Once and Future Flagler

Miami-Dade College history professor Paul George remembers when Flagler Street was literally Miami’s main street. “Growing up here in the 1950s,” he says, “downtown was the center of almost everything. There were movie theaters, Burdines, five-and-dime stores. It was…

700 Midtown rentals get cold shoulder

A developer’s plan to turn half a dozen acres next to Midtown into row upon row of rental apartments is in limbo after a less-than-favorable examination by the city’s Urban Development Review Board.  The angular site on Northeast Second Avenue hugs the FEC railroad tracks and is…

Goldman Properties buys Wynwood Doors in Miami for $12 million

Goldman Properties has acquired more land in Miami’s Wynwood neighborhood with the purchase of mural project Wynwood Doors. The 31,000 square feet of land and 3,960-square-foot warehouse are directly adjacent to Wynwood Walls, a large collection of graffiti and street art from notable artists, which gives the neighborhood its…

Marlins Could Kill Soccer Stadium; Mayor Consults Lawyers

Mayor Tomás Regalado was apparently unaware of the rights that the Marlins have to essentially kill a soccer stadium next to Marlins Park, until Michael Lewis wrote about it in Miami Today last week.  Beckham’s partners were also apparently not informed of those issues by local politicians, who had pushed for the soccer stadium…

Adult entertainment firm buys Miami Gardens site for $15M

An adult entertainment company has picked up a warehouse, showroom and strip club in Miami Gardens for 15,300 stacks, or $15.3 million, according to Miami-Dade County records. An affiliate of RCI Hospitality Holdings, a publicly traded operator of strip clubs, nightclubs and adult entertainment websites, was the buyer. Strip club…

826-836 interchange on fast track

While all the finishing touches on Miami-Dade County’s most impactful road project – the interchange of state roads 826 and 836 – won’t be in place until January 2016, “We expect the project to be substantially completed by the end of this year,” project spokesman…

Niche in container market pays off big

A Florida East Coast train arrives at the PortMiami via an on-dock rail connection in the morning, then departs in the afternoon, carrying with it an assortment of commodities that range from garments to waste paper to refrigerated cargo.  As of July 28, the two-year-old rail service had transported…

Push to handle air traffic boom

With numbers of passengers and flights entering and leaving Miami International Airport continuing to outpace projections, the airport is pushing forward efforts to accommodate the influx.  Those efforts include changing the airport’s infrastructure as well as working closely with…

Which way will Calle Ocho run?

Residents and business people in East Little Havana, a historic neighborhood at the western edge of booming Brickell, are concerned about changes that are coming for two major streets that slice through the area.  The Florida Department of Transportation in June completed a study of Southwest Seventh…

CBRE Arranges 50,000 SF Lease For Healthcare Tech Company

The company is expanding its operations and plans to hire approximately 500 employees from Deerfield Beach and surrounding communities when it opens on August 16.

NAI Miami To Offer Private Equity Development To CRE Clients

NAI Miami will work together with 607Cogent to offer this unique service to its retail clients.

Former Carlisle, Biscayne Housing execs and others charged with stealing $36M from U.S. affordable housing program

Former Carlisle Development Group CEO Matthew Greer and five others were charged Tuesday with conspiring to defraud the U.S. government out of millions of dollars through a low-income housing scheme, the U.S. Attorney’s Office for the Southern District of Florida announced.  About $36 million in funds were stolen because…

213,000 SF Miami Airport West Industrial Facility Trades

CBC Alliance Miami Managing Principal Jim McCoy and Jeff Hartsook of Americas Industrial Realty Corporation exclusively represented the seller, Leyjon Investments Corp, in the $15 million, all-cash transaction.

Adler Group Buys Vacant Lot For $14.25 Million

Zoning for the parcel allows for a developer to build up to 36 stories, or up to 60 stories if the builder uses the bonus program under the Miami 21 Zoning Code.

Turnbridge Equities Acquires Entire Block On Washington Ave.

Miami Beach-based Turnbridge Equities has acquired a pair of older retail properties located at 601-615 Washington Avenue and 657-685 Washington Avenue in Miami Beach from GSL Management. Turnbridge paid $36 million or about $621 per square foot for the buildings, which were purchased for their land…

Development Update: Mansions at Acqualina is Finished; Estates at Acqualina Reaches $360 Million in Sales

The very slim Mansions at Acqualina has been completed, received its TCO (Temporary Certificate of Occupancy), and is ready for move-in, according to the developer. Oh, and the joint is completely sold out, which means that the Palazzo di Richezze, the building’s $55 million…

Two Years Late, Merrick Manor is ‘One Step Closer to Groundbreaking’

We originally reported that Merrick Manor, the luxury midrise condo tower in Coral Gables, was set for an August groundbreaking, exactly two years ago. So, obviously something came up, and that something was all that drama over Trolleygate. Finally it’s August again and Merrick…iece up, arguing that a certain gang of decor trends are so ubiquitous that they’re “on the verge of extinctio…

One Thousand Museum’s Thrillingly Glass-Walled Rooftop Pool Could Quietly Lose its Glass Wall

One Sotheby’s, the official leasing agent of Zaha Hadid’s One Thousand Museum condo tower, has dropped a few new renderings on its blog of the penthouse, two-level rooftop amenity area, and the lower pools on the amenity deck. Everything looks shiny and gorgeous, including a long blank wall on…

On the market: $20 Million for Almost An Acre of Land on North Bay Road?

