Oct 04, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News October 4, 2017: Israeli Firm Buys Office Building Near MIA; Culinary Pop-Up Coming to Miami River; More…

Israeli investment firm buys office building near Miami International Airport

An Israeli investment firm just paid $10.9 million for an office building near Miami International Airport, according to a release. Netz U.S.A. LLC bought the 82,763-square-foot building from Montreal, Canada-based entity TMSA Altis 5040 LLC. The nine-story building, 50Forty on 7th, at 5040 Northwest 7th Street, traded for about $132 per square foot. Records show the seller bought the property out of…

Developers plan culinary pop-up along Miami River

At a bend in the Miami River, just a few blocks from downtown, developers plan to open a culinary pop-up venue next month. They say it will be a taste of what’s to eventually rise at the site, a mixed-use food and entertainment destination known as Riverside Wharf. The overall project earned the approval of City of Miami voters in March 2016, a referendum triggered by the city code and charter requiring…

New affordable housing is coming to the West Grove

New affordable housing is coming to the West Grove, after a major public-private partnership gained final approval from Miami city commissioners. Miami-Dade County is a partner with Platform 3750 LLC, which plans to build the mixed-use project on 2.1-acres at 3750 S Dixie Highway (US 1). The project will bring stores, offices and apartments to the neighborhood, and intends to take advantage of its…

Developers Want to Put Two Massive LED Screens on Miami Beach Building

Plenty of South Florida walls are covered with eye-catching murals, but the developers behind one Miami Beach project have another idea for filling the blank space: ginormous LED screens — one of them nearly 91 feet wide and 38 feet tall. The two screens proposed for “1212 Lincoln Road,” a Crescent Heights mixed-use development that will span a block of Alton Road from 16th Street to Lincoln Road, would…

PortMiami’s Container Cargo Traffic Increases Over 18 Percent Since Last Year

The Port said the growth in cargo is due to the $1.3 billion of infrastructure investments that include dredging the shipping channel and adding four super post-Panamax cranes, allowing the port to service larger cargo ships.

County asked to restrict Port of Miami developments

Miami-Dade Commissioner Rebeca Sosa, who for years has sought to limit development at the Port of Miami to port-related projects, this week asked fellow commissions to make that aim county policy. The resolution would direct the administration to update the port’s 2035 master plan and develop “the Port of Miami 2040 Master Plan” to conform to her proposed policy that all future port development…

Irma blows project to reshape Coconut Grove waterfront off course

A multi-million-dollar project to reshape the Coconut Grove waterfront into a mixed-used development called The Harbor was scheduled to demolish the aging and now-defunct Chart House restaurant Sept. 11. The only problem was that Hurricane Irma hit Miami on the same day. The Grove Bay Hospitality Group had plans to start construction on the waterfront once demolition finished, but with the…

Developers Plan Mixed-Use Project “Eden” In Miami’s Little River

Developers Stambul, Miami Real Exposure and P & K Developments are bringing a 42,000-square-foot, mixed-use development called Eden to Miami’s Little River neighborhood. Records show Miami-based companies 8045 NE 1 Avenue Properties and 79th Street Development bought the two parcel site at 237 and 235 Northeast 79th Street in May for $2.6 million. The entities share a 50 percent…

Miracle Mile upgrade ‘on target and on schedule’

One day after Hurricane Irma tore through Miami, workers were back on the job of renovating the north side of Miracle Mile, said Javier Betancourt, director of the Coral Gables Economic Development Department. “There was very little down time, because they did such a great job of prepping the site” in advance of the storm, he said. “The project is on target and on schedule.” The south side of Miracle…

Forecast: South Florida Apartment Demand Will Slow (For Now)

It has been the proverbial Energizer Bunny of the post-recession real estate market. Boom, boom, boom goes the steady drumbeat of new rental apartments coming up across South Florida for the past seven years. You can hardly traverse downtown Miami, Fort Lauderdale or Boca Raton these days without running into a construction snarl or towering crane resulting from the multifamily boom. But the sun…

‘There’s Still A Lot of Money Around’: CRE Pros On The State of The Market In Miami

Following weeks of nonstop news coverage about hurricanes, real estate professionals were understandably concerned that investors might shift their sights away from Florida and its severe weather events. But the experts who spoke about capital markets and foreign investment during Bisnow’s Miami State of the Market event Tuesday agreed: the impact was almost nil. Bisnow: Deirdra Funcheon…

New Miami Beach development by Lincoln Road requests design changes

The mixed-use Miami Beach project that was already approved for 1212 Lincoln Road is requesting modifications to their initial plan, per The Next Miami, which also reports the Netherlands-based Citizen M hotel chain has signed on to operate the hotel portion. The original plan called for 100 boutique hotel rooms, a European-style market, and 450 parking spots. However, developer Crescent Heights is now…

Time Out Market Miami unveils renderings and its first restaurants

An open food hall concept is headed toward South Beach Time Out Market Miami, which received approval in March, has released a batch of renderings and unveiled its first seven culinary concepts as it prepares for a 2018 opening. Headed near Lincoln Road at 1601 Drexel Avenue, the upcoming food hall will include restaurants KUSH, Coyo Taco, Jugofresh, Paradigm Kitchen, and BUHT-ER, per a press…

Join Corcoran Sunshine, the US Immigration Fund, Lennar and other top firms in Shanghai

Every year more than 3,000 Chinese institutional and direct investors in U.S. real estate join The Real Deal for three days of networking, break-out sessions and panels. It’s the biggest event of its kind and draws top U.S. real estate players and their counterparts in China. See some of the coverage of our event last November here.

