Amancio Ortega’s Pontegadea pays $113M for Hialeah cold storage
Spanish billionaire Amancio Ortega’s real estate family office is expanding its cold storage business, acquiring its second Hialeah freezer facility in seven months. An affiliate of Ortega’s Pontegadea paid a cool $113 million for Bridge Point Cold Logistics Center, a 312,000-square-foot warehouse at 3995 West 108th Street, records and Vizzda show. The deal breaks down to just over…
Zara Billionaire Founder Buys Cold-Storage Facility in Miami-Dade
Zara’s billionaire founder Amancio Ortega is expanding his Miami portfolio to include industrial properties. Ortega’s family office, Pontegadea, paid $113 million for a cold-storage facility in Hialeah at 3995 W 108th Street, according to property records. Called Bridge Point Cold Logistics Center, the 312,103-square-foot facility, which sits on 20 acres, is leased to food logistics…
Petroleum mogul pays $29M for hotel near Miami International Airport
George Nediyakalayil, a petroleum distributor and real estate investor from Chicago, paid $29 million for a 190-room hotel near Miami International Airport. An entity managed by Nediyakalayil acquired Even Hotel Miami – Airport at 3499 Northwest 25th Street, records and Vizzda show. The deal breaks down to about $153,000 per room. Nediyakalayil financed the purchase with an…
Melo Buys More Density For Omni Project at 1700 Biscayne Where It Can Now Build 2,471 Units
Melo Group has acquired additional density rights for its property at 1700 Biscayne. Records show that Melo is now permitted to build 2,471 residential units on the property after it closed the transaction. The transaction was first reported by Traded. The developer was previously permitted to build 1,518 units. Records show it acquired rights for 955 additional units from an affiliate…
Melo Group picked up density to add nearly 1,000 more residential units in Greater Downtown Miami, The Real Deal has learned. Fort Lauderdale-based Stiles transferred density for about 950 units from its site at 1776 Biscayne Boulevard to Miami-based Melo, for its nearby property at 1700 Biscayne Boulevard, for $16.3 million. It marks one of the largest density transfers…
Photos: 645-Foot Miami River Tower With Rooftop Crown
Some of the final architectural features of the 54-story Miami River apartment tower under construction in Brickell can now be seen, photos by Phillip Pessar show. The tower stands at 645 feet – one of the tallest apartment buildings in the city, and the tallest that far west When complete, it will have 632 apartments, along with retail space and a riverfront promenade open to the public.
32-Story Metro Edgewater Gets $115M In Financing Following Completion
Metro Edgewater has reached completion and obtained refinancing. The 31-story tower broke ground in summer 2021, rising vertically a few months later. It had its first glass installed by July 2022, and topped off by fall 2022. A total of 279 apartments were built. According to the Metro Edgewater website, units are now available for immediate move in. The least expensive unit listed on…
Works paves way for Miami Beach convention center hotel groundbreaking
The Miami Beach Convention Center welcomes some of the community’s most anticipated events such as Art Basel and the Discover Boating Miami International Boat Show. Complementing the center’s impact is the Grand Hyatt Miami Beach Convention Center Hotel, expected to break ground next door in 2024 at 17th Street and Convention Center Drive. “We currently are doing…”
Miami-Dade approves Resia’s workforce housing project in Medley
Miami-Dade planning and zoning officials are on board with Resia’s plan to add 948 workforce housing units on a county-owned development site in Medley under Florida’s Live Local Act. The new state law allowed the Miami-based developer to bypass public hearings and receive administrative approval this week for its planned complex of four 12-story buildings…
Here are South Florida’s top multifamily deals of 2023
South Florida’s multifamily market wasn’t spared from elevated interest rates this year. The biggest deal was Air Communities’ purchase of a pair of apartment buildings in Miami Beach for $223.5 million, a price far below last year’s biggest sale of $440 million and runner-up of $429.4 million. The drop in prices is mainly due to the Federal Reserve’s aggressive interest rate hikes that started…
Here are South Florida’s biggest retail sales of 2023
Not a single retail sales in South Florida in 2023 surpassed the $100 million mark. Last year, three deals in the top five hit the nine-figure mark, including the top purchase: New York-based RPT Realty’s $216 million purchase of Mary Brickell Village. In fact, this year’s biggest retail trade, the $88.4 million sale of Shadowood Square in Boca Raton, barely beat last year’s fifth largest retail…
Here are South Florida’s top office sales of 2023
South Florida’s office market felt the sting of elevated interest rates, skittish lenders and remote work in 2023. Only two deals this year clocked in at more than $100 million, a drop from last year, when four deals surpassed that figure. The top sale this year was $250 million in Miami’s Brickell Financial District, marking a continuation of investment appetite for the neighborhood.
