Clarion pays $109M for commercial building lease off Lincoln Road

Clarion Partners paid $109.25 million in cash for the ground lease of the Lincoln, a mixed-use office and retail building off of Lincoln Road in Miami Beach, records show. The owners, a public/private partnership between the city of Miami Beach and New York-based Real Estate Capital Partners, listed the property, sans asking price…

Chinese developer gets approval for 18-story condo in Miami Beach

The first major project by a Chinese developer on Miami Beach got a vote of approval on Tuesday from the Miami Beach Historic Preservation Board, which unanimously approved two variances allowing the project to proceed. China City Construction (CCCC Miami Beach LLC) plans to build an 18-story tower with 42 residences…

Biscayne 27 Inks Utilities Deal For 330 Apartment Units

The developer behind the proposed Biscayne 27 project signed an agreement with Dade’s Water and Sewer Department.  According to the documents, 330 apartment units will be connected at 2710 Biscayne Boulevard, replacing the previous plan to build the Ion condo project there.  Barbara Salk (formerly of Ion) signed…

CushWake acquires Miami-based property management firm Gibson Realty

The commercial real estate giant acquired Gibson Realty Group, a Miami-based property management firm with more than 4.1 million square feet in its portfolio. The acquisition elevates Cushman & Wakefield to handle more than 30 million…

Lawsuits allege developers performed shoddy construction work on Trump Towers in Sunny Isles Beach

There’s major trouble brewing over dozens of alleged construction defects at the Trump Towers I, II, and III in Sunny Isles Beach.  In three separate lawsuits filed in Miami-Dade Circuit Court last week, the master condo association for the three buildings alleges that garages, facades and pool decks need extensive…

C&W Acquires CRE Management Firm, Portfolio Of More Than 4.1 Million SF

The acquisition places Cushman & Wakefield as the No. 3 property management firm in Florida.

Miami Beach Seeks to End ‘Floatopia’

Mayor: “The disruption… will NOT be tolerated” The thousands of rafts flooding Miami Beach for Floatopia this past weekend might’ve seen their last ride.  The disruption to our beaches, residents and visitors caused by Floatopia will NOT be tolerated,” Miami Beach Mayor Phillip Levine wrote on his…

Report: Downtown Miami Among Fastest-Growing Neighborhoods in U.S.

Coming in at No. 4 Miami was recognized in a Realtor report naming the Top 10 Boom Towns Across America, with Downtown Miami coming in at No. 4 with a projected five-year household growth of about 14.9 percent.  “Sure, Miami is hot: Hot weather, hot nightlife, hot housing. But compared with South Beach…

Miller: Miami’s High-End Buyers Showing More Discretion

High-end buyers are pausing Miller Samuel President Jonathan Miller (@JonathanMiller) unleashed the latest Elliman Report, covering the first quarter of 2016 in wake of late 2015’s inevitable downshift in Miami’s housing market.  Let’s take an abbreviated look at the numbers and analysis of Miami Beach…

Mapping the 10 Hottest Hotels in Miami Beach

With another lovely South Florida winter in the rearview, let’s take a look at the movers and shakers in the Miami Beach hotel scene.  We mapped the city’s top ten hotels, according to Trip Advisor reviews. Are you surprised by some?

6080 Collins Avenue Beach House to Break Ground Next Week

With 65 percent under contract 6080 Collins Avenue Beach House will break ground this Monday with 65 percent under contract.  The 70 units at the six-story boutique condo-hotel development in Mid-Beach are comprised of large studios and one-bedroom suites, with units starting at $267,000.

Urban Land Institute Report: Active Transportation And Real Estate

The most recent report from the Urban Land Institute (ULI) does a great job exploring the dependencies and interconnections between the growth of real estate value and the provision of active transportation options, e.g. walking and bicycling.  A collection of case…

Fed Beige Book: General Increase In CRE Activity

Yesterday, the latest edition of the eight-times-annually published Federal Reserve Beige Book arrived (or, as the kids say, dropped). What lies within its muted brown pages and cream-tone cover*?  Good news for the state of the commercial real estate industry.

