Miami Commercial Real Estate News March 27, 2019: Judge Upholds MLS Stadium Referendum; Hotel Rooms May Double; More…

Tommy Hilfiger to close stores in NY, Miami Beach

Another Fifth Avenue fashion titan has announced it will shutter its flagship on the famed shopping strip, serving a reminder of the decline of brick-and-mortar retail. Tommy Hilfiger will close its 22,000-square-foot store at 681 Fifth Avenue, according to Women’s Wear Daily. The company will also reportedly close its store on Collins Avenue in Miami at the end of April. In a statement to WWD…

Miami seeks proposals for major bayfront development

Maurice A. Ferré, a long-time City of Miami mayor, is not happy that the city that just renamed a waterfront park in his honor plans major redevelopment of adjacent city-owned property, including what’s known as the FEC Slip downtown. In a March 25 letter to the mayor and city commission, Mr. Ferré voices objections to a plan to put a Ferris wheel at Bayside Marketplace, and to an active request for…

American Airlines club deal nets county $80 million

A deal to expand American Airlines’ VIP club space at Miami International Airport (MIA) by more than 52% and yield Miami-Dade County more than $80 million over a decade is one vote from approval. County lawmakers in a tourism committee last week forwarded a 10-year lease agreement with the air carrier to a final April 9 vote. If given the OK, the new deal, sponsored by Commission Vice Chairwoman…

Ready Capital Provides $8M Acquisition Loan for Vacant Retail Property in Miami

Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant…

Alton Gateway changes marching forward

The Alton Gateway developers have proposed changes in their original plans for the condominium tower, park and retail off the MacArthur Causeway entrance to Miami Beach. The amendments passed a first reading this month and are due a final vote in April. The Alton Gateway Development is to bring a luxury condo, three-acre park and retail behind Bentley Bay Condominiums and the Floridian.

University of Miami dorms learning sites

When the University of Miami administration decided to replace its 50-year-old dorms with two sleek new clusters of mixed-use buildings, the focus changed. “This isn’t just housing; it’s an extension of the learning environment,” said Jim Smart, UM’s executive director of Housing and Residential Life. Buildings in each cluster feature housing on the upper floors and classroom, office, recreational, study…

Logistics Company Renews 364,608 SF Industrial Lease in Miami

Ceva Logistics, a global logistics supply chain company, has renewed its long-term, 364,608-square-foot lease to fully occupy 5601 NW 72nd Avenue in Miami. The industrial property is situated about seven miles west of Miami International Airport. Thomas Kresse, Ben Eisenberg Walter Byrd and Carlos Gaviria of Transwestern Commercial Services represented the landlord, Clarion Partners, in the lease…

Ex-Mayor Maurice Ferré pleads to bar bayfront Ferris wheel

One of Miami’s most revered and celebrated former mayors, Maurice A. Ferré, this week delivered a strong message to current leaders at City Hall: Save the waterfront. In a detailed, four-page March 25 letter sent to Mayor Francis Suarez and all five commissioners, the long-time mayor and community leader pleaded with them to protect public open spaces and parks. Mr. Ferré specifically opposes a…

Insurance premiums could rise as more extreme storms hit coastal markets

It’s no secret that coastal homes are becoming more vulnerable to extreme weather and other effects of climate change. But the cost of living on the coast has remained relatively stable in waterfront areas of Miami Beach and the Northeast. That’s partly due to an influx of capital in the insurance industry that has increased competition and kept premiums artificially low, Bloomberg reported. At the…

Brickell House condo owners reach $32M settlement over failed robotic parking

When Brickell House opened in 2014, condo owners thought they were buying into an ultra-modern luxury tower with panoramic views of Biscayne Bay and a new state-of-the-art robotic car elevator that would bring them their cars within 10 minutes. Shortly after closing on their units, however, buyers realized the dream of hassle-free smart parking wasn’t to be: The technology flopped, the elevator’s…

Baywood buys Red Roof Inn near MIA

Baywood Hotels paid $13.1 million to buy a Red Roof Inn near Miami International Airport, amid a growing hotel market. The Maryland-based company bought the 200-room hotel at 3401 Northwest 42nd Avenue for $65,500 per room from Ontario, Canada-based Westmont Hospitality Group. Westmont Hospitality Group previously paid $7.35 million for the 83,765-square-foot building in 1996…

“We’re losing money every day”: Moishe Mana urges patience on downtown Miami plans

Moishe Mana wants you to be patient. Mana, downtown Miami’s biggest landlord with roughly 45 properties on and near Flagler Street, said he’s finally ready to move forward with his plans for the area. Over the past several years, he’s spent at least $350 million acquiring real estate in downtown Miami, in addition to the land he owns in Wynwood. But he has made little progress on launching an art and…

Downtown Miami’s Hotel Sector Shines On

Downtown Miami has recorded a 37 percent increase in overnight stays over the past five years, according to a recent tourism report released by the Miami Downtown Development Authority. This is due to the region’s growing appeal as a leisure destination, growth of passenger volume at Miami International Airport and PortMiami, as well as the area’s enhanced business activity. More than six million…

David Beckham’s Soccer Club Tries To Win Over Miami While Flirting With Fort Lauderdale

David Beckham’s new Major League Soccer team, Inter Miami, has gone through a lot — multiple proposed-then-nixed stadium sites, a key public vote, legal challenges and scads of political battles — to get where it is now: negotiating to build a 25,000-seat stadium and $1B mixed-use project on a city-owned golf course. In the meantime, because the team is scheduled to start playing in 10 months, it…

New apartments near Coral Gables hit the market with rents starting at nearly $2,000

New York City-based Greystone Development started leasing The Aura, a new 100-unit apartment building near Coral Gables with monthly rents starting just under $2,000. Greystone is offering one-bedroom, one-bathroom units for $1,995 to $2,280 per month. Two-bedroom units with two or two-and-a-half bathrooms are available for $2,700 to $3,190 per month. The company currently…

Judge upholds Miami referendum on land lease negotiations for soccer stadium project

A judge upheld the result of a Miami referendum authorizing the city to negotiate a lease for a stadium where David Beckham’s Major League Soccer team would play. The ruling by Miami-Dade Circuit Judge Mavel Ruiz preserved the outcome of the referendum in November, when 60 percent of Miami voters authorized the negotiation of a 99-year lease for the development of a stadium and…

Video: Discussion of Multifamily and Housing from Expectations and Market Realities Outlook Report of NAR, Deloitte, & Situs RERC

Observations and expectations related to multifamily and housing as discussed in the report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC, are discussed, The discussion is held by George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR). He talks about the continued strength in the multifamily…

Mo Vaughn’s firm sells Miami River affordable housing building

A company led by former Major League Baseball All-Star Mo Vaughn sold an affordable housing building in the Miami River District for $6.8 million. An affiliate of Vaughn’s Omni New York sold the 61-unit Temple Court Apartments at 431 Northwest Third Street for $111,475 per unit. The buyer is an affiliate of the Atlantic Housing Foundation, a Dallas-based affordable housing…

Miami’s Next Generation: 5 30-Somethings Doing Big Real Estate Deals

Not all millennials are crying into their avocado toast over their crushing student loan debt — some of them are already out developing real estate. Of course, it helps to have been born into the business, like Related Group Vice President Jon Paul Perez or hotel scion Dev Motwani of Merrimac Ventures, two of six men who made up a lively panel discussion during last week’s Bisnow Fort Lauderdale State…

Arbor Coconut Grove nabs construction loan

The developers of the Arbor Coconut Grove, a boutique luxury condo project, closed a nearly $21 million loan to complete construction. Property records show 3034 Oak Park LLC closed on the $20.7 million in financing, which adds to a $2.3 million bridge loan from 2017. trez Forman Capital is the lender. Trez Forman President and CEO Brett Forman arranged the financing, according to a press…

Miami to see oversupply, high vacancies in CRE and multifamily by 2020: report

Between now and the end of next year, urban neighborhoods from Brickell to Midtown Miami will see the completion of several signature mixed-use projects. Yet, as a result, Miami’s urban core is going to experience an oversupply and high vacancy rates in the retail, multifamily and office markets, according to a recent CoStar report. The report, prepared for the Commercial Industrial Association…

Save Thousands With an ADA Inspection

As the owner of a commercial building, making sure that your investment is ADA compliant is your responsibility. But ADA compliance is about more than ramps and parking spots. There is a long list of standards that your building must meet in order to be ADA compliant. And the only way to make sure that you’re adhering to those standards is to get a professional ADA inspection. Can You Afford…

Zom partnership plans mixed-use project on Ludlam Trail

Zom Living, Scout Capital and Mattoni Group paid $36 million for a portion of the Ludlam Trail in Miami, where they plan to build a mixed-use project. Florida East Coast Industries sold roughly 13 acres of land to the joint venture, which includes 6 miles of unused rail tracks and a 100-foot right of way where the tracks previously were, according to a release. Zom and its partners plan to build 950…

Downtown Miami’s hotel pipeline could more than double existing supply: report

Developers are banking on rising demand for hotels in Greater Downtown Miami, where the pipeline of new development includes more than 12,000 hotel rooms spread across 43 projects. A new report from the Miami Downtown Development Authority found that the number of rooms planned – nearly 4,000 – and the number of rooms proposed – roughly 8,200 – would lead to more than doubling…

Miami investor buys industrial site next to Florida Turnpike

Investor Peter Greither sold an industrial property next to the Florida Turnpike in Miami to an affiliate of Rodan Property Management for $12.25 million. Greither’s Greither Holdings LC sold the 5.8-acre property at 14121 to 14267 Southwest 119th Avenue. The buyer is Rodan X LLC, which is tied to Alireza Shadravan of Coconut Grove, according to Central Commercial Real Estate. Enrique Jordan of Central…

Here are South Florida’s top 5 retail sales from February

Commercial real estate firm KLNB paid $18.3 million to buy a CVS-anchored building on Washington Avenue in Miami Beach, two years after it hit the market. KLNB bought the two-story,12,443-square-foot building at 983 Washington Avenue for $1,470 per square foot, records show. Club Invest Group LLC, which is managed by Eugenio Marrapodi, sold the property to the Washington, D.C.-based…

Fed Reserve holds rates steady amid weakening housing market

The Federal Reserve said it will hold rates steady and signaled it would likely not raise rates for the rest of the year amid worries over economic growth. In a statement, the Fed stressed again that it will remain patient in making future rate changes. The decision marked a change from the past few years. The Fed increased rates four times in 2018 and and nine times overall since December 2015. It said in…

Late Real Estate Exec Andrea Greenberg’s sister, friends speak out over ex-boyfriend’s death

New alleged details surrounding the death of Andrea Greenberg and the recent apparent suicide of her ex-boyfriend are being unveiled by Greenberg’s sister and former friends of the couple. Alejandro Aparicio died earlier this month in an apparent suicide after he rammed his motorcycle head-on into an 18-wheel truck in the Everglades. He was facing charges of grand theft, organized fraud and forgery for…

Real Estate Exec Andrea Greenberg’s ex-boyfriend dies in apparent suicide

Alejandro Aparicio, the ex-boyfriend of the real estate marketing executive Andrea Greenberg who was charged with stealing from her estate, died on Sunday in an apparent suicide. Aparicio rammed his motorcycle head-on into an 18-wheel truck in the Everglades, sources told The Real Deal. The Miami-Dade Medical Examiner confirmed Aparicio’s death, but spokesperson Martha Diaz said the case is…

Linkpoint sells Chase-occupied building in booming Miami River District

Linkpoint Properties sold a Miami River District building that could be ripe for redevelopment, as investors continue to target the area for new projects. Investment firm Inversiones Sion LL paid $7.9 million for the 11,577 square-foot building with a parking lot. The property is on 1.67 acres, and is located at 1400-1404 Northwest 17th Avenue in Miami. Built in 1975, the building is occupied by a JPMorgan…

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March 27, 2019

Video: Discussion of Multifamily and Housing from Expectations and Market Realities Outlook Report of NAR, Deloitte, & Situs RERC

Observations and expectations related to multifamily and housing as discussed in the report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC, are discussed, The discussion is held by George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR). He talks about the continued strength in the multifamily property market, noting the constraint of supply as most new product is of the pricier class A type property. Although supply slightly outpaced demand in the prior year, he expects supply constraint to continue to be the primary story, but he does note a slowing in rent growth of late.

