Video: Plum Lending CEO Bill Fisher on Technology and Big Data Benefiting CRE Financing

Bill Fisher, Founder and CEO at PLUM Lending, appears on The Commercial Real Estate Show to talk about the utilization of technology and data to power one’s business and make better financing decisions. Also discussed are the rapid changes in technology in the commercial real estate industry.

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September 26, 2017

What Is Lean Construction and Why You Should Care

Lean construction is a concept of fairly recent origin. The concept of lean construction originated during the latter part of the 20th century. In fact, the term “lean construction” itself was coined in 1993 by the International Group for Lean Construction during its first meeting.

Before diving into a more complete discussion of what is lean construction, and why it matters, the concept is ubiquitous in its application to the construction industry. Lean construction impacts all elements and segments of a construction project. Consequently, lean construction involves end users, owners, architects, designers, engineering, constructors, and suppliers, like Federal Steel Supply.

Essential Definition of Lean Construction

The most commonly accepted, and utilized, definition of lean construction was formulated in “Design and Construction: Building in Value.” This settled definition was promulgated about 10 years after the term “lean construction” itself initially was coined. Specifically, lean construction is defined as a “way to design production systems to minimize waste of materials, time, and effort in order to generate the maximum possible amount of value.”

The construction system requires the involvement of all stakeholders, who previously were enumerated in this article. These stakeholders must not just play their appointed roles in the construction scheme. Rather, they most jointly collaborate on designing what is called a production system for the construction project from start to completion.

Substantive Research Into Lean Construction Principles and Practices

Since the advent of lean construction as a cohesive concept in the latter part of the 20th century and beginning of the 21st century, a growing amount of academic research has been undertaken in regard to the principles and practices associated with this system. Research has been undertaken, or currently is underway, at an array of respected academic institutions that include:

• University of California, Berkeley
• Israel Institute of Technology
• Michigan State University
• Centro de Investigación en Ingeniería y Gerencia de la Construcción
• Nottingham Trent University
• Texas A & M
• University of Colorado
• Arizona State University
• University of Edinburgh
• Indian Institute of Technology Madras
• Universidad Politecnica de Valencia

In addition to research being conducted at institutions of higher education, a steadily increasing number of colleges and universities have commenced teaching lean construction concepts in the classroom. This is also happening at colleges and universities located in different locations around the globe, a trend that is expected to continue into the future.

Last Planner System

An outgrowth of lean construction more generally is the creation of what is known as the Last Planner System. The Last Planner System was formulated by the Lean Construction Institute.

The Last Planner System has been succinctly defined by the Lean Construction Institute as:

“The collaborative, commitment-based planning system that integrates should-can-will-did planning (pull planning, make-ready, look-ahead planning) with constraint analysis, weekly work planning based upon reliable promises, and learning based upon analysis of PPC (plan percent complete) and reasons for variance.”

With the use of the Last Planner System, all stakeholders in a construction project enjoy enhanced scheduling predictability. Using traditional construction practices, one of the greatest, most significant problems for stakeholders is scheduling-related issues. Indeed, it is scheduling missteps, perhaps more than anything else, that drive cost overruns and missed deadlines in construction projects of all types.

Why Lean Construction Matters to You

Lean constructions matters to you in a number of different ways. First, through the use of a lean construction system, the costs associated with a construction project can be better contained. Analysis of projects that have applied lean construction principles reveals that costs can be contained with this systemic approach to a project. With the ever-increasing costs of commercial and residential property across the United States, and in other nations the world over, steps to contain costs associated with new construction is vital.

Second, lean construction concepts are wide-ranging in their application. Lean construction principles can be applied to any type of construction project, industrial, commercial, and residential.

Third, analysis of lean construction also reveals that this systemic approach to a project can have a positive impact on environmental issues. Through the use of a fully collaborative approach to a construction project, two primary things can happen when it comes to environmental issues.

On the one hand, a particular construction project can be commenced and completed with less of an impact on the environment. On the other hand, the construction project itself, and the final structure, can incorporate in a comprehensive and coordinated fashion, a wider array of green technologies.

As lean construction concepts and practices become more widely utilized, the benefits enumerated here will become more broadly enjoyed. This likely reality, in and of itself, is yet another reason why lean construction should matter to you today, and will become more important in the future.

