B Group bids $102M for 20 acres in Miami’s Upper Eastside

B Group Capital Management submitted a $102 million stalking horse bid for nearly 20 acres in Miami’s Upper Eastside and El Portal that are tied to a lawsuit alleging EB-5 fraud. The Miami-based… seeks to acquire the former U.S. immigration building site spanning 3.5 acres at 7880 Biscayne Boulevard, and a 15.9-acre former trailer park at 8500 Biscayne Boulevard, court…

Here’s how South Florida real estate bigwigs rang in the new year

South Florida real estate’s biggest players rang in the new year in fabulous style. Brokers and developers went far and wide to celebrate the holiday, hitting the slopes in Aspen, partying in Uruguay, Dubai and Greece, lounging in St. Barts and Thailand, and hobnobbing at high-society soirees in Palm Beach…

Related scores $164M construction loan for Brickell apartment tower

The Related Group secured a $164 million construction loan for a waterfront apartment tower on the site of its planned Baccarat Residences development near downtown Miami. Truist Bank provided the financing to an affiliate of Coconut Grove-based Related. The loan can be increased to up to $340 million, records show. The financing is for 444 Brickell Tower II…

Last Sears In Miami Eyed For 800-Unit Residential Redevelopment

Miami real estate magnate Raanan Katz is looking to tear down the last Sears in Miami city limits and replace it with housing and a park. Katz, who leads retail real estate firm RK Centers and co-owns the Miami Heat, is having discussions with local community groups about a plan to replace the 68-year-old property at 3655 Southwest 22nd St. with two 400-unit apartment buildings…

Miami’s Last Sears Store Eyed for Dense Residential Development

Wary residents of the historic Coral Gate community are in talks with a large-scale developer who wants to tear down a nearby 68-year-old Sears and build a modern residential and retail complex in its place. Raanan Katz of RK Centers, which holds more than ten million square feet of commercial real estate across the country, has owned the Sears property since 1987.

Coral Gables investor Maria Menzel adds another dev site to Edgewater portfolio

Maria Menzel continued her land banking spree in Miami’s Edgewater by acquiring another development site, three months after her last assemblage purchase. A Delaware entity with the same address as a Coral Gables condominium owned by Menzel paid $12.5 million for six vacant parcels at 410, 420 and 432 Northeast 27th Street and 415, 425 and 435 Northeast 26th Terrace…

Check out South Florida’s biggest office leases of 2022

7850 Southwest Sixth Court in Plantation with Jazwares’ Judd Zebersky and RMR Group’s Adam Portnoy, Rendering of the 830 Brickell office tower with OKO Group’s Vlad Doronin and Cain International’s Jonathan Goldstein: In most U.S. markets, 2022 was far from a boon for offices. Subleases piled up in California, as tech companies looked to downsize. Facebook parent Meta is…

Forbes Neighborhood To Watch: Miami’s Little River

Long an economically distressed neighborhood with shuttered buildings, Little River, Miami has been methodically taking shape as a champion of local talent, culture and small business, with the city’s top creators and innovators clamoring to set up shop in the area. In effect, the area is undergoing a transformation similar…

Limestone, Orion Purchase Colonial Palms Plaza Shopping Center in Pinecrest for $70.5M

Limestone Asset Management and Orion Real Estate Group have purchased Colonial Palms Plaza, a 188,389-square-foot retail center located in Pinecrest, roughly 20 miles southwest of Miami. The joint venture, doing business as Orion Colonial Plaza LLC, acquired the property for $70.5 million. The property comprises seven buildings and 29 tenants, including Marshalls…

NY firm ARC PE sells Miami Beach mixed-use building at 40% loss

Distressed real estate investor ARC PE scooped up a mixed-use building on the previously popular retail strip of Collins Avenue in Miami Beach, paying 41 percent less than the property’s purchase price a decade ago. Shire Realty sold the three-story building at 826 Collins Avenue for $5 million, according to a news release from the buyer’s broker.

Stephanie Shojaee talks marriage to Masoud, rejection and sexism

Scroll through Stephanie Shojaee’s Instagram and you’ll come across photos and videos of her and her husband Masoud around the world, in Qatar, France, Greece and Miami. She frequently documents her lavish lifestyle with her spouse, co-founder of Shoma Group, and their dog, Pebbles. But she’s shared little about the backlash they faced from Masoud’s adult daughters…

Harbor pays $113M for Miami Gardens rental complex

Harbor Group International paid $113 million for a Miami Gardens apartment complex. Resia sold Oak Enclave Miami at 2301 Northwest 167th Street before year-end, after completing the 420-unit community in June, according to a Harbor Group news release. Robert Given and Troy Ballard of Cushman & Wakefield…

Easton, LBA score $61M construction loan for Hialeah warehouses

Easton Group and LBA Logistics are ready to break ground on their Hialeah industrial project after securing a $61 million construction loan. Principal Life Insurance provided the financing for the joint venture’s two-warehouse development at 4220 West Place, records show. Easton Group and LBA paid $29.4 million for the 26-acre vacant property, currently a truck yard…

Miami board votes to deny hotel plans for Jungle Island

A redesigned 300-room themed hotel and parking garage for Jungle Island met with opposition from the City of Miami’s Urban Development Review Board (UDRB). The board voted 3 to 0 to deny the project as presented. The board makes recommendations to the city’s planning director. Board members expressed several concerns with the new designs, in particular…

City reviews application to raze Coconut Grove Playhouse

The saga surrounding the restoration of the Coconut Grove Playhouse is entering its next act as the county has applied for a special exception to demolish the building. Miami-Dade County filed an application with the City of Miami on Oct. 26 requesting a waiver to permit minor deviations from the Miami 21 Code to allow for demolition within the neighborhood…

Health District plan switches from offices to residences

The developer of a planned high-rise along highway 836 in Miami’s Health District has decided to change the use from office space to residential. The city’s Urban Development Review Board recommended approval of the modified project, with two conditions: hire a dock master for the loading area, and study adding glass into the building’s southeast corner. The applicant is…

Coconut Grove offices nearly full, demand strong

With very limited office space available in Coconut Grove, one of the most desired areas in Miami-Dade County, occupancy is at one of the highest levels there. With a total inventory of 1,245,600 square feet of offices and a vacancy of 8.4%, Coconut Grove currently has no office space under construction, according to CBRE’s Miami Office third quarter report.

Improvement district to celebrate Coconut Grove aviation heritage

Entering the new year, the Coconut Grove Business Improvement District is shifting gears to celebrating the neighborhood’s 150th anniversary, with an ongoing series of events. Themed “Grove Heritage,” the Coconut Grove BID is set to produce monthly events to add magic and memories to all residents and visitors of the Grove, said Cynthia Seymour, the BID’s executive…

Chart – Inflation Watch New Year’s Day 2023: TIPS Spread Indicating 2.33% Expected Inflation for Next 5 Years

The chart above is of the 5-Year breakeven inflation rate, commonly referred to as the TIPS spread, for the five year period ending on December 30, 2022, the last trading day of 2022. This illustrates the difference in the yields, i.e. the spread, between United States Treasury bonds and Treasury Inflation-Protected Securities (TIPS) of the same maturity. This is a useful and oft-quoted…

CRE Experts Round-Up: Top Retail Trends to Expect in 2023

Continuing our annual tradition, we contacted several commercial real estate experts specializing in retail across the country to provide their expertise and predictions regarding what they expect for the retail market with upcoming retail trends moving towards 2023. The overall insights provided by the selected retail professionals are upbeat. Interestingly enough more…

Harbor Group International Acquires Miami Community

Oak Enclave. Image courtesy of Resia Harbor Group International LLC has made its eighth acquisition in the Miami-Dade area with the purchase of Oak Enclave Miami. The Virginia-based company acquired the 420-unit community from Resia for an undisclosed sales price. Cushman & Wakefield’s Robert Given and Troy Ballard brokered the sale, representing both the buyer…

LBA pays $198M for Sweetwater industrial business park

LBA Realty is closing out the year with a mega-priced industrial purchase in Sweetwater. The Irvine, California-based commercial real estate firm paid $198 million for Dolphin Commerce Center at 11200 Northwest 21st Street, 11250 Northwest 25 Street and 11350 Northwest 25 Street, records show. LBA assumed a $50 million mortgage from Northwestern Mutual Life…

Check out the biggest retail leases in South Florida of 2022

O’Reilly Auto Parts took the biggest lease this year at 43,000 square feet. The auto parts retailer inked the 10-year deal at 500 West 49th Street within the Palm Springs Mile mall in Hialeah. The shopping center is part of Great Neck, New York.-based Philips International’s portfolio. O’Reilly Auto Parts, based in Springfield, Missouri, is a publicly traded retailer founded in 1957…

How was the South Florida commercial real estate market in 2022, and what is coming in 2023?

South Florida’s commercial real estate market – in sectors such as retail, multi-family and industrial – is ending the year strongly. Thanks to the influx of companies moving to the area, especially Brickell, office rentals have been very strong. Tenants include hedge fund giant Citadel, Microsoft, WeWork and Blackstone, among others. Confidence in the office sector is most evident…

Miami Airport reaches high for cargo capacity

Miami International Airport (MIA) is adopting a vertical approach to meeting air cargo capacity demand as it contends with limited space. The airport’s “Vertically Integrated Cargo Community” project envisions a five-story storage warehouse which is expected to more than double its current cargo capacity. Expected to break ground next year, the estimated five-year project…

$10M Refinancing Arranged for Carolina Springs Plaza Shopping Center in Margate

MMCC has arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located at 7804-8092 W. Sample Road in Margate. El Bodegon Supermarket has anchored the 13.4-acre property since 2011. Robert Bhat of MMCC’s Miami office arranged the 10-year, fixed-rate loan, which features a 25-year…

Related nabs $56M loan to build FATVillage affordable rentals

Related Group scored a $55.7 million construction loan for an affordable housing project in Fort Lauderdale’s FATVillage district. The Pérez family’s development firm wants to build a 16-story building with 263 units on land at 600 North Andrews Avenue that’s owned by Broward County, according to records. Plans also call for commercial space. The financing marks progress…

IDI Logistics sells Pompano Beach warehouse for $26M

Warehouse developer IDI Logistics cashed out of a newly built Pompano Beach distribution center for $25.5 million. The Atlanta-based real estate investment trust sold the 134,000-square-foot building at 3001 West Copans Road to an affiliate of Morgan Stanley’s real estate investing arm, according to records and deal data provider Vizzda.

Integra plans townhouse rental community near FAU in Boca Raton

Integra Investments wants to build a luxury townhouse community near Florida Atlantic University, the firm’s second real estate play in the Boca Raton market. Integra principal Nelson Stabile said the firm envisions 100 to 120 rental townhouses on 8 acres at 2600 Northwest Fifth Avenue. The Miami-based developer bought the…

Banyan Cay Resort & Golf Club is headed toward foreclosure sale

A lender seeking to recoup $6.3 million in mortgage debt has initiated a UCC foreclosure sale for the distressed Banyan Cay Resort & Golf Club. Banyan Cay Resort Fund has set a Feb. 17 auction for the West Palm Beach hotel and adjacent development sites, according to a notice of sale. Brock Cannon with Newmark is the broker. Moecker Auctions in conjunction with Mannion…

MetLife sells Pinecrest shopping center to Miami JV for $71M

After keeping it on its books for nearly 30 years, Metropolitan Life Insurance has sold a Pinecrest shopping center to a Miami-based joint venture for $70.5 million. An affiliate of Ibrahim Al-Rashid’s Limestone Asset Management and Joseph Sanz’ Orion Real Estate Group picked up the Colonial Palms Plaza at 13605 S Dixie Hwy, a retail outlet with four outparcels spanning…

Video: Financing Today with Tom Walsh of Grandbridge Real Estate Capital

Tom Walsh, Senior Vice President at Grandbridge Real Estate Capital, one of the nation’s largest full-service commercial real estate finance firms, appears on America’s Commercial Real Estate Show to share an inside look at the current state of commercial real estate financing. Topics discussed include interest rates, LTV (loan to value) rations, DSCR (debt service coverage ratio)…

Grant Cardone is back on the hook in a class action suit

Grant Cardone has said, “Most opportunities are disguised as problems.” If that’s true, he has had his share of opportunities in 2022. In May, unknown robbers allegedly stole his expensive designer watch in a VIP area at Hardrock Stadium during the Miami Grand Prix. A recent Palm Beach Post investigation uncovered Cardone Capital has overcharged tenants living in…

Here are South Florida’s biggest industrial sales of 2022

Medley Commerce Center in Medley, 15998 Walgreens Dr in Jupiter, 4281 & 4341 W 108th St in Hialeah, 3701 Flamingo Rd, 2601 & 2701 SW 145th Ave in Broward and 11801 NW 102nd Ave in Medley: South Florida’s Industrial market continued its hot streak in 2022 — even topping 2021. The top five sales for this year beat last year’s top five by square footage, sale price and average price…

Miami-Dade Mayor Pulls About-Face On Recommending Stephen Ross, Jeffrey Soffer Group For Airport Hotel Bid

The delivery time for a new hotel slated to open at Miami International Airport is once again pushed back, as Miami-Dade County Mayor Daniella Levine Cava is looking for developers to propose new bids. In a statement released on Wednesday, Levine Cava said she intends to redesign the developer bid requirements for the anticipated airport hotel development launched in 2020 by her…

Rental Asset Management pays $31M for Little Havana apartments

Rental Asset Management scooped up a Little Havana apartment building with affordable and workforce housing units for $31.1 million. Rental Asset Management, or RAM, purchased the property at 590 West Flagler Street from the developer, Eastern Atlantic, records show. Construction of the 14-story building is almost complete and pre-leasing is underway, according to a…

Lease roundup: Glovina Shipping Leases in Hialeah, more…

International freight forwarder Gloval Shipping leased industrial space at Codina Partners’ Beacon Logistics Park in Hialeah. Gloval took 43,400 square feet at the business park’s Building B, at 9210 West 43rd Avenue, according to a news release from the tenant’s broker. Wayne Ramoski and Gianluca Billau of Cushman & Wakefield represented Gloval. Sebastian…

Brightline gets back on track at Aventura station

At Brightline’s new Aventura stop, the train has left the station – though despite fanfare hailing a first day of trips at the $76.7 million county-funded station last Wednesday, the first train didn’t leave until 10:04 Saturday morning. The privately operated line, built to offer express rail linking Miami to Orlando with stops only in Fort Lauderdale and Palm Beach, last week trumpeted…

University of Miami to fight to save Virginia Key fisheries center

Speculation over whether the Southeast Fisheries Science Center on Virginia Key will be replaced or relocated continues to spiral amid plans by the University of Miami to request that the center stay where it is. “The University of Miami hopes to submit a proposal to the federal government to ensure that that lab stays on Virginia Key,” said Benjamin Kirtman, director…

Here are South Florida’s top office sales of 2022

From left: 5200 Town Center Circle, Rockpoint Group’s Bill Walton and Keith Gelb, 1221 Brickell Avenue, 100 Southeast Second Street: Despite a strong start to the year and a steady march of corporate relocations to South Florida, the biggest office sales dramatically dropped in price in 2022, compared to last year. The rules tend to be different for South Florida, where…

Kirkland & Ellis Signs 115,000 SF Office Lease at 830 Brickell in Miami

Law firm Kirkland & Ellis has signed a lease at 830 Brickell, a 55-story office building located in downtown Miami’s Brickell district. The firm will occupy a six-floor, 115,000-square-foot space at the property, which was developed by OKO Group and Cain International. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord in the lease negotiations.

