Related Group Breaks Ground on Phase II of $650M River Parc Project in Miami’s Little Havana

The Related Group, along with the Department of Public Housing and Community Development and SunTrust Bank, has broken ground on Phase II of River Parc in Miami’s Little Havana neighborhood. Phase II consists of the 150-unit Gallery at River Parc, an affordable and workforce housing community. Of the property’s 40 studios, 70 one-bedroom units and 40 two-bedroom apartments, 80 percent will…

Apartment building in Little Havana flips for $6 million

An investor flipped a Little Havana apartment building for $6.2 million after buying it a few months ago. Aurora Investments Florida, led by Coral Gables attorney Oswaldo Martinez, sold the 21-unit apartment building at 900 Southwest Seventh Street for $295,238 per unit, records show. The buyer is Casa Aurora LLC, which is led by Terrell Rhye of Miami. The investment firm bought the building for …

Grove Isle developers buy assisted living facility in West Kendall for $16.5M

United Home Care sold an assisted living facility in West Kendall to a company tied to Grove Isle developers. Property records show 9355 Miami LLC, led by developers Eduardo Avila and Hector Fernandez-Rousselon, paid $16.5 million for the four-story, 87,674-square-foot building at 9355 Southwest 158th Avenue. United Home Care, led by president and CEO Carlos Martinez, sold the 2.6-acre property.

Video: WeWork, the Numbers

Even after hipster charismatic CEO Adam Neumann’s rather spectacular ouster, WeWork continues to be one of the most talked about companies in the business world, particularly in any involved with office properties. This video runs through the most telling statistics of WeWork’s fall from grace. They note WeWork was recently taken over by SoftBank at an eight billion dollar valuation, $39 billion less…

Terra unveils latest mixed-use project near Downtown Doral

David Martin’s Terra revealed plans for a retail center near Downtown Doral, as demand for sprawling suburban shopping centers remains strong in South Florida. Tenants of the 150,000-square-foot shopping center include 24-Hour Fitness and Marshalls, according to a release. Doral Square, on the southeast corner of Doral Boulevard and 87th Avenue, will break ground by the end of the year.

7-restaurant Riverside Miami expects to be serving in December

The ambitious plan to turn a barren spot of land on the Miami River into a family-oriented, open-air culinary experience is coming to fruition. Riverside Miami LLC is working hard to transform land at 431–451 S Miami Avenue. into a special venue called Riverside, with a dozen components including seven restaurants, a tap room and an outdoor event space. Owner and developer Antonio Primo told…

Preview of Jorge Pérez collection starts hunt for more space

When developer and art collector Jorge M. Perez opened El Espacio 23 in Allapattah for a preview last week (ahead of its grand opening during Art Basel), it offered visitors a look into his private collection. But it also created a problem: where to find more storage space? Mr. Perez originally bought the building housing El Espacio 23 to warehouse items in his collection, but the collection eventually took over…

If Melreese lease goes ahead, more voices must be heard

Miami commissioners wisely delayed a vote last week to lease the city’s golf course for a century to a massive shopping-office-hotel complex with a soccer stadium until they get all details. Waiting was an easy choice. An even better option was to say “no thanks” to the unsolicited offer for Miami’s largest green space, but it might be too far down the road to say no without seeing the full deal. When…

Grove Isle developers face new lawsuit over proposed project

Grove Isles Associates is facing another legal challenge to its plans for a new condominium complex in the waterfront luxury community in Coconut Grove. This time, it’s a lone Grove Isle homeowner who owns a $26-million-a-year in sales metals manufacturing firm seeking to derail the project, known as The Markers Grove Isle. For the past four years Grove Isle Associates has engaged in legal skirmishes with…

Gables Residential sells dev site near Shops at Merrick Park

A national apartment builder sold a development site near the Shops at Merrick Park in Coral Gables to BF Group, a local developer. Development options for the property include a hotel and office building. Atlanta-based Gables Residential sold the 18,748-square-foot assemblage at 4521 and 4601 Le Jeune Road to BF Group, led by Jose and Luis Boschetti. BF Group paid for $4.17 million for the…

Can a Judgment Creditor Garnish a Contractual Obligation?

If you think a commercial contract can protect you from a garnishment, you may well be wrong. While proper wording of a contract is essential to safeguard your interests and provide a path to recovery in the event of a default, the courts have made it clear that a debt arising out of a contract is the proper subject of a garnishment. Here is a real-world example to consider. You and a business partner…

BGI Capital Provides $12M Renovation Loan for Office Building in Metro Miami

BGI Capital has provided a $12 million loan for the renovation of a 52,179-square-foot office building in Coral Gables. The borrower, Location Ventures, will renovate the building’s ground floor into a new coworking business known as “FORUM.” Jason Shapiro of Aztec Group Inc. arranged the 24-month loan on behalf of the borrower. The building, located at 299 Alhambra Circle, will be the first location…

Technology is Top-of-Mind for Multifamily Renters, Says NMHC Survey

More and more renters are looking for apartments that feature high levels of technology, according to the 2020 Apartment Resident Preferences Report released by the National Multifamily Housing Council (NMHC) and research firm Kingsley Associates. The NMHC is a Washington, D.C.-based nonprofit organization serving the multifamily industry. The report was compiled through survey responses…

Last call for Purdy Lounge. Miami Beach bar announces closure

Purdy Lounge in Miami Beach’s Sunset Harbour neighborhood will hold its last last call on February 8. The popular bar and lounge, at 1811 Purdy Avenue, announced on Facebook that it would be closing early next year after operating for about 20 years. “There is a lot you can do in 20 years, begin a new century, build a new business, develop a neighborhood, make new friends, strengthen bonds, dance…

Morgan Reed Group lists Rail 71 development for $33M

Morgan Reed Group is looking to cash out on its investment in a Little River office development. The company hired brokers Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors to list Rail 71, at 7205 Northeast Fourth Avenue, for $33 million or $258 per square foot, the brokers said. The flex creative office building is 89 percent occupied with 49 office, showroom and gallery tenants…

Russell Galbut wants to sell another Miami Beach hotel

Kaskades Hotel Miami Beach developer Russell Galbut and his nephew Keith Menin are looking to sell another Miami Beach hotel. A company tied to Galbut and Menin is seeking to sell the 26-room Domio Kaskades Hotel in Miami Beach for $15.8 million or $607,692 per room. The property at 300 17th Street totals 18,725 square feet. Marcus & Millichap’s Drew A. Kristol, Kirk D. Olson and Joseph Thomas…

SEC launches WeWork probe: report

WeWork is reportedly facing an SEC probe (Credit: iStock) The U.S. Securities and Exchange Commission has launched an inquiry into WeWork to determine if the company violated reporting rules ahead of its doomed planned public offering. Citing two unnamed sources, Bloomberg reported that SEC investigators are scrutinizing disclosures made to investors while the company embarked on aggressive…

