South Florida. An affiliate of TPG paid $45.3 million for the 150-room AC Hotel Miami Beach at 2912 Collins Avenue, records show. The price represents what TPG paid for the real estate, but it is not the total price for the hotel asset, which the buyer and seller declined to disclose. At $45.3 million…

Bowery Properties buys Little Haiti apartment portfolio for Near $12M

An apartment portfolio in Miami’s Little Haiti sold for $11.6 million, as the neighborhood undergoes redevelopment. Bowery Properties, led by Thomas Neary, bought Buena Vista Gardens, an 89-unit complex at 5601 Northwest First Avenue, according to a news release. Secamar LLC, led by Carlos, Martha and Carmen Sesin sold the apartments, records show.

Landlords plead rent relief as Biden to approve new, targeted eviction ban

Three days after the federal eviction ban lapsed, President Biden is expected to introduce a new moratorium that would freeze proceedings for up to 60 days in areas with the highest rates of new Covid infections. The White House expects those areas to cover about 90 percent of the nation’s renters, the New York Times reported Tuesday. Like using duct tape to…

Miami-Dade judge nixes Fisher Island lawsuit, paving way for new condo project

Miami-Dade Circuit Court Judge Michael Hanzman blocked a legal maneuver aimed at stopping Heinrich Von Hanau from building one more luxury condominium and 12 houses on Fisher Island. Hanzman approved a settlement agreement on Monday involving Von Hanau’s Fisher Island Holdings, while dismissing a lawsuit filed by homeowners Thomas…

Miami Beach seeks buyers for city-owned development sites

Miami Beach will be entertaining offers for five city-owned development sites, but it is holding off on listing the more valuable oceanfront site of North Shore library. The Miami Beach City Commission last week opted to delay issuing requests for proposals for the lots making up the 1.37-acre library parcel at 7505 Collins Avenue, following push-back from several…

Michael Stern forms $200M SPAC with former Citadel analysts

Michael Stern of JDS Development JDS Development’s Michael Stern has found his next venture, confidentially filing to form a SPAC with two former Citadel credit analysts. The blank-check firm, called Onyx Acquisition Co. I, will seek $200 million to target general industrial and construction-tech companies valued at between $1 billion and $2 billion, Bloomberg News…

Fill ‘er up: RaceTrac buys Medley auto junkyard for $9M

RaceTrac closed on an auto junkyard in Medley, paying $8.9 million for the redevelopment site. The 8.3-acre property at 8300 Northwest 74th Street will likely be converted into a filling station, convenience store and truck rest stop, according to Daniel Pou, leasing director for Horizon Properties of Miami. Pou, along with Alex Sanchez of commercial real estate firm…

Twin 60-story Edgewater towers on Biscayne Bay win OK

The Melo Group plans a pair of 60-story towers for Edgewater and the promise of a major portion of the growing public baywalk. Aria Reserve is proposed for a more than three-acre site on Biscayne Bay at 700 NE 24th Street. The owner is listed as 24 Plaza Corp, an affiliate of the Melo family development company, owner-developers of many major mixed-use…

Ferry linking Miami to Miami Beach to cast off this month

Poseidon Ferry, Miami’s long-awaited waterborne commuter service, plans to resume hourly trips between Miami and Miami Beach on Aug. 26, and CEO Johnathan Silvia says he expects smooth sailing ahead. The ferry, which was launched at the end of last November, “had a good run for about a month and a week,” he said, before the second wave of Covid-19 forced…

Miami cuts Jungle Island debt to get hotel project moving

Miami city commissioners have approved a deal giving the owners of Jungle Island a financial break on money they owe the city, and the move is hoped to help the company get financing so it can build a big hotel at the Watson Island site. The decision came at the commission’s July 22 meeting, but only after spirited comments from Commissioner Joe Carollo who…

Lane closures, traffic shift coming in I-395 mega-change

Two major lane closures and a traffic shift are planned soon as construction moves ahead on the expansive I-395/SR 836/I-95 Design-Build Project in Miami. The work by the Florida Department of Transportation (FDOT) is a partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western – de Moya Group Joint Venture. The massive project…

Simon Property raises full-year guidance as shoppers return to stores

Simon Property Group raised its full-year earnings guidance as consumers returned to shopping centers and malls after Covid-19 lockdowns were mostly lifted across the country in the second quarter. Funds from operations rose to $1.21 billion, 53 percent higher than the year-ago period when some stores were just beginning to reopen after months of…

David Edelstein, partner close on missing piece of Wynwood assemblage for office towers

Developer David Edelstein’s TriStar Capital and partner RAL Development paid $13 million to complete an assemblage in Miami’s Wynwood where the two firms are planning a $200 million Class A office project, The Real Deal has learned. Edelstein said the partnership plans to break ground in about six months on a two-tower, mixed-use development with 300,000 square…

Cardboard demand could fuel an industrial real estate boom

In the industrial real estate sector, e-commerce is the rising tide that lifts all boats — even those made of cardboard. As consumers and retailers alike rely more heavily on e-commerce during the pandemic, the demand for packaging has increased too, from cardboard boxes to plastic bags and padded envelopes. With production increasing, more cardboard factories…

Longpoint Realty adds three Opa-locka warehouses to South Florida portfolio

Longpoint Managing Partner Dwight Angelini and the properties Longpoint Realty picked up three Opa-locka warehouses for $21.8 million, beefing up the Boston-based private equity firm’s South Florida portfolio. The company acquired the industrial properties at 13200, 13260 and 13290 Northwest 45th Avenue from J.R. Realty Corp, a Hialeah-based real estate firm…

Democrats urge Biden to extend eviction ban after House effort falls short

Hours after a federal stay on evictions lapsed, Democratic lawmakers pleaded with President Joe Biden to extend the ban, warning that millions of Americans are now at risk of being put out on the street. The moratorium officially expired at midnight on Saturday, threatening an estimated 3.6 million renters. In response, Congressional Democrats are calling on…

South Florida industrial sector keeps beating pandemic odds, Q2 report shows

South Florida’s industrial sector continues to outperform the rest of the market still battling through the pandemic. Industrial rents rose significantly and leasing activity more than doubled throughout the region, according to second quarter reports by Avision Young. In turn, industrial investment activity in Miami-Dade, Broward and Palm Beach counties…

OKO, Cain Top Off 57-Story Miami Tower

Missoni Baia tower, a luxury condominium from OKO Group and Cain International, has moved one step closer to completion with the topping off of construction. The 57-story, 649-foot-tall, Missoni-branded residential tower, situated at 777 NE 26th Terrace within Miami’s Edgewater enclave, is on track for completion ahead of schedule later this year. The one- to…

Here’s what tenants pay at MG3 REIT’s Doral Concourse

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. Next to Related Group and Shoma Group’s CityPlace Doral in the growing city of Doral in northwest Miami-Dade County, the six…

Doral Population Rises 6.3% In A Year

Doral has been a culturally diverse city being represented by many nationalities, with a recent influx of people moving from other regions in the US. People coming from Argentina, Brazil and across the country have grown substantially and are welcomed as new Doral residents to help thrive an eclectic and culturally rich city, said Mayor…

Johnson & Wales sells more North Miami properties for $21M

Johnson & Wales University is not done… Izhak’s Biscayne Apts Development LLC this week paid $12.3 million for the shuttered college’s golf management center and an adjoining student apartment building at 12350 Biscayne Boulevard, along with a surface parking lot and a vacant lot at 1650 Northeast 124th Street, according to records. Last month…

Lions Group NYC buys downtown Miami dev site to build apartment tower

A Long Island-based real estate investment firm is making its first dive into the downtown Miami multifamily market, The Real Deal has learned. Albert Shirian’s Lions Group NYC closed Thursday on a development site at 56 Southwest First Street and 65 Southwest 2nd Street that includes air rights above a parking garage owned by the Miami Parking Authority. The…

Rubells add to Allapattah portfolio with former pork processing facility

A former pork processing facility in Allapattah could be given a new life. Jason and Mera Rubell of the art collector family paid $5.4 million for the former Hightop Products warehouse at 1000 Northwest 23rd Street in Miami, The Real Deal has learned. A company led by Charlie and Marilyn Vazquez sold the 1-acre property. Stefano Santoro, broker and partner…

‘Very, Very Seller-Friendly’: Prime Miami Retail Properties Going To Auction

On Tuesday, a 7,762 SF building at 226-228 Lincoln Road, Miami Beach’s famed shopping street, traded for $5.8M. It was sold at auction… The owner of the neighboring building at 230 Lincoln Road, a four-story retail building with a Ross Dress For Less on the second and third floors, watched and admired the process and decided to auction his building too. That wil…

Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn

The owner of a Holiday Inn in downtown Miami filed for Chapter 11 bankruptcy protection, with a plan aimed at luring investors to redevelop the site. With its close proximity to PortMiami, Bayside Marketplace and the planned Waldorf Astoria Miami luxury tower, the hotel owner’s attorney Linda Worton Jackson said the 10-story… at 340 Biscayne Boulevard

Warehouse Distributor Carbel Signs 360K SF Lease at First Park Miami

Warehouse distribution company Carbel signed a 368,287 square-foot lease at First Park Miami, in a deal announced by CBRE, which represented the owner, First Industrial Realty Trust. The 126-acre complex, currently under construction, will comprise four buildings with 2.5 million square feet of logistics space. Located at 8801 NW 87th Avenue, the property sits on…

Was The Great Pandemic Migration To Miami Overhyped?

