Miami Commercial Real Estate News August 17, 2015

FAA Approves Brickell Flatiron, Park West Tower, And Ritz Carlton Sunny Isles

It’s Christmas in August for three Miami developers, after the FAA approved the heights of their projects. They include:  Brickell Flatiron, approved for a height of 734 feet above ground.  Marc Robert’s Park West tower at 50-60 NE 11th Street (part of Worldcenter), replacing Euforia nightclub building. Approved for a height of 699 feet…

Genting is finally about to do something with one of its properties

Malaysian hospitality and gambling conglomerate Genting Group took Miami by storm back in 2011 by buying up the old Miami Herald building and a bunch of surrounding properties with plans to build a major destination resort and casino. Those plans were scrapped after lawmakers refused to rewrite gambling laws, and we were left…

Greater Downtown Miami condo boom comes full circle

The Greater Downtown Miami preconstruction condo boom has come full circle — down to the same exact block of Northeast 23rd Street in the Edgewater neighborhood — in the four years since this current real estate cycle began after the market crash of 2007.  Back in August 2011, the Melo Group kicked off this current boom when…

C&W’s Criddle, Etner Ink 114,000 SF Broward Office Lease

According to Cushman & Wakefield. the deal represents the third largest new office lease in Broward County this year.

Coming Attractions: Thirty Story Tower Coming to Vicinity of 163rd Street Mall

An Argentine developer, who is not named, is planned on building a thirty story mixed-use apartment tower at 1700 Northeast 164th Street in North Miami Beach, currently a parking lot, reports The Real Deal. The site is further west than most new development in the area…

Do Landlords Have to Go Green?

Could a tenant be required to sign a green lease? What happens if they breach it? What about landlords? What is their obligation?…

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August 17, 2015

FBF 1980: WTVJ Reports on Miami Riots

 

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August 14, 2015

Miami Commercial Property News August 14, 2015

Fitzgerald Group’s Jarkesy Brokers Sale Of Sheridan Street Office Building

The 1977-built office asset, which totals 26,431 square feet, traded for $4,700,000.

Miami’s Cocowalk Announces 5 New ‘Pop-Up’ Stores And Chase Bank Branch

The deals close just 3 months after new ownership acquired the iconic retail property.

Rumormongering: Third New Hotel Coming to Triangle at Alton and 17th Street

The triangular block bounded by Alton Road, 17th Street, and Dade Canal used to contain an empty lot, a studio apartment building, some shops, and a Boston Market. Now it has one hotel under construction, a second coming, some shops, and a Boston Market. Soon it could have two…

SkyRise Miami Aiming to be Miami’s Tallest Tower, a Distinction Based on a Technicality

SkyRise Miami developer Jeff Berkowitz has submitted plans to the Federal Aviation Administration earlier this month to increase the height of his SkyRise Miami tower from 990 feet to 1,045 feet above ground. According to The Next Miami, this would technically make it Miami’s tallest tower, by…

Rendering Reveals: This is the Puerto Rican Community Center Coming to Wynwood

The land-swap that developer Moishe Mana and Miami-Dade County are planning includes the construction of a new Puerto Rican Community Center, offices for the County’s Community Action and Human Services Department, and a new office for County Commissioner Audrey…

Genting To Begin Renovation Of Historic Boulevard Shops At Resorts World Miami

According to a construction filing, the 20,000 square foot building will become a ‘recreational facility’ that encompasses a range of potential uses with a estimated renovation cost of $2.5 million.

SoFla among top 20 markets for residential loans

The South Florida market ranked among the nation’s highest for residential loans recorded during the second quarter of this year, according to a new report from RealtyTrac.  Measuring data from Miami, Fort…

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August 14, 2015

Watch the Porsche Design Tower’s Dezervator take this Panamera up to an apartment

dezervator-porsche-design-towerThe Dezervator, a feature of the Porsche Design Tower in Sunny Isles, is truly an amazing feat of engineering.  Is it not amazing what $6.2 million (plus) will buy you today?

