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 June 29, 2022: Citadel Moving to Miami, Seen Behind $363M Land Purchase; Calder’s Horse Track Sold for $287M; More…

Griffin’s Citadel seen behind record $363 million Miami land purchase

Ken Griffin’s plans to shift Citadel’s headquarters to Miami from Chicago gained momentum months ago with a record-breaking acquisition on the South Florida waterfront. Griffin and his company were behind the $363 million purchase of a 2.5-acre vacant site at 1201 Brickell Bay Drive, according to people familiar with the matter, who asked not to be…

Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos

Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures) Coral Gables is poised to get more development. Codina…

Lenders dole out $320M in construction financing for Brickell, Miami Worldcenter condo towers

Newgard’s Harvey Hernandez, Lalezarian Properties’ Kevin Lalezarian and the Lofty Brickell and Miami World Tower projects: Developers for a pair of condo projects in Brickell and downtown Miami nabbed construction financing totaling $320 million. Coconut Grove-based 3650 REIT lent $170 million for the construction of Lofty Brickell, a 44-story condo tower…

A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis

Marcia Fudge, U.S. Secretary for Housing and Urban Development, swooped into Miami on Tuesday, and declared the city ground zero of the nation’s housing crisis. Local residential real estate experts somewhat agreed. “I decided I was going to Miami, to the epicenter of the housing crisis in this country,” Fudge said during a tour of Related Group’s Liberty Square…

Fruchtlanders pay $61.5M for apartment complex near Zoo Miami

The Fruchtlanders’ FBE Limited bought an apartment community near Zoo Miami for $61.5 million, marking the family’s expansion in South Florida’s multifamily market. New York-based FBE Limited bought the 316-unit The Park at Sheffield at 15601 Southwest 137th Avenue in unincorporated Miami-Dade County, near Kendall, according to broker Tal…

Competition For Industrial Real Estate Around Ports Heats Up. Leading the Port Markets Is Miami.

Industrial real estate has been the one of the most sought-after property types nationally, leading to record low vacancies and increased competition among investors and tenants. When it comes to selecting a market for industrial investment, port markets are emerging as the safe bet for investors to park capital due to the positive rental growth…

Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries

Michael Comras and Marc Roberts with Google Street View of the properties at 60 Northeast 11th Street, 6901 Biscayne Boulevard, 2222 Northwest Fifth Avenue and 172 West Flagler Street all in Miami: South Florida real estate investors and developers Marc Roberts and Michael Comras are the first to push for medical marijuana stores in Miami, after the city’s de-facto ban…

Arrival of Tri-Rail in downtown Miami stalled, leader spreads blame

Arrival of Tri-Rail in downtown Miami remains delayed from a previously announced November date as the South Florida Regional Authority (SFRTA), Brightline and FEC Railway seek agreement on the need for a new dispatch desk and begin training staff to run the trains. Steven Abrams, executive director of SFRTA, said FEC Railway, which owns the tracks, is requiring…

As imports rise, PortMiami expects 3% cargo increase

PortMiami cargo has been growing after Covid-19 slowdowns and is expecting a conservative increase rate of 3% year-over-year as demand for all types of imported commodities continue to increase and new trends leverage closer manufacturing regions and avoid international conflict. Last year, PortMiami recorded a cargo performance high of 1,254,062 TEUs…

Lehman Dealership group sold to national Lithia and Driveway

Lehman Dealership Enterprises, a family-owned business with over 80 years in South Florida’s market, just sold its automotive business to Lithia & Driveway, one of the largest automotive retailers in the nation, headquartered in Oregon. “We’re very eager to expand [and] to serve customers in Florida, and within Florida, the Lehman group is regarded…

Vizcaya restoration dooms former science museum

Say goodbye to the former Miami Science Museum. In another step toward restoration of county-owned Vizcaya Museum and Gardens set to begin next month, the former science museum and planetarium building will fall. The first phase consists of tearing down the non-historic buildings on the site of Vizcaya’s farm village west of Bayshore Drive and building an…

Russell Galbut buys dev site near Five Park in South Beach, plans hotel

Russell Galbut’s GFO Investments picked up a hotel development site in South Beach, steps away from the Five Park condo tower the firm is co-developing with Terra. An affiliate managed by executives of Miami-based GFO paid $5.7 million for the two-story, 12-unit apartment complex at 1030 and 1050 Sixth Street, records show. The city of Miami Beach last year…

Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract

Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect) Rishi Kapoor’s Location Ventures proposes a 16-story condominium in Coral Gables, marking continued redevelopment in the city. Location…

Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price

Rockpoint sold a Brickell office tower for $286.5 million, marking a record for South Florida office deals since 2016. Boston-based Rockpoint sold the 28-story building at 1221 Brickell Avenue in Miami to a Delaware-registered entity led by Randall Davis and listing a Palm Beach address, according to records. The deal follows another mystery entity…

Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report

Miami’s industrial market, which includes all of Miami-Dade County, is the nation’s top performer for annual rent growth, according to a JLL report. Year-over-year, the Miami industrial market experienced a 53 percent jump in rent, more than Los Angeles, which had the second highest rent hike at 45 percent, and New York/New Jersey, which had the fourth highest…

Year since deadly collapse marked by condo reforms, new development in Surfside

Susie Rodriguez has difficulty accepting that a new building will soon stand in place of her former home, Champlain Towers South, which collapsed a year ago, killing her friends and neighbors. “It will be very strange to see another building there,” said Rodriguez, who was not in her condo during the tragic event last summer. “I don’t think I can ever…

OKO Group, Cain Top Off 55-Story 830 Brickell Office Tower in Miami

OKO Group and Cain International have topped off construction at 830 Brickell, a 55-story office tower underway in Miami’s Brickell Financial District. The 724-foot building is the first standalone office tower to break ground in Brickell in over a decade, according to the developers. Project partners include general contractor Civic Construction, architectural…

Miami’s 830 Brickell Tops Out

OKO Group and Cain International are developing the first Class A office tower in the city’s urban core in more than a decade. Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be built in the urban core in more than a decade, at 55 stories and 724 feet as it nears completion later this year. Developed by OKO Group and Cain…

Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M

Pebb Capital and LeaseFlorida sold a renovated, historic hotel in Miami Beach for $43.9 million, a month after selling an adjacent retail space for nearly $18 million. An affiliate of Spot On Ventures, an Osterville, Massachusetts-based real estate firm specializing in hotels and restaurants, acquired the Hampton by Hilton at The Continental at 4000 Collins Avenue

Blackstone’s Link Logistics pays $291M for Calder’s horse racing track

Blackstone’s subsidiary Link Logistics paid $291 million for Calder’s former horse racing track and surrounding property, with plans for an industrial complex and movie studios in Miami Gardens. The New York-based company purchased the 115.7-acre site at 21001 Northwest 27th Avenue from an affiliate of Calder Casino’s parent company, Louisville…

EverWest buys Hialeah Gardens industrial building for $43M

EverWest Real Estate Investors’ Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens: EverWest Real Estate Investors bought a newly built warehouse in Hialeah Gardens for $43.2 million, continuing its buying spree in South Florida. Denver-based EverWest bought the 164,298…

Miami nabs another big name as Citadel’s Griffin shifts HQ

Miami nabbed another deep-pocketed hedge fund billionaire – and his business. Citadel founder Ken Griffin, the wealthiest resident of Illinois, is moving his family and corporate headquarters to Miami from Chicago, multiple news outlets reported, citing a letter to employees. Griffin has long criticized Illinois Gov. J.B. Pritzker, a Democrat, and lashed out at…

Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road

Controversial proposals to build offices in Miami Beach near the city’s famous Lincoln Road passed another hurdle on Wednesday. The Miami Beach City Commission voted 5-1 to approve a slew of items needed for the proposals to proceed. Vice Mayor Kristen Rosen Gonzalez cast the sole dissenting vote after hours of heated debate with the rest of the…

Steve Ross’ plan to redevelop historic Deauville resort in Miami Beach advances

Billionaire developer Steve Ross is one step closer to achieving his goal of buying and redeveloping the historic Deauville Beach Resort property in Miami Beach. Ross, founder and chairman of the Related Companies and owner of the Miami Dolphins, has an agreement with the Meruelos, the controversial owners of the Deauville, to buy the hotel for an…

Miami leads nation in rent hikes — again

If rising rents were a race, Miami would be crushing the competition. Miami rents climbed 45.8 percent in May compared to last May, according to a newly released report from Realtor.com. Miami’s annual rent growth was a stand-out; its closest rival was Orlando at 28.4 percent. Nationwide, rents increased an average of 15.5 percent. The latest data on Miami…

Developers plan Lauderhill mixed-use, multifamily development with 245 units

Developers plan a Lauderhill rental project that may include affordable housing. The Lauderhill City Commission on Monday approved 441 Arthouse, a mixed-use development on U.S. 441 with 245 units and 10,000 square feet of commercial space. Hollywood-based developer Matthew Jacocks said the units will include at least four two-story townhouses…

Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices

Google Street View of the properties at551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings) Billionaire Carl DeSantis’s CDS International Holdings bought a Bank of America-leased property in Delray Beach for $25 million. CDS International, based…

Cottonwood buys Pompano Beach apartment complex for $95.5M

From left: Harbor Group International’s Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential’s Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach: Cottonwood Residential bought a Pompano Beach apartment community for $95.5 million, marking unceasing investment appetite for South Florida…

Estate Companies’ Pompano Beach, Hollywood apartment projects advance

From left: The Estate Companies’ managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard: The Estate Companies is moving forward with two Broward County multifamily projects. The South Miami-based company scored final approval for a 253-unit Pompano…

Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar

An exodus of tenants and diminished net cash flow could spell trouble for the owner of Pembroke Lakes Mall, which is saddled with a $260 million interest-only loan that is due in two years, according to a recent Morningstar report. New York-based Brookfield Properties acquired Pembroke Lakes Mall in 2018 when the firm bought shopping mall…

First Industrial picks up Pompano Beach manufacturing facility for $25M

First Industrial Realty Trust scooped up a Pompano Beach manufacturing building for $25 million, marking continued investor appetite for South Florida’s industrial market. Chicago-based First Industrial purchased the 113,610-square-foot building on 8.4 acres at 1801 North Andrews Avenue, and leased it back to the seller, according to a news release from the sell…

Starwood sells UM-leased medical office building in Plantation for $46M

Starwood Capital Group sold a Plantation medical office building fully leased to the University of Miami Health System for $45.5 million. An affiliate of Anchor Medical Properties, a Charlottesville, Virginia-based real estate investment firm, bought Crossroads III, a 101,851-square-foot Class A medical office building at 8100 Southwest 10th Street, records…

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June 29, 2022

Miami Commercial Real Estate News June 22, 2022: 60-Story Edgewater Dev Rejected; Wennett Sells Warehouse Near Miami Produce Center; MB Hampton Inn Trades; More…

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Avenue in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price…

Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach

Developer Michael Shvo’s plans for a Norman Foster-designed Class A office project on Alton Road moved forward on Tuesday, after a Miami Beach board voted in favor of transferring city land to the developer. Shvo’s proposal…  250,000-square-foot development on the site of the long-shuttered Epicure…  at 1656, 1664, 1676 and 1680 Alton Road

Robert Wennett sells warehouse complex near Miami Produce Center for $11M

Robert Wennett sold a warehouse complex near his Miami Produce Center redevelopment site in Miami’s Allapattah for $10.5 million. An affiliate of Accesso Partners bought the 35,908-square-foot, multi-tenant industrial warehouse at 1335 Northwest 21st Terrace, according to a press release. The deal breaks down to $292 per square foot…

Lease roundup: The Gateway at Wynwood scores three new tenants

Ripple, Victory Polymers I The Gateway at Wynwood I Miami R&B Realty Group scored three new tenants at its Gateway at Wynwood office building. Victory Polymers, a Houston-based provider of Spray Polyurethane Foam insulation products, took 4,000 square feet at the 13-story building at 2916 North Miami Avenue, R&B said in a news release. San Francisco-base…

Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Allapattah

A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th Street in…

Miami-Dade urges feds to push down loan interest on farmland

County commissioners are urging the Biden administration and the US Department of Agriculture to act to lower interest rates on loans for the purchase of land for agricultural use. The request came only one day before the Feds announced a record .75 percentage point increase in interest rates to slow the economy and put brakes on inflation. A resolution sponsored…

60-story residential tower for Edgewater rejected

In a rare move, Miami’s Urban Development Review Board has rejected a 60-story mixed-use residential tower proposed for Edgewater. On a vote of 5 to 1, the board voted to recommend denial of the project to the city’s planning director. Board members voiced many concerns regarding the planned traffic and pedestrian circulation of the planned skyscraper…

Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami

Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s…

JDS Development Group Receives Construction Financing for 64-Story Southside Park Mixed-Use Tower in Miami

JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the…

Success of Miami hotels a barrier to international groups

International group travel to Miami is facing the challenge of high room rates caused by the area’s success as a leisure destination. High prices for hotel blocks in the travel group business and long delays in visa processing are slowing growth of sales for international groups, says David Whitaker, president and CEO of the Greater Miami Convention & Visitors Bureau.

Town of Surfside sued after approving project next to aging condo building

The town of Surfside is facing a lawsuit over its approval of a luxury oceanfront development next to the aging Carlisle on the Ocean condos, reflecting fears of construction near old buildings that have rippled through the community in the year since the deadly collapse of Champlain Towers South. Shannon Gallagher, a Carlisle…

Preservation board approves NY developers’ South Beach office project

Developers Sumaida + Khurana and Bizzi & Partners can move forward with their Miami Beach office project after receiving the green light from the city’s historic preservation board. The joint venture between the two New York-based firms is planning a five-story office building with 3,125 square feet of ground-floor retail…

Miami board OK’s Beckham stadium design, complex master plan

David Beckham’s proposed Major League Soccer stadium and surrounding mixed-use development just cleared another hurdle. The Miami Urban Development Review Board on Wednesday approved designs for the 25,000-seat stadium and nearly 5,000-car parking garage, as well as the master plan for the broader project, which includes a hotel, offices and a public…

Miami board rejects Aimco’s proposal for waterfront Edgewater tower

It’s back to the drawing board for Aimco, after a city of Miami board denied recommending approval of its plans for a luxury rental tower in Edgewater. Miami Urban Development Review Board members voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower, after finding a number of “major issues…”

What are fiduciary duties?

Business partners, key employees and shareholders all have certain obligations and requirements they owe to one another, and to a business. Basically, all of these individuals commit to making decisions that first and foremost benefit the company, without regard to the potential impact that it may have on them personally. In short, this means that they are…

Swire, Stephen Ross’ Related plan Florida’s tallest commercial tower in Miami’s Brickell

For the second phase of Brickell City Centre, Swire Properties is teaming up with Stephen Ross to build one of the tallest towers in the Sunshine State. Swire, led by President Kieran Bowers, and Ross’ Related Companies announced a joint venture to develop One Brickell City Centre, an office tower that will rise 1,000 feet at 700 Brickell Avenue and 799 Brickell…

Ugo Colombo’s CMC and Morabito land $65M construction loan for Bay Harbor condos

Ugo Colombo’s CMC Group and Morabito Properties nabbed a $64.5 million loan to complete construction of a waterfront luxury condominium in Bay Harbor Islands. Bank OZK provided the financing for the joint venture’s Onda Residences, a planned 41-unit, eight-story development at 1135 103rd Street, according to an emailed statement from Colombo, Miami-based…

Ares Management Pays $62M for 2 Miami Industrial Assets

Ares Management Real Estate has acquired Building 18 and Building 22, two industrial facilities under construction within Countyline Corporate Park in Hialeah, Fla., for a combined $62 million, according to Miami-Dade County records. The 360,845-square-foot Building 18 traded for $37 million, while the 213,907-square-foot Building 22 changed hands for $25 million…

Developer switches office park plan in Pembroke Pines to mixed-use apartment project

TPA Group plans to build a mixed-use project with 350 rental apartments around its ongoing office development in Pembroke Pines. City commissioners voted Wednesday to rezone the 25-acre Edison Pembroke development site between I-75 and 145th Avenue just south of the Shops at Pembroke Gardens. Atlanta-based TPA Group has built a three-story…

Investor drops $31M for North Lauderdale shopping center

A North Miami Beach investor beefed up his South Florida retail portfolio with a $31 million purchase of a Broward County shopping center. Two entities managed by Alberto Dayan bought Arena Shoppes at 7296 West McNab Road in North Lauderdale, records show. The entities obtained a $20.7 million mortgage from FirstBank Puerto Rico. Paul Ahmed…

Goodbye Park ‘N Fly: Bridge Industrial pays $20M for site of planned logistics facility near Port Everglades

Bridge Industrial plans a logistics facility between Fort Lauderdale-Hollywood International Airport and Port Everglades, marking the company’s unceasing investment in South Florida’s industrial market. The Chicago-based company paid $20 million for the 22.4-acre property at 2200 Northeast Seventh Avenue in Dania Beach in an off-market deal…

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June 22, 2022

Miami Commercial Real Estate News June 15, 2022: Trion Snags First Area Multifamily for $87M; Mana Sells NMB Office Building for $20M; Miami Office Construction Increasing; More…

Trion enters Miami-Dade with $87M multifamily purchase

Trion Properties made its Miami-Dade County debut with the $87.3 million purchase of a rental complex in the Fontainebleau neighborhood, marking unwavering investment appetite in the multifamily market. Trion, based in Miami and West Hollywood, California, bought the 294-unit Art 88 at 8855 Fontainebleau Boulevard, according to a Trion news release. The…

The Top 5 Office Projects Under Construction in Miami

Miami’s business-friendly environment, rapid population growth and attractive climate act as a catalyst for office investment and development in the metro. According to CommercialEdge data, the active pipeline included some 2.4 million square feet of office space across 18 properties as of June. Construction activity was concentrated in Miami’s Brickell…

Mortgage rates flirt with 6%, but silver linings exist

After reaching record-breaking lows during the pandemic, mortgage rates have been climbing at a similarly historic pace this year, worrying brokers and especially buyers. This week, rates reached another milestone. The average 30-year fixed mortgage rate throughout the U.S. exceeded 6 percent Monday, just two months after breaching the 5 percent barrier. Also on…

Doubling up: Ares pays $62M for two Hialeah industrial buildings under construction

Ares Management made a $62 million double play in South Florida’s industrial market, picking up a pair of Hialeah warehouses under construction. An affiliate of the Los Angeles-based global alternative investment manager paid $37 million for a 9.6-acre site at 410 West 104th Street, and $25 million for an adjacent 10.2-acre parcel, according to…

