Enrique Manhard, Miami’s great land gambler
Enrique Manhard, whose past bets on clothing stores turned him into a fashion mogul, is wagering on another lucrative industry: Miami real estate. Manhard and his partners have purchased 27 lots in the city since 2017. They join other tycoons who have built empires across industries such as professional sports or spirits brands but are now gambling on land…
Building Boom in Miami’s Brickell Bucks National Bust
Boston-based Rockpoint and Montreal-based Ivanhoe Cambridge have sold Mary Brickell Village, a Publix-anchored mixed-use property in Miami’s Brickell district. RPT Realty purchased the 200,503-square-foot development for $216 million. Danny Finkle, Chris Angelone, Matthew Lawton, Eric Williams and Kim Flores of JLL represented the sellers in the transaction.
Mapping out Ken Griffin’s Miami shopping spree
1201 Brickell Bay Drive, Citadel’s Ken Griffin and 830 Brickell office tower in Miami: Ken Griffin has a history of making bets and breaking records. The billionaire hedge funder began investing in college at Harvard ahead of his 1989 graduation. Those early bets paid off for him and his alma mater. He returned in 2014 with a $150 million donation to the university, which…
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Good luck getting a table. Rao’s, a classic New York City restaurant known as much for its exclusivity as its red-sauce fare, is planting a flag in Miami Beach. The Italian eatery, owned by the Pellegrino family, is expected to open at the Loews Miami Beach Hotel early next year, sources confirmed to The Real Deal. It will take the ground-floor space occupied by Lure…
Longpoint picks up Hialeah shopping center for $43M
A Boston-based private equity firm is continuing its shopping spree for grocery-anchored retail properties in South Florida. Longpoint Realty Partners has acquired El Paraiso, a two-building shopping center at 1700 and 1800 West 68th Street in Hialeah, for $43.2 million, or about $317 a square foot, in an off-market deal, the…
“We took action and moved fast”: Damac boss on Surfside plan, US expansion
Hussain Sajwani had been trying to break into U.S. real estate for years. The Emirati billionaire’s Dubai-based development firm, Damac Properties, looked at New York properties prior to the pandemic, hoping to land a prime site near Central Park, but had no luck. So when the Surfside site became available less than two months after the condominium…
LeFrak, Soffer kick off leasing at SoLé Mia rental
Richard LeFrak and Jackie Soffer have begun leasing the third multifamily development at their massive SoLé Mia mixed-use project in North Miami. Known as Villa Laguna, the 190-unit rental building sits on 2.3 acres at 2200 Sole Mia Square Lane, overlooking a 7-acre artificial lagoon intended to evoke “Caribbean waters…”
Coral Gables mobility hub slowed as costs rise
Challenging market conditions continue to hinder the construction start date for the Coral Gables Mobility Hub. Due to current market conditions, construction costs have increased substantially and many materials are in short supply, so city staff determined it was best to wait to begin construction, said City Manager Peter J. Iglesias. Groundbreaking…
Miami taxes stay flat, but bills may rise
The proposed overall millage rate in the City of Miami, used to calculate property tax bills, will remain unchanged for the fiscal year that begins Oct. 1. The city commission on July 28 set the proposed overall millage rate for fiscal year 2022-2023 at 7.99 mills. It includes general operating millage of 7.6665, and debt service of 0.3235, reflecting no adjustments from…
Miami and Freedom Park developers hammer out deal’s benefits
Miami Freedom Park is one step closer to becoming a reality. At its last meeting, the Miami City Commission approved on first reading two planning and zoning requests related to Miami Freedom Park, the planned home for David Beckham’s Inter Miami CF soccer team. The vote was 4 to 1, with Commissioner Manolo Reyes casting the lone no vote. In April…
Property insurance turmoil meets climate change threats
More than half the homeowners in the South expect their home to be damaged by climate change-related weather in the next 30 years just as property insurance turmoil and insecurity hit hundreds of thousands of homeowners in Florida who are either losing their policies or paying a lot more in premiums with insurers at risk of downgrading. Florida is…