Here are South Florida’s biggest hotel sales of 2023
Nine South Florida hotels sold for a combined half-billion dollars this year. But even cobbled together, those deals fell far short of 2023’s top hotel sale, the $835 million trade of the Diplomat Beach Resort in Hollywood. That top sale was more than three times last year’s No. 1 hotel deal: the $232 million sale of the Confidante Miami Beach. It’s also proof that hospitality investors gravitated…
Here are South Florida’s largest industrial leases of 2023
Although leasing across asset classes took a hit this year, partly due to inflation and escalating interest rates that paused tenants’ plans, warehouses, distribution centers and manufacturing facilities felt none of the pain. The market “is at an all-time high for the last 35 years,” said George Pino, who has been an industrial broker for that long. Landlords responded to demand by…
The “worst is over”: Fed’s planned rate cuts boost confidence for South Florida real estate
Commercial broker Jaret Turkell is ready to rock and roll. Turkell posted a GIF of Minions dancing with the tagline: “It’s time to PARTYYYYYY!” shortly after Federal Reserve Chairman Jerome Powell announced on Wednesday that the Fed was keeping interest rates unchanged, and signaled it would make three 0.25 percentage point rate cuts next year. “We are back baby…”
Three historic facilities in Miami that have long languished will get a burst of his attention in the year ahead, Miami Mayor Francis Suarez vows as he looks at his aims for the final two years of his administration. In his sights for restoration are the city-owned Miami Marine Stadium and the Olympia Theater as well as the state-owned Coconut Grove Playhouse. “These three cultural…”
36-story Miami River with 345 residences wins city OK
The evolving and expanding Nexus development on a bend in the Miami River downtown is ready with the next phase. Owner-developer Lancelot Miami River LLC plans a new 36-story tower, home to 345 multi-family residential units, 393 parking spaces, a full suite of amenities including rooftop pool deck, and some ground level retail. This phase of the overall project is called Nexus…
Terreno Realty Corporation Announces Development Completion in Hialeah, FL
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has completed the development of Countyline Corporate Park Phase IV Building 41 in Hialeah, Florida and leased 100% of the building to an international logistics services provider. Building 41 of Terreno Realty Corporation’s…
Kaseya moving more employees into 800 Brickell
IT powerhouse Kaseya continues to expand its headquarters after occupying three floors of office at 800 Brickell Ave. earlier this year. Now that construction is completed, more personnel are to be moving into the 14th and 15th floors by the end of this year. The 42,870 square feet across the three floors in that building is expected to house more than 400 employees, according to Kaseya…
Southplace City Center replacing sleepy Southland mall
Southland mall in Cutler Bay is on track to its $1.5 billion renovation as active leases from stores in the mall are moved in order to continue demolition. In place of the mall will stand the Southplace City Center. This project will include housing, dining and medical buildings. The idea of creating a walkable community that would include jobs first began in 2005. “Back in 2005…”
Starbucks Signs Lease At Miami Worldcenter’s Jewel Box
Starbucks has signed a lease to open at Miami Worldcenter. The development’s retail space is now nearly fully leased. Starbucks will occupy 2,824 square feet of space on the ground floor Worldcenter’s ‘Jewel Box’ retail building at 150 NE 8th Street. Opening is planned in 2024. Other tenants at the Jewel Box will include Earls Kitchen + Bar, Sports & Social, Sixty Vines and Bowlero.
