RCI Group sells River Cove Marina in Miami for $11M
Real estate and marina developer and owner RCI Group sold a marina on the Miami River for $11 million. Records show RCI Group affiliate 2000 Miami River Marina sold the 72-slip River Cove Marina to Cove Marina Holding, a Delaware entity. Built in 2009, the marina spans 4 acres and includes a 2,778-square-foot structure for a dockmaster station as well…
David Martin, Avra Jain, Joe Del Vecchio sell Miami industrial dev site for $8M
An aerial of the property with Avra Jain and Terra’s David Martin Avra Jain, Joe Del Vecchio and Terra’s David Martin sold a Miami industrial land site for $7.5 million where they previously planned to develop a warehouse for a sports entertainment facility. Boston-based logistics real estate investor Xebec Realty bought the 4.7 acres at 1010 Northwest 72nd Street in…
Two SPACs led by Russell Galbut and Michael Liebowitz each file for $100M IPOs
Developer Russell Galbut and investor Michael S. Liebowitz are rolling out the SPACs. The two partners, who last year raised $115 million for their New Beginnings Acquisition Corp. blank check company, filed initial public offerings for two more companies, New Beginnings Acquisition Corp. II and New Beginnings Acquisition Corp. III, each targeting $100 million raises.
Flight to Florida? Data show few Manhattanites moved permanently
Headline after headline made it seem like half of Manhattan had moved to Florida for good. Chefs, celebrities and bankers alike relocated to the Sunshine State during the pandemic. Reality check: Only a small percentage of Manhattanites relocated permanently to Florida last year. And as vaccinations amp up, many might be returning — or changing their…
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
Commercial real estate firm Ryan Companies scored a $28.2 million construction loan for its planned Kendall e-commerce warehouse and bought the development site for $12 million. Records show that Ryan Companies affiliate Kendall Property Owner bought the 10 acres on the intersection of Southwest 136th Street and 132nd Avenue from TCAG…
Proposed North Miami Beach mixed-use, multifamily high-rise development advances
Plans for a 19-story mixed-use, multifamily high-rise in North Miami Beach are moving forward. The North Miami Beach Planning & Zoning Board on Monday night approved the project at Northeast 163rd Street and 19th Avenue. The variances and site plan for the 224-foot-tall Skygarden tower still needs to be approved by the North Miami Beach City Commission.
Matis Cohen, Russell Galbut score approval for Normandy Isles project in Miami Beach
Matis Cohen and Russell Galbut with the original building and a rendering of the Normandy Isles project Matis Cohen and Russell Galbut’s plans for a mixed-use building in Normandy Isles are moving forward. The Miami Beach Historic Preservation Board on Monday voted 4 to 2 in favor of the certificate of appropriateness, and voted unanimously in favor of five…
Discount chains thrive amid retail meltdown
What retail meltdown? While department and chain stores have been suffering since even before the pandemic, discount retailers — including Five Below, HomeGoods, TJ Maxx and Dollar General — are ramping up to open more stores in the next few months. TJX, the parent company of TJ Maxx and Marshalls, will open 81 stores across its brands in…
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
One Thousand Museum, the luxury downtown Miami condo tower designed by the late Zaha Hadid, is facing a foreclosure lawsuit, The Real Deal has learned. Reuben Brothers, the London-based private equity and investment firm led by British billionaire brothers David and Simon Reuben, sued to foreclose on the remaining 15 unsold units at the…
Big names vie to build first Miami International Airport hotel in 60 years
Three firms are on a shortlist to build the first new hotel at Miami International Airport (MIA) in more than six decades, and they feature names known to the Miami-Dade development community. The firms were the only ones to respond to a bid request the county issued in October, according to Rita Silva, division director of procurement for Miami-Dade…
Historic Walgreens site to bustle with restaurants
An historic and iconic building on a high-profile corner in downtown Miami is being reborn as a venue bustling with new restaurants and bars, and some office space. The city’s Historic and Environmental Preservation Board has approved a special certificate of appropriateness for an addition and alterations to a property at 200 E Flagler St. The applicant, 200 East…
7-acre Plaza Coral Gables sprints to finish line
Despite hurdles and challenges presented by the pandemic, construction at The Plaza Coral Gables remains on schedule to meet its August 2022 completion goal. Developed by Agave Holdings LLC, the $500 million, 7-acre plaza at 2901 Ponce De Leon Blvd. will feature more than 450,000 square feet of LEED (Leadership in Energy and Environmental Design)…
Sorry, boss: 72% of workers don’t want to return to offices full-time
Though landlords aren’t quite ready to say goodbye to their offices, employees are, according to a new survey by JLL. Office landlords may be ready to get their buildings filled with workers again, but employees aren’t exactly clamoring to go back, according to a new survey by JLL. Of the 2,000 workers surveyed by the commercial brokerage, 72 percent said they…
A judge ruled that the plaintiff in a 2014 lawsuit against hoteliers Jared Galbut and Keith Menin can seek punitive damages from the Menin Hospitality principals. Colleen Bennett, a unit owner at the Bentley South Beach, filed the lawsuit against the Bentley condo association more than six years ago. In an updated complaint filed in January against the condo…
What real estate gets in Biden’s $1.9 trillion package
From rent relief to aid for restaurants, the $1.9 trillion stimulus package has lots of goodies for real estate. President Joe Biden’s American Rescue Plan was passed Saturday by the Senate and is headed back to the House, which is expected to follow suit. Read more National eviction moratorium ruled unconstitutional, but remains in place Biden to…
Movie theaters’ future uncertain as studios focus on streaming
A lackluster box office performance of Walt Disney’s new movie is putting a cloud over the future of movie theaters. Ticket sales for the Walt Disney Company’s highly-anticipated “Raya and the Last Dragon” totaled only $8.6 million over the weekend in the United States and Canada, the New York Times reported, citing data from Comscore. The result is considered…
Baptist submits plans for medical offices, Altman multifamily project in Kendall
Baptist Health South Florida CEO Brian Keeley with The Altman Companies Seth Wise and Joel Altman and renderings of the project A 354-unit multifamily complex and an adjacent medical building could rise on a 14.5-acre property in Kendall that is now a strawberry farm. Baptist Hospital of Miami, part of Baptist Health of South Florida, last week submitted an…
A Look at the Post-COVID Recovery of the Hotel Industry
The pandemic is severely challenging the hotel industry, and a bounce-back could take some time. Although the pandemic is causing massive economic disruption and putting numerous sectors in trouble, perhaps no industry is experiencing more significant challenges than hospitality. Consumers aren’t traveling anywhere near pre-COVID levels despite the lift of initial travel…
Does the Hotelization of Offices Work in the Age of COVID?
