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…

Harbor Group International Acquires 816-Unit ParkLine Miami Luxury Apartment Community

Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020. The development…

Carpe secures approval for North Miami Beach mixed-use apartment project

Carpe Real Estate Partners secured approval from a North Miami Beach board for a 440-unit apartment tower, which will head to the commission next month for final approval. The city’s planning and zoning board Monday…  approved the site plan and variances for Venus, a 26-story, 660K sf project planned for the 1.1-acre site at 2050 NE 164th Street.

Russia’s war stalls US real estate deals

Long before Russia invaded Ukraine, supply chain challenges were driving up construction costs and inflation concerns were setting the stage for higher mortgage rates. Now, just as recovery from the pandemic seemed within reach, Vladimir Putin’s war has the U.S. real estate industry bracing for its impact. Prices are rising further — reinforcing the Federal…

Wynwood investor Link pays $15M for Little River office-retail property

Link Real Estate, which owns a mixed-use portfolio in Wynwood, is expanding to nearby Little River, scooping up an office-retail property for $14.9 million. The Miami-based company bought the almost fully leased buildings at 7101 and 7111 North Miami Avenue from an entity led by John and Alan Matthews, according to the broker’s news release.

Miami Market Update: Office Vacancy Increases

As of January, Miami’s office vacancy increased to 13.4 percent, marking a 90-basis-point jump compared to the prior month, according to CommercialEdge data. The metro’s vacancy is still significantly below the national average of 15.7 percent. In January, the Magic City consolidated its third position among gateway cities with lowest vacancies…

Developer Files Plans To Build Major Supertall Tower In Brickell

Plans for a new Brickell Supertall tower called Major have been formally filed with Miami-Dade County Planners. Major is proposed to rise 1,049 feet above sea level, or 82 stories, according to the newly filed plans. The 1,049-foot height is the maximum that the Federal Aviation Administration has approved for Miami thus far. Major is proposed to include: 259…

Miami Multifamily Report – February 2022

In 2021, the Miami market had one of its best years in decades, with some fundamentals hitting records. High demand coming from a steady inflow of high-wage workers pushed up rents at a dizzying rate. Last year, rates increased by 23.5 percent, placing Miami in the third spot nationally among major metros. The average rent clocked in at $2,133, while the U.S. figure…

Chart: Inflation Watch 2021 Intra-Quarter Update; Inflation Expectations Climbing

The 5-year TIPS spread, after almost calmly sitting a bit elevated over pre-pandemic levels in late 2021, has now spiked of a sudden spiked to the highest level in a number of years and to a level about 70% higher than where it was generally hovering pre-pandemic. There has been much talk in the financial press of inflation pressures in recent weeks, and the…

Miami construction costs soaring as land, materials, labor prices surge

Despite supply chain issues and increases to the cost of labor, land and building materials, local contractors say demand for construction is still high. “In the past 12 months, the cost of a typical construction project in Miami probably increased by 20%,” said Chris Kennedy, vice president of preconstruction for Suffolk Construction. But, he said, “It’s almost like…”

Barrington scores $60M construction loan for El Portal multifamily project

Barrington Brothers scored a $60 million construction loan for The Kavista multifamily project in El Portal, as the hot apartment market prompts development in traditionally single-family enclaves. The Miami-based family owned and run company will build the eight-story, 282-unit project on almost 2 acres at 495 Northeast 83rd Street, according to the lender’s…

Aimco teams up with Brooklyn firm to develop mixed-use project in Miami’s Edgewater

A Brooklyn real estate firm is partnering with apartment real estate investment trust Aimco to develop a mixed-use project in Miami’s Edgewater. The… site is on the same block where Aimco has been assembling land and gut-renovating the Hamilton on the Bay apartment tower. Beitel Group paid $45M… at 3333 Biscayne Boulevard, two…

The Numbers Behind South Florida’s Multifamily Boom

With investors and renters continuing to flock to South Florida, the region has proven itself to be a promising real estate market and the multifamily sector has been strong. There were 603 multifamily properties sold in South Florida during 2021, totaling $11.4 billion. This is more than double the previous $5.5 billion annual sales record set in 2016. Not to mention…

