Commercial 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…

Wichita-based Value Place hotel chain finalizing Miami plans

A rendering of a typical prototype of a new Value Place hotel location.
The Value Place hotel chain is finalizing plans to build a new hotel in South Florida this year, near Zoo Miami and highly visible from the Florida Turnpike.
The Wichita, Kansas-based extended-stay hotelier is also building new …

‘Distressed’ Buyers Navigate Complex Market

MIAMI–“One of the challenges to the deal was due to the fact that the subject units were owned by eight different sellers.”…

Fired Legal Secretary’s Sexual Harassment Claims Against Arnstein & Lehr Partner are Salacious

Dasschinka Storani claims former Fort Lauderdale managing partner Alan Kipnis sexually harassed her, talking about blow jobs and forcing her to give him vitamin shots in the buttocks.     …

Wal-Mart gets warm welcome in Miami Gardens, more…

Miami is now considered a leading luxury capital of the world
1. Miami a leading luxury capital of the world [Miami Herald]2. Wal-Mart gets warm welcome in Miami Gardens [Daily Business Review]3. Pompano Beach townhomes coming in 2015 [Sun Sentinel]4. Boca Raton investment adviser ignores SEC ban [S…

Canyon Ranch in Miami Beach to be renamed, will lose former affiliation

Canyon Ranch and Z Capital CEO James J. Zenni
Canyon Ranch Hotel & Spa in Miami Beach will be renamed The Carillon Hotel & Spa when Z Capital Partners closes on its purchase, as early as this week, The Real Deal  has learned. The resort will lose its former affiliation with Canyon …

Sunrise office building sells for $11M

7771 West Oakland Park Boulevard in Sunrise
An office building in Sunrise sold for nearly $11 million last week.
An affiliate of Douglas Pike Associates purchased the renovated 94,000-square-foot Atrium West building for $10.95 million.
David Duckworth, Avison Young vice president of inves…

Allapattah affordable housing project opens Tuesday

Collins Park at 3625 Northwest 20th Avenue
A Collins Park affordable housing project is celebrating its grand opening Tuesday.
The complex, located at 3625 Northwest 20th Avenue just west of Miami Jackson Senior High, will provide housing for low-income seniors.
Collins Park Public Housing Developme…

Drill, Baby, Drill: You Won’t Believe How Many Feet This Sunny Isles Beach Garage Goes Down

The parking garage in Sunny Isles Beach will take Lamborghinis and Maseratis three levels underground, a difficult engineering feat requested by the developer at a cost of $25 million.     …

Franklin Street closes two bulk condo sales for $12.6M

Windward Lakes Condominiums in Pompano Beach
Franklin Street, a commercial real estate firm with several offices in Florida, including one in Miami, said Monday that it has completed two separate bulk condominium transactions in South Florida involving a total of 178 units for $12.6 million.
Frankli…

Downtown Miami site sells for $8M to Aria Development Group affiliate

501 Northeast First Avenue in downtown Miami
A company affiliated with Aria Development Group bought a building and adjoining parking lots in downtown Miami for $8.25 million last week.
Virginia Cole Investment Corporation sold four parcels near Miami-Dade College’s Wolfson campus to Aria 501 …

Bayside owner hires architecture firm to renovate and expand

Bayside Marketplace
The owner of Bayside hired a Miami-based architecture firm to reportedly “reimagine” the downtown Miami marketplace.
General Growth Properties hired Zyscovich Architects to renovate outdoor common areas and waterfront plazas, expand the two-level parking garage and ad…

Palm Beach makes significant jump in best cities ranking

Palm Beach County aerial view
Palm Beach County moved up to 70 from 164 in the best improved metro areas, according to a recent report.
The 2014 Milken Institute’s annual Best-Performing Cities report considers housing, job growth and wage growth.
The top Florida metro areas were Orl…

FAA suggests shorter high-rises downtown and Brickell

Rendering of Florida East Coast Realty’s One Bayfront Plaza as part of downtown Miami’s skyline
The Federal Aviation Administration wants to limit the height of big projects in downtown Miami and the Brickell area.
Swire Properties, Florida East Coast Realty, MDM Development and Melo Gro…

