Sep 27, 2017 - 0 Comments - Top Stories -

Miami Commercial Real Estate News September 27, 2017: Walmart Anchored Center Hits Market; Downtown Doral Bids for Amazon HQ2; More…

Walmart-anchored center in Miami Gardens hits the market at $12.5 milliont

A Walmart-anchored shopping center in Miami Gardens just hit the market for $12.5 million, according to a press release. The 62,500-square-foot shopping plaza at 3791 Northwest 167th Street is asking about $200 per square foot. Records show North Miami Beach-based Macken Companies bought the 7-acre Palmetto Design Center in 2003 for $1.5 million. Monte Greenberg, of Macken’s in-house…

Codina’s Downtown Doral enters the race for Amazon’s second HQ

Developer Armando Codina is entering the bidding for Amazon’s second headquarters. Codina says Codina Partners’ Downtown Doral site checks off Amazon’s boxes – proximity to a major airport, population size, and more – for the $5 billion investment. It will be one of the sites the city is proposing in its bid for the Amazon project. “This is the mother of all [headquarters] searches,” Codina said. The Miami…

Hurricane Spooked Some Investors Away From Florida

Turnberry Associates CEO Jeff Soffer went on CNBC to say real estate prices would not be affected long term, and other developers told The Real Deal that they were mostly dealing with temporary landscaping issues and power outages. But Franklin Street Director of Multifamily Investment Sales Hernando Perez said that he has fielded calls from multiple clients who no longer want to deal with the…

SoLeMia Miami secures $101M in financing

Oleta Partners LLC, comprised of LeFrak and Turnberry Associates, has secured a $101 million HUD-insured loan from Wells Fargo for the development of two luxury apartment towers, which will form part of the initial phase of SoLēMia Miami, a 183-acre master-planned community in North Miami. Located east of Biscayne Boulevard and just south of Aventura, the first phase encompasses nearly 400…

Smart Brickell Condo-Hotel is 35% sold and plans to break ground in April

Smart Brickell, a condo-hotel project that’s expected to break ground on its initial phase in west Brickell in Spring 2018, is 35 percent sold in the first tower and the second tower is expected to launch sales in the first quarter of 2018. Karen Elmir’s team at Cervera Real Estate was selected by Habitat Development to handle sales and marketing. Targeting completion in 2020, the $120 million mixed-use project…

Dissecting the Deal: Securing $46.3M for Fractured Miami Condo Acquisition

When a sponsor sought a $46.3 million bridge loan for a property he didn’t fully control, it was clear that obtaining financing would be tricky. So he called Drew Anderman and his team at Meridian Capital, knowing that their financing expertise would lead to a solution. During his 20-year career in commercial real estate financing, Anderman has proven to be one of the most successful dealmakers…

Bid for new Amazon headquarters a winner even if we lose

Tri-county economic development chiefs, adhering to Amazon’s rule of just one bid from any region, are wise in jointly pitching the expanding giant on a headquarters site. Multiple bids would doom all three counties. Even united, it’s a hard battle with more than 100 bidders from across North American, some of whom will give away the store. We surely won’t. In eight detailed pages, Amazon gave…

Swire lease cement police office in Brickell City Centre

Miami police will have an office in Brickell City Centre now that city commissioners have approved a lease with the management company of the vast development. Swire Properties is developing the multi-block project and last year opened phase one, which includes residential towers, offices, hotel rooms and a 500,000-square-foot shopping center. The resolution approved Sept. 19 authorizes the city…

What’s Really Driving Miami’s Industrial Property Boom?

Much the same way Miami has gained prominence from a cultural, culinary, and tourism standpoint, the city has become a hotbed for industrial investment activity. The industrial real estate sector is now considered a top-tier US market, alongside markets such as Los Angeles, New York-New Jersey, Chicago, Atlanta and Northern California. Occupancy rate reached 96% in Miami-Dade in 2016…

Terra Group Buys Doral Parcel For $12.5M, Retail And Restaurant Center Planned

Terra Group just paid $12.5 million for a Doral parcel with plans to build a retail and restaurant center there. Doral Court Development, an affiliate of Miami-based Banyan Street, sold the 3.86-acre parking lot at the southeast corner of Northwest 36th Street and Northwest 87th Avenue. Doral Court, a 209,000-square-foot office building located at 8600 Northwest 36th Street, is situated adjacent to the parcel.

