Jul 27, 2022 - 0 Comments - Top Stories -

Miami Commercial Real Estate News July 27, 2022: CBD Multifamily Trades for $184.5M, NMB Self-Storage for $26M; 2.6M sf Spec Industrial Planned for Doral; More…

Coral Gables commission gives Allen Morris another chance for Ponce Circle project

The Allen Morris Company has another chance to amend its plans for a controversial development near The Plaza megaproject in Coral Gables. The city commission voted to postpone a decision on two ordinances that would allow a change in the property’s zoning to commercial high-rise, as well as to vacate a public alleyway that separates the assemblage. Coral Gables…

Developers score $65M construction loan for Flagler Village apartments

Midtown’s Alejandro Velez and Prospect Real Estate’s Michele Zahn, and Richard Zahn Sr. with rendering of Advantis Station: Midtown Capital Partners and Prospect Real Estate Group scored a $64.5 million construction loan for a multifamily project in Fort Lauderdale’s Flagler Village neighborhood. The joint venture plans to build the 252-unit Advantis…

Spurred by new-to-market firms, South Florida office rents hit record highs

In South Florida, asking more than $100 a square foot for premium office space could soon become the norm. Already, some new buildings in downtown areas have cleared that threshold, according to commercial brokers and recent quarterly reports. One Flagler, a 25-story Class A tower with 275,000 square feet of primarily office space in…

Miller Construction Completes Distribution Facility In Hialeah Gardens

Miller Construction Company delivered a $22.7-million distribution facility in Hialeah Gardens. The 103,000-square-foot warehouse project is a joint venture between Orlando-based Cadence Development Partners and New York-based Clarion Partners. Construction began in August 2021. Located 10910 NW 144 St., the tilt-wall shell structure is equipped with…

Miami may ask proposals to run historic Olympia Theater

The historic Olympia Theater and Tower’s uncertain future might finally be heading towards a positive resolution. The Miami City Commission is set to discuss today (7/28) whether to request proposals to continue the theater’s restoration and move forward with appointing a permanent operator. Also known as the Maurice Gusman Theater for the Performing Arts, the…

Historian Dr. Paul George offers insight into soaring housing costs in Miami

The rising cost of homes and rent and high inflation are nothing new for Miami, according to historian Paul George. South Florida has been through booms and busts before, with probably the most spectacular boom reaching its peak in 1925, he said. “It began a couple of years before that and then it collapsed in 1926. I keep looking at that trying to make some sense out…

Miami-Dade mayor ponders waste facility site

“Please, please, please keep the new facility out of Doral,” Odell Torres, a resident of the city, beseeched county commissioners prior to an unscheduled vote selecting the municipality as the location for a new county waste-to-energy facility to replace the 1982 existing plant in Doral reaching the end of its useful land. Now county Mayor Daniella…

Rezoning, redevelopment on tap for Freedom Park soccer complex

David Beckham and business partners Jorge Mas and Jose Mas are wasting no time in bringing solid plans forward to begin building Miami Freedom Park. What will become the new home to a Major League Soccer team’s stadium, along with a sweeping commercial park, hotel and new 58-acre public park, is the former Melreese golf course, on land owned by…

Hyatt Regency riverfront redevelopment on table

A high-profile riverfront property in the heart of downtown Miami is headed for a long-promised rebirth. The City of Miami owns the land that is home to the aging and dated James L. Knight Convention Center and its private partner next door, the Hyatt Regency Hotel. A new plan to build three new towers of mixed-use on the Miami River site is on the…

Billionaire-backed restaurant group buys Peacock Garden in Coconut Grove

The hospitality that owns the South Beach restaurant Mila bought the Peacock Garden cafe property in Coconut Grove, The Real Deal has learned. Mutiny on the Park, led by developer Ricardo Dunin and restaurateur Lalo Durazo, sold the commercial condo at what’s now the Hotel Arya tower for $9.5 million, or nearly $1,500 per square foot, property…

After overcoming construction delays, Esplanade at Aventura could fetch $200M, brokers say

After a pandemic-related work stoppage, lawsuits and contractor claims briefly crippled progress at Esplanade at Aventura, construction and leasing at the office-and-retail center at 19505 Biscayne Boulevard is back on track. But whether the mixed-use project will stay in the hands of developer Seritage Growth Properties remains to be seen. The New York-based…

Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project

Chicago-based Bridge plans a roughly 2.6 million-square-foot project on the southwest corner of Northwest 107th Avenue and Northwest 41st Street, according to the developer’s news release. The land is west of Miami International Airport and east of the Florida Turnpike ramps. The preliminary plan for the project, called Bridge Point Doral, is for six…

Bridge Industrial to Break Ground on Miami-Area Project

Bridge Industrial has received approval from the City of Doral to break ground on Bridge Point Doral, its more than 2.6 million-square-foot logistics center in Doral, Fla. Aaron Hirschl, vice president at Bridge, said in prepared remarks that the company plans to begin construction on the project later this month. The first building is expected to be delivered in…

