Fort Partners buys Four Seasons Brickell hotel for $130M
The developer of the ultra-luxury Four Seasons at the Surf Club in Surfside acquired the Four Seasons Miami hotel in Brickell for about $130 million, The Real Deal has learned. The acquisition gives Fort Partners control of all four Four Seasons properties in South Florida, including in Palm Beach and Fort Lauderdale. The 221-key hotel at 1435 Brickell Avenue in Miami is…
Madison Realty Capital Provides $105M Acquisition Loan for Four Seasons Hotel Miami
Madison Realty Capital, a New York City-based private real estate equity firm, has provided a $105 million loan to Miami-based developer Fort Partners for the acquisition and renovation of the Four Seasons Hotel Miami located in the city’s Brickell district. Located at 1435 Brickell Ave., Four Seasons Hotel Miami is a 221-room hotel that anchors a 70-story…
Video: Costar Director of Market Analytics David Kahn Discusses Office Forecast
David Kahn, Director of Market Analytics with CoStar, a leading provider of information, analytics and marketing services to the commercial property industry, joins America’s Commercial Real Estate Show to discuss the office market. Included in the discussion are rent growth, performance, vacancy, cap rates, trends and opportunities. Much of the conversation…
One of the largest Wynwood projects to bring 523 residences
One of the largest mixed-use residential and office projects ever proposed for the Wynwood Arts District will bring 12- and 8-story buildings with 523 residences to the neighborhood and more than 950,000 square feet of floor uses. L&L Carpe Wynwood Holdings LLC is the owner-developer of the project called 29N Wynwood, to rise at 95 NW 29th St. The project…
AMLI Wynwood, 550,000-sf mixed-use residential development, breaks ground
AMLI Residential recently broke ground on its 550,000-square-foot, mixed-use Wynwood development at 70 NW 25 St. The eight-story building is designed by Arquitectonica, an award-winning global architecture firm based in Miami, which also is the design team behind innovative building projects such as the Brickell City Centre, FTX Arena and the South…
Miami Market Update: Office Vacancy Slides
Despite constantly expanding its development pipeline since the onset of the year, Miami’s office vacancy has been contracting during 2021, CommercialEdge data shows. The metro’s business-friendly environment and favorable tax climate continues to attract investor interest from other parts of the country. As of May, the market’s vacancy rate hit 14.8 percent…
Beach Towing buys Sunset Harbour property for $7M
Beach Towing paid $6.5 million for the Miami Beach property where it has been based for 35 years. The car storage and towing company bought the building and parking lot at 1349 Dade Boulevard in Sunset Harbour from the Festa Family Trust, according to a news release. Mika Mattingly and Cecilia Estevez of Colliers represented the seller. Attorney Eric Gonzalez..
Rotem Rosen scores legal win against Alex Sapir
Rotem Rosen just scored a legal victory in an ongoing lawsuit with Alex Sapir, his former brother-in-law. Rosen asserts he is owed $102.9 million from the estate of Sapir Organization founder Tamir Sapir, who died in 2014. Last week, a judge ruled that Alex Sapir, a son of Tamir, must put $55.5 million in escrow while the dispute is being decided, according…
Four landlords allegedly pushed out 5,000 renters during moratorium
A House select subcommittee is hot on the trail of four landlords allegedly responsible for forcing out 5,000 renters during the CDC’s eviction moratorium. The subcommittee is asking for documents from Invitation Homes, Pretium Partners, Ventron Management and the Siegel Group about their recent eviction practices. Letters to the companies were sent…
CareRite Centers buys south Miami-Dade nursing facility for $35M
CareRite Centers bought a nursing home and rehabilitation facility in south Miami-Dade County for $35 million. Englewood Cliffs, New Jersey-based CareRite, through an affiliate, bought the property at 9869 Southwest 152nd Street, records show. The buyer borrowed $30.1 million from VNB New York. Seller Del Sol Realty Holding is managed by Michael Silberberg.