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August 13, 2015

Miami Commercial Real Estate News August 13, 2015

Downtown Miami, FLHCA proposes 100-bed hospital in Miami-Dade County

HCA Holdings filed plans to build a 100-bed acute-care hospital in Miami-Dade County.  East Florida – DMC, an affiliate of the hospital giant (NYSE: HCA), filed a letter of intent for the hospital with the Florida Agency for Health Care Administration on Aug. 3. The one-page letter doesn’t contain any details about the proposed hospital…

Ugo Colombo Interview Part 1: Make Waves This Condo Cycle

GlobeSt.com caught up with the 52-year-old Colombo to find out more about what he’s working on in part one of this exclusive interview.

Ugo Colombo Interview Part 2: Sounds Off on Changing Landscape

GlobeSt.com caught up with Ugo Colombo to discuss how he’s elevated his brand, how his older projects compete with newer properties, and his impressions of the changing buyer landscape in part two of this exclusive interview.

Doral office building owners file Chapter 11 to stay foreclosure

The majority owners of the Doral Court office building filed Chapter 11 to stay a looming foreclosure judgment.  Twenty 29 entities called NNN Doral Court, as tenant-in-common owners of 92 percent of the property, filed for reorganization in Miami Bankruptcy Court on Aug. 6. Randy George is the manager member of the debtors.

Surge in Commercial Real-Estate Prices Stirs Bubble Worries

Investors are pushing commercial real-estate prices to record levels in cities around the world, fueling concerns that the global property market is overheating.  The valuations of office buildings sold in London, Hong Kong, Osaka and Chicago hit record highs in the second quarter of this year, on a price per square foot basis, and reached…

Hollywood Office Park Finds New Owner

The three buildings within the park total approximately 253,000 rentable square feet.

Fabio Faerman Closes Bulk Sale Of Miami Condo Units For $6.7 Million

A total of 21 units were included in the all cash transaction.

Pipeline Workspaces Opening Fifth Location in Doral

 

Pipeline Workspaces, a high-design shared office concept provider, will be opening its fifth area location following a 12,733-square-foot lease at Doral Concourse Bldg I, located at 8400 NW 36th St. in Miami, FL.  Doral Concourse is located in the heart of the business district, adjacent to CityPlace…

Dolphin Mall gives a sneak peek of soon-to-open restaurant plaza

In the heat of the day Wednesday, dozens of construction workers hammered away at Dolphin Mall’s soon-to-open restaurant plaza while media got a sneak peek of what will open there.  Set to debut Sept. 15 after 18 months of construction, the expansion will bring a new 1,300-space parking garage and five new eateries to the Sweetwater…

PMG Partners with S2 Development, Canyon Provides $134M Construction Loan

Real estate investment management firm Canyon Partners has provided a $134 million construction loan to Property Markets Group (PMG) in a joint-venture partnership with S2 Development. The senior construction loan is for the Muse Residences project planned to rise at 17141 Collins Ave. in Sunny Isles…

Bridge Point Marina Mile Bldg Sold for $22.4M

Bridge Development Partners LLC sold the Bridge Point Marina Mile industrial building at 3400 SW 30th Ave. in Fort Lauderdale, FL for almost $22.38 million, or $118 per square foot, to an Aventura, FL-based investor.  At the time of escrow the property was under construction, and was completed by…

Apollo Grp Purchased 6950 Bldg for $15M

 

The Apollo Group acquired the industrial building at 6950 NW 77th Ct. in Miami, FL from Continental Electric LLC for $15 million, or about $70 per square foot.  The single-story, 213,131-square-foot warehouse was built in 1998.  Luis Nunez of Realty Professionals #1, Inc. represented the buyer.

Atlas Plaza Sells for $65M

 

Tristar Capital acquired the Atlas Plaza shopping center at 114-130 NE 40th St. in Miami, FL from Atlas Associates Realty, Inc. for $65 million, or about $3,250 per square foot.  The class A retail center totals 19,997 square feet. Atlas Plaza features a unique courtyard, assigned parking…

Big Tall Things: Are Top-Heavy Condos Becoming a Thing in Miami?

