Vlad Doronin adds to Edgewater assemblage with $54M purchase

Vladislav Doronin’s OKO Group just paid $54 million to buy a 2-acre parcel fronting Biscayne Bay, adding to the Russian billionaire developer’s assemblage in Miami’s Edgewater neighborhood. The property, at 720 Northeast 27th Street, is north of OKO Group’s Missoni Baia, a 57-story, 146-unit luxury condominium planned for 777 Northeast 26th Terrace. London and New York-based private investment firm Cain Hoy partnered with OKO on the purchase. An OKO…

JV Sells 100 Biscayne Office Tower in Miami for $84 Million

East End Capital Partners LLC acquired the 100 Biscayne office tower at 100 Biscayne Boulevard in Miami, Florida for $84 million, or about $271 per square foot, from a joint-venture partnership comprising The Witkoff Group, Panther Real Estate Partners LLC and Highgate Holdings, Inc.  The 30-story…

EastGroup Buys 61 Acres in Miami Gardens

EastGroup Properties, Inc. acquired 61 acres in Miami Gardens, FL, where it plans to construct a new industrial park. The buyer is planning an 850,000-square-foot campus on the site.  The land sold for $27 million, or $442,622 per acre. The parcel is located adjacent to the Calder Casino and Race…

How Trump could shake up real estate finance

At his campaign rallies, Donald Trump presented himself as an anti-establishment populist looking to rein in Wall Street’s gross excesses. But when he stepped in front of a crowd of finance and business big shots at the New York Economic Club on Sept. 15 to outline his economic policy, he showed a completely different face. “One of the keys to unlocking growth is scaling-back years of disastrous regulations unilaterally imposed by our out-of-control bureaucracy,” he said.

Wynwood attracts Florida’s first industrial design college

Miami’s Wynwood neighborhood, already a hub for artists, technologists and other creatives, will soon be the home of the new Miami College of Design. It’s the vision of Walter Bender and Franco Lodato, experts in industrial design. The co-founders broke ground last month on the-state-of-the-art educational facility, which will be Florida’s first accredited college focused solely on industrial design, they said. The state-licensed associate and bachelor of science curricula will focus…

Chart: Commercial Properties Sold Versus Total Listings

This is a chart of the number of total commercial improved properties listed at the end of a given month (right axis) versus the number of properties sold in that month (left axis) in the Miami MLS. While the number of properties listed has declined more than 25% from its peak a few years back, the number of closed sales…

Icon Brickell’s pool closes next week with no alternative pool option

Will units at Icon Brickell drop in value? Icon Brickell’s pool is set to close next Monday with construction expected to last 12 months (bet the WAY over) according to its condo association.  Unfortunately for residents, an alternative pool will not be provided “due to limited…”

County flyspecks lease for big film studio

“There’s no news, which is probably good news,” on negotiations for a mammoth studio complex comprising 11 sound stages and 4 million cubic feet of water in 10 giant tanks, said Rodolfo Paiz, a principal of Miami Ocean Studios LLC. His company is in lease negotiations for 160 acres…

Questions fly on new I-395 bridge

Design-build contracts for a long-awaited “signature bridge,” part of an upgrade of I-395 from west of I-95 to the MacArthur Causeway, will be advertised next year. But Metropolitan Planning Organization members are already discussing specific challenges, as well as whether the project…

Rubell Family Collection to move from Wynwood to Allapattah

Don and Mera Rubell and renderings of the new Rubell Family Collection.  The Rubell Family Collection will move from Wynwood to Allapattah as investors continue to target the industrious neighborhood.  The art collection will move to a new 100,000…

Zak the Baker’s 7,000-Square-Foot Temple of Bread Opens in Wynwood

About five years ago, Zak Stern took to Kickstarter in hopes of cobbling together the final bit of money he needed to open his Wynwood bakery, Zak the Baker. Soon after, seating in the place around lunchtime was hard to find. On Thanksgiving morning, Stern opened his art-gallery-turned-bakery (297 NW 26th St., Miami) down the street from his original spot. The place is open from 7 a.m. to 5 p.m. every day but Saturday. Here, find coffee, the country loaves and sourdoughs…

