Hurricane Irma damage now estimated at up to $65 billion
Property damage from Hurricane Irma is now estimated to reach $42.5 billion to $65 billion, with as much as $30 billion for flood-ravaged homes not covered by insurance, according to a newly released report from CoreLogic. The total figure includes both insured and uninsured losses for residential and commercial properties, including damage from both flood and wind. By far, the greatest hit is to…
Terra buys office building near Trump National Doral for $12.5 million
Terra Group just paid $12.5 million for a Doral office building near the Trump National Doral Miami, property records show. The Doral Court, a 209,000-square-foot office building at 8600 Northwest 36th Street, traded for about $60 per square foot. Records show Miami-based Banyan Street Capital is the seller. Banyan took ownership of the 9.4-acre property last year in March after making a stalking…
Metro Mall site in downtown Miami hits the market, could fetch $20 million
A development site in the heart of downtown Miami’s jewelry district is hitting the market, and is expected to fetch more than $20 million. Property records show a group of investors owns the Metro Mall building at 1 Northeast First Street, a 225,000-square-foot building that sits on a 33,750-square-foot corner lot. Colliers International South Florida’s Mika Mattingly, Gerard Yetming and Linn Ahsberg have…
Take that, Airbnb! Ian Schrager’s Public Hotel hopes to push back against home-sharing
Ian Schrager is fighting back against Airbnb with a tech-fueled hotel. Public Hotels replace the front desk with self-serve tablets where guests can check in and create their own room keys, the Wall Street Journal reported. The Lower East Side hotel features five bars and a restaurant, axing traditional room service. Calls from hotel rooms are re-routed to a call center in Las Vegas, and guests can ask…
Private developer has designs on Fort Dallas Park in Miami
Fort Dallas Park, on the Miami River downtown at 60-64 SE Fourth Street, could be redeveloped and include a new restaurant and improvements to a historic cottage on the city-owned site. The plan for improvements at the park is included in an unsolicited proposal to the City of Miami from Sanctus Spiritus LLC, which has proposed a public-private partnership with the city. The proposal for the city…
Girl Scouts selling land to add to Matheson Hammock
The Girl Scouts are selling Miami-Dade County land to expand Matheson Hammock Park, which will provide a 10-foot-wide nature trail and pedestrian access to the west side of the park, expanding nature-based programming. Up for purchase is a vacant half acre at 9950 Old Cutler Road. The proposed contract is for $415,000 for land that was appraised in February 2016 at $440,000. Added to the…
Miami Real Estate Mostly Spared From Irma’s Fury, Industry Players Say
Just days after Hurricane Irma lashed downtown Miami and the neighboring Brickell financial district with vicious winds and surging water that took out two construction cranes and flooded major streets, industry players told The Real Deal that the deadly storm largely spared the city’s urban core and coastal communities from catastrophic damage. Suzanne Amaducci, who leads the real estate group at…
Terry W. Stiles: Celebrating The Life And Memory Of An Industry Icon
We, along with the entire CRE community, are deeply saddened by the loss of our great leader and friend, Terry Stiles. Terry’s passion, energy and unyielding devotion to bettering communities across the Southeast were the source for innovations in real estate that will continue to enrich lives for years to come. Terry’s vision helped to shape the skyline of Fort Lauderdale and better every city and…
Hurricane Irma, declining sales force Epicure Market to close for good
A Miami Beach institution has closed its doors, serving its last customers prior to Hurricane Irma’s arrival. Epicure Gourmet Market & Café at 1656 Alton Road announced the closure in a tweet on Thursday. The company attributed the closure to Hurricane Irma, “problems with storm insurance” and declining sales. Owner Jason Starkman could not immediately be reached for comment. Starkman told the Miami…
Insurers Discuss Crane Collapses, Other Contingencies Of Hurricane Irma
Insured losses from the storm are projected at a record $65B, according to catastrophe modeling firm AIR Worldwide. “It’s been 12 years since we’ve had anything remotely close to a storm like this, and people are saying, ‘Oh my God, I hope my policy is right,’” insurance broker Arthur J. Gallagher & Co.’s South Florida president, Zeb Holt, said. “But this is why people buy insurance. It’s our time to shine.”
