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 10, 2022: Medley Industrial Trades at 4x 2017 Price; Hialeah Shopping Center Sells for $43M; More…

Enrique Manhard, Miami’s great land gambler

Enrique Manhard, whose past bets on clothing stores turned him into a fashion mogul, is wagering on another lucrative industry: Miami real estate. Manhard and his partners have purchased 27 lots in the city since 2017. They join other tycoons who have built empires across industries such as professional sports or spirits brands but are now gambling on land…

Building Boom in Miami’s Brickell Bucks National Bust

Boston-based Rockpoint and Montreal-based Ivanhoe Cambridge have sold Mary Brickell Village, a Publix-anchored mixed-use property in Miami’s Brickell district. RPT Realty purchased the 200,503-square-foot development for $216 million. Danny Finkle, Chris Angelone, Matthew Lawton, Eric Williams and Kim Flores of JLL represented the sellers in the transaction.

Mapping out Ken Griffin’s Miami shopping spree

1201 Brickell Bay Drive, Citadel’s Ken Griffin and 830 Brickell office tower in Miami: Ken Griffin has a history of making bets and breaking records. The billionaire hedge funder began investing in college at Harvard ahead of his 1989 graduation. Those early bets paid off for him and his alma mater. He returned in 2014 with a $150 million donation to the university, which…

Iconic NYC eatery Rao’s to open at Loews Miami Beach

Good luck getting a table. Rao’s, a classic New York City restaurant known as much for its exclusivity as its red-sauce fare, is planting a flag in Miami Beach. The Italian eatery, owned by the Pellegrino family, is expected to open at the Loews Miami Beach Hotel early next year, sources confirmed to The Real Deal. It will take the ground-floor space occupied by Lure…

Longpoint picks up Hialeah shopping center for $43M

A Boston-based private equity firm is continuing its shopping spree for grocery-anchored retail properties in South Florida. Longpoint Realty Partners has acquired El Paraiso, a two-building shopping center at 1700 and 1800 West 68th Street in Hialeah, for $43.2 million, or about $317 a square foot, in an off-market deal, the…

“We took action and moved fast”: Damac boss on Surfside plan, US expansion

Hussain Sajwani had been trying to break into U.S. real estate for years. The Emirati billionaire’s Dubai-based development firm, Damac Properties, looked at New York properties prior to the pandemic, hoping to land a prime site near Central Park, but had no luck. So when the Surfside site became available less than two months after the condominium…

LeFrak, Soffer kick off leasing at SoLé Mia rental

Richard LeFrak and Jackie Soffer have begun leasing the third multifamily development at their massive SoLé Mia mixed-use project in North Miami. Known as Villa Laguna, the 190-unit rental building sits on 2.3 acres at 2200 Sole Mia Square Lane, overlooking a 7-acre artificial lagoon intended to evoke “Caribbean waters…”

Coral Gables mobility hub slowed as costs rise

Challenging market conditions continue to hinder the construction start date for the Coral Gables Mobility Hub. Due to current market conditions, construction costs have increased substantially and many materials are in short supply, so city staff determined it was best to wait to begin construction, said City Manager Peter J. Iglesias. Groundbreaking…

Miami taxes stay flat, but bills may rise

The proposed overall millage rate in the City of Miami, used to calculate property tax bills, will remain unchanged for the fiscal year that begins Oct. 1. The city commission on July 28 set the proposed overall millage rate for fiscal year 2022-2023 at 7.99 mills. It includes general operating millage of 7.6665, and debt service of 0.3235, reflecting no adjustments from…

Miami and Freedom Park developers hammer out deal’s benefits

Miami Freedom Park is one step closer to becoming a reality. At its last meeting, the Miami City Commission approved on first reading two planning and zoning requests related to Miami Freedom Park, the planned home for David Beckham’s Inter Miami CF soccer team. The vote was 4 to 1, with Commissioner Manolo Reyes casting the lone no vote. In April…

Property insurance turmoil meets climate change threats

More than half the homeowners in the South expect their home to be damaged by climate change-related weather in the next 30 years just as property insurance turmoil and insecurity hit hundreds of thousands of homeowners in Florida who are either losing their policies or paying a lot more in premiums with insurers at risk of downgrading. Florida is…

W. A. Spencer Morris: Heading multiple developments locally and across Sunbelt

W.A. Spencer Morris recently became president of The Allen Morris Company, one of the largest real estate firms in Florida and in the Southeast. He is now responsible for overseeing the investment portfolio and projects under development. The company currently has $2.5 billion in its development pipeline, 718,000 square feet in office space…

Azora Exan Acquires Miami-Area Office Asset

Miami-based real estate fund manager Azora Exan has finalized its $37 million buy of 429 Lennox Ave., a 43,500-square-foot office building in Miami Beach, Fla. The sale was subject to a $19 million loan from Abanca Corporacion Bancaria, according to CommercialEdge data. JLL Capital Markets represented the seller, Goddard Investment Group, and procured…

Judge rules Surfside condo owners off the hook for $800K tax bill

Unit owners of the collapsed Surfside condo are no longer on the hook for their 2022 property tax bills. Judge Michael Hanzman, who has been overseeing the collapse litigation, ordered that the unit owners’ property tax bill this year be paid out of the proceeds from the $120 million sale of the property in July. The 136 owners of the collapsed Champlain…

Lawsuit settled, closings underway at Trump Group’s delayed Sunny Isles tower

The Estates at Acqualina’s south tower has finally been completed. The Trump Group also settled litigation with the project’s general contractor, marking a major step forward for the long-planned luxury condo development. Eighty five closings have been recorded with Miami-Dade County for the 154-unit, 49-story south building at the two-tower…

Medley industrial site trades for 4x its 2017 price

A warehouse boom is taking shape in Medley, where a 4-acre industrial site just sold for more than four-times what it last traded for five years ago. An affiliate of Maryland-based Realterm Logistics paid $15 million for two properties at 9455 Northwest 104th Street in the western Miami-Dade town, records show. The lots include two 6,500…

Blackstone sells five South Florida budget hotels for $61M

Blackstone sold off a quintet of budget hotels in South Florida for $61 million as part of an eight-property portfolio deal in the Sunshine State. Affiliates of Georgia-based Global Hotel Group bought three Motel 6 properties in Cutler Bay, Dania Beach and Fort Lauderdale, as well as two Studio 6 extended-stay hotels in Coral Springs and West Palm Beach…

Facing High Inflation, Commercial Real Estate Investors Reevaluate Their Strategies

In a market slammed by the greatest inflation in more than 40 years, as well as the economic consequences following Russia’s invasion of Ukraine, real estate investors appear to be rethinking what they’re purchasing. At least for the time being, income from occupancy is preferred versus risk. The sales statistics for last quarter revealed a significant reevaluation…

Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase

Billionaire hedge funder Ken Griffin is continuing his Brickell shopping binge, scooping up properties across the street from the development site his Citadel bought this spring. In the latest deal, an entity led by Citadel COO Gerald Beeson bought the three-story, 12-unit apartment building at 1250 Brickell Bay Drive and… at 1260 Brickell Bay Drive for $20 million, a…

Federal Realty buys Pembroke Pines shopping plaza for $180.5M

Federal Realty Investment Trust is jumping on the South Florida shopping center bandwagon, acquiring a Pembroke Pines retail plaza for $180.5 million. An affiliate of the Rockville, Maryland-based real estate investment trust bought Shops at Pembroke Gardens at 527 Southwest 145th Terrace at a $7.5 million discount from the previous sale…

Who wants Cookies? National cannabis firm opening dispensary in Westchester

From left: TRP’s President Daniel Firtel, MV Real Estate Holdings’ Alex Mantecon, and TRP’s Brandon Johnson with 8303 SW 40th Street: One of the nation’s most popular cannabis brands is setting up its first Florida pot shop in Westchester, an unincorporated neighborhood in Miami-Dade County. Cookies, a San Francisco-based marijuana firm co-founded by rapper…

Here are the resi projects planned for Bay Harbor Islands

Developers are zeroing in on Bay Harbor Islands, planning almost a dozen projects with nearly 400 condos and apartments. An analysis by The Real Deal found that developers have pumped nearly $150 million into land purchases in the waterfront town since May of last year. Here are some of the residential projects planned for Bay Harbor Islands: Ugo Colombo’s…

Brick & Timber to buy Cube Wynwd office building for $60M

Brick & Timber’s Jesse Feldman and Glenn Gilmore, Tricera Capital’s Ben Mandell, and Lndmrk Development’s Alex Karakhanian with Cube Wynwd:  Brick & Timber Collective plans to purchase its second Wynwood office building, The Real Deal has learned. Glenn Gilmore’s Brick & Timber put Cube Wynwd at 222 Northwest 24th Street under contract for over $60…

“We’re in the eye of the hurricane”: Sternlicht eyes growth in economic turmoil

Against soaring inflation and interest rates, a global economic slowdown and trillions of dollars wiped from the stock and crypto markets, billionaire Barry Sternlicht believes real estate has “held up well” this year. But despite an upbeat second-quarter earnings report, the chairman and CEO of Starwood Property Trust and Starwood Capital Group said he is…

Seritage flips Hialeah shopping center for $28M, banking $6M profit in hours

From left: RK Centers principal Ranaan Katz and Seritage CEO Andrea Olshan in front of the shopping center at 1460 West 49th Street in Hialeah:  Seritage Growth Properties made a $6 million profit in a single day by quickly flipping a Hialeah shopping plaza to RK Centers. A Seritage affiliate bought Westland Gateway Plaza at 1460 West 49th Street for $22.1 million…

Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana

Related Group wants to build a 167-unit, mixed-income apartment project in Miami’s Little Havana neighborhood. The developer, led by Jorge Pérez and Jon Paul Pérez, proposes a 12-story building at 450 Southwest Fifth Street and 445 Southwest Sixth Street, according to plans filed to Miami-Dade County late last month. The…

Ken Griffin’s Citadel comes to Brickell — and supercharges the market

A home in north Coconut Grove sparked a bidding war, even though the house wasn’t built yet. One buyer was paying all cash, and the other was financing his purchase.  The seller, a spec home builder, saw an opportunity. The builder raised the price to $4.9 million from $3.8 million, said the listing agent, Compass’ Liz Hogan. The all-cash buyer then…

Chart Reflects Dearth of Industrial for Sale in Miami-Dade

About any active commercial broker in Miami-Dade will tell you that there is all kinds of demand for industrial property, but none to buy. I can personally attest to this. This chart of properties noted as “industrial” in the Miami-Dade MLS and with an asking price of $1 to 5 million (mid-market industrial) illustrates this. The number of such active listings has only…

Aimco completes $100M Flagler Village dev assemblage with latest $16M deal

Aimco added the final piece to its Flagler Village development site where the company plans a major mixed-use project. Denver-based Aimco bought 1.4 acres of land on the southwest corner of Northeast Ninth Street and Northeast Fifth Avenue in downtown Fort Lauderdale for $16 million, according to a deed. An affiliate of Miami Heat co-owner…

Estate Cos. lands $93M construction loan for Lauderhill apartments

Robert Suris’ Estate Cos. has triggered construction of a 529-unit apartment complex in Lauderhill thanks to $93.2 million in financing from Synovus Bank. Known as Soleste Westgate, the seven-building complex will rise six stories on the site of a former Target store at 5451-5575 North University Drive and 7730 West Commercial Boulevard. The South Miami-based…

Related Fund Management, CP flip portion of Las Olas Square

501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake: Less than five months after scooping up the Las Olas Square office and retail complex, Related Fund Management and CP Group flipped a portion of the property. Macquarie Group, based in…

BlackRock lands in West Palm Beach

Investment management behemoth BlackRock is heading to downtown West Palm Beach, marking a continuation of New York financial firms’ migration to South Florida. Larry Fink’s company subleased 5,000 square feet at the 360 Rosemary building, which was developed by Stephen Ross’ Related Companies, The Wall Street Journal…

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August 10, 2022

Miami Commercial Real Estate News August 3, 2022: South Beach WeWork Location Sells for $37M, Little Haiti Retail for $17M; Citadel Takes 95K sf at 830 Brickell; More…

Industrial rents keep climbing, as vacancies drop in South Florida

Inflation? Recession? Pfft. South Florida’s industrial market hasn’t slowed down, as super low vacancy rates continue driving rents to new heights. In the second quarter, industrial landlords in Miami-Dade County increased asking rents by more than $1, compared to the same period last year, while Broward and Palm Beach industrial property owners jacked up the rate…

Ken Griffin’s Citadel leases at 830 Brickell office tower in Miami

Billionaire Ken Griffin inked a major lease for Citadel’s offices at 830 Brickell, less than two months after he announced moving the hedge fund to Miami from Chicago, with plans to build a new headquarters. Citadel took roughly 95,000 square feet in a long-term lease at the 55-story tower at 830 Brickell Plaza that is under construction, according to sources…

Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner

Italian restaurateur, real estate investor and soccer club owner Tonino Doino bought Jimmy’s Eastside Diner, which was featured in the 2016 film “Moonlight.” Doino, who owns the Lincoln Road restaurant Rosinella Italian Trattoria, paid about $4.3 million for the property at 7201 Biscayne Boulevard, according to the brokers involved in the deal and the…

Miami vs NYC: A developer’s guide

Don Peebles, in partnership with former Miami Beach Mayor Philip Levine and developer Scott Robins, wants to build a six-story office and apartment building on a city-owned parking lot: Ian Bruce Eichner took on two condominium projects last year.  In Manhattan’s Murray Hill, he struck a deal to buy the Community Church of New York’s home. And in Bay…

Judge awards $5M to Israeli mogul in HFZ lawsuit over failed Shore Club project in Miami Beach

A judge awarded Israeli investor Benny Shabtai a $4.6 million judgment in his lawsuit against HFZ Capital Group over the failed Shore Club Miami Beach redevelopment. New York-based HFZ, led by Ziel Feldman, lost its ownership of the historic Shore Club when Monroe Capital foreclosed on the property. Monroe brought on Witkoff as its partner…

Hyatt Regency redevelopment to net $25 million for affordable housing

In November, voters in the City of Miami will determine the fate of a new plan to revive a crucial city-owned property in the heart of downtown. If approved, the sweeping development would bring three new towers to the riverfront, including a new hotel and an improved public walkway along the Miami River. Near the end of an exhaustive daylong meeting July 28…

Miami gives leaseholder 18 years to build on Coconut Grove bayfront

A formal restaurant that voters approved nine years ago for city-owned waterfront land got another nine years for completion in a unanimous Miami City Commission vote last week. The unnamed restaurant is to replace the Charthouse at 51 Charthouse Drive near city hall. The commission vote gave operators an OK to set up “temporary food…”

Chart Reflects Dearth of Industrial for Sale Listings in Miami-Dade

About any active commercial broker in Miami-Dade will tell you that there is all kinds of demand for industrial property, but none to buy. I can personally attest to this. This chart of properties noted as “industrial” in the Miami-Dade MLS and with an asking price of $1 to 5 million (mid-market industrial) illustrates this. The number of such active listings has only…

PortMiami Tunnel blazes trail to future

Some 120 feet below sea level the 42-foot-diameter PortMiami tunnel connects the mainland to Miami-Dade County’s second-greatest economic engine, supporting more than 334,000 jobs and contributing $42 billion annually. Since opening to traffic in 2014 after over four years in construction, it has become a gold standard for tunnels in Florida…

Golden Glades hub adding transit passengers

Most of the Metrobus routes serving the new Golden Glades Multimodal Transportation Facility that opened Jan. 24 have gained riders at a hub that also serves an express bus route and links in Tri-Rail and bus transit from Broward County. “This new transit facility is helping to bring more equity, accessibility, and innovation into our public transit system,” said…

Chart of Net Migration by State Shows Florida’s Population Growth at expense of California, New York

The map above shows each states net domestic migration from April 2020 to July of 2021. Florida and Texas had the most new residents, gaining around 200,000 each. New York and California suffered the largest losses. It appears that Arizona is benefiting from the exodus of people leaving California, as are Tennessee and the Carolinas form people leaving…