Balfour Beatty wins $260 million contract in Miami

Balfour Beatty PLC (BBY.LN) has been awarded a $260 million contract to build commercial and residential property in Miami, Florida, it said Wednesday. The infrastructure company said it will build the River Landing Shops and Residences project for H&R REIT (HR.UN.T) and Urbanx Co., in association with real-estate developer Matthews Southwest. The project consists of 2 million square feet of retail and…

Stricter Building Codes Saved Florida’s Commercial Buildings from Irma’s Wrath

A little over two weeks after Hurricane Irma made landfall in Florida, it’s business as usual for commercial real estate brokers on the ground. “We had downed trees and inconvenient electrical outages, but other than some roof damage, it turned out to be pretty much a non-event on the commercial side,” says John Dunphy, senior vice president in the Tampa office of real estate services firm JLL. “

The making of South Florida developer Masoud Shojaee’s empire

From the fall issue: It may be hard to believe that the man who today oversees a vast empire of real estate development in South Florida, who relishes the riches of his success — driving a Rolls-Royce Wraith and sporting the latest fashions from Bijan and Dior — was once a frightened 18-year-old, completely alone in the U.S. as a freshman at the University of Miami, in exile from his home country, where…

A Sharp Lawyer, Gobs Of Insurance And Strategic Site Selection: How To Insulate Properties From Future Storms

South Floridians will never escape hurricanes entirely, but they can take steps to brace themselves against the risk. In conversations with Bisnow, several real estate professionals offered tips on how to best insulate projects from big storms. The magic formula? An ultra-sharp lawyer, loads of insurance and impeccable site selection. Marcus & Millichap Senior Managing Director for Investments Alex Zylberglait…

Is Rupert Murdoch the one person who can pose a threat to Zillow?

Rupert Murdoch, the hard-boiled executive chairman of News. Corp., is using Realtor.com to drive advertising dollars to the company.
From the New York October issue: “What the hell does Zillow mean?” It was 2015, and the bull-headed media mogul Rupert Murdoch was speaking at a gathering of 4,000 real estate agents in Midtown Manhattan. “We know what ‘realtor’ means,” he said. Murdoch had made…

Hotel operator buys Perricone’s Marketplace & Café site in Brickell

Steven J. Perricone just sold his Perricone’s Marketplace & Café site in Brickell to a hotel operator for $16.2 million, property records show. Marketplace Investment Group, headed by Perricone, sold the 10,965-square-foot site at 15 Southeast 10th Street and 955 South Miami Avenue to citizenM Hotels for about $1,475 per square foot. The trade is part of a sale-leaseback agreement with the hotel…

Jeff Gural steps down as chairman of Newmark Knight Frank

Jeff Gural is stepping down as chairman of Newmark Knight Frank as the company readies for its initial public offering. The move is part of a larger effort by the Gural family to differentiate its business from the commercial real estate firm. The family’s firm, Newmark Holdings, is changing its name to GFP Real Estate to eliminate confusion between the company and its affiliate, Newmark Knight Frank, the company…

TH Real Estate Targets $400 Million in Value-Add Properties

After raising $245 million equity from investors from three large U.S. state pension plans that are repeat CASA Funds investors and a German pension fund, TH Real Estate has closed CASA Partners VII, the seventh in a series of multifamily funds. With leverage, the equity commitments will allow the fund to target a portfolio of approximately $400 million. The fund is focused primarily on U.S. value-add…

CoStar Market Insights: South Florida Checks Many Items on Amazon’s HQ2 Wishlist

Amazon’s announcement that it is accepting proposals for the site of its second headquarters has cities across the country scrambling to prepare bids to win over the Seattle-based company. South Florida is no exception, and The Miami-Dade Beacon Council has already announced that it is writing a proposal to outline the advantages that Miami could bring for Amazon…

Video: Brian Bailey Shares Federal Reserve’s View on Impact of Changing 1031 and Banking Regulations

Brian Bailey, Subject Matter Expert with the Federal Reserve Bank of Atlanta, appears on The Commercial Real Estate Show to discuss the Federal Reserve’s view on potential 1031 tax reform and banking regulations.

Video: Plum Lending CEO Bill Fisher on Technology and Big Data Benefiting CRE Financing

Bill Fisher, Founder and CEO at PLUM Lending, appears on The Commercial Real Estate Show to talk about the utilization of technology and data to power one’s business and make better financing decisions. Also discussed are the rapid changes in technology in the commercial real estate industry.

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