Shiman to Oversee Edens’ South Florida Portfolio

Nicole Shiman recently joined retail owner and operator Edens as vice president/investments. Based in the firm’s Miami regional headquarters, Shiman is responsible for the strategy and operation of the firm’s South Florida portfolio.  Before joining Edens, Shiman was a vice president at 13th Floor…

CSC Closes on $71.7M Acquisition of Five Charter Schools Across Southern Florida

Portland, OR-based Charter School Capital, Inc. has purchased a portfolio of five charter schools located in Florida from ESJ Capital Partners LLC and minority partner MG3 Development Group for $71.74 million, or about $242 per square foot. ESJ Group is a full-service asset management firm based…

Commercial Real Estate Appraisals: What You Need to Know

Stay informed and be prepared to get the most out of the appraisal process. If you’re looking at buying, selling, or signing a major lease on a commercial property, you likely want to get a property appraisal first. But before you do, it pays to understand a bit about how appraisals work, an…

“Fix Transit, But Don’t Bust The Budget,” Says Miami Mayor Carlos Gimenez

As it pursues an ambitious transit plan amid the best budget picture in years, Miami-Dade must resist the kind of over-spending that can cause a revenue squeeze on taxpayers, Mayor Carlos Gimenez said Tuesday in his first major address after winning reelection. “We must focus on doing even more…”

Commercial real estate market facing challenges

With the close of another year coming up soon, many Florida businesses are making adjustments and planning for 2017. This is particularly true for those involved in commercial real estate, which is likely to see some changes in the upcoming year. Experts are raising concerns about the commercial real estate…

Video: Multifamily Market Trends and Forecasts ~ Marketplace Trends

This is a video of a short discussion of major trends in multifamily with Steven DeFrancis of Courtland Partners, an investor in multifamily properties, Benno Rotschild, a lawyer with Hartman Simons who works with multifamily investors, and Jamie Teabo, a board member of the Atlanta Apartment Association and Executive VP of Post Properties, a company with multifamily properties in Florida, Georgia, Texas, and the District of Columbia, and Michael Bull…

US 1 Project To Rise At Douglas Road Metrorail Station

A mixed-use project with new office, retail and residential uses is being proposed at the foot of a pedestrian overpass that connects to the Metrorail Douglas Road Station.

Video: Multifamily Market Trends and Forecasts: Interest Rates and Foreign Investors

Steven DeFrancis of Courtland Partners, an investor in multifamily apartment properties, Benno Rotschild, a lawyer with Hartman Simons who works with multifamily commercial property investors, Jamie Teabo, a board member of the Atlanta Apartment Association and Executive VP of Post Properties, a company with multifamily properties in Florida, Georgia, Texas, and the District of Columbia, and Michael Bull, a commercial broker…

Experts forecast the state of Miami’s real estate market in 2017: panels

From the rising tide of foreign investment in commercial real estate and the future of the popular EB-5 visa program to how long the residential slowdown will last, some of South Florida’s top real estate players offered their take on what the market can expect in the next 12 months.  “I am cautiously optimistic that the fundamentals of the economy is on solid ground,” said Alex Zylberglait,; “We will continue to see…”

Miami Marine Stadium secures $45M for renovation

Miami Marine Stadium secured the funding needed to green-light its renovation, with the Miami City Commission signing off on a $45 million bond proposal, clearing the way for the rebirth of Miami’s most unique stadium.  The restoration effort was launched in the summer with the “Save Your Seat” crowdfunding campaign, a collaboration between the National Trust for Historic Preservation and Heineken USA. That project raised over $110,000 and donators will receive anything…