Elysee, the latest condo tower to be announced in Edgewater, is tall, skinny, and following a more extreme version of a mold set by Muse in Sunny Isles Beach, bigger on the top than on the bottom. Designed with a three-tiered plan, floor plates which contain two 3,412 square foot units…

Historic Mayflower Hotel on Alton Road to Become ‘Boutique Hospitality Concept’

The historic Mediterranean Revival building on Alton Road and 17th Street with the Vespa dealership on the corner, which was originally known as the Mayflower Hotel and is now called the Variety Building and has been a studio apartment building since the ’90s, is being “lightly renovated” and…

Railroading: French Company Bids for Beach ‘Link’ of BayLink, Hoping to Get the Rest Too

Alstom, a major French light rail company, has submitted a proposal to develop one third of the entire BayLink light rail connection from Miami to Miami Beach—the third that would run through the city of Miami Beach—with the hopes that this will make it a lot more likely to get…

Inside CocoWalk’s Retail Turnaround

 

Three months after grabbing CocoWalk, a 198,000-square-foot lifestyle center in Miami’s Coconut Grove neighborhood, the ownership team is making strides.

What’s the Big Deal About Doral?

Commercial real estate developers are flocking to Doral in droves. What’s going on? Why is this Miami suburb seeing so much activity? There are plenty of reasons and Codina Group sees them clearly.

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August 13, 2015

14 New Miami-Dade Commercial/Business/Ag Land Listings on MLS in 7 Days to August 10, 2015

Miami-Dade MLS Comm'l/Bus/Ag Land 7 Days to August 10, 2015

Miami-Dade MLS Comm’l/Bus/Ag Land 7 Days to August 10, 2015

In the seven days to August 10, 2015, MLS counts 14 new listings for commercial/business/agricultural land, down nearly half from the prior week ending August 3rd which had 29 new listings of this type.  Notable among the new listings is a listing for a half acre on Washington Avenue on Miami Beach for $10.3 million.

Other indicators during this period that commercial real estate investors may wish to review are trends in commercial real estate prices and availability.  These are influenced by trends nationally as well as by  demographic and economic trends and expectations in the area.  To get a feel for how the market for vacant land is now, view Miami area vacant land listings,

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August 12, 2015

Miami Commercial Property News August 12, 2015

Keyes Commercial Realty, Miami, FloridaAC Hotel developer scores $35M construction loan in Aventura

The developer of the AC Hotel by Marriott in Aventura obtained a $35 million construction loan.  Wells Fargo Bank awarded the mortgage to Norwich Aventura II, an affiliate of Sanibel-based Norwich Partners of Florida led by David Leatherwood. It acquired the 1.9-acre site at 20805 Biscayne Blvd. for $9.4 million in December 2014.

HSBC building in Miami Beach sold for $21M

The HSBC office building in Miami Beach sold for $21 million to deliver a nice profit for a group that bought it out of bankruptcy two years ago.  Netz Bonds Miami-HSBC, a New Haven, Conn.-based company managed by Menachem Gurevitch sold the 39,638-square-foot office building at Arthur Godfrey Road to Caton Owner. The buyer…

Office building in Miami’s Upper Eastside sold for $11.5M

An office building in Miami’s Upper Eastside neighborhood sold for $11.5 million.  Sunset View Office Tower LLC, a Spring Valley, New York company managed by Pablo Umansky, sold the 37,926-square-foot building at 4700 Biscayne Blvd. to MGB Biscayne Blvd. Corp. The buyer is based in Miami Beach and managed by Mairim…

Former Bertram Yacht facility on Miami River sells for $35.5M

 

The former Bertram Yacht headquarters and marine service center on the Miami River was sold for $35.5 million.
The yacht builder left the site in 2012 and relocated to Merritt Island. It’s been searching for an anchor tenant since.  MMM Northwest 37 LLC, an affiliate of San Francisco-based Alecta Real Estate Investment, sold the…

