Bobby Cayre pays $15M for Miami Beach retail building
New York investor Bobby Cayre just paid $15 million for a retail building on Lincoln Road. Property records show Rand Real Estate Services affiliate CLR Lincoln Associates sold the building at 337 Lincoln Road in Miami Beach to 337 Lincoln Road Holdings, controlled by Cayre. The buyer financed the deal with a $9 million mortgage from Mercantil Bank. The nearly 15,000-square-foot building, constructed…
South Florida’s top multifamily property deals of 2017
Despite an onslaught of new inventory, South Florida’s multifamily market showed continued strength in 2017, with the majority of the top deals exceeding $100 million. At the top of the list was the $158.5 million sale of Montage at City Center in Pembroke Pines, which Harbor Group International bought in the first half of the year. And only one property in Miami-Dade County made the cut, a nearly…
This battle over credit scores could shake up the mortgage market
From TRD New York: Millions in home mortgages may be on the line as the Federal Housing Finance Agency debates whether to accept a new credit scoring system for loans backed by Fannie Mae and Freddie Mac. Currently, Fannie and Freddie won’t buy mortgages unless lenders assessed the borrowers using the FICO credit score, which was created decades ago by Fair Isaac Corp. But several non-bank…
South Florida’s largest retail property sales in 2017
Despite the overwhelming number of store closures across the country, South Florida appeared to be an exception for retail investment and development in 2017. Neighborhoods like Wynwood, the Design District and Brickell continued to establish themselves as retail destinations, with projects like Brickell City Centre opening the rest of its stores and the expansion of Aventura Mall. But a majority of the…
Miami clears way to transfer bay site to casino giant Genting
Miami can move ahead to lease bayfront bottomlands to a subsidiary of Malaysian gambling giant Genting for a marina now that the city commission has unanimously OK’d the transfer. Resorts World Miami LLC – the developer that owns choice waterfront where the Miami Herald once stood – is in negotiations with city officials for submerged land to build a marina. Before the deal can be cut, the Florida…
Dolphin Station Park & Ride to be done by March
The Miami-Dade Expressway Authority (MDX) expects to finish the Dolphin Station Park & Ride by late March to feed riders into the Miami-Dade Transit SR 836/Dolphin Express Bus Service by summer, linking Dolphin Mall, Miami International Airport, Downtown and Brickell. MDX leads construction on the $19 million project alongside the county’s Department of Transportation and Public Works…
Garage delays drive down Miami Parking Authority bond status
Emerging technology and delayed projects are having an impact on the Miami Parking Authority, the city’s semi-autonomous parking agency. That’s according to a report from Fitch Ratings service. Fitch Ratings has just affirmed the city Department of Off-Street Parking (DOSP)’s $65.04 million of outstanding series 2009 A & B parking system revenue bonds at ‘A’. The Rating Outlook has been revised to…
Climate Gentrification: In Florida, The Hot Amenity Is High Ground
If seas rise six feet by 2100, 13 million people could migrate to higher ground, including 2.5 million fleeing South Florida alone, according to a Harvard researcher. “Climate gentrification” could ensue as wealthy people claim high ground, displacing poorer residents. Jesse M. Keenan, a researcher at Harvard’s Graduate School of Design, looked at home prices and elevation in Miami-Dade County since 1971…
South Florida by the Numbers: Hurricane Irma’s long-term impact
Irma gerd! Back in September, we examined the immediate impact of Hurricane Irma on South Florida business and real estate with a general sense of relief, having avoided the anticipated direct hit. Months later, we have a much clearer sense of the storm’s long-term structural and economic impact, and the numbers are bleak. In addition to 42 storm-related deaths, Irma caused billions of dollars’…
Miami public art proposal riles builders
A 4-foot-high, 30-foot-long bench made of oolite stone will soon decorate Balboa Plaza in Coral Gables. The massive sculpture, called “A Midsummer Night’s Dream,” was commissioned by MG Developer, a company building three mid-rise luxury boutique townhouses near Balboa Plaza. Jenny Ducret, MG Developer’s chief operating officer, recently boasted that the installation will add value to the…
