Simon Property Group sells Shops at Sunset Place in South Miami for $110 million

Simon Property Group sold the Shops at Sunset Place open-air mall in South Miami for $110.2 million to a joint venture between Federal Realty Investment Trust and two local partners.  The Rockville, Maryland-based company (NYSE: FRT) now owns 85 percent of the 515,000-square-foot center with the remaining interest owned by…

One Flagler commercial condos in downtown Miami sell for $10.1M

A company led by Canadian investor Danny Lavy bought two floors of retail and office condos in downtown Miami’s One Flagler building for $10.1 million.  Designed by renown architect Morris Lapidus, the 15-story office building at 14 N.E. First Ave. was converted into condos in 2014 after receiving $10 million in upgrades. The deal was a joint…

Ponte Gadea Group Pays $370 million for Miami Beach Retail Asset

Local investors Jonathan Fryd and Michael Comras sold a 1.1-acre contiguous retail block at 1001-1045 Lincoln Rd. in Miami Beach, FL to Ponte Gadea Group for $370 million, or about $4.9 million per square foot.  The portfolio totals 74,537 square feet of flagship retail space in the famed Lincoln…

High rent squeezes out another retailer on Lincoln Road, Steve Madden moves in

Global chain footwear retailer Steve Madden will officially take over its newest Lincoln Road lease on Oct. 1 after high rent and a legal battle forced its previous tenant out.  Mini Mall Gallery, an eyewear retailer that was at 433 Lincoln Road in Miami Beach for more than 12 years, was evicted from its long-time space on Sept. 20. Its lease…

Developer terminates original plans for Six Midtown Miami

In the same week that a new condo tower launched construction in the Midtown Miami neighborhood of Miami, plans for another project that was to be located a few blocks away on the same street within the mixed-use complex, have been “terminated” — possibly to revise the original design. On Friday, the Related Group and Dezer…

Final Plans for Lincoln Road Redesign Unveiled Today

Miami Beach’s Lincoln Road has undergone a lot of changes in its relatively short history. Originally envisioned by Carl Fisher as an automobile-friendly “Fifth Avenue of the South,” the strip was converted into America’s second pedestrian mall in the ’50s under the eye of famed Miami architect Morris Lapidus.  By the late ’70s, the place…

Cambridge Innovation Center could become anchor tenant at UM Life Science & Technology Park

The owner of the University of Miami Life Science & Technology Park hopes to sign the Cambridge Innovation Center as an anchor tenant in a deal that would land of the nation’s most high profile co-working spaces for entrepreneurs and non-profits.  CIC has over 2,500 people at its co-working space in the Boston area with…

$47M Construction Loan Arranged for Local Developer

Avison Young arranged a $46.7 million construction loan for INTown, an $81 million, 14-story, two-tower, mixed-use project proposed in the Little Havana section of Miami, FL.  David Eyzenberg and Amanda Saltzman with Avison Young arranged the loan on behalf of the delevoper, Astor Companies.

Plantation Marketplace Sold for $32.9M

DRA Advisors LLC sold The Plantation Marketplace shopping center at 7007-7181 W. Broward Blvd. for $32.88 million, or approximately $146 per square foot, to a local investor.  The 225,066-square-foot shopping center was built in 1979 on 17.8 acres. The center is anchored by Winn Dixie and is home…

Espirito Santo Plaza Trades for $142M

Estoril Incorporated sold the Espirito Santo Plaza office building at 1395 Brickell Ave. in Miami, FL to Dallas-based Gaedeke Group LLC for $142 million, or about $546 per square foot.  The 36-story, 260,000-square-foot, 5-Star building was constructed in 2004 in the heart of Brickell. The asset…

Four Major Renewals Signed at One Biscayne Tower

Four tenants have renewed their leases at One Biscayne Tower, the 39-story, 691,783-square-foot office tower at 2 S. biscayne Blvd. in Miami, FL. The four leases total 66,200 square feet and are valued at more than $42 million.  In the largest transaction this month, Broad & Cassel Attorneys…

Redos: 70s-Era Office Building in Downtown Miami Gets Mod Redo

A few years ago, rooftop construction was spotted at a 1970s era Downtown office building, the SunTrust International Center. Work has since completed, and it turns out this was part of a $35 million renovation which the building has just unveiled, with updated interiors and common areas and…