Citadel grabs Miami office space ahead of building its own tower

Ken Griffin’s Citadel is tying up deals for office space as it prepares to expand in Miami, where the firm is establishing its headquarters. Citadel has taken a floor at 200 South Biscayne Blvd., where it already has temporary offices, and leased roughly 90,000 square feet at 830 Brickell, an under-construction tower where Thoma Bravo and Microsoft Corp…

Z Capital loses attempt to assess Carillon condo owners in Miami Beach nearly $8M

Z Capital Group lost its attempt to levy a $7.7 million assessment on condominium unit owners at the Carillon Miami Wellness Resort. The outcome is the latest in the drawn out and still-ongoing legal battle, pitting the associations for the North, South and Central towers against Z Capital’s affiliate, Carillon Hotel. The oceanfront complex is at 6801 Collins Avenue…

All Florida Paper Signs 226,698 SF Industrial Lease in Metro Miami

All Florida Paper, a Hispanic-owned paper and sanitation products wholesaler, has signed a full-building, 226,698-square-foot industrial lease at Building D in Beacon Logistics Park in the Miami suburb of Hialeah. Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented the landlord, Codina Partners, in the lease deal. Wayne Ramoski and…

Report: Apartments In Sun Belt Markets Set Up For ‘Significant Collapse Of Demand’

Rent growth is slowing considerably around the country, especially in some of the Sun Belt markets that were once scorching-hot, a new report shows. For the first time since 2020, 12 markets experienced a drop in asking rents over the course of a month, according to a report released Wednesday by CoStar-owned Apartments.com. The markets that…

Miami’s Office Pipeline Expands in Q2

By the end of the second quarter, Miami’s office pipeline reached 5.6 million square feet, according to CommercialEdge data. The metro’s under-construction stock represented 7.4 percent of its total office supply—the third largest rate in the country. Most gateway cities saw boosts to their pipelines during the second quarter, except Los Angeles and San…

Macken scores $16.5M construction loan for Koya Bay townhome development in North Miami Beach

Macken Companies scored a $16.5 million construction loan to complete a waterfront luxury townhouse development in its own backyard. The North Miami Beach-based developer secured the financing from LV Lending, according to a press release. The funds will go toward finishing Koya Bay, a collection of 10 four-story townhomes on the Intracoastal Waterway…

Ari Pearl JV pays $32M for Bay Harbor Islands condo complex

Developer Ari Pearl and investor Jonathan Leifer paid $32 million to acquire all of the units in an older Bay Harbor Islands condo complex on a waterfront property that they could redevelop. Nearly 30 individual owners at Bay Harbor Towers, at 10141 and 10143 East Bay Harbor Drive, sold their units to Pearl and Leifer, records show. Pearl’s PPG BHT Owner LLC…

Lease roundup: Cargo Management Group expands in Doral, All Florida Paper leases in Doral

Freight forwarding company Cargo Management Group opened additional operations in an industrial building in Doral. Cargo Management, based in Sweetwater, leased 49,986 square feet at 1325 Northwest 78th Avenue, according to a news release from the tenant’s broker. Andrew Fernandez of CBRE represented Cargo Management. Ana Rivera of JLL represented…

Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum

Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue: Hyatt avoided a third strike at possible redevelopment of the James L. Knight Center site in downtown Miami. The Miami City Commission by a 4-1 margin on Thursday approved a…

Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK

Two major Miami projects – David Beckham’s soccer stadium, as well as Swire Properties and Stephen Ross’ One Brickell City Centre office tower – are a step closer to fruition. The Miami City Commission on Thursday gave preliminary approval to the Major League Soccer project’s designation as a Special Area Plan, as well as to items related to…

Crunch Fitness founder beefs up retail portfolio with $18M purchase in Little Haiti

Crunch Fitness and Big Move Properties’ Douglas Levine with 8200 Northeast Second Avenue and 201 Northeast 82nd Street: Douglas Levine, founder of Crunch Fitness, is pumping up his retail real estate holdings with a two-building, $17.8 million purchase in Miami’s Little Haiti. An entity managed by Levine, a real estate investor who also founded Miami-based…

NR Investments wants to build mixed-use complex in Miami’s Allapattah

NR Investments wants to develop a massive mixed-use complex on Miami’s General Services Administration site in Allapattah. Ron Gottesmann and Nir Shoshani’s development company filed a proposal for a 99-year lease and redevelopment of the city-owned 18-acre property at 1970 Northwest 13th Avenue and 1950 Northwest 12th Avenue, according to…

Madrid-Miami JV buys WeWork leased office building in South Beach for $37M

Azora Exan is jumping into Miami Beach’s office market with a $37 million purchase of a five-story building fully leased to WeWork. An affiliate of Azora Exan, a joint venture of Madrid-based Azora and Miami-based Exan Capital, bought the property at 429 Lenox Avenue in the city’s South of Fifth neighborhood, according to records. The partnership paid $461 per…

Related, partner pay $51M for Aventura mixed-use dev site

Related Group and a partner scooped up an Aventura office property for $51 million, with plans to develop a mixed-use project on the site’s parking lot. Coconut Grove-based Related and Aventura-based BH Group bought the 4.5-acre property at 2999 Northeast 191st Street that includes the Aventura View office building, according to the buyers’ news release. The seller…

Damac closes on acquisition of Surfside collapse site for $120M

Dubai developer Damac Properties closed on its $120 million acquisition of the site of the deadly Surfside condo collapse, The Real Deal has learned. The sale was recorded on Wednesday, according to the receiver’s notice, filed with Miami-Dade Circuit Court. The transfer of ownership marks a key milestone in litigation tied to the collapse…

Former low-income South Beach apartments hit market as possible hotel conversion

Jamestown is looking to cut off a slice of its Collins Avenue portfolio by listing a historic South Beach apartment building for sale. The Atlanta-based real estate investment firm, led by CEO and principal Matt Bronfman, retained Marcus & Millichap to market 727 Collins Apartments at 727 Collins Avenue in Miami Beach, according to an online listing. Jamestown…

Aimco adds to Flagler Village dev site set for 3M sf mixed-use project

845 Northeast Fifth Terrace and two other unaddressed lots in Fort Lauderdale with Aimco’s CEO Wes Powell: Aimco added another parcel to its Flagler Village development site slated for a 3 million-square-foot project. Denver-based Aimco, through an affiliate, scooped up 1.7 acres of parking lots on the southeast corner of Northeast Ninth Street…

Duncan Hillsley fattens up rental portfolio with $25M bulk condo purchase in Sunrise

Duncan Hillsley Capital bulked up its South Florida rental portfolio with a $25.1 million acquisition of 143 units at a Sunrise condominium complex. An affiliate of the Boca Raton-based real estate investment firm now owns a majority of Sunrise on the Green, a 238-unit garden-style condo complex at 4001 North University Drive, according to records. The…

Keiser University sells pair of Fort Lauderdale office properties for $58M

Keiser University sold a pair of Fort Lauderdale office properties to its owner, Everglades College, in two deals for a combined $57.6 million. In the bigger of the two deals, an affiliate of Keiser University sold the 111,542-square-foot office complex at 1900 West Commercial Boulevard for $30.4 million, according to records. Everglades College assumed an existing…

AvalonBay pays $295M for two Miramar complexes

From left: Rockpoint’s Bill Walton, AvalonBay Communities’ Benjamin W. Schall and Timothy J. Naughton, and The Altman Companies’ Seth Wise with 11385 SW 30th Ct and 2750 SW 113th Ln: AvalonBay Communities bought two Miramar apartment complexes for a combined $295 million. AvalonBay purchased Altís Miramar at 11385 Southwest 30th Court for…

Bridge Industrial nabs $28M construction loan for facility near Ft Lauderdale airport

Bridge Industrial is moving quickly on its project on the former Park ‘N Fly property in Dania Beach. It scored a $28 million construction loan less than two months after scooping up the site Windsor, Connecticut-based Talcott Resolution Life Insurance provided the financing for Bridge’s planned logistics facility at 2200 Northeast Seventh Avenue between Fort…

JV scores $87M construction loan for West Palm Beach office projects

Seven months after unveiling plans to develop a new office building and renovate an existing one in downtown West Palm Beach, a joint venture secured an $87 million construction loan for both projects. New York-based Acore Capital provided the financing to Brand Atlantic Real Estate Partners and Wheelock Street Capital, according to records. The funds will go…

Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M

The Florida arm of Gatsby Enterprises is taking over a proposed office and retail project in Palm Beach Gardens after paying $17.5 million for a development site. Miami-based Gatsby FL, an affiliate of the New York-based real estate investment firm, bought a 7-acre site at 11200 RCA Center Drive from an entity managed by Palm Beach Gardens…

Developers of troubled West Palm resort project facing $61M foreclosure

The Banyan Cay Resort & Golf Club development is in deeper trouble, as a lender seeks to foreclose on the property after the alleged nonpayment of a $61 million construction loan. Dogged by four years of construction delays, the 150-room luxury hotel development’s partners allegedly failed to repay the loan by its July 1 maturity date, according to a July 16 lawsuit filed…

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August 3, 2022

Chart Reflects Dearth of Industrial for Sale in Miami-Dade

Miami Association of Realtors MLS Industrial Properties for Sale from $1 to $5 Million January 2012 to July 2022

About any active commercial broker in Miami-Dade will tell you that there is all kinds of demand for industrial property, but none to buy. I can personally attest to this. This chart of properties noted as “industrial” in the Miami-Dade MLS and with an asking price of $1 to 5 million (mid-market industrial) illustrates this. The number of such active listings has only been in a trough like this one other time in the prior decade.

Further, I don’t recall the industrial property market being as tight in 2017 as it is today. Thus, I wonder about the listings that make up the data behind this chart. It could be that there are more grossly unrealistic listings today – there are always some – than there were in 2017. After all, nothing requires a listing price to be based on reality. And, of late, anecdotally at least, there seems to be an uptick in sellers and their brokers listing properties well beyond a generous price. Playing off the age-old philosophical riddle; if a property worth $1 was listed for sale in the forest for $3, was it really listed?

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August 3, 2022

Miami Commercial Real Estate News July 27, 2022: CBD Multifamily Trades for $184.5M, NMB Self-Storage for $26M; 2.6M sf Spec Industrial Planned for Doral; More…

Coral Gables commission gives Allen Morris another chance for Ponce Circle project

The Allen Morris Company has another chance to amend its plans for a controversial development near The Plaza megaproject in Coral Gables. The city commission voted to postpone a decision on two ordinances that would allow a change in the property’s zoning to commercial high-rise, as well as to vacate a public alleyway that separates the assemblage. Coral Gables…

Developers score $65M construction loan for Flagler Village apartments

Midtown’s Alejandro Velez and Prospect Real Estate’s Michele Zahn, and Richard Zahn Sr. with rendering of Advantis Station: Midtown Capital Partners and Prospect Real Estate Group scored a $64.5 million construction loan for a multifamily project in Fort Lauderdale’s Flagler Village neighborhood. The joint venture plans to build the 252-unit Advantis…

Spurred by new-to-market firms, South Florida office rents hit record highs

In South Florida, asking more than $100 a square foot for premium office space could soon become the norm. Already, some new buildings in downtown areas have cleared that threshold, according to commercial brokers and recent quarterly reports. One Flagler, a 25-story Class A tower with 275,000 square feet of primarily office space in…

Miller Construction Completes Distribution Facility In Hialeah Gardens

Miller Construction Company delivered a $22.7-million distribution facility in Hialeah Gardens. The 103,000-square-foot warehouse project is a joint venture between Orlando-based Cadence Development Partners and New York-based Clarion Partners. Construction began in August 2021. Located 10910 NW 144 St., the tilt-wall shell structure is equipped with…

Miami may ask proposals to run historic Olympia Theater

The historic Olympia Theater and Tower’s uncertain future might finally be heading towards a positive resolution. The Miami City Commission is set to discuss today (7/28) whether to request proposals to continue the theater’s restoration and move forward with appointing a permanent operator. Also known as the Maurice Gusman Theater for the Performing Arts, the…

Historian Dr. Paul George offers insight into soaring housing costs in Miami

The rising cost of homes and rent and high inflation are nothing new for Miami, according to historian Paul George. South Florida has been through booms and busts before, with probably the most spectacular boom reaching its peak in 1925, he said. “It began a couple of years before that and then it collapsed in 1926. I keep looking at that trying to make some sense out…

Miami-Dade mayor ponders waste facility site

“Please, please, please keep the new facility out of Doral,” Odell Torres, a resident of the city, beseeched county commissioners prior to an unscheduled vote selecting the municipality as the location for a new county waste-to-energy facility to replace the 1982 existing plant in Doral reaching the end of its useful land. Now county Mayor Daniella…

Rezoning, redevelopment on tap for Freedom Park soccer complex

David Beckham and business partners Jorge Mas and Jose Mas are wasting no time in bringing solid plans forward to begin building Miami Freedom Park. What will become the new home to a Major League Soccer team’s stadium, along with a sweeping commercial park, hotel and new 58-acre public park, is the former Melreese golf course, on land owned by…

Hyatt Regency riverfront redevelopment on table

A high-profile riverfront property in the heart of downtown Miami is headed for a long-promised rebirth. The City of Miami owns the land that is home to the aging and dated James L. Knight Convention Center and its private partner next door, the Hyatt Regency Hotel. A new plan to build three new towers of mixed-use on the Miami River site is on the…

Billionaire-backed restaurant group buys Peacock Garden in Coconut Grove

The hospitality that owns the South Beach restaurant Mila bought the Peacock Garden cafe property in Coconut Grove, The Real Deal has learned. Mutiny on the Park, led by developer Ricardo Dunin and restaurateur Lalo Durazo, sold the commercial condo at what’s now the Hotel Arya tower for $9.5 million, or nearly $1,500 per square foot, property…

After overcoming construction delays, Esplanade at Aventura could fetch $200M, brokers say

After a pandemic-related work stoppage, lawsuits and contractor claims briefly crippled progress at Esplanade at Aventura, construction and leasing at the office-and-retail center at 19505 Biscayne Boulevard is back on track. But whether the mixed-use project will stay in the hands of developer Seritage Growth Properties remains to be seen. The New York-based…

Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project

Chicago-based Bridge plans a roughly 2.6 million-square-foot project on the southwest corner of Northwest 107th Avenue and Northwest 41st Street, according to the developer’s news release. The land is west of Miami International Airport and east of the Florida Turnpike ramps. The preliminary plan for the project, called Bridge Point Doral, is for six…

Bridge Industrial to Break Ground on Miami-Area Project

Bridge Industrial has received approval from the City of Doral to break ground on Bridge Point Doral, its more than 2.6 million-square-foot logistics center in Doral, Fla. Aaron Hirschl, vice president at Bridge, said in prepared remarks that the company plans to begin construction on the project later this month. The first building is expected to be delivered in…

WeWork won’t work: Firm backs out of lease at Doronin’s 830 Brickell

A rendering of the 830 Brickell office tower in the Brickell Financial District of Miami with WeWork CEO Sandeep Mathrani, Jonathan Goldstein of Cain International and Vlad Doronin of OKO Group: WeWork won’t lease space at 830 Brickell in Miami, after all. The co-working firm confirmed it opted out of its plan to open at the marquee office tower that is under…

Miami Office Leasing Slows in Q2

By the end of the second quarter of 2022, Miami’s office vacancy rate clocked in at 13.1 percent, according to CommercialEdge. Office leasing activity slightly decreased between March and June, but vacancy dropped 280 basis points on a year-over-year basis. The Miami office market has been performing slightly smoother than other gateway metros, such…

Snapbox picks up North Miami Beach self-storage facility from Dan Essig for $26M

Snapbox President and CEO Jake Rammage and the self-storage building at 15025 Northeast 18th Avenue: With a $26 million purchase in North Miami Beach, Snapbox Self-Storage is joining other national operators beefing up their South Florida portfolios. An affiliate of the Philadelphia-based firm, led by President and CEO Jake Rummage, bought a four-story self-storage…

Snapbox Pays $26M for North Miami Facility

Snapbox Self Storage has acquired a 110,000-square-feet facility in North Miami, Fla., for $26 million, according to the South Florida Business Journal. The seller of the Class A property at 15025 NE. 18th Ave. was Daniel Essig, a private owner and developer. Anna Siradze Hrdina, director of Acquisitions, led the transaction, which marks Snapbox’s 58th purchase.