The Jills have listed a 37,895 square foot bayfront vacant lot on North Bay Road for $19.95 million along with floorplans for a contemporary house, making it the largest and most expensive empty lot and the fourth most expensive listing on the road. It may not be as wildly overpriced as two other…

National Commercial Real Estate Roundup For August 3, 2015

Like-kind exchanges get a census, Q2 sales slump, office construction booms in ten markets, an intergovernmental turf war, and what does $12 million get you in Milwaukee? It’s all here at the Commercial Real Estate National News Roundup for August 3…

Redland Florida Land Sold

One of the largest available land sites in Miami-Dade County has been sold. The 95 acres of land is located in the Redland on Southwest 328th Street just west of 217th Avenue. The sale price was $2,775,000 or about $29,000 per acre.  ComReal Miami’s…

American Dream Mall Will Have World’s Largest Indoor Ski Slope

Being called a luxury shopping and entertainment center rather than a mall, skiing, sledding, tobogganing and ski instruction will be available daily.

Opa-Locka warehouse trades for nearly $6M

A warehouse in Opa-Locka traded hands for nearly three times its last sale, Miami-Dade County records show.  The 91,813-square-foot building, at 12845 Northwest 45th Avenue, sold for $5.8 million to S.K.L. of Miami Inc. The company lists Sang….

Hotel Astor in Miami Beach granted EB-5 status

After a grueling two-year application process, Miami Beach’s Hotel Astor has been granted EB-5 status by the U.S. Citizenship and Immigration Services office, The Real Deal has learned.  That means the 18 investors from Brazil, China, and…

Hotel sales in 2015 reach $42B worldwide

From the New York website: It seems like Monopoly had it right: it’s all about the hotels.  Global investors poured a whopping $42 billion into hospitality properties in the first half of 2015, with Asian and Middle Eastern buyers providing a major boost, according to JLL…

Office building along Biscayne sells for $11.5M

A Miami investor has sold a five-story office building in Miami, according to county records.  The Sunset View Office Tower, at 4700 Biscayne Boulevard, sold for $11.5 million. An LLC led by Pablo Umansky was the seller. Miami Beach-based MGB Biscayne Blvd. Corp….

How to Attract More CRE Millennials

More than one-in-three American workers today are Millennials. How can the commercial real estate industry prepare for the future?

55 Miracle Mile Sees Breakthrough

“Our team took over the leasing four months ago, and we were able to bring the vacancy rate down to…”

Retail property in Miami’s trendy Wynwood district sells for $12.24M

CJL Wynwood, an affiliate of New York’s Centurion Realty, LLC, has secured a property in Miami’s Wynwood for $12.24 million in a joint venture with James Realty and Link Real Estate.  The New York company bought two adjacent parcels at 2507, 2511 N.W. 2nd Ave in Miami and 184 N.W. 26th St. in Miami. The property has…

5 retailers announce new South Beach storefronts

An array of retailers have announced new locations on Lincoln Road in Miami Beach, one of South Florida’s most heavily trafficked tourist destinations:  Anthropologie will relocate to a proposed development at 801 Lincoln Road from 1108 Lincoln Road. The women’s clothing, accessories and home decor retailer has signed a 10-year lease…

Kenny Nachwalter PA Relocating to Four Seasons Tower

Kenny Nachwalter PA, a business litigation firm, is relocating to Four Seasons Tower at 1441 Brickell Ave. in Miami, Florida, after 37 years in downtown Miami.  It will be leasing 21,000 square feet, the majority of the 11th floor. The long-term lease begins early next year.  Cushman & Wakefield…

FIU Students Trying to Build Bullet Train to Miami Beach

A group of students mainly from FIU, but also UM, and Miami-Dade College are trying to bring a maglev train to Miami, an idea that would be pretty incredible if and when it actually got built. Maglevs are superfast ‘bullet trains’ that levitate on magnets and already exist in China and Japan.

The Life Aquatic: Miami Science Barge Coming to Museum Park Next Year

The Miami Science Barge, which when completed will be exactly what it sounds like, officially has a home: Museum Park, or mores specifically, in the water right next to Museum Park. In a lovely turn of events, this puts the floating laboratory and educational facility…

Preservation Watch: Almost Demo-ed Art Deco Gem on Alton Coming Back to Life

A compact little art deco masterpiece on the northern end of Alton Road that only months ago was extremely close to demolition by its former owners who wanted to replace it with something far larger and far newer will instead be restored to its original glory by a new…

Mindboggling Reveals: Icon Bay, Related’s Pride and Joy, is Done. And Here It Is

The Related Group’s latest thing, the luxury condo tower Icon Bay in Edgewater, is done, public park and all. And here it is. There isn’t much to say about Icon Bay and Icon Bay Park that Curbed Miami hasn’t already said (see our extensive archives). We’ve…

