PriceSmart Pays $46M For Flagler Station Development Site
Records show Section 31 Holdings LLC, an affiliate of Florida East Coast Industries subsidiary Flagler Global Logistics, sold 18.6 acres at 11255 Northwest 106th Street. PriceSmart financed the deal with a $35.7 million loan from Union Bank. Flagler Global Logistics is the developer behind Flagler Station, the three-phase industrial park at 10800 Northwest 100th Street. PriceSmart contracted Flagler to build a 330,000-square-foot facility at Flagler Station III in late July, and announced it would keep 100,000 square feet…
French investors buy New Hotel and Lou’s Beer Garden in North Beach
A French investment group just bought the New Hotel and Lou’s Beer Garden at 7337 Harding Avenue in North Miami Beach, with plans to upgrade the historic property and rename the restaurant and bar, The Real Deal has learned. The buyer, 83 Invests LLC, led by Thierry Sportich and Laurent Ben Soussan, paid $2.4 million for the 10-unit hotel built in 1937, as well as the restaurant/bar. The price equates to $320 per square foot for the 7,500-square-foot lot or $515 per square foot for the 4,662-square-foot building.
Retail Sector Video Commentary: The State of American Malls
Senior Analyst of Green Street Advisors DJ Busch shares some insights on the factors that his firms uses to determine a mall’s valuation and his overall outlook on the state of malls in the USA in 2016. Their retail team estimates that over 15% of malls will be closed or re-purposed over the next…
New court decision affects Florida foreclosures
Until late 2016, Florida appellate courts had not considered what happens to liens placed on property between a foreclosure final judgment and a foreclosure sale. However, an August 24, 2016 opinion issued by the Fourth DCA had the immediately and fundamentally altered the foreclosure sale process.
Miami Marine Stadium may tap into foreign investments cash
Miami Marine Stadium, finally destined for a multi-million-dollar rebirth, might benefit from foreign investment funds. Plenty must happen first, but if plans move forward, the stadium’s rebuilding will be eligible for foreign funds through the City of Miami EB-5 Regional Center. Mikki Canton, the center’s managing director, said that is contingent upon survival of the EB-5 program, which Congress extended in December to April 28. The EB-5 immigrant investor visa is designed to create jobs and spur economic development.
Miami’s 10 best hotel properties in 2017, mapped
Miami’s ten best hotels according to U.S. News & World Report’s 2017 hotel rankings The Acqualina Resort & Spa on the Beach is the No. 1 hotel in Miami-Dade County right now, according to U.S. News & World Report’s 2017 hotel rankings. The five-star hotel in Sunny Isles Beach also ranked sixth…
State Road 836 first corridor to get new federal transit funds
Members of the governing board of the Miami-Dade County Metropolitan Planning Organization (MPO) voted Jan. 26 to accept a $960,000 federal grant to study transit-oriented development along State Road 836, but at least one member wants to make sure the county isn’t locked into any particular mode of transit. “This represents new federal transportation funds coming into our plan,” said Aileen Boucle, MPO executive director, referring to the Strategic Miami Area Rapid Transit plan, which identifies six…
Condo inventory skyrockets in South Florida as foreign buyers remain on sidelines
An Argentine investor looking to buy luxury real estate in South Florida can expect to pay 403 percent more today than in 2007. That’s how much value the Argentine peso has lost against the dollar, according to a newly released Esslinger Wooten Maxwell report. A Venezuelan buyer would likely have to pay 365 percent more today than in 2007, and a Russian buyer would have to shell out 149 percent more. The statistics explain why the once robust flow of foreign investors purchasing luxury condos and single family homes…
Report: Miami’s Aston Martin Residences to offer an off-site ‘Beach Club’
The building was inspired by an Aston Martin DB11 In a clear effort to stand out among Miami’s explosive development scene, new and intriguing details of Aston Martin Residences have trickled out, via Miami Condo Investments, including an off-site Beach Club: One additional new piece of information…
Miami International Boat Show spawns waterborne transit push
Success of the 2016 Miami International Boat Show in carrying more than 50,000 attendees by water taxis, coupled with continued City of Miami pressure, helped motivate county officials to begin planning waterborne transportation to alleviate road traffic. Use of water taxis was a panel discussion topic at “The Waterfront,” a Jan. 18 program by the Greater Miami Chamber of Commerce. “We have an amazing waterfront,” said Irene S. Hegedus, chief of transportation enhancements for Miami-Dade County, “but we’re not using…
Trump to sign order to roll back Dodd-Frank regs
Steven Mnuchin and President Donald Trump. Continuing his flurry of executive actions since taking office, President Donald Trump is expected to sign an order sharply limiting the Dodd-Frank Act rules today. In addition to scaling back the regulatory…
MLS says Beckham’s Miami stadium is still in the works, MLS says
David Beckham at a Miami press conference in 2014. Despite multiple delays, the Major League Soccer organization is still counting Miami into its expansion plans. MLS President and Deputy Commissioner Mark Abbott said at a conference on Wednesday that the league will add two…
$40 Billion Global Logistics Properties Receives Multiple Takeover Offers
Global Logistic Properties Ltd. confirmed it has received various non-binding acquisition proposals from a number of unidentified potential buyers in connection with its ongoing strategic review. The Singapore-based firm is one of the largest owners of industrial properties in the world, with…
Video: Retail Property Market Update from Morningstar Credit Ratings
Lea Overby, Director of Structured Finance Research with Morningstar Credit Ratings, discuss the retail commercial property market. Included in the discussion are the anchor store closings by Macy’s and others and the potential impact on malls and the REITs that tend to own them. The deteriorating…
State Road 836 First Corridor To Get New Federal Transportation Funds
Members of the governing board of the Miami-Dade County Metropolitan Planning Organization (MPO) voted Jan. 26 to accept a $960,000 federal grant to study transit-oriented development along State Road 836, but at least one member wants to make sure the county isn’t locked into any particular mode…
After long delays, developers agree to purchase Miami site
Property in Miami can be of significant interest when it comes to the real estate market. Those who are involved in commercial real estate are constantly on the lookout for properties that can be developed and become profitable. Naturally, there are various issues that go along with so ambitious an…
Muse Residences: Deepak Chopra designs houses scientifically healthy to improve your wellness!
When it comes to health, we sometimes forget that architecture and design of the place we live in, have a lot of influence in our physic and emotional daily performance. Knowing this, Property Markets Group Company jointly with S2 Developments, have implemented a unique project between the high…
Major Commercial Players Split On State Of The Real Estate Cycle
In a recent survey conducted by the CREFC, one of the country’s largest commercial real estate trade groups, the majority of respondents expect the greater U.S. economy to be at least “somewhat better” in 2017 than last year.