Harbor drops $184.5M on Brickell apartments

Less than five months after scooping up a pair of downtown Miami rental towers in a record deal, Harbor Group International bought a Brickell multifamily property for $184.5 million. The Norfolk, Virginia-based real estate investment and management firm bought the 372-unit Miro Brickell at 251 Southwest 11th Street, according to a Harbor news release.

Harbor Group International Acquires Miro Brickell Apartments in Miami for $184.5M

Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two…

Major Food Group exits JV in Stern’s Miami condo tower

JDS Development’s Michael Stern and Major Food Group partner and co-founder Jeff Zalaznick with renderings of the project at 888 Brickell Avenue: Major is no longer. Major Food Group parted ways with Michael Stern’s JDS Development Group to co-develop the hotel-condo tower in Brickell… Major, a 90-story tower planned for 888 Brickell Avenue…

Witkoff, Monroe sued over alleged “crooked and secretive land grab” of Shore Club in South Beach

A former owner of the Shore Club in South Beach sued developer Witkoff and its financial backer on the project, Monroe Capital, alleging it was illegally cut out of its share of ownership in the oceanfront property through a “crooked and secretive land grab.” Read more Witkoff and Monroe Capital unveil major redevelopment plan for the…

Miami Beach voters to decide on controversial Peebles, Sternlicht office projects near Lincoln Road

Don Peebles and Barry Sternlicht with renderings of proposals to develop city-owned property in Miami Beach:  A pair of controversial office development proposals in Miami Beach are headed to a November referendum. City commissioners gave final approval for the two proposals — one by Don Peebles, and the other by Integra Investments that…

Office Rents In Miami Have Gone Parabolic, Reports Say

Office rents in Miami have been soaring at what appears to be an unprecedented pace, new reports say. The price increases have been so strong that the developer of the under-construction 830 Brickell office tower is buying out a lease with WeWork that was signed just three years ago. According to Commercial Observer, developers Oko Group…

Silicon Valley VC firm a16z opening office in Barry Sternlicht’s Miami Beach building

Silicon Valley venture capital firm Andreessen Horowitz will open an office at Barry Sternlicht’s Starwood Capital Group headquarters building in Miami Beach, as the city tries to attract new-to-market firms. Marc Andreessen and Ben Horowitz’s firm, also called a16z, took 8,000 square feet under a five-year lease at the Class A property at 2340 Collins Avenue

BOOM! Andreessen Horowitz opening office in Miami Beach

Andreessen Horowitz, the Silicon Valley venture capital giant, is putting down stakes in the Miami area. The firm also known as a16z signed a five-year lease for a new office in Miami Beach and will likely be moving in by the end of the year. Andreessen is leasing a floor at the new Starwood Capital Group headquarters building at 2340 Collins Ave., taking in…

Off the lot: Miami-Dade auto dealership properties trade for $96M

Lithia CEO Brian DeBoer with the Largo Honda at 554 Northeast First Avenue in Florida City and the Esserman dealership at 10455 Northwest 12th Street in Doral: Lithia & Driveway revved up its South Florida real estate holdings by acquiring six Miami-Dade auto dealership complexes for a combined $96 million. The sales are tied to Medford, Oregon-based…

Law firm Sidley Austin inks record lease at Doronin’s 830 Brickell

Law firm Sidley Austin signed a record lease at the 830 Brickell office tower slated for completion this year. Chicago-based Sidley Austin took 60,000 square feet on three floors at OKO Group and Cain International’s office tower, according to a news release from the developers. This is the biggest new-to-market company lease in Miami’s urban…

Chicago’s Sidley Austin Law Firm Joins Mass Flight To Miami

Sidley Austin is the latest out-of-town firm joining the wave headed to South Florida. The international law giant inked a 60K SF lease at the favored 830 Brickell tower in Miami’s Financial Business District. This is the company’s first expansion out of its native Chicago and, according to a statement from 830 Brickell’s developers Wednesday, the largest new-to-market office…

OKO Group, Cain Sign 60 KSF Tenant at Miami Tower

After topping out the 55-story skyscraper last month, co-developers OKO Group and Cain International secured another tenant at 830 Brickell, a 640,000-square-foot office tower taking shape in Miami’s Brickell Financial District. Law firm Sidley Austin LLP inked a 60,000-square-foot lease and will occupy three floors at the 724-foot high-rise. The Miami office…

2.6 MSF+ Logistics Center Coming To Doral

Bridge Industrial (“Bridge”) announced it has received approval from the City of Doral to break ground on the company’s newest state-of-the-art South Florida logistics park: Bridge Point Doral. Situated on a prime 175-acre site in Doral, the Class-A industrial park will encompass more than 2.6 million square feet at full build out with an adjacent retail…

Bridge Industrial Pays $16M For Logistics Facility Dev Site Near Miami-Opa Locka Airport

Less than a month after scooping up a Dania Beach logistics facility development site, Bridge Industrial is embarking on another project farther south near Miami-Opa locka Executive Airport. The Chicago-based company plans to build the 409,189-square-foot Bridge Point Gratigny project just south of the airport and on the southwest corner of Northwest 135th St…

Photos: Artistic Murals Installed At 189-Unit Apartment Project On Former Wynwood Yard Site

The apartment complex that replaced Wynwood Yard has had artistic murals installed. The project is known as Wynwood Green, and topped off at 11-stories. According to a 2019 utilities agreement, it will include: 189 apartments; 6,043 square feet of retail; 9,829 square feet of full service restaurant; The parking garage will have 324 spaces. An affiliate of…

Miami’s economy ‘on fire’ despite other major cities’ financial slide

During an interview on “Mornings with Maria” Thursday, Miami Mayor Francis Saurez touted the revolutionary “ecosystem” that cryptocurrency has provided as the city continues to thrive in various economic sectors. FRANCIS SUAREZ: It’s on fire. Our tax base grew by 12% year over year. We’ve transferred over $2 trillion in assets under-managed…

Suffolk sues for $16M, alleging unpaid work at Shahab Karmely’s Hallandale Beach condo project

Suffolk Construction is suing the developer of the luxury condo project 2000 Ocean in Hallandale Beach, seeking at least $16 million in damages tied to allegedly unpaid work. The Boston-based general contractor is accusing the developer, an affiliate of Shahab Karmely’s New York-based KAR Properties, of breach of contract and of refusing to issue a certificate…

Pulte buys Plantation site for 86-townhome development

PulteGroup, the nation’s third-largest home builder, closed on a development site in Plantation for an 86-townhouse project dubbed Emory. The Atlanta-based builder paid $6.9 million for 6.7 acres at 777 American Express Way from affiliates of Miami-based TM Real Estate Group, according to Andrew Maxey, PulteGroup’s vice president of land…

Developers win initial approval to buy downtown Oakland Park land for mixed-use multifamily makeover

Falcone Group’s Art Falcone and Kaufman Lynn Construction’s Michael Kaufman with renderings of the Oakland Park redevelopment: Plans to redevelop part of downtown Oakland Park are moving forward, with the commissioners agreeing to sell about 4 acres of city-owned properties to a development team for $11.2 million. The Oakland Park City Commission…

Asana buys office, industrial properties in Fort Lauderdale’s Flagler Village

Roughly six months after it scooped up two marquee Flagler Village properties, Asana Partners is expanding its portfolio in the neighborhood with an office and industrial purchase. The Charlotte, North Carolina-based real estate investment firm paid $10 million for the building at 707 Northeast Third Avenue in Fort Lauderdale and the warehouse…

Related pays $48M for affordable senior housing complex in Boynton Beach

Related Group paid $48 million for a Boynton Beach apartment complex that is restricted to low-income senior residents. The Coconut Grove-based real estate company bought the Boynton Bay community on the southwest corner of Northeast Fourth Street and Northeast 20th Avenue from an affiliate of Delray Beach-based affordable senior housing developer…

Olara is latest residential high-rise development planned in West Palm Beach

New York City-based Savanna is the latest developer to reveal plans for a residential high-rise in West Palm Beach, where planned condos are proliferating in the waterfront Flagler Drive corridor. Savanna, a real estate firm that has made $5 billion worth of property investments throughout New York City’s five boroughs, is developing…

Palm Beach Breaks Record With Exuberant Retail Rent Hikes

If Miami’s Brickell is the new Wall Street then Palm Beach is Fifth Avenue. While Miami is dominating the office market with mind-boggling rent hikes, Palm Beach is taking the lead in retail growth — with a never-before-seen record of $27.74 per SF direct asking rates for Palm Beach County and a whopping $80 per SF for Palm Beach’s central business…

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July 27, 2022

Miami Commercial Real Estate News July 20, 2022: $300M Office Tower Planned for Design District, 57 Story Apt Tower for Downtown, 700 MF Units for North Miami; More…

Steve Ross’ plan to redevelop oceanfront Deauville into Frank Gehry-designed project heads to Miami Beach voters

After securing the blessing of the majority of the Miami Beach City Commission, billionaire developer Stephen Ross’ proposal to build a two-tower residential and hotel complex on the site of the historic Deauville Beach Resort is heading to voters Nov. 8. Miami Beach Commissioner Kristen Rosen Gonzalez was the sole ‘no’ vote on the three resolutions…

Helm Equities Announces Plans for $300M Office Building in Miami’s Design District

Helm Equities has announced plans for Parterre 42, a $300 million office building that will occupy a full city block between NE 42nd and 43rd streets in Miami’s Design District. The 500,000-square-foot development will offer 80,000 square feet of functional outdoor space dispersed across each floor of the building with communal work tables, outdoor power and…

Helm Equities Launches $300M Miami Office Tower

Helm Equities, a division of NYC-based JEMB Realty Corporation, has unveiled plans for Parterre 42, a 500,000-square-foot mixed-use office and retail development in Miami. COOKFOX Architects will design the $300 million tower, marking the firm’s first high-rise project in the South Florida market. CBRE will oversee the leasing of the property. The project aims…

500K SF Office, Retail Project Coming To Miami Design District

Helm Equities unveiled a proposal to develop Parterre 42, a 500K SF high-rise with office and retail space in the epicenter of the Miami Design District. The $300M project is being designed by Cookfox Architects, a design firm known for its biophilic aesthetic and for creating indoor-and-outdoor working spaces, according to Bloomberg. Helm, an affiliate…

Miami’s CBD Is Getting Mind-Boggling Office Rent Increases – 42% Year-Over-Year. Thank Tech

For the first time in history, the average asking rent for office space in Miami skyrocketed to more than $50 per SF in Q2. Brickell is dominating the market — its 42% year-over-year rent increase surpassed Manhattan and Los Angeles, according to a JLL report. Migration of America’s top talent to Miami is the main factor driving high rents and making…

Ari Pearl, partners plan 700 apartments in North Miami Beach

Ari Pearl’s PPG Development wants to build an apartment complex on the Nova Southeastern University campus in North Miami Beach, The Real Deal has learned. The plan is for a roughly 700-unit, market-rate complex with indoor and outdoor amenities on the 8.8-acre site at 1750 and 1775 Northeast 167th Street, Pearl told TRD. Matt Press of EquiShares and…

Lions, Fortis Design propose 57-story apartment tower in downtown Miami

Lions Group NYC and its development partner propose a 57-story apartment tower on the site of a public parking garage along an I-95 ramp in downtown Miami. The Long Island-based firm and Miami-based Fortis Design + Build, want to build the 675-unit M Tower on an acre at 56 and 70 Southwest First Street, as well as at 65 Southwest Second Street

Citadel’s Move to Miami Emblematic of Local Real Estate’s Transformation

It was recently announced in the news media that billionaire Ken Griffin is moving his $50 billion, 1,000-person hedge fund and trading firm – Citadel Securities – from Chicago to Downtown Miami. Citadel Securities is a giant in the financial services industry. Formed in 2002, Citadel Securities is the largest market maker on the New York Stock Exchange, providing…

Massive auto club plan promising 2,609 jobs reworked as Project iTECH

Miami-Dade is expecting the redevelopment of 160 acres at the Landmark property into a new mixed-use economic development project to include housing, light industrial manufacturing, education, recreation, and a new government center in the northwestern part of the county. Project iTECH is to be completed by developer 13 Pista LLC…  at 20000 NW 47th Avenue

Beacon Council cites 108 active relocation or expansion projects

No companies have sought tax incentives to relocate here under the Miami-Dade Relocation and Expansion Incentives Program created by the county commission last year and led by the Beacon Council, but the county still has been able to attract new businesses and foster expansions. Recent announcements of relocations and expansions include A-Cap, Azamara…

County sets industry day for 20-acre downtown Miami project

Miami-Dade staff is still crafting a bid solicitation to be out in late July to redevelop over 20 acres of county-owned properties downtown, a spokesperson for the county’s District 5 confirmed to Miami Today. The county is to hold an industry day Aug. 9 to meet with companies interested in bidding on the project. Government agencies usually hold this type…

Freedom Tower heads to $25 million renovation

Miami Dade College’s $25 million state-funded renovation of its historic Freedom Tower will focus on urgent structural repair and is in design development with engineers and architects, said President Madeline Pumariega. The focus is on repairing pipes, improving water and sewer infrastructure and outside restoration. The building at 600 Biscayne…

Bridge Industrial Plans Miami Logistics Facility Near Opa-Locka Airport

Bridge Industrial has acquired 26 acres of land adjacent to the Miami Opa Locka Executive Airport in Miami, where it plans to build a 409,189-square-foot logistics facility called Bridge Point Gratigny. Completion is slated for early 2024. The developer purchased the site at NW 135th and NW 47th streets from AA Acquisitions. The site requires some environmental…

Resia scores $60M construction loan for workforce housing complex near Cutler Bay

Rendering of the Resia Old Cutler workforce apartment complex in south Miami-Dade County with Resia’s CEO and President Ernesto Lopes: Resia, a multifamily developer formerly called AHS Residential, scored a $60 million construction loan for a workforce housing complex in south Miami-Dade County. PNC Bank provided the loan for the Resia Old Cutler rental….

Habitat Group sells Little Havana apartments to LA investors for $15M

Habitat Group sold a recently completed Little Havana apartment project for $15 million shortly after offloading a Brickell redevelopment site for $23.5 million. Four entities managed by Richard Gerber, Brett Talla and David Talla bought East River Living, an eight-story building with 34 apartments at 39 Northwest Seventh Avenue in Little Havana, property…

Recession Threatens To Slow South Florida’s Booming Office Market

Office deals in South Florida appear to have slowed as companies reassess their growth strategies, a Colliers broker told the Business Journal. Mark Rubin, executive managing director of Colliers’ Boca Raton office, said some companies are rethinking their expansions due to inflation and a looming recession. “New office requests have been tempered a little bit,” Rubin…

Video: PwC Real Estate Deals Leader Tim Bodner Discusses Firm’s Midyear 2022 Outlook for Real Estate

2022 Midyear Outlook for Real Estate. The discussion includes forecasts for all the major commercial real estate sectors, future opportunities within the various sectors, and overall commercial property deal activity. The conversation digs into some of the changes due to and implications of disruptions in commerce in general over the past few quarters.

