About Hawkins Commercial Realty

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Hawkins Commercial Realty is an entrepreneurial boutique commercial real estate brokerage helping business owners and investors in the Miami, Florida area navigate the processes of buying, selling, and leasing property, and providing M&A/business brokerage services. The company’s guiding principles are to always be responsive, to be effectively, steadily assertive, to continuously develop and utilize competency, to be sensibly creative, and to seek to add value to the process. The company was founded and is owned by a seasoned entrepreneur with more than 25 years of experience in commercial real estate as a broker or principal… (more)

James Hawkins lic. Real Estate Broker

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May 20, 2020

Miami Commercial Real Estate News September 28, 2022: Three Miami Beach Hotels Trade for $100M; Brickell City Center Mega Tower Approved; More…

Baptist Health sells Doral data facility for $34M

American Tower, a global communications infrastructure real estate investment trust, bought a data center in Doral from Baptist Health South Florida for $34 million. Records show American Tower bought the data center at 2100 Northwest 84th Avenue from Miami-based Baptist via a Delaware LLC. American Tower is a publicly traded REIT headquartered…

Related Breaks Ground on $190M Miami Development

Related Urban Development Group, in a partnership with Miami-Dade County and Miami-Dade Public Schools, has broken ground on The Gallery at West Brickell, a 29-story mixed-income development with 465 units in the West Brickell neighborhood of downtown Miami. The $190 million project marks the largest single-phase public/private development in the county.

Trio of Boutique Miami Beach Hotels Sells for Combined $100M

Ahead of Florida’s peak winter tourist season, a trio of historic, boutique Miami Beach hotels traded hands during the past week for a combined $100 million, property records show. In the most recent sale that closed last week, Boca Raton-based investor Opterra Capital paid $28 million for a Hilton Garden Inn-branded hotel in the Mid Beach neighborhood…

Developers propose mixed-use luxury rentals in Coral Gables

Constellation Group and the Boschetti Group are proposing a 15-story, mixed-use luxury rental project near the Shops at Merrick Park in Coral Gables, where development has boomed in recent years. The city’s development review board will review plans for 4241 Aurora Street on Friday, Constellation Group Principal Eduardo Otaola said…

Midtown Miami Mixed-Use Lands $17M Refi

Cymbal DLT Cos. has landed a $17.5 million refinancing loan for an upcoming mixed-use development comprising 203 multifamily units in Midtown Miami. Provided by New Wave Loans, the loan enables Cymbal to buy out its partner and advance the project toward groundbreaking, set for late 2023. Enrique Norten of Mexico-based Ten Arquitectos is the…

Oceanfront Casablanca condo-hotel in Miami Beach for sale

Unit owners of the oceanfront Casablanca condo-hotel in Miami Beach are seeking a bulk buyer who could redevelop the historic structure and expand it. Colliers was tapped to list the property at 6345 Collins Avenue unpriced, according to the brokerage’s website. The 200,000-square-foot condo building, on a nearly 2-acre site in North Beach, was built in 1948.

Inside RH’s plans for $100M renovation of Miami Beach hotel

The high-end furnishings retailer formerly known as Restoration Hardware planned to spend $100 million to renovate and brand the historic Savoy hotel in Miami Beach. RH, led by CEO Gary Friedman, was finalizing a lease for the entire Savoy Hotel & Beach Club. RH planned to convert the Ocean Drive property into a “state of the art” hotel with retail space…

Swire megatower on Brickell wins final city OK

Miami has approved Brickell City Centre’s planned 2023 work on a vast tower with what the developer says are the largest office floor plates in the region and a temporary fire station within the mixed-use complex. A unanimous commission vote Sept. 22 amended the Special Area Plan for Brickell City Centre and OK’d a development pact with Swire Properties…

Amtrak trains may soon reach Miami International Airport

Amtrak trains might soon come into the Miami Intermodal Center, just east of the airport, as the Florida Department of Transportation District Six has resumed talks with the company. Both parties are currently negotiating the lease and an acceptable termination clause, Nilia Cartaya, model development office administrator for the department, told the Sept. 22…

Downtown Miami Tri-Rail connection delayed again, to 2023

“We will not be in downtown Miami station in November,” said David Dech, executive director of the South Florida Regional Transportation Authority, running operations of Tri-Rail. “We will not be there this calendar year,” he added at the Sept. 23 board meeting. The remarks come only one month and a half after he joined the authority, and four months after former…

Ex-Southland Mall getting billion-dollar reinvention under new name Southplace City Center

Southland Mall in Cutler Bay will be getting a huge makeover to become a new multi-use facility with shops, residential spaces, workspaces and recreational space. This project will be called Southplace City Center, a $1 billion reinvention of what was once a troubled mall. Owners envision Southplace City Center as “a city within a city” that will use up the…

Downtown Miami paves way for 15,000 more housing units

Task Force has pinpointed land use exchanges to create a pool of credits to allow 15,000 or so more downtown residential units, which are already over the development limit. The memorandum by North Carolina-based planning, engineering and design consultant Kimley-Horn on July 21 summarized potential rebalancing scenarios for the development…

Miami adds Virginia Key Park to parks billboards plan

Miami commissioners have approved the first step toward allowing advertising billboards in three of the city’s larger waterfront parks. On Sept. 22 the commission unanimously approved on first reading an ordinance that allows outdoor advertising signs at Bayfront Park, 301 Biscayne Blvd., and Maurice A. Ferré Park, 1075 Biscayne Blvd., and Virginia Key Beach…

The Fed: Is the U.S. in a Recession? What Key Economic Indicators Say

A common rule of thumb for identifying recessions is experiencing two consecutive quarters of negative gross domestic product (GDP) growth. The release of U.S. GDP data for the second quarter of 2022 showed the second consecutive negative GDP growth rate, leading many to believe that the country is now in a recession. However, the National Bureau of…

Toronto firm picks up Ocean Drive hotel for $39M

A Toronto-based investment firm paid $39.3 million for the Lord Balfour hotel on Ocean Drive in Miami Beach. The property, now called the Balfour Hotel… also at the center of a lawsuit filed last year by its former co-owner and operator, Life House hotels. An entity led by Marcos Lima of Moto Capital Group sold the 81-key hotel at 350 and 344 Ocean Drive to Catalyst…

Zoning, infrastructure limits are squeezing US land supply

The latest shortage wreaking havoc on the country? Land. Developers are increasingly struggling to find suitable land for residential developments, the Wall Street Journal reported. Land-use restrictions such as zoning and infrastructure issues are among the challenges making it difficult to find sites near major metropolitan areas. With scarcity comes inflated prices.

Lease roundup: Quest takes space at One Biscayne Tower & more

CP Group scored two leases for its One Biscayne Tower in downtown Miami. Co-working space provider Quest Workspaces took more than 26,000 square feet for its flagship Miami office, and logistics company CMA CGM Group renewed its 20,000-square-foot lease, according to a CP news release. The tower at 2 South Biscayne Boulevard is now 77 percent…

Despite A No Vote, Controversial Plan To Build A Warehouse On Protected Miami-Dade Wetlands Remains In Play

A controversial plan to build a sprawling warehouse distribution center outside Miami-Dade County’s urban development boundary remains in play after a divided county commission first voted to reject, then defer the project on Thursday, Sept. 22. The flip-flopping vote is the third time the request from developers to build on wetlands and farms increasingly…

Miami-Dade Rejects Downsized South Dade Logistics Park, Again

The real estate development company submitted a revised proposal for a massive logistics center in South Dade — cutting its footprint in half — in an effort to secure necessary approvals from Miami-Dade officials that it’s been seeking for two years. However, Miami-Dade commissioners vetoed an approval to expand the county’s urban development border (UDB)…

Starwood snaps up Florida affordable housing portfolio

Barry Sternlicht’s latest affordable housing play in Florida stretches beyond Lake Worth. Starwood Capital Group spent $91.8 million for a 669-unit affordable housing portfolio in the state, Multi-Housing News reported. Comprising four different communities, the transaction breaks down to roughly $137,000 per unit. All four assets were completed…

Truist Buys, Leases Back Quirch Foods’ Medley Site

JLL Capital Markets closed the sale-leaseback of a mission-critical cold storage facility totaling 178,428 square feet in Miami. JLL represented the seller, Quirch Foods, in the sale. Quirch Foods occupies the facility. The property, which is located on 15 acres at 7600 NW 82nd Place in Miami, has excellent access to Florida’s Turnpike, US-27, and…

MG Developer, partner score $148M loan for Hialeah apartments

MG Developer and Baron Property Group secured a $148 million construction loan for a nearly 600-unit planned apartment complex in Hialeah… Coral Gables-based MG Developer, led by CEO Alirio Torrealba, and New York-based Baron Property Group, led by Matthew Baron… development planned for 955 East 25th Street and 980 East 26th Street

Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages

Codina Partners now has a $7.8 million bill for allegedly refusing to pay a general contractor that built a Downtown Doral condo project. Last week, Miami-Dade Circuit Court Judge William Thomas entered a final judgment in favor of Grycon, a Fort Lauderdale-based construction firm that won a non-jury trial in July against Codina affiliate 5350 Park for wrongful…

Swire, Related score approval to widen planned Brickell office tower

Swire Properties and Stephen Ross’ Related Companies can expand their planned One Brickell City Centre skyscraper, a move they say is geared toward attracting top tenants. The Miami City Commission approved an amendment to Miami-based Swire’s special area plan allowing for larger floor sizes. Commissioners also approved…

Sabet buys development site in Miami’s A&E District

The Sabet Group is the latest out-of-town multifamily developer to plant a flag in South Florida… redevelopment site in Miami’s Arts & Entertainment District. An affiliate of Sabet, a Los Angeles-based and New York-based multifamily development firm led by Andre and Edward Sabetfard, paid $14.3 million for the 0.5-acre property at 1600 Northeast Second Avenue

Rents fall nationally for first time in 9 months

Ten bucks is a small amount, but it was big news in the rental market last month. The median rental price in the U.S. fell by $10 month-over-month in August, the first monthly decline since November, according to a Realtor.com report. It was also the first time since then that the median rent — which came in at $1,771 — didn’t hit a record high. In other bad news…

Robert Rivani’s Black Lion snags One Thousand Museum restaurant space

Black Lion’s Robert Rivani with One Thousand Museum On the prowl for South Florida retail condo properties, Robert Rivani nabbed prime restaurant space at One Thousand Museum. Black Lion Investment Group, Rivani’s Los Angeles-based firm, paid $6.4 million for the 6,500-square-foot commercial condo on the ground floor of the luxury condominium…

Busch family partners with Assouline Capital to buy Red South Beach hotel

Tom Assouline and members of the Busch beer family hope to make a splash in Miami Beach with their purchase of the Red South Beach hotel for $33 million. A joint venture of Assouline Capital and Busch Real Estate, led by August “Gussie” Busch, paid $300,000 per key for the 110-room hotel at 3010 Collins Avenue, they said. Michael Dell’s MSD…

Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site

Truist Securities paid $59.4 million for a national food distributor’s cold storage facility in Medley. An entity managed by Allison Mcleod, a managing director for the Atlanta-based investment banking firm, acquired the 178,000-square-foot warehouse at 7600 Northwest 82nd Place, records show. Led by CEO John Gregg, Truist Securities is part of Charlotte-based…

Development bonanza: Four Miami projects nab approval

Miami’s skyline continues to fill up. Four proposed Miami projects won approvals on Wednesday, but one developer’s planned tower hit a snag during a city board meeting. Related Group and Merrimac Ventures’ condominium at Miami Worldcenter, AMLI Residential’s second apartment project in Miami, Rilea Group’s mid-rise rental building near the airport…