FAQs – 1031 Exchanges (Tax Deferred Exchanges) for Commercial Real Estate

Frequently Asked Questions (FAQs) – 1031 Exchanges (Tax Deferred Exchanges) for Commercial Real Estate
Question 1:    What is the difference between a sale and an exchange?  Answer 1:  A sale…

Adult entertainment firm buys Miami Gardens warehouse for $15M

An adult entertainment company has picked up a warehouse and showroom in Miami Gardens for 15 stacks, or $15.3 million, according to Miami-Dade County records.  An affiliate of RCI Hospitality Holdings, a publicly traded operator of strip clubs, nightclubs and adult entertainment…

Hotel boom creates array of ‘stay-cation’ options

As South Florida has become a hot spot for hotel development, residents of Miami-Dade, Palm Beach and Broward counties have more upscale “stay-cation” options than ever.  South Florida residents planning a local vacation have more than their fair share of chic hotel…

Delray Beach mayor takes over condo-hotel project

A judge agreed to the appointment of Cary Glickstein, the mayor of Delray Beach, to oversee the completion of the Palm House condo-hotel project, which has been plagued by an internal dispute among the owners.  Palm Beach County Judge Donald W. Hafele appointed Glickstein…

Miami Beach residents to vote on Ocean Terrace upzoning

For the first time ever, Miami Beach voters will decide whether or not a developer should receive a zoning increase.
By a vote of 6:1, the Miami Beach City Commission moved forward with zoning changes that will enable developer Sandor Scher to build a pair of high-rises at…

Attorney: Cesspool of Legal Issues in Cuba CRE

Cuba is certainly a hot topic in foreign investment discussions these days. But proceed with caution.

Miami Beach grants first approval to create 800-room convention hotel

Miami Beach’s city commission approved the first reading of a lease that would create a 800-room convention center hotel.  The city has been seeking to build a hotel to complement the Miami Beach Convention Center for decades. The region’s largest convention center is undergoing $500 million in renovations to handle more business…

Two shopping centers proposed in Doral

A Coral Gables-based investment group wants to build two shopping centers on the edge of the Trump National Doral Miami golf course.  Both items are set to go before the city council on Aug. 5.  In the first application, 97 Property wants to build a 50,085-square-foot shopping center at the southeast corner of Northwest 58th Street…

Demolition Begins At Worldcenter; Paramount Sells Another 77 Units

Miami Worldcenter developers have started demolition work, with groundbreaking on the project said to be coming soon.  Demolition crews were working on the former Mekka nightclub yesterday. Other structures on the property are also about to be bulldozed.  The first phase will include The Mall at Miami Worldcenter, the Paramount…

$750 Million Marriott Expo Center Delayed By Grand Central Park Trees

A project that could eventually add billions to Miami’s economy, delayed by a few trees?  Construction at MDM Development’s $750 million Marriott Marquis Miami Worldcenter Hotel & Expo has been delayed by the presence of trees that were planted on the site just a few years ago, TNM has learned.  The trees were planted as part…

NorthStar buys three Marriott-branded hotels in Miami from Thayer Lodging

An affiliate of NorthStar Asset Management bought three Marriott-branded hotels near Miami International Airport from Thayer Lodging Group.  The deal covers the 366-room Miami Airport Marriott, the 300-room Courtyard by Marriott and the 160-room Residence Inn. They are located at 1201 N.W. LeJeune Road and total 532,864…

Downtown Miami Office Tower Completes $15 Million Reno

Architecture firm RTKL’s design team transformed the lobby and added 8,000 square feet of new amenity space.

Bridge Development Acquires Land for Business Park Expansion

Chicago-based Bridge Development Partners has purchased 20 acres at NW 107th Avenue and NW 109th Avenue just north of NW 138th Street in Hialeah Gardens, FL, for expansion of the Bridge Point Crossroads industrial park.  This site is part of a larger 65-acre assemblage in Hialeah Gardens which…

Development Update: Related Reveals a Few Renderings, Floorplans, Totally Fake Dens, for Gran Paraiso

The Related Group has revealed renderings… okay, just a few renderings… floorplans, etc. of Gran Paraiso, its most expensive and fanciest of all the towers in the Paraiso Bay megaproject. Arquitectonica is designing the building, and laying out the units, so they might be the…

Vote for Your Favorite South Florida Buildings With the AIA

The Florida Chapter of the American Institute of Architects is holding its Second Annual People’s Choice Awards for your favorite buildings in Florida and wants your votes from a random assortment of dozens of buildings, fourteen of which are from South Florida, or you can submit your own. The…

In the rezone: It May Finally be Easier to Build Small Infill Buildings in Miami

In the City of Miami’s current real estate climate, building large scale projects is significantly easier than smaller developments due to parking requirements in the zoning code, practically eliminating smaller developers from the game. Somebody who may want to built five or ten residential units…

Construction Watch: The Venetian Causeway Has Already Been Taken Apart

The reconstruction and repair of the historic Venetian Causeway appears to be at full steam, according to photos taken of the work by Miami Flickr stalwart Phillip Pessar on July 19th. Construction equipment on barges have already taken apart the superstructure of a…

Retail Expansion Fueling Demand For New Net Lease Assets

Scattered retail expansion in Q2 of this year continued due to low interest rates and persistent consumer demand. Nationally, retailers continue to expand, re-tool their business models and test new markets. This, according to at least one market researcher…

Equity One Buys Out Interest In Three Miami Retail Centers, Profits Up

The North Miami Beach- and New York-based retail REIT acquired full ownership of the Concord Shopping Plaza, the Shoppes of Sunset and the Shoppes of Sunset II.

