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 January 12, 2022: 100 Biscayne Sells for $90M, Homestead Shopping Center for $92M; MLS Stadium Deal Faces Vote; More…

Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources

Aby Rosen’s New York City-based firm RFR Holding paid about $90 million for an office building in downtown Miami that had been tied up in litigation, sources told The Real Deal, as out-of-state investors continue to bet on the region’s growing office market. A partnership led by East End Capital sold the 30-story, 310,000-square-foot 100 Biscayne building…

RFR Acquires Downtown Miami Office Tower

RFR Realty has purchased 100 Biscayne Blvd. from a partnership led by East End Capital, the company announced. The 310,596-square-foot office building is in downtown Miami directly across from Bayfront Park. RFR declined to disclose the sale price. The 30-story office building was constructed in 1963 and offers 11,175-square-foot floor plates, according…

Dallas firm picks up Aldi-anchored retail property in Doral for $22M

Spectrum Properties paid $22.1 million for the retail building that is part of the Landmark South development in Doral. The Dallas-based, family owned company bought the property at 5875 Northwest 105th Court and an adjacent 92,108-square-foot parking lot from an affiliate of Congress Group, records show. Spectrum scored a $14.4 million loan to finance the…

Chicago developer pays $20M for Wynwood dev site with plans for mid-rise apartments

A Chicago developer is the latest to swoop into Miami’s booming Wynwood neighborhood, paying $19.5 million for a site, with plans to build apartments steps away from a potential passenger train stop. Fifield Companies bought 1.4 acres on the northwest corner of Northeast 27th Street and the Florida East Coast Railway tracks from an entity owned…

David Beckham’s MLS Team Faces Crucial Vote Over Miami Stadium Deal

After negotiating for more than two years, the city of Miami and Inter Miami CF, the Major League Soccer team owned by David Beckham and partners, have agreed on terms for a 99-year lease, helping to pave the way for the team to build a $1B stadium and complex on what is now a public park. The deal now needs to pass the city commission to proceed.

Plans For Adam Neumann’s Miami Apartments Sound A ‘We’ Bit Familiar

On Tuesday, The Wall Street Journal reported that WeWork co-founder Adam Neumann has been quietly scooping up $1B worth of multifamily properties, including several apartment projects in South Florida. A Florida property manager has been tapped to handle operations at two of Neumann’s Miami buildings, where a key focus will be developing…

Wharton Realty buys Homestead shopping center for $82M

Homestead Pavilion shopping center at 2400 Northeast 10th Court in Homestead with CREC Capital’s co-founders Alan Esquenazi and Warren Weiser and Wharton Realty Group’s owner Isaac Massry: Wharton Realty Group bought the fully leased Homestead Pavilion shopping center for $82 million, or nearly 32 percent more than the property’s purchase…

South Florida’s industrial squeeze has brokers sounding alarms

After receiving unsolicited offers to buy its 8.6-acre industrial site in Medley last year, KDD Properties decided to list it and see how many institutional investors would line up with competitive bids.  “There were no less than 25 offers from various public and private pension funds and institutional investors,” Sky Groden of JLL, which marketed the property, told…

Minnesota firm pays $46M for student housing near Florida International University

Tailwind Group bought student housing near Florida International University for $46 million, reflecting the hot market for rentals near colleges. Greystar, through an affiliate, sold the 15-story building, called 109 Tower, at 737 Southwest 109th Avenue to Tailwind, according to a deed. The buyer scored a $34.5 million loan from an entity tied to…

PMG sells its last Johnson & Wales University property in $11M flip

Property Markets Group sold the last property it owned at the Johnson & Wales University campus, less than a year after it bought portions of the shuttered school in North Miami. PMG flipped the building at 1600 Northeast 126th Street for $10.7 million, or more than double the $4.5 million it had paid in July, records show. Buyer Tate Capital leased…

Deal to double Miami International Airport cargo capacity stalls

A Miami-Dade committee Tuesday deferred Mayor Daniella Levine Cava’s call to reject an unsolicited proposal and instead directly negotiate with the joint venture to build and run a vertical air cargo hub at Miami International Airport (MIA), where cargo demand is rising. Members of the Airports and Economic Development Committee argued for more…

Delayed by COVID, Riverside Wharf seeks new city deadline

The Covid-19 pandemic has led to a delay in the construction of a major mixed-use project, Riverside Wharf, from a public-private partnership involving the City of Miami. That delay has triggered the need to extend the deadline to the private development company, a move expected to be considered today (1/13) by the city commission. The meeting…

Chart: Miami-Dade Commercial Real Estate Sales December 2021

The chart in this post displays the number of closed commercial property sales within Miami-Dade County in the two year period from January 2020 to December 2021., This includes both improved commercial properties and vacant commercial land that were recorded in the Miami Commercial MLS. December’s volume appears in line with prior months, continuing…

Peachtree buys AC Hotel by Marriott in Aventura for $50M

Peachtree Hotel Group scooped up an AC hotel next to Aventura ParkSquare for $49.5 million. The Atlanta-based hospitality investment manager bought the nine-story hotel at 20805 Biscayne Boulevard from an affiliate of Norwich Partners, according to records. Peachtree took out a $46.6 million mortgage on the property from MetLife Real Estate Lending. The deal…

Fed’s Beige Book: Early Signs Show Omicron Not Hurting Southeast Economy

Widespread outbreaks of the omicron variant of COVID-19 did not appear to inflict serious economic damage in the Southeast through December, according to the January Beige Book report from the Atlanta Fed. The report on economic conditions generally found trends of the past few months continued from mid-November through the end of 2021: labor demand…

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

In December the sales price to listing price ratio for commercial property dropped off a touch to a solid middle-of-the-pack 92.3%, with “the pack” being this number in the decade prior. This is for property sales as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of…

Appeals court upholds $8M judgment against former Z Ocean condo-hotel partners

Z Ocean Hotel in Miami Beach The co-developers of Z Ocean, a South Beach condo-hotel, will remain on the hook for an $8.2 million judgment after their appeal was denied. In an opinion issued last week, the Third District Court of Appeals upheld Miami-Dade Circuit Court Judge William Thomas’ 2020 ruling in favor of Louis Taic and his company So. Beach Hotel…

Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter

A rendering of The Crosby, Related’s Nick Pérez and Merrimac’s Nitin Motwani Related Group is partnering with Merrimac Ventures to co-develop a short-term rental-friendly condo tower within the master-planned, mixed-use Miami Worldcenter, The Real Deal has learned. Nick Pérez, a senior vice president at Related, said it took about two years…

Little Havana apartment building targeted in $15M mortgage foreclosure suit

The developer of the Columbus on Fifth apartment building in Miami’s Little Havana neighborhood was slapped with a $14.7 million foreclosure suit…. Columbus Apartments, tied to Miami-based Suncoast Construction Group, is accused of defaulting on a loan it took out to build the 72-unit Columbus on Fifth apartments at 514 Southwest 22nd Avenue. COF…

Terra nabs $141M construction loan for Bay Harbor Islands mixed-use project

Terra is making headway on its Bay Harbor Islands mixed-use project with a $141 million construction loan. The Coconut Grove-based firm scored the financing for its development at 1177 Kane Concourse, according to a statement from the Terra affiliate that owns the site. Mack Real Estate Credit Strategies is the lender. The project will consist of residential…

New York developers score $147M construction loan for student housing near FIU

Two New York-based developers are embarking on a student housing project near Florida International University with a $147 million construction loan. Adam America Real Estate and JW Capital Management plan to build the 22-story, U-shaped building at 10726 Southwest Seventh Street in Sweetwater, according to the developers’ news release.

Retail investor picks up former Señor Frog’s in South Beach

Miami Beach investor Yossi Lipkin acquired the Art Deco property in South Beach previously home to Jerry’s Famous Deli and Señor Frog’s. A trust led by nightclub owner Zori Hayon sold the three-story, 12,868-square-feet building at 1450 Collins Avenue to Yossi’s EDY for $10 million, property records show. Lavinia Otero of London Foster Realty brokered the deal.

Partner in South Beach’s Hotel Greystone hit with $19M judgment

South Beach hotel partner James Vosotas got slapped with an $18.9 million judgment in New York Supreme Court. Vosotas and Muhl had teamed up to renovate and reopen Hotel Greystone, an Art Deco property at 1920 Collins Avenue in Miami Beach. The partnership came apart shortly after the hotel’s grand opening was short-circuited by business lockdowns…

Miami Among Top 5 Markets for Self Storage Transactions in 2021

Despite slowing rent growth, the self storage sector continued to experience strong movement in 2021, with demand both from customers and investors. Nationally, nearly 95 million square feet of storage space traded throughout 2021, for a combined $9.9 billion, according to Yardi Matrix. This marks a 137-percent uptick compared to 2020 when the total transaction…

Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline

Fort Lauderdale is moving forward with plans for its version of Miami’s Underline linear park and trail that could extend throughout the city, where development has boomed in recent years. Fort Lauderdale commissioners Steven Glassman, Ben Sorensen, Vice Mayor Heather Moraitis and Mayor Dean Trantalis voted to approve a resolution accepting the…

Argentine brothers buy Pompano Beach office complex for $8M

A pair of Argentine brothers expanded their Broward County real estate portfolio with an $8.4 million purchase of a Pompano Beach office complex. Entities managed by Claudio and Gonzalo Maggi bought the Atlantic Business Center at 2201-2283 Southwest Second Street in Pompano Beach, according to records. The sibling investors financed their purchase…

Bang Energy’s warehouse in Pembroke Pines trades — with a $58M bang

As the South Florida industrial market continues to fizz, the rush to buy property led a Colorado-based investment firm to buy Bang Energy’s Pembroke Pines warehouse with a bang: for $18 million more than its purchase price a year ago. An entity managed by John Owoc, Vital Pharmaceuticals CEO, and CEO and founder of Bang Energy, sold…

MMG Assembles 10.4 Acres in Plantation, FL with $3.5M Purchase

MMG Equity Partners has acquired 8190 W Sunrise Blvd, a 4.83-acre site on W Sunrise Boulevard, just West of N University Drive in Plantation, FL. The property consists of a 19,178 sf office building built in 1974, occupied by Bank of America. The property is adjacent to Plantation Square, a 65,796 SF strip center on 5.6 acres, which MMG purchased May 2021.

GID buys newly built Plantation apartments for $73M

Real estate firm GID scooped up the newly built Windsor 335 apartment complex in Plantation for $72.7 million, as the robust multifamily market continues to attract investors. New York-based CP Capital and Dallas-based Trammell Crow Residential, through an affiliate, sold the 248-unit community at 335 North State Road 7, records show. The deal breaks…

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January 12, 2022

Chart: Miami-Dade Commercial Real Estate Sales December 2021

  Miami MLS Number of Sales from January 2020 to December 2021 for a) Commercial, Industrial or b) Commercial, Business, Agricultural, or Industrial Vacant Land within Miami-Dade County, Florida
Miami MLS Number of Sales from January 2020 to December 2021 for a) Commercial, Industrial or b) Commercial, Business, Agricultural, or Industrial Vacant Land within Miami-Dade County, Florida

The chart in this post displays the number of closed commercial property sales within Miami-Dade County in the two year period from January 2020 to December 2021., This includes both improved commercial properties and vacant commercial land that were recorded in the Miami Commercial MLS. December’s volume appears in line with prior months, continuing to hold stead after rebounding from an initial (and brief) COVID related dip.

Note that this chart only includes sales that have been booked in the Miami Multiple Listing Service (MLS), which does not record all commercial property sales. It does, however, record numbers of them. This is best considered not as a measure of all commercial sales but instead to compare, apples to apples, sales booked within the commercial MLS to prior periods (again booked within) to gauge trends in Miami area commercial real estate sales activity. To get an idea of how much commercial real estate tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.

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January 12, 2022

Miami Commercial Real Estate News January 5, 2022: 3-Acre Wynwood Assemblage Trades; Westland Mall Sold via $149M Loan Assumption; More…

In $7M deal, Terranova adds another Miracle Mile building to Coral Gables portfolio

In a $6.8 million deal, Terranova added another Miracle Mile retail building to its Coral Gables portfolio. The Miami Beach-based commercial real estate firm headed by Chairman Stephen Bittel bought the one-story site at 93 Miracle Mile, making it the 15th property Terranova owns on the street, according to a press release. The holdings span 120,000 square…

Miami Building, Site of Murder Scene in ‘Scarface,’ Sells for $31M

Once the scene of an iconic cinematic murder, a South Beach building that now houses a CVS Pharmacy has traded hands for $30.9 million, property records show. The two-story building sits in a prime Miami Beach spot at 728 Ocean Drive, a popular pedestrian street, facing the beach. It served as a set in the gangster film ‘Scarface,’ starring Al Pacino. A bloody scene…

Realterm Logistics pays $15M for Miami warehouse

Realterm Logistics picked up a fully leased industrial facility near Miami International Airport for $14.7 million. An entity managed by executives of the Annapolis, Maryland-based firm bought the 4.4 acre site at 7480 Northwest 48th Street, according to records. Realterm, headed by CEO Robert Fordi, paid $287 a square foot for the 51,392-square…

Order up: Shorty’s inks $15M sale lease-back of original restaurant near Dadeland Mall

Shorty’s BBQ has been approached “tons of times” over the years by developers seeking to buy the restaurant’s original location in Miami. The response was typically quick: No, said CEO Mark Vasturo. But the barbecue eatery finally said yes, after roughly a year of negotiations with buyers Atlantic Pacific Companies and Florida Value Partners. The developers…

Industrial vacancy rate hits record low: report

The squeeze is intensifying in the industrial real estate market, which is seeing record low vacancies and enormous net absorption, pushing up rents and following one record quarter with another. Cushman & Wakefield’s industrial market report Wednesday found vacancy across the United States at 3.7 percent for the fourth quarter. It was the first time…

Miami Market Update: Office Vacancy Slips 120 bp

As of November, Miami’s office vacancy rate dropped to 12.5 percent, clocking in 120 basis points lower than at the same point last year and 50 basis points below November 2019 levels, according to CommercialEdge. The gap between the metro’s vacancy and the national average (15.2 percent) further widened. Miami’s recovery has been on a definite…

Surfside collapse trial delayed to March 2023

The Surfside condo collapse trial was delayed by about six months to March 2023, despite an ongoing court push to bring justice to the victims as quickly as possible. Attorneys for the defendants – including the development team of neighboring condo tower Eighty Seven Park – argued that they need more time for their experts to complete their investigations into the…

The Closing: Todd Michael Glaser

Development is brain damage, at any budget. So if you’re signing up for it, says Todd Michael Glaser, you might as well aim for the stratosphere. “The problem is, to build a three-bedroom, two bath, $400,000 house and build a $200 million house, every part, every moving part, is the same — it’s just more money,” Glaser said. “So why would I choose to build a $400,000…

