Keyes Commercial Leads Full Year 2017 Miami-Dade MLS Ranking

Keyes Commercial Leads Miami-Dade in 2017 MLS Commercial Sales

Listings · Off-Market · Contact

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).

0 Comments
March 13, 2018

Yardi Kube Regional Manager, Coworking Discusses Coworking Trends

Warren Hersowitz of Yardi Kube joins Michael of America’s Commercial Real Estate Show in Studio One to discuss coworking trends and how they’re affecting office real estate property today. He talks about how buildings are incorporating coworking in buildings, using the concept to increase rent per square foot. Contibuting technologies are discusses, particularly for large coworking / shared space companies. Issues specific to shared space are discussed, including managing conference rooms, wifi, and other amenities. Some of the larger coworking companies include WeWork, Regus, Spaces, Knotel, Techspace, and more. This video, however, is not specific to any of these, but instead more general and as it affects office property assets.

0 Comments
July 16, 2019

Commercial Property Borrowing Cost Quarterly 2019 Q2

5-Year and 1-Month Treasury Yields Five Year Chart Ending June 30, 2019 for Consideration of Commercial Real Estate Borrowing Cost

5-Year and 1-Month Treasury Yields Five Year Chart Ending June 30, 2019 for Consideration of Commercial Real Estate Borrowing Cost

At the end of the 2nd quarter of 2019, both short and intermediate yields continued their decline from higher levels reached late in the prior year. Also of note is that the yield curve has inverted, with five year rates higher than short term, as can be seen here with 1 month treasuries yielding more than those with five year maturities. Historically, an inverted yield curve is highly predictive of a looming recession. This time. I can tell you with absolute certainty what this means, but in a couple of years. After all…

“It’s tough to make predictions, especially about the future.”

~Yogi Berra

For borrowers financing commercial real estate the news here is great, from a financing cost perspective, as five year rates, most closely tracked for commercial property borrowing cost, declined to under 2% on a nominal basis, “happy money”  levels. Meanwhile short term rates, here represented by 1 month treasury rates, hovered just a touch above 2% in this inverted environment.

The interest rate environment has the ability to affect commercial property economics in a number of different ways (see thisthis, and this).  Borrowing costs are, of course, affected directly, as higher interest rates increase the cost of borrowing and thus  negatively affecting demand.  Cap rates tend move over time with interest rates, but not in lockstep, with considered analyses generally concluding that capitalization rates on average move in the same direction as 10-year rates, but only about a third as much, and again not in lockstep.  Interest rates also affect the economy, which in turn affects vacancy and rental rates.

0 Comments
July 12, 2019

Video: RealPage Market Analysis Manager Carl Whitaker Provides Multifamily Outlook

Carl Whitaker, Manager of Market Analytics with RealPage, providing property management software solutions for the commercial real estate industry, joins the host of America’s Commercial Real Estate Show to discuss the multifamily market, including investment performance, supply, and rent growth. A chart is displayed showing growth of supply, dominated by the western United States, as well as another chart showing the significant growth in supply, though met by associated demand. A rent growth chart shows a 37 quarter streak of positive rent growth, impressive indeed.

July 11, 2019

Miami Commercial Real Estate News July 10, 2019: Whitmans Get $550 Million Loan for Bal Harbour Shops; Hotel Planned for Dadeland Mall; More…

Live, work, stay? Dadeland Mall is getting its own hotel

Rendering of the AC Hotel by Marriott at Dadeland Mall and David Simon (Credit: DLR Group) Simon Property Group is planning an AC Hotel by Marriott at the Dadeland Mall. The retail real estate investment trust will build a 177-room, seven-story hotel on the northwest corner of the property, next to a Macy’s Home & Children store, a spokesperson said. Simon and Concord Hospitality Enterprises…

Whitman scores $550M loan for Bal Harbour Shops

Bal Harbour Shops, Matthew Whitman Lazenby, Erica English, Howard Friedberg and Michael Katz UPDATED, July 8, 2:35 p.m.: Whitman Family Development closed on a $550 million loan for Bal Harbour Shops, as the high-end shopping center undergoes a major expansion. MetLife Investment Management is the lender, according to a release from Katz Barron. The financing replaces a $150 million loan that…

Whitman Family Lands $550M Financing for Miami Retail Project

Big change is afoot at the world-renowned Bal Harbour Shops in Bal Harbour, Fla., now that owner Whitman Family Development has landed $550 million in financing. HFF arranged two loans on behalf of Whitman, which will utilize the funds to expand the approximately 463,100-square-foot luxury retail property. The financing came in the form of a $400 million floating-rate construction facility, one of…

HFF Arranges $550M Construction Loan for Bal Harbour Shops in Miami Beach

HFF has arranged $550 million in financing to expand Bal Harbour Shops, an upscale shopping mall in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. The borrower, Miami-based Whitman Family Development, will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total…

Bal Harbour Shops, with 100% Occupancy & Tenant Waiting List Borrows, $550 Million for Expansion

The Bal Harbour Shops in Miami take up 463K SF, but apparently, that’s not enough for tenants who want in. The mall has been fully leased for decades and has a waiting list, so its developer has taken out a $550M loan to retire an existing loan and expand by 300K SF, HFF announced this week. MetLife Investment Management was the lender on two loans with the mall’s owner, Whitman Family…

Michael Shvo wants to build a 200-foot tower near his South Beach hotels

Raleigh hotel with Michael Shvo (Credit: Trip Advisor) New York developer Michael Shvo is one step closer toward being able to build a 200-foot-tall residential tower in South Beach. On Tuesday, the Miami Beach Historic Preservation Board backed a proposed ordinance that will allow property owners who own 115,000 square feet of land to build “ground level additions” up to 200 feet high in the RM-3…

AOC and Kamala Harris want to reverse rule that evicts public housing tenants over felonies

As democratic presidential candidates look to distinguish themselves from the pack and demonstrate their progressive bona fides, Alexandria Ocasio-Cortez and Kamala Harris are teaming up to strengthen protections against housing discrimination. The duo proposed a bill that would outlaw the so-called “one strike” rule, which has been…

Landlord Loses Additional Rent Dispute Based on Lease Language

Another new commercial lease case, another instance of drafting being the deciding factor.  We’ve looked at cases where drafting affected guaranties (here and here), exculpatory clauses, remedies, and how to calculate renewal rent.  To be clear, cases turning on lease drafting are not necessarily borne of drafting errors.  But the specific words the parties use matter. In Dezer Intracoastal Mall, LLC v. Seahorse…

Industry group says Florida ranks fifth in overall commercial development nationwide

It’s not just your imagination: Florida is booming. The state ranked fifth in the U.S. for all commercial real estate development, according to an annual survey by an affiliate of the National Association of Industrial and Office Parks. The Sunshine State trailed only Texas, New York, California (perhaps no surprise there) and a sleeper — Tennessee. In all, Florida commercial real estate projects pumped $20 billion…

Florida’s Hospital Wars: State Eliminates Certificates Of Need

Florida Gov. Ron DeSantis signed a bill last month that eliminates certificates of need before certain hospital facilities can be built. This could potentially lead to a wave of new medical facilities throughout the state, though executives are currently waiting to see whether restrictions will simply be shifted into licensing requirements. Nationally, there are efforts underway to knock down CON laws in other…

Related Group buys more land in Wynwood for mixed-use project

Jon Paul Perez and Jorge Perez with 51 Northwest 28th Street The Related Group paid nearly $6.5 million for land in Wynwood where it’s planning to build a mixed-use project, The Real Deal has learned. Related’s PRH NW 28 LLC closed on the lots at 33, 45 and 51 Northwest 28th Street, property records show. The land totals 20,700 square feet. Jonathan Eismann of Lombardi Properties represented the sellers…

Investors buy North Beach assemblage with plans to redevelop

From left: Michael Bird, Jefferson Brackin, and Jose Sasson Investors Jefferson Brackin and Michael Bird paid $5.9 million for a commercial assemblage in North Beach, with plans to redevelop the property. Brackin and Bird’s Nobe Creek LLC bought the three properties at 666 71st Street, 6994 Carlyle Avenue and 6980 Carlyle Avenue in Miami Beach, said Jose Sasson of Axiom Capital Advisors. Sasson…

Flight training center plans major investment in Sweetwater

An undisclosed flight training center already operating in Miami-Dade County plans to lease 83,000 square feet in Sweetwater and add ten flight simulators at a total cost of more than $104 million – almost $100 million for the simulators alone – in an operation that would add 73 jobs in the county. The global logistics company plans to pay an average of $77,740 for each of the 73 new jobs, plus an…

Miami looks at creating another Dinner Key mooring field

As the City of Miami moves ahead on long-awaited repairs and improvements at the city’s Dinner Key Marina, another contractor is poised to be hired to build an adjacent mooring facility. The matter is scheduled for review and a vote at the city commission’s meeting today (7/11). The Department of Real Estate and Asset Management or DREAM is recommending the city award the work to Dock and…

Miami-Dade courthouse to cost $1.2 billion on arsenic-laced site

A new civil and probate courthouse will cost Miami-Dade County $1.2 billion in payments over the first 30 years, straining budgets and probably forcing service cuts in vital areas if taxes aren’t raised, Mayor Carlos Giménez warned commissioners last week. Furthermore, the $1.2 billion estimate doesn’t include environmental costs – and he said that a new assessment report shows soil and groundwater…

After legal war, Jackson Health’s Doral hospital to be done in 2020

With a major change in state law on hospitals this month, Jackson Health System is moving forward with its plans to open José Milton Memorial Hospital at the Jackson West Medical Center in Doral. The county-owned health system says it will open the 100-bed acute care hospital next year. The hospital sits beside the main building and garage on the 27 acres Jackson Health System owns at 7800 NW 29th

Lincoln Road blanketed with 500 native orchids

Walking on Miami Beach this summer can be even more mesmerizing than usual. Since Tuesday morning a block of Lincoln Road has been blanketed with 500 native orchids, planted among the palms and hardwood trees. Over eight species of the vibrant plant were donated to the City of Miami Beach by Terranova, one of South Florida’s leading real estate firms, contributing to the city’s goal to…

With taxes rising elsewhere, downtown Miami can add to its gains

Give credit where it’s due to Miami’s Downtown Development Authority for consistent, successful focus on enticing niche financial operations to Miami, adding high-income jobs, ultra-high-income residents, and large-scale economic clout. Those victories have pushed the DDA higher up the scale of community impact by doing the economic development job that had eluded downtown for many years…

Former Kaplan University buildings in Fort Lauderdale sells for $37M

1525 Northwest 62nd Street in Fort Lauderdale, Purdue University Boilermaker mascot A former Kaplan University property in Fort Lauderdale sold for $36.5 million. An Illinois company sold the leasehold interest for two buildings at 1515 Northwest 62nd Street and 1525 Northwest 62nd Street, records show. Purdue University Global, an adult online education program that is part of the Purdue…

Urban League of Greater Miami sells mixed-use property in West Little River

T. Willard Fair, President and Chief Executive Officer of the Urban League of Greater Miami and 8400 NW 25th Avenue The Urban League of Greater Miami sold a mixed-use project in the West Little River neighborhood of Miami-Dade County for $12.5 million. The nonprofit sold the property at 8400 Northwest 25th Avenue to Elizabeth Gardens of Miami LLC, which is managed by Lisa Ramos and Lisette…

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

Deutsche Bank CEO Christian Sewing (Credit: Getty Images and iStock) It’s business as usual. That’s the message Deutsche Bank has sent to New York’s real estate industry following the weekend announcement it would shutter its investment banking arm’s equity sales and trading divisions and slash thousands of jobs worldwide. The German bank has been battered in recent years, enduring losses and…

Blackstone buys 9-acre industrial site in Medley

Stephen A. Schwarzman and 8482 Northwest 96th Street (Credit: Google Maps) A Blackstone affiliate bought two industrial vacant lots in Medley for $7.2 million. Link Industrial Properties, an affiliate of Blackstone, bought the 8.8-acre site for $818,181 per acre. The seller is Medley Auto Parts, which is managed by Jorge Seoane of Hialeah, Ana Maria Seoane-Garcia of Davie, and Yolanda Orihuela Cruz…

