Authority lease to add parking after challenge

A new public-private partnership between the city’s parking agency and a development firm is expected to bring residential and retail development to Downtown Miami, along with extra public parking.
The Off-Street Parking Board on Nov. 4 approved a ground lease between the Miami Parking Authoriy…

Commercial land values soar in Design District

As the Tory Burches of retail move in, the real estate values move up.  Miami’s Design District is poised to become the Rodeo Drive of South Florida, and developers are catching on. The emerging neighborhood’s impressive catalog of top-shelf merchandise and world renowned brands is giving…

City commission backs OK of self-storage facility

Miami city commissioners are backing up the action of the city’s planning director in granting permission for a self-storage facility to be built in Little Haiti.  Planning Director Francisco Garcia determined that developer Banner Storage Group LLC met the criteria to allow a multi-story…

Miami Design District enters new phase of development

A block-long construction site buzzes with activity between Northeast 41st and 42nd Streets at a site dubbed Paradise Plaza, where 60 more ultra-luxury, brand-name stores will open at the end of next year or early 2017.
Towering cranes and closed roads clearly paint the picture of an evolving…

Stiles Managed Properties And Team Win Record 8 “Building of the Year” Awards

Five of its South Florida managed office and retail projects as well as several of its key personnel were recognized.

Firm Arranges $55 Million Sale Of Former Chiquita Banana Site In Miami

The seller paid $11.5 million for the property in 2011.

228,000 SF Leased At Miami Center

The deals include two of the largest office lease transactions in Miami’s CBD this year.

Owner Sells 80% Interest In Brickell Area Office Complex

The Class A office property was purchased in April 2014 for $145.8 million.

Lincoln-Led Joint Venture Completes Industrial Building, Secures First Two Tenants For Nearly 65,000 SF

Americas Industrial Realty Corp. represented the landlord in the transactions.

1920’s Warehouse Complex In Wynwood Sells For $11 Million

The sale represents a 57% return for MB America’s client within one year.

Chinese Developers to Seek EB-5 Funding For Brickell Towers

An attorney connected with China City Construction Holding Group and American Da Tang Group said the developers are turning to EB-5 investors to help fund construction of the planned CCCC Miami Towers in Miami’s Brickell area.  Up to $350 million of the $875 million construction cost of th …

Fairfield Pays $88M for Two Apartment Properties

Fairfield Residential LP acquired two multifamily properties in South Florida for $88.03 million, or approximately $144,000 per unit, from Rockpoint Group LLC and Fifteen Group.  Water’s Edge apartments at 10901 NW 40th St. in Sunrise comprises 320 units. Delivered in 1986, the 38 multifamily…

Compass Leases 21,000 SF at Sony Music Bldg

Residential real estate brokerage firm Compass has leased 20,600 square feet at The Sony Music Building at 605 Lincoln Rd. in Miami Beach, FL.  Built in 1936, the historic 72,000-square-foot, art deco office building was constructed by architect Robert E. Collins and is the former home to Sony Music…

700 Units Planned in Midtown; Lincoln Road Condo Owners Quit

You want ’em, you got ’em. AMLI Residential, a luxury developer run by Morgan Stanley, has now closed on the Chiquita site in Midtown Miami. A 700 unit apartment project is planned. Who wants some bananas to celebrate?

Terra Completes Glass in South of Fifth, and Opens for Residents

It’s the end of an era, but the beginning of another. The last high-rise to be built in South of Fifth due to zoning restrictions is now open to residents. Miami-based development firm Terra has officially completed construction of its newest luxury development, GLASS, an 18-story boutique condo…

Downtown Miami Real Estate in 60 seconds

The latest results from the Miami Downtown Development Authority‘s ongoing residential market research are in and the findings may spell good news for renters.  A new report surveying development in and around Miami’s urban core found that nearly 90 percent of the new residential units…

Retail Meets Warehouse: The Omni-Channel Effect

The transformation of retail business models in the age of e-tailing also forces transformation of retail and warehouse space demands. Allocation of existing retail space as well as acquisition of new space is profoundly affected by today’s omni-channel retail business models…

Commercial Real Estate National News Roundup for November 9, 2015

Parking garage at Qwest Tower,  Denver. (Photo credit: Wikipedia)
What might parking garages mean in a self-driving car world?, a whopping $700K in direct marketing, and what to do when things go wrong in the deal pipeline.  It’s all here in the Commercial Real Estate News Roundup…

Commercial Real Estate National News Roundup for Nov. 2, 2015

A whole different kind of treehouse, Chinese mall boom might be hot air,  Denver’s latest business success needs more space, and matzo-making building may crumble under a new plan. It’s all here in the Commercial Real Estate News Roundup for November 2, 2015.  Office.  Milwaukee Post…

All Aboard Florida To Spend $320M On CRE Developments

All Aboard Florida plans to spend $320 million on the development of largely commercial real estate as part of its total anticipated expenditure of $2.4 billion for its passenger train service. There will be offices, retail, entertainment venues and residential properties developed along the track. …

South Florida Isn’t In Latin America – But It’s The Best Place For Doing Business There

The business magazine America Economia ranked South Florida first for infrastructure, regional platform for global business, corporate executive safety, corporate executive prestige, green city standards and best in executive salary to cost of living ratio.

