Trammell Crow proposes 576 apartments in West Kendall, puts land under contract

Trammell Crow Residential wants to build a 576-unit apartment community on land it has under contract next to West Kendall Baptist Hospital. Dallas-based Trammell Crow, through an affiliate, is seeking Miami-Dade County’s approval to develop the multifamily complex on 20.2 acres at the western side of a larger tract between Southwest 88th and 91st streets, and…

Michelle Bernstein’s Sra. Martinez re-opening in Coral Gables with EB-5 backing

Celebrity chef Michelle Bernstein plans to re-open her Sra. Martinez restaurant, this time in Coral Gables. It was a Miami Design District staple pre-pandemic. The Coral Gables project is backed by the EB-5 visa program that allows foreign investors a path to U.S. green cards in exchange for lending to a business venture that generates a certain number of jobs.

Top 25 South Florida Retail Shopping Center Transactions of 2021

Compared to 2020, 2021 was a big year for South Florida commercial real estate in general as the economy saw a big boost from many new residents and companies moving in from other states. This factor coupled with the state’s relatively relaxed Covid-19 regulations allowed for businesses to breathe and people to circulate more freely….

Commercial real estate investment rose 86% last year

Commercial real estate investors spent $53 billion on properties in Los Angeles, $49 billion in New York and $41 billion in Dallas last year, powering an 86 percent national increase from 2020. The total came to $746 billion, according to a report from CBRE. Investment in multifamily and industrial properties drove the surge, and Austin had the hottest…

Urban retail not recovering like malls, shopping centers: Vornado

A “startling” retail recovery across the country has included malls and shopping centers, but big cities have been laggards, Vornado Realty Trust executives said Tuesday. And New York’s prime retail landlords might never again collect the astronomical rents of the pre-pandemic era, Vornado’s chairman, Steven Roth, acknowledged. That helps explain why…

Sprouts Farmers Market Plans New Location in Miami’s Grove Central Development

Sprouts Farmers Market has released plans to open a 24,014-square-foot location at Grove Center, a mixed-use, transit-oriented development underway in Miami’s Coconut Grove neighborhood. Sprouts’ new location will be the Phoenix-based grocer’s third store in Miami-Dade County. Slated for delivery in 2023, the Grove Center will include a 23-story…

Sergio Pino teams up with Treo to redevelop Florida City RV park

Shortly after acquiring Florida City’s former RV park, Treo Group formed a joint venture with Sergio Pino to build townhomes on the 16-acre site. The deal involves Pino’s Century Parc Villas West LLC purchasing 10.5 acres for $6.5 million, with $5.2 million in financing provided by Treo Group, according to records. Pino heads Coral Gables-based Century…

Miami Development Update: Mixed-Use Boosts Office Development

As of December, nearly 3.6 million square feet of office space was under construction in Miami, or 5.1 percent of total stock, according to CommercialEdge. Ongoing in-migration, heightened by the pandemic, has boosted investments and relocations in the metro. The office pipeline has increased significantly since late 2020, when it bottomed out at…

Alan and Robert Potamkin rev up their real estate game with $10M Miami Beach purchase near Lincoln Road

Auto dealership magnates Alan Potamkin and Robert Potamkin bought a potential commercial redevelopment site in Miami Beach for $10.4 million. An entity managed by the brothers bought a parking lot at 1683 Alton Road and, next to it, a single-story commercial building at 1695 Alton Road, near Lincoln Road, according to records. Alan Potamkin and Robert…

Pura Vida restaurant group plans major Florida expansion

Omer and Jennifer Horev with Pura Vida Pura Vida opened its first restaurant in 2012, and nearby a decade later it is in major growth mode. The restaurant group, led by owners Omer and Jennifer Horev, is opening its 10th location and could double its store count this year, Omer Horev told The Real Deal. And in 2023 and 2024, Pura Vida — which now has…

Harry Macklowe puts site next to Dadeland Mall under contract, proposes 650 apartments

New York City-based Macklowe Properties is joining the South Florida apartment craze, proposing a 650-unit project on land it put under contract next to Dadeland Mall. Real estate tycoon Harry Macklowe’s company, through an affiliate, wants to build a pair of 25-story towers on 1.7 acres it plans to purchase from Miami-based Rilea Group, according to a project…

Downtown Miami’s 32 office buildings 24% vacant

Downtown Miami is not experiencing office space reduction but growth, as a variety of buyers and renters are coming to the area from all parts of the globe, despite some negative net absorption in the market at the end of 2021. Downtown Miami has an office inventory 32 buildings, encompassing 6,813,620 total square feet and a total vacancy rate of 24.4%. It ended…

Signature Bridge, expressways roll ahead

Construction crews continue to make significant progress on the I-395/SR 836/I-95 Design-Build Project, says the Florida Department of Transportation (FDOT). The massive project is advancing via a partnership between FDOT and the Miami-Dade Expressway Authority and its contractor, the Archer Western – de Moya Group Joint Venture.

County orders study of soccer stadium project impact on airport

County commissioners voted Tuesday to have Mayor Daniella Levine Cava and aviation officials update a 2021 report to analyze potential impacts on Miami International Airport of a pending City of Miami deal across the street for a 25,000-seat stadium, a hotel, office buildings, stores, a parking building and more on Melreese golf course. “We need to be very…”

Coral Gables Mobility Hub bill rises with demolition

Coral Gables Mobility Hub’s construction firm, The Weitz Company, got the go-ahead to demolish a parking garage where the hub will rise – costing the city an additional $1.5 million. During Tuesday’s city commission meeting, city officials approved future bond funds to be allocated for unforeseeable costs for services that were not included in the management…

Heritage Equity buys Miami redevelopment site amid legal battles in New York

Amid legal battles involving their office and hotel projects in New York, developers Toby Moskovits and Michael Lichtenstein splashed into Miami’s Edgewater neighborhood with a $6.3 million acquisition at 2140 Northeast Second Avenue. Heritage Equity Partners, a Brooklyn-based development firm led by Moskovits and Lichtenstein, bought the Midas…

Even after receiving rental aid, landlords find ways to get tenants evicted

Landlords of residential properties are figuring out ways to cut tenants loose even after they have paid their back rent through the Federal government’s Covid-inspired Emergency Rental Assistance Program. The Associated Press is reporting that a survey by the National Housing Law Project of legal aid attorneys and civil rights advocates found the…

NFTs Meet CRE: Florida Restaurateurs Tap Tokens For Brick-And-Mortar Ventures

Florida restaurateurs are getting in on the NFT action. A Miami chef is the latest with plans to sell nonfungible tokens as membership passes to an exclusive club, and a Fort Lauderdale fast-casual chain is using NFTs to represent investments in franchises. Miami chef Piyarat “Chef Bee” Arreeratn, who owns Oishi Thai, is teaming up with Canadian…

Surfside unit owners reach tentative $83M settlement in collapse litigation

Unit owners of Champlain Towers South could receive an $83 million settlement, marking the first major payout in the Surfside condo collapse litigation. The agreement was reached on Thursday night between Champlain Towers South unit owners and those who lost loved ones, following mediation by attorney Bruce Greer. Miami-Dade Judge…

Developers score $47M bridge loan for Opa-locka townhouse rentals

Redwood National Properties and Winston Capital Partners scored a $46.6 million bridge loan for their newly built The Mirage at Sailboat Cove townhouse rental complex in Opa-locka. Redwood National, a wholly owned subsidiary of Miami-based BAS Holdings Investments, and Aventura-based Winston Capital developed the majority of the complex at…

Montreal investor picks up Miami Beach Art Deco apartment buildings for $7M

A Canadian investor paid $7 million for a pair of Art Deco apartment buildings in Miami Beach, in an off-market deal. An investment group led by Michael Fischer of Montreal bought the Flamingo Apartments complex at 2456 Flamingo Drive and 320 West 25th Avenue, according to the brokers who handled the deal. Fischer’s group paid $269,230 per door for 26…

Crescent Heights scores school board approval to buy downtown Miami land for mixed-use project

Real estate giant Crescent Heights secured approval from the School Board of Miami-Dade County to purchase a lot north of downtown Miami, capping a yearslong effort to acquire the site. Crescent Heights, a Miami-based developer led by Managing Principal Russell Galbut, is expected to pay $20.6 million for the property at 1370 Northeast Second Avenue.

Miami becomes least affordable housing market in the US

Miami is the most expensive housing market in the country, surpassing New York, according to a RealtyHop report. Home prices in Miami have soared during the pandemic, propelled by the migration of out-of-state buyers and renters, many of whom have moved from the Northeast. Wages, meanwhile, have not risen at the same pace. Read more Growth of…

Bars, restaurants and nightclubs on hold as Miami Beach commissioners debate proposals for 2 a.m. last call for booze

Miami Beach elected officials failed to reach a consensus on the perfect cocktail for banning booze sales after 2 a.m. across the city, leaving bar, restaurant and nightclub owners on the waiting list for the new prohibition. The city commission approved four competing proposals on first reading on Wednesday and will have a final vote in April to decide which one…

The Easton Group, JV Partner Acquire Hialeah Development Site For $29.M, 2 Spec Warehouses Planned

The Easton Group and LBA Logistics are partnering on their third South Florida real estate deal with acquisition of a 26.44-acre development site in Hialeah. The joint venture paid $29.4 million for the land located 4220 West 91st Place.  The transaction closed Friday, February 4. Easton has submitted plans to the city to build two…

Easton Group, LBA Logistics Acquire Land for $29.4M, Plan for Distribution Development in Metro Miami

Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features…

A Billion-Dollar Take on Miami’s Luxury Market

Mast Capital recently unveiled plans for a 2.6 million-square-foot development in Miami’s South Brickell neighborhood in a prime location. The company paid a whopping $103 million for the 2.8-acre parcel, a deal that represented one of the largest land sales closed in the region in 2021. The transaction also showed how land off the waterfront is trading…

Old Cruise Ships As Apartments? People Say They’d Pay $4K To Rent Them

Shipping containers, tiny houses, micro-units — all have been explored as potential solutions to the affordable housing crisis. But what about decommissioned cruise ships functioning as floating apartment buildings? Ibrahim Desooky, a 27-year-old architectural designer in the Miami office of CallisonRTKL, decided to research the feasibility of such a thing…

IG Logistics expands Pompano Beach industrial portfolio with $12M acquisition

In a pair of off-market deals totaling $12 million, IG Logistics acquired two outdoor storage facilities, beefing up its Pompano Beach industrial portfolio. Affiliates of New York-based IG Logistics paid $5.5 million for a 3.2-acre industrial site at 1377 Hammondville Road, and $6.5 million for a 4.7-acre property at 1750 Powerline Road, according to records. Ted…

Oscar Barbara’s Luxcom scores $41M construction loan for Sunrise apartments

Oscar Barbara’s Luxcom scored a $41.4 million construction loan for a Sunrise apartment complex on the site of a closed BJ’s Wholesale Club, marking continued redevelopment of South Florida shopping centers into multifamily projects. Luxcom Living, the multifamily arm of Coral Gables-based Luxcom, will build six three- and four…

On-again, off-again: Soffer’s second attempt to buy 1,000-room Diplomat resort falls apart

Billionaire Jeffrey Soffer’s planned $850 million purchase of the oceanfront Diplomat Beach Resort in Hollywood is off, The Real Deal has learned. Soffer’s Fontainebleau Development had been in talks to buy the 1,000-key hotel at least twice since 2019, and the latest deal fell apart, according to sources. Brookfield Property Partners owns the resort at 3555 South…

Four Seasons Fort Lauderdale scores TCO, sellout estimated at $350M

Fort Partners completed the Four Seasons Residences Fort Lauderdale, more than six years after the developer launched sales of the beachfront project. Sales average more than $2,000 per square foot, marking the most expensive new condo development in the city, said Fort Partners’ strategic adviser Louis Sunshine. Fort Partners, a Miami-based firm…

Clarion Partners buys Lauderhill apartments for $72M

Clarion Partners scooped up the Serramar Apartments in Lauderhill for $72 million, marking continued investment interest in South Florida’s robust multifamily market. New York-based Clarion bought the 302-unit complex at 6701-6950 Landings Drive from an affiliate of Milbrook Properties, according to a deed. The deal breaks down to $238,411 per apartment.