Video: Counselors of Real Estate Chair Julie Melander Top Ten Issues Affecting Real Estate ~ Part 2 of 2

In this video, Julie Melander, the current chair of the Counselors of Real Estate, an international organization of commercial property professionals from leading real estate, financial, law, valuation and business advisory firms, as well as real property experts in academia and government, discusses what her organization has identified as the current and emerging issues expected to have the most…

Deco Capital Group plans mixed-use project in Allapattah

Affiliates of Deco Capital Group completed an assemblage of land in Miami’s Allapattah neighborhood, where the firm eventually plans to build a mixed-use medical office development, The Real Deal has learned. The assemblage consists of the properties at 1045, 1055, 1061, 1069 and 1089 Northwest 20th Street; and 1058, 1068 and 1098 Northwest 21st Street

Cold storage is hot: Developer scores $48M construction loan to build Hialeah facility

A rendering of a building in the Countyline Corporate Park, with the Preferred Freezer Services logo Cold storage is hot. A giant cold storage warehouse will soon rise in Hialeah after its developer secured a $48 million construction loan. Chill Build Miami I LLC, tied to Indianapolis-based DEEM, received the construction loan from a syndicate of banks. Huntington National Bank, Associated Bank…

Investors bet on restaurants’ move to delivery-only

Uber founder Travis Kalanick (Credit: Getty Images and iStock) Startups are trying out a new model for restaurants in the age of food delivery: shared kitchens in warehouse spaces with limited storefronts. The move could solve a quandary that has long plagued the restaurant industry: profit margins for delivery are thin, and restaurant space comes at a premium. But scrapping space for dine-in…

Congress Group and Encore Capital Management are in a legal battle over Doral mixed-use project

Art Falcone and Dean Stratouly With a $74 million construction loan due in mid-August, two prominent real estate investment firms are locked in an acrimonious dispute over ownership of a partly completed mixed-use project in Doral. In a lawsuit filed last month in Miami-Dade Circuit Court, a shell company controlled by Boston-based Congress Group alleges that it was illegally ousted from the…

Cement pour at Ocean 2000 site takes 13 hours, 240 trucks and 500 tons of steel

Ocean 2000 cement pour New York-based developer KAR Properties poured cement for the foundation of Ocean 2000, a beachfront condo development in Hallandale Beach. Suffolk Construction oversaw a 13-hour cement pour at the development site, 2000 South Ocean Drive, that required 240 trucks and 500 tons of steel. The cement-pouring marathon from 2 a.m. to 3 p.m. on Saturday was one…

Investors score Doral office and retail complex for nearly $7M

9550-9594 Northwest 41st Street in Doral and Alex Zylberglait A family trust sold an office and retail complex in Doral for $6.6 million to investors who plan to upgrade the property. The Ian Law Trust sold the 35,560-square-foot Showplace at Doral, at 95509594 Northwest 41st Street in Doral, to Americas 2122 LLC. The buying entity is led by Nelson Albareda and Jesus Iglesias of Doral, records show.

AEW Capital Management sells senior living facility in Cooper City

Artemis Capital’s Deborah Harmon, Sheridan at Cooper City AEW Capital Management sold a 120-unit senior living facility in Cooper City to Artemis Real Estate Partners for $37.5 million. Boston-based AEW Capital sold the 93,045-square-foot property at 2580 Pine Island Drive for $403 per square foot, records show. The senior living facility is known as the Sheridan at Cooper City. The center provides…

Honeywell sells Medley industrial building to Leo Ghitis

Darius Adamczyk and 9315 Northwest 112 Avenue Honeywell International sold an industrial building in Medley for $5.2 million to a company tied to South Florida real estate investor Leo Ghitis. Charlotte, North Carolina-based Honeywell sold the 49,333-square-foot building at 9315 Northwest 112 Avenue for $105 per square foot, records show. A company tied to Ghitis is the buyer, according to…

The top multifamily developers in South Florida, ranked

Construction cranes are filling up pockets of South Florida like Midtown Miami, Wynwood, Coral Gables and downtown Fort Lauderdale. But instead of the glittering condo towers that the region is known for, developers are turning their focus to creating traditional multifamily buildings. By the end of this year, 7,500 new apartments will be completed in Miami-Dade, marking the most active year…

How Crescent Heights developer Russell Galbut plans to remake South Florida

Russell Galbut (Photo by Sonya Revell) When Miamians and tourists drive eastbound on the MacArthur Causeway, past Star, Palm and Hibiscus islands, past the cruise ships with passengers waving as they exit the port, the first building that’ll catch their eye will be a veritable skyscraper. A 44-story, 519-foot-tall luxury residential building dubbed Park on Fifth is set to rise at 500 Alton Road, right at…

Arbor Provides $9.3M Acquisition Loan for Multifamily Property in North Miami

Arbor Realty Trust Inc. has provided a $9.3 million acquisition loan for Arlington Manor Apartments, a 91-unit multifamily property in North Miami. Built in 1969, the four-story property is situated at 12501 NE 13th Avenue, 13 miles north of downtown Miami. Arlington Manor offers studio, one-, two- and three-bedroom floor plans. Alexander Kaushansky of Arbor originated the loan on behalf of the…

Edgewater Condo Site Accused of Polluting Biscayne Bay

In May, Texas-based apartment developer Mill Creek Residential broke ground on a luxury tower in the Miami neighborhood of Edgewater. The 27-story Modera Biscayne Bay boasts a rooftop pool, digital package lockers, a Pilates studio, and “spectacular views of Biscayne Bay.” But during construction, the builders have been cited for polluting the very body of water the owners tout in…

Island Gardens Mega-Yacht Marina and Resort Project Moving Forward on Watson Island

On Watson Island, now known as Jungle Island, the Flagstone Island Gardens development firm has been litigating with the City of Miami and winning. The firm is expecting a settlement exceeding $100M from the City so they can proceed with their $1 billion luxury Island Gardens marina and resort project. After a Miami-Dade Circuit Court judge ruled in 2016 that the City violated a lease and illegally…

Lawsuit alleges $3.2M in unpaid work at Miami Beach Convention Center

Miami Beach Convention Center The Miami Beach Convention Center’s renovation project may be over, but one of the nation’s leading steel suppliers is still trying to collect a check for $3.2 million worth of materials and labor. Lynchburg, Virginia-based Banker Steel sued four insurance companies that provided a $515 million performance bond for the $615 million project. The lawsuit, filed in…

Residents, property owners in Sunny Isles Beach say City Commission plan is a ‘deathblow’

So what if a group of local folks have a beef against a developer. Seems they always get their way anyhow. Not this time, however, if dozens of angry residents and property owners in Sunny Isles Beach succeed in nipping a City Commission plan in the bud that would effectively permit developers to construct 6,000 hotel units and 1,000 residential units within a tight two-block radius. Not only is the…

New Hotel Proposed to replace Bentley Edgewater Condo Hotel

A new eight-story boutique hotel has been proposed in Edgewater to replace the 36-story Bentley Edgewater condo hotel project that was recently scrapped. Developer Amaury Martinez is proposing to build The Edgewater Hotel, a 207-key hotel that will encompass nearly 159,000-square-feet of area and is earmarked for construction at 410 Northeast 35th Terrace. While the developers have hinted that…

0 Comments
July 10, 2019

Video: Counselors of Real Estate Chair Julie Melander Top Ten Issues Affecting Real Estate ~ Part 2 of 2

