Harbor Group International Acquires 816-Unit ParkLine Miami Luxury Apartment Community
Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020. The development…
Carpe secures approval for North Miami Beach mixed-use apartment project
Carpe Real Estate Partners secured approval from a North Miami Beach board for a 440-unit apartment tower, which will head to the commission next month for final approval. The city’s planning and zoning board Monday… approved the site plan and variances for Venus, a 26-story, 660K sf project planned for the 1.1-acre site at 2050 NE 164th Street.
Russia’s war stalls US real estate deals
Long before Russia invaded Ukraine, supply chain challenges were driving up construction costs and inflation concerns were setting the stage for higher mortgage rates. Now, just as recovery from the pandemic seemed within reach, Vladimir Putin’s war has the U.S. real estate industry bracing for its impact. Prices are rising further — reinforcing the Federal…
Wynwood investor Link pays $15M for Little River office-retail property
Link Real Estate, which owns a mixed-use portfolio in Wynwood, is expanding to nearby Little River, scooping up an office-retail property for $14.9 million. The Miami-based company bought the almost fully leased buildings at 7101 and 7111 North Miami Avenue from an entity led by John and Alan Matthews, according to the broker’s news release.
Miami Market Update: Office Vacancy Increases
As of January, Miami’s office vacancy increased to 13.4 percent, marking a 90-basis-point jump compared to the prior month, according to CommercialEdge data. The metro’s vacancy is still significantly below the national average of 15.7 percent. In January, the Magic City consolidated its third position among gateway cities with lowest vacancies…
Developer Files Plans To Build Major Supertall Tower In Brickell
Plans for a new Brickell Supertall tower called Major have been formally filed with Miami-Dade County Planners. Major is proposed to rise 1,049 feet above sea level, or 82 stories, according to the newly filed plans. The 1,049-foot height is the maximum that the Federal Aviation Administration has approved for Miami thus far. Major is proposed to include: 259…
Miami Multifamily Report – February 2022
In 2021, the Miami market had one of its best years in decades, with some fundamentals hitting records. High demand coming from a steady inflow of high-wage workers pushed up rents at a dizzying rate. Last year, rates increased by 23.5 percent, placing Miami in the third spot nationally among major metros. The average rent clocked in at $2,133, while the U.S. figure…
Chart: Inflation Watch 2021 Intra-Quarter Update; Inflation Expectations Climbing
The 5-year TIPS spread, after almost calmly sitting a bit elevated over pre-pandemic levels in late 2021, has now spiked of a sudden spiked to the highest level in a number of years and to a level about 70% higher than where it was generally hovering pre-pandemic. There has been much talk in the financial press of inflation pressures in recent weeks, and the…
Miami construction costs soaring as land, materials, labor prices surge
Despite supply chain issues and increases to the cost of labor, land and building materials, local contractors say demand for construction is still high. “In the past 12 months, the cost of a typical construction project in Miami probably increased by 20%,” said Chris Kennedy, vice president of preconstruction for Suffolk Construction. But, he said, “It’s almost like…”
Barrington scores $60M construction loan for El Portal multifamily project
Barrington Brothers scored a $60 million construction loan for The Kavista multifamily project in El Portal, as the hot apartment market prompts development in traditionally single-family enclaves. The Miami-based family owned and run company will build the eight-story, 282-unit project on almost 2 acres at 495 Northeast 83rd Street, according to the lender’s…
Aimco teams up with Brooklyn firm to develop mixed-use project in Miami’s Edgewater
A Brooklyn real estate firm is partnering with apartment real estate investment trust Aimco to develop a mixed-use project in Miami’s Edgewater. The… site is on the same block where Aimco has been assembling land and gut-renovating the Hamilton on the Bay apartment tower. Beitel Group paid $45M… at 3333 Biscayne Boulevard, two…
The Numbers Behind South Florida’s Multifamily Boom
With investors and renters continuing to flock to South Florida, the region has proven itself to be a promising real estate market and the multifamily sector has been strong. There were 603 multifamily properties sold in South Florida during 2021, totaling $11.4 billion. This is more than double the previous $5.5 billion annual sales record set in 2016. Not to mention…
Weak federal commercial real estate rules will hamper seizing Russian assets
Lax disclosure regulations that have made the U.S. a global hot spot for money laundering via real estate holdings will make it difficult for officials to seize properties from Russian oligarchs. Russian oligarchs have likely staked a large part of their wealth in U.S. commercial real estate properties in purchases that are easier to conceal than high-profile luxury…
Mavik Capital, partners pay $82M for Miami-Dade & Broward rental portfolio
A joint venture of two New York-based companies and a Miami-based firm scooped up a three-property apartment portfolio across Miami-Dade and Broward counties for $82 million, The Real Deal has learned. Mavik Capital Management, which put in the majority of the capital, along with Triangle Capital Group and Corinthian Capital Real Estate Partners, bought…
Lease roundup: Cold storage firm leases Bridge Industrial’s Hialeah facility
FreezPak I Bridge Point Cold Logistics Center | Hialeah Bridge Industrial leased the entirety of its cold storage speculative project in Hialeah to food logistics company FreezPak. New Jersey-based cold and dry-storage provider FreezPak leased the entire 312,103-square-foot Bridge Point Cold Logistics Center, which is under construction and is expected to…
Trump Group, Suffolk Construction sue each other over Estates at Acqualina
