Terreno Realty Completes 186 KSF Industrial Facility in Hialeah
Among Terreno Realty Corp.’s recent additions to its industrial portfolio is this 112,000-square-foot facility in Redondo Beach, Calif., which it acquired last year for $45.7 million. Image courtesy of CommercialEdge Terreno Realty Corp. has completed Countyline Corporate Park Phase IV Building 40, a 186,000-square-foot facility in Hialeah, Fla., a Miami submarket.
Art + Tec, partner pick up Edgewater assemblage, as South Florida dev site purchases continue
Developers picked up a 0.7-acre assemblage in Miami’s Edgewater, as South Florida development site purchases continue, despite elevated interest rates and macroeconomic headwinds. Bay Harbor Islands-based Art + Tec Development, led by Gabriel Boano, and partner Silvio Caprino bought the five adjacent lots at 2650 Biscayne Boulevard and 250 Northeast 27th Street…
Construction has started on Century Park Villas Place, a townhome development in Miami-Dade County. Our sources indicate that the venture will comprise 45 three-bedroom and four-bedroom townhomes, with square footage ranging from 1,351 to 1,610 square feet each. There are four floorplans named Gabriela, Alexa, Karina, and Isabella. Costing $394,990 to $420,990…
Miami Multifamily Market Holds Steady Despite Challenging Market Conditions
Miami’s multifamily sector was on fire from the end of 2020 through the beginning of 2023 as the market received a wave of newcomers, primarily from affluent Northeastern and Western states. During the height of the pandemic, roughly $1 out of every $6 in income that moved nationwide relocated to Florida, more than any other state. And Miami-Dade County saw the…
Wynwood’s Tallest Ever Tower Planned Under Live Local Act
Plan’s for Wynwood’s tallest-ever tower have been filed with Miami’s Planning & Zoning reviewers. For now, the development is known by its address, 2101 NW Miami Ct. It is proposed to rise 48 stories, or 490 feet above ground and 506 feet above sea level, and include: 544 residential units two floors of amenities on levels 9 and 10 19,292 square feet of ground floor retail 621 on-site…
Bazbaz proposes 48-story Wynwood project –– area’s tallest –– under Live Local Act
Bazbaz Development wants to build a 48-story apartment tower in Wynwood under the Live Local Act, marking the tallest project proposed for the Miami neighborhood. The firm filed an application for a 544-unit project on a 1.5-acre assemblage at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court, according to city records.
Developers launch Elle-branded condo tower in Miami’s Edgewater
Elle Residences Miami would be built on the half-acre site at 3618 Northeast Fifth Avenue, which also fronts Northeast 36th Street and I-195. Urban Network is led by CEO Robert Thorne and Vertical is led by CEO Fernando de Nuñez y Lugones, a former development sales executive at One Sotheby’s International Realty and Fortune International Group. The 25-story, 180-unit…
Biscayne Boulevard hotel-residential tower advances
A new hotel and residential tower, along with office and commercial space, is proposed for busy Biscayne Boulevard in Miami’s Edgewater neighborhood. Owner-developer Green Circle Development LLC plans the new building at 3200 NE Biscayne Blvd. The overall project will have 523,318 square feet of floor area and include 108 lodging units, 110 residential units, about 5,000 sf…
Miami Beach hunts for ways to resurrect Roosevelt Theater
Miami Beach commissioners want the city’s administration to reach out to help resurrect the long-shuttered Roosevelt Theater that opened 75 years ago, either for a movie house or some other use that will spur 41st Street activity. Commissioners have voted unanimously to have a conversation with the property owner of the Roosevelt at 770 Arthur Godfrey Road…
Coastline-Nakash Capital Group Revises Plans for ‘the Eden’ at 3550 NW S River Drive in Miami
A Miami developer has revised plans for a mixed-use venture east of Miami International Airport (MIA). Florida YIMBY first reported on this project in October 2023. Previously, the multi-building “Eden” was to host 720 apartments, along with 7,851 square feet of retail and 821 parking spots. However, after receiving feedback from city officials, the project has been scaled back.
Coral Gables City Commission Approves Ponce Park Residences At 3000 Ponce De Leon Boulevard
The Allen Morris Company, led by Allen and Spencer Morris, has received commission approval for their luxury condominium project, Ponce Park Residences, slated for development in Coral Gables. Located at 3000 Ponce de Leon Boulevard, at the intersection with University Drive, this development is poised to become a significant architectural addition to the city.
