MG3 Group sells Florida charter school portfolio including Everglades Prep in Homestead for $242M
An Aventura-based charter school developer sold two South Florida campuses for $78.1 million, as part of a $242 million portfolio deal for eight schools throughout the state. MG3 Group, led by Marcelo Saiegh, Hernan Leonoff and Gustavo Bogomolni, sold the schools to nonprofit Educational Growth Fund, according to a press release. Fort Lauderdale…
Florida CRE Gets Long-Sought Tax Break On Commercial Leases
Florida is trading one state tax for another as Gov. Ron DeSantis has signed a bill implementing a 6% sales tax on products purchased from out-of-state, online-only retailers and reducing a tax rate on commercial leases from 5.5% to 2%, saving affected businesses about $1B. As the only state in the country that charges a tax on commercial leases, Florida’s Business…
Sentinel Real Estate Purchases Miami Beach Multifamily Portfolio for $96.6M
Sentinel Real Estate Corp. has purchased a 452-unit multifamily portfolio in Miami Beach for $96.6 million. The portfolio includes a total of 30 individual properties, 25 of which are located in the heart of South Beach, with the other five located in the submarket of Bay Harbor in north Miami Beach. Cushman & Wakefield represented the seller, Boardwalk…
OKO Group, Cain International Secure $128M Loan for Miami Tower
OKO Group and Cain International have received a $128.3 million construction loan from Bank OZK for the ongoing development of Una Residences, a 47-story luxury waterfront condominium tower in Miami’s South Brickell neighborhood. The developers broke ground on the high-rise in May 2020 and expect to complete the project in 2023. Terms of the…
CSteven A. Cohen’s Point72 Asset Management Inks Lease at Nuveen’s Brickell Tower
Point72 Asset Management, a hedge fund founded by billionaire Steven A. Cohen, is moving into 9,000 square feet of space at Nuveen Real Estate’s 701 Brickell in Miami. The firm will occupy part of the 33-story, 685,835-square-foot Class A tower, which is currently undergoing renovations. The deal comes on the heels of a lease that Point72 signed in January, where…
Software Focused Private Equity Firm Thoma Bravo Signs 36,500 SF Office Lease at 830 Brickell
Thoma Bravo, a private equity firm focused on the software sector, has signed a long-term lease at 830 Brickell, a 55-story, Class A office building in Miami’s Brickell district. The founder of Thoma Bravo, Orlando Bravo, relocated to Miami late last year, and partner Chip Virnig and other existing members of the Thoma Bravo team have already moved to the Miami…
Thoma Bravo Inks Lease at Future Miami Skyscraper
Thoma Bravo of Chicago has leased space in Miami’s biggest upcoming office project, as a wave of interest from financial and tech companies offers hope for the city’s struggling office market. The private equity firm has signed up for roughly 36,500 square feet on two floors at 830 Brickell, a 55-story skyscraper under development in the Brickell financial district.
Microsoft, Apple, ViacomCBS Hunt for Miami Office Space Heat Up
A trio of big name tenants — Microsoft, Apple and ViacomCBS — are making progress in their individual searches for Miami office space, with one of them getting into the finer details on a sizable lease, Commercial Observer has learned. Software giant Microsoft is still in active lease negotiations at OKO Group and Cain International’s 830 Brickell, and…
‘Perfect Storm’ Of Construction Cost Spikes Wreaking Havoc On Contractors, Developers
The cost of construction materials — things like lumber, steel, wood paneling, flooring and joint compound — has collectively risen close to 13% over the last year, the largest annual spike since 2008. The ripple effects for the real estate industry from such a sudden cost increase are vast: Projects are getting delayed and development timelines are lengthening…
Lawsuits, interrupted: Judges nix business pandemic insurance claims
GreenStreet Cafe’s lunchtime rush had just ended on a recent afternoon, but the clamor of dishes in the kitchen hadn’t ceased. Business has finally picked up at the popular eatery in Miami’s Coconut Grove, known for its red velvet outdoor couches, a place where athletes and artists have dined over the past 30 years. Still, owner Sylvano Bignon is heated. A judge in…
Bulgari’s plan to redevelop the Seagull Hotel Miami Beach is advancing, with aims to include adding two floors to the seven-story building, as well as expanding the ground floor. The Miami Beach Planning Board on Tuesday voted to recommend the city commission approve amendments to land use regulations that will allow the height increase and the…
