Dec 26, 2019 - 0 Comments - Top Stories -

Miami Commercial Real Estate News December 26, 2019: Ocean Drive Property Trades; Gusman Heirs Sue to Get Back Olympia Theater; More…

Miami Skyline with Many Commercial Buildings

Miller Construction Completes Two Industrial Buildings Totaling 318,043 SF in Miami Central Commons

Miller Construction Co. has completed two buildings for Orlando-based Foundry Commercial, creating 318,043 square feet of industrial space within the Miami Central Commons business park. Located at 2301 NW 107th Ave. in Doral, 11 miles northwest of Miami, Building 1 contains showroom space and Building 2 contains industrial space. Foundry Commercial purchased the business park in 2017 and…

Infinity sells Ocean Drive building to Apple Core for $33M

New York-based Apple Core Holdings paid $32.5 million for an Ocean Drive building in Miami Beach, The Real Deal has learned. Infinity Real Estate sold the roughly 19,000-square-foot building at 1200 Ocean Drive, across from the beachfront Lummus Park, said Infinity partner David Berg. The company acquired the property from Goldman Properties in 2016 for $15.25 million. Apple Core Holdings…

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Olympia Theater (Credit: Getty Images) The city of Miami’s ownership of the Olympia Theater in downtown Miami is facing a legal challenge by the heirs of Maurice Gusman, the late philanthropist who deeded the historic property to the city 44 years ago. In a civil lawsuit filed last month in Miami-Dade Circuit Court, a defunct non-profit entity known as The Maurice Gusman Center for the…

Here are South Florida’s largest office sales of 2019

The long-term success of Florida East Coast Industries’ high-speed Virgin Trains USA remains in question, but one thing is certain — office tenants are flocking to properties nearby. As a result, the company was able to sell the office portion of its MiamiCentral station for $159.4 million in the largest office sale of 2019 in South Florida. Institutional investors and real estate investment trusts are still coming to…

Richard LeFrak touts Solé Mia’s progress from landfill to paradise: ULI symposium

Richard LeFrak and Solé Mia Richard LeFrak recounted the moment roughly nine years ago when he received a call gauging his interest in 184 acres of waterfront land fronting Biscayne Boulevard in North Miami. “It’s a [former] landfill and it’s kind of had a checkered past,” LeFrak recalled the unnamed individual on the line telling him. “I asked what’s the minimum bid? He said $21 million. That’s all I had…

Closed Morningside Park pool could reopen elsewhere

A new Morningside Park swimming pool seems all but certain to be built away from its historic but long-closed waterfront site. But new features could be coming to mitigate the park’s vulnerability to flooding. At Miami’s Climate Resilience Committee meeting Dec. 2, the Office of Capital Improvements updated members on plans for Morningside Park, reiterating a preference to build the pool inland in…

Big deadline nears for opportunity zones

With the deadline to receive full benefits less than a week off and a new, voluminous document from the IRS further detailing regulations, opportunity zones – Census-designated areas targeted for tax-incentivized development – remain a hot subject. In essence, the federal opportunity zones program is meant to spur improvements to low-income neighborhoods by rewarding investors who spend money…

Palmetto Bay grand plan reduces scale with new team

Palmetto Bay has resumed talks with real estate firm NAI Miami, the second-ranked proposer on a project to redevelop the village’s downtown area, after its first choice abruptly pulled out of negotiations. Village council members voted unanimously Nov. 4 to reconsider a proposal from NAI and terminate dialogue with first-ranked i3 Interests LLC, whose unsolicited $72 million project proposal in 2018…

Top-tier malls feeling pain of changing consumer behavior

Top-tier malls are no longer immune from the perils facing the broader retail sector. Landlords behind some malls in prime locations across America are now signaling slower income growth as they grapple with a shifting consumer landscape and internet competition, the Wall Street Journal reports. Several malls have lowered their 2019 guidance on net income, for example. Some…

Adam Neumann could reap $2B from WeWork golden parachute

Adam Neumann’s golden parachute could be the gift that keeps on giving. According to the Financial Times, the WeWork co-founder owns millions of “profit interests” in the co-working firm, which means that if WeWork goes public, Neumann’s $1.7 billion package could grow in value to more than $2 billion. In the event of an IPO, Neumann’s interests would would convert into stock with a value…

Here are South Florida’s largest retail sales of 2019

Compilation of the top five properties (Credit: Google Maps) Despite doomsday predictions about retail, and national stores like Toys R’ Us declaring bankruptcy, retail in South Florida appears to be alive and well. Institutional investors and real estate investment trusts continue to acquire retail centers across the region. Here are the largest retail sales of 2019: InvenTrust picks up Costco-anchored…