Miami Market Update: Lowest Price Among Gateway Markets

In November, more than 372,000 square feet of office space traded in Miami, according to CommercialEdge data, representing a multi-building portfolio sale in Doral, Fla. Year-to-date through November, the market has seen office transactions amounting to a total of $1.7 billion, at an average of $300 per square foot. Transaction volume in the first 11 months of…

$14.75 Million Industrial Property Sale In Miami Airport Submarket Arranged

Cushman & Wakefield has arranged the sale of a 51,392-square-foot industrial facility on ±4.4 acres at 7480 NW 48th St. in Miami. The final sale price was $14.75 million. Cushman & Wakefield’s Wayne Ramoski and Miguel Alcivar represented the seller, DFJ Properties West, LLC, in the transaction. The property was acquired by RLIF East 5…

Developers pick up historic church, dev site in Miami’s Edgewater for $20M

Fifteen Group sold a historic church on Biscayne Boulevard in Miami’s Edgewater for $20 million to a trio of developers that plan a mixed-use project on the site… Skylight Real Estate Partners and Panther Capital Management… to buy the nearly 1-acre property at 1836 Biscayne Boulevard and 256 Northeast 19th Street, near the Art…

Barry Sternlicht’s Starwood Capital sells Westland Mall in Hialeah by reassigning $149M loan

Barry Sternlicht’s Starwood Capital Group sold Westland Mall in Hialeah to a Dallas-based retail real estate firm. Centennial scooped up the mall at 1675 West 49th Street by assuming Starwood’s $149.4 million mortgage on the property, records show. Starwood originally took out a $160 million loan on the mall in 2017. The current outstanding balance is…

AMAC scoops up Miami Beach retail building for $33M

AMAC paid $32.5 million for a Class A retail building in Miami Beach, near the Sunset Harbour neighborhood. AMAC partnered with Miami Beach developer Daniel Neary to buy 1800 Alton, a five-story urban retail center at 1800-1824 Alton Road, according to a press release. With 31,840-square-feet of retail space on two floors, 1800 Alton also…

CBRE to buy $4.9B global industrial portfolio

It may be a new year, but one of the largest-ever industrial purchases indicates the sector’s hot streak isn’t fading just yet. CBRE Investment Management recently agreed to buy a portfolio of logistics properties from Ross Perot Jr.’s Hillwood Investment Properties, according to the Wall Street Journal. The properties involved in the deal are valued at $4.9 billion.

Surfside collapse defendants deflect responsibility in new court docs

The Champlain Towers South condo association sued Morabito Consultants, Becker & Poliakoff and the Eighty Seven Park development team: The defendants in the lawsuit filed by survivors and families who lost loved ones in the deadly Surfside condo collapse deflected responsibility for the tragedy that killed nearly 100 people, newly filed court documents…

Entities tied to Adam Neumann picked up $1B in apartment buildings

Two years after a spectacular rise and fall, WeWork co-founder Adam Neumann’s latest venture is reportedly beginning to take shape. Entities tied to Neumann have purchased majority stakes in more than 4,000 apartments across the United States, The Wall Street Journal reported, citing records and people familiar with the transaction. The holdings, largely…

Video: Could technologists become tomorrow’s real estate moguls?

The summit of real estate used to be the domain of the “cowboys” — the Harry Helmsleys, Bill Zeckendorfs and Harry Macklowes, buccaneers who mastered the art of relationship-building and taking outsized risks. The industry then came to be dominated by the “suits,” structured-finance whizzes such as Jon Gray and Marc Holliday who brought a Wall Street…

Jamestown sells Sunny Isles Beach apartment complex for $111M

In a $110.5 million deal, Jamestown sold a 308-unit landlocked apartment complex in Sunny Isles Beach. An entity managed by Chaim Freeman, who heads Los Angeles-based commercial real estate firm Buff Management, paid $357,142 per apartment for Beach Place at 17101 North Bay Road, according to records. That’s more than triple the…

City-county battle stalls Coconut Grove Playhouse

After 15 years of delay, the Coconut Grove Playhouse is awaiting a court resolution to a dispute between the City of Miami and Miami-Dade County, which proponents say is the only barrier to the project moving forward. The playhouse, which closed in 2006, already has $23.6 million allocated by the county and a design team led by Arquitectonica and historic…

Ocean Drive to restore cars, add pedestrian plaza

After a chaotic and uncontrolled avalanche of party crowds during the spring break of 2020 that ended in arrests, ongoing curfews and the ultimate closure to vehicle traffic to the street, a southbound lane is opening again in South Beach’s Ocean Drive along with a temporary pedestrian plaza, following months of discussions and holiday delays, the city has…

Vizcaya prepares to restore farm village

Restoration of Vizcaya Village in Vizcaya Museum and Gardens is planned and ready to go when the project’s construction documents, submitted at the end of 2020, are permitted by the City of Miami, though restoration is still not fully funded. Vizcaya Museum and Gardens, previously known as Villa Vizcaya, is the former villa and estate of businessman James…

Coconut Grove business area stresses natural environment

The Coconut Grove Business Improvement District has set forth initiatives to get the community back out and once again enjoy one of the best attractions the neighborhood has to offer – its enriched natural environment. The Coconut Grove BID has been hosting micro-events intended to site moments throughout the neighborhood, said…

The Crosby Miami World Center is coming to Downtown Miami

Great news for those who were waiting for to invest in a new luxury tower with Airbnb capacity. A condominium building with contemporary architectural design is coming to Downtown Miami: The Crosby Miami World Center, developed by Related Group. The prestigious firm is behind many luxury buildings in South Florida, including Icon Brickell…

Developers buy former Rubell site in Wynwood, plan major mixed-use project

L&L Holding’s David Levinson and Robert Lapidus, Carpe Real Estate Partners’ Erik Rutter and David Weitz with a rendering of the project: Two New York developers bought a 3-acre assemblage in Miami’s Wynwood where they plan to build a mixed-use office, retail and residential development on a site that includes the former Rubell Museum.

Major NY Developers Close On 3 Prime Acres In Wynwood For 1M SF Project

Two real estate firms with roots in New York are betting big on Miami’s trendy Wynwood neighborhood. L&L Holding Co. and Carpe Real Estate Partners have closed on a 3-acre assemblage to build The Wynwood Plaza, a planned 1M SF project with office, residential and retail space, plus a 25K SF public plaza. The acquisition comes about a year and a half after…

Family of Real Housewife’s ex-husband buys South Beach retail building for $7M

The Gebbia family, owners of Siebert Financial and once linked to the “Real Housewives of Beverly Hills,” bought a retail building in South Beach for $6.8 million. The property at 653 Collins Avenue in Miami Beach will serve as the Florida headquarters for Siebert Financial and Rise Financial, according to Katrina Campins of the Campins Company, who…

Artemis Real Estate buys southwest Miami-Dade apartments for $71M

The Olivia apartment complex north of Homestead traded for $70.5 million, marking a continuation of a flurry of deals fueled by a robust multifamily market. Artemis Real Estate Partners bought the southwest Miami-Dade County community at 14981 Southwest 283rd Street from Alcazar Development Group, according to property records. Artemis…

Kolter buys 41-acre site in Homestead for $17M from Lewis Swezy

Kolter Group nabbed a development site in Homestead for $17.2 million. An affiliate of the Delray Beach-based developer acquired the 41-acre site at 202 Northeast 18th Avenue, according to records. Seller South Wind Apartments, led by Miami Lakes-based developer Lewis Swezy, had planned to build 400 townhomes and apartments on the former…

South Florida real estate’s biggest stories of 2021

All eyes were on South Florida real estate for various reasons in 2021, from rising rents that propelled record investment trades to huge multimillion-dollar home sales, to the expansion of financial giants such as Blackstone, and the many preconstruction condo sales launches. But the deadly collapse of the Champlain Towers South that…

Student housing developer buys assemblage near University of Miami for $23M

Landmark Properties bought a student housing complex and adjacent development site west of the University of Miami. Athens, Georgia-based Landmark bought The Cloisters Miami, a two-building rental community at 5830 Southwest 57th Avenue, and the 2 acres of vacant land next door for $23.3 million, records show. Landmark also closed on a $41.8 million…

Pembroke Park approves 6-acre retail development with a Wawa

A developer won site plan approval for Seneca Town Center, a 6.2-acre commercial project with a Wawa convenience store and gas station in Pembroke Park. Ferber Company plans to build the four-building development at 3195 West Hallandale Beach Boulevard. The project, with nearly 130,000 square feet of space, will also include a self-storage…

Bridge Industrial buys Pompano Beach Commerce Park for $46M

Bridge Industrial scooped up the Pompano Beach Commerce Park industrial complex for $46.3 million, amid strong investor appetite for South Florida’s robust logistics real estate market. The Chicago-based industrial real estate investor and operator scooped up the three-building property on the southwest corner of North Powerline Road and Northwest 16th Street…

Shahab Karmely nabs $128M condo inventory loan for new Hallandale project

Developer Shahab Karmely closed on a $128 million condo inventory loan for an oceanfront development in Hallandale Beach, replacing the project’s $103 million construction loan, The Real Deal has learned. Karmely’s KAR Properties secured the loan from Madison Realty Capital. It pays off debt that Apollo Commercial Real Estate issued in 2018.  The 38-story, 64-unit…

Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach

Architect Kobi Karp and his wife Nancy paid $5.7 million for a Walgreens-leased property in Delray Beach that sold a year ago for $2 million less. The Karps’ 10 Congress WG LLC bought the property at 10 South Congress Avenue from Congress Avenue Realty, an LLC managed by George A. Morgan III, records show. The 13,778…

Banking on Boynton Beach: Nuveen drops $126M for apartment complex

Nuveen Real Estate dropped $125.9 million to acquire The District Boynton, a 350-unit apartment complex, notching the latest in an ongoing string of big ticket multifamily deals in South Florida. An entity managed by executives of the New York-based real estate investment firm bought the three-building project at 1000 Audace Avenue…

Royal Castle Companies buys offices at Boca’s Park at Broken Sound

Elliot Stone’s Royal Castle Companies scooped up two office buildings in Boca Raton’s Park at Broken Sound for $8.9 million. Royal Castle, through an affiliate, bought the properties at 6501 and 6531 Park of Commerce Boulevard from MTI Properties Florida, according to a news release from the buyer’s broker. Reese Stigliano of Stigliano Commercial Real…

AHS Residential sells a pair of Lake Worth Beach apartment complexes for $82M

AHS Residential sold a pair of Lake Worth Beach apartment complexes for a combined $81.5 million, reflecting ongoing investor appetite for South Florida’s well-performing multifamily market. Social Housing bought the Village at Lake Osborne at 2430 Lake Worth Road and the Village at Lake Worth at 2220 Lake Worth…

Starwood snaps up Palm Beach County apartment complexes for $176M

Affiliates of Starwood Capital Group paid $176.4 million for a group of affordable housing complexes in Palm Beach County. Companies led by David Page of Southport Financial Services sold the properties at 8215 Belvedere Road in West Palm Beach, 301 and 303 North Congress Avenue in West Palm Beach, as well as 101 Pine Circuit in Greenacres, records…

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January 5, 2022

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

January 2012 to December 2021 Sales to List Price Ratio for Commercial/Industrial Property within Miami-Dade County, Florida and Priced from $1 Million to $10 Million as Recorded in Miami Commercial MLS
January 2012 to December 2021 Sales to List Price Ratio for Commercial/Industrial Property within Miami-Dade County, Florida and Priced from $1 Million to $10 Million as Recorded in Miami Commercial MLS

In December the sales price to listing price ratio for commercial property dropped off a touch to a solid middle-of-the-pack 92.3%, with “the pack” being this number in the decade prior. This is for property sales as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of Miami-Dade, including cities within, that were priced from $1 million to $10 million and that closed in the ten year period from January 2012 to December 2021.

To get an idea of how much commercial property tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.

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January 5, 2022

Miami Commercial Real Estate News December 29, 2021: 400 Unit 2.6M sf Brickell Development Planned; Doral Industrial Properties Sell for $29M; More…

Mast Capital Unveils Plans for Miami Development

Mast Capital has added another project to break ground on in 2022 after acquiring the land for its three-building master-planned development in Miami. The company, alongside equity partner Rockpoint, acquired a 2.8-acre site located at 1420 S Miami Avenue in the city’s Brickell neighborhood for $103 million in an off-market transaction with an undisclosed seller.

Chicago firm plans apartments, commercial complex on Edgewater OZ site

A Chicago-based real estate firm made its first venture in Miami in a bet on the Magic City’s thriving apartment market and tech industry. Trilogy Real Estate Group plans to build a 20-story rental… The plan is to build the apartment high-rise on the soccer fields at 169 Northeast 27th Street and 2728 Northeast Second Avenue, Karasik said. Zoning allows 20 stories…

Seagis picks up Doral industrial properties for $29M

Bradlee Lord, vice president, Seagis Property Group, in front of 3075 NW 107th Avenue  and 9700 NW 17th Street: Seagis Property Group continued its South Florida buying binge by acquiring two Doral industrial properties in separate deals totaling $28.6 million. The Philadelphia-based industrial real estate firm now owns 113 warehouse properties with more than…

Sale & Lease Valued At More Than $17 Million Negotiated on Doral Warehouse

Buyer Seagis Property Group purchased the warehouse from AllPlus Computer Systems Corp for $15,600,000. The price equates to $195.00 per square foot. The deal closed on December 14, 2021. “The lack of inventory of properties for sale within this size range along with continued demand for e-commerce/distribution centers made it the right time for…

Save Calusa nonprofit sues Miami-Dade over golf course redevelopment

A grassroots residents organization sued Miami-Dade County to overturn a vote that paved the way for the development of a residential complex on the long shuttered Calusa Country Club golf course property. Nonprofit Save Calusa and its leader, Amanda Prieto, are asking the court to void the county commission’s approval rezoning the 169-acre property…

Moishe Mana buys historic downtown Miami buildings for $34M

Downtown Miami’s largest private landowner closed at least two more deals before the end of the year, adding to his war chest of properties, The Real Deal has learned. Sergio Rok Moishe Mana paid $29.5 million for the Shoreland Arcade at 120 Northeast First Street and about $4.8 million for the building at 1 West Flagler Street, according to a source. The cash…

South Florida’s most intriguing real estate lawsuits of 2021

In the past year, lawsuits tied to the deadly collapse of the Champlain Towers South in Surfside garnered the most attention, while litigation targeting a Miami Beach hotel executive, a waterfront mansion landlord, and the city of Miami sought to expose shady dealings. Here are the juiciest lawsuits reported by The Real Deal in 2021. Champlain Towers South…

Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex

Mast Capital plans to build a massive complex with a condo tower and two apartment high-rises on a Brickell site. Coconut Grove-based Mast Capital, led by Camilo Miguel Jr., paid $103 million for the land at 1420 South Miami Avenue and proposes 1,250 residential units, according to a news release. The vision for the 2.8 acre-site is for an 80-story condominium…

NY investor pays $10M for multifamily dev site near Miami River

Stonecutter Capital Management paid $10.4 million for a multifamily development site a block north of the Miami River. The New York City-based real estate investment firm bought the property at 1400 Northwest 17th Avenue, which now houses a Chase Bank building, as well as the adjacent vacant lot at 1404 Northwest 17th Avenue, according to a deed.

