Miami Commercial Real Estate News March 23, 2022: 257 Unit Strata Wynwood Sold; New Rent Increase Notice Reqs; 1040′ Supertall Planned at Brickell City Center; More…

Trammell Crow proposes 324 apartments in Miami-Dade’s Coral Terrace, puts land under contract

Trammell Crow Residential wants to build a 324-unit multifamily complex on land it has under contract in the Coral Terrace neighborhood, marking the developer’s continued bet on Miami-Dade County’s apartment market. The Dallas-based developer proposes Alexan Ludlam on an 8.7-acre industrial site near the southeast corner of Coral Way and Southwest…

Landlords now required to give 60 days’ notice of rent hikes over 5% in Miami-Dade

Residential landlords in Miami-Dade County are now required to provide tenants with at least 60 days’ notice of rent hikes of 5 percent or more, as renting becomes increasingly more expensive in South Florida. The ordinance, introduced by Commissioner Eileen Higgins, passed unanimously at Tuesday’s commission meeting. Commissioners…

CIM Group Sells Strata Wynwood Mixed-Use Development in Miami

CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail…

CIM Group Sells Strata Wynwood

CIM Group has sold a Miami community after recently completing construction on it in the first quarter of 2022. CIM sold Strata Wynwood, located in Miami’s Wynwood Arts District, to an undisclosed seller. CIM co-developed the community with One Real Estate Investment, breaking ground on the project in August 2019 when it was known as Wynwood…

Stephanie Shojaee promoted to Shoma Group president

Stephanie Shojaee was promoted to president of Shoma Group, the real estate development firm led by her husband, Shoma Chairman Masoud Shojaee, The Real Deal has learned. Stephanie Shojaee, who joined Coral Gables-based Shoma in 2013 as chief marketing officer, eventually plans to expand Shoma in the U.S. and parts of Latin America, including…

Cohen family investors pay $31.5M for Kendall shopping plaza

A fully leased shopping plaza near West Kendall Baptist Hospital traded for $31.5 million. Husband-and-wife Yakov and Cheryl Cohen bought The Pointe Kendall Town Center at 9165 Southwest 162nd Avenue from The Centre at Kendall Town Center LLLP, according to records. The seller is tied to Richard Gertz Jr. The 11.9-acre plaza spans eight buildings totaling…

Chicago firm pays $31M for Opportunity Zone dev site for apartments in Edgewater

Trilogy Real Estate Group is continuing its bet on Miami’s Edgewater, paying $30.6 million for an Opportunity Zone site with plans for a multifamily project. Chicago-based Trilogy bought the 1.6-acre Edge 22 vacant property at 2201 Northeast Second Avenue, which allows for an up to 36-story tower with a maximum of 247 units, according to the…

MV Group to Redevelop Two Retail Centers in Downtown Miami Springs

MV Group USA, a Miami-based full-service construction company has plans to redevelop two retail centers in downtown Miami Springs. The redevelopments, which will exceed 30,000 square feet of retail space, are slated to be fully completed by the end of the year. The redevelopment projects include a modern redesign of the two retail centers…

NYC’s Related Bets on Miami Boom With Supertall Skyscraper “One Brickell City Centre”

Related Cos., the developer behind Manhattan’s Hudson Yards project, is making its first foray into the Miami office market. The real estate firm, led by billionaire chairman Stephen Ross, is working with Hong Kong-based Swire Properties to develop a supertall building in Brickell, a key commercial district in Miami, according to a person familiar with…

8-story sister Wynwood office buildings get OK

As the popular Wynwood Arts District evolves it is enjoying a boom in new office space, including a large mixed-use project that will bring a working campus of two 8-story sister buildings at Northwest Fifth Avenue and 27th Street. WYN ON 5TH NORTH, at 2701 NW Fifth Avenue, and WYN ON 5TH SOUTH, at 2661 NW Fifth Avenue, are proposing together nearly 250,000…

Miami aims to accelerate Flagler Street revamp

The Flagler Street beautification process downtown is on track with its 30-month schedule. “Flagler Street is coming along beautifully,” Chairman Manolo Reyes told the Miami Downtown Development Authority board March 18. The project is divided in five sections from Biscayne Boulevard to Southwest/Northwest First Avenue, with work progressing from…

Third Avenue residential midrise wins OK

A midrise of residential units and ground floor commercial-retail is planned for property west of Brickell and I-95 in the city of Miami. The project, named SW 3rd Ave-Residences, is targeted for 1900 SW Third Avenue from owner-developer Blue Tevere Investments Inc. The city’s Urban Development Review Board recommended approval of the project…

Global private school targets ex-Archbishop Curley campus

A global private school network plans to build a school in the City of Miami near Little Haiti on property that for many years was home to Archbishop Curley High. Avenues – The World School is planned for 4949 NE Second Avenue. It will be a new school campus that will serve children from daycare through high school. The developer-applicant is identified…

Video: Intelligent Building Co-Founder Tom Schircliff on Hybrid Working vs Intellectual & Cyber Security

In this video Tom Schircliff, co-founder of Intelligent Buildings, joins America’s Commercial Real Estate Show to discuss the challenges and solutions for property owners and business leaders as it relates to office workers becoming partly or fully remote. Today we want our people to be able to work from home, office or anywhere. We want to have smart…

Revving up: Norman Braman acquires three Edgewater commercial properties for $13M

uto dealership mogul Norman Braman is gassing up his real estate portfolio in Miami’s Edgewater neighborhood, acquiring two warehouses and a parking lot for $13 million. An entity managed by Braman acquired the three adjacent properties at 106 Northeast 20th Street, 120 Northeast 20th Street and 135 Northeast 19th Terrace, according to records. The seller…

Lease roundup: Danish furniture chain, mobile bill payment firm lease in Miami’s Wynwood

The Gateway at Wynwood (R & B Realty Group) BoConcept I The Gateway at Wynwood | Miami Danish furniture chain BoConcept will open in a 3,000-square-foot ground-floor retail space in The Gateway at Wynwood. BoConcept plans to open in the fall. It designs, produces and sells contemporary furniture, as well as accessories and lighting…

BoConcept Signs Retail Lease at Gateway at Wynwood in Miami

BoConcept, a furniture retailer, has signed a 3,000-square-foot lease at The Gateway at Wynwood, an office building in Miami. Alex Cesar of CBRE represented the landlord of The Gateway at Wynwood, R&B Realty Group in the transaction. Drew Schaul of CBRE represented BoConcept. BoConcept is the first retail tenant at The Gateway at Wynwood and will occupy…

Multistory Warehouses Require Multistory Rents

New York is starting to get comfortable with the idea of growing its industrial warehouse space vertically instead of horizontally. Several multistory warehouses, which are common in Asia, are under development in the Bronx, Brooklyn and Queens. Rising on 14 acres in an Opportunity Zone in the Hunts Point neighborhood is the Bronx Logistics Center…

St. Louis Fed President Jim Bullard President Bullard Explains His Recent FOMC Dissent, Believes Bigger Rate Increase Appropriate

I dissented with the Federal Open Market Committee (FOMC) decision announced on March 16, 2022, to raise the target range for the federal funds rate by 25 basis points to 0.25% to 0.50%. In my view, raising the target range to 0.50% to 0.75% and implementing a plan for reducing the size of the Fed’s balance sheet would have been more appropriate actions.

Developer Releases New Details Of Complex Designed By Rafael Viñoly In Zoning Filing

The developer planning the massive Casa Forma complex designed by architect Rafael Viñoly has released new details of the project in an application for a zoning hearing, as it continues to move through the approval process. A request for a zoning hearing was filed with Miami-Dade County on March 10, and documents relating to the filing were…

Shoma completes Ten30 South Beach condo project near Lincoln Road

Shoma Group completed its latest condo development, a sold-out boutique project near Lincoln Road in Miami Beach. The developer recently completed Ten30 South Beach at 1030 15th Street and received final Fannie Mae approval for buyer financing, according to a press release. About 35 percent of buyers used Fannie Mae-conforming loans to finance…

Mast Capital, Starwood launch sales of planned oceanfront condo project in Miami Beach

Starwood’s Barry Sternlicht, Mast Capital’s Camilo Miguel Jr. and renderings of The Perigon (Getty, Binyan Studios) Mast Capital and Starwood Capital Group launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach. Coconut Grove-based Mast, led by Camilo Miguel Jr., formed a joint venture with Barry Sternlicht’s…

Alex Karakhanian sells Miami Design District retail building for $8M

Alex Karakhanian’s Lndmrk Development sold a fully leased Miami Design District retail showroom for $8.5 million. Investor Glenn Braswell Jr. bought the 4,500-square-foot building at 3740 Northeast Second Avenue. Kitchens by Studio Kaza, the local operating partner of Brazil-based furniture manufacturer Kitchens, leases the building, according to the broker’s…

Industrial Developers Shouldn’t Delay Construction As Demand Rages

Industrial developers would be wise to plan ahead—and carefully—as materials constraints continue to plague the building process and elongate delivery timelines. But what is the one thing they shouldn’t do? Delay construction. “Do not delay construction,” Cushman & Wakefield’s researchers say in a new analysis.  “Demand will drive rents…”

Video: Real Page’s Carl Whitaker; Multifamily Keeps Rolling?