FIU, Miami Dade Youth Fair Continues Battle Over Land

Sixty-four acres of Miami-Dade’s Tamiami Park, the planned site of a new engineering center, is at the heart of a dispute between the University and the Miami-Dade Youth Fair.

eMerge Welcomes Guests with Iconic Opening Reception

Last night was a buzz at the opening reception for the 3rd annual eMerge conference located at the iconic 1111 Lincoln Road garage. The attendees enjoyed food, drinks and music, but the real discussion centered on the provocative content scheduled over the next two days. Some examples include…

Asian real estate group to hold luxury summit in Miami

In another sign of South Florida’s strengthening ties to China, the Asian Real Estate Association of America has selected Miami as the host city for its 2017 Global Luxury Summit next April…

Lawsuits allege developers performed shoddy construction work on Trump Towers in Sunny Isles Beach

There’s major trouble brewing over dozens of alleged construction defects at the Trump Towers I, II, and III in Sunny Isles Beach.  In three separate lawsuits filed in Miami-Dade Circuit Court last week, the master condo association for the three buildings alleges…

Mexican congressman spent millions on luxury condos in South Florida

On the heels of the “Panama Papers” investigation, a new report shows an official of Mexico’s teachers’ union and his relatives went on a condo spending spree starting in 2004, dropping $6.3 million on 11 condos at the former Espirito Santo Plaza in the Brickell…

Mixed-Use Square Station Planned for Downtown Miami

Months after Melody Tower topped off Months after Melody Tower topped off in Downtown Miami and Melo Group has announced another large mixed-use project nearby called Square Station.  It will include 34-story twin towers comprised of 710 residential units, over 900 parking spaces, and 15,000 square foot…

JV Refinances Brickell City Tower

The Brickell City Tower ownership group of Banyan Street Capital, Crocker Partners LLC and Independencia Asset Management LLC have secured a $60.8 million whole loan to refinance its Miami office tower at 80 SW 8th St. in the Brickell submarket.  Square Mile Capital Management LLC originated the…

Firm Tapped To Lease Coral Gables Office Tower

The 108,858-square-foot office tower has 20,579 square feet available for lease.  The post C&W’s Gordon Messinger Tapped To Lease Coral Gables Office Tower…

Office Building Planned Near Aventura

The site currently has an auto repair shop. The post Office Building Planned Near Aventura appeared first…

Kimco Parts Ways With $299 Million To Buy Out South Florida Shopping Centers JV Partner

Kimco has relieved its joint-venture partner of the remaining 45-percent ownership interest in two South Florida shopping centers.

Easton & Associates Recapitalizes South Florida Industrial Portfolio

Invesco Advisors, Inc. acquired a 90-percent interest in a portfolio of seven industrial properties with Easton & Associates for $98 million, or approximately $145 per square foot.  The sale consisted of four buildings within the Miami’s Lakes Corporate Park, one at the Beacon Centre, one in…

FAA Rulemaking Update On Drones

In order to continue to influence the discussion in Washington, DC about the real estate industry’s use of drones for photography and survey of property, the National Association of REALTORS® recently participated in the Federal Aviation Administration…

The Sky is the Limit

Miami’s ever-changing skyline is set for its biggest upgrade yet. With the Federal Aviation Administration’s recent decision to allow buildings in Miami to reach a height of 1,049 feet above sea level, One Brickell City Centre is expected to surpass the Four Seasons Hotel and Tower to be…

New York Investor Pays $360 PSF For Entire Floor At One Flagler

A Hialeah-based entity purchased the 10th floor of the office condo property.  The post New York Investor Pays $360 PSF For Entire Floor At One Flagler appeared…

H&M Leases 15,000 SF in Miami Beach

Clothier H&M leased 15,000 square feet at 763 Collins Ave. in Miami Beach, FL. When it opens this summer, this will be the retailer’s second store on Miami Beach.  The 15,000-square-foot storefront building was completed in 1995.  Greg Masin, Frank Begrowicz and Andrea Vigil of Cushman & Wakefield…

Ridge Development Breaks Ground on Speculative Distribution Facility

Ridge Development broke ground on Airport North Logistics Center, a 182,000-square-foot distribution facility being constructed on-spec in Medley, FL.  The new logistics center will feature a 60-foot speed bay, 46 dock-high doors, two street dock ramps and 72 trailer spaces with additional vehicle…

AKREA Purchases 18 Building Portfolio in South Florida

Adler Kawa Real Estate Advisors (AKREA) purchased an 18-building portfolio made up of light industrial and office space in Delray Park of Commerce in Delray Beach, FL; The Park at Broken Sound in Boca Raton, and Prospect Park I & II in Fort Lauderdale, for $38 million.  Delray Park…

Commercial Property Sales, Prices Continue Slowdown as Investors Pull Back

Commercial real estate prices and investment volume declined for the second consecutive month in February, despite robust leasing that bolstered net absorption and CRE fundamentals in the first quarter of 2016, according to the new release of CoStar Commercial Repeat-Sale Indices (CCRSI) data.

