Marina Inn at Ocean Reef Club sells for $20M

Marina Inn
The Marina Inn property at Ocean Reef Club in Key Largo has sold for $20 million, in one of the largest commercial real estate transactions at the exclusive club.
George Pino, president of State Street Realty, and William Dickinson, broker associate at Ocean…

Hottest hotel deals of 2014

The Setai sold to the Nakash family for nearly $90 million.
Hospitality was a hot commodity this past year, as a host of hotel properties changed hands in South Florida.
From the legendary Bahia Mar and giant Westin Diplomat Resort & Spa in Broward County to the sedate One Bal Harbour, trendy Sh…

Boca Center commercial site sells for $194M

Shops at Boca Center and Boca Raton Marriot
The Shops at Boca Center and related neighboring properties sold last week for $193.8 million.
WRC Properties LLC and 485 Properties LLC sold the Boca Raton site, located between Town Center Circle and South Miliary Drive, to Boca Center at Milit…

Just How Strong is the Net Lease Market?

MEMPHIS– Stream Capital Partners just inked the sale of a Walgreens in Memphis that proves an important point….

Florida Keys Tortuga Beach Club resort sold

Glunz Ocean Beach Hotel & Resort in the Florida Keys
A Florida Keys resort was sold recently to a nearby hotel owner.
The Chicago-based Glunz family bought the Tortuga Beach Club, located at 301 East Ocean Drive in Key Colony Beach, on Dec. 17, according to a published report.
The resort has eig…

West Brickell Becoming New Frontier

Parcels between Brickell Avenue and I-95 are being eyed for new investment dollars, changing the area from low density single-family homes to high density mixed-use ventures. CLICK ON THE HEADLINE FOR MORE…

Real estate’s most talked-about lawsuits of 2014

Clockwise from left: Nitin Motwani and Miami Worldcenter, Craig Robins and Ugo Colombo, Flagstone project, Prive Aventura and Gary Cohen, and Jeffrey Soffer
In 2014, some developers found themselves in legal battles that delayed projects, called into question agreements with local governments and de…

South Florida eclipses 40K new condo units milestone

Peter Zalewski
The South Florida preconstruction condo market surpassed the long-anticipated symbolic milestone of 40,000 units this cycle in the final days of 2014 with a flurry of announcements by competing developers planning a series of projects east of Interstate-95 in Miami-Dade, Broward …

Several major development projects on tap in Royal Palm

An Aldi store
Single family homes, a new Aldi store, distribution center and headquarters and a newly constructed retail complex are among the large-scale development projects in the works in the village of Royal Palm Beach in Palm Beach County.
Topping the list is the village’s sale…

NY REIT shells out $52M for West Palm Property

101 North Clematis
Colonnade Clematis, LLC, a New York-based REIT, purchased a mixed-use property in West Palm Beach for $52.1 million on Dec. 22, 2014, according to Palm County public records. The REIT is the owner of a portfolio of properties throughout the U.S., and was the owner of the historic …

Condo development site on Intracoastal Waterway in Fort Lauderdale sold for $10.6M

Fort Lauderdale Intracoastal Waterway. Credit: Jessie Eastland
A Fort Lauderdale condo development site along the Intracoastal Waterway has sold for $10.6 million.
The 33,984-square-foot site on Bayshore Drive at Riomar Street was purchased for $312 per square foot. It last sold in 2001 fo…

Bayside Marketplace mortgage increased to $250M

Bayside Marketplace
Bayside Marketplace was approved for a $250 million mortgage on Dec. 23, according to Miami-Dade records.
The loan, provided by Deutsche Bank, will be used for renovations and an expansion. Bayside has 228,000 square feet of retail and 1,300 parking spaces. Its last mortgag…

Flagler West Corporate Park sale closes for $25M

CBRE closed sale of Flagler West Corporate Park.
The $25 million sale of an 8.71-acre mixed-used property in Southwest Miami-Dade closed on Tuesday. CBRE arranged both the sale and financing of the site, which includes a 126,004-square-foot office building with a bank as a tenant and a 9,2…

Starchitect Behind New Miami Office Condos

MIAMI– Some of the big names giving buildings more appeal and distinction among buyers include Armani, Fendi, Thom Filicia, Yves Behar, and Porsche–and a starchitect from a generation past….