Flamingo South Beach is planning a major renovation

The Flamingo South Beach, which has a reputation for being among the rowdiest and youngest residential complexes in Miami Beach, is planning a major renovation that will include new retail, reports The Next Miami. While the renovation is scheduled to be considered by the Miami Beach Design Board Review in early October, the lively rental community at 1504 Bay Road is also currently under a…

What to Look for When Buying or Selling Tenant Occupied Real Estate

We want to alert you of what to look for when buying or selling tenant occupied real estate.  If you are selling real estate and your property is currently occupied by a tenant, you need to find a buyer that is happy with a tenant occupied property and a buyer that is willing to buy that property subject to the tenant’s rights. The buyer inherits all of the seller’s obligations and duties under the terms…

Make Sure You Understand What You Are Signing During a Real Estate Transaction

Moreno v. First International Title, Inc., is a case that illustrates the importance of making sure you understand what you are signing during a real estate transaction.  Because if you do not know what you are signing when buying property it could end up costing you thousands of dollars like it did to Victoria Moreno and causing you unneeded stress and aggravation. In that case, Victoria Moreno…

Missoni Baia to break ground shortly in Edgewater

OKO Group’s luxury project includes 249 units The first of four OKO Group projects plans to break ground in Miami in the coming weeks, the developer announced today, with the 649-foot Missoni Baia beginning its rise at 777 Northeast 26th Terrace in Edgewater. The 57-story luxury tower will be the first-ever branded residences from the Italian fashion and design house, Missoni. Comprised of 249 units…

Square Station tops off in downtown Miami

Breaking ground less than a year ago Melo Group’s Square Station topped off in downtown Miami after breaking ground less than a year ago. The twin-tower apartment project at 47 Northeast 14th Street includes 710 units, with rental prices expected to range from $1600 per month for one-bedroom units to $2,500 per month for three-bedroom units. Just under 100 of these units will be set aside for workforce…

Will Trump’s travel ban on Venezuelans affect Miami’s real estate market?

President Trump extended his controversial travel ban to include Venezuela, causing momentary panic among Venezuelan investors of Miami real estate. The order, which bans most citizens from Iran, Libya, Syria, Yemen, Somalia, Chad and North Korea, only bans some Venezuelan government officials and their families from entering the United States effective Oct. 18, according to the White House.

New residential project planned near Lincoln Road

134 residences and a rooftop pool A 10-story mixed-use development designed by Stantec is planned for 1600 Washington Avenue in Miami Beach, located about a block south of the eastern end of Lincoln Road. The new project, according to The Next Miami, includes 134 residences ranging in size from one to two bedrooms with nearly 13,000 square feet of ground floor retail. The development still…

Codina’s Downtown Doral enters the race for Amazon’s second HQ

Developer Armando Codina is entering the bidding for Amazon’s second headquarters. Codina says Codina Partners’ Downtown Doral site checks off Amazon’s boxes – proximity to a major airport, population size, and more – for the $5 billion investment. “This is the mother of all [headquarters] searches,” Codina said. The Miami developer has built headquarters for Ryder in Miami, Bacardi in Coral Gables, and…

Fort Lauderdale-based self-storage developer arrested for investment fraud

Self-storage developer Daniel Joseph Touizer was arrested and is facing federal prison charges for allegedly scamming millions of investors across the country, the Sun Sentinel reported. In the last 12 years Touizer allegedly schemed 150 people out of $19 million after convincing them to invest in gems, insurance products and self-storage units. About $7 million in investments was withdrawn from his…

Peloro Miami Beach at the center of scaffolding dispute for more than $600K

A subcontractor who worked on Peloro Miami Beach, a condo building being co-developed by the Disney family, is accused of renting more than $600,000 worth of equipment and not paying for it, according to a lawsuit recently filed in Miami-Dade Circuit Court. Elkridge, Maryland-based PERI Formwork Systems accuses Micon Scaffolding, a Hollywood firm that provides scaffolding materials and…