As the coronavirus spread last year, there were stories galore about people moving away from major cities to places that are less dense and more affordable. South Florida was made out as a big beneficiary of this trend, with a governor who resisted mask mandates and lockdowns and warm weather that allowed people to be outdoors even during winter. People…

South Florida resident Jared Kushner to launch Miami investment firm

South Florida appears to be having an inspirational effect on Jared Kushner. The ex-White House adviser and son-in-law of former President Donald Trump is launching a Miami-based investment firm called Affinity Partners. Kushner has spent the past six months with his wife Ivanka Trump in Surfside, where he’s been working on a book about his…

Miami Market Update: Office Vacancy Stays on Downward Trajectory

By the end of June, Miami’s office vacancy clocked in at 14.6 percent, down 20 basis point month-over-month and up 10 basis points year-over-year, according to CommercialEdge data. Coming into the second half of the year, Miami and Los Angeles are the only gateway markets to see vacancy come down since the start of 2021. Magic City’s office vacancy rate has fallen…

Biden wants Congress to extend the eviction ban

In another eleventh-hour intervention, President Biden is urging Congress to extend the federal ban on evictions past its scheduled expiration on July 31. In a statement Thursday morning, the White House cited the spread of the Delta variant, particularly among Americans “both most likely to face evictions and lacking vaccinations” as grounds for continuing the ban…

Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices

Developer Ronny Finvarb won’t be able to build his planned hotel in Sunset Harbour, but taller office buildings are now allowed. The Miami Beach City Commission unanimously passed a new Sunset Harbour zoning overlay district on Wednesday that increases the height limit for office buildings to 65 feet from 50 feet. The district — bounded by 20th Street, Alton Road…

Miami’s Restaurants are Back on Track, Entertainment and Big Box Users are Still Healing

What a difference a year makes! Retail real estate in Miami is not dead nor in the depths of huge vacancy rates and declining rents; current vacancy rate is 4.3 percent and rental rates have slipped by 0.1 percent over the past year. Let’s explore several indicators of the value and use of the current state of the shopping center industry, restaurant space, entertainment…

Flex Office Strives and Thrives in South Florida

South Florida has long been viewed as a center for tourism, hospitality and logistics. These traditional industries are combining with new sources of economic growth, and a wave of new-to-market companies—including Shiftpixy, Boston Private and Point 72 Asset Management—are further spurring interest in the area. Pipeline Workspaces is one of the shared…

Miami Baywalk and Riverwalk Design Approved – Marks Long-Awaited Progress

The Miami City Commission has approved the design guidelines for the Miami Baywalk and Riverwalk, a four-mile, waterfront promenade project in Downtown Miami that has been in development for over 40 years. Extending from the northern Coconut Grove/southern Brickell area north through Downtown Miami and up to Edgewater, the Miami Baywalk…

Five Questions With Miami-Based Multifamily Investor Tzadik Properties’ Adam Hendry

Adam Hendry loves living and working in South Florida. But as a value investor, he simply can’t find the sort of bargains that entice him. During the Great Recession, Hendry, head of Miami-based apartment company Tzadik Properties, snapped up South Florida units. Since then, Florida property values have soared, and Hendry has turned into a seller.

Biscayne Gardens incorporation comes to a head

Zero hour has arrived in Biscayne Gardens, population 34,800. The first clue is the proliferating red-and-white signs: “Vote NO Incorporation. Keep Your Taxes & Rent Low.” More are scheduled to come in Spanish and Haitian Creole. The matter will come before the county commission on Sept. 1, which could then decide whether to put incorporation before the…

Conversions from offices to life science labs booming

While the office market grapples with the Delta variant, life science labs are enjoying a boom. In fact, many new labs are actually conversions from offices. The life science industry saw record investments in North America last year, bringing in $70 billion of capital investments. In six large industry markets, 20 percent of laboratory spaces being constructed…

Florida Freezer Inks New 85,000-SF Lease At Southeast Frozen Foods Building

In a strategy to expand into the Southeast Florida market, Florida Freezer has signed on for 84,993 square feet at the Southeast Frozen Foods building located at 18770 NE 6 Avenue in Miami. JC Conte, SIOR and Brian T. Ahearn, CCIM, with Butters Realty & Management Industrial Brokerage Team represented Florida Freezer in the deal…

Snow Real Estate buys Sunrise apartments for $15M

Snow Real Estate bought the Golfview Flats apartment complex in Sunrise for $15 million. Hollywood-based Snow Real Estate, through an affiliate, bought the property at 8445 Springtree Drive from Ortsac Capital Group, based in Fort Lauderdale, according to a news release. Snow Real Estate took out a $12.8 million loan to finance the purchase from New York City…

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August 4, 2021

Chart: Zoning Distribution of Miami 21 Urban Commercial Land

Zoning Distribution Chart of Miami 21 Urban Commercial Land Shows T3 Zoning Group the Most, T6-60 the Lease Common

In this chart one can see that the T3 group of Miami 21 urban commercial zones, which includes T3-L, T3-R, and T3-O, is the most common zoning, followed by T6-8, then T5, and T4, whichT6-60 is the least common, followed by the most dense T6-80.

If one looks at the same set of parcels, but excludes that which is currently being used for a single family residence and thus has not yet been put to commercial use, the chart looks a bit different:

Zoning Distribution Chart of Miami 21 Urban Commercial Land That Does Not Currently Have a Single Family Use

The most evident change when the single family use properties are excluded is that the T3 zoning group becomes a distinctly smaller share, though still the largest, and the denser zones have grown. Why would this be? It is because a large portion of T3 land in Miami as well as some portion of T4 and T5 zoned land has not yet been put to commercial use. As one can see in a chart in the previous post, Percent of Miami 21 Urban/Commercial Zoned Land that Remains Residential, by Zone, more than half of T3-O and more than 85% of T3-R zoned parcels still have single family residences on them.

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August 2, 2021

Miami Commercial Real Estate News July 28, 2021: Landlords Sue Government Over Eviction Ban; Brickell Retail Condo Sells for $14 Million; More…

Landlords sue federal gov’t over rental losses during CDC eviction ban

In three days, the federal ban on evictions is set to expire, allowing landlords in most states to take non-paying tenants to court. But property owners say they deserve more than the freedom to join a backlogged docket. They want money. The National Apartment Association, a landlord group, filed a lawsuit in federal claims court Tuesday demanding that…

Black Lion buys SLS Lux Brickell retail condo, former Katsuya location, for $14M

Black Lion Investment Group bought a retail condo at the SLS Lux Brickell for $13.5 million. The Los Angeles-based commercial real estate and investment firm bought the unit that was formerly the site of Katsuya sushi restaurant and SBar, according to a press release from the brokers. Jorge Pérez’s Related Group, which co-developed the SLS Lux Brickell at 805…

Two of Florida’s Biggest Developers Team Up To Develop 28 Acres In Hialeah

Two of Miami’s biggest developers are teaming up on a 642-unit multifamily project on 28 acres. Related Group and Fontainebleau Development broke ground Monday on Las Carreras, a garden-style rental community in Hialeah at 7218 West Fourth Ave. The new project will bring luxury touches to what has traditionally been a working-class enclave. The project is the…

Renaissance Properties sells Aventura office complex for $140M

Renaissance Properties NY sold the Aventura Corporate Center for $140 million to a New York-based investment group that plans to build an addition, The Real Deal has learned. New York-based Renaissance, led by Kenneth, Bradley and Robert Fishel, sold the three Class A office buildings and garages at 20801, 20803 and 20807 Biscayne Boulevard to Aventura…

Commercial property sales outpace pre-pandemic figures in Q2

Commercial property sales are broadly rebounding to pre-pandemic levels across the country, though the same success isn’t being seen in select markets that dominated before the pandemic. Investors spent $144.7 billion on commercial property during the second quarter, nearly three-times the amount recorded in the same period last year, the Wall Street Journal…

Jared Kushner Plans to Open Investment Firm in Miami, Israel

Jared Kushner plans to open a Miami-based investment company with an office in Israel later this year, according to a person with knowledge of the matter. The son-in-law to former President Donald Trump is in the final stages of starting the investment office, called Affinity Partners, Reuters and the Jerusalem Post reported earlier Wednesday, citing sources they didn’t…

Miami Office Rent Growth Influenced by Influx of Tech Firms, New Capital Sources

The past year has been a long and winding ride, and some unexpected trends have been taking place in the Miami office market, between the onset of the COVID-19 pandemic and through its recovery to date. Logically, one would expect that an ongoing pandemic keeping corporate offices closed and employees working from home would negatively affect…

Miami Market Update: Office Pipeline Growth Stalls

By mid-2021, Miami had 2.5 million square feet of office space under construction, according to CommercialEdge data. This amount accounted for 3.7 percent of total stock, placing the metro above the national average of 2.4 percent. June’s findings represent a 2 percent dip month-over-month, signaling the first halt in the metro’s constant pipeline growth since…

Miami’s Link at Douglas: Targeting the Top in Urban Living

South Florida, together with Arizona and Texas, has grown as an attractive alternative for New York City and Silicon Valley companies looking to relocate to more business-friendly markets. Miami in particular has garnered a lot of attention, as local authorities launched several programs offering economic incentives for businesses to relocate or open offices…

Neology Life Lands $52M Refi for Miami Luxury Community

Neology Life has received a $52 million refinancing deal for Pier 19 Residences and Marina, a 199-unit multifamily tower in the Miami River District at 1951 NW S River Drive. Berkadia arranged the two-year bridge loan provided by LoanCore Capital. The financing package included floating rates and a one-year extension at a 72 percent loan-to-value ratio. Neology…

Berkadia Secures $52M Refinancing for Pier 19 Residences & Marina in Miami

Berkadia has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit apartment community along Miami River. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the sponsor, Neology Life Development Group, a Miami-based residential and commercial real estate firm. LoanCore Capital originated…