Boston Properties to launch $2B joint venture for bet on office market
Boston Properties is making a $2 billion bet on the office market. Executives at the real estate investment trust announced during its first quarter earnings call that it will team up with two sovereign wealth funds to invest in office real estate. The investors, which the REIT said it would identify once the joint venture paperwork was finalized, will put in about…
Deutsche Bank eyes hybrid model while JPMorgan plans office return
More bad news for commercial landlords: Deutsche Bank is considering return-to-office plans that would make it one of the most flexible employers among large international banks. Under the proposal, employees would be able to work from home up to three days a week, Bloomberg News reported. The bank is also “moving to provide our employees some…”
Higher profits brewing for prolific retail tenant Starbucks
As Starbucks attempts to reel customers away from their home-brewing habits, the company says it expects higher profits this year. It’s a welcome sign for owners of retail space. As sales plummeted last year, Starbucks shuttered 400 stores across the country. But now the coffeehouse chain’s business is growing again. The company said Tuesday that global…
Ubiica, Maven plan multifamily project in Coral Gables
A new luxury multifamily project could be on tap for Coral Gables, which already is experiencing major redevelopment. Ubiica and Maven Real Estate completed their development site assemblage for the planned apartments. They bought the office building at 152 Almeria Avenue for $4.1 million, according to a press release. In 2019, the duo bought two lots at…
Bill targets discrimination in home and commercial appraisals
A new congressional bill seeks to root out racial discrimination in the residential and commercial real estate appraisal industry. The measure, sponsored by Reps. Emanuel Cleaver II and Ritchie Torres, would create an interagency task force to study factors that lead to disparities in property valuations and lay out specific steps to combat them. The task force…
Restaurants can apply for $29B in relief starting May 3
Help for restaurants promised by the federal $1.9 trillion coronavirus relief package is coming to fruition. On May 3, the Restaurant Revitalization Fund will begin accepting applications for $29 billion in grants, according to the Wall Street Journal. The money is only available to restaurants, bars and other food-service businesses. Restaurants have been some of the…
North Beach development site hits the market for $18M
A development site in North Beach hit the market for $17.5 million. The Gaeta family owns the 1-acre assemblage at 7410 Collins Avenue in Miami Beach. It includes a two-story building that is leased to CVS. The property is separated by a public alley. “Very rarely do you see an acre of land come to market on Miami Beach,” said listing agent Skyler Marinoff of Dwntwn…
Miami investor DiGasbarro completes Allapattah assemblage with $5M warehouse purchase
Roland DiGasbarro completed his assemblage in the produce district of Miami’s Allapattah, buying a warehouse for $5 million. DiGasbarro bought the building at 1221 Northwest 22nd Street, rounding off his industrial properties between Northwest 13th and 12th avenues along 22nd Street, according to Carlos Fausto Miranda of Fausto Commercial, who brokered…
With Gaming Poised To Expand In Florida, Top Developers Are On Opposite Sides Of The Issue
Florida Gov. Ron DeSantis on April 23 signed a compact with the Seminole Tribe of Florida. It would expand gaming in the state, guarantee the state $2.5B in revenue sharing in the next five years and $6B through 2030, and give the tribe the exclusive right to operate sports betting in the state through 2030. Critics have vowed to stop the plan, alleging it is…
Malls are back, say mall landlords
After a devastating year for malls, landlords say shoppers are heading back in droves. In March, foot traffic was up 86 percent at 50 shopping centers tracked by the data firm Placer.ai compared to the same month last year, according to the Wall Street Journal. But that was still 24 percent lower than it was in March 2019. Mall owners say sales are also improving as…
Coral Gables central business district healthy, adding on
Though last year was a tough one for the restaurant, retail and entertainment industries, occupancy is high in Downtown Coral Gables and the city, along with organizations like the Business Improvement District of Coral Gables, are focused on activation and 21st century marketing strategies. “We have seen our retailers and restaurants pivot…