Matt Sherman unloads would-be jugofresh site in MiMo

Jugofresh owner Matthew Sherman has sold the Biscayne Boulevard site in MiMo that he had planned to redevelop for a new shop, The Real Deal has learned.  Sherman sold the building, at 7501 Biscayne Boulevard in…

Exciting times in Fort Lauderdale, firm reports

Realtors and developers have been saying for months that Fort Lauderdale is coming into its own as a rival of Miami’s booming real estate market. Now, One Sotheby’s International Realty has released a mid-year…

Apollo Group buys Miami warehouse for $15M

The Apollo Group, a Miami-based cruise ship food, catering and logistics company, has paid $15 million for an industrial warehouse in unincorporated Miami-Dade, county records show.  Apollo acquired the 213,131-square-foot building…

Horacio LeDon quits Douglas Elliman job

Top broker and Miami native Horacio LeDon, president of Douglas Elliman Development Marketing for Florida and California, announced his resignation today, The Real Deal has learned.  After a 13-year career selling billions of dollars in new development deals in New York, Miami and Los Angeles…

Hollywood hotel fetches $12.5M

A small assembly of properties in Hollywood, including a Ramada Inn, was just sold for $12.5 million, according to Broward property records.  The seller was a local company titled Hollywood Harrison Development, managed by Benjamin Cohen. He…..

What’s Driving Chinese Investors to Miami?

“Chinese investors who are buying US real estate are doing it with a very long-term view…”

Keyes Commercial

Equity One buys out interest in three Miami retail centers, profits up

Equity One announced several shopping center transactions that involved South Florida as it released its second quarter earnings on Wednesday afternoon.  The North Miami Beach- and New York-based retail REIT (NYSE: EQY) posted recurring funds from operation of $47.3 million, or 34 cents per square, which beat the consensus…

Developer to build GotRoom self-storage facility near Aventura

American’s Capital Partners plans to build a 120,000-square-foot self storage facility near Aventura.
The Got Room facility should break ground in late fall 2015. It would have 975 climate-controlled storage units and two loading docks. It acquired the 36,600-square-foot site at 2645 N.E. 186th Terrace for $2 million…

Broward County Goes Bananas

After 10 years of courting Chiquita Brands International, Broward County has secured the company, which will relocate its main headquarters to a 14,432-square-foot space at the Design Center of the Americas (DCOTA) building at 1855 Griffin Rd. in Dania, FL.  Located in the Dania Beach Complex, the…

SW Miami Avenue Land Sold for $18.3M

A subsidiary of Brickway Investment Corp. purchased the vacant land located at 39 – 55 SW Miami Ave., on the Miami River, from a local owner for $18.3 million.  The buyer plans to develop a 340-room hotel on the 0.3-acre site. As of now, permits are not in place and development isn’t…

EB-5 a good solution for Miami’s affordable housing woes, experts say

Legal experts in the EB-5 program said Miami’s regional center to lure foreign investments in exchange for green cards could help relieve the city’s affordable housing shortage, but it’s certainly not a panacea.  The EB-5 program is a hot-button issue in Congress, as it’s set to expire on Sept. 30. The attorneys and Miami city officials…

Bridge Development acquires property to expand Miami-Dade industrial park

Bridge Development Partners acquired a 20-acre site in Hialeah Gardens that will allow its industrial park project in the area to exceed 920,000 square feet.  Cushman & Wakefield’s Wayne Ramoski and Gian Rodriguez represented Bridge HG South, an affiliate of the Chicago-based developer, in the $7.05 million purchase of the property…

Johannsen Joins NAI / Merin Hunter Codman

Christian Johannsen, CCIM is relocating from NAI Miami to NAI / Merin Hunter Codman, Inc. as a managing director. In his new role, Johannsen will focus on capital advisory services for institutional-quality assets including debt and equity placement, bridge and mezzanine financings, structured…

BRG Pays $20.2M for Heron Bay Corp Ctr

Benedict Realty Group (BRG) acquired the two-building Heron Bay Corporate Center at 11555 – 11575 Heron Bay Blvd. in Coral Springs, FL from Ivy Realty Services LLC for $20.2 million, or about $227 per square foot.  The Heron Bay Corporate Center totals 89,114 square feet of office space on six acres…

Hollywood neighbors beset by traffic fear further expansion by Ben Gamla school

Representatives of a traffic-congested Hollywood neighborhood are expressing new fears regarding the Ben Gamla middle-high public charter school complex, now under construction, after discovering that ex-congressman Peter Deutsch, a top school official, is linked…

On the water: This is How SoLe Mia Will Have Giant, Clear, Swimmable Lakes

SoLe Mia, the 183 acre, $4 billion megaproject that the Soffer and LeFrak families are building in North Miami will have two artificial turquoise lagoons that are ten acres each and are completely clear and completely swimmable, with beaches. Circled by residential high-rises, the lakes will also…

