PriceSmart Pays $46M For Flagler Station Development Site

Records show Section 31 Holdings LLC, an affiliate of Florida East Coast Industries subsidiary Flagler Global Logistics, sold 18.6 acres at 11255 Northwest 106th Street. PriceSmart financed the deal with a $35.7 million loan from Union Bank. Flagler Global Logistics is the developer behind Flagler Station, the three-phase industrial park at 10800 Northwest 100th Street. PriceSmart contracted Flagler to build a 330,000-square-foot facility at Flagler Station III in late July, and announced it would keep 100,000 square feet…

French investors buy New Hotel and Lou’s Beer Garden in North Beach

A French investment group just bought the New Hotel and Lou’s Beer Garden at 7337 Harding Avenue in North Miami Beach, with plans to upgrade the historic property and rename the restaurant and bar, The Real Deal has learned. The buyer, 83 Invests LLC, led by Thierry Sportich and Laurent Ben Soussan, paid $2.4 million for the 10-unit hotel built in 1937, as well as the restaurant/bar. The price equates to $320 per square foot for the 7,500-square-foot lot or $515 per square foot for the 4,662-square-foot building.

Retail Sector Video Commentary: The State of American Malls

Senior Analyst of Green Street Advisors DJ Busch shares some insights on the factors that his firms uses to determine a mall’s valuation and his overall outlook on the state of malls in the USA in 2016. Their retail team estimates that over 15% of malls will be closed or re-purposed over the next…

New court decision affects Florida foreclosures

Until late 2016, Florida appellate courts had not considered what happens to liens placed on property between a foreclosure final judgment and a foreclosure sale. However, an August 24, 2016 opinion issued by the Fourth DCA had the immediately and fundamentally altered the foreclosure sale process.

Miami Marine Stadium may tap into foreign investments cash

Miami Marine Stadium, finally destined for a multi-million-dollar rebirth, might benefit from foreign investment funds. Plenty must happen first, but if plans move forward, the stadium’s rebuilding will be eligible for foreign funds through the City of Miami EB-5 Regional Center. Mikki Canton, the center’s managing director, said that is contingent upon survival of the EB-5 program, which Congress extended in December to April 28. The EB-5 immigrant investor visa is designed to create jobs and spur economic development.

Miami’s 10 best hotel properties in 2017, mapped

Miami’s ten best hotels according to U.S. News & World Report’s 2017 hotel rankings The Acqualina Resort & Spa on the Beach is the No. 1 hotel in Miami-Dade County right now, according to U.S. News & World Report’s 2017 hotel rankings. The five-star hotel in Sunny Isles Beach also ranked sixth…

State Road 836 first corridor to get new federal transit funds

Members of the governing board of the Miami-Dade County Metropolitan Planning Organization (MPO) voted Jan. 26 to accept a $960,000 federal grant to study transit-oriented development along State Road 836, but at least one member wants to make sure the county isn’t locked into any particular mode of transit. “This represents new federal transportation funds coming into our plan,” said Aileen Boucle, MPO executive director, referring to the Strategic Miami Area Rapid Transit plan, which identifies six…

Condo inventory skyrockets in South Florida as foreign buyers remain on sidelines

An Argentine investor looking to buy luxury real estate in South Florida can expect to pay 403 percent more today than in 2007. That’s how much value the Argentine peso has lost against the dollar, according to a newly released Esslinger Wooten Maxwell report. A Venezuelan buyer would likely have to pay 365 percent more today than in 2007, and a Russian buyer would have to shell out 149 percent more. The statistics explain why the once robust flow of foreign investors purchasing luxury condos and single family homes…

Report: Miami’s Aston Martin Residences to offer an off-site ‘Beach Club’

The building was inspired by an Aston Martin DB11 In a clear effort to stand out among Miami’s explosive development scene, new and intriguing details of Aston Martin Residences have trickled out, via Miami Condo Investments, including an off-site Beach Club: One additional new piece of information…

Miami International Boat Show spawns waterborne transit push

Success of the 2016 Miami International Boat Show in carrying more than 50,000 attendees by water taxis, coupled with continued City of Miami pressure, helped motivate county officials to begin planning waterborne transportation to alleviate road traffic. Use of water taxis was a panel discussion topic at “The Waterfront,” a Jan. 18 program by the Greater Miami Chamber of Commerce. “We have an amazing waterfront,” said Irene S. Hegedus, chief of transportation enhancements for Miami-Dade County, “but we’re not using…

