Miami-Dade judge tosses out Hotel Greystone lawsuit

In another court win for Hotel Greystone owner Branden Muhl, a Miami-Dade judge tossed out his ex-partner’s lawsuit accusing him of a hostile takeover of the South Beach property. Miami-Dade Circuit Court Judge Alan Fine last week dismissed an amended complaint filed by Greystone Hospitality, a company managed by Boca Raton-based hotelier…

These retailers fell behind on rent last year

The pandemic has all but ceased to be an excuse for retailers to skip rent. Collections from national tenants last year were at 94 percent, on par with 2019’s 96 percent, according to a report by Datex Property Solutions. Collections from non-national tenants were 85 percent, down three points from 2019. The chain stores in Datex’s survey all lease 10 or more…

Peachtree sells Element hotel near MIA for $20M

Peachtree Hotel Group sold the Element Miami International Airport Hotel to a Toronto-based real estate investment firm for $20 million. An entity managed by Ashok Taneja, chairman of Palm Holdings, bought the 209-key hotel at 3525 Northwest 25th Street, according to records. Atlanta-based Peachtree sold the property for $2 million below its purchase price of…

An industrial “David” in a field of Goliaths

If you can’t be bigger than your competition, be smarter and quicker. That could be the mission statement of Faropoint, a New Jersey- and Israel-based firm that in just a few quarters has quietly amassed a formidable array of last-mile warehouses… The company’s East Coast-heavy footprint stretches from New York to Miami, but it has sites in the Midwest and Texas, too.

Low vacancies, higher asking rents boost South Florida’s industrial market performance: report

Low vacancy rates and record absorption served as jet fuel for South Florida’s industrial market at the end of 2021, according to a recently released report. Tenant demand is so high that industrial developers are quickly filling up warehouses and logistics facilities. Miami-Dade, Broward and Palm Beach counties had a total net absorption of nearly 12 million…

Seagis Closes on Prime Trailer/Fleet Parking Lot Asset In Doral

Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, closed on a $9.4 million acquisition of a 2.78-acre, fully secured and improved, trailer/fleet parking lot located at 8100 NW 25th Street in Doral. Reshma Parvani from Parvani Commercial Group Inc. represented the Seagis in the transaction…

Long-stalled, controversial Little Haiti project heads to Miami commission vote

A long-stalled, controversial mixed-use project that would replace a 512-unit multifamily community in Miami’s Little Haiti neighborhood is headed for a commission vote. Sabal Palm Village at Flagler Trail is proposed to span 5.9 million sf across 22 acres, on the current site of the garden-style Design Place apartment complex at 5045 Northeast Second Avenue.

CI Financial doubles down on U.S. HQ lease at 830 Brickell in Miami

Canadian asset management firm CI Financial is doubling down on its new U.S. headquarters in Miami’s Brickell. The company boosted its lease to nearly 40,000 square feet on two full floors at the planned 830 Brickell tower that is under construction, according to a news release. CI Financial originally inked a deal in September for roughly 20,000 square feet…

Office market’s recovery will outpace retail amid “viability” questions, Zell says

Billionaire investor Sam Zell has a sharp prediction for those cheering on the retail market’s recovery. Appearing Tuesday in an interview for CNBC’s Squawk Box, the Equity Group Investments founder and chairman said he believes demand for office space will recover from the pandemic before retail spaces. “Everything between the top mall and the corner…

CRE sales hit record $809B in 2021

The commercial real estate market didn’t simply bounce back from a rough 2020 — it soared to record sales in 2021. Commercial property sales totaled $809 billion in 2021, a record for the industry, according to Real Capital Analytics data reported by the Wall Street Journal. The sales volume was almost double that of 2020 and easily outpaced 2019’s record…

Miami may bar more gambling venues

Miami commissioners are one move from banning new gambling within the city, and that could come today (1/27). On the agenda is legislation to amend Miami 21 zoning “to prohibit gambling facilities.” The measure is scheduled for a second and final vote. In July 2021, the Planning, Zoning and Appeals Board recommended the ban on a 6-3 vote. The proposal…