Railroading: Metrorail Line to Doral Would Cost Only $102 Million to Build

Miami-Dade Commissioner Esteban “Steve” Bovo, head of the commission’s transportation committee, is in discussions with CSX, a railroad company, to use their existing east-west freight line for passenger rail out to western Miami-Dade, either as Metrorail or Tri-Rail.  Bovo told…

Abandonment Issues: Nike Missile Site Built to Stop Cuba is Being Demolished Now

Abandoned Florida, an urban exploration website helmed by the anonymously named Bullet (being an urban explorer, one often has to be anonymous) reports that they have heard that the Nike Missile IFC Site HM-95, D Battery, just off Krome Avenue, is set to…

Retail Comeback In Suburban Sprawl?

While retail’s national economic health picture remains mixed with the commercial real estate recovery applied unevenly across the land, recovery stories are appearing that demonstrate what could yet be for the national retail property market as a whole.  In…

Pipeline Taking Coworking Model to Doral

“Doral’s growth and international population makes it an ideal community to serve as a complement to our other South Florida locations…”

The Edge on Brickell is over: site trades for $18M

The developer of the proposed Edge on Brickell has sold the Miami Riverfront site for $18 million to a Brazilian businessman, who plans to spend $200 million to build a 60-story condo-hotel, The Real Deal has learned. Leo Macedo, owner of the Brick Group, bought the two adjoining parcels, at 39 Southwest Miami Avenue Road…

Baptist Health gets OK to build Miami Beach facility

An outpatient and medical office complex proposed by developer Russell Galbut and Baptist Health South Florida for Alton Road and Seventh Street in Miami Beach is moving full steam ahead. Wednesday afternoon, the Miami Beach Planning Board voted 6-1 to grant Galbut-affiliated South Beach Heights II permission to build…

AMAC and Belfonti pay $16M for Miami-Dade development site

A joint venture between AMAC Holdings and Belfonti Cos. paid $16.16 million for a residential development site in the Biscayne Shores neighborhood of Miami-Dade County.  Bay Harbor Island-based 11200 Biscayne LLC, managed by Irwin Tauber, sold the 5.8-acre site at 11150 Biscayne Blvd. to 1st Sun Properties, an affiliate of Hamden…

Tri-Rail downtown link picks up steam

Putting one of the final pieces of a complicated puzzle into place, directors of the Southeast Overtown/Park West Community Redevelopment Agency voted unanimously Monday to contribute $17.5 million for the extension of Tri-Rail into downtown Miami.  “This will be paid by bond proceeds, and we…

One River Point Granted Approval, Will Include Biometric Security Features

Miami’s Planning and Zoning Department granted approval last week for the Rafael Viñoly-designed One River Point towers in downtown Miami.  As with most MUSP modifications, approval came relatively quickly, just two months after plans were submitted. Developer KAR Properties is modifying a Major Use Special Permit…

Pasión del Cielo, Pubbelly Sushi join restaurant lineup at Brickell City Centre

Miami brands Pasión del Cielo and Pubbelly Sushi have claimed space at Brickell City Centre, developers announced Tuesday, and both eateries are expected to open by fall 2016 in the development’s 500,000-square-foot shopping center.  Miami-based Pubbelly Restaurant Group will open its second Pubbelly Sushi with a menu similar to its…

UM bonds to expand health services

The University of Miami is on its way to expanding its health service centers.  The university has applied for the issuance of up to $764 million in revenue bonds by the county’s Education Facilities Authority to finance new university projects as well as refinance a portion of its existing…

Historic site repeal may raise cost of bridge

A decision by city commissioners regarding land on the Miami River might ultimately impact the design and cost to replace the Southwest First Street Bridge.  It might also affect how much access to the river is available for upland properties that have a long history of connections with the river…d. On July 23, they accepted the final plat…

Marlins contract makes soccer next door a tougher game

Much as we might want a Major League Soccer stadium near Marlins Park, the clock is running out and obstacles loom, an unreported barrier being the Miami Marlins.  The group David Beckham fronts has yet to secure a franchise from the league, which has made a soccer-specific stadium a condition to get…

Miami Dade College in building mode

To expand the breadth and depth of its course offerings and create space for greater enrollment, Miami Dade College is building new academic facilities and parking garages on some of its campuses.  In spring, construction wrapped up on major renovations to the Hialeah campus. Students and faculty…

PortMiami cargo nears record

Cargo containers entering PortMiami are nearing a record, approaching highs last seen a decade ago.  Cranes have unloaded about 740,000 containers from ships this fiscal year, which ends Sept. 30, up 12.6% from the same period last year. In fiscal 2014, 876,000 containers flowed into the port.  Direct…

One of the brightest spots in the economy is… nail salons?

Who knew nail salons were on such a roll?  In the accompanying chart from FRED (Federal Reserve Economic Data) the aggregate revenue of a rather eclectic group of business types are plotted.   These include nail salons, oil change and lubrication shops, bowling centers…

Berger Commercial Realty Secures 282,000 SF In New Leasing and Management Assignments

The three new assignments are for properties in Fort Lauderdale and West Palm Beach.