Weston Corporate Center sold to KBS for $47M

KBS Realty Advisors acquired two Weston Corporate Center buildings in Broward County for a combined $46.75 million.  BlackRock Realty Advisors affiliates SC Commerce and SC Weston sold the office buildings at 2700 S. Commerce Parkway and 2500 Weston Road to GK Weston Corporate Center, a subsidiary of Newport Beach…

First major new condo coming to Miami’s MiMo district

Miami’s trendy MiMo neighborhood could soon have its first major condo project in the recent boom cycle as the 64 Park Place building has launched sales.  Argentina-based Vitrium Capital plans to build 68 units and 2,324 square feet of retail in the building at 6443 Biscayne Blvd. It will have two- and three-bedroom condos plus…

Coral Gables seeks long-term traffic fix

Coral Gables has requested qualifications of firms interested in conducting a city-wide ten-year multi-modal transportation plan.  The request notes that the city’s geographic position as a “transportation linchpin between the City of Miami to the north and east and the rest of the county…

Aged Tamiami Swing Bridge to be replaced, moved elsewhere

A deteriorating bridge that’s eligible to enter the National Register of Historic Places would be added to Miami-Dade County’s Economic Stimulus Program under a resolution due to come before county commissioners Sept. 1.  The Tamiami Swing Bridge on Northwest South River Drive at the Dela…

Coconut Grove tourism rebounds

Anecdotally, there’s no shortage of tourists stepping off the big red bus touring through Coconut Grove. There’s also no shortage of visitors dining at the Grove’s restaurants, shopping at its stores, staying at its hotels and attending its events, locals say.  It was a Monday after…

633 rental units near Miami River advance

A large development that would include hundreds of multi-family apartments promises to breathe new life into a neighborhood near the convergence of the Miami River and Seybold Canal.  River Central is a planned mixed-use residential development to include 633 rental apartments in two eight-story…

Three Companies Ink Lease Deals Totaling 134,000 SF At Miramar Park of Commerce

The Park is currently at a record 97 occupied.

Can You Dig It: Miami’s Rail Future Will Disturb Notable Archeological Sites

This must be what it’s like building anything in Rome. According to leading archeologist Bob Carr, via the Miami Herald, All Aboard Florida has wantonly disturbed historic Tequesta archeological remnants near the Little River while making necessary upgrades to their tracks for the…

Rendering Reveals: Touzet Studio Replaces ArtCenter With the Art Deco Glamour of Old Burdines

The ArtCenter South Florida’s former 800 Lincoln Road Building, which originally was Miami Beach’s first Burdines Department Store and only the second store in the former chain’s history, is getting a well-designed restoration and expansion by developer…

Professional Office Building Proposed In South Miami

Going before the South Miami Planning Board Aug. 11, the plan breaks down to 40,740 square feet of medical office, 14,252 square feet of retail, 10,747 square feet of office and a parking garage.

Biscayne Beach developers launch new Edgewater tower

The developers behind Biscayne Beach are launching a new condominium in Miami’s Edgewater neighborhood, The Real Deal has learned. Elysee Residences will be a 100-unit, 57-story waterfront development at 700 Northeast 23rd Street. South Florida-based Two Roads Development, a company affiliated with Eastview Development…

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August 12, 2015

Realtors Commercial Alliance Video: Manny Medina ~ The Trillion Dollar Opportunity in Our Backyard

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August 11, 2015

Miami Commercial Real Estate News August 11, 2015

Downtown MiamiAdler Group buys Miami property approved for 449 apartments

An affiliate of the Adler Group bought a downtown Miami property that was recently approved for 449 apartments.  River Tower LLC, a Miami-based company managed by Brian S. Campbell, sold the 1.6-acre site at 230 S.W. 3rd Street for $14.25 million to Lancelot Miami River, an affiliate of Miami-based developer the Adler Group.

Ritz-Carlton Residences Miami Beach developer boosts loan to $105M

Lionheart Capital got its construction loan for the Ritz-Carlton Residences Miami Beach boosted to $105 million.  Bank of the Ozarks assumed a $10 million loan from City National Bank of Florida and increased it by $95 million to developer 4701 North Meridian LLC, an affiliate of Miami Beach-based Lionheart Capital led by CEO…

Edgewater Site of New 57-Story Condo Tower

Elysee will be the tallest residential high-rise in the East Edgewater neighborhood. Get all the details.