Neighbors don’t want a school at Coconut Grove’s Villa Woodbine

You probably have seen the #STOPGroveGridlock banners all around the Grove. This is a grass roots effort by neighbors to keep Carrollton School from taking over the Villa Woodbine location and turning into a school. Eleven banners went up Monday and the last six went up Tuesday evening. Sixteen of them are 3′ x 10′ in size. Smaller ones will go up on Tuesday, too and on Bird Road and Grand Avenue they…

Miami’s condo king will hand crown to son next year

Miami’s condo king is preparing to hand over the title of president to his son within the next year. Jorge Pérez, president and CEO of Related Group, will give up some control to his son, Jon Paul Pérez, in 2020, an executive at the company said during a Bisnow event on Thursday. “Twenty years ago, Jorge made it very clear this is a family business and it will continue to be a family business,” said Matthew…

Terra Signs New Retailers for Doral Square Shopping Center Near Miami

Miami-based real estate developer Terra has signed several new retailers for Doral Square, a 150,000-square-foot retail center in Doral, about 17 miles west of Miami. The new development will include anchors 24 Hour Fitness and Marshalls and will be built on the southeast corner of Doral Boulevard and 87th Avenue, near Carnival Cruise Lines’ offices and Trump National Doral Resort. Doral Square is over 42…

Southeast Construction Costs Report Released

The rising cost of construction is resulting in higher asking rents among all property types, greater strains on custom tenant build-outs, denser office spaces and limited tenant mobility. Thus, development and leasing decisions have become more complex for owners and occupiers. The trend is expected to remain for the foreseeable future, according to CBRE’s 2019 Southeast Construction Cost Report…

New York’s Rent Reform Pushes Investors Toward South Florida

Following the enactment of New York’s latest rent regulations, many multifamily investors have begun reevaluating their options. One of the most common destinations they’re choosing is Florida, particularly its southern part. Not only does the Sunshine State offer a favorable climate, an abundance of luxury properties and substantial tax savings, but it also seems to be far from adopting rent control…

Bayfront development site in North Miami hits the market

Mika Mattingly and Cecilia Estevez with the Mid Bay Club Apartments A South Florida family is looking to cash out on a waterfront development site in North Miami. The Mid Bay Club Apartments, a 34,275-square-foot site at 11950 North Bayshore Drive, hit the market with brokers Mika Mattingly and Cecilia Estevez of Colliers International South Florida, Mattingly said. Property records show an LLC…

Habitat moves forward with West Brickell condo-hotel project

Smart Brickell and Santiago Vanegas Habitat Group is moving forward with the construction of a large condo-hotel project in Brickell after scoring a $24 million loan. Habitat secured the construction loan from Miami-based Ocean Bank to build Smart Brickell’s Tower 1 at 239 Southwest 9th Street in Miami’s West Brickell neighborhood. The tower will have 50 hotel rooms and 50 condos and is planned for…

Richard LeFrak touts Solé Mia’s progress from landfill to paradise: ULI symposium

Richard LeFrak recounted the moment roughly nine years ago when he received a call gauging his interest in 184 acres of waterfront land fronting Biscayne Boulevard in North Miami. “It’s a [former] landfill and it’s kind of had a checkered past,” LeFrak recalled the unnamed individual on the line telling him. “I asked what’s the minimum bid? He said $21 million. That’s all I had to hear.” It was chump change…

WeWork under pressure as losses soar to $1.25B

WeWork lost $1.25 billion in the third quarter — up from $497 million in the same time period last year. The parent of the troubled-office startup also reported a surge in revenue to $934 million in the months following Sept. 30, the Wall Street Journal reports, citing a report to debtholders this week. The $1.25 billion loss falls in contrast to the $638 million loss posted in the second quarter. The company blamed…

Corporate and Economic Growth in Miami Drive Tenant, Investor Demand for Office

Miami continues to be a top-ranked commercial real estate market in the Southeast United States. As the economy gears up to enter its longest expansion period in U.S. history, Miami has shown more resiliency than other South Florida markets, recording steady gains in absorption, robust leasing activity and modest rent growth. Economic fundamentals remain strong as job growth continues to fuel…

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

River Parc master plan in Little Havana Miami-Dade County, Related Urban Development Group and SunTrust unveiled plans on Tuesday for the River Parc master plan, which will add 1,800 affordable and workforce housing units to a 22-acre property in Little Havana. The project consists of the public housing projects Robert King High, Haley Sofge and Martin Fine Villas. This week, the county and…

South Florida’s industrial sales jump to over $1B in Q3 2019

Industrial sales are up South Florida’s condo market has slowed down and the housing market is not what it once was, but the industrial sector is as hot as ever. Investment in South Florida’s industrial real estate market rose 77 percent to $1 billion in the third quarter of 2019 on a yearly basis. The market is booming right now due to an influx of institutional buyers acquiring new properties and land, according…

Miami again delays vote on David Beckham’s soccer stadium deal

Jorge Mas, David Beckham and a Miami Freedom Park rendering What was billed as another do or die moment for David Beckham’s Miami soccer stadium deal turned into another game delay. At a special meeting Tuesday morning, Miami city commissioners voted to continue negotiations with Beckham’s partnership group to build Miami Freedom Park, a projected $1 billion commercial mixed-use…

Soccer’s Melreese lease left waiting on the first tee

A somewhat different Miami City Commission will be deciding the fate of Miami Freedom Park, a planned professional soccer stadium, offices, shopping mall and hotel on Melreese, the city-owned golf course. Commissioners unanimously voted against a lease presented Tuesday, though talks are to go on. Tuesday’s meeting was Wifredo “Willy” Gort’s last. Commissioner Manolo Reyes had demanded…

Here’s What’s at Stake in the Latest Vote on Beckham’s Miami Soccer Stadium

Update: The resolution backed by Commissioners Joe Carollo and Manolo Reyes to cease negotiations with Miami Freedom Park was changed into a different item, requiring a final lease contract or status update to be presented to the commission on December 12. That means that term-limited District 1 Commissioner Willy Gort, an opponent of the project, will have been replaced by then. A single vote…

Approval For David Beckham’s Miami Stadium Deal Delayed

David Beckham’s new Major League Soccer team, Inter Miami, is already signing players for its inaugural season — there are rumors Beckham is trying to recruit top international star Lionel Messi from Barcelona — but the team doesn’t yet have a permanent place to play its pro games. A special meeting Tuesday of the Miami City Commission had potential to sidetrack or derail plans for a stadium there…

Suffolk fights back against developer over MiamiCentral delays

Lawsuits continue to mount at MiamiCentral over construction delays. A month after Suffolk Construction Company and others reached a multimillion-dollar settlement over construction issues at MiamiCentral, the construction company is suing the development group. Suffolk Construction is suing two subsidiaries of Florida East Coast Industries, alleging the development group failed to give Suffolk…

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

Jeffrey Soffer and Fontainebleau Miami Beach Jeffrey Soffer closed on a $1.175 billion refinancing of the Fontainebleau Miami Beach, marking the latest restructuring of debt for the beachfront resort. Goldman Sachs, Morgan Stanley and JP Morgan provided the fixed-rate loan for the nearly 1,600-key hotel at 4441 Collins Avenue, according to a press release from Newmark Knight Frank. The Commercial…

