Holidays Network pays $27M for Miami Beach hotel development site
Holidays Network Group paid $27 million for a Miami Beach redevelopment site that has approvals for a 107-room hotel. An affiliate of Winter Park, Florida-based Holidays Network acquired an 88-unit apartment complex at 2618 Collins Avenue, records and Vizzda show. The firm obtained a $35.3 million loan from Western Alliance Bank. The deal breaks down to about $307,000 per room.
City defunds Miami Marine Stadium
New appropriations have been made for a mooring field and boat launch at the Miami Marine Stadium, but the future of the historic landmark itself awaits a financial feasibility study to identify the ultimate operating cost. The Miami City Commission passed a budget amendment Nov. 16 to update capital projects for the 2023-2024 fiscal year, in which $6 million was appropriated…
Miami Wilds aim for a water park faces county showdown
A mid-December showdown looms. Environmentalists are fighting for what they claim are endangered plants and animals threatened by a water park that developers seek to build next to Zoo Miami. Both sides are armed to the teeth with studies, reports and lots of opinion. Called Miami Wilds, the name brings smiles to those thinking of a water park surrounded by restaurants and shops…
Related, Alta score $240M loan for Casa Bella condo tower in Miami
Related Group and Alta Developers closed on a $240 million construction loan for a B&B Italia-branded condo tower in downtown Miami. Cain International is providing the financing for the 56-story, 319-unit development at 1400 Biscayne Boulevard, according to a press release. Construction began earlier this month and it’s expected to be delivered in 2026. Despite the challenging…
Miami v. NYC: Ken Griffin says Magic City could topple Big Apple as financial hub
Hedge funder Ken Griffin says Miami could unseat New York as a global finance capital. Over the past three years, South Florida became a magnet for financial firms due to the tri-county region’s early reopening from the pandemic lockdown, lack of a state income tax and overall business-friendly environment. Griffin’s wager on Miami is largely seen as the biggest indicator of…
Fortune plans Gables Waterway luxury condo project
Developer Edgardo Defortuna’s Fortune International Group plans to redevelop an aging residential and commercial complex in Coral Gables into a luxury condo project. Fortune is in contract to acquire Gables Waterway, a 4.8-acre property on South Alhambra Circle, Caballero Boulevard and U.S. 1, Defortuna confirmed. The low-rise development fronts the Coral Gables Waterway…
Codina Partners lands $115M construction loan for Coral Gables apartments
Armando Codina’s Codina Partners scored a $115 million construction loan for its planned 18-story luxury apartment building in Coral Gables. Goldman Sachs is providing Codina’s financing for the project, a spokesman for Codina confirmed. The Coral Gables-based developer received approval for the 124-unit project at 2601 Salzedo Street in June of last year.
Lumer, Goldberg plan 700-unit apartment complex near Brightline’s Ojus station
Lumer Real Estate and Goldberg Companies plan a 700-unit apartment complex in Ojus, marking a switch from a previous vision for a mixed-use project with a hotel and offices on the site. Sunny Isles Beach-based Lumer, led by Gustavo Lumer and Marina Kessler, and Ohio-based Goldberg plan the Blue Aventura project with two eight-story buildings on nearly 8 acres at the…
Kolter, BH Group pay $24M for oceanfront Miami Beach hotel
Kolter Hospitality, a division of Kolter Group, and BH Group have teamed up to buy a Miami Beach hotel. The joint venture paid $24 million for the Crystal Beach Suites Miami Oceanfront Hotel, an 84-room asset in the city’s North Beach neighborhood completed in 1950, BH principal Isaac Toledano told The Real Deal. Delray Beach-based Kolter and Aventura-based BH obtained…
Adler scores approval for 36-story multifamily tower near Miami River
Michael and David Adler’s firm will be moving forward on a 36-story multifamily tower near the Miami River. On Nov. 15, the Miami Urban Development Review Board greenlit the Alder Group’s proposal for Nexus Riverside 1B building with 345 apartments atop a 393-space garage at 230 Southwest Third Street. Board members, who have an advisory role, as final approval rests…
Second time’s the charm: Urban-X, Cedar Street score Miami projects approval following design tweaks
Developers Urban-X Group and Cedar Street Companies scored approvals for separate projects in Miami, after the firms made revisions to their original development designs. Urban-X, led by Andrew Hellinger and Coralee Penabad, will add a 28-story apartment building to its River Landing Shops & Residences mixed-use complex on the Miami River. Cedar Street, a Chicago-based firm…
Blanc Kara Hotel in Miami Beach’s South of Fifth asks $18.5M
A boutique hotel in Miami Beach’s South of Fifth neighborhood hit the market for $18.5 million, or $740,000 per key. The Blanc Kara Hotel at 205 Collins Avenue is in an area where new hotel development is restricted. A buyer could continue running the 24-suite adult-only property as the Blanc Kara or redevelop the site into a luxury condominium building, said listing broker Eddy Martinez…