Trump Wants to Expand Doral Resort With Massive Mixed-Use Development

Donald Trump has returned to the real estate game, and as usual, he has big plans. The former president wants to expand the Trump National Doral Miami golf resort by adding a massive mixed-use development called Doral International Towers. he plans include building 2,222 new residential units, 470 hotel keys, 462,825 square feet of Class A office space as well…

Developer proposes assisted living facility near Pinecrest

A developer is seeking to change the land use of a property near Pinecrest, where it wants to build an assisted living facility. South Dixie and 112 LLC filed a comprehensive land-use amendment with Miami-Dade County for the 1.72-acre site at 8315 S.W. 122nd St., on the west side of Dixie Highway. The vacant property was approved in 2015 for 12 residential units in…

Miami-Dade looks for infrastructure bonanza

Accelerating the economic recovery and investing in the workforce; protecting residents, businesses, and visitors from Covid-19; building and improving key infrastructure for transit, water, and resilience projects; protecting water resources and taking climate action; and increasing access to affordable housing are the top priorities for Mayor Daniella Levine…

InSite Purchases, Rebrands 42,210 SF Self-Storage Property in Homestead

Torrance, Calif.-based InSite Property Group has purchased Storage Maxx, a 42,210-square-foot self-storage property in Homestead. The sales price and seller were not disclosed. The facility will be operated by InSite’s management firm and will be rebranded as SecureSpace Homestead. The property includes a three-story, climate-controlled building, several…

Miami Office Market Update: Occupancy Rides Recovery Wave

As of December, Miami’s office vacancy clocked in at 12.5 percent, virtually unchanged since the previous month, according to CommercialEdge data. Through 2021, the metro rode a high wave toward recovery, the pandemic bolstering the Magic City’s allure for new-to-the-market companies. In December, Miami lowered its vacancy rate by 260 basis points compared…

Lease roundup: Restaurant, speakeasy, bakery ink leases at new Brickell hotel

More than half of the street-level retail space is taken at the recently opened, dual-branded AC Hotel by Marriott/Element by Westin hotel in Miami’s Brickell neighborhood. Three eateries and one facial bar inked the deals, according to a news release from hotel developers Robert Finvarb Companies and Tony Cho. Cho is founder and chair…

Ram Realty pays $13M for dev sites in south Miami-Dade

Ram Realty Advisors is in line to add more residential units and retail to its mixed-use south Miami-Dade County project north of Zoo Miami. Ram Realty bought 17.8 acres surrounding the Walmart Supercenter that is under construction for $13.2 million, according to records. The University of Miami sold the two properties to two Ram…

Depreciation Man: Adam Neumann’s real estate binge to ease tax bill

When Adam Neumann was ousted from WeWork, he reportedly received nearly $200 million, plus company stock worth hundreds of millions more. But with great purses comes great liability — tax liability, that is. Reducing it was surely a priority for the exiled co-founder, and the real estate he bought with…

Miami Beach orders historic oceanfront Deauville resort to be demolished

After years of neglect and disrepair, the Deauville Beach Resort at 6701 Collins Avenue will be demolished, the city of Miami Beach declared this week. The demolition order, which was announced via a letter to the Miami Beach City Commission on Wednesday, follows the ownership’s report that determined the building is an unsafe structure. The city verified…

Grover Corlew scores $78M construction loan for Pompano Beach multifamily project

Grover Corlew scored a $78.2 million construction loan for a 355-unit multifamily project in Pompano Beach. The Boca Raton-based real estate investment firm plans to break ground in February on Mayla Pompano, a 355-unit apartment complex at 2335 and 2401 East Atlantic Boulevard, according to a press release. PNC Bank provided the loan for the…

Weekend Interview: Neology Life Development Group CEO Lissette Calderon

Lissette Calderon grew up in Miami, studied at Wharton and honed her chops at Related Group before starting her own development firm. She broke ground on her first apartment building when she was 28. Since then, the CEO of Neology Life Development Group has become known for multifamily projects that bring fresh energy to long-overlooked areas…

SPAC move? Ophir Sternberg’s Lionheart buys Broward office building

Ophir Sternberg’s Lionheart Capital paid $14.5 million for an office building in Fort Lauderdale, home to Anthony’s Coal Fired Pizza’s headquarters. Anthony’s was acquired by BurgerFi International, the latter of which merged with Sternberg’s Opes Acquisition Corp., a blank check company, in 2020. Property records show 200 West Cypress Creek LLC, managed…

