Feb 02, 2022 - 0 Comments - Top Stories -

Miami Commercial Real Estate News February 2, 2022: Miami River Development Site Hits Market; Industrial Market Sets Records; More…

Witkoff, Monroe plan three 57-story towers on Miami Worldcenter site

Witkoff and Monroe Capital proposed a 3.4 million-square-foot, mixed-use addition to the Miami Worldcenter development downtown. An affiliate of New York-based Witkoff and Chicago-based Monroe plans to build three towers on the 4.7-acre site at 700 North Miami Avenue. The buildings could each be up to 57 stories tall. The duo bought the land for $94…

Uruguayan investor puts Miami River development site on the market

Enrique Manhard is looking to cash out of a Miami River development site he acquired for $10.3 million four years ago. The 2.38-acre site hit the market at an undisclosed price, according to brokers Estrella and Yaima Perez with EP Realty Group, who have the listing. The two parcels at 1670 and 1690 Northwest North River Drive in Miami can be redeveloped…

Four Retailers to Open at CocoWalk in Miami’s Coconut Grove Neighborhood

Four new dining concepts and retailers are opening at CocoWalk, a 150,000-square-foot, mixed-use project in Miami’s Coconut Grove district. The project is led by an ownership group including Federal Realty Investment Trust, The Comras Co. and Grass River Property. David Grutman’s Groot Hospitality will open The Key Club, a restaurant, at CocoWalk.

What’s Fueling Miami’s Thriving Office Market

Throughout 2021, Miami experienced an unprecedented influx of capital, with the city solidifying its place on the map as a destination for all sorts of businesses, especially fintech, financial services, banking and private equity firms. Since the onset of the pandemic, more and more people have become drawn to the city’s warm climate and business-friendly environment…

The Neighborhood Is The Amenity: Why Parts Of Miami Are Booming

UrbanX principal Coralee Penabad developed the River Landing mixed-use project on the bank of the Miami River, in an area called the Health District, which bustles with workers from nearby hospitals and a courthouse. A key focus, she said, was providing access to the waterway, which had long been considered an industrial, working river rather than a community asset.

On Fire: Miami Industrial Market Sets New Records

Miami’s already-robust industrial market experienced its best year ever in 2021, according to a report released this week by real estate brokerage JLL. Vacancy rates fell to new lows, rental rates reached new highs and absorption crushed the old record, JLL said. Miami-Dade’s industrial boom comes with downsides, too, as users struggle to cope with rising costs.

Trouble in paradise: How a Miami developer’s Nicaraguan venture went south

Miami developers Ophir Sternberg and Ricardo Dunin spent about four years and millions of dollars trying to turn a resort on Nicaragua’s Pacific coast into a swanky ecotourism hot spot. They failed. Left behind was a detritus of debt, unpaid taxes, missing funds, unpaid vendors and unfinished construction. The American retirees, outdoor…

Sunset Harbour developer scores $60M loan for mixed-use office and condo project

A long-planned luxury office, retail and residential project in Miami Beach’s Sunset Harbour scored $60 million in construction financing. Deco Capital Group, led by Bradley Colmer, secured the loan from City National Bank of Florida. The firm has begun foundation work on Eighteen Sunset, the latest iteration of the mixed-use development, Colmer told The Real Deal.

Verdict upended: Judge throws out Masoud Shojaee’s $10M court win against Ugo Colombo affiliate

A Miami-Dade judge overturned developer Masoud Shojaee’s $10 million court victory against an affiliate of his former joint venture partner Ugo Colombo. Miami-Dade Circuit Court Judge William Thomas on Monday threw out an October jury verdict in favor of Shoma Coral Gables, an affiliate of Shojaee’s Shoma Group. The jury had handed…

Hotly debated Kendall Parkway getting an image makeover

It’s back to the drawing board for the hotly debated 14-mile Kendall Parkway, as planners vow in the next six months to reshape both its contested route and its complicated public image. The design and development team aims to reconcile residents’ environmental concerns over the multimodal transportation project through a rebranding…

Dining barricades are eyesores, Miami Downtown Development Authority complains

Orange, water-filled barricades have stood outside of downtown Miami restaurants since May 2020 to create space for outdoor dining during the pandemic. At the Downtown Development Authority meeting Jan. 28, the barricades were branded eyesores. The City of Miami Department of Public Works worked with Miami Parking Authority on a program to assist…

