Related, Shoma, PGIM sell Doral apartments for $100 million amid coronavirus pandemic
The Related Group, Shoma Group and PGIM Real Estate Investors sold The Flats Apartments at CityPlace Doral for $100 million, marking the largest deal to close in South Florida during the coronavirus pandemic. Harbor Group International paid $330,000 per unit for the two-tower, 303-unit multifamily development at 3555 Northwest 83rd Avenue in Doral.
Strategic Storage Acquires Miami-Area Asset
Strategic Storage Growth Trust II, a private trust affiliated with SmartShop Self Storage REIT, has acquired a 91,400-net-rentable-square-foot facility in Homestead, Fla. A joint venture between Angelo Gordon and Andover Properties sold the asset, according to public records. The seller… Located on 3 acres at 1235 NE 12th Avenue in Homestead, the 970-unit property…
WeWork offers rent discounts as incentive to secure long-term leases
WeWork has reportedly offered some customers generous discounts on their rent if they agree to sign long-term lease agreements. The co-working giant made the offers to reduce the number of cancellations during the pandemic, according to Bloomberg, which cited sources familiar with the matter. WeWork regularly uses price adjustments as incentives for its…
AMLI launches leasing of massive Midtown Miami project during pandemic
Apartment developer AMLI is launching pre-leasing of its massive Midtown Miami project, offering virtual tours due to the coronavirus outbreak. The Chicago-based multifamily giant is completing construction of AMLI Midtown Miami, a 719-unit complex at 3000 Northeast Second Avenue, near Miami’s Edgewater neighborhood. Monthly asking rents for studio…
North Miami offers grants to business owners hurt by coronavirus
Struggling small business owners in North Miami who are severely impacted by the coronavirus outbreak may be able get some help. The North Miami Community Redevelopment Agency (NMCRA) has created two emergency relief grant programs for North Miami businesses. In one grant initiative, the city is offering 25 North Miami businesses grants up to…
Brightline reborn a Virgin: Some key numbers ahead of the train’s rebranding
Brightline passenger train in West Palm Beach Brightline completed its first full year of express rail passenger service linking Miami, Fort Lauderdale and West Palm Beach in 2019. Enjoying growth in revenue over that time, the company is moving ahead with development of commercial and residential properties along the railroad’s route. Brightline launched…
$5 billion Miami International Airport upgrade bonds head to vote
Miami International Airport’s (MIA) $5 billion capital improvement work is already underway, and after several delays, OK of bonds to fund the 15-year job may finally take flight Tuesday. Whether the airline industry’s massive coronavirus hit factors into the decision remains to be seen. Lawmakers last year OK’d the program to overhaul Miami-Dade’s greatest economic…
More major retailers furlough employees, withhold rent
The retail bloodbath continued Tuesday as more major chain retailers said they would furlough employees, suspend rent and institute executive-level pay cuts to get through the coronavirus crisis. The parent company of Urban Outfitters, for instance, said in a Securities and Exchange Commission filing that it was furloughing a “substantial number of store…”
The Cheesecake Factory Tells Landlords Across the Country It Won’t Be Able to Pay Rent on April 1
The Cheesecake Factory, one of the most popular sit-down restaurant chains in the country, says it will not be able to make upcoming rent payments for any of its storefronts on April 1 because of significant loss of income due to the coronavirus crisis. The Calabasas Hills-based company informed all of its landlords in a letter dated March 18 (reproduced below) that a severe…
Airbnb announces relief package. Some hosts say it’s not enough
Once again, Airbnb is in damage control. After facing backlash from hosts for changing its cancellation policy in response to Covid-19 — offering guests full refunds without penalties — the startup’s CEO has announced a relief package and issued an apology. “I’m sorry that we communicated this decision to guests without consulting you—like partners should,” Brian…
Retail rout continues as Simon furloughs a third of employees
Simon Property Group, the nation’s largest mall owner, is furloughing 30 percent of its workforce, the latest in a wave of coronavirus-related layoffs and furloughs in the battered retail industry. Among those furloughed are employees at Simon’s Indianapolis headquarters and at malls and outlet centers across the country, according to CNBC, which first reported the…
Homeland Security says real estate is “essential business”
As the real estate industry remains split on whether the services it provides are “essential” during a pandemic, one federal agency has weighed in with an emphatic “yes.” Workers in both residential and commercial real estate, including settlement services and government workers who facilitate mortgage and real estate deals, were included in a “Essential Critical…”
Evictions put on hold in South Florida
All three South Florida counties have put evictions on hold amid the pandemic as Gov. Ron DeSantis consider a move statewide. The move could provide some comfort to renters as April 1 arrives on Wednesday, which is when rental payments are typically due. The Miami-Dade Police Department, Broward Sheriff’s Department and Palm Beach Sheriff’s…
Major shopping center owner offers relief for tenants
Publix has purchased a lot of the shopping center real estate it occupies, which is turning in to a major bonus for its tenants these days. Publix announced it is offering rent relief to businesses operating in Publix-owned shopping centers that have closed due to the coronavirus pandemic. The relief package includes waiving rent for two months, as well as waiving…
Publix Is Offering Rent Relief To Tenants In Its Plazas
One of the South’s most prominent grocers, Lakeland, Florida-based Publix, is offering rent relief to tenants in the 282 shopping plazas that it owns of its 1,243 locations across seven states. “Rent relief assistance is being offered as we understand that these are unprecedented times, and smaller businesses, who are tenants to Publix, may need additional assistance as…
Miami Attorney Executes ‘Funky’ Air Rights Deal for Downtown Apartments
Downtown Miami has very little available land, but that’s not stopping developers from getting creative by planning towers above existing low-rise buildings under air right deals. That’s how Grand Station Partners LLC found room for its 31-story multifamily project on a coveted location on the southwest corner of Miami Avenue and Northeast Third Street south of….