Distressed Miami office buildings sold to N.Y. investor

Airport Executive Tower 1 at 1150 Northwest 72 Avenue in Miami
Two office buildings near Miami International Airport were sold to a New York-based investor.
Torchlight Debt Opportunity Fund bought the distressed office buildings at 7270 Northwest 12th Street and 1150 Northwest 72nd Avenue.
The prope…

N.Y. developer Shahab Karmely takes on South Florida

Shahab Karmely, founder and principal of KAR Properties
New York developer Shahab Karmely is aiming his focus squarely on South Florida, assembling several properties for future condominium and mixed-use projects, with a desire to combine compelling architecture and aesthetic design.
Karme…

The Law Firm That Advised on $8B in Deals

MIAMI–“The past 12 to 18months saw one of the most active periods of development in Miami’s history.”…

$41M Redevelopment Promises Transformation

MIAMI–This development that’s set to transform the 28.7-acre lot into a high-quality shopping experience called Island Walk. Get all the details….

Moishe Mana Snags $7.6 Million Portfolio from Foot Locker

Read on…

Related’s Perez sees opportunity with end of embargo, Walmart growing in Florida

Related’s Perez sees opportunity with end of embargo
1. Related’s Perez sees opportunity with end of embargo [Daily Business Review]2. Tax and estate planning advice for Florida newlywed same-sex couples [South Florida Business Journal]3. Walmart posts massive growth in Florida [GlobeSt]…

Law firm triples space at Southeast Financial Center

Southeast Financial Center in downtown Miami
Miami law firm McDonald Hopkins is expanding its offices by 8,700 square feet this week at downtown Miami’s Southeast Financial Center —  and it’s not the only one in recent months.
DLA Piper expanded by 22,500 square feet to a tota…

Wynwood Asset Sells at Near Record Price

MIAMI–“This was an off-market transaction initiated by the buyer’s desire to be in this dynamic neighborhood.”…

CREFC Roundup: Members Bullish on CMBS

MIAMI–“The mood among the industry experts on the first day of the annual CREFC January conference was heightened by the expectation that 2015 would produce between $100 and $150 billion of new issuance.”…

Broker Gets 2-Year Sentence for Role in Scott Rothstein’s Ponzi Scheme

Richard Pearson is sentenced on a guilty plea for helping bring investors to defunct Fort Lauderdale law firm Rothstein Rosenfeldt Adler.     …

Commissioners consider $1 Metromover fare, Walmart Neighborhood Market opens in Miami Gardens…and more

Commissioners consider $1 Metromover fare
1. Commissioners consider $1 Metromover fare [The Next Miami]2. Walmart Neighborhood Market opens in Miami Gardens [Miami Herald]3. More than $1 million worth of valuables to be auctioned in West Palm Beach [Sun Sentinel]4. FedEx distribution center still in…

Miami River project wants millions in incentives — plus land, from county

River Landing rendering and Andrew Hellinger
As part of its plan to redevelop the area between the Miami River and the Health District by adding retail and residences, the River Landing project is asking for millions of dollars in assistance from the county.
River Landing Development, led by de…

Businesses close at Brickell Flatiron site to make way for construction

Rendering of the Brickell Flatiron
Ugo Colombo’s Brickell Flatiron tower is on its way to starting construction.
Barú Urbano, bar and restaurant in the condo building’s future site, closed on Monday, according to published reports. A parking lot next door will also reportedly…

Where is Miami in the current real estate cycle?