Panama Canal Expansion is Reshaping America’s Ports – Including Miami’s

According to CBRE Group, the Panama Canal’s expansion, the first major renovation the canal has undergone since its opening in 1914, is a milestone that will have a major impact on the global trade industry, and specifically, the way cargo is handled and transported throughout North America.  Scheduled to open in April 2016, the larger canal…

Easton & Associates Announces More Than 160,000 SF Of Industrial Leases

Demand for new industrial space remains strong in Miami Dade County.

Criddle & ICM Sign 30,000 SF At Cypress Executive Center

ICM Realty Group recently purchased the building and is currently repositioning the asset as a class “A” office building via a capital improvement program slated to be completed by the end of the year.

Rent, Don’t Buy: PMG Bringing Small, Expensive, Youth-Oriented Rentals Downtown, Calling the Building ‘Vice’

About an hour ago, we published a report that the average working millennial (read: young person) in Miami is able to afford only eight percent of the rental housing stock in Miami, less than anywhere else in the country. Now The Next Miami has details and renderings, following up on a Miami Herald…

The Rent is Too Damn High: Miami Rents are the Most Expensive in the USA for Millennials

A new study put together by Zillow for Bloomberg (h/t: New Times) shows that Miami is the most expensive of the fifty largest cities in the US for millennials to rent in, by a long shot. Using 30 of your income as a rule of thumb for the max on…

Big law firm moving from downtown Miami to Brickell

Kenny Nachwalter P.A. will move its Miami offices from downtown to the Brickell financial district.  Cushman & Wakefield’s Gordon Messinger represented landlord Millennium Partners in signing the law firm to a 21,000-square-foot lease on the 11th floor of the Four Seasons Tower at 14…

Curbed National: How Will Cuba’s Real Estate Market Adjust to a New Era?

“Come on, this is bullshit, this is for show, it can’t actually be real.”  When travel journalist Nick Watt was told that travelers to Havana’s Paseo del Prado could find not just snack vendors and tourists on the famous promenade, but a thriving…

Monochromes: Vintage Panoramas of a Bygone Miami

Before you could take a panorama with an iPhone, they were a big deal. You had to buy special film and get it developed, then the really long photos never fit in those envelopes with the other photos that one hour photo places gave you. In the 1920s and 1930s they were an…

Miami Industrial Real Estate Market Report Midyear 2015

The Midyear 2015 Industrial Real Estate Market Reports shows that the Vacancy Rate has fallen once again to just under 5% and the Average Lease Rates are up to $8.62 per sq. ft. This marks the eleventh consecutive quarter since 2012 of such trends. Prospective buyers and tenants continue to find it…

Pipeline Workspaces to open Doral location

Shared office space company Pipeline Workspaces will open its fifth location in Doral, the company announced on Tuesday.  Pipeline, which opened its first space in Brickell, will lease 13,000 square feet at Doral Concourse, which is adjacent to CityPlace Doral.

Miami Beach considers plans for Baptist Health, hotel parking garage

The Miami Beach Planning Board will take up two significant items on July 28 – a medical building that would be occupied by Baptist Health South Florida and a parking garage with some retail that would serve a hotel.  Plans for the Baptist Health outpatient offices have proven contentious, as Miami Beach-based Mount Sinai Medical…

Property owners approve Lincoln Road tax district

Eligible property owners voted in favor of creating a special tax district on Lincoln Road to fund improvements to the popular shopping, dining and entertainment area in Miami Beach. The office of the city clerk reported that more than 95 percent of the ballots cast were “yes” votes favoring creation of a self-taxing Lincoln Road Business…

Condo development scarce outside Miami, New York

Residential condominium development is robust in such cities as Miami and New York, but in the rest of the country, new condos are scarce. Condo construction comprised 5.5 percent of total U.S. multifamily construction in the first quarter. It was the smallest such percentage since the Commerce Department started…

Levy Realty Advisors Negotiates More Than 60,000 SF In Lease Deals

One of the deals includes a 3-year, 14,000-square-foot lease deal for distribution/warehouse space at Lakeview Center in Dania Beach negotiated by Levy’s Matthew Jones.

Brenner Closes 98,000 SF Lease For Corporate HQ

Brenner Real Estate Group negotiated an additional 35,331-square-feet in lease deals.

Uber Bringing 10,000 Jobs to Miami and Palm Beach, Facing a Battle Royale in Ft. Lauderdale and Key West

Uber is tough, really, really tough. It’s the hardened General Patton of app-based ride sharing services, while Lyft is… General MacArthur? Both companies are fighting the taxi medallion-owning establishment, cabbies protesting in France, a backlash from New York’s Mayor DeBlasio, and now half…

Commercial Real Estate National News Roundup For July 27, 2015

Seniors, minorities and millenials push multifamily growth, industrial markets looking very healthy, more companies are moving their headquarters to urban centers, Class B housing on the rise for working class families and more. It’s all here at the…

Developer proposes 347-unit apartment building in Fort Lauderdale

The apartment craze in Fort Lauderdale’s Flagler Village neighborhood could get a new player.  The city’s Development Review Committee will consider plans for the Morgan on 3rd Avenue on July 28. The $75 million project would have 357 apartments, 4,292 square feet ground floor retail, and 506 parking spaces.  Flagler…

Sony Music Inks Big Deal in Coconut Grove

Miami has long been known as the Gateway to Latin America, and deals like this just reconfirm that status.