Swire Considering Tower on Brickell Key Park Site

Brickell Key Park is not a real park. Well, in that it has greenery, and fields, and is publicly accessible, okay yes it is, but the park on the southern tip of Brickell Key has always actually just been a privately-owned placeholder; something that Swire Properties used to…

Fish Market & Restaraunts Coming to the Miami River

A collection of two-to-three story restaurants and a fish market are coming to a stretch of the Miami River fronting a currently-under-construction self storage and restaurant building called the East Coast Building, according to the developer of both, MV Real Estate…

Why Coworking is Such a Big CRE Hit

“From a design perspective, coworking spaces have also paralleled what’s trending on the residential side of the business.”

170,000 SF In Leases, 160,000 SF In Land Sales Inked by Firm During 3Q15

John Dohm, Ted Konigsberg and Jeremy Bedzow negotiated the deals.

90,000 SF Office / Warehouse Trades In $17.8 Million Deal

The property sold in 2011 for $10.9 million.

Keyes Commercial Realty

Car wash owner cleans up with $12 million sale

The owner of a North Miami Beach car wash is awash in cash after selling the property for a clean $12 million.  Master Carwash LLC, managed by Edgar Halac in Miami, sold the car wash at 15180, 15200 and 15203 Biscayne Blvd. to North Miami Beach-based 142 Realty, managed by Brett David. The 1.7-acre site has…

RedSky and JZ Capital buy Miami Design District building for $2,800 per square foot

A partnership between RedSky Capital and JZ Capital Partners paid $23.95 million, or $2,800 per square foot, for a building in the Miami Design District.  RKF Senior Director Benjamin Mandell, VP Drew Schaul and Senior Director John Ellis represented the New York-based buyers in the purchase of 45 N.E. 39th Street…

Tallest Residential Tower South of Manhattan to Commence Construction in Miami

One day residents of Miami’s Brickell Flatiron tower will awake each morning for cardio in the clouds and swimming above the sunrise. In a move that will create added value for the residents of Brickell Flatiron’s 549 units, developer CMC Group has opened the 64-story tower’s rooftop up to the entire building with the creation of a Sky Spa…

Swire Properties proposes final phase of Brickell Key

Swire Properties wants to build the final phase of Miami’s Brickell Key with a mix of residential and commercial space.  The Hong Kong-based developer has been building since the late 1970s on Brickell Key – a manmade island connected by bridge to Miami’s financial district. Swire is also building the massive Brickell City Centre project…

Development site in Coconut Grove hits the market

A vacant property zoned for commercial development in west Coconut Grove is on the market for $4.2 million, The Real Deal has learned. The 14,953-square-foot lot, at 3280 Grand Avenue, comes with plans for a 44-unit hotel and wellness center with 9,000 square feet of retail space. Peter Andolina of Metro 1 and Maria Elena Alvarez…

City easement lets railroad go airborne

In order to build its MiamiCentral train station downtown with elevated tracks, All Aboard Florida needed an aerial easement over Miami streets. City commissioners last week granted the easement to a company affiliated with All Aboard Florida, DT Miami LLC.  MiamiCentral, an inter-city passenger…

Gables sketches a greener Miracle Mile

A streetscape renovation for Miracle Mile that has been on the drawing boards since 2002 looks ready to kick off and has grown to include Giralda Avenue between Ponce de Leon Boulevard and Galiano Street.  “We are working on finalizing construction drawings and are preparing for a public meeting…

$370 Million Sale Of Flagship Retail Block On Lincoln Road Closes

According to HFF, the sale is the second largest ever in Miami-Dade County and the highest value retail property sale in Florida.

28,000 SF Deal Inked by Sign Company

Corporate Solutions Senior Vice President Michael Torna represented the tenant in the lease deal.

Miami’s Bay Point Center Hits The Market

The four-story property at 3915 Biscayne Boulevard is located at the convergence of the Design District, Midtown Miami, the Upper East Side and Edgewater.

$6+ Million Sale Of Retail CVS Investment Property Negotiated In Ocala

NAI Miami’s Ed Schmidt and Armando Bertematti represented the buyer in the purchase of a 13,013 square foot, CVS-occupied investment building.

