May 09, 2018 - 0 Comments - Top Stories -

Miami Commercial Real Estate News May 9, 2018: 2.1 Mil SF Industrial Park Coming; $240 Million Steel Mill Proposed; Office Surging; More…

Bridge Development scores $75M loan for Miami Gardens industrial park

Bridge Development Partners just scored a $75 million construction loan and broke ground on the first phase of its Bridge Point Commerce Center project in Miami Gardens. The 2.1-million-square-foot industrial park is being built on 186 acres at 3900 Northwest 215th Street. Bridge Development bought the site in October for $28.2 million . The first phase consists of three buildings totaling 1.1…

Ecosteel USA proposes $240M steel mill complex in Homestead

Ecosteel USA, a construction and engineering firm and building supplier, is proposing a $240 million steel mill complex on about 124 acres of county-owned land in Homestead, outside the Homestead Air Reserve Base. The Ecosteel facility would be an “eco-friendly steel mill,” meaning it would use an electric furnace to melt scrap steel into billets. The company said it expects to produce about 1,000 tons…

Video: Survey on Open Floor Plan vs. Private Offices ~ Those Not Fans of Open Far from Alone

In this video, Marketing Communications Specialist Diana Sabau discusses a recent survey she performed asking employees from various age groups and in various industries. The survey questioned how they felt about office layouts. In particular, she wanted to find out preferences regarding open floor plans – if you’re not a fan I think you’ll be stunned at how much company you have – as opposed…

City of Miami swap of its riverfront office tower moves ahead

A high-value deal to build new City of Miami offices and open up riverfront for a three-tower private development could go to city voters in November. The city charter requires a referendum on any sale or lease of city-owned waterfront. The city aims to sell or lease Miami Riverside Center, its office tower complex on the river at 444 SW Second Ave. Officials say they’ve outgrown the building. A few years…

Duty-free giant to upgrade 21 Miami International Airport stores

The Western Hemisphere’s largest duty-free retailer is pledging to spend $17 million to upgrade its 21 stores in Miami International Airport in extending its leases at two of the airport’s three terminals to 2024 in a no-bid deal. The deal is part of the fifth amendment to the lease of Duty Free Americas Miami that the Miami-Dade County Commission approved in November 2005 and that was to expire…

Miami-Dade office market shows major gains

Miami-Dade’s office market in the first quarter showed prices markedly above three years ago but vacancy rates also higher, with the central business district in particular having growing vacancy. Despite a changing landscape, experts say they aren’t worried, as reports show the market on track to surpass absorption levels due to increased popularity in co-working offices. A presentation of the…

Developer Secures $75M Construction Financing for Industrial Park

Bridge Development Partners LLC obtained a $75 million construction loan to build a massive industrial business park in Miami Gardens, FL. At full build-out, Bridge Point Commerce Center will consist of 2.1 million square feet on 186 acres at 3900 NW 215th Street Fronting Florida’s Turnpike, the site is equidistant to the two major airports in Miami and Fort Lauderdale and has immediate access to the…

Top office and industrial trends that will impact Northeast Florida in 2018

Businesses, investors and real estate owners are still watching and waiting for the office and industrial markets to catch up with the real estate boom happening in Florida and across the country. Jacksonville is still slow to recover fully from the recession, there are some high points in the market and indicators all analysts will be watching this year. Will this be a banner year for growth and expansion in these…

Ex-Bacardi buildings in Edgewater head for historic roles

A pair of unique and colorful structures, making a statement in Miami’s Edgewater neighborhood for decades, is being considered for placement on the National Register of Historic Places. The city commission is to consider a resolution today (5/10) to support the nomination of the Bacardi Buildings Complex. City code requires the City of Miami Historic and Environmental Preservation Board…

Miami River Commission backs vast downtown development

The Miami River Commission is endorsing the latest plan to redevelop a city-owned property in the heart of downtown. By unanimous vote Monday the commission recommended approval of a proposal to redevelop a 4.2-acre site at 400 SE Second Ave., home to a Hyatt Regency Hotel and the city’s James L. Knight Convention Center. The matter is up for review by the Miami City Commission today…

City of Miami may buy, renovate former theater

In an effort to spruce up another corner of the Liberty City neighborhood, the City of Miami is considering a project to purchase and renovate a vacant former theater. Known as The Carver Theater, the building at 6016 NW Seventh Avenue has been vacant and for sale for years. The structure had been divided into smaller shops years ago, before being boarded up. The city’s Department of Community…

After 5M riders, city officials aim for trolley expansion

The meeting will be attended by Commissioner Willy Gort and Commissioner Manolo Reyes City of Miami officials plan to continue expanding the Miami Trolley by adding a new route, the Flagami route to Miami-Dade County’s bustling transportation scene. The Miami Trolley added a Little Haiti route earlier this year and held a ribbon cutting ceremony on February 9 at the Little Haiti Cultural Center.

