Anthony Graziano, the CEO of Integra Realty Resources, which bills itself as a world-class, comprehensive commercial real estate market research, valuation, and advisory services company, joins America’s Commercial Real Estate Show to discuss his company’s Viewpoint 2021 report. He talks about the effect of vaccinations, stimulus, bank lending, and more. A chart…
Stalking Horse Bids Due in Metronomics Properties Auction: Map and Summary Info
As has been reported extensively in the press, a number of Metronomic properties are being auctioned. Stalking horse bids are now due by February 24, 2021. The properties being auctioned are available for purchase individually or in any combination, or one can bid on the entire package of properties. As can be seen, these are generally located in…
Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove
Suntex Marina Investors bought the long-term lease for Monty’s Raw Bar and Prime Marina Miami in Coconut Grove for $14.7 million, records reveal. Dallas-based Suntex Ventures purchased the 70-year lease for the marina, also called Bayshore Landing, at 2550 South Bayshore Drive earlier this month. Aligned Bayshore Raw Bar LLC, tied to Jose Hevia’s Prime…
Coconut Grove marina sells for $15M; includes restaurant Monty’s Raw Bar
Monty’s Coconut Grove, a marina in Coconut Grove, sold for $14.7 million. Dallas, Texas-based Suntex Ventures, LLC purchased the marina, also called Bayshore Landing, at 2550 South Bayshore Drive earlier this month. Aligned Bayshore Raw Bar LLC sold the property. Records show Aligned Bayshore Raw Bar assigned a lease to Coconut Grove F&B LLC, a Delaware…
Program to aid affordable housing landlords adapt to climate change launches in Miami
The city of Miami partnered with a nonprofit to launch Keep Safe Miami, a program that will offer affordable housing owners and operators help in updating their buildings to be more climate resilient. Enterprise Community Partners unveiled the program Tuesday with Miami Mayor Francis Suarez, as well as with officials from Miami-Dade County and…
Downtown Miami jewelry center scores construction loan
Yair Levy and a rendering of the project Time Century Holdings closed on a $23.6 million construction loan to begin the first phase of its renovation of a downtown Miami building. The property at 1 Northeast First Street, previously known as Metro Mall, is slated to go through a $50 million renovation that is expected to be completed in the second quarter…
New York restaurateurs decamp to South Florida
It’s not just New York City residents who have migrated to South Florida in the past year. Business owners, including restaurateurs, are following suit. Part of the reason? South Florida’s relatively relaxed Covid-19 restrictions, the New York Post reported. New York’s dining restrictions have changed frequently and sometimes abruptly. Indoor dining was forbidden in…
Heeding advice to follow the letter of the law, Miami city commissioners canceled a closed meeting last week that was scheduled to discuss a settlement agreement with casino owner West Flagler Associates. The owners of Magic City Casino had plans to build a jai-alai and poker establishment in the Edgewater neighborhood at 3030 Biscayne Blvd…
Aman Hotel and Residence get vital Miami Beach Historic Preservation Board OK
South Florida’s first Aman-branded hotel and residence project has taken a step forward in its development, earning Miami Beach Historic Preservation Board approval for its hotel and condominium components. With the approvals, developer OKO Group can now begin pulling permits for the project at 3425 Collins Ave. The proposed Aman Hotel and…
Signature Bridge rising in downtown Miami
The Signature Bridge is rising. Prefabricated segments of what promises to be an iconic highway bridge in downtown Miami are being placed by construction crews as the I-395/SR 836/I-95 Design-Build Project continues to progress. The massive $818 million project is the product of a partnership between the Florida Department of Transportation (FDOT)…
Brightline and Tri-Rail may both roll in downtown Miami this year
Brightline is targeting late 2021 to resume passenger trips at MiamiCentral station in downtown Miami, which by then could also host Tri-Rail. Since halting service in March just after the pandemic hit South Florida, high-speed Brightline has been recalibrating its rail systems and testing new technology. That includes adjusting its positive train control (PTC) system…
Reuben Brothers venture buys stake in One Thousand Museum loan
A Reuben Brothers venture bought out Fortress Investment Group’s stake in the loan backing the Zaha Hadid-designed One Thousand Museum, The Real Deal has learned. The venture, which includes Fontainebleau Development, previously controlled half of the $225 million construction loan, according to a source. Fortress provided debt to the developers of One Thousand…
Biden to extend foreclosure moratorium, mortgage forbearance
The Biden administration announced Tuesday that it would extend the nationwide foreclosure moratorium and mortgage forbearance through June. The move would prevent home foreclosures and allow for delayed mortgage payments. It would also offer six months of additional mortgage forbearance for those who enroll on or before June 30, Politico reported.
