Neology Tops Off $100M Luxury Tower in Miami’s Allapattah Neighborhood
Development Group Neology Life Development Group has topped off The Julia, a 323-unit luxury multifamily tower in Miami. Designs were provided by Behar Font Architects, and JAXI Builders serves as general contractor. Completion is scheduled for February 2024. Lissette Calderon led Neology broke ground on the $100 million project in 2021, financing its construction…
Citadel, Sterling Bay part ways on planned $1B waterfront Miami tower
Billionaire Ken Griffin’s hedge fund Citadel cut ties with Chicago developer Sterling Bay to build its new headquarters in Miami. Citadel, which moved to Miami from Chicago, where it still has a large presence, is no longer working with Chicago-based Sterling Bay to build its planned $1 billion tower on Miami’s Biscayne Bay, Crain’s Chicago reported. Instead, Griffin’s firm will handle…
Citadel Breaks Off Partnership With Sterling Bay For Planned Miami HQ
When hedge fund giant Citadel announced plans last summer to move its headquarters from Chicago to a new skyscraper in Miami, it tapped one of its longtime Chicago corporate neighbors to build it. But that partnership is now off. While Citadel and Citadel Securities are still planning to move into a $1B new development in the coming years, Sterling Bay will no longer be involved…
Redwood scores $24M construction loan for Opa-locka rental project
Redwood Dev Co scored a $24 million construction loan for an Opa-locka multifamily complex. The deal marks the developer’s continued bet on the city and on apartment demand from South Florida’s middle class. The five-story, 98-unit Mosaic Apartments, under construction at 13800 Northwest 22nd Avenue, isn’t formally workforce or affordable housing, as it doesn’t…
Sabal sells waterfront apartment building in Miami Beach’s Normandy Isle
Sabal Development sold a recently completed apartment building on Miami Beach’s waterfront… entity managed by Jason and Amanda D’Herin.. couple who own a facility management company in Detroit, paid $13.5 million for the five-story boutique building at 1930 Bay Drive in Normandy Isle… In 2015, the Sabal entity paid $1.9 million for the property, and completed the four-unit…
Dolce & Gabbana to brand Michael Stern’s condo tower in Miami
Dolce & Gabbana is partnering with developer Michael Stern to brand a condo tower in Miami. The Italian designer is the latest fashion house to work with a developer on branded condos in South Florida, as it expands into real estate worldwide. Dolce & Gabbana announced this week it planned two residential… including one in Miami with Stern’s JDS Development Group…
Sales of Three Walgreens-Occupied Properties – One in Metro Miami – Totaling $22.6M Arranged
Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens. Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based…
Carlos Rodriguez: $1 billion in hospitality assets on new syndication model
Carlos Rodriguez is founder, CEO and chairman of Driftwood Capital, a hospitality investment firm that has provided the foundation for development of hotels in South Florida and across the US, with more than $5 billion in hospitality assets in its portfolio. Its real estate syndication model, launched in 2015, was proven a lifesaver during the pandemic. His goal is now to continue…
EB-5 investors allege ex-developers of Miami immigration property diverted $70M
The failed redevelopment of the former U.S. immigration building in Miami’s Upper Eastside sparked another lawsuit… for allegedly misappropriating more than $50 million. Chun Liu… filed the March 16 complaint…against Fu Jing “Leo” Wu and Wai Kin “Benny” Lam. Wu and Lam… entity that owns… 7880 Biscayne Boulevard. Liu… seeking a court… 8500 Biscayne Boulevard, the new lawsuit…
Sunstone Hotel Investors scores approval for 339-Key Confidante Miami Beach revamp
Sunstone Hotel Investors can move forward with a planned $60 million revamp of the oceanfront Confidante Miami Beach. The Miami Beach Historic Preservation Board on Tuesday unanimously approved the Irvine, California-based real estate investment firm’s proposed renovation of the Art Deco hotel. Last year, Sunstone paid $232 million for the 339-key hotel, records show.
Notable Retail Leases Signed in South Florida Q1 2023
We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida in the beginning of 2023 and throughout 2021. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail…
Coming of age: Distress player Fuse enters the development arena
The South Florida real estate party that began two years ago is over. High interest rates, coupled with exorbitant insurance and construction costs, have halted the investment and development bonanza, and left some projects exposed to distress. But for Fuse Group Investment Companies, the real estate party is only getting started. Beginning in the third quarter, the firm…
French investors buy MiMo motel Biscayne Inn, Blue Collar restaurant
A French… family bought a long-closed motel in the MiMo Biscayne Boulevard Historic District, with ground-floor commercial space that is home to Blue Collar restaurant. Eric Shea… sold the 52-key Biscayne Inn at 6730 Biscayne Boulevard… The buyers… Armand and Ledicia Amsellem… sons Eric and Stephane Amsellem… daughter Sylvie Amsellem-Mouyal… her husband, Eric Mouyal — paid…
Locally based developer Pinnacle has obtained $72.3 million in construction financing for an affordable housing development located in Miami’s Princeton neighborhood. The 215-unit community, called Pinnacle at Tropical Pointe, will be located at 25155 S.W. 136th Ave. in an unincorporated area of Miami-Dade County. Bank of America, Citibank, Miami-Dade County, Miami-Dade…
Lender sells Wynwood dev site for $26M a year after foreclosure
Lender Gamma Real Estate sold a Wynwood development site for $26 million, marking a new chapter for the 1-acre assemblage that went through a foreclosure last year. New York-based Gamma, led by the Kalikow family, sold the properties at 2825 Northwest Second Avenue, 169 and 179 Northwest 28th Street, and 166 and 172 Northwest 29th Street, according to records. The buyer is…
Lease roundup: Hollo family, Asana score tenants
The Hollo family’s Florida East Coast Realty signed four tenants at its 1101 Brickell office towers for a combined 12,000 square feet. The British Consulate General will move its Miami office into a 7,300-square-foot penthouse at 1101 Brickell Avenue in Miami, according to Florida East Coast representatives. The consulate, now at 1001 Brickell Bay Drive, will move later this year.