Now that firms behind the collapsed FIU bridge dropped out, $800M I-395 bridge can move ahead

Miami may get its new “signature” I-395 bridge sooner than expected now that bid protests tied to the multimillion-dollar contract have been dropped. A group that includes Munilla Construction Management and Figg Bridge Group, the builder and engineer of the Florida International University bridge that collapsed in March and killed six people, withdrew its lawsuit after a judge confirmed awarding…

Miami River Commission gives thumbs-up to Knight Center and Hyatt redevelopment proposal

A proposal to replace the James L. Knight Convention Center and the adjacent Hyatt Regency Miami with a three-tower mixed-use project gained support from a key quasi-public agency, leading the way toward a public referendum. The Miami River Commission on Monday voted unanimously to recommend approval of the redevelopment project, which is being spearheaded by an affiliate of Hyatt Hotels…

Russell Galbut’s Crescent Heights sells South-of-Fifth nursing home for $31M

A Brooklyn buyer paid $30.75 million for a nursing home and rehabilitation center in the heart of South Beach, property records show.
Southpointe Heights LLC, an affiliate of the Miami-based development firm Crescent Heights, sold the four-story, nearly 63,000-square-foot South Pointe Plaza Rehabilitation and Nursing Center at 42 Collins Avenue to 42 Collins Avenue LLC. The buyer, a Delaware…

Tata Harper spa opens in Miami condo

Tata Harper Spa has a skincare line that’s popular with Emma Watson, Anne Hathaway, and Gwyneth Paltrow Tata Harper, a green-friendly skincare and wellness line, debuted a full service spa in the Jade Signature condo tower in Miami. Tata Harper’s skincare line has a celebrity fan base that includes Gwyneth Paltrow, Brooke Shields, Emma Watson, and Anne Hathaway. Located in Sunny Isles Beach…

Paul Cejas scores approval for partial demo at Washington Avenue project

A company controlled by former U.S. ambassador Paul Cejas and his wife Gertie reached a compromise with a Miami Beach board to move forward with a mixed-use project on a prime slice of Washington Avenue near Lincoln Road. By a 5 to 1 vote, the Miami Beach Historic Preservation Board approved an application submitted by 420 Lincoln Road Development LLC to save a portion of a two-story…

Metropica, a $1.5B mix-use project aims to transform Sunrise’s corridor

The developer, Joseph Kavana, aims for an upscale makeover right across the street from Sawgrass Mall One developer aims to bring the city to the suburbs. Metropica, a master planned 65-acre, $1.5 billion high street project is coming to Sunrise’s western corridor. The mixed-use development, which is the first of its kind within South Florida’s western corridor, will soon make its debut in the heart…

LeBron James’ Unknwn signs lease for flagship store in Wynwood

LeBron James is bringing his well-known talent to Wynwood. But this doesn’t have to do with this supreme skills on the basketball court. Unknwn, a men’s fashion retailer co-founded by James, just signed a lease for a flagship store in Miami’s Wynwood neighborhood, The Real Deal has learned. The 9,500-square-foot property at 261 Northwest 26th Street will feature a 2,300-square-foot store and an…

Self-storage developer buys land in Hialeah Gardens, scores construction financing

Self-storage developer Richard Beavers just bought vacant land in Hialeah Gardens and scored $12.4 million in construction financing, property records show. Hialeah Storage Builders LLC, led by Beavers, paid $2.3 million for about 2 acres of land north of Northwest 107th Street and just west of Northwest 89th Avenue. Beavers is the president of Self Storage Associates, headquartered in Ocoee…

Video: Reis Economist Barbara Denham on U.S. Office Market Performance and Economic Outlook

Barbara Denham, Economist at Reis, makes an appearance on America’s Commercial Real Estate Show to discuss office property market performance. Among the topics discussed are rent growth, interest rate changes, job growth and its impact on office market performance, the impact of shared space models, economic and global markets impacts, office property supply, the best markets for vacancy rate…

