Design District Shopping Center Sells for $18M

A joint venture between TriStar Capital LLC and Principal Real Estate Investors sold the retail shopping center located at 3946 N. Miami Ave. in Miami, FL for $18.7 million, or approximately $1,500 per square foot, to L3 Capital LLC.  The 12,292-square-foot asset is located within the Miami Design…

Green Cos Secures $25M Refi for Dadeland Centre II

Green Companies secured a $25.2 million refinancing for its Dadeland Centre II office building at 9150 S. Dadeland Blvd. in South Miami.  Holliday Fenoglio Fowler, L.P. (HFF), led by Paul Stasaitis and Jose Carrazana, arranged the 10-year, fixed-rate, securitized loan, placing it with New York…

Cap Rate for Miami-Dade Retail Property Remains Just Under 6%

Cap Rate for Retail Properties 5,000 sf or Larger within Miami-Dade County, Florida in the 0 Years to 2015
The capitalization rate (cap rate) for retail properties in Miami-Dade County that are 5,000 square feet or larger (4,855 properties), as reported by Costar, remained under 6% in the most recent…

801 Brickell Brought to 95 Percent Leased

During the past 12 months, Colliers’ Stephen Rutchik has closed more than 50,000 square feet of leases at the 415,000 square-foot building. ents one of the top-five largest leases of 2015 in Palm Beach County.

$1B Armani Tower is Related Group’s Most Expensive Project

Residences by Armani/Casa broke ground in Sunny Isles Beach, per The Next Miami, and at the cost of $1 billion will be Related Group’s most expensive project ever according to Related founder Jorge Perez.  The 60-floor project co-developed by Related Group and Dezer…

Miami vs. New York, Compared by Neighborhood Prices

The chart below compares neighborhoods in New York City and Miami by purchase price per square foot, courtesy of our friends at NeighborhoodX, the same folks who showed us what $1 million in rent yields across 14 Miami neighborhoods. For the high…

The Temple House on South Beach Adds Projection Mapping

Just about a year ago, South Beach’s The Temple House hit the market for $19.9 million. The residence/commercial space that has welcomed celebs like One Direction, Kim Kardashian, Jay-Z and Jennifer Lopez for photo shoots, music videos and television shows has added a new wild…

$22M Waterfront Acquisition Paves the Way for Elysee Miami

Two Roads Development closed on a $22-million purchase of waterfront land on Biscayne Bay that will house Edgewater’s newest luxury tower in the 57-story Elysee, which is scheduled to break ground by the second quarter of 2016.  Located at 700 NE 23rd…

5 Breathtaking Photos of Miami at Night

Miami gets tons of pub for its sunny and sandy beaches, but often overlooked is just how much the Magic City glows when the sun plummets and dark skies engulf the ever-changing skyline. There’s nothing like a peak South Florida sunset, backdropping…

The See-Through LLC: Federal Tracking Of Real Estate Shell Companies Is On The Rise

In Miami-Dade County and Manhattan, be prepared this year for unprecedented federal oversight in the real estate deal space. Prompted by worries about money laundering, the US Treasury Department has announced it intends to require certain US title companies to identify the natural persons behind…

Commissioner: vote on Miami 21 changes could be deferred

A controversial amendment to the Miami 21 zoning code will likely be deferred a second time as its author hammers out the kinks, according to city commissioner Francis Suarez.  The proposal met stiff resistance from Miami’s real estate…

Codina and Lennar to buy, redevelop White Course in Doral

In one of the priciest land deals in Miami-Dade County history, Codina Partners and Lennar Corp. are set to close on a joint purchase of the White Course in Doral, with plans to redevelop the golf course into a mixed-use project, The Real Deal has…

Billionaire Ken Griffin wants to flip his Faena penthouse: $73M

After buying a penthouse at the Faena House for $60 million last year in Miami-Dade’s top residential purchase, billionaire hedge funder Ken Griffin has put the property back on the market for $73 million.  Griffin never combined the…