 


Jessica Kane is a professional blogger who writes for Federal Steel Supply, Inc., a leading steel tubing suppliers of carbon, alloy and stainless steel pipe, tubes, fittings and flanges.

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September 26, 2017

Video: Brian Bailey of the Federal Reserve Bank of Atlanta on Where We are in the Cycle

Brian Bailey, Subject Matter Expert with the Federal Reserve Bank of Atlanta, joins host Michael Bull to discuss where we are in the cycle. Highlights include:

  • Have seen nothing but solid job growth for last 4 years
  • Unemployment has come down significantly
  • This is the third longest expansion since 1945
  • Modest growth looks in the cards for foreseeable future
  • Dark clouds include net loan demand softening
  • Have to ask where we are at on supply curve, some segments seem to have excess coming online
  • Commodity like retail shifting to online
  • Industrial supply deliveries are in line with long term averages
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September 21, 2017

Video: Branding, Communications, Marketing Company Lemon Yellow Loves its Downtown Miami Location

Lemon Yellow, a downtown Miami branding, communications and marketing company, discuss how they love their office’s location in in the only remaining Art Deco building in downtown Miami.

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September 20, 2017

Miami Commercial Real Estate News September 20, 2017: Irma Damage Estimate Now $65 Billion; Metro Mall Site Hit Market; More…

Hurricane Irma damage now estimated at up to $65 billion

Property damage from Hurricane Irma is now estimated to reach $42.5 billion to $65 billion, with as much as $30 billion for flood-ravaged homes not covered by insurance, according to a newly released report from CoreLogic. The total figure includes both insured and uninsured losses for residential and commercial properties, including damage from both flood and wind. By far, the greatest hit is to…

Terra buys office building near Trump National Doral for $12.5 million

Terra Group just paid $12.5 million for a Doral office building near the Trump National Doral Miami, property records show. The Doral Court, a 209,000-square-foot office building at 8600 Northwest 36th Street, traded for about $60 per square foot. Records show Miami-based Banyan Street Capital is the seller. Banyan took ownership of the 9.4-acre property last year in March after making a stalking…

Metro Mall site in downtown Miami hits the market, could fetch $20 million

A development site in the heart of downtown Miami’s jewelry district is hitting the market, and is expected to fetch more than $20 million. Property records show a group of investors owns the Metro Mall building at 1 Northeast First Street, a 225,000-square-foot building that sits on a 33,750-square-foot corner lot. Colliers International South Florida’s Mika Mattingly, Gerard Yetming and Linn Ahsberg have…

Take that, Airbnb! Ian Schrager’s Public Hotel hopes to push back against home-sharing

Ian Schrager is fighting back against Airbnb with a tech-fueled hotel. Public Hotels replace the front desk with self-serve tablets where guests can check in and create their own room keys, the Wall Street Journal reported. The Lower East Side hotel features five bars and a restaurant, axing traditional room service. Calls from hotel rooms are re-routed to a call center in Las Vegas, and guests can ask…

Private developer has designs on Fort Dallas Park in Miami

Fort Dallas Park, on the Miami River downtown at 60-64 SE Fourth Street, could be redeveloped and include a new restaurant and improvements to a historic cottage on the city-owned site. The plan for improvements at the park is included in an unsolicited proposal to the City of Miami from Sanctus Spiritus LLC, which has proposed a public-private partnership with the city. The proposal for the city…

Girl Scouts selling land to add to Matheson Hammock

The Girl Scouts are selling Miami-Dade County land to expand Matheson Hammock Park, which will provide a 10-foot-wide nature trail and pedestrian access to the west side of the park, expanding nature-based programming. Up for purchase is a vacant half acre at 9950 Old Cutler Road. The proposed contract is for $415,000 for land that was appraised in February 2016 at $440,000. Added to the…

Miami Real Estate Mostly Spared From Irma’s Fury, Industry Players Say

Just days after Hurricane Irma lashed downtown Miami and the neighboring Brickell financial district with vicious winds and surging water that took out two construction cranes and flooded major streets, industry players told The Real Deal that the deadly storm largely spared the city’s urban core and coastal communities from catastrophic damage. Suzanne Amaducci, who leads the real estate group at…