Trump to sign order to roll back Dodd-Frank regs

Steven Mnuchin and President Donald Trump.  Continuing his flurry of executive actions since taking office, President Donald Trump is expected to sign an order sharply limiting the Dodd-Frank Act rules today. In addition to scaling back the regulatory…

MLS says Beckham’s Miami stadium is still in the works, MLS says

David Beckham at a Miami press conference in 2014. Despite multiple delays, the Major League Soccer organization is still counting Miami into its expansion plans. MLS President and Deputy Commissioner Mark Abbott said at a conference on Wednesday that the league will add two…

$40 Billion Global Logistics Properties Receives Multiple Takeover Offers

Global Logistic Properties Ltd. confirmed it has received various non-binding acquisition proposals from a number of unidentified potential buyers in connection with its ongoing strategic review. The Singapore-based firm is one of the largest owners of industrial properties in the world, with…

Video: Retail Property Market Update from Morningstar Credit Ratings

Lea Overby, Director of Structured Finance Research with Morningstar Credit Ratings, discuss the retail commercial property market. Included in the discussion are the anchor store closings by Macy’s and others and the potential impact on malls and the REITs that tend to own them. The deteriorating…

State Road 836 First Corridor To Get New Federal Transportation Funds

Members of the governing board of the Miami-Dade County Metropolitan Planning Organization (MPO) voted Jan. 26 to accept a $960,000 federal grant to study transit-oriented development along State Road 836, but at least one member wants to make sure the county isn’t locked into any particular mode…

After long delays, developers agree to purchase Miami site

Property in Miami can be of significant interest when it comes to the real estate market. Those who are involved in commercial real estate are constantly on the lookout for properties that can be developed and become profitable. Naturally, there are various issues that go along with so ambitious an…

Muse Residences: Deepak Chopra designs houses scientifically healthy to improve your wellness!

When it comes to health, we sometimes forget that architecture and design of the place we live in, have a lot of influence in our physic and emotional daily performance. Knowing this, Property Markets Group Company jointly with S2 Developments, have implemented a unique project between the high…

Major Commercial Players Split On State Of The Real Estate Cycle

In a recent survey conducted by the CREFC, one of the country’s largest commercial real estate trade groups, the majority of respondents expect the greater U.S. economy to be at least “somewhat better” in 2017 than last year.

Miami-Dade commission grants first approval for American Dream Miami project

If the first public hearing for American Dream Miami is an indicator of what’s to come, the developer of the largest proposed mall and theme park project in North America is in for a long battle. After slogging through nearly seven hours of testimony from representatives for developer Triple Five Group, its competitors, municipal officials, tourism boosters and residents, the Miami-Dade County Commission voted 11-1 to approve a comprehensive master plan amendment, changing the designation for the 194.5-acre development site…

Video: American Institute of Architects Chief Economist Kermit Baker Discusses Trump Effect on Economy, Commercial Real Estate

Kermit Baker, Chief Economist at the American Institute of Architects (AIA), discusses the potential impacts a Trump administration on the economy and commercial property / commercial real estate, with Michael Bull on the Commercial Real Estate Show. The post Video: AIA Chief Economist Kermit Baker…

Doral Considering Proposal To Build More Apartments

About 250 apartments may be coming to Doral. Developers placed an item on Wednesday night’s zoning meeting agenda asking that the city approve the rezoning of 10 acres of land — currently a plant nursery — from “general use” to “planned unit development.” The item was ultimately deferred to March’s zoning hearing. The date has yet to be determined.The land is located north of Northwest 41st Street and between 107th and 109th Avenues. If the rezoning is approved, the complex is expected to include 250…

Miami’s Little Havana is named a ‘National Treasure’

A long-term planning process for the historic area launched today Little Havana, one of Miami’s most historic neighborhoods, was just named a National Treasure by the National Trust for Historic Preservation, with a long-term planning process launching today designed to “ensure that Little Havana…

