Dec 16, 2020 - 0 Comments - Top Stories -

Miami Commercial Real Estate News December 16, 2020: Ocean Drive Assemblage Hits Market; A-Rod Leads $650 Million Hotel Fund; Miami Gardens Industrial Trades; More…

Royal Palm Buys Parcel at Miami Worldcenter for $33.9M, Plans to Develop Mixed-Use Tower

Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset…

Mango’s on Ocean Drive and adjacent properties hit the market as redevelopment site

The assemblage consists of 900 Ocean Drive (0.3 acres) and three adjacent parcels behind it along Collins Avenue (909, 919 and 929 Collins), a series of low-rise mixed-use commercial properties totaling 0.48 acres. “The Owners of 900 Ocean have recently secured an option to purchase the three Collins Avenue properties and are now seeking proposals to sell and redevelop…

Miami Gardens warehouse sells for $6M

The owner of a manufacturer of plastic bins and steel shelving bought a Miami Gardens warehouse for $6 million. Larry Groll, owner of Miami-based Quantum Storage Systems, bought the 64,000-square-foot warehouse at 16215 Northwest 15th Avenue inside Sunshine State Industrial Park, according to a press release. The seller was Custom Stainless Steel…

Here are South Florida’s largest office sales of 2020

Uncertainty over the future of workspaces may have taken a bite into the top deals in South Florida’s office market this year. Landlords have pulled out the stops to keep rents up and avoid the pitfalls of cities that have enacted more aggressive stay-at-home orders during the pandemic. While the top sale in South Florida’s office market beat the top sale of last year…

Bittel Announces $7.9 Million Of New Terranova Miracle Mile, Lincoln Road Leases

Terranova’s Chairman, Stephen Bittel has announced eighteen new tenants totaling 26,245 SF for a total value of $7.9 million opening in two of its most important urban market areas in Miami-Dade County – Coral Gables’ Miracle Mile and Miami Beach’s Lincoln Road, the coveted world-famous pedestrian thoroughfare. Leasing during COVID has been strongly led by…

Balfour Beatty Completes Construction on $298M River Landing Project in Miami

Balfour Beatty has completed construction on River Landing Shops and Residences, a 2.5 million-square-foot mixed-use development along the Miami River. The Atlanta-based general contractor completed the project on behalf of real estate investment trust H&R REIT and South Florida developer Urban-X Group. Matthews Southwest provided owner…

Balfour Beatty Completes 2.5 MSF Miami Mixed-Use Project

Balfour Beatty has wrapped up construction at River Landing Shops and Residences, a mixed-use Miami project that spans 2.5 million square feet. The partnership that brought the project online includes H&R REIT and developer Urban-X Group. BC Architects, McNamara Salvia Structural Engineers and Steven Feller MEPFP designed the project. The…

Owners of CocoWalk in Coconut Grove Welcome Eight New Retailers to Tenant Roster

Federal Realty Investment Trust, The Comras Co. and Grass River Property have welcomed eight new retailers to their CocoWalk development at 3015 Grand Avenue in Miami’s Coconut Grove neighborhood. The three retailers that recently opened are vegetarian restaurant Planta Queen and women’s clothing and accessory retailers Free People Movement and Edite Mode.

Mad scramble at deadline to get federal CARES aid to tenants

More than 400 state and local governments are scrambling to allocate funding from the federal CARES Act intended to provide at least $4.3 billion in rental assistance. The money could save some tenants from eviction and help landlords pay their mortgages. However, with just two weeks left to distribute it, jurisdictions have more than $300 million left, the New York…

USAA Real Estate Lands $72M Refi for Coral Gables Towers

USAA Real Estate has recently landed a $71.6 million refinancing deal for Columbus Center, a premier office asset near Miami in Coral Gables, Fla., public records indicate. With the assistance of JLL Capital Markets, USAA secured the loan for the approximately 263,200-square-foot property through Värde Partners. Carrying the address of One Alhambra Plaza

Starbucks betting big on drive-throughs in coming years

Even though, like other retailers, Starbucks suffered big losses due to the pandemic, the chain is still betting on customers’ need for caffeine. During the company’s virtual Investor Day last week, the coffee conglomerate announced that it plans to open an additional 22,000 stores, bringing its total global footprint to 55,000 shops, by 2030, Bisnow reported. CFO…

South Dade Bus Rapid Transit faces new roadblocks

The plan for bus rapid transit (BRT) on the South Dade Transitway is intact – for now – as Miami-Dade commissioners Tuesday punted two items targeting further action on the corridor. Talk of other changes, including building toll lanes and bridges on the 20-mile route that runs alongside US 1 between Kendall and Florida City, will come today (12/17). After hearing…

