TA Realty buys back industrial property in Hialeah as part of $52M deal
TA Realty bought back pieces of an industrial portfolio in Hialeah in a deal totaling $52 million. Cofe Properties sold the assemblage of more than 40 parcels at and near 2500 West 84th Street, 1604 West 31st Place and 2440 West Eighth Court to the Boston-based real estate investment firm. TA Realty previously owned some of the parcels. TA Realty paid $40.2 million…
South Florida’s biggest real estate stories of 2020
With far fewer tourists and far more remote work, it’s no surprise that South Florida hotels, offices, retailers and restaurants were among the hardest-hit sectors in 2020. But there were bright spots in the South Florida real estate market this year — because of and not despite the pandemic. Demand remained strong for industrial…
Miami International Airport may forgive tenants $107 million
Non-airline businesses struggling to make ends meet at Miami International Airport (MIA) got another lifeline this month, when Miami-Dade commissioners again extended a relief program they created eight months ago. If every company cleared for aid through the program takes advantage of it through the new April 30, 2021, deadline, MIA over 13 months will…
Miami Beach goes all out to woo Class A office space
With companies ranging from Goldman Sachs to one- and two-person shops heading south in droves to tax-friendly states like Florida, Class A office space is a commodity – and one Miami Beach is hoping to build more of. Multiple ordinances and resolutions are working their way through the Beach’s commission and committees regarding zoning changes and…
Most of Miami Beach’s restaurant aid funds unclaimed
Roughly $50,000 in aid available to Miami Beach restaurants that used delivery apps like GrubHub and UberEats during the pandemic is still unclaimed, officials say. In early November, the city rolled out a $60,000 grant program aimed at reimbursing local restaurants for fees incurred from third-party meal delivery apps between March 12 and Oct. 31. It was…
City clears roadblock to restoration of Miami Marine Stadium
Miami commissioners have passed zoning legislation essential to restore Miami Marine Stadium at 3501 Rickenbacker Causeway. Approved unanimously this month, the legislation would allow structures clearly designed for specific uses that no longer conform to the allowed zoning in an area to seek an exception. During an earlier Planning, Zoning and…
Philippe Houdard: Recruits businesses to Miami, heads Pipeline Workspaces
Growing up on a farm in France taught Philippe Houdard the values of hard work and community, concepts he went on to build multiple successful enterprises around as an entrepreneur in the US. When Mr. Houdard was a child, his father played for him records of former President John F. Kennedy’s greatest speeches. Mr. Houdard went on to work as a…
Simon completes acquisition of high-end mall owner Taubman
After a tumultuous process, Simon Property Group has completed its acquisition of Taubman Realty Group. Under the merger agreement, which was made official Tuesday, Simon acquired an 80 percent ownership stake in the company. The Taubman family sold off about a third of its ownership interest, but will retain a 20 percent stake in the company. “We are very…”
Here are South Florida’s biggest industrial leases in 2020
South Florida’s industrial market is tied to international trade, with high demand from transportation, logistics and e-commerce companies. In 2020, the average square footage of the five largest leases, 223,520 square feet, dropped off from last year’s 448,562 square feet. Yet, one Seattle-based e-commerce company decided to make its mark this year, accumulating…
Covid-19 vaccine won’t be immediate cure for office market
It’s been a rough year for the office market — and it’s unlikely that the first half of next year will be much better. Even though Covid-19 vaccines are being distributed across the country, public health and real estate experts believe that a return to the office likely will not happen until late spring or early summer, the Wall Street Journal report…
South Florida’s juiciest real estate lawsuits of 2020
The pandemic did not stop top real estate players from seeking relief through the courts or from becoming legal targets, themselves. So, there was no shortage of juicy lawsuits featuring the top names in the industry. Here are the top 10 lawsuits reported by The Real Deal in 2020: Bal Harbour Shops vs. Saks Fifth Avenue…
Federal housing agency extends forbearance options for multifamily landlords
Multifamily landlords that are having trouble with mortgage payments are in luck: The Federal Housing Finance Agency has extended forbearance options for loans backed by Fannie Mae and Freddie Mac until Mar. 31. The measure was originally set to expire on Dec. 31. Struggling landlords who have federally guaranteed mortgages and want to take advantage of the…
Open for Business: Miami Welcomes Corporate Arrivals
Miami is on the rise- again. A city well-known for its resiliency, Miami has been bouncing back from the economic fallout of the coronavirus pandemic with a vigor that is the envy of other major American metropolitan areas. One of the main factors driving this growth is the relocation of companies and C-Suite executives from other parts of the country looking to…