Berkadia Arranges $11M Construction Loan for Boutique Office Conversion Project in Miami

Berkadia has arranged an $11 million construction loan for the redevelopment of Wyncatcher, a former warehouse in Miami’s Wynwood district that was converted into a boutique office property. Knotel, a flexible workspace platform founded in 2015, is slated to occupy the entire 46,072-square-foot property located at 2143 Northwest 1st Ave. Scott Wadler…

Developer Lands Financing To Build New Knotel In Wynwood

Knotel, the flexible office company that was bought out of bankruptcy by Newmark in 2021, is opening a location in an adaptive reuse property in Wynwood. Developer Morabito Properties scored an $11M construction loan for the Wyncatcher building, a warehouse it is turning into office and retail with a rooftop balcony overlooking the Wynwood Arts District…

City Axes Miami Dade College’s Contract to Run Tower Theater

After 20 years of supporting art-house cinema and performance at the Tower Theater on Calle Ocho, Miami Dade College will no longer operate the historic venue. The City of Miami sent Miami Dade College (MDC) a notice last week that the college’s management contract for the Tower Theater will be terminated as of January 2, 2023. “The City would like…”

Invesca scores $77M construction loan for Plantation rentals

Invesca Development Group secured the funding it needs to move forward on a Plantation apartment complex. The development firm scored $76.5 million to build the 330-unit Pixl complex on a 6.7-acre site it owns at 4300 Northwest Ninth Court, according to a notice of construction commencement filed this month. An affiliate of New York-based…

Motwanis win approval to expand planned Fort Lauderdale condo project

Merrimac Ventures won approval to expand its planned boutique condo development near the beach in Fort Lauderdale. Fort Lauderdale commissioners on Thursday approved a site plan amendment that adds 11 units and a fourth floor, to create a four-story, 32-unit building at 530 North Birch Road. Asking prices for condos will top $1,000 per square foot…

Wurzak buys Deerfield Beach DoubleTree for $27M

Wurzak Hotel Group is bringing a little Philadelphia-style hospitality to Deerfield Beach. The firm bought the DoubleTree by Hilton Hotel Deerfield Beach-Boca Raton for $27 million, marking its fourth hotel acquisition in Broward County. Led by the father-son duo Howard and Jake Wurzak, the Philadelphia-based firm bought the 221-room hotel at 100 Fairway Drive…

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September 28, 2022

Miami Commercial Real Estate News September 21, 2022: Billion Dollar Redevelopment Planned for Southland Mall; Jungle Island Expansion Advances; More…

The Growing Power of Tech on Miami’s Commercial Real Estate Market

Miami’s exploding tech footprint landed it on the list of emerging tech hubs according to our recently published blog, Tech Markets to Watch and Why the Field’s Getting Competitive. Throughout the past decade, tech companies and venture capitalists migrated in droves to Miami, surging population growth numbers as a result. Fintech – or financial technology…

NY AG files civil fraud suit against Trump, children and company

The New York attorney general made a long-awaited move on Wednesday, filing a civil lawsuit against Donald Trump, the Trump Organization and some of the former president’s children. In the 220-page lawsuit, Letitia James alleged large-scale fraud by Trump and his organization, claiming property values were inflated to land more favorable loans or lower taxes.

Terra, AB Asset plan 174 apartments in Coconut Grove

After embarking on projects throughout Miami-Dade County, David Martin’s Terra is making another play on a market it knows well: Coconut Grove. Miami-based Terra and Miami Beach-based AB Asset Management want to replace The Malone hotel at 2835 Tigertail Avenue in Miami with a five-story apartment building, according to city records. The Residence…

Electra America JV plans $1B mixed-use redevelopment of Southland Mall

An Electra America joint venture is planning a $1 billion overhaul of Southland Mall in Cutler Bay. Electra, its multifamily affiliate Tampa-based American Landmark, and Miami-based real estate firm BH Group are planning to add mixed-use components to the 80-acre site. They will include a 150-key hotel, 60,000 square feet of medical office space, 150,000 square…

Electra America, BH Group Unveil Plans for $1B Redevelopment of Southland Mall Site in Miami-Dade County

A few months after purchasing the former Southland Mall site in Cutler Bay for $100.4 million, owners Electra America (and affiliate American Landmark) and BH Group have unveiled plans for their $1 billion redevelopment of the 80-acre campus in Miami-Dade County. Named Southplace City Center, the mixed-use development will feature 4,395…

Plans Unveiled for $1 Billion Redevelopment of 80-Acre Southland Mall Site in Miami-Dade County

Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, today unveiled preliminary plans for the redevelopment and reinvention of the Southland Mall…

Duncan Hillsley drops $18M on bulk condo purchase of South Miami student housing

Duncan Hillsley Capital dropped $17.5 million on a bulk purchase of condos geared toward college students in South Miami, two months after it settled a lawsuit with the seller. Records show a Delaware LLC linked to the investment firm bought 70 units in Valencia, a 301-unit condo building at 6001 Southwest 70th Street. The seller is MHS Valencia LLC. The buying…

Original vision of Triple Five Group’s American Dream Mall awakens

Canadian developer Triple Five Group, whose American Dream Mall is to rise in Northwest Miami-Dade, is still working on the design for a site plan application to deliver to the county in December, returning to its original concept after considering major changes last year. Over the past year, the developer has been meeting with staff from the county Department…

No-bid deal may darken films mecca Tower Theater

The home of the Miami Film Festival in Little Havana where Miami Dade College also operates South Florida’s highest-grossing art house cinema could be turned over to the Bay of Pigs Veterans Association by a Miami City Commission vote today (9/22). Another vote would turn over to the association in a second lease the adjacent theater parking, where…

Jungle Island expansion advances with water/sewer deal

Miami city commissioners have approved a resolution expected to lead to a new water and sewer deal with the county for expansion of Jungle Island, with details on the size of the proposed new uses, including restaurants. Jungle Island, formerly Parrot Jungle, was a zoological park relaunched as an eco-adventure park on Watson Island. The City of Miami owns the…

Healthcare commercial lending market grows

As commercial loan transactions are slowing down a bit due to the rise in interest rates across financial institutions, healthcare commercial lending is becoming a growing market in South Florida thanks to the increased number of physicians licensed and the expansion of Florida’s population. City National Bank is adding a medical division within its private…

Peter Thiel on Florida real estate: “becoming like California”

Even tech billionaire and Republican mega donor Peter Thiel thinks housing prices and rent are too damn high in Florida. Thiel, a Miami Beach transplant from Silicon Valley, warned conservatives that soaring real estate prices in Florida make the Sunshine State more like California than they would like to admit. Speaking at the National Conservatism…

Investor seeks $50M for allegedly botched Ocean Drive hotel repairs

Allied Partners is seeking $50 million from an architect and an engineer who allegedly tore down portions of a historic Miami Beach hotel without the owner’s authorization. In two separate lawsuits filed in Miami-Dade Circuit Court last month, an Allied entity sued Kevin Gore, an architect based in Palisades Park, New Jersey; and Miami-based engineer Elvis…

Owners Of Savoy Hotel & Beach Club Sue For $50M Over Unauthorized Demolition

Real estate investment firm Allied Partners is suing an architect and engineer who it claims demolished parts of an iconic Miami Beach landmark without its consent. It’s asking a Miami-Dade Circuit Court judge to award it $50M. New York-based Allied owns The Savoy Hotel & Beach Club on South Beach… at 425 and 455 Ocean Drive.

Grand Peaks proposes 26-story apartment tower in Brickell

Grand Peaks Properties doesn’t want to be left out of the Brickell bonanza. The Denver-based multifamily firm proposes a 26-story apartment tower on an acre, spanning two adjacent lots at 901 Southwest Third Avenue and 244 Southwest Ninth Street in Miami, according to Miami records. Grand Peaks has the property under contract for…

Lease roundup: AJP, Mas fully lease Kendall medical offices

Cardiovascular Centers of America, HCA Florida Institute for Gynecologic Oncology I MedSquare Health I Kendall A year after finishing a Kendall medical office plaza, AJP Real Estate and Mas Group fully leased the property. http://therealdeal.com/miami/tag/kendall/ In the recent flurry of deals, Cardiovascular Centers of America took 8,000 square feet; Centers…

Richard LeFrak On Peers Moving To Miami And Watching His 184-Acre Megaproject Hit Critical Mass

This year marks a decade since the LeFrak family, which for the past century has amassed one of the largest portfolios of New York-area real estate, made its splashy entrance in Florida with the purchase of more than 180 acres in North Miami. Ten years after Richard LeFrak, the CEO and third-generation leader of the family business, bought the smelly…

5 minutes with developer, broker Edgardo Defortuna

Fortune CEO Edgardo Defortuna Developer and broker Edgardo Defortuna is carefully choosing which projects his firm, Miami-based Fortune International Group, picks up amid a flood of new development in the pipeline. He’s also keeping a close eye on still-rising construction costs and supply chain issues, as well as the affordability crisis in South Florida.

Industrial Real Estate Demand Strong Heading Toward Final Months Of Tumultuous Year

The nation’s industrial real estate market is headed toward the closing months of 2022 with strong demand overcoming uncertainty about the course of the global economy. Leasing of logistics, manufacturing and warehouse properties has been hitting records during the third quarter as businesses and investors also build and buy industrial properties at…

Restoration Hardware’s Miami Design District deal implodes

Restoration Hardware’s foray into the Miami Design District was supposed to jump-start the redevelopment of a less glamorous part of the high-end retail and dining neighborhood. But now the deal has turned into a train wreck. Restoration Hardware is suing its landlord, an entity connected to Apollo Commercial Real Estate and Michael Comras, alleging that the…

Winn-Dixie sues landlord over leaky roof at South Miami store

A leaky roof forced Winn-Dixie to close a South Miami store at 8710 Southwest 72nd Street, and now the grocer wants landlord Robert Balzebre to pay up. In a lawsuit filed in Miami-Dade Circuit Court last month, the Jacksonville-based grocery chain is seeking a court order to force Balzebre, principal of Miami-based Balzebre Investments, into fixing the roof of…

Biscayne Boulevard’s New World Tower Could Get Rapid Transit Zoning

A developer who has been assembling several Biscayne Boulevard properties where a supertall tower is possible has requested Rapid Transit zoning designation, according to a county memo. The properties being requested for inclusion include the 30-story New World Tower on Biscayne Boulevard, and the adjacent Yve Hotel. The New World Tower dates to…

Another Wynwood dev site hits market asking above $30M

In a span of weeks, a second Wynwood development site is hitting the market with an asking price above $30 million. Miami-based real estate investor Joseph Cohen is listing the 1-acre assemblage of 2100 Northwest Miami Court, 2101 Northwest First Avenue and 2127 Northwest First Avenue with an asking price of $35 million, according to Juan…

South Florida office sales falter, despite strong leasing

Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B…

Starwood, Related Launch Venture To Sell EV Chargers, Solar Panels To Big Landlords

Property giants Starwood Capital Group and Related Cos. have joined forces to create a new endeavor to sell clean energy products to other large real estate owners. Through the companies’ energy subsidiaries — Starwood Energy and EnergyRe — the two firms launched a new venture dubbed Radial Power to sell solar panel installations, electric vehicle charging…

School of Whales Investors Now Own a Piece of the Historic Post Office in Downtown Miami

This week School of Whales announced a new addition to its diversified commercial real estate investment portfolio: 100 NE 1st Ave—The Historic Post Office building in Downtown Miami. School of Whales investors now own a piece of this trophy property. The stunning 36,500 square foot 1912 Neo-classical building is currently being transformed into a 4-level…

Shoma launches sales of planned North Bay Village condos

Shoma Group is pivoting its plans from apartments to condos at a North Bay Village site it acquired earlier this year. Shoma, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is launching sales of the Shoma Bay condos, with prices starting in the $400,000s, according to a press release. The Coral Gables-based developer tapped…

The Boom Times in Industrial Real Estate Are Far From Over

Industrial real estate has been the standout sector in real estate for close to a decade, and the pandemic only further entrenched its position. While other sectors of the economy ground to a virtual halt, consumers’ accelerated shift toward e-commerce made industrial one of the few assets to benefit from lockdowns and social distancing.