Terra unveils plan for 47-acre Pembroke commercial project

Terra Group President David Martin and the firm’s Pembroke Pines City Center project
Miami’s Terra Group has released details for its Pembroke Pines City Center commercial project, which promises to bring lifestyle-oriented retail spaces and residences to the Broward city.  The development…

Miami-Dade falls to fifth place for most distressed properties

Miami-Dade County, once center stage for the U.S. foreclosure crisis, has fallen to fifth place out of the country’s biggest hot spots for distressed properties.  Out of all the homes sold during November…

5 trends real estate investors should pay attention to in 2016: VIDEO

As foreign buyers flock into Miami real estate, the local market is increasingly at the whims of global forces. If investors and developers want to understand where the market is heading, they need to keep an eye to some major trends happenin…

Terra buys parking garage, retail in Coconut Grove for $16M

David and Pedro Martin’s Terra Group has picked up a Coconut Grove parking garage with retail for $16 million.
Miami-Dade County records show the city of Miami Parking Authority sold the Oak Avenue Parking Plaza at 2860 Oak Avenue. The garage was…

How Miami Industrial Stacks Up Against Other Metros

“There’s upside in industrial if owners can figure out a way to bring in all costs at $120 per square foot.”

Funding Arranged to Start Major Miami Waterfront Project

Famed Jockey Club site to re-emerge as a destination development offering luxury residences with a bay view.

How This Obama Move Impacts Foreign Investors

Although the United States has always been open to foreigners investing here, there is also a movement for more transparency.

This Miami Market is on Fire

“Investors of all sizes are clamoring to find acquisition opportunities in the region.”

Check Out Chad Oppenheim’s Flashy Proposal for a MDC Development in Downtown Miami

Four developers are bidding for the right to build a project off a public-private partnership with Miami Dade College in Downtown Miami at 520 Biscayne Boulevard. The 2.6-acre site sits just south of the Freedom Tower, and is currently used as a parking lot for events like Heat…

$2B Tunnel for Downtown Miami is Being Evaluated

As discussions continue over the execution of a Signature Bridge at the heart of Miami, a study by the Florida Department of Transportation was conducted to see what a tunnel would cost to put a chunk of I-395 and Biscayne Boulevard underground. The results? It would cost…

Miami-Dade Unemployment Rate Furthers its Decline

The unemployment rate in Miami-Dade County As can be appreciated in the accompanying chart (Unemployment Rate in Miami-Dade County, FL November 1, 2005 to November 1, 2015), this rate has not been significantly lower since…

$600,000+ Office/Warehouse Lease Secured In Miami

NAI Miami’s Robert Eckstein negotiated the five-year lease deal. CLICK ON THE HEADLINE FOR MORE…

New Leasing Assignment Won In Coral Gables

The building’s new ownership has plans for extensive renovations and upgrades to the common areas, parking garage and the exterior of the building.

PetMed Relocating HQ To Newly Acquired Property Totaling 184,000 SF

PetMed’s new digs will house 180 to 190 employees.

Regus Inks 10-Year Deal For Nearly 20,000 SF

The alternative workspace firm’s space will span two floors at 1688 Meridian Avenue in Miami Beach.

Miller: Downshift in Miami’s Housing Market Was ‘Inevitable’

Miller Samuel President Jonathan Miller released the latest Elliman Report, wrapping up the final quarter of 2015 on the state of the once booming Miami residential market, effectively quantifying how the market began to stall some towards the end of the year, albeit with…

Latest Fed Beige Book: A Mixed Bag Nationally For CRE

Last week saw the publication of the latest Beige Book, the six-times-annually published economic activity report from the Federal Reserve Bank that looks at the whole country divided by Federal Reserve Districts.  You can read the entire Fed Beige Book after the…

What’s Next for Miami Real Estate?

