Keystone Property Group buys Dadeland office towers for $36M
Keystone Property Group paid $36 million for Dadeland Towers South (birdseye) and inked a lease with the seller, insurance giant AvMed. For Keystone, the deal adds to its holdings in the Kendall-Dadeland area. The commercial real estate firm picked up the two-building, 228,000-square-foot portfolio at 9400 South Dadeland Boulevard to 9500 South Dadeland Boulevard, plus a 246,300-square-foot parking garage. AvMed leased back 102,000 square feet in a longterm lease, according…
Avra Jain, Bob Zangrillo buy into Miami River development site
A partnership led by Avra Jain and Bob Zangrillo of Dragon Capital paid $5 million for a minority stake in a prime redevelopment site along the Miami River, The Real Deal has learned. Property records show 555 SRD LLC, an entity led by Jain, paid $5 million for partial ownership of the international port at 555 Northwest South River Drive. Oklahoma City-based Zerby Interests is the majority owner, and Jain and Zangrillo now own 45 percent of the site, Jain told TRD. The Miami…
Miami International Logistics Center Sells To Lincoln Property Co. For $27.4M
Dallas, Texas-based Lincoln Property Co. has added the Miami International Logistics Center to its portfolio for $27.4 million – more than two times its last sale – Cushman & Wakefield announced Friday. The two-story warehouse terminal at 725 Southeast Ninth Court spans 500,194 square feet and sold for about $55 per square foot. Cushman’s Mike Davis, Rick Brugge, Michael Lerner, Wayne Ramoski, Gian Rodriguez, Robert Given and Troy Ballard represented the seller, Keating…
Billboard Blight And Mural Ads Are Infecting Downtown Miami
If you live or work in one of the towers wrapped like packages, you could pinpoint your location by saying you’re in the Heineken building or the Verizon building or the Apple Watch building or the “47 Meters Down” building that warns shark-phobes to “just stay out of the water.” If you’re trying to find the bold new Zaha Hadid-designed exoskeleton high-rise on Biscayne Boulevard, it’s next to Ten Museum Park — more easily identifiable as the Sparkling Smart Water building. In addition…
Jorge Perez: Riding the condo roller coaster
When the development firm lead by condo king Jorge Pérez hit the brakes on Auberge Residences Miami, a three-tower, luxury project planned for Miami’s Arts & Entertainment District, South Florida’s real estate community took notice. When the king lays off the gas, that doesn’t usually bode well for others. So what’s next for the firm in a challenging economic and political time? Differentiation is key, says Pérez. If a division or market slows down, Related can always focus on another.
How Will the Amazon-Whole Foods Deal Affect Retail Real Estate?
The proposed $13.7 billion acquisition of organic grocery retailer Whole Foods Market by e-commerce giant Amazon holds the potential to upset the grocery cart, so to speak. Yet retail real estate investors should cheer the Amazon-Whole Foods deal, experts say. Experts predict Amazon will use the Whole Foods stores, in part, as hubs for grocery pick-up and delivery, helping Amazon resolve the “last mile” dilemma of how to get products from local shipping hubs to nearby customers.
What could Amazon’s purchase of Whole Foods mean for the future of retail?