Miami-Dade County Property Appraiser submits 2021 Preliminary Certification of Taxable Values

The Miami-Dade County Property Appraiser Pedro J. Garcia has submitted the 2021 Preliminary Certification of Taxable Values to the taxing authorities, which continues to show an overall growth in property values despite the impact COVID-19 had on certain real estate markets. The countywide estimated taxable value for 2021 is $337,968,694,350…

Sam Zell’s Equity Residential reports recovery in rental occupancy

The pandemic hit the bottom line of Sam Zell’s Equity Residential pretty hard, but the worst is finally in the rear-view mirror, executives of the real estate investment trust said Wednesday. “We acknowledge how badly our operations declined over the last 16 months,” said Michael Manelis, the chief operating officer, during an earnings call. “But the current recovery…”

Unibail-Rodamco plans “radical reduction” of regional malls

Unibail-Rodamco-Westfield will look to sell its regional malls in the U.S. as it struggles to recover from the pandemic’s brutal impact on the retail sector. The Paris-based mall giant and investment firm posted a $652.6 million companywide loss for the first half of the year, it said in an earnings call Wednesday. That total…

Covid surge, CDC reversal upends back-to-office plans

As the Delta variant fuels a nationwide surge in Covid cases, employers’ return-to-work plans are being thrown into a state of flux. Earlier this week, the CDC updated its public health recommendations, imploring the fully vaccinated to resume wearing masks indoors in “substantial or high-transmission” areas — classifications that currently…

Work-from-home threat “overstated,” Boston Properties CEO says

One of the nation’s largest office landlords isn’t worried about the rise of remote work. While the continued work-from-home trend will have a long-term impact on the office market, the threat is “overstated” for landlords of Class A office space, Boston Properties CEO Owen Thomas said Wednesday. “The market is concerned … We acknowledge that’s the case,” Thomas…

Mila restaurant to add entertainment venue on Lincoln Road

Restaurateur Gregory Galy and his partners won approval to add an entertainment venue to Mila on Lincoln Road in Miami Beach. The Miami Beach Planning Board on Tuesday approved a permit for Mila to create a 7,352-square-foot nightlife venue on the second enclosed floor of the 800 Lincoln Road building. The Mila Membership Lounge plans to serve…

Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit

Hospitality mogul David Grutman and rapper and entrepreneur Pharrell Williams could use some good vibes for their Goodtime Hotel. The hotel, which opened at 601 Washington Avenue in April, is at risk of losing parts of its conditional use permit following nearly 30 noise violations. The Miami Beach Planning Board will hold a hearing over revoking the…

South Florida’s retail market slowly emerges from pandemic woes in Q2

South Florida’s retail market showed signs of recovery in the second quarter, with positive net absorption in Miami-Dade, Broward and Palm Beach counties, and stabilizing vacancy rates throughout the region, according to a recently released report. Population growth is fueling a steady return of consumers to physical stores, restaurants and gyms…

South Florida by the numbers: Play ball; the Miami Marlins’ latest dealings

Corey Dickerson, Mike Piazza and Derek Jeter with the Miami baseball stadium (Getty) “South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Now that they have South Florida’s sports landscape all to themselves for a little while, this is an ideal opportunity to check in on the Miami Marlins’…

Complex public-private Miami administration building deal stumbles

A complex public-private partnership is apparently falling apart between the City of Miami and a developer that won a bid to build a multi-million-dollar project on the Miami River. Because the city is considering other…  moving ahead with its own standalone residential tower on its own land near the river, at 230 SW Third Street. By working for years on the city…

Stormy city commission can’t blow Rickenbacker Marina off course

The fate of the city-owned marinas on Virginia Key led to a long and loud shouting match between two Miami city commissioners. Once decorum was restored at the July 22 meeting, the end result was a split vote that advanced a ballot proposal designed to keep the current operators of Rickenbacker Marina – Biscayne Marine Partners LLC – in control of…

Miami’s waterfront parks reimagined

Two of the City of Miami’s newest and most popular parks would have been unrecognizable even 20 years ago. Maurice A. Ferré Park, downtown Miami’s direct connection with Biscayne Bay, and Regatta Park, bringing a lushly transformed waterfront to Coconut Grove, each have less than glamorous pasts. As the City of Miami celebrates its 125th Anniversary…

Churchill’s Pub operator evicted amid foreclosure lawsuits against landlord

Mallory Kauderer and Churchill’s Pub Churchill’s Pub, the storied live venue and bar in Miami’s Little Haiti neighborhood, could be gone for good after the property’s landlord secured a major victory in court last week. Miami-Dade Circuit Judge Reemberto Diaz issued an eviction order and writ of possession against Churchill’s current tenant District Live Agency…

Family office buys South Beach short-term rental portfolio for $14M

Red Group sold a portfolio of short-term rental units in South Beach for $13.9 million to Daniell Group, a family office led by Avihai Daniell. Miami-based Red Group, led by co-founder and president ​​Gabriele Braha, sold the 20-unit building at 801, 807 and 815 Alton Road in Miami Beach, as well as the 18 condos at 1355-1357 Drexel Avenue, Braha said. New York-based…

Architect who designed the collapsed Surfside condo was previously suspended after toppling of other structures

The Florida State Board of architecture’s order to suspend William Friedman for six months More than a decade before William Friedman designed the collapsed Surfside condominium, Florida’s board of architecture suspended him for six months for designing structures that toppled during Hurricane Betsy. Sign pylons that were “an integral part…”

3 Warehouse Types for E-Commerce Distribution

Let’s face it: nomenclature around warehouse facilities can be confusing. Is it an industrial property, a warehouse, a fulfillment center, a distribution building or something else? Further complicating the issue is that the response to that question can often be “all of the above,” leaving the inquirer even more perplexed. To begin to sort this out, LoopNet spoke…

Instacart to build fulfillment centers near supermarkets

Instacart is the latest company seeking to cash in on the industrial real estate boom, making plans to build its own fulfillment centers for supermarkets. The grocery delivery company will begin developing an undetermined number of fulfillment centers over the next year, according to the Wall Street Journal. The centers would be able to hold between…

Raging wildfires threaten lumber market, home builders’ costs

Just as lumber prices were finally falling, wildfires and extreme weather are threatening to pull them right back up. Fires raging in the western United States are beginning to have a negative impact on lumber output. Canfor, one of the biggest lumber producers on the continent, is among the companies cutting back production in response to the weather events…

Blackstone eyes return to hotel business as real estate fuels strong Q2

Blackstone backed out of hotels in the nick of time. “It wasn’t because we anticipated the pandemic,” said president Jonathan Gray on the firm’s Q2 earnings call Thursday. Rather, the investment giant saw greater promise in the rental housing, life sciences and industrial buildings it picked up in the past year — investments that helped it nearly double its distributable…

Miami office vacancy rates reach Great Recession levels

Office vacancy rates in Miami-Dade County are hitting highs not seen since the Great Recession, according to a pair of recent market reports. A June report by the Commercial Industrial Association of South Florida, or CIASF, found that the vacancy rate for Class A office space jumped above 20 percent in the first quarter, a height not seen since the last building…

New buyer aboard: Brightline parent sells sites near Fort Lauderdale station

Florida East Coast Industries sold two development sites near its Fort Lauderdale Brightline station for $37.2 million. FLL Andrews Development and FLL Flagler Development sold the assemblages at 130 Northwest First Avenue and 117 Northwest Second Street for $17.6 million and $19.6 million, respectively. The buyers’ entities, N Andrews Ave Development…

Former Fort Lauderdale church site to be reborn with offices, retail

A boarded up, gable-roofed former church site in Fort Lauderdale will be resurrected with bars, restaurants, retail and offices. Miami-based developer Wellmeaning Properties plans to reinvent the closed Fourth Avenue Church of God property at 1237 Northeast Fourth Avenue into the Canopî project, according to a news release. Jaime Sturgis and Kaley…

Grover Corlew buys Bank of America Tower in Boca Raton for $45M

Boca Raton investment management firm Grover Corlew purchased an office building in its backyard for $44.6 million. Black Creek Group sold the Bank of America Tower, an eight-story, 109,500-square-foot Class A building at 150 East Palmetto Road to Grover Corlew, according to a press release. The property’s tenants include Charles Schwab and Waypoint Residential…

Class A Office Building In Boca Fetches $99.5 Million

KBS assisted in the acquisition of One Town Center, a 191,294 square-foot Class A office building in Boca Raton. The property was acquired from a joint venture between prominent commercial real estate firm CP Group, formerly Crocker Partners, and Siguler Guff & Co. for $99.5 million by Prime US REIT (PRIME), which trades on the Singapore Exchange Securities…

Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M

Opterra Capital bought a Boca Raton Holiday Inn for $13.3 million. Records show Opterra, through an affiliate, bought the Holiday Inn & Suites at 701 Northwest 53rd Street from FLL Resorts, which is linked to Archer Capital Group. The price reflects only the building, with the true deal value being $17.6 million, inclusive of the land and furniture…

Walton Street Capital buys Boynton Beach apartments for $93M

Walton Street Capital bought the Pacifica Boynton Beach apartment complex for $92.7 million. Records show Walton Street, through an affiliate, bought the property at 1100 Audace Avenue from Miami-based Alta Developers. The deal breaks down to $286,034 per unit. The 324-unit complex consists of several buildings completed in 2019 and 2020…

Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm

The Related Companies closed on the site of a planned 25-story office tower in downtown West Palm Beach, marking progress for a project that is years in the making. The First Church of Christ, Scientist in West Palm sold the property at 134 and 142 Lakeview Avenue and 809 South Flagler Drive to Related’s RUD 1 Flagler LLC for $20.1 million, records show. The sale…

Publix pays $9M for Westlake site in Palm Beach County

Publix paid $9.1 million for the 20-acre site of a planned retail center and grocery store in Westlake, the massive master-planned community in western Palm Beach County. Records show Westlake master developer Minto Communities, through its Minto PBLH LLC, sold the property at 5075 Seminole Pratt Whitney Road to Publix Super Markets. The Lakeland-base…

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July 28, 2021

Chart: Percent of Miami 21 Urban/Commercial Zoned Land that Remains Residential, by Zone

Chart with Percentages of Land Commercial (as not currently single family use) for Miami 21 Urban Zones from T3-L to T6-80

In the chart herein, readers can see that at the less dense end of Miami 21 commercial urban zones large amounts of land are currently being used as single family, thus clearly not (yet) as commercial. More than 85% of T3-R land is not commercial, while the more liberally zoned T3-O (“O” for open, allows more uses) has about 55% that is not commercial. Moving up the density to the different types of T4, restricted, limited, and open, 15-20% is not commercial. The percentages steadily rise from there with most land with T6-12 or greater density zoning largely commercial, i.e. not single family use and commercial zoned.