Is Miami Heading for Another Bad Bust?

We asked Marc Coleman, president of Development at One Real Estate Investment, to get his thoughts on these questions….

Related Group, Allen Morris nab $166M construction loan for SLS LUX Brickell

Co-developers the Related Group and the Allen Morris Co. obtained a $166.1 million construction loan for their SLS LUX Brickell Hotel & Residences in Miami.  Located at 801 South Miami Avenue in the city’s financial district, the project broke ground in December 2014 and should be completed in 2017. The Related Group said it’s over…

Doral Concourse: 40,000 SF In Office Lease Deals In 2 Months

C&W Research confirms that Miami’s Airport West submarket is one of the most desirable and performant markets in South Florida.

Section 8 housing community in Opa-locka sold for $20 million

The Gardens Apartments, a Section 8 affordable housing community in Opa-locka, was sold for $20.3 million.  Creative Choice Homes II, a Palm Beach Gardens-based company managed by Yash Pal Kakkar, sold the 328-unit complex in multiple two- and three-story buildings to Ocean Ridge-based Glorieta Partners. The buyer…

Inside Downtown Miami’s Almost-Finished Langford Hotel

Construction of the Langford Hotel in Downtown Miami is racing towards completion, with a revised estimated opening date of ‘winter 2015,’ exteriors basically finished, and the interiors extremely close to being done. Located in an historic bank building, the name refers…

The Engineering Tricks Behind the World’s Super Tall and Super Slender Skyscrapers

View of One World Trade Center from New Jersey. Standard concrete has a compressive strength of 3,000-5,000 psi (pounds per square inch). All the concrete used during the construction of One World Trade Center exceed that strength, with slabs ranging from 4,000 to 8,600 psi and walls ranging from…

4 more luxury brands announced for Brickell City Centre

Brickell City Centre, a $1.05 billion massive mixed-use development coming to Miami, has confirmed four more brands opening in its 500,000-square-foot shopping center.  Developers Swire Properties, Simon and Whitman Family Development LLC have confirmed about 20 stores since June, including the most recent…

Miami’s Iconic Architecture, Great and Small, the Map

From the obvious choices that anyone anywhere might know—like the Fontainebleau Hotel—to the less obvious but still extremely notable—like, say, the Helen Mar Apartments—Miami has a surprisingly long list of really iconic places…

Epic Miami Beach Rooftop for Sale

We are currently marketing Skydeck Miami, the hottest Miami Rooftop, for sale!  Start by watching this short video. 605 Lincoln Road Rooftop – Miami Beach The most exclusive venue of South Beach is now for sale – we are talking both business and real estate.  Located at the…

Property Tax reform for 2nd home owners and commercial properties

Rick and I have received a few  telephone calls as well as e-mails asking questions how the real estate property tax cuts will be affecting non-homesteaded properties as well as miami commercial properties.   In a nutshell, this is what has been proposed: Just like homesteaded…

Hospitality Legal Panel

On Wednesday, September 30, Bilzin Sumberg Real Estate Practice Group Leader and Greater Miami & The Beaches Hotel Association (GMBHA) Board of Director, Suzanne Amaducci-Adams, will moderate the Hospitality Legal Panel presented by GMBHA. Guests will hear from an experienced panel of attorneys…

What’s Driving 15% Growth in Six Months?

Tenant and investors are taking notice of these numbers in Boca Raton. What is driving them?

Miramar Office Condos Trade For More Than $250 PSF

Steve Sussman, Senior Associate with Fort Lauderdale-based NAI Rauch Weaver Norfleet Kurtz & Co., represented the Seller in both transactions.

CBRE Names Florida And Latin America President

The new president will be responsible for 18 CBRE owned offices and 4 affiliate offices with more than 3,000 employees in Florida, Latin America and the Caribbean.

Aventura Office Building Goes On the Market

With an overall submarket occupancy of 94%, the property offers significant upside potential as a result of recent renovations.