Tiny agency’s leap of faith to bring downtown roaring back

Downtown has come roaring all the way back. The last piece fell into place Oct. 31.  A third of a century ago the former focal point of Miami had sunk so low that its stores were a wasteland unless you were a tourist buying a suitcase, shoes or electronics. Contrast that with the just-opened gleaming…

Lawsuit filed against Miami condo association illegally charging over $100 in move-in fees

If your Florida condo association charged over $100 in non-refundable move-in fees per applicant or married couple, it appears they’re in violation of state law.  The Miami Herald reported on condo boards routinely charging more than state law allows in June, and now class-action lawsuits are sprouting across the state, including one filed on Friday against the condo association at Quantum on the Bay in Edgewater.

Top US developers riff on future of Chinese investment, President-elect Trump

President-elect Donald Trump spent a good chunk of his campaign bashing China and promised to reset the United States’ relationship with the country if he came to power. But many of his fellow developers, gathered in Shanghai for The Real Deal’s annual showcase, said that despite his heated rhetoric, Trump is a pragmatist who understands the importance of Chinese investment, particularly in real estate. “The reality is that our president-elect’s platform is absolutely pro-business…”

Highlight reel: The Real Deal’s Shanghai showcase

The Real Deal’s U.S. Real Estate Showcase and Forum in Shanghai.  From the New York website: Better get good at offering business cards with both hands. Judging from the crowds at The Real Deal’s second annual U.S. Real Estate Showcase & Forum in Shanghai, a new wave of Chinese investment…

McKinsey & Co Leases 17,000 SF at Brickell City Centre

McKinsey & Co., a consulting firm based out of New York, signed a 10-year lease for 16,926 square feet at 78 SW 7th St. in Miami, FL.  The tenant will take occupancy of a full floor at Two Brickell City Centre in the first quarter of 2017.  Owned by Swire Properties, Inc., the 132,280…

Two projects proposed in Hialeah’s new transit-oriented development districts

It didn’t take long for Hialeah to attract interest from developers for its two new transit-oriented development districts with increased density as two mixed-use projects have been proposed.  Bridge Crossings, at 2701 to 2765 E. 11th Ave. in Hialeah, would have 74 apartments and 1,100 square feet of ground-floor retail. On Oct. 25, the city council gave final approval to 313 acres of transit-oriented development around the the Tri-Rail’s Hialeah Market Station…

Commercial Property in Zip Code 33173: Year’s Top Buyers, Sellers, Ten Year Sales Volume

For commercial property of all types in Miami’s zip code 33173, the top buyers as listed by Costar on November 18, 2016 included: Acumen Real Estate; Equity One, Inc.; CF Properties Corp; IMC Equity Group; Luis Malo; CVS Health; Miami-Dade Parks, Recreation, and Open Space Dept; Jose Munoz; Equity One Florida Portfolio, Inc.; Chaptal. The total purchase volume of buyers for these types of properties over the past 10 years has ranged from a couple million dollars…

Discover What’s Ahead for Miami’s Condo Market

Significant issues facing the residential real estate industry in the coming year will be the topic of discussion on Wednesday, November 30 at the Urban Land Institute Southeast Florida & Caribbean’s annual Miami Condo & Community Development Symposium.  Real Estate developers and investors…

Extend Development Orders and Building Permits for Almost One Year Due to Extension of Zika State of Emergency

Governor Scott, for the second time, has extended the State of Emergency issued for the Zika Virus. As a result, holders of development orders and building permits have another opportunity to claim a longer extension. The Governor also declared a State of Emergency in advance of Hurricane Matthew.