W. A. Spencer Morris: Heading multiple developments locally and across Sunbelt
W.A. Spencer Morris recently became president of The Allen Morris Company, one of the largest real estate firms in Florida and in the Southeast. He is now responsible for overseeing the investment portfolio and projects under development. The company currently has $2.5 billion in its development pipeline, 718,000 square feet in office space…
Azora Exan Acquires Miami-Area Office Asset
Miami-based real estate fund manager Azora Exan has finalized its $37 million buy of 429 Lennox Ave., a 43,500-square-foot office building in Miami Beach, Fla. The sale was subject to a $19 million loan from Abanca Corporacion Bancaria, according to CommercialEdge data. JLL Capital Markets represented the seller, Goddard Investment Group, and procured…
Judge rules Surfside condo owners off the hook for $800K tax bill
Unit owners of the collapsed Surfside condo are no longer on the hook for their 2022 property tax bills. Judge Michael Hanzman, who has been overseeing the collapse litigation, ordered that the unit owners’ property tax bill this year be paid out of the proceeds from the $120 million sale of the property in July. The 136 owners of the collapsed Champlain…
Lawsuit settled, closings underway at Trump Group’s delayed Sunny Isles tower
The Estates at Acqualina’s south tower has finally been completed. The Trump Group also settled litigation with the project’s general contractor, marking a major step forward for the long-planned luxury condo development. Eighty five closings have been recorded with Miami-Dade County for the 154-unit, 49-story south building at the two-tower…
Medley industrial site trades for 4x its 2017 price
A warehouse boom is taking shape in Medley, where a 4-acre industrial site just sold for more than four-times what it last traded for five years ago. An affiliate of Maryland-based Realterm Logistics paid $15 million for two properties at 9455 Northwest 104th Street in the western Miami-Dade town, records show. The lots include two 6,500…
Blackstone sells five South Florida budget hotels for $61M
Blackstone sold off a quintet of budget hotels in South Florida for $61 million as part of an eight-property portfolio deal in the Sunshine State. Affiliates of Georgia-based Global Hotel Group bought three Motel 6 properties in Cutler Bay, Dania Beach and Fort Lauderdale, as well as two Studio 6 extended-stay hotels in Coral Springs and West Palm Beach…
Facing High Inflation, Commercial Real Estate Investors Reevaluate Their Strategies
In a market slammed by the greatest inflation in more than 40 years, as well as the economic consequences following Russia’s invasion of Ukraine, real estate investors appear to be rethinking what they’re purchasing. At least for the time being, income from occupancy is preferred versus risk. The sales statistics for last quarter revealed a significant reevaluation…
Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
Billionaire hedge funder Ken Griffin is continuing his Brickell shopping binge, scooping up properties across the street from the development site his Citadel bought this spring. In the latest deal, an entity led by Citadel COO Gerald Beeson bought the three-story, 12-unit apartment building at 1250 Brickell Bay Drive and… at 1260 Brickell Bay Drive for $20 million, a…
Federal Realty buys Pembroke Pines shopping plaza for $180.5M
Federal Realty Investment Trust is jumping on the South Florida shopping center bandwagon, acquiring a Pembroke Pines retail plaza for $180.5 million. An affiliate of the Rockville, Maryland-based real estate investment trust bought Shops at Pembroke Gardens at 527 Southwest 145th Terrace at a $7.5 million discount from the previous sale…
Who wants Cookies? National cannabis firm opening dispensary in Westchester
From left: TRP’s President Daniel Firtel, MV Real Estate Holdings’ Alex Mantecon, and TRP’s Brandon Johnson with 8303 SW 40th Street: One of the nation’s most popular cannabis brands is setting up its first Florida pot shop in Westchester, an unincorporated neighborhood in Miami-Dade County. Cookies, a San Francisco-based marijuana firm co-founded by rapper…
Here are the resi projects planned for Bay Harbor Islands