Last week was the CREW Miami’s 19th Economic Forecast by NYU economist Hugh Kelley. I have written frequently about Hugh and his predictions. I always find his presentation insightful and this year was right on the mark. This year he spoke about the five basic forms of economic change and…

Developers Announce New Medical Offices In South Miami

The 62,000-square-foot building could house medical tenants ranging from primary and urgent care clinics to surgical centers and pharmacies at 6201 Sunset Drive.

Metropica in Sunrise gets Fannie Mae approval

Metropica, a master-planned community in Sunrise, is the latest South Florida condominium to receive Fannie Mae approval, as developers try to lure domestic buyers.  Under the approval, buyers at Metropica can purchase qualifying residences with as little as…

Yuca + Ceviche 105 = Cubiche 105, coming to Washington Ave.

Popular eateries Yuca and Ceviche 105 are teaming up to open a new restaurant on Washington Avenue in Miami Beach: Cubiche 105.  The city of Miami Beach has agreed to lease 7,130 square feet at 1555 Washington Avenue to an entity called Cubiche 105 LLC. The 10-year lease is…

REITs could benefit from stock index split-off

From the New York website: Publicly traded real estate investment trusts could benefit from a decision by major stock indices to break out real estate securities into their own, separate sector.  While real estate companies are currently lumped in with major financial companies…

Miami is the country’s 9th-most expensive rental market: report

Prices in Miami’s rental market appear to be leveling out, but the city is still one of the nation’s most expensive places to nab an apartment.  The median rent for a one-bedroom…

This Property Type Sees Investor Surge

“The heightened competition for quality assets has pushed buyers to consider centers outside the city of Fort Lauderdale.”

Why This Major REIT is Targeting Iconic Assets

The firm and its local has invested close to $200 million in the Miami market within the past year.

Historic Building Wins Coworking Giant’s Business

“There has been a shortage of small office space available in Miami Beach…”

In-Flight Retailer Renews 194,000 SF Aventura Lease

Jonathan Kingsley, Stephen Rutchik, and Ryan Goggins of Colliers International South Florida represented the landlord in the deal.

Edens Investment Trust Pays $20 Million For Downtown Miami Whole Foods Market

The 41,000-square-foot store is in the Met 3 building.

Report: Foreigners Spent $6B on Miami Real Estate in 2015

Luxury residential developments have been sprouting like wildfire across South Florida with over 100 projects in development. In an Associate Press piece centered around the local community not benefiting from the predominantly cash investment, we learn over $6 billion…

Webinar: Commercial Real Estate Outlook: Will Capital And Demand Continue To Drive Prices?

Commercial real estate professionals: the National Association of REALTORS (NAR) along with partners Deloitte and Situs RERC will once again release an annual commercial real estate market look-ahead for the year. The report, entitled Expectations And Market Realities…

Walmart Thinks Bigger, Gets Smaller

The largest company on earth by revenue got a little smaller this month. Walmart, the Bentonville, Arkansas headquartered retail behemoth and largest employer in the world announced it would close 269 of its 11,600 stores globally as part of a review…

What’s In Your Office Lease?

It’s the start of a new year, so I would suggest that it’s time to pull out your lease file and run a quick lease audit.  Here are a few suggestions of things you should know about your lease:  When does it expire?  You should begin your renewal process at least 12 months prior…

Spring Brothers Irish Pub to open in South Beach

Spring Brothers Irish Pub, a Geneva, Switzerland-based eatery, will soon open its first outpost across the pond, in South Beach.  The restaurant has leased 4,500 square feet at 1248 Washington Avenue, Noah Fox, associate and general counsel for Koniver Stern Group told The…

Brickell City Centre Transforming Downtown Retail

The $1.05 billion mixed-use project’s 500,000 square-foot, open-air shopping center under construction in the heart of Brickell just won 40 new retailers….

Blanca Commercial Wins Gig With Brand New Office Project

”The building will be a natural fit especially for tenants seeking pre-built office suites that are ready for occupancy.”

Two Tech Trends Changing the Hotel Market

“It’s a fact that AirBnB and services like it have created new competition for hotels for a certain type of customer.”