Retail Along Miami’s 36th Street Trades for More Than $2 Million
An 8,978-square-foot, two-story retail property at 3410 Northwest 36th Street and 3450 Northwest 36th Street. in Miami with several buildings constructed in 1948 and 1955, according to the Miami-Dade County Property Appraiser’s office. The entire property is roughly three-quarters of an acre, including a 13,500-square-foot parking lot.
EB-5 was left out of Congress’ $2 trillion federal stimulus package bill, crushing developers’ hopes of getting cheap financing as real estate deals come to a halt. The federal program that allows foreign investors the ability to obtain a U.S. green card in exchange for an investment in a U.S. business was not mentioned in the stimulus package that passed Congress on Friday.
Miami-Dade, city of Miami suspend permitting and inspections
Miami-Dade suspended the county’s building code functions in unincorporated areas, including plan review, permitting, inspections and completions, as more employees have tested positive for Covid-19. The city of Miami followed the county on Monday, announcing it was suspending building inspections for existing properties effective Tuesday. The county…
Publix to offer rent relief to retail tenants
Publix has become the latest landlord to offer rent relief to its retail tenants due to the impacts of Covid-19. The Lakeland-based grocery store giant is waiving rent for two months for businesses operating at Publix-owned shopping centers, according to a press release. Publix is also waiving two months of payments for common area maintenance fees and taxes.
Berger Commercial Realty Sells Cypress Creek Corporate Corridor Building
The Cypress Creek Center, among the most desirable buildings in the popular Cypress Creek corporate corridor, was sold for $4.8 million on March 11. Berger Commercial Realty/CORFAC Senior Vice President Steve Hyatt and Vice President Brian Batchelder represented the seller, Bright Angel, Inc. Previously, Berger Commercial Realty represented the seller…
Coronavirus casts shadow over commercial real estate
Trade war hangovers, election year jitters and the COVID-19 coronavirus outbreak that sent shockwaves through the equity markets and predictions of an ugly global slowdown: Welcome to 2020. The verdict is still out on how bad and deep this first-quarter macro pummeling will be, but South Florida’s office market is still boiling with leasing, sales and development…
Government office closures stop commercial deals in their tracks
Physical copies of paperwork is needed for most commercial real estate deals Broad economic anxiety isn’t all that’s tamping down on commercial real estate deals these days. States and municipalities across the country are shuttering document recording offices to contain the spread of COVID-19 and that means parties can’t close deals, according to Commercial Observer.