Developers are zeroing in on Bay Harbor Islands, planning almost a dozen projects with nearly 400 condos and apartments. An analysis by The Real Deal found that developers have pumped nearly $150 million into land purchases in the waterfront town since May of last year. Here are some of the residential projects planned for Bay Harbor Islands: Ugo Colombo’s…
Brick & Timber to buy Cube Wynwd office building for $60M
Brick & Timber’s Jesse Feldman and Glenn Gilmore, Tricera Capital’s Ben Mandell, and Lndmrk Development’s Alex Karakhanian with Cube Wynwd: Brick & Timber Collective plans to purchase its second Wynwood office building, The Real Deal has learned. Glenn Gilmore’s Brick & Timber put Cube Wynwd at 222 Northwest 24th Street under contract for over $60…
“We’re in the eye of the hurricane”: Sternlicht eyes growth in economic turmoil
Against soaring inflation and interest rates, a global economic slowdown and trillions of dollars wiped from the stock and crypto markets, billionaire Barry Sternlicht believes real estate has “held up well” this year. But despite an upbeat second-quarter earnings report, the chairman and CEO of Starwood Property Trust and Starwood Capital Group said he is…
Seritage flips Hialeah shopping center for $28M, banking $6M profit in hours
From left: RK Centers principal Ranaan Katz and Seritage CEO Andrea Olshan in front of the shopping center at 1460 West 49th Street in Hialeah: Seritage Growth Properties made a $6 million profit in a single day by quickly flipping a Hialeah shopping plaza to RK Centers. A Seritage affiliate bought Westland Gateway Plaza at 1460 West 49th Street for $22.1 million…
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Related Group wants to build a 167-unit, mixed-income apartment project in Miami’s Little Havana neighborhood. The developer, led by Jorge Pérez and Jon Paul Pérez, proposes a 12-story building at 450 Southwest Fifth Street and 445 Southwest Sixth Street, according to plans filed to Miami-Dade County late last month. The…
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
A home in north Coconut Grove sparked a bidding war, even though the house wasn’t built yet. One buyer was paying all cash, and the other was financing his purchase. The seller, a spec home builder, saw an opportunity. The builder raised the price to $4.9 million from $3.8 million, said the listing agent, Compass’ Liz Hogan. The all-cash buyer then…
Chart Reflects Dearth of Industrial for Sale in Miami-Dade
About any active commercial broker in Miami-Dade will tell you that there is all kinds of demand for industrial property, but none to buy. I can personally attest to this. This chart of properties noted as “industrial” in the Miami-Dade MLS and with an asking price of $1 to 5 million (mid-market industrial) illustrates this. The number of such active listings has only…
Aimco completes $100M Flagler Village dev assemblage with latest $16M deal
Aimco added the final piece to its Flagler Village development site where the company plans a major mixed-use project. Denver-based Aimco bought 1.4 acres of land on the southwest corner of Northeast Ninth Street and Northeast Fifth Avenue in downtown Fort Lauderdale for $16 million, according to a deed. An affiliate of Miami Heat co-owner…
Estate Cos. lands $93M construction loan for Lauderhill apartments
Robert Suris’ Estate Cos. has triggered construction of a 529-unit apartment complex in Lauderhill thanks to $93.2 million in financing from Synovus Bank. Known as Soleste Westgate, the seven-building complex will rise six stories on the site of a former Target store at 5451-5575 North University Drive and 7730 West Commercial Boulevard. The South Miami-based…
Related Fund Management, CP flip portion of Las Olas Square
501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake: Less than five months after scooping up the Las Olas Square office and retail complex, Related Fund Management and CP Group flipped a portion of the property. Macquarie Group, based in…
BlackRock lands in West Palm Beach
Investment management behemoth BlackRock is heading to downtown West Palm Beach, marking a continuation of New York financial firms’ migration to South Florida. Larry Fink’s company subleased 5,000 square feet at the 360 Rosemary building, which was developed by Stephen Ross’ Related Companies, The Wall Street Journal…