A plan takes shape to fix Miami-Dade’s CRAs

Miami-Dade commissioners would take greater control of community redevelopment agencies under a proposal that would tighten oversight and reduce funding, yet also require many CRAs to set aside dollars for much-needed affordable housing they have yet to provide.

New whistleblowers sue Plaza Health Network saying insiders milked nursing home chain

For the second time in four years, Miami Beach builder Russell Galbut and a nursing-home chain his family cofounded have been accused of illegal misconduct by a whistleblowing former executive.  The post New whistleblowers sue Plaza Health Network saying inside…

Wynwood Arcade’s Stellar Murals by Tristan Eaton are Complete

Construction plows ahead at the new retail and restaurant space The development of Wynwood Arcade is coming along nicely, with Los Angeles-based artist Tristan Eaton finishing a vibrant Wynwoody mural featured prominently at the upcoming retail and restaurant space.  “We are very excited about our…”

First Look at Missoni Baia in Edgewater

Check out the 56-story luxury tower’s first official rendering Missoni Baia, a 56-story residential tower in development in Edgewater developed by Vladislav Doronin’s OKO Group, just released its first official rendering, revealing a sleek and glassy 649-foot condo towering over Biscayne…

Getting In Front Of Lease Accounting Rules Changes

The recently announced Financial Accounting Standards Board changes to lease accounting won’t be in effect for three to four more years, but their potential impact on commercial real estate portfolios could be significant. New business could be the result — moving multi-year leases…

Free Live Webinar: FIRPTA, PATH Acts Compliance

The recent changes to the Foreign Investment in Real Property Tax Act (FIRPTA) that came with the 2015 Omnibus Spending Bill are making waves in commercial real estate investment circles.  Stay on top of what the changes mean to private equity, real estate and…

EB-5 Funded Office Condo In Doral Opens At 92 Percent Sold

Nineteen foreign investors bought into the LEED-certified Riviera Point Business Center Doral, a $9.5 million, 41,000-square-foot, 44-unit project at 1500 Northwest 89th Court.

CenterState Bank To Close Six Miami-Dade Branches Following Acquisitions

As customers migrate to online banking, banks have been cutting back on physical locations.

Urban Burbs Are Sweeping South Florida

Read or Listen to WLRN’s interview with the executive director of the Margate Community Redevelopment Agency, Diane Colonna, about that city’s plans.

Miami-Dade County Takes P3 Reform Further After Florida Passes New P3 Legislation

After months in several Florida House and Senate committees, the State Legislature finally passed two related bills that were both signed by the Governor at the end of April. Importantly, the first bill, SB 124, establishes uniform processes for public entities to enter into P3 agreements. The second…

Peruvian Consulate Purchases Coral Gables Office Building

The post Peruvian Consulate Purchases Coral Gables Office Building appeared first on CRE-sources | South Florida Commercial Real Estate News.

Lufthansa Signs On For 20,000 Square Feet

The post Lufthansa Signs On For 20,000 Square Feet appeared first on CRE-sources | South Florida Commercial Real Estate News.

Miller Construction Company To Build Massive 600,000 SF Industrial Project

The team expects to pour and tilt up a total of more than 28,000 yards of concrete – a process scheduled to take 75 night pours to accomplish. CLICK ON THE HEADLINE FOR MORE
The post Miller Construction Company To Build Massive 600,000 SF Industrial Project appeared first on CRE-sources | Sout…

Mixed-Use Project To Break Ground In Coral Gables

It will feature 33 condos, 57,700 square feet of “Class A” office space, 13,882 square feet of retail, and a 7,400-square-foot pool deck with a wet bar and lounge.

Watch List: Late Cycle CRE Rebound Could Foretell Higher REO Property Losses

The amount of loans held in REO is more than 40% lower than a year ago thanks to improving commercial real estate fundamentals, market liquidity and coninued investor interest in all things real estate. It also helped that the single biggest REO property, the 11,227-unit Stuyvesant Town/Peter Cooper…

Famed Architect Rafael Moneo to Design Apeiron at Jockey Club

Moneo won the Pritzker Prize in 1996 Spanish architect Rafael Moneo, winner of the Pritzker Prize in 1996, has been selected to design Apeiron, a condominum and hotel project at the Jockey Club in North Miami.  Moneo has over 50 years of architectural experience. This will be his first project in South…

Auberge Miami Launches Sales, Releases New Exterior Renderings

Units start at $359K Auberge Residences & Spa Miami has launched sales with Related Group and Alta Developers, the third new project in development in the Arts and Entertainment District in Downtown Miami.  The 60-story tower designed by Arquitectonica released a few new renderings…

Gary Nader Calls Jorge Perez ‘Worst Thing’ for Miami Culture; Perez Takes High Road