March 23, 2019

Miami Commercial Real Estate News March 20, 2019: Wawa Opening First Three Miami-Dade Stores; Green Light for North Miami Mixed Use Project; More…

Miami Developer Charged in Bribery Case Wants to Funnel Magic City Money to His Kids Too

This past Tuesday, Miami developer Robert Zangrillo was charged with crimes as part of a national FBI investigation into rich Americans who bribe colleges into admitting their spoiled, underperforming kids. Zangrillo allegedly paid an intermediary to make it appear as if his daughter, who had failed an art history class among other lackluster achievements, deserved to get into the University of Southern…

Miami Industrial Sale Arranged

Cushman & Wakefield has assisted DFJ East Properties LLC in the sale of Miami 25 @ MIC, a 77,820-square-foot small-bay flex industrial property. The asset traded for nearly $8.6 million. Located between 3901-3977 NW 25th and 3900-3960 NW 26th streets in Miami, the property is located near Miami Intermodal Center and just 1.7 miles east of Miami International Airport. MIC is a multi-modal ground…

Wawa to Open Its First Three Miami-Dade Stores This Spring

Wawa has announced it plans to hire 150 workers as it prepares to open its first stores in Miami-Dade this spring. The popular Pennsylvania-based chain of convenience stores has a loyal following of fans who flock to the well-lit shops for their fast-casual menu of freshly prepared foods, made-to-order hoagies, specialty beverages, and breakfast items, along with fuel services and surcharge-free…

Ram Tool Signs Long-Term Lease Deal At Doral’s International Corporate Park

Ram Tool Construction Supply Company, a specialty construction supply distributor, inked a long-term, 30,465-square-foot lease at 1600 NW 102nd Avenue in Doral, within International Corporate Park. The 30,465 square foot facility includes ±8,674 square feet of existing office and is situated on a ±4.02 acre site. The new location, which was needed due to the…

Fed Reserve holds rates steady amid weakening housing market

The Federal Reserve said it will hold rates steady and signaled it would likely not raise rates for the rest of the year amid worries over economic growth. In a statement, the Fed stressed again that it will remain patient in making future rate changes. The decision marked a change from the past few years. The Fed increased rates four times in 2018 and and nine times overall since December 2015. It said in…

Real Estate Marketing Exec Andrea Greenberg’s ex-boyfriend dies in apparent suicide

Alejandro Aparicio, the ex-boyfriend of the real estate marketing executive Andrea Greenberg who was charged with stealing from her estate, died on Sunday in an apparent suicide. Aparicio rammed his motorcycle head-on into an 18-wheel truck in the Everglades, sources told The Real Deal. The Miami-Dade Medical Examiner confirmed Aparicio’s death, but spokesperson Martha Diaz said the case is under…

Linkpoint sells Chase-occupied building in booming Miami River District

Linkpoint Properties sold a Miami River District building that could be ripe for redevelopment, as investors continue to target the area for new projects. Investment firm Inversiones Sion LL paid $7.9 million for the 11,577 square-foot building with a parking lot. The property is on 1.67 acres, and is located at 1400-1404 Northwest 17th Avenue in Miami. Built in 1975, the building is occupied by a JPMorgan Chase…

Experts Round-Up: Uses for Filling Vacant Retail Space

The retail landscape is constantly changing, and retail companies as well as landlords have to stay on top of current trends in order to stay competitive with their retail spaces. This is especially due to shifts in shopping trends, particularly with e-commerce impacting the industry. To put things into perspective, retail sales in the U.S…

‘Fantastic deal’ with Federal Express at Miami International Airport ~ land lease, development

In what Miami-Dade Aviation Director Lester Sola described as “a fantastic deal,” county lawmakers have approved a 32-year, $111 million land lease and development agreement with Federal Express and landlord Aero Miami FX at Miami International Airport. Commissioners unanimously and without discussion OK’d the deal March 19, just six days after it cleared the county’s Transportation and the Ports…

Public marinas in City of Miami in murky waters

The fate of the public marinas in the City of Miami remains unclear as city officials debate the best practices that would bring in the most revenue to a city facing growing financial challenges. Beginning in 2018 and spilling over into this spring, commissioners are discussing the operations at city-owned and operated marinas, and those on city-owned land but managed by a private company. The venues…

Miami Beach OKs bonds for 38 projects

Miami Beach has approved the first tranche of $153 million of a $439 million general obligation bond issuance. The city plans to undertake 38 of the 57 projects the entire bond program is to fund. The tranche is to fund 38 projects across the city. The budget from the bonds for the next two to three years includes $87.7 million towards parks, recreational and cultural facilities; $36.9 million for police…

Juggernaut mall touted to replace Miami golf course

Miami Commissioner Joe Carollo is convinced a mall built beside Miami International Airport on city-owned land that today is a golf course would become one of the nation’s most successful commercial ventures and a huge financial boon to the city for decades. Mr. Carollo’s determination that Melreese Golf Course be redeveloped was apparent after he commented on legislation to push the…

Surprise move unsnarls Miami-Dade transit surtax

After a decade of subsidizing existing services, the surtax known as the “half-penny” this October will return to its original purpose: paying for additions, improvements and expansion of transportation, transit and infrastructure across Miami-Dade. In a surprise move Tuesday, Commissioner Rebeca Sosa withdrew an item she’d sponsored that would have postponed unwinding half-penny dollars from the…

Waterfront apartment building in Edgewater hits market for $5M

A 10-unit waterfront apartment building in Miami’s Edgewater neighborhood is listed for sale for $4.9 million, marketed as a development site for a condo tower. Miami-based Sky Beach Realty is listing the apartments at 530 Northeast 29th Street. The seller, King Me 29 Street LLC, is led by Rommey Bahhur. Bahhur bought the small apartment complex on the 6,300-square-foot lot in 2016 for $2.7 million…

Video: NAR’s George Ratiu Discusses Office, Industrial, & Retail Properties from the Deloitte/NAR/Situs RERC Expectations and Market Realities Report

George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR), appears on this commercial real estate related talk show to talk about the annually issued report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC. In this episode office, industrial, and retail properties are discussed, as well as the economy overall and…

New 2018 Report Outlines Doral’s Flood Protection Efforts

In an effort to improve public safety and protect Doral’s buildings, properties, and residents, the City of Doral recently conducted a Community Rating System (CRS) 510 Progress Report for Fiscal Year 2018. The objective of the CRS Activity 510, Floodplain Management Planning, is to credit the production of an overall strategy of programs, projects, and measures which will reduce the adverse impact of…

Sons of “love hotels” magnate set to redevelop part of Miami real estate portfolio

The heirs to a popular chain of couples’ hotels are planning to redevelop one of their Miami properties at 4601 Southwest 8th Street into a 96-unit apartment building, signaling the continuing attraction of multifamily investments in the city’s outer neighborhoods. Applicants Julio del Rey, Jr. and Jorge del Rey filed plans with the city of Miami last week to build an eight-story multifamily…

Miami taps Urban Land Institute to evaluate sea-rise plan, infrastructure investment

Taking a cue from Miami Beach, the city of Miami is hiring the Urban Land Institute to study its master plan and infrastructure projects designed to address the impacts of sea level rise, especially in waterfront neighborhoods from Coconut Grove to Edgewater. The Miami City Commission last week approved a $135,000 contract that calls for a ULI panel to recommend ways that the city and the private…

As developers descend on Little Haiti, nonprofit plans affordable housing

A Haitian American nonprofit plans to construct a 96-unit mixed-use apartment building in Little Haiti. The Haitian-American Community Development Corp. filed the plans with the city of Miami for a new eight-story building at 181 Northeast 82nd Street, the site of the organization’s current headquarters. The local nonprofit, which focuses on building affordable housing in the area, also included 8,000…

North Miami gives nod to $50M mixed-use senior apartment project

The North Miami City Council gave the green light to Residences at NoMi, a planned $50 million mixed-use senior apartment complex. The 175-unit project, developed by Trise Development, has been in the works for three years. It has been delayed due to neighborhood objections to the original plan which many residents considered too… Residences at NoMi, at 950 Northeast 124th Street…

What is the Miami Sea Level Rise Plan?

The question arises in connection with the calls made about sea level rise and the alarms that ignite every time a hurricane passes near its shores. The floods and devastation that climate change is causing worldwide, are not so far from Miami. The effects of climate change are beginning to worry investors and Miami authorities because of the city’s location. Despite being surrounded by water, Miami has been…

Baptist Health enters joint venture to develop senior living center in Coral Gables

Baptist Health South Florida and Belmont Village Senior Living formed a joint venture to develop senior living centers in Coral Gables and elsewhere in South Florida. Baptist and Houston-based Belmont plan to develop their first South Florida senior living project at 250 Bird Road in Coral Gables. Construction is expected to start in mid-2020 and conclude within two years of the groundbreaking. Belmont…

Islamorada Property of Former Girlfriend-Turned-Business-Associate of Victor Posner hits market in bankruptcy sale

Brenda Nestor’s Islamorada property is hitting the market in a bankruptcy sale. The 8.4-acre stretch of oceanfront land on Windley Key is zoned for residential development. Avison Young’s John K. Crotty, Michael T. Fay, Jay Ziv, David Duckworth and Brian C. de la Fé are handling the sale of the vacant Islamorada property on behalf of the U.S. Bankruptcy Court. Qualifying bids of at least $1.835 million…

Ken Griffin considered moving Citadel to NYC, until backlash against Amazon

Ken Griffin, the billionaire CEO of Citadel, considered uprooting the Chicago-based hedge fund and moving to New York — until the backlash against Amazon’s plans for a new campus in Long Island City. The political backlash against Amazon in New York “has dramatically reduced our interest in moving our headquarters here,” Griffin told Bloomberg. He called the e-commerce empire’s…

Fifield Companies plans 500-plus unit apartment tower at Miami Worldcenter

Another developer is joining the action at Miami Worldcenter. Chicago-based Fifield Companies filed plans for a 533-unit rental tower at the mixed-use project in downtown Miami. Fifield is proposing a 47-story, 738,000-square-foot building with about 15,000 square feet of retail space on the northeast corner of 10th Street and First Avenue. The developer will go before the city’s Urban Development Review…

Matheson family sells industrial property near Coral Gables

of the Matheson family sold an industrial property near Coral Gables for $13 million. Brooks and Joan Matheson, whose family was once one of the largest property owners in Key Biscayne, sold the 43,785-square-foot property with a small building at 3898 Shipping Avenue for $296 per square foot for the land. The buyer, 3898 Shipping Ave LLC, is tied to Maira and Hector Castellon. The lot totals about 1…

Congress re-examines bill that would expose beneficial owners of LLCs

A bill that would require anonymous LLCs to disclose their beneficial owners is back on the table. Congresswoman Carolyn Maloney, of New York’s 12th congressional district, presented a draft of the Corporate Transparency Act of 2019 during a congressional hearing on Wednesday. Under the bill, corporations and LLCs would be required to disclose their beneficial owners to the Financial Crimes…

Boardwalk Properties seeks sale of South Beach apartment portfolio

A portfolio of more than 100 apartment units in South Beach is hitting the market and is expected to sell for $27 million according to Cushman & Wakefield, The Real Deal has learned. Boardwalk Properties owns the six renovated properties at 1501 Michigan Avenue, 1100 10th Street, 942 Lenox Avenue, 1606 West Avenue, 1135 Eighth Street and 1521 Michigan Avenue, property records show. Cushman…

Miami-Dade ethics commission dismisses complaint against Beckham group

The Miami-Dade Commission on Ethics and Public Trust dismissed an ethics complaint tied to Miami Freedom Park and Miami Beckham United’s plan to build a multimillion-dollar mixed-use complex with a Major League Soccer stadium. Attorney David Winker filed the complaint days before Miami residents were set to vote on a referendum that would allow the David Beckham-led group to begin…

Video: Highlights of Deloitte, NAR, and Situs RERC Produced Report, Expectations and Market Realities Outlook Report 2019 ~ Uncharted Territory, are Discussed by NAR’s George Ratiu

George Ratiu, Director of Quantitative & Commercial Research with the National Association of REALTORS (NAR), joins the host of America’s Commercial Real Estate Show to discuss in some depth the annual Market Expectations and Realities Outlook Report for 2019 ~ Uncharted Territory, just published by NAR, Deloitte, and Situs RERC. They’ve elected to add “Uncharted Territory” to the title of this…

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March 20, 2019

Video: NAR’s George Ratiu Discusses Office, Industrial, & Retail Properties from the Deloitte/NAR/Situs RERC Expectations and Market Realities Report

George Ratiu, Director of Quantitative & Commercial Research with the National Association of Realtors® (NAR), appears on this commercial real estate related talk show to talk about the annually issued report, Market Expectations and Realities, a combined effort of NAR, Deloitte, and Situs RERC. In this episode office, industrial, and retail properties are discussed, as well as the economy overall and the possible effects on each. He talks a bit about changes in these markets, including the introduction of multistory industrial properties, including one currently under construction in Brooklyn that is four stories tall. He submits that the retail-is-dead story has been overplayed, that the pain is isolated to certain parts of the sector, which he refers to as “as a lot of change” instead of pain, combined with a lot of nuances, including quite a bit of growth in neighborhood shopping centers, particularly those anchored by grocery stores.