Commercial Projects In West Miami-Dade Rejected

Reworking the county’s master-development plan, commissioners voted down changes that would have allowed about 10 acres of pasture land to become a shopping center and rejected a proposal for Green City, an 860-acre residential and commercial development .

TIAA-CREF And Allianz Create Joint Venture Investment In Miami’s Waterford At Blue Lagoon

Six class-A office buildings totaling over 1.4 million square feet, two parcels of land totaling over 26 acres, and a new office development are included in the transaction.

Miami International Airport To Be Named IATA’s First Pharmaceuticals Freight Hub In The U.S.

Declared the first pharmaceuticals freight hub in the U.S. and second-ever in the world, MIA will keep its altitude among the top airports for cargo traffic.

Firm Inks 64-Month, 15,000 SF Lease Deal For Sign Supply Company

NAI Miami’s Timothy Merriman, Jr. negotiated the lease deal valued at over $700,000.

North Miami Beach Land Sells For $14.9 million

A recent decision by the city of North Miami Beach to create denser, mixed-use zoning districts to spur redevelopment along the boulevard has led to several properties changing hands.

French investors enter downtown Miami market with $9M purchase

A joint venture between Immocorp Capital and the Wynwood Fund on Thursday closed on the Dade-Commonwealth Building in downtown Miami for $9.2 million, or $212 per square foot.   Gilbert Benhamou, of Immocorp Capital, and Matthieu Merchadou Melki, of Wynwood…

Preservation board denies protection to Bal Harbour church

After a contentious hearing that lasted more than three hours, the Miami-Dade County historic preservation board on Thursday voted 6-3 against protecting Bal Harbour’s Church…

Miami Dade College’s downtown site: bidding may be slim

FThe Related Group is teaming up with Arquitectonica on a proposal for Miami Dade College’s Biscayne Boulevard mixed-use project, to compete with the unsolicited bid from a partnership of Gary Nader…

Proposed changes to Miami 21 cause real estate uproar

A new amendment to the Miami 21 zoning code that could heavily affect small lot owners is headed for a final city commission vote Thursday, much to the surprise of some real estate brokers and developers.  The proposal, which already passed a first reading in …

Fed sounding more likely to raise rates in December

From the New York website: The Federal Reserve is likely to raise its benchmark interest rate in December, judging from the central bank’s official minutes from its October policy meeting released Wednesday.  While most Fed officials believe the economy will be ready for…

Lincoln Road Bulk Condos Hit Market

“There is limited available opportunities to invest in properties on high-street corridors as iconic as Lincoln Road…”

1920s Wynwood Complex Sees 57% ROI in Sale

“With this project, the property attracted considerable interest which resulted in a competitive tendering process.”

Terra Wraps Last SoFi Residential Development

“Sophisticated design and planning can transform entire neighborhoods, and we’re seeing this trend unfold in South Florida.”

Transwestern Development Planning Distribution Center In Medley

The building, dubbed Airport North Logistics Center, will total 181,420 square feet.

Atlantic Pacific Nabs 72 Acres In Broward

The developer paid $12.33 million for the two adjacent parcels.

Negotiated Sale Of Deerfield Beach Industrial Facility

Robertson, who represented the leasing interests for the property on behalf of the seller since 2002, represented the seller in the transaction.

The Wynwood Formula: Art’s Effect on the Community Culture

At the opening general session of this year’s Urban Land Institute fall meeting, the potential for art and culture to change cities was the area of focus. Jessica Goldman Srebnick, CEO of Miami-based Goldman Properties…

Miami New Construction Show Is On at the Convention Center

The Miami New Construction Show is on through the weekend. Over 300 exhibitors will showcase major condo projects across Miami-Dade and Broward counties–and even Latin America and the Caribbean–at the Miami Beach Convention Center…

A New Waterfront Luxury Condominium Will Rise in Brickell

Great news for those who were waiting for a new luxury tower with unobstructed water views in Brickell… A condominium building of 11 floors will be demolished to make way for a 48-story residential tower.
Miami Waterfront Ventures LLC, a division of OKO Group, paid just under $48 million for…

Commercial Real Estate National News Roundup For October 26, 2015

A extra-large refi at a nice low rate, a warehouse developer doubles down, how to pick the best spot for the next store, and the world’s oldest toy shop is on the block.  It’s all here in the Commercial Real Estate News Roundup for October 26…

Investor Demand Shows These Signs in Q4

Michael T. Fay, principal and managing director at Avison Young in Miami, gives GlobeSt.com’s Jennifer LeClaire the low down on foreign and domestic investment in this interview…

How MF Investors Can Still Tap Value-Adds

GlobeSt.com caught up with Ella Shaw Neyland, president of Steadfast Apartment REIT, to get her take on rental pools, investment strategies and multifamily trends in part two of this interview….