Latin American Wealth Moving To Miami ‘At One Of The Fastest Clips In History’
Wealth management companies have been growing rapidly in Miami this year, thanks to Latin American investors and changes in the city brought about by the pandemic, according to Bloomberg. The movement of wealth to Miami-based management is happening at “at one of the fastest clips in history,” the report said. Among the companies growing here is JPMorgan Chase, which…
Continuum Cos. Plans 267-Unit Condo for 12000 N Bayshore Drive in North Miami
Mariners Bay Condo, a 46-unit complex in North Miami, could be replaced with a 489,179-square-foot condo. The unnamed development would measure 20 stories above grade and offer 267 units total. Per the Real Deal, there would be 12 townhomes, along with one-bedroom to three-bedroom condos. Along with 422 parking spots, the community would offer a host of amenities…
$68M Sale of 5505 Waterford Office Building Brokered
CBRE has brokered the $68 million sale of 5505 Waterford, an office building located in the Waterford Business District of Miami. The property totals 213,182 square feet and recently underwent a renovation that includes a new grand lobby, tenant lounge, 5,000-square-foot fitness center and the addition of a new level to the parking structure. Christian Lee, Sean Kelly, Amy Julian…
T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent…
A pre-application for a 42-story tower, designed by Sieger Suarez Architects, was submitted last week on December 13 for development at the Trinity Cathedral property, located at 515 Northeast 15th Street and 464 Northeast 16th Street, on the border between downtown Miami and Edgewater neighborhoods. This project, a collaboration between The Diocese of Southeast Florida…
Revealed: 42-Story Tower Planned At Trinity Episcopal Cathedral Property in Miami
A pre-application has been filed with Miami-Dade planners for a 42-story tower at the Trinity Cathedral property. According to a letter sent to planners, the highest and best use of the property “is transit-oriented mixed-use development in the downtown Miami urban core.” Miami-Dade commissioners voted in October to add the property to the Metromover Subzone of the Rapid…
Calta plans $47M in Allapattah dev site purchases for workforce housing
The Calta Group is targeting workforce-priced housing in Miami’s Allapattah neighborhood. The Coral Gables-based firm plans roughly $47.2 million in purchases for development sites in Allapattah, where it wants to build multifamily projects with workforce units in two parts of the neighborhood, company co-founder Gaetano Caltagirone told The Real Deal. For the first two phases…
Newgard Development Group has selected G.T. McDonald Enterprises, Inc. as the general contractor for LOFTY Brickell, a high-end condominium project at 99 Southwest 7th Street. This 540-foot-tall, 44-story building, designed by Arquitectonica, features interiors by INC and landscaping by Urban Robot Associates. Following Newgard’s recent procurement of a foundation work…
Lofty Brickell Announces General Contractor: Foundation Work Starts January 1
Newgard Development Group has announced the hiring of a general contractor for the 44-story Lofty Brickell and the start of foundation work. G.T. McDonald Enterprises, Inc. has been appointed as the general contractor for the project. The company has secured a permit to begin pouring the building’s foundation, and is scheduled to start on the first of the year. Newgard previously…
Pacific Star Capital Proposes 18-Story Tower for 3600 Biscayne Boulevard in Miami
A Denny’s in Miami could soon be demolished and make way for a high-rise mixed-use building. Our sources indicate that the 18-story tower would offer 175 apartments, ranging from one-bedroom to two-bedroom units. There will also be seven penthouses. The South Florida Business Journal notes that homes would measure about 680 square feet to 2,290 square feet each.
Bye, Denny’s: Pacific Star plans 18-story mixed-use project in Miami’s Edgewater
Late night runs for pancakes, omelets and other comfort food in Miami’s Edgewater could soon end. Pacific Star Capital is charging ahead with plans to redevelop a Denny’s restaurant and parking lot at 3600 Biscayne Boulevard. The Santa Monica, California-based development firm is seeking design approval this week for 3600 Biscayne, a proposed 18-story mixed-use building…
Multi-Family Tower Proposed At 3600 Biscayne Blvd With Potential Grocery Store
Plans have been filed with Miami’s Urban Development Review Board for a multi-family tower at 3600 Biscayne Boulevard called Design District Gateway. According to a letter from the developer, the important crossroad property is a perfect location for a development that promotes a 15-minute city. The project may include a grocery store, the developer said. 3600 Biscayne…
Mast Capital And Rockpoint Mark Topping Off Of 3900 Alton Road In Miami Beach