Sony Music expands Latin American HQ, plans hiring in Coconut Grove

Sony Music has expanded its Latin American headquarters in Coconut Grove (demographics, commercial listings) and plans to boost its headcount there. Savillis Studley’s Robert Orban and Tyler Wyant represented the music company in the extension of its lease by 8 years and the addition of 6,500 square feet to its current 20,800 sf…

New trolley service to start in Coconut Grove Village West

The Coral Gables trolley will be running in Village West, making five stops, starting on Monday, July 27. This is great for Village West. Along with the opening of the new visitor’s center recently at the KROMA Gallery this is excellent news for the neighborhood.  “The Grand Avenue Route” will come from the Douglas Metrorail station…

What Shorecrest Financing Really Means

Although the deal isn’t large, it speaks volumes about the state of multifamily financing in Miami.

Robotic Condos: Wave of the Future?

For all the wild amenities in Miami condos these days, this one deserves a place on the list….

Kendall Sees $47M Multifamily Rise

After starting construction in two luxury multifamily communities in Central Florida, the company has turned its attention to Miami.

Are Chinese Buyers Overtaking LatAm Investors?

GobeSt.com caught up with Tim Lobanov, managing director of Verasca Group, to get his thoughts on the foreign investment coming into the market in this interview.

Coral Gables to plant 3,000 trees

Tree Succession project will plant over 3,000 trees and palms in residential areas throughout the City.  The project started in May of 2015 and will take 10-12 months to complete the planting portion of the project.  The contractor is SFM Services, Inc., and they will be responsible for the planting of the trees and palms as well as…

TriStar buys Atlas Plaza in Miami Design District for $65M

Atlas Plaza, the Miami Design District property that’s home to the popular Michael’s Genuine Food & Drink, was sold for $65 million to an affiliate of TriStar Capital and RFR Holdings.  Buena Vista Design Plaza, Buena Vista Design Plaza II, and Magnolia Court LLC, all headed by Russell D. Atlas in Miami Beach, sold the property…

Partial interest in Aventura development site sold for $11M

A 49 percent stake in a medical office development site in Aventura sold for $11.25 million.  A trust belonging to Marion Mutchnik of Hallandale Beach sold a 49 percent interest in the 1.6-acre lot to North Miami Beach-based Aventura Medical Center LLC, which is managed by Yerachmiel Mutchnik and Bernardo Rieber. It’s located…

Aria Development updates Yotel plans, remains coy about next downtown Miami project

Aria Development Group’s founding principal David Arditi offered an update about his company’s Yotel project, but remained reluctant to reveal plans about another downtown Miami development in the works.  Arditi told the South Florida Business Journal that Yotel is still expected to have about 250 rooms, and the most recent plans…

Miami River Multifamily Asset Trades

River Villas comprises 21 units with 600 feet of river frontage.

Stockbridge Capital Acquires El Mercado

Stockbridge Capital Group LLC acquired the El Mercado shopping center at 2400-2436 W. 60th St. in Hialeah, FL from Terranova Corporation for $23.1 million, or about $241 per square foot.  The 96,041-square-foot retail center was built in 1988 on nine acres in the Medley / Hialeah submarket, west…

PortMiami welcomes the return of Hamburg Sud

Ranked among the world’s largest container shipping lines, announced its return to PortMiami with the arrival of the Hamburg Sud chartered Catherine Rickmers. The new weekly service expands trade opportunities between Florida and Asian markets.

In the Rezone: These are the Rules of the Big New Wynwood Zoning Code

The Big Wynwood Rezoning has happened, leading to a more dynamic, pedestrian-friendly, mixed-use, and admittedly developer-friendly Wynwood (the old code was quite hostile to anybody trying to build condos), spearheaded by the Wynwood BID and designed by PlusUrbia. It was approved…

What the Neighborhood Revitalization District Means for Wynwood Retail

Authentic, independent retailers do very well in Wynwood and fit in with the neighborhood’s innovative and creative vibe. What impact with the NRD make?

Wynwood revitalization plan gets OK from Miami commission

The city of Miami commission granted the first approval for the rezoning of the emerging Wynwood neighborhood as tens of millions of dollars of developer dollars have poured into the area.  Having gained international fame for its street art, Wynwood is in the midst of a transformation from a district of old warehouses and empty lots…

Met Square Mixed-Use Project Latest to Break Ground In Miami’s Booming Downtown

MDM Group has broken ground on Met Square, a 43-story residential tower with attached movie theater, shops and restaurants that will be the fourth and last phase of MDM’s $1 billion Metropolitan Miami master development in downtown Miami.  Underscoring South Florida’s heated multifamily…

Launches and Releases: Related Launches Hyde Beach House Tower, Which is Not Beachfront, but Close

