Magellan sells Midtown Miami apartments for $154M
Magellan Development Group sold its 400-unit Midtown Miami apartment tower for $154.35 million. The Chicago-based developer sold the 26-story tower, called Midtown Five, near the intersection of First Avenue and 32nd Street at 125 NE 32 Street, according to records. The buyer is an affiliate of Sterling Equities. The Great Neck, New York-based development firm is run by the…
Belveron Partners closes $280M fund for affordable housing
Belveron Partners closed a $280 million fund to invest in affordable housing across the country as the sector gains interest from larger investors. The San Francisco-based firm exceeded its initial $225 million target for the fund. It is the sixth fund the company has closed since its inception. The fund will acquire and manage over 5,000 units of…
Florida Commercial Real Estate News Roundup 2020
The South Florida commercial real estate market has been a standard bearer for many years across multiple CRE sectors recently. Inevitably we have to focus on the challenges presented throughout 2020. Despite the current pandemic, new, major developments took place and many property refinances were sealed in several locations. Meanwhile, domestic…
The Founder Of Twitter Just Followed Miami’s Mayor, & Even More Tech Investors Now Say They Will Move Here
Twitter and Square founder Jack Dorsey has apparently taken notice of the surge in tech entrepreneurs relocating from Silicon Valley to Miami, and has followed Mayor Francis Suarez on the platform. It is the latest sign that the movement of tech companies and investors to Miami is accelerating. On Sunday, venture capitalist Alexander Lloyd announced on Twitter that he…
Miami-Dade reaches 100 million square feet of offices
One-ninth of Miami-Dade County’s total office space stood vacant as 2020 ended and the county for the first time crossed the line of 100 million total square feet of offices, a preliminary market report this week by Colliers International reveals. Vacancies have been rising since Covid-19 hit the county in March, Colliers data show. Total office vacancies rose from 9.6%…
Wynwood votes down 12-story mixed-use project
A sprawling mixed-use proposal plans to bring with it apartments and more than 60,000 square feet of office space to two lots in Wynwood. PRN N. MIAMI is planned for property at 2150 N Miami Avenue. Along with the new office space, the 12-story project is to include 317 residential units, 22,700 square feet of commercial-retail uses, and a garage for up to 534…
Miami Worldcenter promenade lined with art murals
In partnership with Miami Worldcenter, Art4All is providing an alternative for artists to share their work with the public in a way that is safe and accessible. Art4All recently launched its public art fair in Miami featuring artists on more than 50 billboards throughout the city. Large art murals were placed along two blocks of downtown’s Miami Worldcenter…
Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Developer Ari Pearl and investor Jonathan Leifer paid $30 million for the Tryp Hotel at 9540 W Bay Harbor Drive in Bay Harbor Islands, with plans to convert it to a condo-hotel, The Real Deal has learned. Pearl’s PPG Development and Leifer, chairman and founder of L3C Capital Partners, acquired the waterfront property out of foreclosure. Lender Ladder…
Mast Capital spends $51M on Homestead townhomes
Mast Capital spent $50.75 million on a 292-townhome complex in Homestead. The Miami-based developer bought the complex, known as Seascape Pointe Apartments, at 1140 Southeast 24th Road, according to records. The townhomes are located within the Keys Gate master planned community. Mast Capital, led by Camilo Miguel Jr., plans to renovate…
The pandemic has tormented many sectors of the economy. The sector we highlight today is rental companies, whose income is captured in the Quarterly Services Survey of the U.S. Census Bureau. This survey covers only a sample of the rental sector: businesses that employ workers but not, for example, individual landlords. Also, the space being rented may be…
Construction Firm Buys Doral Warehouse For $243 PSF
Labrador Construction acquired a warehouse in Doral for $15 million. The price equated to $243 per square foot. It last traded for $9 million in 2015. The increase in value demonstrates the strong demand for industrial space in Miami-Dade County. The 61,750-square-foot industrial building at 8181 NW 36th Street. was sold by 8181 Doral LLC…
FECI scores construction loan for Hialeah business park
An affiliate of Florida East Coast Industries scored more construction financing for the third phase of its Hialeah business park. FECI landed a $17 million loan from Wells Fargo Bank for building 26 in Countyline Corporate Park, according to records. The company previously secured a $20 million loan from Wells Fargo in September to build other warehouses inside…
Blackstone inks lease at MiamiCentral in downtown Miami
Blackstone Group signed a long-term lease in downtown Miami, cementing its planned expansion to South Florida. Blackstone announced in October that it would be opening an office in downtown Miami with more than 200 tech employees. The New York-based private equity giant will lease 41,000 square feet at 2MiamiCentral, according to a press release. Blackstone…
Blackstone Takes Space for Miami Tech Team
Shorenstein Properties has finalized a 41,000-square-foot lease at 2 MiamiCentral, a 202,438-square-foot office property in downtown Miami. Blackstone will use the space to open an office that would grow its technology capabilities. The company expects to hire more than 200 tech-focused employees for its new operation at 2 MiamiCentral over the…
Shorenstein leases Miami office space to Blackstone
Shorenstein Properties has leased 41,000 s/f of office space at its 2 MiamiCentral property to Blackstone. The global investment giant intends to create a hub for its in-house technology division and plans to hire more than 200 tech-focused employees in Miami in the coming years. The deal brings 2 MiamiCentral to 98 percent occupancy with a roster of tenants…
Ytech completes $12M deal for Brickell high-rise dev site
A Miami-based real estate investment and development company paid $12.2 million for a Brickell development site, with plans to build a luxury tower of up to 80 floors and 183 units. Ytech, led by Yamal Yidios, bought the properties at 41 and 75 Broadway in Miami — also known as 41 and 75 Southwest 15th Road — north of Simpson Park, according to a release.