Weak federal commercial real estate rules will hamper seizing Russian assets

Lax disclosure regulations that have made the U.S. a global hot spot for money laundering via real estate holdings will make it difficult for officials to seize properties from Russian oligarchs. Russian oligarchs have likely staked a large part of their wealth in U.S. commercial real estate properties in purchases that are easier to conceal than high-profile luxury…

Mavik Capital, partners pay $82M for Miami-Dade & Broward rental portfolio

A joint venture of two New York-based companies and a Miami-based firm scooped up a three-property apartment portfolio across Miami-Dade and Broward counties for $82 million, The Real Deal has learned. Mavik Capital Management, which put in the majority of the capital, along with Triangle Capital Group and Corinthian Capital Real Estate Partners, bought…

Lease roundup: Cold storage firm leases Bridge Industrial’s Hialeah facility

FreezPak I Bridge Point Cold Logistics Center | Hialeah Bridge Industrial leased the entirety of its cold storage speculative project in Hialeah to food logistics company FreezPak. New Jersey-based cold and dry-storage provider FreezPak leased the entire 312,103-square-foot Bridge Point Cold Logistics Center, which is under construction and is expected to…

Trump Group, Suffolk Construction sue each other over Estates at Acqualina

Affiliates of Trump Group and Suffolk Construction filed dueling lawsuits over the delayed Estates at Acqualina, a sold-out, $1.8 billion condo development in Sunny Isles Beach. A3 Development, led by brothers Jules and Eddie Trump, filed a lawsuit in Miami-Dade Circuit Court against Suffolk Construction last month regarding the two-tower…

Voters will decide fate of Dream Hotel-anchored riverfront project on Wharf Miami site

Voters will decide whether a joint venture between MV Real Estate Holdings and Driftwood Capital can move forward with a Dream Hotel-anchored mixed-use project along the Miami River. The Miami City Commission authorized City Attorney Victoria Mendez on Thursday to draft an amendment to the city’s charter that residences will vote on…

Patrinely, USAA Begin Renovations at 263,000 SF Office, Retail Center in Coral Gables

Patrinely Group has begun renovations at Columbus Center, a 263,000-square-foot office and retail complex in Coral Gables. USAA Real Estate, Columbus Center’s majority owner, has partnered up with Patrinely Group to remodel the building’s common areas. Renovations will include updating the front entrance and main lobby, activating the outdoor terrace…

Brickell Station Partners Sells Retail Building in Downtown Miami for $20.1M

Brickell Station Partners has sold a retail property in Miami to Gazit Horizons for $20.1 million. Hector Antunez and Juan Andres Nava from Metro 1 represented Brickell Station Partners, and Fabian Graff of Metro 1 represented Gazit Horizons. The building, located in downtown Miami’s Brickell neighborhood, is currently home to Toasted Bagelry & Deli…

Wynwood office, retail and parking portfolio hits market for $28M

A Wynwood real estate investor is looking to cash out of an office, retail and parking portfolio in Miami’s hottest neighborhood. An entity managed by Steve Rhodes is listing a three-story office and retail building at 2121 Northwest Second Avenue and a one-story retail building at 2085 Northwest Second Avenue, as well as a parking lot at 172 Northwest 21st Street…

Brooklyn buyer sues industrial firm O’Donnell over failed Hialeah deal

California industrial real estate investor and developer The O’Donnell Group was slapped with a lawsuit alleging it tried to inflate the sale price of a Hialeah property (6501 Northwest 37th Avenue) above the prospective buyer’s agreed amount. The buyer, Brooklyn-based Sound Around, sued two O’Donnell Group ownership affiliates, Hialeah Last Mile Fund VII…

Mastercard Renews Miami Office Lease

Nuveen Real Estate has signed Mastercard International to a 53,700-square-foot lease renewal at 801 Brickell in Miami, ensuring that the global payment technology solutions company stays put at the iconic 415,000-square-foot building that has been its home since 1986. With the assistance of Colliers South Florida, landlord Nuveen negotiated a long-term…