Miami An Appealing Apartment Market Despite Challenges
As an apartment investment market, Miami has its pros and cons. Strict building codes, high insurance premiums, and the threat of natural disasters are among the latter. However, a new report from Freddie Mac on the area concludes that many residents and investors believe that the potential after-effects of climate-related disasters are well mitigated to justify that uncertainty…
Our sources point to a 321,330-square-foot mixed-use venture in Miami’s Goulds neighborhood. The proposed Valencia Tower would measure 15 stories above grade, featuring 159 apartments, with 25 percent (about 40) reserved as workforce housing. The Real Deal reports that to qualify as workforce housing in Miami-Dade County, homes would be targeted at those…
Miami Worldcenter scores $120M refi, as South Florida still bucks nationwide lending slump
Miami Worldcenter landed a $120 million refinancing, showing South Florida continues to buck the nationwide lending slump. Entities tied to the project’s master developer, Miami Worldcenter Associates, obtained the refinancing for six lots at the 10-block development, with Deutsche Bank serving as administrative agent for itself and other lenders, according to records.
60-Story ‘Summit Brickell’ Gets FAA Clearance To Rise 765 Feet Above Ground
Summit Brickell, a planned mixed-use development at 1015 Southwest 1st Avenue in Miami’s Brickell neighborhood, has recently secured Federal Aviation Administration (FAA) approval. Filed on April 5 and swiftly approved on May 21, the tower is approved to rise 765 feet above ground or 769 feet above sea level at its highest point. Designed by Corwil Architects and developed…
Lease roundup: West Palm’s Nora District scores tenants, Coral Gables’ Zucca restaurant moving
Developers of the mixed-use Nora District in downtown West Palm Beach scored four tenants. Cameron Mitchell Restaurants’ Del Mar, which offers Mediterranean cuisine, leased nearly 10,000 square feet of indoor space and a 2,000-square-foot patio; and Sana Skin Studio leased 1,800 square feet, according to the developers’ spokesperson. Women’s clothing and accessories store…
CGI Merchant’s Gabriel hotels in Miami, South Beach head to UCC foreclosure sales
CGI Merchant Group faces a double whammy in Miami-Dade County, with both of its Gabriel-branded hotels headed to foreclosure auctions. The two planned Uniform Commercial Code, or UCC, sales come as the South Florida real estate market is feeling the sting from elevated interest rates and skyrocketing insurance premiums. Yet, CGI Merchant, a Coconut Grove-based…
Blue Suede kicks it up, buys second Miami Beach hotel this month
For the second time this month, Blue Suede Hospitality picked up a small Miami Beach hotel, quadrupling its Art Deco portfolio in the city. An affiliate of New York-based Blue Suede, led by CEO Kenneth Lipschutz, paid $16.6 million for Blue Moon Hotel, a 75-key Art Deco property at 944 Collins Avenue, records and real estate database Vizzda show. The deal breaks down to $221,667…
31-Story Midtown Miami Apartment Tower Gets FAA Approval, Advances In Permitting
The Midtown 7 building planned in Midtown Miami has received height approval from the Federal Aviation Administration while making new advances in the permitting process. According to a May 22 determination letter, the tower is permitted to reach a maximum height of 352 feet above ground, or 367 feet above sea level. The developer is listed on the FAA letter as PPF AMLI…
Census: City Of Miami Population Grew Last Year By 1.3%
Miami’s population grew last year, according to newly released Census Bureau data. As of July 1, 2023, the City of Miami’s estimated population stood at 455,924. That is an increase from the estimate of 450,014 residents on the same date in 2022. According to an Axios analysis, Miami’s 1.31% growth rate in 2023 was one of the top ten for large cities in the U.S. last year.
Manoucheri Brothers boosts South Florida multifamily portfolio
Manoucheri Brothers bulked up its South Florida multifamily portfolio by adding a 153-unit apartment complex in Sunrise. An affiliate of the Los Angeles and Aventura-based family office paid $30.4 million for Summerfield Apartments at 3200 Northwest 84th Avenue, records and real estate database Vizzda show. The buyer also assumed a nine-year $18.3 million Fannie Mae…
Downtown Miami could use more businesses. $1 million in grant money is up for grabs
The Miami Downtown Development Authority wants to make downtown Miami an area where people can live, work and play — and it has one million ways it hopes to do that. With its new $1.1 million business incentive program, the Miami DDA will provide businesses with funding to develop and grow downtown. “We want to help mom-and-pop retailers open their businesses,” said…
Can South Florida Condo Demand Endure? Related Group’s Nick Pérez Weighs In
Condo demand across South Florida remains robust thanks to favorable tax policies, the influx of high-income households and a business-friendly environment. The limited single-family stock available is also pushing buyers toward condominiums, especially in waterfront and urban settings, according to Nick Pérez, president of the condominium division at The Related Group.
