May 05, 2016 - 0 Comments - Top Stories -

Miami Commercial Real Estate News May 5, 2016: Sagamore Hotel Sells; Brickell City Tower Refinanced; More…

Joint Venture Secures $60M Refinancing for Brickell City Tower

A joint venture that includes Crock Partners, LLC, Independencia Asset Management and Banyan Street Capital secured a $60.8 million refinancing for its Brickell City Tower office building at 80 SW 8th Street in Miami.
Square Mile Capital Management LLC originated the entire loan for the office building…

Sagamore Hotel In Miami Beach Sells For $63 Million

A joint venture of Fort Lauderdale-based InSite Group and New York-based EL Group purchased the 93-room Sagamore Hotel at 1671 Collins Ave. in Miami Beach from Sagamore Partners, LTD for $63 million, or about $677,419 per room.  The five-story hotel at Collins Avenue and 16th street acquired by the…

Leasing Assignment Awarded for Doral Office Property

The new owners of a 210,000-square-foot office complex formerly known as Doral Court have named Cushman & Wakefield the exclusive leasing agent.  Cushman announced that Director Gordon Messinger was awarded the leasing assignment for the two-building office complex located at 8600 NW 36th St…

Clarion Partners Acquires Miami Beach Ground Lease for $109 Million

HQ Capital Real Estate and the City of Miami Beach sold a 1.76-acre ground lease at 1691 Michigan Ave. for $109.25 million, occupied by an office and specialty building.  A Class A seven-story building called The Lincoln occupies the site, consisting of five stories of office space, street-level…

Attend the Transportation Trust Meetings on May 12

The meeting agendas include an presentations on the recently-adopted SMART (Strategic Miami Area Rapid Transit) plan that proposes to advance six rapid transit corridors, along with a network system of bus express rapid transit (BERT) service, in order to implement mass transit projects in Miami-Dade…

Miami’s Bayfront Park: Then and Now

It’s amazing to look at how much the Downtown Miami park has evolved over the years and also absorb the explosive transformation along its neighbor street of Biscayne Boulevard over the last decade — it’s staggering, as you’ll notice in…

Survey: CRE Lending Trends

The NAR Commercial annual report Commercial Real Estate Lending Trends 2016 is now available for free download. The 31-page overview of the national commercial property markets includes a great many leading and trailing indicators that situate the commercial property markets in the wider economy.

May 2016 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Managing Partner Jordan Pascale, P.L.  Hayes v. Norman Harris Services, Inc., 41 Fla. L. Weekly D293.  Trial Court Must Hear Homestead Arguments to Stay Execution of Judgment.  Background: Mortgagors filed motion to vacate consent judgment and motion to stay writ of execution and vacate sheriff’s levy…

Miami’s 10 Largest Rental Developments Completed In 2015, Revealed

To keep up with the higher housing demand, developers are putting all efforts into designing and building fabulous rental projects – fit for a seemingly fabulous city.

Mater Academy pays $8.5M for failed youth-offender building in Cutler Bay

The Mater Academy Foundation just paid $8.5 million for a compound that housed Cutler Bay’s Bay Point Schools youth-offender program, which was shuttered seven years ago amid reports of violent incidents and escapees.
County records show the deals include a six-building