Hotels turn empty rooms into private dining suites
The pandemic has upended every part of the hospitality industry, with travel restrictions leaving hotel rooms empty, and lockdowns in cities forcing restaurants and bars to severely limit occupancy. That’s left some hoteliers and restaurateurs to try out a creative solution to both problems: Turn those empty rooms into private dining…
D.R. Horton pays $14M for land in Jupiter and Florida City for two housing projects
D.R. Horton CEO David Auld and the Reserve at Jupiter site Homebuilder D.R. Horton paid more than $14 million for several properties in South Florida just before Christmas, with plans for two housing projects. The company paid $8.8 million for about 20 acres of land near Jupiter, at and around 7090 184th Place North and 1100 Limestone Creek Road…
Here are South Florida’s biggest office leases in 2020
Companies from all over the country — especially the Northeast — are making their way to Florida to save on taxes and enjoy the lifestyle and warm weather. Yet with the trend of remote working, businesses’ need for space has diminished. Last year, every office lease in the top five was over 100,000 square feet. This year only one surpasses that figure. Here’s a…
Video: Office Strategies for 2021 as the Pandemic Subsides
In this video, Atlanta based broker Michael Bull discusses considerations for office space applicable to Miami, or for that matter any city in the world. Both tenants and landlords are wondering how office tenancy will settle out once COVID-19 is behind us. Utilization is currently way short of what it was without a pandemic. Once this (pandemic) is behind us, however, this…
Turnberry Isle condo association sues Jeffrey Soffer affiliate over lobby repairs
At the Turnberry Isle Yacht and Racquet Club condominium complex, residents expect exceptional, responsive service from developer Jeffrey Soffer. But in a recently filed lawsuit, the Turnberry Isle Condominium Association accuses Soffer affiliate YCM Acquisitions LLC of being derelict in its duty to maintain the North Tower’s lobby and the parking garage’s…
Alta pays $17M for Coral Gables site to build mixed-use multifamily project
Alta Developers’ Raimundo Onetto and a rendering of the project Alta Developers paid $17.5 million for 1.5 acres of land in Coral Gables to develop a 215-unit multifamily, mixed-use project. The Miami-based developer, led by Raimundo Onetto, bought the site at 250 Bird Road and plans to name the development 250 Bird, according to a press release.
Stimulus deal includes major change to affordable housing financing
The proposed $900 billion federal relief package hands affordable housing developers a key win in the form of changes to a popular financing program. The bill includes reforms to the Low-Income Housing Tax Credit program, which has financed more than 3 million housing units since its inception in 1986. Lawmakers proposed a floor rate of 4 percent…
Property Management Software Company RealPage sells to Thoma Bravo for $9.6B
Property management software company RealPage is set to be acquired by private equity firm Thoma Bravo for $9.6 billion. Thoma Bravo will pay $88.75 per share for the Texas-based proptech firm, the Wall Street Journal reported. That’s 31 percent above RealPage’s stock price, which closed at $67.83 per share on Friday. RealPage’s platform allows landlords to…
Stimulus to extend eviction moratorium, provide $25 billion in rent relief
It’s smaller than some people had hoped, but another federal aid package to help boost the pandemic-ravaged economy is finally on its way. Congressional leaders on Sunday reached an agreement on a $900 billion stimulus package that would provide direct payouts of $600 to qualifying Americans, as well as revive a loan program for small businesses…
Elion Partners pays $32M for Dania Beach industrial property
Elion Partners paid $31.5 million for a 180,000-square-foot industrial building in Dania Beach. Miami-based Elion bought the property, called Griffin Pointe Business Park, at 2281 Griffin Road, according to records. The sale price equates to $175 per square foot. The seller was Q-Med Corp., a wholesale distributor of medical, surgical…
Two Deerfield Beach marinas sell for $18M, buyer plans multifamily project
Pennell’s Marina and Freedom Marina in Deerfield Beach sold for $18.1 million, and the buyers plan to build a multifamily development, The Real Deal has learned. Deerfield Development Resources LLC and Marina First LLC bought the marinas, as well as additional land, from the Pennell family and Tod Littlejohn, owners of Pennell’s Marina and Freedom Marina…
Multifamily developer buys former Boca Raton golf course
A multifamily developer acquired more than 125 acres on a former Boca Raton golf course, with plans that could include the construction of 115 single-family homes and 137 townhomes. North American Development Group paid $33 million for the land at 6541 Canary Palm Drive and 22725 Camino Del Mar, according to records. The property was part of Mizner…