Why Global Hotel Brands Are Entering Miami Market

Suzanne Amaducci-Adams is betting Atton’s prominence in Latin America will help it compete with established US brands when it comes to capturing Latin American travelers.

Feds Target All-Cash Foreign Investors

Acquiring commercial real estate assets could get tougher for foreign investors.

Ten Year Lease Negotiated for Massage Envy Spa

To date, Josh Rodstein and Brandon Weiss have completed more than 50 transactions for Massage Envy throughout the state of Florida.

Miller Construction Company Completes Liberty Property Trust’s 140,685 SF Metrorail Train Assembly Facility

The railcar contractor for Miami-Dade County is slated to manufacture and assemble 136 new Metrorail cars at the facility.

New York Life Pays $114.8M for Weston Pointe Business Park

A group led by New York Life Insurance Management LLC acquired the Weston Pointe business park at 2100-2400 N. Commerce Pky in Weston, FL from Gramercy Property Trust, Inc. and Duke Realty Corporation for $114.79 million, or about $296 per square foot.  The four-building campus totals 388,112 square…

$91.2M Construction Financing Signals Start of Eighty Seven Park Development in Miami Beach

Terra Group, Bizzi & Partners and New Valley have secured $91.18 million in construction financing for their proposed Eighty Seven Park multifamily development at 8701 Collins Ave. in Miami Beach, FL.  United Overseas Bank provided the funding, the receipt of which facilitated the start…

Commercial Property Prices Continue to Rise in One of the Best Years Ever for CRE Market

U.S. commercial real estate continued to enjoy a banner year in November as 2015, with market fundamentals reflecting healthy levels of absorption and continued rental gains during the month supported broad price gains, even as construction levels for office, retail and warehouse space have begun to…

Miami Redevelopment Site Sells for $22M

Palms on the Bay LLC sold the 32-unit multifamily building at 700 NE 23rd St. in Miami, FL to Two Roads Development for $22 million.  The buyer plans to redevelop the property into a 57-story, 400,000-square-foot residential tower with 100 luxury condominiums. Known as Elysee Residences Miami…

Miami Industrial Real Estate Market Report for the Year End 2015

2015 was a record breaking year for Miami’s industrial real estate market. Lease rates now average $9.01 per sq. ft. and sales prices average $95.94 per sq. ft. Neither stat has ever been higher. Positive absorption was a very impressive 3.9M sq. ft. bringing our overall occupancy up to over …

Negotiations Underway For Purchase Of Ludlam Trail Railway

The purchase of a sliver of an old railway that would be converted into a linear park is potentially part of a larger, more ambitious city park expansion in West Flagler.

Miami Beach Firestone May Morph to Mixed Use

“Opportunities to redevelop hard corner sites with extraordinary exposure in Miami Beach are extremely rare.”

U.S. Boosts Scrutiny of N.Y., Miami Cash Real Estate Deals

President Barack Obama’s administration, citing concern about the origin of funds used for all-cash purchases of luxury real estate, said it is stepping up scrutiny of transactions in New York City and Miami.

FinCEN Press Release: FinCEN Takes Aim at Real Estate Secrecy in Manhattan and Miami

The Financial Crimes Enforcement Network (FinCEN) today issued Geographic Targeting Orders (GTO) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay “all cash” for high-end residential real estate…

Fourth-Quarter Surge Lifts Multifamily Investment Sales to New Record In 2015

Ending 2015 with the strongest quarter for multifamily investment sales on record, investors poured $150.6 billion into apartment properties in 2015, shattering the total set the previous year by about 16%, according to preliminary apartment sales data for the year compiled by CoStar.

