Miami-Dade judge tosses out Hotel Greystone lawsuit
In another court win for Hotel Greystone owner Branden Muhl, a Miami-Dade judge tossed out his ex-partner’s lawsuit accusing him of a hostile takeover of the South Beach property. Miami-Dade Circuit Court Judge Alan Fine last week dismissed an amended complaint filed by Greystone Hospitality, a company managed by Boca Raton-based hotelier…
These retailers fell behind on rent last year
The pandemic has all but ceased to be an excuse for retailers to skip rent. Collections from national tenants last year were at 94 percent, on par with 2019’s 96 percent, according to a report by Datex Property Solutions. Collections from non-national tenants were 85 percent, down three points from 2019. The chain stores in Datex’s survey all lease 10 or more…
Peachtree sells Element hotel near MIA for $20M
Peachtree Hotel Group sold the Element Miami International Airport Hotel to a Toronto-based real estate investment firm for $20 million. An entity managed by Ashok Taneja, chairman of Palm Holdings, bought the 209-key hotel at 3525 Northwest 25th Street, according to records. Atlanta-based Peachtree sold the property for $2 million below its purchase price of…
An industrial “David” in a field of Goliaths
If you can’t be bigger than your competition, be smarter and quicker. That could be the mission statement of Faropoint, a New Jersey- and Israel-based firm that in just a few quarters has quietly amassed a formidable array of last-mile warehouses… The company’s East Coast-heavy footprint stretches from New York to Miami, but it has sites in the Midwest and Texas, too.
Low vacancies, higher asking rents boost South Florida’s industrial market performance: report
Low vacancy rates and record absorption served as jet fuel for South Florida’s industrial market at the end of 2021, according to a recently released report. Tenant demand is so high that industrial developers are quickly filling up warehouses and logistics facilities. Miami-Dade, Broward and Palm Beach counties had a total net absorption of nearly 12 million…
Seagis Closes on Prime Trailer/Fleet Parking Lot Asset In Doral
Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, closed on a $9.4 million acquisition of a 2.78-acre, fully secured and improved, trailer/fleet parking lot located at 8100 NW 25th Street in Doral. Reshma Parvani from Parvani Commercial Group Inc. represented the Seagis in the transaction…
Long-stalled, controversial Little Haiti project heads to Miami commission vote
A long-stalled, controversial mixed-use project that would replace a 512-unit multifamily community in Miami’s Little Haiti neighborhood is headed for a commission vote. Sabal Palm Village at Flagler Trail is proposed to span 5.9 million sf across 22 acres, on the current site of the garden-style Design Place apartment complex at 5045 Northeast Second Avenue.
CI Financial doubles down on U.S. HQ lease at 830 Brickell in Miami
Canadian asset management firm CI Financial is doubling down on its new U.S. headquarters in Miami’s Brickell. The company boosted its lease to nearly 40,000 square feet on two full floors at the planned 830 Brickell tower that is under construction, according to a news release. CI Financial originally inked a deal in September for roughly 20,000 square feet…
Office market’s recovery will outpace retail amid “viability” questions, Zell says
Billionaire investor Sam Zell has a sharp prediction for those cheering on the retail market’s recovery. Appearing Tuesday in an interview for CNBC’s Squawk Box, the Equity Group Investments founder and chairman said he believes demand for office space will recover from the pandemic before retail spaces. “Everything between the top mall and the corner…
CRE sales hit record $809B in 2021
The commercial real estate market didn’t simply bounce back from a rough 2020 — it soared to record sales in 2021. Commercial property sales totaled $809 billion in 2021, a record for the industry, according to Real Capital Analytics data reported by the Wall Street Journal. The sales volume was almost double that of 2020 and easily outpaced 2019’s record…
Miami may bar more gambling venues
Miami commissioners are one move from banning new gambling within the city, and that could come today (1/27). On the agenda is legislation to amend Miami 21 zoning “to prohibit gambling facilities.” The measure is scheduled for a second and final vote. In July 2021, the Planning, Zoning and Appeals Board recommended the ban on a 6-3 vote. The proposal…
Trump Wants to Expand Doral Resort With Massive Mixed-Use Development
Donald Trump has returned to the real estate game, and as usual, he has big plans. The former president wants to expand the Trump National Doral Miami golf resort by adding a massive mixed-use development called Doral International Towers. he plans include building 2,222 new residential units, 470 hotel keys, 462,825 square feet of Class A office space as well…
Developer proposes assisted living facility near Pinecrest
A developer is seeking to change the land use of a property near Pinecrest, where it wants to build an assisted living facility. South Dixie and 112 LLC filed a comprehensive land-use amendment with Miami-Dade County for the 1.72-acre site at 8315 S.W. 122nd St., on the west side of Dixie Highway. The vacant property was approved in 2015 for 12 residential units in…
Miami-Dade looks for infrastructure bonanza
Accelerating the economic recovery and investing in the workforce; protecting residents, businesses, and visitors from Covid-19; building and improving key infrastructure for transit, water, and resilience projects; protecting water resources and taking climate action; and increasing access to affordable housing are the top priorities for Mayor Daniella Levine…
InSite Purchases, Rebrands 42,210 SF Self-Storage Property in Homestead
Torrance, Calif.-based InSite Property Group has purchased Storage Maxx, a 42,210-square-foot self-storage property in Homestead. The sales price and seller were not disclosed. The facility will be operated by InSite’s management firm and will be rebranded as SecureSpace Homestead. The property includes a three-story, climate-controlled building, several…
Miami Office Market Update: Occupancy Rides Recovery Wave