Blue Water Advisors fund wraps up $13M deal for West Palm office building

A fund with ties to Blue Water Advisors picked up a Palm Beach County office building for $13 million. The fund acquired Horizons Office Center at 1401 Forum Way in West Palm Beach, according to records. Blue Water is a private equity firm headquartered in New York and Boca Raton. It is led by Alex Hufty Griswold, head of real estate; William Whitridge; as well…

Demand for condos, affordable housing rises as developers zero in on downtown West Palm Beach

Development opportunities persist in downtown West Palm Beach as plans unfold for a Wynwood-style redevelopment of an urban warehouse district and a University of Florida campus just north of the Kravis Center for the Performing Arts. At the same time, the need is growing for housing, including condos and affordable rentals, as the city courts financial…

Greg Mirmelli picks up Collins Avenue property after flipping nearby building

Miami Beach investor Greg Mirmelli purchased a retail property on Collins Avenue that he eventually hopes to redevelop into a high-end residential project, The Real Deal has learned. Mirmelli said he paid about $6.5 million for the building at 600 Collins Avenue in South Beach. The acquisition follows his sale of 800 Collins Avenue in November for $6.2 million.

Miami Near Top of List of Top 10 Multifamily Markets by Units Delivered in 2021

Multifamily development had an exceptional year in 2021, with more than 350,000 units delivered nationally. The volume was boosted in part by the projects initially slated to come online in 2020 and delayed by the onset of the pandemic, but mainly by mobility and job recovery-induced demand. Lingering concerns about overbuilding have largely dissipated thanks…

WeWork partners on flex space availability

CEO Sandeep Mathrani is putting the “we” in WeWork in a strategic partnership with a flex workplace startup aimed at expanding the company’s global reach. WeWork is joining forces with office space marketplace Upflex to provide increased access to coworking spaces, according to an SEC filing. Financial terms of the arrangement were…

Chicago investor flips Miami Shores Walgreens for $8M

A Chicago investor rang up an $8.2 million sale of a Miami Shores Walgreens to a Torrance, California-based real estate investment firm. An entity managed by Steven Swanson II, managing partner at Chicago-based Swanson Development Group, sold the 15,206-square-foot retail store at 9020 Biscayne Boulevard to an affiliate of Bison Asset Management…

Fifield Breaks Ground on 266-Unit Avida Aventura Apartments in Miami

Fifield Cos. has broken ground on Avida Aventura, a 266-unit apartment project in Miami. The construction timeline and development costs were not disclosed. The eight-story property will offer studio, one-, two- and three-bedroom floorplans ranging from 470 to 1,400 square feet. Each unit will include a balcony. Community amenities will include a…

CRE brokers adapt to brave new Miami market

Tony Arellano remembers the days when inking a lease took months. Getting a tenant to commit to space involved fielding more than a dozen inquiries, just as many in-person meetings, and countless back-and-forths on pricing and terms. That was before Silicon Valley’s tech companies, as well as California and New York’s venture capitalists and hedge…

“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback

Despite being the nation’s largest mall owner, CEO David Simon has repeatedly claimed that Simon Property Group is more than just “a mall company.” Some of the REIT’s latest moves, detailed on its quarterly earnings call Monday, suggest he may be right. SPG is redeveloping five of its mall locations. The Phipps Plaza in Atlanta will soon be joined…

Easton and LBA Logistics buy Hialeah industrial development site for $29M

A joint venture between Easton Group and LBA Logistics dropped $29.4 million for an industrial development site in Hialeah, marking the partners’ latest project in Miami-Dade County. The partnership bought a 26.4-acre vacant property used as a truck yard at 4220 West 91st Place in Hialeah, according to a press release. Easton Group and LBA paid about $1.1…

CRE foreign investment roared back in 2021— with a few focus shifts

Foreign investors were boxed out of the American commercial real estate market for much of 2020, but they roared back for the sector’s record-breaking 2021. Overseas investors bought $70.8 billion of commercial real estate last year, according to data from Real Capital Analytics reported by the Wall Street Journal. The total almost doubled from 2020 and…

Miami International Boat Show sales forecast: $1.3 billion

The 2022 Discover Boating Miami International Boat Show is expected to generate $1.34 billion in sales as the boating industry has gained due to a covid-generated demand increase for outdoor activities. Florida far and away leads the nation each year in boat sales revenues. The Feb. 16-20 Miami International Boat Show, the world’s largest boat and yacht…

Golden Glades park & ride transit hub nears opening

The $60 million Golden Glades Park & Ride begun in December 2018 is to be ready within weeks, connecting with state roads 7 and 9/Northwest Seventh Avenue and leading to I-95 Express lanes. The hub accesses Tri-Rail and buses. The Florida Department of Transportation developed it in coordination with Miami-Dade County, which is to operate and…

Micro housing becoming big answer to affordable living

Micro housing units are popping out in South Florida to tackle the dilemma of affordable housing while living in the most popular neighborhoods. Developers are bidding in the trend as it is becoming successful. In areas such as Hialeah, Coconut Grove, Miami Beach and Brickell, where the price of renting regular-sized apartments is increasing, housing…

Miami Beach readies four city-owned sites for sale

The City of Miami Beach is preparing four city-owned properties for their potential sale to finance various unfunded capital improvement projects. Two city-owned vacant lots have been removed from the list that included five properties and the North Shore Branch Library, located at 7505 Collins Avenue., that could be sold by the city. An 8,700-square-foot lot…

Multifamily developments in pipeline could take years to finish

Feeding into a record-breaking in demand real estate market, multifamily developers have enough work in the pipeline to last into 2024. With a tremendous amount of backlog, demand for multifamily development will not diminish any time soon, said Al Fernandez, president for ANF Group, a firm providing construction management in commercial, multi-family…

Landmark JV to Renovate Student Housing Community in Miami

A joint venture of Landmark Properties, Peninsula U.S. Real Estate and W5 Group has revealed plans to renovate and add townhome units to The Cloisters, a 71-unit community near the University of Miami. The project will break ground this summer, with completion slated for fall 2023. Landmark Properties acquired the asset for $23.3 million from…

Talks advance for vertical Miami International Airport cargo hub

A county committee voted Tuesday to let Mayor Daniella Levine Cava directly negotiate creation of a unique vertical cargo mega-hub at Miami International Airport, which is nearly at cargo capacity. The Airports and Economic Development Committee proposal now heads to a full commission vote. The committee agreed with the mayor’s aim…

If county’s workforce grows, prepare for an economic spurt

Will workers flock to the job market as the Omicron wave ebbs? That’s not an academic question. It’s a key to filling huge labor gaps that have eaten holes in our economy. Large numbers of South Florida employers complain they can’t find enough workers to fill orders and serve customers, or that they’re holding on only by overtaxing depleted staff and paying…

Downtown Doral development thrives

Spearheaded by community developers Codina Partners, the economic impact of Downtown Doral has created its share of growth. During a time where many other commercial operators in South Florida were finding ways to survive, the 250-acre mixed-use community that is Downtown Doral managed to thrive throughout the pandemic, said Ana Marie…

Industrial spec development up, delivery down

Developers across the country are racing to build new warehouses, as vacancy rates approach sub-1 percent in some markets. The only problem? Many can’t actually finish them in a timely manner, due to supply chain issues and labor shortages. Deliveries of speculative construction industrial warehouses larger than 100,000 square feet dropped significantly in…

Bloom Hotels picks up Sixty Sixty condo-hotel in Miami Beach for $24M

Bloom Hotels’ David Harari, Sagar Desai and Intega’s Victor Ballestas with 6060 Indian Creek Drive: The Sixty Sixty condo-hotel in Miami Beach, once the subject of a fierce foreclosure battle, traded hands for $23.5 million to a buyer that plans to renovate and possibly expand the property, The Real Deal has learned. Integra Investments and Sagar Desai’s Activate…

Aircraft firm opening new US HQ at 830 Brickell, Trader Joe’s-anchored Miami Beach building inks deals, & other leasing news

Miami Dublin-based AerCap, a commercial aircraft owner and lessor, will open its first U.S. headquarters at 830 Brickell. AerCap leased the entire 50th floor at the 55-story tower under construction, according to a news release from the project’s developers and leasing brokerage. AerCap will have 50 employees in 20,000 square feet…

Dan Kodsi and partner buy site north of downtown Miami for apartment development

Developers Dan Kodsi and Rafael Pecchio paid $8.9 million for a property in the Arts & Entertainment District where they plan a 200-unit apartment tower, The Real Deal has learned. Kodsi’s Elevate 13 Street Holdings acquired the 18,000-square-foot site at 1317 and 1345 North Miami Avenue from ABC Group, the owner of the restaurant supply store…

Amazon doubled its real estate holdings in 2021

Amazon literally doubled down on owning real estate last year. The e-commerce giant finished 2021 with twice as much of its own warehouse, distribution and data center space as it began the year. The buying spree brought its owned real estate portfolio to 16.7 million square feet across North America, according to an annual financial report, up from 8.5…

Treo Group nabs former Florida City RV park for redevelopment

Treo Group bought a former mobile home park in southwest Miami-Dade for $6.8 million, with plans to build a mixed-use project. Miami-based Treo, led by principals Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega, acquired the Florida City Campsite & RV Park at 601 Northwest Third Avenue in Florida City, according to the brokers…

Thinking inside the box: Developers rush to create more warehouse space

If anyone believes demand for industrial real estate is cooling, brokers, developers and investors in the sector would say they’re dead wrong.  With vacancy rates approaching zero percent in some markets, catapulting asking rents and sparking bidding wars for leases, the sector’s emergence as the hottest commercial asset class continues. “This is not a market…”

The Fed: Has consumption spending on services recovered?