TM Real Estate parts with Miami Gardens office building Washington Square

TM Real Estate sold an office building in Miami Gardens that houses the Youth and Family center nonprofit. The Coral Gables-based investment group sold the 72,407-square-foot office building at 111 Northwest 183rd Street for $6.1 million, or $84 per square foot, records show. Washington Square GP Management, which is managed by Zachary Preminger…

Office Construction Activity on the Rise in Miami

In April, Miami had the third largest relative office construction pipeline in the nation, according to CommercialEdge data. By the end of the month, the Florida metro had 5.4 million square feet under construction, more than double its pipeline in April 2021, when the total stood at 2.4 million square feet. Miami’s office development activity has seen a noticeable uptick…

Boymelgreens score construction loan for condo project in Mid-Miami Beach

The Boymelgreens scored a $35.5 million construction loan for their planned boutique condo development in Mid-Miami Beach, The Real Deal has learned. JP Roosevelt, an entity led by Sarah, Menachem and Levi Boymelgreen, secured the financing from BridgeCity Capital. The developer plans to break ground this month on the eight-story, 50-unit project…

Michael Stern’s JDS lands $86M loan for planned mixed-use Brickell high-rise

New York and Miami developer Michael Stern secured an $86 million loan for his planned mixed-use Brickell tower called 1 Southside Park. New York-based Maxim Capital Group provided the acquisition and construction financing to Stern’s JDS Development Group, according to a press release. The 64-story tower, between Southwest 11th and 12th streets and…

Block Capital sells two Wynwood buildings for $19M

Block Capital Group sold a pair of warehouses converted to offices in Miami’s Wynwood for $18.7 million. An affiliate of WellMeaning Investments, a Miami-based family office led by CEO Eduardo Pelaez, bought the two buildings at 100 Northeast 28th Street and 85 Northeast 27th Street, according to records. The properties have a total of 23,247 square…

Miami OKs Miami Freedom Park site for its office tower

The Miami City Commission took a major step toward a new city government office building to replace the Miami Riverside Center downtown over strong objections of Commissioner Manolo Reyes. On a 4-1 vote June 9, the commission selected city-owned property at 1550 NW 37th Avenue for the new building, right next door to the new Miami Freedom…

Tower by tower, Edgewater skyline soars higher

Transformative high-rise towers are changing the Edgewater neighborhood, with more to come as demand for luxury residences continues to grow. Residential real estate developer Melo Group, which built Edgewater projects like 22 Biscayne, 22 Skyview, Bayhouse, 25 Biscayne, Second Plaza, 25 Mirage and Urban 22 – all luxury condos…

Revealed: One Brickell City Centre Supertower Redesigned, Construction In 2023

Related Companies and Swire Properties have unveiled plans for their joint development of the One Brickell City Centre supertall. One Brickell City Centre will be an “approximately 1,000 foot supertower” that will become the tallest commercial tower in Florida, according to a statement by the developers. The new tower will be nearly all office space. Tenants will…

Start delayed on Coral Gables Mobility Hub

Groundbreaking plans for the Coral Gables Mobility Hub have temporarily been placed on hold, according to city officials. The city is carefully moving forward with the mobility hub, a project that will position Coral Gables at the forefront when it comes to technology and transportation, City Manager Peter J. Iglesias said. “However, due to the current increases in the cost…”

County looks to lakes filled with floating solar power plants

Miami-Dade is seeking to add floating solar power plants to its electrical operations while it looks to the private sector to speed the use of the floating plants elsewhere, a report from Mayor Daniella Levine Cava says. “The county is reviewing some of its facilities with water bodies close enough to ‘tie-in’ floating solar power plants to their on-site electricity…”

Miami International Airport near cargo ceiling, expansion plans take off

As Miami International Airport became the leading airport in the US for international cargo in 2021, at least five of the 42 cargo airlines have ambitious plans for expansion that would increase cargo capacity in the next five years. The airport currently has 2.8 million square feet of cargo warehouse and storage. Staff is working with major international…

Well-known challenges could impede Miami’s tech growth

Two new studies substantiating Miami’s tech hype also reveal how much we must do to make that growth path pivotal to our economy. The jury is out about whether we can meet that challenge.  Venture capitalists poured $5.6 billion into this area in 2021, according to “Miami’s Tech Entrepreneurship Ecosystem 2012 to 2022,” funded by the John…

Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments

Cymbal DLT scored a $102.5 million loan for the site purchase and construction of a Miami Gardens apartment complex. The Miami-based joint venture plans to build a 341-unit community at 20775 Northwest 17th Avenue, paying $15.5 million for the 14-acre former horse stable site, according to a Cymbal DLT news release. The company is a partnership…

$26B Prologis-Duke deal ends cold war

Everything has a price. For Duke Realty, the industrial powerhouse that had fended off a takeover by Prologis for months, it was $26 billion. San Francisco’s Prologis will acquire Indianapolis-based Duke, which controls some 153 million square feet in 19 markets, in an all-stock deal expected to close in the fourth quarter, according to a Monday announcement.

Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park

Finsight Group I Waterford Business District I Miami-Dade County New York City-based Finsight Group leased an office at the TIAA-owned portion of the Waterford Business District near Miami International Airport, marking continued influx of Northeastern fintech firms to South Florida. Finsight signed for 3,122 square feet at…

YotelPad Miami owners discover they can’t rent their units out daily as promised

Buyers at YotelPad Miami, who were promised the ability to rent their units out without restrictions, are unable to do so due to a change in the city’s code, The Real Deal has learned. And they may be losing rental income as a result, while the developer tries to resolve the issue. An affiliate of David Arditi’s Aria Development Group completed the downtown Miami…

Moishe Mana unloads North Miami Beach office building for $20M

Moishe Mana abandoned plans to convert a North Miami Beach office building into apartments, selling the property for $20 million as he focuses on other redevelopment projects. An entity managed by New York-based real estate investor Yoel Weiss purchased the 12-story building at 633 and 699 Northeast 167th Street, according to a press release. The deal…

Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects

More office and multifamily projects may be coming to Wynwood, as developers propose new projects for the once-gritty warehouse district. Pioneer Wynwood developer Goldman Properties wants to build an office building, and a joint venture between Scott Robins and Philip Levine tweaked a previous plan for a hotel with apartments – and now…

Builders have high hopes for 3D-printed housing

Community First Village, Austin (ICON) America’s first fully permitted 3D-printed home took twice as long to print and cost more than double what its backers expected. Yet it was far from a failure. The 350-square-foot house was set to be printed in a total of 24 hours over the course of several days at the South by Southwest Interactive Conference 2018 in Austin.

Amazon Slowdown Sends Shivers Through Red-Hot Warehouse Sector

Amazon. com Inc.’s decision to throttle back on its e-commerce operations threatens to slow the growth of the industrial-space sector, one of the hottest areas of commercial property. For now, demand from other retailers is expected to pick up the slack, supporting warehouse occupancies and rent levels, analysts say. Rents, occupancy levels…

Walker & Dunlop Structures $61 Million in Financing for Miami Opportunity Zone Development

Walker & Dunlop, Inc. announced today that it structured $61,046,600 in financing for UNI Tower, Miami, Florida’s first 100% income- and rent-restricted residential skyrise. Located in the heart of Miami’s urban core, the property will deliver 252 much-needed affordable and workforce housing units to one of the country’s most costly housing markets.

Charles “Chip” Abele sells Hollywood mixed-use project for $66M tied to $84M refi

Charles “Chip” Abele sold a Hollywood mixed-use project for $65.6 million to a related entity, linked to an $84 million refinancing. An entity managed by the Hollywood-based developer bought 1818 Park at 1818 Hollywood Boulevard from another Abele-related affiliate, records show. The new ownership entity obtained an $84 million mortgage from Deutsche Bank…

Movie studio complex may rise on former incinerator site in Fort Lauderdale

Fort Lauderdale will negotiate with a company to build and operate a full-service movie studio complex on a former garbage incinerator site that the city owns. City commissioners voted 4-0 Tuesday night to approve a resolution directing city staff to negotiate an interim or comprehensive agreement with Fort Lauderdale Studio Initiative LLC for the…

Integra scores approval for Ocean Park hotel and condo project in Fort Lauderdale

Integra Solutions won site plan approval for Ocean Park Hotel and Residences, a planned condominium and all-suites hotel development in Fort Lauderdale near the Intracoastal Waterway. The Fort Lauderdale City Commission on Tuesday approved a site plan development permit for the mixed-use project on 1.26 acres just southwest of the intersection…

Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site

409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development. A joint venture of Jorge Pérez’s Related Group and Henry Pino of Alta Development bought a vacant site in Fort Lauderdale for $15.5 million. The developers purchased an acre, or the majority of the 1.3…

Fort Lauderdale to pay Elon Musk’s company to study tunnel plan for the city

Billionaire entrepreneur Elon Musk is a step closer to achieving his tunnel vision for Fort Lauderdale. The city will pay his tunnel business, The Boring Company, to study the cost and feasibility of an underground loop for vehicles shuttling passengers between downtown Fort Lauderdale and the city’s beach. It is known as the Las Olas Loop project, aimed at…

Elion Partners buys Pompano Beach industrial building for $15M

Elion Partners is continuing its industrial real estate shopping spree, paying $15.3 million for a Pompano Beach warehouse. North Miami Beach-based Elion bought the property at 1121 Northwest 31st Avenue from an entity led by Richard Applegate of Pompano Beach-based United Sheet Metal, according to public records. The buyer took out an $8.8 million loan…

NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton

Malcolm Butters, president of Butters Construction and Development, sold an office building at Boca Raton’s Park at Broken Sound for $13.8 million. Blair Rolnick bought the two-story building at 851 Northwest Broken Sound Parkway, according to the broker’s news release. Rolnick is a pediatrician in New Jersey and is trained in emergency room pediatrics…

Mark Bellissimo sells International Polo Club Palm Beach for $95M

Wellington developer Mark Bellissimo sold the International Polo Club Palm Beach in Wellington for $95 million. Lake Worth Beach-based United States Polo Association bought the 161-acre property on the southwest corner of 120th Avenue and 35th Street from an entity managed by Bellissimo, according to a deed. The properties are at 12560, 12580…

GL Homes pays $28M for homesites at Arden near Wellington

GL Homes bought 209 homesites at Arden near Wellington for $28.1 million. Boston-based Freehold Communities sold the land to Sunrise-based GL Homes in two deals for $11.9 million and $16.2 million, according to deeds. The purchase breaks down to about $134,665 per lot. A GL Homes’ map of its portion of home development sites at Arden…

JV led by Plantation-based investors buys Lake Worth shopping plaza for $15M

A family partnership of Plantation-based real estate investors paid $14.7 million for a Palm Beach County retail complex adjacent to a Super Target. Daryl and Carol Stair Revocable Trust, Steven Stair, Carley Stair, Rebecca Stair Frisoli and Krantz Family LLP acquired Shoppes at Mission Lakes at 5500, 5516 and 5940 South State Road 7 in Lake Worth, according to…

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June 15, 2022

Miami Commercial Real Estate News June 8, 2022: Knight Center Redevelopment Plans Gain Ground; Edgewater MF Trades for $211M; Former Epicure Site Sold; More…

Hyatt, Gencom advance three-tower project planned for Knight Center site

Developers’ nearly $2 billion plan to build a hotel and multifamily towers on the Miami River site of the James L. Knight Center and Hyatt complex in downtown Miami is gaining ground. The Miami River Commission unanimously voted on Monday to move forward the proposal by Hyatt Hotels and Gencom to the next step. The board, which is charged…

Trion Properties Acquires Art 88 Apartments Near Miami International Airport for $87.3M

Trion Properties, a private equity investment firm with offices in West Hollywood and Miami, has purchased Art 88 Apartments in Miami for $87.3 million. The seller was not disclosed, but South Florida Business Journal reports that Grand Peak Properties was the previous owner. Built in 1971 within one mile of Miami International Airport, Art 88 comprises 294…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County. The retail real estate report is updated every quarter by our CRE experts. The analysis is derived and compiled from…

Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower

The tower at 2150 North Bayshore Drive in Miami with Air Communities CEO Terry Considine and Mill Creek Residential CEO William MacDonald: Aimco’s spinoff Air Communities scooped up a bayfront apartment tower in Miami’s Edgewater neighborhood for $211 million. Air Communities, or Apartment Income REIT, bought the 296-unit Watermarc at Biscayne Bay…

Miami Office Property Investment Volume Increased in April

Year-to-date through April, Miami’s office market has seen $350 million in investment volume, with the average price reaching $367 per square foot, according to CommercialEdge data. In the first quarter of the year, the metro’s office investment volume added up to merely $209 million, but an acceleration in April saw ten properties traded, comprising a combined…

The Sky is Not Falling for Miami’s Retail Market as Healthcare, Dining Activity Soars

When the world shut down in March 2020, “Chicken Littles” everywhere proclaimed the end of one of the primary asset classes in commercial real estate: retail. Retail tenants largely abandoned expansion plans and entered survival mode by shifting focus to seeking rent abatements and lease restructurings. Landlords in weak financial positions fought to meet…

Rethinking the ground lease

Vornado Realty Trust says the land beneath its office building at 330 West 34th Street is worth $145 million. The land’s owner, Haymes Investment Company, claims its value is $225 million — entitling Haymes to more than $5 million in additional annual rent.  Assuming no further hikes, that would be nearly $170 million over the course of Vornado’s 30-year lease.

28 Industrial Acres in The Homestead Park of Commerce Trade for $10.9M+

We are pleased to announce the sale of 28 acres located within The Homestead Park of Commerce in south Miami-Dade County. The closing price was $10,900,000. There was also an additional, non-disclosed assignment fee. The Buyer is EastGroup Properties, Inc. (NYSE: EGP), a S&P Mid-Cap 400 Company who is a self-administered equity real…

Miami hotel room rates up 56% since 2019

Hotel room rates have surged in Miami during the past three years, more so than in several other tourist destinations nationwide. The average daily hotel room rate in Miami for the first five months of the year reached $369.51, according to an analysis from Bloomberg. That represents a 55.6 percent increase from the same period in 2019, when the average was…

$1B Surfside settlement signals condo association, construction insurance premium hikes

The $1 billion-plus Surfside settlement marks a milestone in the lawsuit over the deadly condominium collapse. It also reveals the role of real estate insurance — and is a harbinger of premium hikes that could reverberate across the industry. The insurance carriers for 31 entities are contributing toward the $1.02 billion total disbursement. All who settled have…

The man from Morocco: The untold story of  developer Joseph Chetrit

Though his close friends and family might quibble over the precise ingredients required for a good Joseph Chetrit story, they can all agree on one thing: There’s probably a negotiation involved.  Robert Verrone’s favorite took place during the 2006 FIFA World Cup, when the top debt broker and his father attempted to enter a soccer stadium with Chetrit…

City office tower targeted for soccer complex at Melreese

Miami’s new city government office building may rise next door to the new Miami Freedom Park, soon home to David Beckham and partners’ Major League Soccer stadium and a commercial park. Meeting today (6/9), the city commission is to consider a vote to select the 1550 NW 37th Ave. site for the administrative building. This location is generally where the Melreese…

County may seek bids in July to redevelop 20 acres of downtown Miami

County staff is still working on putting together a bid solicitation to be out in July to redevelop over 20 acres of county-owned land in downtown Miami. “It seems like we’re pretty close to a July release,” confirmed Commissioner Eileen Higgins, who has been working to present an item to the commission for the redevelopment for over a year and a half.

Construction costs for multifamily housing rise by half

Multifamily developers are still facing delayed shipments of construction material and rising project costs due to inflation and interest rates. Construction costs are up about 50% for most development projects, said Matthew Jacocks, principal for Lee & Associates South Florida, who specializes in multifamily development. “Every month we’re having…”

Miami mayor seeks city support of rejected Rickenbacker Causeway plan

Miami city commissioners are considering a continued show of support for the Rickenbacker Causeway Project, also known as Plan Z, advanced by Zyscovich Architects and others. At its meeting today (6/9), the city commission is set to vote on a resolution reaffirming its endorsement of Plan Z and urging Miami-Dade County to immediately reopen the…

Miami’s indefinite deferral stalls Marine Stadium restoration

Miami city officials continue to delay action to reauthorize funding necessary for the long-awaited restoration of Miami Marine Stadium. Miami Today reported the possible further delay of the funding in late March. In February, city commissioners sidelined a resolution to reauthorize issuance of bonds to help pay for the restoration.

Despite aid, business struggle in Flagler Street revamp

The 30-month Flagler Street Beautification downtown is starting its second year of construction with businesses struggling to get customers and keep their doors open. Miami’s Downtown Development Authority has provided $5,000 apiece to businesses that have been hardest hit by the construction. On Friday, the authority is to add $2,000 more for each to help…

How Much Does a Commercial Building Inspection Cost?

Buying commercial real estate is very different from buying a house. What does a commercial building inspection cost?   Many consider real estate of any kind an investment, but commercial real estate has a much more direct impact on your finances than purchasing a house. With residential real estate, you hope that the home will pay off eventually, but with a…

Muy caliente! Little Havana multifamily submarket sizzles with three deals totaling $29M

A trio of Little Havana apartment buildings, 2900 Northwest 7th Street, 1250 Southwest 6th Street, and 718 Northwest First Street, traded for a total of $29 million, a sign investors are flocking to another South Florida multifamily submarket that’s catching fire. Investors are scoping out Miami’s Little Havana because the neighborhood is experiencing…

Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment

Michael Shvo along with an aerial view of his newly-acquired retail properties between 16th and 17th Streets along Alton Road in Miami Beach: Michael Shvo is betting big on Miami Beach. The New York developer, who made his debut in South Florida with the purchase of three South Beach hotels in 2019, bought a commercial strip on Alton Road — including…

Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami

FundKite I 100 Biscayne I downtown Miami FundKite is the latest firm in the financial and tech fields to shun New York and opt for Miami. The fintech firm is moving its headquarters into Aby Rosen’s 100 Biscayne office tower in downtown Miami. FundKite took 5,302 square feet at the 30-story office building at 100 Biscayne Boulevard, according to a news release…

Here are the residential projects planned for Miami’s Wynwood

Developers seem to agree: Wynwood is a winning bet. Similar to other areas of Miami, developers are descending into the neighborhood and have over a dozen projects at various stages in the pipeline. An analysis by The Real Deal found that over 2,200 apartments and condos are coming to Wynwood. That number will likely rise as developers reveal unit…

Alta reels in multifamily dev site near Miami River for $15M

Alta Development picked up an assemblage near the Miami River for $14.6 million, with plans to build a multifamily project. An affiliate of Miami-based Alta Development, led by Principal Henry Pino, bought six properties at 1410, 1420 and 1428 Northwest 14th Avenue; 1420 and 1430 Northwest 14th Terrace; and 1451 Northwest 14th Street, according to records.

