Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah

Dacar Management will crank up construction on a Hialeah mixed-use project with 244 apartments and a retail component anchored by Publix, Burlington and HomeGoods. Affiliates of the Dania Beach-based commercial real estate firm scored an $81 million construction loan from New York Life Insurance Company, according to records. The fixed-rate…

David Arditi completes long-delayed YotelPad tower in downtown Miami

David Arditi with YotelPad (Yotel) Aria Development Group completed YotelPad Miami, the first new flexible, short-term rental-friendly condo and hotel project in downtown Miami. Aria, led by principal David Arditi, partnered with the Kuwaiti firm AQARAT to develop the 31-story building at 227 Northeast Second Street. The project has been in the works since…

Developer proposes Urby-branded apartments on former Art by God site in Wynwood

Ironstate Development and partner Brookfield Properties want to build an Urby-branded apartment building on the former Art by God site in Wynwood. Hoboken, New Jersey-based Ironstate, led by brothers David and Michael Barry, proposes the eight-story building on 1.3 acres between Northeast 26th and 27th st…

Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District

Race car driver and digital media tycoon Mike Zoi wants to develop a mid-rise office building at the Magic City Innovation District in Miami’s Little Haiti neighborhood. Zoi proposes a 13-story building west of Northeast Fourth Avenue and between 59th and 60th streets, according to a letter submitted by a Zoi-led entity to the city. The Miami Urban…

Pebb JV sells CVS-anchored retail space in Miami Beach for $18M

Pebb Capital and LeaseFlorida sold a CVS-anchored retail condo in Miami Beach for $18 million to a Torrance, California-based real estate investment firm. Capital Cove Investments acquired the two-story, 8,896-square-foot space underneath a four-level parking garage at 4000 Collins Avenue, according to a press release. It is adjacent to Pebb Capital and…

Crashing the party: New SPAC rules could slash proptech deals

Taking a proptech firm public will never again be so easy — if regulators have their way. Many feel it would be good if they did. Shares in proptech firms that went public over the last two years in a series of mergers with special-purpose acquisition companies, or SPACs, have continued a long downward slide into 2022, reflecting just how frothy that market…

South Florida inflation dips, still outpaces nation

Inflation in South Florida moderated slightly in the 12 months ended in April but remained far more than a percentage point above the average price rise for the nation as a whole. Inflation in this area as measured by the Consumer Price Index dropped from an annual 9.8% in March to 9.6% in April, according to figures the US Bureau of Labor Statistics…

A Luxury Development Boom Is Reshaping Miami’s Edgewater

Along Biscayne Bay just north of downtown Miami, the Edgewater area has emerged as a sweet spot for real estate investment amid South Florida’s wider migration-driven boom. In the years following the Great Recession, Edgewater received little attention from developers despite its central location between the bayfront and the popular Wynwood area…

Tunnels could speed mass transit under downtown, Kendall

The Miami-Dade Transportation Planning Organization is looking at the possibility of expanding the transit system underground. It just completed a study evaluating emerging technologies to assess the use of tunnel corridors in the county. The study used a tiered level analysis to identify potential projects, and the report only includes tier 1 and tier 2. The 78-page…

Bakehouse Art Complex gets city grant for building upgrade

Miami city commissioners have chosen to give a sizable federal grant to help fund an organization that supports city artists. At their latest meeting, commissioners allocated $2 million to the Bakehouse Art Complex Inc., a Florida not for profit corporation, to help pay for major improvements to its historic building at 561 NW 32nd St. in the Wynwood Arts District.

Surfside collapse unit owners ask court to up their $83M payout

Unit owners of Champlain Towers South in Surfside are asking the court to boost their $83 million payout, following a much larger $997 million settlement reached last week for the families who lost loved ones in the collapse. Roughly 50 unit owners are asking for a reconsideration of their allocation, citing the milestone future payout to the…

David Edelstein, partners buy Midtown Miami dev site, plan office tower

A long vacant piece of land at the entrance to Midtown Miami and the Design District at 3601 N Miami Avenue could finally be developed after a trio of prominent developers bought the assemblage, The Real Deal has learned. David Edelstein’s Tricap, Integra Investments and Alex Karakhanian’s Lndmrk Development paid $23 million for the…

Self storage still rising after pandemic surge

Eased pandemic restrictions mean fewer people are stuck at home with their extra stuff, but the nationwide interest in self storage doesn’t appear to be going anywhere. Rent performance and demand are still on the rise for self storage, according to a report from RentCafe. While the sector formerly relied on business from major life events such as death…

Frontier pays $18M for Best Buy-anchored shopping center in Kendall

Frontier Companies, a Coconut Grove real estate investment firm, paid $17.8 million for a southwest Miami-Dade shopping center. An entity managed by Eric Gordon, principal of Frontier Companies, bought the 49,456-square-foot retail center at 12495 Southwest 88th Street in the unincorporated neighborhood of Kendall, records show. City National…

Lease roundup: Nuveen moving Southeast HQ to 801 Brickell

Nuveen Real Estate, StoicLane I 801 Brickell I Miami Nuveen Real Estate is moving its Southeast headquarters to its 801 Brickell building in Miami’s financial district. Nuveen, the investment arm of TIAA, will relocate in January into a 3,487-square-foot space at the 28-story tower at 801 Brickell Avenue from its current office on Brickell Key. Nuveen also scored…

Developers win approval for downtown Miami medical marijuana dispensary

Miami’s de facto ban on medical marijuana dispensaries went up in smoke after elected officials voted…  On Thursday, the Miami City Commission, by a 3-2 vote, upheld a February 2021 planning and zoning appeals board decision that granted a certificate of use for a medical marijuana dispensary at 90 Northeast 11th Street. The property, which currently…

Boutique South Beach hotels trade amid heightened demand

The Villa Paradiso at 1415 Collins Avenue and The Orchid House Hotel at 1350 Collins Avenue with Randall Smith of Alden Global Capital and Joe Nakash:  Two prominent buyers acquired boutique hotels in South Beach in separate deals, as demand for such properties continues to rise. In the most recent of the two purchases, a company linked to the “vulture” hedge…

Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property

the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami: An apartment project with at least 220 units is poised to replace the Church of God Evangelical in North Miami, marking the latest redevelopment of a house of worship in a hot market where no site…

Tucandela Buys Wynwood Building to Open Latin-Themed Nightclub

Tucandela Group bought a Wynwood building for $9.2 million with plans to open an outpost of its Latin-themed nightclub, according to Metro 1, which brokered the deal. There are two Tucandela clubs  The Wynwood club is slated to open the first quarter of next year at 2445 N Miami Avenue on the corner of 25th Street. The 12,404-square-foot site includes a two-story…

Blue Road plans 20-story, 139-unit multifamily project in North Miami

Developer Blue Road won conditional approval to build a 20-story, 139-unit multifamily project in North Miami. Emblem Tower Apartments is planned for a site just west of I-95, along Northwest 7th Avenue, a major north-south artery that doubles as State Road 7. “This project probably will be the first development of any kind on this part of…”

Office Deals Cooled Off in Miami During Q1

In the first quarter of 2022, a total of $209 million in office deals have transacted within the Miami metro, according to CommercialEdge data. The market’s transaction volume has decreased since the same period last year, when it reached $395 million. Office deals seem to have slowed in 2022 compared to 2021 levels, but were still significantly up since 2020…

What Higher Interest Rates Mean for Miami CRE

Earlier this month, the Federal Reserve lifted its benchmark interest rate 50 basis points—its biggest increase in 22 years. The move represented the U.S. central bank’s second interest rate hike in less than two months and had been long anticipated by many. To find out what the recent interest rate hike means for the Miami commercial real estate market…

Brazilian investor Michael Krymchantowski gets Miami board’s OK to build Wynwood hotel

Brazilian businessman Michael Krymchantowski wants to develop a 60-unit hotel and residential building in Miami’s Wynwood. Krymchantowski got the green light from the city’s Wynwood Design Review Committee on Thursday for his planned eight-story Krymwood Hotel at 176 Northwest 28th Street. The committee suggested design tweaks, including…

Soil Testing Underway At Former Miami Arena Site Where Thousands Of Residential Units Planned

Soil testing appears to now be underway at the former Miami Arena site, according to a tweet by Kyle Merville. The biggest residential project in downtown Miami’s history is now moving through the approval process for the property. Developer Witkoff Group submitted preliminary plans to Miami-Dade in January for a development on the site with: 2,351…

Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate

Lennar is teeing up a 1,335-home and golf course project in Homestead’s Keys Gate development that will be called Altimira. The Miami-based homebuilder recently submitted a proposed site plan and two zoning amendments to the city of Homestead. The city’s development review committee will consider the proposal at a meeting next Tuesday, and…

Surfside collapse lawsuit reaches nearly $1B settlement

The Surfside collapse litigation reached an almost $1 billion settlement, a landmark development in the court battle to bring some justice to the families of the 98 people who died less than a year ago. The milestone agreement follows weeks of mediation between attorneys for the plaintiffs and the slew of parties sued over allegedly contributing to the deadly…

Miami Office Pipeline Doubles Since 2020

As of March, Miami had 5.4 million square feet of office space under construction, according to CommercialEdge data. The pandemic seems to have had a positive impact on the metro’s office sector: at the end of the first quarter the pipeline more than doubled since the same period in 2020, when it reached 2.5 million square feet. The Magic City has been one…

Redevelopment ploy? Chetrit buys 102 condos at aging, oceanfront Hollywood Beach Resort

New York City-based Chetrit Group has acquired 102 condo units over the last six months at the Hollywood Beach Resort, an oceanfront property in Hollywood that the city’s founder built almost a century ago. Chetrit’s move further marks the trend among developers to buy out waterfront condo owners, which has accelerated since the tragic collapse of Champlain…

Philly firm pays $14M for Pompano Beach warehouse

A Philadelphia-based commercial real estate firm picked up a Broward County warehouse for $14.3 million. An affiliate of Alterra Property Group, led by co-founder and Managing Partner Leo Addimando, acquired the 21,306-square-foot industrial building at 1645 Northwest 33rd Street in Pompano Beach, according to records. The seller is an entity managed…

Industrial play: Alliance HP trades one West Palm complex for another

Clay Hamlin III is playing a game of Monopoly with Palm Beach County industrial real estate, replacing one property for another. Affiliates of Hamlin’s Alliance HP bought the Skees Industrial park at 1426 Skees Road just south of West Palm Beach for $15.9 million — shortly after it sold a distribution center at 1100 25th Street in West Palm for $12.2 million…

Benchmark drops $17M for historic Palm Beach apartment building

A New York-based multifamily real estate investment firm bought a historic apartment building in Palm Beach for $17 million. An affiliate of Benchmark Real Estate Group, led by principals Aaron Feldman and Jordan Vogel, acquired the 23-unit property at 184 Sunset Avenue, according to records. The buyer obtained an $8 million loan from Valley National Bank.

Vertical Cold Storage buys Medley freezer facility for $66M

A North Sioux City, South Dakota-based cold storage real estate firm breezed into South Florida’s industrial market with a $66 million deal in Miami-Dade County. Vertical Cold Storage, led by President and CEO Curt Mastbergen, bought a 274,191-square-foot freezer facility at 11801 Northwest 102 Road in Medley, according to records. The deal worked…

Seagis doubles down in Medley, paying $24M for two industrial facilities

Seagis Property Group is developing a taste for Medley. The Conshohocken, Pennsylvania-based logistics firm picked up a pair of adjacent industrial facilities for $23.7 million… It’s less than a month after purchasing a nearby trailer parking lot for $14.8 million. Seagis bought the property at 11100 Northwest 112th Court and the site at 10900 Northwest 138th Street…

Seagis Property Group Completes Acquisition Of Two Prime Industrial Real Estate Properties In Medley

Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, closed on a two-property industrial real estate portfolio located in Medley. Both properties were sold by Cemex USA, a global building materials company. Located at 10900 NW 138th Street, the first property is a seven-acre site, home to…

Tri-Rail says trains will be in downtown Miami by November

In a more optimistic presentation to the Citizens’ Independent Transportation Trust, Steven Abrams, executive director of the South Florida Regional Transportation Authority, reassured members that the Tri-Rail trains the authority oversees are going to roll into the downtown Miami station in November. “We do anticipate commencement…

Miami Gardens deals for logistics complex

As part of sale plans for 13 City of Miami Gardens-owned properties, city staff is seeking a sale-leaseback agreement with Ambrose Property Group to construct the Miami Gardens Logistics Complex. Following a request for proposals, a project would be developed at 1020 NW 163rd Drive and 1050 NW 163rd Drive, along with a parking lot separating the two properties.

