Nov 24, 2021 - 0 Comments - Top Stories -

Miami Commercial Real Estate News November 24, 2021: Little Havana Multifamily Trades for $105M, Medley Industrial for $9M; Real Estate Issues and Build Back Better; More…

Ivanhoé Cambridge picks up Little Havana apartment complex for $105M

With a $104.8 million purchase, a Canadian real estate development firm is the new owner of the InTown apartment complex in Miami’s Little Havana neighborhood. An affiliate of Ivanhoé Cambridge picked up the two-tower, 15-story multifamily project at 1900 Southwest Eighth Street, according to records. The purchase is part of the firm’s $3.6 billion deal to acquire…

AMLI Residential bets $31M on another Midtown Miami development site

With one apartment building at Midtown Miami under its belt, AMLI Residential is planning another major multifamily project in the neighborhood. An affiliate of the Chicago-based luxury apartment developer bought a 1.84-acre site at 3001 Northeast First Avenue for $30.5 million, records show. The seller is Midtown Development, headed…

Insatiable: Amazon has more than doubled its space during pandemic

Amazon knew what it had to do. E-commerce was booming. People were ordering more items online than ever before — everything from groceries to medication to sweatpants. Warehouses were going to run out of space. Amazon had to make that someone else’s problem. So it went on a buying and leasing spree. “We are on track to double our fulfillment network…

Thor Equities, Remy Jacobson list Miami Design District retail buildings previously tied up in litigation

A New York-based real estate firm and a cryptocurrency entrepreneur want to unload retail buildings in Miami’s Design District. In separate listings… seeking at least $32 million for its Stefano Ricci-occupied store at 120 Northeast 39th Street… placed a vacant historic building at 4141 North Miami Avenue on the market with an asking price of $12 million.

Miami International Airport weighs private deal for five-level cargo hub

Miami International Airport is in talks with a venture that wants to help double cargo capacity within three to five years by building a five-level cargo structure. CCR+Airis made the unsolicited proposal last year, aviation Communications Director Greg Chin confirmed to Miami Today. The $1.1 billion privately funded project would rise on 29.4 acres in a ground…

Atlantic Sapphire, which grows Salmon at its Homestead facility, woos its top supplier from Canada

Atlantic Sapphire, which grows sustainable, pollution-free salmon from eggs to maturity in its land-based facility in Homestead, announced an agreement that will bring Skretting, the company’s supplier of fish feed, to South Miami-Dade. In exchange, Atlantic Sapphire committed to continuing to source the majority of its salmon feed from Skretting over the next…

Art Basel brings galleries from 36 nations to Miami Beach

The 2021 edition of Art Basel Miami Beach is making its grand return and set to feature 253 leading galleries from around the globe. Along with presenting works across all media, from rare and historical masterpieces to new pieces by today’s emerging artistic voices, the art fair, which is headquartered at the Miami Beach Convention Center at 1901…

Claridge House, Regents Park at Aventura nursing homes trade for $33M

The Claridge House and Regents Park at Aventura nursing homes in north Miami-Dade County at 13900 Northeast Third Court and 18905 Northeast 25th Avenue sold for a combined $33.4 million. Englewood Cliffs, New Jersey-based CareRite, through affiliates, bought half of the ownership interest of each facility, records show. Two other entities, each managed…

Plum Market to open in Aventura and other leasing news

Sprouts Farmers Market I Shadowwood Square near Boca Raton The Shadowwood Square shopping plaza (Courtesy of Terrranova Corporation) Organic grocer Sprouts Farmers Market is opening in a 25,837-square-foot space at the Shadowwood Square shopping center near Boca Raton. The lease is for 15 years, according to the retail plaza…

Here’s where real estate issues stand in the Build Back Better bill

The U.S. House of Representatives on Friday greenlighted the roughly $2 trillion Build Back Better Act, meaning the fate of billions of dollars in housing funding is now in the hands of the Senate. The measure’s approval follows the passage of the $1 trillion infrastructure bill, which represents the largest federal investment of this kind in more than a decade.

Chart: Miami-Dade Commercial Real Estate Sales October 2021

This chart displays the quantity of closed commercial property sales in Miami-Dade county including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending October of 2021. October’s volume was nearly the same as the prior month. But for a couple of post COVID surge months…

A $40 million renovation has turned this former hostel into a Miami Beach gem

From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach hotel is a tribute to Española Way’s past — and maybe a barometer of its future. The engaging new design of the hotel on the Spanish-Mediterranean pedestrian street, which was built in the…

Michael Stern accused of “duping investors” in Monad Terrace project

Minority investors in Michael Stern’s Miami Beach condo project filed a summons against his development entities, seeking $10 million. Limited liability companies linked to Ariel Ackerman’s Ackerman Development and Daniel Minkowitz’s Mink Development, investors in Stern’s waterfront luxury condo project at 1300 Monad Terrace in Miami Beach, filed the…