Chinese Fast-Fashion Brand YOYOSO Launches U.S. Expansion With Lincoln Road Store

When one fast-fashion door closes, another one opens. Retail chain Forever 21 might be shuttering a 41K SF space on Lincoln Road, Miami Beach’s high street retail mecca, but another brand is setting up shop. Chinese-based YOYOSO has leased space in a landmark building as part of its entree into the U.S. market. YOYOSO will take over 5,600 SF at 1111 Lincoln Road, a 145K SF property that was…

Past, present and future Jon Paul Pérez makes an impact at Related Group

Mega-developer Jorge Pérez of Related Group was on the cover of the first issue of SFBW in September 2014 and he was interviewed for this edition as part of the magazine’s fifth anniversary celebration. Joining him this time, though, was his son, Jon Paul, who is poised to take over as president within a year and CEO within two years. The interview covered an array of topics, including succession planning…

Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter

Dan Kodsi is launching his next Miami project, geared toward international buyers looking for crash pads that they can also rent out whenever they please. Kodsi, who recently delivered the luxury condo tower Paramount Miami Worldcenter, revealed plans for his next building, Legacy Hotel and Residences, also at Worldcenter. His Royal Palm Companies will build the project, with 278 branded condos…

Here’s why office rents are going up in South Florida

Office rents rise across SoFla Three things in South Florida seem certain: death, taxes and rising office rents. In Miami-Dade County, rents rose to $38.30 per square foot in the third quarter from $35.93 per square foot in the same period of 2018. Vacancy rates dropped slightly to 9 percent from 9.1 percent, according to a report by Colliers International South Florida. Rents are rising partly as a result of new Class…

Developer snags $12M loan for co-working project in Coral Gables

Location Ventures snagged a $12 million construction loan for its Coral Gables co-working project. Location Ventures secured the loan from BGI Capital to renovate the ground floor of the 52,719-square-foot building into a new co-working concept known as Forum, according to a release. The building sits at 299 Alhambra Circle in the heart of Coral Gables…

Miami Beach Names as One of a Set of American Cities Taken Over by Airbnb

Miami Beach is positively teeming with Airbnb units. The Florida city crams in more of the short-term rental company’s properties per capita than anywhere else in the U.S., with roughly one Airbnb for every 15 of its 92,000 residents, according to new analysis from property services firm IPX1031. Seven of the top 10 cities with the highest Airbnb density per resident are in Florida, the company said.

The floundering retail market is about to get even worse

Discount retailers. Luxury department stores. Children’s stores. Home goods giants. The retailers that filed for bankruptcy so far in 2019 — and those on experts’ watch lists — have spanned the spectrum. And with an ever-growing list of stores in the red, the outlook for the real estate they occupy continues to be grim. While some retailers, like young-adult fashion chain Forever 21, plan to use bankruptcy filings…

Video: Atlanta Fed’s Brian Bailey’s Views on Commercial Real Estate 2020

Brian Bailey, Subject Matter Expert with the Atlanta Federal Reserve, Commercial Real Estate, appears on America’s Commercial Real estate Show to discuss his view on the commercial real estate market, including the current economic cycle, deal underwriting, and some potential red flags to look for going forward. He talks about rent control legislation and how it has changed the multifamily market.

A royal deal: Majestic Plaza shopping center sells in Westchester

A North Miami Beach investor purchased a shopping center in Westchester for $13 million amid a development boom in the western part of Miami-Dade County. Majestic Center Plaza LLC, led by Offer Ramim, bought the 50,917-square-foot Majestic Plaza property at 8100 Southwest 8th Street for $255 per square foot, records show. The shopping center sits on a 101,146-square-foot lot. Majestic Center…

The doctors will see you now: Co-working medical office space operator plans major expansion

An owner and operator of co-working spaces for doctors has tapped Florida as its next big market for expansion. ShareMD, a San Diego-based investment firm led by President and managing partner George Scopetta, is looking to purchase medical office buildings throughout the Sunshine State’s major cities and convert vacant space into its co-working concept. The group has already purchased…

Miami Beach waterways restoration flowing ahead

The Waterway Restoration Project for the City of Miami Beach is finally funded and moving steadily through an exhaustive planning and permitting process. City officials report that the entire process may set construction commencement out five years from now. The Waterway Restoration Project is one of 57 projects receiving G.O. Bond funding, approved by voters in November 2018. “The total…”

Half-dozen Virginia Key city projects in flood zone

Virginia Key is almost entirely in the flood zone, and the City of Miami ought to consider these low elevations as it undertakes more than a half-dozen projects on the island. That’s advice from Tiffany Troxler, a research scientist and associate professor at the Southeast Environmental Research Center and the Department of Biological Sciences at Florida International University, who recently detailed…

Ferry service might soon help relieve traffic on causeway

Ferries plying Biscayne Bay between Miami and Miami Beach could soon relieve road congestion at little to no tax cost while becoming tourist amenities. Despite the image of cute toys ferrying a few people beside lanes where mega-cruise liners carry 3,000 to 5,000 people, ferries can become real transit under proper conditions. As Miami Today reported, Miami-Dade Commissioner Eileen Higgins told the…

Pensam Issues $30M Loan for Mixed-Use Building in Miami’s Design District

A new Miami retail-office building with floor-to-ceiling windows on some floors got a $30 million loan to help repay debt and prepare space for new tenants. The seven-story Design 41 was completed last year, becoming the latest addition to the edgy Design District known for its art and high-end retailers. Pensam Capital LLC affiliate Pensam Funding issued the loan to building developer and…

Aventura Office Tower Tops Out

Developer Inmobiliaria Brom has topped out Optima Onyx Tower, a Class A, 308,198-square-foot office high-rise in Aventura, Fla. General contractor NV2A Group broke ground on the project in 2017 and is on schedule for completion in the second quarter of 2020. The Onyx Tower is part of the Optima office campus, the developer’s first project outside of Mexico City. Located at 21500 Biscayne Blvd in an…

Video: HUD Secretary Ben Carson Discusses Opportunity Zones and the Future of Housing

The current HUD Secretary Ben Carson shares thoughts about the future of housing and the role of the real estate industry, followed by questions and answers. He spends considerable time discussing Opportunity Zones, starting off by highlighting a visit at the Omni Community Redevelopment Agency district “where developers are building more than 250 rental housing units with about 30,000…

300 Affordable Units Coming Along FEC Rail Corridor

The South Florida Housing Link Collaborative, a coalition of five nonprofit groups, announced a $5M investment Wednesday from JPMorgan Chase, which will be used to develop affordable, resilient housing along the Florida East Coast Railway line in Miami-Dade, Broward and Palm Beach counties. Miami Mayor Francis Suarez, Florida Lt. Gov. Jeannette Nunez and former U.S. Sen. Mel Martinez…