October contract expected for a Miami International Airport hotel

The county has extended the second phase of a request for proposals to build a 4-star, 350-key hotel at Miami International Airport until May 25 at bidders’ request. “The county considered the requests reasonable,” an Aviation Department spokesperson emailed to the newspaper. The second phase is to be followed by the contract award, which is now anticipated…

Office buildings on Miami Beach-owned parking lots advance

As the City of Miami Beach has worked to diversity its economy and growth to reduce dependence on tourism, two major Class A office space developments in Lincoln Lane have been approved to continue contract negotiations with the city administration. The commission approved the land use amendments and term agreements for both projects on what…

Waldorf Astoria name sells residences in 100-story tower

Sales at what will be the tallest residential building south of New York City – Waldorf Astoria Residences Miami – continue to grow at a healthy rate. The 100-story assemblage of glass boxes in downtown Miami is the product of a partnership between New York and Miami-based developer PMG, Toronto-based private equity firm Greybrook Realty Partners and global…

Shoma details residences at Deel Volvo site

Miami-based developer Shoma Group has purchased a 2.5-acre site at 3650 Bird Road, currently home to Deel Volvo, near Coral Gables for $34 million. The property is to become the site for a mixed-use residential project called Shoma One, with 391 apartments and a Shoma Bazaar food hall. The development is expected to cost $220 million to construct, with…

Developers Unveil Plans For The Gardens at Lincoln Lane, Designed By Brandon Haw

Miami Beach commissioners voted last week to move forward with several mixed-use developments to replace surface parking lots serving Lincoln Road in South Beach. One of the development teams also revealed more details of the project they plan to build, to be called The Gardens at Lincoln Lane. The Gardens at Lincoln Lane will be developed by a joint…

Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site

Hyatt Hotels’ stalled plan to redevelop its downtown Miami River site and adjacent James L. Knight Center is back. Hyatt and Coconut Grove-based Gencom are partnering on a new proposal for three towers with a 615-key hotel and more than 1,500 apartments, and are seeking an extension of Hyatt’s ground lease for the city-owned property, according to the…

Scale Model Of Major Supertall Tower Planned In Brickell: Planning Comments Released

Developer JDS has released a photo of a scale model of their Major supertall tower planned on Brickell Avenue. The 82-story, 1,049-foot project also continues to move through the approval process with Miami-Dade planners. On April 14, Miami-Dade planners released comments to the initial design, with a request for: Wider sidewalks; More landscaping…

Chicago developer buys four waterfront Bay Harbor Islands dev sites for $23M

Regency Development Group is diving into booming Bay Harbor Islands, paying a combined $22.5 million for four waterfront development sites. In the largest of the deals, an entity with ties to Chicago-based Regency, led by Igor Michin and Alex Troyanovsky, acquired two adjacent properties totaling nearly an acre at 9927 and 9955 East Bay Harbor Drive…

Prologis offers $24B for Duke Realty in industrial megadeal

Prologis has proposed to buy Duke Realty for $24 billion in an all-stock deal that would add about 160 million square feet to its industrial real estate portfolio. The San Francisco-based logistics specialist offered to buy the REIT for $61.68 per Duke Realty share, Prologis announced on Tuesday. Yesterday, Duke Realty’s share price closed at $47.71. Shares of…

Schulman Properties Lands Equity Financing for Self Storage Project

Schulman Properties has obtained $8.7 million in joint venture equity financing for Dixie Self Storage, a 1,068-unit self storage facility underway in North Miami Beach, Fla. An opportunity zone fund entered the 10-year partnership arranged by Northmarq. In July, the developer acquired the 1.37-acre site for $5.3 million, with the assistance of Lee & Associates.

“WeCrashed” offers few heroes but plenty of reflections for real estate

A V-neck? For a meeting? With an investor? Oh, Adam Neumann. You sweet summer child. Whether comedy or drama, some of the best television centered around the workplace takes a deeper look at the spirit of the times. Behind the three-martini lunches, “Mad Men” showed us ugly truths about American society in the 1960s. “Silicon Valley” satirized tech…

Starwood Capital JV Plans $116M Miami Mixed-Use Project

Miami Beach’s Lincoln Road District is primed for a transformation now that the City Commission is preparing to vote this summer on the approval of Lincoln Road Property Owner LP‘s proposal for The Gardens at Lincoln Lane, an approximately 155,000-square-foot mixed-use development. Lincoln Road Property Owner—a joint venture spearheaded by an…

$57M double play: JV acquires two downtown Miami office buildings

Triple Double Real Estate and Stonerock Capital Partners paid $56.7 million for two office buildings in downtown Miami. The joint venture acquired a 12-story building with a data center and ground-floor retail at 200 Southeast First Street, as well as a 26-story building anchored by First Horizon Bank at 44 West Flagler Street near the Miami…

$56.7M Sale of Two Office Buildings in Downtown Miami Brokered

A partnership between Triple Double Real Estate and Stonerock Capital Partners purchased the portfolio from an undisclosed seller. Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge and Rick Colon of Cushman & Wakefield represented both parties in the transaction. The properties include a 12-story building at 200 S.E. 1st St. and a…

Office space up for sublease back on the rise

The office sublease surge showed signs of abating late last year as companies juggled hybrid work plans and signed for space, but the rise in nationwide availability was back on in the first quarter of 2021. Sublease available rose 3.6 percent to 159 million square feet across the country, according to CBRE data reported by the Wall Street Journal. The…

Abbhi Capital, Peter Gardner pay $19M for Coconut Grove apartments dev site

Abbhi Capital is betting on multifamily in an Opportunity Zone in Miami’s Coconut Grove, paying $18.8 million for a development site that spans a full city block. Abbhi and investor Peter Gardner, through an affiliate, bought 2.4 acres in an Opportunity Zone on the southeast corner of Grand Avenue and Plaza Street. The seller is GV Bimini, managed by Gardner and…

Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants

OpenStore, Baseline, Daliyah and Mizu Rooftop Garden I The Gateway at Wynwood Tech e-commerce firm OpenStore has more than doubled its office space at The Gateway at Wynwood four months after first relocating to the office building. The 13-story property, at 2916 North Miami Avenue in Miami’s Wynwood neighborhood, also scored two new tenants.

Kushner to co-develop multifamily project south of Hard Rock Stadium

Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue: Kushner Companies is diving into Miami Gardens real estate, The Real Deal has learned. Sources told TRD that New York-based Kushner is now a 50-50 partner on the multifamily component of Immocorp Capital’s planned mixed-use development…

Jobs report shows more workers returning to office

Hiring at restaurants, bars and hotels slowed in April, falling about 20 percent from March, according to government figures released Friday. Still, leisure and hospitality, the industry most affected by the pandemic, hired more workers than any other last month as the overall economy added a robust 428,000 new jobs. The unemployment rate remained…

Moishe Mana pays $16M for commercial assemblage in Allapattah

Moishe Mana fattened up his Allapattah portfolio with a $16 million acquisition of properties. The parcels include Las Rosas bar and lounge at 2898 Northwest Seventh Avenue, four retail buildings at 2800, 2820, 2840 and 2850 Northwest Seventh Avenue and a former grocery market at 728 Northwest 29th Street. The four other properties are a single-family…

Shoma pays $34M for Miami apartment towers dev site

Masoud Shojaee’s Shoma Group paid $34 million for a Miami auto dealership, with plans to redevelop it into a pair of apartment towers. Shoma bought the 2.5-acre property at 3650 Bird Road, steps from a Metrorail stop, from an affiliate of Deel Volvo, the dealership currently on the site, records show. Michael Fay of Avison Young represented…

The fall and rise of Marc Roberts, Miami nightclub and condo impresario

From the second floor VIP lounge of E11even nightclub in downtown Miami, Marc Roberts gazed down at a parking lot he bought in the city’s Park West neighborhood. It was late in the afternoon on a recent Thursday, hours before hordes of YOLO partygoers were set to pack Roberts’ lucrative nightlife venue for an early start to the weekend. “I don’t do any other…”

Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project

In two deals totaling $14.8 million… PR Group Florida, a subsidiary of the French development company led by Christophe Petit and Julien Ridon, paid $13.1 million for an assemblage in the city’s booming Edgewater neighborhood… included a low-rise apartment complex and three houses that were combined into one parcel at 423 Northeast 27th Street.

Sunstone puts The Confidante Miami Beach under contract for $232M

California-based Sunstone Hotel Investors put The Confidante Miami Beach under contract for $232 million, marking the real estate investment trust’s debut in South Florida. Sunstone agreed to buy the 339-key oceanfront hotel at 4401 Collins Avenue from an affiliate of Hyatt Hotels Corporation, according to the buyer’s news release. The deal is expected to close…

Land of development opportunity: Builders bet on south Miami-Dade

The South Dade Logistics & Technology District, a largely industrial complex with some offices and retail proposed for 800 acres outside the Urban Development Boundary in south Miami-Dade County: Miami real estate development duo Jose Hevia and Stephen Blumenthal are not afraid of taking risks, let alone catching heat. While developers’ proposals…

Class A Distribution Building In Medley Trades

Medley 104 Industrial Center, a 263,188-square-foot Class A distribution building in Medley, to an Ares Management Fund. CBRE represented the seller, Dallas-based Lincoln Property Company. The terms of the transaction were not disclosed. Located at 9400 NW 104th Street, the building is fully leased to three tenants: USPLY, PGT Industries, and Artefacto. It features…

Surfside investor completes $34M Hollywood bulk condo purchase

A Surfside-based real estate investment firm completed a $33.9 million bulk condo purchase in Hollywood. An affiliate of Infinity BH Corp., led by Ighal Goldfarb, acquired 160 condos at the 192-unit Luna at Hollywood at 3600 Van Buren Street, according to records. Infinity BH paid $212,000 per unit and obtained a $22 million mortgage from First Republic Bank.

Yamato Office Center in Boca Raton trades for $46M

The Yamato Office Center in Boca Raton traded for $45.9 million. A joint venture of MHCommercial Real Estate Fund II and an unidentified New York-based institutional real estate fund bought the two-building complex at 999 and 1001 Yamato Road from Adler Real Estate Partners, according to a news release from MHCommercial Real Estate. This is…

Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton

An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging) Pebb Enterprises and Banyan Development sold the Wawa-leased outparcel at their Mainstreet at Boynton mixed-use project for $9.5 million. The…

Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton

Pebb Enterprises and Banyan Development picked up Florida Atlantic University’s tech and innovation-focused Research Park in Boca Raton for $37.5 million. The joint venture bought the seven-building office portfolio at 3600-3998 FAU Boulevard, although the deal was for the long-term ground leasehold interest, according to…

Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project

The project at 201 Clearwater Drive in West Palm Beach, Starwood Capital CEO Barry Sternlicht, Hyperion Group CEO Rob Vecsler and Winter Properties co-CEO David Winter: A joint venture among Starwood Capital Group, Hyperion Group and Winter Properties is charging ahead with a downtown West Palm Beach mixed-use project after securing a $96.4…

Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M

The ex-Neiman Marcus building along Palm Beach’s ritzy Worth Avenue traded for $78 million. Jeffrey Camp, through an affiliate, bought the three-story property at 151 Worth Avenue from an entity tied to New York-based O’Connor Capital Partners, according to a deed. Camp purchased the building through a Delaware-registered limited liability company…

Centaur scores $170M financing package for residential golf community at Avenir

Kyle Asher, managing director, Monroe Capital and Lotus Capital managing partner Faisal Ashraf along with a rendering of Panther National in Palm Beach County: The developer of Panther National, a planned single-family home community with a Jack Nicklaus-designed golf course in the Avenir development in Palm Beach County, secured a $170 million financing…

Pantzer pays $78M for West Palm Beach apartment complex

With its recent purchase of a Palm Beach County apartment complex, Pantzer Properties has dropped $145 million — in a one-month span — on two recently completed multifamily projects. An entity managed by Jordan and Jason Pantzer, co-CEOs of the New York-based multifamily investment firm, paid $78 million for The District Flats, a 178-unit apartment…

Woodmont beefs up Palm Beach Park of Commerce portfolio with $21M warehouse deal

Four months after acquiring a massive development site at Palm Beach Park of Commerce, Woodmont Industrial Partners paid the same seller $21 million for a recently completed warehouse nearby. An affiliate managed by Eric Witmondt, CEO of the Fairfield, New Jersey-based commercial real estate firm, bought the 212,000-square-foot facility at 15501 Park of…

Miami approves major lease for Beckham soccer stadium mixed-use development

From left: David Beckham, former professional footballer and current president and co-owner of Inter Miami CF; Francis Suarez, mayor of Miami; and Jorge Mas, chairman, MasTec, along with a rendering of Miami Freedom Park: The city of Miami commission chambers erupted into cheers and applause after elected officials approved the long-awaited lease…

Shoma Group Acquires Site for $220M Miami Development

Shoma Group has paid $34 million for a 2.5-acre site for the development of Shoma One, a 391-unit community in Miami. Avison Young represented the seller, Deel Volvo. The $220 million project is slated to break ground in January 2023 and is set for completion in less than 24 months. Shoma One will encompass two 18-story towers with studio, one- and two-bedroom…

Surfside collapse site auction set for May 24

The Surfside collapse site auction is set for later this month, marking a landmark decision in the case and a milestone for unit owners poised to receive sale proceeds. Miami-Dade Circuit Judge Michael Hanzman late Wednesday approved the auction for May 24, less than a year after the oceanfront condo collapsed on June 24, killing nearly 100…

Miami Beach gives preliminary OK to controversial Peebles, Sternlicht office projects near Lincoln Road

Developers’ controversial proposals to build offices on city-owned parking lots near Lincoln Road in Miami Beach gained ground on Wednesday. In a 5-to-2 vote, the Miami Beach City Commission gave preliminary approval to two development groups — one that includes Don Peebles and former mayor Philip…

Menachem Kranz buys waterfront Bay Harbor units in bulk deal, plans condo project

Menachem Kranz bought all the units at a waterfront Bay Harbor Islands condominium for $6.5 million, joining the trend of bulk purchases at aging buildings in the wake of the deadly Surfside collapse. Kranz, through an affiliate, bought the 10 units at 9110 West Bay Harbor Drive, with plans to replace the existing two-story building with a boutique condo…

Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding

Some are calling it the wedding of the year. Zach Witkoff, president of Witkoff Capital, married model and actress Sophi Knight at the Mar-a-Lago Club in Palm Beach last weekend, and the event attracted real estate’s elite. Zach is also EVP of his father Steve Witkoff’s eponymous New York-based firm, Witkoff. Former President Donald Trump, who owns the private…

Hialeah apartment project scores $67M construction loan

Juan Carlos Gonzalez scored a $67.1 million construction loan for a Hialeah multifamily project that will replace a truck yard, marking continued investor appetite for apartments. Gonzalez, through his J.V.C. Management Corporation affiliate, obtained the financing for the Emerald Bay Apartments development at 4030 West 88th Street from Ocean Bank…

Assemblage complete: Clara Homes pays $18M for third Bay Harbor Islands redevelopment site

With a $17.6 million acquisition of four two-story rental buildings, Clara Homes completed a non-contiguous assemblage for a new luxury apartment complex in Bay Harbor Islands. The Miami-based real estate development firm, led by founder and CEO James Curnin, bought the buildings on 1.3 acres at 10200 and 10290 East Bay Harbor Drive…

Rosewood Hotels to brand Michael Shvo’s Raleigh development in Miami Beach

Rosewood Hotels & Resorts will brand Michael Shvo’s Raleigh development in Miami Beach. The brand announcement marks a milestone for the project planned for 1751, 1757 and 1775 Collins Avenue, which has been in the works for years. Rosewood will manage the 60-key oceanfront hotel and brand the 17-story, 44-unit condo tower that Shvo plans to build…