Carl Whitaker, Senior Manager –  Market Analytics with Real Page, joins America’s Commercial Real Estate Show to discuss the current state and future of the multifamily sector. Carl starts by noting that rent growth is near 20%  year over year nationally. He moves on to note that occupancy is running 97% and even increased from December to January…

Harbor pays over $400M for MiamiCentral apartments in record deal

Harbor Group International bought the pair of ParkLine Miami apartment towers at Brightline’s downtown station for roughly $450 million, marking a record for a single multifamily asset sale, The Real Deal has learned. The Norfolk, Virginia-based real estate investment and management firm bought the 44-story and 47-story buildings perched atop the…

Related to build condo tower on city-owned beachfront site in Hollywood

Related Group won city approval to rebuild a beachfront community center and develop a downsized condominium tower on about 4 acres of city-owned land in Hollywood. Miami-based Related won approval to rebuild the outdated Hollywood Beach Culture and Community Center at 1301 South Ocean Drive and to develop a 26-story condo building on…

Related Companies affiliate, partner pay $145M for Las Olas Square in Fort Lauderdale

Related Fund Management, an affiliate of Stephen Ross’ Related Companies, and partner CP Group bought Las Olas Square in downtown Fort Lauderdale for $144.5 million. UPDATED, March 17, 4:29 p.m.: A joint venture among Apollo Global Management, Steelbridge Capital and Square2 Capital sold the two-building office and retail complex spanning…

Miami firm buys 154 Lauderhill condos in bulk $17M deal, plans revamp

In a bulk purchase, REO Asset Specialists bought the majority of the condos at an aging complex in Lauderhill for $17.4 million. The Miami-based company, through an affiliate, bought 154 units at One Circle Condominium at 2601 and 2611 Northwest 56th Avenue. The seller is Florida’s Attainable Home Company, managed by Meir Benzaken in Pompano Beach…

Father-and-son team sells Margate industrial complex for $11M

In an $10.7 million deal, a father-and-son team of real estate investors cashed out of an industrial warehouse complex in Broward County. An entity managed by Michael McCarty and Rory McCarty of Hillsboro Beach sold the nearly 5-acre property at 2200-2248 Mears Parkway in Margate, according to records. Tyler Kuhlman and Douglas Mandel…

Mortgage firm pays $17M for entire West Palm condo building

Mortgage lender NewDay USA doubled down on its commitment to West Palm Beach, buying an entire boutique condo building near its second headquarters. An entity tied to NewDay USA, which is based in Fulton, Maryland, bought the newly built waterfront Crystal condo at 3611 South Flagler Drive. The seller is Coordinates Solutions LLC, managed by…

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March 23, 2022

Video: Intelligent Building Co-Founder Tom Schircliff on Hybrid Working vs Intellectual & Cyber Security

In this video Tom Schircliff, co-founder of Intelligent Buildings, joins America’s Commercial Real Estate Show to discuss the challenges and solutions for property owners and business leaders as it relates to office workers becoming partly or fully remote. Today we want our people to be able to work from home, office or anywhere. We want to have smart, safe, well buildings bringing people together. We definitely need building and information cyber security as we must protect company information and intellectual property. Let’s also add our desire for effective productivity, recruiting, on-boarding, collaboration, training, and retention. Where do we turn?

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March 22, 2022

Video: Real Page’s Carl Whitaker; Multifamily Keeps Rolling?

Carl Whitaker, Senior Manager –  Market Analytics with Real Page, joins America’s Commercial Real Estate Show to discuss the current state and future of the multifamily sector. Carl starts by noting that rent growth is near 20%  year over year nationally. He moves on to note that occupancy is running 97% and even increased from December to January, the first time ever his company has recorded an increase for those months.

In 2021, 674,000 apartment units were absorbed, beating a prior record of absorption by a whopping 60%. Even challenged markets, he noted are experiencing double digit rent growth. His company has been surprised at how quick the central business district markets have come back.

Real Page is still forecasting strong rent growth but not like 21. Affordability is a hot topic at Real Page, but Carl thinks this concern may be overstated, noting that rent to income over past year is 23%,  not too far out of line with what REITs are reporting. This is less than I think most would think.

This is an excellent and highly informative video for anyone interested in multifamily property investing.

March 17, 2022

Miami Commercial Real Estate News March 16, 2022: 816-Unit MF Parkline at Miami Central Trades; Rental Portfolio Sells for $82M; More…

Harbor Group International Acquires 816-Unit ParkLine Miami Luxury Apartment Community

Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020. The development…

Carpe secures approval for North Miami Beach mixed-use apartment project

Carpe Real Estate Partners secured approval from a North Miami Beach board for a 440-unit apartment tower, which will head to the commission next month for final approval. The city’s planning and zoning board Monday…  approved the site plan and variances for Venus, a 26-story, 660K sf project planned for the 1.1-acre site at 2050 NE 164th Street.

Russia’s war stalls US real estate deals

Long before Russia invaded Ukraine, supply chain challenges were driving up construction costs and inflation concerns were setting the stage for higher mortgage rates. Now, just as recovery from the pandemic seemed within reach, Vladimir Putin’s war has the U.S. real estate industry bracing for its impact. Prices are rising further — reinforcing the Federal…

Wynwood investor Link pays $15M for Little River office-retail property

Link Real Estate, which owns a mixed-use portfolio in Wynwood, is expanding to nearby Little River, scooping up an office-retail property for $14.9 million. The Miami-based company bought the almost fully leased buildings at 7101 and 7111 North Miami Avenue from an entity led by John and Alan Matthews, according to the broker’s news release.

Miami Market Update: Office Vacancy Increases

As of January, Miami’s office vacancy increased to 13.4 percent, marking a 90-basis-point jump compared to the prior month, according to CommercialEdge data. The metro’s vacancy is still significantly below the national average of 15.7 percent. In January, the Magic City consolidated its third position among gateway cities with lowest vacancies…

Developer Files Plans To Build Major Supertall Tower In Brickell

Plans for a new Brickell Supertall tower called Major have been formally filed with Miami-Dade County Planners. Major is proposed to rise 1,049 feet above sea level, or 82 stories, according to the newly filed plans. The 1,049-foot height is the maximum that the Federal Aviation Administration has approved for Miami thus far. Major is proposed to include: 259…

Miami Multifamily Report – February 2022

In 2021, the Miami market had one of its best years in decades, with some fundamentals hitting records. High demand coming from a steady inflow of high-wage workers pushed up rents at a dizzying rate. Last year, rates increased by 23.5 percent, placing Miami in the third spot nationally among major metros. The average rent clocked in at $2,133, while the U.S. figure…

Chart: Inflation Watch 2021 Intra-Quarter Update; Inflation Expectations Climbing

The 5-year TIPS spread, after almost calmly sitting a bit elevated over pre-pandemic levels in late 2021, has now spiked of a sudden spiked to the highest level in a number of years and to a level about 70% higher than where it was generally hovering pre-pandemic. There has been much talk in the financial press of inflation pressures in recent weeks, and the…

Miami construction costs soaring as land, materials, labor prices surge

Despite supply chain issues and increases to the cost of labor, land and building materials, local contractors say demand for construction is still high. “In the past 12 months, the cost of a typical construction project in Miami probably increased by 20%,” said Chris Kennedy, vice president of preconstruction for Suffolk Construction. But, he said, “It’s almost like…”

Barrington scores $60M construction loan for El Portal multifamily project

Barrington Brothers scored a $60 million construction loan for The Kavista multifamily project in El Portal, as the hot apartment market prompts development in traditionally single-family enclaves. The Miami-based family owned and run company will build the eight-story, 282-unit project on almost 2 acres at 495 Northeast 83rd Street, according to the lender’s…

Aimco teams up with Brooklyn firm to develop mixed-use project in Miami’s Edgewater

A Brooklyn real estate firm is partnering with apartment real estate investment trust Aimco to develop a mixed-use project in Miami’s Edgewater. The… site is on the same block where Aimco has been assembling land and gut-renovating the Hamilton on the Bay apartment tower. Beitel Group paid $45M… at 3333 Biscayne Boulevard, two…

The Numbers Behind South Florida’s Multifamily Boom

With investors and renters continuing to flock to South Florida, the region has proven itself to be a promising real estate market and the multifamily sector has been strong. There were 603 multifamily properties sold in South Florida during 2021, totaling $11.4 billion. This is more than double the previous $5.5 billion annual sales record set in 2016. Not to mention…

Weak federal commercial real estate rules will hamper seizing Russian assets

Lax disclosure regulations that have made the U.S. a global hot spot for money laundering via real estate holdings will make it difficult for officials to seize properties from Russian oligarchs. Russian oligarchs have likely staked a large part of their wealth in U.S. commercial real estate properties in purchases that are easier to conceal than high-profile luxury…

