Aug 23, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News August 23, 2017: Waterford at Blue Lagoon Sells; Reis Update on Industrial Properties; More…

California firm pays $5.6 million for building in Miami Beach, plans co-working space

A Hollywood, California real estate firm just paid $5.6 million for an office building on 41st Street in Miami Beach where it plans to launch a co-working space. Property records show 820 AGR LLC, a company controlled by investor and developer Michael Simkins, sold the Mid-Beach building at 820 Arthur Godfrey Road to Sandhouse MB LLC, an affiliate of RLG Properties, a brokerage and developer led…

Video: Reis Chief Economist & VP of Research Victor Calanog Presents Q2 2017 Industrial Sector Trends

Reis Chief Economist and Vice President of Research Victor Calanog provides the Reis assessment of Q2 2017 Industrial Sector trends. Highlights include: Industrial fundamentals were on a tear during Q2 2017; National vacancies for warehouse distribution sub-sector were 9.7%, down 20 basis points for the quarter and 60 basis points for the year; Flex sub-sector vacancies were 10.5%, slightly higher than…

TA Realty sells Waterford at Blue Lagoon building to NY firm for $11 million

TA Realty just sold an office building at the Waterford at Blue Lagoon office park in Miami for $10.55 million, property records show. The buyer is Blue Lagoon Investments LLC, an Islip, New York-based entity controlled by Doug Davis. The four-story, 57,565-square-foot office building at 5835 Blue Lagoon Drive traded for about $180 per square foot. Records show the Boston-based asset manager sold…

Brickell tunnel under the Miami River gets a unanimous OK

The push to bore a tunnel underneath the Miami River got a boost when the Transportation Planning Organization (TPO)’s Transportation and Mobility Committee voted unanimously last week to add the tunnel to a 2040 long-range transportation plan. The committee also voted to urge the Florida Department of Transportation to fund and order a study that is required before the county can apply for state…

Treasury Department finally adds teeth to LLC disclosure rule

The Treasury Department closed a gaping loophole in its effort to crack down on money laundering in real estate on Tuesday, extending its LLC disclosure rules to deals that involve wire transfers. In a revised geographic targeting order (GTO), Treasury officials said wire transfers would now be subject to regulations that require title insurance companies to disclose the identity of buyers who purchase…

Why Developers Are Bullish On Aventura

With so much development ramping up in newly hot areas of Miami like Brickell and Little Haiti, it might be easy to forget about the seemingly built-out Aventura. But developers have not. Courtesy of CK Prive Group A rendering of Forum Aventura’s proposed rooftop lounge. The Aventura Mall is adding a 315K SF expansion. Esplanade Aventura, a 215K SF retail/restaurant/entertainment project will…

Planned mooring field threatens Miami Marine Stadium

A mooring field planned for the historic basin of Virginia Key threatens future uses of a restored Miami Marine Stadium. Miami’s mayor, commissioners, manager and others were notified Friday of a Virginia Key Advisory Board resolution opposing the city’s mooring field project. Advisory board members were concerned after learning the city continued to pursue wet slip moorings there at a time the…

CenterPoint Acquires Largest Warehouse In Miami-Dade County

Industrial property management company, CenterPoint Properties, has acquired a 961,000-square foot facility (birdseye) located at 3300 NW 123rd Street in Miami. “This is CenterPoint’s second large investment in the dynamic and growing Miami market in the last six months,” PJ Charlton, senior vice president of investments at CenterPoint, said in a statement. “We are excited to acquire a highly…

Development brings next leg of Miami River Greenway

Work on a major mixed-use residential and commercial development on the Miami River has begun, which brings with it another 1,500 feet of public riverwalk – the latest piece in the growing Miami River Greenway. Site work at 1480 NW North River Drive for the River Landing Shops and Residences project coincides with the start of construction on another portion of the greenway, along Northwest…

What is Title Insurance and Do You Need It?