March 19, 2019

Miami Commercial Real Estate News March 13, 2019: Magic City Innovation District Investor Indicted; Kushner Launching $550 Mil Project in Edgewater; More…

Kushner Launching First Miami Project: A $550M Apartment Complex

The Kushner Cos. is launching a major apartment project in Miami, Bisnow has learned, the first in Florida for the third-generation real estate business. Courtesy of Dorsky + Yue International Rendering of 2000 Biscayne Boulevard, an upcoming project in Miami from Kushner Cos. Kushner Cos., the business now led by the brain trust of Charles Kushner, Nicole Kushner Meyer and Laurent Morali…

A main investor in Magic City Innovation District is among those indicted in major college admissions fraud scheme

Three real estate developers and investors were among the 33 parents indicted in the Justice Department’s largest-ever college admissions investigation, which federal prosecutors revealed Tuesday. Miami developer Robert Zangrillo and Los Angeles developers Bruce Isackson of WP Investments and Robert Flaxman of Crown Realty were charged in the scandal, which involved parents allegedly…

South Florida’s Dominant Grocer Trying To Outmaneuver Whole Foods, Trader Joe’s

Like a lion who dominates the savannah with no predators in sight, Publix for decades enjoyed a comfortable spot atop the South Florida grocery hierarchy. Winn-Dixie shriveled and died in the shadow of the clean and friendly Publix, and specialty or Latin-focused grocers never came close to matching Publix’s numbers. But little by little over the past 10 years, competitors have set up shop, and now…

Foot bridges, tunnels to link to Hard Rock Stadium

Construction linking pedestrians to Hard Rock Stadium is a go, as Miami-Dade lawmakers have granted an aerial easement allowing one of two planned foot bridges to be built over a county-owned roadway in Miami Gardens. By September – just in time for the onset of the NFL regular season and five months before the stadium hosts Super Bowl LIV – the bridges over an adjacent Florida Turnpike exit and…

Florida Bill Would Create Commissions For Opportunity Zones

Every year, Florida’s state legislature meets for a single, 60-day session. This year’s session began March 5, and among the bills being considered is House Bill 481, which would create development agencies for each opportunity zone in the state. The bill — a revival of the Florida Enterprise Act, which applied to enterprise zones — was introduced by Democratic state Rep. Anika Omphroy from western…

Commissioner probes details of David Beckham group deal

Miami Commissioner Manolo Reyes wants a status report from administrators on their negotiations with the David Beckham group for a long-term lease of a city-owned golf course adjacent to Miami International Airport. Mr. Reyes also wants to be able to vote on the lease before the November election, in which he will be running to keep his position. These desires are woven into a proposed resolution on…

Little Haiti development back on Miami’s agenda

A controversial development planned for Little Haiti that has deepened the divide on the Miami City Commission is back before commissioners today (3/14). Three planning and zoning items for the planned Magic City Innovation District are again on the commission’s agenda, after a tumultuous marathon meeting Feb. 28 ended with infighting and use of two rare procedural rules that…

Biggest cruise terminals deal ever a public-private win-win

PortMiami, which is already setting cruise and freight records, is poised to multiply the bounty with the world’s largest contractual guarantee between a cruise line and any seaport. A resolution in county committee this week would see the county-owned port and the world’s largest privately-owned cruise line, MSC Cruises, move toward a contract that would have the line at its own expense create…

Cocowalk’s transformation rolling forward

Visionaries behind CocoWalk’s transformation say they are on track to debut the outdoor mall in the spring of 2020 as construction continues and tenant leases prove to be fruitful. The development team – the Comras Co., Grass River Property and Federal Realty Investment Trust – are adapting the 29-year-old center for the uses of residents and visitors. They are swapping the Mediterranean…

Wave of redevelopment engulfs North Miami Beach

A wave of redevelopment spurred by zoning changes enacted by the City of North Miami Beach has ushered in new market-rate housing, expanded commercial development, and even the prospect of a Brightline station. “It’s our time,” said Mayor Anthony F. DeFillipo. “We’re extremely excited and expect phenomenal things to take place in the next three to five years.” Founded as Fulford-by-the-Sea in 1926…

Ben Carson says HUD will give preference to developers who build affordable housing in Opportunity Zones

Housing and Urban Development Secretary Ben Carson said the agency will give preference to developers and investors who build affordable housing in federal Opportunity Zones when it comes to certain grants. In an interview with The Real Deal on Tuesday, Carson said HUD will give added weight to proposed affordable developments in the Opportunity Zones, looking to make that construction…

Developer battles with troubled partners on North Bay Village condo project: lawsuit

Miami developer Javier Lluch, known chiefly for his planned Glasshaus boutique condominium development in Coconut Grove, is continuing to fight a five-year battle against investment partners he recruited for a new project that stalled in North Bay Village. Lluch filed his second lawsuit in Miami-Dade Circuit Court last month over the planned luxury condo project, known only as 7940 West Drive…

Hunt Real Estate Provides $52M Refinancing Loan for Manufactured Housing Property in Metro Miami

Hunt Real Estate Capital has provided a $52 million Fannie Mae refinancing loan for Lil’ Abner, a manufactured housing property in Sweetwater. The 30-year fixed-rate loan features a 15-year period of interest-only payments and a 30-year amortization schedule. Consolidated Real Estate Investments has owned and operated Lil’ Abner since 1981. Of the asset’s 908 pads, 64 percent are intended…

45 KSF Coworking Lease Facilitated in Miami

CBRE has represented Industrious, a flexible workspace provider, in the 45,000-square-foot lease at Sabadell Financial Center, a 539,000-square-foot office building in Miami. Senior Vice President Zach Wendelin and Senior Associate Will Portfolio facilitated the deal. The new location will be known as Industrious Miami – Brickell and will offer both coworking and private office spaces, with a slated completion…

Major Miami Investor Charged for Paying Bribe to Get His Daughter Into USC as Part of National Scandal

Robert Zangrillo, a prominent Miami investor and real-estate developer currently proposing a massive, controversial luxury project in Little Haiti, was charged today as part of a sweeping national college bribery case that has ensnared major college coaches and at least two Hollywood actresses. Prosecutors alleged Zangrillo illegally paid what amounted to a $50,000 bribe to get his daughter into the…

South FL Amazon-Leased Warehouse Changes Hands

Dalfen Industrial has acquired Golden Glades Fulfillment Center, a 201,491-square-foot multi-tenant industrial building in Miami Gardens, Fla. According to Miami-Dade County records, owner Bristol Group Inc. sold the South Florida property for $24 million. Located at 15600 N.W. 15th Ave. in the North Central Miami-Dade submarket, Golden Glades Fulfillment Center is within 2 miles of the Florida Turnpike…

Real Estate And Construction: A Dynamic Force In Doral

The cranes are everywhere in Doral. The city is experiencing an unbelievable construction boom never seen before in its 16-year history. commercial spaces, new hotels, industrial warehouses, residential communities, and more. Demand from businesses and residents is at an all time high, and as a result, Doral is the fastest growing city in Florida and one of the fastest in the nation. Growth is in the DNA of the…

Investors launch leasing for Allapattah micro offices

A Miami investment group is beginning leasing of a micro office development in Allapattah as the area heats up with new projects. Central Commercial Real Estate launched leasing at the Allapattah Building, a renovated 14,520-square-foot building at 804 Northwest 21st Terrace in Miami, just west of Wynwood. Monthly rents, which are double net, start from $621 and go up to $1,190…

Playing Sim City taught a generation of planners how to design cities

When the city-building game “Sim City” was released in 1989, video games were largely considered a leisure activity at best. But the groundbreaking city-planning simulator has influenced scores of players to become city planners, transit advocates and to run for office over the years. These professionals told the Los Angeles Times they found their calling through the game franchise, which puts the…

WeWork investor SoftBank launches $5 billion Latin America fund led by former Sprint CEO

SoftBank is launching a $5 billion fund to invest in technology startups across Latin America. Marcelo Claure, the former CEO of Sprint and a partner in the David Beckham-led venture to build a Major League Soccer complex in Miami, will run the fund. The new fund will focus on investments in e-commerce, health care, digital financial services and others industries throughout Latin America, according to…

Law firm will be the largest tenant of office building above Brightline train station

Law firm Carlton Fields leased 50,000 square feet in an office building under construction on top of MiamiCentral, the Brightline train station in downtown Miami. Carlton Fields will be the largest tenant and sole law firm at 2 MiamiCentral, which is 86 percent leased and scheduled for completion within the next six months. The law firm, which has about 150 lawyers and staff members based in downtown…

Downtown Miami WeWork building expected to sell as part of massive cryptocurrency auction

A downtown Miami office building leased to WeWork is expected to sell for $65.5 million in a deal that will be financed through one of the largest known cryptocurrency real estate auctions of its kind. Andrew Joblon, founder and managing principal of Turnbridge Equities, and his partners…  are selling the nearly 93,000-square-foot building at 117 Northeast First Avenue. The buyer is…

Kushner Cos. plans 1,100-unit rental project in Miami Opportunity Zone

Kushner Companies is planning to develop an 1,100-unit apartment project in Miami’s Edgewater neighborhood, marking its first in South Florida. The company, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is under contract to buy a site at 2000 Biscayne Boulevard from investor Enrique Manhard, according to Bisnow. Manhard paid $13.1 million to buy the…

Miami Design District building allegedly lost $5M in value due to billboard ban: lawsuit

The owner of a commercial building in the Miami Design District is suing the city for approving a billboard ban that allegedly sunk the value of the property by nearly $5 million. Karenza Apartments LLP, which owns the building at 100 Northeast 38th Street, alleges it also lost a lucrative contract with a billboard advertiser after city commissioners passed the measure that prohibits billboards north of I-95…

Miami board votes against Coconut Grove Playhouse redevelopment plan

Miami-Dade County’s plan to revitalize the Coconut Grove Playhouse has fallen through after years in the making. Miami’s historic preservation board voted 6-4 against the plan that would have demolished the playhouse’s auditorium, according to the Miami Herald. The move comes just two years after the city approved a $20 million master plan that would have replaced the playhouse’s…

Video: An Updated on Multifamily Finance from Grandbridge Real Estate Capital SVP Tom Walsh

Tom Walsh, SVP of Grandbridge Real Estate Capital LLC, joins this commercial real estate video cast to talk about how multifamily properties are performing ,lender sentiment for financing such properties, and expectations for the multifamily financing environment, including interest rates, in 2019. He notes that multifamily financing remains “very much of a Fannie and Freddie world, referring to the…

Video: Highlights of Deloitte, NAR, and Situs RERC Produced Report, Expectations and Market Realities Outlook Report 2019 ~ Uncharted Territory, are Discussed by NAR’s George Ratiu

George Ratiu, Director of Quantitative & Commercial Research with the National Association of REALTORS (NAR), joins the host of America’s Commercial Real Estate Show to discuss in some depth the annual Market Expectations and Realities Outlook Report for 2019 ~ Uncharted Territory, just published by NAR, Deloitte, and Situs RERC. They’ve elected to add “Uncharted Territory” to the title of this…

Almost 600 Family Dollar stores will disappear this year

Dollar Tree is going to shut down or rebrand almost 600 Family Dollar stores this year. The company has booked an impairment charge of $2.73 billion during the fourth quarter to lower Family Dollar’s value, according to the Wall Street Journal. It had purchased the chain in 2015 for almost $9 billion after a bidding war. Dollar stores overall have enjoyed a decade of strength as consumers focused on buying…

Focus On Miami Disappearing And Cities Overwhelmed By Mass Migration Due to Climate Change, Not Trump, Former UN Secretary General Tells Real Estate

Former UN Secretary General Ban Ki-moon urged the real estate industry to reject the thinking of the developer who became president and show leadership in combating climate change. In a keynote address to open the Mipim property conference in Cannes, France, Ban said the real estate industry will be hit particularly hard by the financial impact of climate change and had a key role to play in reducing…

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March 13, 2019

Video: Highlights of Deloitte, NAR, and Situs RERC Produced Report, Expectations and Market Realities Outlook Report 2019 ~ Uncharted Territory, are Discussed by NAR’s George Ratiu

George Ratiu, Director of Quantitative & Commercial Research with the National Association of REALTORS (NAR), joins the host of America’s Commercial Real Estate Show to discuss in some depth the annual Market Expectations and Realities Outlook Report for 2019 ~ Uncharted Territory, just published by NAR, Deloitte, and Situs RERC. They’ve elected to add “Uncharted Territory” to the title of this report. How apt this name in fact is as he discusses the current economic run, how long it been going, and how this last year was such a surge. Displayed and discussed with regard to effects on commercial real estate are charts for quarterly GDP growth, unemployment rates, total supply of existing homes, and Situs RERC ratings of investment alternatives.

