Ivy Realty snagged an 80,000-square-foot industrial freezer facility in north Miami-Dade County for $13.25 million. Montvale, New Jersey-based Ivy Realty bought the property at 650 Northeast 185th Street in Miami for $165 per square foot, according to a press release. The seller, Best Freezer Holdings LLC, is tied to Clement Zanzuri of Miami. The property is 100…

East End Capital to Build 12-Story Multifamily Project in Miami’s Wynwood District

East End Capital has received civic approval to build Foyer Wynwood, a 12-story multifamily project planned for Miami’s Wynwood neighborhood. The project marks the debut of the developer’s co-living brand Foyer, which will operate the co-living segment of the 375,000-square-foot development. The property will feature 236 multifamily residences in both micro-unit and…

Brooks Brothers files for bankruptcy

Brooks Brothers, which has 500 stores across the globe, filed for Chapter 11 bankruptcy protection Wednesday. The move had been expected as the 200-year-old clothing chain struggled first with a shift from a formal dress code in the workplace to a more casual one, and then ultimately the coronavirus. Brooks Brothers will use the bankruptcy process to find a buyer for the…

AMC nears deal to avoid bankruptcy

AMC is trying to stave off the final curtain. The movie theater chain is close to hammering out a restructuring deal that would save it from bankruptcy, according to the Wall Street Journal. The deal involves bondholders providing a $200 million senior loan and exchanging their unsecured claims for second-lien debt at an undisclosed discount. Meanwhile, Silver…

Will The Pandemic Kill Demand For Micro-Units?

For the past five-plus years, micro-units have been an intriguing subplot in the grand saga of commercial real estate. As demand for housing has boomed, especially in rent-burdened cities like New York and San Francisco, developers gambled that tenants would tolerate tiny units — some as small as 220 SF — for the chance to access cool neighborhoods…

Florida Commercial Real Estate News Roundup 2020 H1

While 2019 was a fruitful year in Florida’s CRE market, particularly in South Florida commercial real estate, we now focus on the challenges presented in early 2020. Despite the current pandemic, new, major developments took place and many property refinances were sealed in several locations. Meanwhile, domestic and international investors contributed to the….

Zara founder unveils $17.2 billion global real estate empire – including Miami’s tallest office tower

After making a fortune in clothing, Amancio Ortega turned his attention to real estate. The Spanish billionaire’s property holdings have soared to $17.2 billion, his firm revealed Tuesday for the first time, giving him the largest real estate portfolio among Europe’s super-rich. Ortega, 84, the founder and owner of fashion label Zara, invested 2.1 billion euros in real estate last…

Retailers paying more of their rent but Covid surge prompts caution

The amount of rent Burger King paid in June compared to May was a whopper. The fast-food chain forked over 100 percent of what it owed landlords last month, compared to 63 percent the month before. The same went for Dave & Buster’s, where the new motto could be “Eat, Drink, Play…”

Mall owners team up with “dead-celebrity dealmaker” but can they rescue moribund retailers?

Deep into a marathon set of high-pressure meetings to save bankrupt retailer Aeropostale from being chopped up and sold for parts, Jamie Salter thought some comic relief was in order. The Authentic Brands Group founder and CEO pulled out his phone and called Shaquille O’Neal — his company’s second-largest individual investor…

$7 Mil Miami-Area Retail Asset Refi Closed

CBRE has arranged the $7 million refinancing of a 78,486-square-foot retail center at 19905-19925 Biscayne Boulevard in Aventura, Fla. Senior Vice President Paul Ahmed and Financial Analyst Mackenzie Fry represented the owner, Triarch Capital Group, and Correspondent Life Insurance Co. provided the 10-year loan. The property came online in 1994 and later…

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants

Bayside Marketplace’s owner wants to evict five tenants, including Hard Rock Cafe and Bubba Gump Shrimp Co., alleging unpaid rent amid the pandemic. The downtown Miami outdoor mall’s New York-based landlord sued the two restaurants and three retailers recently in Miami-Dade Circuit Court to initiate the eviction process, alleging the tenants owe a total…

Gym owners flex their muscles: Miami-Dade reverses decision to close facilities

Miami-Dade County Mayor Carlos Gimenez will allow gyms and fitness centers to stay open after announcing Monday that they would be closed, beginning on Wednesday. After meeting with a wellness group, the county decided that gyms and fitness facilities can remain open with the current restrictions in place, according to a spokesperson for the mayor’s office.

TRD Insights: Hotel CMBS delinquencies jumped in June

Lodging delinquencies among commercial-mortgage-backed-security (CMBS) loans rated by Kroll Bond Ratings Agency reached 21.6 percent last month, up from 13.6 percent in May. Hotels’ occupancy rates have been rising, but their loan troubles are through the roof. Hotel delinquencies among commercial mortgage-backed security (CMBS) loans rated by…

ZOM buys land in Coral Gables, West Palm for senior living projects

ZOM Senior Living and Watermark Retirement Communities closed on land for two senior living projects in Coral Gables and West Palm Beach. Property records show LG Ponce III LLC, led by Lion Gables Realty Limited Trust, sold four parcels at 300 Greco Avenue, near the Shops at Merrick Park in Coral Gables, to SHP VI Greco Coral Gables Owner for $20 million.

Restaurants, gyms to close again in Miami-Dade

Miami-Dade County Mayor Carlos Gimenez is ordering restaurants to close their dining rooms effective Wednesday, marking a major blow to the struggling industry. Gyms, fitness centers and short-term rentals will also shut down. State and local officials have started rolling back openings due to the record number of positive Covid-19 cases. As of Monday, more…

TRD Insights: Little evidence that Opportunity Zone program helps poor communities

The Opportunity Zone program has been a huge success for well-capitalized real estate developers, but not for the disadvantaged people it’s ostensibly designed to help. A new study from the Urban Institute (UI) suggests that Opportunity Zones have largely failed to promote investment in local small businesses, create new jobs or boost the development of affordable…

Retail-to-residential conversions are in cards at America’s doomed malls

Malls are hemorrhaging retailers left and right. What will happen with all that space? Some could be converted into apartments and condominiums. (iStock) Mall vacancies are surging, so what to do with all that empty space? Apartment and condominium conversions could proliferate. Some developers were converting properties before the coronavirus… …

WeDone: South Beach landlord seeks to evict WeWork for unpaid rent

The landlord of a WeWork location in South Beach is looking to evict the embattled co-working giant for what it says is more than $650,000 in unpaid rent. A photo obtained by The Real Deal shows the three-day notice tacked onto the door of the 43,500-square-foot building at 429 Lenox Avenue, which is fully occupied by WeWork. WeWork notice WeWork…

More tech firms eye Miami as Covid carries on

As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. In late February — before Covid-19 became a pandemic — Spotify inked a lease for 20,000 square feet to house its South Florida headquarters in Miami’s…

Inside South Florida’s mall, retail and restaurant reopenings

Masks, one-way signs, spread-out open-air dining. Malls, stores and restaurants are reopening in South Florida, and changes are evident amid the pandemic. The Real Deal’s South Florida Managing Editor Ina Cordle toured the Miami Design District with Craig Robins, Bal Harbour Shops with Carolyn Travis and Aventura Mall with Jackie Soffer on Saturday, May 23.

