Keyes Commercial Leads Full Year 2017 Miami-Dade MLS Ranking

Keyes Commercial Leads Miami-Dade in 2017 MLS Commercial Sales

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In the  twelve months ending December 31, 2017, The Keyes Company Commercial Division, commonly referred to as Keyes Commercial Realty, yet again dominated the Miami MLS market share broker rankings for number of sales transactions of commercial improved properties within Miami-Dade County.  The firm’s impressive 22.9% – nearly a quarter – share among the top 10 brokers of such properties was nearly double that of its closest competitor.

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

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March 13, 2018

Miami Commercial Real Estate News November 13, 2019: Beckham Stadium Deal Delayed; Hotel-Condo Planned at Miami Worldcenter; Miami’s Office Market Strength; More…

Corporate and Economic Growth in Miami Drive Tenant, Investor Demand for Office

Miami continues to be a top-ranked commercial real estate market in the Southeast United States. As the economy gears up to enter its longest expansion period in U.S. history, Miami has shown more resiliency than other South Florida markets, recording steady gains in absorption, robust leasing activity and modest rent growth. Economic fundamentals remain strong as job growth continues to fuel…

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

River Parc master plan in Little Havana Miami-Dade County, Related Urban Development Group and SunTrust unveiled plans on Tuesday for the River Parc master plan, which will add 1,800 affordable and workforce housing units to a 22-acre property in Little Havana. The project consists of the public housing projects Robert King High, Haley Sofge and Martin Fine Villas. This week, the county and…

South Florida’s industrial sales jump to over $1B in Q3 2019

Industrial sales are up South Florida’s condo market has slowed down and the housing market is not what it once was, but the industrial sector is as hot as ever. Investment in South Florida’s industrial real estate market rose 77 percent to $1 billion in the third quarter of 2019 on a yearly basis. The market is booming right now due to an influx of institutional buyers acquiring new properties and land, according…

Miami again delays vote on David Beckham’s soccer stadium deal

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Soccer’s Melreese lease left waiting on the first tee

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Here’s What’s at Stake in the Latest Vote on Beckham’s Miami Soccer Stadium

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Approval For David Beckham’s Miami Stadium Deal Delayed

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Suffolk fights back against developer over MiamiCentral delays

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Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

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Chinese Fast-Fashion Brand YOYOSO Launches U.S. Expansion With Lincoln Road Store

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Past, present and future Jon Paul Pérez makes an impact at Related Group

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Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter

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Here’s why office rents are going up in South Florida

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Developer snags $12M loan for co-working project in Coral Gables

Location Ventures snagged a $12 million construction loan for its Coral Gables co-working project. Location Ventures secured the loan from BGI Capital to renovate the ground floor of the 52,719-square-foot building into a new co-working concept known as Forum, according to a release. The building sits at 299 Alhambra Circle in the heart of Coral Gables…

Miami Beach Names as One of a Set of American Cities Taken Over by Airbnb

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The floundering retail market is about to get even worse

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Video: Atlanta Fed’s Brian Bailey’s Views on Commercial Real Estate 2020

Brian Bailey, Subject Matter Expert with the Atlanta Federal Reserve, Commercial Real Estate, appears on America’s Commercial Real estate Show to discuss his view on the commercial real estate market, including the current economic cycle, deal underwriting, and some potential red flags to look for going forward. He talks about rent control legislation and how it has changed the multifamily market.

A royal deal: Majestic Plaza shopping center sells in Westchester

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The doctors will see you now: Co-working medical office space operator plans major expansion

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Miami Beach waterways restoration flowing ahead

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Half-dozen Virginia Key city projects in flood zone

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Ferry service might soon help relieve traffic on causeway

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Pensam Issues $30M Loan for Mixed-Use Building in Miami’s Design District

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November 13, 2019

Video: Atlanta Fed’s Brian Bailey’s Views on Commercial Real Estate 2020

Part 1 of 2:

Part 2 of 2:

Brian Bailey, Subject Matter Expert with the Atlanta Federal Reserve, Commercial Real Estate, appears on America’s Commercial Real estate Show to discuss his view on the commercial real estate market, including the current economic cycle, deal underwriting, and some potential red flags to look for going forward. He talks about rent control legislation and how it has changed the multifamily market. He describes the Achilles heels as the cost of capital and the availability of capital as key to the continuing strength of the economy.

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November 7, 2019

Miami Commercial Real Estate News November 6, 2019: Medical Buildings Trade; Cutler Bay Retail Center Sells; More…

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Video: HUD Secretary Ben Carson Discusses Opportunity Zones and the Future of Housing

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300 Affordable Units Coming Along FEC Rail Corridor

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Office projects and tenants migrate to Wynwood

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NFL kicks ahead funding for lighting Baywalk

Directors of Miami’s Downtown Development Authority voted unanimously to allocate $643,371 to install LED lighting in portions of Bayfront and Maurice A. Ferre parks, but $600,000 of that money will come from the National Football League and the City of Miami. And, in hopes of having the project completed before Super Bowl LIV festivities kick off at the end of January, they voted to waive…

Wynwood streetscape plan nears finish line

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Panattoni drops $24M to build new industrial project near Opa-locka

Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park Panattoni Development Company paid $24.3 million for the 20-acre site of a dairy farm and plans to build a speculative warehouse project. The new industrial development at 3000 Northwest 123rd Street near Opa-locka will be known as Gratigny Logistics Park. It sold for $1.2 million per acre, according to a press release. ZSF/WD…

The latest celebrities to invest in real estate include A-Rod, Dumervil, Beckham in Miami

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Video: Don Peebles Opines on the Miami Real Estate Market

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Notable Retail Leases Signed in South Florida Q3 2019

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California investor searching for higher yield buys South Miami, Coral Gables medical office building portfolio

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ShareMD Acquires Two Medical Office Buildings Near Miami for $33.2M

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Miami Medical Office Buildings Trade for $33M

Real estate investment firm ShareMD has acquired two medical office buildings in South Miami and Coral Gables, Fla., for a total of $33.2 million. Miami investor Leonard Boord, founder of Slon Capital, sold both properties. The Easton Group represented the buyer in the deal, with Vice President Elliott LaBreche identifying both properties and negotiating prices. The South Miami asset, SoMi Building, is located…

MMG Equity Partners picks up retail center in Cutler Bay

Who says retail is dead? MMG Equity Partners paid $16 million for a shopping center in Cutler Bay. MMG Equity Partners purchased the 127,072-square-foot Centre at Cutler Bay, at 18901 Southwest 106th Avenue, for $126 per square foot, records show. Cutler Center Holdings, LLC, which is tied to Luis Boschetti, sold the property. The retail center was built in 2008. Cutler Center Holdings, LLC bought…

$16M Sale of Mixed-Use Property in Metro Miami Negotiated

Avison Young has negotiated the $16 million sale of Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay. The fully occupied asset is situated at 18901 SW 106th Ave., 20 miles southwest of downtown Miami. The Centre at Cutler Bay’s tenant base consists of child and adult daycare centers, a career counseling center and offices for accountants, insurance agents and real estate…

Allegations of shoddy construction pile up at Related’s One Ocean

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Developers, ex-mayor push for rail expansion in Wynwood, Little Haiti and Liberty City

A handful of landowners in Miami want the next Tri-Rail station to be built on their properties, including sites near Midtown Miami, the Magic City Innovation District in Little Haiti, and Liberty City in northwest Miami-Dade County. At two public meetings last week, officials discussed new stations for Tri-Rail, a publicly funded commuter train that has operated along the state-owned…

Duty Free Americas owner will have to pay taxes on this sale

The party keeps going for Hialeah’s red hot industrial market. Wheelock Street Capital, in a partnership Mitchell Property Realty, paid $26.8 million for a 234,146-square-foot fully-leased warehouse at 1000 Southeast 8th Street in Hialeah. The price breaks down to $114 per square foot. The warehouse is close to the Miami International Airport and is fully leased by Tuuci, a high-end manufacturer of shade…

WeWork’s woes spark worry

The fallout from coworking trailblazer WeWork’s IPO wipeout and management kerfuffle is sending a wave of worry across the office landscape. WeWork dropped a proverbial bomb on landlords across its 23 million- square-foot portfolio of urbane, barista-brewing, shared-office and coworking spaces with its late summer S-1 prospectus, showing that the trend-setting startup was gushing red ink.

