Related Group plans for Olympia Theater building put off again
A Related Group subsidiary’s proposal to redevelop the Olympia Theater building in downtown Miami was put off for a second time last week, as the organization that runs the theater voiced objections to the plan to alter the historic building. The proposal was supposed to get an airing last month before city commissioners, but Vice Chairman Ken Russell asked that the item be deferred, saying the proposal…
Rockwood, Thor list Wynwood site for $45 million
Rockwood Capital and Thor Equities are looking to cash in on a large development site they own in Wynwood. The 2.1-acre property at 2801 Northwest Third Avenue is on the market for $45 million with Whitehall Realty Group’s Devlin Marinoff and Metro 1 Commercial’s Tony Arellano, the brokers said. Property records show Thor Weck Owner LLC paid $26.9 million for the site in 2015. The Thor affiliate…
State Street Realty Negotiates Record PSF Sales Price For Free-Standing Warehouse In Doral
State Street Realty, a Miami based brokerage and advisory firm, closed the sale of a 29,000-square-foot industrial property in Doral, located at 9590 NW 25 Street. The transaction is valued at $5.6 million, or at $193 per square foot, marking a new benchmark for the highest per-square-foot sales price for a free-standing warehouse above 20,000 square feet, according to a release. The Buyer, Church…
Could Coral Gables lose the rights to Miracle Mile name?
The city of Coral Gables is now looking at trademarking the city’s “jewel,” Miracle Mile. Now that Illinois-based Institutional Mall Investors is applying to trademark its Miracle Mile Shops in Las Vegas, the City Beautiful wants to protect the popular retail street, according to the Miami Herald. The street, which is Coral Way from Southwest 37th Avenue to 42nd Avenue, has been known as Miracle Mile since 1947.
Newly Released Port Tracker Report Points To Another Record-Breaking Month
The theme of records being broken remains firmly intact based on data in the most recent edition of the Port Tracker report issued this week by the National Retail Federation (NRF) and maritime consultancy Hackett Associates. The ports surveyed in the report include: Los Angeles/Long Beach, Oakland, Tacoma, Seattle, Houston, New York/New Jersey, Hampton Roads…
Rok picks up industrial building in Miami Gardens
An affiliate of Rok Acquisitions just bought an industrial building in Miami Gardens for $8.8 million, records show. The warehouse at 15801 Northwest 49th Avenue spans about 150,000 square feet, according to the buyer. Records show the Rok affilate, Warehomes Precision LLC, led by Marcos and Jason Morjain, scored $6.65 million in financing from City National Bank of Florida. Precision Trading Corp…
South Beach’s Monad Terrace secures $62.5 million in construction financing
Expected to go vertical in March Monad Terrace in Miami Beach secured $62.5 million in construction financing, JDS Development announced, paving the way for vertical construction to begin next year. Construction is well underway at the anticipated but delayed project set to rise along West Avenue (just south of the Waverly) with the foundation soil mixing more than halfway complete.
Sergio Pino goes micro at Midtown Doral
Sergio Pino is going “super micro” at Midtown Doral. In a bid to attract local buyers, the Miami developer is including smaller units in phase two of his mixed-use Doral development. Condos starting at 545 square feet and $229,000 will be included in the project, Pino told The Real Deal. At Midtown Doral, more than 90 percent of buyers so far have been Venezuelan. Now, due to political and economic…
Investor Scoops Up Miami Trailer Park
As developable tracts of lands become more scarce in Miami, investor Steve Schneider has purchased the Palm Lakes Trailer Park, which includes 120 home pads on approximately seven acres, for $6.25 million. The trailer park, at 7600 NW 27th Avenue, lies within the North Central Urban Area District zoning overlay and could eventually be developed for high-density units up to 12 stories. In the short term…
Nearly 700 smart apartments planned for 400 Biscayne
Next to another planned luxury tower A large apartment complex is planned at 400 Biscayne Boulevard in downtown Miami, with Greybrook Realty Partners and Property Markets Group co-developing. The project would include 20,000 square feet of retail space and over 690 smart rental units, which would feature keyless entry and control of the audio, video, and thermostat from an app on the…
WeWork to open flagship downtown Miami location in December
WeWork finally has an opening date for its downtown Miami location, two years after inking a deal with the property’s owners. The co-working firm, which was valued at $20 billion in July, will open Dec. 1 at the Security Building, a historic 15-story building at 117 Northeast First Avenue, a spokesperson told The Real Deal. WeWork signed a 15-year lease for the nearly 97,000-square-feet…
Judge dismisses suit challenging Beckham land sale