Clockwise: Gregg Covin, 1000 Museum; Richard LeFrak, LeFrak; Philip Spiegelman, ISG; Reid Boren, Eastview Development; Alicia Cervera Lamadrid, Cervera Real Estate; and Jake Roffman, 13th Floor Investments.
Miami is still experiencing an unprecedented real estate boom fueled by a robust pool of weal…

BBX sells Palm Beach office building for $6.8M

A Palm Beach Gardens office building was reportedly sold at a significant discount to its foreclosed mortgage.
BBX affiliate Heartwood 42 sold the 196,061-square-foot building for $6.8 million to Rushmore PGA, according to a published report. The building, located at 4290 Design Center Drive, was de…

Moishe Mana adds to downtown Miami portfolio for $7.6M

Properties bought in downtown Miami and Israeli businessman Moishe Mana
Israeli entrepreneur Moishe Mana is adding several more properties to his downtown Miami portfolio.
44 East Flagler Street Realty LLC paid $7.6 million for three buildings and a parking lot between Flagler Street and Southeast 1…

Boca Raton “Banana Patch” land listed for $6.2M

The “Banana patch” properties
Boca Raton’s “Banana Patch” land is up for sale for the first time since 1978.
The 1.77-acre group of waterfront properties is on the market for $6.2 million. Its history allegedly involves ownership by Henry Flagler and Japanese farmers Ge…

U.S. Century Bank sells 2.7-acre lot near Cutler Bay

U.S Century Bank
U.S. Century Bank recently sold another repossessed property.
US Century REH VIII sold a vacant commercial site near Cutler Bay on Dec. 30, 2014 to 106th Avenue Investments Holdings, an affiliate of Ugo Colombo’s CMC Group, according to Miami-Dade County records.
The bank seiz…

Walmart Posts Massive Growth in Florida

MIAMI– Walmart is expanding rapidly in Florida, and especially in Miami. What’s behind the growth?…

Panama Canal Expansion A Boon For Midsize Companies, Too

The new trade routes will put shipping companies in reach of nearly two-thirds of the nation’s population, opening significant opportunities for another important sector: Middle-market companies in the United States. CLICK O THE HEADLINE FOR MORE…

New restaurant to open in Miami’s Vagabond Hotel, Genting plans for former Miami Herald site still a mystery…and more

New restaurant to open in Miami’s Vagabond Hotel
1. New restaurant to open in Miami’s Vagabond Hotel [South Florida Business Journal]2. Genting plans for former Miami Herald site still a mystery [Miami Herald]3. Have less than 20% down? This Edgewater project may be for you [Daily Busine…

Campania opening in Miami’s Design District

From left, Compania’s owners, Antonio Gallo and Chef Pietro Vardeu
A new restaurant is opening Thursday in Miami’s Design District, as the once gritty neighborhood continues to transform into a luxury shopping destination.
Campania, the newest regional Italian offering from restaurateurs…

Developer seeks approval for North Miami Beach building

1975 Northeast 167th Street
A Miami developer is seeking approval for a mixed-use building in North Miami Beach.
Shefa Tal LLC will go before the city’s planning and zoning board Jan. 12 for a five-story building, according to published reports.
The Miami Gardens-based company led by Shay Shpo…

River Landing project preconstruction to begin in February

River Landing rendering and Andrew Hellinger
Preconstruction for the River Landing development on the Miami River will begin in February.
When completed, River Landing Shops and Residences will span 8.14 acres with 426,000 square feet of retail and restaurant space, 475 apartments and a riverfr…

Mortgage rates hit lowest mark in 20 months

Mortgage rates have seen a steep drop in the last few months, and in the past few days have declined a full eighth of a point. Rates are a quarter of a point lower than average rates in the second half of December.
What’s more, home loan costs are .375 percent lower than December’s…

Urban Compass hires former Corcoran exec to lead Miami expansion

Gene Martinez, Urban Compass, Miami and Washington, D.C.
Urban Compass is heading south this winter. Gene Martinez, formerly of the New York-based Corcoran Group, will lead the firm’s expansion into Miami, the technology-driven brokerage firm announced Wednesday.
Martinez is joi…

Public Storage buys West Palm property for $11M

5359 South State Road 7
A subsidiary of Public Storage bought a storage complex in South Florida for 11.4 million on Monday.
Wellington Self Storage sold the 4.6-acre property at 5359 South State Road 7 in West Palm Beach to PS Florida One Inc., according to Palm Beach county records.
The parcels, t…