Multi-use Wynwood project with hotel wins design OK
A plan to construct a building 12 stories high in Wynwood, bringing residential units, hotel rooms and an internal courtyard with commercial-retail uses, gained a positive vote from the Wynwood Design Review Committee… Developer Wynwood Gateway II LLC proposes to build The Collective Wynwood at 2825 NW Second Ave., providing 143 multi-family…
Miami International Airport gives 63 tenants another break
A year-old program forgiving rent and other payments by shops, restaurants, luggage wrappers and car rental companies at Miami International Airport (MIA) will continue past mid-2021 as business remains far below pre-pandemic levels. Miami-Dade commissioners last week extended the program for a fourth time for 63 MIA tenants, one…
Long-awaited downtown Flagler Street revamp days from starting
After many starts and stops and years of inaction and delay, the City of Miami is days away from mobilizing its latest plan for improving Flagler Street downtown. “We are mobilizing the first week of May. The first section is expected to take nine months and the entire project is about 30 months long,” Hector L. Badia, with the City of Miami’s Office of Capital…
Miami Beach Convention Center lineup grows
The Miami Beach Convention Center is arising from pandemic shutdowns with 20 events and counting lined up for the rest of 2021, including the annual meeting of The Aesthetic Society (American Society for Aesthetic Plastic Surgery), which kicks off Friday. Last summer the center’s nearly 500,000 square feet of exhibit space was a state-sponsored covid…
Interest, Not Deals, Fuel Miami’s Office Market
Headlines portray Miami’s office market as a pandemic boomtown. While cities like San Francisco and New York suffer, Florida’s Magic City is wielding low taxes and a pro-business mayor to attract high-profile signings, including private-equity behemoth Blackstone, sandwich franchise Subway, and venture capital heavyweights Founders Fund…
Coral Gables may extend outdoor dining breaks into 2022
Under Coral Gables’ incoming mayor Vince Lago’s administration, restaurants will be able to use outdoor vacant lots and parking lots beyond the June 15 extended expiration date. Coming in May, Mr. Lago said, he’s presenting three ordinances that would expand on the outdoor dining experience through January 2022. “It’s been very successful allowing…
WATCH: How the eviction ban is affecting landlords, renters
New York’s eviction moratorium has saved some from ruin, but threatens to cause it for others. The moratorium, which has stretched on for 13 months, isn’t the only of its kind: The Centers for Disease Control and Prevention announced its own national eviction moratorium last September which, like New York’s, has been repeatedly extended. And the state…
The Fed: Did the Pandemic Spur Urban Flight? A Look at the Eighth District
Recent research by economist Stephan Whitaker at the Cleveland Fed found little evidence of an “urban exodus” during the pandemic. Populations of urban neighborhoods declined across the U.S. in 2020. However, this decline was primarily due to a drop in the flow of people moving into urban areas—not a mass urban exodus. Whitaker found evidence of…
Seller of industrial property near MIA to Blackstone sues ex-partners for $5M
Blackstone’s $56 million purchase of an industrial property near Miami International Airport closed nearly two years ago, but the legal fight among the sellers is still brewing. Samuel Friedman alleges that he was shortchanged more than $5.1 million by the other three sellers of Airport Trade Center – Haim Yehezkel, Roy Mussaffi and Joseph Cohen. The…
Earnings up, stores down: Why successful retailers close locations
By the look of things, Best Buy had a great winter. Domestic revenue surged 11 percent in November, December and January to $15.4 billion. But in announcing the good news, the electronics retailer said it would lay off 5,000 full-time workers and ramp up store closings. In the crosshairs are 450 locations with leases expiring in the next three years. “There will be…”
The Innovators: Codina Partners
By 1979, Armando Codina had already pioneered the field of data processing for doctors’ offices when he founded Codina Group, which he grew into Florida’s largest privately held commercial real estate company. He later merged it with another to eventually be sold off to Fortress Investment Group. In 2009, he teamed up with his daughter…
American Landmark CEO Joe Lubeck Provides Updates On Florida Strategy, $2B Shopping Spree
