Feb 12, 2020 - 0 Comments - Top Stories -

Miami Commercial Real Estate News February 12, 2020: Seniors Housing Portfolio Trades; Industrial Remains Strong; More…

Brickell City Centre, Miami, Florida Retail and Office Commercial Real Estate

A three-story mini-golf is coming to Brickell City Centre

A London mini-golf company signed its first lease in Miami and its largest to date, at Brickell City Centre, as mall owners across the country shake up their tenant mix. Puttshack is leasing a three-story, 29,000-square-foot space above Luna Park Food Hall, which replaced the Italian food hall, La Centrale, according to a spokesperson. Puttshack will be on floors 4, 5 and…

$76.6M Sale Negotiated of 10-Property Seniors Housing Portfolio in Metro Miami

Cushman & Wakefield has arranged the $76.6 million sale of a 10-property, value-add seniors housing portfolio in Miami-Dade County. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller…

Argentine investor pays $11M for Davie office complex

An Argentine investor paid $10.7 million for an office complex in Davie that was once in foreclosure. Reflin 22 WG LLC, managed by Sergio Viaggio, purchased the 54,578-square-foot University Office Park at 5400 South University Drive for $196 per square foot, records show. University Park Holdings LLC, managed by Palm Property Management, sold the three…

Charles Cohen on DCOTA’s next chapter, his new hotel and producing movies

Charles Cohen and Design Center of the Americas Charles Cohen controls a room. Wearing a perfectly fitted custom suit with sleek round glasses, he looks like he’s groomed straight from “The Bonfire of the Vanities” as he signs checks in his Dania Beach office. The CEO of New York-based Cohen Brothers Realty Corp. has a lot to talk about. He’s overseeing the largest…

Ready Capital Provides $7.1M Refinancing for Retail Center in Little River District

Ready Capital has provided a $7.1 million refinancing loan for a 30,000-square-foot retail center in Miami’s Little River submarket. The undisclosed borrower will continue making cosmetic upgrades to the property. The non-recourse, fixed-rate loan features a seven-year term with declining prepayment protection. The loan includes a facility to provide future…

Housing Trust Group to Develop $25M Affordable Housing Community in Miami

Housing Trust Group (HTG) will develop Paradise Lakes Apartments, a $25 million, 76-unit affordable housing community in Miami. The property will offer one- and two-bedroom floor plans ranging from 688 to 1,108 square feet. The units will be reserved for residents earning between 30 and 80 percent of area median income (AMI). Monthly rent for qualifying…

Melo Group dual tower rising in heart of downtown Miami

The most ambitious mixed-use residential project from The Melo Group is underway in the heart of Miami’s central business district. Construction began in late December on a dual tower development called Downtown 5th, at 55 NE Fifth St., with the foundation pour taking place this month as the company plans to go vertical. The twin 51-story towers are to be home to…

Workaround funds three transit-oriented developments

Three transit-oriented developments will receive millions in tax subsidies from a program into which none enrolled, by way of a new workaround that local lawmakers approved to advance affordable housing throughout the county. Miami-Dade commissioners this month authorized a $14.5 million allocation of county tax dollars to support three planned mixed…

Construct A Parking Garage 25% Faster With This Florida Builder’s Technique

Team members at Florida-based Current Builders say they’ve developed a new technique that speeds up the time in which parking garages can be built. Their “column hung shoring system” can reduce finish times by about 25%. The company uses an innovative shoring system for perimeter beams. “The system consists of a 60,000-pound column-mounted jack supported…

Developer scores financing for West Kendall affordable housing project

Matt Rieger and a rendering of Paradise Lake Apartments Housing Trust Group closed on financing for a $25 million affordable housing community in West Kendall. HTG secured $21.6 million in financing for Paradise Lakes Apartments, a garden-style complex at 8905 Southwest 169th Court in Miami. That includes $14.5 million in 9 percent Low Income Housing…

Contractor guilty of manslaughter in fatal shooting of his boss

William Dabbs A former construction worker was found guilty in the fatal shooting of his boss. A West Palm Beach jury convicted William Dabbs of manslaughter in the 2011 killing of Larry Modena, according to the Palm Beach Post. Dabbs was an employee of Modena’s construction company, Atlantic Coast Builders of South Florida. The company was based out…

Miami’s Historically Black Neighborhood Is Poised to Gentrify Like Harlem

The neighborhood of Overtown, in Miami, was once called the “Harlem of the South,” as celebrities like Cab Calloway and Ella Fitzgerald used to perform and vacation there, because they weren’t allowed to stay on Miami Beach and were relegated to “Colored Town.” Malcolm X, Muhammad Ali and Martin Luther King Jr. all had big moments there. But the area was…

Panorama Tower debris damaged building housing Salt Bae joint: lawsuit

For more than a year, during Panorama Tower’s construction, debris and other materials allegedly rained down on the nearby Brickell Avenue office building that’s home to Salt Bae Nusret Gökçe’s restaurant, according to a recently filed Miami-Dade lawsuit. The owners of 999 Brickell, scions of Colombian businessman Carlos Mattos, want the development entity…

