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Miami Commercial Property News | 01/15/2015

06Commercial Real Estate News Roundup For January 14, 2015

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Vegas rents are rising, cheap oil from the fracking boom is having unintended consequences in Houston, and home ownership’s biggest cheerleader, Freddie Mac, says renting is less popular than we thought. Quelle surprise! It’s all here in the la…

January 2015 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Esq.
Adverse Possession Under Color of Title
Frazier v. Goszczynski, 39 Fla. L. Weekly D2133, (Fla. 5th DCA 2014)
Goszczynski owned certain real property. He became delinquent in paying the ad valorem taxes. Frazier, as grantor, quitclaimed the property to himself and his moth…

Site in Miami’s Wynwood sold for $11M to Brooklyn and London investors, more…

Site in Miami’s Wynwood sold for $11M to Brooklyn and London investors (credit: Phillip Pessar)
1. Site in Miami’s Wynwood sold for $11M to Brooklyn and London investors [South Florida Business Journal]2. Strong housing prices might dip [Miami Today]3. Building trade group sues 80 c…

Z Capital completes purchase of Canyon Ranch Miami Beach

Canyon Ranch and Z Capital CEO James J. Zenni
Z Capital Partners on Wednesday completed its acquisition of Canyon Ranch Hotel & Spa in Miami Beach, now the Carillon Hotel & Spa.
In a letter emailed to residents last week, obtained by The Real Deal and confirmed in a statement Thursday, …

Florida leads with number of foreclosures in 2014, report says

A study released Wednesday revealed Florida had the highest number of foreclosures in 2014.
The silver lining? Foreclosures are decreasing across the country by 35.5 percent from 2013  — at less than 575,000, the lowest level in seven years.
Florida was at the top of completed …

Privé developers suing city of Aventura for $200M

Privé and its developers from left: Charles Phelan, Gregory Friedman, Gary Cohen (sitting) and Daniel Lebensohn
Developers of Privé at Island Estates, a condo project in Aventura, have filed a $200 million lawsuit against the city of Aventura to ensure construction begins on schedule.

Broward office building sells for $9.8M

A Fort Lauderdale office building sold for $9.75 million on Jan. 5.
The site, located at 1508 to 1512 East Broward Boulevard, sold for a 30 percent increase from its last sale in February 2012 of $7.5 million, Broward county records show.
Colee Hammock I sold the 95,486-square-foot property to Laude…

Brickell Bay Tower completes 15 leases to reach 93% occupancy

Brickell Bay Office Tower in Miami
In a sign of rising demand in Miami’s financial district, Brickell Bay Office Tower said it completed 15 leases totaling nearly 53,000 square feet in 2014.
The 32-story, 280,500 square foot building at 1001 Brickell Bay Drive said the deals included six new l…

Former Doral pharmaceutical plant to become mixed-use project

8800 Northwest 36th Street in Doral
New owners of the site of a former pharmaceuticals plant in Doral have plans to develop it into a retail, hotel and commercial project.
Affiliates of the Israeli-based Teva Pharmaceuticals sold the 78,130-square-foot building to Houston-based Hines affiliate for $…

Developer Files $200M Lawsuit Against Aventura

MIAMI–“We had no choice but to go to court to have our development rights enforced– rights which we have had indisputably for 40 years,” says Gary Cohen, a principal of Privé….

Will Burbs Draw From Brickell Office?

MIAMI–Just how hot is Brickell office space? One building alone inked 15 leases–including nine renewals and expansions–totaling nearly 53,000 square feet. But competition from the suburbs is rising….

We Object: Miami Beach Beefing About Miami’s Watson Island Plans

Miami Beach wants Miami officials to reconsider the scale for a major hotel-marina project planned on Watson Island.     …

$72M Theft Claim Against Venezuelan Bankers, Including Hugo Chavez’s Top Opponent, Resurrected

Two companies charge two former Venezuelan bankers living in the United States defrauded them out of $72 million in U.S. Treasury bills.     …

NAI Miami Names Jackie Larkin Marketing Manager

Joining NAI Miami in 2010 as Marketing Assistant. Jackie’s impressive track record makes her a natural choice for the position. CLICK ON THE HEADLINE FOR MORE…

Doral mayor takes back Trump offer for key to city…and more

Garage under construction for the 192-unit Jade Signature condo at 16901 Collins Avenue
1. Drill, baby, drill: You won’t believe how many feet this Sunny Isles Beach garage goes down [Daily Business Review]2. Doral mayor: ‘Trump doesn’t deserve my key’ [Miami Herald]3. &lsquo…

REIT IPOs raise more than $4B in 2014, study shows

Six U.S. real estate investment trusts completed initial public offerings in 2014, raising more than $4 billion. That’s substantially fewer IPO debuts than the previous year, when 13 U.S. REITs were publicly traded for the first time for an aggregate of $4.9 billion.
A study by SNL F…

Courtyard Marriott in Broward sells for $7M

Courtyard Marriott in Coral Springs
A Courtyard Marriott hotel in Coral Springs has traded hands for $7 million.
An affiliate of New York-based Garrison Investment Group bought the 110-room hotel from a New York-based real estate investment company on Jan. 9, Broward County records show. The 61,305-…

Palm Beach shopping center renovation begins

Rendering of the $1.2 million makeover of the Nassau Square retail center at 7577 Lake Worth Road
After three years of waiting, a $1.2 million renovation of the Nassau Square shopping center in Lake Worth has begun.
The shopping center, just east of Florida’s Turnpike on Lake Worth Road, …

The Closing: Don Peebles

Don Peebles (Photos: STUDIO SCRIVO)
From the January issue: Since launching Peebles Corp. nearly three decades ago, Don Peebles has developed six million square feet of real estate in Florida, California, Washington, D.C., and, for the past three years, New York. The author of “…

Construction begins on Broward townhouse community

Rendering of 14th & Ocean
Construction of a luxury townhouse community in Pompano Beach started Tuesday.
Cavache Properties announced the construction of the 21 townhomes called 14th & Ocean.
Fort Lauderdale-based Landmark Bank N.A. provided a $6.7 million construction loan for the proj…

BrickellHouse condos 98 percent sold in 90 days

BrickellHouse (inset: Peter Zalewski)
Less than 90 days after opening, the newly completed BrickellHouse condo project has sold 98 percent of the 374 residential units in the 46-story tower in Greater Downtown Miami.
Developer Harvey Hernandez has successfully recorded transactions for 366 units tot…

Equestrian mogul receives $15M loan for 100 acres in Wellington

14833 50th Street South in Wellington and Mark Bellissimo
South Florida and New York equestrian mogul Mark Bellissimo received a $15 million loan for two large pieces of land in Wellington at the start of the year.
Florida Community Bank granted the loan effective Jan. 2 to Far Niente Stables III an…