When Bisnow checked in with American Landmark CEO Joe Lubeck last March, the coronavirus pandemic had just broken out and the stock market crashed 26%, but he was still calmly intent on deploying $2B in capital to buy up apartment complexes. “We had hoped to acquire a billion last year,” Lubeck said. “We ended up with about $700M. So we didn’t quite hit our…
Expanding his empire: David Grutman to take over The Forge in Miami Beach
In a deal that marks the end of a dynasty’s control, hospitality mogul David Grutman plans to take over The Forge in Miami Beach, The Real Deal has learned. Alvin Malnik opened The Forge in the 1950s, and the glitzy restaurant was known as a hangout for celebrities like the late Frank Sinatra and Elizabeth Taylor. The restaurant at 432 West 41st Street…
Stimulus payments, the vaccine rollout, low inventory of homes for sale and the recovering economy likely contributed to landlords accelerating the pace of rent increases last month. (iStock) The pandemic did not stop rents from increasing, but it steadily slowed that increase to almost nothing. However, the trend ended last month, according to a new report. In…
Concurrent Group LLC, a telecommunications and power delivery contractor, leased 8.4 acres in the Gratigny Industrial Park at 3705 Northwest 123rd Street in Opa-locka. The yard can fit nearly 200 trailers. Edward Easton of The Easton Group represented Concurrent Group. Brian Smith at JLL and Bob Comunale of Industrial Group…
For Data Centers, Opportunity Lies In Florida
The number of people who move into Florida each year is about equal to the population of Orlando, said Landmark Dividend Senior Vice President and Chief Technology Officer John Regan, speaking on a Bisnow webinar about South Florida data centers on April 22. Most of those roughly 500,000 new residents use computers and smartphones. “If every one of them…”
Dev site with retail-office building in Wynwood Norte hits market for $25M
A development site with a fully leased retail-office building in Miami’s newly anointed Wynwood Norte district hit the market for $24.5 million. An investment partnership led by Cymbal Development is selling the 1.4 acres at 3452 and 3466 North Miami Avenue, 20 and 34 Northwest 35th Street, and 28 and 29 Northwest 34th Terrace, according to a release. Property…
Commissioners give green light to 36-story tower in the Miami Design District
Despite protests from a competing developer, Dacra and its partners are a step closer to finalizing zoning changes that would allow them to build a 36-story tower in the Miami Design District. The Miami City Commission voted 5-0 on Thursday to preliminarily approve a slate of changes in the Miami Design District special area plan, or SAP. They include increasing the…
Building owners crucial to Biden’s climate goals
If President Joe Biden is to slash the country’s greenhouse gas emissions in half by 2030, he will need a lot of help from residential and commercial buildings owners. The president announced the goal, which is based on 2005 emission rates, Thursday during a global climate summit. The new target greatly accelerates the Obama administration’s reduction target of…
Northbridge sells Aldi-anchored shopping center in West Kendall for $22M
Northbridge Investment Management sold the Aldi-anchored Kendall Pointe shopping center in West Kendall for $22.4 million. A deed shows the Toronto-based investment firm sold the property at 16508 and 16514 Southwest 88th Street to Arlington Mass, which is tied to Miami-based self-storage provider A+ Storage. The buyer took out an $11.4 million loan…
Optimizing the office: How flex workspaces will bring tenants back
Companies have accepted that work-from-home is here to stay. Commercial landlords need to stay relevant. Enter the flexible office. TRD Brand Studio will host its first virtual event, Optimizing the office: How flexible workspaces will bring back office tenants, on Tuesday, May 4 at 2 p.m. EST. This live event will feature executives from Essensys, IWG, Industrious…
Ocean Terrace developers to pay $3M to settle lawsuit with Miami Beach
Miami Beach squeezed a $3 million payment from the developers of Ocean Terrace to end a dispute over floor-to-area ratio calculations for the North Beach mixed-use project. Miami Beach city commissioners on Wednesday approved a settlement agreement with Ocean Terrace Holdings that squashes a lawsuit the developers filed against Miami Beach in…
Fifteen Group sells off last piece of Homestead townhome portfolio for $101M
Fifteen Group sold the last piece of its Homestead townhome portfolio for $101 million. The Miami-based investment firm, led by brothers Mark and Ian Sanders, sold 157 units to an undisclosed bulk buyer, according to a release. Late last year, Fifteen Group sold the 292-unit Seascape Pointe community, within the assemblage, to Mast Capital. Fifteen Group…