Mast Capital, in partnership with Rockpoint, has achieved a notable construction milestone by topping off 3900 Alton Road. This nine-story residential building in Miami Beach, designed by the esteemed Arquitectonica with landscape architecture by Within Hults + Partners, adds 178 new units to the city’s housing market, establishing it as a premier location for upscale…
Developer Proposes 316-Unit Complex for Homestead at 15200 SW 272nd Street
In December 2022, Florida YIMBY learned that Miami-based developer DEI Family Holdings hoped to move forward with a residential housing development. It requested a rezoning change and proposed an unspecified number of apartments for its upcoming project. Now, that venture is one step closer to becoming a reality. The Gertrude Pointe apartments could offer 316 apartments…
A Portrait of the Artist as a Builder; Modular Contractors’ Shaun Nowrouzi
As a child, Shaun Nowrouzi was fascinated with assembling objects, and he dreamed of being an artist. That curiosity with building things took him down another path, however, leading to a successful career as a contractor specializing in niche markets with a focus on high-end buildouts and educational and healthcare facilities. The commercial clients of his local company Modular Contractors have included Mt. Sinai Hospital, St. Thomas University, Baptist Hospital, Carrollton School of the Sacred…
39-Story Menesse Brickell Lot Refinanced, Construction To Begin Q2 2024
The developer of the 39-story Menesse Brickell have refinanced the property as construction nears. LV Lending closed a $16 million refinancing for a .69-acre development site. The development is planned to include 400 luxury rental apartments with an extensive array of amenities, in a tower designed by Behar Font. The refinancing was arranged by Camilo Niño, Ricardo Uribe…
Miami To Aventura Train Service Gets Important Environmental Approval
A key environmental permit has been granted for Miami-Dade’s northeast corridor commuter rail train service. NEPA environmental permitting approval for the project was obtained by Miami-Dade in November, Brightline told investors yesterday Miami-Dade now has $294 million of the estimated $578 million project cost now committed from the County and the State.
Renovation Plans Submitted For Brickell’s 36-Story One Broadway: ‘Improving The Miami Skyline’
A developer has filed plans with Miami’s Urban Development Review Board for renovation of Brickell’s 36-story One Broadway tower. Extensive exterior and interior renovations are planned at the 13-year-old tower which will improve the Miami skyline, a letter from the developer said. The renovation will include converting the existing 371 residential units to 123 hotel suites…
How sea rise could reshape South Florida neighborhoods: Retreat here, growth there
As sea levels push ever higher, the question of when — and where — it will affect South Florida’s real estate market is a big one. Research suggests people aren’t interested in paying a lot of money for a home that floods, and the number of properties at risk of flooding is only expected to rise in the coming decades. For an economy that relies on a booming real estate market to function…
Big Switch: Miami Traffic Changes Make Way for $840 Million Highway Project
Beginning Thursday morning, December 21, commuters will notice major changes in downtown Miami’s traffic pattern as foundation construction ramps up on a $840 million highway project to redesign I-95 and I-395, according to the Florida Department of Transportation. Transportation authorities have rearranged several high-volume central Miami routes as part…
A Mountain Of Trash Could Halt Development Around Miami. The Race Is On For Solutions
The outgoing director of Miami-Dade County’s Department of Solid Waste Management had a stark warning for county officials when he resigned in July: Find a place for the county’s growing pile of garbage, or you’ll be forced to stop approving new development across a broad swath of the region. The county will run afoul next year of rules requiring it to have five years’ worth…
Lease roundup: Sriracha House opening in South Miami, Asian food hall in Pembroke Pines
Husband-and-wife duo Emilio Benzadon and Jessica Knopf will open their third Sriracha House. The restaurant leased 3,000 square feet at 5966 South Dixie Highway in South Miami, according to a Sriracha House news release. The outpost will open this month with capacity for 80 guests in indoor and outdoor seating, including in a more private corner that’s a short walk along a graffiti…
How JRM Construction Management Successfully Expanded to South Florida
Three years ago, JRM Construction Management embarked on a journey to the sunshine state—Florida. Originally home-grown in the bustling headquarters of NYC, it wasn’t until JRM’s reputation for delivering high-quality spaces on budget as well as on schedule earned them many repeat clients. According to Joseph P. Romano, President of JRM, “At JRM, our fundamental principle…”
WSJ: Florida’s Live Local Act Sparks New Wave of Housing