Turnberry Ocean Club to Feature Sexy Duplexes, Pet Retreat, Outdoor Fitness, Etc

Turnberry Ocean Club has yet to break ground (this spring) in Sunny Isles but if the renderings of the 649-foot tower designed by Carlos Zapata and Robert Swedroe are any indication, the luxury residential complex will be stunning, with the…

Title Miami Market Cools as Foreign Buyers Flee, Condos Keep Coming

Welcome back to Property Lines, a column by veteran real estate reporter Alexei Barrionuevo. Each week on Tuesday, Barrionuevo will report on housing trends, real estate deals, and major business moves right here on Curbed.  An aerial view of Miami Beach and South Beach, where the condo market is…

An Inside Look at GLASS in South Beach

When the 18-story, 10-residence boutique condominium GLASS opened its doors in November, it became the final high-rise to be built in South of Fifth due to zoning restrictions and building preservation.  Our friends at Miami Condo Investments took a tour…

Commercial Real Estate National News Roundup For January 12, 2016

Four areas of retail real estate to watch in ’16, heightened apartment demand stemming from soft home demand, spotlight on Indiana, and a big deal closes in Rubber City, aka Akron, OH — it’s all here in today’s National Commercial Real Estate…

$398,000 Multi-Family Investment Sale Negotiated

NAI Miami’s Robert Eckstein represented the seller of the 4,146-square foot property located at 17100 Southwest 100 Avenue. CLICK ON THE HEADLINE FOR MORE…

Douglas Entrance Owner Launches New Strategy

The park has a new leasing agent and is undergoing massive renovations as Coral Gables’ office market continues winning tenant attention.

How Technology is Changing Hotel Scene

Amaury Piedra, general manager of Shelborne Wyndham Grand South Beach, shares some strong opinions in this  interview.

Miami Commercial Realty Firm Changes Name, Expands Focus

In the past five years, the firm has continued to trend positively with transactions totaling over $480 million, encompassing more than 16.5 million square feet of commercial space.

Debate Arises Over Miami Hotel Supply

Miami’s travel market is booming, but not everyone is buying the need for so many new hotels.

Offices of Keyes Commercial Realty at 2121 SW 3rd Avenue Suite 300, Miami, FL 33129

Race To Build Miami’s Tallest Building Heats Up As Tibor Hollo Plans 1,044 Foot Tower

Hollo isn’t the only developer in the super-tall skyscraper game, though.

Record Participation As MIAMI Realtors Meet With Legislators In Tallahassee

The association’s participants will address four major legislative issues in Tallahassee.

Wynwood Art Gallery Trades For $723 PSF

The 8,300-square-foot building last sold for $2 million In 2013.

U.S. Apartment Rents Decline in Fourth Quarter, Bucking Annual Trend

U.S. apartment rents posted one of the weakest fourth quarters since the end of the most recent recession, according to the latest analysis of the U.S. multifamily market by CoStar Group.  In the first six months of 2015, U.S. apartment rents grew at an annualized rate of 9.4%, per CoStar’s…

Miami Worldcenter Cancels Enclosed Mall

Months before planning to break ground on its 760,000-square-foot mall, Miami Worldcenter developers have announced they’re canceling the enclosed mall portion of the multi-billion dollar project and instead are opting for a high street retail plan with an…

Condo to Break Ground Next to Epic Hotel in Downtown Miami

That mostly empty, grassy plot of land at 300 Biscayne Boulevard Way neighboring the Epic Hotel in Downtown Miami will house a new luxury condo tower that will break ground next fall, according to Next Miami. Sold for $125 million in July 2014 to the Coto family…

Miami Rents Decrease in December For First Time in Months

Rents in Miami began to cool in December after three consecutive months of increases, with one-bedroom median rents dropping to $1,820, according to a report by Zumper. That figure continues to put Miami at ninth nationally.
Two-bedroom median rents dropped slightly to $2,520, down from $2,550…

Midtown Walmart Appeal Denied, Again

Walmart cleared another hurdle on Thursday in their quest to build a gigantic superstore in Midtown after breaking ground last week. A second-tier petition to block development of the 200,000-square-foot facility was denied, upholding the lower court’s previous ruling.  Upon…

South Miami Tower Trades for $40 Million

Advance Tower, a nine-story, 100,798-square-foot building at 6262 Sunset Drive, sold for nearly $400 per square foot.