After COVID-19 induced a recession, the FRED Blog discussed the consequent drop in spending on services caused by mandated social distancing. This decreased demand for services (i.e., work done on one’s behalf) was partially offset by an increased demand for goods. Today, we revisit the topic to gauge the recovery in consumption spending…

North Miami Beach investor acquires Lauderhill apartments for $13M

Treevita Capital’s chief executive director Hugo Cascavita and the Victoria at Lauderhill apartment complex at 2011-2051 Northwest 43rd Terrace in Lauderhill: A North Miami Beach-based real estate investment firm bought a garden-style apartment complex in Lauderhill for $12.8 million. An affiliate of Treevita bought the 88-unit Victoria at Lauderhill Apartments…

OKO Group, Cain International Land Miami Tower Tenant

AerCap, one of the world’s largest aircraft leasing companies, has signed a 20,000-square-foot lease at 830 Brickell, a skyscraper taking shape in the heart of Miami’s financial district. The company’s new headquarters will occupy the entire 50th floor of the 55-story building, the South Florida Business Journal first reported. Developed by a partnership…

Inside mall scavenger Kohan’s shopping spree for declining shopping centers

The majority of its storefronts are dark and its previous owner, CBL & Associates, filed for Chapter 11 bankruptcy in November 2020. So when New York-based Kohan Retail Investment Group landed half of the Burnsville Center property at auction for about $17 million — a fraction of the $64.2 million of outstanding debt on the property — the city had…

Hot boxes: Where industrial rents have soared the most

If you’re in the market for warehouse space, get in line — and get ready to pony up. Data released this week by Savills shows the U.S. industrial real estate market lives up to the hype. It is crowded and expensive. Asking rents were up 8 percent last year nationally, and that includes less trafficked locales in flyover country. Increases varied widely. In…

From ‘The Butt End Of Real Estate’ To Blind Bidding Wars: Inside The Staggering Rise Of Industrial

When Rooney Daschbach started working warehouses in 1986, finding tenants was a struggle. He would advertise teaser rates of 25 cents a square foot for the South Bay Los Angeles properties he was marketing, sending out rate cards illustrated with pictures of quarters. To woo tenant reps, he and colleagues would offer free weeklong vacations to Hawaii, even…

PMG, E11even Partners score $149M construction loan for downtown Miami condo development

The developers of E11even Hotel & Residences in Miami scored nearly $150 million in construction financing for the first condo tower. At the same time, they sold land amongst each other, as the two-building project continues to move forward. A Starwood Property Trust affiliate provided the $148.5 million construction loan to the developers, a partnership…

Top 10 development projects in Miami-Dade in 2021

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. The biggest development in Miami-Dade County by any measure is the massive Grove Central project going up next to the Coconut Grove Metrorail Station in Miami. Terra…

Thorofare Capital Provides $16M in Financing for Downtown Miami Development Site

Thorofare Capital, Inc., an affiliate of investment manager Callodine Group, has provided $16.3 million in financing to Moishe Mana, CEO of Mana Common, for the re-development of 129, 133-139 and 141 East Flagler Street properties in Miami, FL. The total assemblage consists of three properties, including the historic Shoreland Arcade building, totaling 89,533…

Interest Rate Hikes Expected To Barely Dent Hot South Florida Market

It’s widely expected that the Federal Reserve will raise interest rates this year — possibly at each of its seven meetings, as Bank of America predicts. But South Florida commercial real estate experts don’t expect that to slow down the booming market. Jose A. Rodriguez, a real estate attorney and partner at Miami-based law firm Rennert Vogel Mandler & Rodriguez…

Vote Delayed On Related Group’s Controversial Condo Project

At the end of a meeting that lasted from 5 p.m. Wednesday to 3 a.m. Thursday, city commissioners in Hollywood, Florida, delayed a vote on whether to allow Florida’s most prominent condo developer to build a 30-story condominium on part of a taxpayer-owned, beachfront site that now includes a public park. Commissioners are now scheduled to vote on…

AMAC seals $7M deal for Hollywood multifamily development site

AMAC closed a $6.6 million deal for a Hollywood development site and is partnering with Miami-based ROVR Development to build a 180-unit apartment project. An affiliate of New York-based AMAC, founded by Maurice and Ivan Kaufman, bought the 2.2-acre property at 4465 Griffin Road, according to records. The seller is an affiliate of PrivCap…

Fueling faith? Pembroke Pines church will share its property to make way for a Wawa

A church in Pembroke Pines plans to share its 5-acre property on busy Pines Boulevard with a Wawa gas station and convenience store. The Wawa would replace the existing Trinity Lutheran Church and its parking lot at 7150 Pines Boulevard, and the church would move to a new home on the south side of its property, which is vacant. Pembroke Pines…

Prologis sells Pompano Business Park for $239M in record deal

Equus Capital Partners bought the Pompano Business Park for $239.2 million, a record deal that surpasses the biggest industrial sale of 2021. The deal is part of Equus Capital Partners’ purchase of a 5.4 million-square-foot nationwide portfolio for a reported $930 million from industry giant Prologis. In the Pompano Beach deal, Newtown Square, Pennsylvania…

Coral Springs investor picks up Plantation office building for $13M

A German real estate firm cashed out of a Broward office building for $12.7 million. An affiliate of Rüger Holding sold Plantation Corporate Center at 2 University Drive in Plantation, according to the brokers involved in the deal. The buyer is MMB Commercial Properties Company, a Coral Springs firm managed by Radomir Penjevic, according to corporate records.

Asana buys The Hive, Flagler Uptown in downtown Fort Lauderdale for $18M

Asana Partners made a play on downtown Fort Lauderdale’s Flagler Village district, paying $18.3 million for nearly fully leased retail and office properties. Charlotte, North Carolina-based Asana bought The Hive at 900-924 North Flagler Drive and Flagler Uptown at 723-737 Northeast Second Avenue, according to…

Publix-anchored Delray Square sells for $48M

Jacksonville-based Sleiman Enterprises bought the Publix-anchored Delray Square shopping plaza for $48 million, marking continued appetite for retail centers with grocers. Records show an affiliate of The Keith Corporation, based in Charlotte, North Carolina, sold the 162,412-square-foot, multi-building property…

Equus Capital buys West Palm warehouses for $41M

Equus Capital Partners paid $41 million for three West Palm Beach warehouses. The deal is part of a 5.4 million-square-foot nationwide industrial portfolio that Equus Capital bought for a reported $930 million from Prologis, which included a $239 million purchase in Pompano Beach earlier this month. Equus Capital Partners…

Blackstone sells waterfront assisted living facility in Jupiter at a loss for $41M

Blackstone sold the waterfront Mangrove Bay assisted living facility in Jupiter for $41.2 million, a significant loss in value from its purchase price five years ago. Chicago-based Ventas, a real estate investment trust, bought the 155-unit property at 110 Mangrove Bay Way from a Blackstone affiliate, according to records. The 190,348-square-foot facility was constructed…

Witkoff, Monroe plan three 57-story towers on Miami Worldcenter site

Witkoff and Monroe Capital proposed a 3.4 million-square-foot, mixed-use addition to the Miami Worldcenter development downtown. An affiliate of New York-based Witkoff and Chicago-based Monroe plans to build three towers on the 4.7-acre site at 700 North Miami Avenue. The buildings could each be up to 57 stories tall. The duo bought the land for $94…

Uruguayan investor puts Miami River development site on the market

Enrique Manhard is looking to cash out of a Miami River development site he acquired for $10.3 million four years ago. The 2.38-acre site hit the market at an undisclosed price, according to brokers Estrella and Yaima Perez with EP Realty Group, who have the listing. The two parcels at 1670 and 1690 Northwest North River Drive in Miami can be redeveloped…

Four Retailers to Open at CocoWalk in Miami’s Coconut Grove Neighborhood

Four new dining concepts and retailers are opening at CocoWalk, a 150,000-square-foot, mixed-use project in Miami’s Coconut Grove district. The project is led by an ownership group including Federal Realty Investment Trust, The Comras Co. and Grass River Property. David Grutman’s Groot Hospitality will open The Key Club, a restaurant, at CocoWalk.

What’s Fueling Miami’s Thriving Office Market

Throughout 2021, Miami experienced an unprecedented influx of capital, with the city solidifying its place on the map as a destination for all sorts of businesses, especially fintech, financial services, banking and private equity firms. Since the onset of the pandemic, more and more people have become drawn to the city’s warm climate and business-friendly environment…

The Neighborhood Is The Amenity: Why Parts Of Miami Are Booming

UrbanX principal Coralee Penabad developed the River Landing mixed-use project on the bank of the Miami River, in an area called the Health District, which bustles with workers from nearby hospitals and a courthouse. A key focus, she said, was providing access to the waterway, which had long been considered an industrial, working river rather than a community asset.

On Fire: Miami Industrial Market Sets New Records

Miami’s already-robust industrial market experienced its best year ever in 2021, according to a report released this week by real estate brokerage JLL. Vacancy rates fell to new lows, rental rates reached new highs and absorption crushed the old record, JLL said. Miami-Dade’s industrial boom comes with downsides, too, as users struggle to cope with rising costs.

Trouble in paradise: How a Miami developer’s Nicaraguan venture went south

Miami developers Ophir Sternberg and Ricardo Dunin spent about four years and millions of dollars trying to turn a resort on Nicaragua’s Pacific coast into a swanky ecotourism hot spot. They failed. Left behind was a detritus of debt, unpaid taxes, missing funds, unpaid vendors and unfinished construction. The American retirees, outdoor…

Sunset Harbour developer scores $60M loan for mixed-use office and condo project

A long-planned luxury office, retail and residential project in Miami Beach’s Sunset Harbour scored $60 million in construction financing. Deco Capital Group, led by Bradley Colmer, secured the loan from City National Bank of Florida. The firm has begun foundation work on Eighteen Sunset, the latest iteration of the mixed-use development, Colmer told The Real Deal.

Verdict upended: Judge throws out Masoud Shojaee’s $10M court win against Ugo Colombo affiliate

A Miami-Dade judge overturned developer Masoud Shojaee’s $10 million court victory against an affiliate of his former joint venture partner Ugo Colombo. Miami-Dade Circuit Court Judge William Thomas on Monday threw out an October jury verdict in favor of Shoma Coral Gables, an affiliate of Shojaee’s Shoma Group. The jury had handed…

Hotly debated Kendall Parkway getting an image makeover

It’s back to the drawing board for the hotly debated 14-mile Kendall Parkway, as planners vow in the next six months to reshape both its contested route and its complicated public image. The design and development team aims to reconcile residents’ environmental concerns over the multimodal transportation project through a rebranding…

Dining barricades are eyesores, Miami Downtown Development Authority complains

Orange, water-filled barricades have stood outside of downtown Miami restaurants since May 2020 to create space for outdoor dining during the pandemic. At the Downtown Development Authority meeting Jan. 28, the barricades were branded eyesores. The City of Miami Department of Public Works worked with Miami Parking Authority on a program to assist…

South Florida salaries growing fastest in nation

Wages and salaries grew faster in South Florida than in any other large area of the nation for the year ended in December, figures released Tuesday by the US Bureau of Labor Statistics found. In a tight labor market, wages and salaries in the seven-county area stretching from Miami-Dade to the north grew 6% for the year, easily outpacing the national gain of 5%…

5G availability spurs growth as county targets tech

Miami-Dade’s 5G availability has affected not only the economy but also public safety and home decisions. Mitch Bierman, partner and chair of airports and aviation services with Weiss Serota law firm, said quick internet availability via the fifth generation mobile network, or 5G, is crucial for public safety because the public must be able to call…

City National Bank Originates $60M Loan for South Beach Mixed-Use Development

Deco Capital and RWN Real Estate Partners have landed $60 million in financing for the construction of a mixed-use development in Miami’s South Beach, Commercial Observer has learned. “We’ve seen significant interest from some of the most desirable and prosperous buyers and tenants in the country, who are looking at Eighteen Sunset from both a residential…

Editorial submits Miami should protect its Melreese asset, not kick it away

City commissioners can make a heroic choice to benefit residents by repelling a lease that would turn Miami’s only golf course into a developers’ playground beside Miami International Airport. Just two commissioners can prevent permanent loss of the city’s largest green space – Miami’s equivalent of Central park – to a multi-use complex larger than…

Retail rents creeped up, as vacancies fell across South Florida at year-end 2021: report

Retail rents continued to creep up in the last quarter of 2021, as the vacancy rate dipped below 5 percent across South Florida, according to a recently released report. Dave Preston of Colliers, which authored the report, told The Real Deal that landlords across the tri-county region are seeing high occupancy, boosting their confidence to keep rental rates on an…

