Jul 13, 2022 - 0 Comments - Top Stories -

Miami Commercial Real Estate News July 13, 2022: Mary Brickell Village Shops Trades for $216M; 593 Unit MF on River Planned; More…

RPT Realty buys Shops at Mary Brickell Village for $216M

RPT Realty picked up the Shops at Mary Brickell Village for $216 million, marking the latest major real estate deal in the Miami neighborhood. New York-based RPT Realty, through an affiliate, bought the retail at 900 and 901 South Miami Avenue, as well as at 911 Southwest First Avenue, from an entity tied to Rockpoint, according to records. The 200,000-square…

Miami-Dade may help renters in eviction court secure attorneys

Laurel Pizarro had difficulty navigating the legal process when she tried to fight her eviction from a Miami apartment in March. She looks back on her day in court as hardly a fair one: She went on her own, but her landlord had an attorney. Miami-Dade County is in the midst of an affordability crisis. Rent hikes in South Florida consistently outpace those in the….

Here’s what happens to renters after developer converts Miami apartment tower to condos

Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with rendering of The Elser Hotel & Residences: Prospective apartment tenants at Property Markets Group and Greybrook’s downtown Miami tower have restarted their housing search after the developer decided to instead sell the units as condos. The developers…

County defers study of Freedom Park impact on airport

Miami-Dade commissioners deferred a report analyzing the potential impacts to Miami International Airport from the Miami Freedom Park project, home to the Inter Miami CF soccer team, to be developed at the Melreese Country Club, right next to the airport. The mixed-use development includes a 25,000-seat soccer stadium, offices, restaurants…

OKO Group, Cain International Land $97M Construction Loan for Florida Tower

A joint venture between OKO Group and Cain International has secured $97.2 million in construction financing for One River, a new downtown Fort Lauderdale, Fla., luxury multifamily tower. The financing funding the construction of the 34-story tower encompasses two loans. The first is a senior construction loan provided by Bank OZK. The second is a…

Miami Multifamily Report – June 2022

Boosted by above-average job growth, Miami has one of the country’s tightest rental markets. As of April, rates were up by a whopping 24.6 percent year-over-year, earning Miami the top spot nationally in terms of annual rent growth. On a T3 basis, rates improved by 0.9 percent to $2,261, while the U.S. average hit $1,659, up 0.8 percent. Miami added 153,200…

Two-building Miami River project plans 593 units where trailer park stood

A major residential development along the Miami River received conditional approval from Miami’s Urban Development Review Board. River Rapids Partners LLC proposes the two-building River Rapids at 2750 NW South River Drive. The two-phase project is to consist of two multi-family residential buildings totaling 593 rental units and 862 parking…

The Related Group to Build Miami High-Rise Downtown

The Related Group is set to develop a 343-unit luxury condominium high-rise in Miami. The project also includes ROVR Development and BH Group. New York-based Madison Realty Capital has financed the project with a $76 million construction loan. The property is being designed by Sieger Suarez Architects and Meshberg Group, the latter being in charge of interior…

Miami again ranks as nation’s least affordable housing market, followed by LA, NY

Miami again topped the list of least affordable U.S. housing markets in July, ahead of Los Angeles and New York, according to RealtyHop. Even though the median home price in Miami fell slightly in July compared to June, to $600,000, the city remained the least affordable based on a projected median household income of about $45,000. That means the average…

Jimmy Resnick Acquires Kendall Shopping Center For $32M

The Resnick family has added another coveted piece of real estate to its extensive South Florida portfolio. Jimmy Resnick paid $32M for Kendall Marketplace, a 58K SF shopping center at 11531-11631 Southwest 88th Street, The Real Deal reports. Resnick, whose father — the late Abe Resnick — was a Miami Beach city commissioner and the founder of the Miami…

Lender sells foreclosed aviation maintenance site in Medley for $20M

Synovus Bank sold a foreclosed, defunct aviation maintenance facility in Medley to Terreno Realty for $20 million. An affiliate of Terreno, a publicly traded, San Francisco-based real estate investment firm led by co-founder, Chairman and CEO W. Blake Baird, bought the 6.7-acre industrial property at 8050 Northwest 90th Street, records show. The site includes a 55,000…

Mexican developer-led JV plans Brickell apartment tower

A joint venture consisting of two Mexican firms making their U.S. debut and a Miami-based partner is betting on Miami’s booming apartment market with plans for a 24-story tower in Brickell. Menesse International bought the development site at 143 Southwest Ninth Street from an affiliate of Miami-based Habitat Group for $23.5 million, according to the seller’s…

