Ryder Puts Miami Corporate Headquarters Up for Sale
Logistics company Ryder System hopes to sell its corporate headquarters near Miami, saying it needs less office space in a post-pandemic world. Ryder System, a member of the Fortune 500, paid $42 million for the 16.8-acre campus at 11690 Northwest 105th Street in unincorporated Miami-Dade County in 2014, according to property records. Two years into…
Shoma Group to Develop 327-Unit North Bay Village Waterfront Community
Shoma Group has revealed plans for Shoma Bay, a 327-unit waterfront community in North Bay Village, Fla. The development designed by MSA Architects will break ground this summer and is slated for completion in 2023. The Shoma Bay apartments will be located in the Upper East Side submarket of Miami, an area with roughly 1,611 units in various stages…
Brickell church sale holdout could scuttle $240M deal with 13th Floor, Key International
Arnaud Karsenti’s 13th Floor Investments’ plan for an 80-story condominium tower on a church parking lot and school – the last developable waterfront Brickell site – could be scuttled by a congregation member who opposes the deal. 13th Floor and the Ardid family’s Key International, both based in Miami, want to purchase 2.2 acres that are…
Developers plan revamp of The Cloisters UM student housing with additional units
The Cloisters Miami student housing near the University of Miami is getting both a revamp and additional units. Atlanta, Georgia-based Landmark Properties will develop 36 townhouses with 168 bedrooms next to the existing Cloisters community at 5830 Southwest 57th Avenue in Miami. The Winter family’s Miami Beach-based investment firm W5 Group and…
Miami firm buys Coral Gables office building for $14M
A Delaware entity tied to a Miami firm paid $14 million for a Coral Gables office building with plans to update and lease out the mostly vacant property. In an off-market deal, 2000 Ponce Owner bought the seven-story building at 2000 Ponce de Leon Boulevard, according to records. The seller, 2000 Ponce de Leon Square, managed by Edmundo Kronfle, paid…
Cain International’s Justin Oates Talks 830 Brickell and Miami’s Office Stock
Perhaps the most buzzed-about address in Miami today is 830 Brickell. A partnership between Cain International and OKO Group is the force behind the 55-story trophy office tower, which so far has attracted mega-tenants including Microsoft and Canadian asset manager CI Financial (which doubled its space last month). The draw is clear: 830 Brickell offers…
MG3 buys Walmart Supercenter, adjacent retail in Miami-Dade for $70M
Fontainebleau Park Plaza at 9191 West Flagler Street in Miami with MG3 Group’s founders and Principals Marcelo Saiegh, Gustavo Bogomolni, and Hernan Leonoff: MG3 Group’s real estate investment trust bought the fully leased Fontainebleau Park Plaza with a Walmart Supercenter for $70 million. MG3 REIT bought the property at 9191 West Flagler Street in…
Self-storage firm buys Wynwood redevelopment site in Miami for $11M
A New York-based self-storage developer picked up a three-property assemblage in Miami’s Wynwood that is primed for redevelopment. Buyer Storage Deluxe, led by firm founder and chairman Steven J. Guttman, paid $11.3 million… consists of two adjacent warehouses repurposed as office space and a parking lot at 328, 330 and 342 Northwest 29th Street.