Extended-stay hotels a hot commodity for investors

The recovery of the hotel industry in the United States is still a work in progress, but one segment appears poised to recover faster than the rest of the sector. Extended-stay hotels have earned favor since the onset of the pandemic with a variety of consumers, keeping the segment strong, The Wall Street Journal reported. At…

Showdown in Surfside collapse saga, involving federal agency, could delay trial for years

In a showdown during a court hearing on Friday, the judge chided Miami-Dade County for turning over evidence to the federal authority investigating the deadly Surfside condo collapse, a move that could potentially delay the trial for years. The Miami-Dade Police Department, which has stored materials from the collapse in two off-site warehouses…

One Thousand Museum developers complete waterfront Edgewater assemblage for doppelganger tower

A group of developers, including some who were part of the One Thousand Museum team, completed their assemblage for a new waterfront condo tower in Edgewater called 729 Edge, The Real Deal has learned. The developers acquired all units in a bulk purchase of a bayfront 50-year-old condo building called Harbor 29, according to…

Lennar doubles down on Homestead with $23M development site purchase

Lennar is doubling down on its homebuilding bet in Homestead with a $22.5 million purchase, five months after it bought another site in the city. Miami-based Lennar bought 25.3 acres on the northeast corner of the Florida Turnpike Extension and Southwest 336th Street from an entity tied to Miami-Dade County homebuilder Pedro Adrian, of Adrian Home…

Jockey Club residents reignite lawsuit against next-door landowner

Residents of the Jockey Club near North Miami sued the owner of land within the condominium complex, alleging he failed to improve and maintain common areas. The suit reignites a long-running legal dispute — that was seemingly put to rest in 2020 — between residents of one of the three towers at the complex and the owner of 13 vacant acres that are…

South Florida multifamily sales hit record $11B in 2021, marking nation’s hottest CRE market: report

After reaching a record $11.4 billion in sales last year, South Florida’s multifamily market is poised for another banner year, according to a recently filed report. Out-of-state investors will continue to dominate the multifamily market in the tri-county region and rents will continue to rise, though not at the astronomical rate seen in 2021, Cushman…

Video: CCIM Economist K.C. Conway Discusses 2022 Economic, Interest Rate & Real Estate Forecast

Listen as CCIM Economist K.C. Conway shares his outlook on economic issues and how the may affect commercial real estate. Discussed in this video are expected interest rate hikes, inflation trends, risks, and opportunities. He thinks there will be 4 to 6 rate hikes this year and that one of them could be 50 bp. Doing the math, this would indicate rate…

WeWork’s Marcelo Claure to leave SoftBank: reports

Masayoshi Son, chief executive officer, Softbank; Marcelo Claure, executive chairman, WeWork: Marcelo Claure is leaving SoftBank amid a disagreement over his request for a compensation package that could have reached $2 billion, according to multiple reports. Claure, the chief operating officer of SoftBank and executive chairman of WeWork, could step down…

Related, ROVR rank ahead of Terra and Apollo in bid to redevelop downtown Miami garage

Miami’s biggest condo developers are vying for a 2-acre property in downtown Miami that could be redeveloped into a multi-tower, mixed-use project. The Miami Parking Authority, a quasi-governmental agency that manages the city of Miami’s parking assets, owns the College Station Garage site at 190 Northeast Third Street. Related/ROVR and Terra with its…

Seagis Closes on Prime Trailer/Fleet Parking Lot Asset In Doral

Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, closed on a $9.4 million acquisition of a 2.78-acre, fully secured and improved, trailer/fleet parking lot located at 8100 NW 25th Street in Doral. Reshma Parvani from Parvani Commercial Group Inc. represented the Seagis in the transaction…

Seagis shopping spree: Industrial binge continues with $13M Miramar warehouse deal

Seagis Property Group bought a newly built Miramar warehouse and distribution facility for $13.3 million, marking its ongoing shopping spree for South Florida industrial real estate. The Conshohocken, Pennsylvania-based company bought the 60,831-square-foot building at 7481 Riviera Boulevard, with plans to lease out the vacant facility that was…

Hollywood Beach double play: Brooklyn investor picks up two motels for $13M

Brooklyn-based Condra Property Group, which has an office in Miami Beach, picked up a pair of Hollywood Beach motels for a combined $12.9 million, with plans for eventual redevelopment. The recently formed real estate investment firm, led by managing principals Mark Drachman, Ira Chaimovitz and  Allen Konstam, bought the 34-key Neptune Hollywood…

Global Horizons sells 71-unit Fort Lauderdale apartment portfolio for $13M

Global Horizons Group sold a 71-unit multifamily portfolio in Fort Lauderdale for $13 million. North Miami Beach-based Global Horizons sold the seven small buildings between East Sunrise Boulevard and Northeast 11th Street and between Northeast Seventh and Eighth avenues, said Global Horizons’ co-founder and Managing Partner Guy Goldberg. The four…

Winn-Dixie-anchored shopping center in Fort Lauderdale sells for $17M

Chicago area-based RMS Properties bought the Winn-Dixie-anchored Southland Shopping Center in Fort Lauderdale for $16.8 million. James Casto’s Casto Properties, based in Fort Lauderdale, assigned the lease for the property at 901-1075 West State Road 84 to an entity tied to RMS Properties, records show. RMS’ affiliate took out a $12.8 million loan from Parkway…

Bridge Investment drops $15M for Dolphin Carpet & Tile building in Deerfield Beach

Bridge Investment Group picked up a Deerfield Beach warehouse for $15.2 million. The Salt Lake City-based commercial real estate investment firm picked up the 73,216-square-foot facility at 1471 West Hillsboro Boulevard. Part of the building is currently leased as a showroom for Dolphin Carpet & Tile, a Doral-based flooring company. Bridge Investment paid $208 a…

James Batmasian pays $19M for downtown Delray Beach retail, offices

James and Marta Batmasians’ Investments Limited bought a retail and office building in downtown Delray Beach for $18.5 million. Investments Limited scooped up the fully leased property at 411 East Atlantic Avenue from Babak Ebrahimzadeh, owner of Master Mind, according to Joseph Scarfone of One Investment Group, who represented the seller in the…

James Batmasian doubles down on downtown Delray Beach with $7M purchase

James Batmasian paid $6.5 million for a retail and office building in downtown Delray Beach, his second purchase along Atlantic Avenue this month. New York-based Thor Equities sold the property at 630 Atlantic Avenue to an affiliate of Batmasian’s Investments Limited, records show. The 10,000-square foot…

Pebb, Banyan sell outparcel at Sprouts-anchored Boynton Beach project

Pebb Enterprises and Banyan Development sold a Synovus Bank-leased outparcel for $5.1 million at their mixed-use Mainstreet at Boynton Beach project. Pebb and Banyan, which are jointly developing the Mainstreet project with a Sprouts retail anchor, sold the 2,500-square-foot Synovus building at 9844 Jog Road, said a spokesperson for the developers.

Miami-Dade judge tosses out Hotel Greystone lawsuit

In another court win for Hotel Greystone owner Branden Muhl, a Miami-Dade judge tossed out his ex-partner’s lawsuit accusing him of a hostile takeover of the South Beach property. Miami-Dade Circuit Court Judge Alan Fine last week dismissed an amended complaint filed by Greystone Hospitality, a company managed by Boca Raton-based hotelier…

These retailers fell behind on rent last year

The pandemic has all but ceased to be an excuse for retailers to skip rent. Collections from national tenants last year were at 94 percent, on par with 2019’s 96 percent, according to a report by Datex Property Solutions. Collections from non-national tenants were 85 percent, down three points from 2019. The chain stores in Datex’s survey all lease 10 or more…

Peachtree sells Element hotel near MIA for $20M

Peachtree Hotel Group sold the Element Miami International Airport Hotel to a Toronto-based real estate investment firm for $20 million. An entity managed by Ashok Taneja, chairman of Palm Holdings, bought the 209-key hotel at 3525 Northwest 25th Street, according to records. Atlanta-based Peachtree sold the property for $2 million below its purchase price of…

An industrial “David” in a field of Goliaths

If you can’t be bigger than your competition, be smarter and quicker. That could be the mission statement of Faropoint, a New Jersey- and Israel-based firm that in just a few quarters has quietly amassed a formidable array of last-mile warehouses… The company’s East Coast-heavy footprint stretches from New York to Miami, but it has sites in the Midwest and Texas, too.

Low vacancies, higher asking rents boost South Florida’s industrial market performance: report

Low vacancy rates and record absorption served as jet fuel for South Florida’s industrial market at the end of 2021, according to a recently released report. Tenant demand is so high that industrial developers are quickly filling up warehouses and logistics facilities. Miami-Dade, Broward and Palm Beach counties had a total net absorption of nearly 12 million…

Seagis Closes on Prime Trailer/Fleet Parking Lot Asset In Doral

Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, closed on a $9.4 million acquisition of a 2.78-acre, fully secured and improved, trailer/fleet parking lot located at 8100 NW 25th Street in Doral. Reshma Parvani from Parvani Commercial Group Inc. represented the Seagis in the transaction…

Long-stalled, controversial Little Haiti project heads to Miami commission vote

A long-stalled, controversial mixed-use project that would replace a 512-unit multifamily community in Miami’s Little Haiti neighborhood is headed for a commission vote. Sabal Palm Village at Flagler Trail is proposed to span 5.9 million sf across 22 acres, on the current site of the garden-style Design Place apartment complex at 5045 Northeast Second Avenue.

CI Financial doubles down on U.S. HQ lease at 830 Brickell in Miami

Canadian asset management firm CI Financial is doubling down on its new U.S. headquarters in Miami’s Brickell. The company boosted its lease to nearly 40,000 square feet on two full floors at the planned 830 Brickell tower that is under construction, according to a news release. CI Financial originally inked a deal in September for roughly 20,000 square feet…

Office market’s recovery will outpace retail amid “viability” questions, Zell says

Billionaire investor Sam Zell has a sharp prediction for those cheering on the retail market’s recovery. Appearing Tuesday in an interview for CNBC’s Squawk Box, the Equity Group Investments founder and chairman said he believes demand for office space will recover from the pandemic before retail spaces. “Everything between the top mall and the corner…

CRE sales hit record $809B in 2021

The commercial real estate market didn’t simply bounce back from a rough 2020 — it soared to record sales in 2021. Commercial property sales totaled $809 billion in 2021, a record for the industry, according to Real Capital Analytics data reported by the Wall Street Journal. The sales volume was almost double that of 2020 and easily outpaced 2019’s record…

Miami may bar more gambling venues

Miami commissioners are one move from banning new gambling within the city, and that could come today (1/27). On the agenda is legislation to amend Miami 21 zoning “to prohibit gambling facilities.” The measure is scheduled for a second and final vote. In July 2021, the Planning, Zoning and Appeals Board recommended the ban on a 6-3 vote. The proposal…

Trump Wants to Expand Doral Resort With Massive Mixed-Use Development

Donald Trump has returned to the real estate game, and as usual, he has big plans. The former president wants to expand the Trump National Doral Miami golf resort by adding a massive mixed-use development called Doral International Towers. he plans include building 2,222 new residential units, 470 hotel keys, 462,825 square feet of Class A office space as well…

Developer proposes assisted living facility near Pinecrest

A developer is seeking to change the land use of a property near Pinecrest, where it wants to build an assisted living facility. South Dixie and 112 LLC filed a comprehensive land-use amendment with Miami-Dade County for the 1.72-acre site at 8315 S.W. 122nd St., on the west side of Dixie Highway. The vacant property was approved in 2015 for 12 residential units in…