Chetrit Group deal spares eight South Florida apartment buildings from foreclosure

Eight South Florida apartment buildings were released from a foreclosure lawsuit as part of a nationwide acquisition by Chetrit Group.  A group of 73 apartment buildings in eight states were hit with foreclosure lawsuits in 2013 as part of Empirian Lexford’s $335 million loan with a commercial mortgage-backed securities (CMBS) firm.

Professional office building proposed in South Miami

A developer wants to build a five-story professional office building in South Miami.  The 65,739-square-foot building would be located at 6201 S.W. 72nd Street (Sunset Drive). It’s just west of the South Miami Metrorail Station and about 10 blocks south of the University of Miami.  According to the plan set to go before the South Miami…

Police: Miami Beach Realtor tried to extort powerful duo for $800,000

A Miami Beach real estate agent — who sported bruises in his mugshot — was arrested over the weekend after police say he tried to extort $800,000 from two high-powered brokers, known as ‘‘the Jills,’’ and then grabbed for an officer’s gun during his arrest.  Kevin Francis Tomlinson, 48, a high-profile Realtor who worked…

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August 11, 2015

81 Miami-Dade New Commercial Property Listings on MLS in 7 Days to August 10, 2015

Miami-Dade Commercial Properties 7 Days to August 10, 2015

Miami-Dade Commercial Properties 7 Days to August 10, 2015

In the seven days to August 10, 2015, MLS counts 81 new listings for improved commercial/industrial properties within Miami-Dade County, down a touch from 96 new listings in the  week ending August 3rd.  Notable among the listings is a multifamily property on Brickell Avenue for $8 million.

Other indicators during this period that commercial real estate investors may wish to review are trends in commercial real estate prices and availability.  These are influenced by trends nationally as well as by  demographic and economic trends and expectations in the area.  To get a feel for how the market is today, view Miami area commercial property listings filtered by zip code, price range, or property type.

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August 10, 2015

Miami Commercial Property News August 10, 2015

Offices of Keyes Commercial RealtyMiami’s Edgewater neighborhood to get tallest condo yet

The Elysee Residences aims to be the tallest condo yet in Miami’s booming Edgewater neighborhood.  Two Roads Development recently launched sales for the 57-story project at 700 NE 23rd Street, a waterfront site that currently has a four-story multifamily building. It would have 100 units ranging from 2,660 square feet to 4,000 square feet.

Piling Work At MiamiCentral Nearly Complete, All Aboard Florida Gets Green Light For $1.75B Financing

All Aboard Florida received approval yesterday from a Florida board to issue $1.75 billion in tax-free bonds, just as the company is completing piling work at the MiamiCentral station.  The company will now be able to pay off $405 million worth of bonds issues last year that sold at a 12 percent interest rate, which were used to begin work…

Among the world’s major cities, Miami Beach remains the most attractive for its prices per square foot

Beyond being one of the main tourist destinations throughout the year, Miami and surrounding cities have become a great real estate investment opportunity not only because of its competitive price per square foot, which compared to other cosmopolitan cities around the world remains the lowest, but…

Commercial Real Estate National News Roundup For August 10, 2015

More women needed in CRE, Orlando retail and office buildings are in great demand, industrial market strong in Kansas City and more.  It’s all here at the Commercial Real Estate Real Estate Roundup for August 10, 2015.

Moishe Mana bags another building in downtown Miami for big plan

 

Moishe Mana added another building to his collection in downtown Miami as he prepares a major redevelopment plan that will focus mainly on retail.  The New York resident’s Jersey Art Holdings recently paid $6.825 million to 3 Palms Enterprises, managed by Jose Goyanes, for the 10,351-square-foot building at 4 S.E. 1st Street.