You have been home shopping for months.  You have performed thousands of internet searches hunting for your dream home.  You have looked at hundreds of homes in person.  You even submitted several offers to purchase some homes.  But you have finally settled in on the purchase of your dream home.  Now you are staring at your closings costs.  And one of the costs you have to pay is for title…

Next act at Coconut Grove Playhouse may be city garage

While neighbors keep campaigning to save the old Coconut Grove Playhouse from the wrecking ball, officials with the Miami Parking Authority are moving ahead with plans for a municipal garage for the theater site. The Miami City Commission has put off a decision on partial demolition of the large theater, a fact reported to the city’s Off-Street Parking Board Aug. 2 by authority CEO Art Noriega.

Miami rents have declined in many popular neighborhoods

Especially in South Beach Miami rents are dipping across many popular neighborhoods, according to the latest report by Zumper. While rent in the city itself still remains expensive—the median one-bedroom apartment price of $1800 ranks 9th in the country—a year-over-year decrease is noticeable in coveted core areas like Brickell (-2.3%), Downtown (-6%), and Edgewater (-8%), but the reductions are..

Florida’s industrial markets see increase in spec construction: report

Industrial markets throughout Florida are experiencing a return to pre-recession occupancy levels and rental rates, according to a newly released Cushman & Wakefield report. Statewide, second quarter rents stood at $7.03, with occupancy at 95.1 percent. Year-to-date, industrial absorption increased to about 3.7 million, according to the report. More than 10 million square feet of industrial space is under…

Market Trend: Select Top Five South Florida Industrial Leases Signed in Q2 2017

The select top industrial lease signed during the first half of 2017 in the South Florida market was at 12610 NW 115th Avenue in the Medley submarket. Bel USA LLC renewed its 342,750-square-foot lease there, represented by CBRE. Newmark Knight Frank represented the landlord. Dependable Packaging Solutions leased 182,000 square feet at 5255 NW 159th Street in the Miami Lakes Industrial…

XPO Logistics Signs 74,000-SF Renewal

XPO Logistics, a global supply chain, has renewed its lease for 74,329 square feet at 1900 NW 129th Avenue in Miami, FL. The single-story, 158,285-square-foot industrial building was recently constructed in the Miami Airport West Industrial submarket. Brian Smith, Audley Bosch, Matt Maciag and Juan Rodriguez of JLL represented the landlord.

This CRE Sector Still Seeing ‘Very Attractive Financing’

Venue at North Campus, a LEED Gold certified student housing property located next to the University of South Florida in Tampa, FL, has traded hands. CBRE Capital Markets’ Debt & Structured Finance team has arranged $35 million in permanent financing for the purchase. Benjamin Roelke of CBRE’s Dallas office arranged the long-term financing on behalf of Horizon Realty Advisors for its newly-formed…

Legal options can help with business litigation

Business litigation can be costly for all parties involved. Business litigation is oftentimes based on business torts or disputes that arise during the course of business related to partnerships, limited liability companies and closely held corporations. The failure of a member of a partnership, limited liability company or closely held corporation to honor their obligations associated with the entity to other…

PortMiami Sea Cargo Gateway to the Americas

Companies that import and export goods and perishables between the Americas should pay attention to one of the world’s leading hubs for commerce located in South Florida. PortMiami sits conveniently on the southern tip of North America, with prime access to South and Central America, Europe, and even Asia. The Port in Miami has the capability to welcome mega-sized cargo ships and is the closest…

South Dade Has Come Roaring Back 25 Years After Hurricane Andrew

As the 25th anniversary of Hurricane Andrew approaches, the people of South Dade are reminded of the destruction and havoc the monstrous storm caused in our community. As Ground Zero for one of the costliest natural disasters in the nation’s history, the impact on the area’s economy was staggering. Andrew damaged much of South Dade’s infrastructure including some of our most iconic landmarks…

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