Move could unlock redevelopment of Miami River marina

Miami has moved to downzone more than nine acres by the Miami River, a change that would reflect a lawsuit that saw a city-approved land-use change overruled. The city’s application received a 6-1 recommendation for approval from the city’s Planning, Zoning and Appeals Board as the rezone makes its way to the city commission. The current zoning of the property at 1583 NW 24th Avenue, site of…

Office projects and tenants migrate to Wynwood

Not once in its entire history, first as an industrial area and then as an edgy mecca for art, food, and entertainment, has Wynwood had purpose-built office space. Until now. No fewer than four properties incorporating office space have been delivered within the year or are under construction. Late last year, Goldman Properties debuted its Wynwood Garage, which features 30,000 square feet of offices along…

NFL kicks ahead funding for lighting Baywalk

Directors of Miami’s Downtown Development Authority voted unanimously to allocate $643,371 to install LED lighting in portions of Bayfront and Maurice A. Ferre parks, but $600,000 of that money will come from the National Football League and the City of Miami. And, in hopes of having the project completed before Super Bowl LIV festivities kick off at the end of January, they voted to waive…

Wynwood streetscape plan nears finish line

As Wynwood swells with visitors as the neighborhood becomes increasingly more popular, a plan for Wynwood’s streets is expected to be finished in the coming months. A streetscape master plan for the City of Miami’s art district is currently in the works and could be approved and codified into the Wynwood Neighborhood Revitalization District plan as soon as March, according to Albert Garcia, the…

Panattoni drops $24M to build new industrial project near Opa-locka

Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park Panattoni Development Company paid $24.3 million for the 20-acre site of a dairy farm and plans to build a speculative warehouse project. The new industrial development at 3000 Northwest 123rd Street near Opa-locka will be known as Gratigny Logistics Park. It sold for $1.2 million per acre, according to a press release. ZSF/WD…

The latest celebrities to invest in real estate include A-Rod, Dumervil, Beckham in Miami

Celebrities from Jennifer Aniston to Sting to Oprah Winfrey regularly make headlines when they buy or sell lavish homes, but a handful of actors, athletes and public figures have taken their real estate investing to the next level. Retired all-star Yankee Alex Rodriguez — who was featured on The Real Deal’s cover last month — is a case in point. His firm, A-Rod Corp., has purchased more than 15,000…

Video: Don Peebles Opines on the Miami Real Estate Market

Don Peebles, a South Florida-based developer with projects across the country as the founder, Chairman, and CEO of Peebles Corporation, took a moment at a recent Miami real estate conference and showcase to speak about the Miami real estate market. Some key insights from his comments include: “I think the market in Miami’s always an ebb and flow it’s a volatile market which is good for developers…

Notable Retail Leases Signed in South Florida Q3 2019

South Florida Retail Leases 2019 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q3 2019. This quarter was very busy overall and saw several big box leases signed and sealed. Despite the sentiment that the traditional retail market is suffering due to several factors, particularly…

California investor searching for higher yield buys South Miami, Coral Gables medical office building portfolio

A San Diego-based investor acquired two medical office buildings in South Miami and Coral Gables, in what a broker on the deal called an example of the rise in out-of-state buyers searching for higher yield in Florida. ShareMD, a real estate investment company led by George Scopetta, paid $33.15 million for the 50,000-square-foot buildings at 5966 South Dixie Highway and 475 Biltmore…

ShareMD Acquires Two Medical Office Buildings Near Miami for $33.2M

ShareMD has acquired a medical office building in South Miami and one in Coral Gables for $33.2 million. Located at 5966 S Dixie Highway in South Miami, the first medical office building sold for $19.6 million. The facility spans 50,600 square feet and was 71 percent leased at the time of sale. The other property, The Biltmore Professional Building, is located at 475 Biltmore Way in Coral Gables and…

Miami Medical Office Buildings Trade for $33M

Real estate investment firm ShareMD has acquired two medical office buildings in South Miami and Coral Gables, Fla., for a total of $33.2 million. Miami investor Leonard Boord, founder of Slon Capital, sold both properties. The Easton Group represented the buyer in the deal, with Vice President Elliott LaBreche identifying both properties and negotiating prices. The South Miami asset, SoMi Building, is located…

MMG Equity Partners picks up retail center in Cutler Bay

Who says retail is dead? MMG Equity Partners paid $16 million for a shopping center in Cutler Bay. MMG Equity Partners purchased the 127,072-square-foot Centre at Cutler Bay, at 18901 Southwest 106th Avenue, for $126 per square foot, records show. Cutler Center Holdings, LLC, which is tied to Luis Boschetti, sold the property. The retail center was built in 2008. Cutler Center Holdings, LLC bought…

$16M Sale of Mixed-Use Property in Metro Miami Negotiated

Avison Young has negotiated the $16 million sale of Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay. The fully occupied asset is situated at 18901 SW 106th Ave., 20 miles southwest of downtown Miami. The Centre at Cutler Bay’s tenant base consists of child and adult daycare centers, a career counseling center and offices for accountants, insurance agents and real estate…

Allegations of shoddy construction pile up at Related’s One Ocean

One Ocean Allegations of shoddy construction at a Related Group development in South Beach, where its chairman and CEO Jorge Pérez is trying to sell his penthouse, are piling up. A recent lawsuit filed in Miami-Dade Circuit Court accuses Related, architects Sieger Suarez, general contractor Plaza Construction of Florida and three subcontractors of failing to address numerous construction defects inside…

Developers, ex-mayor push for rail expansion in Wynwood, Little Haiti and Liberty City

A handful of landowners in Miami want the next Tri-Rail station to be built on their properties, including sites near Midtown Miami, the Magic City Innovation District in Little Haiti, and Liberty City in northwest Miami-Dade County. At two public meetings last week, officials discussed new stations for Tri-Rail, a publicly funded commuter train that has operated along the state-owned…

Duty Free Americas owner will have to pay taxes on this sale

The party keeps going for Hialeah’s red hot industrial market. Wheelock Street Capital, in a partnership Mitchell Property Realty, paid $26.8 million for a 234,146-square-foot fully-leased warehouse at 1000 Southeast 8th Street in Hialeah. The price breaks down to $114 per square foot. The warehouse is close to the Miami International Airport and is fully leased by Tuuci, a high-end manufacturer of shade…

WeWork’s woes spark worry

The fallout from coworking trailblazer WeWork’s IPO wipeout and management kerfuffle is sending a wave of worry across the office landscape. WeWork dropped a proverbial bomb on landlords across its 23 million- square-foot portfolio of urbane, barista-brewing, shared-office and coworking spaces with its late summer S-1 prospectus, showing that the trend-setting startup was gushing red ink.