Terry W. Stiles: Celebrating The Life And Memory Of An Industry Icon

We, along with the entire CRE community, are deeply saddened by the loss of our great leader and friend, Terry Stiles. Terry’s passion, energy and unyielding devotion to bettering communities across the Southeast were the source for innovations in real estate that will continue to enrich lives for years to come. Terry’s vision helped to shape the skyline of Fort Lauderdale and better every city and…

Hurricane Irma, declining sales force Epicure Market to close for good

A Miami Beach institution has closed its doors, serving its last customers prior to Hurricane Irma’s arrival. Epicure Gourmet Market & Café at 1656 Alton Road announced the closure in a tweet on Thursday. The company attributed the closure to Hurricane Irma, “problems with storm insurance” and declining sales. Owner Jason Starkman could not immediately be reached for comment. Starkman told the Miami…

Insurers Discuss Crane Collapses, Other Contingencies Of Hurricane Irma

Insured losses from the storm are projected at a record $65B, according to catastrophe modeling firm AIR Worldwide. “It’s been 12 years since we’ve had anything remotely close to a storm like this, and people are saying, ‘Oh my God, I hope my policy is right,’” insurance broker Arthur J. Gallagher & Co.’s South Florida president, Zeb Holt, said. “But this is why people buy insurance. It’s our time to shine.”

Hurricane Irma spared real estate market big damage, caused minor construction, closing delays

Hurricane Irma’s effect on South Florida’s vibrant real estate market is not likely to be much more than the hassles of delayed home deliveries and closings, industry observers say. Twelve years ago, Hurricane Wilma swept across Broward, Palm Beach and Miami-Dade counties, causing major damage to roofs. Blue tarps became a common sight in many neighborhoods hammered by Wilma’s winds.

Four Questions Potential Buyers Should Consider Before Purchasing An Investment Property

Here are four questions potential buyers should consider before purchasing an investment property. What are your financial goals? You should create rules to help stay focused. For instance, are you looking to make money by way of monthly rent checks, or is this a long-term appreciation investment where you look to cash out upon the sale of the property in a few years? These rules should be tailored…

Miami commission overturns mayor’s veto related to Flagstone Island Gardens

As the city of Miami battles Flagstone Island Gardens in Miami-Dade Circuit Court over the developer’s ouster from a megayacht marina and resort project on Watson Island, the city commission and Mayor Tomas Regalado are in tense disagreement over legal strategy. Shortly after Flagstone Property Group — led by Turkish businessman Mehmet Bayraktar — sued the city in June for roughly $122…

Stephen Ross Becomes University Of Michigan’s Single Largest Donor

Detroit native and Miami Dolphins owner Stephen Ross has made a $50 million donation to the University of Michigan to support career development programs for students, new business ventures and student-run investment funds. This, on top of $328 million in previous donations, makes Ross the single largest donor to the university — ever. “It gives me enormous joy to continue to give back to the…”

Food halls sizzle in Miami as craze spreads across nation

There’s a food hall commotion stirring up around the nation, and developers in Miami are joining the movement. More food halls are opening nationwide as consumers demand more artisan and healthier food options in lively environments, according to the New York Times. The brokerage firm Cushman & Wakefield conducted a research study showing that the growth of food halls has increased…

Early Wynwood broker Larry Mizrach dies

Early Wynwood investor and broker Larry Mizrach of Mizrach Realty Associates died at 85. Mizrach sold the Goldman family more than 20 properties in the early 2000s, which then led to the neighborhood’s revival and transformation into the trendy Wynwood Arts District. His clients also included the Rubell family, according to his former business partner, Danny Zelonker. Mizrach got his start in real estate…

Toys “R” Us files for Chapter 11 bankruptcy

From TRD New York: Facing crushing debt and competition from online retailers, Toys “R” Us filed for Chapter 11 bankruptcy Monday.
The company has more than $5 billion in long-term debt, $400 million of which is coming due in 2018, the New York Times reported. Vornado Realty Trust, along with Kohlberg Kravis Roberts and Bain Capital, borrowed heavily to purchase the company in 2005…

Florida, Texas Commercial Real Estate Begins Long Recovery Effort from Back-to-Back Storms

