Jul 14, 2021 - 0 Comments - Top Stories -

Miami Commercial Real Estate News July 14, 2021: Doral Office Property Trades for $96 Million; Palmetto Bay Multifamily Sells for $58 Million; More…

MG3 Group buys Doral offices for $96 million

MG3 REIT bought the Doral Concourse office building for $96 million. The real estate investment trust bought the property at 8400 Northwest 36th Street from a fund managed by DRA Advisors, according to a news release from the seller’s broker. Christian Lee and José Lobón of CBRE represented the DRA Advisors-managed fund. The six-story, 240,669-square-foot…

Miami Multifamily Report – Summer 2021

South Florida’s rental market showed strong signs of recovery in the first four months of the year, steadily rebounding from the pandemic. Miami led gateway markets with 0.8 percent rent growth on a trailing three-month basis through April, with Chicago (0.5 percent) and Boston (0.4 percent) also showing solid gains. Miami’s unemployment rate has improved steadily…

Dental clinic buys distressed Coral Gables office building for $7M

Elvis Mons must be smiling: His cosmetic dental clinic bought a distressed Coral Gables office building for $6.6 million. Dental Design Smile bought the nearly vacant property at 3195 Ponce De Leon Boulevard, with plans to renovate it and consolidate all of its current locations there, according to the clinic’s brokers. Leste Group, an alternative investment platform…

Related Companies, CareMax to open 75 senior health centers

A new partnership between Related Companies and CareMax promises to shape the future of senior health care in underserved communities — and, they hope, make some money in the process. Related is acquiring a 9 percent stake in CareMax as the companies work together to develop about 75 senior health centers over three years across urban communities…

Top 5 Office Projects Under Construction in Miami

More than 3.5 million square feet of office space was under construction in the Miami metro as of May, according to CommercialEdge data. Development activity was concentrated in the Miami North submarket, where nearly one million square feet of office space was underway. Some of the largest buildings include new headquarters or corporate expansions…

Inside Wynwood’s Burgeoning Office Market

The former industrial district’s rezoning unlocked its full potential, making it a Miami household name that attracts companies from all over the U.S. But the district’s revitalization seems to have been set off in 2005 by the groundbreaking of a large-scale mixed-use development dubbed Midtown Miami. Situated across the Edgewater and Wynwood neighborhoo…d

Altman Cos. Tops Off Miami Luxury Apartments Altis Ludlum Trail

Altís Ludlam Trail, a 312-unit luxury community in Miami, has topped off. The Altman Cos. is developing the project in a partnership with MV Real Estate Holdings and The Mattoni Group. The joint venture secured financing for the project in June 2020 when Comerica Bank provided a $55.4 million construction loan. According to Yardi Matrix, completion…

Mill Creek Residential Begins Construction of Downtown Miami Community

Mill Creek Residential has started construction on a 97-unit apartment community in downtown Miami that will go along with a 166-unit community that the company acquired in 2018. Modera Skylar Phase II, which broke ground in February, will offer one-, two- and three-bedroom units with den layouts available. The units will be built with private…

Starwood bailing on the mall business

Barry Sternlicht’s Starwood Capital Group is moving away from its mall portfolio as values on the properties continue to plunge. The investment firm has been selling off shopping centers at a loss across the United States, Bloomberg News reported. While Starwood owned 30 malls before the pandemic, it is now down to eight — and those are being run by…

Estate Companies sells Palmetto Bay apartment complex for $58M

The Estate Companies sold its Palmetto Bay apartment complex for $58.2 million. The South Miami-based developer, though an affiliate, sold Soleste Bay Village at 18301 South Dixie Highway to Westdale Real Estate Investment and Management, according to Neyda Bravo, a broker on the deal. Bravo worked with Luis Gonzalez, both of Bravo & Partners…

Bulk warehouse rent surges 13% in a year as industrial boom powers on

While commercial real estate vacancies persist, the warehouse boom is still going strong. A CBRE analysis found that from January through May, first-year base rents on leases of a year or more rose by 9.7 percent year-over-year, CNBC reported. Large warehouses have seen even sharper rent growth — 13.2 percent for leases of 500,000 square feet or more…

Miami Beach sees pedestrian future for Ocean Drive

Miami Beach has applied for a county permit to keep Ocean Drive pedestrianized, but the short-term future of the iconic road is still up for debate. In May 2020 the county approved temporary closure of Ocean Drive to vehicular traffic, Miami Today reported, and a final configuration will be explored as part of the Art Deco Cultural District preliminary concept…