Alta Developers takes over stalled Bay Harbor Islands condo, to relaunch sales with higher prices

Unable to secure financing amid rising construction costs, a Chilean condo developer handed over a stalled project site in Bay Harbor Islands to another firm, The Real Deal has learned. Supply chain issues, escalating costs and labor shortages pose the greatest threats to condo developers in South Florida today, as demand for units…

County plans to offer condo 40-year recertification loans

Condo associations needing financial aid to make emergency structural repairs to pass their 40-year recertification inspection may soon get relief from Miami-Dade County and private financial institutions. Commissioners Tuesday deferred a resolution directing Mayor Daniella Levine Cava to explore creating a loan program alongside financial institutions to…

11 Venetian Causeway bridges to be replaced

County commissioners approved on Tuesday a $10.6 million agreement between EAC Consulting and the Florida Department of Transportation to design plans to replace 11 bridges of the Venetian Causeway from Miami to Miami Beach. Work on the plans is set to start immediately. About four years of construction is expected to begin 2.75 years after a notice…

Freedom Park soccer plan passes touting billions for the city

A more than eight-year quest to establish a Major League Soccer team in the City of Miami culminated in an historic vote April 28, approving a 99-year lease of city property to David Beckham and his partners. What today is Melreese Golf Course, next door to Miami International Airport, will be transformed into Miami Freedom Park, with promises of billions…

MG buys redevelopment site near Coconut Grove for $20M

MG Developer paid $19.5 million for a redevelopment site near Coconut Grove where the seller previously planned a mixed-use project, The Real Deal has learned. In an off-market deal, Coral Gables-based MG’s affiliate, Merrick Parc LLC, acquired the 43,785-square-foot property with a small commercial building at 3898 Shipping Avenue, Jose Canero with The Cane…

JV pays $100M for Southland Mall, eyes mixed-use redevelopment

A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while adding a residential component. North Palm Beach-based Electra America and Miami-based BH Group teamed up to acquire the 808,776-square-foot indoor mall on a nearly 80-acre site at 20505 South Dixie Highway…

Dezer sells North Miami Beach properties to Ari Pearl and partners for $31M

Dezer Development sold an assemblage in North Miami Beach for $31.1 million to a partnership led by Ari Pearl. Dezer sold properties anchored by Nova Southeastern University’s former North Miami Beach campus at 1750 Northeast 167th Street to Pearl, Matt Press of EquiShares and Isaac Khabie of ARK Ventures, according to…

Bridge Industrial nabs $154M construction loan for Miami Gardens project

Bridge Industrial got a major boost for its Miami Gardens business park development with a $154 million loan to complete construction of nearly 1.6 million square feet of new warehouse space. The financing is for the development of two Class A industrial buildings, representing the second phase of Bridge Point Commerce Center at 4310 Northwest 215th Street…

South Florida by the numbers: Miami developers stay nimble

Much of Miami’s recent real estate success has been attributed only to the pandemic, and the various shifts in mainstream behavior that resulted from it. But the full reality is much bigger and more complex, and involved many years of careful, patient planning to implement. “Miami is a 10-year overnight success story,” Mayor Francis Suarez…

Insatiable demand and tightening supply pump up South Florida industrial rents

South Florida industrial landlords experienced more bountiful returns on their investments during the first quarter, according to a recently released report. In Miami-Dade, demand consistently outpaced supply, even as industrial developers added about 11 million square feet of new warehouse space in the past three years, the JLL report found. During the same…

Two Roads plans bulk purchase of bayfront Miami condo building, to replace with luxury towers

Two Roads Development is set to close a bulk purchase of condominium units in a mid-rise bayfront building in Miami’s Edgewater, then redevelop the property as a three-tower luxury residential complex. The move follows the trend of unit owners at aging South Florida buildings opting to sell out to a developers…

House to Biden: Seize and sell Russian real estate

The House of Representatives has an idea of what to do with seized Russian real estate: sell it. The House passed nonbinding legislation on Wednesday, urging President Joe Biden’s administration to confiscate and sell the assets, the New York Times reported. Only eight representatives voted against the essentially symbolic bill. The bill calls on Biden’s administration to…

EverWest pays $14M for Fort Lauderdale industrial property

Denver-based EverWest Real Estate Investors bought a fully leased Fort Lauderdale industrial property for $14.1 million. EverWest purchased the warehouse at 635 Northwest Fourth Avenue and a 0.3-acre lot directly south of the building from Dixie Investments IV, according to the buyer’s broker. Jose Sasson and Roberto Susi of Axiom Capital Advisors represented…

Naftali doubles down in South Florida, buys Fort Lauderdale dev site for $20M

Naftali Group is ramping up in South Florida, acquiring its second development site in a little over a month. The New York-based condo and rental developer, led by Chairman and CEO Miki Naftali, paid $20 million for a nearly 1-acre property at 201 North Federal Highway in Fort Lauderdale’s Flagler Village, according to records. The acquisition comes…

Arkadia JV pays $31M for Coral Springs industrial complex

Barings Chairman and CEO Mike Freno, Arkadia managing principals Richard Kilstock and David Aaron and the industrial complex at 3850-3872 Northwest 126 Avenue in Coral Springs: Arkadia Property Group and Barings teamed up to buy a Coral Springs industrial complex for $31 million in an off-market deal. The joint venture acquired the Coral Springs…

Toronto REIT buys Juno Beach rehab center for $25M

A Toronto-based real estate investment trust bought a Palm Beach County rehab center for $25.4 million as part of a $600 million national portfolio deal. An affiliate of NorthWest Healthcare Properties REIT, led by CEO Paul Dalla Lana, is the new owner of the 107-bed Beach House Center for Recovery at 13211 US Highway 1 in Juno Beach, according to records.

Reuben Brothers buys Chesterfield Hotel in Palm Beach

Reuben Brothers bought the Chesterfield Hotel in Palm Beach, a boutique property developed in 1918. A company led by Richard Launder sold the hotel at 363 Cocoanut Row to an affiliate of Reuben Brothers, the private equity and investment firm led by British billionaire brothers David and Simon Reuben, according to property records and a spokesperson…

Moishe Mana spent $500 million on Miami’s Flagler Street. Can he make his vision reality?

On a warm weekday afternoon, billionaire immigrant entrepreneur Moishe Mana, who took control of much of downtown Miami’s tattered Flagler Street district in an eight-year $500 million buying spree, arrives to tour the first of his 70 properties to go into construction — the grandly named Nikola Tesla Innovation Hub — in soft Louis Vuitton loafers, no socks.

The 22 Tallest Towers Under Construction In Miami In 2022

Miami is now enjoying its greatest high-rise construction boom in history, according to our new list of the tallest buildings under construction in the city. There have never been as many 500 foot towers under construction in Miami as there are this year. For the first time ever, all 22 towers on this year’s list of under-construction buildings surpassed the 500 foot mark.

Aby Rosen’s RFR expands downtown Miami portfolio with $26M hotel purchase

In a four-month span, Aby Rosen’s RFR Holding paid nearly $107 million for two adjacent downtown Miami properties, including a recent $25.7 million hotel purchase. An affiliate of New York-based RFR acquired the Yve Hotel Miami at 316 Northeast Second Street, also known as 146 Biscayne Boulevard, according to records. RFR paid $106,846 per key for the 241…

Altman wants to build 370-unit apartment project with grocer near Homestead

Altman Companies wants to build a 366-unit multifamily project with a shopping center near Homestead, amid the ongoing rush to develop rentals in the robust South Florida market. The Boca Raton-based developer is seeking to build Altis Palms on the southeast corner of Southwest 112th Avenue and Southwest 248th Street, and also just west of the Florida…

Miami overtakes Boston as third-priciest city for renters

As U.S. rents hit another new high in April, Miami edged out Boston as the third-most-expensive city to lease an apartment. Nationally, the median rent for a one-bedroom hit $1,410, the thirteenth all-time high in the past 14 months, according to apartment listing site Zumper’s monthly ranking. In Miami, rental prices have been rising at a fierce clip. Only in March, the…

Rental Asset Management buys Little Havana apartments for $30M

Rental Asset Management paid $30.1 million for the First & Sixth apartment building in Miami’s Little Havana neighborhood. The Oakland Park-based firm, through an affiliate, purchased the 13-story building at 35 Southwest Sixth Avenue from the developer, Eastern Atlantic Companies, according to records. The deal for the 100-unit property breaks down to $301,000…

South Florida’s retail market rebounds from pandemic but could face inflation, Russia war challenges: report

South Florida’s retail market rebounded from the pandemic-induced slump in the first quarter, as vacancies fell and rents rose, with Miami-Dade outperforming Broward and Palm Beach counties, according to a recently released report. Miami-Dade County had the lowest vacancy rate and highest asking rent of the three counties in the quarter, according…

Massachusetts investor pays $18M for Miami office building

Valero Capital Partners picked up a Miami office building for $18M, amid an uptick in South Florida sales in the sector. An affiliate of Lowell, Massachusetts-based Valero paid $218 a square foot for the nine-story, 82,298-square-foot building at 5040 Northwest Seventh Street, according to a press release. It is near Miami’s Blue Lagoon business district and…

Northeast Capital Sells Miami Office Building for $18 Million

Valero Capital Partners has acquired 50Forty on 7th, an 82,298-square-foot medical and professional office building in Miami, from Northeast Capital Group, according to CommercialEdge information. The same data provider shows Northeast Capital Group had purchased the building in January 2021 for $14.5 million. During its 14 months of ownership, the firm renovated…

Melreese Major League Soccer stadium impact on airport still unresolved

A new Miami-Dade Aviation Department draft report to the mayor, to which Miami Today got access, points to unresolved potential impacts on Miami International Airport from a proposed soccer stadium, food and beverage stores, offices, a hotel, conference center, and other commercial uses to replace the Melreese golf course next door. The developers, retired…

Fed’s Beige Book: Global Markets Affecting Southeast Energy Producers

Turbulent global energy markets are affecting oil producers and refiners across the Southeast, according to the Federal Reserve Bank of Atlanta’s latest Beige Book survey of business contacts across the Reserve Bank’s six-state region in the Southeast. Generally, business activity across all industries including energy expanded from mid-February through March.

City review narrowly recommends major Wynwood project

A developer plans to construct a major mixed-use residential project that will include new office space and nearly 40,000 square feet of commercial uses in the Wynwood Arts District. LIV WRK Wynwood is proposed for a site at 2400 and 2500 N Miami Ave. The project was considered April 20 by the city’s Urban Development Review Board. In a rare split vote…

University of Miami vast development program speeds up

Changes to the physical plant of the University of Miami that are projected as multimillion-dollar developments continue after a pandemic hiatuses. After the university announced plans to build Centennial Village, a freshmen on-campus housing project on the Hecht Residential College site, in January 2019, work to demolish the property on site is to begin in May.

Three firms paid grants for moving to downtown Miami

Miami’s Downtown Development Authority has approved funding three companies that would relocate to Miami and provide high-paying jobs. Two companies would receive grants from the authority of up to $50,000 yearly over three years under requirements of the Follow the Sun campaign, implemented in the fall of 2020, which incentivizes companies to relocate…

Courthouse repairs cost less, faster than inspection indicated

County courthouse basement repairs were faster than Miami-Dade authorities expected after consultant EXP U.S. Services Inc. determined following an extensive inspection last October that repairs to the 140-plus basement columns for an estimated $3.79 million were no longer necessary, two senior Internal Services Department officials confirmed to Miami…

Giralda Plaza dining experiment in Coral Gables came just in time

For nearly four years, Coral Gables’ Giralda Plaza has been a closed to vehicular traffic since the completion of the Downtown Streetscape Project. The Giralda Plaza Streetscape has worked brilliantly since the beginning and helped to further mitigate the ravages of Covid-19, said Mark Trowbridge, president & CEO for Coral Gables Chamber of Commerce.

Esteban Bovo Jr.: Hialeah mayor looks to streamline development process

Esteban Bovo has a lifetime in public service. He became a Hialeah council member in 1998, was reelected various times and became council president. The accomplishment as a councilman of which he is most proud is legislation that bars sexual predators from a radius of schools and parks; then the county adopted its own legislation, superseding his initiative.