Video: Office Market Forecast with Moody’s Analytics’ Thomas LaSalvia, PhD

Thomas LaSalvia, PhD with Moody’s Analytics CRE joins America’s Commercial Real Estate Show to discuss predictions for office properties, central business district and suburban office property performance, and opportunities ahead for office investors.The post Video: Office Market Forecast with Moody’s Analytics’ Thomas LaSalvia, PhD appeared…

Bridge Industrial pays $16M for logistics facility dev site near Miami-Opa locka airport

Bridge Industrial’s Steve Poulos and an aerial of the development site, south of the airport in unincorporated Miami-Dade County: Less than a month after scooping up a Dania Beach logistics facility development site, Bridge Industrial is embarking on another project farther south near Miami-Opa locka Executive Airport. The Chicago-based company plans to build…

Feds slap Bal Harbour-based developer Eric Sheppard with PPP fraud indictment

A Bal Harbour-based developer who was close pals with an infamous Ponzi schemer allegedly stole nearly $900,000 from the U.S. government’s Paycheck Protection Program, also known as PPP, according to a recent federal indictment. Eric Sheppard, owner of WSG Development, is facing one felony count of wire fraud for allegedly submitting “false and…”

Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood

Rockpoint’s Bill Walton and Keith Gelb with the Shops at Mary Brickell Village, 1221 Brickell, and 911 Southwest First Avenue: Getting to the Brickell party early paid off big time for Rockpoint. The bustling mixed-use downtown neighborhood has become one of the key beneficiaries of the “we’re moving to Miami” craze. It’s attracting blue-chip real estate…

Caroline Weiss locked in legal conflict with daughter over $21M loan tied to massive Blue Lagoon development

Developer Caroline Weiss is locked in a mother-daughter feud that could unravel her plans for a massive mixed-use project in Miami’s Blue Lagoon. A vacant 7-acre waterfront assemblage on Northwest 7th Street and Northwest 48th Avenue is at the center of the family conflict. The site, which consists of three separate properties, has been owned by the…

“Forced and contrived”: Fisher Brothers’ Wynwood rental project strikes out with Miami board

Fisher Brothers’ proposal for an eight-story apartment building on a former Miami Rescue Mission site in Wynwood struck out with a Miami design review board. The New York City-based family owned development firm opted to defer its proposal and rework aspects of The Wynhouse project after members of the Wynwood Design Review Committee on…

Helm Equities, Gindi family want to plant 500K sf office/retail project in Miami Design District

As demand from new-to-market firms heats up in South Florida, Helm Equities is beefing up its plan for a giant office and retail project in the Miami Design District, six years after acquiring the development site. The New York-based real estate firm and its partner, the Gindi family, are proposing a $300 million mixed-use complex spanning 500,000 square…

MCSS Rebrands As Basis Industrial, Closes Major Acquisition In Medley

The former MCSS Self-Storage Development & Investment has rebranded as Basis Industrial and broadened its investment focus to include traditional industrial properties in high-value markets across the nation. In a one-week span, the vertically integrated real estate owner and developer completed a significant acquisition in Miami through its subsidiary BaySpace.

Fed’s Beige Book: Activity Grows, but More Slowly

Economic activity in the Southeast continued to grow but at a slightly slower pace in early summer, according to the Federal Reserve Bank of Atlanta’s new Beige Book compilation of anecdotes from business contacts. From mid-May through June, retailers reported healthy sales, and travel and tourism contacts said leisure travel remained strong and…

Northlink Capital buys Hallandale Beach Opportunity Zone site for $26M, plans mixed-use project

Fresh off winning approval for a Miami Beach condo project, Northlink Capital bought a Hallandale Beach development site for $26 million. An entity with the same corporate address as the New York-based real estate development and investment firm acquired the 1.5 acre-property at 900 South Federal Highway, records show. The buyer took out a $15.6…

Lauderhill fattens tax break for Le Parc, Vivian Dimond’s planned 330-unit multifamily development

Developer and broker Vivian Dimond won a bigger tax break to offset the increased cost of building Le Parc at Lauderhill, a planned 330-unit apartment development. The Lauderhill City Commission this week increased the maximum amount of property tax abatement over 10 years on the 9.9-acre Le Parc development to $9.1 million from $6.3 million.

Freshwater expands South Florida commercial portfolio with $16M Coconut Creek purchase

Looking to diversify its South Florida portfolio, Freshwater Group bought a Broward County mixed-use property for $15.7 million. In recent months, commercial investors like Freshwater have boosted their interest in acquiring retail sites in the tri-county region’s suburban submarkets, as both sectors have rebounded significantly since the height of the…

Triangle Services pays $17.5M for Fort Lauderdale industrial building

As South Florida’s robust industrial market continues to catch the interest of investors, an aviation services company paid $17.5 million for a Fort Lauderdale warehouse. Valley Stream, New York-based Triangle Services, through an affiliate, bought the 93,193-square-foot, fully leased building at 1600 Northeast 12th Terrace from an entity tied to Gregg Wallick’s…

FCP, Mill Creek pay $25M for multifamily dev site next to NSU in Davie

Mill Creek’s William MacDonald with FCP’s Alex Marshall, Esko Korhonen and Lacy Rice in front of rendering of the Modera Academical Village project: A joint venture between FCP and Mill Creek Residential bought a multifamily development site next to Nova Southeastern University’s campus in Davie. Chevy Chase, Maryland-based FCP and Boca Raton…

Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project

Developer Dan Catalfumo’s waterfront luxury condo development in Palm Beach Gardens will be branded Ritz-Carlton. The Catalfumo Companies project, formerly known as the Landing at PGA Waterway, will now be the Ritz-Carlton Residences, Palm Beach Gardens, the Palm Beach Post reported. It will consist of three six-story buildings with 98 units.

Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes

Extra Space Storage hit a double play with a $29.2 million acquisition of two self-storage complexes in West Palm Beach. Affiliates of the Salt Lake City-based self-storage real estate firm, led by CEO Joseph Margolis, bought a 56,307-square-foot self-storage facility at 401 North Military Trail for $12.4 million, records show. Extra Space Storage also paid $16.8 million for…

Developers pay $41.5M for bayfront condo towers dev site in West Palm Beach

Hines and Frisbie Group paid $41.5 million for the waterfront West Palm Beach development site for their planned South Flagler House luxury condo towers. Flagler Towers Project Dev bought the 3-acre property on the northeast corner of South Flagler Drive and Diana Place from Palm Beach Atlantic University, according to records. The buying entity took out a…

Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants

A rendering of One Flagler in downtown West Palm Beach and River Landing Shops & Residences in Miami with Related Companies Stephen Ross and Andy Hellinger and Coralee Penabad of Urban-X Group, developer of River Landing: GTCR, Diameter Capital Partners I One Flagler I Downtown West Palm Beach Stephen Ross’ One Flagler office tower…

Kolter pays $37M for golf course dev site proposed for 707 homes near West Palm Beach

Kolter Group paid $36.9 million for a former golf course near West Palm Beach that is proposed for redevelopment as a townhouse community. An affiliate of Kolter Land, Kolter’s residential land development arm, bought the 57.3-acre site on the northeast corner of Okeechobee Boulevard and North Haverhill Road from…

Ken Griffin’s South Florida state of mind: Citadel to open Palm Beach office

Ken Griffin continues storming into South Florida, with Citadel poised to take over the former Neiman Marcus building in Palm Beach. The Chicago-based hedge fund is setting up an office in the former 48,578-square-foot department store at 151 Worth Avenue, according to Bloomberg. In May, an affiliate of Jeffrey Camp paid $78 million for the three-story building…

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July 20, 2022

Video: PwC Real Estate Deals Leader Tim Bodner Discusses Firm’s Midyear 2022 Outlook for Real Estate

Tim Bodner, Real Estate Deals Leader and Partner with PwC joins America’s Real Estate Show to discuss their (PwC’s) 2022 Midyear Outlook for Real Estate. The discussion includes forecasts for all the major commercial real estate sectors, future opportunities within the various sectors, and overall commercial property deal activity. The conversation digs into some of the changes due to and implications of disruptions in commerce in general over the past few quarters.

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July 17, 2022

Miami Commercial Real Estate News July 13, 2022: Mary Brickell Village Shops Trades for $216M; 593 Unit MF on River Planned; More…

RPT Realty buys Shops at Mary Brickell Village for $216M

RPT Realty picked up the Shops at Mary Brickell Village for $216 million, marking the latest major real estate deal in the Miami neighborhood. New York-based RPT Realty, through an affiliate, bought the retail at 900 and 901 South Miami Avenue, as well as at 911 Southwest First Avenue, from an entity tied to Rockpoint, according to records. The 200,000-square…

Miami-Dade may help renters in eviction court secure attorneys

Laurel Pizarro had difficulty navigating the legal process when she tried to fight her eviction from a Miami apartment in March. She looks back on her day in court as hardly a fair one: She went on her own, but her landlord had an attorney. Miami-Dade County is in the midst of an affordability crisis. Rent hikes in South Florida consistently outpace those in the….

Here’s what happens to renters after developer converts Miami apartment tower to condos

Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with rendering of The Elser Hotel & Residences: Prospective apartment tenants at Property Markets Group and Greybrook’s downtown Miami tower have restarted their housing search after the developer decided to instead sell the units as condos. The developers…

County defers study of Freedom Park impact on airport

Miami-Dade commissioners deferred a report analyzing the potential impacts to Miami International Airport from the Miami Freedom Park project, home to the Inter Miami CF soccer team, to be developed at the Melreese Country Club, right next to the airport. The mixed-use development includes a 25,000-seat soccer stadium, offices, restaurants…

OKO Group, Cain International Land $97M Construction Loan for Florida Tower

A joint venture between OKO Group and Cain International has secured $97.2 million in construction financing for One River, a new downtown Fort Lauderdale, Fla., luxury multifamily tower. The financing funding the construction of the 34-story tower encompasses two loans. The first is a senior construction loan provided by Bank OZK. The second is a…

Miami Multifamily Report – June 2022

Boosted by above-average job growth, Miami has one of the country’s tightest rental markets. As of April, rates were up by a whopping 24.6 percent year-over-year, earning Miami the top spot nationally in terms of annual rent growth. On a T3 basis, rates improved by 0.9 percent to $2,261, while the U.S. average hit $1,659, up 0.8 percent. Miami added 153,200…

Two-building Miami River project plans 593 units where trailer park stood

A major residential development along the Miami River received conditional approval from Miami’s Urban Development Review Board. River Rapids Partners LLC proposes the two-building River Rapids at 2750 NW South River Drive. The two-phase project is to consist of two multi-family residential buildings totaling 593 rental units and 862 parking…

The Related Group to Build Miami High-Rise Downtown

The Related Group is set to develop a 343-unit luxury condominium high-rise in Miami. The project also includes ROVR Development and BH Group. New York-based Madison Realty Capital has financed the project with a $76 million construction loan. The property is being designed by Sieger Suarez Architects and Meshberg Group, the latter being in charge of interior…

Miami again ranks as nation’s least affordable housing market, followed by LA, NY

Miami again topped the list of least affordable U.S. housing markets in July, ahead of Los Angeles and New York, according to RealtyHop. Even though the median home price in Miami fell slightly in July compared to June, to $600,000, the city remained the least affordable based on a projected median household income of about $45,000. That means the average…

Jimmy Resnick Acquires Kendall Shopping Center For $32M

The Resnick family has added another coveted piece of real estate to its extensive South Florida portfolio. Jimmy Resnick paid $32M for Kendall Marketplace, a 58K SF shopping center at 11531-11631 Southwest 88th Street, The Real Deal reports. Resnick, whose father — the late Abe Resnick — was a Miami Beach city commissioner and the founder of the Miami…

Lender sells foreclosed aviation maintenance site in Medley for $20M

Synovus Bank sold a foreclosed, defunct aviation maintenance facility in Medley to Terreno Realty for $20 million. An affiliate of Terreno, a publicly traded, San Francisco-based real estate investment firm led by co-founder, Chairman and CEO W. Blake Baird, bought the 6.7-acre industrial property at 8050 Northwest 90th Street, records show. The site includes a 55,000…

Mexican developer-led JV plans Brickell apartment tower

A joint venture consisting of two Mexican firms making their U.S. debut and a Miami-based partner is betting on Miami’s booming apartment market with plans for a 24-story tower in Brickell. Menesse International bought the development site at 143 Southwest Ninth Street from an affiliate of Miami-based Habitat Group for $23.5 million, according to the seller’s…

Miami Investment Volume Lowest Among Gateway Markets

Year-to-date through May, Miami’s office market has seen $490 million in office sales, according to CommercialEdge data. The metro’s investment volume has increased by $140 million only in May, while the average price per square foot fell by $42 to reach $325 per square foot at the end of the month. At the same point last year, the Magic City’s deal volume…

Berkadia Arranges $100M Construction Loan for Gardens Residence Apartments in North Miami, Florida

Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and…

Joe Carollo Takes Ball & Chain Lawsuit Ruling to U.S. Supreme Court

Joe Carollo has brought his legal dispute with Ball & Chain owners Bill Fuller and Martin Pinilla to the highest court in the land. Joe Carollo has brought his legal dispute with Ball & Chain owners Bill Fuller and Martin Pinilla to the highest court in the land. In October 2018, Ball & Chain owners Bill Fuller and Martin Pinilla filed a federal lawsuit against City of…

Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra

Cruise Yacht Opco I Plaza 100 I Fort Lauderdale Ritz Carlton’s luxury yacht service division Cruise Yacht Opco is moving its offices to the Plaza 100 building in Fort Lauderdale from Miami’s Coconut Grove neighborhood. Cruise Yacht Opco leased the entire penthouse spanning 17,000 square feet at the building at 100 Northeast Third Avenue, according to a news…

Doral, Miami Springs, Other Miami-Dade Municipalities Considering Annexation

Four municipalities in Miami-Dade County want to expand their boundaries and the proposition comes with plenty of controversy. The process is called annexation. It includes for example, a city expanding into unincorporated areas of Miami-Dade County. Miami Springs is interested in annexing county land. So is Doral. The Village of Virginia Gardens is too as […]…

Miami Beach commission to soon determine fate of Steve Ross’ plan to develop Deauville site into two-tower Equinox project

Miami Beach commissioners soon will determine whether billionaire real estate developer Steve Ross’ plan to redevelop the historic Deauville Beach Resort can head to voters in November. Ross, founder and chairman of New York-based Related Companies, is proposing a two-tower development of up to 375 feet tall with a 175-room Equinox hotel and 150 luxury condos…

Miami-Dade judge hits Codina Partners’ affiliate with $6M in damages

A Codina Partners affiliate is on the hook for $6.4 million in damages after a Miami-Dade judge found the developer wrongfully terminated Grycon, the general contractor that built the developer’s 5350 Park condominium project in Downtown Doral. On Tuesday, following a non-jury trial, Miami-Dade Circuit Court Judge William Thomas ruled against 5350 Park LLC…

Up in smoke? Comras loses bid to open medical marijuana dispensary

Real estate investor and developer Michael Comras lost his bid to open a medical marijuana dispensary in Miami’s MiMo Biscayne Boulevard Historic District. But he is not calling it quits — he will appeal to a higher authority. Comras, CEO of Miami Beach-based The Comras Company, and Elad Kohen’s The Flowery, a licensed medical cannabis provider in…

Developers score $76M construction loan for Airbnb-branded condos in downtown Miami

The developers of District 225, an Airbnb-branded condo project planned for downtown Miami, secured construction financing. Related Group, ROVR Development and BH Group received a $76 million loan from Madison Realty Capital, a New York-based lender, for the 37-story, 343-unit condo building at 225 North Miami Avenue. District 225 has been fully presold…

MSP Capital pays $50M for Davie office/warehouse complex

A Dallas-based real estate private equity firm scooped up an office/warehouse complex in Broward County for $50 million. An affiliate of MSP Capital Investments, led by co-founders and managing partners Murray McCabe and Max Lamont, acquired Pelican Bays at 4900-4990 Southwest 52nd Street in Davie, records show. MSP Capital paid $254…

Affiliated Development wins approval for Boynton rental project with workforce housing

Affiliated Development scored final approval for a mixed-use project with workforce housing in Boynton Beach. The Boynton Beach City Commission this week unanimously approved the city’s community redevelopment agency entering into a sale and development agreement with an Affiliated-tied entity for the site at 115 North Federal Highway. The project, called…

Media company buys office building near FAU’s Jupiter campus for $19M

From left: LRP Media Group’s Ken Kahn and Gladstone Commercial Corporation’s David Gladstone with 1395 University Boulevard: LRP Media Group bought an office building near Florida Atlantic University’s Jupiter campus for $19 million. Gladstone Commercial Corporation, through an affiliate, sold the four-story property at 1395 University Boulevard…

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July 13, 2022

Video: Office Market Forecast with Moody’s Analytics’ Thomas LaSalvia, PhD

Thomas LaSalvia, PhD with Moody’s Analytics CRE joins America’s Commercial Real Estate Show to discuss predictions for office properties, central business district and suburban office property performance, and opportunities ahead for office investors.