Holiday sales jumped 11% from pre-pandemic levels

Despite concerns over supply chain issues, inflation and the omicron variant’s spread, one report says retailers had a holly jolly Christmas,. Boosts among in-store and online shoppers pushed sales nearly 11 percent above pre-pandemic levels and marked an 8.5 percent increase year-over-year, according to Mastercard’s SpendingPulse report. The analysis…

Here are South Florida’s biggest retail leases of 2021

Terra’s CentroCity development A lot of uncertainty remains about the retail market and how brick-and-mortar stores will evolve in the future in light of e-commerce growth. But if this year’s biggest leases are an indicator, three types of retailers remain buoyant: discount stores, gyms and grocers. They signed the largest retail leases in South Florida in 2021. Still…

Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings

Moishe Mana, already the biggest downtown Miami landlord, added three buildings to his massive holdings, as he plans to transform the area into a tech and cultural hub. Mana paid a combined $25.4 million for the properties at 100 North Miami Avenue, 173 Northeast First Street and 124 Northeast Second Avenue, according to a news release from Colliers…

Top Projects That Will Reshape Miami

Even though tourism is one of South Florida’s biggest job generators and the hospitality sector took a hard hit in 2020, the Magic City managed to bounce back fairly easily. The metro’s favorable geographical location and business-friendly environment, coupled with a preference for mixed-use buildings, are among the factors leading its resurgence. An array of outside…

Here are South Florida’s biggest industrial leases of 2021

The numbers are in for South Florida’s biggest industrial leases of 2021. Of the top five, Amazon takes two spots, fewer than in 2020, when the e-commerce behemoth snagged four of the five top spots. The average square footage of the top five industrial leases this year rose slightly — to 258,530 square feet from 223,520 square feet last year…

Miami’s Top Commercial Real Estate Moments of 2021

The Magic City has been one of the more fortunate U.S. metros that have seen a steep recovery since the outset of the pandemic in early 2020. Although Miami’s economy relies heavily on tourism and the sector is still one of the most affected by the ongoing health crisis, the city’s economy managed to kick off its comeback fairly easily. The unemployment…

ShareMD scores again in Boynton Beach, acquiring medical offices for $38M

ShareMD is bullish on Boynton Beach, acquiring two medical office buildings for $38.1 million just seven months after dropping $6.5 million for a health care property there. In an off-market deal, the Alpharetta, Georgia-based health care real estate and technology firm acquired Boynton Beach Medical Plaza at 10151 Enterprise Center Boulevard…

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

In this month’s chart of the sales price to listing price ratio for commercial property, though the ratio was down from the prior month, that prior month was the highest and years. The ratio is thus holding strong. This is for property sales as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that…

Integra, Constellation Group Trade Office Building in Miami Beach for $26.5M

Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the…

Chart: Miami-Dade Commercial Real Estate Sales November 2021

The chart herein displays the quantity of closed commercial property sales within the county of Miami-Dade, including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending November of 2021. November’s volume up a bit versus the prior month. As has been the case of late…

Vivian Dimond sells Hollywood apartments for $103M

Broker, investor, and developer Vivian Dimond closed this week on her $102.5 million sale of Hollywood East, a 247-unit apartment building she acquired four years ago as a distressed asset and turned around, The Real Deal has learned. New York-based GMF Capital bought the 15-story building at 2165 Van Buren Street in Hollywood for about $413,000 per apartment…

Brookfield buys Solano at Miramar multifamily complex for $188M

Brookfield Properties bought the Solano at Miramar for $187.7 million, adding to unceasing investor appetite for apartment complexes in light of a robust market. The New York-based real estate behemoth bought the garden-style community at 11700 Southwest 26th Street from an affiliate of Atlanta-based RangeWater Real Estate, according to property records.

Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale

Hotel developers Sadhana and Sanjaykumar Patel won approval to build an eight-story, 172-room, dual-branded hotel on the site of a vacant bank in Fort Lauderdale. Sadhana “Sandy” Patel is president of Luckey’s Management, a Fort Lauderdale-based hotel development and management company, and Sanjaykuma…

Fort Lauderdale approves downsized riverfront condo project downtown

A developer won site plan approval for a mid-rise riverfront condo project in downtown Fort Lauderdale after trimming its height and number of units. The Fort Lauderdale City Commission voted 4-1 last week for a revised site plan for 808 Southeast 4th Residences, a 12-story condo with 67 units. The developer, Boca Raton-based Robert…

Author Patrick Bet-David drops $9M on Broward office buildings

In separate deals totaling $8.6 million, author and social media influencer Patrick Bet-David picked up a pair of office buildings in Broward County. In Fort Lauderdale, an affiliate managed by Bet-David paid $4.2 million for a freestanding one-story office building at 5990 Federal Highway, according to records. The buyer was represented by Jaime Sturgis with Native…

Westover pays $79M for Dania Beach apartment complex

Westover Companies jumped into South Florida’s multifamily frenzy with a $78.7 million acquisition in Dania Beach just days before the end of the year. An affiliate of Westover, a King of Prussia, Pennsylvania-based real estate firm headed by President Guntram Weissenberger, bought the 240-unit Beach Walk at Sheridan apartment complex, according to records.

Redfearn Capital nabs West Palm Beach retail/office property for $18M

Redfearn Capital’s acquisition of a West Palm Beach retail and office building shows that commercial real estate wheeling and dealing in the city remains on fire as 2021 closes out. The Delray Beach-based commercial real estate investment firm, headed by founder Alexander Redfearn, paid $17.9 million for the two-story mixed-use project at 222 Clematis Street…

Estate Companies plans apartments in downtown West Palm, paid $16M for dev site

Estate Companies has conquered several Miami-Dade County submarkets with its Soleste-branded multifamily developments. Now it will build apartments for the first time in downtown West Palm Beach. Estate scooped up 2.5 acres of land at 550 North Rosemary Avenue for $15.8 million, with plans to build a multifamily complex, according to a news release.

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December 29, 2021

Chart: Miami-Dade Commercial Real Estate Sales November 2021

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

The chart herein displays the quantity of closed commercial property sales within the county of Miami-Dade, including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending November of 2021. November’s volume up a bit versus the prior month. As has been the case of late, but for a couple of post COVID surge months, volume was in line with its range for the past several months.

Note that this chart only includes sales that have been booked in the Miami Multiple Listing Service (MLS), which does not record all commercial property sales. It does, however, record numbers of them. This is best considered not as a measure of all commercial sales but instead to compare, apples to apples, sales booked within the commercial MLS to prior periods (again booked within) to gauge trends in Miami area commercial real estate sales activity. To get an idea of how much commercial real estate tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.

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December 29, 2021

Miami Commercial Real Estate News December 22, 2021: Dream Hotel Planned for Riverside Wharf; Edgewater MXU Dev Site Trades for $105M; Year’s Biggest Deals; More…

Riverside Wharf plans entertainment complex with hotel

Slated to break ground in 2022, the Riverside Wharf will soon be the newest entertainment attraction along the Miami River. Projected to be completed in 2025, the 200,000-square-foot, two-tower development plans to offer a fully immersive Miami experience anchored by a 165-room Dream Miami luxury hotel. The complex is to feature the rebirth and expansion…

Dream Hotel Group to build downtown Miami flagship hotel

Dream Hotel Group announced plans to open a 165-room, 10-story hotel as part of a hospitality-driven entertainment complex in downtown Miami. Scheduled to open in 2025, Dream Miami will be the hospitality and entertainment centerpiece of Riverside Wharf, a 200,000-square-foot, dual-tower development in Miami’s developing residential, commercial…

Dream Hotel to anchor $185M riverfront project on site of the Wharf Miami

A Miami developer is partnering with Driftwood Capital to develop a Dream Hotel-anchored hotel and entertainment complex on the site of the popular Wharf bar and event venue along the Miami River. City of Miami voters approved an agreement in 2016 that gave MV Real Estate Holdings, led by Alex Mantecon and Guillermo Vadell, a long-term lease for half of the…

Low space and high prices boosted self-storage stocks amid pandemic

People across the United States locked down by the pandemic needed space to lock their extra things away, boosting self-storage properties to the top of the market. Self-storage shares on the FTSE Nareit All Equity REITs Index have returned more than 85 percent between price gains and dividend payments since Feb. 21, 2020, according to the Wall Street Journal.

Here are South Florida’s biggest retail deals of 2021

The largest retail deals in South Florida this year confirm renewed investor demand for well-performing shopping centers. The tri-county region’s biggest retail sale of the year, the $108 million trade of a northwest Miami-Dade shopping plaza, was more than double last year’s top deal of $47 million. Buyers involved in 2021’s largest five deals paid an average…

Related Group, Integra to Develop 354-Unit St. Regis Condo Project in Miami

Related Group and Miami-based Integra Investments have plans to develop St. Regis Residences, Miami, a two-tower condominium project in Miami’s Brickell district. New York City-based Robert A.M Stern Architects and New York-based Rockwell Group will oversee architecture and interior design, respectively. ONE Sotheby’s International Realty will be the project’s…

Sunbeam TV pays $14M for North Bay Village retail property, plans mixed-use development

The billionaire Ansin family’s Sunbeam Television continues its buying spree in North Bay Village, where it plans a mixed-use development along Kennedy Causeway. Sunbeam Television paid $14 million for the Presidente Supermarket and next-door retail building, at 1600 and 1624 79th Street Causeway, respectively, said Andrew Ansin, the broadcasting company’s…

Forte Capital Management leads $6M acquisition of Wynwood building

Seizing an opportunity for a gateway site in Wynwood, Forte Capital Management led a $6.4 million acquisition of a corner property in Miami’s trendy neighborhood. Chaim Cahane, president of New York-based Forte Capital, told The Real Deal that his firm bought the 14,000-square-foot retail building at 2830 Northwest Fifth Avenue. The deal received roughly 70…

Here are South Florida’s biggest office leases of 2021

The real estate industry has been touting South Florida’s office market as a magnet for out-of-state financial and tech firms. Even as vacancies topped 10 percent in the third quarter of this year, landlords opted to raise rents in a bet on these companies leasing up space, according to a Colliers report. Yet, the biggest lease this year came from neither a financial nor…

Office building by Lincoln Road in Miami Beach sells for $27M

Juan Jose Zaragoza of Miami-based real estate fund manager Exan Capital bought a renovated South Beach office building just off Lincoln Road. Integra Investments and Constellation Group sold the property at 1674 Meridian Avenue for $26.5 million, according to an Integra news release. The five-story 31,979-square-foot building on 0.2 acres has floor…

Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site

Related Group and Merrimac Ventures are partnering to develop a project at Miami Worldcenter, after paying $12 million for land. Records show an affiliate of Jorge Pérez’s Related Group bought the lots at 601 North Miami Avenue and 25 Northeast Sixth Street. The adjacent parcels total 0.6 acres. The Motwani family’s Merrimac Ventures is a joint venture partner…

Black Lion’s South Florida retail shopping spree continues with $19M South Beach deal

Robert Rivani, principal, Black Lion Investment Group, in front of the Marea at 801 South Pointe Drive: In a $19 million deal, Black Lion Investment Group purchased its fourth Miami-Dade retail site in a six-month span. The Los Angeles-based commercial real estate investment firm picked up the ground-floor commercial condos in Marea, a six-story…

County set to seek 4-star Miami International Airport hotel offers

Three local firms shortlisted to build a 4-star, 350-key hotel at Miami International Airport have wrapped up individual negotiations with Miami-Dade County and a request for proposals (RFP) is to go out before Dec. 31. A response is due in early 2022, with one of the three to get the contract. FDR Miami Hotel, Mainsail Development International and Parmco…

Miami tech and financial sectors spark economic gain

Strong population growth, declining unemployment, a slow but steady increase in the population’s GDP and the thriving technology and financial sector in South Florida are the main drivers of the area’s economic growth after the lows of pandemic. According to the Bureau of Workforce Statistics and Economic Research of the State of Florida, unemployment rate…

Vital Tri-Rail snafus due a fast airing

Miami-Dade County’s commissioner representative on Tri-Rail’s governing board, Raquel Regalado, has insisted on a meeting being held before the holidays to discuss major issues Tri-Rail is facing in bringing its commuter service into downtown Miami. Miami’s Downtown Development Authority donated $1 million to that $70 million project. “Commissioner Regalado…”

Supply chain issues delay Westchester Cultural Arts Center

Plans to celebrate Westchester Cultural Arts Center’s grand opening have been pushed back to March 2022 – correlating with the launch of East Park, a new outdoor performing arts space. Originally planned to have a grand opening in November, the cultural arts center, which was built by TGSV Enterprises Inc., is set to share the spotlight with East Park, which…

Multi-story Doral warehouses proposed

Doral’s commercial industrial rental rates has seen a climb to the point where multi-story vertical warehousing projects are being considered, according to local real estate experts. The process of developing and planning vertical warehouses is more expensive for owners due to specific accommodations to operate, said Matt Rotolante, president of…

Work set for 93-story Waldorf Astoria glass box downtown

The developer poised to redefine Miami’s skyline with an impressive tower of glass boxes rising 93 stories on Biscayne Boulevard is citing progress on the ambitious mixed-use project. The development, called 300 Biscayne, is to bring not only multi-family residential units and commercial-retail uses to downtown, but also a new Waldorf Astoria hotel. PMG Downtown…

Mayor Daniella Levine Cava: Vows a focus on economy, water, pollution, environment

Daniella Levine Cava came to South Florida over 40 years ago and never thought she would run for office. She now oversees a local government with more than 28,000 employees, 3 million residents, and an annual budget of about $9 billion.  She started as an attorney with Legal Services of Greater Miami and the Guardian Ad Litem Program, and in 1996…

9 Reasons to Invest in South Florida Commercial Real Estate

On a national and global level, Florida and particularly the South Florida market has been among the strongest, with continually solid returns and safety for the capital of international & domestic investors. US News & World Report currently ranks Florida #8 in fiscal stability and #10 with its economy nationwide. South Florida commercial real estate leads the…