Exeter Property Group buys Miami Gardens industrial property for $14M
Exeter Property Group bought a Miami Gardens industrial building occupied by RC Home Showcase for $13.5 million. The Conshohocken, Pennsylvania-based commercial real estate investor, developer and manager purchased the property at 16115 Northwest 52nd Avenue from K2 Aluminum in an off-market deal, according to broker Jonathan Salk…
MMG’s Retail Real Estate Leases – Q1 2021
The South Florida retail market is witnessing quite a bit of activity despite the influence and presence of the pandemic, and it seems it is turning the page. There are several factors for this, but two primary reasons are: 1) Florida is back in business and much more open than other states, and 2) people…
Neology Debuts Allapattah Multifamily, No. 17 Residences
Neology Life Development Group has opened its first ground-up residential project in Miami’s Allapattah neighborhood. The No. 17 Residences Allapattah has also pre-leased 50 percent of its units and will see residents move in this month, according to Neology. The luxury community offers 192 units in studio, one-, two- and three-bedroom floorplans that range…
There’s “lots of runway in real estate”: Blackstone’s Jon Gray
Blackstone Group’s president and COO Jon Gray thinks higher inflation is on the way, and he thinks risky real estate investments could be the anecdote for investors. “What we’re trying to do is position ourselves for things that look and feel [the] least bond-like as much as possible,” Gray said Thursday during the investment giant’s first-quarter earnings call. Gray said safe…
Last call? Miami Beach proposal would ban future standalone and rooftop bars on Ocean Drive
Miami Beach’s strategy for killing the rowdy, at times violent, party atmosphere on Ocean Drive and nearby Collins Avenue involves curtailing development of future standalone and rooftop bars. The Miami Beach City Commission on Wednesday gave preliminary approval to a slate of commercial changes aimed at revamping the Art Deco Historic District…
Biden administration considers Opportunity Zone overhaul
A Trump-era tax incentive was meant to drive investment into parts of the country that were struggling economically. Spoiler alert: It didn’t, and President Joe Biden’s administration is weighing what it wants to do about the program. For a recently released study on the program, researchers at the University of California, Berkeley, looked at 2019 investment figures…
Tricera Capital, LNDMRK Acquire Cube Wynwd Office Building in Miami for $28M
Tricera Capital, a Miami-based real estate investment firm, and LNDMRK Development have acquired Cube Wynwd, a newly constructed office building with ground-floor retail space in Miami’s Wynwood neighborhood. RedSky Capital sold the property to the buyers for $28 million. Scott Wadler and Michael Basinski of Berkadia arranged the $27.5 million loan for…
Prestige scores $21M construction loan for three Hialeah workforce housing complexes
Prestige Companies is continuing its multifamily development spree in Hialeah, as it just scored a $21 million… loan for three workforce housing complexes. The Miami Lakes-based developer will start building Palm Avenue Lofts at 1201 Palm Avenue; Champions Lofts at 40 West 23 Street and 2290 Palm Avenue; and Poe’s Lofts at 7901 West Fourth Avenue…
Downtown Delray Beach retail building sells for $12M
A retail property along Atlantic Avenue in downtown Delray Beach sold for $11.5 million, delivering a windfall for the family that owned it for more than 40 years. The Cook family of Delray Beach, through an affiliate, sold the building at 325 East Atlantic Avenue to an entity managed by Steven Cohen of Delray Beach, records show. The buyer, 325 East Atlantic…
Mindful Capital buys Deerfield Beach industrial complex for $6 million
Mindful Capital Group bought a Deerfield Beach industrial property for $6 million. Delray Beach-based Mindful Capital, through an affiliate, bought the four-building complex at 830 Northeast 41st Court from Lotus Commerce Center, according to a deed. The 43,500-square-foot complex was built in 1991 on 4 acres, records show. The seller, managed by attorney…
Nuveen buys Coconut Creek multifamily complex for $47 million
An affiliate of global investment manager Nuveen bought a Coconut Creek multifamily complex for $46.5 million. CVIII Waterview Apt Holdings bought the 192-unit Waterview at 3621 Hillsboro Boulevard from Coral Gables-based Bar Invest Group, according to a deed. The buyer has the same New York address as Nuveen and lists several…