In this video, Julie Melander, the current chair of the Counselors of Real Estate, an international organization of commercial property professionals from leading real estate, financial, law, valuation and business advisory firms, as well as real property experts in academia and government, discusses what her organization has identified as the current and emerging issues expected to have the most significant impact on real estate. This video continues from part 1, finishing off the list of issues, beginning with the 4th issue on the list, the Technology Effect, then continues with number 3, Weather and Climate Effects, number 2, Housing Affordability, and then finally their top identified issue, Infrastructure.

~~~

The Counselors of Real Estate, an international organization of commercial property professionals from leading real estate, financial, law, valuation and business advisory firms, as well as real property experts in academia and government, have identified a set of current and emerging issues that they expect to have the most significant impact on real estate.

This is part 2 of 2. Watch part 1 here.

0 Comments
July 9, 2019

Miami Commercial Real Estate News July 3, 2019: Miami Approves Land Swap for New Admin Building; River Commission Fighting Development Plan; More…

Baywood buys site in Blue Lagoon to build 225-room hotel

1101 Northwest 57 Avenue Miami (Credit: Google Maps) Baywood Hotels paid $10.5 million for part of a lot in the Waterford at Blue Lagoon office park where it has approval to build a 225-room hotel. Baywood bought the 1.4-acre property at 1101 Northwest 57 Avenue in Miami for $166 per square foot, records show. The seller is Blue Lagoon Development LLC, which is tied to Miguel Mouriz of New…

Miami commissioners approve Adler’s mixed-use project on city property

Michael Adler and a rendering of Miami Riverside Center A deal by the Adler Group to redevelop the city of Miami-owned Miami Riverside Center won narrow approval by commissioners, despite criticism tied to the developer building a new city administrative building. The Miami City Commission voted 3-2 on Thursday to approve the 99-year lease agreement with Lancelot Miami River LLC…

Miami River Commission asks city to sink development plan

The Miami River Commission voted unanimously Monday to recommend that the City of Miami not approve 555 River, a proposed 12-story hotel and office complex at 517663 NW South River Drive. Board members listened as a parade of residents from the historic Spring Garden neighborhood complained that the project is out of scale for the area, is not in keeping with the area’s marine character…

The Long-Coming Largest American Mall – American Dream Miami – Another Step Closer

Rome wasn’t built in a day, and the next property to take the title of largest mall in the United States won’t be either. The American Dream Miami was proposed about three years ago and might not be complete until after the mid-2020s. But the property is now closer to realization, with work set to begin on a critical piece of infrastructure necessary for the project. Bids are due this month on the…

Sec. Carson Cuts Ribbon On Redevelopment Of Liberty Square Public Housing Project From ‘Moonlight’

An apartment for $147 per month? In Miami? Sharon Gregory couldn’t believe it either — and she was moving in. Gregory is one of the people awarded a one-bedroom unit at Liberty Square, a housing project built in the 1930s that is undergoing a $300M renovation. Phase 1 opened this week at Northwest 15th Avenue and 67th Street. The housing project, known locally as “Pork N Beans” and referenced…

Miami OKs land swap for new administration building

The Miami City Commission has wrapped up a complicated real estate deal that will result in a new government administration building, freeing up a valuable riverfront site for three towers from a private developer. The major move did not come without contention and opposition, and ultimately a vote of 3 to 2. Voting to approve three resolutions on the deal June 27 were Chairman Ken Russell and…

Miami Beach Convention Center Hotel wins approval

Convention Center Hotel renderings with David Martin and Jackie Soffer All that’s left now: the aesthetic minutiae and the permits. Arquitectonica’s design for the 185-foot-tall, 800-room, $362 million Miami Beach Convention Center Hotel was unanimously approved by the Miami Beach Design Review Board on Tuesday. The hotel development team, led by developers David Martin of Terra and Jackie Soffer of Turnberry Associates, will still need to return to the city’s planning department to hash o…

Natiivo Miami is the new luxury building with the AirBnb brand

Natiivo Miami is the latest residential and hotel development in Downtown Miami, a luxury resort that is boosted in this case by the famous AirBnB system, the giant of private apartment reservations that competes with the largest hotel chains worldwide. Natiivo will be a condominium where you can spend your holidays or any other time of the year in Miami, but at the same time you will have the…

Video: Counselors of Real Estate Chair Julie Melander Top Ten Issues Affecting Real Estate

In this video, Julie Melander, the current chair of the Counselors of Real Estate, an international organization of commercial property professionals from leading real estate, financial, law, valuation and business advisory firms, as well as real property experts in academia and government, discusses what her organization has identified as the current and emerging issues expected to have the most…

Casa Hotels adds to South Florida portfolio with boutique Miami Beach hotel

1420 Collins Avenue Casa Hotels Group, a Chilean investment firm, paid $7.3 million for a boutique hotel in South Beach. The Odyssey of South Beach LLC, led by Ronnie Menashe, sold the 27-key Odyssey Hotel at 1420 Collins Avenue in Miami Beach to Casa Hotels Group, property records show. The Art Deco property traded hands for about $270,000 per key. The 9,600-square-foot hotel marks the fifth…

Video: Miami’s biggest concrete pour for Aston Martin Residences

Construction crews poured the last of 14,000 cubic yards of concrete at about noon on Sunday, marking the end of the foundation spread for the Aston Martin Residences condo tower in downtown Miami. The marathon concrete pour began at 9 p.m. on Friday at 300 Biscayne Boulevard. G&G Business Developments, led by the Coto family of Argentina, is developing the 66-story, 818-foot, 391-unit luxury tower…

Developer sells hotel site in Wynwood, plans retail project nearby

A rendering of the retail project planned for 300 Northwest 29th Street (Credit: Shulman + Associates) Red Group sold a development site in Wynwood — where it had planned to build a modular hotel — to a former Related Group project manager. With the profits from the land sale, Red Group plans to build a 10,000-square-foot retail and restaurant project nearby in Wynwood, according to the company’s…

Demand for apartments reaches 5-year high across US

Chicago and Houston skylines (Credit: Unsplash) Across the nation demand for apartments is now at a five-year high, a consequence of slow home sales and economic uncertainty. The number of move-ins during the second quarter shot up 11 percent compared to last year, according to the Wall Street Journal, citing data from RealPage. That surge caused the national occupancy rate to hit 95.8 percent…

Blackstone bets on Broward County with hotels purchase

Blackstone CEO, 14500 Hotel Road and 14700 Hotel Road, 130 North University Drive Blackstone scooped up three Broward County hotels for $43.2 million, signaling the private equity company’s growing footprint in South Florida. The New York-based company bought two hotels in Miramar — a 125-room Courtyard by Marriott and a 130-room Residence Inn — along with a 138-room Residence Inn in…

BH3 plans retail project in Miami Design District Opportunity Zone

BH3 Co-Founders Greg Freedman Daniel Lebensohn BH3 is planning a nine-story retail development in Miami Design District’s Opportunity Zone, The Real Deal has learned. The $55 million, 86,000-square-foot project at 3801 North Miami Avenue will have retail and showroom space, with 25-foot high ceilings on the ground-floor and 14-foot high ceilings on levels two through nine, according to…

Miller Construction Launches Three New Industrial Buildings In Hialeah

Miller Construction is underway with the simultaneous build of three warehouse/distribution buildings totaling 415,460 square feet at Miami Axis Park, for developer Lincoln Property Company. “With the vacancy rate for Miami-Dade’s tight industrial market at around four percent, delivering next-generation warehouse/distribution space quickly and cost-efficiently is vital,” said Miller Construction President…

Hialeah leads list of top 10 US cities to own a home: ranking

(Credit: iStock) If you are looking for a home, you might not have much luck in the Northeast. Nine of the 10 best cities to buy or own a home are either west of the Mississippi River or in Florida, according to a study by GoBankingRates. With a median home value of $483,900 and a state income tax rate of 5.53 percent, Jersey City was the only metro area in the Northeast to make the cut, clocking in…

Office rents in U.S. are going up — barely

(Credit: iStock) Office rents across the U.S. are ticking up. The average asking rent in May for office buildings over 50,000 square feet in size rose 0.4 percent compared to the previous three-month period, coming in at $36.33, according to data firm Yardi Matrix’s recent national report, covered by Connect Commercial Real Estate. The growth stems from solid demand thanks to a healthy job market.

JP Morgan buys North Beach branch on Collins Avenue

Chase branch at 6916 Collins Avenue with Jose Sasson and Roberto Susi of Axiom Capital Advisors If you can’t beat ‘em, join ‘em? Amid a surge of redevelopment in North Beach, J.P. Morgan bought its Chase bank branch to ensure its ongoing presence, The Real Deal has learned. J.P. Morgan paid $8.45 million in an off-market deal for the branch building at 6916 Collins Avenue, said Roberto Susi, principal…

Forever 21 is in trouble. So some executives asked its landlords to pitch in, report says

From left: Simon Property Group David Simon, Forever 21 CEO Do Won Chang, and Brookfield CEO Bruce Flatt (Credit: Getty Images) Forever 21 is another major retailer attempting to fend off the woes of the retail industry. But its executives remain split on how to chart a path forward. While billionaire co-founder Do Won Chang wants to keep the company’s ownership intact, some breakaway executives…

Here are South Florida’s top five multifamily sales in June

Clockwise from top left: Doral View and Town Fontainebleau Lakes, Alister Boca Raton, Luma West Palm, Glen Apartments, Avana Cypress Creek Apartments Doral View and Town Fontainebleau Lakes – Blackstone Group | $209M Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral, marking the largest multifamily deal in South Florida so far this year. The Related Group…

What Could Slow The Industrial Market in South Florida? ‘There’s Always A Black Swan Event’

The market for industrial property has been booming nationwide, but especially in South Florida, where developable land exists only in a 20-mile-wide strip between the Everglades and the Atlantic Ocean. Experts speaking on a Bisnow panel last week marveled at the growth of the sector, but also warned of “black swans” — unpredictable events with major consequences. Locally, the industrial sector has…

$1B Magic City Innovation District clears final hurdle

From left: Rendering of Magic City Innovation District with Guy Laliberte, Neil Fairman and Tony Cho It took five public hearings in front of the Miami City Commission, each lasting several hours and featuring vociferous opposition, but the developers of the Magic City Innovation District finally got approval for their $1 billion mixed-use project in Little Haiti. At about 1 a.m. on Friday morning, the…

Miami’s Regatta Harbour: Old Meets New

Considered the oldest neighborhood in Miami, Coconut Grove has always been a tourist magnet. Defined by its deeply rooted history, popular shopping and entertainment venues and the lively feel of the area, Coconut Grove is in the midst of a comprehensive rejuvenation process. One of the projects that is dramatically transforming the historic Dinner Key shoreline in Coconut Grove is Regatta…

Miami approves $7M in bond money for affordable housing

Mayor Francis Suarez The Miami City Commission approved the use of bond money to fund five affordable and workforce housing projects in the city. The commission gave the green light on Thursday to use $7.15 million of the initial $58.7 million portion of the Miami Forever Bond. Voters approved the $400 million bond in November 2017 to fund sea level rise and flood prevention, public roadway…

Miami-Dade County Zoning Law: Mandatory Minimum Electric Vehicle Parking Ordinance Passed

The Miami-Dade County Board of County Commissioners recently adopted an ordinance establishing off-street parking requirements for electric vehicles (EVs) which mandates minimum EV parking spaces in all new uses with limited exceptions provided below. The ordinance defines the terms pertaining to EV infrastructure, such as EV Supply Equipment (EVSE), EVSE Space, and EVSE-Ready Space and…

Miami doctor buys retail center near Kendall

13353 Southwest 42nd (Credit: Realtor) Coconut Grove real estate investor Ricardo Carozzi just sold Bird Road Plaza, a retail center near Kendall, for $5.1 million. A company managed by the Carozzi family sold the 17,488-square-foot property at 13353 Southwest 42nd Street for $291 per square foot, records show. The buyer is KBD 95 LLC, which is managed by Dr. Keila Hoover, a family physician in Miami.

Presidential debate 2020 Night 2: Here’s where these Democratic candidates stand on housing

From left: Michael Bennet, Joe Biden, Pete Buttigieg, Kirsten Gillibrand and Kamala Harris (Credit: Getty Images) Some of the 10 Democratic candidates for president taking the stage at Thursday’s debate in Miami have wrapped their housing policies in larger proposals like the environment. Former Vice President Joe Biden is among them. Biden wants to increase the energy efficiency of…

Convene, Industrious partner with Hines to operate new locations across US

From left: Ryan Simonetti, Jamie Hodari and Gerald Hines with 717 Texas in Houston (left) and The Kearns Building in Salt Lake City (right) Gerald Hines is getting into the co-working game. The Texas billionaire, whose eponymous real estate investment firm oversees $121 billion in assets, has announced a partnership with flexible-office startups Industrious and Convene, to open co-working locations…

Aventura Mixed-Use Project Receives $36M Construction Loan