Tiendamia Inks 33,000 SF Industrial Lease In Medley

Xipron, Inc. d.b.a. Tiendamia has inked an industrial lease at 8404 NW 90th Street in Medley. Tiendamia signed a long-term lease for approximately 32,670 square feet in the recently completed Building 11 which fronts NW 90th Street. The Butters Realty & Management Industrial Brokerage Team of JC Conte, SIOR and Brian T. Ahearn…

Video: The New Retail World with Macerich featuring Macerich CEO/Director Tom O’Hern

Tom O’Hern, CEO and Director of Macerich, one of the largest retail REITs in the world with 48 million square feet of property, joins America’s Commercial Real Estate Show to discuss how large retail properties have performed, leasing activity, and mall property conversions. Macerich, a real estate investment trust (REIT) that invests in shopping centers, is the…

Fisher Island’s Last Development Site Sells for $123M

The Related Group, in a joint venture with Teddy Sagi, Wanxiang America RE and BH Group, has acquired the last available development site on Miami Beach’s Fisher Island for $122.6 million, Miami-Dade County records show. Tara Bernerd and Partners and Kobi Karp Architects will design the project. The 6 Fisher Island Drive development will offer 50…

No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access

At an oceanfront Hilton-branded condo hotel in Fort Lauderdale Beach, developers Joseph Cabanas and Jose Luis Zapata are allegedly blocking a group of investors from renting and selling their units, according to court documents and interviews with some of the owners. It’s a nasty fight that’s ignited a series of lawsuits over the last two years against Q Club Hotel…

Prospect plans Lauderhill project with up to 275 apartments

The developer of an apartment complex with as many as 275 units in suburban Lauderhill is targeting tenants priced out of downtown Fort Lauderdale. Young professionals and young families “who can’t buy a house and can’t afford the downtown Fort Lauderdale rents, that’s the group we’re kind of pinpointing,” Navish Chawla, a…

LM Restaurants plans waterfront eatery, hotel in Deerfield Beach

The Moshakos family’s LM Restaurants wants to open a waterfront dining and hotel venue next to an eatery it owns in Deerfield Beach. LM Restaurants, through an affiliate, bought the 1.7-acre vacant development site at 1755 Southeast Third Court for $10 million from an entity led by Phillip Schuman, according to records. The property is just south of…

American Landmark sells Boynton Beach apartments for $71M

American Landmark sold a Palm Beach County apartment complex for $71 million, nearly 70 percent above its purchase price four years ago. An entity managed by Zoe Buchard of Kent, Washington, and Gary and Susan Burchard of West Palm Beach bought High Ridge Landing at 3609 High Ridge Way in Boynton Beach, records show. The buyer obtained a $37.5…

Babak Ebrahimzadeh proposes West Palm office project

Babak Ebrahimzadeh is the latest investor and developer to bet on the growing West Palm Beach office market. Through his Miami-based Florida Mastermind, Ebrahimzadeh wants to build a 12-story office building with 150,000 square feet of space at 1545 Centrepark Drive North, he told The Real Deal. The project, to be called The Contemporary, will be within…

Cold Storage Sale-Leaseback Closed in Southeast

JLL Capital Markets has closed the sale-leaseback of two cold storage facilities totaling 262,904 square feet, in Miami and in metro New Orleans, for Quirch Foods. JLL represented Quirch in the sale to an undisclosed third party. Quirch occupies both facilities. Financials on the deal were not disclosed. The Miami property is on 15 acres at 7600 NW 82nd Place…

Starwood checks out of Westlake shopping center for $20M

Sarry Sternlicht’s Starwood Property Trust is the latest landlord to cash out of a grocery store-anchored shopping center in South Florida. An affiliate of Starwood, based in Miami Beach and Greenwich, Connecticut, sold Grove Market, a 77,000-square-foot shopping center at 5060 Seminole Pratt Whitney Road in Westlake, for $19.5 million, records show. The deal…

Stephen Ross bets on West Palm office development — again

Stephen Ross can’t get enough of downtown West Palm Beach. Already the biggest office property owner in the city, Ross’ Related Companies now plans a 25-story building that will bring 456,000 square feet of work space and 15,000 square feet of retail to downtown West Palm, according to a company news release. The tower, called 515 Fern, will rise next to the…

Pérez and Sagi’s Transit Village in West Palm Beach advances

It’s not unusual for ambitious projects to stall for years and then to fizzle out entirely, due to financial woes or the hassle of government approvals. Yet, a project lingering for almost two decades making a major comeback is rare. That’s the story of Transit Village, a planned, massive mixed-use development that would…

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September 21, 2022

Video: The New Retail World with Macerich featuring Macerich CEO/Director Tom O’Hern

Tom O’Hern, CEO and Director of Macerich, one of the largest retail REITs in the world with 48 million square feet of property, joins America’s Commercial Real Estate Show to discuss how large retail properties have performed, leasing activity, and mall property conversions. Macerich, a real estate investment trust (REIT) that invests in shopping centers, is the third-largest owner and operator of shopping centers in the United States. At the end of 2020 the company owned interests in 52 properties that in total comprised 50 million square feet of leasable area. If you want an update on large retail properties, this is for you.

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September 16, 2022

Miami Commercial Real Estate News September 14, 2022: Fisher Island Dev Site Trades for $100M, One Near Beckham Stadium for $32M; $30M Edgewater Assemblage Closes; More…

Related Group, partners close on $100M-plus Fisher Island development site

Jorge Pérez’s Related Group and its partners closed on their purchase of the last condo development site on exclusive Fisher Island in Miami Beach. Miami-based Related, billionaire Teddy Sagi, BH Group and Chicago-based Wanxiang America RE Group paid more than $100 million for the property at 6 Fisher Island Drive. The Related-led group entered into contract…

Lissette Calderon pays $32M for development site near Beckham soccer stadium

Lissette Calderon is casting a wider net along the Miami River, purchasing a development site further west than most of her other projects on the waterway. Calderon, through an affiliate, bought a 7.3-acre site at 2301 Northwest 33rd Avenue for $32.2 million from an entity tied to Chicago-based Oak Street Management, according to records. The buyer took…

Moishe Mana’s downtown Miami tenants allege fraudulent eviction

A group of Moishe Mana’s downtown Miami tenants filed a lawsuit against the developer’s companies, alleging they were fraudulently evicted from their spaces, The Real Deal has learned. Las Hermanas Restaurant Corp., Vive Cafe Restaurante, Golden Palace and Isabel Alteration sued Mana Miami Management LLC and 48-76 East Flagler Realty LLC on Tuesday.

Beckham’s mixed-use Miami soccer complex scores final zoning OK

Miami Freedom Park, the sprawling, mixed-use soccer stadium development planned for the Melreese Country Club site, secured its final zoning approvals. The Miami City Commission voted 4 to 1 in favor of the planning ordinances, allowing the developers to move forward with the project planned for 1400 Northwest 37th Avenue, near MIA…

‘The Cat Has Come Out Of The Bag’ As Developers Descend On Hialeah

Factories, one-star motels, strip joints, warehouse outlets, and botánicas selling religious and spiritual goods have long defined the city of Hialeah. For decades, there was almost no development to speak of. But things are changing fast in “The City of Progress.” The predominantly Cuban neighborhood is the sixth-most populous in Florida, but almost 60% of…

The Fed: Beige Book Picks Up Mixed Signals from the Southeast Economy

The regional economy expanded in recent weeks, but mixed signals characterized anecdotal reports from across the Southeast compiled in the Atlanta Fed’s section of the newest Beige Book. For example, labor markets remained tight, and several business leaders said they continue to automate certain tasks so they can operate and grow with fewer workers. Contacts…

Miami Beach OKs apartment building conversion to boutique hotel

An investor plans to convert an Art Deco apartment building in Miami Beach back to its original use as a hotel. The Miami Beach Historic Preservation Board on Tuesday approved plans for the Henry Hohauser-designed property at 1360 Collins Avenue. The owner, led by Jim Cavanaugh of Miami Beach, plans to redevelop the 25-unit building into a hotel with…

Michael Shvo plans second Miami Beach office project

Michael Shvo is doubling down on Miami Beach’s office market. Fresh off obtaining city approval for an office project along Alton Road, Shvo has filed plans for a six-story office building at 16651667 Washington Avenue, according to city records. The Kobi Karp-designed development would have 21,000 square feet of offices on the top five floors, 58 parking spaces…

Former WeWork CEO Adam Neumann’s $350M fundraise came with a catch

The big investment Adam Neumann received for his latest real estate venture came at a cost: the keys to a portion of his apartment portfolio. The former WeWork chief executive agreed to hand over part of his real estate holdings for the $350 million investment, the Wall Street Journal reported. The unusual arrangement puts venture capital giant Andreessen…

Shore Club to become Auberge: Witkoff, Monroe’s redevelopment approval stands

Witkoff and Monroe’s plans to redevelop the Shore Club — and rebrand it as Auberge — are moving forward. The Miami Beach Historic Preservation Board on Tuesday voted against a rehearing of the redevelopment proposal that the board had approved four months ago. The developers’ attorney Michael Larkin revealed the Auberge branding at the…

Inside Adam Neumann’s WeWork-ification of residential real estate

Adam Neumann, Society Las Olas at 301 Southwest First Avenue in Fort Lauderdale, and the Stacks on Main at 535 Main Street, Nashvill: Adam Neumann’s comeback story sounds a bit like his coming-up story. He has the backing of a name-brand venture capitalist. He has grand plans to transform real estate. He is, once again, preaching the gospel of…

Fire station issue stalls signature Brickell City Centre tower

Miami city commissioners have delayed a final vote on Brickell City Centre’s latest expansion, while directing city staff to get to the bottom of why a promised fire station has not been built as part of the sweeping mixed-use development. At a rescheduled regular meeting on Tuesday, commissioners were to hold a second and final hearing on two planning and zoning…

9 Key Statistics for the Miami Commercial Real Estate Market

The Miami commercial real estate market offers a wide range of interesting projects, assets, and property types due to its advantageous location and pivotal access as an Atlantic coastal town. Its geographic position near Central and South America is a big reason for the overall growth and culture in the area. These factors give Miami…

Block Capital proposes 17-unit Wynwood apartment project

Block Capital Group, a prolific Wynwood developer and investor, is continuing to bet on the neighborhood. The Miculitzki family’s Block Capital wants to build a five-story, 17-unit residential building at 91 Northwest 27th Street with 3,000 square feet of retail, according to an application filed to a Miami project review board. The units will be apartments, a Block….