Investor sues Sugar Factory founder Charissa Davidocci and partners
An investor in the Miami Beach outpost of Charissa Davidovici’s Sugar Factory believes he’s gotten a sour deal, according to a recently filed lawsuit in Miami-Dade Circuit Court. An entity managed by John Sullivan is suing Davidovici, founder of the Sugar Factory national chain, entities that own the company’s restaurant at 1575 Alton Road, the restaurant’s manager Blackstar Hospitality…
Lease roundup: Pura Vida opens at 701 Brickell, Simon Property scores 11 tenants in Boca Raton
The restaurant group, founded and led by husband-and-wife team Omer and Jennifer Horev, took 5,000 square feet at 701 Brickell Avenue, according to a news release from Cushman & Wakefield, which leases the tower’s office space. Zach Winkler of JLL represented the landlord. The deal marks Pura Vida’s 19th restaurant in South Florida, with the other Brickell outpost…
Miracle of Miami Runs Headlong Into 7.4% Area Inflation
Talking about the national level of inflation has its place, but so does recognizing that year-over-year increased costs of living vary greatly by region. While interest rates get triggered by national rates, high local inflation could make it difficult for many people to support the types of rent increases that landlords facing the need to support higher financing costs might seek. The Consumer Price…
Subaru dealership bids for 30-year airport lease
An unsolicited offer for more than 14 vacant acres at Miami Executive Airport to build a Subaru auto dealership in a 30-year lease that could net the county nearly $78 million won committee approval last week without comment. The offer from a company fully owned by Craig A. Zinn, who has dealerships in North Dade and Broward County, reached the county in March and has been…
Realterm Acquires 45-Door Truck Terminal On 4.5 Acres In Medley
As a top industrial market in the country, South Florida’s robust demand for trucking terminals and general industrial facilities are driving forces behind this strategic acquisition. The Medley industrial market, the third largest submarket in Miami-Dade, boasts approximately 32.6 million square feet of industrial inventory. The post Realterm Acquires 45-Door Truck Terminal On 4.5 Acres…
Lefferts Secures Approval from Design Review Board for Second North Beach Residential Project
The New York-based real estate development firm Lefferts has secured approval from Miami Beach’s Design Review Board for 72B, a 20-story luxury condominium project. Planned for 600 72nd Street, just south of Surfside, the project, tentatively named 72B, is part of the firm’s initiative to contribute to the Miami Beach neighborhood. It will feature commercial spaces on the ground…
Lefferts JV scores design review approval for Miami Beach condo project
A developer supergroup has struck the right chord to gain a city board’s approval for a 20-story, 125-unit condominium tower. On Nov. 13, the Miami Beach Design Review Board voted 5-0 in favor of the joint venture project 72B, a proposed 239,400-square-foot building including a parking pedestal. The 1.6-acre development site is at 600-650 72nd Street, 7116-7134 Carlyle Ave…
High-Rise 2900 Terrace Planned for 401 NE 29th Terrace in Miami
Miami’s Urban Development Review Board has given the green light to a 38-story mixed-used venture. 2900 Terrace will comprise 324 luxury housing units, ranging from one-bedroom to three-bedroom layout plans. Per Multi-Housing News, homes will average around 1,069 square feet. The Next Miami describes the homes as “oversized units with spacious primary bedrooms…
Onyx Housing Group Proposes Workforce Housing Complex for 16300 SW 296th Street in Homestead
Sunset Country & Western Wear, an 8,686-square-foot business in Miami’s Leisure City neighborhood, could get replaced with a workforce housing complex. The proposed Regatta Pointe would have 159 apartments divided between two four-story buildings. The homes themselves would measure 637 square feet to 1,280 square feet, comprising one-bedroom to three…
Mixed-Use Oasis at Doral Planned for 4090 NW 97th Avenue
After reaching a settlement agreement with city officials, the Apollo Cos. is moving forward with Oasis at Doral. The mixed-use project will rest on an 18-acre site. Per the South Florida Business Journal, the multi-building project would offer 630 multi-family units, with 40 percent (252 homes) set aside as workforce housing. In addition to the residences, Oasis at Doral will also feature…
S2 Development Proposes 22-Story Marina View for 7913 and 7915 West Drive in North Bay Village
North Miami Village’s Planning & Zoning Board will soon consider plans for Marina View, a proposed residential tower in Miami-Dade County. The high-rise development would measure 22 stories above grade and comprise close to 333,000 square feet of new construction. It would feature 94 residential units, including 60 two-bedroom and 34 three-bedroom residences.