Report: U.S. rents surged 7% from October to November

Nationwide average rents in November surged 7% over October and 21% over November of last year, according to new data from Redfin. As inflation accelerated in November, so did rents across the country. Nationwide average monthly rents surged 6.8 percent from October to November, a 20.5 percent increase from the same time last year…

Miami Worldcenter developer nabs $340M financing for mixed-use tower, marking third largest construction loan ever in Florida

The flow of money from New York to South Florida continues. Silverstein Capital Partners provided Dan Kodsi’s Royal Palm Companies with a $340 million construction loan for Legacy Hotel & Residences, a mixed-use condo and hotel tower planned for Miami Worldcenter in downtown Miami. The financing marks the third largest construction loan ever in Florida…

Here are South Florida’s largest multifamily sales of 2021

Barry Sternlicht and The Palmer Dadeland at 8215 and 8217 Southwest 72nd Avenue in Miami with Grant Cardone and Las Olas Walk at 106 South Federal Highway in Fort Lauderdale: The multifamily market prospered this year as an onslaught of demand pushed up rents to scorching rates, and investors took note. Much of the demand came from out-of-state…

Aztec Group Arranges $247.5M Financing for Downtown 5th Apartment Community in Miami

The past two years have been hectic, to say the least, with the coronavirus pandemic upending lives and markets around the globe. Among the regions that fared better than others is South Florida, which emerged relatively unscathed. Regional commercial real estate experts are now looking ahead to 2022, and they spoke with Bisnow regarding what’s on tap for the…

Two Tallest Towers Ever Proposed South Of Brickell Get New Renderings

Developers 13th Floor Investments and Adler Group have revised plans to build two 39-story towers next to a Metrorail station. The twin proposed towers, which are part of the Link at Douglas megaproject, could become the tallest south of Brickell. A submittal in August showed them topping off at 444 feet above ground. The previous tallest south of Brickell was also…

Jamestown Completes Sale of 308-Unit Apartment Community in Sunny Isles Beach

Atlanta-based Jamestown has completed the sale of Beach Place, a 308-unit apartment community in Sunny Isles Beach, about 19 miles north from Miami. A private buyer purchased the property for an undisclosed amount. Jaret Turkell, Roberto Pesant, Jose Mota and Omar Morales of Berkadia Institutional Solutions represented Jamestown in the sale. Beach Place…

Up for sale: Older waterfront South Florida condo buildings look for bulk buyers

Condo associations in Bay Harbor Islands and Miami Beach hired brokers to list their properties for sale in a bulk purchase, as older buildings increasingly field buyout offers from developers looking for redevelopment sites. The condo board of the 30-unit Bay Harbor Towers, at 10141 and 10143 East Bay Harbor Drive, hired Blanca Commercial Real Estate…

$105M Sale of Mixed-Use Development Site in Miami Arranged

Avison Young has arranged the $105 million sale of approximately three acres called Biscayne Place in Miami for a future mixed-use development. Melo Group plans to build apartments, condominiums and retail across four 60-story towers at the Biscayne Place land site. Located within an opportunity zone at 1700 Biscayne Blvd., Biscayne Place will be…

Melo Group Buys Miami Apartments for $105M

The Melo Group has acquired Biscayne Place from Midgard Group for $105 million. The property comprises an entire block in Miami’s Edgewater neighborhood and offers the firm a residential and mixed-use development opportunity near the downtown Arts & Entertainment District. Biscayne Place is located at 1700 Biscayne Blvd. between Northeast 17th Street…

From Wynwood to Hallandale Beach, projects score TCOs prior to year’s end

When the world was thrown into turmoil in early 2020, speculation abounded about how the South Florida real estate market would fare. But the quick turnaround and prosperity that ensued this year were unexpected. Newcomers primarily from the Northeast and California as well as from the Midwest were…

Here are South Florida’s priciest office sales of 2021

South Florida’s top office purchases this year roared past 2020’s top sales by wide margins. The top office sale for South Florida this year was Related Companies’ $282 million purchase of Phillips Point at 777 South Flagler Drive and 201 Lakeview Avenue in West Palm Beach. The sale easily topped last year’s biggest purchase of $163 million. Top sale prices for 2019…

Retail foot traffic is picking up, but shoppers are still cautious

Between holiday shopping and a slow return to the office, downtown districts across the country notched slight boosts in foot traffic. Pedestrian traffic in US downtowns continued to strengthen in November, marking the greatest monthly improvement in pedestrian traffic so far in 2021, according to data firm Springboard. The figure is 30 percent down…

Residence Inn by Marriott in Surfside sells for $70M

The Residence Inn by Marriott Miami Beach Surfside extended-stay hotel traded for $69.9 million, marking continued investor demand for South Florida hotels. An affiliate of Atlanta-based Hotel Development Group sold the 175-key property at 9200 Collins Avenue in Surfside for $399,429 per room. Records show the buyers are 11 entities that tie to Menomonee…

South Florida CRE Leaders On What’s To Come In 2022

The past two years have been hectic, to say the least, with the coronavirus pandemic upending lives and markets around the globe. Among the regions that fared better than others is South Florida, which emerged relatively unscathed. Regional commercial real estate experts are now looking ahead to 2022, and they spoke with Bisnow regarding what’s on tap for the…

3 Trends That Will Drive Real Estate in 2022

If there are three words real estate professionals should consider heading into the next year, they are flexibility, convenience and resiliency. Those are the defining themes that came out of the annual Emerging Trends in Real Estate 2022 report, released last week by PwC and the Urban Land Institute. So, here’s the good news: The narrative of the past year is that real…

Video: NAREIT’s Calvin Schnure sees demand for commercial real estate longer-term as pretty favorable

Calvin Schnure of NAREIT, an association that represents equity real estate investment trusts, mortgage REITs, REITs traded on major stock exchanges, public non-listed REITs and private REITs, discusses the recovery path for commercial real estate in 2022, including the impact of companies delaying back-to-office plans, and the Federal Reserve’s intent to possibly raise…

Barry Sternlicht buying The Standard hotel in Miami Beach: sources

Billionaire Barry Sternlicht is buying The Standard hotel in Miami Beach from the scions of Zara magnate Amancio Ortega, The Real Deal has learned. The sale of the 100-key hotel is expected to close soon for roughly $60 million to $70 million, according to sources. The property at 40 Island Avenue will continue to be a Standard hotel. The waterfront hotel has…

Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal

New York-based Fortress Investment Group bought Amerant Bancorp’s Coral Gables headquarters building for $135 million in a sale-leaseback deal. Amerant Bancorp, which operates Amerant Bank, disclosed in a Securities and Exchange Commission filing in November that a deal was pending for the sale of the 220 Alhambra Circle building to a Fortress…

JSB Capital buys Doral apartment complex for $255M

The Landmark South apartments in Doral traded for $255 million, marking the third biggest multifamily deal in South Florida this year amid a vigorous market. New York-based JSB Capital Group bought the complex at 6075 Northwest 105th Court from an affiliate of AECOM-Canyon Partners, according to the broker’s news release. Still Hunter and Greg …

Video: Top South Florida developers think Miami’s boom is here to stay

Despite reports that South Florida’s condo market is oversupplied, developers aren’t slowing down any time soon. At The Real Deal’s 2021 South Florida Real Estate Showcase + Forum, developer Gil Dezer noted that condos at Residences by Armani/Casa in Sunny Isles Beach, which he co-developed with Related Group, sold for an average of $1,250 per…

Related, Integra plan two-tower St. Regis condo development in Miami’s Brickell

The Related Group and Integra Investments are partnering to redevelop the waterfront site of an older affordable housing building in Miami into a pair of luxury St. Regis-branded condo towers, sources told The Real Deal. The 354-unit condo Brickell development will be designed by Robert A.M Stern Architects, who designed skyscrapers that include…

South Florida’s biggest hotel sales of 2021

Margaritaville Hollywood Beach Resort, East and Four Seasons at the Surf Club Domestic travel picked up this year, in some cases surpassing 2019 levels, and average daily room rates increased, boosting confidence in South Florida’s hotel market. The result was a bump in hotel investment sales, following a slow 2020, when only two sales topped $100 million.

Art Falcone wins approval for 285-unit multifamily project in Pompano Beach

Developer Art Falcone won a key approval for a seven-story, 285-unit apartment project with ground-floor retail space on Federal Highway in Pompano Beach. The city commission voted unanimously on Tuesday to allocate 285 “flex” residential units to the 6.2-acre development site at 3151-3251 Federal Highway. The commission can allocate…

Catch of the day? Acme Smoked Fish reels in Pompano Beach cold storage for $16M

Acme, the smoked fish company that traces its origin to the early 20th century, bought a cold storage and food processing facility in Pompano Beach for $15.8 million. Acme Smoked Fish reeled in the 43,000-square-foot building at 1280 Southwest 29th Avenue from Benson Properties, according to a news release from Berger Commercial Realty/Corfac…

MMG Equity Partners Acquires Plantation Community Plaza for $17.1M

MMG Equity Partners has acquired 234-268 S University Drive & 120-150 S University Drive, a 6.18-acre site on the SE corner of South University Drive and Broward Boulevard in Plantation, FL. The property consists of 35,850 sf of retail space along University Drive, plus 19,680 sf of office… Read more » The post News first appeared on MMG Equity Partners….

In $17M deal, MMG Equity buys another Plantation shopping center

234-268 South University Drive and 120-150 South University Drive in Plantation and MMG Equity Partners principals Martin Pico and Gabriel and Marcel Navarro: MMG Equity Partners dropped $17M to add another Plantation shopping center to its portfolio. An affiliate of the Pinecrest-based commercial real estate firm bought Plantation Community Plaza…

German conglomerate pays $227M for Fort Lauderdale apartments, marking its first US multifamily investment

Germany’s Union Investment has billions of dollars of assets globally, but when it came time to make its first U.S. multifamily play, it picked apartments in downtown Fort Lauderdale’s Flagler Village. The Hamburg-based investment manager, through its real estate division, bought EON Squared for $226.5 million, according to the buyer’s…

Related Group wins approval for 355-unit multifamily project in Dania Beach

The Related Group narrowly won site plan approval for Parkview Place, a 14-story, 355-unit apartment development east of U.S. 1 in Dania Beach. The Dania Beach City Commission voted 3-2 Tuesday night to approve both a site plan for Parkview Place and an associated plat amendment. Miami-based Related acquired the vacant, 4.7-acre development site at 901 East…

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December 22, 2021

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

 January 2011 to November 2021 Sales to List Price Ratio for Commercial/Industrial Property within Miami-Dade County, Florida and Priced from $1 Million to $10 Million as Recorded in Miami Commercial MLS
January 2011 to November 2021 Sales to List Price Ratio for Commercial/Industrial Property within Miami-Dade County, Florida and Priced from $1 Million to $10 Million as Recorded in Miami Commercial MLS

In this month’s chart of the sales price to listing price ratio for commercial property, though the ratio was down from the prior month, that prior month was the highest and years. The ratio is thus holding strong. This is for property sales as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of Miami-Dade, including cities within, that were priced from $1 million to $10 million and that closed from January 2011 to November 2021.

To get an idea of how much commercial property tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.

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December 21, 2021

Miami Commercial Real Estate News December 15, 2021: Miami Rent Growth Skyrockets; Miami Worldcenter Nabs $340M Financing; More…

As rent explodes nationally, Miami tops the charts up 38%

In a year of robust growth in rents, five of the 10 cities where they soared the most were in Florida. Miami and Tampa rents skyrocketed 38 percent, the highest gains nationwide. Rents also shot up in Orlando, Jacksonville and St. Petersburg, by 32 percent, 27 percent and 24 percent, respectively, according to a new report by Zumper. Miami’s gain represented a…

How to prevent another Surfside tragedy: Grand jury outlines recommendations

The Miami-Dade grand jury empaneled to investigate the deadly Surfside collapse released its 43-page report, outlining recommendations for major changes, including accelerating the timeline for inspections and raising standards for those who perform them. The partial collapse of Champlain Towers South in June killed 98 people. Though the exact cause of the…

AJ Capital Buys Little River Portfolio in Miami for $80M

Development in Little River, an emerging neighborhood in Miami, is poised to enter into high gear after a large portfolio sold to the developer who helped transform Chicago’s Fulton Market. MVW Partners, led by married couple Matthew Vander Werff and Ashley Abess, sold a portfolio of Little River assets spanning 24 acres for $79.9 million to Nashville-based…

Miami Market Update: Office Development Forges Ahead

As of October, Miami had 2.5 million square feet of office space under construction, according to CommercialEdge data. While other gateway markets, such as Manhattan, are still struggling to regain momentum, Miami’s office market continues to expand. Since the beginning of the year, five mostly mixed-use projects that include an office component….