The Florida Supreme Court’s Decision in Bartram v. U.S. Bank, N.A. is Good News for Lenders

The operative facts in Bartram are simple.1 Borrower executed a standard form mortgage in favor of the lender. The mortgage contained an optional acceleration clause and provided the borrower with a right to reinstate the mortgage after acceleration. The borrower defaulted. The lender notified…

Seeking success when fraud claims are raised in business disputes

Florida residents often take each other at their word. When someone else tells us something, we tend to believe that person is being honest and truthful in what they are saying. Unfortunately, this is not always the case, as others may be misleading in the statements they are making. In the business…

$60 million Jungle Island deal to go before Miami commission

Jungle Island’s proposed redevelopment could move a step forward on Thursday. The Miami City Commission will consider approving a lease transfer to an Aventura-based real estate firm in a deal valued at $60 million. Jungle Island (property info) owner Bern Levine plans to sell the theme park’s lease to ESJ Capital Partners, the Miami Herald first reported. ESJ, backed by European investors…

Brickell condo development may slow

Riding a five-year trend of high absorption levels, developers planned another robust year of new construction in Brickell’s hot condo market. But early signs suggest 2016 might be different.  The market took delivery of well over 1,000 units in 2015, and about three times that many sit on the…

Jorge Pérez on how a Trump presidency will affect foreign buyers: Video

In one of the country’s most divisive presidential elections, Related Group CEO and Chairman Jorge Pérez sided with Hillary Clinton. But that doesn’t mean he thinks a Donald Trump presidency will negatively impact Miami’s real estate market.  A self-proclaimed liberal Democrat…

High-profile site may add riverwalk

A high-profile site near the mouth of the Miami River downtown may finally be opened to the public as part of an extended riverwalk.  The additional riverwalk would be temporary, for perhaps one year, while the property’s new owner lines up permits and other approvals needed to build a luxury…

Turnberry Ocean Club broke ground at 40 percent sold

The new development is highlighted by its Sky Club, 300 feet above the ground Turnberry Ocean Club Residences broke ground yesterday at 40 percent sold in Sunny Isles Beach, with the luxurious oceanfront development originally slated to begin construction last spring.  With units starting at $3.9 million…

Miami has the nation’s 5th best airport for holiday travel, study says

Fort Lauderdale also fared high, coming in at No. 9 Sometimes you don’t realize how good you have it, relatively speaking.  While traveling to and from Miami International Airport can be a source of angst for many, MIA graded out extremely well nationally for holiday travel, according to…

County flyspecks lease for big film studio

“There’s no news, which is probably good news,” on negotiations for a mammoth studio complex comprising 11 sound stages and 4 million cubic feet of water in 10 giant tanks, said Rodolfo Paiz, a principal of Miami Ocean Studios LLC. His company is in lease negotiations for 160 acres…

Blackstone’s Gray: Trump win is a game changer for real estate

The Blackstone Group’s real estate head Jonathan Gray thinks Donald Trump’s victory in last week’s election is a game changer for the real estate industry. But whether it’s a good or bad one remains to be seen. “I think it’s fair to say that the economic narrative has changed,” Gray said Tuesday at a conference hosted by Bank of America. “It does appear like we’re going to have lower taxes, less regulation…”

Questions fly on new I-395 bridge

Design-build contracts for a long-awaited “signature bridge,” part of an upgrade of I-395 from west of I-95 to the MacArthur Causeway, will be advertised next year. But Metropolitan Planning Organization members are already discussing specific challenges, as well as whether the project…

Investment dollars flowing to WeWork competitors

From the New York website: The co-working business model — which propelled co-working giant WeWork to a $16.9 billion valuation last month — may be changing tack.  WeWork has carved out a niche for itself by signing long term-term leases for office space that…

Rockpoint Buys 235-Room Aloft South Beach Hotel

Rockpoint Group LLC acquired the Aloft South Beach Hotel at 2360 Collins Avenue in Miami Beach for $105 million, or about $447,000 per room, from JMH Development LLC and Madden Real Estate Ventures.  The 235-room hospitality building features a swimming pool and on-site restaurant. The 148,514-square…

Difference in Pricing of Class A, B, and C Office Leases in Miami-Dade County

Ten Year Chart Comparing Gross Asking Rent for Class A (yellow), B (maroon), and C (purple) Office Properties in Miami-Dade County Chart Courtesy of Costar as of 11/11/16.  Having recently run into a situation where an office building seemed to be classified lower than it actually is, we wondered what…

Condo-Turned-Rental Project In Little Havana Trades For $89 Million

The sale of the newly built InTown apartment complex at 1900 Southwest Eighth Street gives further credence to the trend of national investors favoring South Florida rental properties.