PTM, Kushner to Develop 420-Unit Multifamily Tower in Miami’s Edgewater District

PTM Partners and Kushner Cos. have formed a joint venture partnership to develop 2000 Biscayne Boulevard, a 420-unit multifamily tower in Miami’s Edgewater neighborhood. The developers expect to start construction in the fourth quarter, while leasing is expected to begin in the first quarter of 2023. The 36-story tower will be located along Biscayne Boulevard…

IMC Equity grabs another Hialeah office building for $15M

IMC Equity Group is bullish on Hialeah, snagging its second office property in the City of Progress in two years. Yoram Izhak’s North Miami-based investment firm paid $14.7 million, or $190 per square foot, for the 77,000-square-foot Palm Springs Center at 1840 West 49th Street, The Real Deal has learned. The seller is Cofe Properties, which paid $4 million for the seven…

Ready Capital Closes $9.3M Loan for Self-Storage Property in Miami Beach

Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self-storage property in Miami Beach. Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option…

The Standard hotel-branded condos are coming to Midtown Miami

Carlos Rosso with Amar Lalvani of Standard International and renderings of the Standard Midtown The Standard hotel group is branding its first residential development, which will be built in Miami’s Midtown neighborhood, The Real Deal has learned. Developer Carlos Rosso of Rosso Development is partnering with Alex Vadia’s Midtown Development…

D.R. Horton has 97 acres of farmland in Homestead under contract

D.R. Horton has 96.7 acres of farmland in Homestead under contract for a future mixed-use community. The Arlington, Texas-based homebuilder (NYSE: DHI) filed a municipal pre-application with Miami-Dade County officials concerning the property at the northeast corner of Southwest 328th Street and Southeast Sixth Avenue. It’s just west of Florida’s Turnpike.

New York restaurant operator sues to end Bal Harbour Shops deal

The owner of New York City Italian dining hotspots Sant Ambroeus and Felice claims rising construction costs derailed its restaurant opening at Bal Harbour Shops, according to a recently filed lawsuit. An affiliate of SA Hospitality Group, led by co-founder and Chairman Gherardo Guarducci, sued Bal Harbour Shops in Miami-Dade Circuit Court earlier this week….

Trammell Crow Buys Land for Miami Project

Trammell Crow has bought a vacant, $10 million, 9-acre plot in Miramar, Fla., and plans to build a 250-unit development dubbed Alexan Miramar. The project is part of the city’s Monarch Lakes community. Workspace Property Trust was the seller and Avison Young Principal Keith O’Donnell and Colliers Executive Managing Director Mark Rubin brokered the off…

Kushner Cos. Taps Investment Partner For Miami OZ Development

Kushner Cos. has taken on a partner in the development of a 420-unit multifamily project in a Miami opportunity zone. Miami-based PTM Partners, a real estate investment and development firm with an initial focus exclusively on qualified opportunity zones, joined in a joint venture with Kushner Cos. at 2000 Biscayne Blvd. in Miami’s Edgewater…

The Shore Club In South Beach Is Getting A New Tower

A developer has submitted plans to the Miami Beach Historic Preservation Board to restore the historic Shore Club Hotel in South Beach and add a new tower. Robert A.M. Stern Architects is partnering with developers Witkoff and Monroe Capital on the redevelopment. The new Stern-designed tower is proposed to rise 17 stories. Combined, the redeveloped Shore…

Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi

Qatari firm Al Rayyan Tourism Investment Company is set to close on a $188 million refinancing for the St. Regis Bal Harbour resort. The loan comes a year after the Reuben Brothers acquired a $132 million mortgage that backed the oceanfront resort. The new commercial mortgage-backed securities loan values the hotel at $331 million, according to DBRS…

A Skatepark Is The Centerpiece To This Miami Developer’s New Mixed-Use Concept

Miami is slated to get a new mixed-use hangout, with a skate park serving as the centerpiece. The concept, dubbed SkateBird, will serve as a skating arena, shopping hub, event center and food hall. The 32K SF facility — located at 533 Northeast 83rd Street in the mostly residential village of El Portal, just north of Little Haiti — is said to be a first for the state.

JV Completes 360-Unit Miami Luxury Community

A partnership between The Estate Cos. and PTM Partners has completed Soleste Grand Central, a 360-unit luxury community in Miami. It is the first large-scale ground-up Opportunity Zone property to be delivered in Miami-Dade County. Caymares Martin designed the development, while ASG Interior Design planned the interiors. Around 20 percent of the units…

CVS Health shuttering almost 1,000 stores in 3-year pivot

CVS Health is preparing to shutter almost 1,000 stores in the next three years as it looks to develop new health care outlets. The company announced plans on Thursday to close approximately 300 stores on an annual basis in the next three years. The Associated Press reported the closures represent nearly one-tenth of CVS’ 10,000-store retail footprint.