This makes sense. The Miami 21 trasect based zoning steps density up steadily. Thus, T3 land would commonly be the first step up from residential land. Many times, that land’s time as a commercial zoned property has not yet arrived. This is also the case, but to a less degree, for slightly more dense zones; the closer the zoning is to residential the more likely it is to not have developed into a commercial use.

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July 26, 2021

Miami Commercial Real Estate News July 21, 2021: Brickell Four Seasons Trades for $130 Million; Wynwood Mega Developments; Office Market Updates; More…

Fort Partners buys Four Seasons Brickell hotel for $130M

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Blackstone buys $5.1B in affordable housing from AIG

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The Fed: Though Easing, COVID Still Exerts Force on Region’s Economy

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Yacht Haven Park & Marina in Fort Lauderdale sells for $58M

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Frankforter Group buys Pompano Beach apartments for $43M

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Pebb Enterprises buys Boca Raton office building for $15M

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July 21, 2021

Video: Costar Director of Market Analytics David Kahn Discusses Office Forecast

David Kahn, Director of Market Analytics with CoStar, a leading provider of information, analytics and marketing services to the commercial property industry, joins America’s Commercial Real Estate Show to discuss the office market. Included in the discussion are rent growth, performance, vacancy, cap rates, trends and opportunities. Much of the conversation concentrates on the effects of COVID, the increase then recent slowing of the pace of increase of sublet availability. He notes that nationally vacancy is at 12.5%, up about 300 basis points since pre-pandemic levels but still lower than the great financial crisis and dotcom bubble. One chart that is striking is leasing activity, with total square feet leased up from pandemic lows, but still 30-40% (eyeballing it, chart at 4:02, look for yourself) below pre-covid levels.

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July 15, 2021

Miami Commercial Real Estate News July 14, 2021: Doral Office Property Trades for $96 Million; Palmetto Bay Multifamily Sells for $58 Million; More…

MG3 Group buys Doral offices for $96 million

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Miami Multifamily Report – Summer 2021

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Dental clinic buys distressed Coral Gables office building for $7M

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Related Companies, CareMax to open 75 senior health centers

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Top 5 Office Projects Under Construction in Miami

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Inside Wynwood’s Burgeoning Office Market

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Altman Cos. Tops Off Miami Luxury Apartments Altis Ludlum Trail

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Mill Creek Residential Begins Construction of Downtown Miami Community

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North Beach apartment building deemed unsafe, ordered evacuated

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Surfside condo collapse prompts industry changes

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Mexican firm Zentrix Industries buys former Related Group downtown Miami HQ for $24 million

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Doral Vice Mayor Calls For Review Of Projects Tied To Former Surfside Building Official

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All About 40 Year Recertification Inspections for Commercial Properties

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Developer Proposes 850K Square Feet Of Warehouses Outside Miami-Dade Urban Development Boundary

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July 14, 2021

Chart – Inflation Watch June 2021: Inflation Expectations Remain Elevated 75-ish BP Over Pre-Pandemic Levels

Federal Reserve Bank of St. Louis, 5-Year Breakeven Inflation Rate, commonly referred to as the TIPS Spread, a measure of expected inflation derived from 5-Year Treasury Constant Maturity Securities and 5-Year Treasury Inflation-Indexed Constant Maturity Securities, for the 5 years ending 6/30/21

As one can see in these charts, the 5-year TIPS spread continues to sit around the 2.5% range, closing at 2.46% on June 29th, the last trading day of the month. Eyeballing this chart, if one calls the pre-pandemic level 1.75%, which is debatable (thus the “ish” in the title), then the TIPS spread, and thus inflation expectations, are running about 75 basis points higher than they were before anyone had heard of COVID-19.

“Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair.”

~Sam Ewing

Real Money at Stake

Real money is at stake with these spreads. TIPS pay interest every six months, based on a fixed rate that is calculated by multiplying the adjusted principal by one-half the calculated interest rate (i.e. half a year’s worth of inflation at that rate). Thus, a “bet” that an investor makes in with these bonds has real financial implications. If actual inflation is higher than priced in the markets, a TIPS buyer will make more that a straight treasury buyer. If it is lower, that TIPS buyer will make less. How much money is at stake? In 2017 Morningstar pegged the market at $1.2 trillion. Thus, every 1/10% difference is a $1.2 billion swing. That is real money by my count.

Generally on Inflation and Commercial Real Estate

What is the impact of inflation on commercial real estate? In the near term, higher inflation tends to bring higher interest rates. Higher interest rates are a negative for commercial real estate. Higher rates means larger debt service payments, reducing the buying power of purchasers, and negatively impacting deal economics. It also means makes fixed income investments a more competitive investment, likely pulling capitalization rates (cap rates) up, and thus prices down. Over a longer period, however, the prospect of inflation leads to a principal benefit of commercial property investment, that of its potential as a hedge against inflation. After all, more inflation should lead to higher rent, at least in time.

MIT published an excellent whitepaper on real estate’s ability to keep pace with inflation with data to 2016. They looked at then tendency of retail, multifamily, industrial, and office income and values to keep pace with inflation. The best at keeping pace income-wise was retail, with rent growth of 102% of inflation. Office was the worst performing at a quite dismal 18%. Values across the property types were more consistently kept pace, with retail again doing the best appreciating at 107% of inflation, office again the worst at 74% of inflation. I’ll speculate that the fairly drastic difference between income and value keeping pace with inflation is driven by vacancy. If you’re interested in the topic, read the paper.

Expectations for inflation also come into play with lease structure and due diligence. A lease structure with a fixed rent increase becomes less attractive for a landlord with higher inflation expectations. Similarly, a commercial property being acquired with existing leasing in place that have fixed or capped rent increases looks less attractive as inflation expectations increase. Also, a property being purchased with fixed rate financing will look increasingly attractive if a buyer anticipates inflation fueled increases in income. Inflation, in short, is very important to commercial property investors.

~

Considering commercial real estate for its inflation hedging possibilities? Check out Miami area listings in this HawkinsCRE.com site. You can view all the properties listed on the commercial MLS in Miami-Dade county, or view only certain types: industrial ; multifamily ; office ; retail ; vacant land . You can also view properties filtered for their municipal zoning code or view properties by zip code or by their general location/region in Miami-Dade. Also available are office condo listings by building and multifamily properties displaying and sorted by price per unit. Even better, contact us to help you find the right property to acquire. With our other subscription resources, our proprietary database of off-market properties.



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July 10, 2021

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

January 2011 to June 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 chart herein displays the sales price to list price ratio as reported by the Miami MLS for improved commercial real estate (MLS classification: commercial/industrial) within Miami-Dade county in the state of Florida priced from $1 million to $10 million that closed from January 2011 to June 2021. This ratio has spiked up to 95.5%, about as high as this has registered but for the (seemingly) anomalous 100% number in February 2017.

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July 9, 2021

Chart: Miami-Dade Commercial Real Estate Sales June 2021

Miami MLS Number of Sales from July 2019 to June 2021 for a) Commercial, Industrial or b) Commercial, Business, Agricultural, or Industrial Vacant Land within Miami-Dade County, Florida

This chart illustrate the quantify of closed sales of commercial properties in Miami-Dade county, including both improved commercial property and vacant commercial land, that were booked in the Miami MLS for the two years ending June 2021. The number for last month, June 2021, remained elevated as sales have remained strong post-pandemic. It is not the blistering pace of March, but it is a strong number, regardless. Note that this is only for sales booked in the Miami Multiple Listing Service (MLS), which does not record all commercial property sales. It does, however, record many of them.