Galbut family and Matis Cohen score $98M loan for North Beach project

The Galbut family and Matis Cohen nabbed a $97.5 million construction loan for a Miami Beach mixed-use project featuring co-living apartments. Miami-based Ocean Bank, representing a group of lenders, provided the financing for 72nd and Park, a planned 22-story building with 270 apartments, including 121 co-living units, and roughly 12,500 square feet of retail, records…

Craig Robins, Fort Partners and Qatari hotelier buy Apollo site in Design District

A powerhouse team plans a mixed-use development on a Miami Design District assemblage purchased from Apollo Commercial Real Estate Finance, sources told The Real Deal. The buyers and seller declined to confirm the price, but sources said it is about $170 million. The purchasing partnership includes the Qatari firm Constellation Hotels Holding…

North Miami office building hits market for $45M

A North Miami office building hit the market asking $45 million. Biscayne Centre, an eight-story building at 11900 Biscayne Boulevard, totals roughly 156,500 square feet and has an attached parking garage. The asking price equates to about $288 per square foot. The seller is longtime Miami resident Ami Shashoua. CBRE has the listing. Ben Silver, senior vice president…

Renderings Revealed For $1B Master-Planned, Walkable, Transit-Oriented Neighborhood Near Dolphin Mall

Renderings have been released for Upland Park, a $1b transit-oriented development planned near the Dolphin Mall. The development will be “the first truly viable alternative to automobile commuting,” according to the project website. Upland Park is being purpose-built for integration with the upcoming east-west transit corridor, according to the developer. The community will have…

790-Foot Tower Cranes Approved At Former Miami Arena Site

The Federal Aviation Administration has just approved a requested to install two tower construction cranes at the former Miami Arena site. The applications for approval to install the cranes was filed with the FAA on August 4, and approved December 18. According to the approval notice, the cranes are permitted rise 779 feet above ground. One will reach 793 feet above sea level…

Worldwide Survey Ranks Miami As The Best U.S. City For Expats To Live

A survey of expats living abroad has ranked Miami the best U.S. city for those moving overseas. Internations surveyed over 12,000 people living overseas. Only Miami and New York made the list in the U.S., since a minimum of 50 respondents were required for a city to be ranked. On a worldwide basis, Miami ranked 12th out of 50 cities. New York ranked 16th. Overall, 85% of expats…

A trio of Walgreens stores in South Florida sold for a combined $34M

From top: Walgreens stores at 1800 West Indiantown Road in Jupiter, 3595 Southwest 22nd Street in Miami, and 9921 Okeechobee Boulevard in Boca Raton: In a one week span, a trio of South Florida Walgreens stores traded for a combined $33.7 million, with a seller flipping one of the properties for a nearly $2 million gain. Walgreens will continue to operate the stores…

Terra nabs $35M loan to start Dolphin Station mixed-use project

David Martin’s Terra scored a $35.3 million pre-construction loan for its Upland Park mixed-use project on Miami-Dade County-owned land near Dolphin Mall. The financing for site preparation work sets the stage for the start of the transit-oriented development at the Dolphin Station Park & Ride at 11897 Northwest 12th Street in Sweetwater. The property is at the intersection…

“Gotta go up”: Mapping the supertalls on tap in Miami

Developer Jeff Berkowitz launched his plan for a 1,000-foot tower in Miami in 2013 in typical fashion: with a lot of fanfare over the city’s first supertall. His plan for SkyRise Miami downtown ended seven years later, also in a typical way: scrapped. Developers in Miami for years have proposed supertalls, only to have their vision fizzle out for various reasons. In the SkyRise case…

Here are South Florida’s biggest retail deals of 2022

Investors paying top dollar for South Florida retail properties had to dig deeper into their pockets this year than they did in 2021. Still, some sellers lost money unloading 2022’s most expensive retail buildings and complexes. This year’s top two deals surpassed last year’s biggest transaction, the $108 million sale of the Shops at Beacon Lakes…

Video: Casa Tua founder Miky Grenden on hospitality-branded developments, barefoot luxury, and more

Miami is loud, and Miami is proud of being loud. But Miky Grendene envisions a different kind of city. Grendene is the co-founder of Casa Tua, a hospitality company with a restaurant and private club in Miami Beach that’s become a favorite haunt of the real estate crowd. The spot’s understated aesthetic, a throwback to his native Italy’s “la dolce vita” days, is something Grendene…

Ronnie Strasser Purchases the Pro Padel League’s Miami Franchise

North America’s first professional Padel league – is excited to announce that Ronnie Strasser, President and Chief Investment Officer of Strasser Asset Management, has purchased the league’s Miami franchise. A graduate of the Harvard Business School (OPM), Strasser is a Principal of Phantom Developments (a fifty-year-old real estate company that owns and manages millions…

Getting Creative With Vacant Office Space: Storage, Gym, Film Set

After two years of overhyped return-to-work prognostications, many desks around the nation still sit vacant. But on some empty floors of Midtown Manhattan office buildings, unused space has lately been playing a new role: film set. The transformation from a real-life office into a facsimile on the small screen is part of the business strategy of Backlot, a location service for film…

Kolter nabs $240M construction loan for Fort Lauderdale condo towers

Kolter Urban started building Selene Oceanfront Residences, after scoring a $240 million construction loan for the pair of condominium towers that will be the tallest along Fort Lauderdale’s oceanfront. The firm is developing the 26-story buildings, with 194 units combined, at 3000 Alhambra Street. Wells Fargo, as an administrative agent for several lenders, boosted…

Topgolf advances plans for first Broward location with $15M land deal

Topgolf bought a Pompano Beach development site for $14.7 million, marking a step forward for the driving range chain’s first venue in Broward County. The Dallas-based company purchased nearly 11 acres of land on the southeast corner of Southwest Third Street and Southwest 23rd Avenue, where it plans a three-story facility with 102 hitting bays, according…

Bainbridge buys Coconut Creek apartment complex for $69M

Bainbridge Companies bought a Coconut Creek apartment complex for $69 million, marking the firm’s continued bet on South Florida’s suburban multifamily market. Bainbridge bought Solaire at Coconut Creek at 5401 Wiles Road from an affiliate of Clarion Partners, according to records. The buyer took out a $50.7 million loan on the…

JV buys Palm Beach Gardens office complex for $38M

ABS’ Earle Altman, Gregg Schenker, Peter Burack and Steven Hornstock along with the office complex at 4200-4400 Northcorp Parkway in Palm Beach Gardens: ABS National Business Parks paid $38 million for a Palm Beach Gardens office complex. The joint venture acquired Corporate Center at the Gardens at 4200-4400 Northcorp Parkway, according to Vizzda and records.

CS Ventures pays $36M for West Palm office building

CS Ventures scooped up Clearlake Plaza in West Palm Beach for $35.9 million, marking the investment firm’s first wager on the city’s office market. CS Ventures, a partnership between Spencer Schlager and Charles Rosenberg, bought the 10-story building at 500 South Australian Avenue from a pair of entities led by Herbert Kahlert, according to records. CS Venture…

Chetrit Group to Transform Miami River Waterfront with 4M-SF of Residence, Office, Retail, Hospitality

New York based developer Chetrit Group, a privately held real estate development company, has begun its transformation of six acres of Miami River waterfront located between I-95, Southwest Second Avenue and Jose Marti Park in Miami, FL. When fully completed in 2026, the River District will comprise four million square feet of new development, including 1,600 residences, Class A…

Brightline Opens Aventura & Boca Raton Stations: Ticket Sales ‘Encouraging’

Brightline opened two new train stations to the public today in Aventura & Boca Raton. The company told investors yesterday that advance ticket sales for the new stations are encouraging. Demand for Brightline’s service to the original 3 stations also increased significantly last month, even before the new stations opened, the company said. Brightline told investors…

First Ever: 55-Story Brickell Office Tower 830 Brickell 100% Leased Before Completion

A giant new lease has just been finalized at the 55-story 830 Brickell office tower. It makes 830 Brickell the first ever trophy office tower in Miami fully leased upon completion, its developers said. The newly signed lease is also the largest new-to-market office lease signed in Miami in 2022 Kirkland & Ellis, the world’s largest law firm by revenue, leased 115,000 square feet…

Law Giant Kirkland & Ellis Signs 115K SF Lease For First Miami Office

The largest law firm in the country is opening its first Miami office at 830 Brickell, putting an impressive bow on a record year for the tower and the city’s office market. Kirkland & Ellis signed a lease for 115K SF at 830 Brickell, bringing the 55-story, 640K SF tower to 100% leased months before construction is expected to wrap up, the building’s developers announced Monday.

Chetrit Group Starts Construction On $1B River District Development

The Chetrit Group’s long-dormant plans to develop The River District, a $1B mixed-use project along the Miami River, have been revived. The New York development giant has begun construction on the 4M SF, four-tower project with 1,600 residential units, new office space, 30K SF of entertainment and retail space, a boat marina with space to house 60-foot vessels…

First Ground Floor Rendering Revealed Of 600 Miami Worldcenter

The developers behind 600 Miami Worldcenter have released the first rendering of the ground floor planned at the new tower. The rendering was first spotted by Ryan RC Rea. Pre-sales at the tower are off to a strong start, according to a statement this month by David Arditi, Co-Founder of Aria Development Group, which is co-developing the project with Merrimac…

Dallas firm buys Hyatt-branded hotel near Miami International Airport

MCR Hotels picked up a Hyatt-branded property near Miami International Airport, doubling… An affiliate of Dallas-based MCR paid $16.6 million for the Hyatt Place Miami Airport-East at 3549 Le Jeune Road in Miami, records show. The deal breaks down to about $123,000 per key for the 135-room hotel. Attorneys Michael Gallinar and Jason Camps…

Here are South Florida’s biggest multifamily sales of 2022

From left: Harbor Group International’s T. Richard Litton Jr and Jordan Slone, and Hines Global Income Trust’s Jeffrey Hines with 100 Northwest Sixth Street and 237 South Dixie Highway: South Florida kicked off 2022 in high gear with the biggest multifamily deal ever on record. Since late 2020, the region experienced a market high, with the influx of out-of-state…

Ground leases are different

People may lease office, retail or commercial space annually or over a multi-year period. They often have a landlord to fix things and handle maintenance. Ground leases are an entirely different arrangement. They are typically 50 to 99 years. During that time, the tenant will develop the property by erecting a commercial building, making improvements to…

Trez Capital Restructures Florida Operations, Plans to Open New Office in Metro Miami

Trez Capital has restructured its Florida operations by closing its Palm Beach office with plans to open a new office in metro Miami under new regional leadership. The firm is ending its current joint venture partnership in the South Florida market as part of the restructuring. Under the continued direction of Trez Capital’s global head of origination, John Hutchinson…

Related Group, Related Companies Both Reportedly Interested In Resorts World Miami Property

Both Related Group and Related Companies are interested in Genting’s Resorts World Miami, according to the WSJ. Related Group was founded by Jorge Perez, while Related Companies was founded by Miami Dolphins owner Stephen Ross. The two were formerly development partners in Miami for over 40 years, but recently agreed to split. “We’re always interested in prime…”

One Brickell City Centre: Expected Demolition Date Revealed

New details about One Brickell City Centre have been revealed, including an expected demolition date, according to the SFBJ. There is said to be “great momentum” in leasing of office space at the tower. Detailed plans for the project have now been filed with the city, the developer said. Demolition at the site “should begin” in the late first quarter, a Related Companies…

First Glass Installed At Caoba Miami Worldcenter’s 40-Story Second Tower

The first glass has been installed at Caoba Miami Worldcenter’s second tower, according to a photo by Kyle Merville. The second tower now under construction will rise 40 stories and have 411 residential units. It will share an 888-space parking garage that was completed in 2019 with Caoba’s first 43-story tower. When the second tower is complete, Caoba’s two towers will have…

The Standard Residences In Midtown Miami Files For Construction Permit

The Standard Residences in Midtown Miami has applied for a construction permit. Miami Building Department records show that the permit was applied for on December 6, with the full plans filed on December 14. Cavossa Management is listed as the contractor on the permit, which is already in review. According to the permit, 228 living units are planned, along with 11,000 sf…

Biggest South Florida real estate news of 2022

South Florida real estate continued to dominate headlines in 2022. The pandemic-charged housing market frenzy slowed dramatically as a result of soaring mortgage rates, inflation and other economic pressures. After nearly two years of nonstop sales and rent hikes, renters and buyers were pushed to their limits, and the housing crisis worsened with affordability reaching…

100-story glass boxes with Waldorf Astoria are advancing

Construction work on the unique skyscraper that will be home to the new Waldorf Astoria Hotel & Residences Miami is moving full speed ahead, reports the development partnership bringing the mixed-use project to the waterfront. The planned 100-story assemblage of glass boxes in downtown Miami is the product of a partnership between New York and Miami-based developer PMG…

First vertical North Miami housing in decades ready to go

A new mixed-use project, Residences at NoMi, is expected to break ground in the first quarter of 2023 after receiving long-awaited funding from the North Miami Community Redevelopment Agency. Residences at NoMi, approved by the North Miami City Council in March 2019, was awarded an $8 million infrastructure grant from the North Miami CRA at its Dec. 13 meeting.