Pinstripes bowling alley inks lease at The Plaza Coral Gables

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The final act: Spaghetti western star sells Overtown warehouse for $10M

Spaghetti western movie star Francisco Martínez-Celeiro sold his Overtown warehouse in an Opportunity Zone for $9.5 million. Rumasa Corp, which is tied to Martínez-Celeiro, sold the 72,903-square-foot warehouse at 690 Northwest 13th Street to a company tied to Kite Tax Lien Capital of Vero Beach. The building sits on 2.6 acres of land next to Booker T. Washington Jr. High School. It sold for $130 per squar…

New York’s Rent Reform Pushes Investors Toward South Florida

Following the enactment of New York’s latest rent regulations, many multifamily investors have begun reevaluating their options. One of the most common destinations they’re choosing is Florida, particularly its southern part. Not only does the Sunshine State offer a favorable climate, an abundance of luxury properties and substantial tax savings, but it also seems to be far from adopting rent control…

Deforunta Profiled by Forbes; Traits Of A Successful Real Estate Investor

The traits of successful real estate investor often surface early in life then evolve to play a fundamental role in a career. Here’s three investors/developers who have stayed in the game with big wins. Edgardo Defortuna’s Fortune International Group is recognized as a leader in high-end luxury real estate throughout South Florida, Latin America and Europe. Defortuna came to Miami in 1983 from…

In South Florida’s Multifamily Market, Only (Expensive) Scraps Are Left

Phil Rosen was watching the cranes from his Fort Lauderdale office and marveling at how long and strong the region’s real estate boom has been. He’s a transactional attorney, not a broker, but he’s grown accustomed to getting calls from agents sniffing around for off-market deals. Lately, the volume of such calls has tripled. “People are desperately looking for product,” said Rosen, the chair of law…

Shoma Group’s Ten30 South Beach Breaks Ground

Miami-based Shoma Group recently commemorated the groundbreaking of Ten30 South Beach, a curated collection of 43 studio, one- and two-bedroom condominiums nestled in one of South Beach’s most vibrant neighborhoods. In a nod to the development’s name, the ceremonial groundbreaking was held on October 30 at 10:30 a.m. at the future site of Ten30 South Beach. The project’s developmen…

High rent relative to income in Miami, other U.S. cities

The cost of rent in the U.S., particularly in certain metro areas, is too darn high. Nearly half of U.S. rental households are spending more than the recommended 30% of their income on rent, according to a report from Apartment List. (The national rate went from 49.5% in 2017 to 49.7% in 2018.) And according to Apartment List, “in 19 of the nation’s 25 largest metros, a household earning the median…

Q&A: South Florida Office Market Remains Healthy Heading into 2020

As the calendar inches closer to 2020, South Florida’s office market is experiencing stable fundamentals. Rent continues to grow, vacancy rates are low and construction is at record levels. Connect Media asked Stephen Rutchik, Executive Managing Director of Office Services in Colliers’ South Florida office, to share insights about South Florida’s office market as we move closer to 2020. Check out his responses…

Vlad Doronin, partners score $243M loan for Edgewater tower

Russian billionaire Vlad Doronin’s OKO Group and its partners scored a $243.3 million construction loan for its Missoni Baia condo tower in Miami’s Edgewater neighborhood. OKO Group, Oleg Baybakov’s OB Group and Cain International secured the loan for the 57-story, 249-unit luxury development at 777 Northeast 26th Terrace from Security Benefit Life Insurance Corporation. The project launched sales…

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November 6, 2019

Video: HUD Secretary Ben Carson Discusses Opportunity Zones and the Future of Housing

The current HUD Secretary Ben Carson shares thoughts about the future of housing and the role of the real estate industry, followed by questions and answers. He spends considerable time discussing Opportunity Zones, starting off by highlighting a visit at the Omni Community Redevelopment Agency district “where developers are building more than 250 rental housing units with about 30,000 square feet of office space plus ground-floor retail space.” He goes on to highlight projects in Opportunity Zones all around the United States, providing a fairly good amount of detail about numbers of them.

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November 6, 2019

Video: Don Peebles Opines on the Miami Real Estate Market

Don Peebles, a South Florida-based developer with projects across the country as the founder, Chairman, and CEO of Peebles Corporation, took a moment at a recent Miami real estate conference and showcase to speak about the Miami real estate market. Some key insights from his comments include:

  • “I think the market in Miami’s always an ebb and flow it’s a volatile market which is good for developers…”
  • “I think what’s propelling South Florida in general now is the high tax states around the country especially in the Northeast like New York Massachusetts New Jersey and others…”
  • “Three hundred people a day leave New York City and two-thirds of them are coming to the state of Florida so I think Florida’s outlook is very positive…”
  • “The key though for Florida and South Florida in particular is that Miami needs to grow its talent base and it needs to aggressively pursue some larger financial services firms to relocate here…”
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November 5, 2019

Miami Commercial Real Estate News October 30, 2019: Tower Beside Freedom Tower Approved; Museum Tower Sells for $65 Million, 1001 Brickell Bay for $157 Million: More…

Bridge Investment picks up downtown Miami’s Museum Tower for $65M

Bridge Investment Group paid $64.6 million for downtown Miami’s Museum Tower, marking the company’s fourth office acquisition in South Florida this year. The Salt Lake City-based investment firm bought the 259,666-square-foot Class A office tower at 150 West Flagler Street for $250 per square foot, records show. Dallas-based Gaedeke Group sold the building. Gaedeke Group paid…

Bridge Investment Group Snags Miami Office Tower for $65M

Bridge Investment Group has acquired Museum Tower, a 259,666-square-foot office tower in Miami’s central business district. The sales price was reported as $64.6 million. Located at 150 West Flagler St., the 29-story tower was originally built in 1986. Since 2016, more than $3 million of capital has been invested in the building, including upgrades to HVAC and security systems, an overhauled fire alarm…

Apartment REIT Aimco Buys Brickell Bay Office Tower for $157M

A multifamily investor looked like it was changing its stripes when it bought the 1001 Brickell Bay office tower in Miami for $157 million in South Florida’s second biggest office sale of the year. But maybe not. The transaction remained off the radar since closing three months ago with Aimco buying majority control of the owner of the building on Biscayne Bay. The purchase was reported in the company’s…

The Fed lowers rates, and once again real estate is loving it

There may come a time when a Federal Reserve interest rate cut is met with skepticism from the broader real estate industry. But now is not that time, experts say. Investor interest in real estate deals has climbed since the Fed first started cutting rates in July, through to its third and latest round of cuts announced Wednesday. Lowering interest rates makes other asset classes such as bonds less attractive,

Mana Group reveals timeline for downtown Miami plans

Moishe Mana and a map of the project It’s been nearly a decade since developer Moishe Mana began buying real estate in Miami, and now his team has released a construction timeline for his major redevelopment of downtown. The Mana Group unveiled plans for the project at a community meeting on Tuesday night, giving a rare glimpse of the first buildings that the development firm is working…

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida

JPMorgan announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday Areas near the Virgin Trains USA stations in Overtown and Fort Lauderdale could see a wave of new affordable housing. JPMorgan Chase announced on Wednesday it plans to invest $5 million to develop affordable housing in South Florida in areas near…

Fifth delay shoves 22-acre Little Haiti project vote to February

An application for a 22-acre Little Haiti project has stagnated in a City of Miami board, with members deferring action once again because the developer hasn’t got an adequate traffic study nor done enough strategizing to protect surrounding neighborhoods. The Planning, Zoning and Appeals Board unanimously deferred a land use designation change for the Eastside Ridge special area plan (SAP) to…

Jackson Health System targets 2020 Doral hospital finish

Jackson Health System is still targeting late 2020 to finish construction on the new José Milton Memorial Hospital at the Jackson West Medical Center in Doral, give or take a couple months, according to Jackson President and CEO Jose Migoya. “We believe it should be done around October [next year],” he said Monday. “Then we have 60 days to be operational. We hope to open doors to patients…

Miami Worldcenter tower beside Freedom Tower OK’d

As continued construction brings the sweeping Miami Worldcenter to life in the heart of the City of Miami, the southern edge of the mixed-use project is coming into focus. Sixth Street Miami is to include several uses in one tower and its expansive podium at 601 NE First Avenue. The site is bordered on the north by FEC railroad tracks, on the east by Northeast Second Avenue, on the south by Northeast…

Virgin Train to run from PortMiami to Disney World

Within three years, Florida’s visitors and residents may be able to go to Disney World or Universal Studios, then take a Virgin Train directly from Orlando International Airport to PortMiami and board a cruise ship – or vice versa. That potential boon to the Sunshine State’s tourism industry moved closer to reality Tuesday, when Miami-Dade lawmakers unanimously OK’d terms of an estimated $53.3…

Chart: Miami-Dade County Unemployment Rate Creeps Up, but Remains Low at 3.5%

As can be seen in the accompanying chart, the unemployment rate remains low at 3.5%. It has, however, crept up from its recent even lower -the lowest since 2007 – levels of 3.0%. These minuscule levels of unemployment are a marked improvement from the 12.4% peak reached in 2009 following the subprime mortgage crisis. An uptick like this current one may very well be only a blip – let’s hope…

Repurposing historic church adds 40-story Biscayne Boulevard tower

A plan to repurpose a historic church building on Biscayne Boulevard and build a new residential tower next door is back before the City of Miami with a new design. Fifteen 1836 Biscayne LLC intends to redevelop a church at 1836 Biscayne Blvd. and construct an adjacent 40-story building for more than 360 dwelling units and parking levels to accommodate 421 vehicles. A similar plan for the property was…

300 Affordable Units Coming Along FEC Rail Corridor

The South Florida Housing Link Collaborative, a coalition of five nonprofit groups, announced a $5M investment Wednesday from JPMorgan Chase, which will be used to develop affordable, resilient housing along the Florida East Coast Railway line in Miami-Dade, Broward and Palm Beach counties. Miami Mayor Francis Suarez, Florida Lt. Gov. Jeannette Nunez and former U.S. Sen. Mel Martinez…

$1.9 billion Metrorail extension may run to Broward

Eleven months after voting that rapid transit to the Broward County line should use an “elevated fixed guideway,” Miami-Dade’s transportation planning board today (10/31) may choose a $1.9 billion Metrorail extension. State consultant WSP compared Metrorail with automated people mover, monorail and urban magnetic-levitation trains for the 9.5 miles through Miami Gardens along Northwest…

What Does “Ordinary Wear And Tear” In A Commercial Lease Really Mean?