Jeffrey Soffer’s Fontainebleau Development buys North Miami marina

Jeffrey Soffer’s Fontainebleau Development picked up a North Miami marina for $10.1 million, more than $9 million above the property’s last sale price 27 years ago. An affiliate of Aventura-based Fontainebleau acquired PowerHouse Marina at 13255 Biscayne Boulevard, records show. The seller, an entity led by David A. Marcus, purchased the…

Lease roundup: Rentals manager Belong moves HQ to Brickell

Belong I Brickell I Miami Belong, a rental homes management company, is moving its headquarters from California to Brickell in Miami. The company will occupy a 7,000-square-foot space at the Brickell City Tower at 80 Southwest Eighth Street, according to Owen Savir, co-founder of Belong. It is renovating the space and working out of a temporary office at the…

Doral Considers Trump Proposal For New Towers

Former President Donald Trump has another real estate venture in Doral. The city is considering an application submitted on a plan to build gleaming luxury towers with more than 2,000 units proposed at the Trump National Doral Miami property. The project includes more than 185,000 square feet of amenities and retail in the property at…

MG completes Miami apartments dev site assemblage

MG Developer added the final piece to its Miami development site puzzle, allowing it to move forward on a two-tower multifamily project. The Coral Gables-based firm and its partner, New York-based Baron Property Group, bought an acre at 3191 Southwest 39th Avenue and 3160 Southwest 38th Court from AMR Investment, which is led by Armando Rouco, for $16…

Investors spent $5B on South Florida rentals in the first half of the year

Investors spent $5 billion on South Florida multifamily properties in the first half of the year, the second-highest total on record, according to Cushman & Wakefield. It could be secure in that spot for some time: Demand in the area’s rental market is showing signs of slowing, despite continued rent growth in Miami-Dade, Broward and Palm Beach counties.

Terranova plans retail-and-office project on Coral Gables’ Miracle Mile

Stephen Bittel’s Terranova Corporation plans to redevelop a former pharmacy in downtown Coral Gables into a four-story retail-and-office building. The Arquitectonica-designed project at 93 Miracle Mile will include a 6,700-square-foot restaurant on the ground floor, 9,700 square feet of retail on the second and third floors and 7,300 square feet of…

Mortgage rates hit 14-year high

Mortgage rates hit yet another new high and may continue to rise as the Federal Reserve looks to tackle inflation. The average rate on a 30-year fixed mortgage hit 5.89 percent this week, according to a Freddie Mac survey reported by the Wall Street Journal. Rates are roughly double from what they were a year ago and exceeded a recent pandemic high set…

Inside Griffin’s billion-dollar South Florida property play

Ken Griffin epitomizes the South Florida more-is-more real estate philosophy. The billionaire founder of Citadel just raised the bar on his record-setting portfolio. Griffin, who is worth about $31 billion, now owns at least $1.3 billion of residential and commercial real estate in South Florida, on top of luxury homes in New York, Chicago, London and…

Embattled developer Metronomic’s Coconut Grove rentals head to auction

Metronomic once had grand plans to redevelop a large area of Coconut Grove. Now it might lose its only completed project there. Four years ago, the Coral Gables-based developer announced a $74 million mixed-use project in the neighborhood, with nearly 300,000 square feet of apartments, retail, offices and a hotel. But it soon became saddled with debt, filing…

Video: Global Chair of Counselors of Real Estate Marilee Utter Discusses Top Ten Issues Affecting Real Estate 2022-2023

Marilee Utter, 2022 Global Chair of the Counselors of Real Estate, joins the host of America’s Commercial Real Estate Show to share and discuss highlights from the Counselors of Real Estate annual Top Ten Issues Affecting Real Estate. Topics (issues) discussed include inflation and interest rates, geopolitical risk, hybrid work, wupply chain disruption, energy…

Rotem Rosen, Anand Mahindra finally close on $30M Edgewater site

It took more than four years, but Rotem Rosen and billionaire Anand Mahindra’s MRR Development sealed the deal on a $30 million Miami assemblage. Javier Cervera Companies led by investor Javier Cervera Jr. sold the 1.4-acre site at 1801 Northeast Second Avenue, north of downtown Miami, to MRR. The land covers the majority of the city block between…

Prestige sells Hialeah apartments for 30% markup

Marty Caparros’ Prestige Companies sold a multifamily portfolio in Hialeah for 30 percent more than it paid for the properties a year ago. Affiliates of Miami-based Puchero Corp., managed by Alberto Arceo, bought the four small apartment complexes at 565 West 51st Place and 643, 651 and 725 West 29th Street for $17.2 million, according to records. The 1960s-era…

How Hamid Moghadam made Prologis the world’s largest industrial landlord

Fresh off a trip to Stanford, Hamid Moghadam was pulling up to his house in San Francisco’s tony Pacific Heights neighborhood when a car stopped right behind him.  Out jumped two men, armed with guns. They moved in on Moghadam, grabbed his Patek Philippe watch and fled. “They were attacking me,” Moghadam told the San Francisco Business Times.

Rising sea levels put Miami, New York at biggest risk for severe and extreme flooding at commercial properties

Billions of dollars worth of office buildings, retail centers and apartment buildings in coastal U.S. cities sit in the path of major flooding as sea levels rise, according to a new DBRS Morningstar report. The credit rating agency looked at a snapshot of roughly 47,000 buildings that it monitors out of the roughly $670 billion commercial mortgage bond market and found…

Pulso Capital pays $22M for Pompano Beach complex

A Fort Lauderdale-based multifamily investment firm padded it’s portfolio with a $21.5 million Pompano Beach acquisition. Stellar at Palm Aire now belongs to a Pulso Capital Group affiliate. The firm paid $22 million for the 39-unit rental townhome complex at 4091 Seina Circle, 4081-4099 Sunset Way, 700-706 Stellar Court, 4082-4098 Highland Oaks Drive, records…

Lyon Living Pays $33M for Sunrise apartment complex

A garden-style rental community in Sunrise traded for $13 million above its previous sale price three years ago. An affiliate of Lyon Living, a Newport Beach, California-based multifamily real estate investment firm, paid $33.1 million for Courtyards at Sunrise, a 128-unit apartment complex at 4108 Pine Island Road, records show. The buyer obtained a $28 million loan…

Dependable Equities proposes 47-story Fort Lauderdale tower

Dependable Equities is proposing a 47-story rental tower in downtown Fort Lauderdale, adding to the Brooklyn developer’s pipeline of projects. The plan by Dependable Equities, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinsky, will go before the Fort Lauderdale Development Review Committee Tuesday. The developer is seeking site plan review…

Carlyle pays $33M for Boynton Beach shopping center

Carlyle Management doubled its Boynton Beach retail holdings with a $33 million purchase of Sprouts-anchored shopping center. An affiliate of Katonah, New York-based Carlyle acquired the retail component of Mainstreet at Boynton at 6405 Boynton Beach Boulevard, according to a press release. The deal breaks down to $630 a square foot. The 52,000…

Lincoln Property pays $194M for newly built Boca apartments

Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group’s Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne: Lincoln Property Company beefed up its South Florida multifamily portfolio. The firm bought the newly built Manor Broken Sound apartment community in Boca Raton…

El-Ad nabs $100M construction loan for Alina condos in Boca

El-Ad National Properties’ more than 300-unit condominium project in Boca Raton just got a major financial boost. The developer, through an affiliate, scored a $100 million construction loan for the second phase of its Alina Residences project from UMB Bank, according to records. The pair of condo buildings, already under construction, comprise the final portion of…

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September 14, 2022

Miami Commercial Real Estate News September 7, 2022: Miami Beach Macy’s Trades for $16M, Hialeah Park Dev Site for $14M; Little River Biz Park Listed at $39M; More…

Pan Am Equities lists Little River business park for $39M

For the second time in two years, Pan Am Equities is looking to cash out of an office business park in Miami’s Little River. Affiliates managed by Scott Solomon, president and CEO of Pan Am, a New York-based real estate development and management firm, recently listed Rail 71 at 7205 Northeast Fourth Avenue with an asking price of $39 million, according…

After $39M sale, Robert Shor picks up another South Beach retail property

Investor Robert Shor just can’t keep himself away from South Beach. Three months after selling a retail strip along Alton Road to Michael Shvo for $39.3 million, Shor is back to buying, scooping up a vacant retail property across the street for $10 million. Through an affiliate, Shor bought a commercial condominium at 1665 Alton Road from an entity tied to…

Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources

Hedge fund billionaire Ken Griffin is the mystery buyer behind last week’s $106.9 million deal for Adrienne Arsht’s waterfront Miami estate, sources told The Real Deal. Griffin, who has spent hundreds of millions of dollars purchasing South Florida real estate over the last decade, acquired Arsht’s 4-acre Coconut Grove estate at 3031 and 3115 Brickell Avenue. The deal…

Jetport in Everglades could be urban air mobility test site

A Miami-Dade test site for unmanned urban air mobility aircraft is on the runway and awaiting takeoff with a county commission vote directing the mayor to find a site for flight tests and report to commissioners in 45 days. The legislation from Commissioner Jean Monestime cited the Everglades Jetport – officially the Dade-Collier Training and Transportation Airport…

40-story Edgewater office-residential tower wins backing

A mixed-use residential tower is planned for the heart of the Edgewater neighborhood in the City of Miami. Developer 2600 Biscayne Property LLC is proposing a 40-story tower at 2626 Biscayne Blvd. The city’s Urban Development Review Board voted unanimously to recommend approval. At the board meeting, attorney Iris Escarra on behalf of the developer…

Miami Office Transaction Volume Was Low in H1

Year-to-date through June, Miami’s office transaction volume reached $995 million, the lowest figure among gateway cities, according to CommercialEdge data. Miami’s deal volume in the first half of the year shrunk significantly compared to last year’s findings: at the same point in 2021, office sales in the South Florida metro amounted to $1.25 billion.

Sylvester Cancer research building wins review board OK

The University of Miami’s cancer research center is expanding. Plans for a new state-of-the-art Sylvester Comprehensive Cancer Center – Transformational Cancer Research Building (TCRB) were recommended for approval by the City of Miami’s Urban Development Review Board. The university is proposing a new building consisting of medical office…

Prestige acquires Hialeah Park dev site, plans 343 apartments

It’s the corner stretch for Prestige Companies’ plan to redevelop an unused portion of Hialeah Park race track into a 343-unit apartment complex and a charter school. An affiliate of Miami Lakes-based Prestige paid $13.7 million for a 13.1-acre vacant lot on the 200-acre property that’s home to the historic Hialeah Park Racing & Casino, records show. The seller is an…

North Carolina firm plans 141-unit Wynwood apartment project

Evolve Companies wants to build a 141-unit apartment building in Wynwood, marking unceasing appetite for development in the artsy Miami neighborhood. The firm paid $9.8 million for roughly an acre on the northeast corner of Northwest 35th Street and the I-95 northbound exit ramp, with plans for an eight-story building, according to Evolve. The site…

Lease roundup: Miami Worldcenter, Banyan Street nab tenants

From left: CIM Group’s Shaul Kuba; Miami Worldcenter Associates’ Nitin Motwani and Art Falcone; Miami Worldcenter: Sports & Social I Miami Worldcenter | Miami Dining and entertainment venue Sports & Social will open at the $4 billion mixed-use Miami Worldcenter project. Sports & Social will open a 20,000-square-foot location in the glass-encased “Jewel Box…”

Back to school: Aging college campuses draw developers

PPG Development’s Ari Pearl, MC Equity Group’s Yoram Izhak, Related Group’s Jorge and Jon Paul Pérez and Tate Capital’s James Tate with the closed Johnson & Wales University and Nova Southeastern University campuses: At a busy intersection in North Miami, a vacant four-story former student-housing building painted in white, citron yellow and…