WeWork won’t work: Firm backs out of lease at Doronin’s 830 Brickell

A rendering of the 830 Brickell office tower in the Brickell Financial District of Miami with WeWork CEO Sandeep Mathrani, Jonathan Goldstein of Cain International and Vlad Doronin of OKO Group: WeWork won’t lease space at 830 Brickell in Miami, after all. The co-working firm confirmed it opted out of its plan to open at the marquee office tower that is under…

Miami Office Leasing Slows in Q2

By the end of the second quarter of 2022, Miami’s office vacancy rate clocked in at 13.1 percent, according to CommercialEdge. Office leasing activity slightly decreased between March and June, but vacancy dropped 280 basis points on a year-over-year basis. The Miami office market has been performing slightly smoother than other gateway metros, such…

Snapbox picks up North Miami Beach self-storage facility from Dan Essig for $26M

Snapbox President and CEO Jake Rammage and the self-storage building at 15025 Northeast 18th Avenue: With a $26 million purchase in North Miami Beach, Snapbox Self-Storage is joining other national operators beefing up their South Florida portfolios. An affiliate of the Philadelphia-based firm, led by President and CEO Jake Rummage, bought a four-story self-storage…

Snapbox Pays $26M for North Miami Facility

Snapbox Self Storage has acquired a 110,000-square-feet facility in North Miami, Fla., for $26 million, according to the South Florida Business Journal. The seller of the Class A property at 15025 NE. 18th Ave. was Daniel Essig, a private owner and developer. Anna Siradze Hrdina, director of Acquisitions, led the transaction, which marks Snapbox’s 58th purchase.

Harbor drops $184.5M on Brickell apartments

Less than five months after scooping up a pair of downtown Miami rental towers in a record deal, Harbor Group International bought a Brickell multifamily property for $184.5 million. The Norfolk, Virginia-based real estate investment and management firm bought the 372-unit Miro Brickell at 251 Southwest 11th Street, according to a Harbor news release.

Harbor Group International Acquires Miro Brickell Apartments in Miami for $184.5M

Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two…

Major Food Group exits JV in Stern’s Miami condo tower

JDS Development’s Michael Stern and Major Food Group partner and co-founder Jeff Zalaznick with renderings of the project at 888 Brickell Avenue: Major is no longer. Major Food Group parted ways with Michael Stern’s JDS Development Group to co-develop the hotel-condo tower in Brickell… Major, a 90-story tower planned for 888 Brickell Avenue…

Witkoff, Monroe sued over alleged “crooked and secretive land grab” of Shore Club in South Beach

A former owner of the Shore Club in South Beach sued developer Witkoff and its financial backer on the project, Monroe Capital, alleging it was illegally cut out of its share of ownership in the oceanfront property through a “crooked and secretive land grab.” Read more Witkoff and Monroe Capital unveil major redevelopment plan for the…

Miami Beach voters to decide on controversial Peebles, Sternlicht office projects near Lincoln Road

Don Peebles and Barry Sternlicht with renderings of proposals to develop city-owned property in Miami Beach:  A pair of controversial office development proposals in Miami Beach are headed to a November referendum. City commissioners gave final approval for the two proposals — one by Don Peebles, and the other by Integra Investments that…

Office Rents In Miami Have Gone Parabolic, Reports Say

Office rents in Miami have been soaring at what appears to be an unprecedented pace, new reports say. The price increases have been so strong that the developer of the under-construction 830 Brickell office tower is buying out a lease with WeWork that was signed just three years ago. According to Commercial Observer, developers Oko Group…

Silicon Valley VC firm a16z opening office in Barry Sternlicht’s Miami Beach building

Silicon Valley venture capital firm Andreessen Horowitz will open an office at Barry Sternlicht’s Starwood Capital Group headquarters building in Miami Beach, as the city tries to attract new-to-market firms. Marc Andreessen and Ben Horowitz’s firm, also called a16z, took 8,000 square feet under a five-year lease at the Class A property at 2340 Collins Avenue

BOOM! Andreessen Horowitz opening office in Miami Beach

Andreessen Horowitz, the Silicon Valley venture capital giant, is putting down stakes in the Miami area. The firm also known as a16z signed a five-year lease for a new office in Miami Beach and will likely be moving in by the end of the year. Andreessen is leasing a floor at the new Starwood Capital Group headquarters building at 2340 Collins Ave., taking in…

Off the lot: Miami-Dade auto dealership properties trade for $96M

Lithia CEO Brian DeBoer with the Largo Honda at 554 Northeast First Avenue in Florida City and the Esserman dealership at 10455 Northwest 12th Street in Doral: Lithia & Driveway revved up its South Florida real estate holdings by acquiring six Miami-Dade auto dealership complexes for a combined $96 million. The sales are tied to Medford, Oregon-based…

Law firm Sidley Austin inks record lease at Doronin’s 830 Brickell

Law firm Sidley Austin signed a record lease at the 830 Brickell office tower slated for completion this year. Chicago-based Sidley Austin took 60,000 square feet on three floors at OKO Group and Cain International’s office tower, according to a news release from the developers. This is the biggest new-to-market company lease in Miami’s urban…