Submerged in securities: Many CMBS hospitality loans may be underwater soon

Hotel operators trek into special servicing and it may take years before they get out (iStock) Carlos Rodriguez Sr. set off from Costa Rica nearly 25 years ago for what seemed like a surefire bet: developing and operating hotels in Florida, where both tourism and business travel were in perpetual demand due to the area’s warm weather, white sand beaches and proximity to…

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished

Virgin Hotels had been looking for the right redevelopment opportunity in South Beach for years, and appeared to have found it a few months ago in HFZ Capital Group’s Shore Club. An offshoot of Richard Branson’s Virgin Group, Virgin Hotels created a proposal to purchase the 309-key beachfront hotel…

Trump tweets that he “may END” Obama-era fair housing regulation

President Trump’s latest announcement regarding his plans for fair housing regulations came in the form of a Tuesday night tweet, Business Insider reported. The president took aim at the Obama-era Affirmatively Furthering Fair Housing (AFFH) mandate, which his administration had suspended in early 2018 until this year. “At the request of many great…

New Florida Law Cracks Down On Emotional Support Animals

A new law signed by Gov. Ron DeSantis last week, which took effect immediately, amended Florida’s Fair Housing Act to address the problem. With the internet making it easy for dishonest tenants to get around pet restrictions by mail-ordering certificates saying that Fang and Rambo are emotional support animals, property managers often acquiesced, lest…

Miami-Dade Restaurant Owners Organize to Oppose Dining-Room Closure

On Monday, July 6, Miami-Dade Mayor Carlos A. Gimenez announced his intention to issue an emergency order re-closing indoor restaurant dining rooms owing to a surge in the spread of COVID-19. Within hours, a cadre of restaurateurs gathered in Coral Gables to decide how to deal with a collective case of government-induced whiplash. To business owners…

Miami Settlement With Duplex Developer Draws Opposition Over Setback Violations

Miami’s Coconut Grove takes pride in its eclectic look and character, so it’s no surprise that community opposition blossomed after a duplex developer was accused of breaking setback rules… 3384 Day Avenue Investments Inc. was in the midst of building a duplex with interior work remaining when the city issued a hold on the building permit a year ago, citing setback…

Foyer Wynwood and Jonathon Yormak East End Capital secured approval for a co-living development in Wynwood. The Miami Urban Development Review Board this week approved Foyer Wynwood, a 12-story, 236-unit project on North Miami Avenue, between 24th and 25th streets, according to a press release. Rents at Foyer Wynwood are expected to start at about…

Millions At Stake In Trial Over Profits, Workplace Hostility At Dezer Development

More than $10M is at stake as one of the East Coast’s most prominent developer families faces a civil trial this week. Andrew Chesnick, the former chief operating officer of Dezer Development, is suing founder Michael Dezer; his wife, Neomi, in her capacity as trustee of a family trust; their son, Gil, CEO of the company; and several corporate entities that the family…

Restaurants, bars in a “scary situation” as restrictions ramp up

Faced with heightened restrictions due to a surge in Covid-19 cases, coupled with a desire to keep employees safe, some Miami restaurants are calling it quits. Other eateries are mulling closing their dining rooms, temporarily shutting down, or changing their business models entirely. If the state or local governments order another shutdown, it could mark the “nai…

Bid to slow soccer stadium on Melreese golf course stymied

A billion-dollar development to replace the golf course in city-owned Melreese Park keeps chugging ahead, but a zoning application for it met opposition from a commissioner who said Miami is getting ahead of itself and not following the process. Manolo Reyes, an established foe of the development, named Miami Freedom Park, presented an item last week…

Miami construction jobs hit record high

As unemployment in Miami-Dade fell slightly in May to 11.3% from 11.8% in April at the peak of the virus-induced shutdown, sunshine bathed one industry: construction jobs hit an all-time high here. Construction rose to 54,800 jobs in the county in May, the most for any month in US Bureau of Labor Statistics records, up 3,800 from April and 1,600 more workers than…

Miami-Dade advised to sue over forever chemicals

Miami-Dade has sufficient legal standing to sue – and should sue – the makers of so-called “forever chemicals,” a class of some 4,000 substances prevalent in the water supply linked to cancer and birth defects, County Attorney Abigail Price-Williams has confirmed. A recommendation from Ms. Price-Williams’ office for the county to join an existing class action…

My New Normal: Coral Gables Based Location Ventures Founder Rishi Kapoor

Location Ventures CEO Rishi Kapoor leads a multifaceted real estate company that handles investment, development, management, and sales and marketing for residential and mixed-use properties, mostly in South Florida. The company has a development portfolio worth more than $500M, which includes a boutique condominium, a new coworking concept…

Westchester Cultural Arts Center on the way

West Miami-Dade residents will soon have a cultural arts center that will offer educational, recreational and community activities. At a groundbreaking June 26, the Westchester Cultural Arts Center continued a long journey that began 16 years ago. Located at the main entrance of Tropical Park, it is to provide cultural programming focusing on Hispanic…

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

A ban on chain retail stores and restaurants in South Beach’s Sunset Harbour is moving forward with the backing of three Miami Beach city commissioners. The Miami Beach Land Use and Sustainability Committee — made up of commissioners Mark Samuelian, Michael Gongora, and Ricky Arriola — unanimously backed a proposed ordinance banning “formula…”

DeSantis again extends foreclosure and eviction ban

Hours before the expiration of a state-ordered freeze on residential evictions and foreclosures, Gov. Ron DeSantis again extended the moratorium to Aug. 1. Though it’s called the “Limited extension of mortgage foreclosure and eviction relief” order, it does not provide financial relief to homeowners and renters. The order gives homeowners and renters more…

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

A company tied to Brookfield Properties alleges the Diane Von Furstenberg store owes over $200,000 in unpaid rent at Shops at Merrick Park, and is seeking to evict the retailer. Merrick Park LLC, tied to Brookfield Properties, is suing the retailer for breach of its lease agreement, alleging the company owes $206,000 in unpaid rent as of June. In the suit filed last week…

Video: Iron Hound Principal Robert Verrone discusses fixing loans broken by Covid-19

Iron Hound Management’s Robert Verrone talks about distressed loans amid the economic slowdown in this virtual interview by TRD. He talks about deals that didn’t close in the middle of COVID-19, then moves on to the process of dealing with existing loans that are distressed due to effects on the commerce in the respective properties. This is a pretty candid…

For Sam Zell, it’s all about “foreclosures and opportunities”

Sam Zell’s Equity Commonwealth real estate investment trust has $3.4 billion in cash ready to deploy in these times of distressed assets, but the self-described Grave Dancer isn’t ready to tango in one sector: Retail. Zell, who is also chairman of Equity Residential and Equity Lifestyle Properties, said his companies “don’t buy markets, we buy deals.” And with retail…

Affordable housing experts talk systemic change

Advocates have long sought solutions to housing affordability, but recent social unrest has prompted a closer examination of the injustices baked into the system. Barika Williams, for one, is “cautiously hopeful” that momentum is building to address structural inequality in housing. “At the fundamental base, housing is rooted in racism,” said Williams, the…

“Alligator Ron” Bergeron sells properties near Miami airport to Prologis

“Alligator Ron” Bergeron, a Gladesman and former state wildlife commissioner, sold an assemblage near Miami International Airport to industrial giant Prologis. Bergeron Dade Airport LLC sold the properties at 3310, 3325 and 3377 Northwest 24th Street for $24.6 million. The land totals more than 9 acres and sold for $61 per square foot. Prologis, led CEO…

“It’s a need, not a want” for many residents: Investors eye long-term gains in senior housing

The Orbach Group — a real estate firm better known for flipping rent-stabilized apartments before Albany’s rent law overhaul last summer — recently nabbed a portfolio of 700 age-restricted senior housing units in New York and Pennsylvania. In a sign of the times, the $75 million deal closed via Zoom in May, according to the buyer. Meyer Orbach…

Freddie Mac extends multifamily loan forbearance relief to landlords

Freddie Mac is expanding the mortgage relief options it offers multifamily property owners, but there are strings attached. The agency, which is under government conservatorship, today announced that landlords with federally-backed mortgages can further extend the repayment period. Putting off those payments does come with a price. Landlords who…

South Florida by the numbers: Focus on fair housing

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Over the past few weeks, our nation has struggled mightily with complex and serious issues concerning race and policing. For Realtors and other real estate professionals, a Code of Ethics and Fair Housing laws clearly spell out…

Nearly 140,000 businesses on Yelp remain closed since coronavirus hit

New numbers from Yelp show that 140,000 businesses that closed since March 1 remain closed and that 40 percent of them permanently closed. (Getty) Nearly 140,000 U.S. businesses that closed since March 1 remain shuttered, and just over 40 percent of them have closed for good. Yelp’s latest report on businesses listed on the platform show that more…

