Keyes Commercial Offices
Market Trend: South Florida Office Vacancy Decreases to 12.4%
The South Florida Office market ended the first quarter 2015 with a vacancy rate of 12.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 222,580 square feet in the first quarter. That compares to positive 1,185,983 square feet in the fourth quarter…
South Beach retail project scores $18M construction loan
Terranova Corp. received an $18.25 million construction loan for its retail project on Lincoln Lane in South Beach. PNC Bank (NYSE: PNC) awarded the mortgage to PPF 723 Lincoln Lane LLC, an affiliate of the Miami Beach developer led by Stephen Bittel, for the 20,563-square-foot site. After acquiring it for $33.2 million…
Miami Beach Convention Center hotel plans revealed
Portman Holdings proposed its $405 million plan for the Miami Beach Convention Center headquarters hotel to the city on Thursday. The plan for the 800-room resort, which is now being reviewed by a Miami Beach evaluation committee, includes several pools, a fitness center, spa and business center. Guest rooms will “float” over…
JV Acquires 80% Interest in Miami’s CocoWalk
Federal Realty Investment Trust (NYSE: FRT) along with local market partners Grass River Property and The Comras Company have acquired an 80% interest in the CocoWalk lifestyle center at 3015 Grand Ave. in Coconut Grove, FL for $70 million. The purchase price was based on a total valuation of the…
Publix Purchases Fort Lauderdale Location for $22.5M
Financial Center at the Gardens Sold in PBG
JPMorgan Investment Management recently sold the Financial Center, a 188,772-square-foot office building at 3801 PGA Blvd. in Palm Beach Gardens, FL. The building sold for $63 million, or approximately $334 per square foot, to buyer KBS Realty Advisors, a private equity real estate company founded…
EDENS Acquires Whole Foods in Downtown Miami
South Carolina-based Edens, Inc. has purchased the recently-opened Whole Foods supermarket at 299 SE 3rd St. in Miami, FL from P & G Development, Ltd. for an undisclosed price. The retail property is part of the MET 3 development currently underway. Construction has started for 462 residential…
Market Trend: South Florida Industrial Vacancy Decreases to 5.8%
The South Florida Industrial market ended the first quarter 2015 with a vacancy rate of 5.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,137,539 square feet in the first quarter. That compares to positive 1,654,923 square feet in the fourth quarter…
Mercantil Commercebank sells 14 acres in repossessed Miami-Dade land
Mercantil Commercebank unloaded 14.3 acres of land it repossessed in the Naranja Lakes community of southern Miami-Dade County. The Coral Gables-based bank received 51.1 acres in two locations from Veranda Holdings and Naranja Lakes Holdings, both managed by Jupiter developer George de Guardiola, in 2013 in exchange…
20-Property Health Care Portfolio Sold For $117M
A private non-traded REIT has purchased a portfolio of 20 radiation oncology centers in Florida, California, Nevada, West Virginia and Kentucky for just over $117 million. A group of physicians affiliated with the portfolio’s net-lease tenant, 21st Century Oncology, sold the medical office building…
Proposed Miami Beach Convention Center Hotel Design Towers Over All of South Beach
Portman Holdings, the only team bidding for the Miami Beach Convention Center Hotel RFP, has unveiled their proposed design for the hotel. Located between the convention center and the Fillmore Jackie Gleason Theater, the structure is designed as a single curved slab shaped like the Fontainebleau…
Is Urban Renewal Miami’s Next Economic Engine?
Miami may soon join the ranks of other major U.S. metropolises boasting innovative urban trail projects that have transformed neighborhoods and ignited a firestorm of private investment. The Underline, a proposed development catalyzed by the nonprofit group Friends of the Underline in partnership…
Thor Equities leases 10K sf Wynwood property to La Embajada
New York-based Thor Equities leased one of its Wynwood properties to a restaurant, coffee bar and venue.
La Embajada will lease 5,000-square-foot building with 150 feet of frontage on Northwest 28th Street and Northwest…
Downtown Doral’s first resi tower, 5252 Paseo, is sold out
The first residential project of Codina Partners’ Downtown Doral is sold out, The Real Deal has learned.
5252 Paseo, a 203-unit 20-story tower sold mostly to foreign investors from Latin America, Codina Partners CEO Ana Codina Barlick told…
18 townhouses proposed for U.S. 1 get first nod
A redevelopment plan to raze four single-family homes along a small stretch of U.S. 1 near the Miami Science Museum to make way for an 18-unit townhouse development cleared its first hurdle recently. At its regular meeting on May 6, the Miami…
Terranova gets $18M construction loan for Lincoln Lane
As development ramps up for the former home of H&M and Gap pop-up stores off of Lincoln Road, the developer, Terranova Corp., received an $18.25 million construction loan this week. Terranova’s plans for Lincoln Road’s spillover expansion into Lincoln Lane…
What Gives BAC Colonnade an Office Edge
GlobeSt.com caught up with Danet Linares, vice chairman of Blanca, to get her thoughts on how BAC Colonnade is keeping up with newer buildings in part one of this interview.
Miami-Dade College Reaches $33.5 Million Settlement Over Garage Collapse
The settlement with Ajax Building Corp. and 21 other subcontractors, which includes $26.5 million plus forgiveness of a $7 million contract balance, was reached after a year of mediation.