Wynwood’s growing pains

Miami’s Wynwood, the artsy neighborhood that has become a hip office, retail and dining destination, is experiencing growing pains, creating a dichotomy in the district. Office and retail vacancy rates have skyrocketed beyond 50 percent in some cases, as new and planned mixed-use projects compete with older, adaptive reuse properties for tenants that are…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate: A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County. The retail real estate report is updated every quarter by our CRE experts. The analysis is derived and compiled…

Miami investor Enrique Manhard scoops up MiMo District land for $8M

Miami investor Enrique Manhard bought 1.2 acres of land in the MiMo Biscayne Boulevard Historic District, near the Brightline train tracks. Manhard, who purchased the development site along with investment partners, currently does not have plans to either build on the property or flip it, although prospective tenants have expressed interest in a…

Miami Beach to seek development proposals for 41st Street surface parking lots

Miami Beach Mayor Dan Gelber and City Commissioner Kristen Rosen Gonzalez with the Roosevelt Theater at 770 West 41st Street: Miami Beach leaders want to kickstart redevelopment along the city’s 41st Street commercial corridor by asking developers to propose mixed-use projects on six city-owned parking lots. The Miami Beach City Commission…

Canadian firm buys condo-hotel dev site in Pompano Beach for $18M

A Quebec-based company paid $17.7 million for a mixed-use property in Pompano Beach that is approved to be redeveloped with condominiums and hotels. A limited partnership led by Efstathios Tsatas bought the properties spanning almost a full city block on the southwest corner of East Atlantic Avenue and South Ocean Boulevard. The seller is Atlantic 3350…

Developer wins approval for cultural center, park on city-owned site in Fort Lauderdale’s Flagler Village

City commissioners approved a restaurant and music venue operator’s proposal to build and operate a new park with a cultural center on municipal land in the Flagler Village area just north of downtown Fort Lauderdale. The city commission voted 4-1 at their meeting Tuesday night to approve a 50-year agreement with Damn Good Hospitality Group LLC…

Developer Jimmy Tate’s proposed Bahia Mar project faces more controversy with filing of new lawsuit

Developer Jimmy Tate’s plan for a high-end, mixed-use project by Fort Lauderdale’s Bahia Mar marina just hit another snag. The Fort Lauderdale International Boat Show, held annually on part of the 39.5-acre site Tate wants to redevelop, has long opposed the project, partly arguing that it would cut the space allotted for the show. Now, boat show organizers…

Palm Beach timeshare resort sells out of bankruptcy for $10M

Copperline Partners paid $9.8 million for a former timeshare resort on Palm Beach’s waterfront. In a bankruptcy sale, an entity controlled by Copperline Managing Principal Adam Schlesinger bought the Palm Beach Resort & Beach Club at 3031 South Ocean Boulevard, according to records. West Palm Beach-based Copperline, a commercial real estate firm…

Lennar buys 188 acres for homesites at Arden near Wellington

Stuart Miller’s Lennar paid $7.4 million for 188 acres of land within the Arden community near Wellington. The Miami-based homebuilder bought acreage at 1445 Wandering Willow Way that stretches along the northern edge of the larger Arden master-planned development, according to records. The seller is an affiliate of Boston-based Freehold Capital…

Cipriani Residences Miami 80-story condo tower planned for Brickell site

Cipriani is expanding its footprint in Miami with plans to brand Mast Capital’s luxury condo tower in Brickell, joining a handful of new projects in the neighborhood. For the Cipriani family, the planned Cipriani Residences Miami adds to a growing portfolio of properties. The family operates the Mr. C Miami hotel and is branding the Mr. C Residences…

Westside Capital Buys Coral Gables Office Building for $14M

Westside Capital Group has bought the 85,000-square-foot 2000 Ponce, an eight-story office building in Coral Gables, Fla., from a private long-term owner, for $14 million, in an off-market transaction. Berkadia secured a $14.6 million, five-year bridge loan with 24 months interest-only, at a 74 percent loan-to-cost ratio. Valley National Bank provided the…

South Dade boom: D.R. Horton wants to build townhouses in Homestead, another developer proposes apartments in Naranja

