Given what has been going on in multifamily, this one is must see video. Discussed are southeast markets, concentrating on Florida, noting that something like 9 out of the top 30 markets are in Florida. Addressed in whether the increased demand in Zoom towns (desirable locations that accommodate remote workers) continue? Also, will the 2021 […]
Malibu firm picks up mobile home parks near Coral Gables for $50M A Malibu-based real estate firm paid $50 million to acquire two mobile home parks on Southwest Eighth Street… 1989 Sunny Court LLC, an affiliate of Marquis Property Company, bought the Silver Court park at 3200 Southwest Eighth Street and the Sunnyside/West Haven mobile […]
Ivanhoé Cambridge picks up Little Havana apartment complex for $105M With a $104.8 million purchase, a Canadian real estate development firm is the new owner of the InTown apartment complex in Miami’s Little Havana neighborhood. An affiliate of Ivanhoé Cambridge picked up the two-tower, 15-story multifamily project at 1900 Southwest Eighth Street, according to records. The […]
Miami Market Update: Investor Interest Drives Pipeline Growth As of September, Miami’s office development pipeline reached 2.9 million square feet, up 6.9 percent month-over-month, according to CommercialEdge data. The under-construction supply represented 4.3 percent of the metro’s total stock, significantly exceeding the the national average of 2.4 percent. The national under construction pipeline has… Construction on […]
Miami, West Palm Beach, Fort Lauderdale Among Markets Where Apartment New Lease Trade-Out is Much Higher With new lease trade-out reaching historic peaks recently, some apartment markets are seeing incredible momentum pace significantly ahead of renewal lease trade-out. In the nation overall, a surge in leasing activity in recent months led to an all-time high […]
Alex Karakhanian buys multifamily development site north of downtown Miami Developer Alex Karakhanian acquired a site in Miami’s Arts & Entertainment District for close to $15 million, The Real Deal has learned. A partnership led by Karakhanian’s Lndmrk Development acquired the property at 1635 North Miami Avenue, Karakhanian confirmed. Records show JRSY Limited, led by […]
Lerner Acquires Miami Tower for $114M Looking to build up a portfolio of South Florida communities, Lerner Enterprises has acquired a 294-unit high-rise community in Miami. The company purchased Motion at Dadeland from a joint venture led by Adler Group and 13th Floor Investments, in partnership with Barings LLC, for $114 million. Lerner also received […]
Rilea, Promanas buy Wynwood dev site, plan short-term rentals The development site at 100 and 94 Northeast 29th Street and 101 Northeast 28th Street in Miami, Co-developer Rilea Group’s owner and CEO Alan Ojeda and president Diego Ojeda and co-developer Promanas Group’s president and CEO John Bogdasarian are pictured. A short-term rental project with 127 units […]
Mill Creek sells Dadeland apartment towers to Starwood for $371M, marking largest multifamily sale of the year Starwood Property Trust paid $371.1 million for two apartment towers near Dadeland Mall, marking the most expensive multifamily investment sale of the year in South Florida. Starwood bought the Palmer Dadeland, at 8215 and 8217 Southwest 72nd Avenue, […]
Three Retailers Sign Leases at $4B Miami Worldcenter Development in Downtown Miami Three retailers have signed leases to join the tenant lineup at Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway in downtown Miami. The three retailers are Sephora, a beauty and make-up retailer; Lucid Motors, an electric car company; and Bowlero, an entertainment […]
Former Miami Herald, el Nuevo Herald office building in Doral trades for $27M The former Doral office building of the Miami Herald and its sister Spanish language newspaper, el Nuevo Herald, traded for $27.3 million. Institutional real estate investor Parmenter, also based in Doral, bought the property at 3511 Northwest 91st Avenue from Memphis-based SMPO, […]
Horizon Properties pays $33M for Publix-anchored shopping center in Hialeah For the second time this month, a Publix-anchored shopping center is at the heart of a big-ticket retail sale in South Florida. An affiliate of Horizon Properties of Miami bought El Mercado Plaza in Hialeah for $33 million, records show. Publix is the anchor tenant […]
Microsoft to lease 50K sf office at under-construction Brickell tower Microsoft is making its expansion in Miami official. The tech giant inked a roughly 50,000-square-foot lease at a new office tower under construction in the Brickell Financial District, as out-of-state tech firms continue to head to South Florida. Redmond, Washington-based Microsoft will use the space […]
Milestone Group pays $107M for Emerald Palms apartments near Zoo Miami The Milestone Group paid $107 million for the 505-unit Emerald Palms apartment complex near Zoo Miami in southwest Miami-Dade County. The multifamily investment firm bought the community at 12325 Southwest 151st Street from an affiliate of Denver-based Grand Peaks Properties, records show. Milestone Group […]
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site New York-based Hidrock Properties and its partner, the Robert Finvarb Companies, purchased a property in Wynwood for $13 million that they eventually plan to redevelop, The Real Deal has learned. The two firms acquired the building at 2534 North Miami Avenue and the adjacent lot at […]
Medical Properties Trust buys Palmetto General Hospital as part of $900M South Florida expansion Medical Properties Trust just closed on the fourth of the five hospitals it plans to acquire as part of a major expansion into South Florida healthcare totalling roughly $900 million. The Birmingham, Alabama-based real estate investment trust bought Palmetto General Hospital […]