Is Multifamily Overheating in Fourth Quarter?

GlobeSt.com caught up with Brad Capas, president of CapasGroup Realty Advisors, to get some clear perspsectives as it relates to both value-add and newly build class A properties in this interview….

Michael Scarpino Reps Landlord In 29,000 SF Lease Deal To Show Cigar, Inc.

The new-to-market tenant is relocating from New Castle, Pennsylvania.

Company Expands, Relocates HQ And Renames Downtown Fort Lauderdale’s Tower 101

The retailer will relocate its offices from their current location in Plantation to take 52,683 square feet in the Tower 101 building.

Miami Beach Convention Center Construction Inches Closer

Progress. The Miami Beach Convention Center will break ground right after December’s Art Basel. Yesterday, Miami Beach commissioners approved up to $514.4 million for general contractor Clark Construction (the only bidder) and 200 subcontractors to complete this by June 30, 2018. Still up for…

Lapidus’ Sixty Nautilus South Beach Fuses Old and New Miami

The Nautilus, a SIXTY Hotel reopened on Monday with 250 rooms in Miami Beach’s Art District.  Many of the hotel’s original “Miami Modern” design features have been preserved, with some contemporary touches.  Purchased in 2011 by owners Quadrum Global and InSite Group, they were careful to restore…

Russian Developer Buys Brickell Property For $48 Million, Plans 48-Story Tower

Built in 1971, the 11-story, 60-unit condo building located on about an acre with 150 feet of Biscayne Bay will be demolished to make way for a 48-story tower.

Top 5 biggest condo projects approved in Miami this past year

#1 – Aria on the Bay, Edgewater.  Melo Group’s massive Aria on the Bay project topped our list as Miami’s biggest condo project approved over the last 12 months. Plans for the 53-story tower include…

Miami-Dade judge to rule on contentious Privé project

Four months after breaking ground, developers of the controversial Privé at Island Estates will come before a Miami-Dade County judge Friday morning, in a key hearing that could determine if the case will go to trial in the spring.
Litigation has…

On the scene at Panorama Tower’s EB-5 launch

City of Miami officials and Florida East Coast Realty executives celebrated the launch of the EB-5 private placement for the developer’s Panorama Tower recently.  When completed, the 83-story tower…

Doubletake in Miami: sales of condos drop, homes rise

Miami condominium sales fell 8.3 percent in September, year-over-year, as the new construction condo market continues to take a bite out of resales, a report released Thursday shows.  At the same time, home…

All Aboard to expand MiamiCentral with city land swap

Miami commissioners on Thursday signed off on a land swap that allows All Aboard Florida to expand its MiamiCentral project and gives the city some of the space it needs to build a fire station.  The city agreed to convey All Aboard Florida two of…

Rapids Water Park owner sues to stop competitor in Fort Lauderdale

A Palm Beach County water park operator wants to stop a competitor from setting up shop in neighboring Broward by alleging Fort Lauderdale officials cut an insider deal unfavorable to city taxpayers.  On Wednesday, Premier Parks LLC, which owns dozens…

Why the Coworking Movement Isn’t Going Away

“It will be refined over time as different kinds of communities, or tribes, find each other and organize themselves into excitingly inspirational places to work and play for a living.”

CRE Legend With Remarkable Life Passes Away

At age 16 at the start of World War II in 1939, he was interned in a Nazi labor farm, where he survived unimaginable indignities….

All But Dead Mall Gets New Lease on Life

Encore is betting the development will become the commercial and residential heart of Plantation….

CBRE Named Leasing Agent For 200,000 SF Office Portfolio

Suburban office markets are reaping the benefits of dwindling supply and rising CBD rates, according to CBRE.

Developer Seeks Permission To Build $1B Miami River Complex

Could this be Miami’s next hot spot?

There’s A New Niche Of Investors Looking At Multifamily Housing

They’re not asking about cap rates, and they’re not asking about rents because they’re not planning to keep tenants there for the long haul.