Deepak Chopra, wellness firm ink deal with PMG for “healthy” residences

New Age and alternative medicine advocate Dr. Deepak Chopra is partnering with a wellness firm to launch health-oriented packages for Property Markets Group’s condos in South Florida. Chopra, a sometimes controversial celebrity health guru, designed the finishes for units at Muse Residences in Sunny Isles Beach, a 49-story tower that PMG and co-developer S2 Development will deliver next year. The wellness firm, Delos, founded by former Goldman Sachs partner Paul Scialla, is designing the wellness…

Developers close on land, begin on $125M distribution center in Pembroke Pines

Rendering of Pembroke Pines distribution center. Inset: Scott Helms. After closing on its 60-acre development site in Pembroke Pines last week for $14.25 million, joint venture partners Core5 Industrial Partners and Helms Development are moving forward with their plans for a distribution center that…

Study: Miami’s Condo Market Is Plummeting

It’s really difficult to be the bearer of more bad news this week. Progressives have woken up every day this week in a state of panic, crawling out of bed to check their news feeds, only to get the wind knocked out of them upon reading President Trump’s newest slate of racist executive orders that seem all but designed to stir global unrest and disaster. Trump is certainly a threat to Miami. But according to a study released yesterday, so is the city’s condo market. The study, by Andrew Stearns, a real-estate analyst…

$3B American Dream Miami Megaproject Receives First Dade County Approvals

The Miami-Dade County Commission voted 10-1 for preliminary approval of American Dream Miami, a proposed $3 billion “retail theme park” in northwest Miami to be developed at the Florida Turnpike and Interstate 75. The proposal by Triple Five Group, a Canadian development firm owned by the Ghermezian family, would create the largest mall and amusement park in North America, with a nearby mixed-use commercial center developed by Graham Cos. The project now goes back to state authorities…

Video Discusses How Real Estate Disrupters Will Create Opportunities in Commercial Real Estate

In this brief video, Joi Mar Real Estate Analytics Analyst with Green Street Advisors, explains why long-term disrupters (of society at large) like driverless cars and online education are not being reflected in operating fundamentals and values. Similar to the evolution of online commerce, “real…

Video: Dr. Larry Souza of Pillar 6 Advisors Discusses Trump Effect on the Economy, Commercial Real Estate

In this video, Dr. Larry Souza, Senior Investment Advisor with Pillar 6 Advisors, a San Francisco based a full-service wealth advisory firm specializing in experiential financial planning, discusses a number of potential effects, good and bad, of a Donald Trump administration on commercial real estate…

Armani Residences: 2017 started with the best energies for this expected project!

The first branded residential tower in the United States is already being built, increasing the reasons to invest in Miami. We are talking about the Armani Residences, created by the prestigious Italian designer Giorgio Armani. For many years he has covered an important portion of fashion market and…

New flood-prevention project will raise streets by 2 feet in central Miami Beach

Construction crews may break ground by fall for a new $100 million flood-prevention project that will raise street elevations an average of two feet in the La Gorce and Lakeview neighborhoods of Miami Beach. The City of Miami Beach expects by summer to award construction contracts for the project, one of several the city has undertaken to protect people and property from sea level rise and increased flooding. The project, scheduled for completion in 2019, involves not only raising streets but also installing pumps…

The Pritzker Prize, every day closer to Miami!

When it comes to Architecture, there is countless talent who work day by day to print a personal stamp on their amazing works. The Pritzker Prize it’s considered the most prestigious award that can join the trajectory of an architect. It’s awarded since 1979 by Hyatt’s Foundation…

Video: David Kessler Discusses the Trump Effect on Commercial Real Estate & the Economy

David Kessler, CPA, Partner, and National Director for the Real Estate Industry Practice at CohnReznick,  an audit, accounting, tax, transactional planning, succession planning, business valuation and consulting services company with offices nationwide, discusses how Trump’s policies may affect…

Coral Gables to begin talks with Allen Morris/Related on mixed-use garages

After more than an hour of deliberating with developers and city staff, the Coral Gables City Commission voted to move forward with the redevelopment of two city-owned garages off of Miracle Mile. Staff will begin working with the top-ranked bidder, Coral Gables City Center, on the redevelopment of the garages at 245 and 345 Andalusia Avenue into mixed-use projects with high-tech parking systems, retail and office space, and apartments. The Allen Morris Company and the Related Group are partnering…