Inside the tug-of-war over the Surfside condo site’s future
Steve Rosenthal loved living along the beach, chatting with his neighbors by his condominium’s pool, having everything he needed just a short walk or drive away. That was his life at Champlain Towers South in Surfside. Rosenthal lost many of his friends when the majority of the 12-story condominium collapsed last month, killing at least 97 people. He was…
Democrats look to curtail tax break for “pass-through” businesses
A tax break beneficial to “pass through” businesses — including real estate trusts — is in the crosshairs of congressional Democrats. On Tuesday, Democrats on the Senate Finance Committee, led by chairman Ron Wyden, will unveil a measure that targets the 20 percent deduction granted to such businesses, which also include law firms and family farms, according to…
Kite Realty to acquire Retail Properties of America for nearly $3B
Kite Realty Group has agreed to pay $2.79 billion to add rival Retail Properties of America to its open-air shopping center portfolio, making the real estate investment trust the nation’s fifth-largest and giving it cheaper access to capital for expansion. If shareholders approve the deal, Oak Brook, Illinois-based Retail Properties of America will become a…
Miami Hotel Rebound: ‘We’re Blowing 2019 Out Of The Water’
The recovery of South Florida’s hotel industry is stronger than anyone could have imagined in March 2020 when the coronavirus pandemic was bearing down on the world. Nationwide, Miami had the largest growth in average daily room rates (up 44.7% to $225.14) and revenue per available room, or RevPAR, (up 30.7% to $152.45), hotel data collector STR said in a report…
Employees revolt against return-to-office edicts
Momentum for a broad return to the workplace this summer is fizzling in the face of uprisings from employees reluctant to assume the risks of office life — or surrender the perks of working from home. More than seven in 10 office workers were still working remotely as of May, according to a Gallup study, and two-thirds of them want it to stay that way. In what some…
Setai Miami Beach owners and condo association sue city over Bulgari hotel height increase
The Setai Miami Beach’s owners and condominium association are seeking to upend the redevelopment of a neighboring property that is slated to become Bulgari’s first hotel on U.S. soil. Setai Hotel Acquisition LLC, an entity owned by the Nakash family of Jordache Jeans fame, and the Setai Resort and Residences Condominium Association on July 6 sued the city…
Apparel company Exist inks 142K sf lease in Miami Gardens, other leasing news
Gateway Commerce Park in Miami Gardens Apparel and fashion company Exist Inc. signed a long-term, 142,191-square-foot lease at Gateway Commerce Park, at 1722 Northwest 215th Street in Miami Gardens. Brian Smith, Audley Bosch and Matt Maciag with JLL represented the landlord, EastGroup Properties, in the deal, while CBRE’s Larry Genet and Tom…
Contract killers: Construction disputes spell disaster for projects
Days before the opening of New York City’s second-tallest building, workers in Navillus T-shirts scurried around the construction site. Their presence at SL Green’s trophy project, One Vanderbilt, raised eyebrows: Two months earlier, the concrete contractor’s CEO had been arrested on fraud charges. And before that, SL Green had fired Navillus, fearing it was going bankrupt.
Work may finally restore Irma-battered Dinner Key Marina
It’s been nearly four years since Hurricane Irma ravaged Dinner Key Marina in Coconut Grove, walloping the state’s largest municipal marina. A final round of repairs is still needed to bring Dinner Key back to its former glory. Today (7/22), Miami commissioners are to consider approval of a final contract with Kearns Construction Co. to repair the city-owned marina.
Miami-Dade office vacancies highest in 8 years
Florida’s economy is fourth-best in the nation in bouncing back from the plunge during the pandemic, but Miami-Dade’s office vacancy rates are also the highest they have been in eight years, at 16.9%. Even though vacancy has grown, so have newly signed leasing rates, by 8.6% since mid-year of 2020 and by 13.3% since the beginning of the pandemic. Although there…
Berkadia announces it has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit luxury apartment community along the Miami River in downtown Miami. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the financing on behalf of sponsor Neology Life Development…
Miami Industrial Real Estate Quarterly Market Report 2nd Quarter 2021
The Miami industrial market’s Q1 vacancy rate was 4.6% at the close of the quarter with a $13.16 per sq. ft. average (gross) lease rate. Industrial The Miami industrial market’s Q2 vacancy rate was 3.9% at the close of the quarter with a $13.78 per sq. ft. average (gross) lease rate. Industrial vacancies have compressed after reaching higher levels in 2020.
Experts Believe a Retail Property Surge Is Coming
The latest forecast for the U.S. retail property market over the next few years is looking bullish, with the industry buoyed by a strong and fast-growing economy, pent-up consumer demand because of the pandemic, and the desire for shoppers to connect with a human. A panel of executives from brokerage JLL presented their first webinar update on retail…
PMG pays nearly $60M for Johnson & Wales North Miami campus
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG) Property Markets Group closed on its purchase of Johnson and Wales’ North Miami campus. CBRE’s David Wigoda, which marketed and sold the 25-acre site, said PMG paid just under $60 million for the campus. “It was in the high 50s,” Wigoda said. Spokespersons for…
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
As Nathan Reiber faced tax evasion charges and possible disbarment in Canada in the 1980s, he was already basking in a life of luxury in Miami Beach. A few years earlier, Reiber started a new chapter as a prominent real estate investor and benefactor to the Jewish community and the arts, rubbing shoulders at posh fundraisers with the likes of Elizabeth Taylor.