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July 8, 2021

Miami Commercial Real Estate News July 7, 2021: Plan for WorldCenter Marriot Marquis Nixed, Land Trades; Mana Expands Downtown Assemblage; More…

Moishe Mana expands downtown Miami assemblage with $12 million purchase

Downtown Miami’s largest private property owner is still adding to his assemblage. Mana, who has envisioned transforming his real estate into the Mana Common tech and cultural hub, bought the half-acre parking lot at 49 Northwest First Street for $12.4 million, according to a news release. Miami Beach investor Andrew Mirmelli, manager of M&M Parking, sold…

Witkoff, Monroe pay $94 million for site of canceled Marriott hotel at Miami Worldcenter

New York-based Witkoff and a partner swooped in to buy the site of MDM Group’s long-hyped — but now-canceled — Marriott Marquis Miami Worldcenter Hotel for $94 million. Witkoff, led by Chair and CEO Steven Witkoff, and Chicago-based Monroe Capital bought the 4.7-acre site at 700 North Miami Avenue, according to a news release. It is not yet clear…

Chart: Miami-Dade Commercial Property Estimated Turnover 2016 to 2020

The question comes up as to how frequent a commercial property trades in the Miami area. Many take a guess at this, but which I’ve never heard of anyone else really making an effort to truly quantify it. I’ve taken a swing at it here. The Methodology. The value of what trades as a percentage as the numerator (selling prices) is not disclosed for many trades and in any…

Brazil’s Biggest Homebuilder Expanding Quickly In U.S. Multifamily

The biggest homebuilder in Brazil has entered the U.S. multifamily market and is expanding quickly through a South Florida developer and landlord. Miami-based AHS Residential controls and operates 11 communities and over 2,500 apartment units in Florida. In South Florida specifically, AHS Residential has five new apartment communities…

Related Group Seals $73 Million Loan From Cerberus for Wynwood 29 Project

The Related Group has locked in $72.8 million in construction debt from Cerberus Capital Management for a planned mixed-use residential and retail development, Wynwood 29, in the Wynwood section of Miami, Commercial Observer has learned. The financing will allow Related and its partner Metro 1, a Miami-based real estate firm with a history in…

“The Cult of We” review: “Emperor’s New Clothes” of the Silicon Valley age

Jamie Dimon, billionaire banker, adviser to presidents, leonine master of the financial universe, had FOMO. Mohammed bin Salman, the brash upstart who had come out on top in a ruthless Game of Thobes at the House of Saud, was eager to announce his primacy on the world stage. Masayoshi Son, whose early bet on Alibaba had made him one of the world’s…

Here’s what tenants pay at Downtown Miami’s Citigroup Center

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro – the one stop… The priciest Miami office tower to trade hands in the past two years is a bit of a fixer-upper. As of March, the 810,000-square-foot Citigroup Center at 201 S Biscayne Boulevard in Downtown Miami was only 62 percent leased….

Pandemic fueled record business openings wave in Miami

The Covid-19 pandemic fueled the greatest wave of business openings in Miami-Dade County history, a new report from the US Census Bureau reveals. As the pandemic developed last year, the number of new business applications in the county rose nearly 25% above the level of 2019, which was the record at that time for Miami, a community that has…

Downtown Miami Office Vacancy at 24% in Q2, Up Slightly From Q1

Vacancy rates for office and retail properties remain high, but brokers and businesses are betting on a booming Miami market for business transplants. Direct vacancy for Downtown Miami office buildings was at 23 percent on average in the second quarter, according to a report from Colliers. Vacancies for all Miami-Dade County office properties stood…

Miami may forgive millions in Jungle Island debt

The Miami City Commission plans to consider amending a development agreement with ESJ JI Leasehold LLC to pay a portion of a loan given by the city to the original lessee for construction and operation of a hotel at Jungle Island on Watson Island in exchange for the project being completed by 2026. That would require ESJ to show a certificate of occupancy for…

Venetian, Rickenbacker Causeway redevelopment sought

Miami-Dade County received an unsolicited proposal from a consortium of firms, identified as the Plan Z Consortium, for a project to improve the Venetian and Rickenbacker causeways and Bear Cut Bridge. Now, county commissioners are today (7/8) to discuss the proposal and authorize the mayor to open a solicitation to others for the same project purpose. 

Research Points To E-Commerce-Driven Need For Another 330 Million Square Feet By 2025

Even though the most-dire days of the COVID-19 pandemic may be in the past, that, by no means, has pumped the brakes on the frenetic pace of e-commerce activity, driven by the steady drum beat of consumer demand. That was evident in the findings of a report recently issued by Los Angeles-based industrial real estate […]…

Restaurant aid runs dry, leaving most applicants with nothing

The federal pandemic relief fund for struggling restaurants fell short, helping less than a third of eateries that sought assistance. The $28.6 billion Restaurant Revitalization Fund, which was established as part of the federal $1.9 trillion coronavirus relief package, closed on Wednesday because it ran out of money, the New York Times reported.

CP Group Acquires One Biscayne Tower in Downtown Miami for $225M

CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-story office tower in downtown Miami, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners. Dow Chemical sold the asset for $225 million, according to the Daily Miami News. L&B Realty has managed One Biscayne Tower on behalf of Dow…

CP Group JV Buys 1 Million Square Feet Miami Tower

A joint venture of CP Group, formerly known as Crocker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners, has acquired the downtown Miami office building One Biscayne Tower, CP Group announced. The purchase price was $225 million, according to The Real Deal, which first reported the purchase. The…

$4.8M Sale of Coral Way Medical Office Property Brokered

Marcus & Millichap has brokered the $4.8 million sale of a three-story, 15,250-square-foot medical office property located at 1790 Coral Way in Miami. Douglas Mandel and Adam Klein of Marcus & Millichap represented the seller. Miami-based L2 Partners, a limited liability company, was the seller. The seller will occupy about 30 percent of the building. The…

Edgewater’s Bay Park Condo Towers in $130M Bulk Buyout Deal

If Beach Hill Capital Partners has their way, Edgewater will be seeing another luxury, waterfront condo tower be built. The Miami-based investment firm has offered $130 million to buy out the 1960s waterfront condo complex at 3301 NE 5th Avenue. The 14-story, 254-unit building was built in 1961 and has one of the largest surface parking lots in…

Chetrit’s lender alleges it stole $2M insurance payout for South Beach hotel damage

Chetrit Group’s new lender alleges that the New York real estate firm stole $2 million in insurance money tied to damages at the long-shuttered Tides South Beach hotel at 1220 Ocean Drive, court filings show. The latest allegations are part of a $45 million foreclosure lawsuit filed earlier this year by Safe Harbor Equity affiliate SHEDDF3 VNB LLC against CG Tides…

Lumber prices are splintering, futures drop 40% in June

Someone yell timber. June was the worst month on record for the lumber futures as prices for the homebuilding commodity are falling fast after an unprecedented run-up. The lumber bubble has finally popped because demand eased and supply grew, CNBC reported. Lumber futures tanked by more than 40 percent in June, the biggest monthly drop in data kept…

Zom wants to sell two South Florida apartment buildings for nearly $500M

Zom Living CEO Greg West with the properties Apartment developer Zom is ready to part ways with two high-end rental projects it recently completed. The company hopes that the South Florida properties will sell for more than $460 million… Orlando-based Zom listed the 438-unit, 50-story Solitair tower at 86 Southwest Eighth Street in Miami’s Brickell neighborhood…

Ronny Finvarb buys Deerfield Beach mixed-use property for $9M

Real estate investor Ronny Finvarb bought another property in Deerfield Beach. Finvarb, through his Sandcastle 1 affiliate, bought the office-retail building with restaurants at 233-249 Northeast 21st Avenue for $9.3 million, he said. The seller is Atlantic Pavilion, managed by James Nizzo and Ellen Spiros, according to corporate records. The three-story, 51,662-square…

FBE buys Lauderhill apartment complex for $95M

FBE Limited bought a Lauderhill apartment complex for $94.6 million. Records show 4200 Cypress Owner, tied to New York-based FBE, bought the complex at 4200 Northwest 19th Street from an affiliate of Code Capital Partners, also based in New York. The buyer took out an $80.4 million loan from MF1 Capital to finance the purchase. The 814-unit complex was…

Crow Holdings buys Delray Beach apartments for $112M

Dallas-based Crow Holdings bought a Delray Beach apartment complex for $111.75 million, marking one of the highest-priced multifamily deals in South Florida this year. Records show a limited partnership of CH Realty IX/MF Boca Raton Congress, in the care of Crow Holdings, bought the 369-unit Alta Congress at 250 Congress Park Drive. The deal breaks down…

Pebb Enterprises buys Boca Raton office building for $18M

Real estate investment firm Pebb Enterprises bought a Boca Raton office building for $18.4 million in an off-market deal, The Real Deal has learned. Boca Raton-based Pebb, led by president and CEO Ian Weiner, purchased the building at 1801 North Military Trail, according to a press release. Property records show the seller is North Circular Boca Raton LP. 

Tricera Capital, partners buy West Palm Beach office tower for $61M

Tricera Capital and three other partners bought One Clearlake office tower in West Palm Beach for $60.7 million. Tricera, NDT Development, New England Development and Rockpoint Group purchased the property at 250 South Australian Avenue, according to a news release. The seller, a joint venture between Dallas-based private equity real estate fund manager…

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July 7, 2021

Chart: Miami-Dade Commercial Property Estimated Turnover 2016 to 2020

Miami-Dade Property Appraiser 2021 Value of Hawkins Commercial Realty Identified Commercial Folios Traded in a Year Divided by Miami-Dade Property Appraiser 2021 Value of All Such Folios

The question comes up as to how frequent a commercial property trades in the Miami area. Many take a guess at this, but which I’ve never heard of anyone else really making an effort to truly quantify it. I’ve taken a swing at it here.

The Methodology

The value of what trades as a percentage as the numerator (selling prices) is not disclosed for many trades and in any case it is a different measure than any accessible denominator. What is accessible, however, is the Miami-Dade property appraiser’s (MDPA) value today for folios (parcels) that have traded in the past. By comparing 2021 MDPA values for traded commercial folios in prior years with total 2021 MDPA values for all commercial folios, it can give us a fairly accurate idea of turnover in those years. Note here I’m using county-wide numbers to represent the greater Miami area. Obviously, some areas will have had more turnover than others.

One fault in this is that the Miami area is growing, thus the square footage of improvements would have been less in prior years. However, these improvements will be reflected in the 2021 MDPA values. Thus, using MDPA 2020 values seems reasonably apples to apples, though perhaps Granny Smith to Gaia. Also, there will be properties that have gone in or out of a commercial classification. Those that have traded, however, will not be reflected at all, and thus should have no significant effect on the percentages. What is being counted here is properties that we’re identifying as commercial now that have traded in the past 5 years. Take into account the variances and you’re left with apples to pears, not perfect, but better than apples to unicycles (just a random choice there), and far better than any other calculation of which I’m aware.