Some 2.2 million of the world’s restaurants could close

Restaurants are struggling to get by Some 2.2 million restaurants worldwide could close in the near future, and that’s a low estimate. Restaurants across the price spectrum are watching bills pile up and sales flounder in the months since the coronavirus pandemic brought the industry to a near standstill, according to Bloomberg. Consulting firm Aaron Allen…

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

Remote-first work could lead to greater employee wellbeing, lower housing costs and a fairer company, according to the CEO of Quora When it comes to the future of remote work, everyone and their landlord has weighed in. Owners of prime office buildings have dismissed remote work as “serviceable at best” (SL Green Realty’s Marc Holliday), having a…

Searching for land: Bruce Eichner, Two Roads vie to buy out aging Bal Harbour condo for over $100M

Taylor Collins, Bruce Eichner, Phil Gutman and Louis Birdman (Google Maps) Amid a scarcity of oceanfront development sites, prominent developers are vying to buy out unit owners of an aging condo building in Bal Harbour to build a luxury tower, The Real Deal has learned. Continuum South Beach developer Bruce Eichner and Two Roads Development are…

Rebuilding the construction industry in the age of the coronavirus

Construction sites began to reopen earlier this month. But construction companies are still trying to find ways to adapt to a troubled market in the short- and long-term (iStock, Pixabay) When engineering giant AECOM started developing a virtual consultation tool in late 2019, its aim was to allow members of the public to weigh in on projects remotely. The idea…

DeSantis announces $250M rental, mortgage assistance fund

Florida Gov. Ron DeSantis announced the state will tap $250 million in CARES Act funding for rental and mortgage assistance due to Covid-19. The announcement comes about a week before the state’s moratorium on evictions and foreclosures is expected to end. The executive order gives homeowners and renters time in their homes if they can’t make their…

Blackstone nears $1.4B deal with HPP to build out production studios

Blackstone Group and Hudson Pacific Properties are deep in talks to form a partnership to develop production studios in Los Angeles. Valued at $1.4 billion, the deal would build out HPP’s extensive studio and sound stage portfolio, according to the Wall Street Journal. A deal could be struck in days. HPP owns three studio lots and 36 soundstages totaling 1.2 million…

South Florida construction starts plummet again in May

Developers are still holding off on starting new construction projects South Florida developers are still holding off on starting new construction projects in the wake of the coronavirus pandemic, according to a new report. New construction starts in South Florida declined 25 percent in May to $558.8 million, down from $749.4 million in May 2019, according to…

Macy’s cuts nearly 4K jobs as it reopens hundreds of stores

Macy’s eliminated thousands of jobs this week in another sign of the retail sector’s struggles, as companies work to emerge from the coronavirus lockdowns. The department store chain cut about 3,900 corporate and management jobs, which is expected to save $365 million this year and $630 million a year going forward, according to Bloomberg. The move came as…

Privé at Island Estates developer sues Suffolk Construction over defects

Two years after winning a protracted legal battle with neighboring property owners, the developer of Privé at Island Estates in Aventura has a new adversary in its sights. Privé Developers LLC sued Suffolk Construction in Miami-Dade Circuit Court earlier this month for alleged construction defects and delays at the 160-unit luxury condominium project at 5000…

Miami-Dade searching for more hotels to isolate Covid-19 patients as cases surge

As the number of confirmed cases of Covid-19 surges in Florida, Miami-Dade County is on the hunt for empty hotels it can lease to isolate patients. The county has already secured two hotels to house those who need to self-isolate but don’t have anywhere else to go, said Maurice Kemp, deputy mayor of Miami-Dade. It’s looking for additional properties near Covid-19…

RK Centers alleges restaurant refused Covid relief, vacated Collins Avenue property

A Sunny Isles Beach landlord said a restaurant refused relief and vacated the property. Many tenants are seeking relief from landlords due to the pandemic, but a Sunny Isles Beach landlord said a restaurant refused relief and instead vacated the property. In a lawsuit filed Tuesday, RK Centers alleges La Barra Restaurant “willfully disregarded relief programs as…

Chuck E. Cheese parent, GNC file for bankruptcy

Retailer GNC Holdings and the parent company of Chuck E. Cheese have become the latest in a string of high-profile companies to seek bankruptcy protection. According to the Wall Street Journal, CEC Entertainment filed for Chapter 11 bankruptcy this week after widespread closures of Chuck E. Cheese venues because of the pandemic. The company, which is owned…

Simon v. Taubman could be ready for trial in November: Judge

The debate over whether Simon Property Group should honor its $3.6 billion deal to buy Taubman Centers might be among real estate’s Thanksgiving dinner table discussions this year. That’s because the lawsuit pitting the mall giants against each other could be ready for trial by mid-November, according to the Michigan judge overseeing the case.

In this two part video series, CCIM Chief Economist K.C. Conway, CCIM, MAI, CRE, joins the host of America’s Commercial Real Estate Show to discuss what to expect move forward. Among the discussions expectations for jobs, property values, and economic recovery timing. He notes he is particularly concerned about leisure and travel, which he notes is 10% of global GDP…

The Developer Behind Some Of Manhattan’s Biggest Projects Plans First Miami Project In Wynwood

Two New York developers have formed a joint venture to redevelop a 3-acre assemblage in Miami’s Wynwood Arts District, they announced Wednesday. L&L Holding Co. and Carpe Real Estate Partners envision a mixed-use development with a Class-A office tower, indoor-outdoor retail space, a luxury residential apartment building and large public and private outdoor open spaces. The assemblage, at the northeast corner of NW…

$1 Billion Miami Soccer Stadium Project Takes Step Forward, But More Challenges Lie Ahead

Seven years into their quest to establish Major League Soccer in Miami, David Beckham and his business partners finally launched their team, Inter Miami CF, this year. But because of holdups building a stadium in Miami, the team was ready to begin play in Fort Lauderdale, 34 miles north. It was about to host its first game against the LA Galaxy in March when the…

164,432 SF Lease Renewal in Miami Negotiated for Logistics Company

Colliers International has negotiated ECU Worldwide’s 164,432-square-foot industrial lease renewal in Miami. The space at 2401 NW 69th Street has been ECU’s long-term home. The new lease is for a period of a little more than eight years and is valued at more than $10 million. ECU specializes in global multi-modal transport and warehousing services. The property is…

$4.9 Million Medley Storage Asset Sale Arranged

CBRE has completed the $4.9 million sale of A Storage Place, a 56,000-square-foot property at 7450 NW 74th Avenue in Medley, Florida. Senior Vice Presidents Tom O’Loughlin and Larry Genet and Senior Associate Jake Zebede represented both the seller and buyer, two private investors. The new owner financed the purchase with a $3.9 million acquisition loan…

164K SF Lease Signals Resiliency Of Miami Industrial Market

ECU Worldwide’s lease renewal with landlord Realterm and institutional investors advised by J.P. Morgan Asset Management at 2401 NW 69th Street in Miami signals the resiliency of the South Florida industrial market. Colliers International Florida’s Executive Managing Director Jonathan Kingsley and Director of Industrial leasing Ryan Goggins…

Industrial Real Estate Sees Promising Future As Sector Benefits from E-Commerce During Pandemic

COVID-19 pandemic? Oil price crash? During this unprecedented time with unprecedented events, DFW industrial real estate—if you can believe it—is cruising into a promising future with even more upside potential. Coming into March, our market was as strong as ever, highlighted by “peak” rental rates, building values, occupancy, absorption, and 30 million square feet…

Blackstone’s Stephen Schwarzman forecasts “big V” recovery

Will the economy’s recovery from the pandemic resemble a U, V or W-shape? Blackstone Group CEO Stephen Schwarzman is firmly in the V camp, according to his statements at Bloomberg Invest Global’s virtual event. “You’ll see a big V in terms of the economy going up for the next few months because it’s been closed,” he said, though he noted that the…

For future pandemics, Miami Worldcenter plans $60M health center

Dan Kodsi and Legacy Hotel & Residences To attract guests, hotels have long bragged about pools, spas and banquet space. But in the age of the coronavirus pandemic, one Miami developer is including a medical center with ventilators as part of its marketing pitch. Dan Kodsi’s Royal Palm Companies announced plans to develop a 100,000-square-foot health…