Miami-Dade looks for infrastructure bonanza

Accelerating the economic recovery and investing in the workforce; protecting residents, businesses, and visitors from Covid-19; building and improving key infrastructure for transit, water, and resilience projects; protecting water resources and taking climate action; and increasing access to affordable housing are the top priorities for Mayor Daniella Levine…

InSite Purchases, Rebrands 42,210 SF Self-Storage Property in Homestead

Torrance, Calif.-based InSite Property Group has purchased Storage Maxx, a 42,210-square-foot self-storage property in Homestead. The sales price and seller were not disclosed. The facility will be operated by InSite’s management firm and will be rebranded as SecureSpace Homestead. The property includes a three-story, climate-controlled building, several…

Miami Office Market Update: Occupancy Rides Recovery Wave

As of December, Miami’s office vacancy clocked in at 12.5 percent, virtually unchanged since the previous month, according to CommercialEdge data. Through 2021, the metro rode a high wave toward recovery, the pandemic bolstering the Magic City’s allure for new-to-the-market companies. In December, Miami lowered its vacancy rate by 260 basis points compared…

Lease roundup: Restaurant, speakeasy, bakery ink leases at new Brickell hotel

More than half of the street-level retail space is taken at the recently opened, dual-branded AC Hotel by Marriott/Element by Westin hotel in Miami’s Brickell neighborhood. Three eateries and one facial bar inked the deals, according to a news release from hotel developers Robert Finvarb Companies and Tony Cho. Cho is founder and chair…

Ram Realty pays $13M for dev sites in south Miami-Dade

Ram Realty Advisors is in line to add more residential units and retail to its mixed-use south Miami-Dade County project north of Zoo Miami. Ram Realty bought 17.8 acres surrounding the Walmart Supercenter that is under construction for $13.2 million, according to records. The University of Miami sold the two properties to two Ram…

Depreciation Man: Adam Neumann’s real estate binge to ease tax bill

When Adam Neumann was ousted from WeWork, he reportedly received nearly $200 million, plus company stock worth hundreds of millions more. But with great purses comes great liability — tax liability, that is. Reducing it was surely a priority for the exiled co-founder, and the real estate he bought with…

Miami Beach orders historic oceanfront Deauville resort to be demolished

After years of neglect and disrepair, the Deauville Beach Resort at 6701 Collins Avenue will be demolished, the city of Miami Beach declared this week. The demolition order, which was announced via a letter to the Miami Beach City Commission on Wednesday, follows the ownership’s report that determined the building is an unsafe structure. The city verified…

Grover Corlew scores $78M construction loan for Pompano Beach multifamily project

Grover Corlew scored a $78.2 million construction loan for a 355-unit multifamily project in Pompano Beach. The Boca Raton-based real estate investment firm plans to break ground in February on Mayla Pompano, a 355-unit apartment complex at 2335 and 2401 East Atlantic Boulevard, according to a press release. PNC Bank provided the loan for the…

Weekend Interview: Neology Life Development Group CEO Lissette Calderon

Lissette Calderon grew up in Miami, studied at Wharton and honed her chops at Related Group before starting her own development firm. She broke ground on her first apartment building when she was 28. Since then, the CEO of Neology Life Development Group has become known for multifamily projects that bring fresh energy to long-overlooked areas…

SPAC move? Ophir Sternberg’s Lionheart buys Broward office building

Ophir Sternberg’s Lionheart Capital paid $14.5 million for an office building in Fort Lauderdale, home to Anthony’s Coal Fired Pizza’s headquarters. Anthony’s was acquired by BurgerFi International, the latter of which merged with Sternberg’s Opes Acquisition Corp., a blank check company, in 2020. Property records show 200 West Cypress Creek LLC, managed…

Boston-based boutique hotelier buys Wilton Manors apartment building for $8M

A Massachusetts boutique hotelier joined South Florida’s multifamily buying frenzy by purchasing a small apartment building in Broward County for $7.8 million. Boston-based Boutique Hospitality bought the four-story, 15-unit Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors, according to records. Boutique Hospitality’s…

Investment firm snaps up Delray Beach condo complex in $14M bulk purchase

A Fort Lauderdale-based real estate investment company bought a 60-unit Delray Beach condo complex in a bulk purchase for $13.5 million. B & H Delray, a Delaware LLC managed by Eyal Levy, sold Fall Ridge of Delray condos at 1100 Southwest Fourth Avenue to Ocean Breeze Apartments LLC, an entity managed by Gabriel Ormachea, president of Grand Capital…

A tale of two office markets: Broward vacancies rose while Palm Beach County’s declined

New office leasing activity is on an upward trajectory in Broward and Palm Beach, but vacancy rates remain in the high double-digits in both counties, according to a recently released report. Palm Beach County fared better than Broward in filling up vacant spaces in the fourth quarter of 2021, as well as boosting landlords’ confidence to raise…

CK principals make $11M bet on half-vacant Fort Lauderdale shopping center

CK Holding Group is jumping into the widening pool of investors diving for South Florida outdoor shopping centers, with an $10.5 million deal in Fort Lauderdale. An entity managed by Alberto and Shlomo Kamhazi, principals of Aventura-based CK, bought The Pines Plaza Shops at 4505-4599 North Pine Island Road, according to records. The property has a…

Florida Firm Grover Corlew Launches New Multifamily Brand

Boca Raton, Florida-based investment management group Grover Corlew is launching a new multifamily brand called Mayla Residences, which will focus on luxury residences in prime locations. The first location, at 2335 and 2401 East Atlantic Blvd. in Pompano Beach, Florida, will break ground in February, with $78.2M in construction financing from PNC Bank…

Parmenter buys Palm Beach Gardens office complex for $81M

Parmenter Realty Partners scooped up the Fairway Office Center in Palm Beach Gardens for $81.2 million. Doral-based Parmenter bought the three buildings at 7108, 7111 and 7121 Fairway Drive on 16 acres on the southwest corner of Florida’s Turnpike and PGA Boulevard, according to records. Parmenter, through an LLC, assumed a $38.9 million…

New York firm sells Palm Beach Shores apartment portfolio for $17M

Philip Pilevsky’s New York-based Philips International sold an 87-unit north Palm Beach County multifamily portfolio for $17 million. Philips International, through two affiliates, sold nine properties along Bamboo Road and Claremont Lane in Palm Beach Shores, as well as along Surf Road in Riviera Beach. The buyer is CSA Seascape, linked to Coral Gables…

Altman pays $14M for golf course development site near Lake Worth Beach

Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach: Altman Companies paid $14 million for a large portion of a golf course near Wellington where the developer is already building…

Mast Capital JV reels in $71M loan for Miami River multifamily development

A Mast Capital-led joint venture reeled in a $70.5 million loan to begin construction of a 342-unit apartment building on the Miami River. An affiliate of the Coconut Grove-based developer and its Boston-based partner, AEW Capital Management, secured construction financing for the project from Wells Fargo, according to records. The building will be…

Mast Capital, AEW Break Ground on Second Phase of Waterline Miami River Multifamily Project

Coconut Grove, Fla.-based Mast Capital and AEW Capital Management have partnered to break ground this month on the second phase of Waterline Miami River. In late 2020, the joint venture built the first phase, which comprised a 346-unit multifamily community spanning 280,000 square feet. The second phase will add an additional 342 units on a 2.7-acre…

Related Group Proposes Large Affordable-Housing Development in Downtown Miami

Miami’s largest condominium developer, Related Group, is planning a large affordable-housing complex in one of the city’s most coveted neighborhoods. The developer, along with its partner ROVR Development, is seeking approval to build a mixed-use development with 1,200 residential units across three towers in Downtown Miami, according to…

Witkoff Planning Downtown Miami’s Biggest Residential Project Ever

Developer Witkoff Group is planning downtown Miami’s biggest ever residential project by unit count, according to documents filed with planners yesterday. The project will also include a very large office component, along with retail space. It will be built on the former Miami Arena site at Miami Worldcenter. Witkoff Group and Monroe…

Here are the key drivers of the industrial real estate boom

We’ve become a nation of one-click wonders. And that has led to a historic boom in what was once considered the sleepiest asset class: Industrial real estate. In this episode of “Paydirt,” The Real Deal’s Hiten Samtani breaks down the shifts in shopping patterns that led to a transformation of the supply chain, explores pricing and demand in the sector, and takes…

Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising

Office landlords in Miami-Dade County continued to push up rents in 2021, even as the market experienced double-digit vacancies, according to a recently released report. In the fourth quarter, the overall vacancy rate hit 16 percent, the same as the previous year’s fourth quarter, the report by Cushman & Wakefield shows. The rate represents a slight decrease…

Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal

Laguna Pointe Apartments at 903 Southwest 15th Street in Pompano Beach, 25370 Southwest 137th Avenue in Homestead and Sanctuary Cove Apartments at 5301 West McNab Road in North Lauderdale: Blackstone Real Estate Income Trust went all-in on South Florida affordable housing, scooping up more than a dozen apartment communities for more than…

Nitin Motwani And Related Group’s Nick Perez Team Up For Condo Project At Miami Worldcenter

Two of the biggest names in South Florida commercial real estate are joining forces for the first time to develop a condo tower in the heart of downtown Miami. The development will be part of the massive, $4B Miami Worldcenter project that’s currently rising on 27 acres. Merrimac Ventures, run by the family of Worldcenter co-developer Nitin Motwani, is…

Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M

A gas station investor is now fueling up on retail by acquiring a two-building shopping plaza in Kendall for $26 million. Hollywood-based Westar Holdings bought Shoppes At Hidden Lake at 12700 Southwest 128th Street in Miami-Dade County, according to Margot Chamot, the broker who handled the sale. Adrian Builders, a Kendall-based commercial real…

Aircraft Service And Maintenance Company Renews 38,900 Lease In Medley

Transwestern Real Estate Services’ South Florida industrial team negotiated a five-year, 38,900-square-foot lease renewal for TMC Engine Center at 8545 NW 79th Avenue in Medley. Transwestern’s Carlos Gaviria, Walter Byrd, Ben Eisenberg and Thomas Kresse represented the tenant in the transaction. “When we facilitated TMC Engine Center’s relocation…

Kushner, partner buy missing piece of Edgewater multifamily dev site

Kushner Companies and PTM Partners closed on the missing piece of their development site for apartment towers in an Opportunity Zone in Miami’s Edgewater, The Real Deal has learned. New York-based Kushner, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, announced plans for 2000 and 1900 Biscayne Boulevard in Miami…

New York broker pays $8M for Bay Harbor Islands apartments

New York broker Moshe Majeski scooped up a 26-unit Bay Harbor Islands multifamily portfolio for $8.2 million, marking his first commercial real estate investment in South Florida. Majeski, through an affiliate, bought the three adjacent buildings at 1029, 1035 and 1043 94th Street from Pro-Nan Investments IV, managed by Mary Shaked, records show. Majeski’s…

Trump planning retail, luxury homes in Doral resort expansion

In addition to appearing poised for his next ventures in politics and media, Donald Trump has announced a sizable project in the industry that first made him a celebrity. Trump is planning to apply to build 2,300 luxury homes as part of an expansion of his Trump National Doral resort in Florida. The former president said in a statement he recently…

Trump Announces Plan To Build 2,300 Luxury Units At Miami Golf Resort

Donald Trump said Monday he intends to build a massive commercial real estate project including luxury housing and retail components at his Miami-area golf course.“I have just spent millions of dollars on the Blue Monster golf course at Trump National Doral in the heart of Miami,” he said in a statement, adding he “will be applying for 2,300 units of luxury…”