Vacant lot in Plantation sells for $10.9M

8021 Peters Road in Plantation
A vacant lot in Plantation was sold for $10.9 million on Tuesday, more than double what it last sold for six months ago.
Crossroads Residential LLC sold the 174,729-square-foot lot to a company tied to Chicago-based AMLI, a private real estate development, management a…

All Aboard’s downtown Miami station to affect neighboring development

The All Aboard Miami site
Plans for MiamiCentral, downtown Miami’s All Aboard Florida train station, may affect development in the area.
Local experts predict that All Aboard’s plans for a passenger train between Miami and Orlando could prompt a rise in office, retail and residential pro…

Two Offbeat Predictions for South Florida CRE in ’15

MIAMI–CBRE’s Ken Krasnow tells GlobeSt.com’s Jennifer LeClaire two more trends he expects to see hit big in South Florida this year in part two of this EXCLUSIVE interview….

Will Rising Sea Levels Dampen Investor Appetite?

MIAMI–A new CBRE report explores how insurers, lenders, and investors are responding to the threat of sea level rise in South Florida, one of the country’s most vulnerable regions….

4th DCA Ejects Award to Gloria and Emilio Estefan’s Hotel Company

Gloria and Emilio Estefan’s company faces a new trial battling an insurance company after a hurricane damage hit their Vero Beach hotel.     …

Commercial Real Estate News Roundup for January 7, 2015

When malls die, when NIMBYs endorse commercial development, when law firms get rid of law books, and when Dixieland gets its industrial groove back: it’s all here in the Commercial Real Estate News Roundup for January 7, 2015.
General
A Minneapolis start-up threatens to upend commercial real …

Do You Agree With These Affordable Housing Predictions?

MIAMI–GlobeSt.com caught up with Matthew Rieger, CEO of statewide developer Housing Trust Group (HTG), to get his predictions about theaffordable housing industry in the months ahead. Do you agree with his takeaways?…

Stearns Weaver Miller Expands Miami Office To 110,000 Square Feet

Miami’s legal sector is thriving as new investment pours into the market, putting law firms in position to grow their practices while making smart, forward-looking improvements to their offices. CLICK ON THE HEADLINE FOR MORE…

Viceroy Miami completes rooftop renovation…and more

Viceroy Miami’s nightclub
1. Mansion along Hillsboro Mile sells for $16.7 million [Sun-Sentinel]2. Viceroy Miami hotel completes $100,000 renovation of rooftop nightclub [South Florida Business Journal]3. Buyers want new condos not existing ones, so what are developers doing about it…

Coconut Grove’s Engle Building draws prestigious tenants

The Engle Building in Coconut Grove.
As part of the redevelopment of Coconut Grove, the newly renovated Engle Building has lined up a roster of well-known local tenants, with more leases in the works.
Among the signed businesses: Büro Group, Harry’s Pizzeria, Panther Coffee and Clyde…

Investor appetite remains strong despite impact of sea level rise, report says

Flooding on Miami Beach in 2013
Flood-related losses will grow, but commercial real estate investor appetite remains strong in areas like Miami Beach, according to a CBRE report released Tuesday.
The report, titled “Rising Tides, Increasing Risk: How the Insurance Industry’s Respons…

New 17-story condo tower approved for Hollywood Beach

6085 Ocean Condominium rendering and Peter Zalewski
A Miami-Dade county developer has obtained planning board approval to build a new 17-story luxury condo tower on a vacant site at the northern entryway to Hollywood Beach in Broward County.
The new project – dubbed the 6085 Ocean Condomi…

Related’s Paraiso Bay gets $93M construction loan

Related’s Paraiso Bay gets $93M construction loan
SunTrust Bank gave a $92.62 million construction loan to the Paraiso Bay condo tower in Edgewater being developed by the Related Group.
The loan was obtained by PRH NE 31st Street LLC, an affiliate of Related, according to a published repo…

Warehouse in Palm Beach County sells for $16M

700 103rd Avenue North and Exeter Property Group principal Ralph Kittrell
As further evidence that Palm Beach County’s commercial real estate market is heating up, the Millwork Sales warehouse in Royal Palm Beach has sold for $16.15 million.
The buyer was Exeter Property Group o…