From TRD New York: When Amazon announced its headline-grabbing deal to buy Whole Foods on Friday, the $13 billion question the real estate world asked was: Will the brick-and-mortar grocery chain become more like the e-tailing giant, or the other way around? And while New York City’s retail players stressed they didn’t have a crystal ball into Jeff Bezos’ thinking, they said it’s probably a little bit of both – Amazon is like…
RC Analytics Senior VP Jim Costello Delivers an Update on Multifamily Investment Property
Jim Costello with Real Capital Analytics joins Michael to discuss the multifamily investment market. Highlights include: Deal volume into 2017 has given up ground, down 26% YTD through April; Deal volume down 20 mil from 2016 volume of 60 million; Prices, however, remain high; Believes this says that sellers are pulling back; Owners can’t find a reason to sell as can’t replace with a better investment; There appears to be a disconnect between what buyers will pay and what sellers…
Neighborhood Dive: Sunny Isles Beach, Miami’s new billionaire playground
What do a Mexican mogul, a medical billion CEO and a venture capitalist have in common? They’re all new condominium buyers at Sunny Isles Beach, a tiny barrier island town chock-full of branded condo concepts that is fast becoming one of Miami-Dade’s most expensive places to buy a home. The island was founded in 1920 by a private investor named Harvey Baker Graves, who envisioned Sunny Isles as America’s answer to Venice. Six years later, the “Great Miami” hurricane laid waste…
Pinecrest Whole Foods Is Moving To A New Location
The popular Whole Foods supermarket at 11701 South Dixie Highway in Pinecrest is moving. The 32,300 square-foot store, which employs 180 people, will close its doors at the end of the year and reopen at at 7930 SW 104th Street. The new store, which is currently under construction on the former site of a Winn-Dixie supermarket, will occupy 46,700 square feet and employ 250 people. All current employees at the Pinecrest location will be able to transfer to the new store, which…
Additional In-Line Store Closings to Hit Mall NOIs
The retail industry’s children’s apparel segment took a turn for the worse last week, as The Gymboree Corp. filed for bankruptcy and Ascena Retail Group, parent of tween brand Justice, said it would close stores across its portfolio. San Francisco-based Gymboree is aiming to reduce its debt load t by more than $900 million, and in a statement said it plans to close more than 350 stores as a result of its restructuring (out of a total of 1,281). Ascena is expected to close between 650 and 667…
Opinion: Another part of the real estate market is starting to crumble
While the struggles of mall REITs are no secret given Amazon’s increased dominance of the retail sector, real estate investors may also contemplate putting apartment REITs on their warning lists. That’s because although apartment real estate investment trusts have done well this year — and since the end of the housing crisis, in general — rent growth is starting to slow. To understand the current situation of multifamily rental housing, some recent history is necessary. In the lead-up to the…
Forbes: Miami Owes Its Life To Foreigners
Walter DeFortuna, CEO of Fortune International Reality, is showing me the new Reach apartment building from the outside deck of the sister property called Rise, two high-end residential towers built by Swire Properties of Hong Kong. These twin towers are the kind of place that comes equipped with full spa and weight lifting facilities and Caribbean blue infinity pools. Yes, like the ads, there are bikini clad women, at least two on this sunny hot day in Miami, sitting poolside with their…
South Florida’s war with Airbnb
South Florida is a mecca for all kinds of tourists, but local governments extend little hospitality to Airbnb, HomeAway and other online home-sharing companies active in the Miami and Fort Lauderdale area. Consider, for example, the low tolerance for home-based competition with hotels in Miami Beach, where ordinances allow short-term rentals only in limited areas and residents who violate the rules face steep fines. Last year, from March to mid-August, the city collected nearly…
ArborCrowd Now Offering $69.7 Million Commercial Real Estate Deal to Investors in Miami
Online commercial real estate company ArborCrowd announced on Thursday it is now offering a new $69.7 million commercial real estate deal to investors. The Lago Paradiso property is described as a multifamily complex located in Miami, Florida. According to ArborCrowd, investors now have the opportunity to own a piece of a $4 million stake in Lago Paradiso. The property now has a targeted 13 percent to 17 percent Internal Rate of Return (IRR) and a projected hold period of four…
New Times: Five Studies That Prove Miami Renters Are Totally Screwed
Even under ideal circumstances, finding an apartment or house to rent is an utter nightmare. You spend weeks poring over misleading Craigslist ads with retouched photos, haggling over deposits and monthly fees, and trying to please NIMBY condo boards that hold your entire living arrangement in their hands. Renting in Miami, though, is more like a David Lynch-level night terror. The reasons are simple: There’s not nearly enough affordable housing in a market where the population has…