With relief efforts under way in areas ravaged by Hurricanes Harvey and Irma, analysts are now beginning to assess the broader questions of how the back-to-back natural disasters could potentially affect U.S. economic growth, the nearterm impact of the thousands of residents and tenants displaced by the storms, and how the threat of future storms may affect investor appetite for coastline property…

Market Trend: South Florida’s Mid-Year Industrial Deliveries, Construction and Inventory

During the second quarter 2017, 14 buildings totaling 1,456,539 square feet were completed in the South Florida market area. This compares to 10 buildings totaling 1,328,543 square feet that were completed in the first quarter. There were 4,441,661 square feet of Industrial space under construction at the end of the second quarter 2017. Some of the notable 2017 deliveries include: Flagler Station…

Blue Rock Partners Purchases Pinebrook Property in Miami

Blue Rock Partners LLC acquired the 309-unit Pinebrook apartments at 15601 SW 137th Avenue in Miami, FL for $37.25 million, or about $120,000 per unit, from Pinebrook South LTD. The 273,000-square-foot multifamily building was built in 1987 in the Palmetteo Estates MF submarket. Felipe Echarte and Evan Kristol of Marcus & Millichap represented the seller. The buyer handled the sale in-house.

Jeffrey Soffer: Miami real estate prices won’t suffer in the wake of Hurricane Irma

Hurricane Irma may have toppled a few cranes in Miami and Fort Lauderdale — but overall, the storm won’t have any long-term impacts on real estate prices in South Florida, says billionaire developer Jeffrey Soffer. The Turnberry Associates CEO appeared on CNBC’s Power Lunch, as Floridians continue to assess damage caused by the storm. Despite widespread flooding and power outages, Soffer said the…

Video: Reis Economis Barbara Denham on The Future of Logistics, Ports & Industrial Real Estate ~ Part 1

Barbara Denham, Economist with Reis, joins The Commercial Real Estate Show to talk about industrial buying and selling, retail, and e-commerce while looking at the impact on the economy. Highlights include: Warehouse and vacancy rates 9.7 from 9.9 in prior quarter and 10.3 last year; Strong net absorption in industrial property market; Q2 rent growth 0.6%; Lot of strong construction is happening across…

Video: Reis Economis Barbara Denham on The Future of Logistics, Ports & Industrial Real Estate ~ Part 2

Barbara Denham, Economist with Reis, joins host The Commercial Real Estate Show to discuss the topics of industrial, warehousing, logistics and retail. Highlights of the video include: Cap rates are a little higher at 7.5 vs 7.4 a year prior; Industrial sector a niche market; Hard sector for novice investor; Seeing increase in sales volume versus year prior; Disparity across country, with some markets…

“Salt Bae” to open first US restaurant in Miami

“Salt Bae” is coming to Miami. Nusret Gökçe is taking over the former Brickell Avenue space of Coya Miami and is set to open his first U.S. restaurant there in October, according to Eater Miami. Gökçe, who gained internet fame for the meme of him expertly slicing – and salting – a bone-in steak, will open a new location of the mini Turkish steakhouse chain Nusr-et at 999 Brickell Avenue. It will mark the 11th…

Video: International WELL Building Institute EVP Judith Webb on Wellness Verification for Your Office Space Part 1

Judith Webb, Executive Vice President at International WELL Building Institute, joins host Michael Bull on America’s Commercial Real Estate Show to discuss how to feel good as an occupant, increase productivity and wellness in the office space, and getting a wellness certification for your office or building.

FDEP Issues Order to Restore Structural Damage Post Hurricane

On September 5, 2017, the Florida Department of Environmental Protection (“FDEP”) issued Emergency Final Order OGC. No. 17-0989 (the “Order”) in response to the anticipated widespread devastation across Florida caused by Hurricane Irma. In order to respond to the imminent or immediate danger to the public health, safety, and welfare of the citizens of the State of Florida, FDEP provided an order to…

“We have to learn how to live with water”: Pros talk development in waterfront cities

Nothing thrusts the future of waterfront cities into question quite like a pair of devastating hurricanes. Hurricane Harvey, where wetlands were paved over to make way for new development, highlighted Houston’s libertarian-tinged zoning deficiencies. Meanwhile, Irma recapitulated the dangers of developing on the water’s edge. “We have to control how we develop these cities,” Judith Rodin, former…