Mavik Capital, partners pay $82M for Miami-Dade & Broward rental portfolio

A joint venture of two New York-based companies and a Miami-based firm scooped up a three-property apartment portfolio across Miami-Dade and Broward counties for $82 million, The Real Deal has learned. Mavik Capital Management, which put in the majority of the capital, along with Triangle Capital Group and Corinthian Capital Real Estate Partners, bought…

Lease roundup: Cold storage firm leases Bridge Industrial’s Hialeah facility

FreezPak I Bridge Point Cold Logistics Center | Hialeah Bridge Industrial leased the entirety of its cold storage speculative project in Hialeah to food logistics company FreezPak. New Jersey-based cold and dry-storage provider FreezPak leased the entire 312,103-square-foot Bridge Point Cold Logistics Center, which is under construction and is expected to…

Trump Group, Suffolk Construction sue each other over Estates at Acqualina

Affiliates of Trump Group and Suffolk Construction filed dueling lawsuits over the delayed Estates at Acqualina, a sold-out, $1.8 billion condo development in Sunny Isles Beach. A3 Development, led by brothers Jules and Eddie Trump, filed a lawsuit in Miami-Dade Circuit Court against Suffolk Construction last month regarding the two-tower…

Voters will decide fate of Dream Hotel-anchored riverfront project on Wharf Miami site

Voters will decide whether a joint venture between MV Real Estate Holdings and Driftwood Capital can move forward with a Dream Hotel-anchored mixed-use project along the Miami River. The Miami City Commission authorized City Attorney Victoria Mendez on Thursday to draft an amendment to the city’s charter that residences will vote on…

Patrinely, USAA Begin Renovations at 263,000 SF Office, Retail Center in Coral Gables

Patrinely Group has begun renovations at Columbus Center, a 263,000-square-foot office and retail complex in Coral Gables. USAA Real Estate, Columbus Center’s majority owner, has partnered up with Patrinely Group to remodel the building’s common areas. Renovations will include updating the front entrance and main lobby, activating the outdoor terrace…

Brickell Station Partners Sells Retail Building in Downtown Miami for $20.1M

Brickell Station Partners has sold a retail property in Miami to Gazit Horizons for $20.1 million. Hector Antunez and Juan Andres Nava from Metro 1 represented Brickell Station Partners, and Fabian Graff of Metro 1 represented Gazit Horizons. The building, located in downtown Miami’s Brickell neighborhood, is currently home to Toasted Bagelry & Deli…

Wynwood office, retail and parking portfolio hits market for $28M

A Wynwood real estate investor is looking to cash out of an office, retail and parking portfolio in Miami’s hottest neighborhood. An entity managed by Steve Rhodes is listing a three-story office and retail building at 2121 Northwest Second Avenue and a one-story retail building at 2085 Northwest Second Avenue, as well as a parking lot at 172 Northwest 21st Street

Brooklyn buyer sues industrial firm O’Donnell over failed Hialeah deal

California industrial real estate investor and developer The O’Donnell Group was slapped with a lawsuit alleging it tried to inflate the sale price of a Hialeah property (6501 Northwest 37th Avenue) above the prospective buyer’s agreed amount. The buyer, Brooklyn-based Sound Around, sued two O’Donnell Group ownership affiliates, Hialeah Last Mile Fund VII…

Mastercard Renews Miami Office Lease

Nuveen Real Estate has signed Mastercard International to a 53,700-square-foot lease renewal at 801 Brickell in Miami, ensuring that the global payment technology solutions company stays put at the iconic 415,000-square-foot building that has been its home since 1986. With the assistance of Colliers South Florida, landlord Nuveen negotiated a long-term…

Wynwood’s growing pains

Miami’s Wynwood, the artsy neighborhood that has become a hip office, retail and dining destination, is experiencing growing pains, creating a dichotomy in the district. Office and retail vacancy rates have skyrocketed beyond 50 percent in some cases, as new and planned mixed-use projects compete with older, adaptive reuse properties for tenants that are…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate: A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County. The retail real estate report is updated every quarter by our CRE experts. The analysis is derived and compiled…

Miami investor Enrique Manhard scoops up MiMo District land for $8M

Miami investor Enrique Manhard bought 1.2 acres of land in the MiMo Biscayne Boulevard Historic District, near the Brightline train tracks. Manhard, who purchased the development site along with investment partners, currently does not have plans to either build on the property or flip it, although prospective tenants have expressed interest in a…

Miami Beach to seek development proposals for 41st Street surface parking lots

Miami Beach Mayor Dan Gelber and City Commissioner Kristen Rosen Gonzalez with the Roosevelt Theater at 770 West 41st Street: Miami Beach leaders want to kickstart redevelopment along the city’s 41st Street commercial corridor by asking developers to propose mixed-use projects on six city-owned parking lots. The Miami Beach City Commission…

Canadian firm buys condo-hotel dev site in Pompano Beach for $18M

A Quebec-based company paid $17.7 million for a mixed-use property in Pompano Beach that is approved to be redeveloped with condominiums and hotels. A limited partnership led by Efstathios Tsatas bought the properties spanning almost a full city block on the southwest corner of East Atlantic Avenue and South Ocean Boulevard. The seller is Atlantic 3350…

Developer wins approval for cultural center, park on city-owned site in Fort Lauderdale’s Flagler Village

City commissioners approved a restaurant and music venue operator’s proposal to build and operate a new park with a cultural center on municipal land in the Flagler Village area just north of downtown Fort Lauderdale. The city commission voted 4-1 at their meeting Tuesday night to approve a 50-year agreement with Damn Good Hospitality Group LLC…

Developer Jimmy Tate’s proposed Bahia Mar project faces more controversy with filing of new lawsuit

Developer Jimmy Tate’s plan for a high-end, mixed-use project by Fort Lauderdale’s Bahia Mar marina just hit another snag. The Fort Lauderdale International Boat Show, held annually on part of the 39.5-acre site Tate wants to redevelop, has long opposed the project, partly arguing that it would cut the space allotted for the show. Now, boat show organizers…

Palm Beach timeshare resort sells out of bankruptcy for $10M

Copperline Partners paid $9.8 million for a former timeshare resort on Palm Beach’s waterfront. In a bankruptcy sale, an entity controlled by Copperline Managing Principal Adam Schlesinger bought the Palm Beach Resort & Beach Club at 3031 South Ocean Boulevard, according to records. West Palm Beach-based Copperline, a commercial real estate firm…

Lennar buys 188 acres for homesites at Arden near Wellington

Stuart Miller’s Lennar paid $7.4 million for 188 acres of land within the Arden community near Wellington. The Miami-based homebuilder bought acreage at 1445 Wandering Willow Way that stretches along the northern edge of the larger Arden master-planned development, according to records. The seller is an affiliate of Boston-based Freehold Capital…

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March 16, 2022

Chart: The Stunning Pandemic Driven Plunge in the Labor Participation Rate

US Labor Force Participation Rate 10 Years Ending January 2, 2022

With news of Starbucks unionizing and personal experiences we have all had with unavailability of workers, this chart should come as no surprise. Nonetheless, it is a stunning thing to see it visually in a chart like the one above. The peak just before the plunge was 63.5%. Two months later, it bottomed out at 60.2%. That is a difference of 3.3%, and a difference of 5.2% of the pre-decline number (3.3% decline / 63.5% before the decline). Labor has thus been in control, at least for the moment.

This is contributing to increasing inflation expectations as can be seen in the TIPS spread. Though still down, the labor force participation rate is rising from its mid-pandemic lowers, however. Thus this plainly evident stress point of worker shortages may improve in coming months.

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March 15, 2022

Chart: Inflation Watch 2021 Intra-Quarter Update; Inflation Expectations Climbing

Federal Reserve Bank of St. Louis, 5-Year Breakeven Inflation Rate, commonly referred to as the TIPS Spread, a measure of expected inflation derived from 5-Year Treasury Constant Maturity Securities and 5-Year Treasury Inflation-Indexed Constant Maturity Securities, for the 5 years ending 3/9/22

The 5-year TIPS spread, after almost calmly sitting a bit elevated over pre-pandemic levels in late 2021, has now spiked of a sudden spiked to the highest level in a number of years and to a level about 70% higher than where it was generally hovering pre-pandemic. There has been much talk in the financial press of inflation pressures in recent weeks, and the war in Ukraine looks like it will only exacerbate this.

“There are two main drivers of asset class returns – inflation and growth.”

~Ray Dalio

Real Money at Stake

Real money is at stake with these spreads. TIPS pay interest every six months, based on a fixed rate that is calculated by multiplying the adjusted principal by one-half the calculated interest rate (i.e. half a year’s worth of inflation at that rate). Thus, a “bet” that an investor makes in with these bonds has real financial implications. If actual inflation is higher than priced in the markets, a TIPS buyer will make more that a straight treasury buyer. If it is lower, that TIPS buyer will make less. How much money is at stake? In 2017 Morningstar pegged the market at $1.2 trillion. Thus, every 1/10% difference (10 bp) is a $1.2 billion swing. That is real money by my count.