70-acre development site in West Kendall Sells
Investors keep flocking to the Miami suburb of West Kendall. Property records show an entity tied to NAI Miami just paid $41.8 million for a large development site near West Kendall Baptist Hospital. West Kendall Holdings, a subsidiary of the Howard Hughes Corporation, sold the nearly 70-acre parcel at the southeast corner of Southwest 88th Street and Southwest 162nd Avenue for about…
5 things to know about Compass and WeWork’s biggest backer
Masayoshi Son’s SoftBank Vision Fund committed almost $5 billion to real estate startups WeWork and Compass in ’17 – and that’s just a drop in the bucket. With $93 billion in capital raised, Son has been showering startups with cash, whether they want it… A new Bloomberg profile takes readers behind the scenes of the Japanese mogul’s delmaking spree. Here are five key takeaways: He’s not afraid…
The Commercial Real Estate Industry Comes Out On Top In Tax Law Overhaul
While housing sector proponents gave a thumbs down to the new tax law, most commercial real estate industry execs are celebrating the federal overhaul. Housing took a hit with fewer deductions in the just-passed tax law rewrite. But lower corporate tax rates and special treatment for many real estate companies could give the commercial property sector a boost and more profits for big builders.
The Unquestioned Winners Of 2017? Owners Of Industrial Land
Prices for industrial land have outpaced all other sectors this year thanks to strong demand for warehouses and a dwindling supply of sites. “This situation won’t go away any time soon, because the markets where distribution centers are most in demand—typically near or in densely populated city centers—have scant available land for industrial uses,” David Egan, head of global industrial research for CBRE…
SIOR 2018 Commercial Real Estate Outlook
How long will real estate’s “hot streak” continue? At least through 2018, according to the experts. The Urban Land Institute (ULI), in its “Real Estate Consensus Forecast,” predicts a number of areas of continued strength, both in those that create a fertile atmosphere for commercial real estate growth, and in specific key sectors. For example, ULI predicts: Transaction volume of $450 billion in 2017 and…
“Climate Gentrification” Could Add Value To Elevation In Real Estate
Homes at higher elevations in Miami are gaining value at a faster clip than those closer to sea level. It’s an accelerating trend, and it has residents and real estate agents — in Miami and other coastal communities — asking whether “climate gentrification” has arrived. The term, which only recently entered the lexicon, describes the role of climate change in recalibrating land values, a phenomenon that…
Miami is the country’s 4th most valuable housing market, per report
Valued at 864.2 billion Miami is the country’s fourth most valuable housing market as we head into 2018, according to a new report by Zillow. Trailing only Los Angeles (total value of $2.7 trillion), New York (2.6 trillion), and Washington (996.7 trillion), the total value of Miami’s housing market is an estimated 864.2 billion, which represents a solid 4.7 percent increase year over year. However, that…
Miami-Dade Airbnb hosts earned over $134 million this year
Florida hosts earned a combined $450 million Airbnb is wrapping up quite a strong year in Florida, with hosts in the Sunshine State earning a combined $450 million in supplemental income in 2017, representing a 75 percent increase year over year. The hospitality company says there are now 40,000 hosts who utilize the rental service, averaging out to about $6,700 annually per host. Airbnb…
Cheers! Terra and Terranova sink $40M on PepsiCo’s regional HQ
Two Miami developers are quenching their thirst for South Florida land. A joint venture between Terra and Terranova paid $40.3 million for PepsiCo’s regional headquarters and distribution center in Doral, a spokesperson said. The food-and-beverage giant arranged a sale-leaseback with the buyers, 7777 Investment LLC, for the 232,000-square-foot facility at 7777 Northwest 41st Street. PepsiCo…
Miami zip code makes 2017 list of 10 most expensive zip codes in America
