Griffin’s Citadel seen behind record $363 million Miami land purchase
Ken Griffin’s plans to shift Citadel’s headquarters to Miami from Chicago gained momentum months ago with a record-breaking acquisition on the South Florida waterfront. Griffin and his company were behind the $363 million purchase of a 2.5-acre vacant site at 1201 Brickell Bay Drive, according to people familiar with the matter, who asked not to be…
Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures) Coral Gables is poised to get more development. Codina…
Lenders dole out $320M in construction financing for Brickell, Miami Worldcenter condo towers
Newgard’s Harvey Hernandez, Lalezarian Properties’ Kevin Lalezarian and the Lofty Brickell and Miami World Tower projects: Developers for a pair of condo projects in Brickell and downtown Miami nabbed construction financing totaling $320 million. Coconut Grove-based 3650 REIT lent $170 million for the construction of Lofty Brickell, a 44-story condo tower…
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Marcia Fudge, U.S. Secretary for Housing and Urban Development, swooped into Miami on Tuesday, and declared the city ground zero of the nation’s housing crisis. Local residential real estate experts somewhat agreed. “I decided I was going to Miami, to the epicenter of the housing crisis in this country,” Fudge said during a tour of Related Group’s Liberty Square…
Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
The Fruchtlanders’ FBE Limited bought an apartment community near Zoo Miami for $61.5 million, marking the family’s expansion in South Florida’s multifamily market. New York-based FBE Limited bought the 316-unit The Park at Sheffield at 15601 Southwest 137th Avenue in unincorporated Miami-Dade County, near Kendall, according to broker Tal…
Competition For Industrial Real Estate Around Ports Heats Up. Leading the Port Markets Is Miami.
Industrial real estate has been the one of the most sought-after property types nationally, leading to record low vacancies and increased competition among investors and tenants. When it comes to selecting a market for industrial investment, port markets are emerging as the safe bet for investors to park capital due to the positive rental growth…
Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries
Michael Comras and Marc Roberts with Google Street View of the properties at 60 Northeast 11th Street, 6901 Biscayne Boulevard, 2222 Northwest Fifth Avenue and 172 West Flagler Street all in Miami: South Florida real estate investors and developers Marc Roberts and Michael Comras are the first to push for medical marijuana stores in Miami, after the city’s de-facto ban…
Arrival of Tri-Rail in downtown Miami stalled, leader spreads blame
Arrival of Tri-Rail in downtown Miami remains delayed from a previously announced November date as the South Florida Regional Authority (SFRTA), Brightline and FEC Railway seek agreement on the need for a new dispatch desk and begin training staff to run the trains. Steven Abrams, executive director of SFRTA, said FEC Railway, which owns the tracks, is requiring…
As imports rise, PortMiami expects 3% cargo increase
PortMiami cargo has been growing after Covid-19 slowdowns and is expecting a conservative increase rate of 3% year-over-year as demand for all types of imported commodities continue to increase and new trends leverage closer manufacturing regions and avoid international conflict. Last year, PortMiami recorded a cargo performance high of 1,254,062 TEUs…
Lehman Dealership group sold to national Lithia and Driveway
Lehman Dealership Enterprises, a family-owned business with over 80 years in South Florida’s market, just sold its automotive business to Lithia & Driveway, one of the largest automotive retailers in the nation, headquartered in Oregon. “We’re very eager to expand [and] to serve customers in Florida, and within Florida, the Lehman group is regarded…
Vizcaya restoration dooms former science museum
Say goodbye to the former Miami Science Museum. In another step toward restoration of county-owned Vizcaya Museum and Gardens set to begin next month, the former science museum and planetarium building will fall. The first phase consists of tearing down the non-historic buildings on the site of Vizcaya’s farm village west of Bayshore Drive and building an…
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Russell Galbut’s GFO Investments picked up a hotel development site in South Beach, steps away from the Five Park condo tower the firm is co-developing with Terra. An affiliate managed by executives of Miami-based GFO paid $5.7 million for the two-story, 12-unit apartment complex at 1030 and 1050 Sixth Street, records show. The city of Miami Beach last year…
Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect) Rishi Kapoor’s Location Ventures proposes a 16-story condominium in Coral Gables, marking continued redevelopment in the city. Location…
Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price
Rockpoint sold a Brickell office tower for $286.5 million, marking a record for South Florida office deals since 2016. Boston-based Rockpoint sold the 28-story building at 1221 Brickell Avenue in Miami to a Delaware-registered entity led by Randall Davis and listing a Palm Beach address, according to records. The deal follows another mystery entity…
Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
Miami’s industrial market, which includes all of Miami-Dade County, is the nation’s top performer for annual rent growth, according to a JLL report. Year-over-year, the Miami industrial market experienced a 53 percent jump in rent, more than Los Angeles, which had the second highest rent hike at 45 percent, and New York/New Jersey, which had the fourth highest…
Year since deadly collapse marked by condo reforms, new development in Surfside
Susie Rodriguez has difficulty accepting that a new building will soon stand in place of her former home, Champlain Towers South, which collapsed a year ago, killing her friends and neighbors. “It will be very strange to see another building there,” said Rodriguez, who was not in her condo during the tragic event last summer. “I don’t think I can ever…