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay is taking his talents to South Beach. The celebrity chef, known for his reality show “Hell’s Kitchen,” signed a lease for a restaurant in the South-of-Fifth neighborhood, The Real Deal has learned. He will be opening a Lucky Cat restaurant at the Yukon building, at 119 Washington Avenue, according to sources. Lucky Cat is taking a 9,000-square-foot…
“Too much money and no guardrails:” WeWork book authors on the collapse
Whenever Eliot Brown heard another wild Adam Neumann anecdote, he’d tell his editor. And the response would be: “Why are you not working on a profile of him again?” So Brown, armed with a perma-smirk and a background in real estate reporting, started gathering string. There was plenty to go around. Even in an era of Silicon Valley excess, Neumann…
The last mile-high club: Brokers adapt to a booming industrial market
Brian Thene was looking to break into commercial brokerage at the beginning of 2020. After spending a few years working in sustainability and corporate solutions at Cushman & Wakefield, he wanted to be a dealmaker. He cast a wide net, trying his luck in several aspects of commercial brokerage, from office to retail to multifamily. In February…
Terreno Realty Corporation Acquires Property In Hialeah For $39.4 Million
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Hialeah on July 14 for a purchase price of approximately $39.4 million… at 4151 West 108th Street, immediately adjacent to Terreno Realty Corporation’s buildings at 4021-4071 West 108th Street and adjacent to…
Sovereign wealth funds are hunting for resi & industrial real estate
Sovereign wealth funds and central banks are looking to capitalize on post-pandemic real estate investment opportunities, following a brief pullback last year. Nearly three quarters of industry respondents to an Invesco survey believe the pandemic-fueled price fall in valuations will drive property purchases, according to IPE Real Assets. Participants in the…
Oceanfront Miami Beach condo La Costa ordered evacuated following bulk buyout deal
An oceanfront Miami Beach condo building that recently sold in a bulk buyout deal to developer Mast Capital is declared unsafe by the city and ordered evacuated by mid-August, The Real Deal has learned. Residents of the 124-unit La Costa building at 5333 Collins Avenue have until Aug. 16 to vacate the property, according to a photo of a notice obtained by TRD…
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
Renderings of 5333 Collins Avenue with Mast Capital’s Camilo Miguel Jr Developer Mast Capital wants to build a 100-unit luxury tower on the site of an oceanfront condo building that was ordered evacuated by the city of Miami Beach, The Real Deal has learned. An affiliate of Mast Capital purchased nearly 90 percent of the condos at La Costa at 5333 Collins…
Lightstone pays $20M for Miami Gardens warehouse leased to Moishe Mana
Real estate investor Lightstone paid $20 million for a Miami Gardens warehouse leased to one of Moishe Mana’s companies. Records show Lightstone, based in New York City, bought the property at 15801 Northwest 49th Avenue from Warehomes Precision. Mana, best known for his Wynwood property and long-planned downtown Miami project, houses…
Blackstone buys $5.1B in affordable housing from AIG
Blackstone and AIG have agreed to a massive deal involving the sale of $5.1 billion in affordable housing assets. AIG sold the assets to Blackstone as part of a “long-term strategic asset management relationship” between the two companies, Bloomberg News reported. Blackstone has been pursuing lower-cost rentals to boost its real estate arm, according to the publication.
Foundry Commercial Acquires Doral Industrial Park
Berkadia has arranged $14.1 million in acquisition financing on behalf of Foundry Commercial for the acquisition of America’s International Center, a 147,000-square-foot industrial park in Doral. Managing Directors Michael Weinberg and Rebecca Van Reken along with Associate Director Alec Fox of Berkadia Orlando secured the non-recourse…
The Fed: Though Easing, COVID Still Exerts Force on Region’s Economy
Pandemic-related forces continued to shape the southeastern economy in late May and June, as firms scrambled to fill job openings and competition for talent pushed up wages, according to the new Beige Book report on regional economic activity from the Federal Reserve Bank of Atlanta. As some companies reported offering more flexible schedules and wage…
Yacht Haven Park & Marina in Fort Lauderdale sells for $58M
The 20-acre Yacht Haven Park & Marina in Fort Lauderdale is poised for a makeover and additional storage after selling for $58.1 million, with the buyers scoring an $81.7 million purchase and renovation loan. Fort Lauderdale Motorcoach Resort and Yacht Club, with operating sponsors Gary Cioffi and Christopher Hein of Long Island, New York, bought…
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group bought a Pompano Beach apartment building for $42.9 million. The Montreal-based real estate investor and asset manager bought Avery Pompano Beach at 275 North Federal Highway from an affiliate of Aventura-based Meyers Group, records show. The buyer borrowed $35.4 million from Arbor Realty SR, an affiliate of Uniondale, New…
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises bought a Boca Raton office building for $14.52 million and fully leased it, as it continues to invest in the area. Pebb bought the property at 5900 Northwest Broken Sound Parkway at the Park at Broken Sound business park, according to a news release. Seller 5900 Broken Sound LLC is managed by Dennis Lynde, records show. It bought the property for…