PropertyShark’s annual ranking of the 100 priciest zip codes in the country is out. California’s neighborhoods dominated overall, while New York snagged 19 spots on the list as well as scoring within the top three most expensive addresses. Here’s a look at the top 10 zip codes which are home to some of the most expensive real estate from coast to coast, from #1 to #10: 94027…
Related and East End score construction loan for Wynwood Annex
More office space is coming to Wynwood. Property records show East End Capital and the Related Group just closed on an $11.6 million construction loan for its Wynwood Annex office project. Bank of the Ozarks, an active lender in Wynwood, provided the financing. The eight-story, 40,000-square-foot office building will be built alongside the partnership’s Wynwood 25 apartment development…
Panorama Tower’s contractor sues Florida East Coast Realty after firing
Panorama Tower may rise above all the other residential towers in Miami, but it’s not above the legal controversies that can accompany such a lofty project. Tutor Perini Building Corp., the contractor overseeing construction of the tower, filed a lawsuit in Miami-Dade Circuit Court against developer Florida East Coast Realty last month alleging it failed to turn in project designs on time and revised project plans…
South Florida’s priciest industrial property sales in 2017
Demand for industrial real estate in South Florida was up again this year as consumer sentiment continued to favor faster deliveries – calling for more distribution centers closer to heavily residential areas. In 2017, South Florida’s industrial market took center stage, making it a potential suitor for the next Amazon headquarters and seeing yet another wave of activity by larger industrial real estate investment…
South Florida increasingly pays for office space as a one-stop service business, with companies forsaking a traditional lease in favor of a modern mix of open-seating areas and private offices with perks, including free coffee, that aim to promote collaboration and innovation among tenants. But as co-working behemoth WeWork — with its $20 billion valuation — increases its presence in the area, will the…
South Florida’s biggest hotel sales in 2017
Big-ticket hotel sales were few and far between in South Florida this year as the market struggled to recover from a dreary 2016. The five biggest deals ranged from the $36 million sale of the Ritz-Carlton Coconut Grove to the $85 million trade of the Courtyard Fort Lauderdale Beach by Marriott, according to The Real Deal’s analysis of data from property records and Real Capital Analytics…
Cousins Properties Sells Orlando, Miami Assets
Cousins Properties, a real estate investment trust, said it has sold 1 million square feet of offices in Orlando for $208.1 million and also unloaded its equity interest in a Miami office complex for $33.9 million. Atlanta-based Cousins (NYSE: CUZ) also sold a 20 percent stake in the two-building Courvoisier Centre at 501 and 601 Brickell Key Dr. in Miami. The buyer of the 343,000-square-foot property was…
SoFla luxury condo sales to stay slow as single-family market grows in ’18, experts say
As the pool of deep-pocketed foreign investors continued to recede over the past year, developers, brokers and sellers in South Florida’s luxury condo sector have been forced to adjust their pricing, wait longer for units to move and scour the globe for new buyers. But for the folks doing business by moving condos listed at $600,000 or below, as well as single-family homes in every price range, signs are…
North Miami Beach Pays $12,000 Settlement, Changes Codes After Lawsuit From Gun Store
For nearly five decades, the law in North Miami Beach has been clear: If you want to open a gun store, you must set up shop in the industrial areas of the city. But that long-standing rule is about to change. After code enforcement cited a business for selling guns in a shopping plaza on NE 167th Street, the owners sued the city for violating state law. In late December, North Miami Beach commissioners…
South Florida Real Estate Industry Update
Begin the new year with essential guidance that will help prepare your real estate company or clients for a productive and profitable 2018. The South Florida real estate community will come together on Thursday, January 18, to hear industry leaders discuss some of the most significant tax, accounting, and legal planning opportunities affecting their businesses today. Bilzin Sumberg attorney Josh Kaplan joins…