Miami Beach seeks vision for cultural center at Byron Carlyle

Miami Beach is seeking letters of interest from artistic and cultural organizations and facility operators to gauge what visions they could have for the development of a Byron Carlyle cultural center in North Miami Beach. Miami Beach Commissioner Alex Fernandez asked the administration to request letters of interest to better understand “how would they envision the use…

Jimmy Morales: Cites infrastructure gaps as businesses flood into county

When Miami-Dade Mayor Daniella Levine Cava offered Jimmy Morales the job of chief operations officer, he knew her vision would match his own, he recalls. The county’s need for resiliency infrastructure due to its own economic growth is a top priority, and he hopes to complete several transportation, sewer and water, housing and environmental infrastructure projects.

Why An Inspector Should Be Your Next Construction Project Manager

The construction management field is booming. The Bureau of Labor and Statistics predicted an eleven percent growth in this job market over the next 10 years. With economic growth comes more commercial construction and the need for a construction project manager to keep everything on-track. Construction project managers are key to completing a project in the most…

70-Story Ora By Casa Tua Tower Announced For Brickell

Plans have just been announced for a 70-story tower in Brickell called Ora. Developer Edgardo DeFortuna told The Real Deal that the project will have around 460 residential units. The tower will be built at at 1210 Brickell Avenue by developer Fortune International Group, with multiple restaurants, a market, and rooftop lounge by Casa Tua. Short term rentals will be allowed.

Miami Worldcenter Retail 75% Leased: New Tenants Announced

Multiple new retail tenants have just signed on at Miami Worldcenter, bringing the retail space to 75% leased. Club Studio, Earls Kitchen + Bar, and Luli Fama Join Dynamic Shopping and Dining Options at Miami Worldcenter. Expected to open in 2023/2024, the three national retail and restaurant concepts will become the newest tenants at the $4 billion, 27-acre mixed-use…

WNWD21 Breaks Ground In Wynwood, 304 Luxury Rental Apartments Planned

Leading developer Related Group, in partnership with private equity firm, Rockpoint, today broke ground on WNWD21, a new luxury mixed-use tower consisting of 304 apartments, more than 18,000 square feet of retail, and 63,000 square feet of office space. Located in the heart of the Wynwood neighborhood, at the intersection of 22nd and North Miami Avenue, the project…

40-Story Downtown Miami Tower Breaks Ground, Will Include 448 Condos

Construction is now officially under at downtown Miami’s 501 First. A groundbreaking ceremony was held on December 13, according to a social media post by Oneworld Properties, which handled sales at the development. The 40-story tower is unusual in that it is being built without a parking garage. All 448 condos were sold out as of last year. Aria Development Group and Aqarat…

The Fed: How Well Does the Beige Book Reflect Economic Trends?

The Federal Reserve’s Beige Book is released before each of the eight regularly scheduled Federal Open Market Committee meetings per year. The idea is that the report—which emphasizes anecdotal and qualitative information—will provide a timely assessment of economic conditions before the official statistics are released, as noted in a June 2022 Economic Synopses essay.

Vlad Doronin’s 830 Brickell signs law firm for record 115K sf lease

Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International scored their biggest lease at the 830 Brickell tower. Law firm Kirkland & Ellis took 115,000 square feet on six floors at the office high-rise, which is still under construction, according to a news release from the developers. The firm, which has no headquarters, was founded in…

Turnberry turns to Wynwood, plans mixed-use hotel project

Turnberry Associates is planning a mixed-use hotel project in Wynwood on a site it acquired from the Bacardi family, The Real Deal has learned. Aventura-based Turnberry, led by Jackie Soffer, paid $13.1 million for the properties at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street, Vizzda data and records show. One of Soffer’s brothers, Rock…

Jarden co-founder Martin Franklin nabs stake in Casa Tua

British-American businessman Martin Franklin bought a large minority stake in the hospitality firm Casa Tua as it expands, The Real Deal has learned. Franklin approached owners Miky and Leti Grendene about buying a stake in the company, Miky Grendene said. Franklin, a Miami-based executive, co-founded Jarden Corp., which was sold to Newell Brands in 2016, and he leads…

South Florida’s biggest hotel sales of 2022

It was a good year to be in the hospitality business in South Florida. After a pandemic-induced nosedive in travel, visitors returned to the region in 2022 in a big way. Tourism jumped 15.3 percent compared to last year, according to Visit Florida. The Greater Miami Visitors Convention & Bureau reported that as of October, Miami-Dade’s year-to-date occupancy rate was 72.2 percent…

Lease roundup: Deco Capital Nabs Pretium Partners as tenant

Investment management firm Pretium Partners will open an office at the Eighteen Sunset office project under construction in Miami Beach. New York-based Pretium, with more than $50 billion of assets under management, leased 11,600 square feet on the fourth floor at 1769 Purdy Avenue, according to a news release from the Miami Beach Economic Development…

Berkadia Secures $36.2M Acquisition Loan for Miami Office Building

Berkadia has arranged a $36.2 million loan for the acquisition of Cube WYNWD, an office building in the Wynwood neighborhood of Miami. Located at 230 NW 24th Street, the building comprises 90,000 square feet of office space and 10,000 square feet of retail space. Scott Wadler of Berkadia secured the financing on behalf of the borrower, a joint venture between San Francisco-based…

Here are South Florida’s biggest industrial leases of 2022

Bigger is better when it comes to South Florida industrial leases. Across Miami-Dade, Palm Beach and Broward counties, major retailers and shipping services like Target and FedEx leased 2.8 million square feet of industrial space in the largest leases of 2022, far outstripping last year’s total of 2.2 million square feet. Amazon was notably absent from this year…

Westpine bets on Brickell rentals for first project

Westpine Partners, a newly formed development firm targeting top U.S. markets, picked Miami’s Brickell for its first project. Westpine wants to build a 43-story tower with 328 apartments at 160 and 180 Southwest Ninth Street, according to an application filed to Miami-Dade County last week. Plans call for the Behar Font & Partners-designed high-rise…

Menesse JV proposes 39-story Brickell rental tower

Menesse International is upping the ante on its Brickell bet. The development group filed a proposal for a 39-story tower with 400 apartments at 143 Southwest Ninth Street. It’s a larger project than it had planned five months ago. Menesse International is a joint venture that combines a pair of Mexico-based developers that have largely focused on the Latin American…

Fortune plans 70-story Casa Tua condo tower in Brickell

Fortune International Group is planning a luxury Casa Tua condo tower in Miami’s Brickell neighborhood that will allow short-term rentals, The Real Deal has learned. Ora by Casa Tua, a 70-story, roughly 460-unit development, is planned for the site at 1210 Brickell Avenue, Fortune CEO Edgardo Defortuna said…

Brightline Launches Ultra-Fast Service To Aventura & Boca Raton Next Week

Brightline has announced an official launch date and other details for service to Aventura and Boca Raton. Tickets are now on sale, with service to both new stations beginning December 21 The train ride between downtown Miami’s MiamiCentral and Aventura will be especially fast at just 17 minutes, according to the newly released schedule. By contrast, a mid-day trip…

Study: Miami Was The Hottest U.S. Rental Market In 2022

Miami “was by far the hottest rental market in the U.S” in 2022, according to a new study by RentCafe. The analysis showed that 97.5% of units in Miami-Dade County were occupied  – the highest of all major markets. The lease renewal rate in the county was also exceptionally high at 75%. When apartments did become available, there were 32 prospective tenants for each unit…

Demolition Soon To Make Way For 57-Story Casa Bella, Sales Center Relocates

The sales gallery for Casa Bella by B&B Italia has relocated to make way for demolition and construction of the 57-story tower. The old sales gallery is now vacant and will be torn down, according to Olga Monson, Casa Bella’s Director of Sales. Other businesses in the massive 1400 Biscayne office and retail complex have also relocated to make way for demolition…

65-Story E11EVEN Residences Beyond Enters Construction Permitting

Construction permitting is now underway for a second 65-story E11EVEN tower in Park West, according to Miami Building Department records. Demolition at the site took place in October. Construction on the first 65-story tower, known as E11EVEN Hotel & Residences, is already underway. A construction permit for the second tower known as E11EVEN Residences…

Chetrit Group to Build 4 MSF Waterfront Development in Miami

The Chetrit Group, a privately held New York City-based developer, plans to develop The River District, a 4 million-square-foot mixed-use destination in Miami. The project will span more than six acres along the Miami River waterfront. Total development costs will exceed $1 billion, according to Bloomberg. The Chetrit Group previously secured a $310 million loan from Madison Realty…

Video: National Retail Federation VP of Research Mark Matthews Provided Retail Sales Updates & Forecast

Mark Mathews with the National Retail Federation, the world’s largest retail trade association, joins America’s Commercial Real Estate Show to discuss how retailers are doing and expectations for retail sales activity going forward, which of course has implications for retail property investors. Discussions include holiday sales forecast, online sales vs in-store, and categories of retail…

SHVO Gets Approval to Renovate Landmark Miami Beach Office

Rendering of 407 Lincoln Road redevelopment. Image courtesy of SHVO SHVO has secured the unanimous approval of the Miami Beach Historic Preservation Board for the revitalization of 407 Lincoln Road in Miami Beach, Fla., into a Class A luxury office property, the development and investment firm announced on Wednesday, Dec 14. SHVO’s plans to revamp the 13-story…

Pompano approves affordable housing project next to homeless center

A non-profit group won approval to develop as many as 138 income-restricted apartments behind a homeless assistance center in an industrial part of Pompano Beach. The Broward Partnership for the Homeless plans to build the apartments in a joint venture with Green Mills LLC, a Fort Lauderdale-based developer of affordable and workforce housing.

Juiciest South Florida real estate lawsuits of 2022

Pay up! Pay up! Pay up! That was a recurring theme for prominent South Florida real estate players feeling the sting of the judicial system in 2022. During the past year, Miami-Dade Circuit Court judges in separate cases slapped developers Armando Codina and Don Peebles, as well as hoteliers Nakash brothers, with hefty judgments and sanctions totaling more than…

Brickell Megaproject Announced: The River District To Have 4 Towers, Partnership With Groot Hospitality

New York developer Chetrit Group has just announced plans for a Brickell megaproject called The River District. Four towers are planned with condos, office space and rentals. Construction is already underway on the first. David Grutman of Groot Hospitality is partnering to provide restaurant and nightlife venues. A riverwalk and marina is also being built. The project website…

Jungle Island Owner Files Plans For Themed 300-Room Hotel

The owner of Jungle Island has filed plans for a themed hotel. The hotel is planned to rise 12 stories and include 300 rooms. A 7-story parking garage with 965 spaces will also be built. An outdated parking garage will be demolished to make way for the new development. The original Jungle Island ballroom and conference facilities will be modernized and integrated into…

Developer Unveils Plans To Build Civica With 342 Residential Units

Plans for Civica are being switched from office to residential. According to the newly revised plans, Civica will now rise 27 stories and include: 342 residential units amenities commercial and office 590 parking spaces in an 8 level garage (a minimum of 389 spaces are required by zoning) The number of floors is increasing from the 22 stories previously planned, but the height…

One Brickell City Centre – New Rendering Shows Helicopter

The developers of the One Brickell City Centre supertall have released a new rendering showing what appears to be a helicopter coming in for a landing. The rendering was first spotted by Ryan RC Rea at the project site. Developers Swire Properties and Related Companies plan to begin demolition at the property in early 2023, followed by foundation work. Related founder…

WeWork Miami Occupancy Hits 97% – Top Worldwide

Miami is the top performing market for WeWork worldwide when it comes to office occupancy, according to a new report from CoStar. WeWork’s offices in Miami were 97% occupied in the second quarter – far above New York (68%), San Francisco (75%), and Boston (57%). Other coworking operators are seeing similar results in Miami, and are looking to expand. The report…

Phased Construction Permit Issued At Wynwood Diamedix

A phased construction permit has been issued for Wynwood Diamedix, Miami Building Department records show. The project is also known as PRH N. Miami. It includes two 12-story buildings across the street from each other on east and west parcels. The phased permit on one parcel was issued on November 18. Across the street, another phased permit for the second parcel…

Revealed: 43-Story Westpine Proposed In Brickell

Plans for a 43-story residential tower called Westpine have just been filed in Brickell. Westpine is planned to top off at 474 feet above ground and include: 328 residential units approximately 1,155 square feet of ground-floor retail space 357 parking spaces A letter from the developer’s representative states: Consistent with the County’s vision for developments within the RTZ…

Rents are now rising at the slowest pace in 19 months

Rents for both single-family homes and apartments are still rising, but at a far slower pace, as inflation squeezes consumers and landlords lose pricing power. Rent growth in November slowed for the 10th straight month, with rents up just 3.4% compared with November 2021, according to Realtor.com. That is the smallest gain in 19 months. In the 50 largest metropolitan markets…

First Financial drops $29M for Miramar gas station, convenience store

A Los Angeles-based investment firm paid a high-octane premium for a gas station and convenience store in Broward County. An affiliate of First Financial Capital bought the Mobil at 16961 Miramar Parkway in Miramar for $28.8 million, according to Vizzda and records. The buyer obtained a $20.1 million mortgage from Bank of Hope, also based in Los Angeles. The seller…

Kushner, Aimco sell piece of Fort Lauderdale assemblage

Kushner Companies and Aimco sold a piece of their three-lot development assemblage near downtown Fort Lauderdale’s Brightline station. Woodfield Development paid $18.3 million for the 0.8-acre site at 520 West Broward Boulevard, with plans to build a 41-story multifamily tower, according to records. The buyer took out a $9.1 million loan tied to the property…