The Related Group has launched yet another condo tower at its Hollywood/Hallandale Beach, city-line-boarder straddling compound that so far includes Apogee Beach, Hyde Beach Resort, Beachwalk, and the Hyde Beach Club. This one’s the called Hyde Beach House, and it’s on the Intracoastal Waterway…

Doral office building loses $23M foreclosure judgment, competing buyers could head off auction

The Doral Court office building has been scheduled for foreclosure auction on Sept. 1, but several potential buyers are competing to purchase the property before then.  Doral Court Debt Holdings, an affiliate of New York-based Triangle Capital Group led by Michael Pinewski, won a $22.7 million foreclosure judgment against 45 LLCs…

Doral Resort Was Donald Trump’s Most Profitable Business Last Year

Donald Trump’s made more money from his resort in Doral last year than any other business, he revealed yesterday.  Trump National Doral, which includes a hotel and golf course, brought in $49.4 million in income last year from ‘golf resort related revenues.’ The resort itself was valued above $50 million, according to the disclosure form.

In Detail: FBI South Florida Headquarters

In addition to developing buildings that embody “the dignity, enterprise, vigor, and stability of the American national government,” and the “finest contemporary American architectural thought,” the U.S. General Services Administration’s (GSA) Design Excellence Program asks the architects it commissions to be site conscious…

15 New murals going up throughout Wynwood, Little Haiti, Little Havana, and Hialeah

Given its abundance of sunshine, affinity for tropical hues, and persistently warm hot weather, it’s like Miami was made for outdoor art. And in keeping with its growing international reputation in this arena, the city is about to see 15 colorful new additions.  Thanks to the Beck’s Urban Canvas project, works of art are going up…

Developer plans 280 apartments in south Miami-Dade

A local developer wants to build 280 apartments in the Naranja area of southern Miami-Dade County.  Deering Grove would be located on the 9.3-acre site at the southwest corner of Southwest 256th Street and Southwest 137th Avenue, according to an application filed with Miami-Dade County on July 13. Village at Tuscany LLC…

Berger Commercial Realty Closes Three Sales Totaling More Than $10 Million

Berger Commercial’s Lloyd Berger, Keith Graves, Joe Byrnes, and Roxanna Collins negotiated the deals.

Met Square, Final Phase of $1B Master-Planned Community In Downtown Miami, Breaks Ground

The project is slated for completion in mid-2017.

What’s in a name?: Renzo Piano’s Luxury North Beach Tower Has a Name and It is Eighty Seven Park, not Biltmore Terrace

Hold the phone Joan, the luxury residential building that Renzo Piano is designing for the Terra Group in North Beach has a name, and it’s Eighty Seven Park, because it’s on Eighty Seventh Street and has a park on one side. Of course usually when a building has a name like that it’s because that…

Daiquiri Sunset: Several iconic Miami hotels make way for high-end condominiums

A series of residential towers is set to replace some of Miami’s historic hotels. The city has seen a wave of development in the last 10 years, and neighborhoods such as North Beach—once off the radar—have become new urban hot pockets.  Many long-time residents are concerned about the dangers of luxury condo-fication…

CRE Lending Expected To Peak In 2016

A majority commercial real estate lenders expects that new lending volume will peak for this cycle in 2016 or 2017, according to the forthcoming Spring 2015 RELA-Chandan Survey of Commercial Real Estate Lender Sentiment. Specifically, 39% of lenders expect peak lending in 2016, while a further 36%…

10,000 Homes, Business, And Office Growth Being Sought In West Kendall

Land use changes are due for action as amendments to the Miami-Dade Comprehensive Development Master Plan. The largest CDMP application creates a “Green City” on 860 acres on Kendall Drive.

Miami Innovation Tower plans nixed by city — again

Miami Innovation Tower is officially on life support.  Late Thursday, the Miami City Commission ratified an initial June vote adopting an ordinance that eliminates so-called “media towers” on the site proposed for the 633-foot high-rise featuring five large…

New juice joint taking aim at Miami-Dade

Another juice shop is moving into Miami: Raw Juce has leased two new locations in Aventura and South Beach, marking the company’s first foray into Miami-Dade County, the real estate firm RKF announced Thursday.  RKF Director Andrea Blade and Vice President Drew…

Here’s what sold between $1M and $8M this week

Doral office building trades for $3.2M.  The offices at 9300 Northwest 25th Street in Doral.  A two-story office building in Doral was just sold to a group of investors for $3.2 million.  The property, at 9300 Northwest 25th Street, is the 25th Street Executive Building. It has 24,430 square feet of space…

Jugofresh to open South Pointe pop-up restaurant

Jugofresh is opening a pop-up restaurant in its South Pointe location: jugofresh r + d kitchen.  The local juice, smoothie and vegan foods brand, will open the 2,000-square-foot space in Miami Beach as a restaurant on Aug. 1, according to a…

Miami remains steady for cash sales in June

Miami held its place last month as the nation’s third most popular city for cash sales, according to a RealtyTrac report released on Thursday.  Despite a continued national decline of these deals, Miami has retained its third place for most of this year.

Ridge Building Spec Industrial in Medley

“Demand for sites with the ability to stage trailers and containers on-site in a secure environment is increasing…”