Northbrook, Illinois-based Torburn Partners just sold a portion of an office park in Plantation for $56.6 million to Miami-based Midtown Capital Partners, led by Alejandro Velez, property records show. The two buildings at 7600 and 7700 West Sunrise Boulevard span about 215,744 square feet. The trade breaks down to about $262 per square foot. An additional parking lot that spans 8 acres was also part…
Miami Boasts Third Densest Skyline in United States
During a recent HistoryMiami Museum tour I attended, (the museum’s) Resident Historian Dr. Paul George mentioned a fact I thought I would have known, that Miami boasts the third most dense skyline in the United States. I’m fairly certain I’d not heard this before.
Upon returning to my office, I decided to fact check this. How Miami ranks in this regard depends on how you count it, of course, but…
In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides an assessment of second quarter 2017 retail property sector trends. Highlights of this video include: Fundamentals in retail sector reflect all the negative news; Neighborhood and community center vacancies increases 10 basis points to 10%; Regional malls had a 20 basis point increase in vacancies to 8.1%; Rents grew slowly…
Spain-Based Travel Tech Co. Inks 115K Square-Foot Lease At Doral Office Park
Amadeus, a travel tech company, just inked a 115,000-square-foot lease at the New Boston Fund’s One Park Square office complex in Doral. The South Florida Business Journal reported that Amadeus’ new lease marks a 10,000-square-foot expansion for the company, which has housed its United States headquarters at One Park for five years. Blanca Commercial Real Estate brokered the deal on behalf…
Aircraft Supply Store Inks 88,680 SF, Long-Term Lease At Doral Logistics Center
Transwestern’s South Florida industrial team announced that it facilitated a long-term, 88,680-square-foot lease with NexGen Aero LLC at Doral Logistics Center, a 174,024-square-foot industrial building at 2900 NW 112th Avenue in Doral. Transwestern Senior Vice President Thomas Kresse, Senior Managing Directors Walter Byrd and Ben Eisenberg, and Senior Associate Carlos Gaviria represented the landlord…
Miami Office Market Thrives Due to Young Workers Seeking South Florida Lifestyle
Looking ahead to the rest of 2017, we can expect to see continued improvement of Miami’s office market based on strong market fundamentals and employment growth. Key trends to watch in 2017 that will help drive and shape the market, include: Steady, modest growth in office rents; Declining available office supply; New transit-oriented mixed-use developments that include office space…
Update: Property Owners Gaining New Tools To Fight ADA Lawsuits
At the end of May, I wrote a post about new legislation in Florida intended to help property owners fight Americans with Disabilities Act (“ADA”) lawsuits. As discussed in more detail in the prior post, the bill allows property owners to register a remediation plan or certificate of conformity with the ADA with Florida’s Department of Business & Professional Regulation, which will maintain an online registry of…
New Miami Beach hotel named after Julia Tuttle opens Thursday
Tour the South of Fifth boutique hotel Opening this Thursday, August 10, is the Julia Hotel in Miami Beach’s South of Fifth neighborhood. The 29-room boutique hotel that was originally pegged for a May opening is located at 336 Collins Avenue and was named after Julia Tuttle, the “Mother of Miami” and “the only woman to found a major American city.” Stephen Busto designed the…
Florida Keys motel featured in Netflix’s Bloodline sells for $7M
The Islamorada development will be renovated as well Harbor Lights, a Florida Keys motel featured in the Netflix show Bloodline, sold recently for $6.8 million. It was among the two Islamorada hotels acquired by Songy Highroads LLC and the Wardman Group, joining the Days Inn Islamorada Resort, a 37-unit property located about two miles away that sold for $7.05 million. Harbor Lights sits on five acres…
Tour the new Flats at CityPlace Doral
The residential comopnent to the new development While we led you on a tour of CityPlace Doral a few months ago, taking you through the mixed-use project’s 250,000 square feet of retail and restaurant space, we wanted to take a closer look at the residential component. The Flats is a two-tower, mid-rise luxury apartment complex located directly above the retail/restaurant space.
Will dead malls be the next logistics hubs?
Some of the real estate most coveted by e-commerce giants and logistics companies just so happens to be the malls they helped to snuff out. Warehouse landlords are turning to former malls as new locations for delivery companies and retailers due to their proximity to consumers’ homes and easy access to transportation, the Wall Street Journal reported. In North Randall, Ohio, for…
Market Trend: South Florida’s Industrial Vacancy Increases to 3.9%
The South Florida Industrial market ended the second quarter 2017 with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 599,281 square feet in the second quarter. That compares to positive 1,095,827 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 785,915 square feet.
