Miami board approves 393-apartment 2000 Biscayne
Miami’s Urban Development Review Board gave a thumbs up to 2000 Biscayne, a 36-story apartment building developed by Verzasca Group. Comprised of 393 units ranging in size from studios to three-bedrooms, the 200,000-square-foot project still requires approval from the city’s Planning and Zoning Department. Dorsky + Yue International Architecture is the project’s designer. Verzasca Group is also behind several other South Florida projects, including…
Moishe Mana Nearly Done Assembling Flagler Parcels For Massive Development
How can someone transform a vacant, 6K SF lot into more than 8M SF of mixed-use properties? Ask Moishe Mana. The developer has purchased a lot at 30 East Flagler St. — the latest in a string of purchases Mana has made along Flagler Street — in what may be one of his last pieces in a larger assemblage in Downtown Miami. Now, Mana has amassed 70,500 SF along Flagler Street sandwiched between South Miami Avenue and Southeast First Avenue. “He’s wrapping it up,” said…
In this video, Jim Costello, Senior Vice President with RC Analytics, joins The Commercial Real Estate Show to discuss the potential impact of Amazon’s purchase of Whole Foods and what it could mean for the property investors. He discusses the historical value premiums (low cap rates) for Whole Foods anchored properties due to their strong balance sheet and the desirable demographics of their customer base and the areas surrounding their locations, and how their purchase…
36-story tower replacing City Hall (the restaurant)
A corner lot on Biscayne Boulevard in Edgewater is being redeveloped as a mixed-use apartment tower. Developer Verzasca Group plans to build 2000 Biscayne, a 36-story tower offering 393 rental units, an 8-level parking garage for 462 vehicles and nearly 8,000 square feet of ground floor commercial space. The site was home to the City Hall restaurant, which has been demolished. The city’s Urban Development Review Board on June 29 recommended approval of the project…
Skyrise Miami unveils new renderings
Skyrise, one of Miami’s most unique projects under development, unveiled new renderings of its observation decks and Sky Plunge in wake of conducting wind tunnel tests, per The Next Miami. The 1,000-foot sleek tower features rotating pods along the outer rims for supreme views of Miami. It has been in the works for a number of years and hasn’t yet begun vertical construction. A little more about the design, per the architect: According to Arquitectonica, the design of the tower…
Miami-Area Retail Asset Trades in $9 million Deal
CBRE completed the sale of a 9,055-square-foot multi-tenant retail property in Surfside, Fla. Related entities Harding Avenue at Bal Harbour LLC, Harding Avenue at Surfside LLC and Surfside Retail Properties LLC sold the asset in a $8.6 million deal to ErikDavid LLC and 9525/37 Harding Avenue LLC. Located between Miami Beach, Fla., and Sunny Isles Beach, Fla., the street-retail property sits on a 0.24-acre site at 9525-9537 Harding Ave. Constructed in 1952, the building…
New Orleans-Based Food Hall St. Roch Market Is Coming to the Design District
The new St. Roch Market food hall will take its inspiration from the New Orleans flagship, which operated for more than 140 years until Hurricane Katrina forced it to shut down. Since reopening in 2015 under the ownership of entrepreneurs Will Donaldson and Barre Tanguis, St. Roch has showcased a variety of up-and-coming local food vendors in a communal space offering a cohesive look. An additional three St. Roch locations are set to open around the country by the end of next year…
Preparing For The Next Hurricane Wilma Before It Hits
Almost a decade has passed since a devastating hurricane has hit the Southeast, memories still haunt many commercial real estate owners. Now, hurricane season is upon us again. Globest.com caught up with Jason Wolf, a shareholder at Koch Parafinczuk Wolf Susen in Fort Lauderdale how property owners and managers whose careers began in the region in the past 10 years should prepare for the storm season. We also asked him about the repercussions that are totally…
Gramercy Property Trust Buys Warehouse In Medley For $18M
An affiliate of the New York City-based Gramercy Property Trust paid $18 million for a warehouse in Medley, records show. The 110-acre warehouse at 7321 Northwest 75th Street sold for about $151 per square foot. Property records show the seller, Venevision Studios LLC, an entity of the Coral Gables-based Cisneros Real Estate, paid $10 million for the warehouse in 2005. The seller, also known as Grupo Cisneros, is an international conglomerate of media entertainment…