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July 13, 2022

Miami Commercial Real Estate News July 7, 2022: Soleste Grand Central Sells for $181M, First Apartments for $94M, Miami Tower for $164M; Office Vacancy Drops; More…

Jimmy Resnick joins South Florida shopping center buying spree with $32M Kendall purchase

A Miami Beach investor is the latest retail player to catch South Florida’s shopping center wave with a $32 million purchase in Kendall. An entity with ties to Jimmy Resnick bought Kendall Marketplace at 11531-11631 Southwest 88th Street, records show. The buyer obtained an $18 million loan from Professional Bank. The seller, El Tablon Investments, led…

SHVO to Develop 250,000 SF Office Building in Miami Beach

SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building…

Change of plans: Developer switches to condos from rentals at downtown Miami tower

A new downtown Miami rental tower will be sold as condos due to continued demand from buyers, The Real Deal has learned. Property Markets Group, led by Ryan Shear, Kevin Maloney and Dan Kaplan, and its partner Greybrook, plan to launch sales soon of The Elser Hotel & Residences at 398 Northeast Fifth Street, Shear said.

Omega scores $100M construction loan for North Miami apartments

Omega Real Estate Management scored a $100 million construction loan for the multifamily portion of its planned mixed-use The Gardens District project in North Miami. The nine-story apartment building, called The Gardens Residence, will have 358 units and 1,100 square feet of ground-floor retail at 1155 Northeast 126th Street, according to a…

Miami self-storage firm buys Medley industrial site for $38M

Looking to capitalize on demand from small warehouse tenants, a Miami-based firm specializing in self-storage facilities is expanding into industrial buildings with its recent $37.5 million purchase in Medley. An affiliate of Basis Industrial, formerly… Miami City Self-Storage, bought… 180,000-square-foot mixed-use site at 8600 Northwest South River Drive, Basis…

Northlink scores approval for condo project on Denny’s site in North Beach

New York real estate firm Northlink Capital plans to build a condo project with co-living on a Denny’s-anchored property in Miami Beach, where the previous developer had planned a mixed-use hotel. Northlink, led by Robert Rosenthal, secured approval from the Miami Beach Design Review Board on Tuesday for the proposed project at 7140 Collins Avenue in North Beach.

Avanti pays $181M for apartment building near Brightline’s MiamiCentral

The Estate Companies sold the Soleste Grand Central apartment building it developed near Brightline’s downtown Miami station for $181 million. Avanti Residential, a Denver-based investor and owner-operator of multifamily real estate, bought the 18-story, 360-unit building at 218 Northwest Eighth Street, according to the buyer…

Avanti Residential Buys Miami Apartments for $181M

Investor and lifestyle multifamily owner-operator Avanti Residential has acquired Downtown Miami’s Soleste Grand Central from seller The Estate Cos. The newly-built, luxury apartment community commanded a purchase price of $181 million. The acquisition marks Avanti’s fourth South Florida investment in the last 12 months, following its acquisitions in…

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from…

Lloyd Jones drops $92M for Little Havana apartments

Lloyd Jones expanded its South Florida multifamily portfolio with a $92 million acquisition in Miami’s Little Havana. Miami-based Premium Development sold First Apartments, a 194-unit building at 701 Southwest First Street, to Lloyd Jones, a multifamily and senior living-focused real estate firm also based in Miami, according to a press release…

Movers & Shakers: Self-storage giant SROA names new COO

From left: SROA Capital’s Kenneth Speegle, PropertyForce’s Charles Grau, and Katz & Associates’ Allan Carlisle: SROA Capital, a West Palm Beach-based private equity firm that invests in self-storage facilities under the brand Storage Rentals of America, appointed Kenneth Speegle as its new chief operating officer. Speegle joins the firm from Extra Space…

Location Ventures completes Villa Valencia condo project in Coral Gables

Developer Rishi Kapoor’s Location Ventures completed Villa Valencia, a luxury Coral Gables condo project that’s been four years in the making. Villa Valencia, a 13-story, 39-unit building at 501 to 525 Valencia Avenue is 95 percent sold with $100 million in closings so far. Three units are left, including a $14.9 million penthouse and two units averaging about…

City board tells Freedom Park to break up vast 4,900-car garage

Miami Freedom Park, which will rise next door to Miami International Airport and be home to the Inter Miami CF soccer team, has earned its first of many needed City of Miami approvals from the Urban Development Review Board. The board was presented the first site plans and new renderings for Miami Freedom Park, which when completed is to…

Industrial Real-Estate Developers Are Hot On Cold-Storage Warehouses

Industrial real-estate developers have been stepping up building cold-storage warehouses in the U.S. without tenants lined up for the space, betting that pandemic-driven changes in the way consumers buy groceries and meals are here to stay. Nearly 3.3 million square feet of refrigerated warehouse space was under construction through the second quarter…

CP Group, DRA Advisors buy Miami Tower for $164M

CP Group and DRA Advisors teamed up to buy Miami Tower, a landmark downtown office skyscraper at 100 SE 2nd Street known for its color-changing LED exterior, for $60 million less than its owner paid six years ago in a bet that the recent rush of major employers to South Florida will continue. A source close to the deal said the joint venture paid $163 mil…

CP Group, DRA Advisors Acquire 47-Story Office Tower in Downtown Miami

A joint venture between CP Group and DRA Advisors has purchased Miami Tower, a 47-story office tower located at 100 SE Second St. in downtown Miami. The seller is USPO Miami LLC, an entity established by Sumitomo Corp. of America, which purchased Miami Tower in 2016. The sales price was not disclosed, but South Florida Business Journal reports the tower…

CP Group, DRA Advisors Buy Miami Tower

CP Group has partnered with DRA Advisors to acquire one of the most recognizable office buildings in downtown Miami. The joint venture purchased the 636,000-square-foot Miami Tower from Sumitomo Corp. for $163.5 million, according to CommercialEdge information. Cushman & Wakefield’s Dominic Montazemi represented the seller.

Oak Row Equities plans 400-unit apartment, office tower in Edgewater

Oak Row Equities, the developer and private equity firm that until recently was known as Carpe Real Estate Partners, is planning a roughly 40-story apartment and office tower in Miami’s booming Edgewater neighborhood. The newly renamed firm, led by founders Erik Rutter and David Weitz, purchased the 2-acre site between Northeast Second Avenue and…

Mortgage rates falling back toward 5%

Suddenly, a 5.3 percent mortgage seems low. That was the average rate on a 30-year, fixed-rate mortgage this week, the Wall Street Journal reported. The average rate was a significant drop from last week, when Freddie Mac had the average rate at 5.7 percent, and mid June, when it surpassed 6 percent. Still, it is much higher than at the beginning of the year…

Sunrise investors buy South Miami retail building for $19M

A trio of Sunrise-based investors paid $18.5 million for a South Miami retail property, three months after selling a downtown Miami office building to Aby Rosen’s RFR Realty. An entity managed by Robert Balogh, Cara Balogh and Orli Teitelbaum bought The Crossroads, a 34,901-square foot building at 5700 Sunset Drive that was completed in 1955, records show. The deal…

Miami Development – The Gardens Residence – Lands $100M in Financing

Omega Real Estate Management has secured $100 million in financing for the development of The Gardens Residence, a 358-unit community in Miami. Churchill Real Estate provided the construction loan and North Miami CRA provided $15 million in subsidies. Berkadia arranged the financing. The project is set to break ground this month. Ten percent…

Miami Office Development on the Right Track

As of May, Miami’s office development pipeline reached 5.6 million square feet, according to CommercialEdge data. Month-over-month, the pipeline expanded by roughly 200,000 square feet. The Magic City’s office market has seen been expanding during the last 12 month. In May 2021, the metro’s pipeline reached merely 2.6 million square feet, representing 3.8 percent…

Miami’s Office Vacancy Drops 2.8% Year-Over-Year

As of May, Miami’s office vacancy hit 13.1 percent, down 280 basis point year-over-year, according to CommercialEdge data. The national average vacancy rate clocked in at 15.4 percent that month, virtually unchanged year-over-year. The Florida metro registered one of the largest drops in vacancy on a year-over-year basis across all markets and the largest…

Doronin’s OKO, Cain score $97M construction loan for downtown Fort Lauderdale rental tower

OKO Group’s Vlad Doronin and Cain International’s Jonathan Goldstein along with the development site at 629 Southeast Fifth Avenue in Fort Lauderdale, Vladislav Doronin’s OKO Group and partner Cain International scored a $97.2 million construction loan for an apartment tower planned south of the New River in quickly redeveloping downtown Fort Lauderdale.

SobelCo wins approval for 67-unit townhouse project in Dania Beach

Dania Preserve SobelCo won rezoning and site plan approval for Dania Preserve, a 67-unit townhouse development in Dania Beach on a 12-acre site just west of I-95. The Dania Beach City Commission voted Tuesday to rezone the development site, which currently has one house, at Southwest 31st Avenue and Griffin Road, from “estate residential” (E-1) to…

Newgard Lands $170M for Miami Condo Project

Newgard Development Group has secured $170 million in financing for Lofty Brickell, a luxury condominium community in Miami. 3650 REIT provided the construction loan and also originated one for the land acquisition last year. Eighty percent of the property’s inventory is under contract and construction is set to break ground in the fourth quarter…

Festival Flea Market Mall in Pompano Beach to be replaced with warehouses

A developer and warehouse operator won approval from the Pompano Beach City Commission to replace the Festival Flea Market Mall with about 470,000 square feet of warehouse space. North Miami-based IMC Equity, led by owner and CEO Yorham Izhak, is working with Atlanta-based IDI Logistics to demolish the Festival Flea Market Mall on the southeast…

River Oaks picks up Delray Beach shopping center for $26M

Count River Oaks Properties among the retail real estate investors feasting on grocery store-anchored shopping centers in South Florida. The El Paso-based firm, led by founder and Chairman Gerald Rubin, paid $25.5 million for Shop Delray at 8918 Atlantic Avenue in Delray Beach, according to a press release. Anchored by Joseph’s Classic Market, the 33,000-square…

Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate

Kaufman Lynn Construction sold its Palm Beach County headquarters for $10.3 million, but is staying put. An entity managed by Kaufman President and CEO Michael Kaufman sold the 22,000-square-foot, single-tenant office building at 3185 South Congress Avenue in Delray Beach, records show. The buyer, J.J.D. Associates of Palm Beach, an entity tied to Westmount…

Pebb JV buys Boca Raton office complex for $30M

Pebb Enterprises tripled its office holdings in a Boca Raton business park with a $29.8 million joint venture acquisition. The Boca Raton-based private equity real estate firm, led by CEO Ian Weiner, and Greenwich, Connecticut-based Contrarian Capital Management acquired Meridian Office Center at 6551 and 6601 Park of Commerce Boulevard, according to…

Tortoise Properties nabs $89M construction loan for downtown West Palm apartments

Tortoise Properties scored an $88.5 million construction loan for a multifamily project in downtown West Palm Beach. The real estate investment firm plans a pair of eight-story buildings with 264 units at 740 and 840 North Dixie Highway, according to Tortoise’s news release. Larkspur, California-based Acore Capital is…

Arnaud Karsenti’s 13th Floor, Wexford propose 25-story apartment tower in downtown West Palm

13th Floor’s Arnaud Karsenti and Wexford’s Joseph Jacobs and Philip Braunstein with rendering of The Residences of Palm Beach West: Arnaud Karsenti’s 13th Floor Investments and Wexford Real Estate Investors want to build a 25-story apartment building with a grocery store in downtown West Palm Beach. The 372-unit Residences of Palm Beach West project…

Forest Development, Royal Palm nab $269M condo construction loan

A joint venture between Forest Development and Dan Kodsi’s Royal Palm Companies scored a $269 million construction loan for a waterfront condo project in Palm Beach County’s Lake Park. Boca Raton-based Forest Development recently partnered with Miami-based Royal Palm on the two 24-story…

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July 7, 2022

Miami Commercial Real Estate News June 29, 2022: Citadel Moving to Miami, Seen Behind $363M Land Purchase; Calder’s Horse Track Sold for $287M; More…

Griffin’s Citadel seen behind record $363 million Miami land purchase

Ken Griffin’s plans to shift Citadel’s headquarters to Miami from Chicago gained momentum months ago with a record-breaking acquisition on the South Florida waterfront. Griffin and his company were behind the $363 million purchase of a 2.5-acre vacant site at 1201 Brickell Bay Drive, according to people familiar with the matter, who asked not to be…

Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos

Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures) Coral Gables is poised to get more development. Codina…

Lenders dole out $320M in construction financing for Brickell, Miami Worldcenter condo towers

Newgard’s Harvey Hernandez, Lalezarian Properties’ Kevin Lalezarian and the Lofty Brickell and Miami World Tower projects: Developers for a pair of condo projects in Brickell and downtown Miami nabbed construction financing totaling $320 million. Coconut Grove-based 3650 REIT lent $170 million for the construction of Lofty Brickell, a 44-story condo tower…

A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis

Marcia Fudge, U.S. Secretary for Housing and Urban Development, swooped into Miami on Tuesday, and declared the city ground zero of the nation’s housing crisis. Local residential real estate experts somewhat agreed. “I decided I was going to Miami, to the epicenter of the housing crisis in this country,” Fudge said during a tour of Related Group’s Liberty Square…

Fruchtlanders pay $61.5M for apartment complex near Zoo Miami

The Fruchtlanders’ FBE Limited bought an apartment community near Zoo Miami for $61.5 million, marking the family’s expansion in South Florida’s multifamily market. New York-based FBE Limited bought the 316-unit The Park at Sheffield at 15601 Southwest 137th Avenue in unincorporated Miami-Dade County, near Kendall, according to broker Tal…

Competition For Industrial Real Estate Around Ports Heats Up. Leading the Port Markets Is Miami.

Industrial real estate has been the one of the most sought-after property types nationally, leading to record low vacancies and increased competition among investors and tenants. When it comes to selecting a market for industrial investment, port markets are emerging as the safe bet for investors to park capital due to the positive rental growth…

Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries

Michael Comras and Marc Roberts with Google Street View of the properties at 60 Northeast 11th Street, 6901 Biscayne Boulevard, 2222 Northwest Fifth Avenue and 172 West Flagler Street all in Miami: South Florida real estate investors and developers Marc Roberts and Michael Comras are the first to push for medical marijuana stores in Miami, after the city’s de-facto ban…

Arrival of Tri-Rail in downtown Miami stalled, leader spreads blame

Arrival of Tri-Rail in downtown Miami remains delayed from a previously announced November date as the South Florida Regional Authority (SFRTA), Brightline and FEC Railway seek agreement on the need for a new dispatch desk and begin training staff to run the trains. Steven Abrams, executive director of SFRTA, said FEC Railway, which owns the tracks, is requiring…

As imports rise, PortMiami expects 3% cargo increase

PortMiami cargo has been growing after Covid-19 slowdowns and is expecting a conservative increase rate of 3% year-over-year as demand for all types of imported commodities continue to increase and new trends leverage closer manufacturing regions and avoid international conflict. Last year, PortMiami recorded a cargo performance high of 1,254,062 TEUs…

Lehman Dealership group sold to national Lithia and Driveway

Lehman Dealership Enterprises, a family-owned business with over 80 years in South Florida’s market, just sold its automotive business to Lithia & Driveway, one of the largest automotive retailers in the nation, headquartered in Oregon. “We’re very eager to expand [and] to serve customers in Florida, and within Florida, the Lehman group is regarded…

Vizcaya restoration dooms former science museum

Say goodbye to the former Miami Science Museum. In another step toward restoration of county-owned Vizcaya Museum and Gardens set to begin next month, the former science museum and planetarium building will fall. The first phase consists of tearing down the non-historic buildings on the site of Vizcaya’s farm village west of Bayshore Drive and building an…

Russell Galbut buys dev site near Five Park in South Beach, plans hotel

Russell Galbut’s GFO Investments picked up a hotel development site in South Beach, steps away from the Five Park condo tower the firm is co-developing with Terra. An affiliate managed by executives of Miami-based GFO paid $5.7 million for the two-story, 12-unit apartment complex at 1030 and 1050 Sixth Street, records show. The city of Miami Beach last year…

Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract

Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect) Rishi Kapoor’s Location Ventures proposes a 16-story condominium in Coral Gables, marking continued redevelopment in the city. Location…

Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price

Rockpoint sold a Brickell office tower for $286.5 million, marking a record for South Florida office deals since 2016. Boston-based Rockpoint sold the 28-story building at 1221 Brickell Avenue in Miami to a Delaware-registered entity led by Randall Davis and listing a Palm Beach address, according to records. The deal follows another mystery entity…

Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report

Miami’s industrial market, which includes all of Miami-Dade County, is the nation’s top performer for annual rent growth, according to a JLL report. Year-over-year, the Miami industrial market experienced a 53 percent jump in rent, more than Los Angeles, which had the second highest rent hike at 45 percent, and New York/New Jersey, which had the fourth highest…

Year since deadly collapse marked by condo reforms, new development in Surfside

Susie Rodriguez has difficulty accepting that a new building will soon stand in place of her former home, Champlain Towers South, which collapsed a year ago, killing her friends and neighbors. “It will be very strange to see another building there,” said Rodriguez, who was not in her condo during the tragic event last summer. “I don’t think I can ever…

OKO Group, Cain Top Off 55-Story 830 Brickell Office Tower in Miami

OKO Group and Cain International have topped off construction at 830 Brickell, a 55-story office tower underway in Miami’s Brickell Financial District. The 724-foot building is the first standalone office tower to break ground in Brickell in over a decade, according to the developers. Project partners include general contractor Civic Construction, architectural…

Miami’s 830 Brickell Tops Out

OKO Group and Cain International are developing the first Class A office tower in the city’s urban core in more than a decade. Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be built in the urban core in more than a decade, at 55 stories and 724 feet as it nears completion later this year. Developed by OKO Group and Cain…

Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M

Pebb Capital and LeaseFlorida sold a renovated, historic hotel in Miami Beach for $43.9 million, a month after selling an adjacent retail space for nearly $18 million. An affiliate of Spot On Ventures, an Osterville, Massachusetts-based real estate firm specializing in hotels and restaurants, acquired the Hampton by Hilton at The Continental at 4000 Collins Avenue

Blackstone’s Link Logistics pays $291M for Calder’s horse racing track

Blackstone’s subsidiary Link Logistics paid $291 million for Calder’s former horse racing track and surrounding property, with plans for an industrial complex and movie studios in Miami Gardens. The New York-based company purchased the 115.7-acre site at 21001 Northwest 27th Avenue from an affiliate of Calder Casino’s parent company, Louisville…

EverWest buys Hialeah Gardens industrial building for $43M

EverWest Real Estate Investors’ Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens: EverWest Real Estate Investors bought a newly built warehouse in Hialeah Gardens for $43.2 million, continuing its buying spree in South Florida. Denver-based EverWest bought the 164,298…

Miami nabs another big name as Citadel’s Griffin shifts HQ

Miami nabbed another deep-pocketed hedge fund billionaire – and his business. Citadel founder Ken Griffin, the wealthiest resident of Illinois, is moving his family and corporate headquarters to Miami from Chicago, multiple news outlets reported, citing a letter to employees. Griffin has long criticized Illinois Gov. J.B. Pritzker, a Democrat, and lashed out at…

Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road

Controversial proposals to build offices in Miami Beach near the city’s famous Lincoln Road passed another hurdle on Wednesday. The Miami Beach City Commission voted 5-1 to approve a slew of items needed for the proposals to proceed. Vice Mayor Kristen Rosen Gonzalez cast the sole dissenting vote after hours of heated debate with the rest of the…

Steve Ross’ plan to redevelop historic Deauville resort in Miami Beach advances

Billionaire developer Steve Ross is one step closer to achieving his goal of buying and redeveloping the historic Deauville Beach Resort property in Miami Beach. Ross, founder and chairman of the Related Companies and owner of the Miami Dolphins, has an agreement with the Meruelos, the controversial owners of the Deauville, to buy the hotel for an…

Miami leads nation in rent hikes — again

If rising rents were a race, Miami would be crushing the competition. Miami rents climbed 45.8 percent in May compared to last May, according to a newly released report from Realtor.com. Miami’s annual rent growth was a stand-out; its closest rival was Orlando at 28.4 percent. Nationwide, rents increased an average of 15.5 percent. The latest data on Miami…

Developers plan Lauderhill mixed-use, multifamily development with 245 units

Developers plan a Lauderhill rental project that may include affordable housing. The Lauderhill City Commission on Monday approved 441 Arthouse, a mixed-use development on U.S. 441 with 245 units and 10,000 square feet of commercial space. Hollywood-based developer Matthew Jacocks said the units will include at least four two-story townhouses…

Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices

Google Street View of the properties at551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings) Billionaire Carl DeSantis’s CDS International Holdings bought a Bank of America-leased property in Delray Beach for $25 million. CDS International, based…

Cottonwood buys Pompano Beach apartment complex for $95.5M

From left: Harbor Group International’s Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential’s Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach: Cottonwood Residential bought a Pompano Beach apartment community for $95.5 million, marking unceasing investment appetite for South Florida…

Estate Companies’ Pompano Beach, Hollywood apartment projects advance

From left: The Estate Companies’ managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard: The Estate Companies is moving forward with two Broward County multifamily projects. The South Miami-based company scored final approval for a 253-unit Pompano…

Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar

An exodus of tenants and diminished net cash flow could spell trouble for the owner of Pembroke Lakes Mall, which is saddled with a $260 million interest-only loan that is due in two years, according to a recent Morningstar report. New York-based Brookfield Properties acquired Pembroke Lakes Mall in 2018 when the firm bought shopping mall…

First Industrial picks up Pompano Beach manufacturing facility for $25M

First Industrial Realty Trust scooped up a Pompano Beach manufacturing building for $25 million, marking continued investor appetite for South Florida’s industrial market. Chicago-based First Industrial purchased the 113,610-square-foot building on 8.4 acres at 1801 North Andrews Avenue, and leased it back to the seller, according to a news release from the sell…

Starwood sells UM-leased medical office building in Plantation for $46M

Starwood Capital Group sold a Plantation medical office building fully leased to the University of Miami Health System for $45.5 million. An affiliate of Anchor Medical Properties, a Charlottesville, Virginia-based real estate investment firm, bought Crossroads III, a 101,851-square-foot Class A medical office building at 8100 Southwest 10th Street, records…

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June 29, 2022

Applying the Black & Scholes Option Pricing Model to Commercial Real Estate Option Pricing

In the financial markets, option theoretical values are most often calculated using the Black-Sholes model. Developed in 1973 by economists Myron Scholes and Robert C. Merton, this model was introduced to the world in their seminal academic paper, The Pricing of Options and Corporate Liabilities. In my time at Morgan Stanley, where I held the titles of SVP – Investments and Senior Portfolio Manager, I worked closely with a group of hedge funds actively trading derivatives (options) on individual stocks and various equity indexes. In that role, I utilized the Black-Sholes pricing model and related calculations of delta, gamma, theta, and vega, generally referred to as “the Greeks.” The Black and Sholes model is tested with real money every second of every day, all around the world. It’s valid. It works.

This pricing model is a function of an options relationship to its strike price, the volatility, defined as annualized standard deviation (SD), of the underlying asset itself, and the risk free interest rate. It seems to me valid that fair value of options on commercial real estate could be calculated using this formula. However, an important input of the formula, namely volatility (standard deviation), is not so easy to pin down.

Fortunately, others have considered real estate volatility. In 2003 three University of North Carolina finance professors, Brian A. Ciochetti, Jeffrey D. Fisher, and Bin Gao, calculated in a paper the SD for returns for institutional grade real estate from 1978 to 2002 to be 5.87%. They go on to identify the SD of specific sectors of real estate, with a higher SD generally for these (sectors of real estate). Then, in a 2012 paper by published by S&P Down Indices, the annualized SD of returns for residential real estate – not commercial but at least it is real property – from 1988 to 2011 was calculated as 6.57%. Considering these, 6.5% feels like a number one can use.

To gut check this, I roughly consider this 6.5% SD assumption using the empirical rule, also referred to as the three-sigma rule or 68-95-99.7 rule. This rule states that 68% of returns should be within 1 SD, 95% within 2, and 99.7% within 3. Thus, I ask myself a set of questions. Do 68% of price moves seem to be 6.5% higher or lower (1 SD assuming 6.5% annualized SD) than the average? Would I expect that 19 out of 20 years, i.e. 95% of the time, returns would be 13% higher or lower (2 SD) than the average? Finally, would I consider a return more than 19.5% higher or lower (3 SD) than the average to be something that might or might not happen in my lifetime? This gut check leads me to believe the SD is not lower than 6.5%. If it is higher, it is not considerably so. I’ve settled on 6.5% as the annualized SD assumption I personally use, but “personally” is operative here; it isn’t set in stone. Thus, I don’t have the exact answer, but at least I’ve thought about it.

As an aside, my inner geek regularly considers the empiral rule to back into estimating SD, kind of a gut-meets-statistics method to arrive at an estimation of SD. In fact, before I found the aforementioned white papers, I used this to “guesstimate” the SD for commercial real estate as about the same level as I later found in the white papers.

With all that out of the way, let’s move on to pricing options on commercial property.

First, let me get relationship of underlying asset, in this case commercial real estate, to strike price out of the way. With stock options, the strike price, the price at which the option can be exercised, and the stock price (underlying asset) are seldom exactly the same. With commercial real estate, however, in most cases the idea is that an option to buy is for some period at the current market value. Thus, the strike price and underlying asset price are presumed to the the same. That’s what I’ll assume for this article.

One-Year Black-Sholes Option Value at Various Time Periods to Expiration Assuming 6.5% Annualized Standard Deviation, 2.75% Risk Free Interest Rate, Strike and Underlying Prices at 100%
Calculated Option Value Price Increases Given Higher Standard Deviation Assumption

The chart above illustrates the price of a one year option at various SD assumptions. Here one can see that with the previously decided upon SD assumption of 6.5% annualized SD, a one year option would be just over 4% (4.14% to be exact), holding for other assumptions as noted. Thus, a one year option by this calculation should be $41,400 per million. Note how different assumptions affect this calculation, however. A higher SD assumption results in a higher price, a lower SD in a lower price.

With an option, the underlying asset may move in your favor or against. The ratio of the probability for or against is fixed at even odds. What is variable is the degree of the move. With move volatility, the potential for a larger move in your favor (or against) is higher. A larger potential move times a 50% probability of a move in favor of an option is greater than a smaller potential move times a 50% probability of a move in favor, thus the higher calculated value of the option.

Calculated Option Value Price Increases Increased Time to Expiration

Time to expiration also, of course, affects the price. In the above chart, the other variables of SD and risk free interest rate are held constant as time to expiration is increased. This one is intuitive; more time costs more.

Calculated Option Value Price Increases with Risk Free Interest Rate

Finally, the is the input of risk free interest rates. As can be seen in the chart above, higher rates result in a higher calculated option price.

When one considers that an option buyer is participating in price movement of an asset that has not been purchased, then the time value of money on that preserved capital comes into play as a debit to the option buyer (offset by the credit of cost of money by not having to buy the asset). And, of course, as interest rates increase, so does the cost of money. Thus, the calculated value of an option increases as rates increase.

But Then the Norms…

Commercial property is commonly put under contract with a closing date two or three months in the future, sometimes more. These dates follow a due diligence period and sometimes financing or other contingency periods. While a property is under contract, and certainly while the owner has the contractual right to walk by way of the due diligence period language or otherwise, a contract is essentially an option on a property. Importantly, however, I’ve not seen this period considered as an option, and thus have not seen a option premium paid on any type of normal period. Thus, the norm is that this “option” is granted by sellers in return of undergoing a due diligence process.

On longer contracts the topic does not typically arise either. It is generally understood that for a seller to get his or her price, one is going to have to allow time for a buyer to get through one’s due diligence and other efforts and close. I believe a case can be made, however, that an option component should come into play as that period becomes particularly long. An option, after all, is a calculated fair value of the financial benefit of that option. To give it away in contract language without compensation is akin to allowing people to occupy rental property without (egads!) paying rent.

I have indeed seen a premium “paid” in the form of a price increased by the amount of calculated premium with that calculated premium being non-refundable. If you’ve read to this point, you might guess where I’ve seen this. If you guessed that it was a transaction I structured, you’re right. Doing it this way resulted in the same outcomes and allowed the structure to be put in place easily utilizing the standard FAR/BAR commercial contract.

So What’s the Bottom Line?

The bottom line is that a seller should be sure that he or she gets what is desired when entering into a contract to sell a property. If one is getting the price desired, and particularly if one is getting more, and is confident the buyer will close, that may be enough. However, as the length of time to closing and particularly the length of time for contingency periods to expires gets excessive, as one is less thrilled about the sales price, and/or as one is less confident that a buyer will close, collecting an option premium in the form of an amount above the price that is immediately non-refundable could be in order. As a rule of thumb, I use 4% of market value as the number, per year. That may be less than I calculated herein, but it is something in a world where most brokers give it no thought.

Perhaps move relevantly, when considering that one is essentially granting an option to a buyer in a contract with a due diligence period, it is important to know that a buyer is undergoing due diligence efforts to get to a close. Sussing out buyers that are not real is usually obvious to an experienced broker, but not to many sellers and frankly not to some brokers. This may be the most practical application of all this. In the bargain of executing a contract where a seller essentially grants an option and a buyer undergoes a due diligence process and otherwise moves toward a closing, a seller should make sure a buyer keeps up his or her side of the bargain.

Don’t rely on the above for investment related decisions. Instead consult with your accountant and other professional advisors.

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June 26, 2022

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June 22, 2022

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June 15, 2022

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Year-to-date through April, Miami’s office market has seen $350 million in investment volume, with the average price reaching $367 per square foot, according to CommercialEdge data. In the first quarter of the year, the metro’s office investment volume added up to merely $209 million, but an acceleration in April saw ten properties traded, comprising a combined…

The Sky is Not Falling for Miami’s Retail Market as Healthcare, Dining Activity Soars

When the world shut down in March 2020, “Chicken Littles” everywhere proclaimed the end of one of the primary asset classes in commercial real estate: retail. Retail tenants largely abandoned expansion plans and entered survival mode by shifting focus to seeking rent abatements and lease restructurings. Landlords in weak financial positions fought to meet…

Rethinking the ground lease

Vornado Realty Trust says the land beneath its office building at 330 West 34th Street is worth $145 million. The land’s owner, Haymes Investment Company, claims its value is $225 million — entitling Haymes to more than $5 million in additional annual rent.  Assuming no further hikes, that would be nearly $170 million over the course of Vornado’s 30-year lease.

28 Industrial Acres in The Homestead Park of Commerce Trade for $10.9M+

We are pleased to announce the sale of 28 acres located within The Homestead Park of Commerce in south Miami-Dade County. The closing price was $10,900,000. There was also an additional, non-disclosed assignment fee. The Buyer is EastGroup Properties, Inc. (NYSE: EGP), a S&P Mid-Cap 400 Company who is a self-administered equity real…

Miami hotel room rates up 56% since 2019

Hotel room rates have surged in Miami during the past three years, more so than in several other tourist destinations nationwide. The average daily hotel room rate in Miami for the first five months of the year reached $369.51, according to an analysis from Bloomberg. That represents a 55.6 percent increase from the same period in 2019, when the average was…

$1B Surfside settlement signals condo association, construction insurance premium hikes

The $1 billion-plus Surfside settlement marks a milestone in the lawsuit over the deadly condominium collapse. It also reveals the role of real estate insurance — and is a harbinger of premium hikes that could reverberate across the industry. The insurance carriers for 31 entities are contributing toward the $1.02 billion total disbursement. All who settled have…

The man from Morocco: The untold story of  developer Joseph Chetrit

Though his close friends and family might quibble over the precise ingredients required for a good Joseph Chetrit story, they can all agree on one thing: There’s probably a negotiation involved.  Robert Verrone’s favorite took place during the 2006 FIFA World Cup, when the top debt broker and his father attempted to enter a soccer stadium with Chetrit…

City office tower targeted for soccer complex at Melreese

Miami’s new city government office building may rise next door to the new Miami Freedom Park, soon home to David Beckham and partners’ Major League Soccer stadium and a commercial park. Meeting today (6/9), the city commission is to consider a vote to select the 1550 NW 37th Ave. site for the administrative building. This location is generally where the Melreese…

County may seek bids in July to redevelop 20 acres of downtown Miami

County staff is still working on putting together a bid solicitation to be out in July to redevelop over 20 acres of county-owned land in downtown Miami. “It seems like we’re pretty close to a July release,” confirmed Commissioner Eileen Higgins, who has been working to present an item to the commission for the redevelopment for over a year and a half.