It seems to be reasonable to assume that this is a pretty good way to gauge turnover or the past few years. Using such a method to go back farther, however, would surely result in less valid percentages for the years farther back, eventually excessively so.

“Four out of three people struggle with math.”

~Anonymous*

It is also worth noting that the drop-off in 2020 is greater than I would have guessed. Prior to 2020 turnover seems to run about 5-6%, which I’ll guess is a normal run rate. I would assume the 2021 drop is attributable to COVID, and further expect (this is a guess) that this is disproportionately attributable to larger trades. I’ll further guess that turnover for 2021 will be considerably higher than any of these prior years. I’ll play oddsmaker for a moment and call the over-under 8.5%.

* That’s my story and I’m sticking to it.

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July 1, 2021

Miami Commercial Real Estate News June 30, 2021: Condo Disaster Updates; One Biscayne Tower Sells for $225M, “Burdines” Dev Site for $46M; More…

Surfside condo “a time bomb:” Survivor’s lawsuit cites falling concrete, cracks and standing seawater in garage

Raysa Rodriguez recounts a harrowing escape from her unit at the collapsed Surfside condominium, and lays out mounting warning signs in a newly filed lawsuit. Among them: a concrete chunk that had fallen from the garage ceiling and a “wide crack” above her parking space. In her suit, which seeks class action status, Rodriguez also cites flooding in the…

Champlain Towers South carried a $5M policy, insurers gear up for legal claims

As lawsuits mount against the Champlain Towers South condominium association, the building’s and unit owners’ insurers will play key roles in footing the bill for any payouts arising from legal claims, according to local property insurance experts. Since the deadliest building catastrophe in South Florida history last Thursday, three residents have filed lawsuits…

Fire Official Says Six Floors of Surfside Condo Are Believed to Be Underground

The giant pile of debris in Surfside rises more than two stories above the earth and has proven to be a huge challenge for teams searching for victims of the Champlain Towers South building collapse. But that’s only what can be seen. Officials believe there is nearly as much of the building below ground level. Miami-Dade Assistant Fire Chief Ray Jadallah said…

State attorney’s office plans grand jury investigation into cause of Surfside collapse

State Attorney Katherine Fernandez Rundle will empanel a grand jury investigation to determine the cause of the fatal condo collapse in Surfside, as President Joe Biden plans a visit to the site. Miami-Dade County Mayor Daniella Levine Cava announced on Tuesday that Fernandez Rundle will ask a grand jury to look into the partial Champlain Towers South…

Surfside condo president’s April letter warned of more repairs required

The condo board sent a letter to unit owners of the Champlain Towers South in April cautioning the importance of major repairs, mere months before the oceanfront portion of the Surfside condo tower collapsed, trapping more than 150 people. The letter, signed by condo board president Jean Wodnicki, detailed extensive work the Champlain Towers South…

Dire Warnings Arose In Months Before Miami-Area Condo Tower Collapse

Although the images produced by the collapse of the Champlain Towers South complex in the Miami suburb of Surfside were shocking, the collapse itself wasn’t out of the blue. The president of the building’s condo association sent a letter to residents in April asking them to contribute for $15M in assessed repairs to the tower’s concrete structure, The Wall…

County, cities rush to inspect older buildings in wake of Surfside collapse

Miami-Dade County, Miami and Miami Beach are reviewing older buildings in the wake of the Surfside condo collapse that left residents concerned for their safety. Champlain Towers South, a 12-story, 136-unit oceanfront condo, partially collapsed last week, killing at least 11 people and trapping more than 150. The building was in the midst…

Emails, condo meeting minutes show Surfside official turned a blind eye to structural issues

An ex-Surfside building official who was emailed a report about the Champlain Towers’ structural damage told residents the building was in good condition in 2018. Residents of the collapsed Surfside condominium were told in 2018 that their building was in good condition. The town’s main building official at that time offered them the assurance even…

Engineer raised red flags more than 2 years before Surfside condo collapsed

A 2018 report raised major red flags about the structural integrity of the Champlain Towers South, the Surfside condo building that partially collapsed this week, killing at least five and trapping another 156. The engineer tasked to survey the building for its 40-year recertification found “abundant concrete cracking and spalling” as well as failed…

Details emerge in search for cause of fatal Surfside condo collapse

In the search for a cause of the Surfside condo collapse, more details are emerging about re-construction work needed at the building, as 159 remain missing and four are confirmed dead. Champlain Towers South’s condo association had put out bids for concrete restoration work, as part of the required 40-year recertification, the association’s lawyer, Donna…

159 still missing: Surfside rescue mission frustrates condo victims’ loved ones

As heavy rains complicated the search and rescue operation for possible survivors of the Champlain Towers South collapse, family and friends of people believed to be trapped beneath the rubble stood by at a reunification site in Surfside on Thursday. Maurice Waxman, whose friend Harry Rosenberg is among the 159 people still missing, said…

Photos: Devastation at Champlain Tower South

Police tape blocks access to the partially collapsed Champlain Tower South in Surfside on June 24. As of Friday, four people were confirmed dead and 159 missing at the 12-story building. (Photo by CHANDAN KHANNA/AFP via Getty Images) Police stand guard near the badly damaged building. (Photo by CHANDAN KHANNA/AFP via Getty Images) Rubble hangs from…

‘Walls Were Crumbling’ At 12-Story Florida Condo Building Before Deadly Collapse

A 12-story beachfront condominium building in Surfside, Florida, just north of Miami Beach, collapsed around 2 a.m. Thursday, killing at least one and leaving dozens more unaccounted for. The Champlain Towers South Condo building has 130 units and was completed in 1981, according to the Miami Herald. A massive search and rescue operation is underway after…

First lawsuit filed in deadly Surfside condo collapse

The first known lawsuit has been filed in the aftermath of the Surfside condominium building collapse that left 159 missing and at least four dead. Unit owner and resident Manuel Drezner sued the Champlain Tower South Condominium Association, seeking class action status and more than $5 million in damages. Drezner, who owns unit 1009…

After Miami Collapse: How to Prevent the Unthinkable

The deadly partial collapse of the 12-story Champlain Towers South condominium in Surfside, Fla., has left multifamily property owners and operators with many questions: How could this have happened? How can it be prevented from occurring again? What role may climate change play in placing buildings like this one in jeopardy? Jonathan Weislow, vice…

Miami CRE On What Condo Collapse Means For The Market

People in South Florida commercial real estate are saddened, confused and concerned about the collapse of Champlain Tower South in Surfside. “Our community, and the entire nation, is in shock and grieving over the collapse,” said Mike Pappas, president and CEO of The Keyes Co./Illustrated Properties. They are also thinking ahead to how the collapse is likely…

Supreme Court declines to lift CDC eviction ban

The CDC-imposed federal eviction moratorium will live on — at least for another month. In a 5-to-4 ruling late Tuesday, the Supreme Court rejected an emergency request to vacate the ban, which President Joe Biden extended last week for a fourth and likely final time. It is set to expire July 31. Opponents of the ban, including the Alabama Association of…

JV buys One Biscayne Tower in downtown Miami for $225M

A joint venture paid $225 million for One Biscayne Tower, an office building in downtown Miami, The Real Deal has learned. CP Group, which until recently was called Crocker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners, bought the high-rise at 2 South Biscayne Boulevard, according to a news release. The seller was…

JV Acquires Downtown Miami Office Tower

A joint venture of CP Group, formerly known as Crocker Partners, along with funds managed by Rialto Capital Management and Sabal Capital Partners has acquired the downtown Miami office building One Biscayne Tower, CP Group announced. The purchase price was $225 million, according to The Real Deal, which first reported the purchase. The…

Developer Jeff Berkowitz cancels plans for SkyRise Miami observation tower

Rendering of SkyRise Miami and Jeff Berkowitz SkyRise Miami, the controversial tie clip-shaped observation tower that has been in the works for roughly a decade, will no longer be built. Developer Jeff Berkowitz canceled plans for the downtown Miami tower, expected to rise 1,000 feet next to Bayside Marketplace, according to the Next Miami. The…

Partnership Breaks Ground on 224-Unit Wynwood Haus Apartments in Miami

A partnership between TSG, Lineaire Group and Bridge Investment Group has broken ground on Wynwood Haus, a 224-unit multifamily property located at 1765 N Miami Avenue in the Wynwood submarket of Miami. The project is slated for completion by the first quarter of 2023. Wynwood Haus will be a 20-story project and will include studio, one- and two…

Swerdlow Group Breaks Ground on $300M Sawyer’s Walk Mixed-Use Development in Miami

Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment…

Opening of Jackson West in Doral finally firm

Jackson West Medical Center will open its doors to patients Aug. 2, while staff will be in the building starting July 12 according to CEO Eddie Borrego. The opening of the facility, which Mr. Borrego said will be the first acute-care hospital in Doral, has been delayed several times.  In 2019, Miami Today reported, Jackson Health System announced its plan to open…

Wix Is ​​Actively Seeking To Double Its Office Space In Miami – Commercial Observer

Wix, a leading web development company, is looking to expand its presence in Miami, Commercial Observer has learned. The technology company is currently based in The Lincoln, a mixed-use Class A building one block from South Beach’s famous one Lincoln Road, covering an area of ​​approximately 25,000 square meters. Wix aims to expand and…

Monarch Alternative Capital Acquires Majority Interest in Miami’s Citigroup Center