Todd Nepola pays $24M for Lauderdale Lakes shopping centers

Todd Nepola’s Current Capital Management picked up a pair of adjacent shopping centers in Lauderdale Lakes, beefing up its Broward County retail portfolio. An affiliate of Hollywood-based Current Capital paid $23.7 million for Oakland Shopping Center at 4101-4397 North State Road Seven, and Lakes Medical Center at 4455-4485 North State Road Seven, according…

Developer wins approval for 13-story Embassy Suites hotel in Dania Beach

A Doral-based developer won approval in Dania Beach for a 222-room Embassy Suites by Hilton hotel on Federal Highway. Benito Irastorza, CEO of Iras Group, is the manager of an LLC that acquired the hotel development site in August 2016 for $3.1 million, according to state and county records. Irastorza plans to build a 13-story hotel on the 1.2-acre site, just south…

Merit Hill Capital picks up another Broward self-storage property

Merit Hill CEO Elizabeth Schlesinger and the Pines West Storage Center at 400 Northwest 172nd Avenue in Pembroke Pines (Merit Hill, Google Maps, Getty) South Florida is going through a mini-surge of self-storage deals, with Merit Hill Capital picking up its second Broward facility in less than a month. An affiliate of Brooklyn-based Merit Hill paid $17 million for Pines…

Trinsic scores $92M refi for Aura Boca apartment building

Trinsic Residential Group landed a $92 million refinancing for its Boca Raton multifamily project. MetLife Investment Management provided the fixed rate loan for Aura Boca, an eight-story building with 322 units at 789 West Yamato Road, a press release states. Steven Kohn and Alex Hernandez with Cushman & Wakefield arranged the financing. An affiliate of Dallas-based Trinsic paid…

Wanxiang’s real estate arm sells Bristol condo in West Palm for $12M

Wanxiang America Real Estate sold a condo in West Palm Beach’s Bristol tower for $12 million, setting a price-per-square-foot record in the building. Records show Wanxiang USA Holdings Corporation sold unit 1403 at the condominium at 1100 South Flagler Drive to Jason Horowitz as trustee of the LATOSUD Trust. The selling entity is an affiliate of Wanxiang America Real Estate…

Palm Beach Gardens Office Building Changes Hands

A joint venture between Alchemy-ABR Investment Partners and Breakers Capital Partners has sold 4200-4400 Northcorp Parkway, a Class A office property in Palm Beach Gardens, Fla. ABS National Business Parks acquired the asset for $38 million, in an off-market deal. According to CommercialEdge data, the 115,000-square-foot property previously traded in 2016 for $30.1M…

PrivCap sells assisted living facilities in Margate, Davie

PPrivCap Companies sold a pair of assisted living facilities in Broward County for a combined $12.7 million. The Boca Raton-based investment firm sold the properties at 6810 Southwest Seventh Street in Margate and at 4681 Southwest 66th Avenue in Davie to entities led by Zalman Skoblo and Zvi Jacobowitz of Brooklyn, according to records.

Deerfield Beach voters to decide on Hensel Phelps’ mixed-use development

Voters will decide in a referendum if Deerfield Beach can sell city land for a mixed-use development with an office building, hotel, retail stores, restaurants, and income-restricted apartments. A development team led by construction company Hensel Phelps offered to pay $6.5 million to the city…

Chetrit revives $1B Miami River megaproject

The Chetrit Group is resuscitating plans for its $1 billion megaproject along the Miami River, and is tapping hospitality mogul David Grutman to run the food and beverage operations. New York-based Chetrit secured approval in 2015 for the 4 million-square-foot phased project, planned for a 6.2-acre site south of the river between I-95 and Southwest Second…

Caroline Weiss beats daughter in suit over Blue Lagoon dev site

After eight years, Caroline Weiss won a legal civil war with her daughter, who contested her mother’s ownership of a prime development site in Miami’s Blue Lagoon neighborhood. Following a non-jury trial nine months ago, Miami-Dade Circuit Court Judge Migna Sanchez-Llorens on Monday ruled in Weiss’ favor. The judge determined that her eldest child…

Adam America, Stellar plan apartments in Ojus

Stellar Communities and Adam America Real Estate are planning a 223-unit apartment project in Ojus, marking the partnership’s second wager on the neighborhood. The developers want to build a 12-story building on 2 acres between Northeast 192nd and 193rd streets, near West Dixie Highway, according to a proposal filed to Miami-Dade County…

Miami Beach board approves Galbut hotel, Shvo office project

A trio of major projects scored key approvals from the Miami Beach Preservation Board on Tuesday. Russell Galbut can move ahead with the redevelopment of an apartment complex into a hotel in the city’s South of Fifth neighborhood. Michael Shvo can charge forward with his reimagining of the office clock tower on Lincoln Road. And Witkoff and…

Location Ventures closes on $36M Coral Gables development site

Rishi Kapoor closed on a $35.6 million Coral Gables development site, after securing city approval to build a 16-story mixed-use condominium project. Kapoor’s Location Ventures bought 1.6 acres on the southeast corner of Ponce De Leon Boulevard and Menores Avenue from the Hollo family’s Florida East Coast Realty, according to records.

FTX eyed high-end office space in Miami before bankruptcy

If FTX didn’t collapse, a handful of the crypto exchange’s executives would be working out of a posh office building in the heart of Miami’s financial district. The now-bankrupt FTX was set to move into a 35-story, high-end tower at 1450 Brickell Avenue in Miami’s financial district, according to people familiar with the matter, who asked not to be named. The new office space would…

Related-party transactions: Where do Ross and Pérez go from here?

Steve Ross mentioned it almost in passing. After more than 40 years together, his Related Companies and Jorge Pérez’s Related Group had recently “just kind of split,” he said during an industry talk in Miami last week. Ross didn’t state his partner’s name, but he was referring to Related Group. The separation, which Ross and Pérez said was “very amicable…”

Miami Worldcenter Delivers 80,000 SF ‘Jewel Box” Retail

The developers of Miami Worldcenter have completed another 80,000 square feet of lifestyle-driven retail space. The stand-alone building, known as Block F-East, marks one of the final retail components of the 27-acre project to be delivered as active vertical development continues at the $4 billion mixed-use development in the heart of Downtown Miami. Featuring…

Brick & Timber closes on $62M purchase of Cube Wynwd

Brick & Timber Collective closed on its third building in Miami’s Wynwood neighborhood. Brick & Timber paid $62 million for Cube Wynwd, an office property at 222 Northwest 24th Street, according to sources. The sellers, Ben Mandell’s Tricera Capital and Alex Karakhanian’s Lndmrk Development, kept a roughly 20 percent stake in the building, sources…

Judge approves foreclosure of Chetrit’s Tides hotel in Miami Beach

Chetrit Group is on the hook for more than $82 million, after a judge ruled in favor of its lender’s foreclosure of the shuttered Tides South Beach hotel at 1220 Ocean Drive. The ruling is the latest in the case pitting an affiliate of Safe Harbor Equity against New York-based Chetrit. Safe Harbor Equity sued CG Tides and other Chetrit entities, as well as Meyer Chetrit…

Residential rental demand in Miami stays hot

Overall, the Miami residential rental market remains very hot and housing is still in high demand, according to local real estate experts. Inventory levels are continuing to remain low because Miami-Dade is a beneficiary of both domestic and foreign immigration, said Carlos… “We have our own little kind of micro-economy…”

First Glass Installed At 648-Foot Miami River Tower

The ellipse shape of the 54-story, 648-foot Miami River tower can now clearly be seen, and glass is being installed, new photos by Phillip Pessar show. The Kobi Karp-designed building will become the westernmost tower in Miami to surpass the 600-foot mark. The phase currently under construction will include 632 apartments, retail space, and a public riverfront…

Miami Worldcenter advances on several fronts

Miami Worldcenter, one of the largest private urban real estate developments in Florida at the heart of downtown Miami, is advancing on several phases for its 27 acres of office space, retail, residential and hotel, with the addition of a new site and the completion of its 80,000-square-foot retail building. Miami Worldcenter – a $4 billion mixed-use project, developed by Miami…

As inflation rise slows, investment questions remain

In the smallest 12-month rise since last December, the Consumer Price Index report issued Tuesday slowed to a 7.1% increase through November, from 7.7% in October and 8.2% in September, but the Federal Reserve increased interest rates by 75 basis points in November for the fourth time in a row, making goods and property less affordable. According to the…

Evolve doubles down on apartment development in Wynwood Norte

Evolve Companies is doubling down on Miami’s Wynwood Norte district. The company wants to build an 11-story building with 105 apartments at 475 Northwest 36th Street, just a block north of its other rental project in the pipeline, John McDonald, Evolve’s development manager, told The Real Deal via email. Evolve recently…

Sale-leaseback: Stockbridge picks up John Deere site in Miami-Dade for $20M

In a sale-leaseback deal, Stockbridge Capital Group picked up a John Deere dealership in northwest Miami-Dade County. The purchase pumps up its South Florida industrial portfolio for the second time in a two-month span. An affiliate of San Francisco-based Stockbridge paid $20.1 million for the 5.6-acre property at 4343 Northwest 77th Avenue, according to…

Lease roundup: Aldi to open near MIA; more…

German supermarket chain Aldi will open a store at the Midway Crossings shopping plaza near Miami International Airport. Aldi has a 20-year ground lease for the property at 7797 West Flagler Street in an unincorporated area of Miami-Dade County, where the supermarket chain is building a nearly 20,000-square-foot store… West Palm Beach-based Sterling Organization…

Miami Beach board to vote on Shvo’s office project and Witkoff’s Shore Club

A pair of major redevelopment projects in Miami Beach are up for consideration by the city’s Historic Preservation Board next week. Michael Shvo, who is developing three office projects in Miami Beach, is seeking approval to redevelop the iconic clock office tower at 407 Lincoln Road. And a partnership between…

Terra, Shoma partner on rentals in Miami-Dade’s Fontainebleau

Terra and Shoma Group propose an apartment complex in the Fontainebleau neighborhood west of Miami International Airport. The duo submitted plans for a 375-unit garden-style community on 17 acres that the developers own on the southwest corner of Northwest 87th Avenue and the Dolphin Expressway, according to an application filed to Miami-Dade County last week.

CGI Merchant allegedly owes vendors more than $200K: lawsuits

CGI Merchant Group was hit with four lawsuits over a six-month period, alleging non-payment of nearly $210,000 in bills for property management, security and other services. JLL, The Water Restoration Group, Cintas Corporation and Security Management Innovations are separately suing the Miami-based real estate investment firm and its affiliates in Miami-Dade…

Video: Kendall Capital CEO Clark Kendall Discusses Investing Climate Given Rising Rates & Inflation

Clark Kendall, President and CEO of Kendall Capital, which refers to itself a wealth management firm providing investment and financial planning services for middle-class millionaires, joins America’s Commercial Real Estate Show host Michael Bull to provide some perspective on the current market as well as strategies for investors. He begins by defining where…

Affordable Housing Community Opens in Liberty City

Miami-Dade County, the City of Miami, the Florida Housing Finance Corporation, Citi Community Capital and Wells Fargo, have completed Residences at Dr. King Boulevard, a 120-unit affordable housing community in Miami. An opening ceremony is scheduled for December 12th. Residences at Dr. King Boulevard will serve households…

FAA Approves 888 Brickell Supertall

Another Brickell supertall has just been approved by the Federal Aviation Administration. 888 Brickell will be permitted to rise to a supertall height of 1,042 feet above ground level, or 1,049 feet above sea level, according to a letter issued by the agency. Approval by the FAA was granted on December 9 after around 8 months of review. The application was filed on March 31.

Miami Multifamily Report October 2022: South Florida cools to sustainable growth rate

Miami rent evolution, click to enlarge Following an exceptional performance in 2021, South Florida’s multifamily market cooled to a more sustainable pace of growth. Overall rents grew 0.4 percent on a trailing three-month basis through August—20 basis points behind the U.S. rate—to $2,344. Year-over-year among large U.S. metros, only Orlando (16.9 percent) posted…

Investor alleges Chetrit cut it out of Hollywood Beach deal

An investor alleges New York megadeveloper Joseph Chetrit and a Miami attorney conspired to cut it out of a lucrative deal to redevelop the Hollywood Beach Resort. Miami-based private equity real estate firm EquiShares, led by CEO Matt Press, alleges it brought Chetrit and his firm Chetrit Group into a deal to form a partnership that would redevelop the oceanfront condo…

Robot Concierges, Yacht Drop-Off And Mark Wahlberg: How Miami Hotels Are Competing For ‘Bleisure’ Travelers

As Miami’s business community has experienced explosive growth, so has business travel to the city, and to ensure new visitors take home a memorable experience from the Magic City, hoteliers are continuing to try to outdo each other on amenities and offerings.Part of why, hotel industry insiders said last week at Bisnow’s State of Florida and Caribbean Hotels event…

Altman scores $75M construction loan for Kendall multifamily project

Altman Companies expects to break ground soon on a Kendall multifamily project after securing the land and a $75 million construction loan. The Fort Lauderdale-based development firm, led by co-CEOs Joel Altman and Seth Wise, paid $14.3 million for a nearly 12-acre vacant tract at 9501 Southwest 137th Avenue, according to Vizzda and records.