Publix pumped up its South Florida retail holdings by acquiring a shopping center anchored by one of its supermarkets. The Lakeland, Florida-based grocery chain paid $58.5 million for Ramblewood Square Shopping Center at 1201-1327 North University Drive in Coral Springs, records and real estate database Vizzda show. The seller, an affiliate of New York-based…
Margate solicits bids for downtown-style development with new city hall
Margate is soliciting offers to build a municipal mixed-use development that would include a new city hall and serve as the city’s “downtown” area. The development, called Margate City Center, would unfold on 51.4 acres on the east and west sides of U.S. 441 between Royal Palm Boulevard and Atlantic Boulevard. The developer would lease the largely vacant land, which was…
Joint Venture Plans Mixed-Use Redevelopment of The Quay Shopping Center in Fort Lauderdale
A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale. The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina…
Continuing their commercial shopping spree that began last year, a partnership between three South Florida firms acquired a waterfront mixed-use property in Fort Lauderdale that is primed for redevelopment. Coconut Grove-based Related Group, Aventura-based BH Group and Boca Raton-based Pebb Enterprises paid $48.5 million for The Quay at 17th Street, a 7-acre site…
Fort Lauderdale’s Development Review Committee is scheduled to review a new proposal by ILFC Corp, led by Gonzalo Sanchez, for a mixed-use development named DL-Design, located at 1102 NW 6th Street in the Dorsey Riverbend area, on May 28. The project, designed to rise four stories to a height of 49 feet, aims to transform a currently vacant 6,342-square-foot lot into…
Broward City Courts Developers To Remake 50 Acres Of Its Downtown
Cale Curtis left tropical Florida this week to head to the Las Vegas desert. The Margate city manager is on official business, showing up with a pitch to developers at the ICSC conference: remake the downtown core of the city of 58,712 people. Local officials in Margate, located in central Broward County, have put out a request for proposals to redevelop as many as 50…
Fort Lauderdale’s Development Review Committee is set to review a Site Plan Level III application for The Amalfi, a 22-story luxury condominium tower designed by Kobi Karp Architecture and proposed by Baldwin, New York-based Moore Group Corporation. Located at 2317 North Ocean Boulevard, the project will offer 38 residential units and amenities within a 0.84-acre…
Erickson pays $54M for senior living dev site at Ag Reserve, amid nationwide expansion
Erickson Senior Living paid $53.5 million for a development site at the Agricultural Reserve, where it plans to build a large facility amid the firm’s nationwide expansion. The Baltimore, Maryland-based firm bought the 92.5-acre tract at 8344 Boynton Beach Boulevard in unincorporated Palm Beach County from the William Mazzoni Revocable Trust, led by Patricia Mazzoni…
Office Submarkets Around the Country Bucking the Trend
Highlights: As of the first quarter of 2024, our top 82 primary office markets were evaluated based on their year-to-date change in effective revenue.Among our five regions, while the Northeast was the top ranked region for the multifamily sector, its office sector performance ranked last given its effective revenue declined by 87-bps during the quarter. Similarly, while…
Survey finds tighter credit policies, weaker loan demand among banks
Banks reported tighter standards and a downtick in demand for real estate loans over the past three months in the Federal Reserve’s April 2024 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices. Participating institutions generally indicated a reduced tolerance for risk across the board, broadly impacting both residential and commercial real estate lending…
April figures point to return of sustainable apartment rent growth nationally
April marked the second straight month of solid apartment rent gains, Yardi Matrix’s latest Multifamily National Report revealed. Per the real estate analytics company’s data, the average asking rent nationwide grew 0.3%, or $6, to $1,725 month over month in April. The increase moved rents just $2 below the all-time high set last summer. Year-over-year growth was flat from…
The hospitality industry’s new normal with business travelers
It’s no secret that hotels as an asset class have had a bumpy recovery post-COVID. A large part of the lag has been due to the uneven return of business travel, which has long been a lifeblood of the hospitality sector. The post-pandemic evolution of interactions within and among workplaces, including the universalization of video calls and virtual meetings, has reduced in-person…
New Data and Regulation Show an Insurance Industry in Flux
The Latest Data on Rising Insurance Premiums Insurance premiums have been on the rise in recent years, presenting challenges for borrowers and lenders alike. We assessed rising insurance premiums in detail in a report last summer and have been updating the analysis as 2023 expense data was finalized. Figure 1 shows that average premiums for multifamily…
Is the Distribution Bubble About to Burst? Or Will Industrial Price Gains Nationally Endure?