The two finalists for MDC’s Downtown project are feuding Days after Miami-Dade College announced Related Group and Nader + Museu LLP as the two finalists to develop a condo tower and cultural arts center on a prime 2.6-acre plot in Downtown Miami, and the two sides are clashing.  Art collector Gary…

MDC Recommends Related, Nader + Museu for Downtown Miami Site

Vote for your favorite proposal Miami Dade College is moving forward with two of the four proposals for their partnership with the mixed-use Downtown Miami site at 520 Biscayne Boulevard, per the South Florida Business Journal.  MDC announced today they will enter negotiations with the Related Group…

Miami 2016 Retail Renaissance

According to Bisnow, “With strong demand drivers in place, developers are anxious to capitalize on the city’s retail market, as evidenced by the 1.4 million square…

Starwood would face problems closing a deal with Anbang

From the New York website: If Anbang Insurance Group wins its bidding war for Starwood Hotels & Resorts, the hospitality firm would still have a lot of work to do to ensure the deal closes.  When financing…

Miami Beach board backs early last call for bars, restaurants

In spite of protests from nightlife attorneys and the nephew of a prominent developer, Miami Beach’s Land Use and Development Committee backed the passage of an ordinance that will restrict the hours of operation for…

Property across from Midtown Walmart sells for $6.5M

A warehouse across from the Shops at Midtown sold for $6.5 million, records show.  The 25,300-square-foot property at 2994 North Miami Avenue is split into three parcels that include a 7,554-square-foot warehouse. The seller, 2994 North Miami Avenue Inc., sold the lots to 2994…

JSRE Acquisitions adds to Wynwood portfolio with $5.7M buy

After buying a retail block along Wynwood’s Northwest Second Avenue, New York-based JSRE Acquisitions has acquired an adjacent building for $5.65 million.  County records show the 4,131-square-foot warehouse at 194 Northwest 24th Street traded hands for…

MORGAN to Break Ground on Pearl Midtown 29 High-rise

Multifamily development and management firm MORGAN, in a joint-venture partnership with Chicago-based Mesirow Financial, will break ground next month on its planned Pearl Midtown 29 luxury apartment high-rise at 180 NE 29th St. in Miami, FL.  The 20-story, 325,000-square-foot tower will be comprised…

Video Discussion: Top Mistakes to Avoid with Contracts – Commercial Real Estate Show

Attorney Seth Weissman joins commercial broker host share tips, strategies and general best practices related to commercial property sales contracts. While only lawyers should write contracts, understanding them as well as possible is important for any commercial real estate investor or practitioner…

Commercial Property in Zip Code 33128: Year’s Top Buyers, Sellers, Ten Year Sales Volume

For commercial property of all types in Miami’s zip code 33128 the top buyers in the past year as listed by Costar on March 8, 2016, were…

Video of Discussion: Commercial Real Estate Lending Today

Tom Walsh with Grandbridge Real Estate Capital sits with commercial broker Michael Bull to discuss what sectors seem to be the most popular with lenders today, how rate increases are affecting lending, underwriting trends these days, general advice for lenders, the best sources of capital by proper…

Commercial Property in Zip Code 33155: Year’s Top Buyers, Sellers, Ten Year Sales Volume

For commercial property of all types in Miami’s zip code 33155 the top buyers in the past year as listed by Costar on March 24 2016, were…

Three Key Questions: Shedding Light on the Present and Future of Miami’s Office Market

Miami’s maturity as an international city makes it a very attractive place where companies, particularly with Latin American connections, want to have an office or regional presence. But its emergence as an international gateway also makes it vulnerable to global economic turmoil. With so much…

Alton Road Mixed-Use Property Fetches $8.65 Million

Scott Sandelin and Alejandro D’Alba represented both the seller and the buyer in the transaction.

CMC Group Breaks Ground on 64 Story Brickell Flatiron in Miami

Ugo Colombo’s CMC Group has broken ground on a 64-story condo tower in the heart of Miami, FL. The Brickell Flatiron will total 730,000 square feet and house 549 brand new residences when it delivers in 2018.  The Italian-born designer must know something that those touting a leveling off of…

The Big Payback: 2016’s Non-Bank Commercial Debt Maturity Spike

The Mortgage Bankers Association’s combined national numbers for commercial mortgage debt held by non-banks tell an interesting tale. The total dollar amount of maturities has risen a sharp 51% from 2015, meaning more debt will mature – yet the bottom line is that principal balance…

Wynwood Buildings Sell For $6M, More Than Triple The 2014 Price

Property records show the parcels last sold for $1.68 million in 2014, which marks a 263 percent increase.