Analysts still baffled by Brookfield’s big bet on malls

Brookfield Asset Management’s massive investment in malls is looking worse than ever to some observers. Since its nearly $15 billion acquisition of General Growth Properties in 2018, Brookfield Property Real Estate Investment Trust, a publicly traded vehicle formed after the purchase, has seen its shares decline by 13 percent, the Wall Street Journal reported. The second-largest mall…

WeWork’s rescue package may be in trouble

SoftBank Group is trying to borrow $3 billion from Japan’s three largest banks as part of its effort to save WeWork and it’s not going well. Talks have stalled amid the lenders’ concern over credit risk and reports that the banks have hit internal limits, Reuters reported. The three banks involved are Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.

Lebron James’ Unknwn business partner allegedly skipped out on Miami Design District construction bill

Frankie Walker Jr., a childhood friend of Lebron James who co-owns the Unknwn men’s store in Wynwood with the NBA superstar, is accused of skipping out on a construction bill for more than $300,000 connected to an unrelated retail venture in the Miami Design District. The contractor, Miami-based design and construction firm Twenty Two Group, reduced the debt by more…

These were South Florida’s biggest industrial leases of 2019

It was a strong year for industrial leases in South Florida, with the largest — for a Home Depot distribution center in Hialeah — topping 1 million square feet. Land prices jumped as much as 30 percent in Miami-Dade and Broward counties in 2019, year-over-year, to more than $1 million an acre, said Steve Wasserman, executive managing director of Colliers International South Florida. Rental rates for new…

Porn king scores Wynwood development site

A porn mogul paid $4.2 million for a development site in Wynwood, The Real Deal has learned. Showcase Acquisitions LLC, a company led by Kris Hinson, co-founder of porn site Bang Bus closed on the property at 2210 Northwest Miami Court, according to sources. The 13,345-square-foot corner lot is in the southeast quadrant of Wynwood. Investor Philip Knoll put the property on the market with…

Apartment-hotel brand – with one in Miami – raises $100M with backing from Softbank, GGV Capital

Domio CEO Jay Roberts (Credit: Domio) Apartment-hotel brand Domio just closed a $100 million funding round and is attracting big investors including SoftBank, GGV Capital and Lehman Brothers–spinoff Tenaya Capital. The funding was split equally between equity and debt, according to the announcement. The equity round was led by GGV Capital, a global venture capital firm that manages $6.2 billion…

South Beach building near Joe’s Stone Crab hits market for $45M

An office building in the South-of-Fifth neighborhood of Miami Beach hit the market for $45 million. Property records show Yantra 119 LLC, led by Giulio Rangoni and Cinzia Zanella, own the six-story, 43,140-square-foot building at 119 Washington Avenue. The property is on the market with Amit Egan Datwani of The Global Consulting…

No more excuses: New Opp Zone rules should open the door to big money

Despite being hyped the Next Big Thing in real estate, investor interest in Opportunity Zones hasn’t materialized as fund managers, developers and government officials had hoped. But on Thursday, the IRS and Treasury released the final set of regulations for the federal program, providing investors and developers more certainty over the rules and regulations that govern how real estate money can be…

MDH Partners buys Liberty City warehouse

An Atlanta-based industrial investment group paid $8.9 million for a warehouse west of Little Haiti in Liberty City. MDH Partners’ affiliate MDH F1 Miami NW 74 LLC closed on the 102,000-square-foot building at 1350 Northwest 74th Street in Miami. Property records show G&G Real Estate Investments LC sold the building. The deal is the first for MDH in Miami. The investment and development firm…

The Dorsey project in Wynwood wins design approval

The latest mixed-use project in Wynwood spearheaded by the Related Group won a nod from the Miami Urban Development Review Board, despite one board member’s sharp criticism that new buildings in the city’s hottest neighborhood lack pizazz. The board on Wednesday voted 7-0 to approve five design waivers for The Dorsey, a proposed 12-story apartment building with a parking garage…

Mazel tov! Kosher market-anchored shopping center trades for $16M

IMC Equity snagged a retail center anchored by a Kosher supermarket in Cooper City for $16.36 million. The North Miami-based firm, led by Yoram Izhak, purchased the 56,968-square-foot Stirling Town Center for $287 per square foot, records show. Stirling Retail 26 LLC, led by Yaniv Sananes of Golden Beach, sold the shopping center. The property is at 8631-8861 Stirling Road in Cooper City, adjacent to…

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