Wynwood BID Façade Improvement Grant Program- Inaugural Release

On behalf of the Wynwood Business Improvement District (“BID”) Board of Directors (“Board”), we are pleased to announce the inaugural Façade Improvements Grant Program for our District Members. The Grant is aimed at encouraging and assisting businesses and property owners within the district to restore and improve the appearance of their storefront and…

Robert Rivani’s Black Lion sells Brickell restaurant space for $13M

Black Lion Investment Group’s Miami commercial condo portfolio is a little lighter after selling a waterfront restaurant space for $13 million. An entity managed by Robert Rivani, president of Los Angeles-based Black Lion, sold the 10,700-square-foot space in the mezzanine level of Tower 4 at the Four Ambassadors Condominiums at 801 Brickell Bay Drive, according to…

Here are the resi projects planned for Miami’s Edgewater

More than a dozen projects will bring nearly 6,000 apartments and condos to Miami’s Edgewater, as developers bet big on the Miami housing market. Developers spent about $500 million on property acquisitions in Edgewater alone since late 2020, an analysis by The Real Deal found. Edgewater is hardly alone — other neighborhoods, like Brickell, also have many…

Richard LeFrak On South Florida, New York Affordability and Succession

Richard LeFrak could well be considered the elder statesman of New York’s real estate scene — the scion of a rental empire, the LeFrak Organization, which built and owns tens of millions of square feet there and across the country as well as being a longtime friend of former President Donald Trump. Richard LeFrak’s grandfather, Harry, founded the eponymous…

The Fed’s Beige Book: Growth Chugs On amid Signs of Inflation’s Impact

The Federal Reserve Bank of Atlanta’s new Beige Book compilation of on-the-ground reports shows that economic activity kept growing modestly from April through mid-May, with ongoing tightness in labor markets and rising costs. By and large, business contacts continued to report record profit margins, though several noted a “slight dampening of demand…”

Brooklyn developer plans 1,100-unit Fort Lauderdale project

Brooklyn-based developer Dependable Equities is moving forward with its plans for an 1,100-unit luxury rental project in Fort Lauderdale, the latest multifamily proposal in the Broward County city where thousands of apartments are already in the pipeline. The firm, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinksy, went before the city’s…

Grocery store-anchored shopping center sales ignite South Florida’s retail market

Barron Real Estate principal Charles Ladd with JBL Asset ManagementManaging Partner Jacob Khotoveli and Plantation Marketplace at 7023 West Broward Boulevard in Plantation and Rivertowne Square at 1015 South Federal Highway in Deerfield Beach: A flurry of grocery store-anchored shopping center deals is setting South Florida’s retail…

Aimco drops $64M for mixed-use dev site in Fort Lauderdale’s Flagler Village

Aimco acquired a redevelopment site in Fort Lauderdale’s Flagler Village for $64 million that is part of an assemblage for a new mixed-use project An entity managed by executives of the Denver-based real estate development and investment firm bought the former Searstown Plaza at 901-927 North Federal Highway, according to records. The 5.6-acre site has a 155,760…

Nuveen buys Sunrise apartment complex for $44M

Nuveen Real Estate bought the Oasis at Springtree apartment complex in Sunrise for $43.7 million, marking continued investor interest in South Florida multifamily properties. Chicago-based Nuveen Real Estate, through an affiliate, bought the 276-unit, garden-style complex at 3551 Northwest 85th Way from an entity that lists Nancy Kodsi…

Ferreira family buys grocery-anchored North Palm Beach shopping center for $36M

Investors tied to the Ferreira construction and utility companies scooped up the Shoppes at City Centre retail plaza in North Palm Beach for $36 million. Brothers Antonio and Nelson Ferreira, through an affiliate, bought the property at 11201-11261 U.S. Highway 1 from an entity tied to Martin and Irving Osher, according to the broker’s release and state…

From tenant to owner: CTS Engines buys 44-acre industrial facility in northern Palm Beach County

CTS Engines paid $16 million for the northern Palm Beach County industrial facility it has been leasing for jet engine testing. CTS, a Fort Lauderdale-based turbine engine maintenance and repair company, purchased the 44.4-arce property at 18855 Bee Line Highway from Apogee Investment Partners, according to the broker’s news release. The property is in…

Publix pays $57M for shopping center it anchors in West Palm Beach

Publix boosted its South Florida retail real estate holdings with a $56.5 million acquisition of a West Palm Beach shopping center anchored by one of its stores. The Lakeland-based grocery chain, led by CEO Todd Jones, bought River Bridge Centre, a 229,781-square-foot retail plaza and nine outparcels at 6714-6868 Forest Hill Boulevard, according to a press…

Personal injury lawyers drop $9M for Palm Beach Gardens office building

A trio of Phoenix-based personal injury law partners paid $8.6 million for an office building in Palm Beach County. An entity managed by Sean Greene, Michael Steinger and Michael Feiner bought the two-story building at 11360 North Jog Road 101 in Palm Beach Gardens, records show. The three lawyers head Greene, Steinger & Feiner, a personal injury law…

Bainbridge and TPG team up for $161M purchase of a Jupiter apartment complex

Bainbridge Companies and TPG Real Estate Partners teamed up to buy a Jupiter apartment complex for $161.1 million. Through an affiliate, the joint venture acquired Allure at Abacoa, a 304-unit rental community at 1456 Cades Bay Avenue and 4515 Main Street, according to records. Wellington-based Bainbridge and Fort Worth, Texas-based TPG Real Estate paid…

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June 8, 2022

Miami Commercial Real Estate News June 1, 2022: A&E District Dev Site Sells for $49M, Lincoln Road Building for $94M, Downtown Assemblage for $58M; Office Vacancy Steady; More…

Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower

LCOR is making its South Florida development debut with plans for a 540-unit apartment tower in Miami’s growing Arts & Entertainment District. Berwyn, Pennsylvania-based LCOR, through an affiliate, bought 1.1 acres of land at 1775 Biscayne Boulevard from an entity led by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman, according to…

AMAC, ROVR score $67M construction loan for Aventura Park multifamily project

AMAC and ROVR got a jump start on their planned multifamily project near Aventura in the form of a $67 million construction loan. New York-based AMAC and Coral Gables-based ROVR are developing the eight-story Aventura Park building with 290 units at 17990 West Dixie Highway, according to a news release from the lender, Ocean…

Mast Capital sells South Beach Walgreens for $9M

Mast Capital cashed out of a prime retail property in South Beach, selling a Walgreens store for $9.4 million. An entity managed by Rodolfo Fuentes of Miami bought the 15,020-square-foot retail building at 524 Jefferson Avenue, near Washington Avenue, according to a press release. Scott Sandelin and Alejandro D’Alba led a Marcus & Millichap team that…

Here’s the pipeline of resi projects in Miami’s Brickell Area

With at least a dozen projects in the works, Brickell stands to gain over 6,000 apartments and condos over the next few years, as developers bet on continuing demand for new housing. Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl. This year alone, Michael Stern’s JDS Development Group and New York-based Major Food Group expect…

Supply chain struggle costs South Dade Transitway year’s delay

The South Dade Transitway, one of the six corridors of the Strategic Miami Area Rapid Transit (SMART) Plan, is now expecting a one-year delay to begin operations as the Miami-Dade Department of Transportation and Public Works is having severe supply chain difficulties in finding fiber strands necessary for the communications and technology systems…

Miami looks to up the ante on Riverside Wharf lease

Miami city commissioners on Tuesday approved the ballot wording for a special election Aug. 23 at which city voters will get a second chance to weigh in on a vast mixed-use downtown project that would add a luxury hotel and a site lease up to a century. The new lease, if voters approve, would also mean more money to the city by increasing the base rent…

IT firm Kaseya adds signage atop its third Brickell building

Amid an influx of tech-centric innovations in Miami, IT powerhouse Kaseya has expanded its headquarters by leasing three floors of office space at 800 Brickell. Kaseya, which is a provider, designer and developer of unified IT management and security software for managed service providers and small to mid-size businesses, is expanding its Miami presence. It also…

Video: AFIRE CEO Gunnar Branson Discusses his Org’s Institutional CRE Investor Survey

For thirty years, AFIRE (Association for International Real Estate Investors) has conducted a survey each year in order to understand the goals, challenges and long-term views of international investors in United States based real estate. A chart on deployment, funds invested and allocation changes along with anticipated volume in the coming year, starts…

Insight: Fragile hotel industry needs involvement, Blumberg says

Growth in hotel developments and added rooms, triggered by the City of Miami Beach putting bed tax money into construction of the Loews Hotel in the late ’90s, made Miami-Dade third in the nation in hotels. Now, with about 11 hotels and 2,220 rooms projected to open between March and December, retired founder of the Greater Miami and the Beaches…

Tri-Rail arrival in downtown Miami misses another schedule

A Nov. 1 start of Tri-Rail passenger trips at MiamiCentral Station is no longer feasible, Executive Director Steven Abrams told the South Florida Transportation Regional Authority Friday, another setback in long efforts to bring the rail line downtown. Mr. Abrams argued that Tri-Rail hasn’t been able to complete needed training for its staff to run the service because…

Surfside collapse $1B settlement breakdown revealed

The $1 billion-plus Surfside collapse settlement was filed late Friday, revealing more than two dozen contributors to the victims of the tragedy. The settlement comes nearly a year after the devastating collapse of Champlain Towers South on June 24, which killed 98 people. The largest sum, $517.5 million, will come from Securitas…

Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project

A Finvarb Group joint venture can rev up construction on its Thompson Hotel-anchored mixed-use project in South Beach after obtaining $44.6 million in financing. Banesco USA provided a $22.3 million construction loan to the Finvarb Group affiliate that owns the vacant redevelopment site at 1685 Washington Avenue, records show. The 0.6-acre property is…

Damac plans Cavalli-branded luxury condos on Surfside collapse site

Hussain Sajwani’s Damac Properties will develop a Cavalli-branded condominium on the Surfside collapse site. As the winning bidder, the Dubai-based company will pay $120 million for the almost 2-acre oceanfront property at 8777 Collins Avenue. The development will mark Damac’s first project in the U.S. Damac has been looking for sites in…

“Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville

Two days after Miami Beach Mayor Dan Gelber announced that Stephen Ross is proposing to redevelop the historic Deauville resort — which would require a voter referendum — commissioners moved to advance the plan. After a heated debate mostly between Gelber and Miami Beach Commissioner Kris…

Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago

Steve Roth’s Vornado Realty Trust sold the Regal Cinemas-anchored retail building on Lincoln Road in South Beach at a discount for $93.6 million. New York-based Vornado sold the property at 1100 Lincoln Road to an affiliate of Steve Gozini’s BH Properties, based in Los Angeles, according to records. The price is 29 percent less than the $132 million Vornado…

BH Properties Acquires Lincoln Center Retail Property in Miami Beach for $93.6M

BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6…

Déjà vu? Moishe Mana says he is almost done assembling downtown Miami portfolio with new purchase

Moishe Mana is not quite done buying properties for his downtown Miami master plan. The investor and developer paid $7.3 million on Wednesday for the building at 118 Flagler Street, formerly home to The Children’s Place store, he announced. He owns the properties surrounding the site. Mana is reportedly nearly finished assembling his Flagler District portfolio…

Miami’s Office Vacancy Holds Steady

As of April, Miami’s office vacancy reached 13.5 percent, up 70 basis points since March, according to CommercialEdge data. The Magic City had one of the biggest year-over-year decreases in office vacancy nationwide and registered a 200 basis-point drop since April 2021. Markets that have registered larger year-over-year changes than Miami include Phoenix…

Brickman Sells Downtown Miami Office Portfolio for Loss

A pair of aging office buildings in Downtown Miami sold at a loss. Triple Double Real Estate and Stonerock Capital Partners bought the two office buildings in Downtown Miami for a combined $56.7 million, according to Cushman & Wakefield, which brokered the transaction. The larger property, also known as the Courthouse Tower, located at 44 West Flagler Street…

Hotel Astor owner buys Miami Beach apartment building

The Eatontown, New Jersey-based real estate investment firm that acquired Hotel Astor nine months ago picked up its second Miami Beach property for $7 million. Victory Investments Group, led by CEO Anil Monga, bought a 31-unit apartment building at 1770 Meridian Avenue across the street from the Miami Beach Convention Center, according to records.

Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater

Aimco’s Wes Powell with Edgewater (Aimco) Multifamily giant Aimco filed plans for a 60-story waterfront rental tower in Edgewater, across the street from its Hamilton on the Bay apartment building. The Denver-based real estate investment trust is proposing a 241-unit mixed-use apartment tower at 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, according…

‘Remarkable’ 90-Story Major Supertall Condo-Hotel In Brickell Will Have Miami’s Only Silver & Gold Pool

New over-the-top details of the Major supertall tower planned in Brickell have been released as the developer prepares to launch sales. Here’s a look at some of the key newly released points: Major will have a silver and gold pool. “I want to celebrate this sexy City with an indulgent swim in the only silver and gold pool in Miami,” said tower designer William Sofield…

Publix pays $13M for waterfront Hollywood site approved for supermarket

Publix paid $12.8 million for a waterfront Hollywood development site where it plans to build a new store. Real estate investor Albert Benalloun, through an affiliate, sold the 1.1 acres of land at 3100 South Ocean Drive to an entity tied to Lakeland-based Publix Super Markets, according to a deed. The property faces the Intracoastal Waterway and is a block west from…

Dania Beach approves 231-unit multifamily development with mostly studio apartments

Renderings of Koosh Living (Kaller Architecture of Hollywood) BSD Capital won approval for Koosh Living, a multifamily development in west Dania Beach with 231 units, mostly studio apartments. City commissioners gave unanimous approval Tuesday to a rezoning, a plat amendment, and a site plan for the development on Stirling Road in Dania Beach, near…

All-male Fort Lauderdale resort sold for $11M

A group led by a North Miami-based real estate investor paid $10.5 million for an all-male Fort Lauderdale resort. An entity managed by Lior Raviv and four partners bought The Grand Resort & Spa at 539 North Birch Road, just steps from Fort Lauderdale Beach, according to records. The deal breaks down to $318,182 per key for the 33-unit boutique property…

Galleria Fort Lauderdale owner revives, revamps redevelopment proposal

The owner of the Galleria Fort Lauderdale mall has dusted off a formerly contentious proposal to redevelop the property, this time with a different plan that won’t require a rezoning. New York-based Keystone-Florida Property Holding proposes at least 1,900 multifamily units on parts of the 42-acre Galleria Fort Lauderdale at 2414 East Sunrise Boulevard…

Emerald Empire pays $25M for shopping center near Boca Raton

Emerald Empire bought a shopping center near Boca Raton for $25 million. Emerald Empire, through an affiliate, bought The Shops at Boca Grove at 21077 Powerline Road in unincorporated Palm Beach County from an entity tied to Isram Realty Group, according to records. The buyer signed a ground lease with a limited liability company that is also tied to Emerald Empire…

Geneva JV acquires Royal Palm Beach medical office complex for $15M

A joint venture involving a Deerfield Beach-based real estate investment firm paid $15 million for a Palm Beach County medical office complex. Affiliates of Geneva Group and its partner, Syosset, New York-based VM Petro, acquired Regal Medical Center at 1011-1021 North State Road 7 in Royal Palm Beach, according to records. The price breaks down to…

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June 1, 2022

Miami Commercial Real Estate News May 25, 2022: $204M Luxury MF Planned Near Coconut Grove; Surfside Collapse Site to Sell for $120M to Sole Bidder; More…

Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site

Alex Karakhanian sold a development site in Miami’s Arts & Entertainment District to a joint venture between New York-based Hidrock Properties and Karakhanian’s Lndmrk Development, The Real Deal has learned. The joint venture paid $19 million for the 0.9-acre property at 1601 North Miami Avenue, home to Elev8tion Fitness, the partners said.

Video: AFIRE CEO Gunnar Branson Discusses his Org’s Institutional CRE Investor Survey

For thirty years, AFIRE (Association for International Real Estate Investors) has conducted a survey each year in order to understand the goals, challenges and long-term views of international investors in United States based real estate. A chart on deployment, funds invested and allocation changes along with anticipated volume in the coming year, starts of…

Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers

Two Roads Development closed on a $150 million bulk condo purchase in Miami’s Edgewater, where it plans to develop a multi-tower luxury project. Two Roads, a West Palm Beach and Miami-based developer, gains a 3.5-acre waterfront site with the purchase of Biscayne 21, a 1960s-era condo. The deal is part of a growing trend of developers targeting older properties…

North Miami Beach development site assembled for $14M

A developer assembled a North Miami Beach development site for $14.12 million, with plans to build a 28-story apartment project. In the bigger deal, NMBPlace LLC, managed by Victor F. Dante in North Miami Beach, sold the 1.59-acre site at 1959 NE 164th Street for $12.9 million to NMB Place Owner, in care of Baltimore, Maryland-based JSB Capital Group. The same…

Interdevco pays $16M for Aloft Miami Dadeland hotel

Interdevco paid $16.1 million for a South Florida Aloft hotel that spent more than a year under receivership. The Miami-based real estate development and investment firm acquired the 119-room Aloft Miami Dadeland hotel at 7600 Southwest 88th Street in Kendall, according to records. Interdevco, led by President and CEO Josep Maria Suriol, paid $135,294 per room.

Settlement in Surfside condo collapse now over $1 billion

Families of those who lost loved ones in the Surfside condo collapse are now poised to get $1.004 billion, while the payout to unit owners has also swelled. Condo owners are now in line for a $96 million settlement, up from their original $83 million payout, and the payout to the families of those who died is up over $4 million from the previous nearly $1 billion…

JDS, Major Food Group to launch condo sales of Brickell skyscraper

Michael Stern’s JDS Development Group and Major Food Group are moving forward with their planned Brickell skyscraper. Renderings of the tower (JDS) Condo sales of The Major, a 259-unit tower planned for the site at 888 Brickell Avenue, are expected to begin this summer, with prices ranging from $1.6 million to $11 million, excluding penthouses, a….

