Industrial Building In Medley Sells For $22 Million
The recently completed Airport North Logistics Center in Medley was sold for $22.02 million, or $120 per square foot. Ridge Medley Partners, an affiliate of Transwestern Development Co.’s industrial development arm Ridge Development Co., sold the 184,008-square-foot industrial building at 9101 N.W. 87th Avenue. to CFFI Airport North LLC, managed by CFFI Investors in Dallas. Airport North Logistics Center was completed in 2016 with 32-foot clear ceiling heights.
So just where is David Beckham’s stadium site?
Retired soccer super star David Beckham is reportedly ready to buy the last three acres needed to complete his nine-acre stadium site, which made me interested in exactly where it is and what’s in the neighborhood. I was partially curious because Beckham had talked about fans walking en masse to watch games at previously proposed sites at PortMiami and next to the AmericanAirlines Arena. I’m also wondering whether Beckham’s stadium would do more to transform its neighborhood…
Miami’s $800M ‘signature bridge’ project chosen amid major controversy
Spiderman would love it After years of chatter, the design for a state-funded “signature bridge” at Miami’s core has been chosen, albeit through a questionable selection process that could potentially delay the innately controversial $800 million project. The winning proposal — approved by the Florida Department of Transportation on Friday with no public input — is named “Fountain” and was created by a joint venture team led by Archer Western and The de Moya Group, edging the next…
Little Havana apartment development ‘Reflections’ planned near Marlins Park
A residential development named Reflections has been proposed for a Little Havana site a few blocks east of Marlins Park. The 12-story building would be located at 1000 Northwest Seventh Street, featuring 138 apartments, 228 parking spaces, and ground-floor retail. The developer is J. Milton Associates, which recently opened a 177-unit apartment complex near Midtown called Miami Bay Waterfront Midtown Residences. Axioma3 is the architect. Miami’s Urban Design and Review Board…
Sparks fly over politics and projects at fiery NY developer panel
Someone snatched The Real Deal managing web editor Hiten Samtani’s moderator notes just minutes before the beginning of the TRD Forum’s panel on how the Trump administration is impacting real estate. But this was a group that needed hardly any prompting to get the conversation going. The panel began with what sounded like a strong defense of the Trump…
Wynwood retail building lists for $9.85M
A retail property on the edge of Wynwood has hit the market at $9.85 million. The asking price for the 14,000-square-foot site (45° aerial) at 2830 Northwest Fifth Avenue equates to $704 per square foot. Marcus & Millichap’s Scott C. Sandelin and Jonathan De La Rosa have the listing, representing the seller, Fifth Avenue Real Estate LLC. Property records show the entity, led by Robert Nacron and Doree Fromberg, paid $225,000 for the property in 1974. The building was built in 1950.
Miami condo Aston Martin Residences won’t be getting its private beach club on Virginia Key
Aston Martin Residences, a fancy new condo that will rise on a waterfront lot next to the Epic Hotel in downtown Miami, has failed to secure what would’ve ended up being one of Miami’s most unique condo amenities: an off-site private beach club on Virginia Key. The Miami Herald reports that city commissioners have decided not to pursue an unsolicited bid from G and G Business Developments to construct a $4 million pavilion at Virginia Key Beach Park despite its attorney assuring…
Condo sales slow down even more during the first quarter, less than 1% of pipeline sold: ISG Miami Report
Developers sold only 212 units — or less than 1 percent of the pipeline — during the first quarter of this year, as the supply of preconstruction condos slowly gets absorbed, according to a new ISG Miami Report released on Monday. As of May, 80 percent or 19,326 units were presold of the 23,220 in the pipeline, according to ISG. The company surveys the sales centers and sales teams of each project in the following areas: Brickell…
Miami Worldcenter’s fully capitalized and SLS Lux Brickell is close to sold out: panel
Amid a slumping real estate market, developers of two major luxury projects in Miami’s urban core told a gathering of real estate professionals that construction timelines on their developments are moving ahead at full steam. Allen Morris, president and CEO of The Allen Morris Company, said the SLS Lux Brickell luxury tower his company is building in partnership with The Related Group is very close to being sold out. “Yesterday, we sold one,” Morris said.
The Economist: Supreme Court says Miami, other cities may sue banks over predatory lending
IN 2012, John Roberts, America’s chief justice, angered conservatives when he formed a majority with his four liberal colleagues to save Obamacare from its first major legal attack. Three years on, in 2015, he did so again to uphold campaign-finance rules for judges. Later that spring, he and Justice Anthony Kennedy teamed up with the liberals to rebuff a second assault on Obamacare. On May 1st, the moderate side of Justice Roberts reappeared when he once again shuffled to the left…
Ernst & Young’s Mark Grinnis Discusses the Potential Impact of Rising Interest Rates
Global Real Estate Investment Funds Leader with Ernst & Young Mark Grinis joins The Commercial Real Estate Show to discuss E&Y’s Global Market Outlook, including the impact that rising interest rates might have on commercial real estate. Some highlights include: At inauguration markets moved, including an increase in 10 year rates, but this has dropped back; Central bank balance sheet has moved from around $2 trillion before the financial crisis to $12 trillion today; How this…
$4,425,000 Sale Of SAAM Building In Coral Gables Secured
NAI Miami’a Tom Smith represented the seller in the sale of the 24,039-square foot office building. NAI Miami announced today that Tom Smith represented the seller, SAAM Building, Inc., in the sale of a 24,039-square foot office building. The property is located at 3195 Ponce De Leon Boulevard in Coral Gables, Florida. The buyer is 3195 Ponce, LLC.
Live at the Metrorail station — and bid horrible South Dixie traffic goodbye?
Miami’s lone rapid-transit system, Metrorail, began rolling in 1984 under a forward-looking premise that went beyond shuttling commuters downtown: Metro stations would become urbanized hubs where residents wouldn’t need a car to get to work, or to visit a lunch spot or the gym, or to pick up groceries or their dry cleaning. It took just 33 years, but that train’s finally pulling into the station. And fast. The high-demographics stretch of South Dixie Highway that runs between…
84,364 SF of Leases Arranged at Downtown Miami Office Tower
Tower Commercial Real Estate has arranged 84,364 square feet of leases at Citigroup Center, a 34-story, 802,974-square-foot office tower in downtown Miami. The lease deals include Harvard Maintenance signing for 23,540 square feet, law firm Kobre & Kim signing for 9,366 square feet and anchor tenant Citigroup expanding its office by 9,507 square feet, as well as opening a 6,250-square-foot bank branch on the ground floor. Additionally, Tower Commercial executed about 32,000…
Miami condo Paraiso Bayviews tops off at 43 floors in Edgewater
Progress is mounting in Miami’s Paraiso District, with Paraiso Bayviews recently topping off at 43 stories in the booming Edgewater neighborhood. It’s the second of Paraiso’s four towers to complete vertical construction after Paraiso Bay topped off last summer, with the latter expected to be completed in the coming months. The 54-story Gran Paraiso was the final tower to begin construction after breaking ground last February. Paraiso Bayviews is 90 percent sold, and sales updates at the…