Open-air retail complexes enjoy breath of fresh air, hitting new peaks amid recovery

U.S. retail is slowly regaining steam in the wake of the pandemic, but open-air shopping centers can boast recent success that’s pushed the segment to new peaks. Landlords filled 17 million square feet of open-air shopping centers during the third quarter, according to CBRE data reported by the Wall Street Journal. The influx marks a 49 percent increase from 2019…

Here are South Florida’s largest industrial sales of 2021

South Florida’s top industrial sales crushed last year’s records, marking a return to sale prices in the hundreds of millions, as the sector outperformed the rest of the market during the pandemic. The largest industrial sale of 2021, CenterPoint’s $184 million purchase of warehouses in Hialeah, was nearly double last year’s top…

Sale Of Miami Industrial Facility To Prologis Closes

JLL Capital Markets closed the sale of Medley Palms Business Park, a fully leased, multi-tenant, light industrial facility totaling 44,000 square feet with significant trailer parking acreage in Miami. JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995. Prologis, the global leader in logistics…

R&B Realty’s Gateway at Wynwood Office Tower Nears Completion

One year after topping off, The Gateway at Wynwood, a 13-story Miami office tower, has received its temporary certificate of occupancy. Developer R&B Realty Group plans to open the property to tenants early next year. The developer broke ground on the project in early 2020 after receiving $76 million in construction financing from 3650 REIT, a balance-sheet…

Melo nabs $248M refi for downtown Miami apartment towers

The Melo Group scored a $247.5 million refinancing for its Downtown 5th apartment towers, the developer’s first multifamily project in Miami’s Central Business District. Melo, owned and led by Jose Luis Ferreira de Melo and his sons, Carlos and Martin Melo, completed the pair of 52-story towers with 1,042 units in August. The buildings are on the corner of Fifth…

Morgan Stanley targeting student housing rebound with joint venture

Morgan Stanley is the latest major player to dip its toes into the rebounding student housing market. The bank formed a joint venture with Global Student Accommodation, which put forth a $1.6 billion portfolio for the partners to snag a piece of the recovering student housing sector, Bloomberg reported. The starting portfolio accounts for nearly…

Prologis buys Medley warehouse for $23M

Prolific logistics real estate investor Prologis bought a Medley warehouse for $22.6 million, marking continued appetite for industrial buildings amid a hot market. The San Francisco-based real estate investment trust bought the property at 9401 Northwest 106th Street from K.D.D. Enterprises, led by Charles Largay, records show. The 43,700-square-foot warehouse…

Miami redevelopment wave sparks fears of climate gentrification

For 40 years, Louis Rosemond lived in Miami’s Little Haiti neighborhood, feeling like he was in his native Port-au-Prince. “We have the same restaurants as in Haiti, the same barbershops, the same rara,” said the 64-year-old artist, referring to the Haitian street festival music. “Little Haiti is Haiti.”  Yet all that is changing…

State kicks in $5 million for Miami’s World Cup host bid

Florida’s business-recruitment agency last week put $10 million into the pitch to help Miami and Orlando become host cities for the 2026 FIFA World Cup soccer tournament. Enterprise Florida directors agreed to provide $5 million for each city’s efforts, which are being led by the Greater Miami Convention & Visitors Bureau and the Greater Orlando Sports…

Superyacht sales surge sets off wave of boatyard growth on Miami River

An unprecedented surge in sales of superyachts has led to a wave of expansions and upgrades among boatyards along the Miami River. “The important job-generating marine industry on Miami River is growing,” said Miami River Commission Chair Horacio Stuart Aguirre, “with recently completed significant improvements at RMK Merrill-Stevens and…

Miami positioned as blockchain city of the world

Miami is very well positioned to be the blockchain city of the world, experts are saying, as an influx of talented people in the blockchain technology industry are choosing the city to develop their businesses and create a crypto-enthusiastic community. The Miami-Dade County Cryptocurrency Taskforce, created May 4 by the county commission, is studying…

Key Biscayne looks to county to cancel Rickenbacker bids

The Village of Key Biscayne Council has unanimously supported the mayor of Miami-Dade County’s recommendation to cancel a request for proposals to develop, maintain and operate the Rickenbacker Causeway and the Bear Cut Bridge, and called for creation of a working group of key stakeholders to start the process again to define priorities and needs. In line with…

Shoma, Related sell Park Square at Doral dev site for $16M, buyer plans multifamily project

Shoma Group and Related Group sold the last developable parcel at Park Square at Doral to a buyer that plans to build a multifamily project. Dallas-based Lincoln Property Company National bought the 3.4-acre property for $16 million, with plans for a roughly 360-unit apartment project, according to a Shoma news release. Shoma and Related built out the 52-acre…

Can universal housing vouchers ever come to the US?

When then-presidential candidate Joe Biden pitched expanding the nation’s housing voucher program to 11 million people, the proposal garnered little attention. It still did not make waves when Congress proposed $90 billion toward that goal. The proposal eventually did catch the eye of lawmakers in October — to the extent that it was considered an easy cut from a $3.5…

The commodity office playbook is “dead:” Developers bet on pricey perks

Developers desperate to bring employees back to the office are trying to lure them with pricey perks — and in some cases, it could be working. Amid hybrid work policies and delayed office-return dates, the Wall Street Journal reported developers are still turning to added perks like outdoor spaces and on-site chefs as amenities in hopes of making their office…

Cortland pays $174M for south Miami-Dade apartments and adjacent dev site

A multifamily investor bought a south Miami-Dade County apartment complex and development site, part of a planned mixed-use project that previously faced fierce opposition over claims it would pave over environmentally imperiled land. Atlanta-based Cortland scooped up the Mareas at Botanica complex at 15520 Southwest 127th Avenue…

Miami Worldcenter developer nabs $340M financing for mixed-use tower, marking third largest construction loan ever in Florida

From left: Larry Silverstein, founder, Silverstein Properties, and Dan Kodsi, chief executive officer, Royal Palm Companies: The flow of money from New York to South Florida continues. Silverstein Capital Partners provided Dan Kodsi’s Royal Palm Companies with a $340 million construction loan for Legacy Hotel & Residences, a mixed-use condo and hotel tower…

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter…

Like New York’s High Line, Miami’s Ambitious Underline Project Has Potential To Revitalize Region

Kobi Karp is a renowned architect who works on Miami’s most luxurious projects. But when he took the stage at Bisnow’s Construction, Development & Design event, he highlighted another real estate player in the city, Meg Daly, for founding the nonprofit group Friends of the Underline and kick-starting an ambitious park project in the city. “This is the work that…”

Barry’s ditches LA for Miami, law firm to move to Mizner Park, other news in leasing

Popular fitness firm Barry’s moved its headquarters from Los Angeles to Miami’s Wynwood Arts District. Barry’s took over Goldman Properties’ former headquarters at 2214 Northwest First Place, according to a news release. The space, owned by Goldman Properties, is 9,000 square feet. Goldman Properties’s late founder Tony Goldman, was known…

Miami Getting Yet Another Supertall Tower: MAJOR., On Brickell Avenue

Another supertall tower has just been announced in Miami. The new supertall will be called MAJOR. and will be built at 888 Brickell Avenue. The goal is to build “the most luxurious residential tower in the world,” the developers said in a press release. MAJOR. will rise 1,049 feet – the maximum permitted in Miami by the Federal Aviation Administration.

Hot Tub Clubs And Igloos: This Entrepreneur Is Taking His Nightlife Concepts To Miami And Beyond

While living in Moscow, Ukraine-native Volodymyr Hahonin came up with an eccentric nightlife formula. He took inflatable hot tubs, decked them out with neon lights, and put them on a rooftop next to a bar. He also set up a movie screen, like a drive-in cinema. The resulting concept was called Jakuznya. Given the weather, though, his business was only viable…

Another big year expected for industrial real estate in 2022 — but development may be stymied by supply chain

The U.S. industrial real estate market will continue to be on fire heading into 2022 but longer lead times to obtain construction materials and across-the-board price increases will also affect the sector. Cushman & Wakefield PLC (NYSE: CWK) took a two-year look into the future, predicting industrial absorption from the start of 2022 to the end of 2023 will be 855 million…

Demolition Underway At Site Where Miami’s Westernmost Skyscraper Is Being Built

Demolition is well underway at the site where Miami’s westernmost skyscraper is being built. Photos show that landscape architect Raymond Jungle’s former offices are now being demolished in Brickell on the Miami River. A former location of Finnegan’s on the River is also now nearly completely demolished. The Miami River tower will rise 640 feet…

South Florida real estate braces for flood insurance hikes

The last time the federal government overhauled its flood insurance program, Richard Nixon was president and Pink Floyd’s “The Dark Side of the Moon” topped the U.S. charts.  A lot has changed in the nearly 50 years since. Climate change has progressed, and persistent flooding has become commonplace in coastal communities across the country. Having paid…

Related CEO Jeff Blau says New Year will bring vaccinated workers back to office

Related Companies Chief Executive Officer Jeff Blau proclaimed Jan. 1 will be the day vaccinated workers will start heading back to New York City’s offices in droves and begin putting the Covid-19 pandemic behind us. Blau made the prediction to host Andrew Ross Sorkin during a Dec. 10 episode of CNBC’s Squawk Box, and said he’s already seeing signs of pre-pandemic…

Related Group and partners in contract to buy Fisher Island dev site for luxury condo project

A partnership led by Miami’s condo king Jorge Pérez and billionaire Teddy Sagi is diving into Fisher Island, home to one of the most expensive ZIP codes in the country. Pérez’s Miami-based Related Group, Sagi’s Globe Invest and BH Group are in contract to buy the last condo development site on Fisher Island, an exclusive island that is only…

Grant Cardone says he’s about to close on his biggest multifamily deal – and it’s all in South Florida

Grant Cardone invests in real estate nationwide, but for his biggest multifamily portfolio deal, he chose South Florida. The Golden Beach-based social media star, motivational speaker and founder of the 10X business growth platform, is set to close on the $744 million purchase of four properties: two near downtown Fort Lauderdale, one in Sunrise…

Terranova sells longtime Miami Beach HQ for $22M

Terranova Corporation sold its longtime headquarters in Miami Beach for $22 million, marking one of the largest investment sales on 41st Street. Terranova sold the nearly 52,000-square-foot building at 801 Arthur Godfrey Road to Fifteen Group in an off-market deal, Terranova Chairman Stephen Bittel told The Real Deal. Miami-based Fifteen Group, led by…

Mistaken zoning? Coral Gables takes first step to reverse allowing taller buildings in one area

Coral Gables is backtracking on a new development rule that allowed high-rise buildings in an mid- to low-rise area, saying it was not intentional. Yet, the move to nix allowing 190.5-foot tall — or 17 story— buildings is not enough to placate residents who say the city is only doing a half-way fix. They allege other zoning mistakes remain that loosened development…

Video: National developers talk South Florida markets at TRD event

Kushner Companies, PMG, Crescent Height and Witkoff are all nationwide developers, yet as panelists at The Real Deal’s latest event in Miami, it was clear that they all have an affinity for South Florida. “We have a big call” on the region, Steve Witkoff of Witkoff told the crowd last month at TRD’s Real Estate Showcase + Forum. Nicole Kushner-Meyer of Kushner Companies…

Worldcenter Agrees to Allow Office Space At Former Miami Arena Site

It appears that the former Arena site at Miami Worldcenter may be getting office space. On November 19, Worldcenter’s master developer amended a restrictive covenant to allow for office to be developed on the property, county records show. It isn’t clear if the new project will also have other uses. However, it will be a “high density” development, according to a…

Ivy Realty sells Miami-Dade freezer facilities to New York firms for $74M

In two separate deals totaling $74 million, a New York-based joint venture acquired a pair of cold storage warehouses near Miami Gardens and Aventura. Banner Property Group, headed by Managing Partner Jason Eisenberg, and Apollo Global Management bought a 235,000-square-foot building at 18770 Northeast Sixth Avenue and a 80,000-square-foot…

Chinese developer Evergrande defaults for first time

A moment six months in the making finally came to pass as Evergrande was labeled in “restricted default” following two missed coupon payments on Monday. Fitch Ratings cut the Chinese developer’s rating on Thursday, Bloomberg reported. The company didn’t confirm the missed payments with the credit rating firm, but bondholders reported they didn’t…

Clarion Partners sells North Bay Village apartments for $122M

iStar, through its ground-lease arm Safehold, bought the Moda North Bay Village Apartments along Biscayne Bay for $122 million. Records show that an entity in the care of New York City-based Safehold bought the building at 8000 West Drive from an affiliate of Clarion Partners. In line with Safehold’s business model, Safehold immediately leased the ground underlying…

Three points — er, retail properties in Davie for Miami Heat minority owner

Miami Heat minority owner Raanan Katz scored a three-pointer: scooping up a trio of Davie retail centers for $28.7M. Basketball aficionado and real estate mogul Katz, along with Daniel and David Katz, as managers of the entity RK Davie LLC, bought the properties at 5840 South University Drive, 5780 South University Drive and 5810 South University Drive. The seller…

Foundry Commercial plans warehouses in Coral Springs, pays $41M for dev site

Foundry Commercial bought a Coral Springs industrial development site for $40.8 million, with plans to build distribution warehouses. The Orlando-based company bought the 22.2-acre property on the southwest corner of Northwest 39th Street and 120th Avenue, records show. Foundry expects to build two warehoues…

Beztak, Wexford plan Boca Raton apartment project, buy site for $13M

Renderings of the Bocora project with co-buyer and co-developer Beztak’s Sam Beznos, co-buyer and co-developer Wexford Real Estate Investors’ president Joseph Jacobs and managing principal Philip Braunstein: Beztak and Wexford Real Estate Investors plan an apartment project on a Boca Raton site they purchased for $12.7 million. The joint venture will…

Rockpoint Group buys waterfront Boca Raton hotel for $38M

Rockpoint Group bought the Waterstone Resort & Marina Boca Raton for $37.9 million. The Boston-based real estate private equity firm bought the waterfront property at 999 East Camino Real, records show. Seller BB Hotel Owner JV is managed by Clifford and Matthew Lane, state corporate records show. The deal for the 139-key hotel breaks down to $272,482…

Boca Raton Innovation Campus sells for $320M, marking record South Florida office deal

The Boca Raton Innovation Campus sold for $320.2 million, marking South Florida’s biggest office deal of the year. New York-based DRA Advisors bought the 1.7 million-square-foot office park at 5000 T-Rex Avenue, according to records. The buying entity also lists the address of the seller, Boca Raton-based CP Group, in state corporate records. CP Group’s…

German investor buys Publix-anchored Boynton Beach retail plaza for $80M

Union Investment bought the Publix-anchored, fully leased Fountains of Boynton shopping center for $79.5 million. The investment arm of Germany’s DZ Bank Group bought the five-building plaza on the northwest corner of Jog Road and West Boynton Beach Boulevard from an affiliate of New York-based DRA Advisors, records show. Union…

New York real estate investor sells Palm Beach Gardens office building for $7M

In a $6.9 million off-market deal, a Tarrytown, New York-based real estate firm sold an office building in Palm Beach Gardens. Harric Realty Corporation, a company tied to Robert Mannheimer of East Islip, New York, bought the Harbour Point Plaza at 11000 Prosperity Farm Road, according to records. The seller is an entity managed by Howard Dean, principal…

Tortoise Properties pays $19M for downtown West Palm multifamily dev site

Tortoise Properties bought a downtown West Palm Beach multifamily development site for $18.8 million. Tortoise, based in Chicago and West Palm Beach, bought the 2.25-acre vacant property at 370 and 375 Eucalyptus Street from an affiliate of Austin, Texas-based Cypress Real Estate Advisors, records show. The developer plans to embark on a 264…

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December 15, 2021

Miami Commercial Real Estate News December 8, 2021: Edgewater Multifamily Sells for $67M, LeJeune Office Buildings for $45M; Arts & Entertainment Block for $105M; More…

Video: Q4 Multifamily Update with RealPage Senior Manager-Market Analytics Carl Whitaker

Given what has been going on in multifamily, this one is must see video. Discussed are southeast markets, concentrating on Florida, noting that something like 9 out of the top 30 markets are in Florida. Addressed in whether the increased demand in Zoom towns (desirable locations that accommodate remote workers) continue? Also, will the 2021 sales…

Condo sales, occupancy on the rise in Greater Downtown Miami, report shows

The report defines the area as including downtown Miami, Brickell, the Arts & Entertainment District, Edgewater, Midtown, the central business district, and Overtown (iStock) After condo sales plummeted in Greater Downtown Miami at the start of the pandemic, the area’s residential market is showing signs of a substantial recovery, fueled in part by the surge in population…

Industrial strength: GLP Capital Partners scores $64M construction loan for Doral logistics project

As demand outpaces supply in South Florida’s industrial market, GLP Capital Partners scored a $64.2 million construction loan for a new logistics park in Doral, The Real Deal has learned. The Santa Monica, California-based industrial real estate firm is building Modlo Air Logistics Center on the former site of PepsiCo’s… at 7777 Northwest 41st Street. The project…

US mall values plummeted by one-third in 4 years

New data on United States mall values are the latest sign of how far the once-glorious retail centers have fallen. Malls have lost a third of their value in the past four years, according to Green Street data reported by Bisnow. Class-B and Class-C regional malls reportedly suffered the greatest value declines. The findings are similar to a Fitch Ratings report in…

These are the 10 largest real estate fundraisers of the last 5 years

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro— the one-stop real estate terminal that provides all the data and market information you need. When it comes to the top real estate fundraiser of the past five years, the results can be written in stone — Blackstone, that is. The longtime industry titan has raised nearly…

Major Food Group partners with Michael Stern on its First Branded Condo Tower in Miami

Developer Michael Stern is partnering with Major Food Group to build a branded luxury condo tower in Miami’s Brickell neighborhood, The Real Deal has learned. Stern’s JDS Development Group and the New York-based restaurant and hospitality group plan to build Major, a 259-unit tower at 888 Brickell Avenue, Major Food Group partner Jeff Zalaznick confirmed.