Luxury office, resi project planned for former Rubell museum in Wynwood

L&L Holding Company is expanding outside of Manhattan for the first time, partnering with Carpe Real Estate Partners in Miami to build a mixed-use project in Wynwood. The two firms are under contract to buy a 3-acre assemblage anchored by the former Rubell Family Collection property on Northwest 29th Street and First Avenue, according to Erik Rutter and…

Simon Property Group, Brookfield might bid on J.C. Penney

Two of J.C. Penney’s landlords are trying to buy their way out of trouble. Mall owners Simon Property Group and Brookfield Property Partners are said to be considering a joint bid to buy the beleaguered department store chain, the Wall Street Journal reported. Talks were first reported last week, and at the time, brand management company Authentic Brands Group…

Here’s how much tenants pay for space at Blackstone’s massive industrial portfolio

Blackstone’s Jonathan Gray When Blackstone Group shelled out $18.7 billion last year for 179 million square feet of industrial space, it was one of the largest real estate deals in history. So it’s not surprising that when Blackstone tapped the securitized debt market to finance a large chunk of that portfolio it acquired from Singapore’s GLP, it ended up being one…

Near-zero fed interest rate offers opportunities

The near-zero fed rate can present a special opportunity to some, but it comes at a time of uncertainty, according to one local banker.  Bert Lopez, chief financial officer at US Century Bank, said the federal reserve rate is extremely important to how the bank, as well as the rest of the world, does business. The fed rate cut  is especially impactful on short-term rates…

Florida Grand Opera shares home with aviation company

Florida Grand Opera’s search for a new headquarters has been temporary stalled due to the coronavirus pandemic shutdown. The opera sold its 35,000-square-foot Doral Center building at 8390 NW 25th Street for $7 million back in October 2019, according to Cushman & Wakefield real estate services, which represented the opera company in the sale. The opera…

Three-judge panel weighs Coconut Grove Playhouse future

A panel of three judges from the Appellate Division of the 11th Circuit Court will determine the fate of the Coconut Grove Playhouse, which is considered one of the Miami-Dade’s historic landmarks. At a June 16 hearing held through Zoom, the three-judge panel consisting of Lisa Walsh, Daryl Trawick and Angelica Zayas heard oral arguments about…

Property values, Covid-19 cut vast hole in Miami Beach budget

The City of Miami Beach has held its first budget meeting for the next fiscal year and the financial outlook is dismal – and not just because of Covid-19. Nearly all commissioners and the mayor participated in the meeting last week, in which Chief Financial Officer John Woodruff walked the elected officials through the outlook for the 2021 fiscal year. While the impact…

Main Street Lending Program downsizes targets

Recent changes to the Main Street Lending Program will make the Federal Reserve-backed loans more appealing to small and mid-sized businesses that were relatively stable before the pandemic took its toll, local experts say. The Fed announced June 8 that the Main Street Lending Program would cover loans as low as $250,000 (down from $500,000) and extend the…

Presidential election may turn spotlight back to Opportunity Zones

November’s presidential election may turn the spotlight back on the Opportunity Zone program, which has faded from view after the initial rush to invest capital into properties and projects ahead of a key deadline late last year. And Steve Glickman, the former Obama administration adviser who helped map out the federal tax break program, thinks…

Alex Karakhanian sells Wynwood property for $17M

Developer Alex Karakhanian sold a Wynwood building leased to Revlon and Scripps Network for $17 million. Karakhanian’s 3704 NE 2nd Ave LLC, a 90.1 percent owner, and Chaim Cahane’s FCM 48 NW 25 LLC, a 9.9 percent owner, sold the 20,730-square-foot office and retail building at 48 Northwest 25th Street in Miami. Property records show the buyer is 3 CI…

Rent Control in Florida? Exploring the Issue

Rent control is one mechanism proposed to address affordable housing issues. Here are some pros, cons, and compromises Long before COVID-19, countries around the world were facing a common crisis: affordable housing. The post Rent Control in Florida? Exploring the Issue appeared first on Commercial Real Estate South Florida….

Church near Flagler Village to be redeveloped into mixed-use project

A Miami developer bought the Fourth Avenue Church of God near Fort Lauderdale’s Flagler Village, with plans for a mixed-use project that will have a food hall. Eduardo Pelaez’s Wellmeaning Investments acquired the 1.2-acre site at 1219 and 1239 Northeast Fourth Avenue for $2.4 million. The property includes a 6,721-square-foot building and a 12,508-square-foot…

Foundry Commercial scores construction loan on Hialeah Gardens industrial complex

Foundry Commercial scored a $26.3 million construction loan to build two industrial warehouses in Hialeah Gardens. Wells Fargo provided the debt for the development at Northwest 146th Street and Northwest 107th Avenue. Orlando-based Foundry recently secured approval from Miami-Dade County for the project. The warehouses will be 164,567 square feet…

By the numbers: Viral and volatile times for business

Businesses and individuals are taking stock of their losses stemming from the coronavirus pandemic, as reopenings begin in major cities across the country. The full impact has yet to be seen, as office buildings, stores and hotels open back up at reduced capacities and people slowly adjust to new routines. But for the first time since the pandemic hit, the U.S reported…

Care Resource buys Little Havana office building

Miranda Health care nonprofit Care Resource paid $5.4 million for an office building in Little Havana, as the neighborhood continues to attract medical providers. Mohammad Siddiq Khan and Ghazala Bilqees sold the 32,408-square-foot building at 1800 Southwest First Street to Care Resource Community Health Centers, property records show. The four-story…

Unemployment filings stabilize — but at record highs

Another 1.5 million Americans filed for unemployment benefits last week, about one-third fewer than the week prior. The number suggests that the rate of job loss in America has stabilized, even though businesses continue to hemorrhage employees at unprecedented levels. The Department of Labor’s unemployment report for the week ending June 13 showed 20.5…

The breakdown: Inside Virgin Hotels’ $330M vision for South Beach and how it vanished

Virgin Hotels had been looking for the right redevelopment opportunity in South Beach for years, and appeared to have found it a few months ago in HFZ Capital Group’s Shore Club. An offshoot of Richard Branson’s Virgin Group, Virgin Hotels created a proposal to purchase the 309-key beachfront hotel for $235 million, The Real Deal has learned. It put together a…

Half of deadbeat chains start paying rent again

As retailers reopen for business, their landlords can take a breath of fresh air. Their tenants are starting to pay rent. At this time last month, 18 major retail chains had not paid May rent in any of their locations. This month, only nine out of the 127 retailers in a mid-month Datex report were total deadbeats. H&M made one of the largest…

Miami Developer Harvey Hernandez’s firm alleges RealPage stole trade secrets, poached employees

Fresh off of a settlement with Airbnb, Miami real estate developer Harvey Hernandez’s NGD Homesharing is suing RealPage, alleging the popular property management software company stole trade secrets and employees from Hernandez’s firm. NGD Homesharing is suing RealPage, an affiliate and three of Hernandez’s employees for allegedly misappropriating…

Taubman claims Simon scuttled $3.6 billion merger due to buyer’s remorse

Simon Property Group called off its $3.6 billion merger with Taubman Centers due to a classic case of buyer’s remorse, the spurned seller claims. Taubman submitted a new legal filing in the mall landlords’ court battle that claims the larger rival Simon tried to renegotiate the terms of their deal once the coronavirus pandemic hit, Bloomberg reported. Simon had…

Brian Kingston on Brookfield’s long game

It’s been an especially busy few months for Canadian investment giant Brookfield, which is upping its bets on everything from struggling chain stores to distressed real estate. Brian Kingston, CEO of Brookfield Property Partners, spoke to The Real Deal in June about the company’s rent negotiations with mall tenants, its plans to launch a $5 billion retail…

US hotel occupancy surpasses 40%. And prices are rising

National hotel occupancy crept back up above the 40 percent mark last week as leisure travelers continued to head to tourism spots in states that are reopening. Occupancy hit 41.7 percent for the week ending June 13, according to STR. With more people staying in hotels in these tourist destinations, operators are beginning to feel confident they can start…