Developer, glorify thy neighborhood: Lissette Calderon launches Allapattah-centric magazine

The AllaWay magazine cover and photos of AllaWay Creative Director Maria Galli, Editorial Director Jenny Starr Perez and Publisher Lissette Calderon: How do developers market their projects and neighborhoods to boost interest? Lissette Calderon is going the literary way. Calderon launched a luxury lifestyle magazine about Allapattah, the once…

Condo insurers exit market and hike rates after lawmakers fail to pass safety reform

Insurers have become increasingly averse to issuing policies for aging condominiums in Florida following the state legislature’s failure to pass safety reforms, despite the deadly Surfside collapse last year. Insurers are either retreating from the high-risk market or jacking up rates, leaving associations in a bind, the Miami Herald reported. The issue has…

Miami Office Property Transaction Volume Decreases YOY

Year-to-date through February, Miami’s office market has seen a total of $100 million in transactions, according to CommercialEdge data. In the same period last year, sales volume reached $129 million, at an average sales price of $154 per square foot. Transactions have been slower in the Magic City than in all other gateway cities, registering the lowest amount…

Beacon nabs Kendall office building for $20M

Beacon Real Estate Group acquired a Kendall office building for $20 million, as the sector rebounds from the pandemic. An affiliate of the Coral Gables-based commercial real estate investment firm bought 117 Professional Arts Center at 11731 Mills Drive in southwest Miami-Dade County, records show. Beacon Real Estate, led by CEO Richard Kulick, paid $316 a square foot…

Harrison LeFrak headed for big-ticket divorce: report

The real estate industry is set to witness another mega-divorce. Harrison LeFrak, the billionaire scion of the LeFrak Organization, is reportedly set to split from his wife, Katherine Embiricos LeFrak, Page Six reported. The couple had a son in 2019 and married within the last five years. One insider told the publication the decision to part ways was Harrison&rs…

Clara Homes wins approval for 28-unit first phase of luxury rentals in Bay Harbor Islands

Miami-based Clara Homes won approval for the 28-unit first phase of a luxury apartment project planned in Bay Harbor Islands. Construction of the six-story, 28-unit Clara Bay Harbor building will start by August, Clara Homes founder James Curnin told The Real Deal. It will be the first of three planned buildings with a total of 150 apartments. The first phase is…

Major Food Group, developer detail plan for Miami skyscraper

JDS Development Group and Major Food Group have filed detailed plans for a Miami condo that could become the tallest building in Florida. It was first announced in December that The Major would rise 1,049 feet with 259 condos and an assortment of restaurants at 888 Brickell Ave. Recently, 888 Brickell Owner LLC, owned by JDS Development’s Michael Stern, filed…

Turnberry, Carlos Rosso to develop condo tower at massive SoLé Mia in North Miami

Developer Carlos Rosso is partnering with Turnberry Development to launch a condo tower at SoLé Mia, a massive $4 billion mixed-use development in North Miami, The Real Deal has learned. The developers will begin accepting reservations for the building, called One Park Tower by Turnberry at SoLé Mia, in May, said Rosso, though brokers have been…

Miami-Dade May Move Its Resources Recovery Facility From Doral

Miami-Dade is looking to replace its Resources Recovery Facility, located in Doral since 1982, with a state-of-the-art waste-to-energy plant on the same or a different site. County commissioners approved a resolution directing the administration to develop and issue a request for information within 60 days for design criteria professionals to create a design criteria package…

Don Peebles on the hook for $800K in legal fees tied to Overtown lawsuit

Michael Swerdlow and Don Peebles along with a rendering of Block 55 in Miami’s Overtown neighborhood: Don Peebles is on the hook for $800,000 for Michael Swerdlow’s legal fees and costs tied to a lawsuit over the development of Block 55 in Miami’s Overtown neighborhood. Miami-Dade Circuit Judge Michael Hanzman on Thursday ordered Peebles…

Investors score $36M loan to renovate Publix-anchored shopping center in Kendall

A Miami Lakes investment duo scored a $35.6 million loan for a major makeover of their Publix-anchored shopping center in Kendall. An entity managed by Michael and Spencer Friedman… CF Properties… owns Crossings Shopping Village, at 12955 Southwest 112th Street. Howard Taft, Charles Penan and Joel Zusman, with Miami-based real estate…

Lender takes control of The Collective’s Wynwood dev site through foreclosure auction

The Collective lost its planned co-living development site in Wynwood to its lender through a foreclosure auction, The Real Deal has learned. New York-based Gamma Real Estate took control of the property at 166 Northwest 29th Street by placing a “credit bid,” or an offer using its existing debt of $27.6 million, to win the UCC foreclosure auction on Wednesday, a…

Waterfront Brickell development site of planned supertalls sells for record $363M

A waterfront development site in Miami’s Brickell traded for a record price of $363 million. An affiliate of Florida East Coast Realty, led by Tibor Hollo and his family, sold the empty lot at 1201 Brickell Bay Drive to a Delaware company. A Florida LLC with the same name as the buyer was created this month and is managed by Randall Davis with a Chicago address. 

Video: Consensus Strategies CEO Patrick Fox Discusses Zoning and Development Trends

Patrick Fox, CEO of Consensus Strategies, a company specializing in specializes in strategic advocacy and survey research services for leading corporate and institutional clients, joins America’s Commercial Real Estate Show to discuss zoning and development trends all around the country for 2022. Discussion topics include strategies for building consensus…

Colombian developers score $55M construction loan for Edgewater apartment project

A duo of Bogotá-based developers scored a $55 million construction loan for a multifamily project in Miami’s Edgewater neighborhood. Grupo Diana and Korner are building the 32-story Metro Edgewater with 279 units at 430 Northeast 31st Street, according to a news release from lender Madison Realty Capital. Melissa Rose and Jesse Wright of…

Miami’s Mayor on the City’s Growing Tech Sector

Miami Mayor Francis Suarez has an interesting perspective on COVID-19, after testing positive for the virus in March 2020. He was the first person in Miami-Dade County and one of the first elected officials to come down with the illness, thrusting him into the national spotlight to talk about the ongoing pandemic and how the city was responding to the crisis.

Demand driver: Grosman family plans to expand Hollywood rental complex

The owner-operator of a Hollywood multifamily complex dusted off its old plan and won renewed approval to expand the property to 277 units, as demand for apartments heats up across South Florida. Nautilus Apartments, a two-building, 193-unit rental complex at 3500 Washington Street, in the Hillcrest area of Hollywood, is set to grow by 84 units.

Lease roundup: Charles Cohen’s DCOTA scores 11 new tenants for 100K sf combined

Medtronic, PropertyForce, Bitty Advance and more I DCOTA | Dania Beach Charles Cohen’s Design Center of the Americas office and showroom complex in Dania Beach scored 11 new office tenants for a combined 100,057 square feet. Cohen owns DCOTA through his New York-based Cohen Brothers Realty Corporation of Florida. Five tenants to…

Italian developer plans 180-unit apartment project in Hollywood

An Italian developer closed on the site of a planned Hollywood apartment project, adding to a growing pipeline of multifamily developments in South Florida. Coral Gables-based Calta Group, led by founders and brothers Ignazio and Gaetano Caltagirone, and Managing Partner Igor Blatnik, paid $9.5 million for the 1.6-acre property at 2215 Hollywood Boulevard…

Catalfumo to launch sales of luxury condos on waterfront site in Palm Beach Gardens

Developer Dan Catalfumo plans to launch sales in June of a waterfront Palm Beach Gardens luxury condo project in Palm Beach Gardens, where units will begin at about $4 million. Palm Beach Gardens-based Catalfumo Companies plans to develop Landing at PGA Waterway on the 11-acre property south of PGA Boulevard along the Intracoastal Waterway…

Montreal investor pays $20.5M for Palm Beach County assisted living facilities

A Montreal-based firm specializing in health care real estate bought a pair of assisted living properties in Palm Beach County for a combined $20.5 million An affiliate of Comprehensive Care Capital (CCC) acquired the 125-unit Banyan Place at 2950 Northwest Fifth Avenue in Boca Raton for $16.4 million, according to records. The buyer, led by Managing Principal…

BGI scores $82M construction loan for luxury condo project in West Palm Beach

BGI Companies’ Kenneth Baboun, a rendering of Alba Palm Beach and Trez Capital’s Ben Jacobson BGI Companies landed an $82 million construction loan for a waterfront condo tower planned for West Palm Beach, as more developers enter that market, The Real Deal has learned. BGI Capital’s Robert Barthelmess Miami-based BGI secured the financing for…

It’s fun to buy the YMCA! Mast Capital JV pays $10M for Palm Springs center as multifamily dev site

A Mast Capital-led joint venture paid $10 million for an 18-acre YMCA property in Palm Beach County with plans to redevelop the site into an apartment complex. Coconut Grove-based Mast Capital, in partnership with Fort-Lauderdale-based The Spear Group and Boston-based Rockpoint Group, wants to build 11 three-story buildings with 264 class A…

Fuller, Pinilla make Palm Beach County debut with shopping center buy

Bill Fuller and Martin Pinilla’s Barlington Group entered Palm Beach County, paying $14.4 million for a shopping plaza. Barlington, through an affiliate, bought The Market Place in an unincorporated part of the county between Wellington and Greenacres, according to the buyer. The seller is J.J.D. Associates of Palm Beach Limited, tied to…

New York investor Bayview Partners pays $69.5M for Naranja apartment complex

Bayview Partners paid $69.5 million for an apartment complex in south Miami-Dade County’s Naranja neighborhood. Bayview bought the South Pointe complex at 13720 Southwest 272nd Street from an affiliate of the project’s developer, Garco, according to the broker. Tal Frydman of Newmark represented both sides in the deal. The buyer also scored…

PMG proposes pair of Brickell resi towers with over 800 units

Property Markets Group wants to develop a pair of residential towers with 803 units combined on a site it has under contract in Miami’s Brickell. PMG proposes a 1.5 million-square-foot project with a 31-story tower and a 46-story tower on 1.2 acres between Southwest Eight and Ninth streets and west of Southwest First Avenue and the Metromover tracks, according…

NYC real estate titan Harry Macklowe makes his first move on Miami with $32M deal

Harry Macklowe is joining the ranks of New York City’s real estate elite with a colorful past who are now turning to Miami, The Real Deal has learned. Macklowe Properties purchased 1.7 acres of land between Dadeland Mall and the Metrorail tracks with plans to build a pair of apartment towers with several hundred units, marking its first South Florida project. Rilea Group…

Attorney Alex Hanna pays $15M for Flagler Street office building

Miami attorney Alex Hanna and his wife, Lizet Hanna, bought an office building on Miami’s Flagler Street for $15 million. Real estate development firm Keystone Holdings Group sold the 50,000-square-foot building at 4231 West Flagler Street and surrounding parking lots, according to the brokers. It was an off-market deal. Neyda Bravo of Bravo And Partners…

Battle of Normandy? Waterfront Miami Beach apartment complexes sell for $22M

Magnum Holding Company… Trams Property Management, paid $15.2 million for the 70-unit Pierre on the Bay at 2050 Bay Drive and an adjacent vacant lot at 2095 Bay Drive… $198,571 per apartment. A local company affiliated with Gustaf Arnoldsson… bought Normandy Villas, a 22-unit apartment complex at 946 and 950 Bay Drive for $6.4 million, according…

Collective undone: Lender targets planned co-living site in Wynwood

British co-living company The Collective collapsed last year after failing to find a buyer, and is now facing foreclosure on its Wynwood development site. New York-based Gamma Real Estate, led by the Kalikow family, filed a UCC foreclosure auction for The Collective’s Wynwood site at 166 Northwest 29th Street in Miami, according to a public notice of sale. The auctio…

Blue Road, Fortune launch short-term rental-friendly condo project in North Miami Beach

Fortune International Group and Blue Road launched sales of Nexo Residences, a planned short-term rental-friendly condo project in North Miami Beach, The Real Deal has learned. The project joins a growing pipeline of South Florida condo buildings that will have few to zero rental restrictions, geared to appeal directly to investors…

Blackstone expands student housing stake in $13B deal

Blackstone’s yearly report card will feature a larger stake in student housing after the firm’s biggest move in the sector yet. The company has agreed to buy American Campus Communities in a deal that values the student housing provider at $12.8 billion, including debt, the Wall Street Journal reported. The Austin-based company is…

As dev site prices soar in Miami, buyers play a “dangerous game”

Developer Chaim Cahane bought a development site in Miami’s Wynwood for $6.4 million in December. Three weeks later, a broker called him with an unsolicited all-cash offer: Flip it for 75 percent more. Then, in March, Cahane’s Forte Capital partnered with investor Jon Krasner to buy a separate Wynwood site from East End Capital for $10.8 million.

Miami-Dade may move its Resources Recovery Facility from Doral

Miami-Dade is looking to replace its Resources Recovery Facility, located in Doral since 1982, with a state-of-the-art waste-to-energy plant on the same or a different site. The county aims for a mass burn combustion plant that is more efficient than the existing refuse-derived fuel plant, said Michael J. Fernandez, director of the Solid Waste Management Department.

Miami’s Office Construction Slows, but Planned Stock High

As of February, Miami’s office pipeline reached 5.4 million square feet, representing 7.8 percent of total stock, according to CommercialEdge. Month-over-month, the pipeline shrunk by 195,000 square feet. The metro’s under-construction and planned stock amounted to 14.0 percent of total stock, the highest among gateway cities and the third-highest…

Co-Work LatAm, with 18 locations, expanding in Miami

Latin America’s largest rental co-working space company is looking to expand through seven new locations in South Florida after opening its first US location in Brickell in December. Co-Work LatAm, which has 18 locations in Chile – its country of origin – five in Colombia, two in Uruguay, one in Mexico and now one in Brickell, is expecting to double its footprint…

Costs rising for Coral Gables Mobility Hub

Updated and redesigned elements for the Coral Gables Mobility Hub projected were approved last week by city commissioners, costing an additional $640,000. During the meeting, City Manager Peter J. Iglesias explained to city officials that the project’s scope has been increased to allow for an enhanced rooftop park, micro-mobility, and electric…

Land scarcity drives up industrial rents in Miami-Dade

The industrial real estate market continues to be a hot topic in Miami-Dade as land is scarce and rental rates averages increase, according to local industry experts. The market is in such demand due to a combination of increased e-commerce, warehousing and logistics, said Louis Archambault, partner for law firm Saul Ewing Arnstein & Lehr, which advises…

Limestone Asset Management Sells/Closes a KFC Property in Pinecrest for $5.5 Million

Miami-based Limestone Asset Management sold/closed on a 19,845-square-foot Kentucky Fried Chicken (KFC) property in Pinecrest, Florida for $5.5 million on March 30, 2022. The 2,193-square-foot building is located at 9690 S Dixie Highway, Miami, FL, 33156. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout…

Madison Realty Capital Lends $55M to Build Rental in Miami’s Edgewater

Colombian firms Grupo Diana and Korner SAS landed a $55 million construction loan for an Edgewater residential project, property records show. The 32-story development, Metro Edgewater, will feature 279 rental apartments spanning 266,306 square feet, as well as 4,230 square feet of retail on the ground floor and 312 onsite parking spots, according…

CenterPoint Buys Last-Mile Parking Lot Near Miami for $48M

CenterPoint Properties dropped $47.5 million for a “luxury” truck parking lot in Miami Gardens, Fla., property records show. The 12-acre property, located at 17707 NW Miami Court, sits right along I-95, South Florida’s main north-south artery. The lot, which will facilitate last-mile deliveries, accommodates up to 360 container trucks. Drake Real Estate Partners…

New Jersey developer’s Wynwood residences get approval

A New Jersey-based development company with more than 3,000 rental apartments in three states is planning to construct a midrise mixed-use residential project in the Wynwood Arts District. The plan was considered April 12 by the Wynwood Development Review Committee, which approved the project with several conditions. The owner-developer 26-60 NE 27th…

Notable Retail Leases Signed in South Florida Q1 2022

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2022 so far and throughout 2021. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment… Read more » The post Notable Retail Leases Signed in South Florida Q1…

Miami-Dade and Palm Beach office markets riding high, while Broward flies at low altitude: report

