Related, Partners Sell CityPlace Doral Apartments For $135 million
The Related Group, Shoma Group and PGIM Real Estate Investors just sold a piece of CityPlace Doral. Property records show the developers sold the Manor at CityPlace, at 3450 Northwest 85th Court, to TA Realty affiliate FHF I Manor Doral for $135 million. The deal breaks down to nearly $343,000 per apartment. Related and its partners completed the 394-unit luxury apartment complex in 2014…
Jackie Soffer: Leading Turnberry Associates to improve its properties
Though Jackie Soffer was hesitant to join the family business, she is now committed to her father’s mission of making Turnberry Associates provide more than just real estate to its consumers. In the ’80s, her father, Donald Soffer, gave a social flair to his projects, inviting celebrities to lavish events to generate media attention and drive sales. “We don’t just offer people stores to shop in or a condo…
Video: NAA’s Director of Research & Analysis Paula Munger Discusses Multifamily Demand
Paula Munger, Director of Research & Analysis with the National Apartment Association (NAA) shares key statistics on demand for U.S. multifamily property as well as tips for improving demand. Highlights include: Certain markets certain sectors like luxury sector where starting to see overbuildings; New study between NAA and NMHC (National Multifamily Housing Council) found there is a need for 4.6…
Miami Beach commissioners likely to approve convention hotel
A Miami Beach vote next week on building a convention center headquarters hotel should be a lock: four of the six city commissioners told Miami Today they will vote yes. But the spot a city panel chose where the Fillmore Miami Beach at the Jackie Gleason Theater sits has drawn skepticism from two of the four, who are unsure how the public would react to razing a historic building. The seven-member…
Waterford at Blue Lagoon to build Burger King Corporate hub
Waterford at Blue Lagoon, which is owned by a joint venture between TH Real Estate, a real estate investment management affiliate of TIAA, and Allianz Real Estate of America, is planning to construct and complete a five-story building known as the 5707 building by October 2018. The new building, which is set to be the new location for the Burger King Corp., “will contain 150,000 net rentable…”
Coral Gables Looks To Grow Southward Beyond Merrick Park & University of Miami
An 11.4 square mile area of Coral Gables that includes the Shops at Merrick Park, the University of Miami and the city’s upscale Riviera neighborhood is poised for a new wave of development that will completely alter the southern landscape of the City Beautiful. Astor Companies recently broke ground on Merrick Manor, a 10-story Mediterranean-style building at 301 Altara Avenue. The 227-unit tower…
Telehealth Is Already Penetrating The South Florida Healthcare Market
Telehealth — healthcare provided remotely via phone or internet connections — has already begun to penetrate the South Florida market. Commercial real estate professionals are watching this sector, as it could transform, or make obsolete, functions of traditional medical offices and hospitals. Deirdra Funcheon Aurelio Fernandez, president and CEO, Memorial Healthcare System; Ben Riestra…
City of Miami: Construction cranes aren’t designed to handle a Cat 5 storm
Designed to withstand up to 145 MPH winds For Miami residents living in high-rise condominiums or apartment buildings who are considering riding out a potential clash with Hurricane Irma, listen up: The City of Miami has issued a warning for those living near buildings under construction, releasing an important tweet Tuesday evening. “Currently, there are 20 to 25 construction cranes in the…
Hurricane Irma: South Florida hotel investors face potential damage
Along with residents and small businesses, major lodging real estate investment trusts could also be slammed by Hurricane Irma this weekend if the storm makes landfall in South Florida or passes close by. Hyatt Hotels Corp. has the greatest exposure to storm damage. About 7 percent of its rooms are in threatened areas, The Wall Street Journal reported. Wells Fargo Securities analysts told the Journal…
CBRE Report: Malls need a new business model
The fall of big box retail has led researchers at CBRE to conclude that the 70-year-old mall business model needs an update. A report released Tuesday by the real estate services firm revealed that malls need to look for tenants that are less susceptible to e-commerce competition, The Wall Street Journal reported. CBRE findings suggested that malls should shift sights towards tenants in growing…
Commercial Real Estate Transaction Activity Rebounds In Q2 Following Q1 Plunge
Ten-X today released its latest Commercial Real Estate Volume & Pricing Trends report (formerly the Capital Trends report), which reveals that investment activity expanded in Q2 2017, after suffering a sharp contraction in the previous quarter. Overall transaction volume jumped 15.6 percent from the first quarter to $105 billion, according to Real Capital Analytics, with the increase driven by growth in all…