Less than six months after Florida enacted legislation to encourage more workforce housing, dozens of developers are rushing ahead with projects that qualify for tax breaks under the new law. The legislation, known as the Live Local Act, offers developers tax breaks and allows them to bypass local zoning rules if enough workforce housing is built. The act is meant to create more housing…
Pinnacle at La Cabana to Offer Affordable Housing for Seniors at 8911 Miramar Parkway
Construction on Pinnacle at La Cabana could start in January 2024. The affordable five-story housing complex will offer 110 units, with 65 one-bedroom units and 45 two-bedroom units. Per the South Florida Business Journal, the community is aimed at seniors. Eleven units will be for people making 28 percent of the area median income, and the remaining 99 for those making…
Pinnacle Secures $61M for Affordable Senior Housing Community in Miramar
Upon completion, Pinnacle at La Cabaña will comprise one- and two-bedroom floorplans. Image courtesy of Pinnacle Pinnacle has secured $60.6 million in financing for the development of Pinnacle at La Cabaña, a 110-unit fully affordable and age-restricted housing community in Miramar, Fla. The Pinnacle at La Cabaña project represents a years-long strategic public-private…
Pinnacle scores $41M in construction financing for Miramar senior housing project
Pinnacle landed $41 million in construction financing for a senior housing project in Miramar. Bank of America provided a $27.3 million housing tax credit to build Pinnacle at La Cabaña, a proposed 110-unit apartment complex at 8911 Miramar Parkway, according to a press release. Pinnacle, a Miami-based affordable housing developer, also obtained a $5.6 million mortgage…
Related, BH pay $22M for second Diplomat Landings dev site in Hollywood
Related Group and BH Group are in full control of two waterfront development sites in Hollywood, after paying $21.5 million for the second parcel. The joint venture acquired a 5-acre site at 3451 South Ocean Drive, adjacent to the oceanfront Diplomat Beach Resort, according to a source familiar with the deal. The purchase also includes a marina and 62,000 square feet of existing…
Blackstone sells apartment complex in Margate for $93M
Blackstone sold an apartment complex in Margate for $93 million. The New York-based firm’s real estate arm sold the 394-unit Pinebrook Pointe at 3495 Pinewalk Drive to an affiliate of Coral Gables-based Bar Invest Group, according to records and real estate database Vizzda. Bar Invest took out a $50 million loan from BankUnited for the purchase. The sale breaks down to $236,041 per…
Walmart-anchored shopping center in Coral Springs trades for $21M
Q.V.H. Corporation picked up a grocery store-anchored shopping center in Coral Springs for $21.3 million. An affiliate of Q.V.H., a Miami-based commercial real estate firm led by president Rolando Hernandez, acquired Cypress Run Marketplace at 10599-10667 West Atlantic Boulevard, records and Vizzda show. The buyer obtained an $8 million mortgage with U.S. Century Bank to partially…
Newgard Development Group recently acquired a 1.08-acre site at 200 West Broward Boulevard in downtown Fort Lauderdale from a joint venture between Aimco and Kushner Companies for $31.24 million. The site, zoned for substantial residential development, has received approvals for a 49-story building comprising 381 residential units, 8,256 square feet of commercial space…
Kushner, Aimco sell upzoned Fort Lauderdale dev site to Newgard for $31M
Kushner Companies and Aimco sold a portion of an assemblage in Fort Lauderdale to condo developer Harvey Hernandez. Hernandez’s Newgard Development Group paid $31.2 million for the 1-acre property at 200 West Broward Boulevard, near the Brightline station. The sale was finalized on Friday. Kushner acquired the site as part of a larger assemblage, and brought in Aimco…
Fort Lauderdale Approves 936 Apartments In Two Towers
A developer received approval December 5 for two Fort Lauderdale towers rising nearly 50 stories each, according to the Sun Sentinel. There development will include: West Tower (47 stories, 523 feet) East Tower (45 stories, 493 feet) Combined, the project will include 936 luxury apartments, along with ground floor commercial. Arquitectonica is the architect Naftali Group is the developer.
13th Floor Investments Proposes 340-Unit Boca Village for 680 W Yamato Road in Boca Raton
A vacant 17.24-acre site in Boca Raton could find new life as a residential housing development. 13th Floor Investments has proposed Boca Village, an eight-story building requiring 414,566 square feet of new construction. The venture could offer 340 apartments, ranging from 500 to 1,488 square feet. Layout plans include studios to three-bedroom apartments, offering modern…
Palm Beach billionaire Jeff Greene is advancing plans for a high-end condominium project situated across from the waterfront Currie Park in West Palm Beach. The city’s Planning Board is slated to review the project, crafted by the esteemed Swiss architecture firm Herzog & de Meuron in partnership with the local Spina O’Rourke + Partners and Enea Garden Design for landscape architecture.