This post is adapted from an article that was originally published in the Fall 2019 issue of ActionLine, a Florida Bar Real Property and Trust Law Section publication. Many commercial leases direct the tenant as to the condition in which the tenant must keep the premises during the lease term, or return them to the landlord at the end of the lease term.  It is common for these provisions to carve out “ordinary…”

Developers of historic downtown Miami Post Office building get OK to open multiple bars

Daniel Pena-Giraldi and Luis Rojas, developers of downtown Miami’s Langford Hotel, continue moving forward with their plan to convert a century-old building that once served as a Post Office and courthouse into a food and beverage center that will include downtown Miami’s first brewery. The Miami City Commission last week unanimously granted an exception that will all…

Can region escape industrial slowdown?

The nation’s supercharged industrial real estate sector appears to be braking from its breakneck growth, after taking a battering from a prolonged government shutdown, an escalating trade war, a slowing gross domestic product, global turmoil and sinking CEO confidence. According to NAIOP’s third-quarter Industrial Space Demand Forecast, net absorption of warehouse, distribution, assembly, showroom…

Terra Group Completes Coconut Grove Office Building

Terra Group, in partnership with Mayfair Advisors, has completed the construction of Mary Street, a Class A office building in Miami’s Coconut Grove at 3310 Mary Street. The seven-story development was transformed from a parking garage into a modern office property by architect Touzet Studio and recently received its temporary certificate of occupancy. The developers broke ground on the project in…

Giant wheel coming to Miami’s Bayside Marketplace

Coming soon to Bayside Marketplace: a giant observation wheel. Miami commissioners on Thursday endorsed a revenue-sharing deal and height variance that will enable Sky Views of America to build a 190-foot-tall wheel on city-owned land that’s now controlled by Ashkenazy Acquisitions and General Growth Properties, the owners of Bayside Marketplace. Resembling a Ferris wheel, the Sky Views…

Co-living venture Urbin expanding to Miami Beach

Rendering of Urbin Coconut Grove and Rishi Kapoor Developer Rishi Kapoor is betting on co-living, starting with three projects in Miami-Dade. Kapoor, CEO of Location Ventures, is moving forward with a $50 million co-living project at 1234 to 1260 Washington Avenue, now that the Miami Beach City Commission passed co-living legislation for a portion of Washington Avenue from Sixth to 16th streets. Urbin…

Homestead mobile home park sells for $22M

New Aquarius Corp. sold a 200-unit mobile home park in Homestead for $22 million. A company tied to Bradley Dressler of Stuart, Florida bought the mobile home community at 451 Southeast 8th Street for $110,000 per home site. New Aquaris Corp., led by Margitta Di Gennaro of Key Colony Beach, Florida, sold the property. The mobile home community spans 24.3 acres. It last traded for $1.3 million…

Video Montage of Comments About Sea Level Rise from Miami Developers and Brokers

In this short video, a set of Miami developers and brokers offer their views on the effects of sea level rise on the Miami real estate market. These comments were made backstage at a TRD forum held recently at Mana Wynwood. Among those that commented are: Melissa Rose, Managing Director at Ackman-Ziff; Phil Gutman, President of Brown Harris Stevens; Dob Peebles, CEO of The Peebles Organization…

Financing in hand, Florida’s first LGBTQ+ senior housing development breaks ground

Carrfour Supportive Housing and The Pride Center have secured all of their funding for what is expected to become the first LGBTQ+ senior housing development in Florida. Construction is now underway on The Residences at Equality Park, a 48-unit building at 2040 North Dixie Highway in Wilton Manors, said Stephanie Berman, president and CEO of Carrfour Supportive Housing. The $15.3 million…

With Booming Numbers, Miami’s Hospitality Market Can’t Lose

Yeah, yeah, Miami might be underwater soon, but for now at least, the city has a key ingredient going for it: hard numbers. The city is first in employment growth and fourth in population growth, according to a CityLab analysis of fastest-growing cities this August. Last year broke tourism records — 16.5 million overnight visitors and 6.8 million day-trippers came through — and 2019 is likely to top those.

Scaramucci slashes his sights on his Opportunity Zone fund

Anthony Scaramucci’s SkyBridge Capital initially sought to raise $3 billion in Opportunity Zone funds to invest nationwide through a REIT, but so far said he has only raised about $30 million. And he has reduced his target to $300 million. “A lot of people misplaced and outsized the demand for what we thought we could achieve,” said Scaramucci, the keynote speaker at an NAIOP South Florida event…

South Florida Office Market Still Growing: ‘It Has Been The Seventh Inning For 5 Years’

A cyclical peak in South Florida office development appears remote, as demand has been growing faster than the supply of new space. “It has been the seventh inning for five years,” said Stiles Senior Managing Director Kyle Jones, using a familiar baseball analogy to describe the timing of the market cycle. Jones joined a slate of office market experts at Bisnow’s Office Market Update event last week at the…

Coral Gables Zoning Law: Mixed Use Development Overview

The clear evolution of infill real estate redevelopment in South Florida and Greater Miami is towards a true mixed-use environment that makes areas desirable places to work, live, and play.  Coral Gables, with its vibrant commercial areas, is an example of a municipality within Greater Miami-Dade County that is leading this charge through a specific mixed-use zoning code overlay to promote these…

Cutler Bay Mixed-Use Property Trades

MMG Equity Partners has acquired Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay, located at 18901 SW 106th Avenue, from a local private investor for $16 million. Avison Young Senior Vice President Rosendo Caveiro, Principals John Crotty, Michael Fay and David Duckworth, along with Senior Associate Brian de la Fé and Associates Berkley Bloodworth and Emily,,,

Video: Kaseya COO Joe Smolarski Discusses Benefits of its International HQ Location in Downtown Miami

In this Miami DDA produced video, Joe Smolarski, Chief Operating Officer for Kaseya®, discusses benefits of its downtown Miami location. Kaseya® refers to itself as the leading provider of complete IT Infrastructure Management Solutions for managed service providers (MSPs) as well as for internal IT organizations. The company notes that through its open platform and customer-centric…

Equity Residential decries rent control’s “chilling effect” on development

Sam Zell’s Equity Residential said rent control is having a “chilling effect” on capital going into development. The real estate investment trust, which owns 80,000 units nationwide, saw its total revenue from rental income and fee and asset management increase to $685 million in the third quarter, from $652 million a year earlier. But on Wednesday’s third-quarter earnings call, executives pointed to…

Blackstone reports boost in Q3 net income; eyes more industrial buys

Blackstone Group, which has been on an industrial-buying binge, reported a jump in overall net income in the third quarter compared to the same period last year. Blackstone’s $779 million in net income from July through September was up more than 75 percent from the $442 million it reported over the same period in 2018, the company announced Wednesday. The numbers were also higher than the…

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October 30, 2019

Chart: Miami-Dade County Unemployment Rate Creeps Up, but Remains Low at 3.5%

Miami-Dade County Unemployment Rate Five Years Ending August 1, 2019

Miami-Dade County Unemployment Rate Five Years Ending August 1, 2019

As can be seen in the accompanying chart, the unemployment rate remains low at 3.5%. It has, however, crept up from its recent even lower -the lowest since 2007 – levels of 3.0%. These minuscule levels of unemployment are a marked improvement from the 12.4% peak reached in 2009 following the subprime mortgage crisis. An uptick like this current one may very well be only a blip – let’s hope – but every uptick is worth carefully watching. There are economic storm clouds around the world, with large swathes of sovereign debt priced at negative yields, and the Fed right here in the good ol’ USA seems to be at least somewhat concerned. Thus, this little blip seems ever more worth watching.

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October 25, 2019

Video Montage of Comments About Sea Level Rise from Miami Developers and Brokers

In this short video, a set of Miami developers and brokers offer their views on the effects of sea level rise on the Miami real estate market. These comments were made backstage at a TRD forum held recently at Mana Wynwood. Among those that commented are: Melissa Rose, Managing Director at Ackman-Ziff; Phil Gutman, President of Brown Harris Stevens; Dob Peebles, CEO of The Peebles Organization; Jules Trump, Co-Founder of The Trump Group; Lisete Calderon, CEO & President of Neurology Life Development Group; Mike Pappas, President of The Keyes Company.