Miami’s 386-Unit One River point expected to break ground in late 2017

One River Point is expected to break ground along the Miami River in the fourth quarter of 2017, per Miami Luxury Homes, while also adding 32 additional residences to the original 386-unit plan, divided among its two 60-story towers. Now totaling 418 units, the east tower will consist of 224 units while the west tower will consist of 194 units. Miami Luxury Homes also notes the east tower will allow monthly rentals while the west tower will not, requiring a six-month minimum. There’s more news regarding…

Formerly Contaminated Development Site In North Miami Beach Sells For $21 Million

Formerly a TECO Gas and People’s Gas site, the 17.8 remediated acreage at 15780 W. Dixie Highway has development rights for up to 2,300 residential units and 2.5 million square feet of commercial space with heights of up to 20 stories.

Video: Retail Property Discussed at International Counsel of Shopping Centers 2016 Convention with DJ Busch of Green Street Advisors

Senior analyst DJ Busch was interviewed at the annual ICSC (International Council of Shopping Centers) RECon convention in Las Vegas, Nevada. This interesting video provides unique insight on Green Street Advisor’s mall quality grades, perceived trends in the industry and how players seem to be…

Related Cos. CEO Jeff Blau: Trump presidency will be boon for real estate industry

Just a few days after Donald Trump was sworn in as the 45th President of the United States, another developer has joined the chorus of real estate professionals who are optimistic at the prospect of one of their own being in the nation’s highest office. “I think it will actually be good to have someone who understand industry in the office,” Jeff Blau, chief executive officer of Related Companies, told Bloomberg. “If you take away the theatrics of what we’ve all been watching the last couple of days or months, and focus really…

Details Can Be Weighty When Renting Commercial Space

Renting a commercial space is a move many entrepreneurs postpone as long as they can, because it’s one of the biggest expenses and most consequential commitments a startup or young company faces. A commercial lease binds landlord and tenant to a variety of promises. A well-executed lease can benefit…

Forty investors who bought rooms in Miami Beach’s Shelborne Hotel lose contentious lawsuit

Five years after suing Miami Beach hotelier Keith Menin, their condo association and companies tied to developer Russell Galbut for allegedly authorizing nearly $30 million in illegal assessments to renovate and repair the Shelborne Hotel, 40 investors who bought rooms in the historic property have lost their battle. Miami-Dade Circuit Court Judge Beatrice Butchko last Friday issued a final judgment in favor of the defendants Menin, Joan Brent, Justo Carlos Padron, Martin Wasserman…

Miami River group can’t swallow waterfront restaurants

If it were up to the Miami River Commission, it would bar restaurants planned for two riverfront sites zoned marine-industrial. As it is, however, the decision is left to the city planning director after the negative river commission votes. A rare special river commission meeting Monday considered two separate plans for restaurants in vacant riverfront buildings: Shahab Karmely and his KAR Properties propose River Arts Complex, to transform three warehouses into a dining and event space at 125, 129 and 131 NW South River Drive. It includes a partnership with Yachtlife, a private club with yacht sales…

Signs Point To Surge In South Florida Industrial Markets

Since the end of the recession, South Florida’s industrial market has seen over 33 million square feet of net absorption with this year’s deal activity set to continue this robust growth movement.

Funds fuel passenger rail link for Tri-Rail into downtown Miami

City leaders have followed through on part a financial commitment to help establish a passenger rail link for Tri-Rail into downtown Miami. Plans call for Tri-Rail to have a place inside the new MiamiCentral station from All Aboard Florida, now under construction paralleling Northwest First Avenue. The station will serve as a major transportation hub and be home to Brightline, a privately-run passenger rail service from here to Orlando, to debut later this year. City commissioners on Jan. 12 declared the city’s intent…

Developers talk up Little Haiti and the Miami River: Bisnow forum

Converting a 15-acre site in Little Haiti into a thriving hub for innovation will entail more than targeting technology company tenants, according to one of the partners behind the ambitious Magic City project. Bob Zangrillo, the Silicon Valley entrepreneur who linked up with developer Tony Cho to create the planned innovation district, told a gathering of real estate professionals on Tuesday that Magic City could be a place where start-ups and entrepreneurs from various industries — including art, architecture, biotechnology…