Boston-based boutique hotelier buys Wilton Manors apartment building for $8M

A Massachusetts boutique hotelier joined South Florida’s multifamily buying frenzy by purchasing a small apartment building in Broward County for $7.8 million. Boston-based Boutique Hospitality bought the four-story, 15-unit Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors, according to records. Boutique Hospitality’s…

Investment firm snaps up Delray Beach condo complex in $14M bulk purchase

A Fort Lauderdale-based real estate investment company bought a 60-unit Delray Beach condo complex in a bulk purchase for $13.5 million. B & H Delray, a Delaware LLC managed by Eyal Levy, sold Fall Ridge of Delray condos at 1100 Southwest Fourth Avenue to Ocean Breeze Apartments LLC, an entity managed by Gabriel Ormachea, president of Grand Capital…

A tale of two office markets: Broward vacancies rose while Palm Beach County’s declined

New office leasing activity is on an upward trajectory in Broward and Palm Beach, but vacancy rates remain in the high double-digits in both counties, according to a recently released report. Palm Beach County fared better than Broward in filling up vacant spaces in the fourth quarter of 2021, as well as boosting landlords’ confidence to raise…

CK principals make $11M bet on half-vacant Fort Lauderdale shopping center

CK Holding Group is jumping into the widening pool of investors diving for South Florida outdoor shopping centers, with an $10.5 million deal in Fort Lauderdale. An entity managed by Alberto and Shlomo Kamhazi, principals of Aventura-based CK, bought The Pines Plaza Shops at 4505-4599 North Pine Island Road, according to records. The property has a…

Florida Firm Grover Corlew Launches New Multifamily Brand

Boca Raton, Florida-based investment management group Grover Corlew is launching a new multifamily brand called Mayla Residences, which will focus on luxury residences in prime locations. The first location, at 2335 and 2401 East Atlantic Blvd. in Pompano Beach, Florida, will break ground in February, with $78.2M in construction financing from PNC Bank…

Parmenter buys Palm Beach Gardens office complex for $81M

Parmenter Realty Partners scooped up the Fairway Office Center in Palm Beach Gardens for $81.2 million. Doral-based Parmenter bought the three buildings at 7108, 7111 and 7121 Fairway Drive on 16 acres on the southwest corner of Florida’s Turnpike and PGA Boulevard, according to records. Parmenter, through an LLC, assumed a $38.9 million…

New York firm sells Palm Beach Shores apartment portfolio for $17M

Philip Pilevsky’s New York-based Philips International sold an 87-unit north Palm Beach County multifamily portfolio for $17 million. Philips International, through two affiliates, sold nine properties along Bamboo Road and Claremont Lane in Palm Beach Shores, as well as along Surf Road in Riviera Beach. The buyer is CSA Seascape, linked to Coral Gables…

Altman pays $14M for golf course development site near Lake Worth Beach

Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach: Altman Companies paid $14 million for a large portion of a golf course near Wellington where the developer is already building…

Mast Capital JV reels in $71M loan for Miami River multifamily development

A Mast Capital-led joint venture reeled in a $70.5 million loan to begin construction of a 342-unit apartment building on the Miami River. An affiliate of the Coconut Grove-based developer and its Boston-based partner, AEW Capital Management, secured construction financing for the project from Wells Fargo, according to records. The building will be…

Mast Capital, AEW Break Ground on Second Phase of Waterline Miami River Multifamily Project

Coconut Grove, Fla.-based Mast Capital and AEW Capital Management have partnered to break ground this month on the second phase of Waterline Miami River. In late 2020, the joint venture built the first phase, which comprised a 346-unit multifamily community spanning 280,000 square feet. The second phase will add an additional 342 units on a 2.7-acre…

Related Group Proposes Large Affordable-Housing Development in Downtown Miami

Miami’s largest condominium developer, Related Group, is planning a large affordable-housing complex in one of the city’s most coveted neighborhoods. The developer, along with its partner ROVR Development, is seeking approval to build a mixed-use development with 1,200 residential units across three towers in Downtown Miami, according to…