Shalev Development Group has received $36 million in construction financing from BridgeInvest for Ivory 214, a mixed-use project in Aventura, Fla. The 10-story medical and office development will include a 100-key Tapestry Collection by Hilton hotel. The general contractor—a company related to Coastal Construction—broke ground in March of last year and expects to complete construction in…

Luxury Condo Project Moving Forward on McArthur Causeway’s Terminal Island

Terminal Island is a small, triangular island off the MacArthur Causeway that up until now has not been developed for residential use. The island has been used primarily to house the fleet maintenance of vehicles such as police cars, and sanitation buildings for the City of Miami Beach, as well as a gas station for city vehicles, an electric plant, and the Fisher Island ferry terminal. There’s also an active Coast…

Higher density ahead: North Beach land deal gets green light

Sandor Scher, Alex Blavaknik and the project plans Miami Beach gave the green light to a land deal that will allow developers Alex Blavatnik and Sandor Scher to build 110 hotel rooms on Ocean Terrace in exchange for a $15 million park near the oceanfront. The plan was unanimously approved by the Miami Beach City Commission on Wednesday evening. But it’s not a done deal yet. The commission,,,

Is Wynwood’s bougie retail scene cratering?

The owner of this prime corner in Wynwood is asking for $150 to $170 a square foot after Shinola moved out. As Wynwood blossomed into one of Miami’s hottest spots to visit in recent years, the neighborhood seemed immune to the calamity afflicting the retail sector across the country. Rents soared as trendy boutiques, head shops, casual dining spots and bars — all largely catering to a tourist…

Coral Gables Zoning Law: Modified Open Space Zoning Code Creates New Design Challenges

The City of Coral Gables’ zoning code landscape and open space requirements were recently amended as of May 14, 2019. The Coral Gables’ zoning code now requires landscape open space to be provided at the ground level and to be “open to the sky.” This update will have a significant impact on real estate development proposals in areas such as the Coral Gables Central Business District (CBD)…

0 Comments
July 3, 2019

Video: Counselors of Real Estate Chair Julie Melander Top Ten Issues Affecting Real Estate ~ Part 1 of 2

In this video, Julie Melander, the current chair of the Counselors of Real Estate, an international organization of commercial property professionals from leading real estate, financial, law, valuation and business advisory firms, as well as real property experts in academia and government, discusses what her organization has identified as the current and emerging issues expected to have the most significant impact on real estate. This video begins with the 10th issue on the list, public and private debt. She continues with their 9th, volatility and confidence in the markets, then (8) population migration, (7) capital market risk, (6) political division, and (5) end-of-cycle economics. The top three concerns are discussed in another segment.

This is part 1 of 2. Watch part 2 here.

0 Comments
July 1, 2019

Miami Commercial Real Estate News June 26, 2019: 550 Biltmore in Gables Sells for $54 Mil; Co-Working Operator Buys Building on Biscayne; More…

Rieber Developments to Build Seniors Housing, Mixed-Use Tower in Aventura

Rieber Developments has unveiled plans for 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and retail. The project is planned for a plot in Aventura, a northern suburb of Miami. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 square feet of commercial retail space, 30,000 square feet of offices, a 150-unit…

Trump admin wants to spur affordable housing by easing local building restrictions

U.S. Department of Housing and Urban Development secretary Ben Carson and President Donald Trump (Credit: Getty Images and iStock) President Donald Trump wants to give a boost to affordable housing development by easing or nixing restrictive construction rules at the local government level. The president on Tuesday signed an executive order creating the White House Council on Eliminating Barriers…

Co-working space operator picks up low-rise office building in Edgewater for $20.6M

2125 Biscayne Boulevard (Credit: Artstreetecture | Google) A Chicago-based company bought a Miami office building and plans to convert the 54-year-old commercial property to co-working space. Novel Coworking said it paid $20.62 million for the 63,240-square-foot building at 2125 Biscayne Boulevard. The seller, Toy 13 Inc., managed by Francisco Martinez-Celeiro, got $326 per square foot for the…

Mazel Tov! Kosher restaurateur buys South Beach commercial property

Thor Equities sold a South Beach commercial property to a Kosher restaurateur for $5 million. Kerma Capital bought the 7,604-square-foot building with 15 hotel rooms and ground-floor retail space at 852 Collins Avenue, records show. 852 Collins Acquisitions, which is tied to the New York-based real estate firm Thor Equities, is the seller. The price equates to $658 per square foot. Kerma Capital is managed by…

Metro Miami Office Building Sells for $54M

CGI Merchant Group has acquired 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables, Fla. The Miami-based company purchased the asset for $54.4 million, or $336 per square foot. Cushman & Wakefield assisted seller PGIM Real Estate in the transaction. According to Yardi Matrix data, PGIM payed $50.2 million for the property in 2014. 550 Biltmore is the second property…

CGI Merchant Group Acquires Coral Gables Office Building for $54M

Miami-based CGI Merchant Group acquired 550 Biltmore, a 162,293-square-foot office building in Coral Gables for $54.4 million. The 16-story, pyramid-shaped office property features Art Deco architecture and is located two blocks from Coral Gables’ ‘Miracle Mile’ shopping district. Built in 1986 and renovated in 2013, the property has been institutionally owned and maintained throughout its history. On-site…

The doctor will see you soon: developer scores $36M loan for medical office condos

Rieber Developments closed on a $36 million construction loan for a mixed-use medical office condo and hotel project next to Aventura Hospital. The Aventura-based firm, led by Bernardo Rieber, secured the financing for Ivory 214 from Miami-based BridgeInvest… The project at 2820 Northeast 214th Street is under construction and is expected to be delivered in the first quarter…

Dockless Transportation Might Be Your CRE Property’s Next Great Thing

It’s convenient, cheap, and riders love it For the consumer, it’s beautifully simple—rent a bike or scooter for as little as a dollar using a free app on your phone, pick it up at one of the numerous locations across your city, and drop it anywhere when you’re done. Welcome to the era of dockless, urban transportation, the latest iteration of the sharing economy. Rather than shoulder the cost of car ownership, or sit…

Venture asks to convert Olympia Theater building to hotel

A public-private venture with the City of Miami could convert the Olympia Theater building into a profitable boutique hotel, with more than 50% of net revenues going directly to local charities. This unsolicited proposal from New Urban International is on today’s (6/27) agenda for city commission discussion. The city owns the Olympia Theater at the Gusman Center… 174 E Flagler Street. City officials…

New 50-story Brickell tower to be mostly offices

A developer plans a gleaming skyscraper rising 50 stories in the heart of Brickell. Watson Investigations LLC is proposing a project called 888 Brickell Plaza at 830 SE First Avenue, on the corner of Southeast Eighth Street and Southeast First Avenue. The city’s Urban Development Review Board on June 19 recommended approval, with a couple of suggestions. Attorney Carlos Lago represented the…

Miami Beach OKs funds to start dredging clogged waterways

Miami Beach commissioners have approved $250,000 for dredging of the Biscayne Point Waterway and Collins Canal. Homeowners celebrated the decision after waiting nearly three decades for sediment removal. Sediment continues to pile in most areas of Biscayne Point Waterway and Collins Canal, cutting boat access at certain points. It’s a big issue for his residents, said Brian Gilderman, president…

40 Year Recertification Inspections for Commercial Properties

Looking to invest in South Florida real estate? If so, there’s something important that you need to know about commercial properties: the 40-year recertification requirement. In Miami-Dade and Broward Counties, all buildings which are 40 years old from the date of the original Certification of Occupancy must be recertified by the Building Official. If your building has already had its 40-year recertification…

Contractors fined for fatal accident at Chetrit development in Miami Beach

2000 Park Avenue in Miami Beach (Credit: Google Maps) Two contractors were fined by the U.S. Department of Labor’s Occupational Safety and Health Administration for failing to protect employees from falling at a site in Miami Beach, about six months after a worker was killed at the project. GA&L Construction Corp. and the Rinaldi Group of Florida are facing more than $87,000 in penalties after a…

Publix goes shopping, buys Doral retail center for $70M

Publix at Doral Plaza Shopping Center and Randall T. Jones Sr. Publix CEO (Credit: Google Maps) Publix Super Markets paid $70 million, or about 10 million Pub Subs, for a shopping center anchored by the grocery store in Doral. The Lakeland, Florida-based grocer bought three properties totaling 128,255-square-feet at 9755 Northwest 41st Street, 9785 Northwest 41 Street and 9701 Northwest 41 Street for $545…

Developer Amanda De Seta buys South Beach apartment building

Top, down: Amanda De Seta, Roland Ortiz and Victor Olaniel with 221 Collins Avenue Miami developer Amanda De Seta closed on an apartment building in South Beach with flexible zoning. De Seta, founder of LointerHome, which renovates distressed properties, paid $5.4 million, or about $491,000 per unit, for the former Royal condo building at 221 Collins Avenue in the South-of-Fifth neighborhood of…

Lennar Q2 earnings beat estimates, but stock falls due to effect of tariffs

Stuart Miller Lennar Corp. saw its stock drop on Tuesday after it released second quarter earnings and said that tariffs on Chinese goods are costing the company an average of about $500 per home. Still, the Miami-based homebuilder’s quarterly earnings beat analysts’ expectations. The company’s profit, revenue and home deliveries rose thanks to lower mortgage rates and strong incentives offered…

Here are South Florida’s top commercial sales in May

Homestead Pavilion, 14700 Caribbean Way, The Radice III, Congress Corporate Plaza and U.S. Customs & Border Protection building. A partnership between CREC Capital, MMG Equity Partners and Highline Real Estate Capital paid $62.2 million for one of the largest shopping centers in south Miami-Dade County. The buyers bought the 302,346-square-foot Homestead Pavilion at 2400 North…

The Fed: Key Housing Indicators Weaken Further in 2019

As of late 2018, four housing indicators that had signaled each of the three most recent recessions were on a track consistent with a late 2019 or early 2020 recession. They are: 30-year fixed mortgage rates; Existing home sales; Real house prices; Contribution of residential investment to GDP growth. In my December 2018 article, “Recession Signals: Four Housing Indicators to Watch in 2019,” I compared in…

Damn The Speculative Industrial Supply – More Demand Lies Ahead!

The first half of the nine-year bull market in U.S. logistics warehousing was marked by a dearth of “speculative development,” in which buildings go up based on faith in market demand and not on commitments from specific customers. Spec activity froze up during the Great Recession, and didn’t pick up even after the smoke initially cleared. This would spawn the start of a powerful rise in asking rents…

7 for all Mankind to open at Dadeland Mall, luxury jeweler inks lease at Town Center, & other retail lease news

From left: Dadeland Mall, Town Center at Boca Raton and 3900 Biscayne Boulevard with Irma Figueroa (Credit: Simon Malls, Trip Advisor, and BuzzBuzzHomes) Yvel opened a store at Town Center at Boca Raton; 7 for all Mankind is heading to Dadeland Mall; Circa Lighting signed a lease on Biscayne Boulevard, and more. Here’s a roundup of retail leases recently signed across South Florida. Yvel, a luxury…

Virginia Key marina operator seeks to stave off eviction by suing city of Miami

Rendering of the new boat marina by RCI-Suntex, the group that beat a development team including Rickenbacker Marina Inc. for a new city contract Amid pending approval of a new lease agreement to redevelop the city of Miami-owned boat marina at Virginia Key, the current operator is undertaking a legal maneuver to try to preempt eviction by the city. In a lawsuit filed in Miami-Dade Circuit Court…

Jeffrey Soffer’s Turnberry Isle, HFZ’s Shore Club hotel close refinancings

JW Marriott Miami Turnberry Resort & Spa with Jeffrey Soffer, and a rendering of the Shore Club with Ziel Feldman  The owners of two South Florida hotels closed on major refinancings of their properties, records show. JW Marriott Miami Turnberry Resort & Spa | Total loan: $340M TB Isle Resort LP, led by developer Jeffrey Soffer, received $91 million in financing for the JW Marriott Miami Turnberry…

U.S. Commerce secretary Wilbur Ross, South Florida manufacturers talk strategy

U.S. Commerce Secretary Wilbur Ross provided some advice and engaged with manufacturers during a recent South Florida visit. SFBW was the exclusive media invitee as Ross met with members of the South Florida Manufacturers Association at Dyplast Products’ Opa-locka plant, which makes sheet insulation, composite foam cores and specialized products that can insulate cryogenic pipes that can be 250…

Co-living development for the creative class is coming to Wynwood

Wynwood (Credit: Metro 1) The Collective acquired property in Miami’s Wynwood neighborhood for development of a co-living apartment building with art-oriented programming. The London-based company said in a press release it will invest in the $210 million Wynwood project in partnership with Tony Cho, founder of commercial brokerage Metro 1. Founded in 2010, The Collective has more…

Miami-based private equity firm pays $54.4M for Coral Gables office landmark

550 Biltmore in Coral Gables Miami-based private equity firm CGI Merchant Group paid $54.4 million for 550 Biltmore, a 16-story office building in Coral Gables. CGI, which owns co-working space operator Nexus Workspaces, paid $336 per square foot for 550 Biltmore. CGI recently opened two new Nexus Workspaces locations at commercial properties in Boca Raton and Boynton Beach that the firm acquired…

Don Peebles is launching $500M fund for emerging minority and women developers