Hurricane Irma spared real estate market big damage, caused minor construction, closing delays
Hurricane Irma’s effect on South Florida’s vibrant real estate market is not likely to be much more than the hassles of delayed home deliveries and closings, industry observers say. Twelve years ago, Hurricane Wilma swept across Broward, Palm Beach and Miami-Dade counties, causing major damage to roofs. Blue tarps became a common sight in many neighborhoods hammered by Wilma’s winds.
Four Questions Potential Buyers Should Consider Before Purchasing An Investment Property
Here are four questions potential buyers should consider before purchasing an investment property. What are your financial goals? You should create rules to help stay focused. For instance, are you looking to make money by way of monthly rent checks, or is this a long-term appreciation investment where you look to cash out upon the sale of the property in a few years? These rules should be tailored…
Miami commission overturns mayor’s veto related to Flagstone Island Gardens
As the city of Miami battles Flagstone Island Gardens in Miami-Dade Circuit Court over the developer’s ouster from a megayacht marina and resort project on Watson Island, the city commission and Mayor Tomas Regalado are in tense disagreement over legal strategy. Shortly after Flagstone Property Group — led by Turkish businessman Mehmet Bayraktar — sued the city in June for roughly $122…
Stephen Ross Becomes University Of Michigan’s Single Largest Donor
Detroit native and Miami Dolphins owner Stephen Ross has made a $50 million donation to the University of Michigan to support career development programs for students, new business ventures and student-run investment funds. This, on top of $328 million in previous donations, makes Ross the single largest donor to the university — ever. “It gives me enormous joy to continue to give back to the…”
Food halls sizzle in Miami as craze spreads across nation
There’s a food hall commotion stirring up around the nation, and developers in Miami are joining the movement. More food halls are opening nationwide as consumers demand more artisan and healthier food options in lively environments, according to the New York Times. The brokerage firm Cushman & Wakefield conducted a research study showing that the growth of food halls has increased…
Early Wynwood broker Larry Mizrach dies
Early Wynwood investor and broker Larry Mizrach of Mizrach Realty Associates died at 85. Mizrach sold the Goldman family more than 20 properties in the early 2000s, which then led to the neighborhood’s revival and transformation into the trendy Wynwood Arts District. His clients also included the Rubell family, according to his former business partner, Danny Zelonker. Mizrach got his start in real estate…
Toys “R” Us files for Chapter 11 bankruptcy
From TRD New York: Facing crushing debt and competition from online retailers, Toys “R” Us filed for Chapter 11 bankruptcy Monday.
The company has more than $5 billion in long-term debt, $400 million of which is coming due in 2018, the New York Times reported. Vornado Realty Trust, along with Kohlberg Kravis Roberts and Bain Capital, borrowed heavily to purchase the company in 2005…
Florida, Texas Commercial Real Estate Begins Long Recovery Effort from Back-to-Back Storms
With relief efforts under way in areas ravaged by Hurricanes Harvey and Irma, analysts are now beginning to assess the broader questions of how the back-to-back natural disasters could potentially affect U.S. economic growth, the nearterm impact of the thousands of residents and tenants displaced by the storms, and how the threat of future storms may affect investor appetite for coastline property…
Market Trend: South Florida’s Mid-Year Industrial Deliveries, Construction and Inventory
During the second quarter 2017, 14 buildings totaling 1,456,539 square feet were completed in the South Florida market area. This compares to 10 buildings totaling 1,328,543 square feet that were completed in the first quarter. There were 4,441,661 square feet of Industrial space under construction at the end of the second quarter 2017. Some of the notable 2017 deliveries include: Flagler Station…
Blue Rock Partners Purchases Pinebrook Property in Miami
Blue Rock Partners LLC acquired the 309-unit Pinebrook apartments at 15601 SW 137th Avenue in Miami, FL for $37.25 million, or about $120,000 per unit, from Pinebrook South LTD. The 273,000-square-foot multifamily building was built in 1987 in the Palmetteo Estates MF submarket. Felipe Echarte and Evan Kristol of Marcus & Millichap represented the seller. The buyer handled the sale in-house.