Miami-Dade Walgreens trades for $1M premium

 

The Walgreens at 5701 Northwest 183rd Street in Northwest Miami-Dade.  A Walgreens in northwest Miami-Dade County was just sold for $5.9 million — a $1.1 million increase from its last sale two years ago.  The store is located at 5701 Northwest 183rd street. It was built in 1997 on a lot…

AC Hotel in Aventura lands $35M construction loan

Norwich Partners has closed on a $35 million mortgage for its planned AC Hotel by Marriott in Aventura, according to Miami-Dade County records.  Norwich is developing the 233-key property between Northeast 207 Street and…

Biscayne Beach developers launch new Edgewater tower

The developers behind Biscayne Beach are launching a new condominium in Miami’s Edgewater neighborhood, The Real Deal has learned.  Elysee Residences will be a 100-unit, 57-story waterfront development at 700 Northeast 23rd Street. South Florida-based…

Miami Beach bank building sells for $21M

 

The United States branch of an Israeli firm just sold off a six-story financial building in Miami Beach for $21 million, Miami-Dade County records show.  The 39,638-square-foot building, at 4100 Pine Tree Drive, is occupied by HSBC Bank. It was built in…

How Muse Won a $134M Construction Loan

“Miami has become an important market for condo construction lenders, in part, because of the quality of the developments being approved…”

KBS Snaps Up 100% Occupied Weston Towers

“We believe Weston Corporate Center I and II’s central location in the amenity-rich region of Broward County is irreplaceable and is an attractive draw to tenants.”

Paraiso Bayviews — next in series — to come out of the ground

Related Group’s Paraiso Bayviews — the third of four Paraiso towers aiming to transform Miami’s Edgewater neighborhood — is now 85 percent sold and is about to begin construction, The Real Deal has learned. Groundbreaking will start next week at the planned 44-story Paraiso Bayviews, which will have 388 units…

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August 10, 2015

29 New Miami-Dade Commercial/Business/Ag Land Listings on MLS in 7 Days to August 3, 2015

Miami-Dade MLS Comm'l/Bus/Ag Land 7 Days to August 3, 2015

Miami-Dade MLS Comm’l/Bus/Ag Land 7 Days to August 3, 2015

In the seven days to August 3, 2015, MLS counts 29 new listings for commercial/business/agricultural land, up rather significantly from the prior week ending July 27th which had 18 new listings of this type.  Notable among the new listings is a listing for just over $6.5 million for nearly 109 acres of avocado groves just outside the UDB in the southern part of Miami-Dade country.

Other indicators during this period that commercial real estate investors may wish to review are trends in commercial real estate prices and availability.  These are influenced by trends nationally as well as by  demographic and economic trends and expectations in the area.  To get a feel for how the market for vacant land is now, view Miami area vacant land listings,

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August 8, 2015

Miami Commercial Real Estate News August 7, 2015: Adler Group Buys Riverside Tower Site; More…

Miami, Florida Skyline, Showing Lots of Commercial Real EstateApartment Developer Buys Site Where 449-Unit Riverside Tower Was Recently Approved

Downtown Miami’s red-hot apartment market could be getting a few hundred more units.  Apartment developer Adler Group closed on the purchase of the Riverside Tower development site last week. The property is located at 230 Southwest 3rd Street, in front of a city of Miami administrative building.  In 2013, a company managed…

At American Dream Mall, World’s Largest Indoor Ski Slope Will Open At 10 AM Daily

American Dream mall is already advertising in a local newspaper.  The mall, which will be the largest in the U.S., is being built in Northwest Dade, near Hialeah and Miami Lakes.  The indoor ski slope will be the largest in the world, according to the ad. Skiing, sledding, tobogganing and ski instruction will be available daily year round, starting…

Inside 250 Wynwood, First of Many Residential Buildings Likely to Come

Construction is almost complete at 250 Wynwood, the modern, six-story, 11-unit residential building going up on NW 24th Street. In a neighborhood that seems to have it all — world-class street art, craft beer, artisanal coffee, creative office spaces — there aren’t many options for people to sleep there at night. And that’s mostly because…