Developers of One Thousand Museum look-alike close on portion of Edgewater site

The developers of a One Thousand Museum doppelganger tower closed on land for the project in Miami’s Edgewater. Longtime Edgewater investors Joel and Michelle Rodriguez sold three properties on Northeast 29th Street to the developers of 729 Edge, Joel Rodriguez said. The developers are a partnership led by Michael Konig, Alex Posth, Kevin Venger and…

Unprecedented landlord incentives powering U.S. office market recovery

The U.S. office market has shown some promising signs of recovery in the wake of the pandemic, but landlords are taking larger hits than ever before to complete the big-ticket deals. Cash incentives and months of free rent are helping to prop up the national office market, The Wall Street Journal reported. These incentives range from cash payments to tenant…

$81 million Metromover express put into transportation plan

Transportation planners want to spend $81.3 million to create Metromover express service between the current Government Center station and a future Herald Plaza area station. The money would fund a feasibility evaluation, simulations, design criteria and design-built services to modify the Metromover guideway to bring express runs to the planned…

Wary eyes on higher Fed interest rate

The Federal Reserve is looking to raise interest rates in hopes of tamping down inflation rates that have not been this high since the early 1980s. “We haven’t had inflation like this happen in a while. We thought it’d be transitory but it’s turning out to be more,” said Mark Del Pezzo, CFA and professor of finance at Florida International University. “Seven percent…”

Royal Caribbean lease could net county half-billion dollars

The county commission was to vote this week on an amendment to the Royal Caribbean Cruises lease that is expected to add $53 million to PortMiami revenue and grant $4.9 million in covid recovery relief to Miami Cruise Terminal A LLC, a Royal Caribbean affiliate. A commission committee OK’d the change last week. The project would add a…

Experts Round-Up: Top Retail Trends to Expect in 2022

In our annual tradition, we reached out to a number of retail real estate experts across the country to provide their perspective and insights on what they expect for the retail real estate market and with upcoming retail trends heading in 2022. The overall sentiment provided by the various retail professionals is positive. In spite…

Little Havana developer completes assemblage for 200-unit apartment building

Cam Group’s Pedro Camejo and a rendering of Calle Ocho A Little Havana developer plans to build an apartment project… The 12-story… one of the biggest new multifamily projects on the highly trafficked street, following… the 492-unit InTown apartment complex at 1900 Southwest Eighth Street and Altis Little Havana at 2100 Southwest Eighth Street. Altis is expected…

Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables & other leasing news

The Consulate General of Barbados and New York-based investment firm Empirex Capital leased space at the Ofizzina office tower in Coral Gables. The consulate inked a 9,511-square-foot lease for the entire 13th floor at the 16-story tower, and Empirex took out a 2,219-square-foot space, according to a news release from the building’s owners. Both tenants are…

Surfside bidder gets extension for due diligence, pushing auction to April

A delay with invasive testing and disagreements over cost-splitting led to an extension for the Dubai developer’s due diligence in its bid for the Surfside collapse site, likely pushing the auction to April. Court-ordered mediation in ongoing litigation will also occur sooner than expected, the judge decided at a hearing on Friday. Damac Properties entered its 60-day due diligence…

Aloft Miami-Brickell exits bankruptcy, staves off foreclosure

Aloft Miami-Brickell’s owner exited bankruptcy after resolving a payment dispute with a New York-based lender over a $17 million loan. U.S. Bankruptcy Judge Robert Mark confirmed a Chapter 11 reorganization… for Mary Brickell Village Hotel LLC… headed by Miami developer Pedro Villar that owns the 160-key property at 1001 Southwest Second Avenue. The…

Starwood, A-Rod and partner buy South Florida single-family rentals to add to portfolio

A partnership that includes Starwood Capital Group, Tiber Capital Group and retired baseball player-turned real estate investor Alex Rodriguez paid $22.8 million for a single-family rental portfolio in Palm Beach County. The single-family rental business has boomed, as home prices have reached record highs and buyers are being priced out of home ownership…

Ram Realty, Pinnacle pay $15M for multifamily dev site near Aventura

Ram Realty Advisors and Pinnacle paid $15.4 million for a multifamily development site steps from the future Brightline station near Aventura Mall, marking a rush to build near major transit stops. The duo scooped up 2.2 acres of land at 19640 West Dixie Highway in the Ojus neighborhood in unincorporated Miami-Dade County…

$73M Lined up to Refinance South Florida Industrial Portfolio

The 13-building portfolio includes Class A and B industrial properties at 8305 NW 27th Street in Doral, 8150 NW 76th Street and 2101 NW 82nd Street in Medley, and 3000 NW 125th Street in Miami, as well as the nine-building small-bay Cooper Commerce Center at 2229-12260 S.W. 53rd and 12323 S.W. 55th streets in Cooper City (Broward County).

Denny’s sells Edgewater restaurant dev site in Miami for $24M

Developer Aria Mehrabi bought an Edgewater Denny’s restaurant and parking lot for $24 million, likely for redevelopment. An entity managed by Mehrabi, who is co-founder and CEO of Santa Monica, California-based real estate firm Pacific Star Capital, bought the eatery at 3600 Biscayne Boulevard and the lot at 221 Northeast 36th Street from Denny’s…

Eastdil Secured to open first Florida office in Miami’s Brickell

Eastdil Secured is opening its first Florida office in Miami’s Brickell Financial District, marking continued expansion by out-of-state companies to the area. The New York-based real estate investment bank is opening at the Brickell Bay tower at 1001 Brickell Bay Drive, according to an Eastdil news release. The floor and square footage of the…

The Fed’s Beige Book: Early Signs Show Omicron Not Hurting Southeast Economy

Widespread outbreaks of the omicron variant of COVID-19 did not appear to inflict serious economic damage in the Southeast through December, according to the January Beige Book report from the Atlanta Fed. The report on economic conditions generally found trends of the past few months continued from mid-November through the end of 2021: labor demand…

Developer Dubs Hialeah “The Brooklyn of Miami”

Miami is not New York City, and its neighborhoods are not comparable to New York’s boroughs. And yet it seems developers are trying to lure gullible Big Apple transplants to, of all places, Hialeah — which boasts the highest percentage of Cuban and Cuban-American residents in the country — by touting it as “the Brooklyn of Miami.” Billionaire developer Masoud…

Miami Developer Carlos Rosso On Starting His Own Firm And Pioneering Standard-Branded Residences

Carlos Rosso led the condo division for Miami’s most prominent developer, Related Group, for nearly two decades until he felt it was time to start his own firm. Now, a little over a year later, Rosso has launched the first-ever Standard-branded condo project in the U.S., seeking to build on the trendy reputation of The Standard hotel brand.

$20M Sale of Staples-Occupied Property in Miami Brokered

The retail property is fully occupied by Staples, which has 1.5 years remaining on its lease. Built in 2008 and situated on just under one acre of land, the 20,288-square-foot property can be redeveloped with zoning that allows for up to 500,000 square feet. Located at 2121 Biscayne Boulevard, the property is situated less than 4.5 miles west of South Beach. The…

Blackstone Grows Tenant Roster at Pompano Beach Logistics Center

Link Logistics, Blackstone’s U.S. industrial real estate platform, has signed two leases totaling 153,495 square feet at its newly constructed Cypress Pointe Distribution Center in Pompano Beach, Fla. The deals bring the warehouse and distribution facility to full occupancy. JFC International Inc.—a subsidiary of Asian food distributor Kikkoman Corp.—committed…

Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project

Apartment giants Kushner Companies and Aimco closed on the site of their mega project in Fort Lauderdale, where Kushner obtained approvals for a 3 million-square-foot multi-tower development. New York-based Kushner, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, entered into contract for the 4.2-acre…

Swire Properties sells Fort Lauderdale site to a venture between Kushner family and New York-listed Reit Aimco

Hong Kong developer Swire Properties has sold a property site in Florida to a US venture partly owned by the family of Jared Kushner, the son-in-law of former president Donald Trump, for a tidy profit. The developer agreed this month to sell the site comprising three land parcels in downtown Fort Lauderdale for US$49 million to Aimco and Kushner Companies…

Blackstone picks up North Lauderdale apartment complex for $14M

Blackstone is dipping into North Lauderdale with a $14 million acquisition of the Cross Keys Apartments. An entity managed by top executives of New York-based Blackstone acquired the garden-style multifamily project at 1850-2100 Southwest 81st Avenue. The Cornerstone Group, a Hollywood-based affordable housing developer, sold the 322-unit complex. The deal…

Baptist Health beats out rival bid for Sunrise site of its first hospital in Broward

Baptist Health South Florida is set to buy city-owned land in Sunrise for its first hospital in Broward County, beating out a rival bid for the 25-acre site. The Sunrise City Commission voted 4-1 Tuesday to sell the hospital development site at 12401 West Oakland Park Boulevard to Coral Gables-based nonprofit Baptist Health for $14.3…

Related Group, Dezer win approval for 10-story oceanfront condo project in Hillsboro Beach

Related Group and Dezer Development won a zoning variance for a downsized oceanfront condo development in Hillsboro Beach after reducing its height from 15 stories to 10. The variance allows Related and Dezer to develop a 10-story building that is 130 feet tall, on a site where zoning limits building height to three stories and 35 feet. Miami-based…

Woodmont plans eight warehouses at Palm Beach Park of Commerce

Woodmont Industrial Partners plans to build a warehouse complex at the Palm Beach Park of Commerce, as the developer continues to make a hefty play on the robust industrial market. Woodmont paid $40.4 million for 116.6 acres at the industrial park along Bee Line Highway west of Jupiter, with plans for eight Class A buildings, according to a comp…

Midtown Capital Partners nabs West Palm business park for $37M

Midtown Capital Partners dropped $37 million for a six-building office and industrial park in West Palm Beach. The Miami-based real estate investment firm bought the Vista Business Park at 2253, 2255, and 2257 Vista Parkway, and 6903, 6917, and 6931 Vista Parkway North, according to records. Midtown Capital, led by CEO Alejandro Velez, financed…

Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources

Aby Rosen’s New York City-based firm RFR Holding paid about $90 million for an office building in downtown Miami that had been tied up in litigation, sources told The Real Deal, as out-of-state investors continue to bet on the region’s growing office market. A partnership led by East End Capital sold the 30-story, 310,000-square-foot 100 Biscayne building…

RFR Acquires Downtown Miami Office Tower

RFR Realty has purchased 100 Biscayne Blvd. from a partnership led by East End Capital, the company announced. The 310,596-square-foot office building is in downtown Miami directly across from Bayfront Park. RFR declined to disclose the sale price. The 30-story office building was constructed in 1963 and offers 11,175-square-foot floor plates, according…

Dallas firm picks up Aldi-anchored retail property in Doral for $22M

Spectrum Properties paid $22.1 million for the retail building that is part of the Landmark South development in Doral. The Dallas-based, family owned company bought the property at 5875 Northwest 105th Court and an adjacent 92,108-square-foot parking lot from an affiliate of Congress Group, records show. Spectrum scored a $14.4 million loan to finance the…

Chicago developer pays $20M for Wynwood dev site with plans for mid-rise apartments

A Chicago developer is the latest to swoop into Miami’s booming Wynwood neighborhood, paying $19.5 million for a site, with plans to build apartments steps away from a potential passenger train stop. Fifield Companies bought 1.4 acres on the northwest corner of Northeast 27th Street and the Florida East Coast Railway tracks from an entity owned…

David Beckham’s MLS Team Faces Crucial Vote Over Miami Stadium Deal

After negotiating for more than two years, the city of Miami and Inter Miami CF, the Major League Soccer team owned by David Beckham and partners, have agreed on terms for a 99-year lease, helping to pave the way for the team to build a $1B stadium and complex on what is now a public park. The deal now needs to pass the city commission to proceed.