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October 25, 2019

Video: Kaseya COO Joe Smolarski Discusses Benefits of its International HQ Location in Downtown Miami

In this Miami DDA produced video, Joe Smolarski, Chief Operating Officer for Kaseya®, discusses benefits of its downtown Miami location. Kaseya® refers to itself as the leading provider of complete IT Infrastructure Management Solutions for managed service providers (MSPs) as well as for internal IT organizations. The company notes that through its open platform and customer-centric approach, it (Kaseya) delivers best in breed technologies that allow organizations to manage, secure, and backup IT efficiently. Their Kaseya IT Complete platform is, they say, the industry’s most comprehensive, integrated solution suite purposely engineered to help IT both run and grow the business.

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October 24, 2019

Miami Commercial Real Estate News October 23, 2019: Miami 21 Zoning Changes Suggested; Opa-Locka Industrial trades for $126 Million; Land Acquired for 320K sf Industrial Spec; More…

Video: A-Rod Discusses Benefits and Pitfalls of Being a Celebrity Investor

Alex Rodriguez has been investing in real estate for decades. He made his first purchase — a duplex outside of Miami that he needed a $48,000 downpayment for — when he was 22. That was, of course, before his $20 mil per annum salary as a baseball legend. However, in the years since, the former Yankee third baseman, now at the ripe age of 44, has built a rather sizable national real estate portfolio.

Urban Land Institute recommends changes to city of Miami zoning code

A new Urban Land Institute (ULI) report suggests city officials relax certain provisions of the Miami 21 zoning code to encourage denser developments on narrower lots and further incentivize developers who reduce or eliminate parking, among other recommendations. Report co-author Andrew Frey presented his ULI focus group’s findings on Friday to Miami Mayor Francis Suarez, who declined to…

AVE Aviation & Commerce Center Sells Industrial Portion of Hialeah Mixed-Use Development for $126 Million

AVE Aviation & Commerce Center Inc. has sold the industrial portion of AVE Aviation & Commerce Center, a 2.6 million-square-foot master-planned development in Hialeah. Bridge Development Partners and BentallGreenOak acquired the assets in a joint venture for $126 million. The sold portion comprises 948,000 square feet of industrial space that is fully leased to the United States Post Office…

BentallGreenOak-Led JV Pays $126 million for Miami Industrial Assets

A partnership of BentallGreenOak and Bridge Development Partners has acquired four industrial properties and 1 million square feet of development rights at a mixed-use Miami business park for $126 million. The seller was CPF Investment Group. The buildings are located within the 2.6 million-square-foot AVE Aviation & Commerce Center, located adjacent to Miami-Opa Locka Executive Airport.

JV pays $126 million for Opa-locka industrial property

A joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park next to the Opa-locka Executive Airport for $126 million. The group purchased 948,000 square feet of space, with an additional 1 million square feet of industrial and aviation-related development rights on 47 acres at the AVE Aviation & Commerce Center. CPF Investment Group sold…

Florida Grand Opera sells Doral hub, seeks new home

Florida Grand Opera is on the hunt for its new home after selling its Doral headquarters. Represented by Cushman & Wakefield, the opera sold the 35,000-square-foot Doral Center building at 8390 NW 25th Street for $7 million to Imagik International Corp., an in-flight entertainment systems company. “We are looking for a facility that is more sufficient and aligns with our organization,”

Miami-Dade, cities target docks for waterborne transit

Miami-Dade and the cities of Miami and Miami Beach have been collaborating to identify potential docking locations for waterborne transit services between the two municipalities across Biscayne Bay, county Transportation Director Alice Bravo said last week. Finding places for water transit vessels to dock that have been or can be upgraded with connections to other forms of transportation is one of…

Ferris wheel spins around at Bayside with bigger deal

Miami commissioners today (10/24) are to again debate a 176-foot Ferris wheel at Bayside, with a new offer on the table for a bigger city revenue cut that reflects last month’s contentious call for the city to do better on the deal. An agenda resolution would authorize the city manager to amend a lease between the city and Bayside Marketplace LLC to allow for up to 190 feet for the Ferris wheel. In exchange…

SR 836 Signature bridge, double-deck viaduct roll ahead

The I-395/SR 836/I-95 Design-Build Project in the heart of the City of Miami is reported progressing steadily, with regular notices about lane closures and other information for area residents and motorists. Up-to-date details are at the project’s website, www.i-395miami.com, from the Florida Department of Transportation (FDOT). “Progress continues along all arteries within the project limits,” said Senior…

River Land near Health District adds green space

Land abutting the rising River Landing mixed-use project near the Health District is set to be transformed into 1.5 acres of green space with the Miami City Commission’s approval. The commission is to vote today to amend the development agreement to require certain improvements on the site acquired by… River Landing Conservation Foundation. In 2017, the foundation acquired 1280 NW 11th Street…

Bank OZK lends $28M for Holiday Inn project in Edgewater

A Holiday Inn by IHG will soon rise in Miami’s Edgewater neighborhood. Bank OZK provided a $27.5 million construction loan for the eight-story, 207-key hotel planned for 410 Northeast 35th Terrace. The hotel is being developed by Amaury Martinez of Edgewater Hotel Management. It’s expected to be completed next summer. The loan closed on Friday. BGI Capital, led by Robert M. Barthelmess…

Opportunity Zones, real estate’s next big thing, fails to attract much investment

Despite all the hype, investor interest in Opportunity Zone funds simply hasn’t materialized as fund managers had hoped. According to an analysis by Novogradac, a San Francisco-based accounting firm, 103 Opportunity Zone funds have raised just 15 percent of what fund managers expected. There are at least 285 Opportunity Zone funds in the United States, and many have not shared…

Miami Gardens commercial site sells for $19M

Concorde Group Holdings sold two commercial buildings near Miami Gardens for $19.4 million, a 61 percent increase from the last sale price in 2016. The Boca Raton-based real estate investment firm sold the 139,495-square-foot buildings at 900 and 1000 Park Centre Boulevard for $139 per square foot, records show. Park Centre Partners LLC, which is tied to Kenneth Israel of Hallandale Beach-based…

Video: PwC Partner Mitch Roschelle Discusses Tariffs and Commercial Real Estate

Mitch Roschelle, Partner and NY Metro Business Development Leader with PwC, joins America’s Commercial Real Estate Show to talk about the potential impact tariffs could have on our economy and the commercial real estate industry. In this episode, he quickly adjusts the conversation to talk about the economy, and potential effects of tariffs and anti-trade rhetoric and policy on it, and in turn on…

SoftBank to take control of WeWork at less than $8B valuation, Down 83% from January’s

WeWork has reached an agreement to be taken over by SoftBank Group, in a deal that will value the embattled office-space company between $7.7 billion and $8 billion, people familiar with the matter told The Real Deal. The deal would buy out some earlier investors and shareholders, and dilute the stake of former CEO Adam Neumann, those sources said. The final…

Foundry Commercial bought an 18-acre site in Hialeah Gardens, plans industrial project

Paul Ellis Foundry Commercial purchased an 18-acre site in Hialeah Gardens, where it plans to build a 320,000 square foot speculative industrial development. The site sits off of Northwest 107th Avenue between Northwest 144th Street and Northwest 146th Street, according to a release. The two properties were sold for a combined $13.1 million by two sellers, according to a source. Property…

Foundry Commercial to Develop 320,000 SF Spec Industrial Building in Hialeah Gardens

Foundry Commercial has acquired an 18-acre site in Hialeah Gardens with plans to develop a speculative 320,000-square-foot industrial building. The site is situated on NW 107th Avenue between NW 144th and NW 146th streets, about 20 miles northwest of downtown Miami. Orlando-based Foundry Commercial plans to break ground in early 2020 and expects to deliver the asset by the end of 2020.

Bridge Development Partners to Build 1 MSF Spec Industrial Project Near Miami

Bridge Development Partners, an industrial development and investment firm with six offices across the country, has acquired land in Miami-Dade County’s Hialeah submarket for the construction of a 1 million-square-foot speculative industrial project. The new development will consist of four buildings ranging in size from 109,000 to 500,000 square feet. Construction is scheduled to begin…

Co-living trend of renting bedrooms is back and here to stay say forum participants

Co-living is becoming a growing segment of South Florida’s multifamily market amid increased competition from each other and from conventional apartment developers, according to a group of such developers and operators. “Sure, there’s competition. But it’s a big opportunity,” said Brian Lee, senior director of real estate at Common, on a panel on co-living and other new housing trends…

120,590 SF Lease Negotiated Within Airport North Logistics Park in Northwest Miami

Cushman & Wakefield has arranged a 120,590-square-foot lease for Apollo Export within Airport North Logistics Park in Miami. Apollo Export Warehouse Inc. will begin occupying the space in early 2020 and will join tenants such as Nestlé Waters North America, Marine Harvest, Neutralogistics and ECO Window Systems in the now-90 percent leased industrial park. Apollo Export will occupy space in…

Report: Miami Office Property Inventory Increased 13.5% Over 10 Years

An office property study was recently published by CommercialCafé that details how much office space the top 20 U.S. markets have added in the past 10 years. Perhaps more interestingly, they also look at where this space was added within these markets, central business district (CBD), urban, or suburban. In the state of Florida, 30.5 million square feet of space was added, with 77% – the biggest…