Moishe Mana scores $275M credit line for Wynwood portfolio

Moishe Mana secured a $275 million line of credit for a portion of his Wynwood portfolio, which could be a sign that he plans to redevelop the properties. A Mana affiliate borrowed $58.2 million from the credit line, records show. Centennial Bank is the lender. It’s collateralized by the properties surrounding his Mana Wynwood Convention Center, but the loan…

Video: Billionaire breakup: Related moguls split up

The partnership between two of the country’s megadevelopers, Jorge Pérez and Steve Ross, has come to an end. Ross, whose New York-based Related Companies has been expanding in South Florida, dropped a bombshell this week about the split with Pérez’s Related Group. The Real Deal‘s Katherine Kallergis, who broke the news of the split, spoke with Hiten Samtani…

URBIN Miami Beach Breaks Ground, With All 69 Units Sold Out

Location Ventures – the Miami-based, integrated real estate firm that delivers thoughtfully-designed and fully-connected real estate projects – announced today the groundbreaking of URBIN Miami Beach. The milestone marks construction commencement for the first-to-market, mixed-use brand that unites design-forward residences for short- or long-term rental with…

Miami-Dade Leaders Are on Their Knees Begging Elon Musk to Move Twitter to Miami

Ever since Twitter boss Elon Musk publicly aired his frustration with the company’s current home of San Francisco, Miami-Dade leaders have begun to collectively roll out the red carpet for the tech giant. Last week, a few hours after Musk fumed on Twitter about an investigation by San Francisco’s building department into the company converting space at its headquarters…

Sale Of Miami Gardens Distribution Center Negotiated

SATCO Lighting built the facility at 900 Northwest 159th Drive within Sunshine State Industrial Park for its own use in 1976. After leasing space in the area to accommodate overflow, the company needed a long-term solution and greater storage capacity. Fortunately, EastGroup Properties was constructing Gateway Commerce Park within very close proximity.

Crystal Cruises Inks 15K-SQ Lease for HQ in Aventura

Crystal Cruises signed a 15,206-square-foot lease at the Optima Office Campus in Aventura, Fla., according to the company’s brokers. Crystal Cruises’ new office, located on the 15th floor of the 28-story Optima Onyx Tower, will house the company’s headquarters. While the company builds out the space, it will be based elsewhere in the Optima campus.

This Week’s South Florida Deal Sheet

An Ohio multifamily investor has acquired two apartment complexes totaling 371 units in Miramar for $138M, The Real Deal reports. The Connor Group bought the properties, which sit on 28 acres, from North Carolina-based Bell Partners, assuming a $54M loan in the transaction. The financing was raised to $87M for the properties — the Grand Riviera Miramar…

Florida Developers Are Holding Off on Big Projects as Insurance Costs Surge

David Lynd, a San Antonio-based developer of large-scale apartment buildings, had been expanding his business in South Florida. But recently, he decided to put one of his new projects on hold. There’s no problem with demand. People in tech, finance and other businesses are pouring into the area, looking for a home to rent. It is the cost of insurance for commercial…

CitizenM to open three hotels next year, including at Miami Worldcenter

The brand’s second hotel in Miami will open at the Worldcenter, following the opening of citizenM Miami Brickell in July of this year. Surrounded by a mix of retail, hospitality and entertainment spaces, citizenM Miami Worldcenter is centrally placed within the business and financial hub of the city. The building will feature a series of sculptures placed across the facade…

Mainstreet wins approval for 30-story rental tower in Flagler Village

Mainstreet Capital Partners’ proposed 30-story apartment development  near downtown Fort Lauderdale won approval despite some design features that deviate from city standards. Fort Lauderdale-based Mainstreet is planning the 270-unit multifamily project, called Flagler Sky View. It will be in the Flagler Village area just north of downtown Fort Lauderdale…

NuRock advances affordable housing development in Hollywood

NuRock Companies is moving forward with its proposed affordable housing development in Hollywood with 134 apartments for low-income tenants. The Hollywood City Commission voted Wednesday to lend $640,000 to NuRock in support of the developer’s application to Florida Housing Finance Corporation for federal low-income housing tax credits…

Connor drops $138M for pair of Miramar rental complexes

Prolific multifamily investor The Connor Group now has its own slice of South Florida’s booming rental market. Dayton, Ohio-based Connor paid $138 million in two deals for a pair of adjacent apartment complexes at 11900 Southwest 31st Court and 3040 Southwest 119th Avenue, according to records and real estate database Vizzda. Greensboro…

GL Homes pays $35M for lots at Avenir in Palm Beach Gardens

GL Homes paid $35.3 million for land at the massive Avenir in Palm Beach Gardens. The Sunrise-based firm scooped up 337 home lots roughly at the northwest corner of Avenir Drive and Coconut Boulevard, according to records. The seller is the community’s master developer, Avenir Development, which ties to Coral Gables-based family-owned firm Landstar…

Cardone’s Lake Worth workforce housing complex found overcharging tenants

A Lake Worth apartment complex owned by Grant Cardone that is Palm Beach County’s largest supplier of workforce housing was found to have overcharged tenants for years. Wellington Club, the Cardone Capital-owned apartments at 9855 Herons Nest Court, left workforce units vacant and overcharged eligible tenants, according to an investigation by the…

Capital Square buys Parkland apartments for $155M

The Bell Parkland apartment complex at 5851 Holmberg Road in Parkland: Bell Partners sold an apartment complex in Parkland for $155 million, marking the third time this month that the firm has cashed out of a Broward County multifamily property. Capital Square, a firm focused on tax-beneficial investments such as 1031 exchange…

Square Mile Originates $185M Refi for Miami Asset

Bezel Miami. Image courtesy of Square Mile Capital Management Square Mile Capital Management has originated $185 million in refinancing for Bezel Miami, a 43-story, Class A multifamily community in Miami, within the $4 billion mixed-use development Miami Worldcenter. ZOM Living is the owner of the asset, which came online at the end of last year, with Stantec…

Moishe Mana Nabs $275M Credit Line for Wynwood Assemblage

Real estate investor Moishe Mana scored $275 million in financing for his Wynwood portfolio, property records show. The financing from Centennial Commercial Finance Group provided Mana a $275 million line of credit — of which he’s drawn down an initial $58 million loan, according to mortgage documents. The portfolio spans 17 low-rise properties in the southwest section…

Miami Worldcenter Associates, CIM Deliver 80,000 SF Retail Building, Future Home of Bowlero and Sports & Social

Miami Worldcenter Associates and partner CIM Group have delivered Block F-East, an 80,000-square-foot “jewel box” retail building within the $4 billion Miami Worldcenter campus in downtown Miami. The standalone, glass-encased building marks one of the last retail components to be delivered as part of the 27-acre mixed-use development. The building, which will be…

Retail investors pay $57M for Doral shopping center

Miami-based retail investors Domenico Albano and Americo D’Agostini paid $57 million for Doral shopping center anchored by a Navarro Discount Pharmacy store. Sofi Retails, a real estate investment firm managed by Albano and D’Agostini, acquired Doral Shops, a two-story retail plaza at 11402 Northwest 41st Street, according to a press release. Albano and D’Agostino…

$57M Sale of Doral Shops Brokered

Built in 2002 on nearly six acres, the shopping center was 99 percent leased at the time of sale to Navarro Discount Pharmacy, as well as 12 restaurants and several service-oriented tenants on the ground floor. The second floor of Doral Shops, which spans roughly 40,000 square feet, houses service retailers and some offices. Scott Sandelin and Edward Romo of…

Fortis CEO launches own firm, Landau Properties, plans Bay Harbor project

Jonathan Landau has stepped down as CEO of the luxury property developer Fortis Property Group to start his own firm. The former chief executive is launching Landau Properties, a new real estate venture that will look to acquire and operate properties in New York, South Florida and Boston. Landau will be joined by daughter Yaeli and son-in-law DC Lowinger. “I’ve always…”

Billionaire Stephen Ross confirms split with Pérez as both firms expand in South Florida

Billionaire developer Stephen Ross was ahead of the curve when he first invested in South Florida real estate in 1979 with his partner, Jorge Pérez. But more recently, Ross, chairman of New York-based Related Companies, and Pérez, chairman of Miami-based Related Group, have gone their separate ways. Without naming the firm, Ross said at a ULI event in Miami…

Z Capital slapped with $16M verdict in Carillon Miami Beach lawsuit

Z Capital Group was hit with a $16.3 million verdict for overcharging assessments to condo owners at the Carillon Miami Wellness Resort. A jury on Tuesday determined that for the past seven years James Zenni Jr.’s Z Capital levied inflated dues to unit owners at the oceanfront Miami Beach condo-hotel for the spa, hotel and electricity, according to the verdict…

Moinian nabs $185M refi for Miami Worldcenter apartment tower

The Moinian Group refinanced its Miami Worldcenter multifamily skyscraper with a $185 million loan. New York-based Square Mile Capital Management provided the mortgage for Bezel Miami, a 43-story tower with 434 apartments at 650 Northeast Second Avenue in Miami, according to records. Drew Fletcher with Greystone and Robert Kaplan with Cushman…

Miami-Dade dev flurry: BH eyes Ojus rentals, Prologis bets on Beacon Lakes expansion

Developers in Miami-Dade County are betting on two asset classes that remain in high demand despite broad economic shifts: multifamily and industrial. The latest proposals filed to the county show that developers are planning apartments, including affordable units. Also, industrial giant Prologis wants to add more space at its already massive Beacon Lakes business…

Mortgage applications decline even as rates fall again

Mortgage applications continued their downward swing last week, but lower rates are sparking activity in the refinancing market. Applications declined 1.9 percent from a week earlier, the Mortgage Bankers Association revealed on Wednesday. The decline for the week ending Dec. 2 came even as mortgage rates continued to slip, down 73 basis points from a month…

Hidrock, Grupo Portland plan 400-unit rental tower in North Miami Beach

Hidrock Properties and Argentine developer Grupo Portland plan to develop a rental tower in North Miami Beach after finalizing their joint venture. The 50-50 partners began the entitlement process for the 20-story building at 1700 Northeast 164th Street and could break ground in 2024, said Hidrock’s Chief Investment Officer Eddie Hidary. Hidrock, led by Eddie, Abraham…

The Access playbook: Inside billionaire Blavatnik’s real estate ambitions in Miami and elsewhere

When Ziel Feldman’s HFZ Capital Group paid $870 million for a site on Manhattan’s High Line to build a luxury condo project, Jonah Sonnenborn was perplexed by the then-record price, which came out to more than $1,000 per square foot. “We bid roughly half of what HFZ acquired it for,” said Sonnenborn, the head of real estate at Access Industries. “We couldn’t…”

Mixed-use Allapattah project gets a city green light

A sprawling mixed-use residential building is proposed for the Allapattah neighborhood of Miami. Developer-owner Allapattah Investors LLC proposes the eight-story project for the southwest corner of Northwest 20th Street and 14th Avenue. Called Legacy 20th Street, the multi-family development will be home to 289 residential units, 3,750 square feet of retail, and 368 parking spaces…

Miami-Dade Courthouse opening target January 2024

Completion of the new Miami-Dade County Courthouse, in theory at least, is scheduled for Jan. 24, 2024, according to Alex A. Alfonso, acting assistant director of the Miami-Dade Internal Services Department. The exact project completion date continues to be negotiated, Mr. Alfonso said, “and has not been finalized.” The anticipated price is holding steady at $262,767,000.

Hotels partner to upgrade Lincoln Road

A beautification project to improve unkempt areas on the east end of Lincoln Road between the commercial district and the beach walk is advancing with the help of the owners of the Ritz-Carlton and the Sagamore South Beach hotels, who are investing millions of dollars. The owners of the Ritz-Carlton, at 1 Lincoln Road, and the Sagamore South Beach, at 1671 Collins Avenue…

New Miami-Dade Commission Juan Carlos Bermudez: Targeting affordable housing, transit and economic growth

Juan Carlos Bermudez has just joined the Miami-Dade County Commission as District 12 representative. As founding mayor of Doral, his list of public service accomplishments is long, but just in his past term the city earned a triple Certification on Data for Smart, Sustainable and Resilient Cities from the World Council on City Data.  He also led efforts to win approval from voters…

Blue Vista JV to Redevelop Florida Site Into Self Storage

Blue Vista Capital Management and H&M Development have partnered for the first time to redevelop a 100,000-square-foot recreational facility into a 962-unit self storage facility in Hialeah Gardens, Fla. The joint venture acquired the property from Triangle Soccer LLC for an undisclosed price. Fried, Frank, Harris, Shriver & Jacobson LLP’s Steven Rudgayzer advised H&M Development…

Jesta joins rental frenzy in new plans for North Bay Village Shuckers site

Jesta Group doesn’t want to miss out on South Florida’s booming multifamily market. Jesta revised its two-year-old development plan for the Shuckers Waterfront Grill site in North Bay Village, dropping significantly the number of planned hotel rooms in favor of apartments, according to filings with the city. Plans now call for a 30-story tower with 345 rentals and 245 hotel keys…

Bal Harbour Shops allegedly owes subcontractor roughly $1M: lawsuit

A subcontractor is suing Bal Harbour Shops over an unpaid construction bill totaling nearly $1 million. Medley-based Solution Construction sued the luxury shopping center three weeks ago in Miami-Dade Circuit Court, alleging Bal Harbour Shops owes $966,000 for an entryway and a garage ramp the subcontractor built. Solution’s attorney and a spokesperson…

Lease roundup: Hollo’s FECR moves, Sternlicht’s building nabs tenants

Florida East Coast Realty I Brickell | Miami The Hollo family’s Florida East Coast Realty moved its headquarters of 30 years in downtown Miami to nearby Brickell. The real estate firm, which Tibor Hollo founded more than 60 years ago, leased the entire 17th floor spanning 8,500 square feet at 1101 Brickell Avenue, according to a company news release. FECR’s…

Hawkins Way Capital sells Clifton Hotel in South Beach

Real estate investment firm Hawkins Way Capital sold the Clifton Hotel in South Beach, adding to a slew of recent hospitality sales. Records show the Los Angeles-based company sold the 35-key, 10,400-square-foot hotel at 1343 Collins Avenue in Miami Beach. The buyer is Jerusalem Group LLC, a Florida entity managed by Omar Limon. Limon is a Miami resident with…

Chetrit nabs $83M construction loan for Collins Park project

Chetrit Group got a financial boost for its Collins Park Hotel project, nabbing a $82.5 million construction loan. Kawa, a Hallandale Beach-based international asset manager, provided the financing, according to a spokesperson for Henry Bodek of New York-based Galaxy Capital, which brokered the loan. The new mortgage replaces a $62.5 million construction loan provided…

UDB battle not over: Megaproject opponents take fight to state

Mayor Daniella Levine Cava along with a rendering of the planned megaproject outside Miami-Dade County’s Urban Development Boundary: A controversial megaproject planned outside Miami-Dade County’s Urban Development Boundary faces new opposition. In the latest move, a resident is asking the state to review commissioners’ recent approval of the UDB expansion.

