Gindi family’s ASG sells Miami Design District retail building for $22M
The Gindi Family’s ASG Equities sold a retail building in the Miami Design District for $22 million. Alo Yoga, the property’s current tenant, acquired the nearly 5,000-square-foot single-story store at 101 Northeast 40th Street, according to records and Vizzda. The seller, an ASG affiliate, paid $10.5 million for the building in 2013. ASG is a New York-based real estate investment firm led…
Downtown Miami dev site previously listed for $125M and approved for 80-story tower hits market
A downtown Miami development site that was previously listed for $125 million five years ago is back on the market. The 2.5-acre assemblage at 251 East Flagler Street, 244 Northeast First Street and 40 Northeast Third Avenue is currently listed without an asking price, according to an emailed brochure. Virgilio Fernandez and Pablo Camposano with Colliers, which has the listing…
Developers Announce Renovation Plans For The ‘Shelborne South Beach’ Hotel In Miami Beach
Westdale Properties, King Street Capital Management, and Cedar Capital Partners announced plans for “Shelborne South Beach by Proper,” located at Collins Avenue and 18th Street in South Beach. This significant renovation and redesign of the hotel’s guestrooms, food and beverage venues, pool deck, cabanas, and meeting and event spaces have begun. Following the renovation…
Shelborne hotel owners begin $85M gut renovation
Demolition is underway at the Shelborne South Beach hotel, as the owners work on restoring its Art Deco and MiMo design as part of an $85 million renovation project. Toronto-based Westdale Properties, New York-based King Street Capital Management and Cedar Capital Partners acquired a majority of the condo-hotel at 1801 Collins Avenue three years ago for $120 million.
Ian Bruce Eichner proposes 267-unit condo project in North Miami
Developer Ian Bruce Eichner wants to redevelop an aging waterfront complex in North Miami into a 267-unit luxury condo project. Eichner, founder and CEO of Continuum Company, proposes a 20-story development on the Mariners Bay Condo site at 12000 North Bayshore Drive, according to an application filed by an Eichner affiliate to Miami-Dade County in late…
Miami-Dade To Vote On Buying Fontainebleau Office Building For $205M
Miami-Dade County could spend $269M to purchase and upgrade an office building in the Fontainebleau neighborhood south of Doral. Miami-Dade County commissioners will consider purchasing the 625K SF office building for $205M and spending $63M on capital improvements. County commissioners will vote on a resolution on Dec. 12 that would authorize the purchase…
Miami-Dade mayor backpedals on controversial plan to overpay $133M for aging offices
Miami-Dade Mayor Daniella Levine Cava’s administration will rethink a controversial proposal to pay $133 million more than market value for aging office buildings. Commissioners were slated to vote on the plan on Tuesday, but instead allowed for Levine Cava’s 11th-hour request to defer the item to a future meeting, the Miami Herald reported. The pair of proposals were postponed…
Pella buys Medley warehouse for $45M
Pella Windows & Doors paid $45 million for a warehouse in Medley, as part of the acquisition of another manufacturer. An affiliate of Pella, a national windows and doors maker based in Pella, Iowa, purchased the roughly 270,000-square-foot industrial building at 8401 and 8501 Northwest 90th Street, records and Vizzda show. It’s occupied by the seller, Lawson Industries…
Boston Market Evicted Across South Florida As Legal Troubles Mount
The rotisserie chickens have stopped spinning at South Florida’s Boston Market locations. All of the brand’s remaining locations in the region — more than a dozen restaurants — have closed since November, the South Florida Sun Sentinel reports. The closures come as the brand faces legal tumult in the region and around the country as eviction notices pile up, federal and local authorities…
Following Renovations, South Florida Office Complex Attracts New Tenants, Lease Renewals
JLL announced it has completed several office deals at Westside Plaza in the northwest Miami-Dade County suburb of Doral, Florida. All told, 40,000 square feet in deals and renewals were recently completed in the Doral office complex, consisting of three four-story office buildings totaling more than 360,000 square feet. Among the new tenants that will move into or expand…
Developer Prospera Real Estate Collective is in the process of securing a two-acre parcel where it hopes to build a townhome community. Its project, dubbed “Faith Place,” will offer 40 townhomes, measuring 866 to 1,100 square feet each. The South Florida Business Journal notes that while layout plans don’t come with garages, there will be 69 parking spots. The goal is to increase…