Miami-Dade County historic population boom hits a wall

Miami-Dade’s long-term trend of booming population growth has slowed to a crawl, barely expanding year to year, data released last week by the US Census Bureau shows. In the year ending in July 2019, the county added just 2,092 residents to total 2,716,940, a gain of less than eight-hundredths of 1%, the American Community Survey shows. The gain in 2018 was even less…

Florida financial regulator looks to update crowdfunding rules

Former Coral Gables-based securities lawyer Russell Weigel, who took over the reins as Florida’s top financial regulator in March, is focused on streamlining the state’s Office of Financial Regulation by leveraging technology and encouraging legislation that will bring banking and crowdfunding codes up to date. Roughly a week after Mr. Weigel took…

Florida banks ready for a second round of PPP loans

As Covid pummeled the economy in 2020, Florida’s banks were among those leading the nation in Payment Protection Program lending, according to Florida Bankers Association CEO Alex Sanchez. The new year, he said, will likely bring with it a strong economic recovery driven by a reliable vaccine and pent-up demand for activity. Banks, he continued, will be…

Residential buildings near shopping center greeted coolly

A sweeping plan to build a series of apartment buildings and town homes in the shadow of a large existing shopping center received a chilly reception from a City of Miami review board. The Urban Development Review Board spent considerable time examining the major proposal that impacts a 38-acre parcel at the busy intersection of Northwest 37th Avenue and…

Alex Rodriguez and Adi Chugh join $650M hotel fund

Retired baseball superstar Alex Rodriguez found his latest real estate investment. Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Maverick Commercial Properties are investing in CGI Merchant Group’s $650 million Hospitality Opportunity Fund. The two partners will help CGI with its investment strategy, expand its debt capital market capabilities…

A-Rod Leads $650M Fund Investing In Hotels

Baseball player-turned-businessman Alex Rodriguez will be a lead investor in a $650M real estate fund that seeks primarily to pick up hotel assets. Rodriguez and his partner, Adi Chugh, founder of New York-based private equity advisory firm Maverick Commercial Properties, have completed a platform investment within the Hospitality Opportunity…

Baseball’s Alex Rodriguez backs $650M hospitality fund

CGI Merchant Group, a global investment management firm with a focus in real estate and private equity, has launched a new multimillion-dollar investment partnership with three-time Major League Baseball MVP and serial investor Alex Rodriguez as well as with capital markets veteran and founder of Maverick CP Adi Chugh. The two are among the first…

With JPMorgan and Goldman Sachs, Miami Could Become ‘Wall Street South’

Elon Musk just moved to Texas, but guess who’s (reportedly) moving to South Florida? Jared Kushner, Ivanka Trump, Tom Brady, Gisele Bundchen and the asset management division of Goldman Sachs. Those are the boldface names announced in news reports last week alone. Today, the New York Post reported that JPMorgan Chase CEO Jamie Dimon is open to…

Top 25 South Florida Retail Shopping Center Transactions of 2020

2020 was a challenging year for South Florida commercial real estate and for many markets around the country / world, as the economic backlash of the pandemic took hold and affected multiple financial and business sectors globally. In comparison to last year’s South Florida shopping center transactions, the #1 sale in 2020 is 40% of…

Why Now Might Be The Best Time To Sell Your South Florida Office

Conventional wisdom says “don’t sell an office building during a pandemic, unless you’re desperate”, but I’d like to offer a contrarian view to owners who are strategically evaluating how best to capitalize on current investment market conditions. Do you own an office building that is located in a desirable South Florida submarket? Is your building well-leased…

“A culling of the weaker assets”: Where hedge funds are investing

It’s a loan buyer’s market and hedge funds are ready to make a deal. Companies are looking to provide loans or invest in recently restructured commercial real estate bonds, according to Bloomberg. And malls, hotels and offices — some of the property types hit hardest by the pandemic — are ripe for the picking. Leo Huang, senior portfolio manager and head of…

Estate Companies pay $13M for North Miami Beach apartments dev site

A company affiliated with The Estate Companies paid $13.1 million for the development site of a waterfront 23-story apartment tower in North Miami Beach. The company bought the 1.8-acre property at 16395 Biscayne Boulevard, according to records. In September, The Estate Companies received approval for Soleste NoMi. It…

KKR doubles down on industrial with $835M acquisition

KKR is ramping up its bet on industrial real estate. The investment firm closed on the acquisition of 9.7 million square feet of industrial properties in seven markets for about $835 million, according to a release. In total, there are about 100 properties in Atlanta; Baltimore, MD; Chicago; Central and South Florida; Central Pennsylvania; and Dallas. KKR will acquire…