Jeffrey Soffer: Miami real estate prices won’t suffer in the wake of Hurricane Irma
Hurricane Irma may have toppled a few cranes in Miami and Fort Lauderdale — but overall, the storm won’t have any long-term impacts on real estate prices in South Florida, says billionaire developer Jeffrey Soffer. The Turnberry Associates CEO appeared on CNBC’s Power Lunch, as Floridians continue to assess damage caused by the storm. Despite widespread flooding and power outages, Soffer said the…
Barbara Denham, Economist with Reis, joins The Commercial Real Estate Show to talk about industrial buying and selling, retail, and e-commerce while looking at the impact on the economy. Highlights include: Warehouse and vacancy rates 9.7 from 9.9 in prior quarter and 10.3 last year; Strong net absorption in industrial property market; Q2 rent growth 0.6%; Lot of strong construction is happening across…
Barbara Denham, Economist with Reis, joins host The Commercial Real Estate Show to discuss the topics of industrial, warehousing, logistics and retail. Highlights of the video include: Cap rates are a little higher at 7.5 vs 7.4 a year prior; Industrial sector a niche market; Hard sector for novice investor; Seeing increase in sales volume versus year prior; Disparity across country, with some markets…
“Salt Bae” to open first US restaurant in Miami
“Salt Bae” is coming to Miami. Nusret Gökçe is taking over the former Brickell Avenue space of Coya Miami and is set to open his first U.S. restaurant there in October, according to Eater Miami. Gökçe, who gained internet fame for the meme of him expertly slicing – and salting – a bone-in steak, will open a new location of the mini Turkish steakhouse chain Nusr-et at 999 Brickell Avenue. It will mark the 11th…
Judith Webb, Executive Vice President at International WELL Building Institute, joins host Michael Bull on America’s Commercial Real Estate Show to discuss how to feel good as an occupant, increase productivity and wellness in the office space, and getting a wellness certification for your office or building.
FDEP Issues Order to Restore Structural Damage Post Hurricane
On September 5, 2017, the Florida Department of Environmental Protection (“FDEP”) issued Emergency Final Order OGC. No. 17-0989 (the “Order”) in response to the anticipated widespread devastation across Florida caused by Hurricane Irma. In order to respond to the imminent or immediate danger to the public health, safety, and welfare of the citizens of the State of Florida, FDEP provided an order to…
“We have to learn how to live with water”: Pros talk development in waterfront cities
Nothing thrusts the future of waterfront cities into question quite like a pair of devastating hurricanes. Hurricane Harvey, where wetlands were paved over to make way for new development, highlighted Houston’s libertarian-tinged zoning deficiencies. Meanwhile, Irma recapitulated the dangers of developing on the water’s edge. “We have to control how we develop these cities,” Judith Rodin, former…
Miami apartment complex purchased and scheduled for upgrades
It is important to be prepared for commercial real estate opportunities when they come up. A Florida company recently purchased a 390-unit apartment complex for $37 million in a Miami suburb. The buyer plans to update the complex and has interior and exterior renovations planned which will cost $3 million. The complex will also be renamed. The commercial real estate transaction was financed…
Miami Community In South Kendall Commands $37 Million from Tampa Based Blue Rock Partners
Pinebrook Apartments, a 309-unit apartment complex in Miami’s South Kendall submarket, sold. Blue Rock Partners of Tampa acquired the property in a $37.3 million deal and rebranded it The Park at Sheffield. The seller was a private investor and Ladder Capital Finance LLC facilitated the transaction with $33.5 million in acquisition financing, public records show. Located at 15601 SW 137th Avenue…
What are the best US cities for millennials? Not Miami, report says
Miami just received a big, fat F for millennials. The Miami metro is in the 10 worst in the country for millennials, according to a report from Apartment List. The ranking takes into account jobs, affordability and livability in 75 major cities in the U.S. Low median wages and slow wage growth kept three Florida cities in the bottom 10. Miami ranked 44th on the list. It received an F due to the job market and low…