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
…

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.
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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 …