A Miami-Dade Circuit Court judge threw out a lawsuit challenging the sale of county-owned land in Overtown to Miami Beckham United. Activist and wealthy landowner Bruce Matheson filed the suit earlier this year, alleging the county’s land deal with Beckham breaks state law because it wasn’t offered to other bidders, and said he would buy the 3-acre property under the same terms and for the same…
Overseas lenders held $72 billion worth of US commercial loans in Q2
Foreign banks held $71.6 billion worth of commercial real estate loans backed by U.S. properties during the second quarter of the year, a sign many point to as proof there’s still confidence in the overall economy and market fundamentals. That figure is up from $59.3 billion in the second quarter last year and $38.3 billion at the same point in 2015, according to data from Trepp reported by the Wall Street…
Airbnb is introducing its first branded apartment complex in Florida, a state where strict regulations threaten its growth and restrict its supply of available rooms. The partnership with Miami-based Newgard Development Group marks the first step by Airbnb to design accommodations from the ground up for home-sharing, further challenging the traditional hotel industry. Under the brand “Niido…”
First Airbnb-branded apartments coming to the US in partnership with Miami Developer
If you can’t beat them, join them? Miami-based Newgard Development Group is partnering with Airbnb on the first Airbnb-branded apartment building in the U.S., according to Bloomberg. The move comes as the short-term rental giant tries to woo developers and property managers to allow Airbnb rentals. The 324-unit building, which will be built just outside of Orlando in Kissimmee, will feature…
New retail and restaurants head to Coconut Grove
Three new retail and restaurant tenants are coming to Coconut Grove. Bonobos, Le Pain Quotidien and Poke305 just inked leases in the Grove, according to the Comras Company, which brokered the leases. Bonobos, a clicks-to-bricks men’s clothing company, took over Kit + Ace’s 1,960-square-foot space in Coconut Grove at 3401 Main Highway. Kit + Ace, a luxury clothing and accessories brand, opened…
Here are South Florida’s billionaire real estate players who made the Forbes 400
South Florida’s real estate billionaires, Jorge Pérez and Jeff Greene included, held onto their wealthy status, according to the latest Forbes 400 ranking. It now takes $2 billion to make it on the list, up from $1.7 billion a year ago. In the local real estate industry, Pérez, head of the Miami-based Related Group, ranked 261 with a net worth of $3 billion.
Construction firms sue each other over delays and problems at Civic Towers
The woes for the owners of two federally subsidized apartment buildings damaged by Hurricane Irma keep piling up. Construction firms involved in the renovation of Civic Towers, located at 1855 Northwest 15th Avenue and 1900 Northwest 14th Street in Miami’s Allapattah neighborhood have now filed dueling lawsuits against one another that allege fraud and other shenanigans. Coastal Maintenance…
Ex-mayor charged with fraud over North Miami real estate deal
A former North Miami Beach mayor is back in the hot seat after his alleged role in a failed real estate investment. Ex-mayor Myron Rosner, who pleaded guilty to breaking campaign rules in 2012, was just charged with securities fraud, sale of an unregistered security, sale of security by an unregistered dealer and grand theft by the Miami-Dade State Attorney’s Office, according to a release. The state…
Coconut Grove’s Mutiny Hotel Was the Cocaine Kingpins’ Playground
America in the late 1970s and early ’80s was in a pronounced funk: Inflation and unemployment were high; consumer sentiment was in the dumps. But so exceptional was Miami’s cocaine economy that dopers were paying banks to accept suitcases full of cash (while certificates of deposit were yielding 20 percent, on top of your choice of toaster or alarm clock). According to one study from Florida…
Redevelopment plan for Miami Jewish Health System campus wins planning board approval
Holding a community meeting with its neighbors proved beneficial for Miami Jewish Health Systems. The Miami Planning and Zoning Board unanimously voted on Tuesday to give the non-profit organization a favorable recommendation for its $200 million plan to redevelop its Buena Vista campus. Iris Escarra, an attorney representing Miami Jewish Health System, told board members the…
Video: Barbara Denham, Economist at Reis, Submits Office Property Investment Forecast
Barbara Denham, Economist at Reis, appears on this episode of The Commercial Real Estate Show to talk about office market cap rate trends, rising interest rates effecting cap rates, and future forecasts impacting office space.
Video: Green Street’s Phil Owens on Change and Opportunity in Retail Real Estate
In this short clip, Phil Owens of Green Street’s Advisory Group, discusses the opportunity for an information advantage in retail properties. Investors are assessing their mall exposure to retailers, looking at ratios of occupancy cost, and using a set of information sources to identify risk as well as opportunity.