OKO Group, Cain Top Off 55-Story 830 Brickell Office Tower in Miami
OKO Group and Cain International have topped off construction at 830 Brickell, a 55-story office tower underway in Miami’s Brickell Financial District. The 724-foot building is the first standalone office tower to break ground in Brickell in over a decade, according to the developers. Project partners include general contractor Civic Construction, architectural…
OKO Group and Cain International are developing the first Class A office tower in the city’s urban core in more than a decade. Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be built in the urban core in more than a decade, at 55 stories and 724 feet as it nears completion later this year. Developed by OKO Group and Cain…
Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M
Pebb Capital and LeaseFlorida sold a renovated, historic hotel in Miami Beach for $43.9 million, a month after selling an adjacent retail space for nearly $18 million. An affiliate of Spot On Ventures, an Osterville, Massachusetts-based real estate firm specializing in hotels and restaurants, acquired the Hampton by Hilton at The Continental at 4000 Collins Avenue…
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s subsidiary Link Logistics paid $291 million for Calder’s former horse racing track and surrounding property, with plans for an industrial complex and movie studios in Miami Gardens. The New York-based company purchased the 115.7-acre site at 21001 Northwest 27th Avenue from an affiliate of Calder Casino’s parent company, Louisville…
EverWest buys Hialeah Gardens industrial building for $43M
EverWest Real Estate Investors’ Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens: EverWest Real Estate Investors bought a newly built warehouse in Hialeah Gardens for $43.2 million, continuing its buying spree in South Florida. Denver-based EverWest bought the 164,298…
Miami nabs another big name as Citadel’s Griffin shifts HQ
Miami nabbed another deep-pocketed hedge fund billionaire – and his business. Citadel founder Ken Griffin, the wealthiest resident of Illinois, is moving his family and corporate headquarters to Miami from Chicago, multiple news outlets reported, citing a letter to employees. Griffin has long criticized Illinois Gov. J.B. Pritzker, a Democrat, and lashed out at…
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
Controversial proposals to build offices in Miami Beach near the city’s famous Lincoln Road passed another hurdle on Wednesday. The Miami Beach City Commission voted 5-1 to approve a slew of items needed for the proposals to proceed. Vice Mayor Kristen Rosen Gonzalez cast the sole dissenting vote after hours of heated debate with the rest of the…
Steve Ross’ plan to redevelop historic Deauville resort in Miami Beach advances
Billionaire developer Steve Ross is one step closer to achieving his goal of buying and redeveloping the historic Deauville Beach Resort property in Miami Beach. Ross, founder and chairman of the Related Companies and owner of the Miami Dolphins, has an agreement with the Meruelos, the controversial owners of the Deauville, to buy the hotel for an…
Miami leads nation in rent hikes — again
If rising rents were a race, Miami would be crushing the competition. Miami rents climbed 45.8 percent in May compared to last May, according to a newly released report from Realtor.com. Miami’s annual rent growth was a stand-out; its closest rival was Orlando at 28.4 percent. Nationwide, rents increased an average of 15.5 percent. The latest data on Miami…
Developers plan Lauderhill mixed-use, multifamily development with 245 units
Developers plan a Lauderhill rental project that may include affordable housing. The Lauderhill City Commission on Monday approved 441 Arthouse, a mixed-use development on U.S. 441 with 245 units and 10,000 square feet of commercial space. Hollywood-based developer Matthew Jacocks said the units will include at least four two-story townhouses…
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Google Street View of the properties at551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings) Billionaire Carl DeSantis’s CDS International Holdings bought a Bank of America-leased property in Delray Beach for $25 million. CDS International, based…
Cottonwood buys Pompano Beach apartment complex for $95.5M
From left: Harbor Group International’s Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential’s Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach: Cottonwood Residential bought a Pompano Beach apartment community for $95.5 million, marking unceasing investment appetite for South Florida…
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
From left: The Estate Companies’ managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard: The Estate Companies is moving forward with two Broward County multifamily projects. The South Miami-based company scored final approval for a 253-unit Pompano…
Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar
An exodus of tenants and diminished net cash flow could spell trouble for the owner of Pembroke Lakes Mall, which is saddled with a $260 million interest-only loan that is due in two years, according to a recent Morningstar report. New York-based Brookfield Properties acquired Pembroke Lakes Mall in 2018 when the firm bought shopping mall…
First Industrial picks up Pompano Beach manufacturing facility for $25M
First Industrial Realty Trust scooped up a Pompano Beach manufacturing building for $25 million, marking continued investor appetite for South Florida’s industrial market. Chicago-based First Industrial purchased the 113,610-square-foot building on 8.4 acres at 1801 North Andrews Avenue, and leased it back to the seller, according to a news release from the sell…
Starwood sells UM-leased medical office building in Plantation for $46M
Starwood Capital Group sold a Plantation medical office building fully leased to the University of Miami Health System for $45.5 million. An affiliate of Anchor Medical Properties, a Charlottesville, Virginia-based real estate investment firm, bought Crossroads III, a 101,851-square-foot Class A medical office building at 8100 Southwest 10th Street, records…