Video: SmartRent’s Lucas Haldeman on multifamily’s tech era

The residential real estate sector is becoming more institutionalized, with greater consolidation of ownership among the largest players as Wall Street spurs a number of novel business models such as iBuying. But institutionalization and wider adoption of technology go hand-in-hand, according to Lucas Haldeman. “You can’t make this an institutional…

Affluent millennials still priced out of homebuying, renting instead in South Florida, report shows

Many millennials are well into their careers and enjoying higher incomes, and in normal times, would be poised to take their next leap into adulthood: buying a home. But the booming housing market has left little inventory and pushed up prices, leaving the remaining supply out of reach, even for higher earners. Inflation also has made it difficult to save for a…

Scroll Through Google Streetviews of Miami’s Skyline for the Past 14 Years

Anyone that has had the pleasure of driving across the bridge to Key Biscayne, or even better, to walk, bike, or run on it, has to have noticed what a great view one gets of Miami’s rapidly growing skyline. What one loses track of is how much that skyline view is changing over time. SCROLL DOWN to check out these Google StreetView images recorded over…

Treasury to expand reporting on shell companies in real estate deals

President Joe Biden’s administration is reportedly set to make life more difficult for those looking to make all-cash real estate purchases in the United States using shell companies. The Treasury Department is looking to develop reporting regulations for all-cash deals, Bloomberg reported, citing two senior administration officials. The report comes as the…

U.S. Moves To Limit Money Laundering Through Real Estate Transactions

A mansion in Malibu, a palace in Miami, an estate in the Washington, D.C. suburbs and multiple commercial buildings in Cleveland have something in common: All were purchased with suspicious assets by people later sanctioned for corruption or human rights abuse. Similar deals could face new scrutiny under a proposal issued Monday by the U.S. Treasury…

Respark Residential acquires Wynwood Bay apartment building for $67M

A Fort Lauderdale-based multifamily real estate investment firm dropped $67 million for a 156-unit apartment building bordering two of Miami’s hottest neighborhoods. Respark Residential, led by President Nicolas Weinstein, acquired Wynwood Bay, a 19-story high-rise at 2500 Biscayne Boulevard, between Edgewater and Wynwood, according to a press…

Mayor calls for canceling Rickenbacker revamp process, starting over

Amidst debate over procedures, Mayor Daniella Levine Cava on Tuesday recommended canceling and restarting a procurement in the existing request for proposals (RFP) to design, build, finance, operate and maintain the Rickenbacker Causeway. In a memorandum to county commissioners, the mayor argues this path would “allow time to confirm federal…

Modernistic Coral Gables mobility hub avoids roadblock

Plans for a modern aesthetic and design for the Coral Gables Mobility Hub continue to move forward despite criticism. A motion initiated by Commissioner Rhonda Anderson suggesting having the city’s mobility hub design plans go back to the Board of Architects for a third time was rejected during Tuesday’s city commission meeting. “I would think that the…”

Miami looks at making Regatta Harbour garage a condo to net taxes

Miami city commissioners are considering a formal move that would help capture tax revenue from a portion of the city’s newest municipal parking facility, the Regatta Harbour Parking Garage. At its meeting today (12/9), the City Commission is to consider a resolution to direct City Manager Art Noriega to change the form of ownership of the property on the…

Bill in legislature would send $25 million to restore Freedom Tower

Following up on a proposal by Gov. Ron DeSantis, Rep. Bryan Avila of Miami Springs, has requested $25 million in the next state budget to restore the Freedom Tower at 600 Biscayne Blvd., a signature building by noted architects that opened as home to the Miami Daily News in 1925. Lawmakers are to consider the budget request during the legislative…

UM booster John Ruiz wants to launch Coral Gables football stadium effort

A prominent University of Miami booster is mounting an effort to build the Hurricanes football team a new home in Coral Gables. Coral Gables-based attorney John Ruiz is forming an eight-member committee that will push for the development of a college football stadium at Coral Gables Senior High School, according to the Miami Herald. Ruiz, founder of MSP…

New Jersey investors buy apartments in Brownsville Opportunity Zone for $14M

An investment group led by Bowery Properties’ Thomas Neary sold apartments in a Brownsville Opportunity Zone for $14.2 million, nearly double their purchase price from two years ago. The Thomas Fergus Trust, led by Neary and through an affiliate, sold the St. George Apartments at 5200 Northwest 26th Avenue to Lakewood, New Jersey-based 5200 NW…

New warehouse leases boosted by inflation, supply chain crisis

As inflation woes roil the economy at large, industrial real estate players are reportedly seizing on new contracts to pass on the increased costs. Prices for industrial property leases are up 25 percent on average compared to five-year lease contracts that expired in 2021, according to CBRE data reported by the Wall Street Journal. The increases stem…

Univista Insurance founders drop $48M for Le Jeune Road office buildings

A group of Miami insurance industry executives scooped up the office component of a Miami mixed-use project for $47.5 million. An entity managed by Univista Insurance CEO Ivan Herrera, his wife and UniVista Insurance President Ania Herrera and Univista Insurance COO Luis Castro, bought two five-story office buildings at 850 Northwest 42nd Avenue

Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater

A Chicago-based multifamily investor scooped up a potential development site in an OZ in Miami’s Edgewater neighborhood for $12.5 million. Trilogy Real Estate Group, through an affiliate, bought the miniature soccer fields at 169 Northeast 27th Street and 2728 Northeast Second Avenue, as well as the adjacent vacant lot at 166 Northeast 28th Street, according to records.

Apollo Capital expands to Brickell, Pura Vida to Coral Gables, other leasing news

Renderings of Building 24 at Prologis’ Beacon Lakes industrial park and the Boulevard apartment project in Miami and the office tower at 701 Brickell in Miami, with Prologis CEO Hamid Moghadam: Apollo Capital Management I701 Brickell Financial firm Apollo Capital Management inked a long-term, 24,000-square-foot lease at 701 Brickell, according to the landlord’s…

Boxed out: Supply chain, energy crises rock real estate

With huge heating bills looming, Valentina Gojcaj moved quickly to lock in energy rates and keep her tenants warm through the winter months. The mere threat of rising demand amid a global energy crunch has landlords worried that the cost of heating oil could rise to a whopping $4 per gallon this winter, Gojcaj, who owns three buildings in the Bronx, said.

Cargo Transport King Ocean Expands To 157K SF At Prologis Beacon Lakes Industrial Park

Cargo transport company King Ocean Services is relocating and expanding within Miami, taking 157,528 square feet in the Airport West submarket. The ocean transport company signed a long-term deal to occupy an entire building at the Prologis Beacon Lakes industrial park. The building, located at 13155 NW 19th Lane, is currently under development and scheduled…

What’s an Airbnb worth? Suit seeks nearly $3M price drop for Miami Beach building without short-term rental permit

A real estate investor wants the price of a Miami Beach apartment…. cut… claiming he signed an inflated purchase contract after he was duped that the building can be rented out on Airbnb and VRBO. Raz Ofer, through an affiliate, sued sellers Alfredo and Regina Arias, alleging that they knowingly misrepresented that their building at 1533 Drexel Avenue has a short-term…

Video: Five South Florida mayors discuss keeping the market hot

“I like to say there’s two kinds of people,” Miami-Dade County Mayor Daniella Levine Cava said: “The people that already live [in South Florida], and people who want to live here.” In the last 24 months, thousands of people have flocked to the region for its business-friendly reputation and its laid-back lifestyle. But new Floridians have found a residential market…

Dollar General to open 1,000 stores aimed at wealthier, more suburban shoppers

Suburban shoppers beware: a Popshelf location could soon be coming to a location near you. Dollar General is aiming to operate about 1,000 Popshelf stores by the end of the 2025 fiscal year, CNBC reported. As of late October, there are 30 locations operating in six states. The retailer launched the Popshelf brand in 2020, aiming to draw in higher-income customers.

Levered and loaded: KKR looks to flex its real estate muscle

There’s a particular kind of “New York is back, baby!” vibe to the Edge, the observation deck at Hudson Yards where thrill-seekers can dangle from the tip of a skyscraper 1,131 feet above the city’s new power center.  The notion that plenty of people are willing to pay nearly $200 a pop to shake off their pandemic funk via self-inflicted vertigo is what KKR & Co. was betting…

Crypto-talk: Why real estate NFTs are the future of the NFT market?

Real estate, as opposed to movable personal property, does not need a physical transfer because it is immovable and therefore impossible to steal. Future real estate transactions will increasingly be conducted digitally with the use of new technology. Due to the coronavirus, there have been many shifts in the way we live our lives. One of these shifts has been the…

9 Reasons to Invest in South Florida Commercial Real Estate

On a national and global level, Florida and particularly the South Florida market has been among the strongest, with continually solid returns and safety for the capital of international & domestic investors. US News & World Report currently ranks Florida #8 in fiscal stability and #10 with its economy nationwide. South Florida commercial real estate leads the…

The Fed: Measuring expected inflation with breakevens

A U.S. Treasury security typically promises to repay an investor a flow of coupon payments and then principal repayment once the security matures. These payments are made in U.S. dollars. A security that promises to deliver future dollars is called a nominal security. Most U.S. Treasury securities are nominal securities. Nominal securities do not offer investors protection…

Melo Group buying entire block in Miami’s Arts & Entertainment District for $105M to build resi towers

The Melo Group wants to build residential high-rises with retail on a full city block in Miami’s Arts & Entertainment District, and has the property under contract for $105 million, The Real Deal has learned. The Melo family’s development firm expects to close in mid-December on just over 3 acres between Biscayne Boulevard and…

Gomez Development scores $45M loan to build Aventura medical building

After closing on an Aventura site, developer Marlon Gomez’s firm secured a $45 million loan to build a medical office building on the property. Miami-based Gomez Development Group plans to use the proceeds from the Parkview Financial loan to build a speculative 142,000-square-foot, seven-story project at 21291 Northeast 28th Avenue, according…

WeWork says it must correct financial statements

WeWork’s life as a public company is off to a rough start. The coworking firm said Wednesday it has to revise its financial statements for three quarters after finding that it misclassified some of its public shares. WeWork disclosed that it previously counted certain shares as permanent equity, but those shares should have been called temporary equity.

Deepak Khosa nabs Homestead apartment complex for $11M

Deepak Khosa keeps stacking up South Florida apartment complexes, adding a 105-unit property in Homestead to his growing multifamily portfolio. Khosa, a real estate investor who owns Palm Beach Gardens-based Atlantic Property Services, told The Real Deal that his company recently paid $10.6 million for Card Sound, a garden-style…

Video: Hugh Kelly PhD on Central Business District Recovery; Big City Markets Defy COVID Expectations

Hugh Kelly, PhD, joins Michael to discuss how central business districts in major cities are recovering, despite pandemic hesitations. With Miami now having the third most dense skyline in the United States, this conversation is highly relevant to Miami area commercial real estate investors. To some degree, this is reality check pushback on the idea that “central business…”

Key International, Wexford snatch Pompano Beach Marriott for $54M

Key International co-presidents Inigo and Diego Ardid, President of Wexford Real Estate Investors Joseph Jacobs and Fort Lauderdale Marriott Pompano Beach Resort & Spa: In a $54 million deal, a Marriott-branded hotel in Pompano Beach traded for a second time in three years. Miami-based Key International and West Palm Beach-based Wexford Real…

Cofe Properties buys fully leased Sunrise industrial portfolio for $42M

Cofe Properties bought a fully leased industrial portfolio in the Sunrise Commerce Park for $42.3 million. A trust led by Leonard Edelman sold the seven-building portfolio to Coral Gables-based Cofe in two deals, records show. Cofe’s affiliate took out a $35.9 million acquisition loan from Ocean Bank. In the biggest of the two purchases, Cofe bought the…

Seagis pays $30M for rental car center near FLL, plans warehouse

Seagis Property Group bought a warehouse development site near Fort Lauderdale-Hollywood International Airport for $29.5 million, marking its ongoing bet on the booming South Florida industrial market. The Conshohocken, Pennsylvania-based company bought the Alamo Rent A Car-leased property at 1700 Eller Drive from Eller Drive Properties…

Corinthian Waterford buys Margate rental complex for $21M

The Waterford Villas rental complex in Margate at 6954 Southwest Fifth Street (Google Maps) Fort Lauderdale-based Victoria One sold the Waterford Villas rental complex in Margate for $20.6 million. Coral Gables-based Corinthian Waterford bought the villa-style community at 6954 Southwest Fifth Street, according to a news release. The buyer took…

Boynton Beach approves 236-unit apartment project with 118 workforce units downtown

Rendering of The Pierce with Jeff Burns, CEO of Affiliated Development Affiliated Development won approval for The Pierce, a mixed-use development in downtown Boynton Beach with 236 apartments, half of them rent-controlled workforce units. Fort Lauderdale-based Affiliated outbid four other developers — including the Related Companies…

Hawaii’s former richest person Jay Shidler pays $153M for Boynton Beach apartments

Real estate investor and philanthropist Jay Shidler, who once was Hawaii’s richest person, bought the Sealofts at Boynton Village apartments for $153 million. His family office, The Shidler Group, bought the complex at 600 Sealofts Drive from an affiliate of Boston-based Rockpoint Group, records show. The buyer immediately executed…

California firm pays $59M for West Palm Beach apartment portfolio

Lancaster Apartments at 1210 Palm Beach Lakes Boulevard, The Charmer at 345 30th Street and Sunset Place at 1001 36th Street in West Palm Beach. Inset: Kingdom Development’s William Leach: Riverside, California-based Kingdom Development’s affiliate NeuRock Capital bought three West Palm Beach multifamily complexes for $59.3 million. NeuRock purchased…

JV buys West Palm Beach office building for $13M

A joint venture between an investment firm and a construction group purchased an office building in West Palm Beach. District Pointe LLC, a joint venture between Sweden-based Index Investments and West Palm Beach-based Verdex Construction, bought the 65,760 square-foot building at 1501 Belvedere Road for $13.4 million, according to a release. The sale comes…

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December 8, 2021

Video: Q4 Multifamily Update with RealPage Senior Manager-Market Analytics Carl Whitaker

Given what has been going on in multifamily, this one is must see video. Discussed are southeast markets, concentrating on Florida, noting that something like 9 out of the top 30 markets are in Florida.