Miami apartment complex purchased and scheduled for upgrades

It is important to be prepared for commercial real estate opportunities when they come up. A Florida company recently purchased a 390-unit apartment complex for $37 million in a Miami suburb. The buyer plans to update the complex and has interior and exterior renovations planned which will cost $3 million. The complex will also be renamed. The commercial real estate transaction was financed…

Miami Community In South Kendall Commands $37 Million from Tampa Based Blue Rock Partners

Pinebrook Apartments, a 309-unit apartment complex in Miami’s South Kendall submarket, sold. Blue Rock Partners of Tampa acquired the property in a $37.3 million deal and rebranded it The Park at Sheffield. The seller was a private investor and Ladder Capital Finance LLC facilitated the transaction with $33.5 million in acquisition financing, public records show. Located at 15601 SW 137th Avenue…

What are the best US cities for millennials? Not Miami, report says

Miami just received a big, fat F for millennials. The Miami metro is in the 10 worst in the country for millennials, according to a report from Apartment List. The ranking takes into account jobs, affordability and livability in 75 major cities in the U.S. Low median wages and slow wage growth kept three Florida cities in the bottom 10. Miami ranked 44th on the list. It received an F due to the job market and low…

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September 20, 2017

Video: Scott Muldavin on Financial Benefits of Well Certification for Commercial Properties

Scott Muldavin, President at The Muldavin Company, joins host Michael Bull on America’s Commercial Real Estate Show to discuss the importance of wellness for your space, the seven concepts of the WELL Building Standard, and the benefit statistics of applying wellness standards.

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September 19, 2017

Video: Is Getting The Best Lease Rate The Most Important Economic Factor On A New Lease?

This is good practical advice from our friends at The Commercial Real Estate Show.

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September 19, 2017

Video: JLL Chief Economist Ryan Severino Highlights Industrial Market Opportunities

Ryan Severino, Chief Economist with JLL, joins The Commercial Real Estate Show in studio to discuss the market opportunities in the industrial sector.

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September 18, 2017

Cash Buyer Seeks 100+ Units Multifamily Properties Anywhere in Florida

Cash buyer seeks to purchase any multifamily property with 100 units or more anywhere in Florida in any condition. This is a cash buyer. No financing is required.

If you have a property that meets this requirement, send an email or call.

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September 15, 2017

Video: Real Crowd CEO on Commercial Real Estate Crowd Funding for Investors and Sponsors

Co-Founder CEO of Real Crowd Adam Hooper joins appears on The Commercial Real Estate Show via Skype to discuss crowd funding for commercial real estate investors and how it is changing.

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September 15, 2017

Video: Reis Economis Barbara Denham on The Future of Logistics, Ports & Industrial Real Estate ~ Part 2

Barbara Denham, Economist with Reis, joins host The Commercial Real Estate Show to discuss the topics of industrial, warehousing, logistics and retail. Highlights of the video include:

  • Cap rates are a little higher at 7.5 vs 7.4 a year prior
  • Industrial sector a niche market
  • Hard sector for novice investor
  • Seeing increase in sales volume versus year prior
  • Disparity across country, with some markets much stronger than others
  • Big markets getting bigger and better, smaller markets falling behind
  • Cap rates lower in the west
  • Interest rate question is the biggest enigma throughout this recovery
  • 3 Fed funds raises have not been reflected in 10 year rates
  • Little expectation of inflation by anyone
  • Whole Foods purchase by Amazon has investors wondering what is next for distribution
  • Lack of boom in this expansion seems to be preventing a bust
  • Every single industrial sector is seeing vacancy rates declining and positive rent growth

Watch part 1.

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September 15, 2017

Miami Commercial Real Estate News September 13, 2017: Irma’s Aftermath; Pru Drops $19 Mil in Little Havana; More…

American Dream Miami mega-mall draws traffic concerns

Traffic In Miami-Dade and Broward counties is still a concern for the development of the American Dream Miami mega-mall in Northwest Miami-Dade County as meetings continue throughout the fall. “It’s a little under two miles South of our county line, so we know it’s going to generate traffic impacts in Broward,” said Jo Sesodia, Broward County’s director of planning and development management.