South Florida salaries growing fastest in nation

Wages and salaries grew faster in South Florida than in any other large area of the nation for the year ended in December, figures released Tuesday by the US Bureau of Labor Statistics found. In a tight labor market, wages and salaries in the seven-county area stretching from Miami-Dade to the north grew 6% for the year, easily outpacing the national gain of 5%…

5G availability spurs growth as county targets tech

Miami-Dade’s 5G availability has affected not only the economy but also public safety and home decisions. Mitch Bierman, partner and chair of airports and aviation services with Weiss Serota law firm, said quick internet availability via the fifth generation mobile network, or 5G, is crucial for public safety because the public must be able to call…

City National Bank Originates $60M Loan for South Beach Mixed-Use Development

Deco Capital and RWN Real Estate Partners have landed $60 million in financing for the construction of a mixed-use development in Miami’s South Beach, Commercial Observer has learned. “We’ve seen significant interest from some of the most desirable and prosperous buyers and tenants in the country, who are looking at Eighteen Sunset from both a residential…

Editorial submits Miami should protect its Melreese asset, not kick it away

City commissioners can make a heroic choice to benefit residents by repelling a lease that would turn Miami’s only golf course into a developers’ playground beside Miami International Airport. Just two commissioners can prevent permanent loss of the city’s largest green space – Miami’s equivalent of Central park – to a multi-use complex larger than…

Retail rents creeped up, as vacancies fell across South Florida at year-end 2021: report

Retail rents continued to creep up in the last quarter of 2021, as the vacancy rate dipped below 5 percent across South Florida, according to a recently released report. Dave Preston of Colliers, which authored the report, told The Real Deal that landlords across the tri-county region are seeing high occupancy, boosting their confidence to keep rental rates on an…

Extended-stay hotels a hot commodity for investors

The recovery of the hotel industry in the United States is still a work in progress, but one segment appears poised to recover faster than the rest of the sector. Extended-stay hotels have earned favor since the onset of the pandemic with a variety of consumers, keeping the segment strong, The Wall Street Journal reported. At…

Showdown in Surfside collapse saga, involving federal agency, could delay trial for years

In a showdown during a court hearing on Friday, the judge chided Miami-Dade County for turning over evidence to the federal authority investigating the deadly Surfside condo collapse, a move that could potentially delay the trial for years. The Miami-Dade Police Department, which has stored materials from the collapse in two off-site warehouses…

One Thousand Museum developers complete waterfront Edgewater assemblage for doppelganger tower

A group of developers, including some who were part of the One Thousand Museum team, completed their assemblage for a new waterfront condo tower in Edgewater called 729 Edge, The Real Deal has learned. The developers acquired all units in a bulk purchase of a bayfront 50-year-old condo building called Harbor 29, according to…

Lennar doubles down on Homestead with $23M development site purchase

Lennar is doubling down on its homebuilding bet in Homestead with a $22.5 million purchase, five months after it bought another site in the city. Miami-based Lennar bought 25.3 acres on the northeast corner of the Florida Turnpike Extension and Southwest 336th Street from an entity tied to Miami-Dade County homebuilder Pedro Adrian, of Adrian Home…

Jockey Club residents reignite lawsuit against next-door landowner

Residents of the Jockey Club near North Miami sued the owner of land within the condominium complex, alleging he failed to improve and maintain common areas. The suit reignites a long-running legal dispute — that was seemingly put to rest in 2020 — between residents of one of the three towers at the complex and the owner of 13 vacant acres that are…

South Florida multifamily sales hit record $11B in 2021, marking nation’s hottest CRE market: report

After reaching a record $11.4 billion in sales last year, South Florida’s multifamily market is poised for another banner year, according to a recently filed report. Out-of-state investors will continue to dominate the multifamily market in the tri-county region and rents will continue to rise, though not at the astronomical rate seen in 2021, Cushman…

Video: CCIM Economist K.C. Conway Discusses 2022 Economic, Interest Rate & Real Estate Forecast

Listen as CCIM Economist K.C. Conway shares his outlook on economic issues and how the may affect commercial real estate. Discussed in this video are expected interest rate hikes, inflation trends, risks, and opportunities. He thinks there will be 4 to 6 rate hikes this year and that one of them could be 50 bp. Doing the math, this would indicate rate…