Monarch Alternative Capital LP, a leading investment firm with approximately $9 billion of assets under management, today announced that it has acquired a majority interest in the Citigroup Center office building located at 201 S Biscayne Boulevard in downtown Miami. The Citigroup Center purchase is Monarch’s fifth office building investment…

UBS Group going hybrid as workers return

Not every bank is giving love to office landlords: UBS Group AG plans to deploy a hybrid work model. The Swiss multinational investment bank said about two-thirds of its employees will have flexibility to work at home for part of the week after they return to their workplace, according to an internal memo reviewed by Bloomberg News. The date for a return…

Driveshack at Wynwood Walk, GoPuff in Coral Gables, other notable leases inked

Driveshack chose Wynwood Walk as its first Florida location. The entertainment and golf simulator concept signed a 10-year lease for 17,616 square feet at Wynwood Walk, a Thor Equities property. Michael Sullivan from Koniver Stern Group, and Jeremy Zidell and Tripp Russ from Rue represented Driveshack. It’s expected to open next year. State…

Trouble in EB-5 land: Congress at impasse on extension

Last week was a roller coaster for the cash-for-visas EB-5 program. Its backers celebrated Tuesday when a federal judge struck down a Trump administration rule that experts say nearly killed the program. The judge’s ruling reduced the minimum investment amount to $500,000 from $900,000, although it also reduced the number of areas that qualified…

Edgewater investor shells out $46M for downtown Miami development “Burdines” site

Enrique Manhard and his partners, who recently sold land in Edgewater to the Kushner Companies, have reinvested in downtown Miami. The investors paid $46 million to buy the “Burdines” site, a 2.2-acre block at 16 Southeast Second Street, from Wharton Equity Partners and Cross Lake Partners The development site is zoned for a 2.2-million-square-foot…

Wharton Equity Partners, Cross Lake Partners Sell Development Site in Downtown Miami for $46M

Wharton Equity Partners and Cross Lake Partners LP have sold a 92,972-square-foot development site located at 16 SE 2nd St. in downtown Miami. Colliers International’s Urban Core Division facilitated the $46 million sale of the full city block, known as Miami Center. The property is currently home to a parking lot. Mika Mattingly of Colliers and Robert Given…

Downtown Miami Mixed-Use Development Site Commands $46M

A New York-based venture of Wharton Equity Partners and Cross Lake Partners has sold one of the largest undeveloped parcels in downtown Miami, zoned for a 2 million-square-foot mixed-use development. According to South Florida Business Journal, South American businessman Enrique Manhard picked up the 2.2-acre site for $46 million. Zoned…

Fifty former Sears stores go to market

The owner of the defunct Sears franchise is looking to unload a chunk of properties. Andrea Olshan, chief executive officer of the real estate investment trust Seritage Growth Properties that bankrupt Sears formed five years ago, wants to sell 40 to 50 former stores to generate cash, Bloomberg News reported. The sales will also allow Seritage to…

Biden extends CDC eviction moratorium one more time

The Biden administration Thursday extended the federal ban on evictions for a fourth and likely final time, pushing a moratorium set to sunset at the end of the month until July 31. Landlord groups like the National Multifamily Housing Council criticized the extension, calling the move “out of step with the significant progress made in…

Brookfield pays $26M for Doral warehouse

Brookfield Asset Management bought the Bristol Logistics Center in Doral for $26.3 million. The Toronto-based alternative asset manager purchased the building at 1900 Northwest 92nd Avenue from an affiliate of San Francisco-based Bristol Group, according to a news release. Larry Genet and Tom O’Loughlin were part of the CBRE team that represented…

Travel Tech Company Amadeus Downsizing in Doral, Puts 85K SF on the Market

As high-profile newcomers snatch up Miami leases, Amadeus, a leading travel software company, is downsizing its footprint in the city, Commercial Observer has learned. The tech company is vacating its entire North American headquarters at One Park Square in Doral, Fla., placing the entire 84,110 square feet on the market. The global firm is looking for a new…

Doral Bans Gambling Amid Trump-Owned Casino Prospects

The Doral city council earlier this month voted 4-0 to ban gambling and casinos from the city unless approved by residents in a referendum, weeks after Gov. Ron DeSantis negotiated a $500 million gaming deal with the Seminole Tribe of Florida, reports the Miami Herald. Critics believe the compact was tailored to allow casinos at properties such as the Trump…

Landlords in peril, tenants in distress: Expiring eviction bans foreshadow national reckoning

In Connecticut, real estate attorney Ori Spiegel hadn’t heard much from landlords as the end of his state’s eviction ban approached. He expects that to change, starting today. “There are many who I’ve asked to call me back on June 30,” Spiegel said. “The governor has often waited until the last minute to extend the moratorium…”

BTI Partners buys Hollywood Bread Building for $11M, plans multifamily tower

BTI Partners plans a 25-story multifamily project on the site of the Hollywood Bread Building, after buying the property for $11 million. Fort Lauderdale-based BTI Partners and its equity partner Bridge Investment Group bought the Bread Building at 1747 Van Buren Street, according to a news release. Steve Kohn and Chris Moyer were part of the Cushman…

KPC Properties buys Plantation apartment complex for $46M

KPC Properties bought a Plantation apartment complex for $46 million. The Fort Lauderdale-based group bought Axis at One Pine at 1 South Pine Island Road from Pensam Capital, according to Tal Frydman, one of the brokers on the deal. Frydman worked with Avery Klann, both of Newmark, to close the sale. The five-story complex totals 209 units and more than 228,275 sf…

Batmasians buy Deerfield Beach multifamily complex for $46M

James and Marta Batmasian’s investment firm bought a Deerfield Beach apartment complex for $46 million. Their firm, Investments Limited, bought the 212-unit Lakes at Deerfield at 1100 South Military Trail from GFI Capital Resources Group, according to a news release from the brokers involved. The deal breaks down to $216,981 per unit. Tal Frydman…

Avanti buys Boynton Beach apartments for $105M

LeCesse Development Corporation sold a 341-unit apartment complex in Boynton Beach for $105 million. Skye at Boynton Beach LLC, tied to LeCesse, sold 500 Ocean Apartments at 101 South Federal Highway to four Delaware entities. Three are tied to Denver-based Avanti Residential and one is linked to a real estate investment trust, records show. The deal equates to…

Downtown West Palm Beach office building, parking lot sell for $20M

The Galleria International, an office building in West Palm Beach, sold for $20 million, in a deal that included a parking lot, The Real Deal has learned. Galleria International LLC sold the 42,263-square-foot office building at 301 Clematis Street to Clematis Banyan Investors LP, according to a press release. Safe Parking LLC sold the 30,000-square-foot parking lot adjacent…

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June 30, 2021

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

January 2011 to May 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 chart in this post displays the sales price to list price ratio as reported by the Miami MLS for improved commercial real estate (MLS classification: commercial/industrial) within Miami-Dade county in Florida for such properties priced from $1 million to $10 million that closed from January 2011 to May 2021. This ratio moved up a touch to 94.6% versus the prior month, in the upper end of a 5-7% band over prior years.

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June 28, 2021

Miami Commercial Real Estate News June 23, 2021: Pembroke Pines MF Sells for $223 Mil, Bay Harbor Islands Dev Site for $31 Mil; Margaritaville Selling for $270 Mil; More…

Berkadia Arranges $31M Sale of Mixed-Use Bay Harbor Islands Development Site

Berkadia has arranged the $31 million sale of a 1.8-acre development site in Miami’s Bay Harbor Islands known as 1177 Kane Concourse. Located just west of Bal Harbour Shops, the site includes 300 feet of frontage on Kane Concourse and is permitted for a mixed-use residential, retail and office development. Jaret Turkell, Roberto Pesant, Scott Wadler, Omar Morales…

Billionaire Teaming Up With Sidewalk Labs On Miami Development

Billionaire developer Moishe Mana, through his company Mana Common, has engaged Alphabet’s Sidewalk Labs to plan sustainable infrastructure for a swath of property he owns in Miami’s trendy Wynwood neighborhood. Sidewalk Labs, dubbed an urban innovation company, will design energy, waste and parking systems across 24 acres. It is one of the first projects…

Forget Silicon Valley: Commissioner Wants to Attract Big Pharma to Miami-Dade

When it comes to the future of Miami, the buzz for the past six months has pretty much focused on Mayor Francis Suarez’s push to make the city a hub for tech companies and startups. That’s been the narrative ever since December, when the mayor responded to a throwaway suggestion on Twitter (“ok guys hear me out, what if we move silicon valley to…”)

Miami Market Update: Office Transaction Activity Picks Up Pace

In April, six properties totaling 575,367 square feet changed hands in Miami, at a combined price of $265 million and an average of $461.1 per square foot, according to CommercialEdge data. The office market has picked up momentum in the first quarter of the year, and the growing interest in the Southern Florida market doesn’t seem to be slowing…

Kleber Discusses Miami’s Office Boom

Miami is having a moment. Name a premier financial or tech company and chances are it’s scoping out Miami offices. These include industry giants Citadel, Millennium Management, Apollo Global Management, Apple, Bitcoin.com, and the list goes on. The Magic City is an appealing alternative to New York and San Francisco. Why not settle some place where the…

Related, Dezer report nearly $1 billion sellout at Residences by Armani/Casa

A new benchmark for post-pandemic condo sales in South Florida was set with the nearly $1 billion sellout of the Related Group and Dezer Development’s Residences by Armani/Casa. The developers are among the latest to report a sellout or near sellout in recent months as demand remains high for luxury condos in South Florida. E11even Hotel…

Rilea Group plans multifamily project on Wynwood site purchased for $22 million

Miami’s Wynwood continues to grow as an apartment rental market, with a developer planning a multifamily project on a site it purchased for $22 million. Rilea Group bought the property at 56 Northeast 29th Street from 29th Street Warehouse LLC, managed by Lombardi Properties, in an off-market deal, according to a news release. Alfred…