Addressed in whether the increased demand in Zoom towns (desirable locations that accommodate remote workers) continue? Also, will the 2021 sales volume surge from the 1031 like-kind exchange scare and capital gains increase dissipate in 2022? In what ways have eviction moratoriums impacted the market? What are the cap rate and performance trends today and further out? Which markets are hot and which are not? He also noted that multifamily investing today is 44% of commercial real estate investment, about double what it was two decades ago.

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December 2, 2021

Video: Hugh Kelly PhD on Central Business District Recovery; Big City Markets Defy COVID Expectations

Hugh Kelly, PhD, joins Michael to discuss how central business districts in major cities are recovering, despite pandemic hesitations. With Miami now having the third most dense skyline in the United States, this conversation is highly relevant to Miami area commercial real estate investors. To some degree, this is reality check pushback on the idea that “central business districts are on the way out.” He goes through an interesting set of statistics displaying trends and performance in different metropolitan areas. Very interesting…

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December 2, 2021

Miami Commercial Real Estate News December 1, 2021: Calle Ocho Mobile Home Parks Trade for $50M; 5 Level Cargo Hub Considered for MIA; More…

Malibu firm picks up mobile home parks near Coral Gables for $50M

A Malibu-based real estate firm paid $50 million to acquire two mobile home parks on Southwest Eighth Street… 1989 Sunny Court LLC, an affiliate of Marquis Property Company, bought the Silver Court park at 3200 Southwest Eighth Street and the Sunnyside/West Haven mobile home park at 6020 Southwest Eighth Street, according to the brokers involved…

Aventura assisted living and medical offices project scores $84M construction loan

An assisted-living facility project with medical offices and retail in Aventura scored an $83.8 million construction loan. Rieber Development is building 1212 Aventura with 163 luxury assisted-living units near Aventura Hospital and Medical Center. The financing breaks down to a $63.5 million senior construction loan from Miami-based BridgeInvest, and a $20.3 million…

Miami International Airport Weighs Private Deal For Five-Level Cargo Hub

Miami International Airport is in talks with a venture that wants to help double cargo capacity within three to five years by building a five-level cargo structure. CCR+Airis made the unsolicited proposal last year, aviation Communications Director Greg Chin confirmed to Miami Today. The $1.1 billion privately funded project would rise on 29.4 acres in…

Blackstone buys logistics portfolio for $2.8B

The Blackstone Group reportedly picked up a portfolio of 124 properties from Cabot Properties across the United States and Europe for $2.8 billion. The properties were sold in two deals, according to Bloomberg. One deal handed the firm 102 U.S. properties and the other 22 properties in the United Kingdom, Germany and the Netherlands. All told, the properties…

Jeffrey Soffer and Dave Grutman talk post-Covid concepts, more

Miami’s tourism market is booming after a brief lockdown, but restaurants, clubs, and hotels have struggled to navigate staffing shortages. “When the government gave out big checks, people stayed home,” Jeffrey Soffer, chairman and CEO of Fontainebleau Development said. But he doesn’t anticipate that problem lingering. “The money is wearing off. The free…

Major Food Group partners with Michael Stern on its first branded condo tower in Miami

Developer Michael Stern is partnering with Major Food Group to build a branded luxury condo tower in Miami’s Brickell neighborhood, The Real Deal has learned. Stern’s JDS Development Group and the New York-based restaurant and hospitality group plan to build Major, a 259-unit tower at 888 Brickell Avenue, Major Food Group…

MMG Equity Partners Acquires Homestead Corner for $4.2M

MMG Equity Partners has acquired 1020 & 1090 N Homestead Blvd, a 1.99-acre site on the SW corner of US-1 and NE 11th Street in Homestead, FL. The property currently has two buildings totaling 23,629 SF, operating as Mario’s Latin Café – a full-service restaurant, and The Inn… Read more » The post News first appeared on MMG Equity Partners…

Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project

Miami-Dade County was slapped with an ethics complaint over its approval of a controversial plan for a large housing community on a West Kendall golf course that was meant to be preserved as green space. Developer GL Homes wants to build a 550-home gated community on the Calusa Country Club, a 169-acre golf course on the southwest…

Last-mile facilities dominating industrial real estate

The last mile of the delivery chain is proving to be the most valuable one for industrial properties. A majority of U.S. industrial leasing during the third quarter involved parties hunting for less than 100,000 square feet, according to JLL data reported by the Wall Street Journal. The outlet noted that the size of the properties likely indicates a last-mile facility. The…

On holy ground: Sergio Pino’s Century Homebuilders plans apartments, school on Coral Gables church site

In the rush to build apartments to capitalize on the hot market, developers are competing for increasingly scarce buildable sites. No ground is sacred – not even a church. Sergio Pino’s Century Homebuilders Group wants to redevelop the… Pino, through an affiliate, bought the 1.5-acre property at 110 Phoenetia Avenue from St. James for $9.8 million, records show.

Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone

A mixed-income apartment project with commercial space could be on tap within an Opportunity Zone in Miami’s Little River neighborhood. Developer Thomas Conway, through one of his Qualcon affiliates, is seeking zoning and land-use changes for the site of a former AT&T telecommunications facility that is steps from The Citadel food hall.

First building in vast Little Haiti project gets OK

The very first building proposed to launch a major mixed-use project destined to change Little Haiti gained the support of the City of Miami’s influential Urban Development Review Board. At its November meeting the board unanimously recommended approval of what’s identified as Parcel 11, part of the Magic City Innovation District – Little Haiti SAP…

Miami board denies Wynwood Station mixed-use project

A mixed-use residential project planned for the east side of the Wynwood Arts District, near Midtown and Edgewater, was denied by the City of Miami’s Urban Development Review Board. Developer-owner Newcomb Properties #2 LLC plans to build Wynwood Station at 45 NE 27th St. But the board voted unanimously Nov. 17 to deny the project, after voicing…

Bonanza may raise Miami-Dade Transit federal funding by 24% to 30%

Funds directed to Miami-Dade transit projects from the Infrastructure Investment and Jobs Act will increase federal formula transit funds 24% to 30% and the county will still compete for additional money through grant programs, Eulois Cleckley, director of the Department of Transportation and Public Works, (DTPW) told Miami Today. The funds are to be used to…

Poseidon Ferry looks for dock use at Miami City Hall

As passenger counts on Poseidon Ferry’s Miami-Miami Beach route, now at about 120-150 riders a day, continue to rise, CEO Johnathan Silvia is looking ahead to adding service to Coconut Grove in January. With the help of Irene Hegedus, the county’s chief of transportation enhancement, the company is working on a docking agreement at Dinner Key Marina, just behind City…

Is privately built five-level air cargo hub at MIA too good to be true?

Miami-Dade is weighing an unsolicited offer to fill an air cargo gap made public last month amidst a global air shipping boom. The developer asks to multiply cargo capacity at a new vertical hub at landlocked Miami International Airport and pay for it all. If this sounds too good to be true, it might be. Details have yet to be unveiled and, if the county follows its…

Treasury Department to ease rent relief backlogs with reallocations

States struggling to keep rent relief efforts alive could soon benefit from a Treasury Department plan to reallocate funds. Rental-assistance money would be shifted from municipalities with unused funds to those who desperately need it, the Wall Street Journal reported. Officials didn’t specify to the Journal which states and municipalities would gain and lose funds…

Black Friday retail traffic stuck below pre-pandemic levels

Even after the peak of the pandemic, Black Friday no longer appears to be the saving grace of retailers around the country. Retail traffic in the United States dropped 28.3 percent from 2019’s holiday, according to preliminary data from Sensormatic Solutions reported by CNBC. The data show traffic was up 47.5 percent from last year, when coronavirus restrictions and…

Terranova scores $55M refi of Miracle Mile portfolio in Coral Gables

Terranova Corp. secured a $55 million refinance of its Miracle Mile portfolio in downtown Coral Gables, as the firm continues to take advantage of low interest rates. Miami Beach-based Terranova, led by Chairman Stephen Bittel, received the financing from City National Bank. The debt consolidates and replaces loans from three lenders on 14…

AJ Capital Partners invests in Opportunity Zone portfolio in Miami’s Little River

MVW Partners secured a majority investment from a real estate firm that focuses on Opportunity Zone projects. Adventurous Journeys (AJ) Capital Partners, based in Nashville, Tennessee, partnered with Miami-based MVW Partners to acquire the majority ownership of the 24-acre portfolio MVW has assembled in Miami’s Little River, according to Matthew Vander…

Kosher hotels planned near Seminole Hard Rock Hotel & Casino

Wyndham Grand in Hollywood by Sharon Sharaby Jewish tourists who want to visit the Seminole Hard Rock Hotel & Casino in Hollywood will be able to stay at a kosher hotel directly across the street starting next year, and they may have another kosher option near the tribal resort by 2024. The 100-room Wyndham Dolce Kosher House Hotel will have a…

Mindspace gets $72 million induction to continue shared-space expansion

Israeli shared-office space provider Mindspace has secured $72 million to help fuel its expansion in Europe, the United States and its home country. The fundraising round was led by Harel Insurance Investment and Financial Services to help Mindspace, which manages 1 million square feet of office space in 32 branches across 17 cities and seven countries…

Jared Kushner looks to Persian Gulf for investment-firm financing

Jared Kushner (Getty) Jared Kushner, who worked closely with Arab states on behalf of the US government and his father-in-law, then-President Donald Trump, is looking to the Persian Gulf to raise money for his new investment firm — a move that has ethics watchdogs on high alert. The New York Times reports that Kushner, the former CEO of Kushner Properties…

Crypto-talk: Real Estate in the Metaverse – “How deep does this “rabbit hole go?”

With regard to capital appreciation, real estate has traditionally been considered to be one of the more popular investment options. Remember, it is a limited resource whose value is intrinsically related to its status as a scarce resource. What happens, though, when real estate begins to lose its sense of reality? Please allow me to introduce you to the world of…

Crypto-talk: Sample framework for the trade of real-estate ownership rights via blockchain-enabled technologies, including NFTs – powered by ESQ.title

This article provides a sample framework for the trade of real-estate ownership rights via the “encapsulation” of those rights in a Non-Fungible Token (NFT), as well as NFT participation in the DeFi sector and the potential of providing crypto title insurance, for added confidence and security.  Moreover, this Crypto-talk article will address some of the…

Rents in New York and South Florida metros surged more than 30%, led nationwide rise

Average monthly rents rose by 13 percent since last year, with the bulk of the price surges recorded in popular metro areas, according to a new report from Redfin. The report pins the average monthly rent nationwide in October at $1,858, a 12.5 percent year-over-year rise from 2020. Average rent in October in 2020 was only $1,651, but has been rising ever since.

The Fed: Beige Book Contacts Expect Price Pressures to Ease in 2022

The latest Beige Book report on economic conditions in the Southeast found that prices and wages continued to climb amid a tight labor market and ongoing supply chain challenges. But many expect price pressures to ease next year. On the employment front, turnover rose as employers lured workers from rivals with “significant wage increases and greater…

Lawsuit: Miami Beach Sidewalk Café Crackdown Would Be ‘Death Sentence’ For Restaurants

A crackdown on sidewalk cafés in Miami Beach means that 13 existing establishments could fail to qualify for renewed permits and be shut down by Tuesday, Nov. 30, potentially causing a ripple effect for landlords, a lawsuit warns. The Lincoln Theater and Lincoln Associates, parent companies of Tapelia restaurant and Ole Ole steakhouse, are suing…

The South Florida Answer to West Coast Logistic Bottlenecks

South Florida’s industrial market fundamentals, particularly for bulk warehouse space, blew through the third quarter of 2021 on strong leasing demand and new construction. The region’s healthy consumer market and growing population helped push investor and occupier confidence in the industrial market, which is likely to continue through 2022. The backlog…

Boca Raton office buildings sell in separate trades for $49M

Tricera Capital led by Ben Mandell, bought Milan at Town Center at 1675 North Military Trail, and Beverly, Massachusetts-based Brookwood Financial Partners, led by Chairman and CEO Thomas Nicholas Trkla, bought Sabre Centre I at 5901 Northwest Broken Sound Parkway. In separate deals totaling $49.1 million, Tricera Capital and Brookwood…

Overlooked downtown West Palm Beach area poised for redevelopment as Nora District

Downtown West Palm Beach’s growth has caught the eye of developers and real estate investors, but one district has been left out of the activity. Now, this is poised to change. The city, working with NDT Development and Place Projects, wants to implement a set of building regulations aimed at breathing life into the area anointed…

Two Roads, Alpha Blue score $122M construction loan for West Palm Beach condo project

Two Roads Development and Alpha Blue Ventures scored a $121.5 million construction loan for their luxury condominium tower in West Palm Beach. The development duo are planning the 24-story waterfront Forté at 1309 South Flagler Drive, overlooking the Lake Worth Lagoon and Palm Beach. Little Rock, Arkansas-based Bank OZK provided the financing, according…

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December 1, 2021

Scroll Through Google Streetviews of Miami’s Skyline for the Past 14 Years

Anyone that has had the pleasure of driving across the bridge to Key Biscayne, or even better, to walk, bike, or run on it, has to have noticed what a great view one gets of Miami’s rapidly growing skyline. What one loses track of is how much that skyline view is changing over time. SCROLL DOWN to check out these Google StreetView images recorded over the years:

2007 Miami Skyline

2009 Miami Skyline

2012 Miami Skyline

2015 Miami Skyline

2021 Miami Skyline

These changes in Miami’s skyline are mirrored in the areas demographic and economic trends (33130, 33131, other Miami-Dade County zip codes) and property trends, all of which have been on a fairly steady upward trend as the city is increasingly noticed by global investors.  The Four Seasons Hotel Miami building dominates the skyline in this view.  It will be joined soon by a number of other large buildings as Miami continues to enjoy significant growth, particularly in its urban core.  Thus, the skyline seems destined to continue to change.