Witkoff Planning Downtown Miami’s Biggest Residential Project Ever

Developer Witkoff Group is planning downtown Miami’s biggest ever residential project by unit count, according to documents filed with planners yesterday. The project will also include a very large office component, along with retail space. It will be built on the former Miami Arena site at Miami Worldcenter. Witkoff Group and Monroe…

Here are the key drivers of the industrial real estate boom

We’ve become a nation of one-click wonders. And that has led to a historic boom in what was once considered the sleepiest asset class: Industrial real estate. In this episode of “Paydirt,” The Real Deal’s Hiten Samtani breaks down the shifts in shopping patterns that led to a transformation of the supply chain, explores pricing and demand in the sector, and takes…

Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising

Office landlords in Miami-Dade County continued to push up rents in 2021, even as the market experienced double-digit vacancies, according to a recently released report. In the fourth quarter, the overall vacancy rate hit 16 percent, the same as the previous year’s fourth quarter, the report by Cushman & Wakefield shows. The rate represents a slight decrease…

Blackstone goes all-in on South Florida affordable housing with over $300M portfolio deal

Laguna Pointe Apartments at 903 Southwest 15th Street in Pompano Beach, 25370 Southwest 137th Avenue in Homestead and Sanctuary Cove Apartments at 5301 West McNab Road in North Lauderdale: Blackstone Real Estate Income Trust went all-in on South Florida affordable housing, scooping up more than a dozen apartment communities for more than…

Nitin Motwani And Related Group’s Nick Perez Team Up For Condo Project At Miami Worldcenter

Two of the biggest names in South Florida commercial real estate are joining forces for the first time to develop a condo tower in the heart of downtown Miami. The development will be part of the massive, $4B Miami Worldcenter project that’s currently rising on 27 acres. Merrimac Ventures, run by the family of Worldcenter co-developer Nitin Motwani, is…

Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M

A gas station investor is now fueling up on retail by acquiring a two-building shopping plaza in Kendall for $26 million. Hollywood-based Westar Holdings bought Shoppes At Hidden Lake at 12700 Southwest 128th Street in Miami-Dade County, according to Margot Chamot, the broker who handled the sale. Adrian Builders, a Kendall-based commercial real…

Aircraft Service And Maintenance Company Renews 38,900 Lease In Medley

Transwestern Real Estate Services’ South Florida industrial team negotiated a five-year, 38,900-square-foot lease renewal for TMC Engine Center at 8545 NW 79th Avenue in Medley. Transwestern’s Carlos Gaviria, Walter Byrd, Ben Eisenberg and Thomas Kresse represented the tenant in the transaction. “When we facilitated TMC Engine Center’s relocation…

Kushner, partner buy missing piece of Edgewater multifamily dev site

Kushner Companies and PTM Partners closed on the missing piece of their development site for apartment towers in an Opportunity Zone in Miami’s Edgewater, The Real Deal has learned. New York-based Kushner, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, announced plans for 2000 and 1900 Biscayne Boulevard in Miami…

New York broker pays $8M for Bay Harbor Islands apartments

New York broker Moshe Majeski scooped up a 26-unit Bay Harbor Islands multifamily portfolio for $8.2 million, marking his first commercial real estate investment in South Florida. Majeski, through an affiliate, bought the three adjacent buildings at 1029, 1035 and 1043 94th Street from Pro-Nan Investments IV, managed by Mary Shaked, records show. Majeski’s…

Trump planning retail, luxury homes in Doral resort expansion

In addition to appearing poised for his next ventures in politics and media, Donald Trump has announced a sizable project in the industry that first made him a celebrity. Trump is planning to apply to build 2,300 luxury homes as part of an expansion of his Trump National Doral resort in Florida. The former president said in a statement he recently…

Trump Announces Plan To Build 2,300 Luxury Units At Miami Golf Resort

Donald Trump said Monday he intends to build a massive commercial real estate project including luxury housing and retail components at his Miami-area golf course.“I have just spent millions of dollars on the Blue Monster golf course at Trump National Doral in the heart of Miami,” he said in a statement, adding he “will be applying for 2,300 units of luxury…”