Liebler Gonzalez & Portuondo Renews Lease in Miami’s Courthouse Tower
Full-service banking, business, commercial and real estate law firm Liebler Gonzalez & Portuondo signed a lease renewal for its 14,875-square-foot space in Courthouse Tower at 44 West Flagler Street in Miami, FL. The 26-story office building (birdseye view) totals 164,771 square feet in the Downtown Miami submarket. It was constructed in 1974 and fully renovated in 2010. Tony Jones and Ryan Levy…
Understanding the importance of zoning laws
Zoning laws, and familiarity with them, are important to commercial real estate in general and are important for commercial real estate transactions. Understanding zoning laws in the Miami area is important when conducting a commercial real estate transaction in the area. Zoning laws can address the zoning of the site and the property uses that are permitted within the zone, including minimum lot size…
Miami Industrial Real Estate Market Report Midyear 2017
Midyear into 2017 and the average rental rate for Miami warehouse space slightly increases… grudgingly. Although some landlords have been able to increase rates for their warehouses, tenants and their respective brokers fight to keep the average under $10.00 per sq. ft. Institutional landlords are fairly disappointed that rates have not increased higher as they had forecast. Positive absorption this quarter…
$3.375 Million Medley Warehouse Sale Negotiated
NAI, Miami, a member of a managed network of commercial real estate firms, announced that the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated a 34,864-square-foot industrial warehouse investment sale for their client Romanini Brothers Investment Company, LLC. The property is located at 8205 Northwest 74th Avenue in Medley, Florida. The buyer, FB Medley LLC, was…
MLS Miami officially expected to be announced by fall
It’s been a three-year journey for David Beckham’s team in its quest to bring an MLS franchise to Miami but the chief of the league can see the light. After Beckham met with MLS owners yesterday in Chicago, which just hosted the league’s All-Star Game, Commissioner Don Garber shared his optimism on Miami becoming team No. 24. “I had some concerns they wouldn’t get past today,” he said in a press…
By the numbers: The WeWork effect
From TRD New York: There’s never a dull moment at WeWork. In 2014, the New York City real estate industry’s jaw dropped when the office-sharing start-up raised $150 million and hit a valuation of $1.5 billion, suddenly catapulting it into “unicorn status.” But less than a year later, it shocked the business world again with another monster fundraising round and new valuation — this one for $5 billion.
Next act at Coconut Grove Playhouse may be city garage
While neighbors keep campaigning to save the old Coconut Grove Playhouse from the wrecking ball, officials with the Miami Parking Authority are moving ahead with plans for a municipal garage for the theater site. The Miami City Commission has put off a decision on partial demolition of the large theater, a fact reported to the city’s Off-Street Parking Board Aug. 2 by authority CEO Art Noriega.
County looks at buying rail lines from CSX Corp. for transit
Miami-Dade’s business leaders should look again at a proposal to have the county buy 35 miles of rail line from the CSX Corp. for new commuter service, County Commission Chairman Esteban Bovo Jr. says. The county and business leaders have looked at the plan in the past but had difficulty striking a deal. But Mr. Bovo says things now have changed. The railroad has two lines that would tie into county…
How to close the continental divide in county’s transit plans
The chairman of the Miami-Dade County Commission says his bold, far-ranging plan for six new mass transit corridors is not really at odds with the mayor’s aim to focus for now mostly on a new style of bus service. Chairman Esteban Bovo Jr. offers a complex and visionary program that aims at mostly new rail service as a way of spreading major mass transit across the county, while Mayor Carlos Giménez…
The Miami market, which comprises Palm Beach, Broward and Miami-Dade counties, is also experiencing exceptional population and job growth, along with strong property fundamentals. The three-county Miami region, with more than 6 million residents, is the state’s largest consumer market, and population is projected to grow by 1.2 percent in the coming years, according to CBRE. Tourism, financial services…
Plan to transform Biscayne Boulevard gets federal grant
A plan to transform Biscayne Boulevard into something other than a busy downtown street just got a significant financial boost. The City of Miami and the Downtown Development Authority applied for and were awarded a $421,829 federal grant to speed the Biscayne Green Lane Elimination Analysis Project along Biscayne Boulevard from Southeast First to Northeast Sixth streets. The Florida Department of…
If Retail Is Dying, Why Is Money Pouring Into Malls?
If you are one of those people who thinks America’s retail industry is doing just fine, well, there are three possibilities: You’ve been living under a rock; you think Amazon refers to a South American river; or you’re a real estate developer. As everything from once-mighty department stores to niche clothing chains announce plans to shutter hundreds of locations, and retailers file for bankruptcies…
Miami Marine Stadium could host festivals, drone races, and pageants in the future
An updated Miami Marine Stadium, which has been dormant since closing in 1992 after Hurricane Andrew, could host a wide variety of events, including boxing matches, beauty pageants, concerts, and drone racing, among over 50 potential uses recently presented to the Miami City Commission, per Miami Today. R.J. Heisenbottle Architects, along with a dozen consultants and community input, compiled…
The Three Forces That Will Accelerate The Pace Of Change In Commercial Real Estate
The technology that the next generation of deal makers will have will allow them to do more deals in less time, so the demand for this type of tech will only increase.