Avison Young Duo Helps Close $33 Million Purchase

Two Avison Young brokers helped arrange the $33 million purchase of a Boca Raton office complex as part of a 1031 transaction.     …

Lawyer Leads White & Case Team on $260 Million Project

Carlos Viana led White & Case lawyers from Miami, Mexico City, London and New York City in negotiating and drafting three ship-or-pay agreements as well as financing documents with four different banks.     …

REIT Pays $52 Million for Prime West Palm Property

The mixed-used tower at 101 N. Clematis St. is a highly visible Class A property at one of downtown West Palm Beach’s busiest intersections.     …

Miami Worldcenter developers win millions in incentives

Miami Worldcenter rendering and Nitin Motwani
Miami Worldcenter’s developers won millions in incentives on Monday when city commissioners approved a multi-year tax-rebate deal, despite complaints from Overtown residents, labor officials and community activists.
The 5-0 vote came during a …

Florida’s real estate taxes expected to reach $2.3B in 2015

85% of Palm Beach County voters approved Amendment 1
Florida’s real estate taxes are expected to increase by $200 million in 2015.
Documentary tax receipts, which peaked at about $4 billion in 2006 and plunged to $1.5 billion in 2009, reportedly could reach $2.3 billion in the next fiscal year…

Chinese affiliate buys Brickell site for $74.7M

1430 South Miami Avenue and Dr. Shanjie Li
A Beijing company purchased a Brickell development site for $74.7 million in cash.
An affiliate of China City Construction and New York-based American Da Tang Group reportedly bought the 2.39-acre construction site at 1430 South Miami Avenue.
A recent chang…

Terra Group pays 60 cents in property sales tax on 97-unit building

Terra Group’s David Martin
A developer saved more than $140,000 in property sales tax in an off-the-record purchase of a Coconut Grove apartment complex, according to a published report.
The sale price was undisclosed but an affiliate of the development company Terra Group, which bought the Su…

252 units in Marquesa Apartments sell for $38.5M

Coral Gables-based FCP Marquesa bought 252 condominium units at the garden-style Marquesa Apartments for $38.5 million, according to a published report.
The purchaser of the units at Pines Boulevard and Southwest 118th Avenue near the Pembroke Lakes Mall is an affiliate of Fortune Capital Mana…

The Real Deal South Florida’s most-read web stories of 2014

Clockwise from left: Peter Zalewski, 300 Biscayne Boulevard Way, “Million Dollar Miami” stars and a rendering of Residences by Armani/Casa (inset: Giorgio Armani and Gil Dezer)
The South Florida real estate market boomed in 2014, and The Real Deal was there with breaking news, features a…

Meadows Square shopping plaza sold for $10.8M

A Publix store
A Boynton Beach shopping plaza anchored by a Publix supermarket was reportedly sold for nearly $10.8 million.
Meadows Square, a 10-acre site at 4071, 4791 and 4793 North Congress Avenue, was bought by G&I VIII Meadows Square, an affiliate of New York-based DRA Advisors, according …

Beckham looks to score private owners for stadium site

David Beckham
David Beckham is quietly back in the hunt for an elusive goal – a stadium site for his proposed Major League Soccer team.
But this time, he’s going private after officials blocked several public sites, according to a published report.
Beckham’s real estate advise…

What top Miami brokers predict for 2015

From left: Chris Leavitt, Tony Cho, Daniel de la Vega, Matt Cheezem, Andres Asion and Zach Winkler
Buyers and investors remained bullish on the South Florida real estate market in 2014, especially in the hospitality, retail and office sectors. But while demand will remain strong  in the residen…

Homestead shopping center sold for $4.3M

A Sedano’s supermarket
A foreclosed Homestead shopping center was reportedly sold for $4.3 million to a company managed by the CEO of Sedano’s Supermarket.
An affiliate of Florida Community Bank sold the property at 1982 North Eighth Street at a 27 percent discount to the forec…

Hallandale Beach’s Motel Fredola closes

Motel Fredola in Hallandale Beach
A landmark Hallandale Beach motel has closed.
Motel Fredola, located across the street from Gulfstream Park at 900 South Federal Highway and, will be demolished soon, although owners have reportedly declined to comment on what will become of the site.
Former owner J…

West Palm Beach office park sold for $8.8M

Metrocentre Corporate Park
GE Business Financial Services sold a West Palm Beach office park it repossessed back in 2011.
Metrocentre Corporate Park was reportedly sold for $8.8 million to Grover & Corlew.
The 105,159-square-foot property has six buildings at 2440 through 2581 Metrocentre Boulev…

Worldcenter subsidy agreement up for vote

Miami Worldcenter rendering and Nitin Motwani
The Miami Worldcenter subsidy agreement is up for a vote today when city commissioners come together as the Overtown Community Redevelopment Agency.
The incentives would reportedly return more than half of the property taxes paid out to the CRA by the pr…

How Privé Inked $75M of Condo Sales 75 Days

MIAMI–“The exceptionally strong fourth quarter we’ve experienced thus far has not only propelled us to a major milestone achievement, it also set a new sales record for the project,” says Greg Freedman of BH3….