Miami real estate players welcome Trump presidency

As South Florida dealt with the stunning results of the presidential election, Miami’s real estate industry looked toward the future, mostly with optimism. For developers and brokers, a Donald Trump presidency is good for business, they told The Real Deal.  Developer Jules Trump sees a the president-elect as a boon to South Florida’s real estate market, at a time of volatility of the stock market…

Regency, Equity One Shopping Center REITs Combining in $15.6 Billion Merger

Regency Centers Corp. (NYSE:REG) and Equity One, Inc. (NYSE:EQY) have agreed to combine to form one of the largest shopping center REITs in the country with a portfolio of primarily grocery-anchored properties, jumping ahead of rivals Kimco and Federal Realty with a total market capitalization expected…

Neighborhood Dive: Little Haiti, Little River and Lemon City are hot spots for commercial space

Little Haiti, a neighborhood covering 3.5 square miles bordering the Design District to the south and the MiMo District to the east, has played a major role in Miami’s rich cultural history. Within its boundaries are Lemon City and Little River, a pair of historic enclaves that helped shape the city in the early 1900s.  Named after sweet lemon trees native to the area, Lemon City predates Miami’s incorporation…

Florida Supreme Court allows lenders to restart foreclosures any time

The Florida Supreme Court ruled that mortgage lenders can restart a suspended foreclosure at any time instead of within five years after a borrower defaults.  The court ruled that the five-year statute of limitations for foreclosure cases is dynamic, not static, resetting each month a mortgage borrower remains in default.

Andrew Stearns: ‘Overall Miami condo market appears to be in trouble’

The Miami condo market looks to be heading down an ugly road, appearing “to be in the early stages of a distressed preconstruction condo market,” according to StatFunding Founder Andrew Stearns in his November update, saying the next two years “will likely further see the distress continue and increase.” Inventory is soaring as underwater sales continue while developers have pumped the brakes…

Miami Beckham United targeting 2019 MLS season

David Beckham’s path to bringing an MLS franchise to Miami has been a rocky one thronged with hurdles, but the Miami Beckham United Group has remained persistent with the current goal being to launch their team in the 2019 season, with a “major announcement” coming in the next few months, per the Daily Mail:Initial talk after the club’s launch was that they could play their inaugural campaign…

Related Group’s two Hyde projects in Hollywood release new images, renderings

The Related Group has released new visuals of its two Hyde-branded projects rising in Hollywood, revealing aerial images of the nearly-complete Hyde Resort & Residences, which topped off in March, and new interior renderings of Hyde Beach House, which broke ground a couple of months ago. They show the pool deck at Hyde Resort & Residences is almost complete. While the renderings…

Prime Business Offering on Lincoln Rd and in Coconut Grove

A company is  pleased to present an exclusive offering of a three store Italian restaurant chain, The highly strategic locations of the three chain restaurant make this a rare business opportunity for an investor seeking to take over an established…

What is required to allege and prove a fraud claim?

When Florida residents are alleged to have done something wrong, the allegations alone can be a very serious matter. This is particularly true for Florida businesses, which thrive on having a solid reputation and good will with their customers. And it is even more true when certain allegations are m…

Chinese investors snapping up unprecedented amount of resi property overseas

From the New York website: Chinese investors are parking an unprecedented amount of cash in residential real estate with an eye on cheaper cities.  In the first half of 2016, investors bought up an estimated $15 billion worth of overseas real estate …

Eastgroup Properties Inc. Acquires 61 Acres Of Development Land In Miami Gardens

The Company intends to develop an industrial park containing approximately 850,000 square feet on the site.