Crescent Heights hits a snag with plan to develop high-rise Edgewater project

A city of Miami board narrowly rejected Crescent Heights’ application to close 10-foot-wide alleyways for a future 3-acre development site in Edgewater. Though rejected by the city’s Planning Zoning & Appeals Board during a virtual meeting held Wednesday evening, the decision to close the alleyways will ultimately be up to the Miami City Commission. The…

HTG scores financing for Hollywood affordable housing project

Housing Trust Group secured the financing for an affordable housing development in Hollywood. HTG also broke ground on Hudson Village, an eight-story, 96-unit project planned for 901 South Federal Highway. It will have both affordable and workforce housing apartments. HTG expects to complete the building by August 2021. The Miami-based developer…

Triple Five Group is still planning to move forward with its American Dream mega mall in Miami-Dade, even as the Canadian development group is staring down billions of dollars of debt payments for its other malls. Triple Five, led by the Ghermezian family, completed a land swap with the Graham Companies for 40 acres near the site of the American Dream Mall…

Wells Fargo says mismanagement by Southland Mall owner contributed to downfall

As it moves ahead with its foreclosure lawsuit against the owner of Southland Mall, Wells Fargo is now alleging the company had for years been mismanaging the struggling retail center in Cutler Bay. In a recent filing related to the foreclosure suit, the bank says the owner owes over $160,000 in code violations and citations to Cutler Bay and Miami-Dade…

Miami Herald To Move Out Of Doral Location

The Miami Herald has decided to move out of their Doral offices in August. In a letter to their readers, they state that the current pandemic has accelerated the organization’s ability to work remotely. The paper went on to say that they are investing in people over place to ensure their coverage remains the same. Employees will remain working from home through…

Baywood scores $31M loan to build hotel near Miami International Airport

Baywood Hotels scored a $31.3 million construction loan for the site of a building shell that has sat empty near Miami International Airport for years. Two companies tied to Columbia, Maryland-based Baywood secured the loan from Banesco USA to build a 218-room hotel at 1101 Northwest 57th Avenue, records show. Baywood secured a notice of commencement…

Pandemic transportation changes could become permanent

Miami-Dade’s transportation picture has been in flux since the onset of the coronavirus pandemic, and many changes – including new safety strictures, increased telecommuting and a rise in non-motorized mobility – could prove permanent, experts say. “This is a lifetime event that’s really going to change a lot of things, including transportation, how people work and…

Swire Properties to Welcome Five Retailers to Brickell City Centre in Miami

Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has announced that five retailers are joining the tenant lineup at Brickell City Centre in Miami. Marabu, which recently opened its doors, is a Cuban-inspired restaurant headed by Cuban-American chef Alberto Cabrera. Opening in July are…

PortMiami, cruise lines huddle as new sailings near

All eyes at the “Cruise Capital of the World” are on July 24, when cruise lines could again begin operations following a 100-day no-sail order from the Centers for Disease Control and Prevention (CDC). In the meantime, PortMiami Director Juan Kuryla said Tuesday, the port is continuing talks with its industry partners to ensure that once that date – or any new one…

As freight demand grows, truck parking shortage serious

Around this time last year, when Amazon outpaced Walmart as the world’s largest retailer on Forbes’ annual Global 2000 list, it marked a sea change in commerce. For the first time in human history, a retail company that – aside from its Whole Foods supermarket chains – only sells its products online topped every brick-and-mortar seller on the planet. Now in the wake of…

Inside the “legacy” hotel assets Colony Capital is pivoting away from

Thomas Barrack and (from top) Sheraton San Jose Hotel in Milpitas, CA; The Westin Governor Morris in Morristown, NJ; Four Points by Sheraton Destin in Fort Walton Beach, FL (Barrack by Jared Siskin/Patrick McMullan via Getty, Google Maps, Westin, Marriott) Tom Barrack’s Colony Capital has spent the last several years pivoting away from “legacy” real estate assets…

Berkadia Arranges $97M Construction Loan for Apartment Complex in Sunny Isles Beach

Berkadia has arranged a $97 million construction loan for Las Marinas Apartments, a planned two-building, 256-unit complex in Sunny Isles Beach. An undisclosed life insurance company provided the 15-year, fixed-rate loan with five years of interest-only payments. Each building will stand 17 stories and offer 128 units. The borrower and developer, The Brunetti…

New York Life Provides $97M Construction Loan on Miami Resi Towers

New York Life has provided $97 million in construction financing to The Brunetti Organization to help facilitate the firm’s development of a planned, two-building multifamily project outside of Miami called Las Marinas Apartments, according to information from real estate firm Berkadia, which arranged the financing. The 15-year, permanent construction loan…

Developer Lissette Calderon Makes Moves In Allapattah

Just two weeks ago, Miami developer Lissette Calderon was topping off a building in Allapattah. This week, she’s announcing a new one. On the heels of topping off a 192-unit project called No. 17 Residences, and being in the permitting process for a 323-unit project called Allapattah 16, Calderon has acquired a development site at 1470 Northwest 36th Street, where she…

The Fed on the Impact of its Response to COVID-19 So Far

As part of the measures undertaken to alleviate the economic impact of the COVID-19 pandemic, the Federal Reserve lowered its policy rate back to zero and opened a series of credit facilities designed to support the functioning of financial markets.1 In addition, the Fed announced actions aimed at relieving cash-flow stress for small and medium-sized businesses…

Quest for an airport convention hotel should go on standby

Miami-Dade commissioners who rushed to quickly cut a deal for a new Miami International Airport convention center hotel should have listened to Mayor Carlos Giménez, who assessed today’s world and counseled a go-slow approach. After seven commissioners had urged a highly expedited selection of a hotel developer on airport land, the mayor said this isn’t…

Alternative Lenders On Bank Slowdown: ‘This Is Our Super Bowl’

Bank lending to commercial real estate is still moving at a snail’s pace, so, it will fall to private lenders to come up with creative financing solutions as the coronavirus continues to wreak havoc on the economy. “Banks are not known to innovate, that’s not what they do,” Dan Palmier, the founder and CEO of Boston-based alternative lender UC Funds, said on a Bisnow…

Buyer’s Remorse or Force Majeure? Contract Amended Mid-Pandemic Leads to Lawsuit in Miami-Dade

Can a party to a contract invoke force majeure forgiveness if the COVID-19 outbreak had already started when they signed on the dotted line? A Miami-Dade lawsuit seeks to find out. David B. Rosemberg of Rosemberg Law in Aventura represents real estate holdings company Trumpeter International LLC, which sued after its deal with Spanish citizen Anastasio…

Beckham soccer stadium complex developers propose major rezoning

The developers of Miami Freedom Park, a proposed $1 billion mixed-use project anchored by a soccer complex, submitted a Special Area Plan for the Melreese site. Miami Freedom Park, a group that’s led by managing owner Jorge Mas and includes soccer superstar David Beckham, submitted the SAP along with the city of Miami, which owns the Melreese Country Club…

How One South Florida Real Estate Company Has Been Helping Tenants Through the Shutdown

Philip Leitman, General Manager of Suchman Retail Group (SRG), realized at the beginning of March that COVID-19 was a significant risk to health, the community, and business. Meeting with staff, he said, “This is coming, we need to be prepared. We need to be proactive to help our tenants and all staff need to be safe. Personal health comes first.” Suchman Group began…

Brunetti scores $97M loan for apartment towers in Sunny Isles

Las Marinas Apartments A company tied to the Brunetti Organization scored a $97 million construction-to-permanent loan for two new apartment towers in Sunny Isles Beach. Brunetti Organization, led by John Brunetti Jr., secured the loan from the New York Life Insurance Company to build Las Marinas Apartments, two 17-story, 128-unit towers, according…

Knotel lost $223M before the pandemic struck

Flexible-office provider Knotel lost $223 million last year — even before coronavirus flipped the office market on its head. Company financials, obtained by Business Insider, reveal the startup lost $49 million during the first quarter, ending the period with $36 million in cash on hand. At the time, it reported total assets of $110 million, less than half its total…