It had been raining for several days before we met attorney Mike Eidson and his wife Margaret for a tour of St. Mary’s First Missionary Baptist Church, the 1924 house of worship that for much of the past century served the black community of Coral Gables’ MacFarlane District. The church, which Eidson purchased and restored, felt like the safe oasis he intended it become…
Treo Group Breaks Ground on 400-Bed Student Housing Community Near University of Miami
The Treo Group has broken ground on VOX Miami Phase II, a 13-story student housing development located adjacent to the South Miami Metrorail station near the University of Miami campus. The project will offer 400 beds in 163 units, alongside 10,000 square feet of ground floor retail space. Together with Phase I of the development, the community will offer 726 beds and 15,000 sf…
Apartment wars: Miami-Dade ranks as nation’s “most competitive” multifamily market this year
Miami-Dade County continued to lead the nation this year as the “most competitive” apartment market, with the highest number of prospective tenants vying for an available unit, according to a new report by RentCafe. On average, 22 renters competed for the same apartment, much more than the national average of nine renters vying for a unit. A vacant unit in Miami-Dade…
Vivian Dimond plans nearly 900-unit workforce housing project near Allapattah
Developer and investor Vivian Dimond took over a land lease near Allapattah where she plans a nearly 900-unit workforce housing project, The Real Deal has learned. Dimond, a principal at the Coconut Grove-based private equity firm Bayshore Grove Capital, said the project will cost an estimated $175 million to develop. It’s expected to include two 15-story buildings constructed…
PortMiami Breaks Cruise Passenger Record, Now World’s Busiest
PortMiami has regained the title of the world’s busiest cruise port with a record-breaking year. There were a total of 7,299,294 passengers at the port in the Fiscal Year 2023, which started October 1, 2022 and ended September 30, 2023, according to Miami-Dade. That is 7% higher than the previous record of 6,823,816 passengers in Fiscal Year 2019. The 2023 passenger count is enough…
Updated contract for a new City of Miami administration building
City officials are revisiting an agreement with the development company Adler, paving the way for a modern city administration building to rise next to the future Miami Freedom Park. Today (12/14), the Miami City Commission will vote on a resolution authorizing the city manager to execute the agreements for the development. If approved, Adler Development Manager LLC will…
Vacancies rise in Miami-Dade luxury residential rentals
Miami-Dade County’s residential rental industry remains in demand, according to local real estate experts. The one and two stars, and even three stars, which are more entry-level rentals, remain a very tight inventory, according to Carlos Villanueva, a managing broker for The Keyes Company. “Overall, we’re seeing on average vacancy rates around 5.1% across the board,” he said.
Passenger rail service on track for CSX in South Dade
The Transportation Planning Organization has chugged ahead by one station on its long journey to bring shared passenger-freight rail service to South Dade as it cemented the aim into its long-range plan. The hunt for commuter rail transit in the southern part of the county has been long and was sidetracked for years as freight railroad CSX sought a high price to sell the routes…
Pedro Garcia: Miami-Dade Property appraiser offers his agenda for legislative reforms
In 2008, Pedro Garcia became the first elected Miami-Dade County Property Appraiser in more than five decades. He was subsequently re-elected in 2014 and was unopposed in the 2016 election. Mr. Garcia has worked in the Florida real estate industry since 1970. He is a state certified General Real Estate Appraiser and a real estate broker. For more than 35 years, he owned a real estate…
Construction Permits Submitted For Mandarin Oriental, Including 826-Foot Tower
Construction permit applications have been submitted to Miami’s Building Department for two Mandarin Oriental towers on Brickell Key. The project is quickly moving to the permitting phase, even before condo sales have been launched (that is expected in early 2024). Earlier this year, a letter from the city confirmed that the development was exempt from UDRB review. There are two…
Competition Launched To Improve Miami International Airport