This post, originally published in 2015, is here republished updated with a 2021 Google Streetview image.

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December 1, 2021

FOR SALE: 2,700 sf usable, 3,200 sf RBA Equivalent Office Condo at Brickell Key Two; 540 Brickell Key Dr C1 & C2, Miami, FL 33131

Tastefully renovated 2,700 usable square feet office condo located on Brickell Key in the Brickell Key Two building is offered for sale. Property has 9 office spaces plus one large conference room and comes with 12 parking spaces. Lies within walking distance of all Brickell Key buildings and shops and a short walk across the Brickell Key bridge to the heart of Brickell. This is perfect for a law, mediation, corporate, family, or other office. This 2,700 sf of usable space equivalent to nearly 3,100 square feet of more commonly quoted RBA (rentable building area area) if one was to assume a 12% common area ratio.

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December 1, 2021

Miami Commercial Real Estate News November 24, 2021: Little Havana Multifamily Trades for $105M, Medley Industrial for $9M; Real Estate Issues and Build Back Better; More…

Ivanhoé Cambridge picks up Little Havana apartment complex for $105M

With a $104.8 million purchase, a Canadian real estate development firm is the new owner of the InTown apartment complex in Miami’s Little Havana neighborhood. An affiliate of Ivanhoé Cambridge picked up the two-tower, 15-story multifamily project at 1900 Southwest Eighth Street, according to records. The purchase is part of the firm’s $3.6 billion deal to acquire…

AMLI Residential bets $31M on another Midtown Miami development site

With one apartment building at Midtown Miami under its belt, AMLI Residential is planning another major multifamily project in the neighborhood. An affiliate of the Chicago-based luxury apartment developer bought a 1.84-acre site at 3001 Northeast First Avenue for $30.5 million, records show. The seller is Midtown Development, headed…

Insatiable: Amazon has more than doubled its space during pandemic

Amazon knew what it had to do. E-commerce was booming. People were ordering more items online than ever before — everything from groceries to medication to sweatpants. Warehouses were going to run out of space. Amazon had to make that someone else’s problem. So it went on a buying and leasing spree. “We are on track to double our fulfillment network…

Thor Equities, Remy Jacobson list Miami Design District retail buildings previously tied up in litigation

A New York-based real estate firm and a cryptocurrency entrepreneur want to unload retail buildings in Miami’s Design District. In separate listings… seeking at least $32 million for its Stefano Ricci-occupied store at 120 Northeast 39th Street… placed a vacant historic building at 4141 North Miami Avenue on the market with an asking price of $12 million.

Miami International Airport weighs private deal for five-level cargo hub

Miami International Airport is in talks with a venture that wants to help double cargo capacity within three to five years by building a five-level cargo structure. CCR+Airis made the unsolicited proposal last year, aviation Communications Director Greg Chin confirmed to Miami Today. The $1.1 billion privately funded project would rise on 29.4 acres in a ground…

Atlantic Sapphire, which grows Salmon at its Homestead facility, woos its top supplier from Canada

Atlantic Sapphire, which grows sustainable, pollution-free salmon from eggs to maturity in its land-based facility in Homestead, announced an agreement that will bring Skretting, the company’s supplier of fish feed, to South Miami-Dade. In exchange, Atlantic Sapphire committed to continuing to source the majority of its salmon feed from Skretting over the next…

Art Basel brings galleries from 36 nations to Miami Beach

The 2021 edition of Art Basel Miami Beach is making its grand return and set to feature 253 leading galleries from around the globe. Along with presenting works across all media, from rare and historical masterpieces to new pieces by today’s emerging artistic voices, the art fair, which is headquartered at the Miami Beach Convention Center at 1901…

Claridge House, Regents Park at Aventura nursing homes trade for $33M

The Claridge House and Regents Park at Aventura nursing homes in north Miami-Dade County at 13900 Northeast Third Court and 18905 Northeast 25th Avenue sold for a combined $33.4 million. Englewood Cliffs, New Jersey-based CareRite, through affiliates, bought half of the ownership interest of each facility, records show. Two other entities, each managed…

Plum Market to open in Aventura and other leasing news

Sprouts Farmers Market I Shadowwood Square near Boca Raton The Shadowwood Square shopping plaza (Courtesy of Terrranova Corporation) Organic grocer Sprouts Farmers Market is opening in a 25,837-square-foot space at the Shadowwood Square shopping center near Boca Raton. The lease is for 15 years, according to the retail plaza…

Here’s where real estate issues stand in the Build Back Better bill

The U.S. House of Representatives on Friday greenlighted the roughly $2 trillion Build Back Better Act, meaning the fate of billions of dollars in housing funding is now in the hands of the Senate. The measure’s approval follows the passage of the $1 trillion infrastructure bill, which represents the largest federal investment of this kind in more than a decade.

Chart: Miami-Dade Commercial Real Estate Sales October 2021

This chart displays the quantity of closed commercial property sales in Miami-Dade county including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending October of 2021. October’s volume was nearly the same as the prior month. But for a couple of post COVID surge months…

A $40 million renovation has turned this former hostel into a Miami Beach gem

From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach hotel is a tribute to Española Way’s past — and maybe a barometer of its future. The engaging new design of the hotel on the Spanish-Mediterranean pedestrian street, which was built in the…

Michael Stern accused of “duping investors” in Monad Terrace project

Minority investors in Michael Stern’s Miami Beach condo project filed a summons against his development entities, seeking $10 million. Limited liability companies linked to Ariel Ackerman’s Ackerman Development and Daniel Minkowitz’s Mink Development, investors in Stern’s waterfront luxury condo project at 1300 Monad Terrace in Miami Beach, filed the…

PTM, Kushner to Develop 420-Unit Multifamily Tower in Miami’s Edgewater District

PTM Partners and Kushner Cos. have formed a joint venture partnership to develop 2000 Biscayne Boulevard, a 420-unit multifamily tower in Miami’s Edgewater neighborhood. The developers expect to start construction in the fourth quarter, while leasing is expected to begin in the first quarter of 2023. The 36-story tower will be located along Biscayne Boulevard…

IMC Equity grabs another Hialeah office building for $15M

IMC Equity Group is bullish on Hialeah, snagging its second office property in the City of Progress in two years. Yoram Izhak’s North Miami-based investment firm paid $14.7 million, or $190 per square foot, for the 77,000-square-foot Palm Springs Center at 1840 West 49th Street, The Real Deal has learned. The seller is Cofe Properties, which paid $4 million for the seven…

Ready Capital Closes $9.3M Loan for Self-Storage Property in Miami Beach

Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self-storage property in Miami Beach. Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option…

The Standard hotel-branded condos are coming to Midtown Miami

Carlos Rosso with Amar Lalvani of Standard International and renderings of the Standard Midtown The Standard hotel group is branding its first residential development, which will be built in Miami’s Midtown neighborhood, The Real Deal has learned. Developer Carlos Rosso of Rosso Development is partnering with Alex Vadia’s Midtown Development…

D.R. Horton has 97 acres of farmland in Homestead under contract

D.R. Horton has 96.7 acres of farmland in Homestead under contract for a future mixed-use community. The Arlington, Texas-based homebuilder (NYSE: DHI) filed a municipal pre-application with Miami-Dade County officials concerning the property at the northeast corner of Southwest 328th Street and Southeast Sixth Avenue. It’s just west of Florida’s Turnpike.

New York restaurant operator sues to end Bal Harbour Shops deal

The owner of New York City Italian dining hotspots Sant Ambroeus and Felice claims rising construction costs derailed its restaurant opening at Bal Harbour Shops, according to a recently filed lawsuit. An affiliate of SA Hospitality Group, led by co-founder and Chairman Gherardo Guarducci, sued Bal Harbour Shops in Miami-Dade Circuit Court earlier this week….

Trammell Crow Buys Land for Miami Project

Trammell Crow has bought a vacant, $10 million, 9-acre plot in Miramar, Fla., and plans to build a 250-unit development dubbed Alexan Miramar. The project is part of the city’s Monarch Lakes community. Workspace Property Trust was the seller and Avison Young Principal Keith O’Donnell and Colliers Executive Managing Director Mark Rubin brokered the off…

Kushner Cos. Taps Investment Partner For Miami OZ Development

Kushner Cos. has taken on a partner in the development of a 420-unit multifamily project in a Miami opportunity zone. Miami-based PTM Partners, a real estate investment and development firm with an initial focus exclusively on qualified opportunity zones, joined in a joint venture with Kushner Cos. at 2000 Biscayne Blvd. in Miami’s Edgewater…

The Shore Club In South Beach Is Getting A New Tower

A developer has submitted plans to the Miami Beach Historic Preservation Board to restore the historic Shore Club Hotel in South Beach and add a new tower. Robert A.M. Stern Architects is partnering with developers Witkoff and Monroe Capital on the redevelopment. The new Stern-designed tower is proposed to rise 17 stories. Combined, the redeveloped Shore…

Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi

Qatari firm Al Rayyan Tourism Investment Company is set to close on a $188 million refinancing for the St. Regis Bal Harbour resort. The loan comes a year after the Reuben Brothers acquired a $132 million mortgage that backed the oceanfront resort. The new commercial mortgage-backed securities loan values the hotel at $331 million, according to DBRS…

A Skatepark Is The Centerpiece To This Miami Developer’s New Mixed-Use Concept

Miami is slated to get a new mixed-use hangout, with a skate park serving as the centerpiece. The concept, dubbed SkateBird, will serve as a skating arena, shopping hub, event center and food hall. The 32K SF facility — located at 533 Northeast 83rd Street in the mostly residential village of El Portal, just north of Little Haiti — is said to be a first for the state.

JV Completes 360-Unit Miami Luxury Community

A partnership between The Estate Cos. and PTM Partners has completed Soleste Grand Central, a 360-unit luxury community in Miami. It is the first large-scale ground-up Opportunity Zone property to be delivered in Miami-Dade County. Caymares Martin designed the development, while ASG Interior Design planned the interiors. Around 20 percent of the units…

CVS Health shuttering almost 1,000 stores in 3-year pivot

CVS Health is preparing to shutter almost 1,000 stores in the next three years as it looks to develop new health care outlets. The company announced plans on Thursday to close approximately 300 stores on an annual basis in the next three years. The Associated Press reported the closures represent nearly one-tenth of CVS’ 10,000-store retail footprint.

CenterPoint buys Medley industrial building for $9M

Industrial real estate giant CenterPoint Properties scooped up a Medley warehouse for $8.6 million, marking continued market demand. CenterPoint bought the building at 10500 Northwest South River Drive from Epling Leasing, according to Jose Sasson, one of the deal brokers on the deal. Epling Leasing is led by Dawn Peterson of Marietta, Georgia, and…

Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site

Billionaire real estate moguls Teddy Sagi and Jorge Pérez have selected their second South Florida property to invest in: the long-shuttered White House Inn at the entrance to North Miami… Pérez’s Related Group and Sagi’s LabTech Investments Limited are partnering to acquire the waterfront property at 2305 Northeast 123rd Street

Lynd Living Sells Miami-Area Property for $67M

Lynd Living has sold the 290-unit Aqua Villa in Margate, Fla., for $66.5 million, after just eight months of ownership. The listing agent was Hampton Beebe of Newmark. The community last traded in March, when Lynd Living bought it for $50.8 million. The firm spent $4 million to renovate the property. Improvements included the addition of chef’s…

Moves hit 73-year low despite so-called pandemic migration

Stories of pandemic-spurred migration have dominated headlines and small talk over the past year, but recently released figures show the story couldn’t be further from the truth. More than 27 million people reported moving in the previous year, accounting for 8.4 percent of residents, according to U.S. Census Bureau data reported by The Associated Press.

Denver and Miami firms team up on $73M Doral office park acquisition

A Denver-based real estate private equity firm teamed up with two Miami companies to buy a Doral office park for $73 million. Denver-based Ascentris, led by CEO Gabe Finke, partnered with Highline Real Estate Capital and Square2 Capital to acquire the three-building complex at 8200, 8300 and 8400 Northwest 33rd Street, according to a press release.

New York investment firm snags Pompano Beach truck repair shop site for $9M

Pompano Beach has some new industrial investors. New York-based IG Logistics, the industrial platform for Imperium Capital, bought a truck terminal and repair shop site at 2407 Hammondville Road for $8.5 million, according to records. The seller is J.T.R. Real Estate Enterprises, a Florida corporation linked to John and Tammy Ragno. IG Logistics, founded in…

Brooklyn-based JV scoops up downtown Fort Lauderdale dev site

A joint venture of two Brooklyn-based firms plans a multifamily, mixed-use tower in downtown Fort Lauderdale. Heights Advisors and Legacy Partners bought the development site, a roughly 1-acre parking lot at 111 Southwest Third Avenue for $6.7 million, according to the broker’s press release. Heights Advisors, based in Brooklyn, paid $7.8 million for the next-door…

Bowling alley and two retail centers in Broward trade for combined $59M

In separate deals totaling nearly $59 million, 13th Floor Investments picked up a Hallandale Beach bowling alley, while Terra and Stiles sold retail centers in Pembroke Pines and Fort Lauderdale. Terra and Stiles’ sales show continued momentum for outdoor shopping centers. In recent months, investors have flocked to retail properties…

Lynd Living flips Margate apartment complex for $67M

Eight months after buying a Margate apartment complex, Lynd Living flipped the property for $66.5 million, roughly $15 million more than its previous purchase price. Hampton Beebe, a commercial broker with Newmark who handled the listing, told The Real Deal that Atlanta-based Carroll Organization bought the 280-unit Aqua Villa at 5750 Lakeside Drive.

American Commercial Realty buys North Palm Beach property for $36M

In a deal that closed at roughly $9 million below listing price, American Commercial Realty picked up a North Palm Beach mixed-use property. The Palm Beach Gardens-based commercial real estate firm paid $36.2 million for a 7.9-acre site at 1201 U.S. Highway 1. Called Crystal Cove Commons, the property features 75,000 square feet of ground-floor retail next to a…

Westlake approves Adrenaline World entertainment complex, retail center

In separate decisions earlier this week, the Westlake City Council approved a family entertainment venue and a shopping center inside Minto Communities’ 50-acre master-planned business park, Westlake Landings, in western Palm Beach County. The two projects are among a string of developments in the pipeline for the fast-growing, five-year-old city…

New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M

Schweb Partners bought the Oakwood Apartments in Lake Worth Beach for $35.4 million. Records show that One Real Estate Investment, through an affiliate, sold the townhouse rental community at 2425 Second Avenue North to Schweb Partners. The 160-unit complex was built in 1993 on 12.6 acres, property records show. The deal breaks down to $221,250 per unit.

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November 24, 2021