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March 7, 2019

Miami Commercial Real Estate News March 6, 2019: Magic City Vote Delayed; Swanson Foods Heir Buys in Little River; Michaels Building on Alton Road Listed; More…

TV dinner scion buys Little River site in Opportunity Zone

An entity tied to an heir of the Swanson food fortune just picked up three parcels in a designated Opportunity Zone site in Miami’s Little River… for $5.6 million, with plans for a 7-Eleven. SP Miami, which is connected to W. Clarke Swanson Jr. bought the 35,489-square foot vacant site at 2 Northwest 79th Street, 22 Northwest 79th Street, and 38 Northwest 79th Street for $156 per square foot…

Dalfen Industrial Acquires 201,491 SF Warehouse in Metro Miami

Dalfen Industrial has bought Golden Glades Fulfillment Center, a 201,491-square-foot, multi-tenant industrial building in Miami Gardens. The property was 100 percent leased at the time of the sale to tenants including Amazon and Packaging Corp. of America. The asset sits on 10.2 acres about 15 miles north of downtown Miami and within 10 miles of 1.6 million people. The seller and sales price were not…

Miami-Dade waffles on proper use of transit tax funds

Miami-Dade commissioners Tuesday punted on whether to stop using “half-penny” tax funds to pay for transit services that existed before 2002, the year voters approved the tax to expand transportation throughout the county. They are now to vote March 19 on an item that would disentangle the tax from the county’s general fund in fiscal 2020-21, one year later than recommended by the half-penny’s…

University of Miami Health System OKs North Miami center

The University of Miami Health System plans to debut a medical center in a $4 billion mixed-use development in North Miami called SoLé, with a target opening date in early 2023. The medical center is nestled in the 184 acres developed by Miami’s Soffer family and New York’s LeFrak family. Developers envision 12 residential towers and 500,000 square feet of retail and commercial space surrounding a 7-acre…

PortMiami dredging hinges on Army Engineers test simulation

The decision on whether to proceed with another round of dredging at PortMiami will depend on results of a harbor simulation at an Army Corps of Engineers testing facility, part of  $3 million study of the port, Corps personnel said last week. Miami-Dade commissioners in July authorized the county in fully funding the three-year study, which commenced in September when the Corps executed the …

Strong Miami employment numbers track state and nation

Mixed signals from external events may complicate a coherent economic outlook for Miami, but one thing is sure: employment is booming today. In interpreting where we’re heading locally, how much heed should we pay to the tragedy of Venezuela or the potential fallout of Michael Cohen’s testimony, to the failure of talks with North Korea or the Brexit debacle? Which of these or other externalities…

Sabadell Financial Center, Telemundo Lead Miami’s Top Office Sales Of 2018

Miami was so close to breaking the quarter-billion-dollar mark with an office tower sale last year, but hey, $248.5M is nothing to sneeze at. Courtesy of Swire Properties Brickell City Centre is in the foreground of the dense Brickell skyline. That was just one of two deals over $200M, according to CommercialCafé in its roundup of the city’s biggest office deals of 2018. In that top spot, Sabadell Financial Center…

Michaels building on Alton Road hits the market for $47.5M

The newly built retail building on Alton Road in Miami Beach home to Michaels just hit the market for $47.5 million, The Real Deal has learned. Saber Real Estate Advisors developed the 110,000-square-foot building, called 1800 Alton, last year on the former site of a Chevron gas station. Marcus & Millichap’s Brett Chetek, Alex Perez and Chris Garavaglia of the Chetek Group have the listing. The five…

FBI opens Miami task force to shut door on foreign corruption, money laundering

The FBI is looking to clamp down on foreign corruption with a new task force in Miami, a city that has long served as a gateway for illicit money laundering. The squad will concentrate on Miami and on international corruption in South America, according to the Associated Press. The FBI said it often finds people hiding their money in luxury South Florida real estate and and luxury boats. And in recent…

Beach Towing scores a victory over Deco Capital Group

In a blow to Deco Capital Group’s ongoing battle with Beach Towing, the Miami Beach Board of Adjustment denied the developer’s appeal challenging the tow company’s operations as a legal zoning use in the Sunset Harbour neighborhood. In its appeal, Deco Capital sought to overturn a determination by Miami Beach Planning Director Thomas Mooney that Beach Towing is allowed to…

Miami OKs deal for lighted park under I-395

Miami city commissioners have approved the first step of a deal with the Florida Department of Transportation (FDOT) to help design and manage several blocks of land under a rebuilt I-395 freeway downtown. Last fall, FDOT’s James Wolfe met with commissioners and announced the start of construction on the long-awaited I-395/SR 836/I-95 project, including a “signature bridge” near the Adrienne…

Is the U.S. Economic Expansion Due to End?

In her Dec. 16, 2015, press conference, then-Federal Reserve Chair Janet Yellen famously stated “I think it’s a myth that expansions die of old age. I do not think that they die of old age. So the fact that this has been quite a long expansion doesn’t lead me to believe that…its days are numbered.” Nevertheless, there remains an idea in the public forum that the longer the expansion, the more likely that it will…

The Story of Storage’s Success? : A look at the rise of the warehousing and storage industry

Some industries change for understandable reasons, at least in hindsight. For example, the horse buggy sector collapsed when the automobile became widespread, and the electronics industry has grown tremendously in recent decades because of innovation and high demand for its products. For some sectors, though, expansion is a little more puzzling. The graph shows some statistics about the…

Industrious co-working firm inks first South Florida lease on Brickell

Industrious is heading to Brickell. The co-working provider signed a lease for 45,000 square feet at 1111 Brickell, and expects to open by the end of this year. A joint venture between KKR and Parkway Properties paid $248.5 million for the 30-story, 539,000-square-foot Class A office tower in June. It plans to spend up to $10 million on renovations and upgrades. New York City-based Industrious was…

Turnberry partners and siblings Jackie and Jeffrey Soffer split

After 25 years of joint ownership of the family real estate development company, Turnberry Associates, siblings, co-CEOs and co-chairmen Jackie and Jeffrey Soffer have split up to pursue individual projects. Jackie Soffer will retain the Turnberry Associates brand as CEO and chairman, and will be the principal owner of Aventura Mall and Town Center Aventura. She will also continue to develop the 800-key…

ArtCenter/South Florida buys Little River property for new HQ

A Miami visual arts organization is planning to build a $30 million headquarters in Little River. The ArtCenter/South Florida, which is changing its name to Oolite Arts, bought two parcels at 75 and 77 Northwest 72nd Street for about $6 million to build its new home, a 50,000-square-foot facility that’s projected to open in 2022. The organization hired Jones|Kroloff to conduct an architect search for…

White House allows Americans to sue for seized Cuban properties

Americans are now able to sue about 200 Cuban companies that control real estate previously confiscated by the Cuban government. The White House plans to announce the decision Monday, as part of a partial implementation of Title III of the Helms-Burton Act of 1996. Congress has suspended Title III six months at a time since it was passed. The move will allow Americans to file lawsuits in U.S. courts…

Del Frisco’s steakhouse inks lease at Met Square; other restaurant news…

Del Frisco’s Double Eagle Steakhouse signed a 15,000-square-foot lease in downtown Miami, the company confirmed. The steakhouse chain will be on two floors at Met Square, the final phase of MDM Group’s Metropolitan Miami project that includes Met 1, 2 and 3. Whole Foods anchors the Met 3 building, a luxury apartment tower by Zom. In Florida, Del Frisco’s has one location in Orlando…

Homebuilder picks up 22 parcels in Coconut Grove for $25M

A South Florida homebuilder acquired 22 parcels in Coconut Grove for $25 million. Send Enterprises LLC acquired the parcels and got a $25 million mortgage loan from Fuse Funding in connection with the acquisition. The managers of Send Enterprises are Douglas Cox and Nicole Pearl in Coral Gables. Cox has developed many of the newer houses in Coconut Grove. The sellers of the 22 parcels are three…

Company that oversaw construction of collapsed FIU bridge files for bankruptcy

The contractor behind a pedestrian bridge at Florida International University that collapsed last year said it filed for bankruptcy to reorganize with protection from creditors. In a press release issued Friday, Munilla Construction Management (MCM) said it filed for Chapter 11 bankruptcy but provided no financial details. Court papers from the bankruptcy case were unavailable Friday night.

Amazon is launching a new supermarket brand

Amazon is planning to launch a new line of grocery stores in several major U.S. cities. The first store is set to open in Los Angeles as early as the end of the year, as the e-commerce giant grows its footprint in the food business, the Wall Street Journal reported, citing people familiar with the matter. The company has reportedly already signed leases for at least two other locations slated to open early next…

Miami commissioner delays approval of Little Haiti mega-project

Miami commissioner Ken Russell, whose proposal to curb overdevelopment in Coconut Grove stalled Thursday night, single-handedly derailed the first vote on Magic City at a marathon meeting that stretched into Friday morning. Citing a pair of city ordinances, Russell, chairman of the Miami City Commission who resides in and represents the Coconut Grove area, stopped a vote on first reading of the…

South Florida’s biggest office sales in January

Baptist Health South Florida’s purchase of the site of the planned Collection Residences in Coral Gables marked the biggest sale of January. Baptist Health bought the 2.8-acre property, home to office and retail space, that was at the center of a contentious lawsuit between developers Masoud Shojaee and Ugo Colombo for $37 million. Shojaee, a homebuilder, and Colombo, a developer and owner…

Gap to close half of their locations & split Old Navy into separate company

Old Navy will have to go it alone from now on. Owners Gap Inc are closing 230 of their branded stores, roughly half of all their locations, and splitting Old Navy into a separate publicly traded company. Most of the closures will be in the U.S. “Following a comprehensive review by the Gap Inc. board of directors, it’s clear that Old Navy’s business model and customers have increasingly diverged from our…

Michael Stern targeting Opportunity Zones in New York and Florida

Michael Stern is jumping on the Opportunity Zone bandwagon. His company JDS Development Group has invested at least $139 million in property purchases in Opportunity Zone sites in Brooklyn, Queens and Allapattah and Opa-Locka in Miami-Dade County, Florida. “Opportunity Zone money is starting to flow,” Stern told Bloomberg,“There are still some out there that are cautious. But I think…

Two Hialeah construction execs convicted of low-income housing tax fraud

The president and vice president of a Hialeah construction company were convicted Wednesday of defrauding a federal low-income housing program. Aaron Construction Group President Javier Estepa, of Davie, and Vice President Diego Alejandro Estepa Vasquez of Boca Raton, were each found guilty of one count of conspiracy to commit wire fraud and three counts of wire fraud, as well as charges of…

Soho Beach House scores $117M refi

Soho House closed on a $117 million refinance of its Soho Beach House in Miami Beach. Citigroup is providing a $55 million senior loan and Rexmark is providing the $62 million mezzanine loan, according to the Commercial Observer. Mission Capital Advisors arranged the financing. Billionaire Ron Burkle’s The Yucaipa Companies owns a majority interest in Soho House, in addition to founder Nick Jones.