CenterPoint buys Medley industrial building for $9M

Industrial real estate giant CenterPoint Properties scooped up a Medley warehouse for $8.6 million, marking continued market demand. CenterPoint bought the building at 10500 Northwest South River Drive from Epling Leasing, according to Jose Sasson, one of the deal brokers on the deal. Epling Leasing is led by Dawn Peterson of Marietta, Georgia, and…

Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site

Billionaire real estate moguls Teddy Sagi and Jorge Pérez have selected their second South Florida property to invest in: the long-shuttered White House Inn at the entrance to North Miami… Pérez’s Related Group and Sagi’s LabTech Investments Limited are partnering to acquire the waterfront property at 2305 Northeast 123rd Street

Lynd Living Sells Miami-Area Property for $67M

Lynd Living has sold the 290-unit Aqua Villa in Margate, Fla., for $66.5 million, after just eight months of ownership. The listing agent was Hampton Beebe of Newmark. The community last traded in March, when Lynd Living bought it for $50.8 million. The firm spent $4 million to renovate the property. Improvements included the addition of chef’s…

Moves hit 73-year low despite so-called pandemic migration

Stories of pandemic-spurred migration have dominated headlines and small talk over the past year, but recently released figures show the story couldn’t be further from the truth. More than 27 million people reported moving in the previous year, accounting for 8.4 percent of residents, according to U.S. Census Bureau data reported by The Associated Press.

Denver and Miami firms team up on $73M Doral office park acquisition

A Denver-based real estate private equity firm teamed up with two Miami companies to buy a Doral office park for $73 million. Denver-based Ascentris, led by CEO Gabe Finke, partnered with Highline Real Estate Capital and Square2 Capital to acquire the three-building complex at 8200, 8300 and 8400 Northwest 33rd Street, according to a press release.

New York investment firm snags Pompano Beach truck repair shop site for $9M

Pompano Beach has some new industrial investors. New York-based IG Logistics, the industrial platform for Imperium Capital, bought a truck terminal and repair shop site at 2407 Hammondville Road for $8.5 million, according to records. The seller is J.T.R. Real Estate Enterprises, a Florida corporation linked to John and Tammy Ragno. IG Logistics, founded in…

Brooklyn-based JV scoops up downtown Fort Lauderdale dev site

A joint venture of two Brooklyn-based firms plans a multifamily, mixed-use tower in downtown Fort Lauderdale. Heights Advisors and Legacy Partners bought the development site, a roughly 1-acre parking lot at 111 Southwest Third Avenue for $6.7 million, according to the broker’s press release. Heights Advisors, based in Brooklyn, paid $7.8 million for the next-door…

Bowling alley and two retail centers in Broward trade for combined $59M

In separate deals totaling nearly $59 million, 13th Floor Investments picked up a Hallandale Beach bowling alley, while Terra and Stiles sold retail centers in Pembroke Pines and Fort Lauderdale. Terra and Stiles’ sales show continued momentum for outdoor shopping centers. In recent months, investors have flocked to retail properties…

Lynd Living flips Margate apartment complex for $67M

Eight months after buying a Margate apartment complex, Lynd Living flipped the property for $66.5 million, roughly $15 million more than its previous purchase price. Hampton Beebe, a commercial broker with Newmark who handled the listing, told The Real Deal that Atlanta-based Carroll Organization bought the 280-unit Aqua Villa at 5750 Lakeside Drive.

American Commercial Realty buys North Palm Beach property for $36M

In a deal that closed at roughly $9 million below listing price, American Commercial Realty picked up a North Palm Beach mixed-use property. The Palm Beach Gardens-based commercial real estate firm paid $36.2 million for a 7.9-acre site at 1201 U.S. Highway 1. Called Crystal Cove Commons, the property features 75,000 square feet of ground-floor retail next to a…

Westlake approves Adrenaline World entertainment complex, retail center

In separate decisions earlier this week, the Westlake City Council approved a family entertainment venue and a shopping center inside Minto Communities’ 50-acre master-planned business park, Westlake Landings, in western Palm Beach County. The two projects are among a string of developments in the pipeline for the fast-growing, five-year-old city…

New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M

Schweb Partners bought the Oakwood Apartments in Lake Worth Beach for $35.4 million. Records show that One Real Estate Investment, through an affiliate, sold the townhouse rental community at 2425 Second Avenue North to Schweb Partners. The 160-unit complex was built in 1993 on 12.6 acres, property records show. The deal breaks down to $221,250 per unit.