Pinstripes bowling alley inks lease at The Plaza Coral Gables

Pinstripes signed a lease at The Plaza Coral Gables, a major mixed-use project under construction in Coral Gables. The dining and entertainment bowling venue is taking 30,000 square feet on two stories at the project. Agave Holdings, a group that includes the family behind the Jose Cuervo spirits business, is the developer. Koniver Stern Group brokered the 15-year lease, according to a spokesperson…

The final act: Spaghetti western star sells Overtown warehouse for $10M

Spaghetti western movie star Francisco Martínez-Celeiro sold his Overtown warehouse in an Opportunity Zone for $9.5 million. Rumasa Corp, which is tied to Martínez-Celeiro, sold the 72,903-square-foot warehouse at 690 Northwest 13th Street to a company tied to Kite Tax Lien Capital of Vero Beach. The building sits on 2.6 acres of land next to Booker T. Washington Jr. High School. It sold for $130 per squar…

New York’s Rent Reform Pushes Investors Toward South Florida

Following the enactment of New York’s latest rent regulations, many multifamily investors have begun reevaluating their options. One of the most common destinations they’re choosing is Florida, particularly its southern part. Not only does the Sunshine State offer a favorable climate, an abundance of luxury properties and substantial tax savings, but it also seems to be far from adopting rent control…

Deforunta Profiled by Forbes; Traits Of A Successful Real Estate Investor

The traits of successful real estate investor often surface early in life then evolve to play a fundamental role in a career. Here’s three investors/developers who have stayed in the game with big wins. Edgardo Defortuna’s Fortune International Group is recognized as a leader in high-end luxury real estate throughout South Florida, Latin America and Europe. Defortuna came to Miami in 1983 from…

In South Florida’s Multifamily Market, Only (Expensive) Scraps Are Left

Phil Rosen was watching the cranes from his Fort Lauderdale office and marveling at how long and strong the region’s real estate boom has been. He’s a transactional attorney, not a broker, but he’s grown accustomed to getting calls from agents sniffing around for off-market deals. Lately, the volume of such calls has tripled. “People are desperately looking for product,” said Rosen, the chair of law…

Shoma Group’s Ten30 South Beach Breaks Ground

Miami-based Shoma Group recently commemorated the groundbreaking of Ten30 South Beach, a curated collection of 43 studio, one- and two-bedroom condominiums nestled in one of South Beach’s most vibrant neighborhoods. In a nod to the development’s name, the ceremonial groundbreaking was held on October 30 at 10:30 a.m. at the future site of Ten30 South Beach. The project’s developmen…

High rent relative to income in Miami, other U.S. cities

The cost of rent in the U.S., particularly in certain metro areas, is too darn high. Nearly half of U.S. rental households are spending more than the recommended 30% of their income on rent, according to a report from Apartment List. (The national rate went from 49.5% in 2017 to 49.7% in 2018.) And according to Apartment List, “in 19 of the nation’s 25 largest metros, a household earning the median…

Q&A: South Florida Office Market Remains Healthy Heading into 2020

As the calendar inches closer to 2020, South Florida’s office market is experiencing stable fundamentals. Rent continues to grow, vacancy rates are low and construction is at record levels. Connect Media asked Stephen Rutchik, Executive Managing Director of Office Services in Colliers’ South Florida office, to share insights about South Florida’s office market as we move closer to 2020. Check out his responses…

Vlad Doronin, partners score $243M loan for Edgewater tower

Russian billionaire Vlad Doronin’s OKO Group and its partners scored a $243.3 million construction loan for its Missoni Baia condo tower in Miami’s Edgewater neighborhood. OKO Group, Oleg Baybakov’s OB Group and Cain International secured the loan for the 57-story, 249-unit luxury development at 777 Northeast 26th Terrace from Security Benefit Life Insurance Corporation. The project launched sales…

Bridge Investment picks up downtown Miami’s Museum Tower for $65M

Bridge Investment Group paid $64.6 million for downtown Miami’s Museum Tower, marking the company’s fourth office acquisition in South Florida this year. The Salt Lake City-based investment firm bought the 259,666-square-foot Class A office tower at 150 West Flagler Street for $250 per square foot, records show. Dallas-based Gaedeke Group sold the building. Gaedeke Group paid…

Bridge Investment Group Snags Miami Office Tower for $65M

Bridge Investment Group has acquired Museum Tower, a 259,666-square-foot office tower in Miami’s central business district. The sales price was reported as $64.6 million. Located at 150 West Flagler St., the 29-story tower was originally built in 1986. Since 2016, more than $3 million of capital has been invested in the building, including upgrades to HVAC and security systems, an overhauled fire alarm…

Apartment REIT Aimco Buys Brickell Bay Office Tower for $157M

A multifamily investor looked like it was changing its stripes when it bought the 1001 Brickell Bay office tower in Miami for $157 million in South Florida’s second biggest office sale of the year. But maybe not. The transaction remained off the radar since closing three months ago with Aimco buying majority control of the owner of the building on Biscayne Bay. The purchase was reported in the company’s…

The Fed lowers rates, and once again real estate is loving it

There may come a time when a Federal Reserve interest rate cut is met with skepticism from the broader real estate industry. But now is not that time, experts say. Investor interest in real estate deals has climbed since the Fed first started cutting rates in July, through to its third and latest round of cuts announced Wednesday. Lowering interest rates makes other asset classes such as bonds less attractive,

Mana Group reveals timeline for downtown Miami plans

Moishe Mana and a map of the project It’s been nearly a decade since developer Moishe Mana began buying real estate in Miami, and now his team has released a construction timeline for his major redevelopment of downtown. The Mana Group unveiled plans for the project at a community meeting on Tuesday night, giving a rare glimpse of the first buildings that the development firm is working…

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida

JPMorgan announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday Areas near the Virgin Trains USA stations in Overtown and Fort Lauderdale could see a wave of new affordable housing. JPMorgan Chase announced on Wednesday it plans to invest $5 million to develop affordable housing in South Florida in areas near…

Fifth delay shoves 22-acre Little Haiti project vote to February

An application for a 22-acre Little Haiti project has stagnated in a City of Miami board, with members deferring action once again because the developer hasn’t got an adequate traffic study nor done enough strategizing to protect surrounding neighborhoods. The Planning, Zoning and Appeals Board unanimously deferred a land use designation change for the Eastside Ridge special area plan (SAP) to…

Jackson Health System targets 2020 Doral hospital finish

Jackson Health System is still targeting late 2020 to finish construction on the new José Milton Memorial Hospital at the Jackson West Medical Center in Doral, give or take a couple months, according to Jackson President and CEO Jose Migoya. “We believe it should be done around October [next year],” he said Monday. “Then we have 60 days to be operational. We hope to open doors to patients…

Miami Worldcenter tower beside Freedom Tower OK’d

As continued construction brings the sweeping Miami Worldcenter to life in the heart of the City of Miami, the southern edge of the mixed-use project is coming into focus. Sixth Street Miami is to include several uses in one tower and its expansive podium at 601 NE First Avenue. The site is bordered on the north by FEC railroad tracks, on the east by Northeast Second Avenue, on the south by Northeast…

Virgin Train to run from PortMiami to Disney World

Within three years, Florida’s visitors and residents may be able to go to Disney World or Universal Studios, then take a Virgin Train directly from Orlando International Airport to PortMiami and board a cruise ship – or vice versa. That potential boon to the Sunshine State’s tourism industry moved closer to reality Tuesday, when Miami-Dade lawmakers unanimously OK’d terms of an estimated $53.3…

