Mar 25, 2020 - 0 Comments - Top Stories -

Miami Commercial Real Estate News March 25, 2020: COVID-19 Impacts Continue; Industrial Near Airport Sells; More…

Mac Papers inks deal, sells warehouse near MIA for $15M

A major paper supplier sold its warehouse near Miami International Airport for $14.6 million. Jacksonville-based Mac Papers sold the 137,872-square-foot warehouse at 5900 Northwest 176th Street in Miami for $105 per square foot, records show. Spirit Master Funding X LLC, tied to Dallas-based Spirit Realty Capital, purchased the property. The warehouse is on…

Sam Zell’s Equity Residential halts evictions, rent hikes on 80K-unit portfolio

Sam Zell’s Equity Residential said it will halt evictions and rent increases for 90 days on its thousands of apartments across the country in response to the coronavirus emergency. The move, first reported by Crain’s, comes after several states like California, New York, and Illinois have called for or have suspended eviction proceedings and rent hikes. The real estate…

South Florida commercial real estate closings face delays and cancellations due to coronavirus economic meltdown

Jay Sakalo and Jaime Sturgis A month before the closing date, commercial broker Jaime Sturgis just had to kiss goodbye a nearly $1 million multifamily deal. Sturgis, founder and CEO of Fort Lauderdale-based Native Realty, said he represented the seller of an eight-unit apartment building in Miramar who canceled the sale after the buyer requested “unreasonable…”

Seagis Property Group Inks Full-Building Lease in Miami-Dade

Del Valle Brands, a Miami-based brand development and distribution company specializing in Caribbean markets, has leased an entire 125,976-square-foot building owned by Seagis Property Group in Medley, Fla., a Miami-Dade submarket. The building has Palmetto Expressway frontage and is located at the southeast quadrant of… at 8150 NW 76th Avenue

“It is catastrophic:” Sam Nazarian, Kobi Karp talk coronavirus toll

Last week, The Real Deal publisher Amir Korangy sat down for another episode of Coffee Talk with luxury hospitality group SBE’s Sam Nazarian and leading architect Kobi Karp. This time, though, coffees were kept at home, with Karp and Nazarian joining TRD for a virtual conversation. Nazarian detailed the difficulty in maintaining his large workforce…

Hotels get pummeled as demand nosedives for a second week

The hotel industry suffered another devastating week, as cities like New York and San Francisco saw more than eight out of every 10 hotel rooms sit empty. Occupancy levels in those two cities plunged more than 80 percent last week as the Covid-19 pandemic obliterated demand for hotel stays, new figures released Wednesday by the…

TRD Talks: How developers are contending with coronavirus

One called for a total shutdown of business. Another advised startups to plan for zero revenue for six months. And a third had harsh words for impatient lenders. All three New York developers, Miki Naftali, Ryan Freedman and Steve Witkoff, made their views known about how they would deal with the deepening coronavirus pandemic. The trio spoke…

Back-of-the-Envelope Estimates of Next Quarter’s Unemployment Rate

As state and local governments implement social-distancing measures to suppress and contain the spread of COVID-19, many businesses are faced with a large decrease in sales and revenue. This slowdown of economic activity could inevitably lead to solvency and liquidity problems that result in workers being laid off. This negative shock does not equally affect all…

Target store signs for planned Overtown block

Retail giant Target has signed a letter of intent to open a store inside a planned mixed-use retail and residential development in Overtown called Block 55, according to the developer of the expansive project. The developer, in concert with the board of directors of the Southeast Overtown/Park West Community Redevelopment Agency (CRA), plans…

Transit hub to feature University of Miami student housing

New student housing is a key component of a major mixed-use project in South Miami destined to become a transportation hub for the region, according to the developers. The TREO group, in collaboration with Miami-Dade County, is building the mixed-use, transit-oriented student housing development to be called VOX Miami. Officials from The TREO Group…

New blueprints are coming for hospitality industry’s future

Miami-Dade’s hospitality sector is under economic siege from the coronavirus. How it recovers is crucial to the future for us all. Of course, whatever industry we look at is struggling while society battles a peril with no track record to indicate when the siege might ease up.  Hospitality is in the same boat – but hospitality has been what Miami was built on…

Edgewater condo tower’s retail space sells for $15M

The commercial space in an Edgewater condo tower sold for $15.45 million. Biscayne Plaza II LLC, led by Javier Cevera, sold the 11 commercial condos at 1800 Biscayne Plaza to Delorean Holdings LLC, led by Daniel Serber, a lawyer in Aventura, records show. The commercial… The space at 295 18th Street is occupied by a Chase bank branch and restaurants 3 Chefs…

CenterPoint buys an industrial property near MIA for $30M

CenterPoint Properties CEO Bob Chapman and South Florida Logistics Center CenterPoint Properties Trust bought an industrial property near Miami International Airport for $29.5 million. Oak Brook, Illinois-based CenterPoint Properties purchased the 42.5-acre property at 3200 Northwest 67th Avenue for $694,117 per acre, records show. FDG Hialeah, tied to…