SoftBank rescue plan would bring WeWork’s valuation to $8B

SoftBank is considering a financing package to save WeWork that would value the embattled office-space company at $8 billion, according to Bloomberg. It is a stunning drop from WeWork’s $47 billion valuation set in January by SoftBank, at the time of its last cash infusion. The Japanese conglomerate owns about a third of the company and has already invested more than…

Rents dip nationally, slightly up in Miami

The housing market has been slowing across the nation, and now rent prices have finally begun to fall. Very very slightly. The average rent across major U.S. cities dipped for the first time on a monthly basis since February 2017. This was not the case in Manhattan or Los Angeles, however. From August to September, average monthly rent decreased $1, or 0.1 percent, according RentCafe. September’s…

Active South Florida Lender Bank OZK reports uptick in construction lending in Q3

Bank OZK reported an uptick in real estate construction lending in the third quarter amid cooling markets in New York City and Miami. The bank reported on Friday that its total construction loan portfolio grew to $6.68 billion at the end of the quarter, up from $6.49 billion a year earlier. Overall, the company’s real estate lending arm RESG originated $2 billion of loans in the third quarter, marking the…

Spirit Airlines plans to build $250M HQ campus in Dania Beach

Miramar-based Spirit Airlines will consolidate its headquarters and other facilities in Broward County at a new $250 million campus in Dania Beach. Spirit’s project at the Dania Pointe mixed-use development, just south of Fort Lauderdale-Hollywood International Airport, will span up to 500,000 square feet. It will include corporate offices and a crew-training facility equipped with flight simulators. Spirit…

At forum Ben Carson discusses how Opportunity Zones are unlike red and black ants

When talking about federal Opportunity Zones, Secretary of Housing and Urban Development Ben Carson said you need to understand ants. And use them as a cautionary tale. On the whole, ants work well together and are “sophisticated” and “industrious,” said the former neurosurgeon, during prepared remarks at The Real Deal’s annual Showcase & Forum in Miami’s Mana Wynwood.

Forum: South Florida developers riff on the shift from condos to rentals

The cyclical nature of Miami’s condo market has many developers shifting toward rentals – but not Michael Shvo. The New York developer, who is making a big push in Miami Beach, said that as long as you have the right site and project, the overall market’s performance is irrelevant. “It doesn’t really matter what the market is. You build something special in the right…

Bacardi-owned company sues construction firm for defects and delays at Coral Gables office development

After opening a six-floor office building in Coral Gables nine months ago, a Bacardi-owned firm is accusing national conglomerate OHL USA of causing $5 million in construction delays. 1515 Sunset LLC, a company controlled by Facundo Bacardi, sued OHL USA last month in Miami-Dade Circuit Court for construction defects, untimely payments to subcontractors and delay damages. The property is located…

Citing Health Concerns, Coral Gables Halts Approvals of Vape and CBD Shops

Since the news broke this summer that vaping has caused dozens of people to grow sick and even die, consumers and government agencies have been in full panic mode. As of now, 33 people, including at least one in Florida, have died from a mysterious lung illness. Those health concerns are now trickling down to local governments. Yesterday, Coral Gables city…

Miami Is the Most Rent-Burdened City in America, Study Says

Another week, another study telling us what we already know about Miami’s housing affordability crisis: The rent is too damn high, and residents of the Magic City are more burdened by rental costs than those of any other U.S. city. An analysis by Apartment List shows 62.7 percent of renters in Miami are cost-burdened, the highest percentage of the nation’s 100 largest metro areas. Nearly 34 percent of…

Shoma Group launches lower-priced condo project near Lincoln Road

Amid the ongoing luxury market slowdown, Masoud Shojaee is launching sales of Ten30, a condo development near Miami Beach’s Lincoln Road. The relatively lower-priced units replace multimillion-dollar townhouses that were originally planned for the site. Ten30, at 1030 15th Street, will have 43 condos, including six studios, 29 one-bedroom units and eight two-bedroom units, priced from $498,000…

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October 23, 2019

Video: PwC Partner Mitch Roschelle Discusses Tariffs and Commercial Real Estate

Mitch Roschelle, Partner and NY Metro Business Development Leader with PwC, joins America’s Commercial Real Estate Show to talk about the potential impact tariffs could have on our economy and the commercial real estate industry. In this episode, he quickly adjusts the conversation to talk about the economy, and potential effects of tariffs and anti-trade rhetoric and policy on it, and in turn on commercial real estate. He comments that although our economy is not immune to negative trends in economies around the world, the U.S. consumer has to date been unaffected, thus the economy has been able to hold up to this point. He talks about negative GDP growth with major trading partners like Germany and a massive slowdown in China. He notes that it is not as much the tariffs that have been hurting the economy to date as it is the uncertainty around them.

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October 22, 2019

Video: A-Rod Discusses Benefits and Pitfalls of Being a Celebrity Investor

Alex Rodriguez has been investing in real estate for decades. He made his first purchase — a duplex outside of Miami that he needed a $48,000 downpayment for — when he was 22. That was, of course, before his $20 mil per annum salary as a baseball legend. However, in the years since, the former Yankee third baseman, now at the ripe age of 44, has built a rather sizable national real estate portfolio. Among his holdings are thousands of multifamily units, all under the A-Rod Corporation umbrella, in U.S. markets like Chicago, North Carolina and Texas. Now, he’s turning his sights on Miami and South Florida overall, as well as New York.

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October 17, 2019

Report: Miami Office Property Inventory Increased 13.5% Over 10 Years

An office property study was recently published by COMMERCIALCafé that details how much office space the top 20 U.S. markets have added in the past 10 years. Perhaps more interestingly, they also look at where this space was added within these markets, central business district (CBD), urban, or suburban.

In the state of Florida, 30.5 million square feet of space was added, with 77% – the biggest share – in suburban locations. Among the observations for Miami specifically:

  • Miami’s office property inventory increased by 13.5% over the past 10 years
    • 58 buildings added
    • 7.8 million additional square feet
  • Suburban areas grew by approximately 11%
    • 40 properties added
    • 4 million additional square feet
  • Miami’s CBD and its urban areas added the balance
    • 18 properties added
    • 3.7 million additional square feet.
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October 17, 2019

Miami Commercial Real Estate News October 16, 2019; Downtown Miami Office Tower Sells; Udonis Haslem Developing Affordable Housing; More…

Bridge Investment Group Purchases 259,666 SF Office Tower in Downtown Miami

Bridge Investment Group LLC has purchased Museum Tower, a 29-story, 259,666-square-foot office building in downtown Miami. The property is located 150 W Flagler Street. The tower was originally built in 1986 and has undergone $3 million worth of renovations since 2016. Bridge plans to invest an additional $4.5 million for amenities and other enhancements, including restroom upgrades and new common…

Bridge Investment Group Buys Miami CBD Office Tower

Bridge Office Fund Manager LLC, a subsidiary of Bridge Investment Group, has acquired Museum Tower, a Class A, 259,666-square-foot office high-rise in Miami’s central business district. The 29-story building is easily recognizable due to the reflective glass curtain walls on its north and south elevations. CBRE’s José Lobón and Christian Lee represented the seller, Gaedeke Group, while law firm Kapp…

Could Rent Control Come To Florida?

Last week, Florida state Rep. Anna Eskamani filed a bill that could lift the state’s law against rent control — albeit only in housing emergencies “so grave as to constitute a serious menace to the general public.” While mild, her proposal was small step in a worldwide trend toward rent reform. In the past six months, New York, London, Berlin and Barcelona have all passed rent control measures. Rent…

Shoma Group launches lower-priced condo project near Lincoln Road

Rendering of Ten30 and Masoud Shojaee Amid the ongoing luxury market slowdown, Masoud Shojaee is launching sales of Ten30, a condo development near Miami Beach’s Lincoln Road. The relatively lower-priced units replace multimillion-dollar townhouses that were originally planned for the site. Ten30, at 1030 15th Street, will have 43 condos, including six studios, 29 one-bedroom units and eight…

Alex Sapir’s massive Opportunity Zone site in Miami hits the market

Alex Sapir and the site at 1768 Northeast Second Court (Credit: CBRE) Sapir Corp. and its partners planned to build a 1.7 million-square-foot project on an assemblage of land north of downtown Miami. But the Israeli real estate firm is now looking to sell the property. The site, at 1768 Northeast Second Court, is in an Opportunity Zone, which would give a buyer substantial tax incentives. The property is in…

Industrious to open at Paseo de la Riviera in Coral Gables

Paseo de la Riviera and Industrious CEO Jamie Hodari Flexible workspace provider Industrious inked a deal for its third South Florida location. Industrious will take 25,000 square feet of retail space at Paseo de la Riviera, a mixed-use project under construction in Coral Gables, according to a press release. The space, at 1350 South Dixie Highway, is expected to open in the first quarter of 2020. Industrious…

Retail, condos, apartments advance at Miami Worldcenter

Miami Worldcenter, the mega-project in the Park West area, is shaping up nicely, said Nitin Motwani, one of the principals. There have been 250 closings at Paramount, Miami Worldcenter’s landmark 60-story glass-fronted condominium. “It’s going great,” with 90% of the building’s 569 units sold, Mr. Motwani said. Prices range from $750,000 to $10 million. “People are starting to move in, and it’s just a…