The Miami-Dade Innovation Authority has launched a competition to improve MIA. The goal is to improve accessibility, navigation, and sustainability at the existing airport buildings. Three companies will be selected, with each to provided $100,000 to test their ideas at MIA. The idea is to scale those concepts worldwide following testing. The Miami-Dade Innovation Authority was launched…
Longpoint Acquires 1.4 MSF Florida Portfolio
Assets in the portfolio include buildings in Davie (pictured), Deerfield Beach and Lauderhill. Image courtesy of CBRE Longpoint Partners has purchased a 25-building industrial portfolio totaling roughly 1.4 million square feet. Seagis Property Group sold the properties, located across Miami and Broward counties in South Florida. At the time of the transaction, the portfolio…
Sale Negotiated of 1.4 MSF Industrial Portfolio in South Florida
CBRE has arranged the sale of a 25-building, 1.4 million-square-foot industrial portfolio located in the Miami-Dade and Broward Counties of South Florida. Boston-based Longpoint Partners acquired the properties from Pennsylvania-based Seagis Property Group for an undisclosed price. The portfolio was 97 percent leased to 77 tenants at the time of sale. Jose Lobón, Frank Fallon…
Longpoint drops $116M for Broward industrial portfolio
Longpoint Partners paid a combined $115.6 million for a Broward County industrial portfolio that is part of a larger deal also involving warehouses in Miami-Dade. Affiliates of Boston-based Longpoint acquired nine buildings spanning nearly 605,000 square feet in Davie, Deerfield Beach, Fort Lauderdale and Lauderhill, according to records. The deeds showing the sales prices for the…
1.4M SF Industrial Portfolio Changes Hands
Pennsylvania-based Seagis Property Group sold a 25-building industrial portfolio of buildings across Broward and Miami-Dade counties to Boston-based Longpoint Partners. The 1.4M SF portfolio was 97% leased by 77 tenants at the time of sale, according to a release. The complete list of the properties wasn’t disclosed, but six transactions totaling $116M have been reflected in…
The Weekly Dirt: South Florida office distress on the horizon
Trouble is on the horizon for office landlords in South Florida, unlike the glitzy skyscrapers found on Brickell Avenue and other popular office submarkets. Owners who secured loans at historically low rates are challenged by the current lending environment. And older buildings in suburban areas are already suffering as tenants abandon those properties when their leases…
A permit application for vertical construction has been filed for EDITION Residences, a 56-story bayfront luxury condominium building poised to rise at 2121 North Bayshore Drive in Edgewater, Miami. Designed by Arquitectonica and featuring acclaimed interiors by Studio Munge, the striking 649-foot-tall sleek glass tower will house bespoke condominium units and will boast over…
Miami’s Urban Development Review Board has unanimously approved 7737 Northeast 2nd Avenue, an unnamed 12-story mixed-use development in the city’s Little River neighborhood. Designed by ODP Architecture & Design, with Kimley-Horn serving as both the landscape architect and civil engineer, and developed by Little River Cedar Property Owner, LLC, an affiliate…
$150M Penthouse Planned At Raleigh’s New Condo Tower
A penthouse planned at a new condo tower next to the Raleigh in South Beach could become the most expensive residential property in Miami history, according to Bloomberg. Developer Michael Shvo said that the 13,000 square foot penthouse was priced at over $150 million. The new building is being designed by Peter Marino. A total of 40 condos are planned in the 13-story tower…
Mast Capital’s Camilo Miguel Jr. Shares His Insights Into The Future of Miami Real Estate
At the heart of Mast Capital (mastcapital.com) lies its CEO and founder, Camilo Miguel Jr. Since creating the company, Miguel has worn every hat imaginable, immersing himself in each role to ensure his team’s success. Since its inception in 2006, Mast Capital has played a crucial role in Miami’s growth and evolution while working to transform the city as a whole. “ At the heart of…
Lease roundup: Argentine Football Association, Turkish firm Ege Yapi open Miami offices
The Argentine Football Association opened an office in Miami’s Wynwood. AFA leased 5,100 square feet on the top floor at 128 Northwest 28th Street for the association’s U.S. headquarters, according to a news release and the Miami Herald. Claudio “Chiqui” Tapia is president of AFA, or Association del Futbol Argentino. The AFA office marks Miami’s growth as a soccer town, a reputation…