Don Peebles Development firm Peebles Corp. is launching a $500 million investment fund for minority and women developers in markets that include New York, Los Angeles and South Florida, The Real Deal has learned. The Peebles Corp. founder Don Peebles announced the company’s new fund during TRD’s annual residential real estate showcase on Friday, at the London Hotel in West Hollywood, where he…

All Those Cranes You See in the Miami Skyline? Most are Apartment Buildings, Not Condos

While Miami is known for its extensive array of luxury condos, not all of those new construction projects popping up everywhere are condo towers. In fact, a huge majority of them are actually apartment buildings, geared toward young urban professionals who would rather rent than buy. According to the Miami Downtown Development Authority, in December of 2018 their Market Insights reported…

9 Reasons Why South Florida Commercial Real Estate Is One of the Hottest Markets

On a national and global level, Florida has historically been one of the strongest commercial real estate markets, with continually solid returns and safety for the capital of global & domestic investors. In fact, US News & World Report currently ranks Florida #2 in terms of fiscal stability and #9 with its economy nationwide. Within…

Investor drops $10M on South Beach hostel

Adam Hyatt and Sobe Hostel Investor Adam Hyatt bought the SoBe Hostel in Miami Beach for $10 million, with plans to upgrade the property to a hotel. Property records show Hyatt’s entity bought the 48-room hostel at 235 Washington Avenue from 235 Sobe Hospitality LLC, led by Jack Avid and Steven Oved. The price equates to about $208,000 per room. Hyatt financed the deal with a $7.5…

The Coconut Grove Playhouse saga continues. County petitions court to overturn denial

Carlos Gimenez, Francis Suarez and a rendering of the Coconut Grove Playhouse Miami-Dade Mayor Carlos Gimenez has commenced the next round in the battle with Miami Mayor Francis Suarez over the fate of the Coconut Grove Playhouse. On Monday, Miami-Dade County filed a court petition seeking to nullify Suarez’s veto of a controversial renovation plan for the historic theater, which was initially…

County suing City over Coconut Grove Playhouse

On June 17, 2019, Miami-Dade County filed a lawsuit against the City of Miami regarding the Coconut Grove Playhouse. The County is not going to take “no” as an answer. The county seems quite spiteful and they are going to ram the chrome and glass structure down our throats. The county is asking that the court, “issue a writ of certiorari quashing the City of Miami Mayor’s veto.” The long boring lawsuit…

Skyrocketing Wynwood Rents Cause Classic ABC Costume Shop to Shut Down

Miami’s large community of performing artists, as well as folks who just love to dress up, will lose a favorite provider of costumes and theater props when ABC Costume Shop closes this summer. Miamians have enjoyed access to a wild array of costumes – ranging from glitzy glamour to 3-D horror – at the ABC Costume Shop, run by Italian immigrant Franco Carretti for almost 40 years. In fact, our own…

Lincoln Road in Miami Beach Gains Some Old and New Local Retailers

Three familiar businesses are returning to Lincoln Road, Miami Beach’s premiere retail, entertainment and restaurant high street. Fritz’s Skate, Bike & Surf Shop, Lulu Laboratorium and the Dog Bar have all had original locations in South Beach and now returned. “I think what makes streets interesting are local tenants, interesting tenants,” said Lyle Stern, board member of the Lincoln Road Business…

Make it work! Fabrics store of Project Runway fame buys Midtown Miami buildings

The Midtown Miami building and Jordan Gimelstein of Dwntwn Realty Advisors New York’s Mood Fabrics, featured in Bravo’s “Project Runway,” is heading to Miami. The famed fabrics store, owned by the Sauma family, paid $7.13 million, or about $678 per square foot, for two buildings across the street from the Shops at Midtown Miami, near the Design District, The Real Deal has learned. Dwntwn Realty…

CocoWalk announces new eclectic mix of tenants

As the redevelopment of CocoWalk progresses, four new retail concepts have signed leases to move in when they reopen to the public next year. Joining the center’s tenant mix will be Mister 01 Extraordinary Pizza as we shared with you here. They are an Italian pizzeria that has become one of Miami’s most popular pizzerias; Edward Beiner, a homegrown luxury eyewear boutique that will return to CocoWalk…

Rieber Lands $36M Construction Loan on Florida Medical Office and Hotel Project

BridgeInvest, a lender based in Miami, has originated $36 million of construction financing to fund the development of a mixed-use commercial building in Aventura, Fla., the company behind the project announced today. The property, dubbed Ivory 214 by its builder, Rieber Developments, will add nearly 40,000 square feet of medical office space and 11,000 square feet of retail in the Atlantic coast…

Citizens Property Insurance pulls back on rate hikes

Hurricane Irma storm damage in Florida (Credit: iStock) In some rare good news for South Florida homeowners, the state’s property insurer said it will scale back on its previously planned rate hikes. Citizens Property Insurance said it will only raise its average personal lines residential premium 4.7 percent in Florida, down from its proposed rate increase of 8.2 percent, according to the Miami Herald.

Florida Zoning Appeals Law: Miami-Dade County Special Exception Denial Quashed

In the recent decision of Publix Supermarkets, Inc., v. Miami-Dade County, Case No. 17-082 AP, the 11th Judicial Circuit Court in and for Miami-Dade County held: (i) the applicant successfully carried its burden in a quasi-judicial hearing before the zoning appeals board of Miami-Dade County (the “County”); and, (ii) that the opposition failed to establish the required “competent, substantial evidence” to…

As Development Booms In South Florida, One Firm Is Raising $200 Million To Invest In Foreclosures

The U.S economy is booming. The unemployment rate is at a historic low level. There’s little inflation. And investment capital is fueling a wave of commercial development throughout South Florida. Yet, the founder of a Miami-based private equity firm is doubling his initial target goal of $100 million for a fund dedicated to acquiring distressed commercial real estate loans. Ralph Serrano, principal of Safe…

Grandfathered Out Of An Opportunity Zone? Be Wary Of Doing This.

Get ready for urgency in opportunity zone investing in the coming months. Timing provisions of the federal opportunity zone program require investors to harvest capital gains in 2019 and reinvest them within 180 days to qualify for the full benefit of the program — a 15% tax break. KPMG Tax Managing Director Katherine Breaks and other panelists at Bisnow’s South Florida Opportunity Zones Regulations…

Top Miami (Mainland) Neighborhoods Ranked for Public Transportation

Whether you dream of going carless or simply want to get around town without endless hours of driving, a great public transportation system can truly be a blessing. Not only does it take the stress off your daily commute, but also helps the environment. This is exactly why the City of Miami has an elaborate public transit system. (Frankly it is not yet on par with major world-class transportation systems out…

South Florida Multifamily Headed for Oversupply? Q&A with Hunt Real Estate Capital’s Marc Suarez

South Florida’s multifamily market has continued to see a flurry of activity, with vacancies continuing at record lows despite an outpouring of new supply. Connect Media asked Marc Suarez, Director of Hunt Real Estate Capital’s Miami office, who specializes in multifamily lending transactions throughout Florida, to share insights about what he’s seeing in the market right now. Check out his responses in…

Mayfair Hotel & Spa has new owners

The Mayfair Hotel and Spa was sold this week to Brookfield Asset Management. They purchased the property at 3000 Florida Avenue for around $40 million. The last sale was in 2014 for $28 million by Copperline Partners (West Palm Beach and New York) in partnership with Dallas-based TriGate Capital. The hotel is not part of the whole Mayfair complex, which today is mostly offices. The hotel is it’s own…

Unused Golf Courses are a South Florida CRE Opportunity

Abandoned golf courses are prime opportunities for redevelopment—but be ready to get environmental remediation and community buy-in When Tiger Woods won the Masters in April, golf course owners across the country hoped it would be “the putt heard ‘round the world.” The sport has seen a steady decline in interest since its heydays from the late ‘70s to early ‘90s. As a result, courses have been…

Could Miami Get A Magnetic Levitation Train?

Many tourists don’t realize this until they arrive, but Miami International Airport is located on the mainland of Florida, while Miami Beach is its own separate city, which technically lies on a barrier island. To get there, most people drive over one of several causeways (each about 3 miles long) that traverse Biscayne Bay. You might think that linking the beach and downtown by rail would have been the…

0 Comments
June 26, 2019

Video: Moishe Mana Discusses Vision for Wynwood and Miami in General

Billionaire businessman and real estate developer Moishe Mana discusses his investments over time in the United States, beginning with Moishe’s Moving Systems and then continuing with real estate in Miami and elsewhere. He covers Wynwood and Miami, his investments and his vision, and his thoughts about the Miami area in general.

0 Comments
June 20, 2019

Miami Commercial Real Estate News June 19, 2019: Bayside Marketplace May Get Ferris Wheel; Regions Bank Building in Coral Gables Trades; More…

TA Realty pays $60M for Regions Bank building in Coral Gables

TA Realty bought the Regions Bank building in Coral Gables, amid growing interest in the city’s office Class A office market. The company paid $60 million for the property, sources said. The Boston-based firm acquired the 15-story, 146,202-square-foot Class A office building at 2800 Ponce de Leon Boulevard from Regions Bank. The price equates tor $410 per square foot. TA Realty plans to change the…

Blue Road wins approval for Capri condo tower in North Miami Beach

Blue Road won approval to replace an office building with Capri, a new 16-story condo tower on Biscayne Boulevard in North Miami Beach. The Bay Harbor Islands-based company, led by Argentine real estate developers Jorge Savloff and Marco Tenenbaum, intend to replace the 61-year-old Senator Building at 13899 Biscayne Boulevard with a 259-unit project that will include seven townhomes along…

MRK Partners buys senior affordable living facility in South Miami Heights

MRK Partners paid $43.5 million for a senior affordable living facility in South Miami Heights. The El Segundo, California-based company purchased the 210-unit Casa Devon at 11250 Southwest 97th Street for $207,142 per unit, records show. Plaza 8 Associates, managed by Reinaldo Jimeez and Jorge Luis de la Osa of Miami, sold the property. Plaza 8 bought the complex for $7.7 million in 2003, records show.

The top multifamily developers in South Florida, ranked

Construction cranes are filling up pockets of South Florida like Midtown Miami, Wynwood, Coral Gables and downtown Fort Lauderdale. But instead of the glittering condo towers that the region is known for, developers are turning their focus to creating traditional multifamily buildings. By the end of this year, 7,500 new apartments will be completed in Miami-Dade, marking the most…

Ferris wheel rolling toward Bayside Marketplace

A planned Ferris wheel in Bayside Marketplace is on a new forward track after Miami officials tweaked proposed legislation governing amusement rides. City commissioners on June 13 preliminarily defined “amusement ride” and its “use by exception” for property zoned as Bayside is. The vote was unanimous, with Joe Carollo absent. The final vote may be June 27 or in July. Bayside is an open air mall on…

Downtown Miami master plan ‘once in lifetime’ chance

A “once in a lifetime opportunity” to create a vibrant community amidst a clutter of 16 county-owned buildings and properties can transform the heart of downtown Miami, county Commissioner Eileen Higgins told a Greater Miami Chamber of Commerce committee last week. The new Downtown Rapid Transit Zone, which the county created last July, could lead to “a visionary master plan for these…

‘It Cracked Like Hell’: OSHA Report Assigns Fault For Deadly Miami Bridge Collapse

In the days before an under-construction bridge collapsed in Miami and killed six people, workers identified cracks in its structure but failed to report them or close the road under the bridge to traffic, a federal report commissioned after the collapse found. When the span of the $14.2M, 174-foot, 950-ton bridge commissioned by Florida International University collapsed over a major road in Miami in…

Hydroponic farming planned on vacant Miami Beach lots

Freight Farms Inc. and Energy Cost Solutions Group LLC. have entered negotiations with the City of Miami Beach to possibly establish hydroponic farming in North Beach. Commissioners are to weigh each proposal in the fall and, if one is approved, introduce farming into the city soon. Miami Beach will grow crops indoors using hydroponic farming or vertical farming if either proposal is approved. The…

Train control safety rule stalls Tri-Rail to Miami

Another roadblock has temporarily stalled Tri-Rail trains from steaming into Miami Central Station, which they were predicted to do by the end of this year. “I’ve stopped making predictions” about when they will roll into downtown Miami, said Steven L. Abrams, executive director of the South Florida Regional Transportation Authority, the Tri-Rail’s parent. Florida East Coast Railway, which owns the…

Miami loses millions as Virginia Key marina stalls

The City of Miami has lost millions as legal fights and challenges have for years stymied its efforts to find a new operator for the marina on Virginia Key. Exactly how much it has lost is debatable, but the company poised to take over the Rickenbacker Marina – Virginia Key LLC – crunched the numbers and said the hit exceeds $3.8 million. The city commission has been putting off awarding the marina to…

‘Magic City’ name fight has parallels to fight between Beatles and Apple

The Magic City Casino has filed a lawsuit against the Magic City Innovation District, citing trademark infringement. The  lawsuit by casino owner West Flagler Associates says it has received phone calls amid negative press regarding MCD Miami’s Magic City Innovation District, with callers thinking the casino is associated with the project. Most notably, the Innovation District has received pushback from some…

Three Retailers Return to Miami Beach’s Lincoln Road, Two Food Halls Debut