Construction begins on 3450 Biscayne project

Rendering of 3450 Biscayne Boulevard and Mayan Properties principal Boaz Ashbel
Construction began recently on a Biscayne Boulevard Hampton Inn & Suites near Midtown Miami.
Miami-based Mayan Properties, 3H Group Hotels and Arti Hersi Inc. are partnering on the 151-room hotel, which is located at…

Broward business park proposed near Sawgrass Expressway

3700 Northwest 126th Avenue, Coral Springs
Coral Springs’ Biggie family is making big moves.
Biggie Investments Sawgrass Place reportedly applied with the city to build a business park on land the family has owned since the 1970s near the Sawgrass Expressway.
The property has been held in the …

Two Offbeat Predictions for South Florida CRE in ’15

MIAMI–CBRE’s Ken Krasnow tells GlobeSt.com’s Jennifer LeClaire two more trends he expects to see hit big in South Florida this year in part two of this EXCLUSIVE interview….

Do You Agree With These Affordable Housing Predictions?

MIAMI–GlobeSt.com caught up with Matthew Rieger, CEO of statewide developer Housing Trust Group (HTG), to get his predictions about theaffordable housing industry in the months ahead. Do you agree with his takeaways?…

Broward County Court Judge Gisele Pollack Resigns

The state Judicial Qualifications Commission recommended the removal of Pollack, who was caught on the bench intoxicated twice.     …

Stearns Weaver Miller Expands Miami Office To 110,000 Square Feet

Miami’s legal sector is thriving as new investment pours into the market, putting law firms in position to grow their practices while making smart, forward-looking improvements to their offices. CLICK ON THE HEADLINE FOR MORE…

Hillsboro Mile mansion sells for $16.7M, Viceroy Miami completes rooftop renovation…and more

Viceroy Miami’s nightclub
1. Mansion along Hillsboro Mile sells for $16.7 million [Sun-Sentinel]2. Viceroy Miami hotel completes $100,000 renovation of rooftop nightclub [South Florida Business Journal]3. Buyers want new condos not existing ones, so what are developers doing about it…

Coconut Grove’s Engle Building draws prestigious tenants

The Engle Building in Coconut Grove.
As part of the redevelopment of Coconut Grove, the newly renovated Engle Building has lined up a roster of well-known local tenants, with more leases in the works.
Among the signed businesses: Büro Group, Harry’s Pizzeria, Panther Coffee and Clyde…

Investor appetite remains strong despite impact of sea level rise, report says

Flooding on Miami Beach in 2013
Flood-related losses will grow, but commercial real estate investor appetite remains strong in areas like Miami Beach, according to a CBRE report released Tuesday.
The report, titled “Rising Tides, Increasing Risk: How the Insurance Industry’s Respons…

New 17-story condo tower approved for Hollywood Beach

6085 Ocean Condominium rendering and Peter Zalewski
A Miami-Dade county developer has obtained planning board approval to build a new 17-story luxury condo tower on a vacant site at the northern entryway to Hollywood Beach in Broward County.
The new project – dubbed the 6085 Ocean Condomi…

Related’s Paraiso Bay gets $93M construction loan

Related’s Paraiso Bay gets $93M construction loan
SunTrust Bank gave a $92.62 million construction loan to the Paraiso Bay condo tower in Edgewater being developed by the Related Group.
The loan was obtained by PRH NE 31st Street LLC, an affiliate of Related, according to a published repo…

Warehouse in Palm Beach County sells for $16M

700 103rd Avenue North and Exeter Property Group principal Ralph Kittrell
As further evidence that Palm Beach County’s commercial real estate market is heating up, the Millwork Sales warehouse in Royal Palm Beach has sold for $16.15 million.
The buyer was Exeter Property Group o…