11 Reasons to Invest in Florida Commercial Real Estate
Disclaimer: This is a post from 2018 that has been updated to reflect Florida’s current economic and demographic data. Some of the figures (such as current unemployment rates) will surely change in the coming weeks / months due to the effect of Covid-19 on the global and local economy. Florida is not just a sunny paradise…
Michael Shvo on the Bible, Batman and why NYC will bounce back
After seven months of due diligence, developer Michael Shvo bet on New York real estate emerging from the coronavirus pandemic last week — by making an offer to buy a building on Fifth Avenue. “What we’re facing now — we don’t know the end of this, but we know eventually there will be an end,” he said. With the global economy in limbo, Shvo spoke with The…
South Florida lenders and landlords battle new coronavirus reality
As businesses shutter across South Florida and unemployment skyrockets to record highs, landlords are facing a difficult dilemma: How to offer rent deferrals to tenants and at the same time pay their mortgages? Landlord Shane Neman said he has offered deferrals to commercial tenants, but claims two of his lenders have yet to give him final guidance on whether…
WeWork to miss 2020 targets because of coronavirus
WeWork says it won’t be hitting its targets this year because of the coronavirus. In a letter to bondholders, CEO Sandeep Mathrani and Executive Chairman Marcelo Claure wrote they no longer expect to meet their 2020 targets, Bloomberg reported. The co-working firm’s gloomy outlook came in a lengthy footnote to the letter. “We are in the process…”
Fed to mall and hotel owners: Drop dead
The central bank’s multi-trillion-dollar intervention to help companies facing a credit crunch leaves struggling malls, hotels and other properties out in the cold. Earlier this week the Federal Reserve announced it would launch an unprecedented program to buy up corporate bonds so companies hurt by the coronavirus pandemic will have money to borrow. But the…
House passes $2 trillion stimulus package
After a brief procedural hiccup, Congress’ $2 trillion economic stimulus package is on its way to the desk of President Trump. U.S. Representatives raced back to Washington on Friday to pass the coronavirus response measure by voice vote after Republican Rep. Thomas Massie threatened to hold up the bill by a…
Lennar scores $45M construction loan for Wynwood apartment project
A subsidiary of Lennar scored a $44.8 million construction loan for an apartment project on the former site of Wynwood Yard. The Miami-based company secured the loan from Santander Bank to construct the 11-story, 189-unit apartment… The property is at 48, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, i Wynwood…
In this COVID-19 social distancing policy compliant remote interview done by TRD’s Amir Korangy, Michael Shvo, CEO of SHVO, a real estate development company based in New York City with additional offices in London and Dubai, and highly active in Miami, discusses the implications of COVID-19 on commercial real estate and lifestyles overall. The core of…
Real estate investors will get $170B windfall from bailout package
Tucked inside the federal government’s massive economic rescue package is a $170 billion windfall for real estate investors. Washington’s $2 trillion bill is a provision that allows investors to write down the depreciation on properties beyond the previous limit of $500,000 a year, the New York Times reported. According to a draft congressional analysis, it’s the…
Stay home, folks: Miami-Dade joins Broward with safer at home order
Miami-Dade County Mayor Carlos Gimenez issued a safer at home order, urging residents and visitors to stay home, as officials try to contain the spread of Covid-19. The order comes hours after Broward County put out a similar one. In Miami-Dade and Broward, residents and visitors can only travel to essential businesses, including grocery stores and pharmacies.
Sergio Pino shuts down construction site near MIA after workers test positive for Covid-19
Sergio Pino and rendering of 850 LeJeune Developer Sergio Pino shut down his construction site near Miami International Airport after two workers tested positive for Covid-19. Pino’s Century Homebuilders Group informed its general contractors, Wechsler Construction and Conconcreto, to stop work on the 850 LeJeune mixed-use project this morning, Pino said.
Shoma nabs $18M construction loan for condos near Lincoln Road
Shoma Group closed on a construction loan for Ten30 South Beach, a condo project near Lincoln Road with units starting in the $400,000s. Shoma, led by CEO Masoud Shojaee, secured a $17.6 million loan from Acres Capital Corp., a New York-based balance sheet lender. The financing closed on Wednesday, amid the coronavirus pandemic. The developer launched…
South Florida developer Shoma Group announced today that they have closed on a $17.6 million construction loan for Ten30 South Beach. New York-based ACRES Capital Corp. served as the lender. “We are very proud to secure construction financing with ACRES Capital for Ten30 South Beach as we step closer to delivering this compelling project to Miami Beach…”
Centennial Bank Issues $33M for South Miami Student Housing
A South Miami student housing project rising near the University of Miami just got a $33.25 million boost. Developer Treo Group LLC secured the senior construction loan from Centennial Bank for VOX Miami, a transit-oriented development with student housing and a separate office building.
Centennial Southeast Florida division president J.C. de Ona and senior…
Virgin Trains USA’s Impact On SoFlo CRE
For developers, it’s all aboard. When it comes to commercial real estate, railroads have long been considered a development incubator. Capable of moving people and goods across all distances, rail is a big reason why East Coast cities boomed, why the west was won, and why Henry Flagler was able to attract tourists and developers to South Florida. Wherever a…
In this two part video series, Michael Roessle, Director of United States Office Analytics with CoStar, a leading provider of information, analytics and marketing services to the commercial property industry, appears on America’s Commercial Real Estate Show to talk about office property market performance. Among the topics discussed are absorption, growth…
Del Valle Brands Inks New 126,000-SF Industrial Lease In Medley
TRE represented the landlord, Seagis Property Group, in a new, long-term industrial lease totaling 125,976 square feet with Del Valle Brands at 8150 NW 76th Avenue in Medley. Del Valle Brands, a brand development and distribution company, will occupy the entire building. Transwestern’s South Florida industrial team comprised of Managing Director Thomas Kresse…
Massive stimulus package has limited upside for real estate
U.S. markets started Wednesday with a burst of optimism, as a $2 trillion stimulus deal had been reached between the White House and Congress. But as the day went on, the proposed legislation became mired in new disputes about unemployment benefits and assistance to corporations. In any case, this historic legislation — the largest stimulus package in U.S….