Lincoln Road Business Improvement District (BID) has announced three retailers are returning to Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. The three retailers — Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium — all had original locations on Lincoln Road. Fritz’s originally opened on Lincoln Road in 1989. Dog Bar, a full-service pet boutique, moved…

Virgin Trains Ready For Expansion To Orlando

Next week, Virgin Trains USA, formerly called Brightline, will hold a groundbreaking for its extension from West Palm Beach to Orlando International Airport. Plans are also being debated for an extension to Tampa. Meanwhile, the already-open train station in Miami is ramping up leasing. When the whole circuit is complete, tourists could conceivably fly in on Virgin-branded planes to go on Virgin…

WeWork Takes 89 KSF at Florida’s Tallest Office Building

WeWork has inked a deal for 89,300 square feet in Miami at Southeast Financial Center, the tallest and largest office tower in Florida. The coworking giant negotiated with Ponte Gadea Biscayne, owner of the approximately 1.2 million-square-foot tower. WeWork’s new space will span four full floors at 200 S. Biscayne Blvd. in downtown Miami. The landlord has owned the trophy office asset since purchasing…

Downtown Miami Airbnb-branded hotel-condo project launches sales

Developers Harvey Hernandez, Russell Galbut and Bruce Menin launched plans for their first Airbnb hotel-condo project in South Florida. Hernandez’s Newgard Development Group and Crescent Heights senior principals Galbut and Menin are partnering on Natiivo at 190 Northeast Sixth Street in downtown Miami. Natiivo is a new brand from Hernandez’s company, NGD Homesharing. The 48-story tower…

Aventura developer launches mixed-use office condo project

Rieber Developments released plans for 1212 Aventura, a mixed-use development with office condos and senior living. The Arquitectonica-designed project, at 21290 Biscayne Boulevard, will have 30,000 square feet of retail space, 30,000 square feet of office space, 150 luxury senior living units and a parking garage, according to a release. Cervera Real Estate was hired to handle sales of the…

Urban Air Adventure Park on the hunt for vacant space in South Florida

A Dallas, Texas chain of indoor amusement parks is looking for more vacant stores in South Florida after leasing four suburban locations. Franchisees of Urban Air Adventure Park signed 10-year leases to occupy a freestanding store in Coral Springs and three other stores at shopping malls in Kendall, Plantation and Wellington. “They are very actively looking for [additional] sites in Florida…

Russell (Galbut_ the Relentless: “He’s a pit bull who hasn’t eaten in a month”

When Miamians and tourists drive eastbound on the MacArthur Causeway, past Star, Palm and Hibiscus islands, past the cruise ships with passengers waving as they exit the port, the first building that’ll catch their eye will be a veritable skyscraper. A 44-story, 519-foot-tall luxury residential building dubbed Park on Fifth is set to rise at 500 Alton Road, right at the entrance to South Beach. The project on…

OKO Group’s Brickell office tower and other projects seek Miami approval

A new batch of project proposals will go before the city of Miami’s Urban Development Review Board this week, including plans for a mixed-use rental tower in the city’s Arts and Entertainment District. An affiliate Russian developer Vlad Doronin’s OKO Group is seeking waivers to build a primarily residential tower in the Brickell Financial District. Watson Brickell Development LLC is planning a 5-…

Metronomic buys land for first phase of Coconut Grove development

Metronomic closed on land for the first phase of Grand Plaza, a major mixed-use project planned for Coconut Grove. Ricky Trinidad’s firm paid $6.3 million for four lots at 3461, 3441, 3364 and 3384 Grand Avenue, totaling 33,750 square feet, according to a release. Toni Schrager of Brown Harris Stevens Miami represented the seller, B&B Properties. Overall, the $74 million Grand Plaza development, will…

Lighting up the Sunshine State: MedMen rolls out plans for marijuana dispensaries as it sues Miami Beach

MedMen Enterprises opened its first Florida dispensary in West Palm Beach as the cannabis company plans to light up the Sunshine State. Los Angeles-based MedMen is focusing on Florida, opening a 7,550-square-foot medical marijuana dispensary at 539 Clematis Street in downtown West Palm. The company is focusing its growth this year on Florida. Out of the 15 dispensaries it expects to open…

Inside Amazon’s giant “MIA 1” warehouse in Opa-Locka

“Welcome to MIA 1,” says Patrick St. Fort, a jovial tour ambassador at Amazon’s new sprawling fulfillment center at the Miami-Opa locka Executive Airport. “Let’s see all the magic that takes place here.” The sheer scale of the 855,000-square-foot distribution hub, which opened in August, is a spectacle itself. From the outside, it is a four-story box, which is too gigantic to take in from any one angle…

Greenberg Traurig’s Kerri Barsh: Five Things Business Owners Need to Know About Sea Level Rise

Often, the first issues that come to mind when we think of climate change are greenhouse gas emissions and their effects. In South Florida, however, the impact of climate change we most commonly experience is from sea level rise. Knowing how your business could be affected by sea level rise is of increasing importance, as illustrated by the following top five issues. • Know the nuances of your real…

Could Uber “skyports” for LA air taxis be real estate’s next big thing?

Uber intends to start its flying taxi service in Los Angeles, complete with “skyport” stations that would include a retail component. Could those skyports be the next big thing in real estate? New details about the ride-hailing company’s Uber Air service show prototype concepts for the sleek landing stations, according to Curbed. Uber wants to build those skyports in cities around the country, starting…

Cold Is The Hottest New Real Estate Investment

Cold storage warehouses and distribution centers are suddenly in high demand, thanks to new food delivery services such as Peapod by Giant, Amazon Fresh and Blue Apron. “It is very niche. About 2% or 3% of all goods on groceries are bought online, and we expect the space could explode to 13% over the next five years because of the penetration of the internet,” said Spencer Levy, senior economic…

Cuomo signs landmark rent regulation reform bill in New York

The New York state legislature passed sweeping rent regulation reform on Friday, dramatically limiting how landlords can increase rents on stabilized apartments and opening the door for rent stabilization to expand outside of New York City. Gov. Andrew Cuomo signed the bill almost immediately. The bill includes the elimination of vacancy decontrol and new caps on the Major Capital Improvements and…

Design Center of the Americas faces $173 million foreclosure lawsuit

Cohen Brothers Realty Corp.’s Design Center of the Americas in Dania Beach is facing a $172.9 million foreclosure lawsuit. Wells Fargo, acting as a trustee of GE Commercial Mortgage Corp., filed the lawsuit in Broward County Circuit Court on June 4. The 782,986-square-foot property at 1855 Griffin Road has faced troubles with its loans for years. The lawsuit alleges that Design Center of the Americas…

Wall Street warns against privatizing Fannie and Freddie without Congress guarantee

FHFA director Mark Calabria is ready to set Fannie and Freddie free, while Wall Street worries about potential risks. As the Trump administration gears up to end the decade-long conservatorship of Fannie Mae and Freddie Mac, some voices on Wall Street are warning against doing so without congressional support. Only Congress has the ability to provide an explicit government guarantee for the $4.7…

Incentives could be coming for West Grove property owners, developers

Miami commissioners agreed to expand the Omni Community Redevelopment Agency to include the West Grove, setting the stage for developers to capitalize on government-subsidized projects and incentives in the long-neglected, historic neighborhood that was among the city’s first Bahamian settlements. The Miami City Commission voted 4-1 on Thursday to approve the expansion and extend the life…

Video: Dwell Design Studio Managing Principal Ryan Miller Discusses Transforming Retail Properties for New Use

Ryan Miller, Managing Principal for Dwell Design Studio, an Architecture, Planning, Interiors and Environmental design firm practicing nationally, appears on this episode of America’s Commercial Real Estate Show to talk how retail spaces are being transformed for new uses that benefit their communities and tenants. He talks about conversion of retail properties to medical use, general office space…

Chetrit scores loan for Miami River project, buys out JDS stake

The Chetrit Group closed on $55 million in financing for its long-planned mixed-use Miami River development, The Real Deal has learned. Rabina Properties is providing the pre-development loan to Chetrit for the planned $1 billion development, according to a source. Chetrit, a New York-based real estate investor and developer, bought out its former partner, Michael Stern’s JDS Development…

0 Comments
June 19, 2019

Coworking’s Room to Grow Final | The Real Deal Showcase + Forum

If an expected economic slowdown comes, the flexible-space industry will be well-poised to capitalize, top players in the space said. Participating in the forum were Jamie Hodari, CEO and Founder of Industrious, Brad Hargreaves, CEO and Founder of Common, Barry Gosin, CEO of Newmark Group, and Bruce Mosler, Chairman of Global Brokerage at Cushman & Wakefield.

Bruce Mosler commented that the demand for flexible space “is going to grow because it’s what corporates have wanted for a long time”. Brad Hargeaves, CEO of co-living firm Common, noted that his field may still be in its infancy. “Some of the trends are similar to co-working,” he said, such as the sense of shared community it can provide.

Barry Gosin, CEO of Newmark Group, said too much dedicated co-working space in a single property isn’t ideal. “I’m not a big fan of a co-working space taking more than 15-20 percent of a building, because I think then you diminish the credit quality of a building,” he said.

Jamie Hodari, CEO of flex-office firm Industrious, agreed, saying the “holy grail” of co-working would involve a mix of long-term, middle-term and flexible leases within a single property.

0 Comments
June 18, 2019

Video: Dwell Design Studio Managing Principal Ryan Miller Discusses Transforming Retail Properties for New Use

Ryan Miller, Managing Principal for Dwell Design Studio, an Architecture, Planning, Interiors and Environmental design firm practicing nationally, appears on this episode of America’s Commercial Real Estate Show to talk how retail spaces are being transformed for new uses that benefit their communities and tenants. He talks about conversion of retail properties to medical use, general office space, and more. Several examples around the United States are discussed. As the retail landscape changes, this is a timely topic, to be sure.

0 Comments
June 14, 2019

Miami Commercial Real Estate News June 12, 2019: Apartment Boom in Wynwood; WeWork to Take 4 Floors in Southeast Financial Center; More…

CREC Capital Purchases Retail Center in Homestead for $62.3 Million

CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center at 2400 NE 10th Court in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike…

WeWork to Occupy Four Floors in Southeast Financial Center – Miami’s Tallest Office Building

WeWork has signed a four-floor lease within the 55-story Southeast Financial Center, Miami’s tallest office building. WeWork will move into the space in phases, with two floors expected to open by the end of 2019 and the other two floors expected to be ready in summer 2020. Southeast Financial Center is located at 200 S Biscayne Boulevard in downtown Miami. Southeast Financial Center is attached…

Miami should ensure a happy ending for Olympia Theater

One of Miami’s best dramas is a play for control now hidden behind the curtain of the Olympia Theater at the Gusman Center for the Performing Arts in downtown Miami. The best conclusion of this play would be to bring a cultural and civic landmark to renewed glory. Regular readers of this newspaper might stop me right there to point out that I’ve been saying something like that in this column…

Engineers blamed for ignoring warning signs before fatal FIU bridge collapse

The Occupational Safety and Health Administration found a slew of errors in the design and construction of the Florida International University pedestrian bridge that collapsed in 2018, killing six people. Among them, Eighth Street should have been shut down, OSHA stated in the report. Figg Bridge Engineers’ “deficient” design led to structural failure of the bridge, and Figg’s attempt to close the cracks,

Lennar closes $1.3 billion fund to invest in multifamily projects across US

Lennar Corp.’s multifamily arm closed a $1.3 billion fund that will invest in apartment projects in large U.S. cities. LMC, a subsidiary of Miami-based Lennar Corp. announced the closing of the equity fund on Tuesday. It said eight institutional investors, including foreign pensions, sovereign wealth funds, banks and insurance companies invested in the fund. Lennar also contributed $381 million to the fund.

Trump official to pressure Congress to privatize Freddie and Fannie

A decade after Fannie Mae and Freddie Mac were put under government control, a Trump administration-appointed regulator is stepping in to try again to hand the mortgage finance companies back to the private sector. “If I do nothing and don’t push, then I’m fairly certain Congress will do nothing,” Mark Calabria, the Trump-appointed head of the Federal Housing Finance Agency, said, according to the Wall…

Blue Road scores $18 million loan to renovate South Beach hotels

UPDATED June 12, 12:45 p.m.: Blue Road scored an $18 million loan to renovate two hotels in South Beach, as the company pursues its strategy of buying and rehabbing older hotels. The Bay Harbor Islands-based firm secured the loan from City National Bank of Florida for Hotel 18 at 1775 James Avenue and the Redbury South Beach at 1776 Collins Avenue, property records show. Blue Road bought Hotel…

Florida Keys developer sentenced for illegally filling wetlands following Hurricane Irma

A developer in the Florida Keys was sentenced for illegally filling and clearing federally regulated wetlands without a permit in the wake of Hurricane Irma. Bonefish Holdings LLC pleaded guilty and was sentenced to three years of probation, and ordered to pay a $50,000 criminal fine and to fully restore the impacted 3.7 acres of wetlands. Bonefish, led by Coral Springs developer Albert Vorstman, estimated…