AN Editor Notes; Lessons from a crypto meltdown

Stuart Elliott It feels like a Madoff-meets-millennial moment.  The crypto party has come crashing down with the spectacular collapse of Sam Bankman-Fried’s FTX, the world’s second-largest cryptocurrency exchange. The fallout will be huge, with the company owing customers more than $8 billion.  How exposed will real estate be? Not very, it seems — even condo…

Joint Venture Acquires Last Parcel Within Miami Worldcenter Campus for $17.5M, Plans Residential Tower

A joint venture between Aria Development Group and Merrimac Ventures has purchased the last available parcel within the 27-acre Miami Worldcenter campus, a $4 billion mixed-use development by Miami Worldcenter Associates. The site, located one block from Brightline Miami Central at 33-55 N.W. 6th St., is known as The Miami Link. Jack Lowell, Cecillia Estevez and…

Native American tribe under contract to buy Magic City Casino

After holding on to Magic City Casino for 71 years, the Havenick family is ready to cash in its chips. The owners of the gambling facility at 450 Northwest 37th Avenue in Miami have entered into a deal to sell the former greyhound racing site to the Alabama-based Poarch Band of Creek Indians, The Miami Herald reported, citing an application recently submitted…

Brightline effect: Karsenti plans rentals next to Aventura stop

13th Floor Investments’ Arnaud Karsenti along with a rendering of the planned 350-unit apartment building at 19680-19770 West Dixie Highway: Arnaud Karsenti’s 13th Floor Investments wants a piece of the booming real estate market around the Brightline Aventura Station. The Coconut Grove-based firm is the prospective buyer of 2.4 acres of land just south of the soon-to-open…

Trump Group sues Suffolk again over delays at Sunny Isles project

The Trump Group reopened its lawsuit against its general contractor, Suffolk Construction, over delays at the $1.8 billion Estates at Acqualina project, months after the two companies entered into a settlement agreement. Affiliates of the Sunny Isles Beach developer, led by brothers Jules and Eddie Trump, filed an amended complaint against Suffolk last month seeking more…

Inside an Israeli billionaire’s Miami gamble

Teddy Sagi sits back on his white couch, his high-rise apartment window framing Dubai’s palm tree-lined Jumeirah Bay, and says he’s not the guy to ask for the details. Even though the Israeli billionaire is backing major new developments in South Florida, he’s worlds away. Inquire about those projects, and he can’t tell you much. “There’s no transaction in Miami …”

Z Capital allegedly owes $2M legal bill: lawsuit

Akerman says Z Capital Group needs to pay up. The law firm is allegeding that the New York-based merchant bank owes $2.2 million in legal fees for a pair of lawsuits involving a MIami Beach condo-hotel. Akerman is suing Z Capital and its entity that owns a majority of the Carillon Miami Wellness Resort at 6801 Collins Avenue, according to a Nov. 16 complaint filed in…

Doral Industrial Trades For $18.1 Million

Doral Industrial, a 93,046-square-foot industrial building in Miami, traded for $18.1 million. “Built in 1983, Doral Industrial sits on just over 4.5 acres and consists of 26 suites,” said Michael Alaoui, senior associate in Marcus & Millichap’s Miami office. “This well-maintained asset benefits from the neighboring demographics, which include a five-mile radius population of 428,000. […]…

Video: Macro Trend Advisors Founding Partner Mitch Roschelle Discusses Economic Outlook

Mitch Roschelle, Macro Trend Advisors Founding Partner, joins America’s Commercial Real Estate Show to discuss the current economy and expectations for it in the future and its effect on commercial real estate. Topics discussed include rising interest rates, trends in cap rates, and potential opportunities in commercial real estate. He begins by discussing the Fed’s efforts…

Cohen, Bouskila propose 261 apartments near Brightline’s Aventura stop

Developers want to build an apartment project near the Brightline Aventura Station, marking the latest proposal near a South Florida passenger train stop. Yakov Cohen and Shimon Bouskila filed plans for a 15-story building with 261 units and some retail on the site of an Aventura industrial complex… The 2-acre site is at 2655-2660 Northeast 189th Street. A few blocks to the north…

Aria, Merrimac nab Miami Worldcenter site for $18M

Aria Development Group and Merrimac Ventures are planning a new Miami Worldcenter condominium project after acquiring a redevelopment site for $17.5 million. The joint venture acquired the International Longshoremen’s Association’s former Miami headquarters at 33-55 Northwest Sixth Street for $11 million from the labor union, records show. Aria…

South Florida Experts Weigh In With 2023 Regional Real Estate Forecasts

Office building owners have it tough nationwide, but in South Florida the migration of companies to the Sunshine State coupled with limited trophy office supply should send rents higher. Limited land for new beachfront projects in Miami-Dade County will propel developers north to Fort Lauderdale and vicinity. And the countries of origin acquiring South Florida real estate…

Weekend Interview: Turnberry Associates Chairman And CEO Jackie Soffer

Jackie Soffer is chairman and CEO of Turnberry Associates, a real estate development firm that has become synonymous with some of Miami’s most iconic properties. Soffer, whose mantra is “Be the reason someone believes in good people,” is passionate about community-building and feels that great retail is part of the thread that makes up each community’s…

When the Fed’s no longer a friend; Rising interest rates force lenders to the sidelines

Two years ago, the Federal Reserve was purchasing billions in mortgage-backed securities, reducing the rate it charged banks for loans and relaxing regulations on banks. The policies led to an era of nearly free money for real estate players, and spurred a dealmaking bonanza. Now, some see the Fed as the problem. It increased rates to 4 percent from near zero…

How commercial real estate players use interest rate swaps and caps

In the months after the Federal Reserve started hiking interest rates, Manhattan’s largest office landlord went out and hedged more than $3 billion of debt to protect against what it sees as the biggest threat to its balance sheet: rising borrowing costs. “Needless to say, that’s far and away the most we’ve ever done in a year,” said Matthew DiLiberto, CFO at SL Green Realty.

Scamsters paradise: The most audacious real estate cons of the past decade; Many start in Miami, but they rarely stop there

An enterprising scammer looking for an industry in which to make a mark — or find one — could do a lot worse than real estate. In the past year alone, authorities have revealed high-profile cases of money laundering in a never-ending game of Whack-a-Mole. Real estate moguls make their bones with chutzpah, confidence and persuasion. Perhaps that’s why a business that’s minted…

Kodsi’s Royal Palm scores $77M construction loan for Dania Beach project

A planned Dania Beach multifamily project got a construction boost after developer Royal Palm Companies secured a $76.5 million loan. 3650 REIT provided the financing for Royal Palm’s Elevate Apartments, an eight-story rental building with 293 units under development at 600 East Dania Beach Boulevard, records show. The mortgage replaces a $64.7 million construction loan…

3650 REIT Originates $77M Construction Loan in Dania Beach

Royal Palm Cos. has secured a $76.5 million construction loan from 3650 REIT to finance the completion of Elevate Apartments, a 293-unit, eight-story multifamily property in Dania Beach, Fla. The building at 560 E. Dania Beach Blvd. broke ground in the fourth quarter of 2021 and is approximately 45 percent completed. It is scheduled for delivery in November 2023. Royal Palm…

TPG, Value Store It pay $19M for Weston self-storage facility

TPG Real Estate Partners teamed up with Value Store It to buy a self-storage facility in Weston for $18.5 million. The joint venture paid roughly $25,000 per unit for the three-story building at 2400 Glades Circle, according to Vizzda and records. The seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Northfield, Illinois…

Criminally charged ex-West Palm club owner’s properties face forfeiture

A former owner of a West Palm Beach hangout who is accused of running an illegal gambling and prostitution ring could end up losing $1.6 million in real estate if he’s convicted. Dion De Cesare, who previously owned Renegades restaurant and nightclub, has been slapped with multiple charges, prompting prosecutors to seek the forfeiture of nine of his properties. They include…

Affiliated aiming higher on West Palm rental project

Affiliated Development is raising the roof on its plans for a multifamily project in West Palm Beach, literally. The firm now wants to build an eight-story, 270-unit apartment building on the land at 2501 Spruce Avenue and adjacent parcels in the Northwood district, which is bigger than the previous plan for a six-story, 200-unit project, according to city records.

Genting wants over $1B for waterfront Miami site

Malaysian gambling operator Genting Group is looking to cash in on its bet on Miami — while holding onto some of its chips. Genting is seeking more than $1 billion for its 15.5-acre waterfront assemblage, Bloomberg reported and sources confirmed to The Real Deal. The land at 1431 North Bayshore Drive in downtown Miami’s Arts & Entertainment District represents…

Genting Seeking $1B or More for Some Miami Property Holdings

Malaysian conglomerate Genting Berhad is reportedly marketing some of its Miami property holdings at north of $1 billion. That’s as the company focuses on other casino gaming ventures in the US.Genting is looking to sell 16.5 acres of prime, undeveloped real estate along Biscayne Bay if it’s able to command $1 billion or more. It will have more than quadrupled its investment after…

Bazbaz buys Wynwood development site for mixed-use project

Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood. An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate…

Treo sells Hialeah warehouses, doubles its investment

Interest rates are rising, recession fears abound and some property types are experiencing a decline in investment sales. None of this concerns South Florida’s industrial market. Case in point: Treo Group sold an industrial property in Hialeah at 1100 East 41st Street, as well as at 4005, 3965 and 3925 East 10th Court, for $19 million, or more than double what the Miami-based firm…

Hyatt Plans to Acquire Dream Hotel Group for $125M

Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open.

South Florida by the numbers: Art Basel at 20

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. The incomparable Art Basel (and Miami Art Week) return this week, marking the true start of “the season” with a fantastic cornucopia of festivals, exhibitions, conferences, dinners, and parties. Celebrating its 20th anniversary…

Lawsuit targets Miami Beach deal with Bulgari hotel developers

Miami Beach’s deal to hand over a public right-of-way to the Bulgari hotel developers violated the city charter, a recent lawsuit alleges. The lawsuit, filed against the city of Miami Beach in Miami-Dade Circuit Court two weeks ago, claims government officials unlawfully sold the public right-of-way for $7.4 million so the developer could increase the footprint of the proposed…

Three-tower project OK’d for Biscayne Boulevard

A new set of mixed-use residential towers and a companion office building are proposed for Biscayne Boulevard, to be known as 3333 Biscayne. Owner-developer 3333 Biscayne Boulevard LLC plans to build the structures at 3333 Biscayne Boulevard and 300 NE 34th St. in Edgewater. The city’s Urban Development Review Board recommended approval. The residential towers…

Tri-Rail tearing down nine barriers to enter downtown Miami

Nine hurdles stalling the $70 million project to bring Tri-Rail trains into Miami Central Station are being cleared, says David Dech, executive director of the South Florida Regional Transport Authority, long after the original completion date of 2017. Several factors have delayed completion of a link to the Brightline station. The tax-funded project is to add more…

Mega Signature Bridge project now targets delayed 2026 finish

Construction has begun on massive and distinctive arches that will support the new “Signature Bridge” coming to life on I-395 in the heart of Downtown Miami. The Florida Department of Transportation (FDOT) reports continued progress on the sprawling I-395/SR 836/I-95 Design-Build Project, a partnership between FDOT and the Miami-Dade Expressway Authority and…

Shake-a-Leg gets 25 more years to serve handicapped on bayfront

Shake-A-Leg Miami, a non-profit striving to give disabled and disadvantaged communities access to adaptable water sports, renewed its license with the City of Miami and will stay afloat at its prime bayfront location in Coconut Grove. Shake-A-Leg’s license agreement for use of city-owned waterfront at 2620 S Bayshore Drive was to expire 30 years after the non-profit found a…

Developers, brokers pursue wealthy art buyers during Miami Art Week

It’s that time of year: Developers and brokers throughout the Miami area are once again tapping into the art world in the hopes that wealthy buyers will open up their wallets to purchase real estate. The Related Group, Dezer Development, Douglas Elliman, One Sotheby’s International Realty, and projects like Miami Worldcenter and Standard Residences are hosting…

$4B Miami Worldcenter Debuts Public Art Program Ahead Of Art Basel

The developers of the $4B Miami Worldcenter project launched a 27-acre outdoor museum as Art Basel and Miami Art Week festivities take over Magic City for the next month. The $5M outdoor museum stretches along Northeast Second Avenue in Downtown Miami. Curated by international art dealer and curator Jeffrey Deitch and Miami art curatorial collective Primary…

South Florida Self-Storage Performance Signals Continued Robust Growth

Self-storage properties in Florida throughout the third quarter maintained a good velocity in sales, as sellers rushed to close deals before interest rates were raised further. And though economic headwinds impacted rent, sale price and occupancy, seller sentiment with regards to cash flow or profits was positive. Properties maintained high occupancy rates, coming in at 93 percent…

Alta kicks off plans for second rental building near Dadeland Mall

Alta Developers is diving into the final portion of its multifamily project near Dadeland Mall. Raimundo Onetto’s firm filed plans for a second 18-story building directly south of its first that’s under construction at 9600 South Dixie Highway, according to the application submitted to Miami-Dade County last week. The 2-acre development site is in an unincorporated…

Video: CCIM Economist KC Conway Discusses What Lies Ahead

KC Conway, aka The Red Shoe Economist, joins Americas Commercial Real Estate Show to discuss expectations for interest rates, pricing discovery, and opportunities in the current commercial property market. The discussion begins with frustration expressed about the Fed’s actions to date. He notes that the Fed is essentially, by its actions, telling lenders to quit lending because…

The Fed’s Beige Book: Tepid Growth, Tough Times for Low-Income Households

Economic activity in the Southeast grew tepidly during October and the first half of November, according to the Federal Reserve Bank of Atlanta’s new Beige Book collection of anecdotal reports from business contacts. Labor market conditions remained tight, though pressures eased somewhat, contacts reported. Nevertheless, many executives said attracting and retaining…

Miami’s next big art hub? Dilapidated, industrial district Little River attracts new galleries and art spaces

Two of Miami’s longest-running art non-profits have revealed plans to relocate to the city’s Little River neighbourhood over the next two years. Their moves to the district, situated just north of Little Haiti, bring new momentum to the area, which has been primed for an art-centric transformation by the local community and outside forces. Locust Projects, an alternative art…

$10.5M Sale of Seven-Building Multifamily Portfolio in Miami Brokered

Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio…

Aria Dev and Merrimac Buy Last Miami Worldcenter Site for Condo Project

Miami Worldcenter, the 27-acre megadevelopment in Downtown Miami, is officially all booked. Aria Development Group and Merrimac Ventures paid $17 million for the last available parcel, a 24,000-square-foot site between 33 and 55 NW Sixth Street, one block east of the Miami Central station, the joint venture announced.