Creative Choice Grp Sells Opa Locka Multifamily Portfolio

Creative Choice Gropu sold a 328-unit affordable housing portfolio located in Opa Locka, FL to New Vision Housing Foundation, Inc. for $20.3 million, or approximately $62,000 per unit.  The sale consisted of four multifamily properties located at 2920 NW 135th St., 13002 Alexandria…

U. of Miami School of Architecture Gets Second Arquitectonica Building

The groundbreaking ceremony of the Thomas P. Murphy Design Studio Building occurred at the University Of Miami School of Architecture (SoA) yesterday afternoon. University of Miami President Julio Frenk, UM Chairman of the Board of…

Brickell City Centre’s Got Some Mighty Spacious Floor Plans

Brickell City Centre, the landmark $1.05 billion (yes, that’s with a ‘b’) mixed-use development that aims to alter Brickell’s skyline, is unveiling the Tower Suites at REACH and RISE condominium towers. And it has some mighty fine floorplans.  Some elements to note…

Miami Beach approves convention center renovation

After years of false starts, Miami Beach commissioners have approved a massive overhaul of the city’s aging convention center with the goal of boosting occupancy rates from a current average of 50 percent to 70 percent in five years.  In a unanimous vote…

The Truth About Miami’s Condo Cycle

A new Integra Realty Resources study shows the undeniable facts….

Rare Condo Assemblage Sells in Brickell

“We were able to get every owner to agree to sell which is very nearly impossible to do.”

County aid is in fashion for NY couturier Khan

Workforce housing is so scarce that Miami commissioners are moving to defer development impact fees. A final vote today (10/22) would stimulate housing for workers vital to any community: police, firefighters, teachers, nurses and service workers.  In a city with skyrocketing housing costs, affordabi…

State won’t fund study to narrow US 1 downtown

A project by Miami’s Downtown Development Authority to narrow a stretch of Biscayne Boulevard from Northeast Eighth Street south to Biscayne Boulevard Way has hit a speed bump.  In July, the authority requested $1 million from the Florida Department of Transportation to fund a project development…

$600 million I-395 bridge to go to bidding

A state project designed to bring major improvements to I-395, including a new “signature” bridge, will be advertised for bids yet this year.  That’s the latest word from the Florida Department of Transportation, which says the project is on schedule, with construction expected to…

Flagler Street upgrade faces two hurdles

If all of the stars line up, shovels could be in the ground on the long-delayed Flagler Street renovation from Biscayne Boulevard to the Dade County Courthouse by year’s end. If a notice to proceed is issued tomorrow (10/23), work can begin within six weeks, city sources said.  Only two issues…

The great illusion: a soccer stadium up magician’s sleeve

Illusionist Harry Houdini would have applauded as county commissioners last week escaped outrage over funding another stadium by declaring that an Orange Sports Complex Community Redevelopment Area would be totally unrelated to sports complexes.  Bruno Barreiro stripped from his bid to create a tax…

Co-Working Franchise Comes to Aventura In $6 Million Lease Deal

The tenant is a joint venture between Centrum Partners of Chicago and The Pinnacle Companies of New Jersey. Pinnacle Centrum will be opening the location as a franchisee for Serendipity Labs.

Offices Planned Next To Riverside Hotel On Las Olas

Las Olas Place will feature 16,000 square feet of shops on the ground floor and 15,500 square feet of offices on the second.

City Commissioners to Vote On 4.2-Million-SF Miami River Development

The Miami City Commission this week will consider a proposal by a development group including Chetrit Group to build a massive mixed-use project along the Miami River totaling nearly 4.2 million square feet, including 1,678 condominium and apartment units and 330 hotel rooms.  The development would…

Jean Nouvel to Design 18-Story South Beach Condo Building

Welcome to the first column by veteran real estate reporter Alexei Barrionuevo, whose analyses on housing trends, real estate deals, and major business moves will appear weekly, right here on Curbed.  [The site of JDS Development Group and New Valley Realty’s planned condo building designed by Jean…

Hotel Indigo Miami Brickell Gets $34.5 Million Financing Deal

Hotel Indigo Miami Brickell, a concept by InterContinental Hotels Group (IHG), is coming along smoothly. Developer West Brickell Hotel LLC has closed on $34.5 million financing. Groundbreaking should happen this month.  A joint venture between Sunview Companies and…

Milk & Honey Event Space Opens a Blank Canvas in Wynwood

Milk & Honey, Wynwood’s newest event space with flexible outdoor and indoor options, opens as a new place to hold an affair to remember–just in time for the holidays.  Billed as a “space to create,” Milk & Honey capitalizes on its location in the arts district.