Magic City lands first tenants in Little Haiti

Magic City Innovation District in Little Haiti secured its first commercial tenants. Five businesses, including an art gallery, a tech company and a marketing firm signed long-term leases totaling 18,650 square feet of commercial space in existing warehouses at the planned $1 billion mixed-use project, according to a release. The developers spent $12 million to renovate the buildings, according to a…

Triple Five Worldwide gets American Dream Mall on road

The retail component of MiamiWorldcenter, arranged around an open-air plaza designed to be a gathering place, will probably be shaped by the mega-development’s location, observers say. It’s within walking distance of AmericanAirlines Arena, Pérez Art Museum Miami, the Frost Science Museum, and MiamiCentral, the Adrienne Arsht Performing Arts Center, and the downtown Brightline station. PortMiami…

Polish American Club plans major mixed-use development

The Polish American Club of Miami is proposing a major mixed-use development on its property on Northwest 22nd Avenue, near the Dolphin Expressway, that would include apartments, offices, retail, a restaurant and more. The site is at 1250 NW 22nd Avenue (Pulaski Avenue), on a tributary of the Miami River called South Fork, near Fern Isle Park and north of the expressway. The property is…

Miami River office space swap could cost City of Miami $150 million

The City of Miami is preparing to devote $150 million toward its new government office complex near the Miami River, as part of a complicated deal to turn over city land to a private developer who plans a large mixed-use residential project on the riverfront site. This involves the fate of the city’s current Miami Riverside Center (MRC) at 444 SW Second Avenue on the north bank of the river and just…

Coconut Grove Playhouse patch: post office parking lot?

As officials with the Miami Parking Authority ponder another potentially long delay in the plan to redevelop the Coconut Grove Playhouse property and build a companion municipal garage, they are turning to higher powers when searching for parking solutions for the Grove. The city’s parking agency is controlled by the Off-Street Parking Board. At the board’s June 5 meeting, Authority CEO Art…

Related Group’s plan for Terminal Island tower sails ahead

Miami Beach commissioners have asked their Land Use and Development Committee to consider altering land use and zoning on Terminal Island for residential use. Related Group is behind the request – it deems property on the island ideal for a 90-unit condominium. Related aims to win land use and zoning OKs to build One Island Park. The 90-unit residential tower would exceed 400…

Wynwood 3.0: The Apartment Boom In Miami’s Post-Industrial Chic Neighborhood

When the Wynwood 25 apartment building opens this month, 289 units will come online in the neighborhood, nearly doubling its inventory in an instant. According to the most recent annual market report commissioned by the Wynwood Business Improvement District, Wynwood’s apartment inventory currently consists of 413 units spread across 15 properties. With another 175 expected to…

Public-private development could transform Palmetto Bay

Palmetto Bay will wait until next month to decide whether to proceed with a public-private project that, if approved, promises to transform the village’s downtown area into a modern city center. Village officials and residents June 3 discussed the estimated $72 million development, which would redevelop about 4.6 acres off US 1. But after roughly 90 minutes of talks, the village council voted 3-1 to…

Celebrity chef Marcus Samuelsson brings Red Rooster to Miami

Signage is up and permits have been pulled in preparation for the construction of celebrity chef Marcus Samuelsson’s Red Rooster restaurant in Overtown, which will occupy the former Clyde Killens Pool Hall at 920 NW Second Avenue. Mr. Samuelsson helms the well-regarded and successful Red Rooster franchise, which began in New York’s Harlem and now has outposts in London, Bermuda and…

Karyn Cunningham Palmetto Bay mayor seeks creation of vibrant downtown

Palmetto Bay Mayor Karyn Cunningham believes that everyone has tipping points in life, occasions when enough factors are in play to spur positive change. For her, that moment came after 18 years teaching, when a change in leadership in the United Teachers of Dade prompted her to seek a job with the county education union. That, she said, was where her interest in politics took root. The Miami-Dade…

Little Havana could be redeveloped like Wynwood

Taking cues from zoning changes that have ignited redevelopment of old industrial buildings in Wynwood, a master plan for revitalizing Little Havana calls for more small-scale buildings that fit the character of the historic neighborhood, the slashing of parking requirements for projects, and developer bonuses for affordable housing, streetscape improvements and historic rehabilitation jobs. For more than…

Magic City Innovation District Announces Tenants

Plans to build out the $1B Magic City Innovation District in Miami’s Little Haiti neighborhood don’t yet have the final go-ahead, but tenants are lining up to fill already-existing renovated space on the property. MCID yesterday announced that it had signed long-term leases with an e-commerce company called OnPoint Global, Diana Lowenstein Gallery, boutique creative services agency COOL Creative…

Design Center of the Americas’ appraised value cut by more than 50%

It’s been a rough year for Cohen Brothers Realty Corp.’s Design Center of the Americas in Dania Beach. Following loan delinquencies, a new appraisal has cut the value of the property by more than half. DCOTA, at 1855 Griffin Road, was previously valued at $250.35 million, but is now worth $115 million based on June’s remittance data, according to Trepp, a New York-based financial data provider…

Video: WePartner Vice President of Business Development Michael Godin Discusses Retail Property Strategies for 2020

Michael Godin, Vice President of Business Development with WePartner appears on this commercial real estate related video cast to discuss adaptive reuse for retail and strategies to make these properties profitable, a hot topic in today’s market. Mr. Godin speaks very openly about their acquisition and investment strategies. WePartner Management, which is based in Atlanta, is a fully integrated real…

City rezoned their neighboring property, and now Miami River homeowners are getting the same treatment

Residents of Miami’s Oak Park neighborhood weren’t happy when real estate developer Antonio Pardo sought a zoning change that would enable him to build a four-story apartment building on lots along the Miami River previously zoned for single-family homes. But now that the zoning change is a done deal, 16 single-family lot owners on or near Northwest South River Drive have demanded similar…

Navigating through the complexities of business litigation

Companies in Florida provide many different products and many different services. These companies are very knowledgeable about the products and services they provide. However, there are many aspects to running a company other than knowing the product or services. There are employment decisions that need to be made, contracts that need to be drafted and executed, trade secrets that need to be…

Hunt Real Estate Capital Closes Two HUD 221 (d)(4) New Construction Loans for Multifamily Properties in South Florida

Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided two HUD 221 (d)(4) New Construction Loans to finance the development of two multifamily properties in South Florida. The total funding equals $67 million. “Both loans were structured under the U.S. Housing and Urban Development’s (HUD) 221 (d)(4) loan program. This is a…”

Bringing the band back together: Eddie Lampert to buy Sears Hometown and Outlet Stores

Seven years after Sears spun off its outlet stores into a separate company, controversial former CEO Eddie Lampert wants to bring them back under his wing. The parent company of the retail giant, in which Lampert has a majority share, announced this week that it would pay $2.25 per share to acquire Sears Hometown, according to the Associated Press. The acquisition would allow Sears Hometown to sell…

With sights set on Miami, Sapir looks to sell NYC dev site

As Alex Sapir shifts his focus to Miami, his firm is looking to sell a Madison Avenue site. Sapir Corp. is seeking $23 million for 218 Madison Avenue, according to sources familiar with the deal. A four-story mixed-use building occupies on the property, which is on the corner of East 38th Street. Alex Sapir and his former partner Rotem Rosen bought it for $18.5 million in 2015 with plans to build a luxury…

How can Miami cope with two extra feet of water by 2060? ULI experts weigh in

To cope with rising seas, Miami may have to update zoning and building codes, increase seawall heights, re-write the city’s master plan for downtown with resilience in mind and maybe even transform the FEC slip into a living shoreline pilot project. Those were some of the recommendations from a panel of 10 experts from the Urban Land Institute, presented to a packed house at the city of Miami’s…

Public Storage picks up industrial portfolio in Miami-Dade for $63M

Public Storage bought four large storage facilities in Miami-Dade County for $63 million. Banner Real Estate sold the properties at 91 Southwest Third Street, 180 West Sixth Street, 2190 Southwest Eighth Street and 5609 Northeast Second Avenue in Miami to Glendale, California-based Public Storage, according to property records. The buildings total 411,438 square feet, which equates to a purchase…

All the Miami Worldcenter Projects Happening Right Now

One of the biggest urban development projects currently under construction in the U.S. is the Miami Worldcenter, a huge, mixed-use facility that is about to change the face of Downtown Miami forever. The Miami Worldcenter project site encompasses almost 30 acres, stretching across 10 blocks in the West Park neighborhood of Downtown Miami, one block from Biscayne Boulevard, and adjacent to…

Video: Co-working 2.0: What will the next phase of flex space look like?

If an expected economic slowdown comes, the flexible-space industry will be well-poised to capitalize, top players in the space and brokerage executives said at The Real Deal’s 12th annual showcase. Bruce Mosler, Chairman of Global Brokerage at Cushman & Wakefield, said that the demand for flexible space “is going to grow because it’s what corporates have wanted for a long time”. Brad Hargeaves…

Industrial Real Estate Demand Growth Is Decelerating

Industrial real estate―defined as warehouses, distribution centers, flex spaces and other industrial buildings with storage facilities―is one of the few traditional property sectors that has sustained demand in the past five years, earning it golden child status. But that may be about to change, according to newly published research from Deloitte, that predicts that industrial […]…

Crescent Heights scores $41 million construction loan for CitizenM hotel

Crescent Heights is forging ahead with plans to build a mixed-use hotel on the corner of Alton and Lincoln Roads in Miami Beach. Affiliates of the Miami-based developer scored a $40.5 million construction loan from SunTrust Bank for 1212 Lincoln Road. The firm, led by Russell Galbut, will build a five-story, mixed-use CitizenM hotel designed by Perkins + Will on the property, which stretches…

Mortgage rates plummet to lowest levels in nearly 2 years

Mortgage rates fell for the sixth straight week, hitting their lowest point since September 2017. The 30-year fixed-rate average slid to 3.82 percent and the 15-year rate hit 3.28 percent this week, according to new data from Freddie Mac reported in the Washington Post. Rates have been on a steady decline since November, when they topped out near 5 percent and pushed mortgage applications to a four-year…

Coconut Grove’s Critical Need for Parking

There is a story in Miami Today about Coconut Grove’s parking situation. It says that at a recent meeting, of the Miami Parking Authority, CEO Art Noriega, spoke about the need for critical parking, he said he has spoken with US Rep. Donna Shalala about building a garage near or on the Post Office property. There was talk of this at a few meetings in 2007. It’s an excellent location. But it begs the question…

Lennar buys 58 acres near Cutler Bay amid land buying spree

Lennar Corp. paid $19.5 million for a 58-acre lot near Cutler Bay, as the homebuilder continues to buy property in south Miami-Dade County. The Miami-based homebuilder bought the property tucked behind Southwest 104th Avenue for $336,206 per acre. The seller was H.R. Realty and Investments of Coral Gables, records show. The property does not have an exact address, and its primary…

Fitch to include natural disasters risks to RMBS ratings

Fitch Ratings will include natural disaster risks into its ratings of residential mortgage-backed securities, a sign that the industry is beginning to acknowledge the financial risks of climate change. Fitch is the first of the three major U.S. credit ratings agencies to consider environmental risk for RMBS, which are securities backed by the interest paid on residential mortgages. The change adds a new…

County’s Coconut Grove Playhouse plan is ‘Mostly commercial real estate space with an attached subservient theater’

The Miami Herald posted a letter to the editor by Miami Mayor Francis Suarez regarding his recent Playhouse veto. He says, “Unfortunately, the county, in its proposal, has misled our residents and created a false narrative. To clarify the record in this polemical arena and for residents to make informed decisions, I am compelled to debunk these falsehoods.” He says, “historic preservation in our…

0 Comments
June 12, 2019

Video: WePartner Vice President of Business Development Michael Godin Discusses Retail Property Strategies for 2020

Michael Godin, Vice President of Business Development with WePartner appears on this commercial real estate related video cast to discuss adaptive reuse for retail and strategies to make these properties profitable, a hot topic in today’s market. Mr. Godin speaks very openly about their acquisition and investment strategies. WePartner Management, which is based in Atlanta, is a fully integrated real estate investment and management firm that specializes in acquisition, development and management of commercial office, industrial, retail and residential properties.

0 Comments
June 11, 2019

Miami Rent Levels Above National Average; Hialeah the Exception

National Average Rent Levels

National Average Rent Levels