Two developers are proposing new housing projects in south Miami-Dade County, showing the area has caught the eye of builders amid high demand linked to population growth. Major homebuilder D.R. Horton, based in Arlington, Texas, wants to build a 67-townhouse complex in Homestead, and D.E.V. & Associates proposes a 202-unit multifamily building…

Eighty Seven Park condo association, construction firms added to Surfside collapse lawsuit

Surfside collapse The survivors and families of the victims of the deadly Surfside condo collapse sued Eighty Seven Park’s condo association and additional companies involved in the construction of the luxury condo tower next door to Champlain Towers South. The third amended complaint names the architecture firm Stantec, vibration monitoring firm…

Blank canvas: Van Gogh exhibit inks long-term lease on Lincoln Road

The Van Gogh Immersive Exhibit inked a long-term lease on Miami Beach’s Lincoln Road, The Real Deal has learned. Lighthouse Immersive, the Toronto-based company that runs the experiential art exhibit, signed a nearly 23,000-square-foot lease at 420 Lincoln Road, a property owned by Paul Cejas’ PLC Investments, according to Brandon Charnas…

Barlington Group sells Brickell retail building for $20M

Gazit Horizons, the U.S. subsidiary of Tel Aviv-based Gazit Globe Group, paid $20.1 million for a Brickell retail building across the street from its proposed 504-unit apartment tower. Gazit Horizons bought the fully leased property at 83-97 Southwest Eighth Street, with no immediate plan for redevelopment, according to CEO Jeff Mooallem. Records show…

Supply chain issues — not oversupply — could slow Miami’s condo boom

Financing is plentiful, buyers are signing contracts with nonrefundable deposits, and developers in South Florida are keeping their sales launches rolling and their condos selling.  Miami’s condo market, known for its booms and busts, is in the middle of a big boom that would typically be threatened by, inevitably, an oversupply of condos. But the dreaded…

Deal can clear runway to add Watson Island seaplane base

The Miami City Commission is considering legislation to authorize a utilities deal with Miami-Dade County that is necessary for construction of a new seaplane base on Watson Island. Commissioners are set to vote today (3/10) on approving the utilities deal. The city owns the man-made island that connects mainland Miami with Miami Beach via the MacArthur Causeway.

Coral Gables project would add live-work units

Coral Gables commissioners got to hear Tuesday a newly proposed mixed-use project for the city’s Craft Section. The Planned Area Development would take up about a city block at 300 Catalonia Ave. Called “Alexan Crafts,” the project consists of 22 live-work units on the ground level, 263 residential units on upper levels and 364 parking spaces onsite.

New-to-market tenants spur Wynwood office demand

Wynwood is becoming Miami’s busiest office submarket as demand for space is far surpassing current supply due to its attractive live-work-play environment, with more than 80% of its recently leased office tenants being new-to-market and a million square feet of office space in the pipeline. Coming up new-to-market tenants in Wynwood in the first quarter…

Miami easing way to add Brickell City Centre residences, retail

Miami city commissioners are being asked to approve a special easement for Brickell City Centre that would clear the way for the next phase of development of the sweeping mixed-use project, including construction of a temporary fire station. The next phase of construction is also to include about 350 new residential units, 106,828 square feet of new…

Norwegian fish food manufacturer plans South Miami-Dade plant

Skretting, a Norwegian global manufacturer and supplier of fish feed to land-based aquaculture companies, plans a new feed facility in South Miami-Dade close to Atlantic Sapphire, one of its largest customers. Atlantic Sapphire raises land-based salmon at its Homestead Bluehouse facility. The announcement fulfills an earlier agreement between the two…

Hopes for a Byron Carlyle cultural center rise

Hopes for the advancement of a possible Byron Carlyle cultural center are up as the city of Miami Beach gets closer to coming up with a conceptual design. After the city agreed to budget a placeholder sum of up to $400,000 for conceptual design for the Byron Carlyle movie theater cultural center last September, in late January Commissioner David Richardson…