Developer says he still can finance Rickenbacker Causeway upgrade

Improve safety for cyclists, replace and enhance Bear Cut Bridge, deal with resiliency and sea level rise, and create a 20-acre park and beach on Virginia Key were improvements the Plan Z Consortium intended to develop as part of an unsolicited proposal for the Venetian and Rickenbacker causeways. First presented to the county last summer…

Archaeologists dig into Miami history at Baccarat tower site

The very first beneficiary of the new Baccarat building at 444 Brickell Avenue is likely to be not tenants of a 75-story luxury residential tower but a museum, as archaeological work at the site uncovers shards of pottery and bones of millennia-old early residents of Miami. The 4-acre property, bought in 2013 by the Related Group, Florida’s largest developers…

Culmer Village to provide 612 affordable housing units

A large affordable housing development is planned for Overtown in the City of Miami. Richman Group of Florida Inc. is developing Culmer Village, two buildings hugging a parking garage proposed for a site at 690 NW 13th Street. The city’s Urban Development Review Board recommended approval, with a few recommendations. The project is described…

Auto Club towers coming to Magic City district

An auto club for motorsport enthusiasts is coming to the new Magic City Innovation District, riding the top floors of a sleek glass structure. Motorsport Tower, planned for 350 NE 60th Street, promises more than 200,000 square feet of offices in the new mixed-use development rising in the Little Haiti area. Miami’s Urban Development Review Board…

Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building

Brick & Timber Collective doubled its Wynwood portfolio with a $9 million off-market purchase of a recently completed mixed-use project. The San Francisco-based developer and real estate asset manager bought a three-story office and retail building at 2724 and 2734 Northwest First Avenue. Brick & Timber Collective, led by partners Jesse Feldman and Glenn…

Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary

Dacar Management scooped up 119 acres outside the Urban Development Boundary in western Miami-Dade County. The Dania Beach-based company bought the property on the southwest corner of Southwest 72nd Street and Southwest 167th Avenue for $22 million, according to a deed. Seller HL Mills Family is managed by Cathy Mills, state corporate records show.

Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals

Prestige Companies is a big believer in Hialeah. After building several residential projects in the city, it is now targeting a new multifamily development site. A joint venture between Prestige and Florida Value Partners bought the closed Salvation Army at 7450 West Fourth Avenue for $15 million, according to a deed. Seller Hialeah 4.9 QOZB is managed…

National Industrial Real Estate Prices Climb 20 Percent, Sales Nearing $19B in 2022

A backsliding economy and soaring inflation weren’t enough to slow record demand for industrial space nationwide in April. The average national industrial rent hovered around $6.47 per square foot and vacancies remained at 5 percent in April, all while the construction pipeline had over 640 billion square feet of additional space in the works, according to…

Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry

New York developer and Miami Dolphins owner Stephen Ross wants to buy the historic Deauville Miami Beach, with plans for a luxury oceanfront development. The 3.8-acre resort at 6701 Collins Avenue is in the midst of demolition, following a yearslong legal saga between the city and the property owner, as the building continued to fall into disrepair. Ross…

Damac to buy Surfside collapse site for $120M — no other bidders for property

Damac Properties is poised to buy and redevelop the Surfside collapse site where 98 people died last summer, after no other developers met the deadline to bid on the property. The Dubai-based developer was the stalking horse bidder, setting the minimum price last year for the property at 8777 Collins Avenue at $120 million. Earlier this month, in a move that…

Lionstone roars into Miami Gardens with $17M office building acquisition

Lionstone Development leapt into the South Florida office feeding frenzy with a $16.8 million acquisition in Miami Gardens. An affiliate of the Bal Harbour-based real estate investment firm acquired Commons Plaza, a newly renovated, three-story office building at 5901 Miami Gardens Drive, according to records. Lionstone, led by CEO Diego Lowenstein, paid $297…

MG plans $204M luxury apartment project near Coconut Grove

MG Developer is teaming up… to build a $204 million luxury apartment project near Coconut Grove and Coral Gables. Coral Gables-based MG and its partner, Baron Property Group, plan to build two towers with 450 apartments with parking, along with shops and restaurants on a 43,785-square-foot redevelopment site at 3898 Shipping Avenue, according…

MG Developer to Bring $204M Project to Miami

MG Developer is looking to expand its multifamily rental presence in Miami and has announced plans for its next luxury rental community. The company partnered with The Baron Property Group to develop Merrick Parc, a $204 million multifamily development. The project already received an initial $24 million tranche with $13 million in equity financing…

Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M

Jenny Bernell bought an Arts & Entertainment District property for $19.8 million, her third Miami multifamily development site purchase over the past year. Bernell, through her Clearline Real Estate, acquired the almost 0.9-acre Block E property at 1550 Northeast Miami Place from the Kluger Family Trust, according to a news release from the seller’s broker.

Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman

Tricera Capital’s co-founders are going their separate ways, with Ben Mandell now controlling a majority stake in the Miami investment firm, The Real Deal has learned. Mandell took over as CEO, while Sherman will take a seat on the firm’s new advisory board, according to a statement provided to TRD. Sherman is keeping some control and…

Video: NAR Senior Economist Gay Cororota Discusses Their Economic Outlook 2022

In this 25 minute videos, NAR Senior Economist Gay Cororotan shares their outlook. This discussion includes the impact of inflation, rising interest rates, the infrastructure bill, and the Russian invasion of Ukraine (and knock-on effects). Gay notes that the recent inflation number of 8.5% is the highest in 40 years. The discussion moves on to general economic…

AMAC, ROVR Development Break Ground on Aventura Community

AMAC and ROVR Development are working together yet again for a project in South Florida. The two developers have started construction on a 290-unit community located at 17990 W Dixie Highway in Aventura. The developers also landed a $67 million construction loan from Ocean Bank for the project, which is slated to complete in the first quarter of 2024.

75,000 SF Office Lease Arranged in Miami for Medical Research Firm

JLL has arranged a 75,000-square-foot office lease at Quattro Miami, a four-building office park in the city’s Airport West submarket. The tenant, medical research firm Evolution Research Group (ERG), is relocating its South Florida regional headquarters to Quattro Miami from Hialeah. The move expands ERG’s office footprint by 45,000 square feet, according…

Aimco Says Construction Will Begin In 2023 On 1M SF Mixed-Use Edgewater Project

A major project is expected to begin construction in Edgewater in 2023, developer Aimco told investors. The construction start date was revealed last week in the company’s first quarter financial results. Aimco has a 20% stake in the project, and will serve as the project’s development manager. The company said it contributed an eighth of an acre of land purchased…

42,000 SF Office Lease Arranged at 800 Brickell in Miami

Cushman & Wakefield has arranged a 42,000-square-foot office lease at 800 Brickell, an office tower in Miami’s Brickell district. The tenant, IT management software provider Kaseya, is slated to officially move into the top three floors of the 15-story building next year. The 800 Brickell location will be Kaseya’s third office in Brickell. Tony Jones of Cushman…

Aztec Group Arranges $81M Construction-to-Perm Loan for Metro Miami Mixed-Use Development

Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate…

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.”

Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park

Ryder Logistics I Cabot Miramar I Miramar Centre Business Park Ryder Logistics, which runs transportation, fleet and supply chain operations, moved its third-party logistics space from Pembroke Pines to the Miramar Centre Business Park. Ryder moved into a roughly 152,573-square-foot space at Cabot Miramar, 15501 Southwest 29th Street, from its…

Sterling drops $37M for Coral Springs shopping center anchored by Best Buy

Sterling Organization is sliding into the Broward County retail market with a $37.4 million shopping center acquisition in Coral Springs. An affiliate of the West Palm Beach-based private equity real estate firm acquired Coral Landings III, a 172,526-square-foot retail center at 6166 and 6200 West Sample Road, records show. Sterling, led by Managing…

SROA Capital pays $20M for Hallandale Beach industrial-flex property

SROA Capital picked up a warehouse-flex building in Hallandale Beach for $20 million, amid continuing investment appetite in the robust industrial market. SROA, through an affiliate, bought the property at 1000 Pembroke Road from an affiliate of Patricio Ureta’s Megacenter, according to a deed. The building spans 175,863 square feet and was constructed in 1986 on…

KVR Properties pays $26M for Pompano Beach apartment complex

KVR Properties bulked up its South Florida multifamily portfolio with the $26.3 million purchase of a 124-unit apartment complex in Pompano Beach. An entity managed by Arvind Reddy, founder and president of Coral Springs-based KVR, bought The Boardwalk Apartments at 460 East McNab Road, records show. New York-based The Bancorp provided the buyer…

Moderno nabs $102M construction loan for Fort Lauderdale apartment tower

Moderno Development Group scored a $102 million construction loan for an apartment tower in an emerging Fort Lauderdale district south of the New River. Doron Broman’s Moderno and project partner Robert Mathias of Boca Raton-based NCC Development are set to start building the 29-story Rivr Lofts on the west side of Southwest Third Avenue, and between…

Chetrit scores $94M construction loan for oceanfront condo project in Pompano

The Chetrit Group secured a $94 million construction loan for a planned waterfront luxury condo development in Pompano Beach. New York-based Madison Realty Capital provided the financing for Chetrit’s site at 2629 North Riverside Drive, said Henry Bodek of Galaxy Capital, who arranged the loan. A rendering of 2629 North Riverside Drive The New York…

Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm

Sean Conlon, a merchant bank founder with a soft spot for old buildings, scooped up a historic apartment property in downtown West Palm Beach for $18 million. He bought the six-story, 38-unit Harris Music Lofts at 206 Clematis Street, which includes about 5,000 square feet of ground-floor retail, according to Zachary Baraf of the Stanwich Group, who was the…

Wellington real estate investor pays $16M for shopping center in own backyard

The son of an Andy Warhol muse galloped into Palm Beach County retail real estate, paying $16 million for a shopping center near the Wellington International equestrian center. An entity managed by Charles “Rusty” Holzer, owner and CEO of Wellington-based Worth Capital Holdings, bought the 46,848-square-foot retail site at 13501 South Shore Boulevard…

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May 25, 2022

Video: AFIRE CEO Gunnar Branson Discusses his Org’s Institutional CRE Investor Survey

For thirty years, AFIRE (Association for International Real Estate Investors) has conducted a survey each year in order to understand the goals, challenges and long-term views of international investors in United States based real estate. A chart on deployment, funds invested and allocation changes along with anticipated volume in the coming year, starts of the discussion. This moves on to anticipated changes in exposure to different property types, then on to another showing the top cities in the USA for planned investment.

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May 25, 2022

Miami Commercial Real Estate News May 18, 2022: Wynwood Hotel Gets Miami Board OK; Best Buy Anchored Shopping Center Fetches $18 Million; More…

Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah

Dacar Management will crank up construction on a Hialeah mixed-use project with 244 apartments and a retail component anchored by Publix, Burlington and HomeGoods. Affiliates of the Dania Beach-based commercial real estate firm scored an $81 million construction loan from New York Life Insurance Company, according to records. The fixed-rate…

David Arditi completes long-delayed YotelPad tower in downtown Miami

David Arditi with YotelPad (Yotel) Aria Development Group completed YotelPad Miami, the first new flexible, short-term rental-friendly condo and hotel project in downtown Miami. Aria, led by principal David Arditi, partnered with the Kuwaiti firm AQARAT to develop the 31-story building at 227 Northeast Second Street. The project has been in the works since…

Developer proposes Urby-branded apartments on former Art by God site in Wynwood

Ironstate Development and partner Brookfield Properties want to build an Urby-branded apartment building on the former Art by God site in Wynwood. Hoboken, New Jersey-based Ironstate, led by brothers David and Michael Barry, proposes the eight-story building on 1.3 acres between Northeast 26th and 27th st…

Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District

Race car driver and digital media tycoon Mike Zoi wants to develop a mid-rise office building at the Magic City Innovation District in Miami’s Little Haiti neighborhood. Zoi proposes a 13-story building west of Northeast Fourth Avenue and between 59th and 60th streets, according to a letter submitted by a Zoi-led entity to the city. The Miami Urban…

Pebb JV sells CVS-anchored retail space in Miami Beach for $18M

Pebb Capital and LeaseFlorida sold a CVS-anchored retail condo in Miami Beach for $18 million to a Torrance, California-based real estate investment firm. Capital Cove Investments acquired the two-story, 8,896-square-foot space underneath a four-level parking garage at 4000 Collins Avenue, according to a press release. It is adjacent to Pebb Capital and…

Crashing the party: New SPAC rules could slash proptech deals

Taking a proptech firm public will never again be so easy — if regulators have their way. Many feel it would be good if they did. Shares in proptech firms that went public over the last two years in a series of mergers with special-purpose acquisition companies, or SPACs, have continued a long downward slide into 2022, reflecting just how frothy that market…

South Florida inflation dips, still outpaces nation

Inflation in South Florida moderated slightly in the 12 months ended in April but remained far more than a percentage point above the average price rise for the nation as a whole. Inflation in this area as measured by the Consumer Price Index dropped from an annual 9.8% in March to 9.6% in April, according to figures the US Bureau of Labor Statistics…

A Luxury Development Boom Is Reshaping Miami’s Edgewater

Along Biscayne Bay just north of downtown Miami, the Edgewater area has emerged as a sweet spot for real estate investment amid South Florida’s wider migration-driven boom. In the years following the Great Recession, Edgewater received little attention from developers despite its central location between the bayfront and the popular Wynwood area…

Tunnels could speed mass transit under downtown, Kendall

The Miami-Dade Transportation Planning Organization is looking at the possibility of expanding the transit system underground. It just completed a study evaluating emerging technologies to assess the use of tunnel corridors in the county. The study used a tiered level analysis to identify potential projects, and the report only includes tier 1 and tier 2. The 78-page…

Bakehouse Art Complex gets city grant for building upgrade

Miami city commissioners have chosen to give a sizable federal grant to help fund an organization that supports city artists. At their latest meeting, commissioners allocated $2 million to the Bakehouse Art Complex Inc., a Florida not for profit corporation, to help pay for major improvements to its historic building at 561 NW 32nd St. in the Wynwood Arts District.

Surfside collapse unit owners ask court to up their $83M payout

Unit owners of Champlain Towers South in Surfside are asking the court to boost their $83 million payout, following a much larger $997 million settlement reached last week for the families who lost loved ones in the collapse. Roughly 50 unit owners are asking for a reconsideration of their allocation, citing the milestone future payout to the…

David Edelstein, partners buy Midtown Miami dev site, plan office tower

A long vacant piece of land at the entrance to Midtown Miami and the Design District at 3601 N Miami Avenue could finally be developed after a trio of prominent developers bought the assemblage, The Real Deal has learned. David Edelstein’s Tricap, Integra Investments and Alex Karakhanian’s Lndmrk Development paid $23 million for the…

Self storage still rising after pandemic surge

Eased pandemic restrictions mean fewer people are stuck at home with their extra stuff, but the nationwide interest in self storage doesn’t appear to be going anywhere. Rent performance and demand are still on the rise for self storage, according to a report from RentCafe. While the sector formerly relied on business from major life events such as death…

Frontier pays $18M for Best Buy-anchored shopping center in Kendall

Frontier Companies, a Coconut Grove real estate investment firm, paid $17.8 million for a southwest Miami-Dade shopping center. An entity managed by Eric Gordon, principal of Frontier Companies, bought the 49,456-square-foot retail center at 12495 Southwest 88th Street in the unincorporated neighborhood of Kendall, records show. City National…

Lease roundup: Nuveen moving Southeast HQ to 801 Brickell

Nuveen Real Estate, StoicLane I 801 Brickell I Miami Nuveen Real Estate is moving its Southeast headquarters to its 801 Brickell building in Miami’s financial district. Nuveen, the investment arm of TIAA, will relocate in January into a 3,487-square-foot space at the 28-story tower at 801 Brickell Avenue from its current office on Brickell Key. Nuveen also scored…

Developers win approval for downtown Miami medical marijuana dispensary

Miami’s de facto ban on medical marijuana dispensaries went up in smoke after elected officials voted…  On Thursday, the Miami City Commission, by a 3-2 vote, upheld a February 2021 planning and zoning appeals board decision that granted a certificate of use for a medical marijuana dispensary at 90 Northeast 11th Street. The property, which currently…

Boutique South Beach hotels trade amid heightened demand

The Villa Paradiso at 1415 Collins Avenue and The Orchid House Hotel at 1350 Collins Avenue with Randall Smith of Alden Global Capital and Joe Nakash:  Two prominent buyers acquired boutique hotels in South Beach in separate deals, as demand for such properties continues to rise. In the most recent of the two purchases, a company linked to the “vulture” hedge…

Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property

the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami: An apartment project with at least 220 units is poised to replace the Church of God Evangelical in North Miami, marking the latest redevelopment of a house of worship in a hot market where no site…

Tucandela Buys Wynwood Building to Open Latin-Themed Nightclub

Tucandela Group bought a Wynwood building for $9.2 million with plans to open an outpost of its Latin-themed nightclub, according to Metro 1, which brokered the deal. There are two Tucandela clubs  The Wynwood club is slated to open the first quarter of next year at 2445 N Miami Avenue on the corner of 25th Street. The 12,404-square-foot site includes a two-story…

Blue Road plans 20-story, 139-unit multifamily project in North Miami

Developer Blue Road won conditional approval to build a 20-story, 139-unit multifamily project in North Miami. Emblem Tower Apartments is planned for a site just west of I-95, along Northwest 7th Avenue, a major north-south artery that doubles as State Road 7. “This project probably will be the first development of any kind on this part of…”

Office Deals Cooled Off in Miami During Q1

In the first quarter of 2022, a total of $209 million in office deals have transacted within the Miami metro, according to CommercialEdge data. The market’s transaction volume has decreased since the same period last year, when it reached $395 million. Office deals seem to have slowed in 2022 compared to 2021 levels, but were still significantly up since 2020…

What Higher Interest Rates Mean for Miami CRE

Earlier this month, the Federal Reserve lifted its benchmark interest rate 50 basis points—its biggest increase in 22 years. The move represented the U.S. central bank’s second interest rate hike in less than two months and had been long anticipated by many. To find out what the recent interest rate hike means for the Miami commercial real estate market…

Brazilian investor Michael Krymchantowski gets Miami board’s OK to build Wynwood hotel

Brazilian businessman Michael Krymchantowski wants to develop a 60-unit hotel and residential building in Miami’s Wynwood. Krymchantowski got the green light from the city’s Wynwood Design Review Committee on Thursday for his planned eight-story Krymwood Hotel at 176 Northwest 28th Street. The committee suggested design tweaks, including…

Soil Testing Underway At Former Miami Arena Site Where Thousands Of Residential Units Planned

Soil testing appears to now be underway at the former Miami Arena site, according to a tweet by Kyle Merville. The biggest residential project in downtown Miami’s history is now moving through the approval process for the property. Developer Witkoff Group submitted preliminary plans to Miami-Dade in January for a development on the site with: 2,351…

Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate

Lennar is teeing up a 1,335-home and golf course project in Homestead’s Keys Gate development that will be called Altimira. The Miami-based homebuilder recently submitted a proposed site plan and two zoning amendments to the city of Homestead. The city’s development review committee will consider the proposal at a meeting next Tuesday, and…

Surfside collapse lawsuit reaches nearly $1B settlement

The Surfside collapse litigation reached an almost $1 billion settlement, a landmark development in the court battle to bring some justice to the families of the 98 people who died less than a year ago. The milestone agreement follows weeks of mediation between attorneys for the plaintiffs and the slew of parties sued over allegedly contributing to the deadly…

Miami Office Pipeline Doubles Since 2020

As of March, Miami had 5.4 million square feet of office space under construction, according to CommercialEdge data. The pandemic seems to have had a positive impact on the metro’s office sector: at the end of the first quarter the pipeline more than doubled since the same period in 2020, when it reached 2.5 million square feet. The Magic City has been one…

Redevelopment ploy? Chetrit buys 102 condos at aging, oceanfront Hollywood Beach Resort

New York City-based Chetrit Group has acquired 102 condo units over the last six months at the Hollywood Beach Resort, an oceanfront property in Hollywood that the city’s founder built almost a century ago. Chetrit’s move further marks the trend among developers to buy out waterfront condo owners, which has accelerated since the tragic collapse of Champlain…

Philly firm pays $14M for Pompano Beach warehouse

A Philadelphia-based commercial real estate firm picked up a Broward County warehouse for $14.3 million. An affiliate of Alterra Property Group, led by co-founder and Managing Partner Leo Addimando, acquired the 21,306-square-foot industrial building at 1645 Northwest 33rd Street in Pompano Beach, according to records. The seller is an entity managed…

Industrial play: Alliance HP trades one West Palm complex for another

Clay Hamlin III is playing a game of Monopoly with Palm Beach County industrial real estate, replacing one property for another. Affiliates of Hamlin’s Alliance HP bought the Skees Industrial park at 1426 Skees Road just south of West Palm Beach for $15.9 million — shortly after it sold a distribution center at 1100 25th Street in West Palm for $12.2 million…

Benchmark drops $17M for historic Palm Beach apartment building

A New York-based multifamily real estate investment firm bought a historic apartment building in Palm Beach for $17 million. An affiliate of Benchmark Real Estate Group, led by principals Aaron Feldman and Jordan Vogel, acquired the 23-unit property at 184 Sunset Avenue, according to records. The buyer obtained an $8 million loan from Valley National Bank.