Construction begins on 3450 Biscayne project

Rendering of 3450 Biscayne Boulevard and Mayan Properties principal Boaz Ashbel
Construction began recently on a Biscayne Boulevard Hampton Inn & Suites near Midtown Miami.
Miami-based Mayan Properties, 3H Group Hotels and Arti Hersi Inc. are partnering on the 151-room hotel, which is located at…

Broward business park proposed near Sawgrass Expressway

3700 Northwest 126th Avenue, Coral Springs
Coral Springs’ Biggie family is making big moves.
Biggie Investments Sawgrass Place reportedly applied with the city to build a business park on land the family has owned since the 1970s near the Sawgrass Expressway.
The property has been held in the …

Two Offbeat Predictions for South Florida CRE in ’15

MIAMI–CBRE’s Ken Krasnow tells GlobeSt.com’s Jennifer LeClaire two more trends he expects to see hit big in South Florida this year in part two of this EXCLUSIVE interview….

Commercial Real Estate News Roundup for January 7, 2015

When malls die, when NIMBYs endorse commercial development, when law firms get rid of law books, and when Dixieland gets its industrial groove back: it’s all here in the Commercial Real Estate News Roundup for January 7, 2015.
General
A Minneapolis start-up threatens to upend commercial real …

The Wrap: Birdman reportedly threatening foreclosure on Miami condo, Kate Spade opens in Boca Raton…and more

Opulence International Realty broker Tomi Rose, the Palm Island her client Bryan “Birdman” Williams purchased and Birdman
1. Birdman broke? Cash Money CEO reportedly in debt, bouncing checks, threatening foreclosure on Miami condo [Inquisitr]2. Retail Notebook: Kate Spade opens in Boca …

RealtyTrac selects Keyes Company as newest broker partner

Jamie Moyle, CEO of RealtyTrac
RealtyTrac said the Keyes Company will be the newest member of its exclusive broker program.
Keyes, one of the largest brokerage firms in the country, has more than 2,200 associates in more than 35 branch offices throughout Miami-Dade, Broward, Palm Beach, St Lucie, Ma…

Accor opens new regional headquarters in Doral

Accor’s new regional headquarters
Accor, a global hospitality company, opened its North America, Central America and Caribbean headquarters at One Square Park at Doral.
The new offices consolidate the company’s previously independent business units in Dallas and New York City, according …

Lawyers for Children nonprofit looking for donated office space

Southeast Financial Tower at 200 South Biscayne Boulevard
Lawyers for Children is reportedly looking for new office space after working out of downtown Miami’s Southeast Financial Center for about 15 years.
Squire Patton Boggs, a law firm, provided office space for the Miami agency until the l…

Law firm inks downtown Miami’s largest office lease deal of 2014

150 West Flagler Street and CREC president Carol Brooks
Stearns Weaver Miller Weissler Alhadeff & Sitterson is enlarging its space at Museum Tower, in 2014′s largest office lease deal brokered in downtown Miami.
The law firm will expand by 7,000 square feet to 110,000 square feet at t…

Dania Beach, Hollywood commercial properties get $122M loan

KTR Capital Partners Hollywood portfolio, inset KTR CFO J. Peter Lloyd
Affiliates of KTR Capital Partners received a $122 million mortgage for its Dania Beach and Hollywood portfolio of commercial space, according to Broward County records.
Morgan Stanley Bank, General Electric Capit…

West Palm Beach to play ball with county on spring training land swap

Roger Dean stadium in Palm Beach
West Palm Beach’s mayor on Monday announced that the city will negotiate a possible land swap with Palm Beach County for a new baseball spring training complex.
Mayor Jeri Muoio’s announcement, at a press conference outside West Palm Beach’s City Ha…

6,400 new condos to be completed in SoFla in 2015

Peter Zalewski of CondoVultures
South Florida’s pre-construction condo market will be converting to reality in 2015, with more than 65 new towers with nearly 6,400 units scheduled to be completed east of Interstate 95 in the tri-county region this year.
The new condo projects scheduled to be d…

The Multifamily Company of the Year Is…

MIAMI–This privately held real estate investment company–which is one of the top 50 multifamily asset owners in the US–was honored with four key awards in 2014….