The April Rent Report issued by RentCafe shows Miami rent levels as above the national average, except for the submarkets within it of Pompano Beach and Hialeah. Rents across the United States saw an upwards move of 3% versus last year to an average of $1,436 per month. As area multifamily investors are gleefully aware, the Miami Metro long ago surpassed the national average, with rents now more in line with California.

Here are more highlights of the report that related to the Miami area:

  • The priciest rental markets in Florida are Fort Lauderdale and Miramar, with average rents of $1,933 and $1,846, respectively
  • Around the $1,700 rent level are Davie at $1,743, Pembroke Pines at $1,717, Miami at $1,707 and Coral Springs at $1,698.
  • Hollywood ($1,489) and West Palm Beach ($1,463) are more in line with national average rent av
  • Pompano Beach at $1,394 and Hialeah at $1,373 average rents are under the national reference points.
Five Most and Five Least Expensive Rent Markets in USA

Five Most and Five Least Expensive Rent Markets in USA

View fhe report for additional details.

 

 

June 7, 2019

Miami Commercial Real Estate News June 5, 2019: Plaza Coral Gables Nabs $100 Mil Loan; Beckham Group Submits Lease Draft for Melreese; Miami Cited as Emerging Tech Center; More…

Beckham group submits draft lease deal for Miami Freedom Park complex

David Beckham and his partners moved forward with their plans to redevelop the Melreese Country Club property in Miami into a $1 billion mega mixed-use soccer complex. Miami Freedom Park submitted a draft lease agreement to the city of Miami that outlines the terms of the deal that Miami voters approved in November. The referendum allowed the city to negotiate and execute the 99-year…

Beckham Group Submits Proposed Lease To Miami

David Beckham’s plan to build a Major League Soccer stadium and install a team in South Florida is getting closer to reality, as his partners in the proposed Miami Freedom Park project submitted a draft lease agreement to the city of Miami Wednesday. Voters last November gave the OK for the city to negotiate a no-bid contract exclusively with the Beckham group to build on the city-owned…

Miami Office Building Trades for $14 Million

Key International has disposed of Highland Park Center, a Class A office building in Miami. TopMed Realty, a healthcare real estate private equity firm, acquired the asset for $13.9 million. Institutional Property Advisors, a division of Marcus & Millichap, negotiated on behalf of the seller. The asset – located at 1011 NW Sunnybrook Road – previously changed hands in 2014, when it traded for $7.9 million.

Key International, 13th Floor Investments Sell Office Building in Miami for $13.9 Million

Key International and 13th Floor Investments have sold Highland Park Center, a fully occupied, 44,740-square-foot office building in Miami’s Health District, for $13.9 million. TopMed Realty, a healthcare real estate private equity firm, acquired the property. Highland Park Center was built in 2011 and is situated two blocks from the Miami-Dade Courthouse and less than one mile from the intersection of…

Developers Snatch Up Land in Hialeah as Property Values Increase

Hialeah calls itself the City of Progress — though the general perception is probably otherwise. While Hialeah doesn’t exactly have a reputation as the hottest place to be in Miami, property values show the city is progressing quite well after all. Late last week, the Miami-Dade property appraiser released preliminary estimates of 2019 property values for every city in the county. Among the top three cities…

Prologis Trade And Logistics Lab Opens In Miami

Logistics real estate firm Prologis, Inc. and the Miami-Dade County Public Schools opened the Prologis Trade and Logistics Lab at Miami Springs Senior High School this week, launching a career development program that will reach 300 students, the organizations said. The lab simulates an operational warehouse and uses a Prologis-designed curriculum to educate high school students interested in careers…

As Records Fall, South Florida Industrial CRE Lures Institutional Capital To Local Projects

Last year, Miami added nearly 10,000 jobs in logistics alone — more than double the number added in any previous year and almost half the number created across the state according to Transwestern’s most recent market reports. Miami’s industrial vacancy rate has been below 5% since 2015, and even with new product having come online, it is still just 4.5%, with activity strongest in North Miami Beach…

Jorge Pérez unveils plan to develop luxury condo tower on Miami Beach’s Terminal Island

Related Group CEO Jorge Pérez is reviving plans for a luxury condo project he wants to build in Miami Beach. The Miami condo developer went before the Miami Beach City Commission on Wednesday to present the firm’s latest proposal for a waterfront property it owns on Terminal Island. Over the years, Related has proposed building different projects on the 3.7-acre parcel at 120 MacArthur Causeway.

5 More Tech Markets Emerging In Unexpected Places ~ Miami Among Them

Number of metro-area STEM jobs (2018): 93,530 STEM job increase year over year: 2.2% A notable tech company in metro Miami: Magic Leap, which specializes in augmented-reality goggles. The company has already raised $2.3B, an exceptional amount for a startup, and recently obtained $280M from Japanese cellphone service provider NTT DoCoMo, as part of a new partnership between the two. Why…

Aztec Group Provides $11.9 Million Loan for Redevelopment of Office Building in Miami

Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami at 30 NE 39th Street. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building…

CenterPoint Properties to build massive logistics center at Port Everglades

CenterPoint Properties is planning to build a massive, 296,207-square-foot logistics center at Port Everglades. The Oak Brook, Illinois-based industrial powerhouse is planning to build two logistics/industrial buildings on 16.5 acres at 3413 and 3423 McIntosh Road in Fort Lauderdale. The property will be used for storing cargo coming into Port Everglades that requires U.S. Customs and U.S. Department of…

CenterPoint Properties Breaks Ground on Miami-Area Logistics Park

CenterPoint Properties has just broken ground on Port Everglades International Logistics Center, a two-building industrial and distribution facility totaling 296,207 square feet in Hollywood, Fla. The company signed a ground lease with Port Everglades of Broward County in May 2019 and the project is slated for delivery in Spring 2020. RLC Architects headed up the project design and ANF Group will lead…

Massive I-395, I-95, SR 836 and signature bridge work rolling

All three pieces of the $802 million design-build project encompassing I-395, I-95 and SR 836 are underway and on-schedule, Florida Department of Transportation (FDOT) spokesperson Oscar Gonzalez said. Mr. Gonzalez confirmed this week that while some parts of the design-build project are “being further developed” by contractor Archer-Western-de Moya Joint Venture, FDOT still targets fall 2023…

Naeem Khan fashion studio and school gets new plan

A modified plan for a fashion studio and school on riverfront land owned by Miami-Dade County earned support Monday from the Miami River Commission. On a 9 to 4 vote, the commission recommended approval of the project, with some conditions. New York fashion designer Naeem Khan plans to build a studio for design and manufacture at a county-owned site at 1175 NW South River Drive...

Vote coming on Jackson South Medical Center expansion

Significant additions to Jackson South Medical Center will wait until June 20 for an OK, as Miami-Dade lawmakers Tuesday deferred a hearing and vote on plans to expand the Kendall facility. Sponsor Daniella Levine Cava asked for the deferral. Expansion would enlarge the hospital’s campus footprint from roughly 104,000 to more than 360,000 square feet by 2021. Proposed additions include: A four-story…

Developer proposes partnership on Miami’s Olympia Theater

A developer is proposing a public-private partnership with the City of Miami for one of the city’s most valuable gems: the Olympia Theater at 174 E Flagler Street. Details of the proposal haven’t been formally released, but the idea is expected to be a discussion item for city commissioners when they next meet June 13. Daniel Rotenberg, director of the city’s Department of Real Estate and Asset Management…

The Plaza Coral Gables scores $100 million construction loan

Agave Holdings, a group that includes the family behind the Jose Cuervo spirits business, closed on a $100 million construction loan for The Plaza Coral Gables. Agave Ponce secured the loan from PNC Bank, according to property records. The Plaza, a major mixed-use project under construction at 2901 Ponce de Leon Boulevard, will have a high-end hotel, Class A office space, retail, and luxury rentals.

HFF Arranges $100M Construction Loan for Mixed-Use Development in Metro Miami

HFF has arranged a $100 million construction loan for the development of The Plaza Coral Gables, a mixed-use project in downtown Coral Gables. Developer Agave Holdings LLC will use the loan to finance the first of two phases of the project. Phase I will include a 14-story, 291,129-square-foot office building; 135 residential units; and 101,439 square feet of retail space. CallisonRTKL is designing the first…

FM Capital Originates $21 Million Loan to Refinance Cold-Storage Warehouse in Miami

FM Capital has provided a $21 million refinancing loan for a cold-storage warehouse in Miami. The 235,758-square-foot warehouse was originally built in 1968 and is located near I-95 with access to the Florida Turnpike. The property was 82 percent leased at the time of the refinancing to South East Frozen Foods and Super Value. The undisclosed borrower will also invest $1.1 million in capital improvements…

Sapir Corp. posts $7 million loss in first quarter of 2019

Developer Alex Sapir’s Israeli real estate company Sapir Corp. reported a loss of 26 million shekels in the first quarter, the equivalent of roughly $7.2 million. The company’s revenue in the first quarter totaled 23 million shekels, or about $6.4 million, which grew from nearly zero the previous year, Globes, an Israeli financial newspaper, reported. Revenue was up year-over-year because Sapir Corp. bought…

Former NFL star Dumervil adds to North Miami multifamily portfolio

Former NFL star Elvis Dumervil paid $10 million for an apartment building in North Miami, adding to his multifamily portfolio, The Real Deal has learned. Dumervil’s Prestige Estates bought the 91-unit Arlington Manor property at 12501 Northeast 13th Avenue, with plans to rename it Prestige Biscayne, said John Sasso of Charles Rutenberg Realty. Sasso and his partner Shuli Stock brokerered…

Avra Jain teams with Bob Zangrillo on $200 million mixed-use project on Miami River

Developer Avra Jain and her partners, who include Bob Zangrillo, are planning a $200 million mixed-use project with a Sixty Hotel along the Miami River. About two years ago, a partnership led by Jain and Zangrillo paid $5 million for partial ownership of the 2.3-acre property at 555 Northwest South River Drive. Zerby Interests, a developer out of Oklahoma City, is the majority owner. Jain’s partners include…

Spaces Adds New FL Location

Spaces continues its Florida expansion by opening a new location at 1111 Lincoln Road in Miami Beach. CBRE Global Investors inked a 51,064-square-foot lease with the coworking firm, which currently has two locations in the state. The former Suntrust Bank Building underwent significant renovations in 2010, which resulted in 94,488 square feet of creative office and 51,839 square feet of Class A…

Fake sultan sentenced after allegedly defrauding Jeffrey Soffer and others

Two years ago, Anthony Gignac was living the life of royalty. Going by the name “Khaled Al-Saud,” he had convinced investors that he was a Saudi Arabian prince and had access to the family’s vast trove of wealth. Gignac was sentenced on Friday by a U.S District judge for fraudulently assuming the identity of a member of the Saudi royal family. His scheme caused investors to lose more than $8 million…

American Legion project’s developers allegedly stiffed Berkadia of $500K: lawsuit

Berkadia is suing the developers of an American Legion project under construction in Miami’s MiMo District, alleging nonpayment of a $500,000 “success fee.” Berkadia filed suit against ACRE GCDM Investments and Montreal-based real estate development firm Quadreal Property Group in Miami-Dade Circuit Court this month for breach of contract and unjust enrichment in connection with a $51 million…

Mortgage guarantors Fannie Mae and Freddie Mac to return to private control

More than a decade after the government seized control of Fannie Mae and Freddie Mac, the Trump administration is finalizing a plan to return the mortgage guarantors to private shareholder membership. That would be a boon for investors who have been banking on the move. The proposal could be on President Trump’s desk for approval in the coming weeks. The plan will likely be a version of what has…

Leo Ghitis sells office building in Fort Lauderdale’s Cypress Creek

Real estate investor Leo Ghitis sold a seven-story Class A office building in Fort Lauderdale’s Cypress Creek market for $24.1 million. Ghitis sold the 139,864-square-foot building known as Radice III at 1000 Corporate Drive for $172 per square foot, records show. A company managed by Greenberg Traurig lawyer Paul Berkowitz bought the property. The Radice III is part of the Radice Corporate Center that…

Video: May 2019 Multifamily Update by RealPage Deputy Chief Economist and VP of Asset Optimization Jay Parsons

Deputy Chief Economist and VP of Asset Optimization at Real Page Jay Parson discusses the multifamily property market, touching on topics like rent growth, urban vs suburban multifamily trends and observations, construction costs, and apartment supply levels. He talks about the wide difference today between class A and class B properties, with a 40% difference between the two, and how this insulates…

Two Hialeah construction execs sentenced for defrauding low-income housing program

Two Hialeah construction executives were sentenced by a federal judge after being convicted of hiding people on their payrolls and defrauding the low-income housing tax credit. Aaron Construction Group President Javier Estepa of Davie was sentenced to 51 months in prison, while Vice President Diego Alejandro Estepa Vasquez of Boca Raton was sentenced to 41 months in prison. The sentencing…

Burke Leighton asks $45M for Little Havana apartments

A portfolio of three apartment buildings in Little Havana is being listed for sale for $45 million in one of the largest portfolio listings to hit the market in the… The properties are: the 63-unit, 11-story Ipanema building at 120 Southwest Eighth Avenue; the 60-unit, six-story Victorian building at 1430 Southwest First Street; and the 44-unit, five-story Miramar building at 1023 Southwest Sixth Street.

0 Comments
June 5, 2019