Ugly properties, it’s your turn to shine: Demand for US warehouse space is on the rise

Industrial rents in U.S. cities are climbing as online retailers seek out warehouse space to meet increasing demands for fast delivery. Amazon and other online retailers are driving up demand — and therefore rents — for warehouse space in urban areas throughout the U.S., the Wall Street Journal reported. Rents for U.S. industrial spaces reached $5.35 per square foot in the second…

CenterPoint Properties Purchases Winn-Dixie Logistics Ctr in Miami

CenterPoint Properties acquired the Winn-Dixie Logistics building at 3300 NW 123rd Street in Miami, FL for $59 million, or about $61 per square foot, from The Ackerberg Group. The 961,345-square-foot industrial building was built in 1992 in the North Miami Beach Industrial submarket. Erik Lundberg and Jeff Hughes with Stan Johnson Company represented the seller. The buyer handled the sale in-house.

Video: Brian Bailey of the Federal Reserve Bank of Atlanta on Where We are in the Cycle

Brian Bailey, Subject Matter Expert with the Federal Reserve Bank of Atlanta, joins host Michael Bull to discuss where we are in the cycle. Highlights include: Have seen nothing but solid job growth for last 4 years; Unemployment has come down significantly; This is the third longest expansion since 1945; Modest growth looks in the cards for foreseeable future; Dark clouds include net loan demand softening…

Video: JLL Chief Economist Ryan Severino Highlights Industrial Market Opportunities

Ryan Severino, Chief Economist with JLL, joins The Commercial Real Estate Show in studio to discuss the market opportunities in the industrial sector.

Report: Miami, Miami Beach Among the Worst Real-Estate Markets in U.S.

Despite every headline-grabbing attempt to fuel the tech sector or the finance market, at its condo-flipping heart Miami is still a company town, and the only industry that keeps the lights on is real estate. So any national survey that ranks the Magic City nearly dead last for its property-selling prospects is very bad news for anyone in South Florida. That’s just what WalletHub found in a report released today…

How E-Commerce is Impacting CRE

A lot has changed since 2011. That’s when a blog post on this site stated: “Many consumers still want to see or touch goods before they purchase, so they still go into a physical store to get this experience.” That statement still holds somewhat true, but e-commerce has continued to grow by leaps and bounds in the past six years – and fewer consumers have to go into a physical store to touch the goods…

Palmetto Expressway Miami Land for Sale for $10 million

New listing! The Palmetto 8 Acres is site is now for sale for $10,000,000. The ownership might also consider leasing the site. The zoning is the heaviest in Miami-Dade County known as IU-3 and it is in unincorporated (no city limits). The frontage on the Palmetto Expressway has over 250,000 cars per day. NW 74th Street now leads into the Florida Turnpike which is a dramatic improvement to the area. About…

Shuttered Miami High School Site Offered For Redevelopment

The Archdiocese of Miami is selling the Archbishop Curley-Notre Dame High School for redevelopment after closing the school this year. The 15.56-acre campus at 4949 NE Second Avenue could be built out with up to 5 million square feet of new development, including buildings reaching up to 28 stories. The location — east of Northeast Second Avenue, west of the Florida East Coast Railway tracks…

Commission Scheduled Sept. 28th To Vote On Land Swap For MiamiCentral Supertowers

Miami commissioners are scheduled to vote on a rezoning that is part of a land swap deal with All Aboard Florida, with two supertowers hanging in the balance. All Aboard Florida wants a 7,677 square foot park across from the civil courthouse to help square off their site where two supertowers are planned. In exchange, they plan to deed city a .5 acre property at 435 Northwest 1st Court along with…

Miami Beach Advocate Wants to Know if Landlords had Hurricane Irma Plan

While packing up to evacuate his South Beach condo this week, Daniel Ciraldo saw his neighbors at an eight-unit art deco building scramble to MacGyver last-minute hurricane fixes. With plywood long sold out, some taped their windows, while others pushed their mattresses against them. It all seemed so inefficient. “The building converted to condos in the early 2000s, and for a while the owners…