Miami Industrial Real Estate Market Report Third Quarter 2015

Summer markets are typically slow in Miami, however the Miami industrial real estate market experienced an increase in the average lease rate to $8.77 per sq. ft. and a decrease in vacancy to 4.7%. Over 3M sq. ft. has been absorbed this year with one more quarter to go. At this pace, we might break…

Will The Efforts To Rebrand West Kendall Gain Traction?

Miami-Dade Commissioner Zapata intends to herd West Kendall and a few adjacent neighborhoods into a new rebranded community.

OKO Group pays $48M to buy out Brickell area condo owners

A unit of OKO Group has paid nearly $48 million to buy out all the condominium unit owners in a building at the south end of Brickell, with plans to create a luxury condo tower, CBRE announced.  Miami Waterfront Ventures, a division of the OKO Group, acquired all the…

UM students develop smart technology ideas for Design District

One day Miami’s Design District may produce electricity using renewable energies, and have buildings adorned with rooftop gardens and structures that serve as indoor farms, with multiple levels of crops mixed with fresh markets and…

SoFla ranks seventh for global investment

South Florida is once again a rising star among the world’s top destinations for commercial real estate investments, with new interest from international buyers pouring cash into the region.  For the first time since the global…

Newly renovated Nautilus Hotel opens in Miami Beach

The Nautilus Hotel, a 1950’s Art Deco property along Collins Avenue in Miami Beach, is now open following an extensive restoration and renovation.  Nautilus, a SIXTY Hotel, was renovated by Quadrum Global and its…

Can South Florida Absorb New Hotel Inventory?

Are developers moving too fast?

Bank of America Center Shows Coral Springs’ Strength

The six-story office building went up for sale in June.

What’s Driving the ‘Remarkable’ Hotel Boom?

Hint: A string of factors is igniting the region as white hot.

Texas REIT Buys Broward Business Park For $75 Million

The purchase price represents a 45 percent increase from its last sale in July 2012. \

C&W’s Messinger Inks Major Miami Airport West Lease Deal

The deal represents one of the largest lease deals in the county this year.

Avison Young Secures 375,000 SF Office Leasing Assignment

The assignment comes less than six months after Avison Young was assigned to lease a 9-building portfolio totaling 940,319 square feet.

Building Confidence: A little confidence never hurts…

A little confidence never hurts anyone, and it’s definitely helping the home building market. According to the Housing market Index that surveys National Association of Home Builders’ members, the index stood taller at 64, up three points in a positive trajectory over the last five months. That…

The week in luxury: A map of Miami-Dade’s priciest condo sales

Miami-Dade County’s condo market held steady during the second week of October and even saw three multimillion-dollar closings.  The week’s priciest sale was unit 1902-2 at the ICON South Beach, which sold for $8.4 million, or $2,059 per square foot. Adriana Pinto Torres of Douglas Elliman…

Simply Healthcare to relocate to Flagler Corp. Center

Marking one of the largest office lease deals in Miami-Dade County this year, Simply Healthcare will relocate and consolidate its Coral Gables offices at Flagler Corporate Center, The Real Deal has learned.  The healthcare provider will lease 84,467 square feet at the…

Grove Place townhouses to launch second phase

Grove Place, a planned townhouse community on the northern border of Coconut Grove, is gearing up to launch its second wave of sales.  Six of the community’s 18 residences were sold during the project’s…

Planned Hotel Indigo in Brickell closes on $35M loan

The developer behind the planned Hotel Indigo in the Brickell area closed on $34.5 million in financing from Ocean Bank on Friday with plans to break ground soon.  West Brickell Hotel LLC, led by Pedro F. Villar, is the…

NY real estate magnates to buy downtown Miami tower: $13.3M

ASRR Capital Ltd. — a publicly-traded Israeli company headed by New York real estate moguls Alex Sapir and Rotem Rosen — has teamed up with fashion heavyweight Gerard Guez to pay $13.3 million for an office tower in downtown Miami, The Real…

Fort Lauderdale hotel scores $18M construction loan

Florida’s first Tryp-branded hotel just broke ground in Fort Lauderdale after receiving $18.4 million in construction financing.  Dubbed the Tryp Maritime by Windham, the hotel is being built on a 2.4-acre site at 2161 West State Road…

Edelstein lands $20M for Lincoln Road church site

New York developer David Edelstein has secured construction financing for his much debated Lincoln Road project, according to Miami-Dade County records.  Edelstein’s TriStar Capital’s plans call…

Ad Agencies Ink Deals For 17,000 SF

Brenner Real Estate Group’s Adam Starr and Helen Weissman, CCIM independently represented the ad agencies in the deals.

New Owner Gaedeke Renames Brickell Landmark

As part of the acquisition, Gaedeke was required to rename the 36-story, 266,692-RSF landmark.