Hamilton on the Bay’s owner Aimco adds more land to its Edgewater war chest

Multifamily real estate investment trust Aimco, owner of the waterfront Hamilton on the Bay apartment tower, is expanding its land assemblage in Miami’s Edgewater neighborhood. Aimco has closed on or is in contract to buy nearly the entire block of 34th Street, across from the Hamilton, sources told The Real Deal. The Denver-based REIT was rumored to…

Office investors Tishman Speyer, Brookfield put money where mouth is

Since early in the pandemic, office landlords have maintained that work-from-home would not cripple their big-city portfolios. But talk is cheap. Who backed up their bluster with billions of dollars in office investments? Tishman Speyer and Brookfield did, their executives said Wednesday at a forum in Qatar. Rob Speyer said that since March, his firm had…

Estate Companies sells Soleste Alameda apartments in West Miami for $83M

The Estate Companies sold its fifth West Miami multifamily project for $82.9 million. Estate, based in South Miami, sold the 306-unit Soleste Alameda at 6320 and 6290 Southwest Eighth Street to Dallas-based Westdale Real Estate Investment and Management, according to Neyda Bravo, a broker on the deal. The sale breaks down to $270,971 per unit. Bravo work…

Mall landlords turn to pop-up stores to boost revenue

Retailers aren’t the only ones working their way back from the ravages of the pandemic. Mall landlords have been decimated, and many are now courting temporary tenants, pushing the pop-up stores to boost revenue and fill space. Mall operators on Long Island and across the nation are trying to entice retailers with cheaper rents — sometimes a few months…

Global Horizons buys Buena Vista and Little Haiti portfolio for $13M

Global Horizons Group bought a 35-property portfolio of single-family homes and apartment buildings in Miami’s Buena Vista and Little Haiti neighborhoods for $12.85 million. The North Miami Beach-based investor bought the properties from Miami-based Bowery Properties, led by Thomas Neary, according to Global Horizons’ co-founder and co-managing…

County cuts $4 billion West Dade development deal with developer Terra

Miami-Dade and developer Terra have agreed to early terms of a project near Dolphin Station that is expected to yield the county more than $4 billion over a century. Commissioners June 15 approved a 97-year contract with the Miami firm for construction of Upland Park, a mixed development to span 33 county acres where the Dolphin Expressway and Florida…

Major Mexico investment firm to open in Miami

Banorte Securities International (BSI), an investment management and brokerage service company based in Houston, announced it will open offices in the Brickell financial district to attend to its clients from Mexico and the Latin American region in South Florida.  The company is a subsidiary of Mexican financial institution Grupo Financiero Banorte…

Economists agree inflation may hit 5.5% this year

Inflation is here already. Prices of goods are increasing and consumers are starting to notice it. The federal response due to the coronavirus health crisis caused an extra liquidity in the system and the monetary base is expanding at record levels. As a consequence, economists agree that inflation may rise up to 5.5% at the end of 2021 but are still uncertain…

The pandemic’s boost to online sales: A one-time event or a new normal?

The FRED graph above shows online retail sales. It’s no surprise these sales have been steadily increasing, even if there are a few rough patches during recessions. And it’s also completely expected that the pandemic provided a large boost to e-commerce over on-site retail. The question is whether this is a temporary boost that will subside once the world returns to…

PMG buying shuttered Johnson and Wales North Miami campus, planning redevelopment

The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG) Property Markets Group is making a big play in North Miami. The New York-based luxury condo and apartment developer is buying the shuttered, 25-acre Johnson and Wales campus, with plans for partial redevelopment, according to city documents and a commercial…

Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project

An aerial of the proposed development site and warehouse with Sergio Rok and Jimmy Tate The city of North Miami’s plan allowing developers Jimmy Tate and Sergio Rok to build a mixed-use project on two city-owned parking lots has hit a legal snag. The owner of a warehouse next door to the proposed development and its tenant are suing North Miami and TR…

AMS Hospitality, Black Salmon buy Circa 39 hotel in Miami Beach

A joint venture between The Allen Morris Company and Stormont Hospitality partnered with Black Salmon to buy a boutique hotel in Miami Beach, the second in a series of planned purchases together. AMS Hospitality Group and Black Salmon paid $25.5 million for Circa 39, a 97-key hotel at 3900 Collins Avenue, according to a press release. The Art…

Terra paid $32M for Bay Harbor Islands development site

Terra closed on a mixed-use development site along Bay Harbor Islands’ Kane Concourse for $31.5 million. David Martin’s Coconut Grove-based Terra had been under contract to purchase the property at 1177 Kane Concourse and closed on Wednesday, according to a news release from one of the sellers. The purchase comes on the heels of the Bay Harbor…

Investment firm makes $130M offer for 60-year-old Edgewater condo complex

Edgewater, a bayfront Miami neighborhood north of downtown, continues to attract big spenders. The latest, Beach Hill Capital Partners — a Miami-based investment firm led by Daniel Rotenberg — is offering $130 million for an older waterfront condo complex called Bay Park, The Real Deal has learned. The company submitted a letter of intent in mid-May for the…

Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties

So long, Bay Area: Adam Neumann is headed to South Florida. The WeWork co-founder and ex-CEO inked an off-market deal for two properties on the Bal Harbour Marina, just north of Miami Beach, for $44 million, the Wall Street Journal reported. The purchase comes roughly two months after Neumann sold his northern California estate for $22.4 million. Local…

The grand reopening: As restrictions lift, CRE markets race toward recovery

It wasn’t the pan-roasted halibut that drew a small crowd to Blu Mar on a recent Thursday afternoon. One after another, guests on the splashy Southampton seafood spot’s outdoor patio removed the face coverings they had been wearing for the better part of a year and tossed them into a fire pit, which was then doused with fuel and set ablaze to the tune…

Chart: Miami-Dade Commercial Real Estate Sales May 2021

The above chart shows the number of closed sales of Miami-Dade commercial properties, including both improved commercial property and vacant commercial land, that were booked in the Miami MLS for the two years ending May 2021. Last month, May 2021, was the second highest month over the prior two years, though still off somewhat from the…

Software firm Chetu buys Sunrise office property for $25M

Software provider Chetu paid $25 million for its new headquarters in Sunrise in Broward County. Chetu, now based in Plantation, bought the office property at 1500 Concord Terrace at the Sawgrass International Corporate Park, according to a news release. Chetu will move its headquarters there in the fall. The seller, 1500 Concord Terrace LLC…

Des Moines investment firm pays $26M for T-Mobile data center in Sunrise

A group tied to Principal Real Estate Investors picked up a T-Mobile data center in Sunrise for $26 million. Property records show an affiliate of Des Moines, Iowa-based Principal Real Estate Investors bought the property at 4850 Northwest 103rd Avenue from LPCH Florida Equities, tied to Dallas-based Lincoln Property Company. Lincoln Property’s data center division…

Harbor Group Sells Pembroke Pines Apartment Community for $223M

Harbor Group International LLC has sold a 700-unit apartment community in the Miami-Fort Lauderdale suburb of Pembroke Pines, Fla., for nearly $222.7 million, marking the metro’s largest recorded multifamily sale this year. The Class A property, City Center on 7th, spans 40 buildings near the intersection of Pines Boulevard and Palm Avenue. Harbor Group….

Pebblebrook Buying Florida Margaritaville Resort For $270M

Bethesda, Maryland-based Pebblebrook Hotel Trust, a publicly traded REIT that owns 51 hotels in the U.S., announced Wednesday that it will acquire the 18-story, 369-room Margaritaville Hollywood Beach Resort in Hollywood, Florida, for $270M. The sale price amounts to more than $731K per room. The seller, Denver-based KSL Capital Partners, bought the…

Pebblebrook buying Margaritaville Hollywood Beach for $270M

Pebblebrook Hotel Trust is buying Margaritaville Hollywood Beach Resort for $270 million, which would be the biggest South Florida hotel sale this year. The real estate investment trust is in contract to acquire the 369-key Jimmy Buffett-inspired resort at 1111 North Ocean Drive in Hollywood, according to the company. Pebblebrook, one of the country’s largest…

Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year

Harbor Group International sold a 700-unit apartment complex in Pembroke Pines for nearly $223 million, marking the largest multifamily deal in South Florida this year. Norfolk, Virginia-based Harbor Group sold City Center on 7th to Air Communities, an entity linked to the real estate investment trust Aimco, The Real Deal has learned. AIR Communities…

Furniture wholesaler pays $9 million for Hollywood distribution facility

A California home furniture wholesaler bought a Hollywood industrial building to serve as a distribution facility for $9.1 million. Records show Los Angeles-based VIG Furniture bought the property at 3600 North 29th Avenue from TMS Hollywood Properties, which is tied to RS Trading Company. The 75,988-square-foot building was constructed in 1969…

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June 23, 2021

Chart: Miami-Dade Commercial Real Estate Sales May 2021

Miami MLS Number of Sales from June 2019 to May 2021 for a) Commercial, Industrial or b) Commercial, Business, Agricultural, or Industrial Vacant Land within Miami-Dade County, Florida

The above chart shows the number of closed sales of Miami-Dade commercial properties, including both improved commercial property and vacant commercial land, that were booked in the Miami MLS for the two years ending May 2021. Last month, May 2021, was the second highest month over the prior two years, though still off somewhat from the prior blistering pace of March, but was nonetheless in the upper end of a fairly range of sales in the past 24 months. Note that this is only for sales booked in the Miami Multiple Listing Service (MLS), which does not record all commercial property sales. It does, however, record many of them.

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June 21, 2021