Commercial Real Estate National News Roundup for September 28, 2015

Riding a grocery cart to riches, a $1 trillion milestone in multifamily, a Japanese history lesson, and Fannie likes green.  All this and more in the Commercial Real Estate News Roundup for September 28, 2015.  General.  It’s Supply, Not Demand, Slowing Deal…

Thor Bets on Wynwood—Again

“The already burgeoning Wynwood Art District is primed for a mixed-use, residential rezoning that will spur further development…”

Keyes Commercial

Cambria hotel with 165 rooms planned for North Miami Beach

Choice Hotels International Inc. has signed an agreement with local developers to build a Cambria hotel in North Miami Beach by 2017.  The Maryland-based hospitality corporation (NYSE: CHH) entered into a franchise agreement with CGI Merchant Group and another company identifying itself as 163rd Executive Center LLC…

Colombian developer announces Bijou Bay Harbor condominium

Colombian builder Juan Carlos Gonzalez recently launched sales for his Bijou Bay Harbor condominium in coastal Miami-Dade County.  The project calls for 41 units in seven stories at 9521 East Bay Harbor Drive. His company, JCG Bay Harbor, acquired the small apartment building on a 10,425-square-foot waterfront site for $8.5 million…

Related Group and Dezer to break ground on Hyde Midtown condo/hotel

Co-developers Related Group and Dezer Development will break ground on the Hyde Midtown Suites & Residences in Miami on Sept. 25.  The groundbreaking ceremony will take place at 10 a.m. at the project site at 3401 N.E. 1st Ave. in Miami’s Midtown neighborhood. The condo and hotel condo project was branded by sbe, led by CEO…

All Aboard Florida Breaks Ground On 3 MiamiCentral In Overtown

All Aboard Florida began construction on the 12-story 3 MiamiCentral office and parking complex in Overtown this week.  The company filed a Notice of Commencement yesterday that site demolition, mobilization, excavation and foundation work was underway. Construction crews were seen moving dirt in the site earlier this week.

Construction On Bentley Edgewater Hotel And Residences Scheduled To Begin In January

The Heafey Group has launched sales for The Bentley Edgewater, a 32-story condo and hotel project with 207 units.  Prices average $650 per square foot, with a 50% deposit structure that is typical for preconstruction condo’s in Miami. Sales representatives say that over 20% of the building has been reserved since sales launched a few…

Miami Beach to consider new building near Lincoln Road, bay front condos

MBeach1 LLC, headed by Robert S. Wennett, president of local developer UIA Management, wants to build a two-story building on the 12,000-square-foot parking lot at 1666 Lenox Ave. It’s on the north side of the 8-story retail, office and parking building at 1111 Lincoln Road.

10-Year, 50,000 SF Lease Deal Negotiated

The company relocated from Miramar.

BankUnited Fills CRE Exec Position with Lubian

Patricia Lubian has joined BankUnited as a commercial real estate relationship manager. In her new position, Lubian will handle development and management of commercial real estate in Miami-Dade County.  Lubian brings more than 25 years of experience, having most recently served as senior vice president…

Big ships welcome now at PortMiami

PortMiami is ready for the big ship era! It is the only major logistics hub south of Virginia capable of handling fully laden post-Panamax vessels. More than $1 billion of capital infrastructure projects are now complete.

County Wants to Replace Phillip Johnson-Designed Cultural Center with High-Rise Condos

Designed by the great Philip Johnson, the Miami-Dade Cultural Center was an exercise in urban revitalization when it was built, with mixed success. Nevertheless, the complex has become a…

The Faena House Penthouse Sells for a Record Breaking $60M

The brand new Faena House penthouse combined with another unit has officially sold for $60 million, making it the biggest sale ever for a single family home in Miami-Dade County. This comes almost a year after the news of the sale broke on Curbed when the building was still under construction,

Vizcaya Seeks Ideas For New Use Of Old Miami Science Museum Site

Vizcaya administrators have grand designs on the six-acre property and are launching a master-planning effort with a series of three public forums on the revitalization this Thursday, Saturday and Tuesday.