Speedy Melo Group Is Already Painting 497-Unit Melody

Melo Group wants to retain their reputation as one of the fastest builders in Miami.  The developer is already painting their 497-unit Melody rental high-rise, even as the 36-story tower continues to rise.  Melody broke ground in June 2014 at 245 NE 14 Street, next to the Arsht Center. Melo says that it will be a luxury apartment…

5 predictions about the South Florida economy

South Florida is catching a tailwind from a stronger U.S. economy, according to PNC Financial Services Group’s third quarter Southeast Market Outlook. The report offered an optimistic forecast of the region’s progress into 2016, predicting lowered unemployment rates, less foreclosed properties and more tourism.  “Southeast Florida…

Photos of 2500 Biscayne Coming Out Of The Ground

Construction continues at a 156-unit rental project at 2500 Biscayne.  Greystone of New York is the developer, while Behar Font of Coral Gables is the architect.

North Miami Business Park sells for $21.25 million

 

North Miami Business Park sold at a slight loss this week.  The 214,318-square-foot, 12-building asset traded for $21.25 million, or about $100 a square foot. In 2005, during the height of the last market cycle, the business park at 1922 N.E. 149th St. in North Miami sold for $21.75 million.  In the latest deal, Douglas Mandel…

Mixed-use project near Metrorail to be proposed in Miami’s Coconut Grove

A development with apartments, commercial space and possibly office space will be proposed at a site near a Metrorail station and Underline, a 10-mile linear park and urban trail being developed underneath Metrorail that will run from the Miami River to Dadeland South Station.  Alfa SF Equity…

Keyes Commercial Leads Mid-Year Commerical Broker Ranking

In the twelve months ending June 30, 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 4.1% market share was 82% more than the n…

Berger Commercial Realty Closes Three Leases Totaling More Than 55,000 Square Feet

Broker Associate Roxanna Collins negotiated the deals.

Miami Business Park Trades In $21.25 Million Deal

IPA senior director Douglas K. Mandel and IPA director Benjamin H. Silver negotiated the sale on behalf of the seller.

Mindboggling Reveals: Skinny Waterfront Condo Tower ‘Elysee’ Coming to Edgewater

The Next Miami spotted a tweet by broker Kinga Konsorska of Cervera Real Estate revealing the first rendering of a new, skinny condo tower coming to Edgewater called Elysee. They dug up some additional info. The 57-story project will only have one or two units per floor, for a total of 100 units…

Development Update: Berenblum Busch Designing Nine Townhouses for The Roads

A set of nine ‘upscale’ townhouses designed by local Miami design firm Berenblum Busch Architecture is coming to the pocket of multifamily residential and apartment buildings around the Vizcaya Metrorail Station, according to the architects. The 2,500 square foot units will be three levels each…

Railroading: What if Tri-Rail Extended All the Way to Homestead?

This map, taken from the system map of the CSX Railway, shows the extent of the CSX-owned rail trackage south and west of Miami International Airport, which CSX is proposing to sell to the State of Florida to expand Tri-Rail. The dashed blue lines are those which CSX has access to under operating…

Groundbreakings: Rather Nice Neoclassical Building Coming to the Design District

A rather classy looking neoclassical retail building in the Design District, just north of all of the DACRA developments underway, broke ground today at 4136 N. Miami Avenue. Its developer, Manny Angelo Varas, says it will “feel like it’s been there for a hundred years,” with its shaded retail…

Comment (re extending Tri-Rail south) of the day: “Hrmm, there’s definitely potential here if…

“Hrmm, there’s definitely potential here if the Homestead stretch can be procured at a fair price. It would definitely help boost the attractiveness of South Dade / Miami tremendously. From a practical perspective, we’ll probably have low utilization for a long while (much like the existing Tri-Rail…

Swire Brings in Hong Kong Heavyweight

Swire Properties president calls her “invaluable” to the Brickell City Centre launch.

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August 7, 2015

Keyes Commercial Leads Mid-Year Commercial Broker Ranking

In theKeyes Commercial Dominates This Miami MLS Market Share Report twelve months ending June 30, 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 4.1% market share was 82% more than the next highest competitor and almost as much as the next two highest competitors combined.