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May 18, 2022

Video: NAR Senior Economist Gay Cororota Discusses Their Economic Outlook 2022

In this 25 minute videos, NAR Senior Economist Gay Cororotan shares their outlook. This discussion includes the impact of inflation, rising interest rates, the infrastructure bill, and the Russian invasion of Ukraine (and knock-on effects). Gay notes that the recent inflation number of 8.5% is the highest in 40 years. The discussion moves on to general economic numbers, then further into commercial real estate trends and possible effects for various markets.

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May 17, 2022

Miami Commercial Real Estate News May 11, 2022: Pair of Downtown Miami Buildings Sell for $57M; Miami Beach Hotel Under Contract for $232M; More…

Vertical Cold Storage buys Medley freezer facility for $66M

A North Sioux City, South Dakota-based cold storage real estate firm breezed into South Florida’s industrial market with a $66 million deal in Miami-Dade County. Vertical Cold Storage, led by President and CEO Curt Mastbergen, bought a 274,191-square-foot freezer facility at 11801 Northwest 102 Road in Medley, according to records. The deal worked…

Seagis doubles down in Medley, paying $24M for two industrial facilities

Seagis Property Group is developing a taste for Medley. The Conshohocken, Pennsylvania-based logistics firm picked up a pair of adjacent industrial facilities for $23.7 million… It’s less than a month after purchasing a nearby trailer parking lot for $14.8 million. Seagis bought the property at 11100 Northwest 112th Court and the site at 10900 Northwest 138th Street

Seagis Property Group Completes Acquisition Of Two Prime Industrial Real Estate Properties In Medley

Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, closed on a two-property industrial real estate portfolio located in Medley. Both properties were sold by Cemex USA, a global building materials company. Located at 10900 NW 138th Street, the first property is a seven-acre site, home to…

Tri-Rail says trains will be in downtown Miami by November

In a more optimistic presentation to the Citizens’ Independent Transportation Trust, Steven Abrams, executive director of the South Florida Regional Transportation Authority, reassured members that the Tri-Rail trains the authority oversees are going to roll into the downtown Miami station in November. “We do anticipate commencement…

Miami Gardens deals for logistics complex

As part of sale plans for 13 City of Miami Gardens-owned properties, city staff is seeking a sale-leaseback agreement with Ambrose Property Group to construct the Miami Gardens Logistics Complex. Following a request for proposals, a project would be developed at 1020 NW 163rd Drive and 1050 NW 163rd Drive, along with a parking lot separating the two properties.

October contract expected for a Miami International Airport hotel

The county has extended the second phase of a request for proposals to build a 4-star, 350-key hotel at Miami International Airport until May 25 at bidders’ request. “The county considered the requests reasonable,” an Aviation Department spokesperson emailed to the newspaper. The second phase is to be followed by the contract award, which is now anticipated…

Office buildings on Miami Beach-owned parking lots advance

As the City of Miami Beach has worked to diversity its economy and growth to reduce dependence on tourism, two major Class A office space developments in Lincoln Lane have been approved to continue contract negotiations with the city administration. The commission approved the land use amendments and term agreements for both projects on what…

Waldorf Astoria name sells residences in 100-story tower

Sales at what will be the tallest residential building south of New York City – Waldorf Astoria Residences Miami – continue to grow at a healthy rate. The 100-story assemblage of glass boxes in downtown Miami is the product of a partnership between New York and Miami-based developer PMG, Toronto-based private equity firm Greybrook Realty Partners and global…

Shoma details residences at Deel Volvo site

Miami-based developer Shoma Group has purchased a 2.5-acre site at 3650 Bird Road, currently home to Deel Volvo, near Coral Gables for $34 million. The property is to become the site for a mixed-use residential project called Shoma One, with 391 apartments and a Shoma Bazaar food hall. The development is expected to cost $220 million to construct, with…

Developers Unveil Plans For The Gardens at Lincoln Lane, Designed By Brandon Haw

Miami Beach commissioners voted last week to move forward with several mixed-use developments to replace surface parking lots serving Lincoln Road in South Beach. One of the development teams also revealed more details of the project they plan to build, to be called The Gardens at Lincoln Lane. The Gardens at Lincoln Lane will be developed by a joint…

Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site

Hyatt Hotels’ stalled plan to redevelop its downtown Miami River site and adjacent James L. Knight Center is back. Hyatt and Coconut Grove-based Gencom are partnering on a new proposal for three towers with a 615-key hotel and more than 1,500 apartments, and are seeking an extension of Hyatt’s ground lease for the city-owned property, according to the…

Scale Model Of Major Supertall Tower Planned In Brickell: Planning Comments Released

Developer JDS has released a photo of a scale model of their Major supertall tower planned on Brickell Avenue. The 82-story, 1,049-foot project also continues to move through the approval process with Miami-Dade planners. On April 14, Miami-Dade planners released comments to the initial design, with a request for: Wider sidewalks; More landscaping…

Chicago developer buys four waterfront Bay Harbor Islands dev sites for $23M

Regency Development Group is diving into booming Bay Harbor Islands, paying a combined $22.5 million for four waterfront development sites. In the largest of the deals, an entity with ties to Chicago-based Regency, led by Igor Michin and Alex Troyanovsky, acquired two adjacent properties totaling nearly an acre at 9927 and 9955 East Bay Harbor Drive

Prologis offers $24B for Duke Realty in industrial megadeal

Prologis has proposed to buy Duke Realty for $24 billion in an all-stock deal that would add about 160 million square feet to its industrial real estate portfolio. The San Francisco-based logistics specialist offered to buy the REIT for $61.68 per Duke Realty share, Prologis announced on Tuesday. Yesterday, Duke Realty’s share price closed at $47.71. Shares of…

Schulman Properties Lands Equity Financing for Self Storage Project

Schulman Properties has obtained $8.7 million in joint venture equity financing for Dixie Self Storage, a 1,068-unit self storage facility underway in North Miami Beach, Fla. An opportunity zone fund entered the 10-year partnership arranged by Northmarq. In July, the developer acquired the 1.37-acre site for $5.3 million, with the assistance of Lee & Associates.

“WeCrashed” offers few heroes but plenty of reflections for real estate

A V-neck? For a meeting? With an investor? Oh, Adam Neumann. You sweet summer child. Whether comedy or drama, some of the best television centered around the workplace takes a deeper look at the spirit of the times. Behind the three-martini lunches, “Mad Men” showed us ugly truths about American society in the 1960s. “Silicon Valley” satirized tech…

Starwood Capital JV Plans $116M Miami Mixed-Use Project

Miami Beach’s Lincoln Road District is primed for a transformation now that the City Commission is preparing to vote this summer on the approval of Lincoln Road Property Owner LP‘s proposal for The Gardens at Lincoln Lane, an approximately 155,000-square-foot mixed-use development. Lincoln Road Property Owner—a joint venture spearheaded by an…

$57M double play: JV acquires two downtown Miami office buildings

Triple Double Real Estate and Stonerock Capital Partners paid $56.7 million for two office buildings in downtown Miami. The joint venture acquired a 12-story building with a data center and ground-floor retail at 200 Southeast First Street, as well as a 26-story building anchored by First Horizon Bank at 44 West Flagler Street near the Miami…

$56.7M Sale of Two Office Buildings in Downtown Miami Brokered

A partnership between Triple Double Real Estate and Stonerock Capital Partners purchased the portfolio from an undisclosed seller. Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge and Rick Colon of Cushman & Wakefield represented both parties in the transaction. The properties include a 12-story building at 200 S.E. 1st St. and a…

Office space up for sublease back on the rise

The office sublease surge showed signs of abating late last year as companies juggled hybrid work plans and signed for space, but the rise in nationwide availability was back on in the first quarter of 2021. Sublease available rose 3.6 percent to 159 million square feet across the country, according to CBRE data reported by the Wall Street Journal. The…

Abbhi Capital, Peter Gardner pay $19M for Coconut Grove apartments dev site

Abbhi Capital is betting on multifamily in an Opportunity Zone in Miami’s Coconut Grove, paying $18.8 million for a development site that spans a full city block. Abbhi and investor Peter Gardner, through an affiliate, bought 2.4 acres in an Opportunity Zone on the southeast corner of Grand Avenue and Plaza Street. The seller is GV Bimini, managed by Gardner and…

Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants

OpenStore, Baseline, Daliyah and Mizu Rooftop Garden I The Gateway at Wynwood Tech e-commerce firm OpenStore has more than doubled its office space at The Gateway at Wynwood four months after first relocating to the office building. The 13-story property, at 2916 North Miami Avenue in Miami’s Wynwood neighborhood, also scored two new tenants.

Kushner to co-develop multifamily project south of Hard Rock Stadium

Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue: Kushner Companies is diving into Miami Gardens real estate, The Real Deal has learned. Sources told TRD that New York-based Kushner is now a 50-50 partner on the multifamily component of Immocorp Capital’s planned mixed-use development…

Jobs report shows more workers returning to office

Hiring at restaurants, bars and hotels slowed in April, falling about 20 percent from March, according to government figures released Friday. Still, leisure and hospitality, the industry most affected by the pandemic, hired more workers than any other last month as the overall economy added a robust 428,000 new jobs. The unemployment rate remained…

Moishe Mana pays $16M for commercial assemblage in Allapattah

Moishe Mana fattened up his Allapattah portfolio with a $16 million acquisition of properties. The parcels include Las Rosas bar and lounge at 2898 Northwest Seventh Avenue, four retail buildings at 2800, 2820, 2840 and 2850 Northwest Seventh Avenue and a former grocery market at 728 Northwest 29th Street. The four other properties are a single-family…

Shoma pays $34M for Miami apartment towers dev site

Masoud Shojaee’s Shoma Group paid $34 million for a Miami auto dealership, with plans to redevelop it into a pair of apartment towers. Shoma bought the 2.5-acre property at 3650 Bird Road, steps from a Metrorail stop, from an affiliate of Deel Volvo, the dealership currently on the site, records show. Michael Fay of Avison Young represented…

The fall and rise of Marc Roberts, Miami nightclub and condo impresario

From the second floor VIP lounge of E11even nightclub in downtown Miami, Marc Roberts gazed down at a parking lot he bought in the city’s Park West neighborhood. It was late in the afternoon on a recent Thursday, hours before hordes of YOLO partygoers were set to pack Roberts’ lucrative nightlife venue for an early start to the weekend. “I don’t do any other…”

Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project

In two deals totaling $14.8 million… PR Group Florida, a subsidiary of the French development company led by Christophe Petit and Julien Ridon, paid $13.1 million for an assemblage in the city’s booming Edgewater neighborhood… included a low-rise apartment complex and three houses that were combined into one parcel at 423 Northeast 27th Street.

Sunstone puts The Confidante Miami Beach under contract for $232M

California-based Sunstone Hotel Investors put The Confidante Miami Beach under contract for $232 million, marking the real estate investment trust’s debut in South Florida. Sunstone agreed to buy the 339-key oceanfront hotel at 4401 Collins Avenue from an affiliate of Hyatt Hotels Corporation, according to the buyer’s news release. The deal is expected to close…

Land of development opportunity: Builders bet on south Miami-Dade

The South Dade Logistics & Technology District, a largely industrial complex with some offices and retail proposed for 800 acres outside the Urban Development Boundary in south Miami-Dade County: Miami real estate development duo Jose Hevia and Stephen Blumenthal are not afraid of taking risks, let alone catching heat. While developers’ proposals…

Class A Distribution Building In Medley Trades

Medley 104 Industrial Center, a 263,188-square-foot Class A distribution building in Medley, to an Ares Management Fund. CBRE represented the seller, Dallas-based Lincoln Property Company. The terms of the transaction were not disclosed. Located at 9400 NW 104th Street, the building is fully leased to three tenants: USPLY, PGT Industries, and Artefacto. It features…

Surfside investor completes $34M Hollywood bulk condo purchase

A Surfside-based real estate investment firm completed a $33.9 million bulk condo purchase in Hollywood. An affiliate of Infinity BH Corp., led by Ighal Goldfarb, acquired 160 condos at the 192-unit Luna at Hollywood at 3600 Van Buren Street, according to records. Infinity BH paid $212,000 per unit and obtained a $22 million mortgage from First Republic Bank.

Yamato Office Center in Boca Raton trades for $46M

The Yamato Office Center in Boca Raton traded for $45.9 million. A joint venture of MHCommercial Real Estate Fund II and an unidentified New York-based institutional real estate fund bought the two-building complex at 999 and 1001 Yamato Road from Adler Real Estate Partners, according to a news release from MHCommercial Real Estate. This is…

Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton

An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging) Pebb Enterprises and Banyan Development sold the Wawa-leased outparcel at their Mainstreet at Boynton mixed-use project for $9.5 million. The…

Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton

Pebb Enterprises and Banyan Development picked up Florida Atlantic University’s tech and innovation-focused Research Park in Boca Raton for $37.5 million. The joint venture bought the seven-building office portfolio at 3600-3998 FAU Boulevard, although the deal was for the long-term ground leasehold interest, according to…

Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project

The project at 201 Clearwater Drive in West Palm Beach, Starwood Capital CEO Barry Sternlicht, Hyperion Group CEO Rob Vecsler and Winter Properties co-CEO David Winter: A joint venture among Starwood Capital Group, Hyperion Group and Winter Properties is charging ahead with a downtown West Palm Beach mixed-use project after securing a $96.4…

Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M

The ex-Neiman Marcus building along Palm Beach’s ritzy Worth Avenue traded for $78 million. Jeffrey Camp, through an affiliate, bought the three-story property at 151 Worth Avenue from an entity tied to New York-based O’Connor Capital Partners, according to a deed. Camp purchased the building through a Delaware-registered limited liability company…

Centaur scores $170M financing package for residential golf community at Avenir

Kyle Asher, managing director, Monroe Capital and Lotus Capital managing partner Faisal Ashraf along with a rendering of Panther National in Palm Beach County: The developer of Panther National, a planned single-family home community with a Jack Nicklaus-designed golf course in the Avenir development in Palm Beach County, secured a $170 million financing…

Pantzer pays $78M for West Palm Beach apartment complex

With its recent purchase of a Palm Beach County apartment complex, Pantzer Properties has dropped $145 million — in a one-month span — on two recently completed multifamily projects. An entity managed by Jordan and Jason Pantzer, co-CEOs of the New York-based multifamily investment firm, paid $78 million for The District Flats, a 178-unit apartment…

Woodmont beefs up Palm Beach Park of Commerce portfolio with $21M warehouse deal

Four months after acquiring a massive development site at Palm Beach Park of Commerce, Woodmont Industrial Partners paid the same seller $21 million for a recently completed warehouse nearby. An affiliate managed by Eric Witmondt, CEO of the Fairfield, New Jersey-based commercial real estate firm, bought the 212,000-square-foot facility at 15501 Park of…

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May 11, 2022

Miami Commercial Real Estate News May 4, 2022: Beckham MLS Stadium Approved; Southland Mall Sells for $100M; Land Secured for $220M Multifamily Development; More…

Miami approves major lease for Beckham soccer stadium mixed-use development

From left: David Beckham, former professional footballer and current president and co-owner of Inter Miami CF; Francis Suarez, mayor of Miami; and Jorge Mas, chairman, MasTec, along with a rendering of Miami Freedom Park: The city of Miami commission chambers erupted into cheers and applause after elected officials approved the long-awaited lease…

Shoma Group Acquires Site for $220M Miami Development

Shoma Group has paid $34 million for a 2.5-acre site for the development of Shoma One, a 391-unit community in Miami. Avison Young represented the seller, Deel Volvo. The $220 million project is slated to break ground in January 2023 and is set for completion in less than 24 months. Shoma One will encompass two 18-story towers with studio, one- and two-bedroom…

Surfside collapse site auction set for May 24

The Surfside collapse site auction is set for later this month, marking a landmark decision in the case and a milestone for unit owners poised to receive sale proceeds. Miami-Dade Circuit Judge Michael Hanzman late Wednesday approved the auction for May 24, less than a year after the oceanfront condo collapsed on June 24, killing nearly 100…

Miami Beach gives preliminary OK to controversial Peebles, Sternlicht office projects near Lincoln Road

Developers’ controversial proposals to build offices on city-owned parking lots near Lincoln Road in Miami Beach gained ground on Wednesday. In a 5-to-2 vote, the Miami Beach City Commission gave preliminary approval to two development groups — one that includes Don Peebles and former mayor Philip…

Menachem Kranz buys waterfront Bay Harbor units in bulk deal, plans condo project

Menachem Kranz bought all the units at a waterfront Bay Harbor Islands condominium for $6.5 million, joining the trend of bulk purchases at aging buildings in the wake of the deadly Surfside collapse. Kranz, through an affiliate, bought the 10 units at 9110 West Bay Harbor Drive, with plans to replace the existing two-story building with a boutique condo…

Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding

Some are calling it the wedding of the year. Zach Witkoff, president of Witkoff Capital, married model and actress Sophi Knight at the Mar-a-Lago Club in Palm Beach last weekend, and the event attracted real estate’s elite. Zach is also EVP of his father Steve Witkoff’s eponymous New York-based firm, Witkoff. Former President Donald Trump, who owns the private…

Hialeah apartment project scores $67M construction loan

Juan Carlos Gonzalez scored a $67.1 million construction loan for a Hialeah multifamily project that will replace a truck yard, marking continued investor appetite for apartments. Gonzalez, through his J.V.C. Management Corporation affiliate, obtained the financing for the Emerald Bay Apartments development at 4030 West 88th Street from Ocean Bank…

Assemblage complete: Clara Homes pays $18M for third Bay Harbor Islands redevelopment site

With a $17.6 million acquisition of four two-story rental buildings, Clara Homes completed a non-contiguous assemblage for a new luxury apartment complex in Bay Harbor Islands. The Miami-based real estate development firm, led by founder and CEO James Curnin, bought the buildings on 1.3 acres at 10200 and 10290 East Bay Harbor Drive

Rosewood Hotels to brand Michael Shvo’s Raleigh development in Miami Beach

Rosewood Hotels & Resorts will brand Michael Shvo’s Raleigh development in Miami Beach. The brand announcement marks a milestone for the project planned for 1751, 1757 and 1775 Collins Avenue, which has been in the works for years. Rosewood will manage the 60-key oceanfront hotel and brand the 17-story, 44-unit condo tower that Shvo plans to build…

Alta Developers takes over stalled Bay Harbor Islands condo, to relaunch sales with higher prices

Unable to secure financing amid rising construction costs, a Chilean condo developer handed over a stalled project site in Bay Harbor Islands to another firm, The Real Deal has learned. Supply chain issues, escalating costs and labor shortages pose the greatest threats to condo developers in South Florida today, as demand for units…

County plans to offer condo 40-year recertification loans

Condo associations needing financial aid to make emergency structural repairs to pass their 40-year recertification inspection may soon get relief from Miami-Dade County and private financial institutions. Commissioners Tuesday deferred a resolution directing Mayor Daniella Levine Cava to explore creating a loan program alongside financial institutions to…

11 Venetian Causeway bridges to be replaced

County commissioners approved on Tuesday a $10.6 million agreement between EAC Consulting and the Florida Department of Transportation to design plans to replace 11 bridges of the Venetian Causeway from Miami to Miami Beach. Work on the plans is set to start immediately. About four years of construction is expected to begin 2.75 years after a notice…

Freedom Park soccer plan passes touting billions for the city

A more than eight-year quest to establish a Major League Soccer team in the City of Miami culminated in an historic vote April 28, approving a 99-year lease of city property to David Beckham and his partners. What today is Melreese Golf Course, next door to Miami International Airport, will be transformed into Miami Freedom Park, with promises of billions…

MG buys redevelopment site near Coconut Grove for $20M

MG Developer paid $19.5 million for a redevelopment site near Coconut Grove where the seller previously planned a mixed-use project, The Real Deal has learned. In an off-market deal, Coral Gables-based MG’s affiliate, Merrick Parc LLC, acquired the 43,785-square-foot property with a small commercial building at 3898 Shipping Avenue, Jose Canero with The Cane…

JV pays $100M for Southland Mall, eyes mixed-use redevelopment

A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while adding a residential component. North Palm Beach-based Electra America and Miami-based BH Group teamed up to acquire the 808,776-square-foot indoor mall on a nearly 80-acre site at 20505 South Dixie Highway

Dezer sells North Miami Beach properties to Ari Pearl and partners for $31M

Dezer Development sold an assemblage in North Miami Beach for $31.1 million to a partnership led by Ari Pearl. Dezer sold properties anchored by Nova Southeastern University’s former North Miami Beach campus at 1750 Northeast 167th Street to Pearl, Matt Press of EquiShares and Isaac Khabie of ARK Ventures, according to…

Bridge Industrial nabs $154M construction loan for Miami Gardens project

Bridge Industrial got a major boost for its Miami Gardens business park development with a $154 million loan to complete construction of nearly 1.6 million square feet of new warehouse space. The financing is for the development of two Class A industrial buildings, representing the second phase of Bridge Point Commerce Center at 4310 Northwest 215th Street…

South Florida by the numbers: Miami developers stay nimble

Much of Miami’s recent real estate success has been attributed only to the pandemic, and the various shifts in mainstream behavior that resulted from it. But the full reality is much bigger and more complex, and involved many years of careful, patient planning to implement. “Miami is a 10-year overnight success story,” Mayor Francis Suarez…

Insatiable demand and tightening supply pump up South Florida industrial rents

South Florida industrial landlords experienced more bountiful returns on their investments during the first quarter, according to a recently released report. In Miami-Dade, demand consistently outpaced supply, even as industrial developers added about 11 million square feet of new warehouse space in the past three years, the JLL report found. During the same…

Two Roads plans bulk purchase of bayfront Miami condo building, to replace with luxury towers

Two Roads Development is set to close a bulk purchase of condominium units in a mid-rise bayfront building in Miami’s Edgewater, then redevelop the property as a three-tower luxury residential complex. The move follows the trend of unit owners at aging South Florida buildings opting to sell out to a developers…

House to Biden: Seize and sell Russian real estate

The House of Representatives has an idea of what to do with seized Russian real estate: sell it. The House passed nonbinding legislation on Wednesday, urging President Joe Biden’s administration to confiscate and sell the assets, the New York Times reported. Only eight representatives voted against the essentially symbolic bill. The bill calls on Biden’s administration to…

EverWest pays $14M for Fort Lauderdale industrial property

Denver-based EverWest Real Estate Investors bought a fully leased Fort Lauderdale industrial property for $14.1 million. EverWest purchased the warehouse at 635 Northwest Fourth Avenue and a 0.3-acre lot directly south of the building from Dixie Investments IV, according to the buyer’s broker. Jose Sasson and Roberto Susi of Axiom Capital Advisors represented…

Naftali doubles down in South Florida, buys Fort Lauderdale dev site for $20M

Naftali Group is ramping up in South Florida, acquiring its second development site in a little over a month. The New York-based condo and rental developer, led by Chairman and CEO Miki Naftali, paid $20 million for a nearly 1-acre property at 201 North Federal Highway in Fort Lauderdale’s Flagler Village, according to records. The acquisition comes…

Arkadia JV pays $31M for Coral Springs industrial complex

Barings Chairman and CEO Mike Freno, Arkadia managing principals Richard Kilstock and David Aaron and the industrial complex at 3850-3872 Northwest 126 Avenue in Coral Springs: Arkadia Property Group and Barings teamed up to buy a Coral Springs industrial complex for $31 million in an off-market deal. The joint venture acquired the Coral Springs…

Toronto REIT buys Juno Beach rehab center for $25M

A Toronto-based real estate investment trust bought a Palm Beach County rehab center for $25.4 million as part of a $600 million national portfolio deal. An affiliate of NorthWest Healthcare Properties REIT, led by CEO Paul Dalla Lana, is the new owner of the 107-bed Beach House Center for Recovery at 13211 US Highway 1 in Juno Beach, according to records.

Reuben Brothers buys Chesterfield Hotel in Palm Beach

Reuben Brothers bought the Chesterfield Hotel in Palm Beach, a boutique property developed in 1918. A company led by Richard Launder sold the hotel at 363 Cocoanut Row to an affiliate of Reuben Brothers, the private equity and investment firm led by British billionaire brothers David and Simon Reuben, according to property records and a spokesperson…

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May 4, 2022

Miami Commercial Real Estate News April 27, 2022: A $500M Bet on Flagler Street; Miami Rents 3rd Priciest in USA; Miami’s 22 Tallest Towers Under Construction; More…

Moishe Mana spent $500 million on Miami’s Flagler Street. Can he make his vision reality?

On a warm weekday afternoon, billionaire immigrant entrepreneur Moishe Mana, who took control of much of downtown Miami’s tattered Flagler Street district in an eight-year $500 million buying spree, arrives to tour the first of his 70 properties to go into construction — the grandly named Nikola Tesla Innovation Hub — in soft Louis Vuitton loafers, no socks.

The 22 Tallest Towers Under Construction In Miami In 2022

Miami is now enjoying its greatest high-rise construction boom in history, according to our new list of the tallest buildings under construction in the city. There have never been as many 500 foot towers under construction in Miami as there are this year. For the first time ever, all 22 towers on this year’s list of under-construction buildings surpassed the 500 foot mark.

Aby Rosen’s RFR expands downtown Miami portfolio with $26M hotel purchase

In a four-month span, Aby Rosen’s RFR Holding paid nearly $107 million for two adjacent downtown Miami properties, including a recent $25.7 million hotel purchase. An affiliate of New York-based RFR acquired the Yve Hotel Miami at 316 Northeast Second Street, also known as 146 Biscayne Boulevard, according to records. RFR paid $106,846 per key for the 241…

Altman wants to build 370-unit apartment project with grocer near Homestead

Altman Companies wants to build a 366-unit multifamily project with a shopping center near Homestead, amid the ongoing rush to develop rentals in the robust South Florida market. The Boca Raton-based developer is seeking to build Altis Palms on the southeast corner of Southwest 112th Avenue and Southwest 248th Street, and also just west of the Florida…

Miami overtakes Boston as third-priciest city for renters

As U.S. rents hit another new high in April, Miami edged out Boston as the third-most-expensive city to lease an apartment. Nationally, the median rent for a one-bedroom hit $1,410, the thirteenth all-time high in the past 14 months, according to apartment listing site Zumper’s monthly ranking. In Miami, rental prices have been rising at a fierce clip. Only in March, the…

Rental Asset Management buys Little Havana apartments for $30M

Rental Asset Management paid $30.1 million for the First & Sixth apartment building in Miami’s Little Havana neighborhood. The Oakland Park-based firm, through an affiliate, purchased the 13-story building at 35 Southwest Sixth Avenue from the developer, Eastern Atlantic Companies, according to records. The deal for the 100-unit property breaks down to $301,000…

South Florida’s retail market rebounds from pandemic but could face inflation, Russia war challenges: report

South Florida’s retail market rebounded from the pandemic-induced slump in the first quarter, as vacancies fell and rents rose, with Miami-Dade outperforming Broward and Palm Beach counties, according to a recently released report. Miami-Dade County had the lowest vacancy rate and highest asking rent of the three counties in the quarter, according…

Massachusetts investor pays $18M for Miami office building

Valero Capital Partners picked up a Miami office building for $18M, amid an uptick in South Florida sales in the sector. An affiliate of Lowell, Massachusetts-based Valero paid $218 a square foot for the nine-story, 82,298-square-foot building at 5040 Northwest Seventh Street, according to a press release. It is near Miami’s Blue Lagoon business district and…

Northeast Capital Sells Miami Office Building for $18 Million

Valero Capital Partners has acquired 50Forty on 7th, an 82,298-square-foot medical and professional office building in Miami, from Northeast Capital Group, according to CommercialEdge information. The same data provider shows Northeast Capital Group had purchased the building in January 2021 for $14.5 million. During its 14 months of ownership, the firm renovated…

Melreese Major League Soccer stadium impact on airport still unresolved

A new Miami-Dade Aviation Department draft report to the mayor, to which Miami Today got access, points to unresolved potential impacts on Miami International Airport from a proposed soccer stadium, food and beverage stores, offices, a hotel, conference center, and other commercial uses to replace the Melreese golf course next door. The developers, retired…

Fed’s Beige Book: Global Markets Affecting Southeast Energy Producers

Turbulent global energy markets are affecting oil producers and refiners across the Southeast, according to the Federal Reserve Bank of Atlanta’s latest Beige Book survey of business contacts across the Reserve Bank’s six-state region in the Southeast. Generally, business activity across all industries including energy expanded from mid-February through March.

City review narrowly recommends major Wynwood project

A developer plans to construct a major mixed-use residential project that will include new office space and nearly 40,000 square feet of commercial uses in the Wynwood Arts District. LIV WRK Wynwood is proposed for a site at 2400 and 2500 N Miami Ave. The project was considered April 20 by the city’s Urban Development Review Board. In a rare split vote…

University of Miami vast development program speeds up

Changes to the physical plant of the University of Miami that are projected as multimillion-dollar developments continue after a pandemic hiatuses. After the university announced plans to build Centennial Village, a freshmen on-campus housing project on the Hecht Residential College site, in January 2019, work to demolish the property on site is to begin in May.

Three firms paid grants for moving to downtown Miami

Miami’s Downtown Development Authority has approved funding three companies that would relocate to Miami and provide high-paying jobs. Two companies would receive grants from the authority of up to $50,000 yearly over three years under requirements of the Follow the Sun campaign, implemented in the fall of 2020, which incentivizes companies to relocate…

Courthouse repairs cost less, faster than inspection indicated

County courthouse basement repairs were faster than Miami-Dade authorities expected after consultant EXP U.S. Services Inc. determined following an extensive inspection last October that repairs to the 140-plus basement columns for an estimated $3.79 million were no longer necessary, two senior Internal Services Department officials confirmed to Miami…

Giralda Plaza dining experiment in Coral Gables came just in time

For nearly four years, Coral Gables’ Giralda Plaza has been a closed to vehicular traffic since the completion of the Downtown Streetscape Project. The Giralda Plaza Streetscape has worked brilliantly since the beginning and helped to further mitigate the ravages of Covid-19, said Mark Trowbridge, president & CEO for Coral Gables Chamber of Commerce.

Esteban Bovo Jr.: Hialeah mayor looks to streamline development process

Esteban Bovo has a lifetime in public service. He became a Hialeah council member in 1998, was reelected various times and became council president. The accomplishment as a councilman of which he is most proud is legislation that bars sexual predators from a radius of schools and parks; then the county adopted its own legislation, superseding his initiative.

Developer, glorify thy neighborhood: Lissette Calderon launches Allapattah-centric magazine

The AllaWay magazine cover and photos of AllaWay Creative Director Maria Galli, Editorial Director Jenny Starr Perez and Publisher Lissette Calderon: How do developers market their projects and neighborhoods to boost interest? Lissette Calderon is going the literary way. Calderon launched a luxury lifestyle magazine about Allapattah, the once…

Condo insurers exit market and hike rates after lawmakers fail to pass safety reform

Insurers have become increasingly averse to issuing policies for aging condominiums in Florida following the state legislature’s failure to pass safety reforms, despite the deadly Surfside collapse last year. Insurers are either retreating from the high-risk market or jacking up rates, leaving associations in a bind, the Miami Herald reported. The issue has…

Miami Office Property Transaction Volume Decreases YOY

Year-to-date through February, Miami’s office market has seen a total of $100 million in transactions, according to CommercialEdge data. In the same period last year, sales volume reached $129 million, at an average sales price of $154 per square foot. Transactions have been slower in the Magic City than in all other gateway cities, registering the lowest amount…

Beacon nabs Kendall office building for $20M

Beacon Real Estate Group acquired a Kendall office building for $20 million, as the sector rebounds from the pandemic. An affiliate of the Coral Gables-based commercial real estate investment firm bought 117 Professional Arts Center at 11731 Mills Drive in southwest Miami-Dade County, records show. Beacon Real Estate, led by CEO Richard Kulick, paid $316 a square foot…

Harrison LeFrak headed for big-ticket divorce: report

The real estate industry is set to witness another mega-divorce. Harrison LeFrak, the billionaire scion of the LeFrak Organization, is reportedly set to split from his wife, Katherine Embiricos LeFrak, Page Six reported. The couple had a son in 2019 and married within the last five years. One insider told the publication the decision to part ways was Harrison&rs…

Clara Homes wins approval for 28-unit first phase of luxury rentals in Bay Harbor Islands

Miami-based Clara Homes won approval for the 28-unit first phase of a luxury apartment project planned in Bay Harbor Islands. Construction of the six-story, 28-unit Clara Bay Harbor building will start by August, Clara Homes founder James Curnin told The Real Deal. It will be the first of three planned buildings with a total of 150 apartments. The first phase is…

Major Food Group, developer detail plan for Miami skyscraper

JDS Development Group and Major Food Group have filed detailed plans for a Miami condo that could become the tallest building in Florida. It was first announced in December that The Major would rise 1,049 feet with 259 condos and an assortment of restaurants at 888 Brickell Ave. Recently, 888 Brickell Owner LLC, owned by JDS Development’s Michael Stern, filed…

Turnberry, Carlos Rosso to develop condo tower at massive SoLé Mia in North Miami

Developer Carlos Rosso is partnering with Turnberry Development to launch a condo tower at SoLé Mia, a massive $4 billion mixed-use development in North Miami, The Real Deal has learned. The developers will begin accepting reservations for the building, called One Park Tower by Turnberry at SoLé Mia, in May, said Rosso, though brokers have been…

Miami-Dade May Move Its Resources Recovery Facility From Doral

Miami-Dade is looking to replace its Resources Recovery Facility, located in Doral since 1982, with a state-of-the-art waste-to-energy plant on the same or a different site. County commissioners approved a resolution directing the administration to develop and issue a request for information within 60 days for design criteria professionals to create a design criteria package…

Don Peebles on the hook for $800K in legal fees tied to Overtown lawsuit

Michael Swerdlow and Don Peebles along with a rendering of Block 55 in Miami’s Overtown neighborhood: Don Peebles is on the hook for $800,000 for Michael Swerdlow’s legal fees and costs tied to a lawsuit over the development of Block 55 in Miami’s Overtown neighborhood. Miami-Dade Circuit Judge Michael Hanzman on Thursday ordered Peebles…

Investors score $36M loan to renovate Publix-anchored shopping center in Kendall

A Miami Lakes investment duo scored a $35.6 million loan for a major makeover of their Publix-anchored shopping center in Kendall. An entity managed by Michael and Spencer Friedman… CF Properties… owns Crossings Shopping Village, at 12955 Southwest 112th Street. Howard Taft, Charles Penan and Joel Zusman, with Miami-based real estate…

Lender takes control of The Collective’s Wynwood dev site through foreclosure auction

The Collective lost its planned co-living development site in Wynwood to its lender through a foreclosure auction, The Real Deal has learned. New York-based Gamma Real Estate took control of the property at 166 Northwest 29th Street by placing a “credit bid,” or an offer using its existing debt of $27.6 million, to win the UCC foreclosure auction on Wednesday, a…

Waterfront Brickell development site of planned supertalls sells for record $363M

A waterfront development site in Miami’s Brickell traded for a record price of $363 million. An affiliate of Florida East Coast Realty, led by Tibor Hollo and his family, sold the empty lot at 1201 Brickell Bay Drive to a Delaware company. A Florida LLC with the same name as the buyer was created this month and is managed by Randall Davis with a Chicago address. 