Miami firm scores $13.2 million construction loan for hotel in West Kendall
A Miami-based firm just scored a $13.15 million construction loan for its planned TownePlace Suites by Marriott in West Kendall, property records show. Ocean Bank was the lender. Records show Sunflower Hospitality at Kendall LLC, led by Manuel Henriques Moniz, paid about $1.6 million for the site in 2011. The Marriott-branded hotel will offer 116 rooms, according to a notice of commencement. The hotel…
Hurricane Irma alert: Live next to a construction crane in Miami? It may be time to evacuate
Construction cranes in the city of Miami aren’t designed to withstand Hurricane Irma’s Category 5 winds, putting a number of residents at risk. The 20 to 25 cranes in the city, which includes Brickell and downtown Miami, can handle winds of up to 145 miles per hour, the city said on Tuesday. Irma clocked winds of 185 miles an hour on Tuesday, the second strongest storm in the Atlantic Ocean following…
Video: Conor Wagner of Green Street Says No Slowdown in Multifamily Supply Growth in 2018
In this brief video, Conor Wagner of Greenstreet Advisors sits down with Matthew Bechard at NAREIT to discuss the multifamily (apartments) property sector. Highlights include: Green Street does is not expecting a material slowdown in multifamily supply growth in 2018 for the apartment sector. According to Green Street Advisors Analyst Conor Wagner, housing starts have not shown any real…
Status for Office in the Grove denied by HEP Board
By a vote of 7-2, the Office in the Grove’s historic status was voted down Tuesday night by Miami’s HEP Board (Historic and Environmental Preservation Board. One of the board members asked architect Richard J. Heisenbottle if he was paid by the new owners of the office building, he along with a bunch of other suits present were. So that explains his rude, less than smart letter putting down Ken Treister…
Florida in The Top 5 For Commercial Development
When the NAIOP, the commercial real estate development association, conducted its analysis to determine the top states for commercial development, it looked at GDP, salaries, wages, and the amount of jobs created and supported from the development and operation of commercial real estate. People in South Florida, though, merely had to look at the number of cranes and construction projects filling…
“Man is an animal that makes bargains; no other animal does this – no dog exchanges bones with another.” Economist Adam Smith wrote these words in 1776 in his seminal Wealth of Nations, and this macroeconomic maxim is just as appropriate for today’s CRE market. Everyone loves a good bargain, from BOGOs at their local grocery store to businesses looking to lease office space. Bargain hunting…
The Traits of a Good Tenant Representative
It is difficult to overstate the importance of quality tenant representation in commercial real estate. Through the peaks and troughs of the market, a good tenant rep must be able to assess economic trends, broker deals, thoroughly evaluate a client’s needs, and make sure those needs are always their priority. The best reps will possess a rare combination of market awareness and vision. They’ll not only work…
Florida Is the Only State to Tax Commercial Leases
While this notoriety can be blamed on ease of access to police blotters thanks to the state’s open records law, there’s another item that is uniquely Florida: We are the only state that imposes a sales tax on commercial leases. The monetary benefit of the Business Rent Tax: Written into the state’s tax code in the late ‘60s, the Business Rent Tax (BRT) means businesses must pay a 6% state sales tax on…
The Common Sense of Common Space
Today’s office is all about space – and how to best utilize space that’s often shrinking and more expensive. There’s open space and space dedicated to focused individual work, small group space and larger meeting space, shared space and co-location space. With an emphasis on flexibility, productivity, and cost-effectiveness, it only makes sense for the office common space – also known as the break room…
How an Uptick in Collaborative Workspaces Could Affect the Demand for Commercial Real Estate
The world of work – or at least the world of the workspace – is undergoing a major evolution as a result of a changing workforce, technology, and the twists and turns of the modern economy. As a result, the commercial real estate market is also seeing a shift in demand due to how that space is utilized. CRE and the mobile generation: Advances in technology have allowed workers, particularly…
More Real Estate Players Say The Peak Is Now
More than half of respondents to an NREI survey conducted in July said the real estate cycle has reached its peak. The percentage of survey respondents who believe we are currently at the peak of the market totaled 52 percent, up 500 basis points since the results in May of 2017 and 600 basis points since March results. The only…