Plans For Adam Neumann’s Miami Apartments Sound A ‘We’ Bit Familiar

On Tuesday, The Wall Street Journal reported that WeWork co-founder Adam Neumann has been quietly scooping up $1B worth of multifamily properties, including several apartment projects in South Florida. A Florida property manager has been tapped to handle operations at two of Neumann’s Miami buildings, where a key focus will be developing…

Wharton Realty buys Homestead shopping center for $82M

Homestead Pavilion shopping center at 2400 Northeast 10th Court in Homestead with CREC Capital’s co-founders Alan Esquenazi and Warren Weiser and Wharton Realty Group’s owner Isaac Massry: Wharton Realty Group bought the fully leased Homestead Pavilion shopping center for $82 million, or nearly 32 percent more than the property’s purchase…

South Florida’s industrial squeeze has brokers sounding alarms

After receiving unsolicited offers to buy its 8.6-acre industrial site in Medley last year, KDD Properties decided to list it and see how many institutional investors would line up with competitive bids.  “There were no less than 25 offers from various public and private pension funds and institutional investors,” Sky Groden of JLL, which marketed the property, told…

Minnesota firm pays $46M for student housing near Florida International University

Tailwind Group bought student housing near Florida International University for $46 million, reflecting the hot market for rentals near colleges. Greystar, through an affiliate, sold the 15-story building, called 109 Tower, at 737 Southwest 109th Avenue to Tailwind, according to a deed. The buyer scored a $34.5 million loan from an entity tied to…

PMG sells its last Johnson & Wales University property in $11M flip

Property Markets Group sold the last property it owned at the Johnson & Wales University campus, less than a year after it bought portions of the shuttered school in North Miami. PMG flipped the building at 1600 Northeast 126th Street for $10.7 million, or more than double the $4.5 million it had paid in July, records show. Buyer Tate Capital leased…

Deal to double Miami International Airport cargo capacity stalls

A Miami-Dade committee Tuesday deferred Mayor Daniella Levine Cava’s call to reject an unsolicited proposal and instead directly negotiate with the joint venture to build and run a vertical air cargo hub at Miami International Airport (MIA), where cargo demand is rising. Members of the Airports and Economic Development Committee argued for more…

Delayed by COVID, Riverside Wharf seeks new city deadline

The Covid-19 pandemic has led to a delay in the construction of a major mixed-use project, Riverside Wharf, from a public-private partnership involving the City of Miami. That delay has triggered the need to extend the deadline to the private development company, a move expected to be considered today (1/13) by the city commission. The meeting…

Chart: Miami-Dade Commercial Real Estate Sales December 2021

The chart in this post displays the number of closed commercial property sales within Miami-Dade County in the two year period from January 2020 to December 2021., This includes both improved commercial properties and vacant commercial land that were recorded in the Miami Commercial MLS. December’s volume appears in line with prior months, continuing…

Peachtree buys AC Hotel by Marriott in Aventura for $50M

Peachtree Hotel Group scooped up an AC hotel next to Aventura ParkSquare for $49.5 million. The Atlanta-based hospitality investment manager bought the nine-story hotel at 20805 Biscayne Boulevard from an affiliate of Norwich Partners, according to records. Peachtree took out a $46.6 million mortgage on the property from MetLife Real Estate Lending. The deal…

Fed’s Beige Book: Early Signs Show Omicron Not Hurting Southeast Economy

Widespread outbreaks of the omicron variant of COVID-19 did not appear to inflict serious economic damage in the Southeast through December, according to the January Beige Book report from the Atlanta Fed. The report on economic conditions generally found trends of the past few months continued from mid-November through the end of 2021: labor demand…

Chart: Miami Commercial Real Estate Sales to List Price Ratio December 2021

In December the sales price to listing price ratio for commercial property dropped off a touch to a solid middle-of-the-pack 92.3%, with “the pack” being this number in the decade prior. This is for property sales as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of…

Appeals court upholds $8M judgment against former Z Ocean condo-hotel partners

Z Ocean Hotel in Miami Beach The co-developers of Z Ocean, a South Beach condo-hotel, will remain on the hook for an $8.2 million judgment after their appeal was denied. In an opinion issued last week, the Third District Court of Appeals upheld Miami-Dade Circuit Court Judge William Thomas’ 2020 ruling in favor of Louis Taic and his company So. Beach Hotel…

Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter

A rendering of The Crosby, Related’s Nick Pérez and Merrimac’s Nitin Motwani Related Group is partnering with Merrimac Ventures to co-develop a short-term rental-friendly condo tower within the master-planned, mixed-use Miami Worldcenter, The Real Deal has learned. Nick Pérez, a senior vice president at Related, said it took about two years…

Little Havana apartment building targeted in $15M mortgage foreclosure suit

The developer of the Columbus on Fifth apartment building in Miami’s Little Havana neighborhood was slapped with a $14.7 million foreclosure suit…. Columbus Apartments, tied to Miami-based Suncoast Construction Group, is accused of defaulting on a loan it took out to build the 72-unit Columbus on Fifth apartments at 514 Southwest 22nd Avenue. COF…

Terra nabs $141M construction loan for Bay Harbor Islands mixed-use project

Terra is making headway on its Bay Harbor Islands mixed-use project with a $141 million construction loan. The Coconut Grove-based firm scored the financing for its development at 1177 Kane Concourse, according to a statement from the Terra affiliate that owns the site. Mack Real Estate Credit Strategies is the lender. The project will consist of residential…

New York developers score $147M construction loan for student housing near FIU

Two New York-based developers are embarking on a student housing project near Florida International University with a $147 million construction loan. Adam America Real Estate and JW Capital Management plan to build the 22-story, U-shaped building at 10726 Southwest Seventh Street in Sweetwater, according to the developers’ news release.

Retail investor picks up former Señor Frog’s in South Beach

Miami Beach investor Yossi Lipkin acquired the Art Deco property in South Beach previously home to Jerry’s Famous Deli and Señor Frog’s. A trust led by nightclub owner Zori Hayon sold the three-story, 12,868-square-feet building at 1450 Collins Avenue to Yossi’s EDY for $10 million, property records show. Lavinia Otero of London Foster Realty brokered the deal.

Partner in South Beach’s Hotel Greystone hit with $19M judgment

South Beach hotel partner James Vosotas got slapped with an $18.9 million judgment in New York Supreme Court. Vosotas and Muhl had teamed up to renovate and reopen Hotel Greystone, an Art Deco property at 1920 Collins Avenue in Miami Beach. The partnership came apart shortly after the hotel’s grand opening was short-circuited by business lockdowns…

Miami Among Top 5 Markets for Self Storage Transactions in 2021

Despite slowing rent growth, the self storage sector continued to experience strong movement in 2021, with demand both from customers and investors. Nationally, nearly 95 million square feet of storage space traded throughout 2021, for a combined $9.9 billion, according to Yardi Matrix. This marks a 137-percent uptick compared to 2020 when the total transaction…

Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline

Fort Lauderdale is moving forward with plans for its version of Miami’s Underline linear park and trail that could extend throughout the city, where development has boomed in recent years. Fort Lauderdale commissioners Steven Glassman, Ben Sorensen, Vice Mayor Heather Moraitis and Mayor Dean Trantalis voted to approve a resolution accepting the…

Argentine brothers buy Pompano Beach office complex for $8M

A pair of Argentine brothers expanded their Broward County real estate portfolio with an $8.4 million purchase of a Pompano Beach office complex. Entities managed by Claudio and Gonzalo Maggi bought the Atlantic Business Center at 2201-2283 Southwest Second Street in Pompano Beach, according to records. The sibling investors financed their purchase…

Bang Energy’s warehouse in Pembroke Pines trades — with a $58M bang

As the South Florida industrial market continues to fizz, the rush to buy property led a Colorado-based investment firm to buy Bang Energy’s Pembroke Pines warehouse with a bang: for $18 million more than its purchase price a year ago. An entity managed by John Owoc, Vital Pharmaceuticals CEO, and CEO and founder of Bang Energy, sold…

MMG Assembles 10.4 Acres in Plantation, FL with $3.5M Purchase

MMG Equity Partners has acquired 8190 W Sunrise Blvd, a 4.83-acre site on W Sunrise Boulevard, just West of N University Drive in Plantation, FL. The property consists of a 19,178 sf office building built in 1974, occupied by Bank of America. The property is adjacent to Plantation Square, a 65,796 SF strip center on 5.6 acres, which MMG purchased May 2021.

GID buys newly built Plantation apartments for $73M

Real estate firm GID scooped up the newly built Windsor 335 apartment complex in Plantation for $72.7 million, as the robust multifamily market continues to attract investors. New York-based CP Capital and Dallas-based Trammell Crow Residential, through an affiliate, sold the 248-unit community at 335 North State Road 7, records show. The deal breaks…

In $7M deal, Terranova adds another Miracle Mile building to Coral Gables portfolio

In a $6.8 million deal, Terranova added another Miracle Mile retail building to its Coral Gables portfolio. The Miami Beach-based commercial real estate firm headed by Chairman Stephen Bittel bought the one-story site at 93 Miracle Mile, making it the 15th property Terranova owns on the street, according to a press release. The holdings span 120,000 square…

Miami Building, Site of Murder Scene in ‘Scarface,’ Sells for $31M

Once the scene of an iconic cinematic murder, a South Beach building that now houses a CVS Pharmacy has traded hands for $30.9 million, property records show. The two-story building sits in a prime Miami Beach spot at 728 Ocean Drive, a popular pedestrian street, facing the beach. It served as a set in the gangster film ‘Scarface,’ starring Al Pacino. A bloody scene…

Realterm Logistics pays $15M for Miami warehouse

Realterm Logistics picked up a fully leased industrial facility near Miami International Airport for $14.7 million. An entity managed by executives of the Annapolis, Maryland-based firm bought the 4.4 acre site at 7480 Northwest 48th Street, according to records. Realterm, headed by CEO Robert Fordi, paid $287 a square foot for the 51,392-square…

Order up: Shorty’s inks $15M sale lease-back of original restaurant near Dadeland Mall

Shorty’s BBQ has been approached “tons of times” over the years by developers seeking to buy the restaurant’s original location in Miami. The response was typically quick: No, said CEO Mark Vasturo. But the barbecue eatery finally said yes, after roughly a year of negotiations with buyers Atlantic Pacific Companies and Florida Value Partners. The developers…

Industrial vacancy rate hits record low: report

The squeeze is intensifying in the industrial real estate market, which is seeing record low vacancies and enormous net absorption, pushing up rents and following one record quarter with another. Cushman & Wakefield’s industrial market report Wednesday found vacancy across the United States at 3.7 percent for the fourth quarter. It was the first time…

Miami Market Update: Office Vacancy Slips 120 bp

As of November, Miami’s office vacancy rate dropped to 12.5 percent, clocking in 120 basis points lower than at the same point last year and 50 basis points below November 2019 levels, according to CommercialEdge. The gap between the metro’s vacancy and the national average (15.2 percent) further widened. Miami’s recovery has been on a definite…

Surfside collapse trial delayed to March 2023

The Surfside condo collapse trial was delayed by about six months to March 2023, despite an ongoing court push to bring justice to the victims as quickly as possible. Attorneys for the defendants – including the development team of neighboring condo tower Eighty Seven Park – argued that they need more time for their experts to complete their investigations into the…