RFR and Tricap settle legal battle over W South Beach
Aby Rosen’s RFR and David Edelstein’s Tricap reached a truce in their dogfight over the W South Beach, The Real Deal has learned. The New York-based firms dismissed dueling lawsuits accusing each other of trying to sabotage negotiations over control of the condo-hotel at 2201 Collins Avenue in Miami Beach, according to court filings in New York Supreme Court and…
Soaring Insurance Costs Could ‘Paralyze’ CRE, So Investors Are Calling For Reform
The price of commercial property insurance has risen so dramatically in the last two years that it has reached a crisis point, real estate players, who are calling for lending reform and government support to alleviate the pressure it is putting on the market, say. “Something’s got to give or it’s just going to paralyze the industry,” said Kevin Keane, the chief operating officer at Bainbridge…
Great investment potential in industrial warehouses in key areas in Miami
The South Florida industrial market has been one of the best performing sectors in commercial real estate. This is attributed to Miami’s robust economy, increased tourism, new businesses relocating to Florida, and the growth of e-commerce. The demand for industrial warehouses has exceeded the supply. Even with the new properties under construction, there are still not enough…
Inside the Mind of Miami’s Retail Visionary; Terranova President Mindy McIlroy
As we celebrate Women’s History Month, Commercial Property Executive is highlighting the inspirational accomplishments of a wide range of female leaders. Mindy McIlroy is a visionary in the restaurant and retail sector, currently serving as the president of Coral Gables, Fla.-based Terranova Corp. With a keen eye for spotting trends and passion for creating unique experiences…
Stripe report: Miami among top hubs for new startups
Move over, Austin. Miami is officially a prime location for new startups. The Miami-area ranks No. 4 in an analysis of U.S. startups hubs, according to Stripe, a financial services platform headquartered in San Francisco and Dublin, Ireland. The region came in behind the San Francisco Bay Area, New York City and Los Angeles and ahead of Austin, Texas. Stripe reports Miami has gained…
CRE Values Keep Sliding Nationally, Down 15% From Last Year
Commercial real estate property prices are down sharply compared with a year ago, according to Green Street, with its commercial property price index down 15.2% from March 2022. The index is off 0.2% compared with February 2023. Some property types have been hit harder than others year-over-year, but according to Green Street, all property types have lost some…
Video: Carl Whitaker with RealPage Analytics Discusses Multifamily Performance 2023
Carl Whitaker, Director of Research and Analysis with RealPage Analytics, joins host Michael Bull to share market performance, investment strategies, and forecasts for United States domiciled apartments / multifamily properties. Among the topics discussed are apartment rent and occupancy updates, new multifamily supply levels as compared to corresponding demand, and opportunities…
What Does History Reveal about Reducing the National Debt Burden?
The U.S. has once again reached its debt ceiling in the first month of 2023, a limit that Congress last set at $31.4 trillion in 2021. If no action is taken, the Congressional Budget Office estimates that the U.S. could potentially face yet another debt-ceiling crisis sometime between July 1 and Sept. 30. The current debate surrounding the national debt limit is not a new one. In fact…
Commercial-Property Debt Not Just a Small Bank Story
Recent industry chatter suggests that smaller banks are behind 70% of all commercial-real-estate lending in the U.S. Such exposure would have worrying implications for commercial real estate’s performance as these financial institutions face new challenges. That figure, however, is likely a misread of Federal Reserve data showing smaller banks are behind roughly 70% of the existing…
Fixing the Hated Open-Design Office
In 1967 chemical company DuPont gutted a floor of an office building in Delaware and rebuilt it. The firm put almost everyone into one big room with low partitions. In one corner, they provided a lounge with armchairs and Eero Saarinen end tables. This was the first major corporate adaptation of an “open-plan” office in the U.S., following the latest thinking by German architectural…
Azor-Led Partnership Breaks Ground on Wawa Gas Station in Plantation
A partnership led by South Florida-based shopping center owner and developer Azor Advisory Services has begun construction on a Wawa gas station and convenience store located in Plantation, roughly 30 miles north of Miami. The partnership, which is doing business as FLA BPI LLC, broke ground on the project April 4. Located at 100 South Pine Island Road, the property…
Brookdale Group Pays $38M for Plantation Office Asset
The Brookdale Group has acquired Cornerstone Corporate Center I, a 170,172-square-foot, Class A office building in Plantation, Fla. Public records show that the asset changed hands for $37.9 million. JLL Capital Markets brokered the deal on behalf of the seller, AFL-CIO Building Investment Trust, advised by PNC Realty Investors, and also procured the buyer. According to…
BH Group, PEBB Buy Boca Raton HQ for $104M
The ODP Corp. has sold its 639,830-square-foot headquarters in Boca Raton, Fla., for roughly $104 million. BH Group and PEBB Enterprises acquired the asset in a partial sale-leaseback deal: The parent company of Office Depot and OfficeMax will maintain its headquarters in a portion of the building, totaling some 285,000 square feet, for at least two years. CommercialEdge information…
Pebb, BH buy Boca Raton’s Office Depot HQ for $104M
Pebb Enterprises and BH Group picked up a national retailer’s headquarters, in the first office deal to break $100 million in South Florida this year. The joint venture paid $104 million for the Office Depot campus at 6600 North Military Trail in Boca Raton in an off-market transaction, BH principal Isaac Toledano told The Real Deal via email. Toledano said Pebb and BH obtained…