Jul 10, 2019 - 0 Comments - Top Stories -

Miami Commercial Real Estate News July 10, 2019: Whitmans Get $550 Million Loan for Bal Harbour Shops; Hotel Planned for Dadeland Mall; More…

Live, work, stay? Dadeland Mall is getting its own hotel

Rendering of the AC Hotel by Marriott at Dadeland Mall and David Simon (Credit: DLR Group) Simon Property Group is planning an AC Hotel by Marriott at the Dadeland Mall. The retail real estate investment trust will build a 177-room, seven-story hotel on the northwest corner of the property, next to a Macy’s Home & Children store, a spokesperson said. Simon and Concord Hospitality Enterprises…

Whitman scores $550M loan for Bal Harbour Shops

Bal Harbour Shops, Matthew Whitman Lazenby, Erica English, Howard Friedberg and Michael Katz UPDATED, July 8, 2:35 p.m.: Whitman Family Development closed on a $550 million loan for Bal Harbour Shops, as the high-end shopping center undergoes a major expansion. MetLife Investment Management is the lender, according to a release from Katz Barron. The financing replaces a $150 million loan that…

Whitman Family Lands $550M Financing for Miami Retail Project

Big change is afoot at the world-renowned Bal Harbour Shops in Bal Harbour, Fla., now that owner Whitman Family Development has landed $550 million in financing. HFF arranged two loans on behalf of Whitman, which will utilize the funds to expand the approximately 463,100-square-foot luxury retail property. The financing came in the form of a $400 million floating-rate construction facility, one of…

HFF Arranges $550M Construction Loan for Bal Harbour Shops in Miami Beach

HFF has arranged $550 million in financing to expand Bal Harbour Shops, an upscale shopping mall in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. The borrower, Miami-based Whitman Family Development, will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total…

Bal Harbour Shops, with 100% Occupancy & Tenant Waiting List Borrows, $550 Million for Expansion

The Bal Harbour Shops in Miami take up 463K SF, but apparently, that’s not enough for tenants who want in. The mall has been fully leased for decades and has a waiting list, so its developer has taken out a $550M loan to retire an existing loan and expand by 300K SF, HFF announced this week. MetLife Investment Management was the lender on two loans with the mall’s owner, Whitman Family…

Michael Shvo wants to build a 200-foot tower near his South Beach hotels

Raleigh hotel with Michael Shvo (Credit: Trip Advisor) New York developer Michael Shvo is one step closer toward being able to build a 200-foot-tall residential tower in South Beach. On Tuesday, the Miami Beach Historic Preservation Board backed a proposed ordinance that will allow property owners who own 115,000 square feet of land to build “ground level additions” up to 200 feet high in the RM-3…

AOC and Kamala Harris want to reverse rule that evicts public housing tenants over felonies

As democratic presidential candidates look to distinguish themselves from the pack and demonstrate their progressive bona fides, Alexandria Ocasio-Cortez and Kamala Harris are teaming up to strengthen protections against housing discrimination. The duo proposed a bill that would outlaw the so-called “one strike” rule, which has been…

Landlord Loses Additional Rent Dispute Based on Lease Language

Another new commercial lease case, another instance of drafting being the deciding factor.  We’ve looked at cases where drafting affected guaranties (here and here), exculpatory clauses, remedies, and how to calculate renewal rent.  To be clear, cases turning on lease drafting are not necessarily borne of drafting errors.  But the specific words the parties use matter. In Dezer Intracoastal Mall, LLC v. Seahorse…

Industry group says Florida ranks fifth in overall commercial development nationwide

It’s not just your imagination: Florida is booming. The state ranked fifth in the U.S. for all commercial real estate development, according to an annual survey by an affiliate of the National Association of Industrial and Office Parks. The Sunshine State trailed only Texas, New York, California (perhaps no surprise there) and a sleeper — Tennessee. In all, Florida commercial real estate projects pumped $20 billion…

Florida’s Hospital Wars: State Eliminates Certificates Of Need

Florida Gov. Ron DeSantis signed a bill last month that eliminates certificates of need before certain hospital facilities can be built. This could potentially lead to a wave of new medical facilities throughout the state, though executives are currently waiting to see whether restrictions will simply be shifted into licensing requirements. Nationally, there are efforts underway to knock down CON laws in other…