Miami Heat’s Udonis Haslem takes a shot at affordable housing

Miami Heat veteran Udonis Haslem has amassed career earnings estimated at about $60 million, but unlike many retired athletes who turn to real estate, he’s investing and developing affordable housing. The 39-year-old power forward, who has played for the Heat since 2003, formed a real estate company…

New Miami-Dade courthouse ahead of schedule at lower cost

Talks leading to building a new civil courthouse on Flagler Street are “going well” with top-ranked development team Plenary Justice Miami LLC, according to Dan Chatlos, strategic programs director of Miami-Dade Internal Services – so well, he said, that negotiations should end this week. “That will keep us on track to put an item before the board in November – about six months earlier than…

Miami Office Report – Summer 2019

Miami’s office market continues to expand and strengthen, thanks to its diversifying economy. The metro is on a steady course as it matures into a corporate center, while companies are drawn to Florida because of the state’s tax-friendly business climate. Coworking has also been gaining momentum in the metro. Furthermore, in a recent study, WalletHub ranked Miami as the third best place to start a…

Multi-million deal would run Virgin Trains into Port of Miami

Less than a week after they OK’d spending up to $76.7 million in taxpayer dollars on a new Virgin Trains station in Aventura, Miami-Dade lawmakers today (10/17) are to look at another multimillion-dollar deal to extend the company’s services to PortMiami. County commissioners are to consider a memorandum of understanding (MOU) with Virgin summarizing the terms of an estimated $53.3…

Miami-Dade may target micro-housing to beat rising costs

Miami-Dade lawmakers may soon tell Mayor Carlos Giménez’s administration to take another look at micro-housing – including micro-apartments, tiny homes and accessory dwelling units – as a way to address rising housing costs throughout the county. Micro-homes come in various forms, from micro-units in multi-family buildings to standalone single-family dwellings built on foundations or trailer…

Terminal Island residential tower in Coast Guard quandary

A proposed project on Terminal Island in Miami Beach remains in limbo as the developer has yet to find a way to quash the concerns of the Coast Guard. Related Group has proposed a 90-unit residential tower on Terminal Island, located across from Star Island on the MacArthur Causeway. The proposed project would share the area with the Fisher Island Ferry, the Florida Power & Light substation…

Business hotel to rise in Overtown

Construction of a sleek mid-rise hotel catering to the business traveler is expected to begin in Overtown during the first quarter of the new year, according to the developer. Central District Miami Redevelopment Group V LLC, affiliated with TSG Group, is building a Cambria Hotel at the northeast corner of Northwest 13th Street and Northwest Ninth Avenue, just south of the Dolphin Expressway. The hotel is…

Power struggle between Fisher Island association’s directors ignites lawsuit

Fisher Island (Credit: Michael Au via Flickr) A power struggle is taking place on ritzy Fisher Island. Fisher Island Community Association board members Michael Ashkin, Jeff Horowitz, Marc Peperzak and George Pearlman are suing the board’s five other directors appointed by developer Fisher Island Holdings over future development in the wealthy enclave and unpaid transportation services. Fisher Island…

Downtown Coral Gables office building asks $40M

A Miami developer is looking to sell 999 Ponce, a Coral Gables office building, for $39.5 million. Property records show a company controlled by Xavier Rosales of Key Biscayne, who owns Weda Developers, acquired the building at 999 Ponce de Leon Boulevard in 2005 for nearly $21 million. The 11-story, 129,000-square-foot building hit the market with Benjamin H…

Crowdfunding: Crowded out?

Crowdfunding was once touted as the next big thing — a way for average investors to get into the lucrative world of real estate and a way for platforms to tap a new spigot of funding. The space took off around 2013, when the U.S. Securities and Exchange Commission announced new rules allowing private companies to sell securities to the general public. That one small change — which was tucked…

SMS Lodging lists Miami Beach hotel after selling another for $21M

The Julia hotel, Jesper Arnoldsso SMS Lodging is looking to sell a boutique hotel in South Beach, following the $21.3 million sale of another hotel farther north in Miami Beach. The firm, led by Jesper Arnoldsson, tapped CBRE to list The Julia, a 29-room hotel in the South-of-Fifth neighborhood, at 336 Collins Avenue. CBRE’s Paul Weimer, who is listing the property with Natalie Castillo and Joshua…

Bal Harbour Shops owner explains why retailers want bigger flagship stores more than ever

Matthew Whitman Lazenby (Photo by Sonya Revell) You could call Matthew Whitman Lazenby a member of retail royalty. His late grandfather Stanley Whitman was a pioneer in South Florida real estate, buying swaths of land along Collins Avenue in Miami Beach and other coastal areas. Fifty-four years ago, Whitman opened Bal Harbour Shops, which Lazenby now oversees as owner and manager…

Can CRE Developers Solve Miami’s Affordable Housing Crisis?

New ideas are working to save an affordable city Don’t be fooled by the number of cranes rising above the skylines of many South Florida cities. While their presence certainly indicates a building boom in the region, it also highlights a problem that is hiding in plain sight—an affordable housing crisis. According to a recent report from the Miami Urban Future Initiative, a joint project of Creative Class Group and…

Parking in a Changing CRE Marketplace: Adapting & Futureproofing

Steps to take today and for tomorrow When it comes to parking, people generally have a lot to say—and when asked to comment on the state of it, they usually turn to words like “headache,” “necessary evil,” or some words this blog can’t repeat. Let’s just say that it’s safe to say that most people loathe parking, especially in crowded cities. Along with traffic in South Florida, it’s very often a big downside of…

Ross Dress for Less signs lease at historic former Burdines building in downtown Miami

Ross Dress for Less Ross Dress for Less signed a lease at the historic former Burdines building in downtown Miami. The retailer plans to lease 34,192 square feet at 22 East Flagler Street. The vacant building was most recently occupied by Macy’s. Macy’s closed the store in early 2018 as part of a wave of closures as it looked to shed its assets and reduce costs. TheNextMiami first reported the lease. Nearby…

Here’s a look at Blackstone’s industrial plays after its record-breaking portfolio purchase

Blackstone’s Jonathan Gray (Credit: Getty Images and iStock) After Blackstone dropped almost $19 billion on an industrial portfolio in June — the biggest portfolio deal ever — the private equity giant’s industrial activity hasn’t let up. In the months following that deal with Singapore-based GLP, Blackstone’s industrial plays in the U.S. have ranged from one-off property acquisitions to a partial selloff of that…

Longpoint Realty picks up warehouse near MIA

Longpoint Realty Partners bought a warehouse near Miami International Airport for $6.3 million, as the private equity firm continues to target commercial properties in South Florida. Boston-based Longpoint Realty Partners purchased the 54,488 square-foot warehouse at 8150 Northwest 64th Street for $115 per square foot, records show. Interglass Holding Company sold the property.

Construction of Echo Brickell allegedly damaged neighboring condo building: lawsuit

Echo Brickell and PMG principal Ryan Shear The condominium association for Brickell East, a 1980s condo tower, is accusing Echo Brickell’s developer and condominium association of being bad neighbors. According to a lawsuit filed in Miami-Dade Circuit Court, Brickell East claims Property Markets Group reneged on an agreement to minimize the impact Echo Brickell’s construction would have…

Work out like A-Rod? Athlete inks Midtown Miami lease for UFC Gym

Retired baseball player Alex Rodriguez scored a home in Miami for his next UFC Gym. Rodriguez’s A-Rod Corp. signed a lease for 24,000 square feet at 3635 Northeast First Avenue in Midtown Miami, according to a press release. The fitness facility is expected to open in the spring of next year. The deal adds to other fitness concepts in Midtown and…

Auto magnate sells a Homestead dealership for $19M

Auto magnate Terry Taylor sold a new dealership in Homestead to Bomnin Auto Group for $19 million. Property records show TT of Homestead Inc. sold the former Keith Pierson Chevrolet Superstore at 1075 Southeast Sixth Avenue to Bomnin Automotive CC. It’s now called Bomnin Chevrolet Homestead. Taylor, who owns a penthouse…

After A Decade Of Waiting, Miami Finally Gets Modern Luxury Office Space

Miami might seem like it has it all, with stunning beaches, a world-class culinary scene and a vibrant, fast-growing population. But with a building stock that mostly dates back to the 1980s, Miami does lack one thing — prime office space. However, that is about to change. Office development in Miami has reached its highest level since 2009, with 1.9M SF currently in the works. New inventory can’t come…

Motion filed against County regarding Coconut Grove Playhouse

Attorney David Winker has filed a brief in the Coconut Grove Playhouse case. “I am bringing to the court’s attention that by failing to provide a complete record of the underlying proceedings at issue, the County has mis-characterized the proceedings of the City of Miami Historic and Environmental Protection Board (HEP Board),” he says. As outlined in his Amici Brief, two things happened at the October 5…

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October 16, 2019

Miami Commercial Real Estate News October 9, 2019: North Miami Beach Multifamily Project Approved; Esports Arena Coming to Miami; Langford Hotel Trades; More…