Generally on Inflation and Commercial Real Estate

What is the impact of inflation on commercial real estate? In the near term, higher inflation tends to bring higher interest rates. Higher interest rates are a negative for commercial real estate in the near term. Higher rates means larger debt service payments, reducing the buying power of purchasers and negatively impacting deal economics. It also means makes fixed income investments a more competitive investment, likely pulling capitalization rates (cap rates) up, thus pricing down. Over a longer period, however, the prospect of inflation leads to a principal benefit of commercial property investment, that of its potential as a hedge against inflation. After all, more inflation should lead to higher rent, at least in time.

MIT published an excellent whitepaper on real estate’s ability to keep pace with inflation with data to 2016. They looked at then tendency of retail, multifamily, industrial, and office income and values to keep pace with inflation. The best at keeping pace income-wise was retail, with rent growth of 102% of inflation. Office was the worst performing at a quite dismal 18%. Values across the property types were more consistently kept pace, with retail again doing the best appreciating at 107% of inflation, office again the worst at 74% of inflation. I’ll speculate that the fairly drastic difference between income and value keeping pace with inflation is driven by vacancy. If you’re interested in the topic, read the paper.

Expectations for inflation also come into play with lease structure and due diligence. A lease structure with a fixed rent increase becomes less attractive for a landlord with higher inflation expectations. Similarly, a commercial property being acquired with existing leasing in place that have fixed or capped rent increases looks less attractive as inflation expectations increase. Also, a property being purchased with fixed rate financing will look increasingly attractive if a buyer anticipates inflation fueled increases in income. Inflation, in short, is very important to commercial property investors.

~

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March 10, 2022

Miami Commercial Real Estate News March 9, 2022: 382 Units Proposed for North Miami, 140K SF Class A Office for Wynwood; South Miami-Dade Booming; More…

Cipriani Residences Miami 80-story condo tower planned for Brickell site

Cipriani is expanding its footprint in Miami with plans to brand Mast Capital’s luxury condo tower in Brickell, joining a handful of new projects in the neighborhood. For the Cipriani family, the planned Cipriani Residences Miami adds to a growing portfolio of properties. The family operates the Mr. C Miami hotel and is branding the Mr. C Residences…

Westside Capital Buys Coral Gables Office Building for $14M

Westside Capital Group has bought the 85,000-square-foot 2000 Ponce, an eight-story office building in Coral Gables, Fla., from a private long-term owner, for $14 million, in an off-market transaction. Berkadia secured a $14.6 million, five-year bridge loan with 24 months interest-only, at a 74 percent loan-to-cost ratio. Valley National Bank provided the…

South Dade boom: D.R. Horton wants to build townhouses in Homestead, another developer proposes apartments in Naranja

Two developers are proposing new housing projects in south Miami-Dade County, showing the area has caught the eye of builders amid high demand linked to population growth. Major homebuilder D.R. Horton, based in Arlington, Texas, wants to build a 67-townhouse complex in Homestead, and D.E.V. & Associates proposes a 202-unit multifamily building…

Eighty Seven Park condo association, construction firms added to Surfside collapse lawsuit

Surfside collapse The survivors and families of the victims of the deadly Surfside condo collapse sued Eighty Seven Park’s condo association and additional companies involved in the construction of the luxury condo tower next door to Champlain Towers South. The third amended complaint names the architecture firm Stantec, vibration monitoring firm…

Blank canvas: Van Gogh exhibit inks long-term lease on Lincoln Road

The Van Gogh Immersive Exhibit inked a long-term lease on Miami Beach’s Lincoln Road, The Real Deal has learned. Lighthouse Immersive, the Toronto-based company that runs the experiential art exhibit, signed a nearly 23,000-square-foot lease at 420 Lincoln Road, a property owned by Paul Cejas’ PLC Investments, according to Brandon Charnas…

Barlington Group sells Brickell retail building for $20M

Gazit Horizons, the U.S. subsidiary of Tel Aviv-based Gazit Globe Group, paid $20.1 million for a Brickell retail building across the street from its proposed 504-unit apartment tower. Gazit Horizons bought the fully leased property at 83-97 Southwest Eighth Street, with no immediate plan for redevelopment, according to CEO Jeff Mooallem. Records show…

Supply chain issues — not oversupply — could slow Miami’s condo boom

Financing is plentiful, buyers are signing contracts with nonrefundable deposits, and developers in South Florida are keeping their sales launches rolling and their condos selling.  Miami’s condo market, known for its booms and busts, is in the middle of a big boom that would typically be threatened by, inevitably, an oversupply of condos. But the dreaded…

Deal can clear runway to add Watson Island seaplane base

The Miami City Commission is considering legislation to authorize a utilities deal with Miami-Dade County that is necessary for construction of a new seaplane base on Watson Island. Commissioners are set to vote today (3/10) on approving the utilities deal. The city owns the man-made island that connects mainland Miami with Miami Beach via the MacArthur Causeway.

Coral Gables project would add live-work units

Coral Gables commissioners got to hear Tuesday a newly proposed mixed-use project for the city’s Craft Section. The Planned Area Development would take up about a city block at 300 Catalonia Ave. Called “Alexan Crafts,” the project consists of 22 live-work units on the ground level, 263 residential units on upper levels and 364 parking spaces onsite.

New-to-market tenants spur Wynwood office demand

Wynwood is becoming Miami’s busiest office submarket as demand for space is far surpassing current supply due to its attractive live-work-play environment, with more than 80% of its recently leased office tenants being new-to-market and a million square feet of office space in the pipeline. Coming up new-to-market tenants in Wynwood in the first quarter…

Miami easing way to add Brickell City Centre residences, retail

Miami city commissioners are being asked to approve a special easement for Brickell City Centre that would clear the way for the next phase of development of the sweeping mixed-use project, including construction of a temporary fire station. The next phase of construction is also to include about 350 new residential units, 106,828 square feet of new…

Norwegian fish food manufacturer plans South Miami-Dade plant

Skretting, a Norwegian global manufacturer and supplier of fish feed to land-based aquaculture companies, plans a new feed facility in South Miami-Dade close to Atlantic Sapphire, one of its largest customers. Atlantic Sapphire raises land-based salmon at its Homestead Bluehouse facility. The announcement fulfills an earlier agreement between the two…

Hopes for a Byron Carlyle cultural center rise

Hopes for the advancement of a possible Byron Carlyle cultural center are up as the city of Miami Beach gets closer to coming up with a conceptual design. After the city agreed to budget a placeholder sum of up to $400,000 for conceptual design for the Byron Carlyle movie theater cultural center last September, in late January Commissioner David Richardson…

City of Sunny Isles Beach Acquires Navarro Pharmacy Building from MMG for $16M

In a unique transaction MMG Equity Partners donated a property located at 18500 Collins Ave to the City of Sunny Isles in exchange for transfer development rights (TDR’s). In a land donation agreement executed in 2018, the City granted to Navarro TDR’s in the amount of 126,615 square feet and the city agreed to sell the TDR’s on Navarro’s behalf. The total…

Related Group proposes 382 apartments on Johnson & Wales site in North Miami

Jorge Pérez’s Related Group has put a portion of the former Johnson & Wales University in North Miami under contract… proposing…  a 382-unit apartment project. Related Group is seeking approval from the city of North Miami for the eight-story Manor Biscayne building with 9,335 square feet of ground-floor retail on 2.3 acres at 1650 Northeast 124th Street, according…

Miami Design District to get its first new office building

Developer Craig Robins plans to build his first Class A office building in the high-end Miami Design District… Miami Design District Associates, a partnership of Robins’ Dacra, L Catterton Real Estate and Brookfield Properties, revealed plans for The Ursa, a 15-story office building at 30 Northeast 39th Street. Leasing is underway and led by the developer…

Ugo Colombo’s CMC Group sells Coconut Grove office building for $11M

Ugo Colombo’s CMC Group sold a Coconut Grove office building for $11 million. Cofe Properties, through an affiliate, bought the five-story building at 2950 Southwest 27th Avenue from an entity tied to Miami-based CMC Group, records show. The 39,761-square-foot Grove Professional Building is almost 53 percent vacant, with 21,030 square feet of unleased space…

Lease roundup: Sandals Resorts affiliate moving to Burger King’s former Miami HQ

Unique Vacations I Waterford Business District | Miami Unique Vacations, an affiliate of Sandals Resorts, is moving and expanding to a new office at the Waterford Business District near Miami International Airport. Unique Vacations signed a long-term lease for 53,119 square feet at the 5505 Waterford building, at 5505 Blue Lagoon Drive. It is moving from…

Goldman Properties to Build Class A Office Building in Miami’s Wynwood

The real estate company that put Wynwood on the map is back, with plans to leave its mark on the Miami neighborhood. Goldman Properties unveiled plans for Core Wynwood, a Class A office building located at 390 NW 25th Street. The property is slated to open in 2024 with construction commencing this December. The 140,000-square-foot development…