Video: Consensus Strategies CEO Patrick Fox Discusses Zoning and Development Trends

Patrick Fox, CEO of Consensus Strategies, a company specializing in specializes in strategic advocacy and survey research services for leading corporate and institutional clients, joins America’s Commercial Real Estate Show to discuss zoning and development trends all around the country for 2022. Discussion topics include strategies for building consensus…

Colombian developers score $55M construction loan for Edgewater apartment project

A duo of Bogotá-based developers scored a $55 million construction loan for a multifamily project in Miami’s Edgewater neighborhood. Grupo Diana and Korner are building the 32-story Metro Edgewater with 279 units at 430 Northeast 31st Street, according to a news release from lender Madison Realty Capital. Melissa Rose and Jesse Wright of…

Miami’s Mayor on the City’s Growing Tech Sector

Miami Mayor Francis Suarez has an interesting perspective on COVID-19, after testing positive for the virus in March 2020. He was the first person in Miami-Dade County and one of the first elected officials to come down with the illness, thrusting him into the national spotlight to talk about the ongoing pandemic and how the city was responding to the crisis.

Demand driver: Grosman family plans to expand Hollywood rental complex

The owner-operator of a Hollywood multifamily complex dusted off its old plan and won renewed approval to expand the property to 277 units, as demand for apartments heats up across South Florida. Nautilus Apartments, a two-building, 193-unit rental complex at 3500 Washington Street, in the Hillcrest area of Hollywood, is set to grow by 84 units.

Lease roundup: Charles Cohen’s DCOTA scores 11 new tenants for 100K sf combined

Medtronic, PropertyForce, Bitty Advance and more I DCOTA | Dania Beach Charles Cohen’s Design Center of the Americas office and showroom complex in Dania Beach scored 11 new office tenants for a combined 100,057 square feet. Cohen owns DCOTA through his New York-based Cohen Brothers Realty Corporation of Florida. Five tenants to…

Italian developer plans 180-unit apartment project in Hollywood

An Italian developer closed on the site of a planned Hollywood apartment project, adding to a growing pipeline of multifamily developments in South Florida. Coral Gables-based Calta Group, led by founders and brothers Ignazio and Gaetano Caltagirone, and Managing Partner Igor Blatnik, paid $9.5 million for the 1.6-acre property at 2215 Hollywood Boulevard…

Catalfumo to launch sales of luxury condos on waterfront site in Palm Beach Gardens

Developer Dan Catalfumo plans to launch sales in June of a waterfront Palm Beach Gardens luxury condo project in Palm Beach Gardens, where units will begin at about $4 million. Palm Beach Gardens-based Catalfumo Companies plans to develop Landing at PGA Waterway on the 11-acre property south of PGA Boulevard along the Intracoastal Waterway…

Montreal investor pays $20.5M for Palm Beach County assisted living facilities

A Montreal-based firm specializing in health care real estate bought a pair of assisted living properties in Palm Beach County for a combined $20.5 million An affiliate of Comprehensive Care Capital (CCC) acquired the 125-unit Banyan Place at 2950 Northwest Fifth Avenue in Boca Raton for $16.4 million, according to records. The buyer, led by Managing Principal…

BGI scores $82M construction loan for luxury condo project in West Palm Beach

BGI Companies’ Kenneth Baboun, a rendering of Alba Palm Beach and Trez Capital’s Ben Jacobson BGI Companies landed an $82 million construction loan for a waterfront condo tower planned for West Palm Beach, as more developers enter that market, The Real Deal has learned. BGI Capital’s Robert Barthelmess Miami-based BGI secured the financing for…

It’s fun to buy the YMCA! Mast Capital JV pays $10M for Palm Springs center as multifamily dev site

A Mast Capital-led joint venture paid $10 million for an 18-acre YMCA property in Palm Beach County with plans to redevelop the site into an apartment complex. Coconut Grove-based Mast Capital, in partnership with Fort-Lauderdale-based The Spear Group and Boston-based Rockpoint Group, wants to build 11 three-story buildings with 264 class A…

Fuller, Pinilla make Palm Beach County debut with shopping center buy

Bill Fuller and Martin Pinilla’s Barlington Group entered Palm Beach County, paying $14.4 million for a shopping plaza. Barlington, through an affiliate, bought The Market Place in an unincorporated part of the county between Wellington and Greenacres, according to the buyer. The seller is J.J.D. Associates of Palm Beach Limited, tied to…

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April 27, 2022

Video: Consensus Strategies CEO Patrick Fox Discusses Zoning and Development Trends

Patrick Fox, CEO of Consensus Strategies, a company specializing in specializes in strategic advocacy and survey research services for leading corporate and institutional clients, joins America’s Commercial Real Estate Show to discuss zoning and development trends all around the country for 2022. Discussion topics include strategies for building consensus within communities, how holding virtual meetings  can affect developments, and some funny anecdotes from previous zoning projects.

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April 21, 2022

Miami Commercial Real Estate News April 20, 2022: Naranja Multifamily Sells for $69.5M; Semi-Trailer Parking Lots in Medley, North Miami-Dade Trade; More…

New York investor Bayview Partners pays $69.5M for Naranja apartment complex

Bayview Partners paid $69.5 million for an apartment complex in south Miami-Dade County’s Naranja neighborhood. Bayview bought the South Pointe complex at 13720 Southwest 272nd Street from an affiliate of the project’s developer, Garco, according to the broker. Tal Frydman of Newmark represented both sides in the deal. The buyer also scored…

PMG proposes pair of Brickell resi towers with over 800 units

Property Markets Group wants to develop a pair of residential towers with 803 units combined on a site it has under contract in Miami’s Brickell. PMG proposes a 1.5 million-square-foot project with a 31-story tower and a 46-story tower on 1.2 acres between Southwest Eight and Ninth streets and west of Southwest First Avenue and the Metromover tracks, according…

NYC real estate titan Harry Macklowe makes his first move on Miami with $32M deal

Harry Macklowe is joining the ranks of New York City’s real estate elite with a colorful past who are now turning to Miami, The Real Deal has learned. Macklowe Properties purchased 1.7 acres of land between Dadeland Mall and the Metrorail tracks with plans to build a pair of apartment towers with several hundred units, marking its first South Florida project. Rilea Group…

Attorney Alex Hanna pays $15M for Flagler Street office building

Miami attorney Alex Hanna and his wife, Lizet Hanna, bought an office building on Miami’s Flagler Street for $15 million. Real estate development firm Keystone Holdings Group sold the 50,000-square-foot building at 4231 West Flagler Street and surrounding parking lots, according to the brokers. It was an off-market deal. Neyda Bravo of Bravo And Partners…

Battle of Normandy? Waterfront Miami Beach apartment complexes sell for $22M

Magnum Holding Company… Trams Property Management, paid $15.2 million for the 70-unit Pierre on the Bay at 2050 Bay Drive and an adjacent vacant lot at 2095 Bay Drive… $198,571 per apartment. A local company affiliated with Gustaf Arnoldsson… bought Normandy Villas, a 22-unit apartment complex at 946 and 950 Bay Drive for $6.4 million, according…

Collective undone: Lender targets planned co-living site in Wynwood

British co-living company The Collective collapsed last year after failing to find a buyer, and is now facing foreclosure on its Wynwood development site. New York-based Gamma Real Estate, led by the Kalikow family, filed a UCC foreclosure auction for The Collective’s Wynwood site at 166 Northwest 29th Street in Miami, according to a public notice of sale. The auctio…

Blue Road, Fortune launch short-term rental-friendly condo project in North Miami Beach

Fortune International Group and Blue Road launched sales of Nexo Residences, a planned short-term rental-friendly condo project in North Miami Beach, The Real Deal has learned. The project joins a growing pipeline of South Florida condo buildings that will have few to zero rental restrictions, geared to appeal directly to investors…

Blackstone expands student housing stake in $13B deal

Blackstone’s yearly report card will feature a larger stake in student housing after the firm’s biggest move in the sector yet. The company has agreed to buy American Campus Communities in a deal that values the student housing provider at $12.8 billion, including debt, the Wall Street Journal reported. The Austin-based company is…

As dev site prices soar in Miami, buyers play a “dangerous game”

Developer Chaim Cahane bought a development site in Miami’s Wynwood for $6.4 million in December. Three weeks later, a broker called him with an unsolicited all-cash offer: Flip it for 75 percent more. Then, in March, Cahane’s Forte Capital partnered with investor Jon Krasner to buy a separate Wynwood site from East End Capital for $10.8 million.

Miami-Dade may move its Resources Recovery Facility from Doral

Miami-Dade is looking to replace its Resources Recovery Facility, located in Doral since 1982, with a state-of-the-art waste-to-energy plant on the same or a different site. The county aims for a mass burn combustion plant that is more efficient than the existing refuse-derived fuel plant, said Michael J. Fernandez, director of the Solid Waste Management Department.

Miami’s Office Construction Slows, but Planned Stock High

As of February, Miami’s office pipeline reached 5.4 million square feet, representing 7.8 percent of total stock, according to CommercialEdge. Month-over-month, the pipeline shrunk by 195,000 square feet. The metro’s under-construction and planned stock amounted to 14.0 percent of total stock, the highest among gateway cities and the third-highest…

Co-Work LatAm, with 18 locations, expanding in Miami

Latin America’s largest rental co-working space company is looking to expand through seven new locations in South Florida after opening its first US location in Brickell in December. Co-Work LatAm, which has 18 locations in Chile – its country of origin – five in Colombia, two in Uruguay, one in Mexico and now one in Brickell, is expecting to double its footprint…

Costs rising for Coral Gables Mobility Hub

Updated and redesigned elements for the Coral Gables Mobility Hub projected were approved last week by city commissioners, costing an additional $640,000. During the meeting, City Manager Peter J. Iglesias explained to city officials that the project’s scope has been increased to allow for an enhanced rooftop park, micro-mobility, and electric…

Land scarcity drives up industrial rents in Miami-Dade

The industrial real estate market continues to be a hot topic in Miami-Dade as land is scarce and rental rates averages increase, according to local industry experts. The market is in such demand due to a combination of increased e-commerce, warehousing and logistics, said Louis Archambault, partner for law firm Saul Ewing Arnstein & Lehr, which advises…

Limestone Asset Management Sells/Closes a KFC Property in Pinecrest for $5.5 Million

Miami-based Limestone Asset Management sold/closed on a 19,845-square-foot Kentucky Fried Chicken (KFC) property in Pinecrest, Florida for $5.5 million on March 30, 2022. The 2,193-square-foot building is located at 9690 S Dixie Highway, Miami, FL, 33156. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout…

Madison Realty Capital Lends $55M to Build Rental in Miami’s Edgewater

Colombian firms Grupo Diana and Korner SAS landed a $55 million construction loan for an Edgewater residential project, property records show. The 32-story development, Metro Edgewater, will feature 279 rental apartments spanning 266,306 square feet, as well as 4,230 square feet of retail on the ground floor and 312 onsite parking spots, according…

CenterPoint Buys Last-Mile Parking Lot Near Miami for $48M

CenterPoint Properties dropped $47.5 million for a “luxury” truck parking lot in Miami Gardens, Fla., property records show. The 12-acre property, located at 17707 NW Miami Court, sits right along I-95, South Florida’s main north-south artery. The lot, which will facilitate last-mile deliveries, accommodates up to 360 container trucks. Drake Real Estate Partners…

New Jersey developer’s Wynwood residences get approval

A New Jersey-based development company with more than 3,000 rental apartments in three states is planning to construct a midrise mixed-use residential project in the Wynwood Arts District. The plan was considered April 12 by the Wynwood Development Review Committee, which approved the project with several conditions. The owner-developer 26-60 NE 27th…

Notable Retail Leases Signed in South Florida Q1 2022

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2022 so far and throughout 2021. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment… Read more » The post Notable Retail Leases Signed in South Florida Q1…

Miami-Dade and Palm Beach office markets riding high, while Broward flies at low altitude: report

Office markets in Miami-Dade and Palm Beach counties outperformed Broward in the first quarter, according to a recently released report. While rents and demand continued climbing to the north and south, Broward County slowed to a crawl, JLL report’s states. In Miami-Dade, average asking rents grew for the seventh straight quarter, up 10.2 percent in the first…

Outdoor storage demand keeps on truckin’: Seagis pays $15M for trailer parking lot in Medley

Seagis Property Group bought a trailer parking lot in Medley for $14.8 million, marking growing investment appetite for outdoor industrial properties. The Conshohocken, Pennsylvania-based logistics firm bought the property at 13399 Northwest 113th Avenue Road from RCR Investment Group, according to a Seagis news release. RCR Investment is managed…

Demand For Flex Workspace Up 58 Percent From Pre-Pandemic Across U.S., With Miami Outpacing All Other Cities

The Instant Group, a global workspace innovation firm working across 175 countries and whose digital platforms constitute the world’s largest digital marketplace for flexible workspace, has found Miami leading the way in flexible workspace demand while San Francisco is seeing the largest decline, in its new U.S. Market Summary analysis. Demand has dropped…

Harbor pays $50M for Fontainebleau apartment building

Harbor Group International bought the 275 FontaineParc apartment building in West Miami-Dade County for $50 million. The Norfolk, Virginia-based real estate investment and management firm purchased the seven-story building at 275 Fontainebleau Boulevard from the property’s developers, Marlon Gomez of Gomez …

Morningstar pays $30M for self-storage facilities in Fort Lauderdale’s Flagler Village

Morningstar Properties bought two self-storage facilities in Fort Lauderdale’s Flagler Village neighborhood for almost $30 million. Alan Hooper and Tim Petrillo’s Urban Street Development, through an affiliate, sold the two adjacent properties at 421 Northwest First Avenue and 125 Northwest Fourth Street, according to a deed. The real estate was…

$11M Sale of Doral Park Centre in Metro Miami Arranged

The property sold for $11 million, or $789.72 per square foot. Edward Romo and Scott Sandelin of Marcus & Millichap represented the seller, an affiliate of IRAS Group, a Miami-based real estate investment firm. Kristina Filippone of First City Realty Partners Inc. procured the undisclosed buyer. Built in 2017, Doral Park Centre is a seven-suite property that…

Clara Homes wins approval for 28-unit first phase of luxury rentals in Bay Harbor Islands

Miami-based Clara Homes won approval for the 28-unit first phase of a luxury apartment project planned in Bay Harbor Islands. Construction of the six-story, 28-unit Clara Bay Harbor building will start by August, Clara Homes founder James Curnin told The Real Deal. It will be the first of three planned buildings with a total of 150 apartments. The first phase is…

Real estate investors eye student housing as college dorms come up short

Blackstone’s Stephen Schwarzman (left) and Brookfield’s Bruce Flatt People’s Park, a Berkeley institution since then-Gov. Ronald Reagan called in the National Guard to quell protests there five decades ago, may be the epicenter of a national student housing crisis that has real estate giants like Blackstone on the prowl. After years of back-and-forth, the city…

Foundation Pour, Vertical Construction Underway At Overtown MXU Development Block 55

The large mixed-use Overtown project known as Block 55 has had a foundation pour. Vertical construction is underway, with several cranes now installed. FAA records show that several cranes were recently approved for the site. There will be a total of four cranes installed, according to a social media post by John Longarini. Photos by Ryan…

AHS Residential Opens 420-Unit Oak Enclave Apartments in Miami Gardens, Florida

AHS Residential has opened Oak Enclave, a 420-unit multifamily community in Miami Gardens. Oak Enclave offers one-, two- and three-bedroom floorplans in five buildings. Unit features includes a private balcony or… Located at 2301 N.W. 167th Street., the property is 13.4 miles from downtown Miami and 12.1 miles from Miami International Airport.

Canadian investor buys waterfront Pompano Beach development site for condos

A Canadian investor paid $9.3 million for a waterfront apartment building in Pompano Beach that he intends to redevelop into a boutique condominium, The Real Deal has learned. An entity managed by Jean Campeau, co-founder of Quebec City, Quebec-based Camaco, bought the 23-unit Stratford Apartments at 407-419 North Riverside Drive, according…

Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased

Wood & Wick, Spartan Strength & Conditioning and more I Progresso Village | Fort Lauderdale BH3 Management has fully leased out its Fabrick project in the Progresso Village neighborhood of Fort Lauderdale. BH3’s Fabrick consists of warehouses redeveloped into Class A office and retail space at 801, 807, 815 and 819 Northeast Second Avenue…

Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit

Investors who sold waterfront land to the Related Group for its Icon Marina Village development in West Palm Beach sued the condo developer, alleging they were cheated out of an agreement that would have given them nearly $13 million. Stephen and Louise Kornfeld, and Jody Weissman filed the lawsuit against TRG North Flagler Venture and RD IMV Owner, affiliates…

Lennar pays $190M for remainder of Arden homesites near Wellington

Lennar paid $190 million for the remainder of the homesites in the Arden community near Wellington. Boston-based Freehold Communities sold the land to an affiliate of New York-based global credit and real estate investment firm Angelo Gordon, according to a deed. Angelo Gordon, led by co-CEOs Josh Baumgarten and Adam Schwartz, has served as a land…

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April 20, 2022

Miami Commercial Real Estate News April 14, 2022: Miami’s 58% Rent Spike Leads Nation; South Beach Office Building Trades for $52M; More…

Miami leads nation with 58% rent spike during the pandemic

Miami led the U.S. in rent hikes during the pandemic. Miami’s median apartment rent skyrocketed 58 percent to $2,988 per month since March 2020, according to a newly released report from Realtor.com. Median rents increased nationwide by 19.3 percent to a new high of $1,807, with Sun Belt cities seeing many of the biggest gains. The trend follows migration…

Major Supertall Tower Planned In Brickell Submitted To FAA At 1,049 Feet

A proposal to build an 82-story supertall tower on Brickell Avenue called Major has been submitted to the Federal Aviation Administration. Major is planned to top off at a height of 1,042 feet above ground, or 1,049 feet above sea level, according to the new FAA filing. The application was submitted on March 31. The developer of the project, JDS, is now based in Miami…

East End, BentallGreenOak sell South Beach office building for $52M

East End Capital and BentallGreenOak sold an office building in Miami Beach for $52.3 million. An entity tied to The Davis Companies, based in Boston, bought the four-story property at 555 Washington Avenue, according to a deed. The building consists of 46,000 square feet of Class A office space; 22,000 square feet of ground-floor retail and a 243-space…

Cambridge Lansdowne buys Urbanica Meridian Hotel in South Beach for $31M

From left: Urbanica Hotel partners Diego Colmenero and Charlie Porchetto in front of the Urbanica Meridian Hotel at 418 Meridian Avenue in Miami Beach: Cambridge Lansdowne paid $30.5 million for the Urbanica Meridian Hotel in Miami Beach’s South of Fifth neighborhood, marking the third deal this month in the tri-county region’s resurgent hospitality sector.