SoFla construction starts plummet in January

South Florida construction starts in January plummeted year-over-year, with steep declines in both residential and commercial sectors, a recently released report shows. Total construction starts fell 45 percent to $640.8 million in January. Residential construction dropped by 55 percent to $333.2 million, while non-residential construction dipped by 28 percent to $307.6 million, according to Dodge Data…

When it comes to Opportunity Zone sites, investors say buy now, plan later

The rush to buy Opportunity Zones sites has already begun, but then what? Investors have started buying up properties and vacant land in designated Opportunity Zones sites around the country, even though some have no set plan about what they will build, according to the Wall Street Journal. In one example, McDougal Cos. bought an 8,000-square-foot former movie theater in an Opportunity Zone in…

Parque Towers developer J. Milton faces mounting lawsuits over construction delays

Developer J. Milton & Associates is facing four lawsuits from buyers seeking to get out of their contracts at Parque Towers, an unfinished luxury condominium project in Sunny Isles Beach. Three separate suits were filed in Miami-Dade County Circuit Court during the past two months against Parque Towers Developers, an affiliate of Coral Gables-based J. Milton & Associates, over construction delays at the…

Opportunity Zone program has loads of potential but is not a cure-all: panel

The burgeoning Opportunity Zone program could be one of the best development initiatives the country has ever seen, but investors and developers still shouldn’t expect it to turn every deal into a winner, top real estate executives said Wednesday morning. “While the Opportunity Zone program certainly offers benefits that should over time reduce the cost of capital and therefore…

Miami’s antiquated permitting system gets a reboot, but developers remain wary

Being a developer can take a good amount of patience, but in Miami that virtue has long been put to the test. Initial approval for a commercial or residential project can take between six months to a year. Physical plans are carried from one city department to the next, and any changes in an application can lead to more submissions and more delay. Once the initial step is secure, a developer usually…

Deco Capital’s crusade to shut down Beach Towing in Sunset Harbour heats up

Deco Capital Group’ s two-year battle to shut down Beach Towing next to its planned Sunset Park mixed-use residential and retail project in Sunset Harbour is taking a new turn. The developer is appealing an administrative determination by Miami Beach Planning Director Thomas Mooney that concluded towing services are allowed on Beach Towing’s property at 1349 Dade Boulevard. The issue is going…

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March 6, 2019

Video: An Updated on Multifamily Finance from Grandbridge Real Estate Capital SVP Tom Walsh

Tom Walsh, SVP of Grandbridge Real Estate Capital LLC, joins this commercial real estate video cast to talk about how multifamily properties are performing ,lender sentiment for financing such properties, and expectations for the multifamily financing environment, including interest rates, in 2019. He notes that multifamily financing remains “very much of a Fannie and Freddie world, referring to the Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) by their common nicknames, noting them as carrying the yeoman’s share,with perhaps HUD thrown in, albeit to a lesser degree. Life insurance companies he notes as competing at the top of the market, but less so as you drop even a touch, with the competitive issue being less offered leverage. He notes that rates for multifamily financing recently spiked, then subsided somewhat, but in any case remain 100 basis points higher than a year prior or so. He notes that if there is a concern in the industry, there is concern on the level of rent in cities, with lenders wondering if there is a cap on how high rent levels can go.

March 5, 2019

Miami Commercial Real Estate News February 27, 2019: Raleigh Hotel Sells for $103 Mil, 1 Hotel South Beach for $610 Mil; Key Approval Obtained for Health District Apartments; More…

Joint Venture Purchases Historic Raleigh Hotel on Miami Beach for $103 Million

A joint venture between SHVO, Bilgili Holding and Deutsche Finance America has purchased the Raleigh Hotel in Miami for $103 million. The 83-room hotel is situated in South Beach, about 10 miles east of downtown Miami, and is known for its beachside swimming pool that Life Magazine called “the most beautiful pool in America” in 1947. Designer Tommy Hilfiger and Dogus Group, a Turkish…

Historic Miami Hotel Sells for $103 Million

A joint venture of Deutsche Finance America, Bilgili Holding and SHVO has acquired the historic Raleigh Hotel in Miami for $103 million in an all-cash transaction. A partnership between Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the 83-key asset. Situated at 1775 Collins Avenue in Miami Beach, the hotel was built in 1940 and is an icon of classic South Beach Art Deco design. Raleigh is…

Starwood Capital, LeFrak Sell Miami Hotel for $610 Million

Starwood Capital Group and LeFrak have sold 1 Hotel South Beach, a 429-key luxury hotel property at 2341 Collins Avenue in Miami Beach, Fla., to Host Hotels & Resorts in a transaction valued at $610 million, or approximately $1.4 million per key. 1 Hotel South Beach last changed hands in 2012, when Starwood, LeFrak and Invesco Ltd. acquired the oceanfront property, then known as the Gansevoort…

Host Hotels Buys Miami Beach Hotel For Over $600 Million

A Miami Beach hotel has just traded hands for more than $1M per room. Bethesda, Maryland-based Host Hotels & Resorts acquired the 1 Hotel South Beach for $610M from a JV of Starwood Capital Group and LeFrak. The deal, brokered by Hodges Ward Elliot, pencils out to $1.42M per room. The 429-room hotel at 2341 Collins Ave. was the first of Starwood’s 1 Hotels brand, which now features properties…

South Florida by the numbers: Spotlight on Coral Gables

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Time waits for no town, even one bold enough to call itself “The City Beautiful.” Coral Gables is in the midst of a dramatic overhaul; transforming it from an old-fashioned neighborhood into a fresh, modern, walkable village, while maintaining its historic splendor. Obvious signs include the…

Tower begun in 2006 has 32-story completion plan

A downtown tower project at 530 NW First Court that stalled after the foundation was built in 2006 and remained undone for years has a new owner-developer with big plans for completion. The new project is called Krystal II and was applied for by Charlesville Dev. Corp. representing BH 18 Investments LLC, as applicant, and Krystal Invest Solution LLC as owner. The city’s Urban Development Review…

Miami, state to partner on 30-acre park under I-395

The City of Miami is preparing to partner with the Florida Department of Transportation (FDOT) in the development of the space under I-395 in Downtown Miami. Legislation to approve the first agreement is scheduled for today’s (2/28) city commission meeting. Last fall, FDOT’s James Wolfe met with commissioners and announced the start of construction on the long-awaited I-395/SR 836/I-95 project…

Brickell Avenue Bridge standoff over traffic goes on

There’s an apparent cease-fire in the battle between Miami’s Downtown Development Authority and the US Coast Guard and the Florida Department of Transportation to enforce (and possibly expand) lock-down times for the Brickell Avenue Bridge. Authority directors and downtown stakeholders alike can attest to the paralyzing effect excessive bridge openings exert on traffic in the central business district…

Brickell City Centre to produce fire station, riverwalk

As Brickell City Centre prepares to grow again in the next couple of years, the next phase of construction will include a fire station and a public riverwalk. The fire-rescue station and the riverwalk are promised by developer Swire Properties Inc. and its affiliates, and are detailed in a new development agreement approved Jan. 24 by the Miami City Commission. Those additions are listed in the new…

250 apartments planned at edge of Health District in Miami

A developer plans to build up to 250 apartments at the edge of the Health District in Miami, just south of the Dolphin Expressway. Spring Garden Apartments LLC submitted plans for an 11-story mixed-use building at 1005 Spring Garden Road. The city’s Urban Development Review Board granted conditional approval of the project Feb. 20. To be called Soleste Uptown, the project is to include…

Full-court press on AmericanAirlines Arena naming rights

Talks are ongoing for naming rights to what is now American-Airlines Arena, says Dan Wall, Miami-Dade’s chief liaison to county sponsorship agent The Superlative Group. “They are actively discussing the matter with multiple corporations,” he said Monday, adding that the county is “going to exhaust all options” to get a deal before the current contract expires Dec. 31. “The plan was to reach out to…

Turkish developer Okan set to start Florida’s tallest tower

The Okan Tower team is awaiting a final state OK on condominium documents, expected in the spring, and plans to break ground this year on a 70-story downtown mixed-use tower. The project is to rise at 555 N Miami Avenue, where it will promise buyers a slice of what the developers say will become the tallest building in Florida, with a cap at 890 feet – taller even than Brickell’s new Panorama Tower…

KLNB picks up CVS building on Miami Beach’s Washington Ave

Commercial real estate firm KLNB paid $18.3 million to buy a CVS-anchored building on Washington Avenue in Miami Beach, two years after it hit the market. KLNB bought the two-story,12,443-square-foot building at 983 Washington Avenue for $1,470 per square foot, records show. Club Invest Group LLC, which is managed by Eugenio Marrapodi, sold the property to the Washington, D.C.-based…

Fed Blog: Predicting Recessions: Which Signals Are More Accurate?

As the yield spread between longer-term Treasuries and shorter-term Treasuries dips closer toward zero, the popular press is voicing more concerns about it possibly going negative. This is referred to as a yield curve “inversion,” which is thought to signal a recession in the near future. In deciding how concerned to be, however, it is useful to think about what a yield curve inversion really means and also consider…

Inflation Forecasted to Remain under 2 Percent in 2019

In January 2012, the Federal Open Market Committee (FOMC) adopted an inflation targeting approach as part of its Longer-Run Goals and Monetary Policy Strategy. Under this approach, the FOMC judged that an inflation rate of 2 percent, as measured by the price index for personal consumption expenditures (PCEPI). The FOMC judged this rate to be the longer-run rate most consistent with the Federal…

HUD expands low-income housing tax credit program to encourage Opportunity Zones investment

The federal Opportunity Zones program has been wildly popular with investors and developers, but critics say the tax incentive program has so far not gone to areas most in need. Now, the Department of Housing and Urban Development has announced an initiative to encourage affordable housing investment within the thousands of designated Opportunity Zones nationwide. The Federal Housing…

Developer completes Edgewater assemblage for Urbanica Hotel

Urbanica Management completed an assemblage in Edgewater where the company is planning to build a 220-room hotel. Urbanica Management, led by Charlie Porchetto, paid $7.3 million for the adjacent lots at 3023 Biscayne Boulevard and 3030 Northeast Fourth Avenue, adding to the land it acquired in October at 3200 Biscayne Boulevard $7.95 million. Coldwell Banker’s Rosy Cancela represented…

Roca Tile expands at Dolphin Commerce Center and other major leasing news

Dolphin Commerce Center hits 90 percent occupancy. Avison Young negotiated 184,000 square feet of new industrial leases at Dolphin Commerce Center, a five-building industrial park totaling 750,000 square feet of Class-A space in Miami-Dade’s Airport West submarket. Roca Tile USA, which makes and distributes ceramic tiles, renewed its lease and expanded for a total of 134,383 square feet.

A Closer Look at South Florida’s Flexible Office Market

As people continue to revolutionize the way office work is defined, coworking is gaining more ground across the U.S. Miami has been spearheading the growth of flexible workspaces in Florida. According to a recent Yardi Matrix survey, the metro comes third after Manhattan and Portland regarding coworking space as a percentage of total office stock with 2.4 percent. Timothy Locke, director of…

AJP Ventures, Mas Group Set to Break Ground on $40M Healthcare Facility Near Baptist Hospital in Miami

AJP Ventures and Mas Group will break ground on MedSquare Health, a 116,000-square-foot, three-story medical facility in the Baptist Hospital of Miami submarket in Miami. The $40 million building will be situated at 9408 SW 87th Avenue, about two miles from Baptist Hospital of Miami. Amenities will feature valet parking, an adjoined two-story parking garage, conference room space and an on-site…

Bizzi & Partners pays $10.27 million for site on Northeast 163 Street in North Miami Beach

New York-based Bizzi & Partners Development bought a 1.1-acre site in North Miami Beach for $10.27 million. An affiliate of Bizzi & Partners, 2101 Aventura Property Owner LLC, acquired a storage building at 2101 Northeast 163 Street and an adjacent vacant lot. The seller was 2101 NE 163 LLC, which is managed by Matias Larsen in Miami. Bizzi & Partners also got an $8.5 million mortgage loan from…

Blue Water Shipping Leases 69,500 SF At Miami Logistics Center

The South Florida office of Duke Realty announced that Miami Industrial Logistics Center, its three-building, 676,835-square-foot industrial hub, is 93 percent leased, just 18 months after it acquired the newly constructed, completely vacant industrial development. Blue Water Shipping is the latest tenant to choose MILC, which is located in the Hialeah Gardens submarket of Miami on the east side…

UHealth to open medical center in North Miami

The University of Miami Health System is proud to announce that it will open a world-class medical center at SoLé Mia, the 184-acre, $4 billion mixed-use development in North Miami developed by the Soffer and LeFrak families. The medical center will offer the communities of North Miami, Aventura, and the surrounding areas academic medicine in specialties dealing with cancer treatments from Sylvester…

Planners unveil a greener and more pedestrian-friendly Wynwood

Wynwood’s future streetscape could look completely different, with a bicycle and wellness loop, pocket parks, lush landscaping, and more woonerfs, a Dutch-inspired shared street design aimed at slowing down traffic. At a Wynwood Business Improvement District meeting this week, urban planners revealed their proposals for the streets of Miami’s most popular neighborhood, nearly a year after the Miami City…