Office markets in Miami-Dade and Palm Beach counties outperformed Broward in the first quarter, according to a recently released report. While rents and demand continued climbing to the north and south, Broward County slowed to a crawl, JLL report’s states. In Miami-Dade, average asking rents grew for the seventh straight quarter, up 10.2 percent in the first…

Outdoor storage demand keeps on truckin’: Seagis pays $15M for trailer parking lot in Medley

Seagis Property Group bought a trailer parking lot in Medley for $14.8 million, marking growing investment appetite for outdoor industrial properties. The Conshohocken, Pennsylvania-based logistics firm bought the property at 13399 Northwest 113th Avenue Road from RCR Investment Group, according to a Seagis news release. RCR Investment is managed…

Demand For Flex Workspace Up 58 Percent From Pre-Pandemic Across U.S., With Miami Outpacing All Other Cities

The Instant Group, a global workspace innovation firm working across 175 countries and whose digital platforms constitute the world’s largest digital marketplace for flexible workspace, has found Miami leading the way in flexible workspace demand while San Francisco is seeing the largest decline, in its new U.S. Market Summary analysis. Demand has dropped…

Harbor pays $50M for Fontainebleau apartment building

Harbor Group International bought the 275 FontaineParc apartment building in West Miami-Dade County for $50 million. The Norfolk, Virginia-based real estate investment and management firm purchased the seven-story building at 275 Fontainebleau Boulevard from the property’s developers, Marlon Gomez of Gomez …

Morningstar pays $30M for self-storage facilities in Fort Lauderdale’s Flagler Village

Morningstar Properties bought two self-storage facilities in Fort Lauderdale’s Flagler Village neighborhood for almost $30 million. Alan Hooper and Tim Petrillo’s Urban Street Development, through an affiliate, sold the two adjacent properties at 421 Northwest First Avenue and 125 Northwest Fourth Street, according to a deed. The real estate was…

$11M Sale of Doral Park Centre in Metro Miami Arranged

The property sold for $11 million, or $789.72 per square foot. Edward Romo and Scott Sandelin of Marcus & Millichap represented the seller, an affiliate of IRAS Group, a Miami-based real estate investment firm. Kristina Filippone of First City Realty Partners Inc. procured the undisclosed buyer. Built in 2017, Doral Park Centre is a seven-suite property that…

Clara Homes wins approval for 28-unit first phase of luxury rentals in Bay Harbor Islands

Miami-based Clara Homes won approval for the 28-unit first phase of a luxury apartment project planned in Bay Harbor Islands. Construction of the six-story, 28-unit Clara Bay Harbor building will start by August, Clara Homes founder James Curnin told The Real Deal. It will be the first of three planned buildings with a total of 150 apartments. The first phase is…

Real estate investors eye student housing as college dorms come up short

Blackstone’s Stephen Schwarzman (left) and Brookfield’s Bruce Flatt People’s Park, a Berkeley institution since then-Gov. Ronald Reagan called in the National Guard to quell protests there five decades ago, may be the epicenter of a national student housing crisis that has real estate giants like Blackstone on the prowl. After years of back-and-forth, the city…

Foundation Pour, Vertical Construction Underway At Overtown MXU Development Block 55

The large mixed-use Overtown project known as Block 55 has had a foundation pour. Vertical construction is underway, with several cranes now installed. FAA records show that several cranes were recently approved for the site. There will be a total of four cranes installed, according to a social media post by John Longarini. Photos by Ryan…

AHS Residential Opens 420-Unit Oak Enclave Apartments in Miami Gardens, Florida

AHS Residential has opened Oak Enclave, a 420-unit multifamily community in Miami Gardens. Oak Enclave offers one-, two- and three-bedroom floorplans in five buildings. Unit features includes a private balcony or… Located at 2301 N.W. 167th Street., the property is 13.4 miles from downtown Miami and 12.1 miles from Miami International Airport.

Canadian investor buys waterfront Pompano Beach development site for condos

A Canadian investor paid $9.3 million for a waterfront apartment building in Pompano Beach that he intends to redevelop into a boutique condominium, The Real Deal has learned. An entity managed by Jean Campeau, co-founder of Quebec City, Quebec-based Camaco, bought the 23-unit Stratford Apartments at 407-419 North Riverside Drive, according…

Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased

Wood & Wick, Spartan Strength & Conditioning and more I Progresso Village | Fort Lauderdale BH3 Management has fully leased out its Fabrick project in the Progresso Village neighborhood of Fort Lauderdale. BH3’s Fabrick consists of warehouses redeveloped into Class A office and retail space at 801, 807, 815 and 819 Northeast Second Avenue…

Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit

Investors who sold waterfront land to the Related Group for its Icon Marina Village development in West Palm Beach sued the condo developer, alleging they were cheated out of an agreement that would have given them nearly $13 million. Stephen and Louise Kornfeld, and Jody Weissman filed the lawsuit against TRG North Flagler Venture and RD IMV Owner, affiliates…

Lennar pays $190M for remainder of Arden homesites near Wellington

Lennar paid $190 million for the remainder of the homesites in the Arden community near Wellington. Boston-based Freehold Communities sold the land to an affiliate of New York-based global credit and real estate investment firm Angelo Gordon, according to a deed. Angelo Gordon, led by co-CEOs Josh Baumgarten and Adam Schwartz, has served as a land…

Miami leads nation with 58% rent spike during the pandemic

Miami led the U.S. in rent hikes during the pandemic. Miami’s median apartment rent skyrocketed 58 percent to $2,988 per month since March 2020, according to a newly released report from Realtor.com. Median rents increased nationwide by 19.3 percent to a new high of $1,807, with Sun Belt cities seeing many of the biggest gains. The trend follows migration…

Major Supertall Tower Planned In Brickell Submitted To FAA At 1,049 Feet

A proposal to build an 82-story supertall tower on Brickell Avenue called Major has been submitted to the Federal Aviation Administration. Major is planned to top off at a height of 1,042 feet above ground, or 1,049 feet above sea level, according to the new FAA filing. The application was submitted on March 31. The developer of the project, JDS, is now based in Miami…

East End, BentallGreenOak sell South Beach office building for $52M

East End Capital and BentallGreenOak sold an office building in Miami Beach for $52.3 million. An entity tied to The Davis Companies, based in Boston, bought the four-story property at 555 Washington Avenue, according to a deed. The building consists of 46,000 square feet of Class A office space; 22,000 square feet of ground-floor retail and a 243-space…

Cambridge Lansdowne buys Urbanica Meridian Hotel in South Beach for $31M

From left: Urbanica Hotel partners Diego Colmenero and Charlie Porchetto in front of the Urbanica Meridian Hotel at 418 Meridian Avenue in Miami Beach: Cambridge Lansdowne paid $30.5 million for the Urbanica Meridian Hotel in Miami Beach’s South of Fifth neighborhood, marking the third deal this month in the tri-county region’s resurgent hospitality sector.

$21.8M Sale of Dairy Processing Facility in Miami Negotiated

Colliers has negotiated the sale of the Borden Dairy Co./Velda Farms dairy processing facility in Miami for $21.8 million. Steven Wasserman and Erin Byers of Colliers represented the buyer, CP Logistics Miami 95 LLC, in the transaction. Harold Ginsberg from Southern Asset Service Corp. represented the seller, New Dairy Florida LLC, in the transaction.

Midtown Doral scores $67M construction loan for apartment development

Mattoni’s Ricardo Caporal, Century Home Builders’ Sergio Pino and Conconcreto’s Juan Luis Aristizabal Velez with rendering of Midtown Doral phase two: A group of developers scored a $66.8 million construction loan for an apartment project at Midtown Doral. Sergio Pino’s Coral Gables-based Century Homebuilders is partnering with Ricardo Caporal’s…

Tony Hernandez picks up office building in Fontainebleau for $13M

Miami investor Antonio “Tony” Hernandez picked up an office building in west Miami-Dade County for $12.7 million. An entity managed by Hernandez, principal of T-H Properties, bought Fontainebleau Park Office Plaza at 175 Fontainebleau Boulevard, according to records. The two-story building spans 49,150 square feet of office space, and the price breaks…

Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua

A venture led by the Related Group and David Edelstein’s Tricap launched sales of NoMad Residences Wynwood, a NoMad Hotels-branded condo building with a Casa Tua Cucina on the ground floor. The 329-unit, nine-story building is planned for 2700 Northwest Second Avenue in Miami’s Wynwood neighborhood. Lndmrk Development’s Alex Karakhanian…

Here’s Where The Largest US Industrial Projects Are Set To Deliver In 2022

The big-box warehouse keeps getting bigger as e-commerce groups, third-party logistics firms and others are on the hunt for the largest distribution and manufacturing facilities they can find or build. CommercialEdge, part of Santa Barbara, California-based Yardi Systems Inc., recently analyzed the top warehouse markets and projects underway across the U.S. this year.

Court ruling allows Jason Halpern to develop Miami Beach resi project

A New York judge dismissed a lawsuit filed by an investor in two of developer Jason Halpern’s Miami Beach properties, allowing his JMH Development to move forward with plans for a condo project on one of the sites. Investor Dhruv Piplani’s PSB Indian Creek and affiliated entities filed the suit against Halpern, his JMH Indian Creek Development LLC and…

Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track

Blackstone’s subsidiary Link Logistics wants to build a 2.3 million-square-foot industrial complex on Calder Casino’s horse racing track in Miami Gardens. The proposal is for 12 buildings on 115.7 acres at 21001 Northwest 27th Avenue, according to an application filed with the city by Calder Race Course. The complex would feature warehouses and distribution…

It’s official: Miami-Dade declares housing crisis. Here’s what it means for renters, landlords

Miami-Dade County is pushing to curb rental unaffordability. Mayor Daniella Levine Cava declared a housing crisis on Friday, setting the stage for the county to distribute $41 million in federal funds as rental assistance. The county is feeling the squeeze from skyrocketing rents that followed a population influx and ensuing high demand over the past year and…

Public housing goes middle class

From left: Waterford Property Company’s John Drachman with the Oceanaire complex in Long Beach and Affiliated Development’s Nick Rojo with the Bohemian project in Lake Worth Beach: Public housing has gone middle class. Billed as “workforce housing,” it mimics a private-sector trend in places where home prices and rents have soared beyond the…

County deal would replace 11 Venetian Causeway bridges

A $10.6 million agreement between EAC Consulting Inc. and the Florida Department of Transportation will shift to Miami-Dade County and lead to design plans to replace 11 bridges on the historic Venetian Causeway from North Bayshore Drive in Miami to Purdy Avenue in Miami Beach. County commissioners approved the agreement in a transportation…

Speakeasy plan pushed for Gold Dust Motel

Developer Avra Jain, whose company has revived historic properties with bars and motels along Biscayne Boulevard, says it’s time to bring back the speakeasy. As a part of that quest… in an individually designated historic structure commonly known as the Gold Dust Motel, at 7700 Biscayne Blvd. The city’s Historic and Environmental Preservation Board on…

Noise claims drown out plans for Island Gardens growth

The sweeping development known as Island Gardens is moving forward with plans to turn a choice piece of waterfront property in Biscayne Bay into a first-class resort destination. But it can’t seem to shake its history of controversy. Last week the city’s Planning, Zoning and Appeals Board (PZAB) was set to hear a request from Island Gardens’ developer…

Industrial ‘Unencumbered’ By Construction Challenges

A supply chain crisis and severe labor shortages are creating mega challenges for developers—but industrial projects are pushing through. Demand for industrial space is so strong, and as a result the asset class remains “unencumbered” by labor shortages, according to Louis Archambault, an attorney at Saul Ewing Arnstein & Lehr. “Labor and…”

Black Lion pounces on a restaurant space in South Beach for $12M

For the second time in five months, Black Lion Investment Group pounced on a restaurant space in Miami Beach’s South of Fifth neighborhood. The Los Angeles-based real estate investment firm, led by President Robert Rivani, paid $11.5 million for a 12,000-square-foot building at 200 South Pointe Drive in Miami Beach, according to a press release.

5 minutes with hospitality magnate Giuseppe Cipriani

The bellinis, carpaccio and other tasty Italian antipasto were flowing at Cipriani Downtown Miami. Cipriani CEO Giuseppe Cipriani, developer Camilo Miguel Jr. and Arquitectonica founder Bernardo Fort-Brescia hosted a group of brokers to launch the planned Cipriani Residences Miami this week. Miguel’s Mast Capital is teaming up with Cipriani to develop…

CenterPoint picks up Miami Gardens truck storage facility for $47.5M

CenterPoint Properties is continuing its buying binge of South Florida industrial real estate, scooping up a Miami Gardens outdoor truck storage facility for $47.5 million. CenterPoint bought the property at 17707 Northwest Miami Court from Relentless Capital and Drake Real Estate Partners, according to broker Jonathan Salk of ZYX Capital…

Office occupancy hits pandemic high

There have never been more office employees going into offices across the United States since the onset of the pandemic, but the in-office population is still less than half of pre-pandemic levels. A record number of employees were back at the office for the week of March 30, according to Kastle Systems’ “Back to Work Barometer” reported by Bisnow. While that’s…

Construction Of Industrial Space Continues Robust Growth

Construction and development of new industrial space in the U.S. remains robust, with all signs pointing to another big year in this market segment. According to a report by CommmercialEdge, 592.5 million square feet of industrial space was under construction nationwide by the end of February, amounting to 3.5% of existing stock. Over the past six […]…

Easton powers up industrial portfolio with $14M Hollywood truck yard

The Easton Group hitched a vacant truck yard in Hollywood to the company’s growing industrial portfolio. An affiliate of the Doral-based commercial real estate development and investment firm paid $14.3 million for the 5.85-acre outdoor industrial site at 3811 Pembroke Road, according to records. The property includes a 29,897-square-foot truck terminal…

Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi

Ari Pearl’s mixed-use golf course development in Hallandale Beach completed its first phase, and he and his partner secured a $150 million refinancing, The Real Deal has learned. Pearl’s PPG Development and Michael Herman’s Premium Capital received a certificate of occupancy for the 26-story, 250-unit high-end rental building at 101 Diplomat Parkway…

Carroll buys Oakland Park multifamily complex for $49M

The Carroll Organization bought a garden-style multifamily complex in Oakland Park for $49.4 million. An affiliate of the Atlanta-based real estate firm acquired Arium Cypress Lakes, a 188-unit garden-style apartment complex at 2829 South Oakland Forest Drive, according to records. Carroll paid $262,766 per apartment and obtained…