Developer Vlad Doronin distances himself from Russia’s war on Ukraine
Russian-born developer Vladislav Doronin denounced Russia’s invasion of Ukraine, distancing himself from Russia and President Vladimir Putin. Doronin, owner of OKO Group and the high-end hotel group Aman Resorts, was born in St. Petersburg when it was part of the former U.S.S.R. and started his real estate career developing properties in Moscow. Doronin…
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry Associates wants to build a 14-story office and retail project near Aventura Mall — and link it through a pedestrian overpass to a future Brightline station… asking the city of Aventura for conditional use approval for the extra 2 stories of height from the currently allowed 12 stories on the 3.4 acre site at 2750 Northeast 199th Street…
San Francisco firm makes first South Florida office bet with $49M Wynwood Annex deal
Making its first real estate bet in South Florida, Brick & Timber Collective bought the Wynwood Annex office building in Miami for $49 million. The San Francisco-based commercial real estate firm closed on the 65,000-square-foot building at 215 Northwest 24th Street in an off-market deal, according to a press release. Sellers Related Group and New Yo…
Stellar Communities proposes 204-unit apartment project in Ojus
Developer Stellar Communities wants to build a 204-unit multifamily project in Ojus, south of Aventura Mall and near a future Brightline station. Dania Beach-based Stellar, through an affiliate, proposes an up to 15-story building on 1.6 acres at 18801 West Dixie Highway. It would have 13,326 square feet of ground-floor commercial space, according to an…
Progress of six legs of transit Smart Plan updated
The promise to improve Miami-Dade transit through six corridors of the Strategic Miami Area Rapid Transit (SMART) Plan, which the Miami-Dade Transportation Planning Organization Governing Board adopted in 2016, rolls on as state and local officials negotiate contracts, seek more funds, and design and construct phases of the six projects. The design phase of…
Major Overtown affordable housing project wins OK
The first phase of a major project to bring affordable housing to Overtown has won unanimous approval recommendation from Miami’s Urban Development Review Board. Culmer Place is to rise at 800 NW Fifth Ave. and provide attainable mixed-income housing on property owned by Miami-Dade County. The county bid out the first part of construction…
Danish Luggage Hero moving its home to Miami
With now more than 30 locations in Greater Miami and more than 1,100 locations in 45 cities worldwide, a luggage storage company from Denmark that is facilitating flexible traveling with more than 3 million hours of stored luggage is moving to Miami. Copenhagen-based Luggage Hero has for five years offered travelers a safe place to leave luggage for any…
Miami sidetracks funds to restore Miami Marine Stadium
The Miami City Commission has put off reauthorizing bond funding to restore historic Miami Marine Stadium for several months. The commission was to vote Feb. 24 to reauthorize issuance of bonds to help pay for long-awaited restoration. Instead, Commissioner Joe Carollo successfully deferred the vote after a lengthy explanation of why he wants to wait…
Javier Cervera Jr. buys Tropical Park Plaza near Westchester for $25M
Commercial real estate investor Javier Cervera Jr. bought the Tropical Park Plaza near Westchester for $25.3 million. Cervera, owner of Miami-based Cervera Real Estate Ventures, bought the 74,294-square-foot shopping center at 7971 Southwest 40th Street from Tropical Park Plaza LLC, according to a news release. The property, which spans 5 acres…
Talonvest Capital Arranges $21.4M Loan for Self-Storage Facility in Miami
Talonvest Capital has arranged a $21.4 million loan for a new self-storage facility in Miami. Situated near Interstate 95 and Miami’s Wynwood district, the seven-story property spans 106,940 square feet and comprises 1,100 climate-controlled units. An unnamed private investment firm based in New York provided the loan to the borrower, SpareSpace Storage…
Redevelopment play: Constellation Group buys Coral Gables office buildings for $10M
Constellation Group picked up a pair of small Coral Gables office properties for $10 million, where the seller previously planned a mixed-use project. An entity managed by Miami-based Constellation’s managing principal, Eduardo Otaola, bought adjacent office buildings at 4225 Ponce De Leon Boulevard and 4311 Ponce de Leon Boulevard…
Lease roundup: Blockchain.com opening HQ on two floors at Cube Wynwd in Miami
Blockchain.com I Cube Wynwd | Miami Blockchain.com, a major player in tech, is opening its Miami headquarters on the top two floors at Cube Wynwd in Miami, bringing the building to full occupancy. Blockchain.com, which provides consumer crypto products, signed a 22,000-square-foot lease at Cube Wynwd, at 222 Northwest 24th Street, according to…
Crypto-talk: NFT Real Estate Through Propy