Safra family sells Minotti building in Miami Design District

The Safra family sold the Minotti building in the Miami Design District to Nader Hakakian, owner of the Domus Design Centers in New York. Property records show 3817 NE 2nd Owner LLC, an affiliate of New York-based J. Safra Real Estate, sold the 9,770-square-foot building at 3817 Northeast Second Avenue to JJ 3801 Realty LLC, which is controlled by Hakakian, for $15.5 million. The price equates…

Video: Atlanta Federal Reserve Commercial Real Estate Expert Brian Bailey Discusses Cycle Timing

Brian Bailey, Subject Matter Expert, Commercial Real Estate at the Atlanta Federal Reserve,  joins Michael Bull on America’s Commercial Real Estate Show to discuss his perspective on the commercial real estate market, including our current economic cycle and timing thereof. He talks about different commercial property sectors, increased construction of luxury multifamily in the face of softening…

Developer wins approval for apartment project near Miami’s Health District

Just two weeks after completing an assemblage in Miami’s Spring Garden neighborhood, Estate Investments Group won a key approval to build a 251-unit apartment building on the land. On Wednesday, the Miami Urban Development Review Board granted the developer’s request to increase the proposed project’s lot area from 40,000 square feet to 63,250 square feet, as well as a 30 percent parking…

Trophy Deals Galore: Downtown Office Towers Trade in Slowing Market

Trophy office towers have been trading across South Florida in spite of the regional market slowing down after five years of robust growth. Four downtown office towers traded in 2018 even with some vacancy rates climbing. In the fourth quarter, the rate reached 17.7 percent in downtown Miami, the highest in Miami-Dade County, and 12.4 percent in downtown Fort Lauderdale, the second highest in…

Video: RealCapital Analytics SVP Jim Costello Provide Office Property Sector Update

Jim Costello with RC Analytics appears on this commercial property related show to discuss office property market performance and how changing demographics seem to be driving office growth in suburban markets. He begins by talking about the new offering of the 90-years young Chrysler building in New York, how unusual it is for a building like that to come up for sale, and noting the complexity of its…

Two Leases Totaling 184,718 SF in Miami Industrial Park Arranged

A broker has arranged two leases totaling 184,718 square feet. within Dolphin Commerce Center in Miami. Roca Tile USA signed a 134,383-square-foot lease renewal and expansion, adding 25,745 square feet to its footprint within the business park. FastKit Corp., a custom packing and printing company, renewed its 50,335-square-foot lease. Dolphin Commerce Center spans 750,000 square feet…

88,011 SF Industrial Lease Negotiated in Miami

A broker has negotiated an 88,011-square-foot industrial lease on behalf of Senator International Freight Forwarding LLC at 10505 NW 112th Avenue in Miami. The facility is situated about 20 miles west of downtown Miami. Devin White of CBRE represented the landlord, FS Building 30 LLC, in the lease transaction. Senator International Freight Forwarding specializes in international shipping and logistics with…

Diesel Condo Launching in Wynwood – A Twist to the Luxury Brand Name Trend

Last November, popular Italian denim brand Diesel announced plans for its first-ever condo project in Miami, called Diesel Living. The luxury condo tower, being developed by the Bel Invest Group, will feature 143 loft-style condos and 24,000 sq. ft. of retail on the ground floor. This is not the first time a global brand name has chosen Miami for its debut in the residential real estate space. Over the past few…

Retail In South Florida: Experiential All The Way

Owners of shopping centers have a choice: They can lease space to whomever shows up with a check in hand, putting a dollar store here and a fancy salon there. Or, they can think like Edens Vice President of Investments Nicole Shiman, who orchestrates an entire plaza as one harmonious whole. “Tenants are increasingly focused on being part of a ‘place’ versus simply leasing space at a center,” Shiman said.

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February 27, 2019

Video: Atlanta Federal Reserve Commercial Real Estate Expert Brian Bailey Discusses Cycle Timing

Brian Bailey, Subject Matter Expert, Commercial Real Estate at the Atlanta Federal Reserve,  joins Michael Bull on America’s Commercial Real Estate Show to discuss his perspective on the commercial real estate market, including our current economic cycle and timing thereof. He talks about different commercial property sectors, increased construction of luxury multifamily in the face of softening prospects, and how a tightening by banks on this type of construction might be good, seeming to imply prudent. He further talks about rates and the impact on the economy.

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February 20, 2019

Miami Commercial Real Estate News February 20, 2019: 1 Hotel South Beach Sells for $610 Mil; Amazon Warehouse Trades; More…

Host Hotels buys Sternlicht’s 1 Hotel South Beach for $610 million, setting new record

Host Hotels paid $610 million for 1 Hotel South Beach, marking a new per-room record for Miami-Dade hotel sales at $1.42 million a key. Barry Sternlicht’s Starwood Capital Group and LeFrak sold the luxury beachfront hotel at 2341 Collins Avenue, according to a press release. Starwood affiliate SH Hotels & Resorts will continue to operate and manage the 429-room hotel. Hodges Ward Elliott brokered…

Host Hotels Buys Miami Beach Hotel For Over $600 Million ~ More than a Million per Room

A Miami Beach hotel has just traded hands for more than $1M per room. Bethesda, Maryland-based Host Hotels & Resorts acquired the 1 Hotel South Beach for $610M from a JV of Starwood Capital Group and LeFrak. The deal, brokered by Hodges Ward Elliot, pencils out to $1.42M per room. The 429-room hotel at 2341 Collins Ave. was the first of Starwood’s 1 Hotels brand, which now features properties.

Amercia’s First Skyport for Flying Cars is Coming to Florida

A massive real estate development is under construction in downtown Miami and when it’s complete, the Paramount Miami Worldcenter will have the first skyport in the U.S. built for flying cars. While that may sound like something you’ve seen on the Jetsons, drones capable of transporting people are becoming a reality. At 27-acres, Miami Worldcenter is one acre smaller than the Hudson Yards complex in…

Deutsche Bank Weighed Extending Trump Loans on Trump National Doral, Other Assets, on Default Risk

Top Deutsche Bank AG executives were so concerned after the 2016 U.S. election that the Trump Organization might default on about $340 million of loans while Donald Trump was in office that they discussed extending repayment dates until after the end of a potential second term in 2025, according to people with knowledge of the discussions. Members of the bank’s management board, including…

WeWork to open in Wynwood

WeWork is heading into Miami’s trendiest neighborhood. The shared office operator, now known as the We Company, is taking about 30,000 square feet of creative office space on the top floor of Goldman Properties latest project, the Wynwood Garage, according to a building permit filed with the city of Miami. The eight-story, 428-space garage at 301 Northwest 26th Street opened in November and…

Related Group’s Jorge Pérez Talks Real Estate, Lawsuits and Donald Trump

First, there’s his hotel. He didn’t enjoy his recent stay at the Viceroy in Manhattan. “This [Viceroy] is like, oh my God,” the 69-year-old chairman and CEO of Miami’s Related Group said. “You know, the carpets going through the hallways are horrendous, the rooms are tiny…The only reason I guess we stay here is because it’s like a block away from the Armani people who we are meeting with.” He and his son…

Crescent Heights sells mixed-use garage in South Beach

Crescent Heights sold a commercial building in South Beach, home to the popular Upland restaurant, to a nursing home owner for $15 million. Leopold Friedman, who owns the Bronx nursing home Citadel Rehabilitation and Nursing Center in Kingsbridge, acquired the four-story, 32,000-square-foot building at 49 Collins Avenue. It hit the market in 2017. Property records show Friedman financed the…

Tri-Rail is on track to serve downtown Miami

Tri-Rail trains are on schedule to arrive in downtown Miami by the end of 2019, said Bonnie Arnold, spokesperson for the South Florida Regional Transportation Authority, the commuter system’s parent. “The end of the year is doable,” she said. Work is being done on the two sets of tracks Tri-Rail will use in MiamiCentral, the station built by All Aboard Florida for its Brightline service, which runs express…

American Dream Mall waits on Canadian developer

Plans for the American Dream Mall have stayed in neutral since the megamall planned for the northwestern end of the county won approval from county reviewing agencies in July. County officials now wait for Canadian developer Triple Five to take the next step and submit a site plan. Triple Five first eyed Miami for what would become the largest mall in the US over three years ago. The project would…

Virgin Trains USA might roll into PortMiami

Miami-Dade County may soon look at linking Virgin Trains USA to PortMiami, a move that would connect the port to Broward and Palm Beach counties and extend a valuable lifeline to the struggling passenger rail service formerly named Brightline. Commissioners in committee last week voted 3-0 to advance an item directing Mayor Carlos Giménez’s office to examine the extension, which would use…

Melreese golf course leasing to Beckham team on fast track

Some Miami commissioners are eager to learn where things stand as administrators negotiate a long-term lease for a city-owned golf course adjacent to Miami International Airport. A lease would clear the way for David Beckham and partners to build a Major League Soccer stadium on what today is Melreese Golf Course, along with a sweeping mixed-use commercial development, Miami Freedom…

Kicking the can: EB-5 extended again; still lacks permanent legislation

The federal EB-5 program has been extended yet again, this time until Sept. 30. The visa program was again included in the larger federal spending package that President Trump signed Friday, averting another partial government shutdown. EB-5 gives foreign investors the opportunity to obtain a green card if they invest at least $500,000 in a development project and create at least 10 jobs. It has received…

Fannie and Freddie’s increased involvement in multifamily lending proves controversial

More known for backing single-family loans, Fannie Mae and Freddie Mac have seen their involvement in rental mortgages grow dramatically since 2008. Though the agencies aim to promote affordable housing with cheap, government-backed loans, critics say these loans can have the opposite effect. While housing advocates mostly agree that Fannie and Freddie loans for affordable housing and…

(Over)supply and demand: What Miami’s condo glut could mean for multifamily rents and development

Tour the Panorama Tower overlooking Biscayne Bay, with its “porte cochere,” poolside cafe, wine tasting rooms, pet spa and home theaters, and you might think that you’re sampling Miami’s latest glitzy condominium offering. Rising nearly 900 feet, Florida East Coast Realty’s project is the tallest building in the state. But unlike many of the other towers that dot Brickell, the Hollo family’s development…

As rent and tax reforms sweep US, real estate industry braces for fight with progressive lawmakers

After making significant gains in the midterms elections, Democratic lawmakers now have their sights set on curbing big real estate players. Bills are being introduced in states like New York, Illinois and California to strengthen rent controls and change tax laws, according the Wall Street Journal. In New York, where the real estate lobby holds enormous power, progressives like U.S. Rep. Alexandria Ocasio…

Expecting An Eventual Downturn, Industrial Owners Trying To Get Tenants To Renew Early

Miami industrial owners are as confident as ever in “South Florida’s most stable asset class,” but are making preparations for the party to end regardless, according to a recent Colliers International report. The brokerage held its 12th Annual Industrial Owner’s Forum Jan. 31 in Miami, where more than 70 owners of industrial product got together and talked shop. A post-event report last week outlined some…

“We are starting to run, but the gun hasn’t fired:” Investors dash into Opportunity Zones

Investors and developers in Miami-Dade County have been pouring money into Opportunity Zones. From April through September, property sales in those areas tallied $942 million, a 25 percent increase from the same time in 2017, ccording to The Real Deal’s analysis of records. Enacted as part of the December 2017 tax overhaul plan, Opportunity Zones began catching the eye of savvy investors last…

Luxury brand-name residences are growing in popularity — and commanding a premium

If you brand it, they will come. That’s the lesson luxury residential developers are learning as more and more buyers are purchasing properties in high-end branded towers. More than 400 properties are stamped with luxury brand names across the world, and 110 more of these developments will open by 2023, according to Alexandros Moulas, a director of international development at Savills Plc…

All in the family: Alex Sapir turns to relatives to complete Surfside development

Alex Sapir, through his investment firm, the Sapir Corp., is seeking shareholder approval on a deal that will let his relatives bail him out on a luxury condo development under construction in Surfside, a sleepy town north of Miami Beach. Alex Sapir’s publicly traded company is proposing to use $6 million in deposits for condo units at Arte by Antonio Citterio, to fund overrun costs…

Worn down: Payless shoes to close all 2K locations, declare bankruptcy

Just as Sears is emerging from bankruptcy, another major retailer battered by e-commerce is entering into it. Payless ShoeSource will shutter all 2,300 stores when it files for bankruptcy later this month, according to Reuters. It’s the second time the Topeka, Kansas-based discount shoe chain has filed for bankruptcy in two years. It was one of many retailers that closed or filed for bankruptcy in 2017.