CGI Merchant Group Refis Miami Office, Hotel with $102M from Madison Realty Capital

Madison Realty Capital has originated two refinancing loans totaling $101.9 million for CGI Merchant Group. Surya Capital Partners brokered the transaction. The two loans include a $35.5 million loan for 3480 Main, a Class-A office building in Coconut Grove, and a $66.4 million loan for The Gabriel Miami, a luxury hotel located in downtown Miami. 3480 Main…

Judge pushes forward demolition of historic Deauville hotel in Miami Beach

The demolition of the historic Deauville hotel in Miami Beach is expected to move forward, following a contentious court hearing. Miami-Dade Circuit Court Judge Michael Hanzman on Friday denied a motion by the city of Miami Beach that could have forestalled the demolition by requesting additional evaluation of the structure and other measures. The judge…

Harvey Hernandez’s condo company files for bankruptcy to stave off foreclosure

Facing the threat of a foreclosure auction, Harvey Hernandez’s condo company filed for bankruptcy protection to save nine units at Centro Miami, a downtown Miami tower the developer built. Last month, Centro NGD Holdings submitted a Chapter 11 bankruptcy petition in Miami Federal Bankruptcy Court, two days before the nine units were scheduled to…

Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure

A pair of apartment buildings near Miami Beach’s Lincoln Road that are mired in litigation over ownership were slapped with a $1.2 million foreclosure claim. Bay Harbor Islands-based private lender Metropolitan Mortgage Company, led by Milton Raijman, filed the foreclosure suit over the buildings at 1560 Drexel Avenue and 1568 Drexel Avenue against…

The pandemic’s effects on nonstore and e-commerce retail sales : A temporary boost did not change the trend

The FRED Blog has discussed how the COVID-19 pandemic changed the sale volumes of different products, from groceries and alcohol to men’s clothing, sporting goods, pharmacies and drug stores. The social distancing required to manage the pandemic also impacted how people shopped, boosting online sales. Today, we compare nonstore and e-commerce retail…

As Russians seek a haven for assets, access to U.S. real estate won’t be easy

News reports from Russia this week show people lining up at ATMs and banks in a rush to withdraw cash as sanctions from Europe and the United States plunge the Russian Ruble to record lows. Some are now seeking to move their money overseas. An attorney who has worked with Russian buyers said many wealthy people — not oligarchs, but people…

Pinecrest retail building sells for $6M

The Lombardi family’s real estate company sold a fully leased Pinecrest retail building for $5.8 million. Miami-based Lombardi Properties, through an affiliate, sold the one-story property at 12441 South Dixie Highway to Carbonell Property Management, managed by Javier and Claudia Carbonell, according to records. The buyers borrowed $3.7 million from…

North Miami apartments sold for $10M in 1031 exchange

Javier Cervera Jr.’s real estate company sold three North Miami apartment buildings for a combined $10.1 million, part of a 1031 exchange tied to its recent purchase of Tropical Park Plaza… Cervera… sold the two-story adjacent properties spanning 1.2 ac. at 1505 and 1525 Northeast 135th Street, as well as at 1530 Northeast 136th Street. The buyer…

Berkadia Arranges Acquisition Financing for 104,356 SF Office Property in Coral Gables

Berkadia has arranged acquisition financing for 2000 Ponce, an eight-story, 104,356-square-foot office property in downtown Coral Gables, about five miles from Miami. The seller was an undisclosed private family owner. Charles Foschini, Chris Apone and Robert Iudice of Berkadia’s Miami office secured the undisclosed amount of financing on behalf of the…

More than half of workers back to the office in downtown Fort Lauderdale: report

Downtown Fort Lauderdale’s return to the office is outpacing that of major markets such as New York, San Francisco and Austin, as well as the national average, a new report shows. From 50 percent to 55 percent of workers were back to working in the office in February in downtown Fort Lauderdale, a 10 percentage point…

Falcone Group, Kaufman Lynn win bid to develop $149M mixed-use project in Oakland Park

Oakland Park selected a partnership of Falcone Group and Kaufman Lynn Construction to redevelop 4 city-owned acres, plus 2 adjacent privately-owned acres, into a massive mixed-use project featuring a woonerf. The Oakland Park City Commission on Wednesday approved authorizing city staff to begin negotiations on a development agreement with Falcone…

Assisted living facility in Margate sells for $16M

A Margate assisted living facility traded hands for $16 million. Property records show an entity led by Yanir Shrmaryou, president of Livewell Senior Living, sold the facility at 5850 Margate Boulevard. The buyer is an entity led by Hector Fernandez who heads Miami-based Reign Senior Residences. Fernandez financed the purchase with a $12.9 million…

Boca Raton investor allegedly concealed $3M warehouse sale from minority partner: lawsuit

A Boca Raton-based real estate investor allegedly kept a minority partner in the dark about a $3.2 million warehouse deal to avoid sharing the sale proceeds, according to a recently filed lawsuit. The partner, 1112 Development, is suing Mark Spillane, who owns the commercial real estate firm The Eire Companies; real estate attorney Mitchell McRae…

Doubling down: Grover Corlew buys another office building in Boca Raton

Grover Corlew paid $25.2 million for a downtown Boca Raton office building adjacent to another commercial property the company acquired eight months ago. The Boca Raton-based commercial real estate firm, led by Mark Corlew and Anuj Grover, bought Palmetto Park City Center at 120 East Palmetto Park Road, according to a press release. Completed in 1996…

Eretzor Group buys West Palm Beach apartments for $6M

Boca Raton-based Eretzor Group bought West Palm Beach apartments for $6 million, marking an exponential price jump in eight months, as investors’ appetite for South Florida multifamily projects continues unabated. Eretzor Group investment fund IV bought the 10-unit property at 2700 Broadway from a Boca Raton-based entity led by Rhahime Bell…

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March 9, 2022

Miami Commercial Real Estate News March 2, 2022: $240M Brickell Church Sale may be Blocked by Member; Ryder Selling HQ; 327-Unit Dev Planned for North Bay Village; More…

Ryder Puts Miami Corporate Headquarters Up for Sale

Logistics company Ryder System hopes to sell its corporate headquarters near Miami, saying it needs less office space in a post-pandemic world. Ryder System, a member of the Fortune 500, paid $42 million for the 16.8-acre campus at 11690 Northwest 105th Street in unincorporated Miami-Dade County in 2014, according to property records. Two years into…

Shoma Group to Develop 327-Unit North Bay Village Waterfront Community

Shoma Group has revealed plans for Shoma Bay, a 327-unit waterfront community in North Bay Village, Fla. The development designed by MSA Architects will break ground this summer and is slated for completion in 2023. The Shoma Bay apartments will be located in the Upper East Side submarket of Miami, an area with roughly 1,611 units in various stages…

Brickell church sale holdout could scuttle $240M deal with 13th Floor, Key International

Arnaud Karsenti’s 13th Floor Investments’ plan for an 80-story condominium tower on a church parking lot and school – the last developable waterfront Brickell site – could be scuttled by a congregation member who opposes the deal. 13th Floor and the Ardid family’s Key International, both based in Miami, want to purchase 2.2 acres that are…

Developers plan revamp of The Cloisters UM student housing with additional units

The Cloisters Miami student housing near the University of Miami is getting both a revamp and additional units. Atlanta, Georgia-based Landmark Properties will develop 36 townhouses with 168 bedrooms next to the existing Cloisters community at 5830 Southwest 57th Avenue in Miami. The Winter family’s Miami Beach-based investment firm W5 Group and…

Miami firm buys Coral Gables office building for $14M

A Delaware entity tied to a Miami firm paid $14 million for a Coral Gables office building with plans to update and lease out the mostly vacant property. In an off-market deal, 2000 Ponce Owner bought the seven-story building at 2000 Ponce de Leon Boulevard, according to records. The seller, 2000 Ponce de Leon Square, managed by Edmundo Kronfle, paid…

Cain International’s Justin Oates Talks 830 Brickell and Miami’s Office Stock

Perhaps the most buzzed-about address in Miami today is 830 Brickell. A partnership between Cain International and OKO Group is the force behind the 55-story trophy office tower, which so far has attracted mega-tenants including Microsoft and Canadian asset manager CI Financial (which doubled its space last month). The draw is clear: 830 Brickell offers…

MG3 buys Walmart Supercenter, adjacent retail in Miami-Dade for $70M

Fontainebleau Park Plaza at 9191 West Flagler Street in Miami with MG3 Group’s founders and Principals Marcelo Saiegh, Gustavo Bogomolni, and Hernan Leonoff: MG3 Group’s real estate investment trust bought the fully leased Fontainebleau Park Plaza with a Walmart Supercenter for $70 million. MG3 REIT bought the property at 9191 West Flagler Street in…

Self-storage firm buys Wynwood redevelopment site in Miami for $11M

A New York-based self-storage developer picked up a three-property assemblage in Miami’s Wynwood that is primed for redevelopment. Buyer Storage Deluxe, led by firm founder and chairman Steven J. Guttman, paid $11.3 million… consists of two adjacent warehouses repurposed as office space and a parking lot at 328, 330 and 342 Northwest 29th Street.