Luxury Senior Living Community Opens in Coral Gables
Patricia Will, Founder & CEO of Belmont Village Senior Living, attended the ribbon-cutting ceremony. Image courtesy of Belmont Belmont Village Senior Living and Baptist Health South Florida have celebrated the opening of Belmont Village Senior Living Coral Gables, a 232-unit luxury senior housing community in Coral Gables, Fla. Vince Lago, Mayor of the city of Coral Gables attended…
Oak Row JV to Develop 38-Story Miami Community
A joint venture between LNDMRK Development and Oak Row Equities has received the approval of the Urban Development Review Board for the development of 2900 Terrace, a 324-unit luxury community in Miami. Move-ins are anticipated in 2026. Designed by Arquitectonica, the 38-story tower is set to comprise one-, two- and three-bedroom layouts averaging 1,069…
Oak Row, LNDMRK to Develop 324-Unit 2900 Terrace Apartment Community in Edgewater
Oak Row Equities and LNDMRK Development will develop 2900 Terrace, a 324-unit luxury apartment community in the Edgewater neighborhood of Miami. Final design plans include residences in one-, two- and three-bedroom layouts, many of which will feature wraparound terraces and home offices. Arquitectonica designed the property, which will be situated on 1.5 acres…
2900 Terrace Approved In Edgewater: ‘Will Create New Category Of Luxury Rentals’
Miami’s Urban Development Review Board voted yesterday to approve the 2900 Terrace residential tower in Edgewater. Developers Oak Row Equities and LNDMRK Development said in statement that the new building will “will create a new category of luxury rentals,” with large units and high end details that will rival condos. “We are intentionally delivering oversized units with…
A dispute between Miami-based developer Tzadik Management and lender Arbor Realty Trust has wound up in court, with Tzadik alleging that an Arbor affiliate tried to “systematically destroy Tzadik” by spreading lies. Arbor denied all of the claims made by Tzadik, arguing that the lawsuit provided no specific details about the alleged lies. The suit, filed in New York state court, alleges that…
Luxury Project “the Gables Waterway” Proposed for 6100 Caballero Blvd in Coral Gables
Developers hope to get approval for a luxury housing development across from the University of Miami in Coral Gables. The Gables Waterway would rest on a 4.8-acre lot, offering 251 condos divided between a nine- and 13-story building. The homes themselves would measure 1,000 to 3,569 square feet, offering one-bedroom to five-bedroom floorplans. They’re aimed at wealthy…
3-Story Commercial Building Proposed In Wynwood
Moon Thai has filed plans for a 3-story commercial building in Wynwood. The project is proposed to include 33 tables on the ground floor, 17 tables on level 3/4, and 10 tables on an activated rooftop. No new parking is required or planned due to the small size of the building. The design uses materials that is said to evoke Wynwood’s industrial past, including aluminum window…
Miami Could Replace New York As World’s Financial Center, Ken Griffin Says
Miami could become the financial capital of the world, according to billionaire Ken Griffin. Griffin made his remarks in an interview with Bloomberg. “We’ll see how big Wall Street South becomes,” Griffin said. “Miami I think represents the future of America.” Griffin added. “Incredibly vibrant economy.” He also praised local governments relative to other parts of the country, “particularly at the county and state levels.” Griffin, who is the founder of Citadel, moved his compa…
Redesigned North Beach Building With 221 Residential Units Submitted For Review
Plans for a North Beach residential building have been redesigned and resubmitted. The residential building proposal was previously reviewed and approved in 2020 and 2022. Now the developer wants to build larger units and make other design changes. Plans now call for 221 residential units, with 77 co-living units (below 55o square feet) and 144 traditional 1- and 2- bedroom…
Miami Multifamily Real Estate Report Q3 2023
Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some information about…
City team calls 55-story Edgewater tower ‘totally in the wrong place’
A developer planning a 55-story multi-family residential tower in Edgewater met opposition from neighboring condo owners and the city’s Urban Development Review Board. After a very vocal assessment of the proposed tower, board member Robert Behar said he was ready to move to deny the project. Instead, the developer’s team requested a voluntary withdraw of the project…
River Landing to expand with mixed-use residential tower