Affiliates of Trump Group and Suffolk Construction filed dueling lawsuits over the delayed Estates at Acqualina, a sold-out, $1.8 billion condo development in Sunny Isles Beach. A3 Development, led by brothers Jules and Eddie Trump, filed a lawsuit in Miami-Dade Circuit Court against Suffolk Construction last month regarding the two-tower…
Voters will decide fate of Dream Hotel-anchored riverfront project on Wharf Miami site
Voters will decide whether a joint venture between MV Real Estate Holdings and Driftwood Capital can move forward with a Dream Hotel-anchored mixed-use project along the Miami River. The Miami City Commission authorized City Attorney Victoria Mendez on Thursday to draft an amendment to the city’s charter that residences will vote on…
Patrinely, USAA Begin Renovations at 263,000 SF Office, Retail Center in Coral Gables
Patrinely Group has begun renovations at Columbus Center, a 263,000-square-foot office and retail complex in Coral Gables. USAA Real Estate, Columbus Center’s majority owner, has partnered up with Patrinely Group to remodel the building’s common areas. Renovations will include updating the front entrance and main lobby, activating the outdoor terrace…
Brickell Station Partners Sells Retail Building in Downtown Miami for $20.1M
Brickell Station Partners has sold a retail property in Miami to Gazit Horizons for $20.1 million. Hector Antunez and Juan Andres Nava from Metro 1 represented Brickell Station Partners, and Fabian Graff of Metro 1 represented Gazit Horizons. The building, located in downtown Miami’s Brickell neighborhood, is currently home to Toasted Bagelry & Deli…
Wynwood office, retail and parking portfolio hits market for $28M
A Wynwood real estate investor is looking to cash out of an office, retail and parking portfolio in Miami’s hottest neighborhood. An entity managed by Steve Rhodes is listing a three-story office and retail building at 2121 Northwest Second Avenue and a one-story retail building at 2085 Northwest Second Avenue, as well as a parking lot at 172 Northwest 21st Street…
Brooklyn buyer sues industrial firm O’Donnell over failed Hialeah deal
California industrial real estate investor and developer The O’Donnell Group was slapped with a lawsuit alleging it tried to inflate the sale price of a Hialeah property (6501 Northwest 37th Avenue) above the prospective buyer’s agreed amount. The buyer, Brooklyn-based Sound Around, sued two O’Donnell Group ownership affiliates, Hialeah Last Mile Fund VII…
Mastercard Renews Miami Office Lease
Nuveen Real Estate has signed Mastercard International to a 53,700-square-foot lease renewal at 801 Brickell in Miami, ensuring that the global payment technology solutions company stays put at the iconic 415,000-square-foot building that has been its home since 1986. With the assistance of Colliers South Florida, landlord Nuveen negotiated a long-term…
Miami’s Wynwood, the artsy neighborhood that has become a hip office, retail and dining destination, is experiencing growing pains, creating a dichotomy in the district. Office and retail vacancy rates have skyrocketed beyond 50 percent in some cases, as new and planned mixed-use projects compete with older, adaptive reuse properties for tenants that are…
South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects
Market Snapshot for South Florida Retail Real Estate: A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County. The retail real estate report is updated every quarter by our CRE experts. The analysis is derived and compiled…
Miami investor Enrique Manhard scoops up MiMo District land for $8M
Miami investor Enrique Manhard bought 1.2 acres of land in the MiMo Biscayne Boulevard Historic District, near the Brightline train tracks. Manhard, who purchased the development site along with investment partners, currently does not have plans to either build on the property or flip it, although prospective tenants have expressed interest in a…
Miami Beach to seek development proposals for 41st Street surface parking lots
Miami Beach Mayor Dan Gelber and City Commissioner Kristen Rosen Gonzalez with the Roosevelt Theater at 770 West 41st Street: Miami Beach leaders want to kickstart redevelopment along the city’s 41st Street commercial corridor by asking developers to propose mixed-use projects on six city-owned parking lots. The Miami Beach City Commission…
Canadian firm buys condo-hotel dev site in Pompano Beach for $18M
A Quebec-based company paid $17.7 million for a mixed-use property in Pompano Beach that is approved to be redeveloped with condominiums and hotels. A limited partnership led by Efstathios Tsatas bought the properties spanning almost a full city block on the southwest corner of East Atlantic Avenue and South Ocean Boulevard. The seller is Atlantic 3350…
City commissioners approved a restaurant and music venue operator’s proposal to build and operate a new park with a cultural center on municipal land in the Flagler Village area just north of downtown Fort Lauderdale. The city commission voted 4-1 at their meeting Tuesday night to approve a 50-year agreement with Damn Good Hospitality Group LLC…
Developer Jimmy Tate’s proposed Bahia Mar project faces more controversy with filing of new lawsuit
Developer Jimmy Tate’s plan for a high-end, mixed-use project by Fort Lauderdale’s Bahia Mar marina just hit another snag. The Fort Lauderdale International Boat Show, held annually on part of the 39.5-acre site Tate wants to redevelop, has long opposed the project, partly arguing that it would cut the space allotted for the show. Now, boat show organizers…
Palm Beach timeshare resort sells out of bankruptcy for $10M
Copperline Partners paid $9.8 million for a former timeshare resort on Palm Beach’s waterfront. In a bankruptcy sale, an entity controlled by Copperline Managing Principal Adam Schlesinger bought the Palm Beach Resort & Beach Club at 3031 South Ocean Boulevard, according to records. West Palm Beach-based Copperline, a commercial real estate firm…
Lennar buys 188 acres for homesites at Arden near Wellington
Stuart Miller’s Lennar paid $7.4 million for 188 acres of land within the Arden community near Wellington. The Miami-based homebuilder bought acreage at 1445 Wandering Willow Way that stretches along the northern edge of the larger Arden master-planned development, according to records. The seller is an affiliate of Boston-based Freehold Capital…