City of Sunny Isles Beach Acquires Navarro Pharmacy Building from MMG for $16M

In a unique transaction MMG Equity Partners donated a property located at 18500 Collins Ave to the City of Sunny Isles in exchange for transfer development rights (TDR’s). In a land donation agreement executed in 2018, the City granted to Navarro TDR’s in the amount of 126,615 square feet and the city agreed to sell the TDR’s on Navarro’s behalf. The total…

Related Group proposes 382 apartments on Johnson & Wales site in North Miami

Jorge Pérez’s Related Group has put a portion of the former Johnson & Wales University in North Miami under contract… proposing…  a 382-unit apartment project. Related Group is seeking approval from the city of North Miami for the eight-story Manor Biscayne building with 9,335 square feet of ground-floor retail on 2.3 acres at 1650 Northeast 124th Street, according…

Miami Design District to get its first new office building

Developer Craig Robins plans to build his first Class A office building in the high-end Miami Design District… Miami Design District Associates, a partnership of Robins’ Dacra, L Catterton Real Estate and Brookfield Properties, revealed plans for The Ursa, a 15-story office building at 30 Northeast 39th Street. Leasing is underway and led by the developer…

Ugo Colombo’s CMC Group sells Coconut Grove office building for $11M

Ugo Colombo’s CMC Group sold a Coconut Grove office building for $11 million. Cofe Properties, through an affiliate, bought the five-story building at 2950 Southwest 27th Avenue from an entity tied to Miami-based CMC Group, records show. The 39,761-square-foot Grove Professional Building is almost 53 percent vacant, with 21,030 square feet of unleased space…

Lease roundup: Sandals Resorts affiliate moving to Burger King’s former Miami HQ

Unique Vacations I Waterford Business District | Miami Unique Vacations, an affiliate of Sandals Resorts, is moving and expanding to a new office at the Waterford Business District near Miami International Airport. Unique Vacations signed a long-term lease for 53,119 square feet at the 5505 Waterford building, at 5505 Blue Lagoon Drive. It is moving from…

Goldman Properties to Build Class A Office Building in Miami’s Wynwood

The real estate company that put Wynwood on the map is back, with plans to leave its mark on the Miami neighborhood. Goldman Properties unveiled plans for Core Wynwood, a Class A office building located at 390 NW 25th Street. The property is slated to open in 2024 with construction commencing this December. The 140,000-square-foot development…

CGI Merchant Group Refis Miami Office, Hotel with $102M from Madison Realty Capital

Madison Realty Capital has originated two refinancing loans totaling $101.9 million for CGI Merchant Group. Surya Capital Partners brokered the transaction. The two loans include a $35.5 million loan for 3480 Main, a Class-A office building in Coconut Grove, and a $66.4 million loan for The Gabriel Miami, a luxury hotel located in downtown Miami. 3480 Main…

Judge pushes forward demolition of historic Deauville hotel in Miami Beach

The demolition of the historic Deauville hotel in Miami Beach is expected to move forward, following a contentious court hearing. Miami-Dade Circuit Court Judge Michael Hanzman on Friday denied a motion by the city of Miami Beach that could have forestalled the demolition by requesting additional evaluation of the structure and other measures. The judge…

Harvey Hernandez’s condo company files for bankruptcy to stave off foreclosure

Facing the threat of a foreclosure auction, Harvey Hernandez’s condo company filed for bankruptcy protection to save nine units at Centro Miami, a downtown Miami tower the developer built. Last month, Centro NGD Holdings submitted a Chapter 11 bankruptcy petition in Miami Federal Bankruptcy Court, two days before the nine units were scheduled to…

Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure

A pair of apartment buildings near Miami Beach’s Lincoln Road that are mired in litigation over ownership were slapped with a $1.2 million foreclosure claim. Bay Harbor Islands-based private lender Metropolitan Mortgage Company, led by Milton Raijman, filed the foreclosure suit over the buildings at 1560 Drexel Avenue and 1568 Drexel Avenue against…

The pandemic’s effects on nonstore and e-commerce retail sales : A temporary boost did not change the trend

