Jan 08, 2020 - 0 Comments - Top Stories -

Miami Commercial Real Estate News January 8, 2020: Wynwood Office Project Gets Financing; Opa-Locka Apartments, Former Shoma Development HQ Sell; More…

Luxury athletic resort to take over Bloomingdale’s space at The Falls

Life Time Fitness will be bulking up the Bloomingdale’s space at The Falls, as malls around the country try to adapt to the changing retail environment. The company plans to break ground on a 140,000-square-foot luxury athletic resort after Bloomingdale’s closes its doors later this month, a spokesperson for Simon Property Group confirmed. Simon owns the mall at 8888 Southwest 136th Street in Miami.

$76 million opens door for Gateway at Wynwood

On a corner where Midtown Miami meets the Wynwood Arts District, a family-owned realty group based in New York has secured a $76 million construction loan to build the Gateway at Wynwood project with 220,000 square feet of offices and 25,900 square feet of retail. Developers say the site at 2916 N Miami Ave. is ready for foundation work and construction to advance, with a projected opening in the…

Berkadia Arranges $76M Construction Loan for Mixed-Use Complex in Miami’s Wynwood District

Berkadia has secured a $76 million bridge loan for the construction of Gateway at Wynwood, an approximately 230,000-square-foot office and retail complex at 2916 N Miami Avenue in Miami’s Wynwood district. Charles Foschini of Berkadia arranged the financing through Miami-based 3650 REIT on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LLC. Designed by architect…

Miami investor buys Opa-locka apartments for $8 million

An apartment community in Opa-locka sold for $8.2 million, amid growing interest from investors in the financially troubled city. Ingram Park Apartments LLC sold the 118-unit complex at 14255 to 14460 Northwest 22nd Avenue for $70,000 per unit, records show. SteelBlock, LLC, which is managed by Ignacio Murman, a former executive with Miami-based Black Salmon Capital, bought the property. Steel Block…

Architect Kobi Karp buys Miami Ad School in Wynwood

Miami architect Kobi Karp bought the Miami Ad School campus in Wynwood, but doesn’t yet have plans to move his firm from Edgewater. Karp, who owns Kobi Karp Architecture & Interior Design, paid $6.7 million for the advertising school’s parcels at 588 and 570 Northwest 29th Street, as well as 571 and 565 Northwest 28th Street, property records reveal. They total 1.1 acres of land and 14,000…

Related, PMG slapped with suits alleging faulty construction, false advertising

The luxury South Beach condominium One Ocean is among the Related Group’s signature projects of the most recent cycle. Completed in 2016, the 50 units in the eight-story boutique building sold at an average of between $2.1 million and more than $5.1 million each, or from less than $1,030 to nearly $1,700 per square foot. Martin Franklin, executive chairman and co-founder of consumer products…

Florida Commercial Real Estate News Roundup 2019

2019 was a fruitful year in Florida’s commercial real estate market. New, major developments broke ground and finished in several locations. Meanwhile, domestic and international investors contributed to the market, and overall the financial data in Florida’s CRE is positive. Analysts continue their bullish outlook on the commercial real estate market here with positive predictions…

On Miami’s menu for food trucks: red tape

More speed bumps could be rolling out for food trucks wishing to operate in the City of Miami.  The city commission is to vote on first reading today (1/9) on adding requirements for food trucks operating on private land in the city.  The legislation, sponsored by Commissioner Ken Russell, would add more requirements for food trucks present in the same location more than three times a week…

Palmetto Bay hospital zoning battle in court

A zoning battle between the Village of Palmetto Bay and a developer intent on building a 200-bed hospital has devolved to several lawsuits, with a hearing scheduled for the end of the month.  Luxcom Builders acquired a property on the northeast corner of Southwest 152nd Street and 67th Avenue from Florida Power & Light for $33 million and then proposed a hospital on a 71-acre campus. But…

In Melreese talks, safeguard public interest, not dollar sign

As Miami awaits terms due in May to lease Melreese Golf Course for mega-complex Miami Freedom Park, officials should use the precious months to probe why they’re caught up in this mess and what the city should achieve from it. Emphasis has been on how much money the city can get from the Mas brothers and soccer promoter David Beckham for its largest green space, not on whether the city should…

BellSouth sells 1M square feet of land for $25M

Qualcon Real Estate Fund purchased commercial properties with over 1 million square feet of land in South Florida from defunct BellSouth Telecommunications for $25 million. The firm, led by developers Thomas Conway and Kevin Levine, along with Andy Stone and Petra Capital Management… The properties… 9500 Southwest 180th Street, Palmetto Bay; 8038 Northeast Second Avenue, Little River…

R&B Realty’s Miami Spec Project Moves Forward

R&B Realty Group has bagged a $76 million bridge loan for the construction of a speculative Class A office building in Miami’s hot Wynwood neighborhood. The project, Gateway at Wynwood, is slated to open in the second half of 2021, providing around 220,000 square feet of office accommodation plus 25,900 square feet of ground-floor retail space. Balance-sheet lender 3650 REIT originated…