Chicago’s Sidley Austin Law Firm Joins Mass Flight To Miami

Sidley Austin is the latest out-of-town firm joining the wave headed to South Florida. The international law giant inked a 60K SF lease at the favored 830 Brickell tower in Miami’s Financial Business District. This is the company’s first expansion out of its native Chicago and, according to a statement from 830 Brickell’s developers Wednesday, the largest new-to-market office…

OKO Group, Cain Sign 60 KSF Tenant at Miami Tower

After topping out the 55-story skyscraper last month, co-developers OKO Group and Cain International secured another tenant at 830 Brickell, a 640,000-square-foot office tower taking shape in Miami’s Brickell Financial District. Law firm Sidley Austin LLP inked a 60,000-square-foot lease and will occupy three floors at the 724-foot high-rise. The Miami office…

2.6 MSF+ Logistics Center Coming To Doral

Bridge Industrial (“Bridge”) announced it has received approval from the City of Doral to break ground on the company’s newest state-of-the-art South Florida logistics park: Bridge Point Doral. Situated on a prime 175-acre site in Doral, the Class-A industrial park will encompass more than 2.6 million square feet at full build out with an adjacent retail…

Bridge Industrial Pays $16M For Logistics Facility Dev Site Near Miami-Opa Locka Airport

Less than a month after scooping up a Dania Beach logistics facility development site, Bridge Industrial is embarking on another project farther south near Miami-Opa locka Executive Airport. The Chicago-based company plans to build the 409,189-square-foot Bridge Point Gratigny project just south of the airport and on the southwest corner of Northwest 135th St…

Photos: Artistic Murals Installed At 189-Unit Apartment Project On Former Wynwood Yard Site

The apartment complex that replaced Wynwood Yard has had artistic murals installed. The project is known as Wynwood Green, and topped off at 11-stories. According to a 2019 utilities agreement, it will include: 189 apartments; 6,043 square feet of retail; 9,829 square feet of full service restaurant; The parking garage will have 324 spaces. An affiliate of…

Miami’s economy ‘on fire’ despite other major cities’ financial slide

During an interview on “Mornings with Maria” Thursday, Miami Mayor Francis Saurez touted the revolutionary “ecosystem” that cryptocurrency has provided as the city continues to thrive in various economic sectors. FRANCIS SUAREZ: It’s on fire. Our tax base grew by 12% year over year. We’ve transferred over $2 trillion in assets under-managed…

Suffolk sues for $16M, alleging unpaid work at Shahab Karmely’s Hallandale Beach condo project

Suffolk Construction is suing the developer of the luxury condo project 2000 Ocean in Hallandale Beach, seeking at least $16 million in damages tied to allegedly unpaid work. The Boston-based general contractor is accusing the developer, an affiliate of Shahab Karmely’s New York-based KAR Properties, of breach of contract and of refusing to issue a certificate…

Pulte buys Plantation site for 86-townhome development

PulteGroup, the nation’s third-largest home builder, closed on a development site in Plantation for an 86-townhouse project dubbed Emory. The Atlanta-based builder paid $6.9 million for 6.7 acres at 777 American Express Way from affiliates of Miami-based TM Real Estate Group, according to Andrew Maxey, PulteGroup’s vice president of land…

Developers win initial approval to buy downtown Oakland Park land for mixed-use multifamily makeover

Falcone Group’s Art Falcone and Kaufman Lynn Construction’s Michael Kaufman with renderings of the Oakland Park redevelopment: Plans to redevelop part of downtown Oakland Park are moving forward, with the commissioners agreeing to sell about 4 acres of city-owned properties to a development team for $11.2 million. The Oakland Park City Commission…

Asana buys office, industrial properties in Fort Lauderdale’s Flagler Village

Roughly six months after it scooped up two marquee Flagler Village properties, Asana Partners is expanding its portfolio in the neighborhood with an office and industrial purchase. The Charlotte, North Carolina-based real estate investment firm paid $10 million for the building at 707 Northeast Third Avenue in Fort Lauderdale and the warehouse…

Related pays $48M for affordable senior housing complex in Boynton Beach

Related Group paid $48 million for a Boynton Beach apartment complex that is restricted to low-income senior residents. The Coconut Grove-based real estate company bought the Boynton Bay community on the southwest corner of Northeast Fourth Street and Northeast 20th Avenue from an affiliate of Delray Beach-based affordable senior housing developer…

Olara is latest residential high-rise development planned in West Palm Beach

New York City-based Savanna is the latest developer to reveal plans for a residential high-rise in West Palm Beach, where planned condos are proliferating in the waterfront Flagler Drive corridor. Savanna, a real estate firm that has made $5 billion worth of property investments throughout New York City’s five boroughs, is developing…

Palm Beach Breaks Record With Exuberant Retail Rent Hikes

If Miami’s Brickell is the new Wall Street then Palm Beach is Fifth Avenue. While Miami is dominating the office market with mind-boggling rent hikes, Palm Beach is taking the lead in retail growth — with a never-before-seen record of $27.74 per SF direct asking rates for Palm Beach County and a whopping $80 per SF for Palm Beach’s central business…