Voters to rule on Virginia Key marina lease without bids

Miami City Commissioners have asked the legal department to prepare wording for a ballot question that would ask voters if the long-time tenant for Virginia Key should have its lease extended. The 3-2 vote, with Manolo Reyes and Alex Diaz de la Portilla opposed, came after a long and sometimes contentious discussion on the steps taken so far for the…

Wynwood OKs unique public-private deal

A unique public-private partnership has assembled and will bring an apartment building to Wynwood’s southeastern corner devoted entirely to affordable rental units, atop ground floor retail. Wynwood Works…. to redevelop the property at 2035, 2037 and 2043 N Miami Avenue. The project was approved Monday by the Wynwood Design Review Committee…

North Beach apartment building deemed unsafe, ordered evacuated

Miami Beach deemed Devon Apartments at 6881 Indian Creek Drive unsafe and issued an order to evacuate on Monday, according to an attorney representing the building’s landlords and the city’s spokesperson. Manny J. Vadillo, the attorney representing 6881 Indian Creek LLC, told The Real Deal that the 14 residents who remain will be given a week to find alternative…

Surfside condo collapse prompts industry changes

The rest of Champlain Towers South is demolished in Surfside, Florida,north of Miami Beach, late on July 4. Raysa Rodriguez, 59, described the moment she was awakened by the collapsing northeast portion of her Surfside condo building, home to more than 50 units. The tower “swayed like a sheet of paper,” Rodriguez said, according to a lawsuit filed on…

Mexican firm Zentrix Industries buys former Related Group downtown Miami HQ for $24 million

Related CEO Jorge Pérez, President Jon Paul Pérez and the waterfront property (Related, CBRE) The Related Group sold its former downtown Miami headquarters for $24.1 million. Jorge Pérez’s Related, known as the most prolific South Florida condo developer, sold the building at 315 South Biscayne Boulevard to Mexican apparel group Zentrix Industries…

Doral Vice Mayor Calls For Review Of Projects Tied To Former Surfside Building Official

There is increased scrutiny on a building official who concluded the Surfside condo was sound years before it came down, and now, other projects tied to that official are under review. Vice Mayor Pete Cabrera wants a special meeting to review any project Ross Prieto was involved with in the City of Doral. Prieto used…

Notable Retail Leases Signed in South Florida Q1 2021

South Florida Retail Real Estate Leases 2020 – 2021 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q1 2021. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment that the traditional retail…

Wynwood apartment tower in an Opportunity Zone scores $38 million construction loan

TSG, Lineare Group and Bridge Investment Group scored a nearly $38 million construction loan for a multifamily project in an Opportunity Zone in Wynwood. Bank OZK is the lender for Wynwood Haus, a 224-unit building under construction at 1765 North Miami Avenue, according to the development group and property record…

Stephen Bittel’s Terranova buys former Miracle Mile California Pizza Kitchen location in Coral Gables

Stephen Bittel of Terranova and 300 Miracle Mile Terranova expanded its holdings on Coral Gables’ Miracle Mile. The Miami Beach-based real estate firm, led by Stephen Bittel, paid $6 million for the corner property at 300 Miracle Mile, previously home to California Pizza Kitchen, Bittel said. It marks the 12th property Terranova owns on the retail street and the…

KKR shatters CRE lending record as construction, borrower demand pick up

The year’s only half over, but KKR & Co. has already broken a personal record. The private equity giant has committed to $8 billion in commercial property loans so far this year, Bloomberg reported, more than doubling its previous full-year record of $3.1 billion, set in 2019. Such gains come at a time when construction is picking back up and so is demand for new…

Why residential rent will rise by 2.8% this year

The white-hot housing market is now heating up the rental market too. Nationally, the average effective rent is expected to increase 2.8 percent this year to $1,451, according to a Marcus & Millichap report. Experts say as high home prices have made ownership inaccessible for many Americans, more have resorted to renting. In turn, the increased demand has led…

All About 40 Year Recertification Inspections for Commercial Properties

If you own any South Florida real estate, there’s something important that you need to know about commercial properties: the 40-year recertification requirement. In Miami-Dade and Broward Counties, all buildings which are 40 years old from the date of the original Certification of Occupancy must be recertified by the Building Official every 10 years to ensure they are…

Developer Proposes 850K Square Feet Of Warehouses Outside Miami-Dade Urban Development Boundary

Developers want to expand the urban development boundary in western Miami-Dade County by 41.2 acres to build an industrial park. Terra137 LLC, owned by German Blanco Romero and Eva Maritza Blanco, and Boca Raton resident Ana Bigott filed a comprehensive development master plan (CDMP) application to expand the UDB and create an industrial district…