Developers of One Thousand Museum look-alike close on portion of Edgewater site

The developers of a One Thousand Museum doppelganger tower closed on land for the project in Miami’s Edgewater. Longtime Edgewater investors Joel and Michelle Rodriguez sold three properties on Northeast 29th Street to the developers of 729 Edge, Joel Rodriguez said. The developers are a partnership led by Michael Konig, Alex Posth, Kevin Venger and…

Unprecedented landlord incentives powering U.S. office market recovery

The U.S. office market has shown some promising signs of recovery in the wake of the pandemic, but landlords are taking larger hits than ever before to complete the big-ticket deals. Cash incentives and months of free rent are helping to prop up the national office market, The Wall Street Journal reported. These incentives range from cash payments to tenant…

$81 million Metromover express put into transportation plan

Transportation planners want to spend $81.3 million to create Metromover express service between the current Government Center station and a future Herald Plaza area station. The money would fund a feasibility evaluation, simulations, design criteria and design-built services to modify the Metromover guideway to bring express runs to the planned…

Wary eyes on higher Fed interest rate

The Federal Reserve is looking to raise interest rates in hopes of tamping down inflation rates that have not been this high since the early 1980s. “We haven’t had inflation like this happen in a while. We thought it’d be transitory but it’s turning out to be more,” said Mark Del Pezzo, CFA and professor of finance at Florida International University. “Seven percent…”

Royal Caribbean lease could net county half-billion dollars

The county commission was to vote this week on an amendment to the Royal Caribbean Cruises lease that is expected to add $53 million to PortMiami revenue and grant $4.9 million in covid recovery relief to Miami Cruise Terminal A LLC, a Royal Caribbean affiliate. A commission committee OK’d the change last week. The project would add a…

Experts Round-Up: Top Retail Trends to Expect in 2022

In our annual tradition, we reached out to a number of retail real estate experts across the country to provide their perspective and insights on what they expect for the retail real estate market and with upcoming retail trends heading in 2022. The overall sentiment provided by the various retail professionals is positive. In spite…

Little Havana developer completes assemblage for 200-unit apartment building

Cam Group’s Pedro Camejo and a rendering of Calle Ocho A Little Havana developer plans to build an apartment project… The 12-story… one of the biggest new multifamily projects on the highly trafficked street, following… the 492-unit InTown apartment complex at 1900 Southwest Eighth Street and Altis Little Havana at 2100 Southwest Eighth Street. Altis is expected…

Consulate General of Barbados, NY investment firm moving to Ofizzina in Coral Gables & other leasing news

The Consulate General of Barbados and New York-based investment firm Empirex Capital leased space at the Ofizzina office tower in Coral Gables. The consulate inked a 9,511-square-foot lease for the entire 13th floor at the 16-story tower, and Empirex took out a 2,219-square-foot space, according to a news release from the building’s owners. Both tenants are…

Surfside bidder gets extension for due diligence, pushing auction to April

A delay with invasive testing and disagreements over cost-splitting led to an extension for the Dubai developer’s due diligence in its bid for the Surfside collapse site, likely pushing the auction to April. Court-ordered mediation in ongoing litigation will also occur sooner than expected, the judge decided at a hearing on Friday. Damac Properties entered its 60-day due diligence…

Aloft Miami-Brickell exits bankruptcy, staves off foreclosure

Aloft Miami-Brickell’s owner exited bankruptcy after resolving a payment dispute with a New York-based lender over a $17 million loan. U.S. Bankruptcy Judge Robert Mark confirmed a Chapter 11 reorganization… for Mary Brickell Village Hotel LLC… headed by Miami developer Pedro Villar that owns the 160-key property at 1001 Southwest Second Avenue. The…

Starwood, A-Rod and partner buy South Florida single-family rentals to add to portfolio

A partnership that includes Starwood Capital Group, Tiber Capital Group and retired baseball player-turned real estate investor Alex Rodriguez paid $22.8 million for a single-family rental portfolio in Palm Beach County. The single-family rental business has boomed, as home prices have reached record highs and buyers are being priced out of home ownership…