The pandemic has brought a silver lining for Lennar

Stuart Miller Lennar Corp., seen as a bellwether for the U.S. housing market, is actually seeing some benefits from the pandemic. The Miami-based homebuilder’s executive chairman Stuart Miller said on its earnings call on Tuesday some buyers from the urban core are seeking out Lennar’s suburban homes. During a conversation with Lennar’s Southeast Florida…

U.S. retail sales follow largest drop on record with largest increase

A month after recording the worst single-month drop on record in April, retail sales in the U.S. rose by a record 17.7 percent in May. (iStock) A month after recording the worst single-month drop on record in April, retail sales in the U.S. rose by a record 17.7 percent in May, according to statistics released Tuesday by the Department of Commerce. The total value of…

The pandemic killed the sale of Rail 71. It’s back on the market for $32M

Rail 71, Tony Arellano and Devlin Marinoff After a deal to sell the Rail 71 property in Miami’s Little River fell through due to the pandemic, owner Morgan Reed Group is looking for a new buyer. Brokers Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors are relisting the office and retail development at 7205 Northeast Fourth Avenue for $32 million…

Simon, Brookfield and Authentic Brands in talks to buy J.C. Penney

Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, J.C. Penney CEO Jill Soltau and Brookfield Property Partners CEO Brian Kingston (Getty) J.C. Penney could be the next bankrupt retailer to get scooped up by Authentic Brands Group and the country’s largest mall owners. The brand management company, along with Simon Property…

Does COVID-19 Provide an Excuse for Non-Performance of a Contract?

The question of almost every party to a contract that remains to be fully performed is whether Covid-19 is an act of God that will excuse performance by the party who has yet to complete performance.  The starting point in any such inquiry is the written agreement between the parties—assuming there is a written agreement.  If there is no written…

Legal Marijuana Poses Policy Questions for States

In recent years, more states have legalized marijuana for medical or recreational use. This raises economic questions for policymakers as they decide how to regulate cannabis, according to a recent article in the Regional Economist. Regional Economist Charles S. Gascon examined how states treat legal marijuana differently and whether states’ policies are…

Another one bites the dust: 24 Hour Fitness files for bankruptcy

The national gym chain 24 Hour Fitness has become the latest company to file for bankruptcy in the wake of the coronavirus pandemic. The firm said in its filing that it has landed $250 million to help reopen some of its locations and expects most to be open by the end of June, according to CNN. However, it will reopen as a smaller chain after permanently closing 100…

Miami Beach parking lot mogul Mirmelli sells retail center in Lauderhill for $13M

Miami Beach parking lot owner Andrew Mirmelli sold a retail center in Lauderhill for $12.75 million, a year after buying it. Mirmelli and Miami Beach attorney Mark Alhadeff sold the 143,430-square-foot Promenade at Inverrary at 4402-4678 North University Drive for $88 per square foot, records show. A company tied to Hollywood, Florida-based Current…

Hotels are reopening. Will anyone come?

Hotels across the country are starting to reopen for business, but guests who show up will face a very different environment. General managers need to persuade guests that they will be safe staying at their hotels thanks to measures like social-distancing guidelines, checking employees’ temperatures and more intense cleanings, according to the Wall Street…

Books & Books closes its chapter on Lincoln Road

Books & Books, Miami’s most well-known independent bookstore, closed its Lincoln Road store for good after more than 30 years on the iconic Miami Beach street. Books & Books owner Mitchell Kaplan confirmed to The Real Deal that the store at 927 Lincoln Road is not reopening. “It’s been really a wonderful 30 years of being there, having this kind of front row seat there…

Coral Gables apartment building sells for $11 million

A Coral Gables apartment building that is still under construction sold for $11.1 million. Adar Galiano 1091 LLC, tied to Jonatan Sredni of Aventura, bought the property at 1091 Galiano Street for $11.1 million, according to a press release. 1091 Galiano Investments LLC, led by Daniela Carozzi, sold it. The property totals 18,710 square feet…

Is Brooks Brothers the next retail bankruptcy?

Brooks Brothers might be the next major retailer to go through bankruptcy. Authentic Brands Group and Simon Property Group are in talks to buy the chain if it files for Chapter 11, according to Bloomberg. Simon, the biggest mall landlord in the country, has a strong interest in keeping its major tenants alive, while Authentic has a history of buying established brands…

Apeiron at the Jockey Club developer wins key ruling from appeals court

The Apeiron at the Jockey Club developer appears to have snuffed out a long-running fight with two property owners’ associations that sought to stop the 120-unit tower in North Miami-Dade from being built. The Third District Court of Appeals earlier this month dismissed a petition by the Jockey Club I and Jockey Club II associations, which represents unit…

The Prospects For CRE In a COVID-19 World

How will recovery look, and when will it happen? It’s interesting to look back at the early predictions on how COVID-19 would impact the CRE industry. Many analysts, either hopeful or looking at something unprecedented, only offered confident short-term calculations. The post The Prospects For CRE In a COVID-19 World appeared first on…

Starbucks puts the lid on 400 stores

Starbucks will shutter 400 stores across the country as it transitions to to-go orders while adjusting to the coronavirus pandemic. The closures were disclosed in a Securities and Exchange Commission filing. It was not clear which of the java giant’s locations will close, but Commercial Observer reported that some New York City locations are being considered. In April…

Lender files to foreclose on new South Beach Variety hotel

A lender filed a foreclosure lawsuit on a hotel in South Beach, in a possible sign of things to come. A company tied to BridgeInvest sued the owner of the 70-key Variety Hotel, which is yet to open at 1700 Alton Road in Miami Beach. The suit alleges the hotel owner failed to make payments on a $25 million loan since April. BridgeInvest alleges the loan is in default and is…

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Miami Beach real estate investor Sam Herzberg wants to kick out two national retailers from the Sterling Building on Lincoln Road. The historic property’s owner recently filed eviction lawsuits in Miami-Dade Circuit Court against Diesel USA and Perry Ellis for failing to pay rent in April and May. Herzberg joins developer Jeff Berkowitz as the latest South Florida…

Bank OZK still making condo construction loans despite pandemic

Bank OZK CEO George Gleason had some things to get off his chest. First, one of the most active condo construction lenders in Miami, New York and Los Angeles is still writing loans despite the pandemic, he said. Second, Gleason maintains the bank only originates low leverage loans to the best sponsors, and to borrowers whose projects are in growing markets.

ICSC’s layoffs paint dark picture for retailers it represents

Retailers were already suffering in the hands of the coronavirus pandemic. Now, even their trade association is struggling. The International Council of Shopping Centers is laying off 65 employees today, according to a filing with the New York Department of Labor. The group checked the “unforeseeable business circumstances prompted by Covid-19” box that so many…

Czech billionaire cashes Macy’s shares after less than a month

Daniel Kretinsky was in it for a good time not a long time. After the Czech billionaire’s firm purchased a 5 percent stake in Macy’s last month, the company said this week that its stake was down to 0.7 percent. The exit was lucrative, according to Bloomberg, which reports that Kretinsky made some $36 million. Vesa Equity Investment’s bet on Macy’s aligned with a 65…

Simon and Taubman gear up for legal throwdown

Nearly two decades ago, the Taubman family ferociously fended off a hostile takeover of their mall company from Simon Property Group. Now the roles are reversed: The Taubmans are gearing up to force Simon to complete the $3.6 billion acquisition it abandoned. Hours after Simon announced it had scuttled the deal Wednesday, Michigan-based Taubman…

These 25,000 retail dinosaurs will meet the meteor this year

As many as 25,000 retail stores may close this year due to the coronavirus pandemic, with a majority closing in shopping malls, further hastening the industry’s decline. That number would dwarf the prior record of 9,800 retail closures set in 2019, according to a new report from the retail data firm Coresight Research. First issued in March, the report estimated that…

Brookfield Property Partners is increasing its presence in South Florida’s booming industrial market. The real estate arm of the Toronto-based asset manager purchased two industrial warehouses at 10800 Northwest 92nd Terrace in Medley for $26.9 million, records show. Oviedo, Florida-based A. Duda & Sons sold the warehouses. The property includes three separate…

Marginal gain in hotel occupancy as unrest hit some cities

Demand for hotel rooms continued to rise in many markets across the country last week. The civil unrest of the last two weeks may have dampened demand in some cities. (iStock) U.S. hotels last week continued their slow recovery from the depths of the coronavirus pandemic. National occupancy crept up to 36.4 percent from 35.3 percent the week prior….