Billionaire Jeff Greene Proposes ‘Mansions In The Sky’ In West Palm Beach
Jeff Greene, a billionaire and fixture in West Palm Beach who ran for governor in 2018, is moving ahead on a luxury condo project in West Palm Beach. Greene is looking to build a 152-condo project with 678K SF of sellable space on land he owns in West Palm Beach across from Currie Park. Greene is planning a pair of 350-foot-tall towers on a vacant 4.5-acre lot at 2175 N. Flagler Drive…
Jeff Greene advances plan for 30-story condo project near West Palm’s Currie Park
Jeff Greene is advancing a plan for a 152-unit condo project near Currie Park, marking development progress for his vast land holdings north of downtown West Palm Beach. The developer proposes a pair of 350-foot tall buildings on 4.5 acres between North Flagler Drive and Ponce De Leon Avenue, and between Piccadilly and 23rd streets, according to city records. The site is at 2175…
BGI Companies Selects Moss Construction As The Construction Management Firm For Alba Palm Beach
Miami-based real estate development firm BGI Companies has appointed Moss Construction as the construction management firm to complete Alba Palm Beach, a 22-story, 262-foot residential… at 4714 North Flagler Dr… on the Intracoastal waterways in the emerging Northwood neighborhood of West Palm Beach. Designed by Spina O’Rourke + Partners with Schmidt Nichols…
Richman plans 23-story apartment tower in downtown West Palm
The Richman Group is planning to redevelop a downtown West Palm Beach parking lot into a 23-story tower with 231 apartments. A Richman affiliate filed plans with the city of West Palm Beach for the high-rise project at 500 Clearwater Park Road. The proposed building, called 500 Clearwater, will also have a seven-story parking garage with 261 spaces. Richman, based in Greenwich…
Video: Deloitte Real Estate Solution Leader John D’Angelo Presents 2024 CRE Outlook Survey Results
John D’Angelo, Real Estate Solution Leader at Deloitte, joins America’s Commercial Real Estate Show host Michael Bull to share highlights from their (Deloitte’s) 2024 Outlook Survey. He notes that commercial real estate players tend to be optimistic by nature, but that they were not so much this time, with revenue growth expectations the most pessimistic ever. About 40% plan to cut…
Truck parking in Florida could soon get boost
Florida Gov. Ron DeSantis has unveiled his transportation budget for the coming fiscal year. The budget includes $25 million for truck parking. Dubbed Focus on Florida’s Future budget proposal for fiscal year 2024-2025, the plan includes $15.6 billion for transportation to target critical congestion relief and safety projects. The governor’s administration says the proposal allows…
Office Occupancy Hits New Pandemic-Era High As More Employers Plan To Add Space
Office usage hit an average 51.6% during the week of Dec. 6 in the 10 metro areas tracked by Kastle Systems’ Back to Work Barometer, the highest level since the beginning of the pandemic. “For most of 2023, the five-day weekly average has hovered around 50% of pre-pandemic occupancy, but the high day each week has been closer to 60% and the low day around…”
Hedge Fund, Developers Buying Up, Shutting Down Greyhound Bus Terminals
Many of America’s urban bus terminals are disappearing as more investors buy centrally located transit hubs and sell them for redevelopment. Greyhound has shifted much of its operations to curbside pickup after its former owner, FirstGroup, began selling its bus terminals. Greyhound bus terminals across the U.S. are being shuttered, including dozens that were bought…
Lennar’s Multifamily Arm Posts Loss, Reportedly Puts Big Portfolio Up for Sale
Lennar’s multifamily segment posted a loss in the fourth quarter and the unit is projected to weaken further at a time when a media report says the national homebuilder has hired JLL to sell a portfolio of 11,000 luxury apartments in its Quarterra arm for an estimated price of $4.5 billion. The proposed sale, reported earlier by Bloomberg Law, would amount to roughly a quarter…
JP Morgan: Navigating interest rate uncertainty
The ongoing saga of interest rates continues. The Federal Open Market Committee (FOMC) held interest rates steady for the third consecutive meeting, keeping the target range for the federal-funds rate at 5.25%-5.50%. “While it will still take a while to bring inflation to its long term 2% target, the Fed now appears ready to pivot and to begin lowering the Fed funds target range…