A major mixed-use development rising on the Miami River near the city’s Health District is preparing for its next major phase of construction. River Landing Shops and Residences, opened in 2020, is to see a new mixed-use residential tower expand the footprint of the overall project. Developer-applicant Notruse Holdings LLC proposes a new 28-story tower called MidRiverVu…
20-story office tower due near Miami Design District
A new 20-story building is set to bring office space and commercial uses to a site adjacent to the southwest corner of the Miami Design District. TIL 3601 Owner LLC is the developer of the project for a site at 3601 N Miami Ave., just north of I-195. The building is designed with 199,048 square feet of offices, 11,438 square feet of commercial uses, a rooftop restaurant, and 642 parking…
The Avenue Hotel & Residences Breaks Ground At 351 San Lorenzo Avenue In Coral Gables
The Avenue Hotel & Residences Coral Gables, a new 8-story Parisian-inspired neo-classically designed boutique condominium and hotel located across the street from the entrance to Merrick Park, has broken ground, announced Oscar Roger, President and CEO of Roger Development Group, a family-owned real estate development and management company….
Residential Complex IQ Lofts Rudy Proposed for 2530 and 2540 NE 192nd Street in Miami
IQ Concept Developments has proposed an 11-story residential building in Miami’s Ojus neighborhood. IQ Lofts Rudy would offer 90 apartments, measuring 702 square feet to 1,862 square feet each. Future residents would have the option of choosing from one-bedroom to four-bedroom floorplans. Samir Dichy of IQ Concept Developments told sources that the above-average…
Brickell City Centre Mall Reaches 97% Leased, Retail Sales Rising
Retail occupancy and sales volume continues to rise at Brickell City Centre’s shopping mall. Publicly traded Swire Properties told investors this month that the shopping mall was 97% occupied as of September 30 (compared to 89% on December 31, 2022). Occupancy figures include space allocated to prospective tenants who have signed letters of intent. Retail sales volume at Brickell City…
Design Unveiled For Slender 59-Story Tower ‘Two Riverside’ At 99 SW 7th Street In Brickell
A recent submission of site plans to Miami’s Urban Development Review Board has revealed the design for Two Riverside, a proposed 59-story mixed-use skyscraper at 99 Southwest 7th Street in Brickell. The design, created by Brandow Haw Architecture with ODP Architecture & Design as the architect of record and developed by Newgard Group, showcases a slender, 730-foot-tall structure.
Aimco Planning To Sell Waterfront Brickell Bay Drive Assemblage
A large waterfront Brickell parcel could soon be sold. Aimco told investors last week that it had initiated plans to market for sale a Brickell Assemblage it owns. According to a previous company presentation, the company is the sole owner of the 1001 Brickell Bay Drive office building and the adjacent Yacht Club Apartments. It previously said it was executing office leases on a relatively…
Plans For New Whole Foods In South Beach Submitted To Review Board
A developer has filed plans with Miami Beach’s Design Review Board to build a large new Whole Foods market in South Beach. In a letter, a representative of the developer wrote that the plans were very similar to plans approved by the same board in 2015. The approval expires 18 months after issuance if a building permit hasn’t been issued, according to a copy of the approval order.
The Container Store And Sweet Paris Crêperie & Café Set To Open At Miami Worldcenter In 2024
Two more national retail and restaurant concepts will be coming to Miami Worldcenter – the $6 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. The development’s ownership group has completed leases with The Container Store and Sweet Paris Crêperie & Café, both slated to open by the end of 2024. The Container Store is the nation’s leading…
The Arbor Residences Aiming for 2024 Release at 3034 Oak Avenue in Coconut Grove
The Arbor Residences is under new management. The five-story venture originally broke ground in 2017, offering 52 units. However, due to delays and financial difficulties, the project came to a halt. Now, the project’s back on track, as 3034 Oak Park LLC has transferred ownership to Arbor Grove Development LLC. The transfer was a deed in lieu of a foreclosure. The build site…
Related Group JV Breaks Ground on Miami Condo Tower
Casa Bella Residences will total 319 units. All images courtesy of Related GroupCasa Bella ResidencesCasa Bella ResidencesCasa Bella ResidencesCasa Bella Residences Related Group, in partnership with Alta Developers, has commenced construction on Casa Bella Residences by B&B Italia, a condominium tower totaling 319 units in downtown Miami’s Arts and Cultural District.