Where Miami real estate will heat up next: panel

A panel of real estate professionals said the next hot spots for Miami-area real estate development include not only beachfront communities but also urban locations in or near downtown Miami.  “The area that I am the most excited about in the future is…

South Beach’s Washington Avenue nabs new retail tenants

Three new retail stores are setting up shop on Washington Avenue near Eighth Street, amid efforts to gentrify the South Beach retail corridor, The Real Deal has learned.  Noah Fox, an associate with Koniver Stern Group told TRD he has just brokered three leases for the…

Motwani may sell Las Olas Riverfront

A partnership led by Dev Motwani is considering selling Las Olas Riverfront and is marketing it as a major redevelopment site in downtown Fort Lauderdale.  Merrimac Ventures, a real estate company…

Richard Siemens transfers ownership of development site for $14M

Florida-based developer Richard Siemens has transferred ownership of a 6.8-acre development site in Boca West, Palm Beach County records show.  The land is the future home of Akoya at Boca West, a 140-unit luxury condo development at Boca…

Developer sells office portion of Boca mixed-use site

An office building that’s surrounded by new development in downtown Boca Raton was just sold for $25.7 million.
The building is a mid-rise structure with 73,918 square feet of interior space, according to Palm Beach County proper…

Jeff Greene’s downtown WPB tower faces criticism

Billionaire real estate investor Jeff Greene has submitted plans for twin, 30-story mixed-use towers in downtown West Palm Beach, but local industry insiders are offering doubts about the plan.  Plans for the 829,000-square-foot project, at 550 North…

This Brand is Pushing Coworking Concepts Across Miami

Coworking is gaining national momentum. Locally, Pipeline Workspaces is one of the fastest growing with its unique twist on coworking.

Key Biscayne office building trades for $21 million

Blue Jay Capital Principal Eric Soulavy just became his own landlord by purchasing a Key Biscayne office building for $20.75 million.  Key Biscayne Properties, an affiliate of Beverly Hills, California-based Platinum Equity, sold the 52,004-square-foot office building to 240 Crandon Investments, managed by Soulavy. Miami-based…

Last Remaining Industrial Holdout on Wynwood’s Main Strip Sells for $41.5 Million

Walk along the main strip of NW Second Avenue in Wynwood, and you’ll pass a few art galleries, some fancy taco eateries, boho-chic boutiques, a Ducati dealership — and a huge pipe-and-plumbing-supply joint. Located in a 10,000-square-foot space at 2800 NW Second Ave., Lehman Pipe & Plumbing Supply, with its decidedly…

Most new downtown condos rented immediately

Condo rental rates in the downtown/Brickell area have largely stayed the same for six months, most brokers agree, but they cite a number of variables to watch going forward before we’ll know if the trend holds.  Currently, rental rates in Brickell and average days on the market have remained essentially unchanged for two quarters…

Firm Tapped To Sell South Beach’s Largest Apartment Portfolio Ever Brought to Market

The portfolio totals 240 units in mostly low-rise, garden-style apartments.

Royal Oaks Townhomes Sold for $19M

Monument Real Estate Services and First Market Properties have acquired the Royal Oaks Townhomes at 3198 Stirling Rd. in Hollywood, FL for $19 million, or approximately $275,000 per unit, from Read PRoperties LLC and Chetrit Organization.  Built in 2009, the gated multifamily complex consists of…

Public Art: The Wolfsonian is Building an Immersive Jungle in its Lobby

To accompany the upcoming exhibit Philodendron: From Pan-Latin Exotic to American Modern, which explores “the Pan-American cultural exchange that reshaped the gardens, interiors, buildings, and material culture of the U.S in the 19th and 20th centuries” the Wolfsonian…

Checking in on New Design District Store Construction

Very high-end retailers continues to construct very big new freestanding boutiques in the Miami Design District’s more substantially completed southern half—the Palm Court area—while major construction moves towards the north. Racked Miami reports that both…

Lubian: Investors Willing to Sacrifice This

Patricia Lubian, an industry veteran with more than 25 years of experience, has joined BankUnited. We got inside her head in this  interview.