US Industrial Market Still Has Room To Run
Many people have started to wonder how long the industrial sector’s extraordinary run will last. CBRE Group, Inc. has run the numbers, however, and says the current streak of positive absorption should last well into next year. Almost half of the 167 million square feet of US warehouse space under construction in the first quarter—72 million square feet—has been pre-leased by tenants, primarily e-commerce, third-party logistics and retail users, according to a new report from…
Florida East Coast Industries CEO Leaves to Launch Real Estate Venture
Vincent Signorello has left the company building South Florida’s $3 billion Brightline express train to launch his own real estate venture. The former CEO and president of Coral Gables-based Florida East Coast Industries has led the company since 2008. FECI is now months away from launching the nation’s first private passenger rail system in more than 100 years with service between Miami and West Palm Beach slated to begin this summer. “After nine years leading Florida East…
South Dade rentals sell for over $4 million
Real estate investor Abiel Ballestros paid $4.125 million for a portfolio of 35 parcels in south Miami-Dade County. Ballestros bought 34 duplexes and one house that had been family-owned since the 1960s. The family that sold the portfolio built the duplexes and operated them as rentals, a practice Ballestros intends to continue. Kurz Real Estate Corp. broker-associate Erick Vargas represented Ballestros, a local investor who specializes in multifamily properties.
New York-Based RE Company To Develop 200,000 SF Office Building In Miami’s Wynwood District
Rose & Berg Realty, a New-York-based private real estate company, has unveiled plans to develop The Gateway at Wynwood, a 12-story, 200,000-square-foot office building located at 2916 North Miami Avenue in Miami’s Wynwood neighborhood. The building will have eight floors of office space above four floors of covered parking. In addition, The Gateway at Wynwood will include approximately 25,000 square feet of retail space being marketed by RKF. Kobi Karp Architecture…
Landlords beware: Your trademark infringing tenant is your problem too
If a landlord learns that trademark infringement is occurring on its premises by one of its tenants and fails to stop further violations, the landlord may be held responsible by the trademark holder for damages relating to the infringement of a trademark. This situation most commonly occurs for landlords that own flea markets or at venues in which goods are sold by a variety of small independent operators. Typically, in order to assert a claim for damages, the trademark holder…
Here’s how Trump transferred wealth to his son while avoiding the usual taxes
In April 2016, as Donald Trump was on the cusp of clinching the Republican nomination for the White House, he sold two luxury condos near Manhattan’s Central Park for less than half the price his company had said they were worth. The lucky buyer: Trump’s son, Eric. Such family-friendly deals would normally incur hundreds of thousands of dollars…
Michael Comras files suit alleging NJ real estate firm used predatory lending tactics
Commercial real estate developer Michael Comras is in a dog of a legal fight with a New Jersey-based real estate financing company that bought a loan on one of his Coconut Grove retail properties. Comras’ S&C Venture sued Coconut Grove Acquisition LLC in Miami-Dade Circuit Court last month for malicious prosecution and breach of contract for attempting to foreclose on the property, a three-story 36,230-square-foot retail building at 2982 Grand Avenue. Coconut Grove Acquisition…
EastGroup Plans 850 KSF Industrial Park in Florida
EastGroup Properties Inc. just announced its response to the persistent cry for industrial accommodations in metropolitan Miami. The REIT will develop Gateway Commerce Park, an 850,000-square-foot distribution campus in a highly coveted area in Miami-Dade County. Gateway will be erected on what was once the practice track for Calder Race Course in Miami Gardens. EastGroup completed the $26.5 million acquisition of the land, situated at the N.W. 27th exit of the…
Republican Senators to DHS: Whoa, please don’t make EB-5 more expensive!
