WSJ: In Miami’s Flagler Street Area, Investors Pay High Prices for Low-Rent Properties
For decades, investors and developers largely ignored Flagler Street in downtown Miami, home to some of the city’s oldest buildings. Commercial real-estate buyers focused instead on Brickell, its financial center. That’s changing. Flagler Street, Miami’s historic main street lined with beauty parlors and variety stores, is attracting serious…
Homestead spec business park begins leasing
A 1.6 million-square-foot speculative warehouse complex that’s under development in Homestead has begun leasing for its first phase. The complex, dubbed Turnpike 1 Business Park, is being developed by Brazilian firm…
Miami’s SunTrust International Center inks leases
SunTrust International Center in downtown Miami has signed leases for more then 72,000 square feet, Cushman & Wakefield announced on Thursday. The firm’s leasing team of Senior Director Jon Blunk, Senior Associate Cristina Glaria, and…
Builders, developers gear up as hurricane approaches
South Florida is awash with new developments and active construction sites. And as Tropical Storm Erika barrels toward the Florida coastline — currently forecast to strengthen to a Category 1 hurricane — such open sites, full…
U.S. market overview panel set for TRD’s Shanghai showcase
The roster of participants in the “U.S. real estate market overview” panel at TRD’s September showcase in China includes an outstanding lineup of real estate luminaries from across the country. Mark Chu of Eastdil Secured, Andrew Farkas of Island Capital, Sean Mei of Partners…
Equity One pays $11.8M for Miami-Dade retail center
Equity One purchased Bird 107 Plaza, a retail center in Miami, for $11.8 million. Bird 107 Partners, managed by Mark Schwimmer in Miami, sold the 40,101-square-foot retail property at 10591 to 10695 Southwest 40th Street (Bird Road) to Equity One, a North Miami Beach- and New York-based retail REIT (NYSE: EQY). The price…
Berkley Corp Pays $18M for Office Investment
W.R. Berkley Corporation, a Greenwich, CT-based commercial lines casualty insurance provider, acquired the office building at 324 Royal Palm Way in Palm Beach, FL from Armata Holdings for $18 million, or about $718 per square foot. The 25,068-square-foot office building was delivered in 1960 and…
Crowne Plaza Hollywood Beach Resort Sells for $26.3M
The Carlyle Group sold the Crowne Plaza Hollywood Beach Resort at 4000 S. Ocean Dr. in Hollywood, FL for $26.25 million, or about $113,000 per room, to Sotherly Hotels, Inc. The 259,873-square-foot, 311-room hotel was built in 1970 and renovated in 2007. The waterfront hotel features a business…
Residence Inn Fort Lauderdale Sells for $33.5M
Claremont Companies sold the Residence Inn Fort Lauderdale Intracoastal hotel at 3333 NE 32nd Ave. in Fort Lauderdale, FL for $33.5 million, or about $322,000 per room, to Chatham Lodging Trust. The 157,001-square-foot, 104-room hospitality building was constructed in 2000. The deal is part…
South Beach’s Art Deco Marlin Hotel Getting a Little Expansion
The Marlin Hotel, a mainstay of the grand parade of fancy-free art deco architecture marching up Collins Avenue is moving forward with a renovation after securing $8.4 million in financing for the project. 18 rooms will be added to the 14 room hotel…
Inside Lincoln Road’s Lost Carib Theater, Soon to be a Ross Dress for Less
The former Carib Theater on South Beach’s Lincoln Road, now an empty shell already completely obliterated of its midcentury, fantastical splendor, will soon be replaced by a Ross Dress for Less. Although the facade is allegedly designed to evoke the old Carib in a contemporary aesthetic, we’re not…
Marlin Hotel scores $8.4M in financing for expansion
The Marlin Hotel in South Beach has secured $8.415 million in financing to fund the renovation and expansion of the property into a 32-room luxury boutique hotel (view hotel listings), The Real Deal has learned. Grandbridge Real Estate Capital’s Adam Lipkin arranged the loan for MRK Investments, which…
Miami-Dade sees falling foreclosure rate in June
A strengthening housing market continued to chase away foreclosures in Miami-Dade County during June, according to a CoreLogic report released Thursday. Out of all the county’s outstanding mortgages, only…
Miami developer buys Doral hotel for $8.5M
A Marriott-branded hotel in Doral that was lost to foreclosure has just been acquired by a Miami-based developer for $8.5 million. The hotel, at 10505 Northwest 36th Street, is split between two four-story buildings with a combined 94 rooms. Just as the real estate market…
Downtown Miami, FL
Miami Attracting More New-to-Market Tenants
There is plenty of new-to-market tenant demand (view trend charts) for premium class A office space in Miami, particularly in Miami’s urban core. Find out what’s going on.
Firm Wins 300,000 SF Assignment – And Sunbeam’s Ryan Goggins
Kingsley, Rutchik and Goggins are responsible for 2.5 million square feet of leasing in South Florida, focusing on the Miami and Fort Lauderdale markets.
Krasnow Tapped as Commercial Realty Firm’s Executive Managing Director
Kenneth Krasnow has joined Colliers International (NASDAQ: CIGI) as an executive managing director. Based in the firm’s Miami office, Krasnow will focus on the continued strategic expansion of dedicated resources and services in South Florida for the global commercial real estate firm.