Prudential spends $19M on new Little Havana development

Prudential just paid $18.5 million on a new self storage facility in Little Havana, property records show. Broward Havana LLC, a company owned by Bruce Weiner of Atlanta, sold the five-story development at 641 Northwest 12th Avenue to an affiliate of Madison, New Jersey-based Prudential Variable Contract Real Property Partnership. Weiner made his fortune in candy. He sold his company to Tootsie Roll in…

Video: Considering the Impact of Legislative Changes on Multifamily Properties

Greg Brown, Senior Vice President of Governmental Affairs with the National Apartment Association (NAA) talks with the host of The Commercial Real Estate Show about future legislative modifications that may impact the multifamily property market. Among the issues discussed are ADA litigiation, including NAA’s proposal for a 120 day right to cure, and the pending expiration of the National Flood…

Chinatown design nears review and approval

After sending six city officials on a 12-day trip to China last May, the City of North Miami completed its conceptual design master plan for its Chinatown Cultural Arts & Innovation District, which is to be presented to the city’s Community Redevelopment Agency this month for review and approval. “Right now we are continuing our planning and public feedback process,” said Larry Spring Jr., North Miami city…

Related Group arm may add housing atop Olympia Theater

The aging and grandiose Olympia Theater in downtown Miami could get a new lease on life if Miami commissioners buy into a proposal from an arm of mega-developer the Related Group to rehab the theater and redevelop the residential units above. The venerable venue hasn’t had a major facelift in more than 15 years. The city commission is to discuss the new proposal today (9/14). The city owns the…

Developers Overbuilt So Many Sunny Isles Beach Condos, They Have Two-Year Backlog

A Miami real-estate analysis released Monday sheds light on the wonderfully stupid way South Florida operates: For the past handful of years, condo prices in the area have been criminally high, so condo developers have laid waste to any undeveloped piece of land they could find, stacking buildings into the sky regardless of whether anyone would buy them. Now they’ve finally built so many they can’t…

Miami police due to get an office in Brickell City Centre

Miami police will have an office in Brickell City Centre if city commissioners approve a lease with the management company of the vast development. Swire Properties is developing the multi-block project and last year opened phase one, which includes residential towers, offices, hotel rooms and a 500,000-square-foot shopping center. The proposed lease for a police station is on the commission’s agenda…

Virginia Key advisory group tries to get ahead of events

Members of the Virginia Key Advisory Board want to be more proactive and less reactionary. The operations and scope of the barely one-and-a-half-year-old body were discussed at the board’s last meeting Aug. 22, and on the heels of a vote to stop the city from proceeding with a proposal for a mooring field in the historic basin of the island. Board members have expressed surprise and concern about some…

LAX Floral Import Inks 30,000 SF Lease Deal In Doral

State Street Realty has leased 30,000 square feet of industrial space to LAX Floral Import at Beacon Centre Business Park, located within the Miami-Airport West submarket. As a result, Beacon Centre Building 3, a 114,000 square foot building within a Class “A” industrial business park at 1617 NW 84 Avenue in Doral, is 100% occupied. The vacancy rate for industrial space in the Miami Airport / Doral area…

Hurricane Irma’s Miami landfall and aftermath in photos

80 percent of Miami-Dade lost power The Miami area thankfully has Hurricane Irma in its rearview, as winds have finally started to settle across the tri-county region. Cities continue to unleash first responders while assessing damages and outages. According to the Sun Sentinel, as of Monday morning there were over 815,000 outages in Miami-Dade (80 percent of homes), nearly 644,000 outages…

CoStar shelling out $385M for another rental listing website

From TRD New York: New York’s brokerage firms may be no match for StreetEasy and its parent Zillow, but CoStar looks to be trying to become one. The real estate data company agreed to buy the rental listing site ForRent.com for $385 million in a bid to list “every single apartment in the U.S. being marketed, whether it’s someone’s garage apartment up to the largest institutional property,” according…

Terry Stiles, who kickstarted Fort Lauderdale’s real estate boom, dies of cancer

Terry Stiles, the developer whose vision essentially led to the creation of the Fort Lauderdale office and multifamily markets, died Monday. He was 70. The cause of death was cancer. Diagnosed in 2015, the chairman and former CEO of Stiles Corp. initially took a six-month leave and returned to work 80 pounds lighter but determined to remain involved. In 2016, his son, Ken Stiles, was named CEO in a previously…