$21.8M Sale of Dairy Processing Facility in Miami Negotiated

Colliers has negotiated the sale of the Borden Dairy Co./Velda Farms dairy processing facility in Miami for $21.8 million. Steven Wasserman and Erin Byers of Colliers represented the buyer, CP Logistics Miami 95 LLC, in the transaction. Harold Ginsberg from Southern Asset Service Corp. represented the seller, New Dairy Florida LLC, in the transaction.

Midtown Doral scores $67M construction loan for apartment development

Mattoni’s Ricardo Caporal, Century Home Builders’ Sergio Pino and Conconcreto’s Juan Luis Aristizabal Velez with rendering of Midtown Doral phase two: A group of developers scored a $66.8 million construction loan for an apartment project at Midtown Doral. Sergio Pino’s Coral Gables-based Century Homebuilders is partnering with Ricardo Caporal’s…

Tony Hernandez picks up office building in Fontainebleau for $13M

Miami investor Antonio “Tony” Hernandez picked up an office building in west Miami-Dade County for $12.7 million. An entity managed by Hernandez, principal of T-H Properties, bought Fontainebleau Park Office Plaza at 175 Fontainebleau Boulevard, according to records. The two-story building spans 49,150 square feet of office space, and the price breaks…

Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua

A venture led by the Related Group and David Edelstein’s Tricap launched sales of NoMad Residences Wynwood, a NoMad Hotels-branded condo building with a Casa Tua Cucina on the ground floor. The 329-unit, nine-story building is planned for 2700 Northwest Second Avenue in Miami’s Wynwood neighborhood. Lndmrk Development’s Alex Karakhanian…

Here’s Where The Largest US Industrial Projects Are Set To Deliver In 2022

The big-box warehouse keeps getting bigger as e-commerce groups, third-party logistics firms and others are on the hunt for the largest distribution and manufacturing facilities they can find or build. CommercialEdge, part of Santa Barbara, California-based Yardi Systems Inc., recently analyzed the top warehouse markets and projects underway across the U.S. this year.

Court ruling allows Jason Halpern to develop Miami Beach resi project

A New York judge dismissed a lawsuit filed by an investor in two of developer Jason Halpern’s Miami Beach properties, allowing his JMH Development to move forward with plans for a condo project on one of the sites. Investor Dhruv Piplani’s PSB Indian Creek and affiliated entities filed the suit against Halpern, his JMH Indian Creek Development LLC and…

Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track

Blackstone’s subsidiary Link Logistics wants to build a 2.3 million-square-foot industrial complex on Calder Casino’s horse racing track in Miami Gardens. The proposal is for 12 buildings on 115.7 acres at 21001 Northwest 27th Avenue, according to an application filed with the city by Calder Race Course. The complex would feature warehouses and distribution…

It’s official: Miami-Dade declares housing crisis. Here’s what it means for renters, landlords

Miami-Dade County is pushing to curb rental unaffordability. Mayor Daniella Levine Cava declared a housing crisis on Friday, setting the stage for the county to distribute $41 million in federal funds as rental assistance. The county is feeling the squeeze from skyrocketing rents that followed a population influx and ensuing high demand over the past year and…

Public housing goes middle class

From left: Waterford Property Company’s John Drachman with the Oceanaire complex in Long Beach and Affiliated Development’s Nick Rojo with the Bohemian project in Lake Worth Beach: Public housing has gone middle class. Billed as “workforce housing,” it mimics a private-sector trend in places where home prices and rents have soared beyond the…

County deal would replace 11 Venetian Causeway bridges

A $10.6 million agreement between EAC Consulting Inc. and the Florida Department of Transportation will shift to Miami-Dade County and lead to design plans to replace 11 bridges on the historic Venetian Causeway from North Bayshore Drive in Miami to Purdy Avenue in Miami Beach. County commissioners approved the agreement in a transportation…

Speakeasy plan pushed for Gold Dust Motel

Developer Avra Jain, whose company has revived historic properties with bars and motels along Biscayne Boulevard, says it’s time to bring back the speakeasy. As a part of that quest… in an individually designated historic structure commonly known as the Gold Dust Motel, at 7700 Biscayne Blvd. The city’s Historic and Environmental Preservation Board on…

Noise claims drown out plans for Island Gardens growth

The sweeping development known as Island Gardens is moving forward with plans to turn a choice piece of waterfront property in Biscayne Bay into a first-class resort destination. But it can’t seem to shake its history of controversy. Last week the city’s Planning, Zoning and Appeals Board (PZAB) was set to hear a request from Island Gardens’ developer…

Industrial ‘Unencumbered’ By Construction Challenges

A supply chain crisis and severe labor shortages are creating mega challenges for developers—but industrial projects are pushing through. Demand for industrial space is so strong, and as a result the asset class remains “unencumbered” by labor shortages, according to Louis Archambault, an attorney at Saul Ewing Arnstein & Lehr. “Labor and…”

Black Lion pounces on a restaurant space in South Beach for $12M

For the second time in five months, Black Lion Investment Group pounced on a restaurant space in Miami Beach’s South of Fifth neighborhood. The Los Angeles-based real estate investment firm, led by President Robert Rivani, paid $11.5 million for a 12,000-square-foot building at 200 South Pointe Drive in Miami Beach, according to a press release.

5 minutes with hospitality magnate Giuseppe Cipriani

The bellinis, carpaccio and other tasty Italian antipasto were flowing at Cipriani Downtown Miami. Cipriani CEO Giuseppe Cipriani, developer Camilo Miguel Jr. and Arquitectonica founder Bernardo Fort-Brescia hosted a group of brokers to launch the planned Cipriani Residences Miami this week. Miguel’s Mast Capital is teaming up with Cipriani to develop…

CenterPoint picks up Miami Gardens truck storage facility for $47.5M

CenterPoint Properties is continuing its buying binge of South Florida industrial real estate, scooping up a Miami Gardens outdoor truck storage facility for $47.5 million. CenterPoint bought the property at 17707 Northwest Miami Court from Relentless Capital and Drake Real Estate Partners, according to broker Jonathan Salk of ZYX Capital…

Office occupancy hits pandemic high

There have never been more office employees going into offices across the United States since the onset of the pandemic, but the in-office population is still less than half of pre-pandemic levels. A record number of employees were back at the office for the week of March 30, according to Kastle Systems’ “Back to Work Barometer” reported by Bisnow. While that’s…

Construction Of Industrial Space Continues Robust Growth

Construction and development of new industrial space in the U.S. remains robust, with all signs pointing to another big year in this market segment. According to a report by CommmercialEdge, 592.5 million square feet of industrial space was under construction nationwide by the end of February, amounting to 3.5% of existing stock. Over the past six […]…

Easton powers up industrial portfolio with $14M Hollywood truck yard

The Easton Group hitched a vacant truck yard in Hollywood to the company’s growing industrial portfolio. An affiliate of the Doral-based commercial real estate development and investment firm paid $14.3 million for the 5.85-acre outdoor industrial site at 3811 Pembroke Road, according to records. The property includes a 29,897-square-foot truck terminal…

Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi

Ari Pearl’s mixed-use golf course development in Hallandale Beach completed its first phase, and he and his partner secured a $150 million refinancing, The Real Deal has learned. Pearl’s PPG Development and Michael Herman’s Premium Capital received a certificate of occupancy for the 26-story, 250-unit high-end rental building at 101 Diplomat Parkway…

Carroll buys Oakland Park multifamily complex for $49M

The Carroll Organization bought a garden-style multifamily complex in Oakland Park for $49.4 million. An affiliate of the Atlanta-based real estate firm acquired Arium Cypress Lakes, a 188-unit garden-style apartment complex at 2829 South Oakland Forest Drive, according to records. Carroll paid $262,766 per apartment and obtained…

Prospect buys multifamily dev site in Flagler Village, plans 252-unit project

Prospect Real Estate Group bought a multifamily development site in Fort Lauderdale’s Flagler Village for $11 million, with plans for a 252-unit project. The New Smyrna Beach-based developer plans the 12-story Advantis Station at Flagler Village on the 1.4-acre assemblage it purchased on the northeast corner of Sistrunk Boulevard and Northeast Third…

Elion buys two Fort Lauderdale industrial buildings for $15M

Elion Partners bought a pair of warehouses near the Fort Lauderdale-Hollywood International Airport for $14.9 million. North Miami Beach-based Elion Partners bought the properties at 3000 and 3060 Southwest Second Avenue in Fort Lauderdale from Apogee Investment Partners LLC, led by Brian Neff, according to…

Fort Partners pays off largest construction loan in Fort Lauderdale history

Fort Partners paid off its $210 million construction loan for the Four Seasons Residences Fort Lauderdale, which is the largest such loan recorded in Fort Lauderdale’s history. New York-based Madison Realty Capital provided the financing in late 2019. Miami-based Fort Partners, led by CEO Nadim Ashi, and its minority partner Merrimac Ventures…

Waterton doubles down on South Florida, buys Boynton Beach apartment complex for $80M

Waterton expanded its South Florida portfolio by paying $80 million for its second apartment complex in the tri-county region. An affiliate of the Chicago-based real estate investment and property management company bought the 216-unit garden-style Verona at Boynton Beach at 1575 Southwest Eighth Street…

Boca Center’s offices, retail, restaurants trade for $261.5M

(L-R) Vanderbilt Office Properties CEO Casey Wold, Site Centers President and CEO David Lukes, and Macquarie Group Managing Director and CEO Shemara Wikramanayake with 1800 North Military Trail and 5050 Town Center Circle in Boca Raton: Boca Center properties traded for $261.5 million, marking one of the biggest deals this year of a South Florida…

Butters and Konsker propose $75M Boca Raton office project

A joint venture led by Butters Group is seeking to build a $75 million Class A office project in Boca Raton. Butters and partner Konsker Development recently submitted plans to the city of Boca Raton for Midtown Place at Boca Raton, a five-story building with 120,000 square feet of office space, according to a press release. The project would rise on a 4-acre site…

Hines, Frisbie launch two-tower luxury condo development in West Palm Beach

Frisbie Group partnered with Hines to launch a two-tower, luxury condo development in West Palm Beach, with units starting at about $10 million. The partnership joins a small but growing group of developers that are beginning sales of condo developments along the waterfront in West Palm Beach, due to increasing demand for luxury homes and a lack of…

CS Ventures pays $35M for Bankers Row office buildings in Palm Beach

CS Ventures purchased a pair of office buildings along Bankers Row in Palm Beach for $35 million, marking the buyer’s continued bet on the ritzy town. Palm Beach-based CS Ventures, a partnership between Spencer Schlager and Charles Rosenberg of Rosemark Management, bought the buildings at 340 and 350 Royal Palm Way from Chicago-based Pearlmark…

Todd Nepola buys a pair of Palm Beach County shopping centers for $13M

In a double play, Hollywood-based investor Todd Nepola bought two shopping centers in Palm Beach County for a combined $12.7 million. Nepola, founder and president of Current Capital Management, told The Real Deal he acquired Shoppes of Lake Worth at 6651 Lake Worth Road, and Coco Plum Plaza at 2845 North Military Trail in…

Newly built micro-units in downtown West Palm fetch $84M after converting to hotel

A rendering of the property at 695 South Olive Avenue in West Palm Beach with Electra America Hospitality Group’s Principal and Managing Partner Russ Urban, Korman Communities’ co-CEOs Larry and Brad Korman and Transwestern Development Company’s CEO Larry Heard (Gio Fausone of Gulfstream Real Estate Advisors, LinkedIn, Korman, Transwestern)

Pantzer drops $67M for Palm Beach Gardens apartment complex

Pantzer Properties closed its second multifamily deal in Palm Beach County in 11 months, buying a 136-unit apartment complex for $66.5 million. An affiliate of the New York-based multifamily real estate investment firm acquired Solera at City Centre Apartments at 2100 PGA Boulevard 100 in Palm Beach Gardens, according…

Lease roundup: Co-working company doubles down on downtown West Palm Beach

Vanderbilt Office Properties CEO Casey Wold, Quest Workspaces CEO Laura Kozelouzek, and C-III Capital Partners Chairman and CEO Andrew Farkas with Northbridge Centre at 515 North Flagler Drive in West Palm Beach: Quest Workspaces I Northbridge Centre | West Palm Beach Coworking operator Quest Workspaces expanded its space in the Northbridge…

Inventing Nora: Developers eye new district in West Palm Beach

The three-story, boarded-up white building near the train tracks in downtown West Palm Beach harkens back to old South Florida. Its ceilings and floors are made from Dade County Pine, a sturdy wood protected from commercial logging for decades. The back of the building at 905 Railroad Avenue has an out-of-order Otis elevator, with a plank to step on…

Multifamily craze carries on: Berkshire buys Jupiter apartment complex for $202.5M

From left: Maury Tognarelli (seller), CEO of Heitman, and David Olney (buyer), CEO, Berkshire Residential Investment, in front of The Sophia at Abacoa apartment complex at 863 University Boulevard in Jupiter: Berkshire Residential Investments bought a Jupiter apartment complex for $202.5 million, as South Florida’s multifamily market continues…

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April 14, 2022

Negotiating: Unsolicited Offers Above Fair Market Value and the Appraisal Perception Loop

We regularly work with buyers to make unsolicited offers for commercial real estate, usually in situations where a property is not optimally utilized, if utilized at all, i.e. where the current use is not the property’s highest and best use. Owners of these properties frequently would sell for a premium price, and my buyers frequently will pay more than market value. That feels like a match.

But then…

Market value is notoriously tough to pin down on commercial properties. Consequently, in the absence of a genuine concept for market value an unsolicited offer to an owner instead becomes an appraisal. Thus, a property that is really worth $2 million on which an owner receives an offer for $2.3 million is worth, to an owner, $2.3 million. Most commercial owners have no real need to sell and owners of properties not on the market don’t typically want to sell. Given this, in the face of a new “appraisal” – in the form of the offer just received – they’ll internally register a lack of desire to sell at market value. Thus, in the process of making an offer, market value is established in the mind of an owner by the unsolicited offer received. Ugh.

This happens frequently. I have developed techniques over time to mitigate the effect, but overcoming it is nonetheless an ongoing challenge. Commercial property investors are a confident lot, so much so in their opinions that they’ve put their money where their mouth was by investing in a non-liquid asset. Thus, once they have opinions, even where developed so casually, it can be a challenge to get them to change them. 

There are two counterpoints to the “why would I sell at market value” objection:

Highest and best use values may not exist in perpetuity. They can be challenged by developed property pricing, by a property being penned in by surrounding development, and by missed opportunities with premium specific purpose buyers.

When a property is considered for redevelopment, it generally is trading at land value. That is a good thing for a seller. Higher and better use values are like a jackpot for an owner of a property otherwise becoming less viable over time. Land values are volatile, however, as they essentially represent a call option on the difference between the cost of developing the land, with the value of the land (the option, if you will) a function of the spread between the market value of developed property and developed cost. When the market rolls over, this intrinsic value can drop precipitously, even go negative, at which point the land value is low as it is nothing more than an option on anticipated future intrinsic value (market value of developed property and developed cost). Also, a use today may be obsolete tomorrow; gas stations as electric cars become more prevalent would seem to be one we’ll be witnessing in the coming years.

As one of many examples, I presented an offer for an old multifamily property that was clearly nearly double what the property was worth as a multifamily property. This was for a developer interested in the land and how it would fit into its large development adjacent to that multifamily property. The development will happen, after which there will be no interest in the land by another, thus the property will just be worth its value as a multifamily property, about half what my buyer offered. This was an incalcitrant family, surely thinking my buyer and I were out to get his property on the cheap. I can imagine conversations amongst the family discussing about this offer and how well the investment in the property has performed, congratulating each other on the wisdom of not selling. The reality is that it will take a long time, perhaps decades, for the nominal value to inflate to the price offered, and the inflation adjusted value many not do so in that seller’s grandchildren’s lives. I see this happen all the time, though this was one of the more extreme ones.

Foregone Monetization

If you have a vacant piece of land with a market value of $5 million, you likely have a piece of land that could be monetized for around $250,000 a year. The reason your land has the value it does is because of this potential monetization. Additionally, in most cases, the highest and best use of the land has peaked, and is not going to get better. Thus, by keeping the land vacant, you are only forgoing the income that the property could be garnering, income you could be earning if you sold the property and purchased one already generating income.

This adds up over time.

The chart above consider $100 of income producing property at a 5% constant capitalization rate with 2% net operating income growth versus the same $100 in vacant land appreciating at 2%, in line with growth in its monetization potential (potential net operating income) growth, and with no net income.

Consider $5 million of income producing property at a 5% cap rate with 2% rent growth and assuming market value at a future date also at a 5% cap rate. Alternatively, consider $5 million of vacant land appreciating at 2% with no net income. The investor with vacant land will have more value later, and will likely be very proud of his fine investment, but look at what has been forgone over time.

This isn’t the whole story. Sometimes there is the potential for a rapid change in the potential use of a property, particularly if a property is near a central business district. Also, vacant land doesn’t have zero income, it usually has either a net carrying cost, principally property taxes, or a small net operating income from pylon signage or other partial monetization. Also, in this chart above, I’ve not taken into account earnings from reinvestment of net operating income, which would make vacant land look even less appealing to hold on a relative basis.

For properties near the central business district, highest and best use can improve fairly dramatically. Years back, I recall numbers of two story multifamily properties surrounding a popular happy hour spot I frequented, The Firehouse. Today, most of those properties have been scraped to make way for high rise developments, and those that haven’t surely will be. That area changed rapidly. I see that as the exception, however, as most properties are nowhere near downtown.

Then There’s Thanksgiving Dinner

When one has owned something for a long time, there is a built in gain that brings with it genius cred. When the line at Thanksgiving Dinner is “you really called it with that purchase,” it becomes one’s identity. Sell it, and that will fade away, just blend into a balance sheet somewhere. Though it is a smarter move to sell, reinvest, and accumulate income, it is nowhere near as sexy as “X times what you paid for it.” In my dealings, I’ve come to believe that this is a factor, at least subconsciously, in the decision making process of many owners.

God Forbid Don’t Let Me Be the Sucker!

Finally, there is the strong motivation not to be the sucker that sold for less than what something became worth later. The easy way to avoid that is to always agree to sell for well over market value. That is, unless someone wants to pay that elevated price. If that happens, then as mentioned above, market value is perceived as equal to that offer, and the asking price can again be elevated. Problem solved.

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April 9, 2022