Related Group buys more land in Wynwood for mixed-use project

Jon Paul Perez and Jorge Perez with 51 Northwest 28th Street The Related Group paid nearly $6.5 million for land in Wynwood where it’s planning to build a mixed-use project, The Real Deal has learned. Related’s PRH NW 28 LLC closed on the lots at 33, 45 and 51 Northwest 28th Street, property records show. The land totals 20,700 square feet. Jonathan Eismann of Lombardi Properties represented the sellers…

Investors buy North Beach assemblage with plans to redevelop

From left: Michael Bird, Jefferson Brackin, and Jose Sasson Investors Jefferson Brackin and Michael Bird paid $5.9 million for a commercial assemblage in North Beach, with plans to redevelop the property. Brackin and Bird’s Nobe Creek LLC bought the three properties at 666 71st Street, 6994 Carlyle Avenue and 6980 Carlyle Avenue in Miami Beach, said Jose Sasson of Axiom Capital Advisors. Sasson…

Flight training center plans major investment in Sweetwater

An undisclosed flight training center already operating in Miami-Dade County plans to lease 83,000 square feet in Sweetwater and add ten flight simulators at a total cost of more than $104 million – almost $100 million for the simulators alone – in an operation that would add 73 jobs in the county. The global logistics company plans to pay an average of $77,740 for each of the 73 new jobs, plus an…

Miami looks at creating another Dinner Key mooring field

As the City of Miami moves ahead on long-awaited repairs and improvements at the city’s Dinner Key Marina, another contractor is poised to be hired to build an adjacent mooring facility. The matter is scheduled for review and a vote at the city commission’s meeting today (7/11). The Department of Real Estate and Asset Management or DREAM is recommending the city award the work to Dock and…

Miami-Dade courthouse to cost $1.2 billion on arsenic-laced site

A new civil and probate courthouse will cost Miami-Dade County $1.2 billion in payments over the first 30 years, straining budgets and probably forcing service cuts in vital areas if taxes aren’t raised, Mayor Carlos Giménez warned commissioners last week. Furthermore, the $1.2 billion estimate doesn’t include environmental costs – and he said that a new assessment report shows soil and groundwater…

After legal war, Jackson Health’s Doral hospital to be done in 2020

With a major change in state law on hospitals this month, Jackson Health System is moving forward with its plans to open José Milton Memorial Hospital at the Jackson West Medical Center in Doral. The county-owned health system says it will open the 100-bed acute care hospital next year. The hospital sits beside the main building and garage on the 27 acres Jackson Health System owns at 7800 NW 29th

Lincoln Road blanketed with 500 native orchids

Walking on Miami Beach this summer can be even more mesmerizing than usual. Since Tuesday morning a block of Lincoln Road has been blanketed with 500 native orchids, planted among the palms and hardwood trees. Over eight species of the vibrant plant were donated to the City of Miami Beach by Terranova, one of South Florida’s leading real estate firms, contributing to the city’s goal to…

With taxes rising elsewhere, downtown Miami can add to its gains

Give credit where it’s due to Miami’s Downtown Development Authority for consistent, successful focus on enticing niche financial operations to Miami, adding high-income jobs, ultra-high-income residents, and large-scale economic clout. Those victories have pushed the DDA higher up the scale of community impact by doing the economic development job that had eluded downtown for many years…

Former Kaplan University buildings in Fort Lauderdale sells for $37M

1525 Northwest 62nd Street in Fort Lauderdale, Purdue University Boilermaker mascot A former Kaplan University property in Fort Lauderdale sold for $36.5 million. An Illinois company sold the leasehold interest for two buildings at 1515 Northwest 62nd Street and 1525 Northwest 62nd Street, records show. Purdue University Global, an adult online education program that is part of the Purdue…

Urban League of Greater Miami sells mixed-use property in West Little River

T. Willard Fair, President and Chief Executive Officer of the Urban League of Greater Miami and 8400 NW 25th Avenue The Urban League of Greater Miami sold a mixed-use project in the West Little River neighborhood of Miami-Dade County for $12.5 million. The nonprofit sold the property at 8400 Northwest 25th Avenue to Elizabeth Gardens of Miami LLC, which is managed by Lisa Ramos and Lisette…