Canvas Miami: New Renderings and December Groundbreaking

Canvas Miami, a 37-story building with 513 condos and 14,000 s.f. of commercial space, intends to infuse new life into an area that has otherwise been known for its proximity to the Miami City Cemetery. The area will also soon be known for the new Viacom studio production hub.  With a plan to break…

Commercial Real Estate National News Roundup for October 19, 2015

Celebrity investor likes Cincinnati mall, be bubble-wary but not bubble-paranoid, troubled Helmut Jahn atrium in Chicago heads to the block, and the recuperative power of Bass Pro Shops.  It’s all here in the Commercial Real Estate News Roundup for October…

It Doesn’t Get More Flagship Than This

This retail spot just hit the market at the corner of Miami Beach’s two most recognizable corridors. Get all the details….

Studnicky Makes Key Developer Predictions

Craig Studnicky, principal of International Sales Group, knows the condo business. What does he see coming down the pike?

Firm Negotiates 28,000 SF Industrial Lease For CPS Logistics

Lucia Custer and Gabriel Garcia-Menocal, SIOR negotiated the 64-month deal.

Medley Town Council Lifts Height Restrictions On Commercial Buildings

Along with visions of future skyscrapers, there has been talk of adding a large sports arena, a large medical center and a skyrail.

Doral: Striking the Urban-Suburban Balance

-GlobeSt.com caught up with Ana Codina-Barlick, CEO of Downtown Doral to get her take on this fine line in this  interview.

FLL Airport Getting $128M Transformation

“The award of this contract is really good news for our local economy.”

Miami to review plans for 464-unit Vice apartment downtown

Miami officials are set to consider plans for the 464-unit Vice apartment tower by Property Markets Group in downtown.  The project is located on part of the 2-acre site that PMG acquired in late 2014 for $80 million out of a receivership case. The previous owners, Maurice Cohen and Leon Cohen, planned to build twin 93-story…

Hong Kong Developer Drops $40 Million On Stake In Capital At Brickell

The transaction values the property at $88.88 million – and that’s by design.

Developers buy 103 units in Miami Beach condo

A partnership between several South Florida developers acquired 103 condos in the Continental on Collins Avenue on Miami Beach for about $19 million.  Sukkah Miami Beach Acquisitions and Sukkah Miami Beach Acquisitions II purchased the condos in the building at 4000 Collins Ave. on Oct 7 – just after the Jewish festival of Sukkot…

Miami Named Among Top 10 Best Markets For Retail Investment

The annual “Emerging Trends in Real Estate” survey by consulting firm PwC and the Urban Land Institute (ULI) gets specific about which markets might be the safest bets for such investment, based on buy/hold/sell recommendations from hundreds of commercial real estate industry professiona…

Palmetto Park City Ctr Sold for $25.8M

A foreign investor acquired the Palmetto Park City Center office building at 120-122 E. Palmetto Park Rd. in Boca Raton, FL from Ram Realty Services for $25.75 million, or about $385 per square foot.  The five-story, 66,966-square-foot, 4-Star building delivered in 1996 in downtown Boca Raton.

Walmart Gets the Green Light with a Demolition Permit

Walmart, the king of rollback pricing seems to be rolling forward with their plan to build a store in Midtown. The city got a demo permit for the site, which is a major coup and momentum builder for their cause. TNM staff reports that they applied for a phased construction…

Foreclosure Roundup: Miami Beach hotel project, waterfront Hollywood site targeted

A hotel redevelopment project in Miami Beach has been targeted in foreclosure.  Edgewood MAC V LLC filed a foreclosure lawsuit on Oct. 13 against 1775 James Avenue LLC over the 46-unit building. It concerns a mortgage issued in March 2014 for $10 million. The lender is an affiliate of Southport, Ct.-based Edgewood Capital.

One Perspective On Complexity In Commercial Appraisal

When making the leap from residential to commercial real estate, one thing that becomes clear is that assigning a price to commercial property uses a very different process than is used in residential. While reading up on appraisal techniques, I had the thought that…

Downtown Miami at cycle midpoint, pricing will stabilize: report

Prices for condos and rental apartments in downtown Miami are up, as the market reaches a midpoint in the development cycle in advance of a major shift in supply next year, according to a new report to be released on Thursday.  Condo prices have risen 6.74 percent over the past six months…

Miami Beach approves Lincoln Road master plan

Miami Beach commissioners on Wednesday unanimously approved a final master plan for Lincoln Road that will overhaul pedestrian-only street…

Swire to pay Miami-Dade County for Metromover invasion

Swire Properties will pay Miami-Dade County $635,040 for adding a little more wiggle room to the Brickell City Centre Metromover station.  On Wednesday, a transit committee of Miami-Dade commissioners unanimously recommended approval of an amendment to…