Florida Department Of Revenue Takes 29K SF At Doral Center

The State of Florida Department of Revenue is relocating within Doral, Florida. The governmental department inked a 28,610-square-foot lease at Doral Center, the landlords’ broker announced. The tenant plans to move in next summer. The tax administrator is now based at the Office Park at MICC complex, situated 2.7 miles south from the new office. It’s unclear…

Empira Group Acquires Miami Development Site

Switzerland-based Empira Group has purchased CoralGrove Brickell, a residential development site in Miami. JLL Capital Markets represented the seller, an unnamed South American investor. Located between Brickell and Coral Gables, Fla. at 3051 SW Third Ave., the property is slated to encompass 85 units. The 0.53-acre plot is in proximity of Vizcaya Metrorail Station…

Highgate sells two Miami-Dade La Quinta Inn hotels for $33M

Highgate Capital Management sold a pair of La Quinta Inn by Wyndham hotels in Miami-Dade County for a combined $33 million. Affiliates of Highgate, an Irving, Texas-based hospitality real estate firm, sold the La Quinta at 7401 Northwest 36th Street near Doral for $15.5 million, as well as the La Quinta at 3501 Le Jeune Road in Miami Springs for $17 million…

The world is running out of sand, and it’s already affecting real estate

Sand used for constructing buildings and producing glass needs to be mined from riverbeds or beaches, quarried from open pits or blasted from rock formations. This higher-quality sand is running out. Crown Prince Mohammed bin Salman dreams of building two 100-mile-long skyscrapers in the desert, a pair of mirror-encased, parallel lines running through…

Ronny Finvarb and Joe Chetrit nab Miami Beach Macy’s for $16M

Ronny Finvarb and Joseph Chetrit paid $15.5 million for the Miami Beach Macy’s store off Lincoln Road, one of the oldest retail buildings in the city. Sobe Park, An entity managed by Finvarb, principal of Bay Harbor Islands-based Finvarb Group, acquired the 96,610-square-foot department store at 1675 Meridian Avenue, according to…

Unpacking Miami-Dade mayor’s $85M housing affordability kit

Miami-Dade County Mayor Daniella Levine Cava proposed an $85 million spending plan to tackle the housing affordability crisis that seemingly has no end in sight. The mayor’s HOMES Plan is the latest salvo in a flurry of programs by her administration aimed at alleviating the unprecedented increases in the costs of homebuying and renting. Arguably, Miami-Dade…

SecureSpace pays $23M for Coral Way self-storage facility

It’s move-in season for real estate investors pursuing self-storage… An affiliate of SecureSpace, led by Nathan McElmurry, paid $22.7 million for a six-story self-storage building at 2811 Coral Way and 2749 Southwest 22nd Street near Coral Gables, records show. The buyer took out a $22.7 million loan from Goldman Sachs. The deal broke down to $194 a square foot.

Ytech buys historic Brickell château, plans restoration

Developer Yamal Yidios acquired a historic Brickell Avenue château, with plans to restore and renovate the property. Yidios’ Ytech bought the Château Petit Douy at 1500 Brickell Avenue in Miami by purchasing the company that owned the real estate, records show. The seller is an affiliate of Cheval Holdings, which had partnered in 2019 with Chef Clay Conley’s…

Legal battle ramps up at waterfront Bal Harbour condo building

Current and former unit owners at a boutique waterfront building in Bal Harbour allege that the condo board president has illegally obtained control, with the goal of ultimately terminating the association and redeveloping the property. Litigation between Water’s Edge House condo board president Joseph Swedroe and former unit owner Marlene…

South Miami-Dade Development Assemblage Trades for $3.375M

A 2.63 acre (114,588 square feet) development assemblage at approximately 16001 SW 117th Avenue in unincorporated Miami-Dade has traded. The property, which sold for $3,375,000, is zoned IU-C (Miami-Dade). The seller of the property was Woodspring Commercial Park LLC, which had purchased it in May of the preceding year for $2,298,000 from Nava…

ZOM Living Completes MiLine Miami Phase I

Multifamily housing developer ZOM Living, along with partners Mattoni Group and AEW Capital Management LP, have completed MiLine Miami’s first phase. This initial portion of the mixed-use development in West Miami-Dade County features 338 midrise apartments, along with 4,600 square feet of retail space that incorporates a brewery, a beer garden…

Joint Venture Opens Phase I of MiLine Miami, Including 338-Unit Apartment Community and Brewery

A joint venture between ZOM Living, Mattoni Group, Scout Capital and AEW Capital Management has completed the first phase of MiLine Miami, a mixed-use development in Miami spanning 11.4 acres. Phase I includes the delivery of a six-story, 338-unit apartment community, 4,600 square feet of retail space and 1,300 linear feet of the Ludlam Trail. Apartments come…

Commercial real estate landscape remains in flux, experts say

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

Wynwood Haus Tops Off

Black Salmon, a national commercial real estate investment and development firm based in Miami; Lineaire Group, a Miami-based real estate investment and development firm focused on urban infill projects; and Bridge Investment Group, a leading, national real estate investment and property management firm, announced today that Wynwood Haus…

Lender Wins Foreclosure Auction On South Florida Mall With $43M Bid

Plantation’s Broward Mall has been taken over by its lender after the investors in a commercial mortgage-backed securities trust made the winning bid in a foreclosure auction this week. The 470K SF mall, which was built in 1979 and sits on a 30-acre site, was put on the block Tuesday and sold with a $43M credit bid by the CMBS trust…

Château sells Hallandale retail plaza it planned to redevelop

Château Group’s Manuel Grosskopf and Pacific Star Capital’s Aria Mehrabi with 600 East Hallandale Beach Boulevard: Manuel Grosskopf’s Château Group sold a Hallandale Beach shopping plaza that the developer had planned as the site of a major mixed-use project. Pacific Star Capital, through an affiliate, bought the 65,000-square-foot retail center at 600…

Rags to riches: Upscale spa planned for former Hollywood homeless shelter site

In a major redevelopment move, investors plan an upscale spa for the former site of a homeless shelter just north of downtown Hollywood. Aventura-based investor Yevgen Yatsenko leads a group that expects to acquire the city-owned vacant half-acre of land for $1.8 million in early October, according to a contract that city staff negotiated with Yatsenko…

James Batmasian pays $16M for Palm Beach County industrial portfolio

James Batmasian is continuing his summer hot streak, wheeling and dealing for South Florida commercial properties. The Boca Raton-based real estate investor paid $15.5 million for a portfolio of three industrial sites in Palm Beach County, records show. Batmasian acquired Fairfax Center at 6758 North Military Trail in Riviera Beach, Hopo Center at 1101 53rd St…

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September 7, 2022

Video: Global Chair of Counselors of Real Estate Marilee Utter Discusses Top Ten Issues Affecting Real Estate 2022-2023

Marilee Utter, 2022 Global Chair of the Counselors of Real Estate, joins the host of America’s Commercial Real Estate Show to share and discuss highlights from the Counselors of Real Estate annual Top Ten Issues Affecting Real Estate. Topics (issues) discussed include inflation and interest rates, geopolitical risk, hybrid work, wupply chain disruption, energy, labor shortage strain, the great housing imbalance, regulatory uncertainty, cybersecurity interruptions, and ESG requirements forcing change.

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September 2, 2022

Miami Commercial Real Estate News August 31, 2022: Gables Station MXU Trades for $430M, Miami Worldcenter Dev Site for $30M; Site for $185M Riverside Wharf Project Headed for Lease; More…

Swiss developer debuts in Miami with multifamily project

Swiss firm Empira Group is making its foray into South Florida with a $9 million purchase of a multifamily development site in Miami’s The Roads neighborhood. Empira wants to build the eight-story CoralGrove Brickell project on a half-acre site along Coral Way, at 3025 and 3051 Southwest Third Avenue, according to the developer’s news release. Sources…

Setai wants Miami Beach to reverse Shore Club approval

Setai’s Ariel Nakash, Monroe Capital’s Theodore Koenig and Witkoff’s Steve Witkoff with rendering of planned Shore Club project: Owners at the Setai are challenging the approval of the neighboring Shore Club project in Miami Beach. The Setai Resort & Residences condo association is seeking a re-hearing of the city’s historic preservation board vote in favor of…

Lissette Calderon’s third Allapattah project scores $58M loan

Lissette Calderon’s third apartment project in Miami’s Allapattah neighborhood nabbed $57.5 million in construction financing. Churchill Real Estate provided the loan for Fourteen Residences Allapattah, a two-building complex with 237 units planned for 1470 Northwest 36th Street, according to a press release. Berkadia’s Charles Foschini and Chris Apone…

Hines pays $430M for mixed-use Gables Station

Hines’ Jef­frey Hines and Alfonso Munk; Nolan Reynolds International’s Charles Nolan Jr.; 54 Madison Partners’ CEO Henry Silverman; Nolan Reynolds International’s Brent Reynolds; and the Gables Station at 235 and 237 South Dixie Highway in Coral Gables: Hines bought a mixed-use multifamily development in Coral Gables for $430 million, marking one…

Hines Closes $430M Miami Buy

A recently completed mixed-use development in Miami’s Coral Gables submarket has traded in one of South Florida’s largest deals this year. Hines Global Income Trust bought the 1.2 million-square-foot Gables Station from co-developers Nolan Reynolds International and 54 Madison Partners. According to The Real Deal, the price of acquisition was $430 million.

Hines Drops $430M On 1.2M SF Mixed-Use Building In Coral Gables

A mixed-use development in Coral Gables that features a Life Time residential, fitness and coworking concept has sold for $430M in one of the largest real estate deals in South Florida this year. Houston real estate giant Hines, through its Hines Global Income Trust, has acquired Gables Station, the 1.2M SF building at 251 South Dixie Highway that stands 14 stories…

Lynd buys Miami Worldcenter multifamily dev site for $30M

E11even co-owner Marc Roberts and Lynd President and CEO David Lynd and aerial of the development site at 941 North Miami Avenue: Lynd Living bought a Miami Worldcenter development site for $30 million from a company managed by E11even nightclub co-owner Marc Roberts and Titan Capital’s Ira Saferstein. The San Antonio-based firm is the latest…

Doronin’s 830 Brickell scores Chicago law firms for 53K sf

Two Chicago-based law firms leased a combined 53,000 square feet at 830 Brickell, marking continuing tenant demand for the Miami office tower that’s under construction. Winston & Strawn took 35,000 square feet and Baker McKenzie took 18,000 square feet at the project at 830 Brickell Plaza in Miami, according to a news release…

Developer Jackie Soffer on SoLé Mia, Miami’s boom & more

Developer Jackie Soffer is working on some of South Florida’s largest projects, but that doesn’t stop her from noticing the smallest of details — like the placement of power outlets. “Outlets are a big issue for me,” she said. “Plugging in your phones and your computers is so important. It’s such a pain when you can’t find the outlets easily. I don’t know that it affects…”

Developers study North Miami Beach’s tennis complex

The City of North Miami Beach gave local developers an opportunity to learn more about a 10-acre P3 development opportunity and explore creative ways to reimagine the space. During last week’s private pre-solicitation open house for the proposed city-owned development site at Arthur I. Snyder Tennis Complex at 16851 W Dixie Hwy., city officials…

Riverside Wharf heading for City of Miami lease

City of Miami voters have granted overwhelming approval to advance a vast mixed-use downtown project that will add a luxury hotel and a site lease for up to a century. At a special election Aug. 23, voters approved a proposal to allow the development of Riverside Wharf, a $185 million hospitality-driven entertainment complex on the Miami River.