As of December, Miami’s office vacancy clocked in at 12.5 percent, virtually unchanged since the previous month, according to CommercialEdge data. Through 2021, the metro rode a high wave toward recovery, the pandemic bolstering the Magic City’s allure for new-to-the-market companies. In December, Miami lowered its vacancy rate by 260 basis points compared…
Lease roundup: Restaurant, speakeasy, bakery ink leases at new Brickell hotel
More than half of the street-level retail space is taken at the recently opened, dual-branded AC Hotel by Marriott/Element by Westin hotel in Miami’s Brickell neighborhood. Three eateries and one facial bar inked the deals, according to a news release from hotel developers Robert Finvarb Companies and Tony Cho. Cho is founder and chair…
Ram Realty pays $13M for dev sites in south Miami-Dade
Ram Realty Advisors is in line to add more residential units and retail to its mixed-use south Miami-Dade County project north of Zoo Miami. Ram Realty bought 17.8 acres surrounding the Walmart Supercenter that is under construction for $13.2 million, according to records. The University of Miami sold the two properties to two Ram…
Depreciation Man: Adam Neumann’s real estate binge to ease tax bill
When Adam Neumann was ousted from WeWork, he reportedly received nearly $200 million, plus company stock worth hundreds of millions more. But with great purses comes great liability — tax liability, that is. Reducing it was surely a priority for the exiled co-founder, and the real estate he bought with…
Miami Beach orders historic oceanfront Deauville resort to be demolished
After years of neglect and disrepair, the Deauville Beach Resort at 6701 Collins Avenue will be demolished, the city of Miami Beach declared this week. The demolition order, which was announced via a letter to the Miami Beach City Commission on Wednesday, follows the ownership’s report that determined the building is an unsafe structure. The city verified…
Grover Corlew scores $78M construction loan for Pompano Beach multifamily project
Grover Corlew scored a $78.2 million construction loan for a 355-unit multifamily project in Pompano Beach. The Boca Raton-based real estate investment firm plans to break ground in February on Mayla Pompano, a 355-unit apartment complex at 2335 and 2401 East Atlantic Boulevard, according to a press release. PNC Bank provided the loan for the…
Weekend Interview: Neology Life Development Group CEO Lissette Calderon
Lissette Calderon grew up in Miami, studied at Wharton and honed her chops at Related Group before starting her own development firm. She broke ground on her first apartment building when she was 28. Since then, the CEO of Neology Life Development Group has become known for multifamily projects that bring fresh energy to long-overlooked areas…
SPAC move? Ophir Sternberg’s Lionheart buys Broward office building
Ophir Sternberg’s Lionheart Capital paid $14.5 million for an office building in Fort Lauderdale, home to Anthony’s Coal Fired Pizza’s headquarters. Anthony’s was acquired by BurgerFi International, the latter of which merged with Sternberg’s Opes Acquisition Corp., a blank check company, in 2020. Property records show 200 West Cypress Creek LLC, managed…
Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
A Massachusetts boutique hotelier joined South Florida’s multifamily buying frenzy by purchasing a small apartment building in Broward County for $7.8 million. Boston-based Boutique Hospitality bought the four-story, 15-unit Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors, according to records. Boutique Hospitality’s…
Investment firm snaps up Delray Beach condo complex in $14M bulk purchase
A Fort Lauderdale-based real estate investment company bought a 60-unit Delray Beach condo complex in a bulk purchase for $13.5 million. B & H Delray, a Delaware LLC managed by Eyal Levy, sold Fall Ridge of Delray condos at 1100 Southwest Fourth Avenue to Ocean Breeze Apartments LLC, an entity managed by Gabriel Ormachea, president of Grand Capital…
A tale of two office markets: Broward vacancies rose while Palm Beach County’s declined
New office leasing activity is on an upward trajectory in Broward and Palm Beach, but vacancy rates remain in the high double-digits in both counties, according to a recently released report. Palm Beach County fared better than Broward in filling up vacant spaces in the fourth quarter of 2021, as well as boosting landlords’ confidence to raise…
CK principals make $11M bet on half-vacant Fort Lauderdale shopping center
CK Holding Group is jumping into the widening pool of investors diving for South Florida outdoor shopping centers, with an $10.5 million deal in Fort Lauderdale. An entity managed by Alberto and Shlomo Kamhazi, principals of Aventura-based CK, bought The Pines Plaza Shops at 4505-4599 North Pine Island Road, according to records. The property has a…
Florida Firm Grover Corlew Launches New Multifamily Brand
Boca Raton, Florida-based investment management group Grover Corlew is launching a new multifamily brand called Mayla Residences, which will focus on luxury residences in prime locations. The first location, at 2335 and 2401 East Atlantic Blvd. in Pompano Beach, Florida, will break ground in February, with $78.2M in construction financing from PNC Bank…
Parmenter buys Palm Beach Gardens office complex for $81M
Parmenter Realty Partners scooped up the Fairway Office Center in Palm Beach Gardens for $81.2 million. Doral-based Parmenter bought the three buildings at 7108, 7111 and 7121 Fairway Drive on 16 acres on the southwest corner of Florida’s Turnpike and PGA Boulevard, according to records. Parmenter, through an LLC, assumed a $38.9 million…
New York firm sells Palm Beach Shores apartment portfolio for $17M
Philip Pilevsky’s New York-based Philips International sold an 87-unit north Palm Beach County multifamily portfolio for $17 million. Philips International, through two affiliates, sold nine properties along Bamboo Road and Claremont Lane in Palm Beach Shores, as well as along Surf Road in Riviera Beach. The buyer is CSA Seascape, linked to Coral Gables…
Altman pays $14M for golf course development site near Lake Worth Beach
Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach: Altman Companies paid $14 million for a large portion of a golf course near Wellington where the developer is already building…