The FRED Blog has discussed how the COVID-19 pandemic changed the sale volumes of different products, from groceries and alcohol to men’s clothing, sporting goods, pharmacies and drug stores. The social distancing required to manage the pandemic also impacted how people shopped, boosting online sales. Today, we compare nonstore and e-commerce retail…

As Russians seek a haven for assets, access to U.S. real estate won’t be easy

News reports from Russia this week show people lining up at ATMs and banks in a rush to withdraw cash as sanctions from Europe and the United States plunge the Russian Ruble to record lows. Some are now seeking to move their money overseas. An attorney who has worked with Russian buyers said many wealthy people — not oligarchs, but people…

Pinecrest retail building sells for $6M

The Lombardi family’s real estate company sold a fully leased Pinecrest retail building for $5.8 million. Miami-based Lombardi Properties, through an affiliate, sold the one-story property at 12441 South Dixie Highway to Carbonell Property Management, managed by Javier and Claudia Carbonell, according to records. The buyers borrowed $3.7 million from…

North Miami apartments sold for $10M in 1031 exchange

Javier Cervera Jr.’s real estate company sold three North Miami apartment buildings for a combined $10.1 million, part of a 1031 exchange tied to its recent purchase of Tropical Park Plaza… Cervera… sold the two-story adjacent properties spanning 1.2 ac. at 1505 and 1525 Northeast 135th Street, as well as at 1530 Northeast 136th Street. The buyer…

Berkadia Arranges Acquisition Financing for 104,356 SF Office Property in Coral Gables

Berkadia has arranged acquisition financing for 2000 Ponce, an eight-story, 104,356-square-foot office property in downtown Coral Gables, about five miles from Miami. The seller was an undisclosed private family owner. Charles Foschini, Chris Apone and Robert Iudice of Berkadia’s Miami office secured the undisclosed amount of financing on behalf of the…

More than half of workers back to the office in downtown Fort Lauderdale: report

Downtown Fort Lauderdale’s return to the office is outpacing that of major markets such as New York, San Francisco and Austin, as well as the national average, a new report shows. From 50 percent to 55 percent of workers were back to working in the office in February in downtown Fort Lauderdale, a 10 percentage point…

Falcone Group, Kaufman Lynn win bid to develop $149M mixed-use project in Oakland Park

Oakland Park selected a partnership of Falcone Group and Kaufman Lynn Construction to redevelop 4 city-owned acres, plus 2 adjacent privately-owned acres, into a massive mixed-use project featuring a woonerf. The Oakland Park City Commission on Wednesday approved authorizing city staff to begin negotiations on a development agreement with Falcone…

Assisted living facility in Margate sells for $16M

A Margate assisted living facility traded hands for $16 million. Property records show an entity led by Yanir Shrmaryou, president of Livewell Senior Living, sold the facility at 5850 Margate Boulevard. The buyer is an entity led by Hector Fernandez who heads Miami-based Reign Senior Residences. Fernandez financed the purchase with a $12.9 million…

Boca Raton investor allegedly concealed $3M warehouse sale from minority partner: lawsuit

A Boca Raton-based real estate investor allegedly kept a minority partner in the dark about a $3.2 million warehouse deal to avoid sharing the sale proceeds, according to a recently filed lawsuit. The partner, 1112 Development, is suing Mark Spillane, who owns the commercial real estate firm The Eire Companies; real estate attorney Mitchell McRae…

Doubling down: Grover Corlew buys another office building in Boca Raton

Grover Corlew paid $25.2 million for a downtown Boca Raton office building adjacent to another commercial property the company acquired eight months ago. The Boca Raton-based commercial real estate firm, led by Mark Corlew and Anuj Grover, bought Palmetto Park City Center at 120 East Palmetto Park Road, according to a press release. Completed in 1996…

Eretzor Group buys West Palm Beach apartments for $6M

Boca Raton-based Eretzor Group bought West Palm Beach apartments for $6 million, marking an exponential price jump in eight months, as investors’ appetite for South Florida multifamily projects continues unabated. Eretzor Group investment fund IV bought the 10-unit property at 2700 Broadway from a Boca Raton-based entity led by Rhahime Bell…