Lumber prices at record highs thanks to hot housing market
Lumber prices are rising to record prices, signaling that 2021 could be another strong year for homebuilding. Lumber prices generally drop during the winter months. But this season they have risen to historic highs for species, products and grades, according to Random Lengths, a pricing service, the Wall Street Journal reported. Read more Timber REITs are…
Vaccine rollout is shot in arm for CVS
The vaccine rollout is boosting CVS’s bottom line. The pharmacy company said it projects a strong 2021 and expects to administer more than 3 million vaccines in about 40,000 long-term facilities, according to Bloomberg. CVS said it plans to bring in $400 million to $500 million this year from Covid-related business. The pharmacy retailer said Covid testing contributed…
Prime 1.38 Acre Lot Hits Market in Wynwood for $21.5 Million
2000 N Miami Avenue became available for sale today, presenting a rare opportunity for investors and developers to own a parcel of land in Miami’s Wynwood neighborhood, which has skyrocketed into a thriving arts center, nightlife hub, and tourist magnet over the past decade. As of today, the 1.38 Acre lot located on the corner of North Miami Avenue and NW 20th Street…
The FRED Blog illuminates interesting graphs from the growing library of FRED data. We often discuss heady and thoughtful topics, but we also showcase the fun side of data. And from the looks of today’s graph, we’re not alone in seeking out the sunny side of the street… The FRED graph above shows the percent of real personal consumption expenditures…
Moxy South Beach Debuts As A Stylish Playful Celebration Of Miami’s Cosmopolitan Culture
Miami’s Art Deco District lights up today with the opening of Moxy Miami South Beach. Lightstone, the developers behind three award-winning Moxy hotels in New York City, has created a stylish, playful open-air concept celebrating Miami’s cosmopolitan culture and breezy outdoor living. With a design that blends the glamour of midcentury Havana, the artistry of…
Dermot Co. pays $143M for Boynton Beach apartments
Dermot Company paid $143 million for an apartment community in Boynton Beach, a record for 2021 and one of the most expensive multifamily deals in more than a year. Property records show Heitman Capital Management affiliate Hart Seabourn Cove sold the 308-unit community at 3501 North Federal Highway and the 148-unit second…
Estate Companies scores $56M construction loan for Dania Beach mixed-use project
The Estate Companies secured financing for a new mixed-use project in Dania Beach. The apartment developer closed on a $55.5 million construction loan from Synovus for a new eight-story, Class-A mixed-use development, called Soleste Cityline, at 4 North Federal Highway. The development will consist of 340 luxury rental units and retail space…
Private equity firm pays $6M for Boca Raton office building
A private equity firm bought an office building in Boca Raton for $6.3 million. Records show AeroEquity Partners LLC, a Delaware corporation linked to AE Industrial Partners LP, bought the property at 6700 Northwest Broken Sound Parkway from WIlliam Scott Real Estate LLC. Boca Raton-based AE Industrial Partners LP is a private equity firm that specializes…
Quaint And Sleepy Hollywood Beach Is Poised For Major Redevelopment
Hollywood, sandwiched between Miami and Fort Lauderdale, has seemed quaint and sleepy compared to its big-city neighbors, despite impressive community assets. The 30-square-mile municipality’s amenities include an airport, a walkable downtown, 7 miles of oceanfront and a beachfront pedestrian walkway called the Broadwalk that’s lined with independent…