Industrial Outlook for 2020-2021 Remains Strong

Aided by strong supply, consumer spending and other economic indicators, the North American industrial sector is projected to remain one of the leading commercial real estate product types over the next two years, according to Cushman & Wakefield. The firm’s forecast for industrial absorption for 2020-2021 is nearly 460 million square feet, as new supply…

“We’re the elite”: What backlogged Chinese EB-5 investors are planning next

The Eddington House cafe in Shanghai They would be known to each other only by their noms de guerre: Mecky, Mr. Xu, Julie, Mr. Li, Richard, Jenny and Big Sis. When the seven EB-5 investors gathered at the Eddington House cafe in Shanghai, known as a favorite haunt of the essayist Eileen Chang during the pre-revolutionary era, it was the first time any of them…

Industrial Outlook For 2020-2021 Remains Strong

Aided by strong supply, consumer spending and other economic indicators, the North American industrial sector is projected to remain one of the leading commercial real estate product types over the next two years, according to Cushman & Wakefield. The firm’s forecast for industrial absorption for 2020-2021 is nearly 460 million square feet, as new supply…

Forget the Forever 21 auction: Simon Property Group, Brookfield to buy retailer

In the end, Forever 21 had no choice. The retailer agreed to an offer of $81 million from a group of buyers including Simon Property nGroup and Brookfield Property Partners, the Wall Street Journal reported Monday. It scrapped an auction after receiving no other qualified bids. A judge will consider approval of the sale in a Delaware court Tuesday. Forever 21…

Historic Brickell Avenue building listed for sale

Stephen Nostrand and 1548 Brickell Avenue A company tied to a major Spanish canned foods company is looking to sell the Nolan House, a historic building on Brickell Avenue. The property, at 1548 Brickell Avenue, is hitting the market for $8 million, according to the listing broker, Stephen Nostrand of One Commercial, the commercial division of One Sotheby’s…

US mortgage rates hit 3-year low

Mortgage rates have hit their lowest level in more than three years, which could provide a boost to the country’s housing market heading into spring. The 30-year fixed-rate average fell to 3.45 percent, according to the Wall Street Journal, citing data released Thursday by Freddie Mac. That’s down from 3.51 percent the week before and 4.41 percent at this time last year.

Mana buys more land in downtown Miami for master plan

Moishe Mana is still buying up land in downtown Miami in his quest of turning the historic downtown into a thriving tech hub and arts scene. Mana picked up a 15,478-square-foot parking lot at 201 Southwest First Street for $6.9 million, or $448 per square foot. The property sits off the ramp to I-95 and across from the 33 Downtown Tower office building…

Industrial site in Medley trades for $7M

A vacant industrial site in Medley sold for $6.5 million, as investors scramble to find industrial sites in South Florida to build new warehouses. Medley Enterprises, which is led by Joseph M. Jackson, sold the 7.5-acre property at 9501 Northwest 106th Street for $867,000 per acre. SWS Investments LLC, which is managed by Juan C. Alvarez, purchased the…

Condo association alleges construction defects at 321 Ocean: lawsuit

David Arditi of Aria Development Group and 321 Ocean Five years after completing 321 Ocean, developer Aria Development Group and its contractors are being accused of widespread faulty construction at the South Beach luxury boutique condominium. The 321 Ocean Condominium Association sued Aria’s development entity 321 Ocean Drive LLC, project…

Miami board backs West Grove rezoning near playhouse

The Coconut Grove Playhouse and a map of the land to be rezoned A bed & breakfast could be built in the West Grove, after a Miami board ruled that nearly an acre of single-family zoned land just west of the Coconut Grove Playhouse should be rezoned to allow more intensive commercial development. The Miami Planning, Zoning & Appeals Board voted 7 to 3…

Related, East End score $136M refi of Wynwood projects

East End Capital and the Related Group closed on a $136 million refinancing of two sister projects in Wynwood. Blackstone Real Estate Debt Strategies provided the loan for the Wynwood 25 apartment complex and the Wynwood Annex office building, according to a press release. The financing will pay off the construction loans for both projects and return equity to their partners. About $110 …

Fund pays $132M for Shorecrest Club Apartments in Miami

Shorecrest Club Apartments A CBRE Global Investors sponsored fund paid $132.1 million for a large apartment complex at the entrance to the 79th Street Causeway in Miami. Property records show,,, ECI Group, a multifamily development, investment, management and brokerage firm based in Atlanta, sold the property at 7950 Northeast Bayshore Court

Industrial’s Hot Streak Projected To Hold

New numbers have confirmed that 2019 was a monumental year for industrial real estate, with total volume soaring to a record high of $102B, JLL reports. That propulsion is expected to carry into 2020. JLL predicts industrial volumes in 2020 will continue to boom, with large-scale portfolio deal flows that are slated to finish during […]…

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