TA Realty Pays $241M for Miami Industrial Park

Medley Commerce Center. Image courtesy of CBRE TA Realty has acquired Medley Commerce Center, a 1 million-square-foot industrial park in Medley, Fla. According to CommercialEdge information, LACERA sold the asset for $241 million or $227 per square foot, marking one of South Florida’s largest warehouse transactions this year. The property had previously changed…

The Fed: How Supply Chain Disruptions Contributed to Inflation in 2021

Producer price index (PPI) inflation increased rapidly during the COVID-19 pandemic, with an uneven impact across industries. PPI inflation is the change in input costs to producers. How much did disruptions to supply chains contribute to this increase in inflation? Research Officer Ana Maria Santacreu and Research Associate Jesse LaBelle examined this question in…

Cañero proposes rental complex in south Miami-Dade

The Cañero Group is the latest developer to target south Miami-Dade County, with plans for a multifamily project. The Coral Gables-based firm wants to build a 247-unit complex at 24735 South Dixie Highway in the Princeton neighborhood in an unincorporated area of Miami-Dade, according to an application filed to the county in late September. Cañero Group has the….

Boich, Beal and Mathias score approval for Sunset Harbour project

A group led by Wayne Boich secured approval from the city of Miami Beach for a commercial project in Sunset Harbour. The Miami Beach Planning Board unanimously approved conditional use permits with some conditions for the planned five-story, 50,000-square-foot-plus office and restaurant project at 1920 Alton Road in Miami Beach…

This Week’s South Florida Deal Sheet

Boston-based TA Realty has closed on one of the biggest industrial deals to date in South Florida, acquiring a 12-building industrial park in Medley in Miami-Dade County for $241M. The 1M SF complex, located at 9701-9793 Northwest 91st Court, was sold by DWS, an Illinois-based global asset management company, according to CBRE, which represented DWS…

Miami Sued For $76M Over Allegedly Overcharging For Building Permit Fees

A property owner has sued the city of Miami, alleging it has been overcharging commercial real estate owners for building permit fees and illegally hoarding $76M that should be refunded. In a lawsuit filed this month in Miami-Dade County Circuit Court, the owner of a small retail property in Little Havana sued the city, claiming it has been charging owners unwarranted…

Married to the Job: Craig Robins and Jackie Soffer On Love, Art and Miami

Every industry has its power couples. The music industry has Beyonce and Jay Z. Among business titans, billionaire Barry Diller and fashion designer Diane von Furstenberg come to mind. For the real estate industry, at least in South Florida, it’s Craig Robins and Jackie Soffer. The two — each in their own right — are giants of Miami’s booming retail landscape…

13th Floor JV nab $102M construction loan for Delray project

13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road: Arnaud Karsenti’s 13th Floor Investments and its partners scored a $102 million construction loan for their master-planned, mixed-use multifamily complex in Delray Beach. 13th Floor…

Two Roads’ suit spells trouble for Frisbie’s West Palm condo project

Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House: When Frisbie Group launched its high-end West Palm Beach condominium project this year, the hype was near deafening. Unit asking prices reached $75 million, promising a new level of luxury living in the city. The project marks…

MG3 drops $78M for Walgreens distribution facility near Jupiter

MG3 Group is upping the stakes on its industrial real estate wager. The firm’s real estate investment trust, or MG3 REIT, dropped $78 million for the Walgreens Distribution Center, an industrial facility that spans 98 acres in west Palm Beach County, according to the buyer’s news release. The property at 15998 Walgreens Drive is west of Jupiter, near…

TA Realty drops $241M for Medley industrial park

In one of the largest South Florida industrial deals of the year, TA Realty picked up 12 warehouses in Medley for $241 million. An affiliate of the Boston-based real estate investment firm paid $241 million for a 1-million-square-foot industrial park at 9701-9793 Northwest 91st Court, according to the real estate database Vizzda and property records. TA Realty, led by…

Fries with that? Developers propose rental towers at Shorty’s BBQ site

Developers are proposing a high-rise complex on the site of Kendall’s beloved Shorty’s BBQ. But not to worry, the restaurant serving slow-smoked meats for decades will remain in place for at least a couple of more years. Almost a year after purchasing the site, Atlantic I Pacific Companies and Florida Value Partners filed plans… at 9200 and 9180 South Dixie Highway, according…

Map: Here are 655K sf of offices on tap in Miami Beach

Miami Beach voters shot down a November ballot measure for office buildings on city-owned sites near Lincoln Road. But the city still is poised to get 10 projects with more than 655,000 square feet of offices on sites other than those proposed in the referendum. The failed referendum was for two proposed projects: A Don Peebles-led team, which included ex-Miami Beach…

Damaghi family buys resi tower dev sites next to MiamiCentral

The Damaghi family of New York dropped $50.8 million for a pair of development sites approved for two residential towers directly south of MiamiCentral in downtown Miami, The Real Deal has learned. The clan is better known for its Great Neck-based household goods manufacturing firm…bought the vacant sites spanning 2.7 acres on the southwest corner of Northwest…

FECI Sells Downtown Miami Sites for $51M

Florida East Coast Industries (FECI), owner of the Brightline high-speed train line, sold parcels near the Miami Central station for $50.8 million, property records show. The sites — at 200 NW First Avenue and 195 NW Second Street, across the street from the station, just east of the Miami-Dade County government office — total 2.6 acres.

Record-Breaking 57 Companies Relocated Or Expanded Into Miami-Dade This Year

Miami-Dade has had its best-ever year for recruiting companies to open offices in the county — and many more are on the way. Fifty-seven companies either relocated or expanded in the county in 2022, and 150 companies are in the pipeline, the Miami-Dade Beacon Council said in its annual report released Thursday, the Miami Herald reports.

60-story apartment hotel to rise across from downtown Miami nightclub

A new 63-story, mixed-use residential, commercial and apartment hotel building is coming to Miami Worldcenter. PMG 11th Street Developers Group LLC plan the condo hotel with 427 units, and about 42,000 square feet of commercial space, at 20 NE 11th Street. The project, E11EVEN Hotel & Residences, was recommended for approval by the city’s Urban…

Sale of $13.3 million development site in Uptown Miami’s Little River

Gridline Properties and DWNTWN Realty Advisors recently closed on another significant transaction within the Little River neighborhood of Miami. The sale included 2.2 acres on NE Second Ave. in the northern section of Little River. The property, located at 8038 NE Second Ave., Miami, FL 33138, closed on Oct. 27 for $13.3 million. Gridline Properties’ broker and principal…

70-story tower headed for Brickell financial district

Ytech is ready to bring a new residential skyscraper to Brickell in the City of Miami. Ytech 1428 Brickell LLC is the owner-developer of property at that address where a 70-story tower is planned. The Residences at 1428 Brickell will be comprised of a limited collection of 189 fully-finished luxury condominiums. It will offer about 80,000 square feet of amenities dedicated…

Art Basel brings record 282 galleries

Marking its 20th anniversary in Miami Beach, Art Basel reveals a line-up of 282 leading galleries, the fair’s largest edition to date. Running from Dec. 1-3, along with 38 countries and territories exhibiting this year, Art Basel is promising to reinforce its position as the premier global fair in the Americas at the Miami Beach Convention Center at 1901 Convention Center…

PMG, Greybrook Open 49-Story Elser Hotel & Residences in Downtown Miami

PMG and private equity firm Greybrook have opened the Elser Hotel & Residences, a 49-story hospitality tower in downtown Miami. Highgate is managing the property, which features 646 hotel rooms and short-term residences ranging from studios to three-bedroom suites. The tower features a 10,200-square-foot fitness center and a 19,000-square-foot sun deck, which…

Sale of 1.1 MSF Industrial Park in Medley Arranged

CBRE has arranged the sale of a 12-building industrial park in the Miami suburb of Medley totaling nearly 1.1 million square feet. Boston-based TA Realty purchased the portfolio from an unnamed global investment advisor for an undisclosed price. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller in the transaction. Situated…

The Fed: Will Inflation Play the Grinch This Holiday Season?

The U.S. economy has experienced another year of high inflation; consumer prices in October were 7.8% higher than they were a year earlier. And high inflation has more than offset income growth: Real (inflation-adjusted) per capita disposable personal income was 3.2% lower than it was a year ago. Despite high inflation, retail industry experts are predicting healthy…

Investor home purchases plummet 30%

Investors took a hard pivot away from home purchases in the third quarter, as rising borrowing costs appeared to reverse the sector’s record activity in a matter of months. Investor home purchases dropped 30.2 percent year-over-year last quarter, according to Redfin data. Outside of the onset of the pandemic, it was the biggest decline in investor home purchases…

Dezer scores $40M loan tied to planned Bentley Residences

Dezer Development landed a $40 million loan tied to its planned Bentley Residences condominium project in Sunny Isles Beach. City National Bank of Florida provided the mortgage, according to records. The financing is for pre-development costs associated with the proposed 749-foot luxury tower with 216 units at 18401 Collins Avenue, according to…

Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan

Investor Shadi Shomar and his partners completed the bulk purchase of a South Beach condo-hotel and secured a $36 million loan for the property. Shomar-led entities had paid $28 million in 2019 for the majority of the units — 39 residential and four commercial condos — that make up the Bentley Hotel South Beach at 510 Ocean Drive. Companies tied to Russell Galbut…

Video: Tim Bodner and Byron Carlock of PwC Discuss PwC/ULI 2023 Emerging Trends in Real Estate Report

Tim Bodner, Real Estate Deals Leader at PwC, and Byron Carlock, Real Estate Practice Leader with PwC, appear on America’s Commercial Real Estate Show to discuss highlights and takeaways from the PwC/ULI 44th edition of Emerging Trends. This 125 page report, a joint effort of PwC and ULI (Urban Land Institute) is a must read for anyone involved in commercial real estate.

Lease roundup: Catch Miami Beach to Open at Rivani Property; Levi’s, Blue Nile, Café Americano, Jo Malone London, Calzedonia, and Luca Faloni coming to Brickell City Centre

Catch Hospitality Group will open a restaurant at one of Robert Rivani’s South Beach properties. Seafood eatery Catch Miami Beach will open next fall at 200 South Pointe Drive in a 22,000-square-foot space, including indoor and outdoor dining, according to a news release from the hospitality firm. This will be the seventh location of the Catch concept, with…

Wayne Boich, Related’s Bruce Beal and SL Green president plan Miami Beach project

A company owned by Related Companies’ Bruce Beal, SL Green’s Andrew Mathias and Boich Investment Group’s Wayne Boich is seeking approval of a mixed-use office project in Miami Beach’s Sunset Harbour. On Tuesday, the Miami Beach Planning Board will vote on the partnership’s plans for a five-story, 50,000-plus-square-foot commercial building at 1920 Alton Road. Beal, president…

Aria Development JV Lands $81M for Miami Luxury Condo Project

Image by Michael Gaida via Pixabay A joint venture between Aria Development Group and AQARAT has received a $80.9 million in financing for the development of 501 First Residences, a 448-unit luxury condominium project at 501 NE First Avenue in Miami. Berkadia secured the 42-month, full-term interest-only construction loan on behalf of the borrowers.