Expected U.S. Macroeconomic Performance during the Pandemic Adjustment Period

The coronavirus has the potential to create catastrophic health outcomes in the U.S.2 In order to mitigate this, public health officials have recommended a variety of social-distancing policies to slow the spread of the virus. In addition, social interaction has declined dramatically due to voluntary withdrawal by individuals, corporate work-from-home policies and…

Miami condo tower shuts down amenities due to confirmed coronavirus case

A downtown Miami condo tower has shut down its amenities deck, pools and barbecue, and asked visitors to stay away after a resident was confirmed to have tested positive for Covid-19, The Real Deal has learned. The condo association of Marinablue, the 57-story, 516-unit tower at 888 Biscayne Boulevard, sent an email blast alerting residents of the…

Tom Barrack predicts commercial mortgage market crisis

Colony Capital chairman and CEO Tom Barrack thinks the commercial mortgage market in the United States is on the verge of collapsing. Barrack wrote in a white paper, posted to Medium late Sunday, that the coronavirus pandemic and subsequent shutdown of sectors of the U.S. economy could lead to margin calls, foreclosures, evictions and potential bank failures.

Fannie, Freddie offer multifamily landlords a break — strings attached

Some relief from the federal government is on the way for multifamily landlords, but it comes with strings attached. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, announced that the two mortgage insurers will give multifamily landlords a break on their loans on the condition that they do not evict any renters impacted by…

CFH Group picks up Allapattah bank branch

Even in the midst of the coronavirus pandemic some deals are closing. Truist sold a bank branch in Miami’s Allapattah neighborhood for $6.9 million to a company tied to CFH Group, records show. The branch, at 1400 Northwest 20th Street, is on a 19,604-square-foot lot, equating to a price of $349 per square foot, according to records. Truist is the bank holding…

Bankruptcy, restructuring lawyer outlines strategies

By Adam Marshall The impact of the coronavirus will result in a lot of tough financial and legal decisions for many business. These are topics  I know intimately as a veteran bankruptcy and restructuring lawyer. For some stressed businesses, negotiating with creditors and lenders could be imminent while restructurings, bankruptcy filings and liquidations are…

Feds looking to lease warehouses for coronavirus triage, testing centers

The federal government is reaching out to commercial property owners and brokers to lease empty warehouse space for temporary triage centers, as the number of confirmed coronavirus cases nationwide continues to grow. As of Friday afternoon, more than 15,000 people had tested positive for the virus in the U.S., with more cases expected as the number of…

All hotels, short-term rentals in Miami-Dade ordered to shut down due to coronavirus

Miami-Dade County and the city of Miami Beach ordered all hotels, motels and short-term rentals shut down effective Monday, March 23, in an effort to curb the spread of Covid-19. Guests and renters must be out of all commercial lodging establishments by midnight on Monday night, according to the city of Miami Beach’s or…

Diplomat, Acqualina, Biltmore hotels closing amid coronavirus

Major hotels across South Florida are closing voluntarily amid the coronavirus pandemic. Acqualina Resort in Sunny Isles Beach, the Diplomat Beach Resort in Hollywood, and the Biltmore in Coral Gables are all closing by this weekend, as Covid-19 sends shock waves through South Florida’s economy. Miami-Dade Mayor Carlos Gimenez issued an executive order…

Coronavirus And The Future Of SoFlo CRE

There’s no easy way to begin. As you all are very much aware, coronavirus is taking an incredible toll on lives and livelihoods. Anxiety is high, nerves are frayed, and because the situation is rapidly changing, there is no way to predict the short- and long-term outcomes accurately. It wasn’t so long ago, in fact, that investors were excited because the Federal Reserve had…

Treo Group scores loan for mixed-use student housing project in South Miami

Rendering of Vox Miami The Treo Group closed on a $33.25 million construction loan for Vox Miami, a mixed-use project under construction next to the South Miami Metrorail station. Centennial Bank is providing the senior construction loan to Treo. It closed on Wednesday, amid the crisis caused by the coronavirus pandemic. J.C. de Onda, division president…

Miami-Dade orders all non-essential businesses closed due to coronavirus

Miami-Dade Mayor Carlos Gimenez has expanded his order of businesses that must close — and those that can remain open — during the coronavirus pandemic. All malls and casinos will have to shut down. Construction sites, hotels and banks can remain open. Medical facilities, grocery stores, gas stations and restaurant kitchens can…

Coronavirus COVID-19 Real Estate Task Force | Jordan + Lawyers Provides Tactical Step by Step Guide

As mentioned in our previous post, the number of COVID-19 coronavirus (“Coronavirus”) cases continues to increase, and with the World Health Organization raising its threat assessment of Coronavirus to its highest level, businesses in Miami-Dade and Broward Counties are becoming increasingly aware of the many challenges that are ahead. At Jordan…