Miami Investment Volume Lowest Among Gateway Markets

Year-to-date through May, Miami’s office market has seen $490 million in office sales, according to CommercialEdge data. The metro’s investment volume has increased by $140 million only in May, while the average price per square foot fell by $42 to reach $325 per square foot at the end of the month. At the same point last year, the Magic City’s deal volume…

Berkadia Arranges $100M Construction Loan for Gardens Residence Apartments in North Miami, Florida

Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and…

Joe Carollo Takes Ball & Chain Lawsuit Ruling to U.S. Supreme Court

Joe Carollo has brought his legal dispute with Ball & Chain owners Bill Fuller and Martin Pinilla to the highest court in the land. Joe Carollo has brought his legal dispute with Ball & Chain owners Bill Fuller and Martin Pinilla to the highest court in the land. In October 2018, Ball & Chain owners Bill Fuller and Martin Pinilla filed a federal lawsuit against City of…

Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra

Cruise Yacht Opco I Plaza 100 I Fort Lauderdale Ritz Carlton’s luxury yacht service division Cruise Yacht Opco is moving its offices to the Plaza 100 building in Fort Lauderdale from Miami’s Coconut Grove neighborhood. Cruise Yacht Opco leased the entire penthouse spanning 17,000 square feet at the building at 100 Northeast Third Avenue, according to a news…

Doral, Miami Springs, Other Miami-Dade Municipalities Considering Annexation

Four municipalities in Miami-Dade County want to expand their boundaries and the proposition comes with plenty of controversy. The process is called annexation. It includes for example, a city expanding into unincorporated areas of Miami-Dade County. Miami Springs is interested in annexing county land. So is Doral. The Village of Virginia Gardens is too as […]…

Miami Beach commission to soon determine fate of Steve Ross’ plan to develop Deauville site into two-tower Equinox project

Miami Beach commissioners soon will determine whether billionaire real estate developer Steve Ross’ plan to redevelop the historic Deauville Beach Resort can head to voters in November. Ross, founder and chairman of New York-based Related Companies, is proposing a two-tower development of up to 375 feet tall with a 175-room Equinox hotel and 150 luxury condos…

Miami-Dade judge hits Codina Partners’ affiliate with $6M in damages

A Codina Partners affiliate is on the hook for $6.4 million in damages after a Miami-Dade judge found the developer wrongfully terminated Grycon, the general contractor that built the developer’s 5350 Park condominium project in Downtown Doral. On Tuesday, following a non-jury trial, Miami-Dade Circuit Court Judge William Thomas ruled against 5350 Park LLC…

Up in smoke? Comras loses bid to open medical marijuana dispensary

Real estate investor and developer Michael Comras lost his bid to open a medical marijuana dispensary in Miami’s MiMo Biscayne Boulevard Historic District. But he is not calling it quits — he will appeal to a higher authority. Comras, CEO of Miami Beach-based The Comras Company, and Elad Kohen’s The Flowery, a licensed medical cannabis provider in…

Developers score $76M construction loan for Airbnb-branded condos in downtown Miami

The developers of District 225, an Airbnb-branded condo project planned for downtown Miami, secured construction financing. Related Group, ROVR Development and BH Group received a $76 million loan from Madison Realty Capital, a New York-based lender, for the 37-story, 343-unit condo building at 225 North Miami Avenue. District 225 has been fully presold…

MSP Capital pays $50M for Davie office/warehouse complex

A Dallas-based real estate private equity firm scooped up an office/warehouse complex in Broward County for $50 million. An affiliate of MSP Capital Investments, led by co-founders and managing partners Murray McCabe and Max Lamont, acquired Pelican Bays at 4900-4990 Southwest 52nd Street in Davie, records show. MSP Capital paid $254…

Affiliated Development wins approval for Boynton rental project with workforce housing

Affiliated Development scored final approval for a mixed-use project with workforce housing in Boynton Beach. The Boynton Beach City Commission this week unanimously approved the city’s community redevelopment agency entering into a sale and development agreement with an Affiliated-tied entity for the site at 115 North Federal Highway. The project, called…

Media company buys office building near FAU’s Jupiter campus for $19M

From left: LRP Media Group’s Ken Kahn and Gladstone Commercial Corporation’s David Gladstone with 1395 University Boulevard: LRP Media Group bought an office building near Florida Atlantic University’s Jupiter campus for $19 million. Gladstone Commercial Corporation, through an affiliate, sold the four-story property at 1395 University Boulevard…