Leading real estate developer Related Group (Related) and partner Alta Developers have broken ground for Casa Bella Residences by B&B Italia (Casa Bella), a 56-story condominium tower at 1400 Biscayne Boulevard in Downtown Miami’s Arts and Cultural District. Casa Bella marks the first residential partnership for B&B Italia, renowned for collaborations with brands like Rolex, Hermès…
41-Story HUB Miami Planned for 533 NW Second Avenue in Miami
Some big-name developers have big plans for the HUB Miami, a mixed-use development designed by ODP Architecture & Design located in Miami-Dade County. The 41-story tower will offer residences, office space, and retail ventures. Construction’s anticipated to start in the first quarter of 2024, with completion expected to happen more than two years later. Our sources indicate…
444 Brickell Designated Historic, But Can Still Be Developed
A Brickell property was designated historic by a Miami board, but development will still be permitted, according to the Herald. The historic designation approved Tuesday covers only the 444 Brickell property where an office building still stands. The designation does not cover the adjacent property where two towers are already under construction (and where archaeological excavation….
5 Towers Already Planned On One Brickell Block, 6th May Be Coming
Yet another development is in the works for the block of Brickell’s SW 9th Street between SW 1 Avenue and SW 2 Avenue. Five other towers are already in planning for the same block. As with the other towers, the new development could be built under the County’s Rapid Transit Zoning scheme. In a November 9 letter to Miami-Dade planners, a lobbyist for North Development Group…
The Fed: Multi-family construction slows as single-family construction picks up
Immediately after the Federal Reserve began increasing interest rates in March 2022, construction activity in the single-family housing market began to slow. Homebuilders had been facing higher costs and construction delays due to supply chain disruptions. In many cases prospective buyers of these new homes had agreed to purchase in the preceding months; but as mortgage rates rose…
Revealed: 59-Story Two Riverside Planned In Brickell
Plans have been submitted to Miami’s Urban Development Review Board for a residential tower in Brickell called Two Riverside. Two Riverside is proposed to rise 59 stories, or 730 feet above ground and 732 feet above sea level and include: 169 residential units 1,090 square feet ground floor retail 0 new parking spaces (parking will be provided at Lofty Brickell next door)…
Downtown Miami Residential Tower Proposed Where City Scuttled Office Plans
Miami-based Adler Development proposed a 36-story residential tower on a Downtown Miami site that was once slated to be new offices for the city of Miami. The 345-unit project, called Nexus 1B in the proposal, is planned for a vacant site at 230 Southwest Third St. along the Miami River. Adler had originally agreed to build a new administration office on the site as part of a deal…
Amazon Delays Opening Of Biggest Distribution Center In South Florida
Amazon is pushing back the opening of a 1M SF distribution center in Homestead, citing macroeconomic issues that it says have affected its entire warehouse network. The Miami-Dade County Commission unanimously approved a resolution that grants the e-commerce giant a 12-month extension to open the distribution center at 13200 Southwest 272nd Ave. south of Miami.
Revealed: 38-Story Residential Tower Planned In Edgewater
Plans have been submitted to Miami’s Urban Development Review Board for a residential tower in Edgewater. The project is proposed to rise 38 stories, or 380 feet above sea level and include: 324 residential units (average unit size 1,069 square feet); 22,354 square feet of office use; 13,108 square feet of commercial use; park/plaza space in excess of 10,000 square feet in order to…
Revealed: Phase 1B Of Nexus Riverside In Downtown Miami, With Another 36-Story Tower
Plans have been submitted to Miami’s Urban Development Review Board for Phase 1B Of Nexus Riverside. Nexus Riverside Phase 1B is proposed to rise 36 stories, or 400 feet above ground and 412 feet above sea level and include: 345 residential units; 393 parking spaces in a parking garage. Phase 1A of the development, known as Modera Riverside, is already under construction.