Industrial property prices and rental rates have experienced substantial increases over the last decade. The onset of the pandemic, which propelled the world into lockdown, shifted consumer habits towards increased online shopping and strained supply chains, thereby elevating the demand for warehousing and, in turn, boosting industrial property and rental values.
Highlights: Tuesday’s PPI report seemed like what would be a continuation of the hotter-than-expected economic trend from the first quarter of the year and while the report did come in above consensus, markets overlooked the report buoyed by downward revisions from the previous month and perhaps along with some help from posterchild meme investor, Roaring Kitty.
Video: Moody’s Analytics Senior Economist Ermengarde Jabir Provides Self-Storage Real Estate Update
A Deep-Dive Discussion into the Resilient Self-Storage Market In a recent episode of America’s Commercial Real Estate Show the spotlight was on the self-storage sector. The discussion featured Ermengarde Jabir from Moody’s Analytics, who provided valuable insights into the current trends, challenges, and future projections for the self-storage industry.
The Discussion: Real Estate Trust’s Signal; The Worst Behind in the US? In a recent interview with Bloomberg Television, Rich Hill, Head of Real Estate Strategy & Research at Cohen & Steers, discussed the current state of commercial real estate and the future of office buildings nationally (observations can apply less in Miami). This conversation took place as the Dow Jones…
The Discussion: Morgan Stanley’s Real Estate Investing Megatrends; Insights from Co-CEO Lauren Hochfelder The recent Yahoo Finance episode of “Wealth!” featured Morgan Stanley Real Estate Investing Co-CEO, Lauren Hochfelder, who provided an in-depth analysis of current real estate investing trends amidst a volatile market. With shelter prices rising by 5.5% year over year…
The Discussion: Navigating the Dynamics of America’s Multifamily Real Estate Market In the realm of real estate, few sectors have captured investor interest and market attention quite like multifamily properties. Offering a blend of stability, demand, and potential for growth, multifamily real estate has been a favored asset class for many investors, particularly in the…
Top 3 commercial real estate valuation methods
Cost, sales comparison and income are the three main commercial real estate valuation approaches. Find out more about these methods and other helpful tools for the valuation of commercial properties. 1. Cost approach. The cost approach is a type of commercial property valuation method that involves separating the cost of the building from the land it’s on. The process looks…
Amazon Plans To Sublet Up To 30 MSF Of Warehouse Space After Over-Expanding
fix link https://ca.movies.yahoo.com/news/amazon-plans-sublet-30-million-072126688.html Amazon plans to sublet between 10 million to 30 million square feet of warehouse space, reports say. It’s also thinking of ending or renegotiating some warehouse leases. The e-commerce giant ramped up capacity during COVID-19, but now has to cope with over-expanding.
Attorney Roberto Blanch says Dec. 31, 2024 will be “a date that lives in infamy.” It’s one of the key deadlines for condo associations to comply with new condo safety laws that could upend the market for older buildings across Florida. The Miami-based lawyer, a shareholder at Siegfried Rivera, was among six experts who spoke last week at a condo symposium about…
Citi analyst slams stock of leading new construction lender Bank OZK with double downgrade
Major real estate lender Bank OZK is having an awful day on the stock market after an analyst hit the institution hard over two projects it financed. Citi analyst Benjamin Gerlinger downgraded his recommendation on the Bank OZK stock from buy to sell, a double downgrade that skipped over the hold option, Bloomberg reported. Gerlinger also dropped his price target…
As Lending Lags, Residential Developers Add More Layers To The Capital Stack
Not even South Florida’s reputation as a beacon of pandemic-era growth and booming population can keep residential development bustling in the region. Developers searching for financing in South Florida today are facing a decline in institutional lending as market fundamentals soften, pushing down new construction starts. That has sent builders in search of creative solutions…