The strategic partnership signifies a concerted effort to provide affordable housing for in-need areas of South Florida while also helping to revitalize and stabilize the communities. This project is the continuation of Chairman T.D. Jakes’ push to create affordable, accessible housing nationwide for those who need it most. T.D. Jakes REV to Build Two Mixed-Use Housing Developments…
City Officials Approve 21 Hollywood for 2100 N. Federal Highway in Hollywood
Hollywood officials have given the green light for a residential complex across from South Broward High School in Hollywood, FL. 21 Hollywood will measure 13 stories above grade and offer 200 apartments. Per the South Florida Business Journal, those units would include 18 penthouse that would come with rooftop terraces. Communal amenities include a fifth-floor amenity…
Hudson News heir Robert B. Cohen II buys out Tequesta condos for $15M
Hudson News heir Robert B. Cohen II bought a 16-unit Tequesta condominium complex for $15 million. Records show Cohen’s Vox Real Estate Holdings LLC, a Florida entity, bought the Bella Villaggio complex at 3770 County Line Road from an entity named for the address, managed by Menachem Light and Levi Tennehaus. Cohen financed the purchase with a $12.5 million loan from…
Thrive Hospitality, Mid America Lodging scoop up Plantation La Quinta Inn for $15M
Thrive Hospitality Group and Mid America Lodging Group bought a La Quinta Inn in Plantation for $14.5 million, marking at least their third South Florida hotel investment this year. The firms, both of which are led by members of the Abdulnoor family, bought the 104-key La Quinta Inn & Suites by Wyndham Plantation at 7901 Southwest Sixth Street from an affiliate of hospitality…
TM Real Estate Delivers Plantation Luxury Community Shalimar West
The 240-unit community is part of Shalimar at Plantation. Image courtesy of ANF Group ANF Group has completed the construction of Shalimar West, a 240-unit luxury project that is part of Shalimar at Plantation, a two-building development in Plantation, Fla. The 616,164-square-foot multifamily community was developed by TM Real Estate Group and designed by MSA Architects.
ANF Group, Inc. has announced the completion of Shalimar West, a 240-unit luxury multifamily and mixed-use development located within the Plantation Midtown District at 8500 Cleary Boulevard in Plantation, Florida. This upscale living community, developed by TM Real Estate Group LLC and thoughtfully designed by MSA Architects, is housed in a five-story, mid-rise garden…
Raanan Katz’s firm bags grocery-anchored Fort Lauderdale shopping center for $38M
Raanan Katz’s RK Centers paid $38 million for a Fort Lauderdale shopping center, buying 1600 Commons for $11 million less than the previous sale price six years ago. An affiliate of Sunny Isles Beach-based RK acquired the 65,338-shopping center completed in 2016, records and Vizzda show. The deal breaks down to $589 per square foot. The seller, an affiliate of Newark…
115-Key Hotel “The Element by Westin” Proposed for Dania Beach, FL
FLL Airport Lodging LLC, an affiliate of Baywood Hotels, is seeking approval for a hotel in Dania Beach. If the City Commission approves the venture at the December 12 hearing, it will be the second Element hotel in Broward County (the second one is located in Fort Lauderdale). FLL Airport Lodging LLC has proposed a six-story hotel that will require just over 79,000 square feet…
Baywood Hotels wins approval for 115-room Element in Dania Beach
Baywood Hotels won site plan approval for a six-story, 115-room Element Hotel in Dania Beach near a Bass Pro Shops just west of I-95. The Dania Beach City Commission voted unanimously Tuesday night to also approve variances from the city’s design requirements for the hotel project and a related plat amendment. Columbia, Maryland-based Baywood Hotels, led by President Al Patel…
MHG buys Marriott-branded West Palm Beach hotel for $21M
Midwest Hospitality Group, also known as MHG Hotels, snagged a Marriott-branded hotel in West Palm Beach for $20.5 million, netting the seller a $5.2 million gain six months after purchasing the 2.5-acre property. An affiliate of Indianapolis-based MHG acquired Courtyard by Marriott – West Palm Beach Airport at 1800 Centrepark Drive East, records and Vizzda show. Midwest Hospitality…
Kenco buys 104 homesites at Avenir in Palm Beach Gardens for $18M
Kenco Communities purchased 104 homesites at the Avenir mixed-use development in Palm Beach Gardens for $17.9 million. The West Palm Beach-based homebuilder bought the Pod 18 development site that spans nearly 51 acres from an affiliate of Avenir master developer Landstar Development Group, according to records and real estate deals database Vizzda.