New Russia sanctions bill targets LLCs in real estate, again

The “sanctions bill from hell” is back from the dead. Republican Senator Lindsey Graham (SC) and Democratic Senator Bob Menendez (NJ) on Wednesday introduced a tougher version of last year’s “Defending American Security from Kremlin Aggression Act,” and once again, the bill includes a provision that targets people using limited liability companies for high…

So many Opportunity Zones, so many questions for developers, investors

Developers and investors are enamored enough with the federal Opportunity Zones program that they have been raising massive funds in hopes of taking advantage of the big tax incentive. But they remain cautious enough over of the program’s many unanswered questions that few have deployed much of the capital raised. Those dueling realities played out Thursday in Washington, D.C., when the IRS’ first…

Glaser and partners propose 15-acre “West of West” district in South Beach

Developer Todd Michael Glaser and a group of partners are proposing a massive mixed-use project with pocket parks, elevated courtyards, residential and commercial space in the heart of South Beach. Glaser, Jarrett and Sean Posner, Fred Carlton and Charlie Ratner are the developers behind the West of West overlay district. Domo Architecture + Design presented it Wednesday to the Miami Beach…

The Sky Lounge In The New Zaha Hadid Building Will Be The Hottest Invite In Miami

Construction is moving along at One Thousand Museum, the landmark Miami building by famed architect Zaha Hadid. Bisnow was recently allowed a sneak peek inside and some details on its culinary offerings. Mame Sow, a native of Senegal who moved to New York when she was 11, has been brought on as the building’s culinary director. As such, she will plan and prepare seasonal menus to be…

Long-delayed Ritz-Carlton Residences in Miami Beach now expects temporary certificate of occupancy in April

The long-delayed Ritz-Carlton Residences, Miami Beach, is now expected to receive its temporary certificate of occupancy in April and begin closings later that month or in early May. Developer Ricardo Dunin, founding partner of Lionheart Capital, said construction of the luxury condominium project is nearly completed. “Many units are finished and locked, and most of the building is done,” Dunin said…

Bristol Group sells Amazon warehouse for $24 million

The Bristol Group sold a Miami Gardens warehouse leased to Amazon for $24 million. The San Francisco-based company sold the 205,548-square-foot-industrial property at 15600 Northwest 15 Avenue to an affiliate of Dallas-baed Dalfen Industrial for $116 per square foot, records show. Dalfen secured a $16 million loan from Bank of America to finance the acquisition. E-commerce giant…

Trump admin considers sidestepping Congress to overhaul Fannie and Freddie

The Trump administration may bypass Congress in its effort to privatize Fannie Mae and Freddie Mac, which have been in government “conservatorship” for a decade. Treasury secretary Steven Mnuchin, who previously sought support from Democrats in Congress to privatize the mortgage giants, is now working on a set of proposals to do so unilaterally, sources told the Financial Times. “They want…”

Amazon says it won’t come to New York

Leaving a $3 billion incentive package on the table, Amazon has decided against coming to New York City. The company announced on Thursday that it won’t build a new campus in Queens. The decision follows reports last week that Amazon was reconsidering its selection of New York, amid fierce political opposition. Much of the blowback sprung from the $3 billion in state and city tax incentives offered…

Mortgage originations hit 4-year low: NY Fed

Mortgage originations fell last year, while new auto loans hit all-time highs, according to a report by the Federal Reserve Bank of New York released on Tuesday. New mortgage loans for 2018 were at the lowest level since 2014. Mortgage originations in the fourth quarter fell to $401.5 billion from $445.3 billion in the previous quarter, the lowest volume since the first quarter of 2016 in nominal terms, the…

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February 20, 2019

Video: RealCapital Analytics SVP Jim Costello Provide Office Property Sector Update

Jim Costello with RC Analytics appears on this commercial property related show to discuss office property market performance and how changing demographics seem to be driving office growth in suburban markets. He begins by talking about the new offering of the 90-years young Chrysler building in New York, how unusual it is for a building like that to come up for sale, and noting the complexity of its land lease structure, etc. He goes on to discuss deal volume and performance in suburban versus central business district markets. From there, he discusses observations in cap rates, noting that recent changes in interest rates have not yet caused a move in cap rates.

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February 20, 2019

Miami Commercial Real Estate News February 13, 2019: Wennet’s Allapattah Project Wins Approval; 236-Unit Multifamily Break Ground; More…

Robert Wennett wins Miami board approval for massive, mixed-use project in Allapattah

Robert Wennett’s proposed massive mixed-use project in Allapattah, which could include the only co-living spaces currently allowed in Miami, is a step closer to becoming a reality. Miami’s Planning, Zoning, and Appeals Board backed the development of… The Miami Produce Special Area Plan, a 8.5-acre, mixed-use project at 2140 Northwest 12th Avenue, is proposed by Wennett and Jeff Weinstein…

ACRE, Global City Development Break Ground on 236-Unit Apartment Complex in Miami

Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 NE 7th Avenue in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot…

What the National Climate Assessment Means for South Florida CRE

Last November, 300 scientists and 13 federal agencies collaborated to produce the latest National Climate Assessment, a congressionally-mandated quadrennial report on climate change and its expected effects on our nation and the world. The results presented a stark picture of what kind of world we may leave our children if nothing is done to change our role in this global issue. South Florida is…

Yotelpad Miami Breaks Ground

Aria Development Group, in partnership with Aqarat, has begun construction on Yotelpad, a 327,356 square-foot, mixed-use project in Miami. Stantec is providing architecture, interior design and engineering services for the 231-condo and 222-key development, which is slated for completion in early 2021. Yotelpad is located at 227 NE Second Street, less than 8 miles from Miami International Airport…

AeroThrust CEO sued over alleged toxic mold at Dadeland condo

The CEO of AeroThrust Holdings is being sued for negligence after allegedly allowing toxic mold to permeate throughout a condo unit his company managed. Venus Lacalamita filed a lawsuit in Miami-Dade County Circuit Court against Mario Abad, his wife Claudia, their property management company, MGC Group Corp., and air conditioning maintenance business Frioclima Corp. Lacalamita claims that…

Whoops! 3 Opportunity Zone Mistakes People Have Made Already

Interest in opportunity zones is as hot as ever, especially ahead of the IRS public hearing scheduled for Thursday morning. With everyone running headfirst into deals, it’s good to be aware of how other people have messed up already — so that you don’t have to. Bisnow/Deirdra Funcheon A February 2019 Bisnow panel about opportunity zones featured Greenberg & Traurig shareholder James…

Google to invest $13 billion in real estate across the US

OK, Google. Tell me about the multibillion-dollar real estate investment you’re making this year. The tech giant announced on Wednesday that it plans to spend more than $13 billion in data centers and offices across the U.S., including major expansions in 14 states. Google CEO Sundar Pichai said in a blog post that the new data centers and offices will create more than 10,000 new construction jobs in…

Sears, sort of: Here’s what the retailer is planning post-bankruptcy

In the age of Amazon and dying retailers, Sears has emerged from bankruptcy with a new survival plan: smaller stores, fewer clothes and aisles full of tools and appliances. Edward Lampert, whose firm ESL Investments successfully bid $5.2 billion for the retailer’s assets last month, said the new company will sell or sublease some of the 425 stores. Though Lampert, who was responsible for Sears declaring…

Bath Club fight pits Peebles against unit owners for control of private club

Two unit owners at the Bath Club in Miami Beach — a Washington, D.C. power broker and a Weston-based developer — allegedly teamed up to sabotage the Peebles Corp. from successfully managing the historic private members club and destroy its market value, according to a recently filed lawsuit. Peebles entity Bath Club Entertainment is suing Mark Penn, a former Clinton strategist who currently manages…

Parking has a warm glow in Miami Design District

The Miami Parking Authority has hit the switch on bright, colorful new parking lots at the edge of the Miami Design District. On Tuesday evening, authority officials held a grand opening of sorts for the reborn parking spaces under Interstate 195. The city’s parking agency is celebrating the re-imagining of the I-195 underpass parking lots into an international urban art installation. The gathering occurred in…

Businesses flow from afar into Brickell, downtown offices

The office market in the central business district and Brickell is solid, observers say, and not likely to be blown off course anytime soon. “The market in downtown and Brickell is tight,” said Neisen Kasdin, office-managing partner at Akerman, LLP, and vice chair of Miami’s Downtown Development Authority. “The last spurt… with 1450 Brickell, 600 Brickell and the Wells Fargo Building.” Two new…

Baptist Health’s Miami Beach center a community hub

Baptist Health South Florida’s Miami Beach urgent care, diagnostic and outpatient center on Alton Road, which opened in July 2018, has started up several new programs and the volume of patients is “above our projections,” according to Nancy Batista-Rodriguez, the chief executive officer of Baptist Outpatient Services. Both the endoscopy center and the spine center offering neuroscience and orthopedic…

Tommy Hilfiger group sells Raleigh Hotel in South Beach to Michael Shvo and partners for $103M

Tommy Hilfiger and Dogus Group sold the Raleigh Hotel in Miami Beach to a partnership led by New York developer Michael Shvo for $103 million. The deal breaks down to about $1.24 million a key, one of the most expensive hotel sales on a per-room basis in Miami-Dade County. Shvo, Bilgili Group and Deutsche Finance Group acquired the 83-room Art Deco hotel at 1775 Collins Avenue, according…

Jorge Pérez on building golf courses in Cuba with Trump, stepping down as CEO and more

Miami’s condo king Jorge Pérez revealed he once discussed building in Cuba with President Trump, offered his timeline for stepping down as CEO of the Related Group, and talked about the influx of buyers from the Northeast and more. Pérez, chairman and CEO of Related, said he plans to step down as CEO of the Miami-based firm in a year or two, but will stay on as chairman. His son, Jon Paul, a vice…

Virgin Trains USA – still operating as Brightline – postpones IPO… for now

Virgin Trains USA postponed its much anticipated initial public offering, claiming it found “alternative financing” to stay private. The high-speed train company, still operating under the name Brightline, runs from West Palm Beach to Miami and also owns real estate properties near its stations. The company previously said its IPO could be worth up to $619 million. Its IPO was expected to be priced on Tuesday.

Video: RealPage Deputy Chief Economist and VP of Asset Optimization Jay Parsons Provides Multifamily Update

Jay Parsons, Deputy Chief Economist with RealPage, joins Michael to discuss the multifamily market, including vacancy rates, rent growth, and more. He comments how in the face of impending doom the multifamily keeps on chugging along. Occupancy is at a healthy 94.4% overall, up 40 basis point year over year. Rent growth has accelerated, with 3.3% year over year growth as of the fourth quarter…

Call it a “joint” venture: Simon Property Group partners with cannabis oil company

Soon after posting a record fourth quarter, Simon Property Group announced on Monday that it would be partnering with cannabis firm Green Growth Brands to open 108 shops in its malls this year. The shops will sell products infused with the cannabis extract cannabidiol, also known as CBD, according to CBNBC. “The GGB shopping experience is exactly the type of innovation our customers want and…”

Ex-boyfriend of Real estate marketing exec Andrea Greenberg’s arrested on fraud charges in connection to her estate

Authorities have charged the longtime boyfriend of the late Andrea Greenberg with submitting a forged will, which would have made him the sole beneficiary and executor of the real estate marketing executive’s $1 million estate. Alejandro Aparicio, who was charged with grand theft, organized fraud and forgery, was booked into Miami-Dade Jail on Friday, but has since posted bail. Greenberg died in…

Crescent Heights plans major mixed-use project in Edgewater

Crescent Heights is making moves in Edgewater. The developer requested that the city replat the properties at 3000 and 3050 Biscayne Boulevard in Miami to build a major mixed-use project on more than 5 acres of land. A replat submitted to the city of Miami reveals plans for up to 754 residential units, nearly 269,000 square feet of office space, about 17,000 square feet of retail space, a 38,450-square-foot…

Mall owner Macerich expects more store closures in 2019 across portfolio: CEO

As shopping malls nationwide have been battered by ecommerce, mall landlord Macerich has sought alternatives by redeveloping some of its properties into creatives office spaces. But that didn’t solve the core problem. Net income fell sharply for the quarter and the year. Macerich’s net income from September through December was down 64 percent, to $11.7 million in 2018 compared to $32.7…

El Bagel opening in MiMo, Blue Bottle closes Miami locations, and other restaurant news

El Bagel is opening in a permanent spot in the MiMo District. The popular food truck concept signed a lease for 1,250 square feet at 6910 Biscayne Boulevard, in a building owned by developer Alex Karakhanian. It’s expected to open as early as May. Felix Bendersky of F&B Hospitality Brokerage and David Morales of Morales Legal P.A.