Statute of Limitations Dooms Deutsche Bank in Foreclosure

How slow is too slow on a foreclosure? After a seven-year foreclosure action, the Third DCA sides with a condo association and bars a lender’s foreclosure play, but the court does not wipe out the mortgage.     …

Warehouse Sold in Homestead Florida

December 2014 – One of the largest warehouses in south Miami-Dade County was sold for $3,450,000 or about $62 per sq. ft. based on 55,000 sq. ft. The property is located at 1011 Northwest 6th Street, Homestead, Florida.
The seller was Paramount Property Developers and the buyer was Mirai Hol…

The Growing Trend Of Impact Investing

GlobeSt.com asked Flynann Janisse, the executive director of Rainbow Housing Assistance Corporation, to define impact investing and its growing popularity.

Boca Raton temporarily allowing taller buildings downtown

Rendering of The Mark at CityScape in Boca Raton
Buildings in downtown Boca Raton aren’t supposed to be taller than nine or 10 stories that measure 100 feet, with some allowed extra height for decorative additions.
However, temporary rules are allowing the city to construct taller buildings do…

PortMiami And Its Significance To Miami’s Growth

Proclaiming that it is “Big Ship Ready,” PortMiami has been counting the days until the expanded Panama Canal opens for business next year. CLICK ON THE HEADLINE FOR MORE…

Arquitectonica sued for American Airlines Arena design errors

AmericanAirlines Arena
Miami Heat sister company, Basketball Properties Limited, sued the city’s premier architectural firm, Arquitectonica, on Christmas Eve.
Basketball Properties, which manages AmericanAirlines Arena (owned by Miami-Dade County), claimed Arquitectonica was in over its head w…

4-acre Mazda dealership to open in North Palm Beach

Mazda in Coconut Creek
A 4-acre property in North Palm Beach will open as a full-service Mazda dealership on Jan. 5.
Grieco Motors bought the land, which is located at the corner of Alternate A1A and Northlake Boulevard, for $5 million in 2012. It was vacant for about eight years.
&ldqu…

Building costs in US rising at record pace, report says

Construction site (Photo: Pedro Moura Pinheiro on Flickr)
Construction costs in the U.S. hit a record level after declining slightly in 2008, according to a report by property and construction firm Rider Levett Bucknall.
The firm’s quarterly index of construction costs, which are rising a…

How will All Aboard Florida affect property values?

All Aboard Florida
With the long-awaited All Aboard Florida plans underway, many are wondering how the express passenger train project will affect property values near the tracks and on the water. According to the Palm Beach Post, Martin County Property Appraiser Laurel Kelly plans on requesting $60…

Jordache Family Spends $90M on SoBe Hotel

MIAMI– The South Beach acquisition adds to Nakash’s Miami property portfolio of retail and hotel properties, including the world famous Casa Casuarina (formerly known as the Versace Mansion)….

Technology Lets Potential Buyers Tour Yet-to-Be-Built Condos

A tech developer says software allowing 3-D real-time walk-throughs of pre-construction condo units is the wave of the future.     …

Shady Starlite Motel Sells for Shocking $24.8 Million

Despite nearby prostitutes and drug addicts, the Starlite Motel sits on nearly an acre zoned for 24-story towers and development of up to 48 floors under Miami 21 land-use guidelines.     …

McGlinchey Stafford Names New Managing Partner in Lauderdale

McGlinchey Stafford has appointed Randy Dow new managing partner in Fort Lauderdale and hired four lawyers there.     …

South Florida office space and apartments sold for $10M

Beachfront apartments in Hollywood sold for $7 million.
A West Palm Beach office park, Hollywood apartments and a Fort Lauderdale office building were all sold for less than $10 million.
West Palm Portfolio was sold by General Electric Credit Equities for $8.8 million. Grover & Corlew LLC bought…

Top 10 building sales of 2014

Lincoln Lane North rendering, Terranova
Institutional real estate investors paid record breaking prices to acquire South Florida’s most sought after trophy buildings in the past year. In some cases, sellers made more than a 50 percent profit as buyers continued to pay premium rates per square …