Financing set to bring Tri-Rail trains into MiamiCentral Station

The last piece of the financing puzzle to bring Tri-Rail trains into MiamiCentral Station next year fell into place Oct. 31 when directors of the Southeast Overtown/Park West Community Redevelopment Agency agreed to fund $17.5 million of the project.  The agency had previously pledged that amount…

Public CRE markets welcome Trump win – with some exceptions

From the New York website: And then, global stock and bond markets proved all who predicted a Trump victory would lead to immediate financial turmoil wrong.  The S&P 500 stock index and 10-year treasury yields both rose over the course of Wednesday, indicating that markets weren’t too spooked…

Trump’s handpicked EPA transition team leader is bad news for Miami—and the planet

Whether you voted for Donald Trump or not, there’s one element that’s now all but a certainty: His presidency does not bode well in the planet’s war against Climate Change, especially in Miami, where we’re already seeing debilitating effects from rising sea levels.  Trump’s choice to lead his EPA transition team is Myron Ebell, noted Scientific American in September. This is not good, especially…

Galbut clears one hurdle in quest for revised project at South Shore Hospital site

The site at 500 Alton Road and Russell Galbut: Over the objections of one of their colleagues, the Miami Beach City Commission voted 5-1 to allow developer Russell Galbut to seek approval from the city’s land use boards for revised development plans for the former South Shore Hospital site on Alton…

Paraiso Bay Has Topped Off In Edgewater (Photos)

The Related Group’s Paraiso Bay has topped off.  Work on a parking podium is also underway, as can be seen in one picture on this page.  In one photo, Paraiso Bay views are in the foreground.

Miami real estate players welcome Trump presidency

Dan Kodsi, Shahab Karmely, Don Peebles and Jules Trump are pictured with Donald Trump in the background.  As South Florida dealt with the stunning results of the presidential election, Miami’s real estate industry looked toward the future, mostly with optimism. For developers and brokers, a Donald Trump presidency…

Cornerstone Group Proposes Platform 3750 On US-1 In Coconut Grove

Platform 3750 LLC, an affiliate of Cornerstone Group of Hollywood, is proposing an eight-story project called Platform 3750.  The proposal calls for: 192 apartments; 30,070 square feet of office; 20,200 square feet of retail; 403 parking spaces.  The project site is 3750 South Dixie Highway.  Kobi Karp is the architect.  Miami’s UDRB is scheduled to review the plans on November 16.

Q&A with Hank Klein: Miami CRE exec turns to photography following devastating stroke

Hank Klein is shown with photos from his book.  Hank Klein, vice chairman of Blanca Commercial Real Estate in Miami and a leading figure in South Florida’s commercial real estate sector for more than three decades, recently published a book entitled “Miami, Real and Imagined,” a collection of…

The Top Commercial Real Estate Due Diligence Mistakes

Avoid these due diligence don’ts while navigating commercial real estate investment.  When it comes to securing a commercial real estate deal, the due diligence process sometimes takes a backseat to seemingly more important factors, such as raising money and negotiating the deal. Because of the…

Maturing Loans On Shaky Ground

The clock is ticking for a cluster of troubled pre-financial crisis loans imperiled by shaky shopping centers and half-empty office parks. The post Maturing Loans On Shaky Ground appeared first on SVN South Commercial Real Estate Advisors.

Trump’s election not a shakeup for South Florida’s real estate market, experts say

Donald J. Trump’s election as the next president of the United States could shakeup much of the political establishment, as the Republican as promised to “drain the swamp” in Washington, but it’s not expected to cause a shakeup in South Florida’s real estate market, experts say. Some experts believe the billionaire real estate developer could be a positive for the local real estate economy over the long term.