Miami-based developer faces indictment linked to Tampa project

Mordechai Boaziz, director of Miami-based Maverick Investments, was indicted on federal charges of conspiring to lie to banks and a federal agency. His attorney in Tampa, John Fitzgibbons, said Boaziz is innocent and intends to fight the indictment. Boaziz could face a $1 million fine and as many as 30 years in prison. The charges against Boaziz stem from his acquisition of an apartment complex in Tampa…

Turkish developer unveils plans for $300M tower in downtown Miami

Billionaire Turkish developer Bekir Okan is launching plans for a $300 million, 70-story hotel and condo tower in downtown Miami. Okan Tower will have a 294-room Hilton-branded hotel, 236 condo-hotel units, 153 condos, 64,000 square feet of Class A office space and a restaurant on the 67th floor. Okan Group unveiled the project at an event at its 3,000-square-foot sales gallery in Istanbul on…

Miami Worldcenter condo buyer alleges he was misled about project’s retail

A condo buyer at Paramount Miami Worldcenter is suing to get his deposit back, alleging the developer misrepresented the type of retail beneath the luxury high-rise that is under construction. Longobardo Lozada Becerra, who put a $274,500 deposit on unit 1805 at Paramount Miami Worldcenter, filed a civil suit in Miami-Dade County Circuit Court alleging that the developer falsely told him there…

Lagunitas Brewing Co. buys Wynwood property

A major brewer out of California is tapping into Wynwood. Lagunitas Brewing Company affiliate Cerveceria La Tropical USA LLC paid $10.53 million for a warehouse at 42 and 50 Northeast 25th Street, adding to a growing list of breweries in the neighborhood. The seller was Kaco Afe LLC, a company owned by Karen Cohen of Always Flowers. The building sits on a 28,400-square-foot lot and includes…

Salumeria 104 to open in Coral Gables, Other Restaurant News

Graspa Group is bringing its Salumeria 104 concept to Coral Gables. The restaurant is taking 3,300 square feet at 117 Miracle Mile, in the former Angelique Euro Cafe space, according to a spokesperson. Alan Howard of Great Miami Investment brokered the 10-year deal. Graspa has two five-year extensions, which would bring the lease to 20 years. Salumeria has been open in Midtown Miami since 2012.

Miami Developer Looks to Cash Out of 4-Star Apartments

Miami-based AHS Development Group, eager to capitalize on continued strong demand for multifamily properties, is putting The Place at Dania Beach on the market. The firm hired Cushman & Wakefield to find a buyer for the 4-Star multifamily community at 180 E. Dania Beach Blvd. in Dania Beach, FL, south of Fort Lauderdale. There is no asking price. The 144-unit, seven-story complex is fully occupied…

Miami officials to demolish eight buildings in Little Haiti

The demolitions are part of the City of Miami’s effort to remove urban blight. One building was demolished May 1 in Little Haiti and eight more demolitions are scheduled as part of city officials’ efforts to remove urban blight. The property, located at 5527 NW Miami Court, was deemed uninhabitable after City of Miami inspectors found structural damage, such as missing windows and doors; damaged…

Miami investor Ricardo Caporal buys dev site near Westchester

A company controlled by Miami investor Ricardo Caporal paid $5 million for a development site near Miami’s Westchester neighborhood, property records show. AmeriLumber Hardware & Building Material Inc. sold the 1.37-acre property on Bird Road and Southwest 70th Court to Altis Ludlam Miami LLC. The lot is just north of a development site owned by a self-storage company and west of the proposed…

Two Prominent Office Properties Hit the Market in South Florida

CBRE is marketing two signature office properties in South Florida that brokers expect will fetch substantially more than their previous sale prices. The Landing at MIA, a 50-acre business park adjacent to Miami International Airport, could command close to $250 million – nearly twice what it last sold for, sources say. Los Angeles-based CBRE Global Investors bought The Landing four years ago from Hines REIT…

Miami-Dade’s First Waffle House Opens in Miami Gardens

It’s time for smothered hash browns and double chocolate chip waffles. Today at 2 p.m., Miami-Dade County’s first Waffle House will open at 19675 NW Second Ave. Though the company made no formal announcement, by 7 a.m., about 50 people had shown up at the restaurant even though breakfast wasn’t being served. “We don’t make a big splash when we open,” manager Tim Carley says.

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