Miami Developer Bob Zangrillo faces new charges for website scams

Miami real estate developer Bob Zangrillo, embroiled in the college admissions scandal, is facing new charges for allegedly co-owning scam websites that purportedly provide services for government agencies. The Federal Trade Commission alleges Zangrillo was an officer, chaired and co-owned a company, On Point Global, that operates websites offering to conduct government transactions such as…

Pier 1 Imports to close 450 stores across US

Pier 1 Imports is the latest retailer to shutter hundreds of stores nationwide amid plunging sales. The home goods retailer said it plans to close almost half of its stores in the U.S., according to a Securities and Exchange Commission filing on Monday. Texas-based Pier 1 also will close some distribution centers, slash corporate expenses and lay off corporate employees. “Fiscal third-quarter sales and margins…”

These real estate players – some Miami based – have raised a bundle for Biden

Scott Rechler is a self-described “longtime Biden supporter.” But the RXR Realty CEO is one of dozens of real estate powerhouses who have raised big money for the former vice president’s 2020 presidential campaign. In a Friday news dump on Dec. 27, Joe Biden’s team released a list of 259 “volunteer fundraisers” — individuals who had raised at least $25,000 for the campaign. In addition to the world…

Amid supply surge, 2 hotels near MIA sell for $21M

Sunburst Hospitality Corp. sold two hotels near Miami International Airport for a combined $20.6 million, amid a surge of supply in the county. Miami-based Demand Hospitality, led by Nitun Patel, bought the Sleep Inn Miami Airport for $10.3 million. The 119-room hotel at 105 Fairways Drive in Miami Springs was built in 1999. The price pencils out to $86,555 per key…

Pebb Capital & Lease Florida Open New Hampton Inn by Hilton in Miami Beach, Florida

Pebb Capital – a diversified, multi-strategy real estate and private equity investment firm – in a partnership with LeaseFlorida, today announced the opening of Hampton Inn at The Continental in Miami Beach, Florida. The new 100-key hotel features a wide range of amenities in one of the U.S.’ leading tourism destinations. This news follows the partnerships acquisition of the historically-designated…

Centerline snags 90-acre dev site in south Miami-Dade

Centerline Capital Advisors paid $6.75 million for 90 acres in south Miami-Dade County that could be redeveloped into a home community. Sunrise, Florida-based Centerline bought the property at 17101 Southwest 200th Street for $75,000 per acre, records show. Francis Dirico of Key Largo sold the property. The property is close to the Redlands and south of the Zoo Miami. It was previously home t…

Apeiron at The Jockey Club partners fight over failed $20M deal: lawsuit

The partnership behind the Apeiron at the Jockey Club project is in tatters, amid allegations of double-crosses, a loan-to-own scheme and the sabotage of a $20 million deal, according to a recently filed lawsuit in Miami-Dade Circuit Court. Apeiron Holdings Miami and Apeiron Miami, two shell corporations controlled by developers Muyad “Mo” Abbas and Michael Bedner, are suing partners Asaf Horesh, Z…

Co-working will outlive WeWork

WeWork’s valuation has collapsed, and now the company is selling off acquisitions. Knotel is grappling with nearly 1 million square feet of vacancies. WeWork and other co-working companies are slashing their workforces. With headlines like that, you might think the whole sector is in trouble. But flexible office space isn’t going anywhere — and will likely continue expanding. The number of co-working…

Gateway at Wynwood scores $76M loan

More large-scale office and retail development is coming soon to Miami’s artsy neighborhood. New York-based Rose & Berg Realty Group snagged a $76 million loan to build the Class A office and retail complex Gateway at Wynwood from Miami-based 3650 REIT. Berkadia Commercial Mortgage, led by Charles Foschini, brokered the loan. The Kobi Karp-designed property at 2916 North Miami Avenue will…

Local industrial players work the angles as Blackstone moves in

Malcolm Butters’ firm has been building industrial properties in South Florida for about 30 years. But the last three or four of those years have been nothing like what came before. Companies such as Butters Construction have been forced to adapt to changes within an industrial market that has seen a massive influx of institutional capital from the likes of Blackstone and Prologis. Thanks to the rise of…

Videos: Deloitte Real Estate Leader Jim Berry Discusses their 2020 Outlook: Cybersecurity, AI, Sector Performance, Digitization, and Tenant Experience

Jim Berry, United States Real Estate Leader at Deloitte, appears on America’s Commercial Real Estate Show to discuss his firm’s (Deloitte’s) 2020 Commercial Real Estate Outlook report. Among the topics discussed are how the internet of things (IoT) has increased cybersecurity demands and commercial real estate sector performance. Additional discussion is given to how organizations are looking to use smart…

Former Shoma headquarters goes for $13M

The former headquarters of Shoma Development sold for $12.8 million. Doral Commons, a four-story, 59,727-square-foot office building in Doral, sold for $214 per square foot, records show. A company managed by Coral Gables real estate investor William Holly bought the property at 8550 Northwest 33rd Street. Bonbon Realty LLC, managed by Arnold Wax, was the seller. The property traded at a slight…

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