From TRD New York: A group of Republican senators want the Department of Homeland Security to roll back an Obama-era proposal that would drastically make it more expensive for foreign investors to participate in the EB-5 visa program. In late January, the department proposed a series of reforms to the program, which grants green cards to foreigners who invest in U.S. real estate projects and has been a popular financing mechanism for Miami and New York…
The next Wynwood? Allapattah is Miami’s new hot ’hood
What the new Rubell Family Collection museum, which is moving to Allapattah from Wynwood, will look like on the inside. From the June issue: Lyle Stern had his “aha” moment on a quiet Saturday afternoon last year when he visited Miami’s Allapattah neighborhood with his 11-year-old daughter. Stern, the president of Koniver Stern Group — a leading retail leasing and consulting group based in Miami Beach — took his daughter to a bodega for a $2 fresh fruit shake and to show…
Blue Road LLC Pays $32M for Miami Beach Hotel
Blue Road LLC acquired the 69-room hotel at 1776 Collins Avenue in Miami Beach, FL from Levy Family Partners for $32 million, or about $464,000 per room. The three-story, 42,611-square-foot hotel was constructed in 1951 in the Miami Beach submarket. Both parties handled the sale in-house. See CoStar COMPS #3929625 for more information on this transaction…
Video: National Association of Realtors Quant Discusses Commercial Real Estate Lending Trends
George Ratiu, the National Association of Realtors Director of Quantitative and Commercial Research, joins the Commercial Real Estate Show to talk about their 2017 Commercial Real Estate Lending Survey in addition to current trends in commercial property lending.
Lessons for Miami: How NYC is tackling rising sea levels
Much of what this video discusses with regard to sea level rise projections and what one city – in this video New York – is doing about it, is highly relevant to low lying Miami, Florida, and the commercial real estate within it.
Fed Boosts Rates In June: Here’s What Commercial Real Estate Players Need To Know
In a move that was of little surprise to commercial real estate experts, the Federal Reserve raised short-term interest rates for the third time in six months. The quarter-point move boosted rates to a range of 1% to 1.25%. Though this is the fourth rate hike central bankers have implemented since December 2015, the gradual moves have had…
How can I file a lawsuit for tortious interference?
When businesses enter into a contract, there is an understanding between them that both parties will act in good faith and do their best to hold up their end of the deal. However, when a third party interferes with the contract with the purpose of forcing someone to break a contract or ending a professional relationship, the aggrieved party may file a lawsuit against that party for tortious interference. Tortious interference, or the interference with contractual relations, occurs in many…
Quiet Title Actions: An Overview
Most people never hear of a Quiet Title action until they’re in the midst of one. Here at Jordan + Pascale, P.L. one of our main focuses is Quiet Title actions. Because we believe that an ounce of prevention is worth a pound of effort, the following is an overview of Quiet Title actions in the State of Florida. What is a Quiet Title Action? A Quiet Title action is a civil lawsuit brought in the circuit court to “quiet” any and all claims on a piece of real estate. Essentially, Quiet…
$2.15 Million Industrial Sale Negotiated
A miami commercial real estate firm announced that Harry Jordan negotiated a 14,808 square foot industrial sale, plus an additional half acre of land for their client, HC Property Company, LLC, located at 512-582 West Mowry Drive in Homestead, Florida. The property sits on 1.25± acres of land in total, and the buyer is First American Exchange Company, LLC. The sale was valued at $2,150,000.
South Florida Among The Top Areas For Investors
Investors have begun to recognize the growth potential of middle markets, but do they know where the best of those markets lie? A recent study by Malartu analyzes America’s top 10 metropolitan areas with the highest-potential middle markets, and the Miami-Fort Lauderdale-West Palm Beach metro area made the list. Florida markets make up half of the total list of 10 metro areas, including Tampa, Fort Myers, Orlando and Sarasota. Middle markets are fast-growing markets composed…
Six-Year Lease Negotiated For Advanced Vision Care Of Kendalll
A Miami firm announced that its team of Josh Rodstein and Brandon Weiss recently negotiated a 6 year, 1,647-square-foot retail lease for their client, Advanced Vision Care of Kendall, located at 11605 Southwest 88th Street in Miami, Florida. The landlord is Inversiones Cosmos, S.A. Inc. The lease is valued at over $252,000. Advanced Vision Care consists of a team of Board Certified Optometric Physicians and well-trained, friendly staff that are bilingual for the convenience…