Miami to seek proposals for large Allapattah complex

In 2019, Miami was eyeing 18 acres it owns in Allapattah for private development. Now an unsolicited proposal for development of the city’s General Services lot on Northwest 20th Street is triggering a request for proposals for a large mixed-use development including 2,500 housing units, a hotel and office space. According to city representatives, as part of…

578 apartments, townhomes replace South Miami public housing

A $158 million mixed-use affordable housing development in South Miami will produce 458 housing units after both construction phases are completed, replacing the South Miami Gardens public housing. Miami-Dade County, in partnership with Related Urban Development Group, Related Group’s public-private development arm, which has built over 22 public…

County to buy Girl Scouts camp, create park, save Rocklands

Miami-Dade is buying 20.2 acres from the Girl Scouts where Camp Choee stands for about $2.7 million. The land is to be used for public park and conservation purposes. The property includes 14 acres designated as a Natural Forest Community by the county and about six acres with camp improvements and supporting facilities in poor to average condition.

University of Miami expanding campus

The University of Miami is advancing plans to expand and lift its Coral Gables campus buildings with the construction of new projects with just a few delays. During the summer, the Florence Ruth Hecht Residential College site, which was built in 1968 on the shores of Lake Osceola as a 12-story dorm building, was demolished, making way for the start of the…

IHOP heir’s family sells Aventura industrial complex

An IHOP heir and his family sold an Aventura industrial complex for over $300 a square foot, an indication that properties in this sector are selling at a premium due to low inventory and a lack of developable land. An entity… Yakov Cohen paid $10.7 million… 35,000-square-foot industrial site with two buildings at 2655 Northeast 189th Street and 2660 Northeast 189th Street.

After Drawn-Out Legal Saga, Wawa Backs Out Of Planned Coral Gables Store

After a nearly decadelong battle, a group of elementary school parents has defeated an attempt by a developer to put a Wawa gas station in Coral Gables. A Miami-Dade County Circuit Court judge has approved a settlement agreement voiding Wawa’s deal to open a location at 280 South Dixie Highway, across from George Washington Carver Elementary School…

Berkadia Arranges $57.5M Construction Loan for Multifamily Project in Miami’s Allapattah Neighborhood

Berkadia has arranged a $57.5 million construction loan for Fourteen Residences Allapattah, a 237-unit apartment community located within an opportunity zone at 1470 N.W. 36th St. in downtown Miami’s Allapattah neighborhood. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s Miami office secured the financing on behalf of the borrower…

Singapore wealth fund, U.S. REIT splurge on suburban office properties

A foreign wealth fund and a U.S. partner cast a billion-dollar wager on suburbs as the future of offices. Singapore’s GIC and Boca Raton-based Workspace Realty Trust bought majority stakes in 53 suburban office buildings, the Wall Street Journal reported. The properties are scattered across the country, but many are concentrated around Atlanta, Dallas…

Lease roundup: Brick & Timber, UBS nab tenants

Solana Spaces I Wynwood Annex I Miami Solana Spaces, the retail arm of blockchain company Solana, will open a location in Miami’s Wynwood. The crypto event venue, called Solana Embassy, leased 4,200 square feet at the Wynwood Annex building at 215 Northwest 24th Street, according to a news release from Retail by MONA, which advised the tenant. The store…

Changes Made to 40 Year Recertification Inspections

If you own any South Florida real estate, 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 every 10 years to ensure they are…

Namdar pays $41M for downtown Miami apartment towers dev site

Namdar Group paid $40.5 million for the downtown Miami development site where it plans to build a pair of apartment towers. The New York-based firm bought 1.3 acres at 50 and 60 Northeast Third Street, and at 222 and 234 Northeast First Avenue in two deals, according to records. Namdar also scored a $195 million loan for the purchase and construction of the…

Trinity buys, flips Hialeah Gardens gas station for $3M-plus gain on same day

Talk about jacking up the price at the pump. Trinity Pro bought, then immediately flipped a Hialeah gas station for a $3.7 million gain. The Boynton Beach-based retail investor, led by CEO Christopher J. Martonaro, paid $12 million for a Citgo station at 13899 West Okeechobee Road, records show. It purchased the property from an entity managed by Rodolfo…

Bentley Plans 62-Story Sunny Isles Condo Tower

Luxury brand Bentley Motors, in partnership with REALM-Global, is planning to develop Bentley Residences, a 62-story condominium high-rise located in Sunny Isles Beach, Fla. Dezer Development is in charge of the project, while Sieger Suarez Architects is handling design. Expected to become the tallest coastal residential building in the U.S., the project is…

Lender seeks foreclosure of stalled Arbor Coconut Grove project

The developer of a boutique condo project near CocoWalk at 3034 Oak Avenue in Coconut Grove has gone dark, and its lender is looking to foreclose on the partially completed building. Canadian lender Trez Capital filed a foreclosure lawsuit against the developer of Arbor Residences, alleging the company failed to repay its nearly $21 million loan and…

South Florida by the numbers: Headquarters heading here

Cube Wynwd, Ken Griffin and a Windstar Cruiseship: “South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Over the past few years, South Florida has been transformed by the unprecedented flow of capital, people, jobs, and companies to the region. While the names of companies that have…

Namdar nabs $195M loan for downtown Miami apartment towers

Namdar Group scored a $195 million loan to buy the development site and build a pair of apartment towers in downtown Miami. The New York-based real estate investment and development firm wants to build Namdar Towers, with a 41-story, 640-unit tower and a 43-story, 714-unit tower, for a total of more than 1.2 million square feet, according to the lender’s news…

U.S. property value to fall 20% in likely recession, Cushman forecasts

Economic uncertainty is the flavor of the day, but Cushman & Wakefield foresees a sour taste for U.S. property values. The brokerage forecast a 50 percent chance of a mild recession. There was also a decent chance of a soft landing for the economy (30 percent), but only a marginal shot at stagflation or an upside scenario. Under a mild recession, Cushman…

Avra Jain and Robert Zangrillo get new partners for Miami River project

Dragon Global’s Robert Zangrillo and Vella Group’s Zach Vella with Vagabond Group LLc’s Avra Jain and 555 Northwest South River Drive: A stalled Miami River mixed-use project is getting restarted after Robert Zangrillo and Avra Jain landed new partners in a $21 million buyout deal. Oklahoma-based Zerby Investments sold its 74.1 percent stake in the…

Coral Rock plans workforce, affordable housing in North Miami

A rendering of the Kayla at Library Place apartment building planned for North Miami with Coral Rock Development Group’s principals David Brown, Michael Wohl, Victor Brown and Stephen Blumenthal: Coral Rock Development Group plans a 138-unit workforce and affordable housing project in North Miami. The 10-story Kayla at Library Place will rise…

Miami-Dade judge sides with Caroline Weiss in property dispute with daughter

With the recent dismissal of a lawsuit filed by her daughter, Caroline Weiss is one step closer to removing a familial obstacle blocking development of a 7-acre site in Miami’s Blue Lagoon. Miami-Dade Circuit Court Judge Alan Fine on Tuesday tossed a complaint Adeena Weiss-Ortiz filed in April against two entities controlled by her mother and TIG Romspen, a lender…

Azora Exan pays $22M for Aldi-anchored retail center in Plantation

In a $22.2 million deal, a partnership involving a Spanish real estate investment firm added an Aldi-anchored shopping center in Plantation to its South Florida shopping spree. Azora Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, acquired Plantation Crossing, a 70,369-square-foot retail site at 2140 West Sunrise…

Lender pays $43M for Broward Mall in foreclosure auction

The Broward Mall has a new owner after a lender acquired the retail property for $43 million in a foreclosure auction. An entity representing a U.S.-Barclays commercial mortgage-backed securities trust, or CMBS trust, submitted the winning bid for the roughly 469,000-square-foot mall at 8000 West Broward Boulevard in Plantation, court records show. The only…

Dania Beach mobile home park residents buy out landlords

Why rent when you can own? Residents of a historic Dania Beach mobile home park bought the 27-acre property from their landlords for $7.8 million. Records show Ocean Waterway Co-Op bought the mobile home park at 1500 Old Griffin Road from Amy Fletcher, James Branham, Dewey Daniel, and David Daniel III. The buying entity took out a $6.8 million…

James Batmasian buys Walmart shopping center in Deerfield Beach

Boca Raton-based commercial real estate investor James Batmasian picked up another retail plaza in Deerfield Beach, paying $17 million for a shopping center anchored by a Walmart Neighborhood Market. An entity managed by Batmasian bought Palm Trails Plaza at 1101-1149 South Military Trail, records show. The seller, an affiliate of Savitar Realty…

Sternlicht’s Starwood makes Lantana affordable housing play

Barry Sternlicht’s Starwood Capital Group scooped up an affordable housing complex near Lantana, adding to its portfolio of low-income rentals in Palm Beach County. Starwood, through an affiliate, bought the 94-unit Villas at the Cove Crossing at 2738 Lantana Road and 2735 Donnelly Drive for $16 million from an entity tied to…

Oregon firm pays $33M for two Palm Beach County self-storage facilities

A Beaverton, Oregon-based self-storage firm scored a double play in Palm Beach County, acquiring a pair of facilities for a combined $32.5 million. Entities tied to State Storage Group CEO David Heil acquired a self-storage complex at 500 North Haverhill Road in Haverhill for $24 million, and a self-storage building at 900…

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August 31, 2022

Miami Commercial Real Estate News August 24, 2022: Voters Approve Miami River Dream Project; Wynwood Development Site Hits Market for $32M; More…

Miami Beach voters approve upzoning referendums

Miami Beach residents voted in favor of zoning changes that could boost floor area ratio — or overall project size — of certain properties in the city. They also approved closing a loophole tied to the city’s vacation of public streets. Voters on Tuesday approved an increase in FAR to 2.6 from 2.0 for the Alton Road gateway area, which will allow Russell Galbut and…

Miami voters approve Miami River Dream hotel project

In a low turnout election, Miami voters approved a new 100-year lease for the developers of a proposed Dream Hotel-anchored mixed-use project on the Miami River. MV Real Estate Holdings, led by Alex Mantecon and Guillermo Vadell, and its partner Driftwood Capital, led by Carlos Rodriguez Jr., can now proceed with their…

Thor Equities lists Wynwood dev site for $32M

Thor Equities is listing a Wynwood assemblage that’s primed for a hotel, retail and restaurant development. Asking price: $32 million. The New York-based firm, led by Chairman Joe Sitt… to market the five contiguous empty parcels at 2724 Northwest Second Avenue, 208 Northwest 28th Street and 229, 235 and 245 Northwest 27th Street. “It is the last remaining…”

BH Group: Big investments, big partners and big mystery

Generating industry buzz and making headlines is part of the thrill for most developers when they jump on a new project. Not so for BH Group. The firm has developed a playbook that is ambitious just as much as it is clandestine. Over the past year, it’s taken aim at South Florida’s lucrative real estate market, often teaming up with Israeli billionaire Ted…

Integra JV lands $101M construction loan for Biscayne Shores project

An Integra Investments joint venture scored $101.4 million in financing to develop Biscayne Shores, a mixed-use project of apartments and villas on a waterfront site next to the Jockey Club condominium complex. Synovus Bank provided the loan to the Miami-based developer and its partners, Andrew Korge of Korgeous Group and David Larson of…