Development Entity Acquires Parcel for $25M

A local residential parcel totaling 43.7 acres has been acquired by a development entity led by Atlanta-based Trammell Crow Residential and an undisclosed institutional partner. The buyer paid $25 million for the land at the northeast quadrant of Interstate 595 and NW 136th Avenue in Broward County….

The Indian Creek Hotel is now Freehand Miami Hostel

An upscale hostel
In Miami Beach, located on the corner of 28th St. and Indian Creek Drive, an upscale hostel is making a lot of travelers happy. Renovated and with modern features, the whole idea of service is personable and friendly. Four months ago it was the 1930’s Art Deco home to histor…

December 2014 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Esq.
Charging Lien not allowed on Homestead
Felice v. Southerland Pullen Law, PLLC,
39 Fla. L. Weekly D2232 (Fla. 2d DCA 2014)
In dissolution of marriage proceedings, the retainer agreement signed by the former husband provided that the attorney ‘will have a charging lie…

November 2014 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Esq.
After Dismissal Court Lacked Subject-matter Jurisdiction
Magloire v. Bank of New York, 39 Fla. L. Weekly D1927 (Fla. 4th DCA 2014)
On Oct. 10, 2008, a bank filed a mortgage foreclosure complaint. The mortgagors filed an answer in the form of a letter to the court, explain…

Commercial Real Estate – Terms & Definitions

By: Alejandro E. Jordan, Esq.
Commercial Real Estate – Terms & Definitions
Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.
Available Space: The total amount of space that is …

October 2014 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Esq.
Accord and satisfaction of disputed claim.   Where a purchaser of a condo unit at a foreclosure sale tendered a check to the condo association in full and final satisfaction of the association’s disputed claim for past due assessments, the association&rsq…

Partition of Florida Real Estate

By: Daniel T. Pascale, Esq.
Joint property ownership is a partnership at its core. Partnerships are great tools to save money, promote economies of scale, and better utilize resources. However, in situations where more than one party owns property, decision-making may become cumbersome, partners may…

September 2014 Florida Real Estate Updates

By: Daniel T. Pascale, Esq.
Below are highlights of the new legislation affecting Timeshares, Cooperatives, Condominiums and Homeowners Associations. These provisions are effective as of July 1, 2014 per Session Law Ch. 2014-133 (HB 807).
This legislation makes various amendments to Chs. 509, 712, 7…

August 2014 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Esq.
CONTEMPORANEOUS LEASE ADDENDUM PROVIDING FOR LIQUIDATED DAMAGES
Wilson v. Terwillinger, 39 Fla. L. Weekly D1313 (Fla. 5th DCA 2014)
A landlord and tenant executed a residential lease and at the same time executed an Addendum to the lease entitled “Early Termination …

1st Quarter 2014 Industrial Market Report for Miami-Dade County CRE

By:  Alejandro E. Jordan, Esq.
Total Industrial inventory in the Miami-Dade County market area amounted to 229,374,658 square feet in 8,790 buildings as of the end of the second quarter 2014. The Flex sector consisted of 16,908,307 square feet in 600 projects. The Warehouse sector consisted of…

June 2014 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Esq.
Equitable lien on homestead. Florida law allows the imposition of equitable liens upon homestead property in certain limited situations, such as where the homestead is being used as an instrument of fraud or an imposition upon creditors. In re Marcum, 508 B.R. 499 (Bkrtcy…

By: Suzanne Hollander Wins Commercial Real Estate Women New Member of the Year Award |

[…] Real Estate and Housing touch millions nationally and Professor Real Estate® Suzanne Hollander empowers people to make smarter real estate decisions.  For this reason, Professor Real Estate® Suzanne Hollander Won the Commercial Real Estate Women (CREW) New Memb…

Miami Commercial Real Estate secret handshake

You KNOW that you need a secret handshake to know the ins and outs of Miami Commercial Real Estate.  Somehow residential and commercial don’t get along, are different species and NEVER cross paths. Miami Commercial Real Estate Agents are in a world of their own…..or so they think! …