CASA Boutique hotel opens in Miami Beach

South Beach’s newest boutique hotel The CASA Boutique Hotel recently opened in Miami Beach at 1334 Washington Avenue, bringing 32 upgraded rooms to the heart of South Beach. Blue Road purchased the property in 2015 and the original site housed the historic Waldorf Building, which was built in 1925…

Miami’s Panorama Tower in Brickell is soaring above the clouds

Miami’s Panorama Tower in Brickell is on its way to becoming the tallest building building in Miami, with construction reaching the 76th floor and close to surpassing the Four Seasons’ 789 feet. Yet the title will likely be a temporary one for the 830-foot tower that will top off at 85 stories this year, as monstrosities like The Towers and One Bayfront Plaza are in the planning stages. Last time we checked in was in October of last year when construction hit the 57th floor. Well, 19 floors later and the view is heavenly, looking down…

Miami-Dade County’s supply of luxury condos for sale could last five years

Plagued by swelling inventory and sagging sales, Miami-Dade County’s supply of luxury condos – defined as those priced at more than $1 million – stood at 2,549 by the end of 2016, according to a new market report from EWM Realty International. At today’s sales pace, it would take 57.9 months to sell them all, a 69% surge over the months of supply recorded at the end of 2015.That’s by far the highest backlog since the end of 2008, when the end of a building boom collided with the recession, briefly sending the supply…

Will Trump end crackdown on dirty cash in luxury real estate?

Just a month after President Donald Trump’s inauguration, a federal anti-money laundering program that targets luxury real estate is set to expire. The dragnet monitors pricey home deals for signs of dirty cash, helping detect criminals who launder money through real estate. Manhattan and Miami-Dade County were the first markets scrutinized by the feds. Here’s the big question: Will Trump — who made his money as a developer — keep the heat on the real estate industry? And if the administration…

City digs into idea of a tunnel beneath Miami River

Directors of Miami’s Downtown Development Authority heard Francis Suarez, Miami commissioner and mayoral aspirant, ask their support Friday for a tunnel beneath the Miami River just east of Brickell Avenue. The downtown authority has waged battle with the US Coast Guard, Florida Department of Transportation and Miami River Commission over what it says are improper openings of the Brickell Avenue bridge that bring traffic to a standstill downtown and in surrounding areas. So far, it’s a standoff, with the authority…

Miami-Dade commission grants first approval for American Dream Miami project

If the first public hearing for American Dream Miami is an indicator of what’s to come, the developer of the largest proposed mall and theme park project in North America is in for a long battle. After slogging through nearly seven hours of testimony from represesentatives for developer Triple Five Group…

605 Lincoln Road retail space hits the market, could fetch $30M

605 Lincoln Road retail space and Luis Castillo. The ground-floor retail space at 605 Lincoln Road in Miami Beach has just hit the market, and could fetch $30 million, The Real Deal has learned. New York-based Thor Equities and ASB Capital Management, a Washington, D.C.-based pension fund advisor…

Genting submits new FAA application for former Miami Herald site

Rendering of Resorts World Miami via the Next Miami. The former site of the Miami Herald in downtown Miami may soon see some activity. Genting filed a new application on Monday with the Federal Aviation Administration for three towers on the land at 1 Herald Plaza, according to the Next Miami. Each…

Kansas Marine Continues to Anchor Aventura Industrial Ctr

Long-time tenant Kansas Marine Co. has again renewed its lease for 109,267 square feet in the Aventura Industrial Center building at 555 NE 185th St. in Miami, FL. The single-story, 232,500-square-foot industrial building was construtcted in 2007 in the North Miami Beach Industrial submarket.

Three Factors That Will Impact Financing For Commercial Properties In 2017

The financing market has demonstrated tremendous growth and robust activity this past year. According to a report by the Mortgage Bankers Association, over $500 billion in commercial real estate loans were originated this past year, indicating a strong financial landscape for lending. Low interest rates…

Realtor says man did not pay required commission after purchase

In Miami, real estate is a big business and can lead to significant financial transactions. A reason that many people get into the business is to receive substantial commissions when there is a purchase of property. However, when there is an agreement is in place and one side or the other does not adhere to it, getting that payment can be difficult, particularly if the amount reaches the high six-figures or seven-figures. When there is a dispute over these bills that cannot be settled amicably and paid, it may be necessary to consider…