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

Deutsche Bank CEO Christian Sewing (Credit: Getty Images and iStock) It’s business as usual. That’s the message Deutsche Bank has sent to New York’s real estate industry following the weekend announcement it would shutter its investment banking arm’s equity sales and trading divisions and slash thousands of jobs worldwide. The German bank has been battered in recent years, enduring losses and…

Blackstone buys 9-acre industrial site in Medley

Stephen A. Schwarzman and 8482 Northwest 96th Street (Credit: Google Maps) A Blackstone affiliate bought two industrial vacant lots in Medley for $7.2 million. Link Industrial Properties, an affiliate of Blackstone, bought the 8.8-acre site for $818,181 per acre. The seller is Medley Auto Parts, which is managed by Jorge Seoane of Hialeah, Ana Maria Seoane-Garcia of Davie, and Yolanda Orihuela Cruz…

Video: Counselors of Real Estate Chair Julie Melander Top Ten Issues Affecting Real Estate ~ Part 2 of 2

In this video, Julie Melander, the current chair of the Counselors of Real Estate, an international organization of commercial property professionals from leading real estate, financial, law, valuation and business advisory firms, as well as real property experts in academia and government, discusses what her organization has identified as the current and emerging issues expected to have the most…

Deco Capital Group plans mixed-use project in Allapattah

Affiliates of Deco Capital Group completed an assemblage of land in Miami’s Allapattah neighborhood, where the firm eventually plans to build a mixed-use medical office development, The Real Deal has learned. The assemblage consists of the properties at 1045, 1055, 1061, 1069 and 1089 Northwest 20th Street; and 1058, 1068 and 1098 Northwest 21st Street

Cold storage is hot: Developer scores $48M construction loan to build Hialeah facility

A rendering of a building in the Countyline Corporate Park, with the Preferred Freezer Services logo Cold storage is hot. A giant cold storage warehouse will soon rise in Hialeah after its developer secured a $48 million construction loan. Chill Build Miami I LLC, tied to Indianapolis-based DEEM, received the construction loan from a syndicate of banks. Huntington National Bank, Associated Bank…

Investors bet on restaurants’ move to delivery-only

Uber founder Travis Kalanick (Credit: Getty Images and iStock) Startups are trying out a new model for restaurants in the age of food delivery: shared kitchens in warehouse spaces with limited storefronts. The move could solve a quandary that has long plagued the restaurant industry: profit margins for delivery are thin, and restaurant space comes at a premium. But scrapping space for dine-in…

Congress Group and Encore Capital Management are in a legal battle over Doral mixed-use project

Art Falcone and Dean Stratouly With a $74 million construction loan due in mid-August, two prominent real estate investment firms are locked in an acrimonious dispute over ownership of a partly completed mixed-use project in Doral. In a lawsuit filed last month in Miami-Dade Circuit Court, a shell company controlled by Boston-based Congress Group alleges that it was illegally ousted from the…

Cement pour at Ocean 2000 site takes 13 hours, 240 trucks and 500 tons of steel

Ocean 2000 cement pour New York-based developer KAR Properties poured cement for the foundation of Ocean 2000, a beachfront condo development in Hallandale Beach. Suffolk Construction oversaw a 13-hour cement pour at the development site, 2000 South Ocean Drive, that required 240 trucks and 500 tons of steel. The cement-pouring marathon from 2 a.m. to 3 p.m. on Saturday was one…

Investors score Doral office and retail complex for nearly $7M

9550-9594 Northwest 41st Street in Doral and Alex Zylberglait A family trust sold an office and retail complex in Doral for $6.6 million to investors who plan to upgrade the property. The Ian Law Trust sold the 35,560-square-foot Showplace at Doral, at 95509594 Northwest 41st Street in Doral, to Americas 2122 LLC. The buying entity is led by Nelson Albareda and Jesus Iglesias of Doral, records show.