Mattamy acquires Lake Worth Beach golf course approved for resi project
Mattamy Homes acquired a Lake Worth Beach golf course that the company intends to redevelop into a 450-unit residential community. Canada’s largest homebuilder is proposing Forest Oaks, a development consisting of 100 single-family houses and 350 townhomes within the Lucerne Lakes master-planned community in Lake Worth Beach. Last year, the Palm Beach…
How Lifestyle Offices Are Redefining Work-Life Balance
In the dynamic landscape of modern workplaces, the concept of lifestyle offices has emerged as a transformative approach, tailored to meet the evolving needs of today’s workforce. These properties represent a unique evolution in commercial real estate, blurring the lines between work and lifestyle by mixing workspaces with leisure, amenities and community elements.
Video: PwC’s Tim Bodner & Andrew Alperstein Discuss PwC’s Emerging Trends in Real Estate 2024
Highlights from the 45th edition of PwC and ULI’s Real Estate Outlook Survey of industry participants on investments, capital markets, development, property sectors, top markets, and the economic factors impacting the real estate market are discussed by Real Estate Deals Leader, PwC US Tim Bodner and Andrew Alperstein, as a partner in PwC’s Financial Markets & Real Estate Group.
Contrarian View: InterFace Lending Panel Explains Why Multifamily Borrowers Should Refinance Today
Depending on the era in which you came of age and the general experiences you’ve had in life, the notion that “things can always get worse” can be easy to endorse. As it pertains to commercial lending and borrowing, the consensus narratives that have prevailed ever since the Federal Reserve began jacking up interest rates in early 2022 has largely followed the same script…
Ghost Kitchens Begin To Fail As ‘Pandemic Buzz’ Wears Off
Ghost kitchens, the commercial kitchens with no dine-in option that became pandemic-era darlings, are beginning to fail, raising questions about whether the industry’s projected boom was a collective CRE hallucination. Kitchen United, a startup that ran delivery-only restaurants and raised $175M in funding, announced last week it would sell or close all of its locations…
Cap Rates on the Rise at Dollar Stores
What might seem to an outsider to be odd times in the dollar store industry is actually what an insider would expect, according to a new B+E report. Even as the Federal Reserve had kept the benchmark federal funds rate through the third quarter, the average cap rate for dollar stores grew from 6.34% to 6.51%. The increase is well-aligned with market norms, as sellers recalibrate…
MSCI: 2024 Trends to Watch in Real Assets
The year 2023 was an especially tough one for real estate. Declines in asset valuations, which had begun in the second half of 2022 in many markets, proliferated across a broader range of markets through the rest of 2023. Transaction volume also continued to fall through the year, with dealmaking often paralyzed by the standoff between potential buyers and sellers on pricing.
JP Morgan: 2024 commercial real estate outlook
“Overall, the outlook for commercial real estate next year is muted in terms of capital and space market performance, with a continued recalibration of sorts across all sectors,” Ermengarde Jabir, Senior Economist at Moody’s Analytics. Commercial real estate trends across asset classes: While uncertainty around interest rates and office remain top of mind, performance varies…
Blackstone, Starwood Among Real Estate Giants Lobbying Against Florida’s Foreign Investment Law
Some of the largest U.S. real estate investors are pushing back against the recently enacted law in Florida banning most Chinese investors, as well as investors of other nationalities, from acquiring real estate in almost all cases. A group that includes Blackstone, Starwood Capital and Related Cos. wants the state to roll back the law, Bloomberg reports, as does major home builder Lennar Corp…
Tourmaline’s CEO on investing in offices amid remote work, debt woes
Many real estate players steered clear of the office market during the past three years. Remote work and a difficult lending climate led to leasing and debt woes across the U.S., cooling investment appetite. Yet, in 2021, amid abounding uncertainty over the future of workspace, Tourmaline Capital Partners formed, aiming to target an unlikely asset class: offices.