Matis Cohen and Galbut family score board approval for North Beach project, to include apartments and micro-units

Matis Cohen and Marisa Galbut with the 72nd and Park rendering Matis Cohen and the Galbut family’s proposal to significantly make over Miami Beach’s Carlyle and Byron avenues scored an important approval Wednesday. The city’s design review board granted two waivers for 72nd and Park, a major mixed-use project the developers propose for North Beach under new development guidelines the city…

World’s First Esports Car Racing Arena Bound For Wynwood

Move over, Indianapolis. Miami is getting the world’s first esports racing arena. Millennial Esports Corp., a publicly traded Toronto-based gaming and data company, announced last week that it will open a 12K SF facility dedicated to simulated car racing in early 2020 in the hip Wynwood neighborhood. “Miami has so much enthusiasm for cars,” Millennial Esports President and CEO Darren Cox said during…

Hotusa Hotels buys the redeveloped Langford for $37M

Stambul sold the Langford hotel in downtown Miami, three years after the development firm completed a major restoration and redevelopment of the former Miami National Bank property. Langford Partners, led by Stambul’s general manager Daniel Peña, sold the 126-room hotel at 121 Southeast First Street to Miami Southern Hotels LLC for $37 million, records show. The buyer, which is tied to…

Developer Valerio Morabito enters Wynwood market with $9M acquisition

Developer Valerio Morabito is planning his first project in Wynwood. His Morabito Properties paid $9.3 million for the building at 2143 Northwest First Avenue, according to Tony Cho, president and CEO of Metro 1. Cho and Andres Nava, his vice president, brokered the sale. The two-story, 26,388-square-foot building sold for over $350 per square foot. Morabito told The Real Deal he signed a long-term…

“Robert is Here” Fruit Stand Leads The Fight Against Development In The Everglades

Bob Moehling had tough luck trying to sell cucumbers to commercial distributors near his farm in Homestead, Florida. He placed the extra produce into a few wooden crates, and set up a roadside stand at the corner of SW 192nd Avenue and 344th Street. He then sent his 6-year-old son, Robert, to run the operation with a sign reading “Robert Is Here.” The date was Nov. 9, 1959. Pretty soon, the young…

University of Miami housing complex moves forward

The University of Miami is steadily pushing ahead with its plans to replace the current student housing, built about 50 years ago, with accommodations that mirror the way young people learn today. “Nothing impacts the quality of life for students who live on campus more than the quality of their on-campus housing,” the school’s housing website says. “As the University of Miami continues to rise…

Marcus Samuelsson’s Red Rooster Overtown restaurant is almost ready

On Monday afternoon, James Beard award-winning chef Marcus Samuelsson and his business partner Derek Fleming gave a sneak peak of his nearly completed Red Rooster Overtown restaurant. Amid dangling electrical wires, unfinished air conditioning ducts and recently installed drywall panels, Samuelsson told attendees he and Fleming were careful not to open another Red Rooster in the U.S. until the…

Jeffrey Soffer in talks to buy 1,000-room Diplomat Beach Resort for under $1B: report

Brookfield Asset Management is in talks to sell its 1,000-room resort in Hollywood to developer Jeffrey Soffer in a deal that would value the property at under $1 billion. Brookfield subsidiary Thayer Lodging Group owns the Diplomat Beach Resort at 3555 South Ocean Drive. Bloomberg reported that Soffer is looking to acquire the property, which would give him control of the second largest hotel in South…

Virgin MiamiCentral station developer and builder to pay $10.5M settlement

A contentious lawsuit alleging mismanagement, project delays and $22.4 million in unpaid work during the construction of the Virgin MiamiCentral train station has ended with steel maker ADF International walking away with a $10.5 million settlement. In the complaint, the Great Falls, Montana-based company claimed critical mistakes and plan revisions by project general contractor Suffolk…

By the numbers: Breaking down national housing agendas from the far left

Just a few months after New York passed historic reforms that infuriated landlords and thrilled tenants — with California following suit — several Congress members and presidential candidates are throwing their weight behind even more aggressive proposals. Mostly promoted by Democrats on the far left, those policies include the mid-September doozy from U.S. Sen. Bernie Sanders calling for…

A look at Grant Cardone’s real estate portfolio and how he raised $15M in 90 minutes at Marlins Park

At Marlins Park on Super Bowl weekend in February, thousands of aspiring entrepreneurs watch as a black Rolls-Royce SUV with tinted windows roars onto the stage amid a cloud of smoke. Over the loudspeakers, the song “Nuthin’ but a “G” Thang” plays as Snoop Dogg steps out of the driver’s seat. But his passenger is the real star of the day. Donning dark sunglasses along with a black sweatshirt with…

Reassurances, apologies and layoffs: Inside WeWork’s first all-hands post Neumann

In WeWork’s first all-hands meeting since Adam Neumann was ousted as CEO, company executives sought to reassure employees about the strength of the firm’s business model, but made clear that layoffs were coming. Miguel McKelvey, who co-founded WeWork with Neumann in 2010 and now holds the title of chief culture officer, kicked things off by telling employees the company’s recent stumbles…

Investors are doubling their money on charter schools — when they can get ahold of them

In the summer of 2018, the Eagle Arts Academy was in a crisis. Gregory Blount, former model and events producer who founded the Wellington charter school, was accused of siphoning off $150,000 from the school to his personal companies, leaving the school unable to pay its teachers and attorneys. The county declared the school unsafe due to understaffing and shut it down just weeks before the new…

How rent control battles are playing out across the US

Days before Christmas in 2016, Karen Harvey was making plans for the holiday with her daughter when a piece of paper slid under her apartment door. It was an eviction notice. Karen Harvey Harvey and 200 other tenants in Philadelphia’s Penn Wynn apartment complex were told they would have to be out by March. “I was crushed. I felt like I’d been kicked in the face,” said Harvey. “The prospect of…”

21K sf Lease Brokered in Miami’s Four Seasons Tower

Millennium Partners has closed on a 21,000-square-foot lease with Bolton Global Capital at the Four Seasons Tower at 1435 Brickell Avenue in Miami. Principal Wayne Schuchts and Broker Bobby Benton from Avison Young worked on behalf of the landlord, while Savills’ Managing Director Steve Woodworth and Associate Director Tyler Wyant represented the new tenant. Recently, another team from…

Video: Architecture, Engineering, and Design firm Stevens & Wilkonson Chairman Ron Stang Discusses Mixed-use Development in Multifamily Today

In this episode, Ron Stang, Chairman of Stevens and Wilkonson, joins the show’s host Michael Bull to discuss the multifamily property sector, including cycle outlook, generational drivers in the market, new technology for multifamily, issues with affordability, density conditions impacting multifamily, mixed-use development, adaptive reuses, workforce housing, and multifamily construction costs.

Court Strikes Down Miami Beach’s Airbnb Ban

Miami Beach’s ban on short-term home-sharing has been struck down in court. The city of Miami Beach passed some of the harshest penalties against home-sharing in the country in 2016 — it increased short-term rental fines from $500 and $1,500 for multifamily and single-family homes, respectively, up to a whopping $20K. Each subsequent violation was set to increase by $20K. Miami Beach also…

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October 9, 2019

Miami Commercial Real Estate News October 2, 2019: Terra Closes on Loan for Grove Project; Blackstone Buys Miami Gardens Industrial Properties; More…

First Ground-Up OZ Project Comes to Miami Design District

BH3 will develop an 86,000-square-foot retail project in Miami’s Design District, the 30-acre enclave featuring high-street shops, upscale restaurants, art galleries and hotels. The development will be the first and largest ground-up building to rise in this Designated Opportunity Zone. The project received its final and non-appealable site plan approval in August 2019. Having Segal Suarez as architect…

Does WeWork’s Stumble Herald A Bigger Collapse For Coworking? Miami Might Have The Answer

WeWork’s failed IPO rollout and doubts about its underlying business model beg the question: Will the fallout spread to coworking, just as it has started taking up more and more of the office market? For that answer, watch the city with the highest percentage of coworking in the country: Miami. Location Ventures CEO Rishi Kapoor, who is based in Miami and has ambitious worldwide plans for coworking…

Matis Cohen and Galbut family score board approval for North Beach project, to include apartments and micro-units

Matis Cohen and Marisa Galbut with the 72nd and Park rendering Matis Cohen and the Galbut family’s proposal to significantly make over Miami Beach’s Carlyle and Byron avenues scored an important approval Wednesday. The city’s design review board granted two waivers for 72nd and Park, a major mixed-use project the developers propose for North Beach under new development guidelines the city…

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

Forever 21 owes these five mall owners $20.9 million, bankruptcy court records show. When South Korean immigrants Jin Sook and Do Won Chang landed at Los Angeles International Airport in 1981, they had nothing. The couple eventually scraped together a modest savings and opened their first clothing store in Los Angeles. Over three decades later, they turned that single store into a fast-fashion…

$20M Sale of Miami Distribution Center Arranged

CBRE has brokered the $19.5 million sale of the Tire Group International Distribution Center, a 179,972-square-foot single-tenant warehouse at 7500 NW 35th Terrace in Miami. TDH Realty sold the property to Brookfield Asset Management, according to the South Florida Business Journal. CBRE Senior Vice Presidents David Wigoda and Devin White, along with Financial Analyst Sean Kelly…

Here Come The Virgin Hotels

Virgin Hotels — part of billionaire Richard Branson’s Virgin empire — will open an outpost in Miami’s Brickell neighborhood in 2023. The 40-story hotel will be developed with Blue Jay Capital, a South Florida private equity firm, and include 15 floors of furnished residential spaces in 150 micro and co-living units. Virgin Hotels launched in 2010 and now includes open hotels in Chicago and San Francisco.