Prospect buys multifamily dev site in Flagler Village, plans 252-unit project

Prospect Real Estate Group bought a multifamily development site in Fort Lauderdale’s Flagler Village for $11 million, with plans for a 252-unit project. The New Smyrna Beach-based developer plans the 12-story Advantis Station at Flagler Village on the 1.4-acre assemblage it purchased on the northeast corner of Sistrunk Boulevard and Northeast Third…

Elion buys two Fort Lauderdale industrial buildings for $15M

Elion Partners bought a pair of warehouses near the Fort Lauderdale-Hollywood International Airport for $14.9 million. North Miami Beach-based Elion Partners bought the properties at 3000 and 3060 Southwest Second Avenue in Fort Lauderdale from Apogee Investment Partners LLC, led by Brian Neff, according to…

Fort Partners pays off largest construction loan in Fort Lauderdale history

Fort Partners paid off its $210 million construction loan for the Four Seasons Residences Fort Lauderdale, which is the largest such loan recorded in Fort Lauderdale’s history. New York-based Madison Realty Capital provided the financing in late 2019. Miami-based Fort Partners, led by CEO Nadim Ashi, and its minority partner Merrimac Ventures…

Waterton doubles down on South Florida, buys Boynton Beach apartment complex for $80M

Waterton expanded its South Florida portfolio by paying $80 million for its second apartment complex in the tri-county region. An affiliate of the Chicago-based real estate investment and property management company bought the 216-unit garden-style Verona at Boynton Beach at 1575 Southwest Eighth Street…

Boca Center’s offices, retail, restaurants trade for $261.5M

(L-R) Vanderbilt Office Properties CEO Casey Wold, Site Centers President and CEO David Lukes, and Macquarie Group Managing Director and CEO Shemara Wikramanayake with 1800 North Military Trail and 5050 Town Center Circle in Boca Raton: Boca Center properties traded for $261.5 million, marking one of the biggest deals this year of a South Florida…

Butters and Konsker propose $75M Boca Raton office project

A joint venture led by Butters Group is seeking to build a $75 million Class A office project in Boca Raton. Butters and partner Konsker Development recently submitted plans to the city of Boca Raton for Midtown Place at Boca Raton, a five-story building with 120,000 square feet of office space, according to a press release. The project would rise on a 4-acre site…

Hines, Frisbie launch two-tower luxury condo development in West Palm Beach

Frisbie Group partnered with Hines to launch a two-tower, luxury condo development in West Palm Beach, with units starting at about $10 million. The partnership joins a small but growing group of developers that are beginning sales of condo developments along the waterfront in West Palm Beach, due to increasing demand for luxury homes and a lack of…

CS Ventures pays $35M for Bankers Row office buildings in Palm Beach

CS Ventures purchased a pair of office buildings along Bankers Row in Palm Beach for $35 million, marking the buyer’s continued bet on the ritzy town. Palm Beach-based CS Ventures, a partnership between Spencer Schlager and Charles Rosenberg of Rosemark Management, bought the buildings at 340 and 350 Royal Palm Way from Chicago-based Pearlmark…

Todd Nepola buys a pair of Palm Beach County shopping centers for $13M

In a double play, Hollywood-based investor Todd Nepola bought two shopping centers in Palm Beach County for a combined $12.7 million. Nepola, founder and president of Current Capital Management, told The Real Deal he acquired Shoppes of Lake Worth at 6651 Lake Worth Road, and Coco Plum Plaza at 2845 North Military Trail in…

Newly built micro-units in downtown West Palm fetch $84M after converting to hotel

A rendering of the property at 695 South Olive Avenue in West Palm Beach with Electra America Hospitality Group’s Principal and Managing Partner Russ Urban, Korman Communities’ co-CEOs Larry and Brad Korman and Transwestern Development Company’s CEO Larry Heard (Gio Fausone of Gulfstream Real Estate Advisors, LinkedIn, Korman, Transwestern)

Pantzer drops $67M for Palm Beach Gardens apartment complex

Pantzer Properties closed its second multifamily deal in Palm Beach County in 11 months, buying a 136-unit apartment complex for $66.5 million. An affiliate of the New York-based multifamily real estate investment firm acquired Solera at City Centre Apartments at 2100 PGA Boulevard 100 in Palm Beach Gardens, according…

Lease roundup: Co-working company doubles down on downtown West Palm Beach

Vanderbilt Office Properties CEO Casey Wold, Quest Workspaces CEO Laura Kozelouzek, and C-III Capital Partners Chairman and CEO Andrew Farkas with Northbridge Centre at 515 North Flagler Drive in West Palm Beach: Quest Workspaces I Northbridge Centre | West Palm Beach Coworking operator Quest Workspaces expanded its space in the Northbridge…

Inventing Nora: Developers eye new district in West Palm Beach

The three-story, boarded-up white building near the train tracks in downtown West Palm Beach harkens back to old South Florida. Its ceilings and floors are made from Dade County Pine, a sturdy wood protected from commercial logging for decades. The back of the building at 905 Railroad Avenue has an out-of-order Otis elevator, with a plank to step on…

Multifamily craze carries on: Berkshire buys Jupiter apartment complex for $202.5M

From left: Maury Tognarelli (seller), CEO of Heitman, and David Olney (buyer), CEO, Berkshire Residential Investment, in front of The Sophia at Abacoa apartment complex at 863 University Boulevard in Jupiter: Berkshire Residential Investments bought a Jupiter apartment complex for $202.5 million, as South Florida’s multifamily market continues…

Related, 13th Floor offer $500M for aging, oceanfront Miami Beach Castle Beach Club condo building

Owners of an aging, oceanfront condo building in Miami Beach who banded together late last year in hopes of finding a bulk buyer have their wish granted. The Related Group and 13th Floor Investments offered $500 million to buy out the owners of Castle Beach Club, a roughly 18-story, 570-unit condominium at 5445 Collins Avenue. Now it’s up to the owners…

Lawsuit aims to stop controversial Grove Isle project now developed by Ugo Colombo

A group of residents sued the city of Miami in an effort to stop the controversial Vita at Grove Isle condominium development, now spearheaded by Ugo Colombo. Colombo, founder of CMC Group, is developing the six-story, 65-unit luxury project on part of Grove Isle. The 20-acre island is just off Miami’s Coconut Grove neighborhood and is…

Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender

Developer Vivian Dimond and her partners acquired a retail building on Lincoln Road from the property’s lender for about $30 million. Synovus Bank sold the note at an undisclosed discount to the Dimond’s 230 Lincoln MB Title LLC, she said. Her company also obtained the deed to the property at 230 Lincoln Road and financed the purchase with a $19.6 million…

Suffolk sued for allegedly bilking PortMiami terminal subcontractor out of $2.6M

Suffolk Construction’s CEO and chairman John Fish in front of 905 South America Way: Suffolk Construction is accused of shortchanging a subcontractor on PortMiami’s newest terminal by $2.6 million. Suncor, a structural steel fabricator, sued Suffolk for withholding payment, including for extra expenses accrued because the plans Suffolk provided were…

Parking mogul Andrew Mirmelli and partner pick up South Beach garage for $20M

Miami Beach parking mogul Andrew Mirmelli is scaling up his operations with the $19.6 million acquisition of a seven-floor garage. Entities managed by Mirmelli and his business partner Shawn Vardi bought the parking structure at 237 20th Street in the city’s South Beach neighborhood, according to records. The buyers obtained a $13 million loan from…

Feds seek seizure of Coral Gables condo, Miami office building tied to alleged Odebrecht bribery scheme

Authorities are seeking the forfeiture of three properties allegedly tied to the bribe money. They are: Unit 702 at Merrick Manor at 301 Altara Avenue, a Miami office building at 1902 Southwest 22nd Street, and a vacant site at 1010-1030 Northwest Ninth Court, north of the Miami River. The 1,107-square-foot Merrick Manor condo has three bedrooms and two baths…

Wash, rinse, repeat: How money launderers exploit real estate

In early March, Lakshmi Kumar got a chance to tell Sens. Chuck Grassley and Sheldon Whitehouse that crooks across the globe were taking the U.S. to the cleaners. She didn’t miss it. Kumar, the policy director at watchdog group Global Financial Integrity, told the powerful lawmakers that Congress had failed to close the loophole…

Garage bid offers Miami Beach parking plus windfall

An unsolicited proposal to redevelop a parking garage on 13th Street and Collins Avenue that promises to quadruple revenue after a ten-year period has sparked interest from the City of Miami Beach. Location Ventures – which is currently developing a $60 million co-living, co-working building on Washington Avenue called URBIN – proposed to the city, in an…

Miami voters to weigh in on century-long Riverside Wharf lease

City of Miami voters will get a second chance to weigh in on a vast mixed-use downtown project at an August special election that would add a luxury hotel and a site lease up to a century. In December, MV Real Estate Holdings, along with Driftwood Capital, announced Riverside Wharf, a hospitality-driven entertainment complex on the historic Miami River. The public…

Coral Gables sidelines plans for bonding for youth center, parks

Coral Gables commissioners agreed last week not to place on the November general election ballot a $60 million bond referendum that would have financed construction improvements for the War Memorial Youth Center and Phillips Park. Instead of letting voters decide on the construction project, city officials preferred staff to come back with improved…

Miami signs deal to develop Advanced Air Mobility

It’s a bird. It’s a plane. It’s an electric air vehicle! Did someone say flying car? Supernal, a fledgling smart mobility service provider, has reached an agreement with the City of Miami to enable development of advanced air mobility, or AAM. Supernal announced it signed a Memorandum of Understanding with the city to create a comprehensive engagement…

June contract due for final stretch of Underline

The team guiding the Underline, a 120-acre park stretching 10 miles underneath Miami’s Metrorail, expects to award a contract in June to create the final and longest phase of the project, the seven miles from Southwest 19th Avenue to the Dadeland South Metrorail Station. That stretch of the fully-funded $140 million project is now under a Miami-Dade County…

North Miami Beach orders unsafe bayfront apartment building evacuated

North Miami Beach declared a bayfront apartment building unsafe and ordered its immediate evacuation on Monday, marking the second residential building in the city to go through a similar ordeal following the deadly Surfside condo collapse last summer. The Bayview 60 Homes apartment building, at 3800 Northeast 168th Street, will be fully…

Special delivery: Thor Equities lists former Miami Design District post office for $80M

A former post office building in a prime area of the Miami Design District is hitting the market, The Real Deal has learned. New York-based Thor Equities put the 12,972-square-foot building at 66-70 Northeast 39th Street up for sale, listing broker Stefano Santoro with Disruptive Real Estate told TRD. The 30,600-square-foot lot is zoned…

Former Kushner exec buys Miami development site in Wynwood

New York developer Jenny Bernell picked up a site in Miami, The Real Deal has learned. Bernell, former executive vice president of development at Kushner Companies, paid $19.1 million for the assemblage at 2000 North Miami Avenue and 2021 Northwest Miami Court in Miami’s Wynwood neighborhood. She acquired the 1.4-acre development site via her…

Investors flock to short-term rental condo projects in Miami

Rishi Kapoor, Eric Fordin, Suzanne Amaducci-Adams with The Crosby and Urbin Developers of short-term rental-friendly condo projects in Miami are experiencing quick sellouts, as investors and end-users flock to more affordable units. The projects offer units priced as low as the $300,000s, close to what a starter home would cost, in a market that has become…

Lease roundup: NYC-based Vibrant Capital Partners opens first Miami office in Brickell

Vibrant Capital Partners I 1200 Brickell Avenue | Miami Vibrant Capital Partners opened an office in Miami’s Brickell Financial District, marking out-of-state financial firms’ continuing expansion to South Florida. Vibrant Capital, an alternative credit investment manager, leased 3,000 square feet on the eighth floor of the 1200 Brickell Avenue…

German firm picks up Midtown Miami retail properties for $23M

Block Capital Group sold a pair of retail buildings near Midtown Miami to a German buyer. Rüger Holding KG, headed by René Gerdom, paid $23 million for the adjacent properties at 3300 North Miami Avenue and 30 Northwest 34th Street, according to a press release. An affiliate of Miami-based Block Capital, led by principals Gustavo Mic…

Russell Galbut’s Crescent Heights scores $224M loan for Whole Foods-anchored Edgewater project

Construction is underway at Crescent Heights’ Whole Foods-anchored luxury apartment tower in Edgewater, after the developer secured a major construction loan. Miami-based Crescent Heights, led by Sonny Kahn, Russell Galbut and Bruce Menin, closed on a $224 million loan from Blackstone, according to a spokesperson for the developer. The mixed…

Rubells expand their Allapattah art space with $11M industrial building purchase

The Rubell family, well-known art collectors in Miami who run the Rubell Museum, expanded their Allapattah art and cultural space portfolio, paying $10.7 million for an industrial building. Through an affiliate, they bought the former headquarters for Rex Discount Wholesale Grocers at 1090 Northwest 23rd Street from Carrera Family Investments, according to…

East End Capital sells Wynwood retail building for $11M

For the second time in a 13-month span, East End Capital sold a property in Miami’s Wynwood neighborhood to a partnership… 7G Realty and Forte Capital. Both 7G Realty partner Jon Krasner and Forte Capital President Chaim Cahane told The Real Deal that the joint venture paid $10.8 million for an 18,256-square-foot warehouse at 2214 North Miami Avenue that…

Keystone proposes 600-unit apartment project near Dadeland Mall

Keystone Development + Investment wants to build a high-rise apartment complex with almost 600 units near Dadeland Mall, an area experiencing an uptick in multifamily investment appetite. The Hyve Dadeland project would have three towers with a combined 596 units on 8.3 acres south of Southwest 88th Street and from the…

Mobile home park moguls buy entire North Bay Village condo building for $17M

Torres Properties’ Christian and Brooke Torres, Adagio Condominium’s Anil K. Monga and Adagio Condominium at 7939 East Drive: An entire condo building in North Bay Village that’s leased to a short-term rental operator sold for $17 million, or more than $1 million per unit, The Real Deal has learned. The deal checks off all the boxes of what’s in demand by…