Urbanica scores approval for new hotel in North Beach

Urbanica Management has the green light to build a new hotel on one of the last vacant oceanfront parcels in Miami Beach. The Miami Beach Historic Preservation Board on Tuesday unanimously approved Urbanica Management’s plans to construct an 11-story, 209-room hotel with a 104-seat restaurant and a 91-space garage at 6747 Collins Avenue. The future…

Macy’s CEO says sales down 50%, less than expected, as stores reopen

As Macy’s reopens its stores, sales are down 50 percent — better than the retailer’s grim expectations of an 85 percent decline. So CEO Jeff Gennette is calling it a win. Gennette said during a virtual conference Tuesday that Macy’s sales since beginning to open stores indicate that the steep decline in retail sales is only temporary, the Wall Street Journal reported. “The lure…”

AMC may close some theaters in an effort to stay in business

AMC is pressed to get eyes back in front of their screens starting in July — but not without some cuts ahead. (Getty) AMC is pressed to get eyes back in front of their screens — but not without some cuts ahead. The world’s largest movie theater chain recently announced that it was facing billions of dollars in losses and was concerned about the company’s ability to…

CC Residential scores $30M loan for “active adult” rentals in Cooper City

CC Residential scored a $30.8 million construction loan to begin construction of an “active adult” rental community in Cooper City. CC Residential, led by longtime South Florida developers Armando Codina and James Carr, is planning to build the 175-unit development on Monterra Boulevard in central Broward County. The group secured the loan from…

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Vladislav Doronin assembled and closed on three blocks of land in Fort Lauderdale for nearly $63 million, marking his first plan to develop in Broward County. Doronin’s OKO Group, through a land trust, closed on 6.7 acres south of the New River and Las Olas Boulevard, an area that has attracted a group of developers, property records show.

Simon Property Group axes $3.6 billion Taubman Centers acquisition

In the latest mega deal to fall apart due to the coronavirus, mall operator Simon Property Group is axing its $3.6 billion deal to buy Taubman Centers. Simon executives on Wednesday said Taubman breached the contract by failing to take measures to mitigate the impact of the pandemic. “The merger agreement specifically gave Simon the right to terminate the…”

Altman scores $55M construction loan for Ludlam Trail project

The Altman Companies closed on a $55.4 million construction loan for a Ludlam Trail apartment project. Altman Companies secured the loan from Comerica Bank and IberiaBank to build the 312-unit apartment complex at 7004 Bird Road near the Ludlam Trail Corridor District, according to a press release. The six-story building will be on about 2.74 acres of land.

Bids final step to raise Tamiami Trail, flow water to Everglades

Contractors have until the beginning of next month to bid on a project to raise a 6.5-mile segment of the Tamiami Trail, the final step in infrastructure to increase the flow of fresh water to the Everglades and Florida Bay. “The deadline for bids is early July,” said Alecia Collins, deputy communications director for the Florida Department of Transportation…

Enterprise Florida grants spur trade shows, business matchmaking

Enterprise Florida Inc., the state’s economic development arm, has continued to support Florida’s small and mid-sized businesses throughout the pandemic by introducing two new grant programs and maintaining existing initiatives such as offering certificates of free trade and website customization services. Manny Mencia, the senior vice president of the…

Downtown Miami filled with cautious optimism as recovery begins

Downtown Miami has not been Teflon during Covid-19. Still, there is cautious optimism the urban core could be seeing a return to normal, and some economic development opportunities could emerge from the pandemic. The City of Miami has begun its reopening, and by extension, downtown Miami is starting to liven up again. Shopping hubs like…

Christina Crespi: Leading Downtown Development Authority into recovery

Since she came back home from college, Christina Crespi has been involved in government. A Miami Beach native, her fondness for Miami Beach’s parks and recreation led her to her hometown city’s government, where she worked as a case worker in homeless services. Her boss at the time then recommended she apply for a former county management training…

Landlords sue Big Retail as missed rent payments pile up

A growing number of retail landlords are suing to get unpaid rent from “credit tenants” like H&M, Urban Outfitters, and Gap that have been battered by the coronavirus. (Getty) Before the coronavirus, retailers like H&M and Urban Outfitters were the kinds of companies that landlords targeted. Owners laid out pricey incentive packages and heavily courted…

Retailers take stock of insurance coverage after looting

Looting and vandalism in cities across the country, which arose alongside peaceful protests for racial justice, have posed another setback for retailers already struggling with the fallout of the coronavirus pandemic. But damages from civil unrest may prove more manageable than the unprecedented public health crisis in one respect: insurance coverage.

Chart: Miami-Dade MLS Commercial Property Sales Nearly 3 Months into the COVID-19 Pandemic ~ Down but Not Out

The chart above shows the number of commercial property sales in Miami-Dade county, frequently considered as the general Miami, Florida metro area, for both improved and vacant land that were recorded in the Miami Realtors MLS from January 2018 to May 2020. Though MLS only picks up a portion of commercial property sales, and thus is not fully representative…

Chart: Miami Commercial Real Estate Sales to List Price Ratio Continues to Hold Up in May ~ MLS

Miami Association of Realtors January 2015 to May 2020 Property Types Land-Commercial/Business/Agricultural/Industrial, Commercial/Industrial Miami-Dade County Calculated from 8,338 commercial proeprty listings Last month we noted that though one month does not say much it was worth noting that commercial properties traded at a somewhat normal…

Dezer’s plans to remake Intracoastal Mall face opposition

Dezer Development’s plans to transform Intracoastal Mall in North Miami Beach into a high-rise, mixed-use project are facing opposition. The North Miami Beach Planning & Zoning Board on Monday delayed its review of the developer’s plans to turn Intracoastal Mall into a 2.8 million-square-foot project with retail, office, residential and hotel until at least July 13.

Trends That Will Redefine Industrial Architecture, Design

Distribution centers are among the fastest-growing class in the industrial sector, particularly due to e-commerce irreversibly impacting the way people shop. The coronavirus crisis, coupled with consumer preference and demand for high-speed shipping service, has boosted demand for last-mile delivery. As a result, design flexibility has become of paramount…

Easton Group to Develop 266,000 SF Warehouse in Hialeah Gardens

Easton Group will develop a 266,000-square-foot warehouse in Hialeah Gardens near Miami. An affiliate of Easton acquired an 8.5-acre site for $8.2 million. In September, a different Easton affiliate bought an adjacent 8.5-acre site for $5.6 million. Easton will develop the 266,000-square-foot property across the entire 17-acre site, which is located on NW 107th…

Nearly 80% of renters have made payments in June: report

One survey of 11.5 million apartments shows that 80 percent of renters paid at least some rent in June. (iStock) Rent collections continue to appear stronger than initially expected despite financial stress brought on by the coronavirus. Roughly 80 percent of residential tenants paid at least some rent during the first week of June. That’s a slight increase from rent…

Wells Fargo seeks to foreclose on Southland Mall in Cutler Bay

Even as malls reopened in South Florida, those that are struggling could wind up under new ownership in coming months. Wells Fargo, representing a trust of commercial mortgage backed securities investors, filed a foreclosure lawsuit against the owner of Southland Mall in Cutler Bay at 20505 S Dixie Highway, claiming the borrower is in default on…

Amazon to open store on Lincoln Road

Amazon will open a store on Lincoln Road, as brick-and-mortar retailers nationwide struggle to pay rent during the pandemic. Amazon is leasing 5,000 square feet at 700 Lincoln Road in Miami Beach for a 4-Star location, which means it will sell products rated four stars and above by Amazon customers, as well as new and trending products, according to a…

Small investors swarm crowdfunding real estate deals

While the amount of crowdfunded real estate deals on offer has declined substantially in recent months, demand is strong for those investment opportunities that remain, such as the Renaissance Harborplace Hotel in Baltimore (iStock, Google Maps) It’s not just large investment funds that are seeking out buying opportunities during the coronavirus crisis.