Construction costs for multifamily housing rise by half

Multifamily developers are still facing delayed shipments of construction material and rising project costs due to inflation and interest rates. Construction costs are up about 50% for most development projects, said Matthew Jacocks, principal for Lee & Associates South Florida, who specializes in multifamily development. “Every month we’re having…”

Miami mayor seeks city support of rejected Rickenbacker Causeway plan

Miami city commissioners are considering a continued show of support for the Rickenbacker Causeway Project, also known as Plan Z, advanced by Zyscovich Architects and others. At its meeting today (6/9), the city commission is set to vote on a resolution reaffirming its endorsement of Plan Z and urging Miami-Dade County to immediately reopen the…

Miami’s indefinite deferral stalls Marine Stadium restoration

Miami city officials continue to delay action to reauthorize funding necessary for the long-awaited restoration of Miami Marine Stadium. Miami Today reported the possible further delay of the funding in late March. In February, city commissioners sidelined a resolution to reauthorize issuance of bonds to help pay for the restoration.

Despite aid, business struggle in Flagler Street revamp

The 30-month Flagler Street Beautification downtown is starting its second year of construction with businesses struggling to get customers and keep their doors open. Miami’s Downtown Development Authority has provided $5,000 apiece to businesses that have been hardest hit by the construction. On Friday, the authority is to add $2,000 more for each to help…

How Much Does a Commercial Building Inspection Cost?

Buying commercial real estate is very different from buying a house. What does a commercial building inspection cost?   Many consider real estate of any kind an investment, but commercial real estate has a much more direct impact on your finances than purchasing a house. With residential real estate, you hope that the home will pay off eventually, but with a…

Muy caliente! Little Havana multifamily submarket sizzles with three deals totaling $29M

A trio of Little Havana apartment buildings, 2900 Northwest 7th Street, 1250 Southwest 6th Street, and 718 Northwest First Street, traded for a total of $29 million, a sign investors are flocking to another South Florida multifamily submarket that’s catching fire. Investors are scoping out Miami’s Little Havana because the neighborhood is experiencing…

Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment

Michael Shvo along with an aerial view of his newly-acquired retail properties between 16th and 17th Streets along Alton Road in Miami Beach: Michael Shvo is betting big on Miami Beach. The New York developer, who made his debut in South Florida with the purchase of three South Beach hotels in 2019, bought a commercial strip on Alton Road — including…

Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami

FundKite I 100 Biscayne I downtown Miami FundKite is the latest firm in the financial and tech fields to shun New York and opt for Miami. The fintech firm is moving its headquarters into Aby Rosen’s 100 Biscayne office tower in downtown Miami. FundKite took 5,302 square feet at the 30-story office building at 100 Biscayne Boulevard, according to a news release…

Here are the residential projects planned for Miami’s Wynwood

Developers seem to agree: Wynwood is a winning bet. Similar to other areas of Miami, developers are descending into the neighborhood and have over a dozen projects at various stages in the pipeline. An analysis by The Real Deal found that over 2,200 apartments and condos are coming to Wynwood. That number will likely rise as developers reveal unit…

Alta reels in multifamily dev site near Miami River for $15M

Alta Development picked up an assemblage near the Miami River for $14.6 million, with plans to build a multifamily project. An affiliate of Miami-based Alta Development, led by Principal Henry Pino, bought six properties at 1410, 1420 and 1428 Northwest 14th Avenue; 1420 and 1430 Northwest 14th Terrace; and 1451 Northwest 14th Street, according to records.

Wynwood BID Façade Improvement Grant Program- Inaugural Release

On behalf of the Wynwood Business Improvement District (“BID”) Board of Directors (“Board”), we are pleased to announce the inaugural Façade Improvements Grant Program for our District Members. The Grant is aimed at encouraging and assisting businesses and property owners within the district to restore and improve the appearance of their storefront and…

Robert Rivani’s Black Lion sells Brickell restaurant space for $13M

Black Lion Investment Group’s Miami commercial condo portfolio is a little lighter after selling a waterfront restaurant space for $13 million. An entity managed by Robert Rivani, president of Los Angeles-based Black Lion, sold the 10,700-square-foot space in the mezzanine level of Tower 4 at the Four Ambassadors Condominiums at 801 Brickell Bay Drive, according to…

Here are the resi projects planned for Miami’s Edgewater

More than a dozen projects will bring nearly 6,000 apartments and condos to Miami’s Edgewater, as developers bet big on the Miami housing market. Developers spent about $500 million on property acquisitions in Edgewater alone since late 2020, an analysis by The Real Deal found. Edgewater is hardly alone — other neighborhoods, like Brickell, also have many…

Richard LeFrak On South Florida, New York Affordability and Succession

Richard LeFrak could well be considered the elder statesman of New York’s real estate scene — the scion of a rental empire, the LeFrak Organization, which built and owns tens of millions of square feet there and across the country as well as being a longtime friend of former President Donald Trump. Richard LeFrak’s grandfather, Harry, founded the eponymous…

The Fed’s Beige Book: Growth Chugs On amid Signs of Inflation’s Impact

The Federal Reserve Bank of Atlanta’s new Beige Book compilation of on-the-ground reports shows that economic activity kept growing modestly from April through mid-May, with ongoing tightness in labor markets and rising costs. By and large, business contacts continued to report record profit margins, though several noted a “slight dampening of demand…”

Brooklyn developer plans 1,100-unit Fort Lauderdale project

Brooklyn-based developer Dependable Equities is moving forward with its plans for an 1,100-unit luxury rental project in Fort Lauderdale, the latest multifamily proposal in the Broward County city where thousands of apartments are already in the pipeline. The firm, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinksy, went before the city’s…

Grocery store-anchored shopping center sales ignite South Florida’s retail market

Barron Real Estate principal Charles Ladd with JBL Asset ManagementManaging Partner Jacob Khotoveli and Plantation Marketplace at 7023 West Broward Boulevard in Plantation and Rivertowne Square at 1015 South Federal Highway in Deerfield Beach: A flurry of grocery store-anchored shopping center deals is setting South Florida’s retail…

Aimco drops $64M for mixed-use dev site in Fort Lauderdale’s Flagler Village

Aimco acquired a redevelopment site in Fort Lauderdale’s Flagler Village for $64 million that is part of an assemblage for a new mixed-use project An entity managed by executives of the Denver-based real estate development and investment firm bought the former Searstown Plaza at 901-927 North Federal Highway, according to records. The 5.6-acre site has a 155,760…

Nuveen buys Sunrise apartment complex for $44M

Nuveen Real Estate bought the Oasis at Springtree apartment complex in Sunrise for $43.7 million, marking continued investor interest in South Florida multifamily properties. Chicago-based Nuveen Real Estate, through an affiliate, bought the 276-unit, garden-style complex at 3551 Northwest 85th Way from an entity that lists Nancy Kodsi…

Ferreira family buys grocery-anchored North Palm Beach shopping center for $36M

Investors tied to the Ferreira construction and utility companies scooped up the Shoppes at City Centre retail plaza in North Palm Beach for $36 million. Brothers Antonio and Nelson Ferreira, through an affiliate, bought the property at 11201-11261 U.S. Highway 1 from an entity tied to Martin and Irving Osher, according to the broker’s release and state…

From tenant to owner: CTS Engines buys 44-acre industrial facility in northern Palm Beach County

CTS Engines paid $16 million for the northern Palm Beach County industrial facility it has been leasing for jet engine testing. CTS, a Fort Lauderdale-based turbine engine maintenance and repair company, purchased the 44.4-arce property at 18855 Bee Line Highway from Apogee Investment Partners, according to the broker’s news release. The property is in…

Publix pays $57M for shopping center it anchors in West Palm Beach

Publix boosted its South Florida retail real estate holdings with a $56.5 million acquisition of a West Palm Beach shopping center anchored by one of its stores. The Lakeland-based grocery chain, led by CEO Todd Jones, bought River Bridge Centre, a 229,781-square-foot retail plaza and nine outparcels at 6714-6868 Forest Hill Boulevard, according to a press…

Personal injury lawyers drop $9M for Palm Beach Gardens office building

A trio of Phoenix-based personal injury law partners paid $8.6 million for an office building in Palm Beach County. An entity managed by Sean Greene, Michael Steinger and Michael Feiner bought the two-story building at 11360 North Jog Road 101 in Palm Beach Gardens, records show. The three lawyers head Greene, Steinger & Feiner, a personal injury law…

Bainbridge and TPG team up for $161M purchase of a Jupiter apartment complex

Bainbridge Companies and TPG Real Estate Partners teamed up to buy a Jupiter apartment complex for $161.1 million. Through an affiliate, the joint venture acquired Allure at Abacoa, a 304-unit rental community at 1456 Cades Bay Avenue and 4515 Main Street, according to records. Wellington-based Bainbridge and Fort Worth, Texas-based TPG Real Estate paid…

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June 8, 2022

Miami Commercial Real Estate News June 1, 2022: A&E District Dev Site Sells for $49M, Lincoln Road Building for $94M, Downtown Assemblage for $58M; Office Vacancy Steady; More…

Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower

LCOR is making its South Florida development debut with plans for a 540-unit apartment tower in Miami’s growing Arts & Entertainment District. Berwyn, Pennsylvania-based LCOR, through an affiliate, bought 1.1 acres of land at 1775 Biscayne Boulevard from an entity led by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman, according to…

AMAC, ROVR score $67M construction loan for Aventura Park multifamily project

AMAC and ROVR got a jump start on their planned multifamily project near Aventura in the form of a $67 million construction loan. New York-based AMAC and Coral Gables-based ROVR are developing the eight-story Aventura Park building with 290 units at 17990 West Dixie Highway, according to a news release from the lender, Ocean…

Mast Capital sells South Beach Walgreens for $9M

Mast Capital cashed out of a prime retail property in South Beach, selling a Walgreens store for $9.4 million. An entity managed by Rodolfo Fuentes of Miami bought the 15,020-square-foot retail building at 524 Jefferson Avenue, near Washington Avenue, according to a press release. Scott Sandelin and Alejandro D’Alba led a Marcus & Millichap team that…

Here’s the pipeline of resi projects in Miami’s Brickell Area

With at least a dozen projects in the works, Brickell stands to gain over 6,000 apartments and condos over the next few years, as developers bet on continuing demand for new housing. Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl. This year alone, Michael Stern’s JDS Development Group and New York-based Major Food Group expect…

Supply chain struggle costs South Dade Transitway year’s delay

The South Dade Transitway, one of the six corridors of the Strategic Miami Area Rapid Transit (SMART) Plan, is now expecting a one-year delay to begin operations as the Miami-Dade Department of Transportation and Public Works is having severe supply chain difficulties in finding fiber strands necessary for the communications and technology systems…

Miami looks to up the ante on Riverside Wharf lease

Miami city commissioners on Tuesday approved the ballot wording for a special election Aug. 23 at which city voters will get a second chance to weigh in on a vast mixed-use downtown project that would add a luxury hotel and a site lease up to a century. The new lease, if voters approve, would also mean more money to the city by increasing the base rent…

IT firm Kaseya adds signage atop its third Brickell building

Amid an influx of tech-centric innovations in Miami, IT powerhouse Kaseya has expanded its headquarters by leasing three floors of office space at 800 Brickell. Kaseya, which is a provider, designer and developer of unified IT management and security software for managed service providers and small to mid-size businesses, is expanding its Miami presence. It also…

Video: AFIRE CEO Gunnar Branson Discusses his Org’s Institutional CRE Investor Survey

For thirty years, AFIRE (Association for International Real Estate Investors) has conducted a survey each year in order to understand the goals, challenges and long-term views of international investors in United States based real estate. A chart on deployment, funds invested and allocation changes along with anticipated volume in the coming year, starts…

Insight: Fragile hotel industry needs involvement, Blumberg says

Growth in hotel developments and added rooms, triggered by the City of Miami Beach putting bed tax money into construction of the Loews Hotel in the late ’90s, made Miami-Dade third in the nation in hotels. Now, with about 11 hotels and 2,220 rooms projected to open between March and December, retired founder of the Greater Miami and the Beaches…

Tri-Rail arrival in downtown Miami misses another schedule

A Nov. 1 start of Tri-Rail passenger trips at MiamiCentral Station is no longer feasible, Executive Director Steven Abrams told the South Florida Transportation Regional Authority Friday, another setback in long efforts to bring the rail line downtown. Mr. Abrams argued that Tri-Rail hasn’t been able to complete needed training for its staff to run the service because…

Surfside collapse $1B settlement breakdown revealed

The $1 billion-plus Surfside collapse settlement was filed late Friday, revealing more than two dozen contributors to the victims of the tragedy. The settlement comes nearly a year after the devastating collapse of Champlain Towers South on June 24, which killed 98 people. The largest sum, $517.5 million, will come from Securitas…

Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project

A Finvarb Group joint venture can rev up construction on its Thompson Hotel-anchored mixed-use project in South Beach after obtaining $44.6 million in financing. Banesco USA provided a $22.3 million construction loan to the Finvarb Group affiliate that owns the vacant redevelopment site at 1685 Washington Avenue, records show. The 0.6-acre property is…

Damac plans Cavalli-branded luxury condos on Surfside collapse site

Hussain Sajwani’s Damac Properties will develop a Cavalli-branded condominium on the Surfside collapse site. As the winning bidder, the Dubai-based company will pay $120 million for the almost 2-acre oceanfront property at 8777 Collins Avenue. The development will mark Damac’s first project in the U.S. Damac has been looking for sites in…

“Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville

Two days after Miami Beach Mayor Dan Gelber announced that Stephen Ross is proposing to redevelop the historic Deauville resort — which would require a voter referendum — commissioners moved to advance the plan. After a heated debate mostly between Gelber and Miami Beach Commissioner Kris…

Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago

Steve Roth’s Vornado Realty Trust sold the Regal Cinemas-anchored retail building on Lincoln Road in South Beach at a discount for $93.6 million. New York-based Vornado sold the property at 1100 Lincoln Road to an affiliate of Steve Gozini’s BH Properties, based in Los Angeles, according to records. The price is 29 percent less than the $132 million Vornado…

BH Properties Acquires Lincoln Center Retail Property in Miami Beach for $93.6M

BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6…

Déjà vu? Moishe Mana says he is almost done assembling downtown Miami portfolio with new purchase

Moishe Mana is not quite done buying properties for his downtown Miami master plan. The investor and developer paid $7.3 million on Wednesday for the building at 118 Flagler Street, formerly home to The Children’s Place store, he announced. He owns the properties surrounding the site. Mana is reportedly nearly finished assembling his Flagler District portfolio…

Miami’s Office Vacancy Holds Steady

As of April, Miami’s office vacancy reached 13.5 percent, up 70 basis points since March, according to CommercialEdge data. The Magic City had one of the biggest year-over-year decreases in office vacancy nationwide and registered a 200 basis-point drop since April 2021. Markets that have registered larger year-over-year changes than Miami include Phoenix…

Brickman Sells Downtown Miami Office Portfolio for Loss

A pair of aging office buildings in Downtown Miami sold at a loss. Triple Double Real Estate and Stonerock Capital Partners bought the two office buildings in Downtown Miami for a combined $56.7 million, according to Cushman & Wakefield, which brokered the transaction. The larger property, also known as the Courthouse Tower, located at 44 West Flagler Street…

Hotel Astor owner buys Miami Beach apartment building

The Eatontown, New Jersey-based real estate investment firm that acquired Hotel Astor nine months ago picked up its second Miami Beach property for $7 million. Victory Investments Group, led by CEO Anil Monga, bought a 31-unit apartment building at 1770 Meridian Avenue across the street from the Miami Beach Convention Center, according to records.

Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater

Aimco’s Wes Powell with Edgewater (Aimco) Multifamily giant Aimco filed plans for a 60-story waterfront rental tower in Edgewater, across the street from its Hamilton on the Bay apartment building. The Denver-based real estate investment trust is proposing a 241-unit mixed-use apartment tower at 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, according…

‘Remarkable’ 90-Story Major Supertall Condo-Hotel In Brickell Will Have Miami’s Only Silver & Gold Pool

New over-the-top details of the Major supertall tower planned in Brickell have been released as the developer prepares to launch sales. Here’s a look at some of the key newly released points: Major will have a silver and gold pool. “I want to celebrate this sexy City with an indulgent swim in the only silver and gold pool in Miami,” said tower designer William Sofield…

Publix pays $13M for waterfront Hollywood site approved for supermarket

Publix paid $12.8 million for a waterfront Hollywood development site where it plans to build a new store. Real estate investor Albert Benalloun, through an affiliate, sold the 1.1 acres of land at 3100 South Ocean Drive to an entity tied to Lakeland-based Publix Super Markets, according to a deed. The property faces the Intracoastal Waterway and is a block west from…

Dania Beach approves 231-unit multifamily development with mostly studio apartments

Renderings of Koosh Living (Kaller Architecture of Hollywood) BSD Capital won approval for Koosh Living, a multifamily development in west Dania Beach with 231 units, mostly studio apartments. City commissioners gave unanimous approval Tuesday to a rezoning, a plat amendment, and a site plan for the development on Stirling Road in Dania Beach, near…

All-male Fort Lauderdale resort sold for $11M

A group led by a North Miami-based real estate investor paid $10.5 million for an all-male Fort Lauderdale resort. An entity managed by Lior Raviv and four partners bought The Grand Resort & Spa at 539 North Birch Road, just steps from Fort Lauderdale Beach, according to records. The deal breaks down to $318,182 per key for the 33-unit boutique property…

Galleria Fort Lauderdale owner revives, revamps redevelopment proposal

The owner of the Galleria Fort Lauderdale mall has dusted off a formerly contentious proposal to redevelop the property, this time with a different plan that won’t require a rezoning. New York-based Keystone-Florida Property Holding proposes at least 1,900 multifamily units on parts of the 42-acre Galleria Fort Lauderdale at 2414 East Sunrise Boulevard…

Emerald Empire pays $25M for shopping center near Boca Raton

Emerald Empire bought a shopping center near Boca Raton for $25 million. Emerald Empire, through an affiliate, bought The Shops at Boca Grove at 21077 Powerline Road in unincorporated Palm Beach County from an entity tied to Isram Realty Group, according to records. The buyer signed a ground lease with a limited liability company that is also tied to Emerald Empire…

Geneva JV acquires Royal Palm Beach medical office complex for $15M

A joint venture involving a Deerfield Beach-based real estate investment firm paid $15 million for a Palm Beach County medical office complex. Affiliates of Geneva Group and its partner, Syosset, New York-based VM Petro, acquired Regal Medical Center at 1011-1021 North State Road 7 in Royal Palm Beach, according to records. The price breaks down to…

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June 1, 2022

Miami Commercial Real Estate News May 25, 2022: $204M Luxury MF Planned Near Coconut Grove; Surfside Collapse Site to Sell for $120M to Sole Bidder; More…

Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site

Alex Karakhanian sold a development site in Miami’s Arts & Entertainment District to a joint venture between New York-based Hidrock Properties and Karakhanian’s Lndmrk Development, The Real Deal has learned. The joint venture paid $19 million for the 0.9-acre property at 1601 North Miami Avenue, home to Elev8tion Fitness, the partners said.

Video: AFIRE CEO Gunnar Branson Discusses his Org’s Institutional CRE Investor Survey

For thirty years, AFIRE (Association for International Real Estate Investors) has conducted a survey each year in order to understand the goals, challenges and long-term views of international investors in United States based real estate. A chart on deployment, funds invested and allocation changes along with anticipated volume in the coming year, starts of…

Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers

Two Roads Development closed on a $150 million bulk condo purchase in Miami’s Edgewater, where it plans to develop a multi-tower luxury project. Two Roads, a West Palm Beach and Miami-based developer, gains a 3.5-acre waterfront site with the purchase of Biscayne 21, a 1960s-era condo. The deal is part of a growing trend of developers targeting older properties…

North Miami Beach development site assembled for $14M

A developer assembled a North Miami Beach development site for $14.12 million, with plans to build a 28-story apartment project. In the bigger deal, NMBPlace LLC, managed by Victor F. Dante in North Miami Beach, sold the 1.59-acre site at 1959 NE 164th Street for $12.9 million to NMB Place Owner, in care of Baltimore, Maryland-based JSB Capital Group. The same…

Interdevco pays $16M for Aloft Miami Dadeland hotel

Interdevco paid $16.1 million for a South Florida Aloft hotel that spent more than a year under receivership. The Miami-based real estate development and investment firm acquired the 119-room Aloft Miami Dadeland hotel at 7600 Southwest 88th Street in Kendall, according to records. Interdevco, led by President and CEO Josep Maria Suriol, paid $135,294 per room.

Settlement in Surfside condo collapse now over $1 billion

Families of those who lost loved ones in the Surfside condo collapse are now poised to get $1.004 billion, while the payout to unit owners has also swelled. Condo owners are now in line for a $96 million settlement, up from their original $83 million payout, and the payout to the families of those who died is up over $4 million from the previous nearly $1 billion…

JDS, Major Food Group to launch condo sales of Brickell skyscraper

Michael Stern’s JDS Development Group and Major Food Group are moving forward with their planned Brickell skyscraper. Renderings of the tower (JDS) Condo sales of The Major, a 259-unit tower planned for the site at 888 Brickell Avenue, are expected to begin this summer, with prices ranging from $1.6 million to $11 million, excluding penthouses, a….

Developer says he still can finance Rickenbacker Causeway upgrade

Improve safety for cyclists, replace and enhance Bear Cut Bridge, deal with resiliency and sea level rise, and create a 20-acre park and beach on Virginia Key were improvements the Plan Z Consortium intended to develop as part of an unsolicited proposal for the Venetian and Rickenbacker causeways. First presented to the county last summer…

Archaeologists dig into Miami history at Baccarat tower site

The very first beneficiary of the new Baccarat building at 444 Brickell Avenue is likely to be not tenants of a 75-story luxury residential tower but a museum, as archaeological work at the site uncovers shards of pottery and bones of millennia-old early residents of Miami. The 4-acre property, bought in 2013 by the Related Group, Florida’s largest developers…

Culmer Village to provide 612 affordable housing units

A large affordable housing development is planned for Overtown in the City of Miami. Richman Group of Florida Inc. is developing Culmer Village, two buildings hugging a parking garage proposed for a site at 690 NW 13th Street. The city’s Urban Development Review Board recommended approval, with a few recommendations. The project is described…

Auto Club towers coming to Magic City district

An auto club for motorsport enthusiasts is coming to the new Magic City Innovation District, riding the top floors of a sleek glass structure. Motorsport Tower, planned for 350 NE 60th Street, promises more than 200,000 square feet of offices in the new mixed-use development rising in the Little Haiti area. Miami’s Urban Development Review Board…

Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building

Brick & Timber Collective doubled its Wynwood portfolio with a $9 million off-market purchase of a recently completed mixed-use project. The San Francisco-based developer and real estate asset manager bought a three-story office and retail building at 2724 and 2734 Northwest First Avenue. Brick & Timber Collective, led by partners Jesse Feldman and Glenn…

Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary

Dacar Management scooped up 119 acres outside the Urban Development Boundary in western Miami-Dade County. The Dania Beach-based company bought the property on the southwest corner of Southwest 72nd Street and Southwest 167th Avenue for $22 million, according to a deed. Seller HL Mills Family is managed by Cathy Mills, state corporate records show.

Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals

Prestige Companies is a big believer in Hialeah. After building several residential projects in the city, it is now targeting a new multifamily development site. A joint venture between Prestige and Florida Value Partners bought the closed Salvation Army at 7450 West Fourth Avenue for $15 million, according to a deed. Seller Hialeah 4.9 QOZB is managed…

National Industrial Real Estate Prices Climb 20 Percent, Sales Nearing $19B in 2022

A backsliding economy and soaring inflation weren’t enough to slow record demand for industrial space nationwide in April. The average national industrial rent hovered around $6.47 per square foot and vacancies remained at 5 percent in April, all while the construction pipeline had over 640 billion square feet of additional space in the works, according to…

Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry

New York developer and Miami Dolphins owner Stephen Ross wants to buy the historic Deauville Miami Beach, with plans for a luxury oceanfront development. The 3.8-acre resort at 6701 Collins Avenue is in the midst of demolition, following a yearslong legal saga between the city and the property owner, as the building continued to fall into disrepair. Ross…

Damac to buy Surfside collapse site for $120M — no other bidders for property

Damac Properties is poised to buy and redevelop the Surfside collapse site where 98 people died last summer, after no other developers met the deadline to bid on the property. The Dubai-based developer was the stalking horse bidder, setting the minimum price last year for the property at 8777 Collins Avenue at $120 million. Earlier this month, in a move that…

Lionstone roars into Miami Gardens with $17M office building acquisition

Lionstone Development leapt into the South Florida office feeding frenzy with a $16.8 million acquisition in Miami Gardens. An affiliate of the Bal Harbour-based real estate investment firm acquired Commons Plaza, a newly renovated, three-story office building at 5901 Miami Gardens Drive, according to records. Lionstone, led by CEO Diego Lowenstein, paid $297…

MG plans $204M luxury apartment project near Coconut Grove

MG Developer is teaming up… to build a $204 million luxury apartment project near Coconut Grove and Coral Gables. Coral Gables-based MG and its partner, Baron Property Group, plan to build two towers with 450 apartments with parking, along with shops and restaurants on a 43,785-square-foot redevelopment site at 3898 Shipping Avenue, according…

MG Developer to Bring $204M Project to Miami

MG Developer is looking to expand its multifamily rental presence in Miami and has announced plans for its next luxury rental community. The company partnered with The Baron Property Group to develop Merrick Parc, a $204 million multifamily development. The project already received an initial $24 million tranche with $13 million in equity financing…

Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M

Jenny Bernell bought an Arts & Entertainment District property for $19.8 million, her third Miami multifamily development site purchase over the past year. Bernell, through her Clearline Real Estate, acquired the almost 0.9-acre Block E property at 1550 Northeast Miami Place from the Kluger Family Trust, according to a news release from the seller’s broker.

Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman

Tricera Capital’s co-founders are going their separate ways, with Ben Mandell now controlling a majority stake in the Miami investment firm, The Real Deal has learned. Mandell took over as CEO, while Sherman will take a seat on the firm’s new advisory board, according to a statement provided to TRD. Sherman is keeping some control and…

Video: NAR Senior Economist Gay Cororota Discusses Their Economic Outlook 2022

In this 25 minute videos, NAR Senior Economist Gay Cororotan shares their outlook. This discussion includes the impact of inflation, rising interest rates, the infrastructure bill, and the Russian invasion of Ukraine (and knock-on effects). Gay notes that the recent inflation number of 8.5% is the highest in 40 years. The discussion moves on to general economic…

AMAC, ROVR Development Break Ground on Aventura Community

AMAC and ROVR Development are working together yet again for a project in South Florida. The two developers have started construction on a 290-unit community located at 17990 W Dixie Highway in Aventura. The developers also landed a $67 million construction loan from Ocean Bank for the project, which is slated to complete in the first quarter of 2024.

75,000 SF Office Lease Arranged in Miami for Medical Research Firm

JLL has arranged a 75,000-square-foot office lease at Quattro Miami, a four-building office park in the city’s Airport West submarket. The tenant, medical research firm Evolution Research Group (ERG), is relocating its South Florida regional headquarters to Quattro Miami from Hialeah. The move expands ERG’s office footprint by 45,000 square feet, according…

Aimco Says Construction Will Begin In 2023 On 1M SF Mixed-Use Edgewater Project

A major project is expected to begin construction in Edgewater in 2023, developer Aimco told investors. The construction start date was revealed last week in the company’s first quarter financial results. Aimco has a 20% stake in the project, and will serve as the project’s development manager. The company said it contributed an eighth of an acre of land purchased…

42,000 SF Office Lease Arranged at 800 Brickell in Miami

Cushman & Wakefield has arranged a 42,000-square-foot office lease at 800 Brickell, an office tower in Miami’s Brickell district. The tenant, IT management software provider Kaseya, is slated to officially move into the top three floors of the 15-story building next year. The 800 Brickell location will be Kaseya’s third office in Brickell. Tony Jones of Cushman…

Aztec Group Arranges $81M Construction-to-Perm Loan for Metro Miami Mixed-Use Development

Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate…

Commercial real estate landscape remains in flux, experts say

An unstable economy and its impact on commercial real estate makes institutional investors nervous, South Florida innovator Stephen Bittel recently shared with FIU Business real estate students. “Inflation is a big problem,” said Bittel, chairman of commercial real estate developer Terranova Corp. “We’re set for a repricing on all of our asset classes.”

Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park

Ryder Logistics I Cabot Miramar I Miramar Centre Business Park Ryder Logistics, which runs transportation, fleet and supply chain operations, moved its third-party logistics space from Pembroke Pines to the Miramar Centre Business Park. Ryder moved into a roughly 152,573-square-foot space at Cabot Miramar, 15501 Southwest 29th Street, from its…

Sterling drops $37M for Coral Springs shopping center anchored by Best Buy

Sterling Organization is sliding into the Broward County retail market with a $37.4 million shopping center acquisition in Coral Springs. An affiliate of the West Palm Beach-based private equity real estate firm acquired Coral Landings III, a 172,526-square-foot retail center at 6166 and 6200 West Sample Road, records show. Sterling, led by Managing…

SROA Capital pays $20M for Hallandale Beach industrial-flex property

SROA Capital picked up a warehouse-flex building in Hallandale Beach for $20 million, amid continuing investment appetite in the robust industrial market. SROA, through an affiliate, bought the property at 1000 Pembroke Road from an affiliate of Patricio Ureta’s Megacenter, according to a deed. The building spans 175,863 square feet and was constructed in 1986 on…

KVR Properties pays $26M for Pompano Beach apartment complex

KVR Properties bulked up its South Florida multifamily portfolio with the $26.3 million purchase of a 124-unit apartment complex in Pompano Beach. An entity managed by Arvind Reddy, founder and president of Coral Springs-based KVR, bought The Boardwalk Apartments at 460 East McNab Road, records show. New York-based The Bancorp provided the buyer…

Moderno nabs $102M construction loan for Fort Lauderdale apartment tower

Moderno Development Group scored a $102 million construction loan for an apartment tower in an emerging Fort Lauderdale district south of the New River. Doron Broman’s Moderno and project partner Robert Mathias of Boca Raton-based NCC Development are set to start building the 29-story Rivr Lofts on the west side of Southwest Third Avenue, and between…

Chetrit scores $94M construction loan for oceanfront condo project in Pompano

The Chetrit Group secured a $94 million construction loan for a planned waterfront luxury condo development in Pompano Beach. New York-based Madison Realty Capital provided the financing for Chetrit’s site at 2629 North Riverside Drive, said Henry Bodek of Galaxy Capital, who arranged the loan. A rendering of 2629 North Riverside Drive The New York…

Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm

Sean Conlon, a merchant bank founder with a soft spot for old buildings, scooped up a historic apartment property in downtown West Palm Beach for $18 million. He bought the six-story, 38-unit Harris Music Lofts at 206 Clematis Street, which includes about 5,000 square feet of ground-floor retail, according to Zachary Baraf of the Stanwich Group, who was the…

Wellington real estate investor pays $16M for shopping center in own backyard

The son of an Andy Warhol muse galloped into Palm Beach County retail real estate, paying $16 million for a shopping center near the Wellington International equestrian center. An entity managed by Charles “Rusty” Holzer, owner and CEO of Wellington-based Worth Capital Holdings, bought the 46,848-square-foot retail site at 13501 South Shore Boulevard…

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May 25, 2022