South Florida by the numbers: Record rents go through the roof (part 2)

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. When we reviewed the explosive rise in Miami rental prices in August, we were hoping the market might find a steady supply and demand balance. But that just hasn’t been the case, to say the least. By all measures, reports, and analysts, rents…

Judge approves $83M settlement in Surfside condo collapse litigation

Champlain Towers South unit owners will receive an $83 million payout for the loss of their condos, a controversial outcome to the monthslong dispute over how financial disbursements should be divided between those who lost loved ones and those who lost their units. Miami-Dade Circuit Court Judge Michael Hanzman approved the settlement on Wednesday…

Mortgage rates surge, capping fastest rise since 1994

Mortgage rates last week jumped to their highest level in more than three years, which could bring the housing market frenzy to a close. The contract rate on a 30-year fixed-rate mortgage shot up to 4.8 percent in the week ended March 25 from 4.5 percent a week earlier, the Mortgage Bankers Association reported. That was the largest one-week increase since…

GID buys Downtown Doral apartment building for $150M

GID bought a Downtown Doral apartment building for $149.8 million, marking the real estate company’s continued bet on the robust South Florida market. Boston-based GID purchased the eight-story, 385-unit building at 8425 Northwest 41st Street from the developer, Charleston, South Carolina-based Greystar, according to records. GID…

Medical Marijuana Dispensary-Leased Building in Miami Sells for Record High

SRS Real Estate Partners’ net lease group has completed the $5.3-million, off-market sale of 3,600-square-foot single-tenant retail property in Miami, FL occupied by Curaleaf. The property on 152nd Street was formerly a Chase Bank branch and was renovated for the medical marijuana dispensary’s use. William Wamble and Patrick Nutt with SRS…

It’s a go: Michael Shvo scores final approval for Raleigh Hotel development in Miami Beach

Developer Michael Shvo is moving forward with his major redevelopment of the Raleigh Hotel and adjacent properties in Miami Beach after obtaining approval for a deeper underground garage. Shvo’s attorney, Alfredo Gonzalez of Greenberg Traurig, and architect Kobi Karp presented a proposal to the Miami Beach Historic Preservation Board last month…

Duke Realty Inks Its Largest South Florida Lease Deal In Medley

The South Florida office of Duke Realty Corporation, the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, secured a long-term lease agreement with FedEx Ground, a leader in cost-effective package ground shipping, for a new facility, at Miami 27 Business Park 10300. The company announced the start of…

Duke Realty Leases 500 KSF Miami-Area Facility to FedEx

The South Florida office of Duke Realty Corp. has leased a 501,200-square-foot speculative building at Miami 27 Business Park, the pure-play logistics property REIT’s new two-building development in Medley, Fla. FedEx Ground committed to the entire facility, leaving nary a square-foot available at the approximately 723,200-square-foot South Florida…

Cardone Capital buys Waterline Miami River apartments for more than $100M

Fresh off his annual investor conference, Grant Cardone’s firm closed on a Miami River apartment complex for more than $100 million. Aventura-based Cardone Capital, the real estate investment firm founded by the social media star, author and motivational speaker, bought the first phase of Waterline Miami River at 1001 Northwest 7th Street, according to a…

TA Realty sells Coral Gables office building to Mexican buyers for $25M

In a $24.7 million deal, TA Realty cashed out of a class A office building in Coral Gables. An entity managed by Mexican real estate investors Benjamin Cojab and Eduardo Gildenson bought the six-story building at 2990 Ponce de Leon Boulevard, according to records. Cojab is CEO of Mexico City-based real estate investment firm BEA Equities. Gildenson, who is also Mexican…

Vroom boom: Bomnin Automotive pays $7M for 5 acres in Kendall

A dealership is expanding its Miami-Dade County presence by buying part of a church’s property for $7.2 million. Property records show Calvary Church Ministries sold the northern 5-acre portion of the 10.2-acre-property at 16435 Southwest 117 Avenue in Kendall to the Bomnin Automotive group, led by Arnaldo and Yanisley Bomnin. Records show the…

Shaya Boymelgreen scores $30M construction loan for Surfside hotel

Jeshayahu “Shaya” Boymelgreen scored a $30 million construction loan for a hotel in Surfside, on a site the developer previously planned for a townhouse complex. Boymelgreen plans to build a three-story, 200-key hotel at 9300 Collins Avenue, according to Eyal Peretz, CEO of the lender, Fort Lauderdale-based Fuse Group. The hotel will have three rooftop pools…

Tri-Rail plans arrival in downtown Miami by Nov. 1

“We are showing a revenue starting date of Nov. 1,” said Steven Abrams, executive director of the South Florida Transportation Regional Authority, about Tri-Rail service into Miami Central Station. The long-awaited service that would finally bring decades-old public Tri-Rail into downtown Miami was supposed to be open by March 2017 but problems in design…

Cost analysis a setback for Miami Marine Stadium return

It appears the restoration of historic Miami Marine Stadium could be destined for further delays as City of Miami staff work to prepare a cost analysis report for the city commission. That news came at the latest meeting of the Virginia Key Advisory Board last week. Loraine Rosado-Pietrie, with the city Office of Capital Improvements, offered an…

Coral Gables mobility hub hits a retail barrier

The Coral Gables Transportation Advisory Board presented Tuesday to the city commission its suggestions for the ground floor of the mobility hub on Andalusia Avenue. The current configuration, which allows for only minimal substandard and inadequate parking for bicycles on the open ground floor level and parking at scooters with charging stations on…

Cutler Bay ready to define its new municipal complex

Now that Cutler Bay voters have approved a $37 million general obligation bond to develop a park, community center and municipal complex transforming 16 acres into the heart of the community, public meetings will begin to define the vision, including its features and amenities. Town residents would see an estimated property taxes increase of $89…

Land gobbler: Lennar pays $25M for dev site near Pinecrest

For the second time this month, Lennar acquired another builder’s development site, dropping $24.5 million for 10 acres near Pinecrest. The land was slated for a 54 townhouse and single-family home luxury project. Lennar, led by Executive Chairman Stuart Miller, bought the 433,422-square-foot lot at 8290 Southwest 120th Street in an off-market deal…

Naftali buys Miami Worldcenter development site for $41M

A NY-based developer is diving into the Miami Worldcenter… plans for two residential towers on a site the seller had proposed for a multifamily, retail and co-working MXU project. In a $40.5 million deal, Naftali Group, led by Chairman and CEO Miki Naftali, and…  Cara Real Estate Management, acquired the 44,500-square-foot property at 1016 Northeast Second Ave…

AHS Residential pays $57M for North Miami Beach dev site

AHS Residential scooped up a 17.8-acre mostly vacant site in North Miami Beach for $57 million, marking investors’ insatiable appetite for developable land in South Florida. The Miami-based company bought the property on the southeast corner of Northeast 159th Street and West Dixie Highway from New North Equities LLC, records show. It was previously…

Forte Capital flips Wynwood property for 75% gain in 3 months

Chaim Cahane’s Forte Capital Management flipped a property in Wynwood to a Miami Beach couple for 75 percent more than he paid in December, as demand for development sites continues to soar in South Florida, The Real Deal has learned. Alex Kleyner acquired the corner property at 2830 Northwest Fifth Avenue for $11.2 million in an off-market, all cash…

Univista Insurance honchos pick up North Miami Beach office building for $9M

An insurance company husband-and-wife team expanded their office portfolio with a $9.3 million acquisition in an Opportunity Zone in North Miami Beach. An entity managed by Miami-based Univista Insurance CEO Ivan Herrera, President Ania Herrera and CFO Luis Castro bought the North Miami Beach Financial Center at 16051 West Dixie Highway, according…

Kolter wants to build 563 townhouses near Homestead

Kolter Group wants to build a 563-townhouse community near Homestead, amid a development boom in south Miami-Dade County. Delray Beach-based Kolter Group proposes the Antillia project on 45.8 acres of land it owns on the northeast corner of Southwest 360th Street and 180th Avenue, according to an application submitted to the county on Wednesday.

A ratio for labor market tightness : There are just 60 unemployed workers for every 100 job openings

The unemployment rate is the highest-profile labor market data point, but there are plenty of other ways to gain additional insight into the job market. One such figure is the ratio of unemployed workers to job openings. It’s a straightforward statistic created by combining two key BLS series: unemployment level (via the Current Population Survey) and total…

David Grutman’s Papi Steak sues Miami Beach over emergency curfew

A celebrity-friendly steak joint co-owned by hospitality mogul David Grutman is suing the city of Miami Beach in an attempt to block an emergency curfew tied to Spring Break mayhem. Papi Steak at 736 First Street in the city’s South of Fifth neighborhood filed its lawsuit in Miami-Dade Circuit Court Thursday afternoon, hours before a curfew in…

Miami Office Vacancy Catches Up With Manhattan

As of February, Miami’s office vacancy rate clocked in at 13.1 percent, representing a 270 basis-point drop year-over-year and 30 basis points lower compared to January, according to CommercialEdge. The Southern Florida metro is among the few markets that have lowered their vacancy rate since February 2021. Magic City gradually shed vacancy in 2021…

MV jumps into Miami Springs by renovating two retail centers

MV Group USA is aiming to kickstart commercial activity in downtown Miami Springs by renovating two retail centers the Miami-based development firm owns. MV Group President and CEO Manny Varas told The Real Deal that the project will cost $12 million to $14 million, and work is expected to begin in June. In January, an MV Group affiliate paid…

Kolter Group wants to build a 563-townhouse community near Homestead

Kolter Group wants to build a 563-townhouse community near Homestead, amid a development boom in south Miami-Dade County. Delray Beach-based Kolter Group proposes the Antillia project on 45.8 acres of land it owns on the northeast corner of Southwest 360th Street and 180th Avenue, according to an application submitted to the county on Wednesday.

Miami tops list of most rent-burdened metros in the nation

The Miami metro area ranks as the most rent-burdened in the nation, according to a recently released report. Rents climbed after vaccine rollouts drove Americans’ return to cities, and now the average tenant is on the brink of being rent-burdened. A report by Realtor.com revealed that last month, tenants earning the median income in their metro areas…

McDowell wants to build 201 apartments near Homestead, puts land under contract

McDowell Properties wants to build a 201-unit multifamily project on land it has under contract near Homestead. McDowell, based in Dallas, proposes a seven-story Coronado Park building on 4.8 acres at 29500 Old Dixie Highway, according to an application filed with Miami-Dade County last week. McDowell is asking for the site to be included in the Leisure…

MHG Hotels plans to redevelop downtown Hollywood properties into Courtyard by Marriott

MHG Hotels is aiming to tear down a pair of single-story office buildings in downtown Hollywood to make way for a mid-rise Marriott-branded hotel. The Indianapolis-based hospitality developer recently submitted plans to the city of Hollywood to build the 13-story, 112-key Hollywood Courtyard by Marriott at 1926-1934 Tyler Street. In October, MHG Hotels, led by…

New York investor picks up Hollywood multifamily portfolio for $11M

A New York investor paid $11 million for a multifamily portfolio in Hollywood, The Real Deal has learned. Brooklyn-based Elite Acq, led by CEO Harry Bodansky, bought seven single-story apartment buildings and a single-story office building near downtown Hollywood, according to the seller’s broker, Jacob Serure. Known as the Colony Club Apartments…

Dania Beach-based hotelier scores $10M loan to build Tru by Hilton hotel in Miramar

DP Hotels plans to expand its South Florida portfolio after nabbing a $10 million construction loan to build a 97-key Hilton-branded hotel in Miramar. The Dania Beach-based hotelier, led by President and CEO Dan Patel, obtained financing from Conway, Arkansas-based Centennial Bank, according to a press release. The city of Miramar approved a site plan…

Fort Lauderdale approves new Bahia Mar lease, paving way for Jimmy and Kenny Tate’s planned development

After years of wrangling, Fort Lauderdale commissioners voted to lease the city-owned Bahia Mar to an entity led by Jimmy and Kenny Tate for up to 100 years, enabling them to move forward with development plans. The Tates’ Rahn Bahia Mar, LLC plans to develop 350 condos and 88,000 square feet of commercial space on the Bahia Mar property and build a new…

Hawaii’s former richest person pays $108M for newly built Fort Lauderdale apartments

Jay Shidler, who years ago ranked as Hawaii’s wealthiest resident, is expanding his South Florida multifamily portfolio, scooping up a newly built Fort Lauderdale apartment complex for $108.3 million. His Honolulu-based Shidler Group bought the Riverland Apartments at 420-432 Southwest 27th Avenue from the project’s developer, Houston…

DiamondRock buys Kimpton-branded hotel in Fort Lauderdale for $19M

DiamondRock Hospitality added a second Fort Lauderdale property to its nationwide portfolio after buying a Kimpton-branded hotel for $18.9 million. An entity managed by DiamondRock executives acquired the Kimpton Goodland Fort Lauderdale Beach at 2900 Riomar Street and the adjoining parking garage and amenity deck at 401 North Birch Road…

Steven Hudson, Charles Ladd expand Las Olas commercial portfolio with $7M deal

Steven Hudson and Charles Ladd Jr. paid $7 million for two adjacent commercial properties in downtown Fort Lauderdale, expanding their East Las Olas Boulevard portfolio. The duo bought the two-story restaurant building at 1103 East Las Olas Boulevard and the ground-floor retail and office space at the adjacent Villaggio di Las Olas condominium…

California investor pays $195M for Motif apartments in Fort Lauderdale’s Flagler Village

A California-based investor paid $195 million for the newly built Motif apartment building in Fort Lauderdale’s Flagler Village. Developers Bluerock and ArchCo Residential, through an affiliate, sold the 385-unit property at 500 North Andrews Avenue to an entity tied to property management company Thomas Tomanek & Associates, according…

Wynwood investor Doug Levine enters Fort Lauderdale with $15M office purchase

Douglas Levine bought a fully leased Fort Lauderdale office building for $15 million, marking his first investment in the city as he expands his portfolio focused on Miami’s Allapattah, Little River and Wynwood neighborhoods. Levine purchased the 133,000-square-foot building at 1100 West McNab Road from Clark-Ohio Associates, according to a release from the…