Retail building on Washington Avenue sells at premium

Amid a slew of new tenants, property listings and sales, a retail building on Washington Avenue in Miami Beach has traded hands for $2.7 million, The Real Deal has learned.  Jason Weisman of JAW Commercial and Chaim Cahane of Forte Capital…

Sunset Islands double lot listed for $23M

Two adjacent estates in Miami Beach’s Sunset Islands have been listed for a combined $22.9 million, The Real Deal has learned.  The waterfront lots, at 1620 and 1630 West 21st Street, feature 22,800…

Chinese construction giant leases space in Wynwood

China Construction America, the giant Chinese conglomerate that is building Baha Mar in the Bahamas, has leased space in Wynwood for a showroom and offices, The Real Deal has learned.  The company has signed a lease for 3,500 square feet at 2545 North Miami Avenue, Irma…

Walmart Gets Approved For Demolition Permit In Midtown Miami, Construction Permit Pending

Walmart appears to be moving forward with plans to build a store in Midtown Miami, despite a pending court case challenging city approval of the store.  The company applied for a phased construction permit to build a foundation last week, city records show. Also last week, the city granted approval for a demolition permit for the site.

Soccer stadium play labels ballpark area ‘slum’

Miami-Dade County is being asked to put the ball in play today (10/15) to create a redevelopment agency enveloping Marlins Park and use the agency’s tax proceeds to buy land next door for a soccer stadium that would also house University of Miami football games.  The resolution by Commissioner…

668 more residences due for Brickell Key

Miami city commissioners have given preliminary approval to the build-out of Brickell Key, a man-made triangular island at the foot of Southeast Eighth Street.  The plan from property owner-developer Swire Properties would bring a new residential tower to the southern corner of the heavily residential…

PNC Bank lends $10.6M to build self-storage facility in downtown Miami

An Illinois developer obtained a $10.64 million loan from PNC Bank to build a self storage facility near downtown Miami.  The bank (NYSE: PNC) granted the mortgage to Downtown Miami Storage LLC, managed by Milton Pinsky in Northbrook, Illinois. He’s also the head of national multifamily investor Banner Apartments and Banner…

Assess port’s needs before handing its lands to developers

Revision of PortMiami’s plan for use of its land is getting a vital boost from a county commissioner who recognizes that the current frenzy to hand scarce acres to the highest bidder might ignore the booming seaport’s needs.
Last week commissioners wisely barred measures to commit use of…

Fort Lauderdale Airport To Embark On $450 Million Expansion

The expansion includes an increase of concession space from 2,000 to approximately 34,000 square feet with new restaurants, retail spaces, and an improved duty free store.

Palm Beach Gardens Office Buildings Trade

The buildings last traded in 2011 for $10.1 million.

Hallandale Beach skyline to change with massive Diplomat expansion

A proposal for a massive, four-tower project in Hallandale Beach featuring three hotels, 938 rooms and a 250-unit high-rise condominium under the Diplomat brand will be officially unveiled to nearby residents at a meeting Thursday in the city’s Cultural…

Relocation Clauses

Oftentimes tenants overlook the Relocation Clause when they are negotiating their lease. This isn’t a good strategy these days. As office occupancy continues to improve, landlords are using the relocation clause more frequently to accommodate new or growing tenants to the dismay of their…

Firm Represents Florida Community Bank In Sale Of Investment Building

Timothy Merriman Jr. and Edward Schmidt, CCIM represented the Seller in the transaction.

Miami International Mall scores new stores, restaurants

Miami International Mall is adding several new restaurants and shops, including eateries Café Latino and Pizzeria Rise Pies, and retailers Allegra, Tea Gallery and Vans, the Doral shopping center announced on Tuesday.  Also, the teen clothing brand…

MCM lands $128M Fort Lauderdale airport contract

MCM will lead the $128 million expansion of the Fort Lauderdale-Hollywood International Airport, the construction company announced on Tuesday.  The project will include the eastern expansion of Concourse G, a new concourse…

Palm Beach Gardens hotel lost to foreclosure

A Hilton-branded hotel complex in Palm Beach Gardens was just sold for $31.4 million to satisfy a foreclosure lawsuit.  The suit was first filed in May by U.S. Bank, acting as trustee for Banc of America Commercial Mortgage. It concerns the DoubleTree by Hilton…

$22M Wagner Creek project in Miami closes on financing

Housing Trust Group has closed on financing for Wagner Creek Apartments, a 73-unit affordable housing project in Miami, The Real Deal has learned.  The $22 million development, at 1501 Northwest 13th Court, is near…

