Waterfront Bay Harbor Islands development site hits the market for $11M
A development site with plans for a boutique luxury residential project on the water in Bay Harbor Islands hit the market this week for about $10.85 million. Records show Sina LLC and 9740 W Bay Harbor Drive LLC own the 22,500-square-foot development site at 9740-9760 West Bay Harbor Drive. It’s listed for sale with Veronica Fratto and one of the owners, Elias Sabbagh. Sabbagh told The Real Deal that he and his partners are looking to either sell the site or joint venture with a developer.
New York-based Assa Properties is suing a South Florida real estate joint venture in federal court to stop using “Cassa” in its branding. In the recently filed lawsuit in the U.S. Southern District of New York, Assa accuses TSG Paragon Development, The Solution Group, Paragon Group of South Florida and 16 related shell companies of trademark infringement, unjust enrichment and consumer fraud, among other claims. Assa attorney Richard J. Migliaccio declined comment. The firm…
TIAA Division Opens New Office To Spend Billions In Southeast U.S., Latin America
A division of TIAA, one of the world’s largest real estate investment managers, is putting shopping centers in the southeastern U.S. and Latin America high on its shopping list. TH Real Estate — the third-party investment management platform of TIAA Asset Management — will focus on urban and neighborhood retail centers in the Southeast this year as part of its expected outlay of billions in equity and debt for 2017. Manuel Martin, head of TH Real Estate’s newly opened Miami office…
Sunny Outlook for South Florida Commercial Real Estate
South Florida’s commercial real estate community expects the industry to continue its upward performance this year despite the nation’s bumpy political climate and Miami’s looming inventory of luxury condominiums. Aside from a potential oversupply in new retail development and a tighter Miami-Dade County office market, industry experts showed little concern about the direction of the market in 2017 at a conference Wednesday. The conversation was relatively upbeat for the CCIM…
Candy maker Mars inks sweet lease at Brickell City Tower
Mars Inc. is among the newest group of tenants to sign leases at Brickell City Tower, sources told The Real Deal. The candy, food and pet food manufacturer signed a new-to-market lease for 7,459 square feet at the Brickell office building, at 80 Southwest Eighth Street. (Mars brands include M&M’s, Skittles, Snickers, Uncle Ben’s Rice and Pedigree pet foods.) Blanca Commercial Real Estate announced the deal as a “global consumer goods company” but declined to name it. Danet Linares…
Homeowners band together to sell property near Miami’s Design District, asking $18M
How’s this for neighborliness? Betting that there is strength in numbers, a group of homeowners who have watched property values in Miami’s Design District surge in value have banded together to market their sites as an assemblage, asking $18 million. At that price, the combined 30,000-square-foot property on the edge of the district would sell for $600 per square foot. Key to the sale: the assemblage can be upzoned from T-4 to T-5 commercial, allowing for up to 81 feet, with 104 hotel…
The election of Donald Trump, combined with a growing domestic economy, is helping restore confidence among real estate professionals. Despite the initial uncertainty following the Presidential election, South Florida real estate professionals have an optimistic outlook on the commercial real estate market in 2017, according to a new survey released today by Berger Singerman, Florida’s business law firm. Results from the third annual survey show that the majority…
Watch the concrete pour of Residences by Armani/Casa in Sunny Isles Beach
Utitlizing over 1,400 concrete trucks The foundation has been poured at Residences by Armani/Casa in Sunny Isles Beach, with over 1,400 concrete trucks pouring 13,200 cubic yards of concrete amid a 30-hour span led by Coastal Condominiums. The luxury 56-story tower with an estimated cost of $1 billiion…
Real estate markets across Miami-Dade County steady
Brexit and the US elections were among factors that made 2016 a stable and steady – but not record-breaking – year in real estate markets across Miami-Dade County, observers say. “It was a relatively slow year,” with some companies waiting until year’s end to make major decisions, said Marc Miller, research manager for JLL. For example, Wells Fargo & Co. in mid-December signed a lease for an additional 54,000 square feet in the Wells Fargo Center at 333 SE Second Ave. The banking…
SBE Entertainment Group gears up for trial over South Beach hotel sale
L.A. hospitality guru Sam Nazarian is headed to court. The hotelier and his company, SBE Entertainment Group, are accused of self-dealing and breaching fiduciary duties in the sale of the SLS Hotel South Beach in 2015. The plaintiff…
Church easement big step to expand public baywalk
Miami commissioners are taking a major step forward in expanding the public baywalk along Biscayne Bay. Commissioners on Jan. 12 authorized City Manager Daniel Alfonso to accept an easement from the First Presbyterian Church of Miami “for baywalk purposes over and upon a portion of the property” at 609 Brickell Ave. The move will allow the city to move ahead with plans to pay for constructing that section of baywalk east of the church, a desire expressed by city officials…
US builder confidence dips amid fears over rising interest rates
U.S. builder confidence in newly-built single-family homes dropped in January, following the 11-year high it reached last month. The National Association of Home Builders’ housing market index fell to 67 in January, down from 69 in December…
Video discusses whether when selling a business if the property should be sold with it
The post Video discusses whether when selling a business if the property should be sold with it or whether it is better to sell them sepately.
Strong Fundamentals Signal Surge In South Florida Industrial Markets
South Florida’s industrial market has seen over 33 million square feet of net absorption since the end of the recession. Following 2015’s record-setting year of 6.9 million square feet of absorption, 2016 logged another 4.7 million square feet for a combined total of 11.6 million square feet of…
With 14 more due this year, hotels likely to get more aggressive
Although the county’s hotel market is about to see an influx of new units in the coming year, it won’t be nearly as flooded as it has been in the recent past. Nevertheless, local hotels are expected to become more aggressive to maintain their market share. According to the Greater Miami Convention & Visitors Bureau, 17 new hotels were completed last year, adding 2,337 rooms to the market, much of it during the latter half of the year. This year, at least 14 proposed hotels promise to add yet another…
Related planning large second condo building on High Line site
The Related Companies’ latest High Line condominium project will span almost 430,000 square feet – four times larger than initially indicated in permit filings. In September, the developer filed plans with the Department of Buildings for a 63-unit, 108,024-square-foot building at 501 West 18th Street, on the corner of 10th Avenue, as The Real Deal reported. But weeks later, it filed plans with for a second, 22-story apartment building on an adjacent parcel. The two buildings will rise…
Miami Heat and Miami Dolphins ask about running marine stadium
The Miami Heat and Miami Dolphins have asked about running a restored Miami Marine Stadium, Mayor Tomás Regalado has told Miami Today, as have global entertainment operators Live Nation, which runs the Fillmore Miami Beach, and SMG, which runs the city’s James L. Knight Center. “To not subsidize the venue, we need a professional presenter,” he said. Such interest lends credibility to operation of the Virginia Key city-owned stadium if restoration is completed.
Legal protection in a high-end business tort in Miami
Going into business in Miami can be complicated. Many prospective business owners and entrepreneurs will seek to have partnerships, limited liability companies and other options to provide themselves with protection and flexibility. These businesses can be extremely profitable to all parties. Unfortunately…
Three-Year Industrial Lease Negotiated For Tennis Plaza In Doral
NAI Miami teammates Lucia Custer and Gabriel Garcia-Menocal, SIOR represented their client, a full service tennis specialty retailer with six store locations throughout Florida.