Aria JV scores $81M construction loan for downtown Miami condo project

Aria’s David Arditi with rendering of 501 Residences (Aria Development Group, Getty) An Aria Development Group joint venture landed an $80.9 million construction loan for a downtown Miami condominium project. Bank OZK provided the financing for 501 Residences, a planned 40-story tower with 448 condos that potential owners can lease as short-term rentals, according…

Focus pays $28M for Brickell apartments development site

Focus is the latest real estate firm to catch Brickell fever. The Chicago-based company now owns a piece of the booming Miami neighborhood, paying $28 million for the development site at 128 Southwest Seventh Street, according to records. An entity managed by Matthew Barry sold the shuttered two-story, 60-key Starlite Motel East. It had paid…

Mapping out Steve Ross’ South Florida empire

Stephen Ross thrives in tumultuous times. The billionaire’s Related Companies has shown a propensity for pushing forward with investments and projects amid turbulent economic times, when others are inclined to pull back. After the 9/11 terrorist attack, when buyers nixed contracts, and construction and lending froze, Related kept building New York’s AOL…

Barry Sternlicht calls Fed’s actions “suicide”

Barry Sternlicht unleashed his contempt for the actions of the Federal Reserve during an interview Thursday. On CNBC’s “Squawk Box,” the Starwood Capital Group CEO said the Fed’s actions were “clearly suicide” for the economy.  The Fed has been raising interest rates quickly in an effort to clamp down on inflation, a decision proving to be critical throughout real estate. Sternlicht…

‘Alarming’ Housing Crisis In South Florida Spurs Search For Solutions

A scarcity of developable land and an influx of wealthy migrants has spiraled South Florida’s affordable housing crisis out of control so fast that it has surprised even the most experienced local developers. “There’s a whole a population of people out there who none of us typically think of as being cost burdened, or, you know, stressed to be able to afford an apartment…”

Capital Markets Weathering Rapid Inflation In South Florida, Thanks To Influx Of Capital, Experts Say

Dark clouds are forming over the global economy, and while South Florida isn’t immune to the effects of rapid inflation and interest rate hikes, the capital that continues to pour into the region is providing it protection from the storm. “I think everybody here understands and recognizes we are in a recession,” Franklin Street Senior Director Javier Herrera said at Bisnow’s Money…

Residential Rent Growth Slows Nationwide, Resumes Regular Seasonal Shifts

The median asking rent for U.S. apartments rose 7.8% year-over-year in October to $1,983, the smallest annual increase since August 2021, Redfin reports. Rents declined 0.9% nationwide month-over-month. October was also the fifth consecutive month in which annual rent growth decelerated, with rents rising at about half the pace they were six months earlier…

Industrial Sales Not Immune from Impact of Higher Interest Rates

All through the pandemic, industrial properties have been among the most desired by commercial real estate investors. But in the current market environment, are industrial assets holding up just as well? In fact, demand for industrial properties is down considerably from the first quarter of this year, says Chris Riley, president of U.S. industrial & logistics capital markets with…

Merit Hill Capital pays $18M for Davie self-storage facility

Merit Hill Capital scooped up a self-storage facility in Broward County for $17.5 million. An affiliate of Merit Hill, a Brooklyn-based real estate firm focused on self-storage properties, acquired the 72,401-square-foot building at 5370 South University Drive in Davie, according to records. The seller, an affiliate of Pasadena, Calif.-based real estate…

Cedar Health scoops up Fort Lauderdale assisted living facility for $39M

Cedar Health Group beefed up its portfolio of assisted living facilities in South Florida. Cedar Health paid $39 million for the assisted living facility at 2855 West Commercial Boulevard in Fort Lauderdale. The seller is Brentwood, Tennessee-based Wickshire Senior Living, according to records. The buyer took out a $38.1 million loan from Ocean Bank. Wickshire sold…

Highgate cashes out of another South Florida La Quinta, this time in Palm Beach County

Highgate Capital Management shed another La Quinta Inn by Wyndham property in South Florida, as hotel sales heat up in the tri-county region. The Irving, Texas-based hospitality real estate firm sold the 114-room hotel at 5981 Okeechobee Boulevard in unincorporated Palm Beach County for $13 million, records show. The buyer is an entity managed by…

Master Mind Behind 156K SF Addition To West Palm Beach’s Office Pipeline

alm Beach County is getting more office space as Master Mind expands its portfolio in the Miami area. Developer Centrepark Master Mind LLC, which is managed by New York-based Master Mind’s Babak Ebrahimzadeh, filed documents with the city of West Palm Beach to build a 13-story office tower at 1545 Centrepark Drive. The 1.27-acre site was purchased for $5.5M in June…

Miami Beach seeks development partner for Art Deco apartment building

Miami Beach officials are contemplating partnering with a developer to renovate a city-owned Art Deco apartment building. The Miami Beach City Commission on Wednesday authorized staff to move forward with crafting a request for proposals to partner with a developer that can fix up the Barclay Plaza Apartments at 1940 Park Avenue. Bidders can also include possible additions…

Estate Cos. Completes Multifamily Conversion of Former Ramada Inn Hotel in Metro Miami

The Estate Cos. has completed the conversion of a former Ramada Inn hotel located at 1950 W. 49th Street in Hialeah, a suburb of Miami. The redevelopment, known as Alture Westland, is a four-story garden-style community housing 251 apartments and 5,522 square feet of retail space. The Estate Cos. acquired the shuttered hotel and the five-acre site for $15.3 million in August 2020…

South Florida’s biggest HOA’s leaders charged in massive fraud

Five people were charged with running a massive fraud that allegedly looted more than $1 million from the coffers of South Florida’s biggest homeowners association. The Miami-Dade State Attorneys’ Office on Tuesday arrested former and current board members of the Hammocks HOA for their alleged roles in the scheme. The arrests are a continuation of an investigation…

Tri-Rail service to downtown Miami clears a barrier

Plans for Tri-Rail’s long-delayed arrival to serve downtown Miami have advanced with a three-way agreement for Tri-Rail’s team to start training and testing to get service rolling. The South Florida Regional Transportation Authority (SFRTA), which controls Tri-Rail, has “received a signed Tri-Party Agreement, with Florida East Coast (FEC) Railway and Brightline, that gives…

Miami trolley system may get five more years of life

City commissioners are to act on two resolutions today (11/17) that would provide Miami’s trolley system with additional funding and extend the contract terms with a 20% increase to hourly service rates. The first resolution would authorize the city manager to execute a public transportation grant agreement between the city and the Florida Department of Transportation…

Hyatt Regency riverfront developers negotiate with Miami

Gencom, a real estate and development firm, will now negotiate with the City of Miami to build a reimagined riverfront downtown following voters’ approval of a Nov. 8 referendum to amend the lease of city-owned waterfront where the Hyatt Hotel sitsYatt Hogtl sits. “We’re thrilled with the overwhelming support we’ve earned. Our plans for a privately funded world-class…

Roundup from the Fed: Inflation, Financial Markets and COVID-19 Disparities

In the event you missed it, today we are highlighting some research recently produced by the St. Louis Fed. The following articles were published in the Review and Economic Synopses. Review. Financial Market Reactions to the Russian Invasion of Ukraine. This article analyzes financial market reactions to the Russia-Ukraine war with a focus on the conflict’s opening weeks.

Miami-Dade commissioners override mayor’s vote on industrial megaproject outside UDB

A controversial industrial megaproject survived a last-ditch effort by Miami-Dade Mayor Daniella Levine Cava to kill the proposal. County commissioners on Tuesday voted to quash the mayor’s veto of their approval of South Dade Logistics and Technology District, a development that would sprawl 378 acres outside the Urban Development Boundary in south Miami-Dade.

Evacuated Port Royale Miami Beach residents can return

Residents of a Miami Beach condominium evacuated more than two weeks ago over concerns of the property’s structural integrity were allowed to return home on Monday. A contractor deemed the 164-unit Port Royale at 6969 Collins Avenue safe for occupancy after the shoring, or reinforcement, of beams in the building was completed, the Miami Herald reported. Brian Calderone…

Pantzer pays $175M for newly built apartments in Miami’s MiMo

Pantzer Properties continues to bet big on South Florida’s multifamily market. Pantzer bought The Boulevard, a newly built apartment building at 5700 Biscayne Boulevard in Miami’s MiMo Biscayne Boulevard Historic District, for $175 million, according to sources. No deed was recorded, meaning the deal may have closed through a transfer of the property’s ownership entity.

Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants

Miami River Landing Shops and Residences, the mixed-use development along the Miami River, scored a hair salon as a tenant. ManCave for Men, a luxury barber shop, will open in a 1,200-square-foot space along the riverfront next summer, according to a River Landing news release. Coral Gables-based Urban-X Group, led by Andrew Hellinger and…

South Florida real estate players gear up for recession, but remain optimistic

Top brokers, landlords and developers doing business in South Florida’s real estate market are gearing up for an economic recession, although they believe deal flow and new construction will hold steady in the coming year. That was the consensus among panelists and attendees at The Real Deal’s South Florida Showcase + Forum on Thursday. The all-day event…

“We’re at the teenage years of Miami”: Next gen developers see opportunity

Despite coming from distinct real estate legacies, developers Rishi Kapoor and Alex Witkoff see eye-to-eye on the future of real estate in Miami. “We’re at the teenage years of Miami,” said Witkoff, executive vice president of development at Witkoff. “Miami used to be a boom-and-bust market. Now it’s much more stable.” Location Ventures founder and CEO Kapoor and…

“Miami is the last man standing”: Marc Roberts weighs in with Robert Rivani on hospitality

With his exuberant fashion sense and style, imagine Robert Rivani as a Gen Z Mr. Monopoly, the titular character of the popular real estate board game. His commercial condo buying spree in Miami and Miami Beach this past year is akin to picking up Monopoly properties that can generate the highest income, Rivani told a standing room only crowd at The Real Deal’s…

Lithia Motors pays $29M for Doral industrial building

A national automotive company picked up a Doral industrial building near car dealerships that it acquired over the summer. An entity led by executives with Lithia Motors, including the Medford, Oregon-based firm’s CEO Bryan DeBoer, paid $28.5 million for the 145,000-square-foot facility at 9300 Northwest 13th Street, records show. The seller, an entity with the same address as New York-based…

Two Roads’ Taylor Collins on slowdown, rising interest rates

Taylor Collins, a managing partner at Two Roads Development, is aware of the paradox a lot of developers and brokers are seeing in the market, especially in Miami. He agrees that the slowdown is here, and hesitates to compare anything to the boom in prices of last year. Yet, he is still finding that demand is high. Last year, he said, was “a very strange year” with an…

Michael Shvo and Jeff Greene talk distress, opportunities in office

The office building, once the pinnacle of commercial real estate, now feels more like a liability. Inflation, rising interest rates and remote work have left the asset class uniquely exposed to declines in valuation. Vultures are starting to circle for distress. But Michael Shvo still sees opportunities. The developer bought the Transamerica Pyramid in San Francisco and, according…

“Winter doesn’t really come to South Florida”: Developers on economic climate

Top developers didn’t deny that it’s a tough economic environment right now, but South Florida, they said, has the wind at its back. “Given the macro-economics, I would like to refer to my friend Jon Snow to say, ‘Winter is coming,’” Arnaud Karsenti said in reference to the “Game of Thrones” character. “But fortunately, winter doesn’t really come…”

Health care moguls buy Hialeah Gardens nursing home for $43M

A pair of nursing home investors scooped up a Hialeah Gardens facility for $43.2 million. Bent Philipson and Andrew Bronfeld bought Signature HealthCare Center of Waterford at 8333 West Okeechobee Road from an affiliate of Los Angeles-based Arba Group, records show. The deal for the 214-unit facility breaks down to roughly $202,000 per unit. Philipson has invested…

Video: CoStar’s National Director of Office Analytics Phil Mobley Discusses Office Market Dynamics

CoStar’s National Director of Office Analytics Phil Mobley joins Michael on America’s Commercial Real Estate Show to talk about the U.S. office property market. Discussions include current and forecasted occupancy rates, office rental rates, loan interest rates, cap rates and demand for space. He notes that we are post pandemic in the way we live and work. Vacancy in Q3 2022…

North Beach’s Biggest Development Rejected? What’s Next for the Site of the Deauville Hotel?

After years of sitting in disrepair due to a fire, the beloved and historic oceanfront Deauville Hotel site in North Beach has been waiting for its fate. Bought by Miami Dolphins owner and billionaire Stephen Ross, earlier this year he revealed plans for the site with a 373-feet, “six-star luxury,” two-tower vision designed by stararchitect Frank Gehry. With one a 175-key Equinox-branded…

A Newly Public Company – Miami Based – Wants To Shake Up The Hotel Industry. Customers Say It’s A Scam

A small, relatively unknown company has been quietly taking over struggling hotels across the country in recent months, hoping to build an empire from the rubble of the pandemic. LuxUrban Hotels Inc. has snapped up more than 1,000 rooms this year alone, signing long-term leases with hotel owners grateful for a reliable stream of income in trying times. But the…

CRE Leaders Cheer DeSantis’ Win, Push For More Action On Affordable Housing

Florida Gov. Ron DeSantis won a resounding re-election victory last week, which commercial real estate leaders hailed as a sign that the state will continue with its business-friendly ways. In interviews with Bisnow, industry insiders said that DeSantis’ policies have been good for business, but they hope he focuses more on affordable housing in his second term than his first amid…

FTX Turmoil Undermines Miami’s Crypto Strategy

In a turnabout that illustrates the risk underlying Miami’s attempts to fashion itself as a center of the crypto economy, values of cryptocurrencies are plunging, and one of Miami’s most prominent crypto names is on the brink of collapse. Cryptocurrency exchange FTX this week was caught in a liquidity crisis that roiled crypto market. The global company, headquartered…

Higher Borrowing Costs Cool South Florida’s Sizzling Multifamily Market

South Florida has been one of the hottest rental housing markets in the nation. But even in sunny Miami-Dade, Broward and Palm Beach counties, higher interest rates have cast a shadow on debt-funded acquisitions of apartment buildings and multifamily development. Despite the fundamental strengths of South Florida, including low unemployment and a growing…

Prime buys Fort Lauderdale self-storage facility for $35M

Prime Group Holdings’ Robert Moser and the self-storage site at 2401 West Broward Boulevard in Fort Lauderdale Prime Group Holdings bought a self-storage facility in Fort Lauderdale for $35 million. A Prime affiliate acquired Riverbend Self-Storage, a four-story building with 886 self-storage units at 2401 West Broward Boulevard, according to records. Led by CEO Bob Moser…

Pompano Beach advances 128-unit mixed-income rental project

A key city approval advanced the development of Gateway Luxury Apartments, a 128-unit, mixed-income multifamily complex planned for Pompano Beach. The Pompano Beach City Commission last week approved an allocation of 19 “flexibility units” for moderate-income tenants that will allow development of the apartment complex on a commercially zoned site. The 4.2-acre…

Steve Ross’ Related adds Broward affordable rentals to portfolio

Stephen Ross’ hefty wager on South Florida real estate is no longer limited to prime markets such as Miami’s Brickell and downtown West Palm Beach. The billionaire founder of Related Companies and owner of the Miami Dolphins scooped up the Monterra affordable apartment complex at 2601 Solano Avenue in Cooper City for $55.5 million, according to records. Sellers ZOM…

West Palm approves Immocorp’s mixed-use project in Northwood

For years, West Palm Beach leaders have pushed for redevelopment of the Northwood district, but it’s been to no avail — until now. On Tuesday, the city’s planning board greenlit the first project: A plan by Gilbert Benhamou’s Immocorp Capital for 382 apartments, 63,200 square feet of commercial uses and roughly 13,000 square feet of public space on 4.7 acres at the west end…

Palm Beach County voters approve $200M affordable housing bond

Palm Beach County voters said yes to more housing, approving a $200 million bond for affordable units on Tuesday. The bond, which will be paid for by property tax increases, is designed to subsidize the construction of 20,000 workforce housing units. The subsidy averages about $10,000 per unit. Approval of the housing bond is a win for developers, many of which donated…