Kushner goes to Broward, buying site near Fort Lauderdale train station

Kushner Companies is making its first big real estate play in Fort Lauderdale. The company, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is under contract to purchase three properties for $49 million across the street from the Virgin Trains station in downtown Fort Lauderdale’s Himmarshee District, sources told The Real Deal. Swire Properties of Hong Kong is selling the lots at 200…

Watch: A-Rod on the benefits and pitfalls of being a celebrity investor

Alex Rodriguez has been investing in real estate for decades. He made his first purchase — a duplex outside of Miami that he needed a $48,000 downpayment for — when he was 22. But in the years since, the former Yankee third baseman, who is now 44, has built a sizable national real estate portfolio. He has thousands of units, all under the A-Rod Corp. umbrella, in U.S. markets like Chicago, North Carolina…

Two South Beach hotels hit the market for $42M

The owner of two South Beach hotels is looking to sell the properties for a combined $42 million. Companies tied to Orlando J. Valdes own the Cavalier Hotel at 1320 Ocean Drive and the Henrosa Hotel at 1435 Collins Avenue. The properties mark the last hotels that the family owns in Miami Beach, according to the listing broker, Susan Gale of One Sotheby’s International Realty. The Valdes family owns…

Quadrum Global plans Arlo hotel in Wynwood

A rendering of Arlo Wynwood Hotel developer Quadrum Global is planning to build an Arlo hotel in Wynwood, nearly a year after buying the property. Quadrum Global tapped NBWW Architects (Nichols Brosch Wurst Wolfe & Associates) to design the mixed-use hotel at 2217 and 2233 Northwest Miami Court, according to a press release. The project adds to the pipeline of hotels planned for Wynwood…

Miami gives scooters two more months in trial

Scooters can remain on city of Miami at least a bit longer. With the first six months of a pilot program wrapped up, the Miami City Commission last week voted to renew the scooter program two more months. The second iteration has added measures to address safety concerns, as emphasized by Chairman Ken Russell, whose district will continue being the sole area of scooter operation in the city, He…

Climate cloud may hang over Wynwood

Plans for a woonerf on Northwest Third Avenue in Wynwood have evolved to include gateway art, possibly in the form of a “climate cloud” that would be suspended above Northwest 29th Street, and a meandering layout intended to slow traffic down. Jennifer Bolstad and Walter Meyer, co-founders of Local Office, the Brooklyn-based firm that designed the streetscapes for Miracle Mile and Giralda…

Nothing’s Forever: Lincoln Road location in Miami Beach among those on Forever 21’s closure list

Forever 21 identified a trio of New York City stores on its list of 178 locations in the United States that the struggling retailer has slated for closure. The brand also slated 20 stores in the Los Angeles area, along with nine in Chicago and three more in South Florida, including 701 Lincoln Road in Miami Beach. In Manhattan, the fast fashion…

Blackstone buys two Miami Gardens industrial properties for $14M

Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street Blackstone acquired two industrial properties in Miami Gardens for $13.6 million, adding to its growing South Florida portfolio. The private equity giant bought the combined 122,078-square-foot industrial site at 5120 Northwest 165th Street from TA Realty for $111 per square foot, records show. The properties are in the Palmetto…

Downtown Miami office building hits market, brokers expect sale price to top $30M

Another downtown Miami office property hit the market, as owners of older buildings hope buyers will pay a premium to redevelop a property. The office building at 235 Southeast 1st Street is unpriced, but the brokers expect the sale price to be more than $30 million, according to a spokesperson. Colliers International South Florida’s Mika Mattingly and Cecilia Estevez are listing the property. The four…

Blackstone buys Colony Capital’s warehouse portfolio for $6B

Blackstone is doubling down on its e-commerce bet with another multibillion dollar industrial portfolio deal. The company is buying Colony Capital’s national warehouse portfolio for $5.9 billion, according to the Wall Street Journal. Blackstone also struck a deal in June to buy a similar portfolio from GLP for $18.7 billion, although it has already started to sell portions of that portfolio. The portfolio Colony…

WeWork pulls its public offering

WeWork is officially pulling its public offering. The firm’s co-CEOs, Artie Minson and Sebastian Gunningham, said in a statement that WeWork “decided to postpone our IPO to focus on our core business.” “We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” the statement said. Sebastian Gunningham Last month, the firm’s…

Greystar looks to sell luxury rental building The Mile near Coral Gables

The Mile, Robert Given and Troy Ballard A luxury apartment development near Coral Gables is hitting the market, and it could sell for more than $40 million, based on recent sales. Greystar tapped Cushman & Wakefield to list the 120-unit building at 3622 Southwest 22nd Street without an asking price. Listing broker Robert Given said that comparable properties have sold for about $350,000 per unit. That would…

Video: Architecture, Engineering, and Design firm Stevens & Wilkonson Chairman Ron Stang Discusses Mixed-use Development in Multifamily Today

In this episode, Ron Stang, Chairman of Stevens and Wilkonson, joins the show’s host Michael Bull to discuss the multifamily property sector, including cycle outlook, generational drivers in the market, new technology for multifamily, issues with affordability, density conditions impacting multifamily, mixed-use development, adaptive reuses, workforce housing, and multifamily construction costs.

South Florida by the numbers: Miami athletes and real estate

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. We do love our sports here at South Florida by the numbers headquarters. And September is an especially fun time of the year: the Marlins are winding down, the Dolphins and Hurricanes have just gotten started, and the Heat and Panthers check into the game next…

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

The Related Group, developer Alex Karakhanian and their partners purchased a large property in Wynwood for $32 million, with plans to redevelop the site, The Real Deal has learned. A joint venture between Related, Karakhanian and Tricera Capital’s Scott Sherman and Ben Mandell closed Thursday on the 2.1-are site at 2801 Northwest Third Avenue. Tony…

In a sluggish condo market, these Miami developers find a sweet spot

It’s no secret that the Miami area is facing an oversupply of shiny new condos, spacious units with sprawling terraces in skyscrapers stretching from Brickell to the northernmost tip of Sunny Isles Beach. But a new product type has emerged that developers claim they can’t build quickly enough: more affordable units that buyers can rent out however and whenever they want, no strings attached.

WeWork is booting Adam Neumann’s friends

WeWork is clearing house of Adam Neumman’s closest allies. At least two executives were told Wednesday night that their tenure with the company is up, people familiar with the matter told The Real Deal. While a source said some of the execs were still at WeWork as of Thursday afternoon, another source said the company was in the process of negotiating their…

Terra closes on $185M construction loan for latest Coconut Grove project

Terra secured $185 million in construction financing for its next development in Coconut Grove. Mack Real Estate Credit Strategies is providing the loan to Terra for the Bayshore Grove project at 2655 South Bayshore Drive in Coconut Grove, according to property records. It’s one of the largest construction loans to close in South Florida this year, after the $300 million loan for Vlad Doronin…

Crescent Heights to begin construction of massive Edgewater project

Developer Russell Galbut’s Crescent Heights acquired more land for the firm’s massive Edgewater development. The AIDS Healthcare Foundation sold its building at 2900 Biscayne Boulevard to Crescent Heights’ 2900 Block Redevelopment LLC for $6.75 million. The property is in an Opportunity Zone. Galbut said it is the last piece of land needed for the fully assembled site. “Several pads within the…

Miculitzki family lists property near Wynwood Walls for $18M

Block Capital Group, owned by the Miculitzki family, is looking to sell a retail property near the Wynwood Walls for $18 million. 295 Wynwood LLC, led by Martin Miculitzki, gut-renovated the property at 2729 Northwest Third Avenue and leased the 9,616-square-foot building to Bfyne, a clothing store; Giache Crepes; and D’Cajon, a restaurant. The property fronts Third Avenue, one of the streets where…

Adam Neumann to step down as WeWork’s CEO

Adam Neumann stepped down Tuesday as WeWork’s CEO as the company moved to salvage a planned initial public offering — if not the company itself. The chief executive’s exit concludes talks that began in recent days between Neumann and his company’s investors and board members. The Wall Street Journal first reported the news. “In recent weeks, the scrutiny directed to…

Edgewater’s Development Boom Shows No Signs of Slowing

One of Miami’s hottest new locations is Edgewater, located east of Biscayne Boulevard and overlooking Biscayne Bay. Several factors already make Edgewater an excellent location thanks to its proximity to both the 195 and 395 entrance ramps leading to highway I-95, which can take you north or south. Highways 836 and 112 can get you to Miami International Airport within minutes, and there are 3…

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October 2, 2019