Men’s Wearhouse parent company considering bankruptcy

Men’s Wearhouse and Jos. A. Bank may soon join the growing list of retailers that have declared bankruptcy in recent months. Tailored Brands, the retailers’ Houston-based parent company, has been reaching out to interested parties in an effort to restructure more than $1 billion in debt, according to Bloomberg. The plans are still in the early stages and the…

South Florida Retail Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County.

Mall Of America Owner, Developer of American Dream Miami, Staring Down Billions In Debt

Triple Five Group, the developer of the Mall of America outside Minneapolis and the American Dream mall in New Jersey, with another one planned for Miami, is facing acute financial troubles because of the coronavirus. Wikimedia Commons/Brad Miller The American Dream mall, when it was under construction, at the Meadowlands in New Jersey…

“This is a tsunami”: These big retailers stiffed their landlords in May

About 40 percent of national retail chains once again skimped on their rent in May, according to the latest monthly report on collection rates. Among those are 24 Hour Fitness, AMC Theaters and Pier One, all of which have either announced potential bankruptcy or plans to liquidate assets. Overall, national retailers paid 60.1 percent of rent, a small increase from April’s…

Domestic travel gives Airbnb a boost

The travel industry is beginning to show signs of life again, with city residents heading to nearby vacation rentals in droves. Airbnb saw more nights booked for its U.S. listings between May 17 and June 3 than it did during the same period a year ago, according to Bloomberg. Similarly, Germany, Portugal, South Korea and New Zealand are also seeing a surge…

Steve Madden vacates Lincoln Road lease

Miami Beach’s Lincoln Road could be in for a rough time as coronavirus hits the retail industry particularly hard. Steve Madden vacated its lease at 663 Lincoln Road, according to the data provider Trepp. The shoe retailer notified the property owner, Thor Equities, that it would not be renewing its 2,269-square-foot lease on April 30. The space accounted for 45…

Miami After 90 Days Of Coronavirus: ‘The Distress Is Definitely Coming’

Three months ago Friday, Miami-Dade Mayor Carlos Giménez issued an executive order declaring a state of emergency due to the coronavirus. Shutdowns of restaurants, hotels, beaches, trains and parks all followed. David Beckham’s brand-new soccer team, InterMiami, stopped playing after just its second match. Richard Branson’s Virgin Cruises, which was about…

Long-Dreamed Train To Miami Beach Could Be A Monorail

For decades, Miami officials have tangled over whether and how to connect downtown Miami, which is on the mainland, with Miami Beach, which is on a barrier island on the other side of Biscayne Bay, via mass transit. Courtesy of Meridiam A monorail is proposed to connect Downtown Miami and Miami Beach. In recent years, officials have decided that the route should…

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering Three years after turning over Le Parc at Brickell to its condo association, the developer still hasn’t fixed a litany of design and construction defects at the mid-rise luxury tower, according to a recently filed lawsuit. The condo association sued Parc Brickell One, a joint venture between Alta…

State opens applications for hemp industry

State regulators on April 27 opened the door for applications to cultivate hemp in Florida. Hemp cultivation was enabled by federal legislation in 2018 and a state bill authorized pilot projects in 2017. The Florida Department of Agriculture and Consumer Services has been creating rules and regulations for growers. The University of Florida and Florida…

Coral Gables approves Belmont, Baptist Health senior living project

Belmont Village Senior Living and Baptist Health South Florida have received unanimous approval from the Coral Gables City Commission to build Belmont Village Coral Gables, a premier mixed-use senior living community. Belmont Village Coral Gables will offer residents luxury senior living, wellness, and first-class elder care within an urban, amenity…

Assignment for benefit of creditors provides bankruptcy alternative

The COVID-19 pandemic has not only taken its toll on human lives, but also on our local and national economies. Thousands of businesses are facing a severe cash crunch and doing what they can to keep their doors open by applying for relief loans, tapping into credit lines or borrowing from friends to stay afloat, reducing staff and cutting expenses. The unpleasant…

Opportunity Zones investors get a Covid-19 lifeline

Opportunity Zone investors received an extension from federal government because of Covid-19 The federal government has extended the deadline for Opportunity Zone investors and developers to deploy capital and begin construction on projects, citing the pandemic as the reason. The rules had required that twice a year the government check to ensure Opportunity…

Seritage terminates leases on most of its Sears, Kmart locations

The real estate company that Sears spun off five years ago to shore up cash is cutting ties with most of the struggling retailer’s remaining stores. Seritage Growth Properties is terminating the master lease covering 12 of the remaining Sears and Kmart stores in its portfolio, the company announced Thursday. The real estate investment trust will collect a $5.3 million termination fee from Sears’ parent company, Transformco, as…

The Fed: How fast can the U.S. economy recover? V-shape vs. “swoosh”

How fast can the economy recover from a recession? A faster recovery would look like a V-shaped bounce. A slower recovery would look like a “swoosh.” The path depends on the economic sectors and time series data you look at. Here are some FRED Blog examples that study past episodes. Slow recoveries: Mortgage, credit card, and commercial real estate…

The Future Of Office Space ‘Will Be Different On The Other Side’ Of The Coronavirus Pandemic

Are you working from home during the coronavirus pandemic? Pretty soon, “working from home” could become simply “working”. That’s because the future of the traditional office space is evolving as many companies begin to rethink what their offices will look like upon reopening. The ‘new normal’ for companies may be downsizing office size and office…

Remy Jacobson allegedly in default on Design District loan: lawsuit

Cryptocurrency enthusiasts Remy Jacobson and his brother Jean-Marc Jacobson turned to an Arkansas community bank last year to finance the redevelopment of a historic building in the Miami Design District. But now, the Jacobsons are facing a lawsuit from Conway, Arkansas-based Centennial Bank, alleging that Remy Jacobson, Vanessa Jacobson and Jean-Marc…

Short-term rentals, gyms, fitness studios can operate again in Miami-Dade

First came hotels reopening. Now, short-term rentals can again operate in Miami-Dade County, effective immediately, and in Broward County. In Miami-Dade, gyms, fitness studios, and summer camps can also reopen beginning June 8, according to Mayor Carlos Gimenez. Florida’s Department of Business & Professional Regulation approved Miami-Dade and…

Simon Property Group sues Gap for $66M in unpaid rent

David Simon with the Roosevelt Field Mall in New York, and the University Park Mall in Indiana, The gloves are off between the biggest mall operator in the country and one of its most important tenants. Simon Property Group is suing Gap Inc. for its alleged “failure to pay more than $65.9 million in rent and other charges due,” according to a lawsuit filed Tuesday that…

The Marriage Between CRE & Infrastructure

A rocky road means a rocky relationship It’s time to take a break from COVID-19—somewhat of a break, that is. When the lockdowns started in March, area roadways were mostly absent of traffic. The post The Marriage Between CRE & Infrastructure appeared first on Commercial Real Estate South Florida….

Construction starts in SoFla continue to plummet

Construction in South Florida is feeling the brunt of coronavirus. South Florida’s total construction starts fell significantly for the second straight month, dropping 33 percent in April to $684.4 million, down from $1.03 billion in April 2019, according to a report by Dodge Data & Analytics. Residential construction fell 35 percent to $390.4 million, a…

Design experts: These office solutions will slow Covid’s spread

With businesses beginning to reopen following a decline in Covid-19 cases, restrictions on the use of shared spaces will remain necessary to limit spread of the coronavirus. But they will also have to evolve as our knowledge of the virus does, design experts say. Common-sense practices and good design can help restore activity to public spaces, whether…

Developer of nixed Sunny Isles Beach project seeks return of $5M advance: lawsuit

A proposal to build Infinity, a 15-story mixed-use project on the west side of Sunny Isles Beach is dead. As a result, developer GPI Real Estate Group wants to kill a $20 million deal that has been pending since 2015 to buy the land. The developer’s affiliate, GPI Sunny Isles LLC, is suing TNG Holdings and its owner Robert Cornfeld in Miami-Dade Circuit Court to force the…