Ytech Sells Multifamily Community in Metro Miami for $78M
Ytech has sold Lake House Apartments, a 491-unit multifamily community at 2601 NW 207th Street in Miami Gardens, to New York-based Greenstone Property Group for $78 million. The property offers one-, two- and three-bedroom floor plans averaging 668 square feet. Communal amenities include a pool, playground, basketball court, tennis court and a picnic…
Clearance sale: Shops at Sunset Place sells at major discount
Midtown Miami developer Midtown Opportunities paid $65.5 million for The Shops at Sunset Place, marking a 40 percent discount off its previous purchase price in 2015. Federal Realty Investment Trust and its two local partners, Grass River Property and the Comras Company, sold the nearly 10-acre mall in South Miami more than five years after acquiring the…
Outdoor Mall In Miami Trades For About 60% Of Its Former Price
A month and a half after redevelopment plans for the site formally fell through, The Shops at Sunset Place, a 9.68-acre outdoor mall at 5701 Sunset Drive (5701 SW 72nd Street) in South Miami that once bustled with national retailers but has struggled in recent years, sold on New Year’s Eve for $65.5M, the buyer announced this weekend. That’s about 59.5% of the…
An Inside Peek Into Downtown Miami’s Dual Tower Mega-Development
As an increasing number of businesses look to relocate or expand, Miami continues to be an attraction for all—investors, developers and residents. The metro’s year-round good weather, favorable tax environment and reduced living and business expenses all contribute to its appeal, according to Melo Group Co-Principal Martin Melo, the developer behind Downtown…
Michelle Murdock, Chief Development Officer with Core Green Technologies, joins America’s Commercial Real Estate Show host Michael Bull to discuss HVAC technology that utilizes Needlepoint Bi-polar Ionization in order to make offices, restaurants, and other commercial proerty facilities safer and cleaner. She quotes some interesting…
Amazon to put $2B into affordable housing
When Amazon planned to build a corporate headquarters in New York City, opponents claimed the influx of high-paying jobs would drive up housing prices, just as it had in the company’s base, Seattle. The argument helped defeat the project. Two years later, Amazon is pledging to plow more than $2 billion into affordable housing where its employment hubs are…
New Appellate Case Raises Issues For Mixed Use Developments in Florida
A recent decision by Florida’s Third District Court of Appeals could have significant implications for mixed-use developments, particularly those that contain hotels and residential condominium owners. The case considered whether the declaration of condominium for the IconBrickell condominium in downtown Miami violated Florida’s Condominium Act because…
Worst of the worst: The real estate disasters of 2020
Vacant offices. Shuttered restaurants. Empty hotels. The pressure on real estate was relentless this year as the pandemic took down struggling sectors — and some healthy ones, too. Except for a few blessed sectors, such as industrial space (hello, Amazon!), fiascos were unavoidable. To explain the catastrophe that was 2020, we picked 10 of the biggest…
In memoriam: The industry titans who died in 2020
In a year when so many lives were lost, real estate was not spared. The industry mourned both legendary figures and those who died too soon. But it was the death of Stanley Chera, the 77-year-old patriarch of Crown Acquisitions, that epitomized the year. The real estate titan had decamped New York City for Deal, New Jersey, early in the pandemic at the behest…
Simon Ziff on distress investing: “Do a lot of homework”
In the first installation of TRD Tips, Simon Ziff sat (virtually) with The Real Deal‘s editor-in-chief Stuart Elliott to give some insights on real estate investing. Ziff, whose Ackman-Ziff Real Estate Group closed more than $7 billion in deals last year and about $85 billion in total since he became president, said he expects distressed deals to happen “deeper into…”
Costco sells site near Doral to Trammell Crow for $19M
Trammell Crow Residential and investment firm The Carlyle Group paid $19.2 million for a development site near Doral with plans to build an apartment project. Costco Wholesale Corp. sold the 11.3-acre property, previously home to one of its locations, at 8300 Park Boulevard to the Tramell Crow affiliate. The buyer, CRP/Maple 8300 Park Owner LLC…
The best of: TRD reporters share their favorite stories of 2020
The coronavirus pandemic colored many of the stories at The Real Deal in 2020, but our reporters’ picks for their favorite pieces of the year show that not everything was about Covid-19 in the real estate industry. While some of these stories touch on the ways the pandemic changed real estate in the past 12 months — from creating more opportunities for landlords to pick…
Part of Margate shopping center formerly anchored by Penn Dutch sells for $12M
A group of local investors sold part of a Margate shopping center anchored by a former Penn Dutch food center for $11.9 million. Ross Realty Investments and SunCap Real Estate Investments sold the southern part of the Penn Dutch Plaza shopping center near the intersection of State Route 7 and Northwest 31st Street, according…
Related Cos. to pay $282M for West Palm Beach office towers
The Related Companies is expected to close on the Phillips Point office towers in West Palm Beach for $282 million. Matt McCormack AEW Capital Management is selling the 448,914-square-foot office complex. The deal, which will mark the largest office sale in South Florida in more than a year, is set to close in a couple of weeks. Real Estate Alert and Bloomberg…