Walgreens space on Lincoln Road looking for anchor tenant

A prime retail spot on Miami Beach’s Lincoln Road is up for lease, CBRE announced on Monday.  The 15,895-square-foot space at 100 Lincoln Road is currently leased to Walgreens. That includes 13,941 square feet on the ground floor with an additional 1,954…

First new Wynwood condo project completed this cycle

The first of what boosters envision will ultimately be a series of new condo towers in the rapidly emerging Wynwood Arts District neighborhood of Greater Downtown Miami has been completed since this South Florida real estate cycle began in 2011.  Developed…

Wynwood redevelopment site listed for $22.5M

A pair of industrial properties directly across from the proposed Walmart in Miami’s Wynwood have been put up for sale at $22.5 million.  The listing includes two separate properties at 2916 and 2994 North Miami Avenue. Together…

Historic building in downtown Coral Gables up for sale

A commercial property in the center of downtown Coral Gables has been listed for sale at $2.6 million, The Real Deal has learned.  The 4,567-square-foot building, which is on the Coral Gables Register of Historic Places, is one block south of Miracle Mile at 2506 Ponce de Leon…

CIASF To Unveil Findings Of Independent Study Identifying Real Drivers Of Industrial Real Estate Demand

Will the Panama Canal expansion really have the impact on the South Florida market that everybody thinks it will?

West Palm Industrial Development Pre-Leases 33 Percent Prior To CO

The two new leases total 30,936 square feet.

How Property Managers Prepare for a Storm

With Florida’s hurricane season extending from June 1 to November 30 – this six-month period arrives with the uncertainty of whether it will be an active or quiet season. In the commercial real estate sector, ensuring that all property types, from office buildings to warehouses and…

Ellis Plans to Deliver 380 Residential Units to Fort Lauderdale

Two acres in downtown Fort Lauderdale are now owned by Jim Ellis’ company, acquired from longtime owners, the Gross family. The plan is to develop the land into a 380-unit apartment complex.  This adds to the bustle of the area’s overall development activity. Fort Lauderdale…

The 10 Tallest Buildings in Development Around the World

Frank Lloyd Wright once proposed The Illinois, a mile-high skyscraper set on the shore of Lake Michigan in Chicago, a towering giant…

Melo Group’s Aria on the Bay Keeps Pace With Over 50% Sold

Argentinian-based Melo Group’s Aria on the Bay downtown condo is doing quite well. The 53-story tower with 648 units is one of Miami’s largest residential projects under development this cycle. It has officially surpassed the 50% sold mark with all sales reservations already…

Building in Room for Fashion: Designer Khan Wants to Move In

Never say that Miami doesn’t give you anything. At least on the fashion front.  Women’s evening wear designer, Naeem Khan, applied for a $1.5 million grant from Miami-Dade county to help fund a relocation of his business, NKMIA LLC, from New York. The county looks…

Melo Plowing Fast With 53-Story Bayfront Condos

The project is expected to hit the market in late 2017.

Senior center planned in Miami-Dade’s Kendall

Plans for an independent living facility for seniors have been proposed for the West Kendall neighborhood of Miami-Dade County.  AB at Hidden Lakes Ltd. filed an application with the county on Oct. 6 to build 94 independent living units on the 3.45-acre site on the west side of Southwest 127th Avenue just south of Southwest 128th Street.

Self-storage complex proposed near Coral Gables

A developer plans to build a self-storage complex just north of Coral Gables.  Gables Edge Parks Co. filed an application with Miami-Dade County on Oct. 7 to build a five-story, 73,224-square-foot self-storage facility on 0.8 acres at 4250 S.W. Eighth St. The former trailer park is between Coral Gables and Miami’s West Flagler…

Miami Broker’s view/commercial real estate: Beware when the cranes fly away

Once again, as I drive around South Florida, I can see cranes on the top of all the new buildings under construction. My guess as of October 2015 is that there are more than 35 cranes in the air. According to Peter Zalewski of CraneSpotters.com, more than 44,700 new condominium apartment units have been announced between 2011…

Commercial Real Estate National News Roundup For October 12, 2015

Most rents rise, growth turns inland, retailers rush for location, and senior housing is just like every other kind of investment: contains risk. It’s all here in the Commercial Real Estate News Roundup for October 11, 2015.  General. CRE Prices Are Now Officially…

What You Need to Know About Legal Changes

“Previously, the statute required the recipient of a down-stream notice to advise the person sending it whether the recipient was willing to make repairs…”…

Could This New Law Hinder the Boom?

As of October 1st, several amendments to Florida’s Construction Defect Statute came into effect. Here’s what you need to know.

‘Recession-Resistant’ Property Opens Doors

The facility is expected to open its doors in the Spring of 2016 and is part of a broader, booming trend….