AEW Capital Management sells senior living facility in Cooper City

Artemis Capital’s Deborah Harmon, Sheridan at Cooper City AEW Capital Management sold a 120-unit senior living facility in Cooper City to Artemis Real Estate Partners for $37.5 million. Boston-based AEW Capital sold the 93,045-square-foot property at 2580 Pine Island Drive for $403 per square foot, records show. The senior living facility is known as the Sheridan at Cooper City. The center provides…

Honeywell sells Medley industrial building to Leo Ghitis

Darius Adamczyk and 9315 Northwest 112 Avenue Honeywell International sold an industrial building in Medley for $5.2 million to a company tied to South Florida real estate investor Leo Ghitis. Charlotte, North Carolina-based Honeywell sold the 49,333-square-foot building at 9315 Northwest 112 Avenue for $105 per square foot, records show. A company tied to Ghitis is the buyer, according to…

The top multifamily developers in South Florida, ranked

Construction cranes are filling up pockets of South Florida like Midtown Miami, Wynwood, Coral Gables and downtown Fort Lauderdale. But instead of the glittering condo towers that the region is known for, developers are turning their focus to creating traditional multifamily buildings. By the end of this year, 7,500 new apartments will be completed in Miami-Dade, marking the most active year…

How Crescent Heights developer Russell Galbut plans to remake South Florida

Russell Galbut (Photo by Sonya Revell) When Miamians and tourists drive eastbound on the MacArthur Causeway, past Star, Palm and Hibiscus islands, past the cruise ships with passengers waving as they exit the port, the first building that’ll catch their eye will be a veritable skyscraper. A 44-story, 519-foot-tall luxury residential building dubbed Park on Fifth is set to rise at 500 Alton Road, right at…

Arbor Provides $9.3M Acquisition Loan for Multifamily Property in North Miami

Arbor Realty Trust Inc. has provided a $9.3 million acquisition loan for Arlington Manor Apartments, a 91-unit multifamily property in North Miami. Built in 1969, the four-story property is situated at 12501 NE 13th Avenue, 13 miles north of downtown Miami. Arlington Manor offers studio, one-, two- and three-bedroom floor plans. Alexander Kaushansky of Arbor originated the loan on behalf of the…

Edgewater Condo Site Accused of Polluting Biscayne Bay

In May, Texas-based apartment developer Mill Creek Residential broke ground on a luxury tower in the Miami neighborhood of Edgewater. The 27-story Modera Biscayne Bay boasts a rooftop pool, digital package lockers, a Pilates studio, and “spectacular views of Biscayne Bay.” But during construction, the builders have been cited for polluting the very body of water the owners tout in…

Island Gardens Mega-Yacht Marina and Resort Project Moving Forward on Watson Island

On Watson Island, now known as Jungle Island, the Flagstone Island Gardens development firm has been litigating with the City of Miami and winning. The firm is expecting a settlement exceeding $100M from the City so they can proceed with their $1 billion luxury Island Gardens marina and resort project. After a Miami-Dade Circuit Court judge ruled in 2016 that the City violated a lease and illegally…

Lawsuit alleges $3.2M in unpaid work at Miami Beach Convention Center

Miami Beach Convention Center The Miami Beach Convention Center’s renovation project may be over, but one of the nation’s leading steel suppliers is still trying to collect a check for $3.2 million worth of materials and labor. Lynchburg, Virginia-based Banker Steel sued four insurance companies that provided a $515 million performance bond for the $615 million project. The lawsuit, filed in…

Residents, property owners in Sunny Isles Beach say City Commission plan is a ‘deathblow’

So what if a group of local folks have a beef against a developer. Seems they always get their way anyhow. Not this time, however, if dozens of angry residents and property owners in Sunny Isles Beach succeed in nipping a City Commission plan in the bud that would effectively permit developers to construct 6,000 hotel units and 1,000 residential units within a tight two-block radius. Not only is the…

New Hotel Proposed to replace Bentley Edgewater Condo Hotel

A new eight-story boutique hotel has been proposed in Edgewater to replace the 36-story Bentley Edgewater condo hotel project that was recently scrapped. Developer Amaury Martinez is proposing to build The Edgewater Hotel, a 207-key hotel that will encompass nearly 159,000-square-feet of area and is earmarked for construction at 410 Northeast 35th Terrace. While the developers have hinted that…

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