Developer Vlad Doronin distances himself from Russia’s war on Ukraine

Russian-born developer Vladislav Doronin denounced Russia’s invasion of Ukraine, distancing himself from Russia and President Vladimir Putin. Doronin, owner of OKO Group and the high-end hotel group Aman Resorts, was born in St. Petersburg when it was part of the former U.S.S.R. and started his real estate career developing properties in Moscow. Doronin…

Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall

Jackie Soffer’s Turnberry Associates wants to build a 14-story office and retail project near Aventura Mall — and link it through a pedestrian overpass to a future Brightline station… asking the city of Aventura for conditional use approval for the extra 2 stories of height from the currently allowed 12 stories on the 3.4 acre site at 2750 Northeast 199th Street…

San Francisco firm makes first South Florida office bet with $49M Wynwood Annex deal

Making its first real estate bet in South Florida, Brick & Timber Collective bought the Wynwood Annex office building in Miami for $49 million. The San Francisco-based commercial real estate firm closed on the 65,000-square-foot building at 215 Northwest 24th Street in an off-market deal, according to a press release. Sellers Related Group and New Yo…

Stellar Communities proposes 204-unit apartment project in Ojus

Developer Stellar Communities wants to build a 204-unit multifamily project in Ojus, south of Aventura Mall and near a future Brightline station. Dania Beach-based Stellar, through an affiliate, proposes an up to 15-story building on 1.6 acres at 18801 West Dixie Highway. It would have 13,326 square feet of ground-floor commercial space, according to an…

Progress of six legs of transit Smart Plan updated

The promise to improve Miami-Dade transit through six corridors of the Strategic Miami Area Rapid Transit (SMART) Plan, which the Miami-Dade Transportation Planning Organization Governing Board adopted in 2016, rolls on as state and local officials negotiate contracts, seek more funds, and design and construct phases of the six projects. The design phase of…

Major Overtown affordable housing project wins OK

The first phase of a major project to bring affordable housing to Overtown has won unanimous approval recommendation from Miami’s Urban Development Review Board. Culmer Place is to rise at 800 NW Fifth Ave. and provide attainable mixed-income housing on property owned by Miami-Dade County. The county bid out the first part of construction…

Danish Luggage Hero moving its home to Miami

With now more than 30 locations in Greater Miami and more than 1,100 locations in 45 cities worldwide, a luggage storage company from Denmark that is facilitating flexible traveling with more than 3 million hours of stored luggage is moving to Miami. Copenhagen-based Luggage Hero has for five years offered travelers a safe place to leave luggage for any…

Miami sidetracks funds to restore Miami Marine Stadium

The Miami City Commission has put off reauthorizing bond funding to restore historic Miami Marine Stadium for several months. The commission was to vote Feb. 24 to reauthorize issuance of bonds to help pay for long-awaited restoration. Instead, Commissioner Joe Carollo successfully deferred the vote after a lengthy explanation of why he wants to wait…

Javier Cervera Jr. buys Tropical Park Plaza near Westchester for $25M

Commercial real estate investor Javier Cervera Jr. bought the Tropical Park Plaza near Westchester for $25.3 million. Cervera, owner of Miami-based Cervera Real Estate Ventures, bought the 74,294-square-foot shopping center at 7971 Southwest 40th Street from Tropical Park Plaza LLC, according to a news release. The property, which spans 5 acres…

Talonvest Capital Arranges $21.4M Loan for Self-Storage Facility in Miami

Talonvest Capital has arranged a $21.4 million loan for a new self-storage facility in Miami. Situated near Interstate 95 and Miami’s Wynwood district, the seven-story property spans 106,940 square feet and comprises 1,100 climate-controlled units. An unnamed private investment firm based in New York provided the loan to the borrower, SpareSpace Storage…

Redevelopment play: Constellation Group buys Coral Gables office buildings for $10M

Constellation Group picked up a pair of small Coral Gables office properties for $10 million, where the seller previously planned a mixed-use project. An entity managed by Miami-based Constellation’s managing principal, Eduardo Otaola, bought adjacent office buildings at 4225 Ponce De Leon Boulevard and 4311 Ponce de Leon Boulevard

Lease roundup: Blockchain.com opening HQ on two floors at Cube Wynwd in Miami

Blockchain.com I Cube Wynwd | Miami Blockchain.com, a major player in tech, is opening its Miami headquarters on the top two floors at Cube Wynwd in Miami, bringing the building to full occupancy. Blockchain.com, which provides consumer crypto products, signed a 22,000-square-foot lease at Cube Wynwd, at 222 Northwest 24th Street, according to…

Crypto-talk: NFT Real Estate Through Propy

Last year, NFTs (Non-fungible Tokens) exploded in popularity. NFTs, or non-fungible tokens, are cryptographic “tokens” that represent a unique asset such as a piece of art, music, or other collectibles and certify ownership digitally. Most of this was related to tokenized digital art, but most people don’t know that NFTs have many more use cases. One of these is…

Alta plans waterfront North Miami condo project, pays $15M for apartment building on site

Raimundo Onetto’s Alta Developers plans to build a boutique waterfront condominium project in place of the closed Mid Bay Club Apartments in North Miami. The Miami-based company bought the 0.8-acre site at 11950 North Bayshore Drive for $15 million from Mid Bay Miami LLC, according to Alta’s broker. Alta is envisioning a 50-unit to 90-unit high-end…

Montreal investor picks up another Miami Beach Art Deco apartment building

Shortly after buying a Miami Beach Art Deco apartment building, a Canadian real estate investor purchased another similar property for $5.9 million. An entity managed by Michael Fischer and Chaim Gurman bought the 23-unit apartment building at 1319 Meridian Avenue, according to records. Fischer, who is based in Montreal, is president of Moteli…

Adam Neumann scores construction loan for Miami Worldcenter apartments, revealing site ownership

A company linked to WeWork co-founder Adam Neumann scored a construction loan for a new apartment tower at Miami Worldcenter, which will rise next to another building he recently acquired. Neumann has been investing in commercial real estate, with a focus on multifamily, since his exit from the New York-based coworking giant. A week ago, he paid…

AJ Capital Partners picks up Little River warehouse portfolio for $17M

AJ Capital Partners founder and CEO Benjamin Weprin and properties at 7133 Northwest Second Court and 7122 Northwest Second Avenue: In three deals totaling $17.3 million, an entity with ties to a Nashville-based real estate investment firm picked up a seven-warehouse portfolio in Miami’s Little River neighborhood. An entity managed by Benjamin Weprin…

Crane Arrives In Brickell To Begin Building 640-Foot Miami River Tower

The first pieces of a tower crane have arrived at the Brickell site where a 54-story tower called Miami River is now under construction. The cranes are planned to rise 760 feet above ground, according to a filing with the FAA in September. Arrival of the crane likely indicates that vertical construction will begin soon. Construction of a sea wall on the property also now…

Photos: Foundation Work Continues At Block 55 Vertical Retail & Residential in Overtown

Foundation work is continuing at the Block 55 project in Overtown, according to photos this week by Ryan RC Rea. Groundbreaking took place in June 2021, and foundation work has been ongoing since then. Block 55 will include: 578 affordable apartments for seniors; 250,000 square feet of retail space; 1,050 parking spaces; A 1,400 square foot police…

New York developer pays $146M for newly built Morea Apartments in Pompano Beach

The Benjamin Companies bought the newly built Morea Apartments in Pompano Beach for $145.5 million, underscoring the robust market for multifamily investment in South Florida. Garden City, New York-based Benjamin bought the property at 601 North Federal Highway from an entity tied to San Diego-based Fairfield Residential, according…

San Francisco investment firm pays $10M for Plantation office building

An entity with ties to a San Francisco-based investment firm bought a Bank of America-anchored office building in Broward County for $10.3 million. The entity, managed by Harvest Properties Associates, acquired the two-story, 34,890-square-foot building at 3800 West Broward Boulevard in Plantation, according to records. Harvest Properties Associates has…

Morgan Group, partners plan 452-unit Sunrise rental development with affordable housing

Morgan Group plans a rental development with 452 units, including 68 with below-market rents, on a Sunrise site with an abandoned ice-skating rink. Investors who assembled the 22.5-acre development site near the intersection of Oakland Park Boulevard and Pine Island Road have entered a joint venture with Houston-based Morgan Group to build the project…

Dynamic City Capital pays $74M for newly built AC Hotel by Marriott in Fort Lauderdale

A Utah-based hotel firm paid $74.3 million for the just completed AC Hotel by Marriott near the beach in Fort Lauderdale. Dynamic City Capital bought the 171-unit property at 3029 Alhambra Street from the hotel’s developers, Key International and Wexford Real Estate Investors, according to a joint Key-Wexford news release. Nick Plasencia of The Plasencia Group…