Chart: Miami-Dade County Unemployment Rate Creeps Up, but Remains Low at 3.5%

As can be seen in the accompanying chart, the unemployment rate remains low at 3.5%. It has, however, crept up from its recent even lower -the lowest since 2007 – levels of 3.0%. These minuscule levels of unemployment are a marked improvement from the 12.4% peak reached in 2009 following the subprime mortgage crisis. An uptick like this current one may very well be only a blip – let’s hope…

Repurposing historic church adds 40-story Biscayne Boulevard tower

A plan to repurpose a historic church building on Biscayne Boulevard and build a new residential tower next door is back before the City of Miami with a new design. Fifteen 1836 Biscayne LLC intends to redevelop a church at 1836 Biscayne Blvd. and construct an adjacent 40-story building for more than 360 dwelling units and parking levels to accommodate 421 vehicles. A similar plan for the property was…

300 Affordable Units Coming Along FEC Rail Corridor

The South Florida Housing Link Collaborative, a coalition of five nonprofit groups, announced a $5M investment Wednesday from JPMorgan Chase, which will be used to develop affordable, resilient housing along the Florida East Coast Railway line in Miami-Dade, Broward and Palm Beach counties. Miami Mayor Francis Suarez, Florida Lt. Gov. Jeannette Nunez and former U.S. Sen. Mel Martinez…

$1.9 billion Metrorail extension may run to Broward

Eleven months after voting that rapid transit to the Broward County line should use an “elevated fixed guideway,” Miami-Dade’s transportation planning board today (10/31) may choose a $1.9 billion Metrorail extension. State consultant WSP compared Metrorail with automated people mover, monorail and urban magnetic-levitation trains for the 9.5 miles through Miami Gardens along Northwest…

What Does “Ordinary Wear And Tear” In A Commercial Lease Really Mean?

This post is adapted from an article that was originally published in the Fall 2019 issue of ActionLine, a Florida Bar Real Property and Trust Law Section publication. Many commercial leases direct the tenant as to the condition in which the tenant must keep the premises during the lease term, or return them to the landlord at the end of the lease term.  It is common for these provisions to carve out “ordinary…”

Developers of historic downtown Miami Post Office building get OK to open multiple bars

Daniel Pena-Giraldi and Luis Rojas, developers of downtown Miami’s Langford Hotel, continue moving forward with their plan to convert a century-old building that once served as a Post Office and courthouse into a food and beverage center that will include downtown Miami’s first brewery. The Miami City Commission last week unanimously granted an exception that will all…

Can region escape industrial slowdown?

The nation’s supercharged industrial real estate sector appears to be braking from its breakneck growth, after taking a battering from a prolonged government shutdown, an escalating trade war, a slowing gross domestic product, global turmoil and sinking CEO confidence. According to NAIOP’s third-quarter Industrial Space Demand Forecast, net absorption of warehouse, distribution, assembly, showroom…

Terra Group Completes Coconut Grove Office Building

Terra Group, in partnership with Mayfair Advisors, has completed the construction of Mary Street, a Class A office building in Miami’s Coconut Grove at 3310 Mary Street. The seven-story development was transformed from a parking garage into a modern office property by architect Touzet Studio and recently received its temporary certificate of occupancy. The developers broke ground on the project in…

Giant wheel coming to Miami’s Bayside Marketplace

Coming soon to Bayside Marketplace: a giant observation wheel. Miami commissioners on Thursday endorsed a revenue-sharing deal and height variance that will enable Sky Views of America to build a 190-foot-tall wheel on city-owned land that’s now controlled by Ashkenazy Acquisitions and General Growth Properties, the owners of Bayside Marketplace. Resembling a Ferris wheel, the Sky Views…

Co-living venture Urbin expanding to Miami Beach

Rendering of Urbin Coconut Grove and Rishi Kapoor Developer Rishi Kapoor is betting on co-living, starting with three projects in Miami-Dade. Kapoor, CEO of Location Ventures, is moving forward with a $50 million co-living project at 1234 to 1260 Washington Avenue, now that the Miami Beach City Commission passed co-living legislation for a portion of Washington Avenue from Sixth to 16th streets. Urbin…

Homestead mobile home park sells for $22M

New Aquarius Corp. sold a 200-unit mobile home park in Homestead for $22 million. A company tied to Bradley Dressler of Stuart, Florida bought the mobile home community at 451 Southeast 8th Street for $110,000 per home site. New Aquaris Corp., led by Margitta Di Gennaro of Key Colony Beach, Florida, sold the property. The mobile home community spans 24.3 acres. It last traded for $1.3 million…

Video Montage of Comments About Sea Level Rise from Miami Developers and Brokers

In this short video, a set of Miami developers and brokers offer their views on the effects of sea level rise on the Miami real estate market. These comments were made backstage at a TRD forum held recently at Mana Wynwood. Among those that commented are: Melissa Rose, Managing Director at Ackman-Ziff; Phil Gutman, President of Brown Harris Stevens; Dob Peebles, CEO of The Peebles Organization…

Financing in hand, Florida’s first LGBTQ+ senior housing development breaks ground

Carrfour Supportive Housing and The Pride Center have secured all of their funding for what is expected to become the first LGBTQ+ senior housing development in Florida. Construction is now underway on The Residences at Equality Park, a 48-unit building at 2040 North Dixie Highway in Wilton Manors, said Stephanie Berman, president and CEO of Carrfour Supportive Housing. The $15.3 million…

With Booming Numbers, Miami’s Hospitality Market Can’t Lose

Yeah, yeah, Miami might be underwater soon, but for now at least, the city has a key ingredient going for it: hard numbers. The city is first in employment growth and fourth in population growth, according to a CityLab analysis of fastest-growing cities this August. Last year broke tourism records — 16.5 million overnight visitors and 6.8 million day-trippers came through — and 2019 is likely to top those.

Scaramucci slashes his sights on his Opportunity Zone fund

Anthony Scaramucci’s SkyBridge Capital initially sought to raise $3 billion in Opportunity Zone funds to invest nationwide through a REIT, but so far said he has only raised about $30 million. And he has reduced his target to $300 million. “A lot of people misplaced and outsized the demand for what we thought we could achieve,” said Scaramucci, the keynote speaker at an NAIOP South Florida event…

South Florida Office Market Still Growing: ‘It Has Been The Seventh Inning For 5 Years’

A cyclical peak in South Florida office development appears remote, as demand has been growing faster than the supply of new space. “It has been the seventh inning for five years,” said Stiles Senior Managing Director Kyle Jones, using a familiar baseball analogy to describe the timing of the market cycle. Jones joined a slate of office market experts at Bisnow’s Office Market Update event last week at the…

Coral Gables Zoning Law: Mixed Use Development Overview

The clear evolution of infill real estate redevelopment in South Florida and Greater Miami is towards a true mixed-use environment that makes areas desirable places to work, live, and play.  Coral Gables, with its vibrant commercial areas, is an example of a municipality within Greater Miami-Dade County that is leading this charge through a specific mixed-use zoning code overlay to promote these…