Other companies that made the top 10 list behind Keyes Commercial include Kaizen Realty Partners, AG Real Estate Advisors, Beachfront Realty, Keller Williams Realty Premier, Fortune International Realty, Goldstar Realty, RE-MAX Advance Realty, Fausto Commercial Realty, and Americas Industrial Realty.

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August 6, 2015

Miami Commercial Property News August 6, 2015

Keyes Commercial Realty

Keyes Commercial

If You Can’t Stand the Heat: South Florida’s Multifamily Residential Market On Blistering Pace

Even by the standards of South Florida’s multifamily housing market boom, multifamily builder ZOM has been on a tear. The Florida-based development firm broke ground a few days ago on another 43-story apartment tower, the final phase of the $1 billion Metropolitan project in downtown Miami.  Met…

Colliers Acquires Miami-Based Property Management Firm Pointe Group Advisors

In a move to deepen its bench in the strategic South Florida market, Colliers International Group Inc. (Nasdaq: CIGI) announced it has acquired Miami-based property management specialist Pointe Group Advisors.  Pointe Group Advisors manages 7 million square feet of office, industrial and retail…

Doral lets Trump keep key to the city

Despite a decent showing of protesters, Doral city council voted 3-2 to let Donald Trump keep the key to the city.  Doral Vice Mayor Sandra Ruiz on Wednesday night proposed a motion to publicly denounce Trump for comments he made about Mexican immigrants and to take back the key to the city, which was presented to the business…

All Aboard Florida gets key vote to borrow $1.75 billion

All Aboard Florida won a pivotal vote Wednesday that will allow it to issue $1.75 billion in tax-exempt bonds to build a passenger railway from Miami to Orlando.  The unanimous decision by the Florida Development Finance Commission was an important hurdle for All Aboard Florida’s $2.25 billion project and increases…

Hart Commercial Brokers Sale Of Doral Office Building

 

The 24,430-square-foot office building is located in the heart of the Doral business district.

Reichel Realty Unlocks Value For Iberia Bank-Owned Miramar Property With Sale Of 8.5-Acre Outparcels

Over 18 months, the property was under contract 5 times.

The Rent is Too Damn High: Miami’s Average Rent Rose by $80 in 3 Months, in the Summer

The last time Curbed Miami published a Zumper National rent report, in May, Miami’s average rent was $1800 a month. Now, according to the latest Zumper rent report, for August 2015, the

Railroading: CSX Just Made East-West Rail Line a Lot More Expensive

CSX just made an 11 mile east-west Tri-Rail or Metrorail line along its Miami International Airport-bordering rail tracks significantly more expensive than the bargain basement $102 million estimated construction cost of the project, reports the Miami Herald. They don’t want to…

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August 6, 2015

Miami-Dade Business Opportunity Median Asking Price vs. Median Sales Price

Miami-Dade MLS Business Opportunity Median Sales Price as Percentage of Median Listing PriceIn the 5 1/2 years from January 2010 through June of 2015, the median sales price for businesses sold and recorded in MLS (business opportunity listings) was less than the median asking price for the same month 77.2% of the time.  Given that this data is simply for new listings or sales in a given month, the percentage varies dramatically, as the businesses sold are almost entirely different than the businesses listed in given months.

In the 5 1/2 years considered, the average selling price was 67.7% of the average asking price.  The sum of the median sales prices as a percentage of the sum of the median listing prices, i.e. a dollar weighted average percentage, is a similar 67.2%.

What can be made of this?  Perhaps little.  On the surface, it appears that on average businesses listed sell for about 1/3 less than the asking price.  However, this is far from the complete story.  Within this category there may be highly unreasonably priced listings.  Further, one must consider that the listings are, by definition, entered, but of the businesses listed only the ones that later sell (and have the sale recorded in MLS) will count as completed sales to thus effect the median sales price for a given month.

When you combine all this, the result is a compromised data set.  Make of it what you will.  Experience tells us that good businesses priced right attract real buyers that pay a fair price, further making the concept of a significant discount to the asking price less credible.

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August 5, 2015