Downtown Union Station, library theater planned

The Miami-Dade County Internal Services Department will be receiving industry feedback on the proposed Metrocenter project to redevelop nearly 17 acres of county-owned land in downtown Miami. Staff is to meet with real estate developers Aug. 29 to 31 to get their input on the project prior to publishing the final request for proposals. On Tuesday, the county…

Four-way suit threatens Miami Wilds water park’s progress

The Miami Wilds waterpark planned beside Zoo Miami may suffer another setback in its schedule, as four conservation groups say they plan to sue the National Park Service and US Fish and Wildlife Service arguing violations of the Endangered Species Act related to the project. The Center for Biological Diversity, Bat Conservation International, the Miami Blue Chapter of…

PortMiami dredging study years off as Army Engineers fall short

The long-awaited US Army Corps of Engineers study to evaluate widening and deepening the harbor of PortMiami is now due in June 2026. Results were initially expected this fall, but after the team behind the analysis ran out of time and funds, it requested an added $4.48 million and 57 months to carry the study forward. The specialized segment of the Corps of…

Camilo Miguel Jr.: Founder doubled Mast Capital’s size during the pandemic

Camilo Miguel, chief executive officer and founder of real estate investment and development firm Mast Capital, began in the industry in 2003 with the help of acquaintances who were willing to guide him in his first project. After he successfully completed the property, in 2006 he founded the company and to date has acquisitions in the residential, hospitality…

Billionaire TV Station Owner Makes 7.3M SF Mixed-Use Play On Tiny Island In Biscayne Bay

The owner of a local TV station in North Bay Village is hoping to redevelop its nearly 13-acre site to build a new 7.3M SF, mixed-use development. WSVN’s parent company, Sunbeam Properties, has applied for a special area plan to allow for a huge project on a series of properties on either side of the 79th Street Causeway, which will be discussed at the…

Silicon Valley Bank Signs First Miami Lease At Four Seasons Tower

Silicon Valley Bank has signed its first direct lease in South Florida, furthering its quest to finance the burgeoning tech scene in Miami. The bank, owned by parent company SVB Financial Group, signed a 9K SF lease for the majority of the 15th floor of The Four Seasons Hotel and Tower in Brickell. The office space in the 1.5M SF, 70-story mixed-use building…

Brazilian billionaire proposes oceanfront condos in Surfside

Multiplan Real Estate Asset Management is seeking approval of an oceanfront condo building in Surfside that would replace older buildings that are in “dire” condition. Multiplan, led by Brazilian billionaire José Isaac Peres, plans to build 93 Ocean, a 12-story, 27-unit project at 9309 and 9317 Collins Avenue, according to documents filed with the city. The town’s…

Longpoint buys shuttered trailer park in Miami’s Allapattah

Industrial land is so scarce, a Boston-based developer picked up a former mobile home park in Miami’s Allapattah neighborhood for potential redevelopment. An affiliate of Longpoint Realty Partners paid $16 million for a nearly 6-acre site at 2260 Northwest 27th Avenue, according to records. Formerly the River Park Trailer Court mobile home park, the…

“Slamming on the brakes”: South Florida’s record rent hikes slow

Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami and the Bohemian apartment project in Lake Worth Beach: Apartment broker Carlos Larocca’s phone is buzzing much less often than a year ago. Not only has interest waned in the South Beach building he leases, but monthly rents — now close to $1,800 for a…

Lease roundup: Terranova, Millennium, R&B, Duke nab tenants

Callista Couture, Unfashional I Lincoln Road I Miami Beach In another example of New York businesses’ migration to South Florida, two retailers are making their debut with new stores on Miami Beach’s Lincoln Road. Stephen Bittel’s Terranova, among the biggest landlords on the shopping and dining pedestrian street, signed Callista Couture for…

NYC commercial real estate facing record vacancies, low occupancy as companies move to cities like Miami

Don Peebles: All cities aren’t created equally. New York City has changed dramatically. People are not coming back into their offices. And as a result of the decline in commercial office space, demand, is very significant. Record-breaking vacancies, record-breaking low occupancy numbers, and that’s affecting, of course, the retail around it and businesses that depend…

Vlad Doronin denied business in Russia. Court filings suggest otherwise

Vladislav Doronin held an ownership stake in a Russian company as recently as this year, court records show, despite the billionaire developer’s assertions that he has not done business in the country since 2014. The owner of OKO Group and the luxury hotel chain Aman Resorts, who has developed major U.S. projects including the hotel and condo conversion…

SB Development completes bulk condo purchase in Edgewater

A New York condo and multifamily builder picked up another potential development site in Miami’s Edgewater neighborhood. An entity managed by SB Development principal Joseph Stern paid $12 million for all 13 units at the Belmar Condominium at 419 Northeast 19th Street, records show. The bulk purchase breaks down to $923,076 per condo. The buyer…

Moishe Mana buys “South Beach Classics” property

Moishe Mana added to his land holdings with the purchase of a West Little River property that was once home to Ted Vernon’s “South Beach Classics” TV show. A Mana-led company paid about $10.5 million for the assemblage at 8301 Northwest Seventh Avenue in Miami, near Liberty City and west of I-95. Property records show Frank Soar sold part of the land for $4 million…

Rent control’s on November ballot in Orlando. Is Miami next?

As Florida experiences unprecedented apartment rent hikes amid a pandemic migration to the Sun Belt, Orlando is taking a step toward trying to curb the increases. The Board of Commissioners for Orange County, which includes Orlando, moved last week to put a rent-control measure on the November ballot that would cap increases tied to the adjustment…

South Beach parking lot ripe for development sells for $20M

An aerial of the parking lot at 125, 137, 141 and 151 Collins Avenue and Story nightclub at 136 Collins Avenue: Sometimes, a long-term real estate hold is well worth the payoff. The property owners of Story Nightclub in South Beach sold an adjacent parking lot for $20 million — more than $19 million above their purchase price 36 years ago. In 1986, an entity…

Trinsic nabs $99M loan to build North Miami Beach rentals

Trinsic Residential Group scored a $99 million loan to build an apartment complex in North Miami Beach, making the developer the latest to bet on the city’s multifamily market. The project will have 373 units and an eight-story garage on roughly 4 acres at 1695517071 West Dixie Highway, according to Trinsic’s notice of construction commencement filed to…

County deals to lower $1 billion Beach transit link cost

Miami-Dade continues price negotiations with concessionaires for the Beach Corridor Trunkline long-term project agreement with an extended negotiation progress until at least 2023, the county announced last week. During a Project Development and Environment (PD&E) Study meeting Aug. 9, presenters spoke about the current configuration of the Beach Corridor…

Doral incinerator location might get a second look

The location of a new Miami-Dade waste-to-energy incinerator plant, currently set to be constructed in the City of Doral, may be revised in the future. “If I get elected, I would request that the four different sites be considered,” said Juan Carlos Bermudez, city mayor and candidate for the District 12 county commission seat. Miami-Dade Mayor Daniella…

Super-tower from Swire, Related Companies faces another test

Brickell City Centre is growing, wide and tall. Helping that achievement is recent action from the Miami City Commission. At its last meeting before the August break, commissioners unanimously approved on first reading two resolutions that would amend the current Special Area Plan, or SAP, for the sweeping mixed-use development in the heart of the city’s financial…

Developers given shot at city’s 10-acre tennis center land

The City of North Miami Beach is inviting local developers to learn more about a P3 development opportunity and pitch creative ways to reimagine the space. The city is hosting a private pre-solicitation launch event Aug. 25 at the proposed city-owned development site, which is the Arthur I. Snyder Tennis Complex at 16851 W Dixie Hwy. Developers will get the chance…

The lowdown on 17-acre county downtown mega-project

Miami-Dade County has unveiled features of its much-anticipated downtown redevelopment project, for which the county is offering about 17 acres of county-owned land, branded as MetroCenter, in the heart of the 28 acres that serve as the seat of the local government. The county aims to redevelop downtown and transform it into a 24-hour community. To that…

LA developer plans Little Havana short-term rental hotel

Los Angeles developer David Herskowitz is planning to build a short-term rental hotel in Little Havana, the first of its kind in the historic Miami neighborhood. Designed by Miami-based Modis Architects, the proposed 12-story, 140-room building would rise on an assemblage at 930, 940 and 950 Southwest Eighth Street that his company, Icon on 8…

Adam Neumann raises $350M from a16Z for multifamily venture

Adam Neumann is back in the real estate game with a new venture and a heavyweight backer. The WeWork founder is set to launch Flow, a multifamily market venture, next year. The company has the backing of prominent venture capital firm Andreessen Horowitz, which has invested about $350 million into the company, the New York Times reported.

Adam Neumann’s Apartment Startup Lands $350M Investment From Andreessen Horowitz

Venture capital firm Andreessen Horowitz, known for its early investments in the likes of Facebook and Airbnb, invested in former WeWork CEO Adam Neumann’s latest company, a residential real estate entity known as Flow. The VC firm announced the investment in a blog posting by General Partner Marc Andreessen lauding Neumann’s talents as an entrepreneur…

Video: Damac boss talks making his US debut in Surfside

South Florida’s luxury condominium market has cooled from two years of feverish demand and sales. High mortgage rates, inflation and the looming possibility of a recession are giving some developers pause. Hussain Sajwani is unfazed. The Emirati who plans to develop the Surfside condo collapse site is not only undeterred by an economic slowdown, but he…

Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District

Pernod Ricard Travel Retail, Current Builders, others | Waterford Business District | Miami-Dade County Nuveen Real Estate and Allianz Real Estate scored six new leases and an expansion for an existing tenant at their Waterford Business District near Miami International Airport. Pernod Ricard Travel Retail, a division of the spirits company that produces…

Location Ventures sells Coral Gables luxury student co-living building

Location Ventures sold a luxury co-living building marketed towards University of Miami students. Records show the company unloaded all 24 of the units in Orduna Court for $14.7 million through an LLC. The condo building is located at 800 South Dixie Highway. The buyer is Orduna Courts LLC, a Delaware Corporation, affiliated with Christian Giraldo and Paola…

Terra’s CentroCity Little Havana project nets $230M in financing

Terra’s CentroCity mixed-use development in Little Havana scored $230 million to finance construction. Athene, an affiliate of Apollo Global Management, provided a senior loan and Mack Real Estate Credit Strategies contributed a mezzanine component, according to a press release. The financing was arranged by Walker & Dunlop. Terra, led by CEO David…

Yachts, parties and private islands: The indulgences of real estate’s richest

Clockwise from top left: a Bugatti Chiron; Drake; a “Madsummer” yacht; Manny Khoshbin’s 70,000-square-foot property; and the Four Seasons Hotel in Lanai Remember the bad old days in New York? The 1970s had the city on the precipice of fiscal ruin, but a mouthy tax attorney named Steve Ross bet big on the metropolis that many landlords were ready to give up on.