Cutler Bay Mixed-Use Property Trades

MMG Equity Partners has acquired Centre at Cutler Bay, a 127,072-square-foot office and retail property in Cutler Bay, located at 18901 SW 106th Avenue, from a local private investor for $16 million. Avison Young Senior Vice President Rosendo Caveiro, Principals John Crotty, Michael Fay and David Duckworth, along with Senior Associate Brian de la Fé and Associates Berkley Bloodworth and Emily,,,

Video: Kaseya COO Joe Smolarski Discusses Benefits of its International HQ Location in Downtown Miami

In this Miami DDA produced video, Joe Smolarski, Chief Operating Officer for Kaseya®, discusses benefits of its downtown Miami location. Kaseya® refers to itself as the leading provider of complete IT Infrastructure Management Solutions for managed service providers (MSPs) as well as for internal IT organizations. The company notes that through its open platform and customer-centric…

Equity Residential decries rent control’s “chilling effect” on development

Sam Zell’s Equity Residential said rent control is having a “chilling effect” on capital going into development. The real estate investment trust, which owns 80,000 units nationwide, saw its total revenue from rental income and fee and asset management increase to $685 million in the third quarter, from $652 million a year earlier. But on Wednesday’s third-quarter earnings call, executives pointed to…

Blackstone reports boost in Q3 net income; eyes more industrial buys

Blackstone Group, which has been on an industrial-buying binge, reported a jump in overall net income in the third quarter compared to the same period last year. Blackstone’s $779 million in net income from July through September was up more than 75 percent from the $442 million it reported over the same period in 2018, the company announced Wednesday. The numbers were also higher than the…

Video: A-Rod Discusses Benefits and Pitfalls of Being a Celebrity Investor

Alex Rodriguez has been investing in real estate for decades. He made his first purchase — a duplex outside of Miami that he needed a $48,000 downpayment for — when he was 22. That was, of course, before his $20 mil per annum salary as a baseball legend. However, in the years since, the former Yankee third baseman, now at the ripe age of 44, has built a rather sizable national real estate portfolio.

Urban Land Institute recommends changes to city of Miami zoning code

A new Urban Land Institute (ULI) report suggests city officials relax certain provisions of the Miami 21 zoning code to encourage denser developments on narrower lots and further incentivize developers who reduce or eliminate parking, among other recommendations. Report co-author Andrew Frey presented his ULI focus group’s findings on Friday to Miami Mayor Francis Suarez, who declined to…

AVE Aviation & Commerce Center Sells Industrial Portion of Hialeah Mixed-Use Development for $126 Million

AVE Aviation & Commerce Center Inc. has sold the industrial portion of AVE Aviation & Commerce Center, a 2.6 million-square-foot master-planned development in Hialeah. Bridge Development Partners and BentallGreenOak acquired the assets in a joint venture for $126 million. The sold portion comprises 948,000 square feet of industrial space that is fully leased to the United States Post Office…

BentallGreenOak-Led JV Pays $126 million for Miami Industrial Assets

A partnership of BentallGreenOak and Bridge Development Partners has acquired four industrial properties and 1 million square feet of development rights at a mixed-use Miami business park for $126 million. The seller was CPF Investment Group. The buildings are located within the 2.6 million-square-foot AVE Aviation & Commerce Center, located adjacent to Miami-Opa Locka Executive Airport.

JV pays $126 million for Opa-locka industrial property

A joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park next to the Opa-locka Executive Airport for $126 million. The group purchased 948,000 square feet of space, with an additional 1 million square feet of industrial and aviation-related development rights on 47 acres at the AVE Aviation & Commerce Center. CPF Investment Group sold…

Florida Grand Opera sells Doral hub, seeks new home

Florida Grand Opera is on the hunt for its new home after selling its Doral headquarters. Represented by Cushman & Wakefield, the opera sold the 35,000-square-foot Doral Center building at 8390 NW 25th Street for $7 million to Imagik International Corp., an in-flight entertainment systems company. “We are looking for a facility that is more sufficient and aligns with our organization,”

Miami-Dade, cities target docks for waterborne transit

Miami-Dade and the cities of Miami and Miami Beach have been collaborating to identify potential docking locations for waterborne transit services between the two municipalities across Biscayne Bay, county Transportation Director Alice Bravo said last week. Finding places for water transit vessels to dock that have been or can be upgraded with connections to other forms of transportation is one of…

Ferris wheel spins around at Bayside with bigger deal

Miami commissioners today (10/24) are to again debate a 176-foot Ferris wheel at Bayside, with a new offer on the table for a bigger city revenue cut that reflects last month’s contentious call for the city to do better on the deal. An agenda resolution would authorize the city manager to amend a lease between the city and Bayside Marketplace LLC to allow for up to 190 feet for the Ferris wheel. In exchange…

SR 836 Signature bridge, double-deck viaduct roll ahead

The I-395/SR 836/I-95 Design-Build Project in the heart of the City of Miami is reported progressing steadily, with regular notices about lane closures and other information for area residents and motorists. Up-to-date details are at the project’s website, www.i-395miami.com, from the Florida Department of Transportation (FDOT). “Progress continues along all arteries within the project limits,” said Senior…

River Land near Health District adds green space

Land abutting the rising River Landing mixed-use project near the Health District is set to be transformed into 1.5 acres of green space with the Miami City Commission’s approval. The commission is to vote today to amend the development agreement to require certain improvements on the site acquired by… River Landing Conservation Foundation. In 2017, the foundation acquired 1280 NW 11th Street…

Bank OZK lends $28M for Holiday Inn project in Edgewater

A Holiday Inn by IHG will soon rise in Miami’s Edgewater neighborhood. Bank OZK provided a $27.5 million construction loan for the eight-story, 207-key hotel planned for 410 Northeast 35th Terrace. The hotel is being developed by Amaury Martinez of Edgewater Hotel Management. It’s expected to be completed next summer. The loan closed on Friday. BGI Capital, led by Robert M. Barthelmess…

Opportunity Zones, real estate’s next big thing, fails to attract much investment

Despite all the hype, investor interest in Opportunity Zone funds simply hasn’t materialized as fund managers had hoped. According to an analysis by Novogradac, a San Francisco-based accounting firm, 103 Opportunity Zone funds have raised just 15 percent of what fund managers expected. There are at least 285 Opportunity Zone funds in the United States, and many have not shared…

Miami Gardens commercial site sells for $19M

Concorde Group Holdings sold two commercial buildings near Miami Gardens for $19.4 million, a 61 percent increase from the last sale price in 2016. The Boca Raton-based real estate investment firm sold the 139,495-square-foot buildings at 900 and 1000 Park Centre Boulevard for $139 per square foot, records show. Park Centre Partners LLC, which is tied to Kenneth Israel of Hallandale Beach-based…