MLB Approves Miami Marlins Sale to Derek Jeter and Bruce Sherman
If you’ve been saving a particularly nice bottle of bubbly for the day when Jeffrey Loria’s fat, greedy face finally leaves Miami baseball fans to suffer in peace, it’s time to pop the cork. Major League Baseball’s owners have unanimously approved the sale of the team to a group led by investor Bruce Sherman and Derek Jeter. MLB has confirmed the owners signed off on the $1.2 billion sale, which will make…
Downtown’s retail market strength drives businesses north
The strength of downtown’s retail market and its spiraling leasing rates have pushed merchants and restaurateurs farther north, observers say. Though she agrees that Edgewater and areas north benefit from the popularity of the central business district, Noa Figari, vice president of retail leasing of Colliers Urban Core Division, says her heart is still downtown. “I really think downtown’s transformation…”
And they’re coming to your city… In 1963, Walt Disney approached two of his staff songwriters, the Sherman Brothers, to come up with a catchy tune for the UNICEF exhibition in the upcoming New York World’s Fair. The result was “It’s A Small World (After All).” Little did Mr. Disney know that his song could easily be the soundtrack for today’s boom in tiny living. Americans these days are obsessed with…
Hialeah Is ‘A Great City In Which To Be A Landlord’
Two single-story apartment complexes in Hialeah, with a combined total of 15 units, have sold for more than $1.2M — $81K per unit, or $230 per SF. Both buildings are fully leased. One apartment building is located at 83 West Eighth Street, with nine studio units that rent for $650 to $750 per month. The second property, a block away at 85 West 10th St., has six one-bedroom, one-bath units with rent…
Miami Highlighted in NREI Takeaways from Day 3 of NIC Fall Conference
Rapid inventory growth has had an impact of occupancy rates at seniors housing facilities, and that growth has been particularly evident in certain markets, including Dallas, Chicago, Minneapolis, Atlanta, Miami and Boston, noted… On the flip side, the strongest absorption rates over the past year were observed in San Antonio, Texas, Dallas, Miami, Minneapolis, Atlanta and Phoenix, according to Peck.
U.S. Rents Are Getting More Affordable – as the Renters Get Richer- but Miami an Exception
Not all cities benefited from better affordability; of 53 metros with at least 1 million people, one in three recorded an increase in the number of cost-burdened households. Fifty-nine percent of Miami renters spent at least 30 percent of their income on rent, the highest in the U.S. One positive from the report is that rental affordability improved across income levels, with the rent-burden rate falling fastest…
Meeting Set to Discuss Coconut Grove Playhouse
The county sent out background materials regarding the Coconut Grove Playhouse meeting which is Thursday, October 19 at the Miami-Dade County Auditorium. I’m not sure why this is not inside the Grove, but that bothers me. What’s ironic is that this meeting would have been held inside the playhouse in better times. So these are the current plans with changes made since the April meeting.
How E-Commerce is Impacting CRE
Retailers are spinning a logistics web around the country. A lot has changed since 2011. That’s when a blog post on this site stated: “Many consumers still want to see or touch goods before they purchase, so they still go into a physical store to get this experience.” That statement still holds somewhat true, but e-commerce has continued to grow by leaps and bounds in the past six years – and fewer…
Artists Creating – And Owning – Their Own Spaces in Miami
Art does a lot for people. It appeals to our creative nature; it’s personal; its expression touches something in all of us. In the words of Pablo Picasso, “The purpose of art is washing the dust of daily life off our souls.” The same sentiment can be said about art in communities. By embracing creativity, neighborhoods are learning that art can wash off their dust. We’ve seen that with Miami’s…
CRE In Miami is Getting Greener
When it comes to climate change, perhaps no other region in the nation has as much to lose as South Florida – Miami and Miami Beach in particular. With each year, King Tide flooding becomes increasingly extreme and creeps into more and more neighborhoods, and herculean efforts are underway to adapt city design and pump water back into the ocean. It should come as little surprise that cities…
Florida in The Top 5 For Commercial Development
When the NAIOP, the commercial real estate development association, conducted its analysis to determine the top states for commercial development, it looked at GDP, salaries, wages, and the amount of jobs created and supported from the development and operation of commercial real estate. People in South Florida, though, merely had to look at the number of cranes and construction projects filling…
“Man is an animal that makes bargains; no other animal does this – no dog exchanges bones with another.” Economist Adam Smith wrote these words in 1776 in his seminal Wealth of Nations, and this macroeconomic maxim is just as appropriate for today’s CRE market. Everyone loves a good bargain, from BOGOs at their local grocery store to businesses looking to lease office space. Bargain hunting…
The Traits of a Good Tenant Representative
Quality tenant representation goes far beyond listings and price per square foot. It is difficult to overstate the importance of quality tenant representation in commercial real estate. Through the peaks and troughs of the market, a good tenant rep must be able to assess economic trends, broker deals, thoroughly evaluate a client’s needs, and make sure those needs are always their priority. The best reps…
What are construction defects and what can I do about them?
Construction defects can impact the value and function of a construction project so it is important to be familiar with the legal resources available to help. If you have had problems and concerns with your construction project, you may have wondered what construction defects are and what you can do about them. In general, construction defects refer to a condition of a construction project, either…
Miami Industrial Real Estate Market Report Third Quarter 2017
The third quarter of 2017 ends with a slight increase in the average lease rate to $9.76 per sq. ft. and the vacancy rate remains the same at 4.1%. The positive absorption was only 174,347 sq. ft. bringing the annual total thus far to just under 900,000 sq. ft. Although the stats this year are not particularly impressive everyone still wants more industrial real estate assets in Miami. Two large sales worth noting were…
Little Havana’s Big Evolution?
Little Havana has a special place in the hearts of Bill Fuller and Martin Pinilla. The two are the co-founders of the Barlington Group, a company that invests in real estate and small businesses throughout Miami — but it’s in Little Havana where they own stakes in 40 retail, residential and hotel buildings. Of those properties, 23 can be found along Southwest 8th Street, also known as Calle Ocho, the main…