Hotel industry sees nearly 1 billion unsold room nights this year

As fewer people have traveled — and thus, booked hotel rooms — because of the pandemic, the hotel industry is facing a staggering statistic: almost 1 billion empty hotel rooms for the year. As of last week, more than 962 million room nights have gone unsold, Bloomberg News reported, citing data from lodging information firm STR. That’s about 46 percent more…

AMC needs $750M to avoid bankruptcy

Movie theater chain AMC Entertainment Holdings needs a cash infusion of at least $750 million, otherwise it might have to file for bankruptcy. AMC said in a filing on Friday that without additional financing, the company will run out of cash by next month, Bloomberg News reported. In order to raise funds, the company is planning to sell more shares and possibly…

Coral Gables Chamber President Mark Trowbridge: Signs of Life

The holiday season can be most distracting and stressful – putting up the tree (if you didn’t already do so before Thanksgiving), stocking up on egg nog, making your lists and checking them twice. Even in the midst of a global pandemic, there is a desire to embrace all things shiny and bright. As we say good-bye to 2020, now more than ever, we need all of you to bring…

Logistics market is hot, but is a bubble forming?

Investors can’t get enough of warehouses and logistics spaces these days, but there are some signs that a bubble could be forming. Asset management firms including Blackstone Group, Cerberus Capital Management and KKR have doubled down on logistics centers, and prices for warehouses have surged, Bloomberg News…

Edgewater Hotel, Retail and Restaurant on the Way

Miami’s Edgewater neighborhood is known for its relaxed, waterfront family lifestyle. After news that the neighborhood is getting its biggest supermarket yet, and more luxury making its way in with Nema-branded apartments, plans are being made to build a mixed-use hotel by Urbanica, featuring retail and restaurant space. The hotel group recently purchased…

Niven Patel, Graziano’s ink restaurant leases at Life Time Coral Gables

Chef and restaurateur Niven Patel and the Argentinian restaurant group Graziano’s are each leasing space at Life Time Coral Gables, a $500 million mixed-use development that’s expected to be anchored by a Trader Joe’s grocery store. Developer Nolan Reynolds International plans to deliver the project, previously known as Gables Station, early next year. The 1.2…

Encore: CMX Cinemas parent emerges from bankruptcy

In perhaps a surprise twist, a movie theater chain gets a sequel. Cinemex Holdings USA, the Miami-based parent of CMX Cinemas and owner of 41 movie theaters nationwide, has emerged from Chapter 11 bankruptcy protection. The theater chain negotiated with creditors for six months and ended up with modified leases that include a revenue-sharing deal…

Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February

Miami Beach delayed until February a vote on Menin Hospitality and its partners’ plan to redevelop the Byron Carlyle Theater in North Beach. The Miami Beach City Commission opted not to vote on a proposal by Menin Hospitality and KGTC, LLC to replace the 52-year-old, city-owned Byron Carlyle with a 125-foot-tall theater complex with 151 workforce units.

First Park Miami Breaks Ground

First Industrial Realty Trust and Butters Construction & Development broke ground Thursday, December 3, on First Park Miami, First Industrial’s newest industrial development. Mayor Roberto Martell, the Town of Medley, the Medley Town Council as well as First Industrial Realty Trust Senior Regional Director Chris Willson and Investment Officer Bradley…

Rosemurgy sells Pompano Beach shopping center for $10M

Rosemurgy Properties sold a Pompano Beach shopping center for $10.1 million. A company managed by Nicolas and Isabella Mattos — the children of Carlos Mattos, founder of car importer Hyundai Colombia Automotriz — bought the retail center at 2350 to 2390 North Federal Highway, according to a press release. The buying entity is also managed by attorney Richard…

Abacus Capital pays $124M for Miramar apartments

A New York-based multifamily real estate investment firm paid $124 million for apartment complexes near Miramar’s town center. Abacus Capital Group bought the 67-unit complex at 11571 Canal Street and the 117-unit complex at 11750 Canal Street, according to records. At a total of 184 units, the deal breaks down to about $674,000 a unit. Abacus paid…

Sterling Equities pays $95M for Pompano Beach apartments

An affiliate of Sterling Equities paid $95.3 million for a newly built Pompano Beach rental complex along the Intracoastal Waterway. The Great Neck, New York-based development firm bought the Broadstone Oceanside complex, with 204 apartments and seven townhouses, at 1333 South Ocean Boulevard, according to…

Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez

The Gale Hotel with Harvey Hernandez Developer Harvey Hernandez sold the completed — but as yet unopened — Gale Hotel in Fort Lauderdale for nearly $23 million. Property records show Hernandez’s Tiffany Hotel LP sold the 96-key hotel at 2900 Riomar Street on Fort Lauderdale Beach to Atlanta-based Banyan Investment Group. The boutique hotel traded…