Last year, NFTs (Non-fungible Tokens) exploded in popularity. NFTs, or non-fungible tokens, are cryptographic “tokens” that represent a unique asset such as a piece of art, music, or other collectibles and certify ownership digitally. Most of this was related to tokenized digital art, but most people don’t know that NFTs have many more use cases. One of these is…
Alta plans waterfront North Miami condo project, pays $15M for apartment building on site
Raimundo Onetto’s Alta Developers plans to build a boutique waterfront condominium project in place of the closed Mid Bay Club Apartments in North Miami. The Miami-based company bought the 0.8-acre site at 11950 North Bayshore Drive for $15 million from Mid Bay Miami LLC, according to Alta’s broker. Alta is envisioning a 50-unit to 90-unit high-end…
Montreal investor picks up another Miami Beach Art Deco apartment building
Shortly after buying a Miami Beach Art Deco apartment building, a Canadian real estate investor purchased another similar property for $5.9 million. An entity managed by Michael Fischer and Chaim Gurman bought the 23-unit apartment building at 1319 Meridian Avenue, according to records. Fischer, who is based in Montreal, is president of Moteli…
Adam Neumann scores construction loan for Miami Worldcenter apartments, revealing site ownership
A company linked to WeWork co-founder Adam Neumann scored a construction loan for a new apartment tower at Miami Worldcenter, which will rise next to another building he recently acquired. Neumann has been investing in commercial real estate, with a focus on multifamily, since his exit from the New York-based coworking giant. A week ago, he paid…
AJ Capital Partners picks up Little River warehouse portfolio for $17M
AJ Capital Partners founder and CEO Benjamin Weprin and properties at 7133 Northwest Second Court and 7122 Northwest Second Avenue: In three deals totaling $17.3 million, an entity with ties to a Nashville-based real estate investment firm picked up a seven-warehouse portfolio in Miami’s Little River neighborhood. An entity managed by Benjamin Weprin…
Crane Arrives In Brickell To Begin Building 640-Foot Miami River Tower
The first pieces of a tower crane have arrived at the Brickell site where a 54-story tower called Miami River is now under construction. The cranes are planned to rise 760 feet above ground, according to a filing with the FAA in September. Arrival of the crane likely indicates that vertical construction will begin soon. Construction of a sea wall on the property also now…
Photos: Foundation Work Continues At Block 55 Vertical Retail & Residential in Overtown
Foundation work is continuing at the Block 55 project in Overtown, according to photos this week by Ryan RC Rea. Groundbreaking took place in June 2021, and foundation work has been ongoing since then. Block 55 will include: 578 affordable apartments for seniors; 250,000 square feet of retail space; 1,050 parking spaces; A 1,400 square foot police…
New York developer pays $146M for newly built Morea Apartments in Pompano Beach
The Benjamin Companies bought the newly built Morea Apartments in Pompano Beach for $145.5 million, underscoring the robust market for multifamily investment in South Florida. Garden City, New York-based Benjamin bought the property at 601 North Federal Highway from an entity tied to San Diego-based Fairfield Residential, according…
San Francisco investment firm pays $10M for Plantation office building
An entity with ties to a San Francisco-based investment firm bought a Bank of America-anchored office building in Broward County for $10.3 million. The entity, managed by Harvest Properties Associates, acquired the two-story, 34,890-square-foot building at 3800 West Broward Boulevard in Plantation, according to records. Harvest Properties Associates has…
Morgan Group, partners plan 452-unit Sunrise rental development with affordable housing
Morgan Group plans a rental development with 452 units, including 68 with below-market rents, on a Sunrise site with an abandoned ice-skating rink. Investors who assembled the 22.5-acre development site near the intersection of Oakland Park Boulevard and Pine Island Road have entered a joint venture with Houston-based Morgan Group to build the project…
Dynamic City Capital pays $74M for newly built AC Hotel by Marriott in Fort Lauderdale
A Utah-based hotel firm paid $74.3 million for the just completed AC Hotel by Marriott near the beach in Fort Lauderdale. Dynamic City Capital bought the 171-unit property at 3029 Alhambra Street from the hotel’s developers, Key International and Wexford Real Estate Investors, according to a joint Key-Wexford news release. Nick Plasencia of The Plasencia Group…
Beverly Hills firm forays into Florida with Boca Raton office and retail complex purchase
A Beverly Hills real estate firm plunged into Boca Raton’s office and retail market with a $12.6 million acquisition. Brickstar Capital bought Spanish River Plaza at 500 Northeast Spanish River Boulevard, according to a press release. The deal equates to $226 per square foot for the 56,034-square-foot, mixed-use complex with office and retail. That’s a bargain in Boca Raton…