More services and amenities could be the key to attracting tenants. But the difficulty of obtaining capital for customized improvements puts up barriers to “hotelizing” offices. COVID-19 is speeding up the work-from-home revolution, as more employees are avoiding the office and working remotely than ever before. Pew Research Center reports that 71% of…
Is the Open Office Concept a Thing of the Past?
The need for social distancing is sure to amplify many pre-pandemic questions about the efficiency of open offices. The open-concept office is widespread in corporate America, though it has taken some hits in recent years. The movement first gained traction in the 1970s and remains a go-to setup for many businesses around the country.
Off the grid: Developers eye “virtual power plants” for properties
A growing number of developers in the U.S. are investing in integrated solar power and battery systems for their buildings. Advances in energy storage technology and falling prices for batteries mean these “virtual power plants” are becoming viable for a variety of buildings and uses, according to the New York Times. The technology would also create more energy…
Leisure, hospitality big winners in February job gains
Leisure and hospitality may finally be on the road to recovery. The industry added 355,000 jobs in February, as coronavirus restrictions began easing in some parts of the country amid the rollout of a national vaccine campaign. The vaccine news is a welcome shot in the arm for the economy: There were 379,000 jobs added last month, according to the Bureau of Labor…
Retailer Burlington plans to double store count
One discount retailer says it plans to open twice as many stores, due to industry disruption and a change in its strategy. Burlington Stores, which previously operated as Burlington Coat Factory, has a long-term plan of increasing its total store count to 2,000 locations, up from 1,000, Chain Store Age reported. The company currently operates 761 stores, and intends…
Mall owner Washington Prime Group prepares for bankruptcy
A major mall owner is preparing for bankruptcy after it failed to make an interest payment on its debt. Washington Prime Group, a real estate investment trust which owns more than 100 malls, has been negotiating with its lender to reduce its debt — but the talks are not going well, Bloomberg News reported. The mall owner has said Covid-19 could…
Considering Multifamily Construction Costs in Miami
Finding myself involved in multifamily development deals of late, I tasked myself with updating my general feel for area construction costs of such projects. What I discovered matched all such conversations of late and can be summed in a word; escalating. One conversation was with a principal of a substantial area general contractor. When I asked him this question…
For multifamily, office landlords, worst is yet to come: Moody’s
For landlords across different commercial real estate sectors, Moody’s Analytics has some potentially distressing news: The worst may be yet to come. A new report by the economic research firm looks at the state of commercial real estate in the wake of the pandemic, and what to expect in 2021. The report looks at four CRE sectors — multifamily, office, retail…
Chilean developer launches first South Florida condo project in Bay Harbor Islands
Edgardo Defortuna, Claudio Cordero and Carlos Balart with a rendering of the project Ambienta Developers is launching sales of its first condo development in South Florida in Bay Harbor Islands, The Real Deal has learned. Ambienta Bay Harbor Islands, a planned 30-unit building at 9901 West Bay Harbor Drive, is expected to break ground in June, said…
Address not applicable: What happens to the HQ in the remote-work age?
When a company prepares to go public, it submits to the SEC a document known as the S1, which details its business, financials, risks and opportunities. On the first page is a field for the location of its headquarters. Some of these addresses have become legendary: 1600 Amphitheatre Parkway (Google); 1601 Willow Road (Facebook); 345 Park Avenue…
Morgan Properties, Olayan America buy $1.75B multifamily portfolio
Morgan Properties and Olayan America have purchased a portfolio of 48 U.S. multifamily properties for $1.75 billion. The seller was STAR Real Estate Ventures, a joint venture of El-Ad National Properties LLC and Yellowstone Portfolio Trust, according to a press release from Morgan and Olayan. It is Morgan’s largest acquisition since the Pennsylvania-based firm bought…
Maroone drives away with Roger Dean Chevy dealership in West Palm Beach for $13M
Auto mogul Michael Maroone bought the Roger Dean Chevy dealership in West Palm Beach for $12.5 million. Records show Maroone’s Maroone USA, through its affiliate, PD-MM Opco, bought the dealership at 2235 Okeechobee Boulevard from Roger Dean Chevrolet. The buying entity is led by Michael Maroone and his nephew, John Hoctor. The group took out…
Highline, Sefira Capital sell Weston office building for $8M
South Florida real estate investors Highline Real Estate Capital and Sefira Capital sold a Weston office building for $8.3 million. Fort Lauderdale-based Fox Ridge Capital bought Weston Commerce Center at 1625 North Commerce Parkway from Highline and Sefira affiliate HRE/Sefira Weston Office, according to a release. Built in 1991…