Amazon may pull out of Long Island City campus amid opposition

Amazon is considering pulling out of a deal for a new campus in Long Island City, which is set to bring 25,000 jobs to New York and put the area’s real estate market into overdrive, but was heavily criticized as a giveaway to the tech giant because of its billions in tax breaks. Since Amazon is yet to lease or purchase office space for the project, it would be able…

Miami gold family sued for allegedly using company funds to buy SoFla real estate

Last year, Republic Metals declared bankruptcy amid an industry-wide investigation into gold purchases from illegal mines in South America. Now, creditors of Republic Metals are suing the owners of the Opa-locka-based precious metal company, alleging that its CEO Jason Rubin and his sister, Lindsey Rubin, used the company’s money “to fund their lavish lifestyles, including luxury homes and…

There are many disputes that arise in partnerships

There are many different businesses in Florida. There are also different ways that these businesses can form. Some businesses form as S-corporations and others C-corporations. They could also form as a limited liability company, a sole proprietorship, a partnership and others. The type of business formation chooses depends on a number of factors, but it is important that the company clearly states…

Judge approves Lampert’s $5.2 Billion Sears takeover bid

A U.S. bankruptcy judge approved Sears Chairman Edward Lampert’s $5.2 billion takeover bid of the company, saving off liquidation of the troubled retailer and hundreds of stores. The ruling means that thousands of jobs have been saved and 425 stores will remain open for now, according to Reuters. Judge Robert Drain of the U.S. Southern District Court in White Plains, N.Y, approved the sale on…

Trump open to changing controversial state and local tax provision

Wealthy people from New York, Connecticut and other high-tax states have been flocking to Florida to buy real estate. Their exodus was prompted in large part by President Trump’s 2017 tax overhaul, which capped deductions of state and local taxes. Now, Trump said he is open to changing this controversial provision of the tax law, according to Bloomberg. The move could potentially reduce the amount…

Glaser sells Miami Beach office building to luxury watchmaker

Todd Michael Glaser sold a four-story residential building in Miami Beach to a luxury watchmaker who is planning to convert the property to an office. A company tied to the luxury spec home developer and his father-in-law, Mitchell Rubinson, sold the property at 2228 Park Avenue for $5.25 million, or $511.54 per square foot, to John Simonian, according to Lyle Chariff, president of Chariff Realty Group…

Developers and investors file 10 new suits seeking to overturn property value assessments

Pedro Garcia’s methodology for calculating property valuations in Miami-Dade County is facing legal challenges from a slate of deep-pocketed owners that contend the county appraiser uses unfair and discriminatory practices in determining a property’s taxable worth. Between November 30 and January 4, 10 separate lawsuits were filed in Miami-Dade Circuit Court against Garcia, as well as…

Agent convicted of extorting “The Jills” sent back to the slammer for violating probation

The former Miami real estate agent sentenced to probation for extorting Coldwell Banker’s top-producing team, known as “The Jills,” is now going to jail. A judge sentenced Kevin Tomlinson on Thursday to just under a year, for violating his probation by posting about the duo on social media and failing to pay court costs. A jury convicted Tomlinson in June on two counts of extorting Jill Eber and Jill…

Video: REIS Senior Economist Barbara Denham Does Retail Property Wrap-up 2018

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss how retail performed in the biggest quarter of 2018, and projections for the sector in 2019. She notes that vacancy held steady at 10.2% in the face of gloomy forecasts, and rent increased 0.5%. She sees these results as positive, even though it is low, as it…

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February 13, 2019

Video: RealPage Deputy Chief Economist and VP of Asset Optimization Jay Parsons Provides Multifamily Update

Jay Parsons, Deputy Chief Economist with RealPage, joins Michael to discuss the multifamily market, including vacancy rates, rent growth, and more. He comments how in the face of impending doom the multifamily keeps on chugging along. Occupancy is at a healthy 94.4% overall, up 40 basis point year over year. Rent growth has accelerated, with 3.3% year over year growth as of the fourth quarter, particularly impressive given the number of newly completed units. He believes the demand strength is driven by a solid jobs story and continued demographic tailwinds. He discusses single family homes being built as rentals, and an interesting study that shows that demand for single family rentals comes not at the expense of multifamily rentals but instead at the expense of single family sales. He notes that condos seem to “not being built anywhere outside of South Florida.” Finally, he notes that he sees the landscape for multifamily investors has changed from that of a “rising tide lifting all boats” to one that is more strategic, requiring investors to be in the right markets to maximize returns, and then further goes on to comment as to where he believes those returns may lie.

February 12, 2019

Miami Commercial Real Estate News February 6, 2019: $100 Million Opportunity Zone Multifamily Development Planned; Mill Creek Closes on Edgewater Site; More…

PTM Partners, EIG Acquire Opportunity Zone in Miami, Plan $100 Million Multifamily Development

PTM Partners and Estate Investment Group (EIG) have acquired a 1.3-acre parcel in Miami’s Overtown neighborhood for $9.7 million. The joint venture plans to develop a $110 million, 18-story, 360-unit apartment complex at the site called Soleste Grand Central. The 220,000-square-foot project is set to… The development will be situated at 218 NW Eighth Street, about two miles north of downtown Miami.

Video: REIS Senior Economist Barbara Denham Does Retail Property Wrap-up 2018

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss how retail performed in the biggest quarter of 2018, and projections for the sector in 2019. She notes that vacancy held steady at 10.2% in the face of gloomy forecasts, and rent increased 0.5%. She sees these results as positive, even though it is low, as it…

South Florida Industrial CRE Broke Several Records In 2018

South Florida is one of the country’s industrial real estate darlings, and last year proved it once again. South Florida’s industrial sector smashed several records in Q4 2018, a new report from Newmark Knight Frank found. An NKF spokesperson pointed out key findings: The average rental asking rate hit $8.75/SF, breaking the previous record set in 2007. In Miami, the average asking rate climbed above $8/SF…

Stunning renderings of downtown Miami’s new $802 million bridge

The $802 million redesign of I-395, SR 836 and I-95 in downtown Miami will be a major headache for drivers, but renderings show just how stunning the end result will be. The arched bridge will be Miami’s signature feature as its soars over the downtown area. The larger context is it is part of a multidecade transformation of the downtown area. Consider in the last few decades that Adrienne Arsht Center…

And so it begins: Moody’s launches CRE portal to challenge CoStar’s dominance

Moody’s Analytics has launched its long-planned commercial real estate data portal, highlighting the company’s push into a space largely dominated by the CoStar Group. The financial services giant, which is valued at $31 billion, has over the past year acquired, invested and partnered with data companies to provide a centralized portal of commercial real estate transaction tools. The Real Deal last month…

Commercial property sales hit near record-breaking total of $562 billion last year

Commercial real estate sales hit near-record levels in 2018, and low interest rates could make for another strong year. The total value of U.S. commercial properties selling for $2.5 million or more reached $562.1 billion last year, the Wall Street Journal reported, citing data from Real Capital Analytics. This was a 15 percent increase compared to 2017 and about $8 billion less than the 2015 record of $569.9…

New Brickell Hotel Announced in Interview With Radisson’s Ken Greene On The Newest Radisson Blu And What’s Next

The Radisson Red is a select-service lifestyle brand. It’s a millennial mindset that crosses all demographics based on art, music and fashion. Those are the pillars. It’s a fresh cool new brand. The first [Radisson Red] we opened in Minneapolis… And we’re announcing here at ALIS a new Radisson Red in Brickell, Miami — the Radisson Red Miami Brickell. It’s a very cool area. It’s going to be our second location in Miami.

The continuing lease guaranty that didn’t continue after all

A common theme of the cases and issues discussed in this blog is that document drafting is at the root of many commercial real estate disputes (such as here, here, here, and here).  It’s usually the case that the parties don’t notice the drafting issue until a problem arises.  A new case provides yet another example. Haggin v. Allstate Investments, Inc. is about a lease guaranty and whether it covered extensions…

Estate Investments plans apartment project near Miami Health District

Developer Robert Suris of Estate Investments Group completed an assemblage near Miami’s Health District , with plans to build a multifamily project. EIG is proposing a 251-unit rental building between eight and 11 stories tall on Spring Garden Road, just east of the Dolphin Expressway. The developer is… EIG closed on the 24,708-square-foot lot at 1033 Spring Garden Road on Friday for $3 million.

Mill Creek closes on Edgewater site of $120 million development

Mill Creek Residential closed on a development site in Edgewater where it’s planning to build Modera Biscayne Bay, a $120 million mixed-use apartment tower. Unity on the Bay Church sold its 2-acre site at 411 Northeast 21st Street and will relocate later this year, according to a release from Greenberg Traurig. Shareholders Ryan D. Bailine and Gavin M. Loughlin, along with Marina I. Ross and Ethan B.

Partnership closes on Opportunity Zone site in Overtown, with plans for 18-story tower

One of the largest Opportunity Zone acquisitions in Miami closed, with the owners planning to build a large residential complex on the site. Former LeFrak executive Michael Tillman’s PTM Partners and Estate Investments Group paid $9.7 million for the vacant lot at 218 Northwest Eighth Street in a qualified Opportunity Zone near the MiamiCentral train station. The partnership wants to build a 360-unit…

Notable Retail Leases Signed in South Florida Q4 2018

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q4 2018. While the headlines are focused on the challenges and closures of major chains such as Kmart, Sears, and Sport’s Authority, the retail leasing market in South Florida remains strong as evidenced by some major leases…

Florida East Coast Realty’s $425 million Panorama Tower refi is among city’s biggest

Florida East Coast Realty closed on a $425 million refinancing of Panorama Tower, one of the largest such loans in Miami in recent years. Wells Fargo financed the new debt, which replaces the $340 million construction loan the bank provided on the 85-story tower in 2015. It was one of the largest construction loan in Miami-Dade at the time. FECR, led by Tibor Hollo and his sons Jerry and Wayne Hollo…

Simon posts record Q4; CEO “excited” about evolution of mall industry

Simon Property Group posted record numbers in the fourth quarter, even as mall landlords nationwide faced challenges including retail chain bankruptcies and the growing shift to e-commerce. In a Friday earnings call, the retail giant’s CEO, David Simon, said he is “excited” about the evolution of the mall industry, despite all its challenges. “There’s always been disruption in our industry,” Simon added. Mall…

“Top Chef” winner Jeremy Ford to open restaurant at Coconut Grove project and other restaurant news

Former “Top Chef” winner Jeremy Ford will open a new waterfront restaurant at the Treo Group’s mixed-use project in Coconut Grove. Ford is leasing more than 7,000 square feet of indoor and outdoor space at Regatta Harbour at 3385 Pan American Drive in Miami. Treo partnered with Grove Bay Hospitality Group to bring the celebrity chef. The restaurant, called Afishonado, is…

Veranda Holdings scores loan for townhomes near Homestead

A Coral Gables-based company just scored a construction loan to build a townhouse development in south Miami-Dade County. Pacific National Bank is providing $5.1 million loan for Veranda Holdings LLC. Veranda, a Delaware company led by Luis Machado, also filed a notice of commencement for 37 townhouses in seven buildings on the site at Southwest 240th Street and Southwest 110th Court…

Virgin Trains USA – formerly Brightline – seeks to raise up to $619 million in IPO as it plans expansion

Virgin Trains USA seeks to raise up to $619 million in an initial public offering as the high-speed rail company is planning to add stops in Orlando and Tampa Bay. Virgin Trains USA, formerly known as Brightline, expects its initial stock price to be between $17 and $19 per share. It plans to be traded on the Nasdaq stock exchange under the ticker symbol VTUS, according to a filing on Wednesday with the…

Federal Reserve holds interest rate, stresses “patience” on future hikes

The Federal Reserve has decided to hold interest rates steady, signaling a sharp departure from its recent policymaking. The benchmark rate will stay between 2.25 and 2.5 percent, and the Fed said on Wednesday that it will be “patient” in making future rate decisions. Some analysts take the Fed’s latest comments to mean that the body will not raise rates in March either. Instead, officials seem more likely to…

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February 6, 2019

Video: REIS Senior Economist Barbara Denham Does Retail Property Wrap-up 2018

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss how retail performed in the biggest quarter of 2018, and projections for the sector in 2019. She notes that vacancy held steady at 10.2% in the face of gloomy forecasts, and rent increased 0.5%. She sees these results as positive, even though it is low, as it was expected by most to be negative, presumably given all the store closures taking place in the face of e-commerce fueled headwinds. She also talks about store closures by Sears, and effects on different retail property subcategories.

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February 6, 2019