Irma has arrived: Tower crane snaps in half, strikes PMG’s 300 Biscayne

The nightmare is happening. High winds from Hurricane Irma caused the tower crane at Property Market Group’s under-construction “Vice” apartment tower to snap in half and crash into the building.  The Herald reported that the boom is still connected to the crane tower by a cable but is dangling on the side of the 30-story luxury residential building at 300 Biscayne Boulevard. No injuries were…

A second crane just collapsed. This time it’s at the Related Group’s GranParaiso condo development

Just hours after the boom separated from the crane tower and struck Property Markets Group’s 300 Biscayne Avenue, another crane collapsed in Miami, this time at the Related Group’s GranParaiso condominium tower. Multiple news stations reported Sunday afternoon that a tower crane at Related’s 10-acre megadevelopment in Edgewater snapped amid Hurricane Irma’s howling winds and is dangling…

The perks and perils for developers who do their own construction

In 1898, Julius Tishman built a six-story tenement building, ultimately sparking the creation of the family’s development firm, Tishman Realty & Construction. The “construction” portion of the company’s name initially indicated that it was self-sufficient, that it could build its own projects — but the construction arm grew to one of the most active shops in the city and eventually was bought by engineering…

A Close Look at Urban Core Apartment Market Performances: Miami Listed Among Weakened Markets

Rents have been essentially flat for a while now in a big block of downtowns, including the urban cores in Charlotte, N.C., Los Angeles, Miami, San Antonio, Texas, San Diego, San Francisco, San Jose and Washington, D.C. Let’s also put Manhattan and Brooklyn in this category, although Manhattan performances by individual neighborhood are wide-ranging.

Long-Term Outlook for Rental Apartments Remains Positive: Miami Supply Shortfall Coming

In fact, some cities are likely to suffer from a shortage of apartments in the short term. “Keeping in mind that deliveries are set to hit cyclical highs in many markets over the coming few months, there would be supply shortfalls in big-demand centers like Las Vegas, Miami, Fort Lauderdale, Orlando and Raleigh,” says Willett. This demand will continue over the next decade, according to the NMHC…

Almost $40 billion in commercial mortgage-backed securities was exposed to Hurricane Irma in Florida: report

Just under $40 billion of CMBS debt was exposed to the wrath of Hurricane Irma in Florida, $6.41 billion of which was concentrated in Miami, according to an analysis from Morningstar Credit Ratings. FEMA has not posted a formal disaster declaration for the storm yet, but Morningstar’s initial analysis found that it exposed $38.94 billion worth of CMBS in the state. About $6.46 billion of exposure was…

Miami firm buys Atlanta-area office complex for $13.5 million

Miami-based IG3 Real Estate bought an office complex in the Atlanta area for $13.5 million. IG3 paid about $119 per square foot for the 113,016-square-foot Sugarloaf Business Center in Duluth, Georgia. The office complex has a 98 percent occupancy rate. Major tenants include Credit Union Service Corp., Emory Clinic, United Healthcare Services Inc. and USASF Servicing. IG3 obtained an $8.4 million loan…

Miami Construction Firm MCM Gets Tangled Up In Paul Manafort Saga

Munilla Construction Management, also known as MCM, has built schools, airports and highways all around the United States. Its projects have included terminals at PortMiami, various city halls and police stations, and the bridges connecting Las Olas Boulevard to the finger islands in Fort Lauderdale. Now the Miami-based firm, owned by six brothers, is playing a bit part in a national saga: the investigation…

NREI: Florida Assesses Damage as Irma Ebbs to Tropical Storm

Post-hurricane Miami got back to business with a puff of smoke. It came from the fat Arturo Fuente Opus X that Jorge Artiles was smoking after he opened his cigar shop in a strip mall. Asked why he decided to open only one day after Hurricane Irma turned the surrounding Brickell Avenue financial district into a lake, he said: “Because today is Monday.” The first day of the week offered the city and all…

These 10 US cities are most prepared for disaster – Miami isn’t one of them

Hurricane Harvey pummeled Houston and New Orleans last week, and Hurricane Irma hit Miami and other cities near the US southern coast this weekend. Meanwhile, officials in cities across the American West have been trying to tame massive wildfires in recent weeks. And then there are the everyday disasters that plague many American cities, like poverty, unsanitary water, substandard education…

J.P. Morgan, Magellan Development Secure Financing for Proposed Midtown 6 Apartments

J.P. Morgan and Magellan Development Group secured $110.3 million in construction financing for the proposed Midtown 6 multifamily project at 3101 NE 1st Avenue in Miami, FL. The project will span 31 stories and total 397,000 square feet of residential space above 40,000 square feet of street-level retail. The project is expected to complete in spring 2020 and have a LEED Silver designation.