Low Cap Rate on Net Lease Shows This

A single-tenant retail property leased to CVS just traded hands—and it demonstrates a capital markets trend….

Another Sunny Isles Condo Delivers to Market

The project, which is the first ground-up condo Key and 13th Floor completed together in this cycle, is 100% sold out.

Kendall Condo Sees Bulk Unit Sale

“The bulk sale of condominiums at Vista Lago at the Hammocks speaks to the strength of the multifamily market in South Florida.”

CBRE Brokers $120 Million Sale Of New Lux Apartment Community

The residential asset consists of 353 units in two mid-rise buildings and a mix of 134 two- and three-bedroom townhomes.

Suffolk Construction Completes Concrete Pour on First MiamiCentral Office Tower

Suffolk Construction has officially broken ground on the first of three office towers that will be constructed at the MiamiCentral station, completing the concrete mat pour at the site.  The eight-hour pour began at 1 a.m. on December 23rd, and included 950 cubic yards of concrete totaling 105…

Monogram Residential Trust Pays $48M for The Mile at Coral Gables

Greystone & Co., Inc. and Alta Developers sold the 120-unit The Mile at Coral Gables apartments at 3622 SW 22nd St. in Miami, FL to Monogram Residential Trust for $48 million, or $400,000 a unit.  The newly-constructed, 120,060-square-foot multifamily community features state-of-the-art amenities…

Vista Lago at the Hammocks Apts Sold for $17.7M

RAIT Financial Trust sold 136 residential units, 55 percent of the 248 total condominiums, at Vista Lago at the Hammocks located at 15689 SW 106th Ln. in Miami, FL to Fortune Capital Partners, Inc. for $17.68 million, or approximately $130,000 per unit.  The 120,139-square-foot multifamily…

Related Group Secures $105M Construction Loan

Related Group secured a $105 million dollar construction loan for its in-development Icon Las Olas development.  SunTrust Bank provided the new debt.  Icon Las Olas is located at 500 East Las Olas Blvd. in Fort Lauderdale, FL. When completed in mid-2017, the tower will stand 455 feet tall, making…

Downtown Miami’s Affordable Melody Tower Tops Off; Two Restaurants in Tow

Melody Tower in Downtown Miami topped off at 38 stories, becoming the first luxury residential building to be built in the Arts and Entertainment district. The mixed-use project neighboring the Adrienne Arsht Center for the Performing Arts differs from other residential towers in the area in that…

Aventura’s VIDA at the Point to Break Ground This Month

While Miami and Fort Lauderdale steal most of the pub in South Florida’s booming real estate market, Aventura isn’t shying away from making a sizable footprint of its own with over 20 condo projects announced for the area. The latest to break ground will be VIDA at the Point…

Trio of Developers Wins $91M Loan

With only 70 units, Eighty Seven Park will become one of the region’s most exclusive residences….

Developer: Fort Lauderdale’s Growth is Not a Boom

“Given the cyclical nature of the real estate industry, conventional wisdom is that every boom will be followed by a bust.”

Why So Many New Hotels?

With nearly 5,000 rooms delivered or coming online in the Greater Miami hospitality market this year, can demand absorb the supply?

What This Loan Says About Miami

PMG just got a $27 million loan for a new project called 300 Biscayne. What does this mean in the bigger picture?

Keyes Commercial Leads Full Year 2015 Miami-Dade MLS Ranking

In the  twelve months ending December 31, 2015, Keyes Commercial Realty dominated the Miami MLS market share rankings by number of sales transactions of commercial improved properties within Miami-Dade County.  The firm’s impressive 30.1% market share among the to…

Sale Closes Of Simply Healthcare’s Coral Gables HQ Building

Marcus & Millichap’s Douglas Mandel, Benjamin Silver and Richard Niewiadomski negotiated the sale.

$40 Million Sale of Miami Office Tower Closes

USAA Real Estate Company the eight-story, 100,798-square-foot building.