Reis Chief Economis and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the apartment/multifamily sector for the fourth quarter and year of 2016. Some highlights from this video include: During 2016, vacancies declined by only 0.1% 200,000 New units came online Asking and effective rent both grew by 5.8% Concessions […]
Victor Calanog, Senior Economist and Senior Vice President with Reis, a leading commercial real estate market information and analytical tools provider, discusses potential effects a Donald Trump administration on the economy overall with a concentration on commercial real estate.
Federal Reserve raises interest rates by a quarter point, keeping inflation in crosshairs The Federal Reserve is raising its key interest rate by 0.25%, continuing on its crusade against inflation while warning that recent instability in the banking sector could weigh on the economy. In announcing their ninth consecutive rate hike — which increases the benchmark […]
PMG Receives $106M Refinancing for 464-Unit X Miami Apartment Tower Property Markets Group has received a $106 million refinancing for X Miami, a 464-unit multifamily community in downtown Miami. Pacific Western Bank provided the financing, which will pay off an existing $80 million construction loan from Centennial Bank. The 31-story tower that recently opened features units […]
Cirque du Soleil founder buys trio of warehouses in Little Haiti Cirque du Soleil founder Guy Laliberte is betting big on Miami. The Canadian theater impresario paid $6.9 million cash for a trio of new warehouses at 300, 310 and 320 Northeast 60th Street in Little Haiti, The Real Deal has learned. Laliberte, who founded Cirque du […]
Split decision on new mixed-use towers in Miami’s Omni area One of two mixed-use residential projects planned for Miami’s Omni neighborhood won a green light from a city review board last week as the other was deferred for more design work. Both are from The Melo Group, a family development company championed for building more affordable […]
California firm pays $5.6 million for building in Miami Beach, plans co-working space A Hollywood, California real estate firm just paid $5.6 million for an office building on 41st Street in Miami Beach where it plans to launch a co-working space. Property records show 820 AGR LLC, a company controlled by investor and developer Michael Simkins, […]
EI-American RE Sells The Conrad Miami Hotel on Brickell Mast Capital and Angelo Gordon & Co. acquired The Conrad Miami hotel at 1395 Brickell Avenue in Miami, FL for $72 million, or about $355,000 per room, from EI-American Real Estate, Inc. The 36-story, 203-room hotel was built in 2003 in the Brickell submarket. It totals 212,503 […]
Torburn Partners sells chunk of former Motorola office park for $57 million to Miami Based Midtown Capital Partners Northbrook, Illinois-based Torburn Partners just sold a portion of an office park in Plantation for $56.6 million to Miami-based Midtown Capital Partners, led by Alejandro Velez, property records show. The two buildings at 7600 and 7700 West Sunrise […]
Miami Office Market Makes Surprising Rebound The South Florida office market has rebounded this year, but developers hoping for long-term success in the sector should already be paying attention to the popularity of co-working space. Courtesy: WeWork The interior of a WeWork co-working space in Miami Colliers International South Florida Executive Managing Director Ken Krasnow […]
Downtown Miami is getting its first new office tower in six years Another piece in the ambitious Miami Worldcenter project has clicked into place. Hines, the privately-owned real-estate investment firm with a presence in 189 cities in 20 countries, will build a 45-story tower with 600,000 square feet of Class A office space at 110 NE […]
Aldi-anchored shops in Miami Gardens listed for $32 million Westport, Connecticut-based Rand Real Estate Services listed Palmetto Plaza (aerial view), an Aldi-anchored shopping center in Miami Gardens, for $31.75 million, a nearly 48 percent increase from its last sale about four years ago. The 176,000-square-foot center, at 16301 Northwest 57th Avenue, is 93.3 percent occupied […]
Publix buys West Miami store from Brandon Partners for $23M Publix just closed on the purchase of a new West Miami location for $23.2 million, according to data from Real Capital Analytics. Orlando-based Brandon Partners sold the three-story building at 1500 Southwest 57th Avenue to the Lakeland-based grocer, partner Steve Brandon confirmed. The deal, which […]
Knight Convention Center deal could upgrade downtown waterfront Redevelopment of the city-owned James L. Knight Convention Center and attached neighboring hotel at 400 SE Second Ave. could see a rebirth of a prime waterfront site in the heart of downtown Miami. That’s the feeling of city commissioners who voiced approval of administrative staff’s continuing negotiations for […]
Miami Commercial Real Estate Panel: Hotels seek level playing field with Airbnb A panel of commercial real estate developers on Tuesday touched on Airbnb, Zika virus hysteria and financing challenges builders in the commercial sector are currently facing. Diego Lowenstein, CEO of Lionstone Development, addressed the escalating conflict Airbnb is facing in Miami-Dade County. “We want […]
MDM Closes On Purchase Of Miami Arena Site, Convention Center Hotel Coming MDM’s 53- story convention center hotel is one step closer. MDM closed on the purchase of the former Miami Arena site (birseye aerial view) late Friday for $45 million. The developer has issued a press release confirming the purchase. The deed is said to be […]