The Closing: Todd Michael Glaser

Development is brain damage, at any budget. So if you’re signing up for it, says Todd Michael Glaser, you might as well aim for the stratosphere. “The problem is, to build a three-bedroom, two bath, $400,000 house and build a $200 million house, every part, every moving part, is the same — it’s just more money,” Glaser said. “So why would I choose to build a $400,000…

Miami Market Update: Lowest Price Among Gateway Markets

In November, more than 372,000 square feet of office space traded in Miami, according to CommercialEdge data, representing a multi-building portfolio sale in Doral, Fla. Year-to-date through November, the market has seen office transactions amounting to a total of $1.7 billion, at an average of $300 per square foot. Transaction volume in the first 11 months of…

$14.75 Million Industrial Property Sale In Miami Airport Submarket Arranged

Cushman & Wakefield has arranged the sale of a 51,392-square-foot industrial facility on ±4.4 acres at 7480 NW 48th St. in Miami. The final sale price was $14.75 million. Cushman & Wakefield’s Wayne Ramoski and Miguel Alcivar represented the seller, DFJ Properties West, LLC, in the transaction. The property was acquired by RLIF East 5…

Developers pick up historic church, dev site in Miami’s Edgewater for $20M

Fifteen Group sold a historic church on Biscayne Boulevard in Miami’s Edgewater for $20 million to a trio of developers that plan a mixed-use project on the site… Skylight Real Estate Partners and Panther Capital Management… to buy the nearly 1-acre property at 1836 Biscayne Boulevard and 256 Northeast 19th Street, near the Art…

Barry Sternlicht’s Starwood Capital sells Westland Mall in Hialeah by reassigning $149M loan

Barry Sternlicht’s Starwood Capital Group sold Westland Mall in Hialeah to a Dallas-based retail real estate firm. Centennial scooped up the mall at 1675 West 49th Street by assuming Starwood’s $149.4 million mortgage on the property, records show. Starwood originally took out a $160 million loan on the mall in 2017. The current outstanding balance is…

AMAC scoops up Miami Beach retail building for $33M

AMAC paid $32.5 million for a Class A retail building in Miami Beach, near the Sunset Harbour neighborhood. AMAC partnered with Miami Beach developer Daniel Neary to buy 1800 Alton, a five-story urban retail center at 1800-1824 Alton Road, according to a press release. With 31,840-square-feet of retail space on two floors, 1800 Alton also…

CBRE to buy $4.9B global industrial portfolio

It may be a new year, but one of the largest-ever industrial purchases indicates the sector’s hot streak isn’t fading just yet. CBRE Investment Management recently agreed to buy a portfolio of logistics properties from Ross Perot Jr.’s Hillwood Investment Properties, according to the Wall Street Journal. The properties involved in the deal are valued at $4.9 billion.

Surfside collapse defendants deflect responsibility in new court docs

The Champlain Towers South condo association sued Morabito Consultants, Becker & Poliakoff and the Eighty Seven Park development team: The defendants in the lawsuit filed by survivors and families who lost loved ones in the deadly Surfside condo collapse deflected responsibility for the tragedy that killed nearly 100 people, newly filed court documents…

Entities tied to Adam Neumann picked up $1B in apartment buildings

Two years after a spectacular rise and fall, WeWork co-founder Adam Neumann’s latest venture is reportedly beginning to take shape. Entities tied to Neumann have purchased majority stakes in more than 4,000 apartments across the United States, The Wall Street Journal reported, citing records and people familiar with the transaction. The holdings, largely…

Video: Could technologists become tomorrow’s real estate moguls?

The summit of real estate used to be the domain of the “cowboys” — the Harry Helmsleys, Bill Zeckendorfs and Harry Macklowes, buccaneers who mastered the art of relationship-building and taking outsized risks. The industry then came to be dominated by the “suits,” structured-finance whizzes such as Jon Gray and Marc Holliday who brought a Wall Street…

Jamestown sells Sunny Isles Beach apartment complex for $111M

In a $110.5 million deal, Jamestown sold a 308-unit landlocked apartment complex in Sunny Isles Beach. An entity managed by Chaim Freeman, who heads Los Angeles-based commercial real estate firm Buff Management, paid $357,142 per apartment for Beach Place at 17101 North Bay Road, according to records. That’s more than triple the…

City-county battle stalls Coconut Grove Playhouse

After 15 years of delay, the Coconut Grove Playhouse is awaiting a court resolution to a dispute between the City of Miami and Miami-Dade County, which proponents say is the only barrier to the project moving forward. The playhouse, which closed in 2006, already has $23.6 million allocated by the county and a design team led by Arquitectonica and historic…

Ocean Drive to restore cars, add pedestrian plaza

After a chaotic and uncontrolled avalanche of party crowds during the spring break of 2020 that ended in arrests, ongoing curfews and the ultimate closure to vehicle traffic to the street, a southbound lane is opening again in South Beach’s Ocean Drive along with a temporary pedestrian plaza, following months of discussions and holiday delays, the city has…

Vizcaya prepares to restore farm village

Restoration of Vizcaya Village in Vizcaya Museum and Gardens is planned and ready to go when the project’s construction documents, submitted at the end of 2020, are permitted by the City of Miami, though restoration is still not fully funded. Vizcaya Museum and Gardens, previously known as Villa Vizcaya, is the former villa and estate of businessman James…

Coconut Grove business area stresses natural environment

The Coconut Grove Business Improvement District has set forth initiatives to get the community back out and once again enjoy one of the best attractions the neighborhood has to offer – its enriched natural environment. The Coconut Grove BID has been hosting micro-events intended to site moments throughout the neighborhood, said…

The Crosby Miami World Center is coming to Downtown Miami

Great news for those who were waiting for to invest in a new luxury tower with Airbnb capacity. A condominium building with contemporary architectural design is coming to Downtown Miami: The Crosby Miami World Center, developed by Related Group. The prestigious firm is behind many luxury buildings in South Florida, including Icon Brickell…

Developers buy former Rubell site in Wynwood, plan major mixed-use project

L&L Holding’s David Levinson and Robert Lapidus, Carpe Real Estate Partners’ Erik Rutter and David Weitz with a rendering of the project: Two New York developers bought a 3-acre assemblage in Miami’s Wynwood where they plan to build a mixed-use office, retail and residential development on a site that includes the former Rubell Museum.

Major NY Developers Close On 3 Prime Acres In Wynwood For 1M SF Project

Two real estate firms with roots in New York are betting big on Miami’s trendy Wynwood neighborhood. L&L Holding Co. and Carpe Real Estate Partners have closed on a 3-acre assemblage to build The Wynwood Plaza, a planned 1M SF project with office, residential and retail space, plus a 25K SF public plaza. The acquisition comes about a year and a half after…

Family of Real Housewife’s ex-husband buys South Beach retail building for $7M

The Gebbia family, owners of Siebert Financial and once linked to the “Real Housewives of Beverly Hills,” bought a retail building in South Beach for $6.8 million. The property at 653 Collins Avenue in Miami Beach will serve as the Florida headquarters for Siebert Financial and Rise Financial, according to Katrina Campins of the Campins Company, who…

Artemis Real Estate buys southwest Miami-Dade apartments for $71M

The Olivia apartment complex north of Homestead traded for $70.5 million, marking a continuation of a flurry of deals fueled by a robust multifamily market. Artemis Real Estate Partners bought the southwest Miami-Dade County community at 14981 Southwest 283rd Street from Alcazar Development Group, according to property records. Artemis…

Kolter buys 41-acre site in Homestead for $17M from Lewis Swezy

Kolter Group nabbed a development site in Homestead for $17.2 million. An affiliate of the Delray Beach-based developer acquired the 41-acre site at 202 Northeast 18th Avenue, according to records. Seller South Wind Apartments, led by Miami Lakes-based developer Lewis Swezy, had planned to build 400 townhomes and apartments on the former…

South Florida real estate’s biggest stories of 2021

All eyes were on South Florida real estate for various reasons in 2021, from rising rents that propelled record investment trades to huge multimillion-dollar home sales, to the expansion of financial giants such as Blackstone, and the many preconstruction condo sales launches. But the deadly collapse of the Champlain Towers South that…

Student housing developer buys assemblage near University of Miami for $23M

Landmark Properties bought a student housing complex and adjacent development site west of the University of Miami. Athens, Georgia-based Landmark bought The Cloisters Miami, a two-building rental community at 5830 Southwest 57th Avenue, and the 2 acres of vacant land next door for $23.3 million, records show. Landmark also closed on a $41.8 million…

Pembroke Park approves 6-acre retail development with a Wawa

A developer won site plan approval for Seneca Town Center, a 6.2-acre commercial project with a Wawa convenience store and gas station in Pembroke Park. Ferber Company plans to build the four-building development at 3195 West Hallandale Beach Boulevard. The project, with nearly 130,000 square feet of space, will also include a self-storage…

Bridge Industrial buys Pompano Beach Commerce Park for $46M

Bridge Industrial scooped up the Pompano Beach Commerce Park industrial complex for $46.3 million, amid strong investor appetite for South Florida’s robust logistics real estate market. The Chicago-based industrial real estate investor and operator scooped up the three-building property on the southwest corner of North Powerline Road and Northwest 16th Street…

Shahab Karmely nabs $128M condo inventory loan for new Hallandale project

Developer Shahab Karmely closed on a $128 million condo inventory loan for an oceanfront development in Hallandale Beach, replacing the project’s $103 million construction loan, The Real Deal has learned. Karmely’s KAR Properties secured the loan from Madison Realty Capital. It pays off debt that Apollo Commercial Real Estate issued in 2018.  The 38-story, 64-unit…

Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach

Architect Kobi Karp and his wife Nancy paid $5.7 million for a Walgreens-leased property in Delray Beach that sold a year ago for $2 million less. The Karps’ 10 Congress WG LLC bought the property at 10 South Congress Avenue from Congress Avenue Realty, an LLC managed by George A. Morgan III, records show. The 13,778…

Banking on Boynton Beach: Nuveen drops $126M for apartment complex

Nuveen Real Estate dropped $125.9 million to acquire The District Boynton, a 350-unit apartment complex, notching the latest in an ongoing string of big ticket multifamily deals in South Florida. An entity managed by executives of the New York-based real estate investment firm bought the three-building project at 1000 Audace Avenue…

Royal Castle Companies buys offices at Boca’s Park at Broken Sound

Elliot Stone’s Royal Castle Companies scooped up two office buildings in Boca Raton’s Park at Broken Sound for $8.9 million. Royal Castle, through an affiliate, bought the properties at 6501 and 6531 Park of Commerce Boulevard from MTI Properties Florida, according to a news release from the buyer’s broker. Reese Stigliano of Stigliano Commercial Real…

AHS Residential sells a pair of Lake Worth Beach apartment complexes for $82M

AHS Residential sold a pair of Lake Worth Beach apartment complexes for a combined $81.5 million, reflecting ongoing investor appetite for South Florida’s well-performing multifamily market. Social Housing bought the Village at Lake Osborne at 2430 Lake Worth Road and the Village at Lake Worth at 2220 Lake Worth…

Starwood snaps up Palm Beach County apartment complexes for $176M

Affiliates of Starwood Capital Group paid $176.4 million for a group of affordable housing complexes in Palm Beach County. Companies led by David Page of Southport Financial Services sold the properties at 8215 Belvedere Road in West Palm Beach, 301 and 303 North Congress Avenue in West Palm Beach, as well as 101 Pine Circuit in Greenacres, records…