Artists Creating – And Owning – Their Own Spaces in Miami

How creativity is changing commercial real estate: Art does a lot for people. It appeals to our creative nature; it’s personal; its expression touches something in all of us. In the words of Pablo Picasso, “The purpose of art is washing the dust of daily life off our souls.” The same sentiment can be said about art in communities. By embracing creativity, neighborhoods are learning that art can wash off their dust.

Commercial Real Estate in Miami is Getting Greener

When it comes to climate change, perhaps no other region in the nation has as much to lose as South Florida – Miami and Miami Beach in particular. With each year, King Tide flooding becomes increasingly extreme and creeps into more and more neighborhoods, and herculean efforts are underway to adapt city design and pump water back into the ocean. It should come as little surprise that cities…

Rules For Public-Private Deals OK, But Pick Proper Rules

To expedite public-private partnerships and unsolicited proposals for deals with Miami-Dade, commissioners are being asked (9/7) to toss out every word of county code on the topic and add a whole new version. Even if we agreed entirely with fostering a new wave of deals that could wind up with companies controlling public lands, buildings…

More Real Estate Players Say The Peak Is Now

More than half of respondents to an NREI survey conducted in July said the real estate cycle has reached its peak. The percentage of survey respondents who believe we are currently at the peak of the market totaled 52 percent, up 500 basis points since the results in May of 2017 and 600 basis points since March results. The only…

Pepsico Seeks Buyer For Miami-Dade Plant As Redevelopment Opportunity

Pepsico has listed the site of its Miami-Dade County bottling plant for sale as a redevelopment opportunity. The 23.7-acre site in Doral is listed for sale on the Real Capital Markets website. The brokers are NAI Global’s Jay Olshonsky, Clifford Moskowitz and Kimberly Kocur, plus NAI Miami’s Gabriel Garcia-Menocal and Lucia Custer. Located just off the Palmetto Expressway…

“Florida Has Many Resources For Businesses, Before And After Irma,” Says DEO Chief

In the past, many looming storms were met with a dangerous element: complacency. “Not so with Hurricane Irma, said Cissy Proctor,” executive director of Florida’s Department of Economic Opportunity. “Everyone is being vigilant and paying attention to what’s going on with this storm and taking it seriously.” She has an important message to share with the thousands of Florida business owners…

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September 13, 2017

Map with Pinned Links to Photos of Hurricane Irma Damage

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September 13, 2017

Video: Reis Economis Barbara Denham on The Future of Logistics, Ports & Industrial Real Estate ~ Part 1

Barbara Denham, Economist with Reis, joins The Commercial Real Estate Show to talk about industrial buying and selling, retail, and e-commerce while looking at the impact on the economy. Highlights include:

  • Warehouse and vacancy rates 9.7 from 9.9 in prior quarter and 10.3 last year
  • Strong net absorption in industrial property market
  • Q2 rent growth 0.6%
  • Lot of strong construction is happening across country to meet optimistic demand outlook
  • Consumer confidence strong than one would expect at this point in the cycle

Watch part 2.

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September 13, 2017

Video: International WELL Building Institute EVP Judith Webb on Wellness Verification for Your Office Space Part 1

Judith Webb, Executive Vice President at International WELL Building Institute, joins host Michael Bull on America’s Commercial Real Estate Show to discuss how to feel good as an occupant, increase productivity and wellness in the office space, and getting a wellness certification for your office or building.

View part two.

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September 11, 2017

Video: Miami Today Profiles Turnberry’s Jackie Soffer

Jackie Soffer is the CEO and Co-Chairman of Turnberry, a privately held real estate development group based in South Florida that was founded more than 50 years ago. The company specializes in large-scale developments – lifestyle developments – within the retail, hospitality, office, and  residential sectors.

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September 9, 2017