Dania Beach approves multifamily development with almost all affordable housing

Dania Beach commissioners approved a site plan and municipal financing for City Place Apartments, an eight-story multifamily project reserved almost entirely for low-income tenants. Commissioners voted unanimously Tuesday night to approve the site plan for the 110-unit development near Dania Beach City Hall, and to increase from $640,000 to $1 million a…

West Palm Beach office building trades for $32.5M

The EcoPlex office building in West Palm Beach traded for $32.5 million. A joint venture between affiliates of MHCommercial Real Estate Fund II and New York-based Waterfall Asset Management bought the four-story building at 1641 Worthington Road and the attached five-story garage, according to the buyers’ news release. MHCommercial…

Dallas multifamily firm pays $127M for Jupiter apartments

Northland’s founder and chairman Lawrence Gottesdiener; president and COO Suzanne Abair; and CEO Matthew Gottesdiener; S2 Capital’s founder and CEO Scott Everett; Jupiter Isle apartment complex at 6705 Mallard Cove Road in Jupiter: Dallas-based multifamily firm S2 Capital bought an apartment complex near Jupiter for $127 million, marking continued…

Arquitectonica opens first Palm Beach County office in downtown West Palm

Prolific Miami-based architecture firm Arquitectonica opened its first office in Palm Beach County, as it expands its project design portfolio in West Palm Beach. The firm leased 5,000 square feet at Rosemary Square, Stephen Ross’ mixed-use development in downtown West Palm Beach. The office is at 477 South Rosemary Avenue, according to an Arquitectonica…

Avid Asset scoops up West Palm Beach industrial building for $22M

A New York real estate investment firm boosted its Palm Beach County portfolio by acquiring an industrial building for $22 million. Avid Asset Management, led by real estate investor and developer Steven Samuels, in a joint venture with Fogel Capital, a Stuart, Florida-based financial advisory firm, bought the 142,082-square-foot warehouse at 1601 Hill Avenue…

Tech tycoons enter SoFla market with $15M purchase of Palm Beach vacation rentals

Tech tycoons Chad and Doug Clark made their first South Florida real estate investment, paying $14.7 million for a boutique Palm Beach vacation rental property. The brothers bought the six-unit building at 106 Hammon Avenue, in an off-market deal, according to broker Sabra Kirkpatrick. The property is one lot away from the ocean and a block away from Worth Avenue.

Winn-Dixie-anchored shopping center in West Palm trades for $25M

The Winn-Dixie-anchored Shoppes At Palm Coast Plaza in West Palm Beach traded for $24.8 million. An entity tied to Johnstone Capital Partners’ Edmund Beebe bought the 246,753-square-foot retail center at 7587-7785 South Dixie Highway from Dania Beach-based Dacar Management, according to a deed. Beebe’s entity borrowed $13.8 million from…

Trammell Crow proposes 324 apartments in Miami-Dade’s Coral Terrace, puts land under contract

Trammell Crow Residential wants to build a 324-unit multifamily complex on land it has under contract in the Coral Terrace neighborhood, marking the developer’s continued bet on Miami-Dade County’s apartment market. The Dallas-based developer proposes Alexan Ludlam on an 8.7-acre industrial site near the southeast corner of Coral Way and Southwest…

Landlords now required to give 60 days’ notice of rent hikes over 5% in Miami-Dade

Residential landlords in Miami-Dade County are now required to provide tenants with at least 60 days’ notice of rent hikes of 5 percent or more, as renting becomes increasingly more expensive in South Florida. The ordinance, introduced by Commissioner Eileen Higgins, passed unanimously at Tuesday’s commission meeting. Commissioners…

CIM Group Sells Strata Wynwood Mixed-Use Development in Miami

CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail…

CIM Group Sells Strata Wynwood

CIM Group has sold a Miami community after recently completing construction on it in the first quarter of 2022. CIM sold Strata Wynwood, located in Miami’s Wynwood Arts District, to an undisclosed seller. CIM co-developed the community with One Real Estate Investment, breaking ground on the project in August 2019 when it was known as Wynwood…

Stephanie Shojaee promoted to Shoma Group president

Stephanie Shojaee was promoted to president of Shoma Group, the real estate development firm led by her husband, Shoma Chairman Masoud Shojaee, The Real Deal has learned. Stephanie Shojaee, who joined Coral Gables-based Shoma in 2013 as chief marketing officer, eventually plans to expand Shoma in the U.S. and parts of Latin America, including…

Cohen family investors pay $31.5M for Kendall shopping plaza

A fully leased shopping plaza near West Kendall Baptist Hospital traded for $31.5 million. Husband-and-wife Yakov and Cheryl Cohen bought The Pointe Kendall Town Center at 9165 Southwest 162nd Avenue from The Centre at Kendall Town Center LLLP, according to records. The seller is tied to Richard Gertz Jr. The 11.9-acre plaza spans eight buildings totaling…

Chicago firm pays $31M for Opportunity Zone dev site for apartments in Edgewater

Trilogy Real Estate Group is continuing its bet on Miami’s Edgewater, paying $30.6 million for an Opportunity Zone site with plans for a multifamily project. Chicago-based Trilogy bought the 1.6-acre Edge 22 vacant property at 2201 Northeast Second Avenue, which allows for an up to 36-story tower with a maximum of 247 units, according to the…

MV Group to Redevelop Two Retail Centers in Downtown Miami Springs

MV Group USA, a Miami-based full-service construction company has plans to redevelop two retail centers in downtown Miami Springs. The redevelopments, which will exceed 30,000 square feet of retail space, are slated to be fully completed by the end of the year. The redevelopment projects include a modern redesign of the two retail centers…

NYC’s Related Bets on Miami Boom With Supertall Skyscraper “One Brickell City Centre”

Related Cos., the developer behind Manhattan’s Hudson Yards project, is making its first foray into the Miami office market. The real estate firm, led by billionaire chairman Stephen Ross, is working with Hong Kong-based Swire Properties to develop a supertall building in Brickell, a key commercial district in Miami, according to a person familiar with…

8-story sister Wynwood office buildings get OK

As the popular Wynwood Arts District evolves it is enjoying a boom in new office space, including a large mixed-use project that will bring a working campus of two 8-story sister buildings at Northwest Fifth Avenue and 27th Street. WYN ON 5TH NORTH, at 2701 NW Fifth Avenue, and WYN ON 5TH SOUTH, at 2661 NW Fifth Avenue, are proposing together nearly 250,000…

Miami aims to accelerate Flagler Street revamp

The Flagler Street beautification process downtown is on track with its 30-month schedule. “Flagler Street is coming along beautifully,” Chairman Manolo Reyes told the Miami Downtown Development Authority board March 18. The project is divided in five sections from Biscayne Boulevard to Southwest/Northwest First Avenue, with work progressing from…

Third Avenue residential midrise wins OK

A midrise of residential units and ground floor commercial-retail is planned for property west of Brickell and I-95 in the city of Miami. The project, named SW 3rd Ave-Residences, is targeted for 1900 SW Third Avenue from owner-developer Blue Tevere Investments Inc. The city’s Urban Development Review Board recommended approval of the project…

Global private school targets ex-Archbishop Curley campus

A global private school network plans to build a school in the City of Miami near Little Haiti on property that for many years was home to Archbishop Curley High. Avenues – The World School is planned for 4949 NE Second Avenue. It will be a new school campus that will serve children from daycare through high school. The developer-applicant is identified…

Video: Intelligent Building Co-Founder Tom Schircliff on Hybrid Working vs Intellectual & Cyber Security

In this video Tom Schircliff, co-founder of Intelligent Buildings, joins America’s Commercial Real Estate Show to discuss the challenges and solutions for property owners and business leaders as it relates to office workers becoming partly or fully remote. Today we want our people to be able to work from home, office or anywhere. We want to have smart…

Revving up: Norman Braman acquires three Edgewater commercial properties for $13M

uto dealership mogul Norman Braman is gassing up his real estate portfolio in Miami’s Edgewater neighborhood, acquiring two warehouses and a parking lot for $13 million. An entity managed by Braman acquired the three adjacent properties at 106 Northeast 20th Street, 120 Northeast 20th Street and 135 Northeast 19th Terrace, according to records. The seller…

Lease roundup: Danish furniture chain, mobile bill payment firm lease in Miami’s Wynwood

The Gateway at Wynwood (R & B Realty Group) BoConcept I The Gateway at Wynwood | Miami Danish furniture chain BoConcept will open in a 3,000-square-foot ground-floor retail space in The Gateway at Wynwood. BoConcept plans to open in the fall. It designs, produces and sells contemporary furniture, as well as accessories and lighting…

BoConcept Signs Retail Lease at Gateway at Wynwood in Miami

BoConcept, a furniture retailer, has signed a 3,000-square-foot lease at The Gateway at Wynwood, an office building in Miami. Alex Cesar of CBRE represented the landlord of The Gateway at Wynwood, R&B Realty Group in the transaction. Drew Schaul of CBRE represented BoConcept. BoConcept is the first retail tenant at The Gateway at Wynwood and will occupy…

Multistory Warehouses Require Multistory Rents

New York is starting to get comfortable with the idea of growing its industrial warehouse space vertically instead of horizontally. Several multistory warehouses, which are common in Asia, are under development in the Bronx, Brooklyn and Queens. Rising on 14 acres in an Opportunity Zone in the Hunts Point neighborhood is the Bronx Logistics Center…

St. Louis Fed President Jim Bullard President Bullard Explains His Recent FOMC Dissent, Believes Bigger Rate Increase Appropriate

I dissented with the Federal Open Market Committee (FOMC) decision announced on March 16, 2022, to raise the target range for the federal funds rate by 25 basis points to 0.25% to 0.50%. In my view, raising the target range to 0.50% to 0.75% and implementing a plan for reducing the size of the Fed’s balance sheet would have been more appropriate actions.

Developer Releases New Details Of Complex Designed By Rafael Viñoly In Zoning Filing

The developer planning the massive Casa Forma complex designed by architect Rafael Viñoly has released new details of the project in an application for a zoning hearing, as it continues to move through the approval process. A request for a zoning hearing was filed with Miami-Dade County on March 10, and documents relating to the filing were…

Shoma completes Ten30 South Beach condo project near Lincoln Road

Shoma Group completed its latest condo development, a sold-out boutique project near Lincoln Road in Miami Beach. The developer recently completed Ten30 South Beach at 1030 15th Street and received final Fannie Mae approval for buyer financing, according to a press release. About 35 percent of buyers used Fannie Mae-conforming loans to finance…

Mast Capital, Starwood launch sales of planned oceanfront condo project in Miami Beach

Starwood’s Barry Sternlicht, Mast Capital’s Camilo Miguel Jr. and renderings of The Perigon (Getty, Binyan Studios) Mast Capital and Starwood Capital Group launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach. Coconut Grove-based Mast, led by Camilo Miguel Jr., formed a joint venture with Barry Sternlicht’s…

Alex Karakhanian sells Miami Design District retail building for $8M

Alex Karakhanian’s Lndmrk Development sold a fully leased Miami Design District retail showroom for $8.5 million. Investor Glenn Braswell Jr. bought the 4,500-square-foot building at 3740 Northeast Second Avenue. Kitchens by Studio Kaza, the local operating partner of Brazil-based furniture manufacturer Kitchens, leases the building, according to the broker’s…

Industrial Developers Shouldn’t Delay Construction As Demand Rages

Industrial developers would be wise to plan ahead—and carefully—as materials constraints continue to plague the building process and elongate delivery timelines. But what is the one thing they shouldn’t do? Delay construction. “Do not delay construction,” Cushman & Wakefield’s researchers say in a new analysis.  “Demand will drive rents…”

Video: Real Page’s Carl Whitaker; Multifamily Keeps Rolling?

Carl Whitaker, Senior Manager –  Market Analytics with Real Page, joins America’s Commercial Real Estate Show to discuss the current state and future of the multifamily sector. Carl starts by noting that rent growth is near 20%  year over year nationally. He moves on to note that occupancy is running 97% and even increased from December to January…

Harbor pays over $400M for MiamiCentral apartments in record deal

Harbor Group International bought the pair of ParkLine Miami apartment towers at Brightline’s downtown station for roughly $450 million, marking a record for a single multifamily asset sale, The Real Deal has learned. The Norfolk, Virginia-based real estate investment and management firm bought the 44-story and 47-story buildings perched atop the…

Related to build condo tower on city-owned beachfront site in Hollywood

Related Group won city approval to rebuild a beachfront community center and develop a downsized condominium tower on about 4 acres of city-owned land in Hollywood. Miami-based Related won approval to rebuild the outdated Hollywood Beach Culture and Community Center at 1301 South Ocean Drive and to develop a 26-story condo building on…

Related Companies affiliate, partner pay $145M for Las Olas Square in Fort Lauderdale

Related Fund Management, an affiliate of Stephen Ross’ Related Companies, and partner CP Group bought Las Olas Square in downtown Fort Lauderdale for $144.5 million. UPDATED, March 17, 4:29 p.m.: A joint venture among Apollo Global Management, Steelbridge Capital and Square2 Capital sold the two-building office and retail complex spanning…

Miami firm buys 154 Lauderhill condos in bulk $17M deal, plans revamp

In a bulk purchase, REO Asset Specialists bought the majority of the condos at an aging complex in Lauderhill for $17.4 million. The Miami-based company, through an affiliate, bought 154 units at One Circle Condominium at 2601 and 2611 Northwest 56th Avenue. The seller is Florida’s Attainable Home Company, managed by Meir Benzaken in Pompano Beach…

Father-and-son team sells Margate industrial complex for $11M

In an $10.7 million deal, a father-and-son team of real estate investors cashed out of an industrial warehouse complex in Broward County. An entity managed by Michael McCarty and Rory McCarty of Hillsboro Beach sold the nearly 5-acre property at 2200-2248 Mears Parkway in Margate, according to records. Tyler Kuhlman and Douglas Mandel…

Mortgage firm pays $17M for entire West Palm condo building

Mortgage lender NewDay USA doubled down on its commitment to West Palm Beach, buying an entire boutique condo building near its second headquarters. An entity tied to NewDay USA, which is based in Fulton, Maryland, bought the newly built waterfront Crystal condo at 3611 South Flagler Drive. The seller is Coordinates Solutions LLC, managed by…