Video: PwC Partner Mitch Roschelle Discusses Tariffs and Commercial Real Estate

Mitch Roschelle, Partner and NY Metro Business Development Leader with PwC, joins America’s Commercial Real Estate Show to talk about the potential impact tariffs could have on our economy and the commercial real estate industry. In this episode, he quickly adjusts the conversation to talk about the economy, and potential effects of tariffs and anti-trade rhetoric and policy on it, and in turn on…

SoftBank to take control of WeWork at less than $8B valuation, Down 83% from January’s

WeWork has reached an agreement to be taken over by SoftBank Group, in a deal that will value the embattled office-space company between $7.7 billion and $8 billion, people familiar with the matter told The Real Deal. The deal would buy out some earlier investors and shareholders, and dilute the stake of former CEO Adam Neumann, those sources said. The final…

Foundry Commercial bought an 18-acre site in Hialeah Gardens, plans industrial project

Paul Ellis Foundry Commercial purchased an 18-acre site in Hialeah Gardens, where it plans to build a 320,000 square foot speculative industrial development. The site sits off of Northwest 107th Avenue between Northwest 144th Street and Northwest 146th Street, according to a release. The two properties were sold for a combined $13.1 million by two sellers, according to a source. Property…

Foundry Commercial to Develop 320,000 SF Spec Industrial Building in Hialeah Gardens

Foundry Commercial has acquired an 18-acre site in Hialeah Gardens with plans to develop a speculative 320,000-square-foot industrial building. The site is situated on NW 107th Avenue between NW 144th and NW 146th streets, about 20 miles northwest of downtown Miami. Orlando-based Foundry Commercial plans to break ground in early 2020 and expects to deliver the asset by the end of 2020.

Bridge Development Partners to Build 1 MSF Spec Industrial Project Near Miami

Bridge Development Partners, an industrial development and investment firm with six offices across the country, has acquired land in Miami-Dade County’s Hialeah submarket for the construction of a 1 million-square-foot speculative industrial project. The new development will consist of four buildings ranging in size from 109,000 to 500,000 square feet. Construction is scheduled to begin…

Co-living trend of renting bedrooms is back and here to stay say forum participants

Co-living is becoming a growing segment of South Florida’s multifamily market amid increased competition from each other and from conventional apartment developers, according to a group of such developers and operators. “Sure, there’s competition. But it’s a big opportunity,” said Brian Lee, senior director of real estate at Common, on a panel on co-living and other new housing trends…

120,590 SF Lease Negotiated Within Airport North Logistics Park in Northwest Miami

Cushman & Wakefield has arranged a 120,590-square-foot lease for Apollo Export within Airport North Logistics Park in Miami. Apollo Export Warehouse Inc. will begin occupying the space in early 2020 and will join tenants such as Nestlé Waters North America, Marine Harvest, Neutralogistics and ECO Window Systems in the now-90 percent leased industrial park. Apollo Export will occupy space in…

Report: Miami Office Property Inventory Increased 13.5% Over 10 Years

An office property study was recently published by CommercialCafé that details how much office space the top 20 U.S. markets have added in the past 10 years. Perhaps more interestingly, they also look at where this space was added within these markets, central business district (CBD), urban, or suburban. In the state of Florida, 30.5 million square feet of space was added, with 77% – the biggest…

SoftBank rescue plan would bring WeWork’s valuation to $8B

SoftBank is considering a financing package to save WeWork that would value the embattled office-space company at $8 billion, according to Bloomberg. It is a stunning drop from WeWork’s $47 billion valuation set in January by SoftBank, at the time of its last cash infusion. The Japanese conglomerate owns about a third of the company and has already invested more than…

Rents dip nationally, slightly up in Miami

The housing market has been slowing across the nation, and now rent prices have finally begun to fall. Very very slightly. The average rent across major U.S. cities dipped for the first time on a monthly basis since February 2017. This was not the case in Manhattan or Los Angeles, however. From August to September, average monthly rent decreased $1, or 0.1 percent, according RentCafe. September’s…

Active South Florida Lender Bank OZK reports uptick in construction lending in Q3

Bank OZK reported an uptick in real estate construction lending in the third quarter amid cooling markets in New York City and Miami. The bank reported on Friday that its total construction loan portfolio grew to $6.68 billion at the end of the quarter, up from $6.49 billion a year earlier. Overall, the company’s real estate lending arm RESG originated $2 billion of loans in the third quarter, marking the…

Spirit Airlines plans to build $250M HQ campus in Dania Beach

Miramar-based Spirit Airlines will consolidate its headquarters and other facilities in Broward County at a new $250 million campus in Dania Beach. Spirit’s project at the Dania Pointe mixed-use development, just south of Fort Lauderdale-Hollywood International Airport, will span up to 500,000 square feet. It will include corporate offices and a crew-training facility equipped with flight simulators. Spirit…

At forum Ben Carson discusses how Opportunity Zones are unlike red and black ants

When talking about federal Opportunity Zones, Secretary of Housing and Urban Development Ben Carson said you need to understand ants. And use them as a cautionary tale. On the whole, ants work well together and are “sophisticated” and “industrious,” said the former neurosurgeon, during prepared remarks at The Real Deal’s annual Showcase & Forum in Miami’s Mana Wynwood.

Forum: South Florida developers riff on the shift from condos to rentals

The cyclical nature of Miami’s condo market has many developers shifting toward rentals – but not Michael Shvo. The New York developer, who is making a big push in Miami Beach, said that as long as you have the right site and project, the overall market’s performance is irrelevant. “It doesn’t really matter what the market is. You build something special in the right…

Bacardi-owned company sues construction firm for defects and delays at Coral Gables office development

After opening a six-floor office building in Coral Gables nine months ago, a Bacardi-owned firm is accusing national conglomerate OHL USA of causing $5 million in construction delays. 1515 Sunset LLC, a company controlled by Facundo Bacardi, sued OHL USA last month in Miami-Dade Circuit Court for construction defects, untimely payments to subcontractors and delay damages. The property is located…

Citing Health Concerns, Coral Gables Halts Approvals of Vape and CBD Shops

Since the news broke this summer that vaping has caused dozens of people to grow sick and even die, consumers and government agencies have been in full panic mode. As of now, 33 people, including at least one in Florida, have died from a mysterious lung illness. Those health concerns are now trickling down to local governments. Yesterday, Coral Gables city…

Miami Is the Most Rent-Burdened City in America, Study Says

Another week, another study telling us what we already know about Miami’s housing affordability crisis: The rent is too damn high, and residents of the Magic City are more burdened by rental costs than those of any other U.S. city. An analysis by Apartment List shows 62.7 percent of renters in Miami are cost-burdened, the highest percentage of the nation’s 100 largest metro areas. Nearly 34 percent of…

Shoma Group launches lower-priced condo project near Lincoln Road

Amid the ongoing luxury market slowdown, Masoud Shojaee is launching sales of Ten30, a condo development near Miami Beach’s Lincoln Road. The relatively lower-priced units replace multimillion-dollar townhouses that were originally planned for the site. Ten30, at 1030 15th Street, will have 43 condos, including six studios, 29 one-bedroom units and eight two-bedroom units, priced from $498,000…