WeWork’s Marcelo Claure to leave SoftBank: reports

Masayoshi Son, chief executive officer, Softbank; Marcelo Claure, executive chairman, WeWork: Marcelo Claure is leaving SoftBank amid a disagreement over his request for a compensation package that could have reached $2 billion, according to multiple reports. Claure, the chief operating officer of SoftBank and executive chairman of WeWork, could step down…

Related, ROVR rank ahead of Terra and Apollo in bid to redevelop downtown Miami garage

Miami’s biggest condo developers are vying for a 2-acre property in downtown Miami that could be redeveloped into a multi-tower, mixed-use project. The Miami Parking Authority, a quasi-governmental agency that manages the city of Miami’s parking assets, owns the College Station Garage site at 190 Northeast Third Street. Related/ROVR and Terra with its…

Seagis Closes on Prime Trailer/Fleet Parking Lot Asset In Doral

Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, closed on a $9.4 million acquisition of a 2.78-acre, fully secured and improved, trailer/fleet parking lot located at 8100 NW 25th Street in Doral. Reshma Parvani from Parvani Commercial Group Inc. represented the Seagis in the transaction…

Seagis shopping spree: Industrial binge continues with $13M Miramar warehouse deal

Seagis Property Group bought a newly built Miramar warehouse and distribution facility for $13.3 million, marking its ongoing shopping spree for South Florida industrial real estate. The Conshohocken, Pennsylvania-based company bought the 60,831-square-foot building at 7481 Riviera Boulevard, with plans to lease out the vacant facility that was…

Hollywood Beach double play: Brooklyn investor picks up two motels for $13M

Brooklyn-based Condra Property Group, which has an office in Miami Beach, picked up a pair of Hollywood Beach motels for a combined $12.9 million, with plans for eventual redevelopment. The recently formed real estate investment firm, led by managing principals Mark Drachman, Ira Chaimovitz and  Allen Konstam, bought the 34-key Neptune Hollywood…

Global Horizons sells 71-unit Fort Lauderdale apartment portfolio for $13M

Global Horizons Group sold a 71-unit multifamily portfolio in Fort Lauderdale for $13 million. North Miami Beach-based Global Horizons sold the seven small buildings between East Sunrise Boulevard and Northeast 11th Street and between Northeast Seventh and Eighth avenues, said Global Horizons’ co-founder and Managing Partner Guy Goldberg. The four…

Winn-Dixie-anchored shopping center in Fort Lauderdale sells for $17M

Chicago area-based RMS Properties bought the Winn-Dixie-anchored Southland Shopping Center in Fort Lauderdale for $16.8 million. James Casto’s Casto Properties, based in Fort Lauderdale, assigned the lease for the property at 901-1075 West State Road 84 to an entity tied to RMS Properties, records show. RMS’ affiliate took out a $12.8 million loan from Parkway…

Bridge Investment drops $15M for Dolphin Carpet & Tile building in Deerfield Beach

Bridge Investment Group picked up a Deerfield Beach warehouse for $15.2 million. The Salt Lake City-based commercial real estate investment firm picked up the 73,216-square-foot facility at 1471 West Hillsboro Boulevard. Part of the building is currently leased as a showroom for Dolphin Carpet & Tile, a Doral-based flooring company. Bridge Investment paid $208 a…

James Batmasian pays $19M for downtown Delray Beach retail, offices

James and Marta Batmasians’ Investments Limited bought a retail and office building in downtown Delray Beach for $18.5 million. Investments Limited scooped up the fully leased property at 411 East Atlantic Avenue from Babak Ebrahimzadeh, owner of Master Mind, according to Joseph Scarfone of One Investment Group, who represented the seller in the…

James Batmasian doubles down on downtown Delray Beach with $7M purchase

James Batmasian paid $6.5 million for a retail and office building in downtown Delray Beach, his second purchase along Atlantic Avenue this month. New York-based Thor Equities sold the property at 630 Atlantic Avenue to an affiliate of Batmasian’s Investments Limited, records show. The 10,000-square foot…

Pebb, Banyan sell outparcel at Sprouts-anchored Boynton Beach project

Pebb Enterprises and Banyan Development sold a Synovus Bank-leased outparcel for $5.1 million at their mixed-use Mainstreet at Boynton Beach project. Pebb and Banyan, which are jointly developing the Mainstreet project with a Sprouts retail anchor, sold the 2,500-square-foot Synovus building at 9844 Jog Road, said a spokesperson for the developers.