Thor Equities buys an entire block in Wynwood for $41.5M

Thor Equities just paid $41.5 million for more than an entire block in Wynwood, a missing piece that gives it one square block and marks the largest deal ever in the red-hot Miami neighborhood, The Real Deal has learned.  New York-based Thor…

Across From The Jockey Club, Developer Plans 402-Unit Biscayne Boulevard Rental Project

Two out-of-state developers are planning to build a 402-unit residential project on Biscayne Boulevard across from The Jockey Club.  11200 Biscayne LLC, controlled by Arbor Realty Trust of New York and Belfonti properties of Connecticut are requesting that the six acre property be replatted so that they can build the project. A Dade…

Chetrit scores $55M loan for Miami Beach project

The Chetrit Group, a New York-based development firm, just closed on $55 million in financing to redevelop part of Collins Park: a group of Postwar modern and Art Deco properties in South Beach, some of which were ravaged…

1,771 Miami Worldcenter residences OK’d

Two main components of Miami Worldcenter won the approval of a city review board Sept. 16, promising apartments, hotel rooms, office space, restaurants and stores hugging a new 7th Street Promenade.
Two groups of architects, designers, attorneys and developers took a tag-team approach in presenting…

Three massive towers to rise beside arts center

The Related Group is bringing another triple tower project to Miami’s urban skyline, this one right next door to the Adrienne Arsht Center for the Performing Arts.  As a bonus to adding to the city’s burgeoning arts district, the project will bring a nearly 40-foot sculpture to anchor the…

Regency Manor Sold for $17.5M

Two New York-based private investors acquired the Regency Manor apartments at 4355 NW 11th St. in Miami, FL for $17.5 million, or approximately $118,000 per unit, from RAIT Financial Trust.  Delivered in 1969, the 136,476-square-foot multifamily complex is located near the intersection of Le Jeune…

University Commons SC Sells for $80.5M

Schmieer & Feurring Properties, Inc. sold the University Commons shopping center at 1400 Glades Rd. in Boca Raton, FL for $80.5 million, or approximately $453 per square foot, to Regency Centers Corporation.  The 180,323-square-foot shopping center was built in 2001 by the seller. Featuring…

Residence Inn By Marriott in Pompano Beach Trades for $24.8M

Mercury Investment Co., Concord Hospitality Enterprises Company, and Aztec Group, Inc. sold the oceanfront Residence Inn by Marriott at 1350 N. Ocean Blvd. in Pompano Beach, FL to Claremont Companies for $24.8 million, or about $279,000 per unit.  Built in 2002, the site was originally the Ocean…

Development Update: Hyde Midtown Breaking Ground on Friday, 70 Percent Sold

The Related Group’s Hyde Midtown is 70 percent sold out and breaking ground on Friday report The Real Deal. The project is being designed by Arquitectonica, with interiors by David Rockwell, and Curbed has written about it a whole lot already. So, for a thorough update, do check out our archives.

Development Update: Collins Park Hotel Renovations Finally Moving Forward

After getting the project approved all the way back in 2012, the Chetrit Group has secured a $55 million loan and is finally moving forward on plans to restore a block of art deco and midcentury modern hotels and apartment building just off Collins Park to create a boutique hotel, reports The Real…

South Beach apartment portfolio up for sale at $65M

Clockwise from left: An aerial view of the portfolio, CBRE agent Calum Weaver and the apartment building at 700 Euclid Avenue.  A portfolio of 240 units in South Beach has been brought to market with a ballpark price of $65 million, CBRE announced on Tuesday.  The units are mostly housed in…

Hyde in Midtown nearing 70 percent sold, breaking ground

Hyde Midtown Suites & Residences is now nearing 70 percent sold, The Real Deal has learned. And the project, a joint venture between Related Group and Dezer Properties plans to break ground on Friday.  The developers partnered back in 2013 on the…

Mercy Hospital closes on $20M in financing

Mercy Hospital has closed on a $20 million construction loan, according to Miami-Dade County records.  Miami Mercy Medical Center Development was the borrower. The LLC is tied to Onicx Construction, the Tampa-based general contractor…

SoFla once again looks to China to bolster condo market

More than three decades after establishing a link to East Asia, Miami is reportedly finally experiencing some success in appealing to foreign investors located more than 8,000 miles away in China — and the timing could not be better for the local real estate market.

Miami Condo Sales Uptick 6.5 Percent in August Over Last Year

According to the Miami Association of Realtors, Miami-Dade County residential sales rose nearly three percent year-over-year in August 2015, while median sales prices for single-family and condominium properties continued their upward trend.  Total existing Miami-Dade County residential sales, including single-family and condo markets…