Canadian investors drop $22.5M on Bay Harbor Islands apartments

Canadian investors scooped up a pair of mid-rise apartment buildings in Bay Harbor Islands for $22.5 million. Entities tied to Toronto-based Westdale Properties bought the Rexleigh building at 9881 East Bay Harbor Drive and the Kingsley Arms building a few blocks south at 9291 East Bay Harbor Drive for $11.25 million apiece, according to deeds and state…

Birge & Held pays $55M for NW Miami-Dade apartment complex

Birge & Held doubled its South Florida footprint with the $55.1 million acquisition of a 175-unit apartment complex in northwest Miami-Dade County. The Indianapolis-based multifamily real estate investment firm paid $315,029 per unit for The Lakeridge at the Moors at 17200 Northwest 64th Avenue in the unincorporated neighborhood…

Trammell Crow, Baptist scoop up Kendall Town Center dev sites

Crow Holdings’ Michael Levy and NAI Miami’s Robert Eckstein with Southwest 88th and 91st streets, and between Southwest 162nd and 158th: Planned multifamily and medical-use portions of the massive Kendall Town Center mixed-use project are coming closer to fruition after a pair of sales. Dallas-based Trammell Crow Residential scooped up its 20-acre…

Miami-Dade seeks partners for Government Center redevelopment

Miami-Dade is calling on developers to overhaul the county’s Government Center headquarters in what could be one of South Florida’s biggest public-private ventures. The county is seeking proposals for the 17-acre site, which includes the commissioners’ chambers and county administrative offices at 111 Northwest First Street. The property has 1.1 million square feet of…

Wave-Shaped 54-Story Miami River Tower Now Rising Out Of The Ground, with Photos

The first 54-story Miami River tower is rising out of the ground, and its wavy architecture can now be seen for the first time, new photos by Ryan RC Rea show. The Miami River phase 1 tower itself is planned to top off with a permanent height of 640 feet above ground, making it the only tower to surpass the 600-foot mark this far west in Miami. The first phase of…

Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China

Jeffrey Soffer’s Fontainebleau Development refinanced its JW Marriott-branded resort in Aventura’s Turnberry Isle with a $412 million loan. Bank of China New York Branch is financing the Fontainebleau affiliate that owns the JW Marriott Miami Turnberry Resort Hotel & Spa at 19999 West Country Club Drive, records show. The loan refinanced $339.5 million in debt…

Plans Filed With FAA For Construction Cranes At Former Miami Arena Site, Nearly 800 Feet High

An application has been submitted to the Federal Aviation Administration requesting permission to install two tower construction cranes at the former Miami Arena site. According to two applications filed August 4, the cranes will rise 779 feet above ground. One will reach 793 feet above sea level, while the other will reach 794 feet above sea level. The permanent…

Flex Office Provider Expands in Miami

The Gateway at Wynwood, a Class A office building in Miami, has leased 30,000 square feet to Mindspace. The entire sixth floor will be occupied by the global boutique flex office operator, which is set to install 435 workstations. Owned by Aron Rosenberg, The Gateway at Wynwood offers 195,000 square feet of leasable office space in addition to 25,900 square…

Hollywood’s Bread Building redevelopment project scores $83M loan

A joint venture led by BTI Partners can warm up construction of the former Bread Building site in Hollywood, after nabbing an $83 million loan. The Fort Lauderdale-based developer’s partnership with Bridge Investment Group secured the financing from Canadian Imperial Bank of Commerce, according to a press release. Cushman & Wakefield brokered the loan…

American Landmark JV sells Hollywood apartments for $70M

A joint venture led by American Landmark Apartments sold a Broward County multifamily complex to a New York-led partnership for $69.5 million. Park Row Equity Partners and Phoenix Realty Group, both based in Manhattan, along with two separate entities based in New Hyde, New York, acquired the Park Colony Apartments at 812 South Park Road in…

Hollywood site of derailed condo project trades for $15.5M

Years after taking on the city and losing in appeals court, a partnership including Château Group’s Manuel Grosskopf has sold a Hollywood Beach site where it once hoped to build a 15-story condo. An entity led by Ulvi Mammadov bought the 1.2-acre site at 901 South Ocean Drive for $15.5 million, or about $12.5 million per acre, from GSK Hollywood…

Raanan Katz buys Hallandale Beach shopping center

Another day, another shopping center sold in South Florida. An affiliate of Raanan Katz’ RK Centers paid $14 million for the Publix-anchored Hallandale Place Shopping Center at 1400-1484 East Hallandale Beach Boulevard in the Broward County city, records filed Wednesday show. The seller, Elias M. Loew Florida Realty Trust, had owned the property…

Developers score OK for 30-story Flagler Village rental tower

Steven Hudson and Charles Ladd Jr. are closer to embarking on the first of their two planned apartment towers in Fort Lauderdale’s Flagler Village neighborhood. The Fort Lauderdale City Commission on Tuesday gave final approval to the duo’s 30-story Flagler Residences South. The 320-unit building will have 31,000 square feet of commercial space…

Naftali’s building purchase roils Fort Lauderdale church

Thou shall not close real estate deals involving church property in secret — or thou shall feel thy flock’s wrath. Dissident members of the First Baptist Church Fort Lauderdale are accusing the congregation’s leadership of surreptitiously selling a nearly 0.2-acre lot with a two-story building at 501 Northeast Second Street to New York-based developer Naftali Group…

American Landmark pays $60.5M for North Lauderdale rental community

American Landmark Apartments bought a North Lauderdale rental complex for $60.5 million. The Tampa-based multifamily operator paid nearly double the previous sales price for the 214-unit Glen at Cypress Creek at 1949 Cove Lake Road, records show. The buyer also assumed a $27.4 million mortgage with Berkeley Point Capital, and increased the…

All aboard! Gatsby buys railroad-themed Delray Beach retail plaza for $30M

Gatsby FL’s Nader Shalom and Babak Ebrahimzadeh bought a retail and office plaza in downtown Delray Beach for $30 million. The duo, through an affiliate, bought the four-building, 50,000-square-foot complex at 25 and 45 Northeast Second Avenue and 220 Northeast First Street from Janet and Tim Onnen, according to records. Southdale Properties…

Estate proposes 321 apartments in downtown West Palm

Estate Companies proposes a 321-unit apartment project, marking its first Soleste-branded multifamily development in downtown West Palm Beach. Estate filed plans for an eight-story project on 2.5 acres at 410 and 510-560 North Rosemary Avenue, according to the application submitted to the city this month. Renderings show two buildings connected by an overpass.

Nora developer plans townhouses in West Palm Beach

A partner in the Nora District that is slated to breathe life in a long-overlooked part of downtown West Palm Beach is zeroing in on another area that developers have glossed over for years. Ned Grace and Damien Barr’s NDT Development accumulated 1.6 acres on the south side of Nottingham Boulevard, from South Dixie Highway west to…

California firms pay $39M for West Palm mobile home park

A California joint venture dropped $39.1 million for a West Palm Beach mobile home park. An entity managed by Sacramento-based BoaVida Group and Auburn, California-based Nella Invest acquired the Holiday Ranch Mobile Home Park at 1375 Military Trail and 1396 Ranch Road, records show. The partnership assumed a $15.6 million Fannie Mae mortgage…

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August 24, 2022

Miami Commercial Real Estate News August 10, 2022: Medley Industrial Trades at 4x 2017 Price; Hialeah Shopping Center Sells for $43M; More…

Enrique Manhard, Miami’s great land gambler

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

Building Boom in Miami’s Brickell Bucks National Bust

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

Mapping out Ken Griffin’s Miami shopping spree

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

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

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

Longpoint picks up Hialeah shopping center for $43M

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

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

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

LeFrak, Soffer kick off leasing at SoLé Mia rental

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

Coral Gables mobility hub slowed as costs rise

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

Miami taxes stay flat, but bills may rise

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

Miami and Freedom Park developers hammer out deal’s benefits

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

Property insurance turmoil meets climate change threats

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

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

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

Azora Exan Acquires Miami-Area Office Asset

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

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

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

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

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

Medley industrial site trades for 4x its 2017 price

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

Blackstone sells five South Florida budget hotels for $61M

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

Facing High Inflation, Commercial Real Estate Investors Reevaluate Their Strategies

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

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

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

Federal Realty buys Pembroke Pines shopping plaza for $180.5M

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

Who wants Cookies? National cannabis firm opening dispensary in Westchester

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

Here are the resi projects planned for Bay Harbor Islands

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

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

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

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

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

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

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

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

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

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

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

Chart Reflects Dearth of Industrial for Sale in Miami-Dade

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

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

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

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

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

Related Fund Management, CP flip portion of Las Olas Square

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

BlackRock lands in West Palm Beach

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

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August 10, 2022

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

Industrial rents keep climbing, as vacancies drop in South Florida

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

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

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

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

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

Miami vs NYC: A developer’s guide

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

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

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

Hyatt Regency redevelopment to net $25 million for affordable housing

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

Miami gives leaseholder 18 years to build on Coconut Grove bayfront

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

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

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

PortMiami Tunnel blazes trail to future

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

Golden Glades hub adding transit passengers

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

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

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

Citadel grabs Miami office space ahead of building its own tower

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

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

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

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

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

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

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

Miami’s Office Pipeline Expands in Q2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AvalonBay pays $295M for two Miramar complexes

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

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

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

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

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

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

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

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

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

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August 3, 2022

Chart Reflects Dearth of Industrial for Sale in Miami-Dade

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

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

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

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August 3, 2022

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

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

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

Developers score $65M construction loan for Flagler Village apartments

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

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

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

Miller Construction Completes Distribution Facility In Hialeah Gardens

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

Miami may ask proposals to run historic Olympia Theater

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

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

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

Miami-Dade mayor ponders waste facility site

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

Rezoning, redevelopment on tap for Freedom Park soccer complex

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

Hyatt Regency riverfront redevelopment on table

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

Billionaire-backed restaurant group buys Peacock Garden in Coconut Grove

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

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

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

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

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

Bridge Industrial to Break Ground on Miami-Area Project

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

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

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

Miami Office Leasing Slows in Q2

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

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

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

Snapbox Pays $26M for North Miami Facility

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

Harbor drops $184.5M on Brickell apartments

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

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

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

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

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

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

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

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

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

Office Rents In Miami Have Gone Parabolic, Reports Say

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

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

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

BOOM! Andreessen Horowitz opening office in Miami Beach

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

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

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

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

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

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

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

OKO Group, Cain Sign 60 KSF Tenant at Miami Tower

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

2.6 MSF+ Logistics Center Coming To Doral

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

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

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

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

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

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

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

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

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

Pulte buys Plantation site for 86-townhome development

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

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

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

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

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

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

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

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

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

Palm Beach Breaks Record With Exuberant Retail Rent Hikes

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

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July 27, 2022

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

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

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

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

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

Helm Equities Launches $300M Miami Office Tower

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

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

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

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

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

Ari Pearl, partners plan 700 apartments in North Miami Beach

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

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

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

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

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

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

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

Beacon Council cites 108 active relocation or expansion projects

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

County sets industry day for 20-acre downtown Miami project

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

Freedom Tower heads to $25 million renovation

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

Bridge Industrial Plans Miami Logistics Facility Near Opa-Locka Airport

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

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

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

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

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

Recession Threatens To Slow South Florida’s Booming Office Market

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MCSS Rebrands As Basis Industrial, Closes Major Acquisition In Medley

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

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

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

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

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

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

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

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

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

Triangle Services pays $17.5M for Fort Lauderdale industrial building

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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July 20, 2022

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

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

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July 17, 2022

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

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

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

Miami-Dade may help renters in eviction court secure attorneys

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

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

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

County defers study of Freedom Park impact on airport

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

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

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

Miami Multifamily Report – June 2022

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

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

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

The Related Group to Build Miami High-Rise Downtown

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

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

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

Jimmy Resnick Acquires Kendall Shopping Center For $32M

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

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

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

Mexican developer-led JV plans Brickell apartment tower

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

Miami Investment Volume Lowest Among Gateway Markets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Affiliated Development wins approval for Boynton rental project with workforce housing

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

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

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

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July 13, 2022

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

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

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July 13, 2022