Related Group Breaks Ground On 56-Story Casa Bella Residences
Another residential tower has just broken ground in Miami. Related Group, in partnership with Alta Developers, officially broke ground on the Casa Bella Residences by B&B Italia yesterday. More than 80% of residences in the 319-unit project are now in contract. The 56-story tower is being designed by Arquitectonica. Interiors are by Piero Lissoni — who also serves as creative director…
The Container Store, French Restaurant Sign Leases at Miami Worldcenter
The Container Store and Sweet Paris Creperie & Café have signed leases to join the tenant roster at Miami Worldcenter. The Container Store will occupy 15,681 square feet and Sweet Paris will occupy 2,330 square feet at the $6 billion, 27-acre mixed-use development underway in downtown Miami. Both retailers are set to open by the end of 2024. Miami Worldcenter Associates…
Developers On Leveraging Live Local Act With ‘Scared To Death’ City Politicians
The owner of the Clevelander South Beach lost many of its hospitality workers during the height of the pandemic as patrons stopped frequenting the hotel and bar. Jesta Group, the Canadian investment firm that owns the Miami Beach hot spot, tried to bring in new staff as the pandemic waned but found that a wave of migration to the city had pushed rents up and forced many hourly…
SAG Development Proposes 74-Unit Complex for 219 Pembroke Road in Hallandale Beach
Aventura-based SAG Development has proposed a residential complex for a 1.49-acre site in Hallandale Beach. The Green House apartments would offer 74 apartments, requiring 91,940 square feet of new construction and measuring six stories above grade. Our sources indicate that homes would range from 500 to 1,540 square feet each, offering studios, one-bedroom…
Related Group Completes Solemar Residences At 1116 North Ocean Boulevard In Pompano Beach
Related Group announced today the completion of Solemar Residences, a boutique condominium with 105 units located at 1116 North Ocean Boulevard in Pompano Beach. This oceanfront property features architecture by Arquitectonica and interiors by Meyer Davis, marking Related’s inaugural completed condominium in the current real estate cycle with move-ins already…
358-Unit Apartment Building Planned Next To New Brightline Boca Station
Plans have been filed for an apartment building next to Brightline’s new Boca Raton station called Modera Boca Raton, according to the SFBJ. It is the latest example of development planned near the Brightline tracks. Modera Boca Raton is planned to rise 13 stories and include: 358 apartments 6,502 square feet of retail 469 parking spaces in a garage Mill Creek Residential is the…
Woodmont Industrial Partners (Woodmont) and Butters Construction & Development (Butters) recently celebrated the completion of Corporate Logistics Center, a ground-up industrial development at 15791 Corporate Circle in Jupiter, Florida. The much-anticipated property is located within the Palm Beach Park of Commerce and brings 252,848 square feet of Class A industrial…
BGI Capital Announces Closing Of $95 Million Construction Loan For 22-Story ‘Alba Palm Beach’
Miami-based BGI Capital, managed by Kenneth Baboun and Robert Barthelmess, has announced the closure of a $95 million construction loan in partnership with Wexcor Capital, a New York City-based real estate investment, management, and advising firm. The loan was financed by Kriss Capital, a New York City-based direct lender specializing in construction and bridge loans…
Tired Of Traffic, More Miami Office Tenants Seek Shelter In Suburbs
The flow of new residents to Miami has brought job opportunities, spurred development and raised the city’s profile as an international destination. But the increased population has also helped Miami earn a more dubious distinction: Its roads are now among the most congested in the world. The growing gridlock is starting to reshape Miami’s office market, as employers trying…
“Playing with the house’s money”: How commercial buyers, sellers are closing deals
“Seller financing available” and “Major price reduction.” As developers and investors contend with the high cost of financing, insurance and construction, they are increasingly looking for ways to make deals make sense. And sellers are now willing to work with them in the form of short-term seller financing. “For sellers to get their number, they have to offer [financing],” said attorney…
All Top Self Storage Metros Post Negative Growth in October
Self storage is feeling the impact of a sputtering home market, which has seen sales slow due to higher mortgage rates, reducing population mobility, and lesser self-storage demand, according to Yardi Matrix’s October self storage report. The report’s upside for operators is that unemployment remains low (although it is rising) and inflation growth is slowing.
CRE Values Could Fall Another 10% Nationally, CBRE Boss Says
Commercial property values likely aren’t done falling, especially in the office sector, CBRE Group CEO Bob Sulentic said during an event hosted by the Dallas Regional Chamber late last week. “We thought values may come down 15%, 20%. We now think that may be another 10%,” Sulentic said, according to Fortune. Office continues to be hit hard as remote work persists. Workers will spend…