Beverly Hills firm forays into Florida with Boca Raton office and retail complex purchase

A Beverly Hills real estate firm plunged into Boca Raton’s office and retail market with a $12.6 million acquisition. Brickstar Capital bought Spanish River Plaza at 500 Northeast Spanish River Boulevard, according to a press release. The deal equates to $226 per square foot for the 56,034-square-foot, mixed-use complex with office and retail. That’s a bargain in Boca Raton…

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March 2, 2022

Miami Commercial Real Estate News February 23, 2022: Miami-Dade Plans Huge Redev in Downtown Miami; 3-Tower Brickell Dev Gets OK; More…

Miami-Dade plans massive redevelopment in downtown Miami

County authorities are working to redevelop over 20 acres of the downtown Government Center to include a transit terminal, affordable housing, and community cultural facilities and schools. Procurement for the first phase is expected during or after summer, but many details are still being discussed as the project encompasses many county departments. The purpose…

3-tower Brickell residential blockbuster wins quick OK

An entire city block in Brickell that’s remained vacant more than a decade is targeted for a large three-tower mixed-use development. With a current project name of 1420 S Miami Avenue, the owner-developers are promising more than 2.7 million square feet of floor area and 1,255 residential units, a mix of condos and rental apartments. The project was considered…

Mathieu Massa buys Miami Beach development site for $14M

Developer and restaurateur Mathieu Massa bought a development site in Miami Beach for $13.5 million. Property records show that an entity linked to Enrique Colmenares sold the lots at 427 22nd Street and 2206 Park Avenue to an entity led by Massa. The buyer took out a $6 million loan from City National Bank of Florida and a $2.5 million loan from the seller…

AMLI Residential keeps betting on Edgewater, pays $104M for apartments

AMLI Residential is betting again on the booming multifamily market in Miami’s Edgewater and Midtown neighborhoods, paying $104.2 million for an apartment tower. Chicago-based AMLI bought the Midtown 29 apartments at 180 Northeast 29th Street from Mesirow Financial and Morgan Group, according to records.

Rotem Rosen snags refi in Israel for Miami site, Manhattan hotel

Rotem Rosen’s MRR Development scored a loan worth $113 million to refinance the Hotel Indigo on Manhattan’s Lower East Side and purchase a site in Miami. Rosen along with his partner, Indian billionaire businessman Anand Mahindra, secured the loan through the Israeli bond market, marking one of the largest Israeli bond raises by a U.S. real estate…

Sea-level rise to prompt displacement of Miami’s low-income, minority communities, study finds

Sea-level rise and the resulting climate gentrification are expected to hit low-income, minority communities in Miami-Dade County the hardest, according to a new report. The county, as well as several of its cities and neighborhoods, have comprehensive policies to tackle the two issues at the nexus of climate gentrification — sea-level rise and housing…

Cheesecake Factory inks lease on Miami Beach’s Lincoln Road

The Cheesecake Factory inked a lease on Miami Beach’s Lincoln Road in the former Sushi Samba space, The Real Deal has learned. The publicly traded Cheesecake Factory, based in Calabasas, California, plans to open this fall at 600 Lincoln Road, according to Terranova Corporation Chairman Stephen Bittel. The restaurant group signed a 20-year lease, with renewal…

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…

Lease roundup: Breitling opens in Miami Design District, Sprouts leases in Coconut Grove

Breitling I Design 41 | Miami Swiss watch manufacturer Breitling opened a 1,832-square-foot store in the last available retail space in Miami Design District’s Northeast 41st Street corridor. Breitling rented the space at Design 41, at 112 Northeast 41st Street, according to a news release from the brokers. Tony Arellano and Joe Fernandez of…

County negotiates to trim Beach monorail line price

Miami-Dade expects a final price proposal in March for the Trunkline segment of the Miami Beach Corridor monorail, which exceeded its previously negotiated price of $586.5 million to reach almost $1 billion, to develop a final recommendation for county approval. The county is still negotiating with MBM Partners LLC regarding pricing on the…

Biggest sand pour in decade restoring Miami-Dade beaches

With sea turtles out in the ocean and permits approved, a major sand renourishment project is set to begin spreading over 10.5 miles of beach in Sunny Isles, Bal Harbour and Miami Beach. The Army Corps of Engineers delivered 830,000 cubic yards of sand for the decade’s largest spread, a $40.5 million project. “We have four hot spots that take the width…

New Tri-Rail snafu: locomotives may not fit platform

The $70 million project to bring Tri-Rail into a downtown Miami station has added to its long list of problems a new one: locomotives may hit the platform. Engineers are back on site to measure again the public system’s locomotives and determine what can be done to fix the problem. “The cantilever portion of the platform is what appears to interfere…

Public-private Riverside Wharf heads for groundbreaking

A major mixed-use project, Riverside Wharf, is on schedule to break ground this year in downtown Miami and open in 2025. Everything has been on track and moving forward since the project launched at the end of 2021, said the developer in an email to Miami Today. In December, Miami developer Alex Mantecon of MV Real Estate Holdings…

Miami Market Update: Transaction Volume Increases

In 2021, Miami’s office market saw $1.7 billion in office transactions, according to CommercialEdge. The metro’s sales volume has expanded significantly compared to 2020 levels, when it reached $345 million. The average price per square foot has also increased, from $184 year-to-date through December 2020 to $295 by the end of 2021, mirroring a…

Seagis Closes On 5.75 Acre Site In Doral, Plans To Add New Building To Transal Park Holdings

Seagis Property Group LP (“Seagis”)… continues its expansion across South Florida with its latest acquisition. The company announced it closed on a 5.75-acre development site located adjacent to Seagis’ Transal Park facility, which spans 113,000 square feet and is located at 8305 NW 27th Street. Seagis plans to break ground by year’s end on a modern, new 117,790…

Developer Bill Fuller wins appeals court ruling against his longtime foe, Miami commissioner Joe Carollo

Little Havana developer Bill Fuller and Miami commissioner Joe Carollo A federal appeals court handed developer Bill Fuller a key victory against his nemesis, Miami commissioner Joe Carollo, in a ruling that could affect how government officials crack down on the local real estate community. Earlier this month, the U.S. Court of Appeals denied Carollo’s petition to…

Miami-Dade Commissioner Files Legislation Requiring Notice of Rent Increase

On February 15, 2022, Miami-Dade County Commissioner Eileen Higgins announced on Twitter that she filed an ordinance in Miami-Dade County to protect renters countywide, in response to calls throughout Miami-Dade to protect tenants from rent increases with little to no notice. Earlier in February, the Miami Beach City Commission approved an ordinance…

Dan Kodsi plans mixed-use project with high street retail as “alternative to Aventura Mall”

Developer Dan Kodsi plans a major mixed-use project with apartments, offices, and high street retail in Aventura. Kodsi’s Miami-based Royal Palm Companies, through an affiliate, paid a reported $39.1 million for 9.6 acres on the northwest corner of Biscayne Boulevard and Northeast 213th Street. Reuven Tako and Jacqueline Tako of North Miami sold the properties…

Shoma Group to Develop 327-Unit Miami Waterfront Community

Shoma Group has revealed plans for Shoma Bay, a 327-unit waterfront community in North Bay Village, Fla. The development designed by MSA Architects will break ground this summer and is slated for completion in 2023. The Shoma Bay apartments will be located in the Upper East Side submarket of Miami, an area with roughly 1,611 units in various…

Gazit Globe proposes 504-unit apartment tower in Brickell

Tel Aviv-based Gazit Globe Group wants to build a 504-unit apartment tower in Miami’s Brickell, steps from Metrorail and Metromover stations. Gazit Globe’s U.S. subsidiary, Gazit Horizons, wants to develop the 642.8-foot tall — or more than 50-story — Brickell Gateway tower on a half-acre lot at 90 Southwest Eight Street

Video: Deloitte’s John D’Angelo Discusses his firm’s Commercial Real Estate Outlook 2022

Deloitte surveyed 400 senior executives of various companies all over the world with assets over $100 million. In this show host Michael interviews John D’Angelo, Real Estate Solutions Leader with Deloitte, on the top takeaways from the results of this (Deloitte) survey.  He notes that more that 80% of respondents expect business to be up in 2022, a general…

Terreno Realty pays $73M for two warehouses at Countyline Corporate Park

Terreno Realty bought two newly built, fully leased warehouses at Countyline Corporate Park for a combined $73.2 million, marking the investor’s ongoing shopping spree for South Florida industrial real estate. Terreno Realty bought the buildings totaling 407,000 square feet on 19.8 acres at 4281 and 4341 West 108th Street in Hialeah from an…

Video: CCIM Chief Economist K.C. Conway on Trends in Office Use & Values; highlights Miami at 23:50

In this video, CCIM Economist K.C. Conway shares his thoughts on how office use trends will impact the (office property) sector going forward. Discussion topics include vaccine requirements, square footage per employee, impact of remote / work from home trends, profitability of tenants, and opportunities for office property tenants, landlords…

How are disputes handled in your contracts?