Property Tax reform for 2nd home owners and commercial properties

Rick and I have received a few  telephone calls as well as e-mails asking questions how the real estate property tax cuts will be affecting non-homesteaded properties as well as miami commercial properties.   In a nutshell, this is what has been proposed: Just like homesteaded propert…

Year in Review: PortMiami Tunnel Opens At Long Last

The tunnel actually opened 76 days after its “opening ceremony” because of equipment issues that resulted in fees of about $8.7 million. CLICK ON THE HEADLINE FOR MORE…

Ex-employee claims Peebles reneged on profit-sharing agreement

Don Peebles
A former top executive at the Peebles Corporation is suing his erstwhile employer, claiming that CEO Don Peebles personally reneged on a promise to compensate him with ownership interests in properties including 346 Broadway, and ultimately fired him to avoid the sharing agreement.
In a …

Women making waves in Miami in CRE

Commercial real estate has historically been a man’s game, but women have made significant inroads in recent years — not just in sales, leasing and development, but also in other disciplines that comprise the field, including finance, legal, development, insurance and engineering.“…

New mortgage for Regions Financial Tower

Regions Financial Tower
Regions Financial Tower in West Palm Beach’s mortgage was refinanced at the end of 2014.
Weston-based Florida Community Bank provided a $14 million mortgage to Tower 1555, the owner of the 15-story office building at 1555 Palm Beach Lakes Blvd.
The property’s prev…

November 2014 construction spending tops same month last year

November construction spending in 2014 was 2.4 percent greater than in November 2013.
The U.S. Census Bureau of the Department of Commerce said Friday that U.S. construction spending during November 2014 was estimated at a seasonally adjusted annual rate of $975 billion, 0.3 percent below the r…

MDM Retail secures $42M loan for Silverspot Cinema

Met Square rendering
A silver screen in downtown Miami will see some gold, thanks to a loan from Ocean Bank.
MDM Retail received the $42 million loan from the bank for its Met project in downtown Miami.
The loan will fund the project’s movie theater, which announced i…

Sunrise Holiday Inn sells for $10.5M

Holiday Inn at 3003 North University Drive in Sunrise
A Holiday Inn in Sunrise sold for $10.5 million on Dec. 31.
Beverly Hillls-based Latitude Management Real Estate Investors Inc. sold the 177,983-square-foot building to Sawgrass Grand Fee Owner LLC, according to Broward County records.
The proper…

REITs to keep rolling along in 2015, experts predict

From left: Vornado Realty Trust’s Steven Roth and SL Green’s Stephen Green
Real estate investment trusts will likely continue to perform well in the new year, even though interest rates are poised to increase.
In 2014, REITs were some of the hottest stocks of the year, according to …

Chinese Investors Buy Miami Site For $74.7 Million

With the Brickell acquisition, the Chinese are coming to an area that is Ground Zero for Miami’s latest condo boom, with a host of high-rise condominiums under construction and in the planning stages in the vicinity. CLICK ON THE HEADLINE FOR MORE…

Bankruptcy trustee wants CBRE to broker Fashion Mall sale

Fashion Mall in Plantation, Florida.
Following the Chapter 7 liquidation of Fashion Mall in Plantation, bankruptcy trustee Kenneth Welt is looking to bring CBRE on to handle the sale of the 32.1-acre property.
Welt filed a motion to name CBRE as the site’s exclusive broker on De…

Shares of 5 prominent public real estate companies tied to Florida rise in 2014 — mostly

CEOs from left: Robert Sulentic, CBRE; David R. Lukes, Equity One; Sandeep Mathrani, General Growth Properties; Stuart Miller, Lennar; and Jeffrey C. Keil, St. Joe Co.
As the stock markets surged in 2014, so did the shares of many real estate related companies based in — or linked —…

2014 South Florida renderings roundup: PHOTOS

In 2014, we saw new renderings ranging from a $50-million Latin American museum to the massive $1.05-billion mixed-use development in downtown Miami. Here’s a look at a few of our favorites from this year. — Katherine Kallergis
…