An arbitration agreement serves as an effective tool, providing important benefits and protections to companies seeking dispute resolution involving customers. Working with an arbitrator who likely is a former judge or attorney who has extensive experience in the field, the parties will present their side of the story to the arbitrator in an effort to win their case.

Seagis buys industrial dev site in Doral for $16M

Seagis Property Group paid $16 million for a warehouse development site next to its Transal Park facility in Doral, marking the company’s ongoing bet on South Florida industrial real estate. The Conshohocken, Pennsylvania-based company plans to build a 117,790-square-foot building on 5.8 acres at the northeast corner of Northwest 27th Street and 84th Avenue…

Atlantic Pacific Cos. Opens Affordable Senior Community in Miami

Miami-Dade County Public Housing and Community Development and Atlantic Pacific Cos. have opened the 180-unit Northside Transit Village II Apartments in Miami. The property offers affordable housing to senior individuals earning between 22 and 60 percent of the area median income. According to Yardi Matrix data, Wells Fargo Bank provided $20.8 million…

Natural disasters caused $57B in property damage in 2021

Fire, water and freezing temperatures last year posed increasingly dangerous — and expensive — concerns for homeowners across the U.S. Natural disasters caused $56.9 billion in property damage in 2021, according to a new climate change catastrophe report from CoreLogic. Wildfires, floods, twisters and winter freezes hit nearly every major…

Adam Neumann pays $17M for retail at Las Olas Riverwalk in Fort Lauderdale

WeWork co-founder Adam Neumann bought a retail property in Fort Lauderdale, adding to his expansive South Florida holdings, The Real Deal has learned. An entity tied to Neumann paid $17 million for the retail component of Society Las Olas, a roughly 16,500-square-foot space at 301 Southwest First Avenue, according to sources. Scott Sherman and…

The Shvo Must Go On: The Bad Boy of Luxe Residential Has Become a Force in CRE

Michael Shvo is sitting in his office, high above Fifth Avenue, dressed in his signature black Armani T-shirt, singing the praises of chef Daniel Boulud. He’s the best, Shvo said. A great chef and a terrific person. To wit, Boulud is creating a residents-only dining space at Shvo’s new Mandarin Oriental condominium on Manhattan’s Fifth Avenue and in the…

AC Hotel by Marriott in Fort Lauderdale scores TCO

A 171-key AC Hotel by Marriott in Fort Lauderdale obtained its temporary certificate of occupancy. Developers Key International and Wexford Real Estate Investors scored the TCO for the property at 3029 Alhambra Street, near the beach, according to a joint Key-Wexford news release. The rooms at the 10-story property feature contemporary…

Hallandale Beach self-storage facility sells for $23M

The self-storage facility at 450 Ansin Boulevard in Hallandale Beach with City Line Capital’s President and CEO Rick Schontz and Boundary Companies’ Managing Partner John Wilkinson: Boundary Companies bought a Hallandale Beach self-storage facility for $23 million. Records show an affiliate of Bethesda, Maryland-based Boundary bought…

Avi Dishi drops $21M for Presidente Supermarket-anchored shopping center in West Palm Beach

Avi Dishi jumped into the South Florida grocery store-anchored shopping center frenzy with a $20.7 million purchase in West Palm Beach. An entity managed by the New York-based retail real estate investor bought the Shoppes at Cresthaven at 2675 South Military Trail, according to records. Dishi’s acquisition is anchored by a Presidente Supermarket store.

Harry Macklowe to Build Resi Development Near Dadeland Mall

Yet another New York-based developer is coming to Miami. This time, it’s one of the Big Apple’s most prominent players. Harry Macklowe’s Macklowe Properties is planning a mixed-use development near the Dadeland Mall in Miami-Dade County, a spokesperson for the developer confirmed to Commercial Observer. The project, designed by Miami-based firm…

Stephen Ross’ Related continues downtown West Palm office shopping spree with $35M deal

The two-building office complex at 400 and 450 South Australian Avenue in West Palm Beach with Wexford Real Estate Investors’ co-founder and President Joseph Jacobs, Key International’s founder Jose Ardid and Related Companies’ Stephen Ross: Stephen Ross’ Related Companies, already the biggest Class A office owner in downtown West Palm Beach, is…

JV plans downtown West Palm Beach office building, renovated retail project

Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue: A partnership led by Brand Atlantic Real Estate Partners unveiled plans for a new office building and renovated retail project in downtown West Palm Beach. West Palm Beach-based…

Multifamily real estate magnate pays $9M for Palm Beach commercial building

Multifamily real estate mogul Joseph “Jay” Biggins, and his clothing and furniture store owner wife, Letty Biggins, paid $8.8 million for a vacant commercial property in Palm Beach. The Bigginses, through an affiliate, bought the L-shaped building and smaller outbuilding at 353 Peruvian Avenue from Steve & Linda Horn Inc., according to records. This was…

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February 23, 2022

Video: Deloitte’s John D’Angelo Discusses his firm’s Commercial Real Estate Outlook 2022

Deloitte surveyed 400 senior executives of various companies all over the world with assets over $100 million. In this show host Michael interviews John D’Angelo, Real Estate Solutions Leader with Deloitte, on the top takeaways from the results of this (Deloitte) survey.  He notes that more that 80% of respondents expect business to be up in 2022, a general sense of revenue optimism, with the exception being office property respondents. Efforts toward sustainability are also discussed, as are things being done to improve the tenant experience.

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February 18, 2022

Video: CCIM Chief Economist K.C. Conway on Trends in Office Use & Values; highlights Miami at 23:50

In this video, CCIM Economist K.C. Conway shares his thoughts on how office use trends will impact the (office property) sector going forward. Discussion topics include vaccine requirements, square footage per employee, impact of remote / work from home trends, profitability of tenants, and opportunities for office property tenants, landlords and investors. For those giving thought to what the office environment will be like after the pandemic and how this will affect the office property market, this is a great video for some input and to get yourself thinking about the possibilities. 

Make sure to get to or fast forward to 23:50 when K.C. highlights some good things Miami is doing. I think he might be impressed.

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February 17, 2022

Miami Commercial Real Estate News February 16, 2022: Hialeah Industrial, 2 Kendall Multifamily Dev Sites Sell; Soccer Stadium Study Ordered; More…

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…

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February 16, 2022

Considering Holding vs. Selling & Reinvesting Underdeveloped Land

We previously posted an article comparing holding vacant land vs. selling and reinvesting the proceeds. A similar situation that we often run into is that of underdeveloped property. Such property is generating income, but as a percentage of market value income well under market rates. This happens as the land value becomes greater than the value of the income from an existing improvements, i.e. when the highest and best use is clearly something different than the current one.

Vacant land for development has value relative to what income it could generate if it was developed. Similarly underdeveloped land has value relative to what income it could generate if it was fully developed. Given that, though it may outperform or underperform in the near term, development land, including undeveloped land, broadly speaking over time tends to move in line with growth in NOI (net operating income). Thus, one can compare holding underdeveloped land versus selling and reinvesting at prevailing cap rates, making assumptions for NOI growth rates with values then increasing in proportion to this rate.

In the chart and table above, holding versus selling and reinvesting is compared for a $10 million property assuming a 1.5% growth rate for net operating income, $130,000 of net operating income (1.3% cap rate) for the property under consideration, a 5% cap rate (net operating income / investent) for reinvestment of sales proceeds into developed commercial property, and accumulation of income for both scenarios at 3%. As can be seen, the additional income adds up over time, in this hypothetical calculation accumulating such that the property and accumulated income for the sell and reinvest option grows to 163% of the hold option.

“Pure mathematics is, in its way, the poetry of logical ideas.”

~Albert Einstein

Allow me to note a couple of things about these calculations. I’m not an accountant*, and in any case I make mistakes. Thus, do not rely on my calculations. Instead, review them with your professional advisors, using this as only a conceptual framework for comparison. In particular, note that this ignores taxes completely. However, if you used a 1031 exchange to continue to defer taxes, having more improvements as a percentage of your cost basis I believe would only make the sell and reinvest strategy more attractive, relatively speaking. Again, consult with professional advisors to be sure. Also, if you find any fault with this post or my logic, let me know.

*But I have stayed at a Holiday Inn Express

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February 10, 2022

Miami Commercial Real Estate News February 9, 2022: Hialeah Industrial Development Site Trades for $29M, Miami Beach’s Sixty Six Condo-Hotel for $24M; More…

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…

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February 9, 2022

Miami Commercial Real Estate News February 2, 2022: Miami River Development Site Hits Market; Industrial Market Sets Records; More…

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.

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February 2, 2022

Miami Commercial Real Estate News January 26, 2022: Element Hotel Near MIA Sells; Historic Deauville to be Demolished; South Miami Dev Sites Bought; More…

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…

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January 26, 2022