Ram Realty, Pinnacle pay $15M for multifamily dev site near Aventura

Ram Realty Advisors and Pinnacle paid $15.4 million for a multifamily development site steps from the future Brightline station near Aventura Mall, marking a rush to build near major transit stops. The duo scooped up 2.2 acres of land at 19640 West Dixie Highway in the Ojus neighborhood in unincorporated Miami-Dade County…

$73M Lined up to Refinance South Florida Industrial Portfolio

The 13-building portfolio includes Class A and B industrial properties at 8305 NW 27th Street in Doral, 8150 NW 76th Street and 2101 NW 82nd Street in Medley, and 3000 NW 125th Street in Miami, as well as the nine-building small-bay Cooper Commerce Center at 2229-12260 S.W. 53rd and 12323 S.W. 55th streets in Cooper City (Broward County).

Denny’s sells Edgewater restaurant dev site in Miami for $24M

Developer Aria Mehrabi bought an Edgewater Denny’s restaurant and parking lot for $24 million, likely for redevelopment. An entity managed by Mehrabi, who is co-founder and CEO of Santa Monica, California-based real estate firm Pacific Star Capital, bought the eatery at 3600 Biscayne Boulevard and the lot at 221 Northeast 36th Street from Denny’s…

Eastdil Secured to open first Florida office in Miami’s Brickell

Eastdil Secured is opening its first Florida office in Miami’s Brickell Financial District, marking continued expansion by out-of-state companies to the area. The New York-based real estate investment bank is opening at the Brickell Bay tower at 1001 Brickell Bay Drive, according to an Eastdil news release. The floor and square footage of the…

The Fed’s Beige Book: Early Signs Show Omicron Not Hurting Southeast Economy

Widespread outbreaks of the omicron variant of COVID-19 did not appear to inflict serious economic damage in the Southeast through December, according to the January Beige Book report from the Atlanta Fed. The report on economic conditions generally found trends of the past few months continued from mid-November through the end of 2021: labor demand…

Developer Dubs Hialeah “The Brooklyn of Miami”

Miami is not New York City, and its neighborhoods are not comparable to New York’s boroughs. And yet it seems developers are trying to lure gullible Big Apple transplants to, of all places, Hialeah — which boasts the highest percentage of Cuban and Cuban-American residents in the country — by touting it as “the Brooklyn of Miami.” Billionaire developer Masoud…

Miami Developer Carlos Rosso On Starting His Own Firm And Pioneering Standard-Branded Residences

Carlos Rosso led the condo division for Miami’s most prominent developer, Related Group, for nearly two decades until he felt it was time to start his own firm. Now, a little over a year later, Rosso has launched the first-ever Standard-branded condo project in the U.S., seeking to build on the trendy reputation of The Standard hotel brand.

$20M Sale of Staples-Occupied Property in Miami Brokered

The retail property is fully occupied by Staples, which has 1.5 years remaining on its lease. Built in 2008 and situated on just under one acre of land, the 20,288-square-foot property can be redeveloped with zoning that allows for up to 500,000 square feet. Located at 2121 Biscayne Boulevard, the property is situated less than 4.5 miles west of South Beach. The…

Blackstone Grows Tenant Roster at Pompano Beach Logistics Center

Link Logistics, Blackstone’s U.S. industrial real estate platform, has signed two leases totaling 153,495 square feet at its newly constructed Cypress Pointe Distribution Center in Pompano Beach, Fla. The deals bring the warehouse and distribution facility to full occupancy. JFC International Inc.—a subsidiary of Asian food distributor Kikkoman Corp.—committed…

Multifamily giants Kushner and Aimco acquire site of Fort Lauderdale mega project

Apartment giants Kushner Companies and Aimco closed on the site of their mega project in Fort Lauderdale, where Kushner obtained approvals for a 3 million-square-foot multi-tower development. New York-based Kushner, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, entered into contract for the 4.2-acre…

Swire Properties sells Fort Lauderdale site to a venture between Kushner family and New York-listed Reit Aimco

Hong Kong developer Swire Properties has sold a property site in Florida to a US venture partly owned by the family of Jared Kushner, the son-in-law of former president Donald Trump, for a tidy profit. The developer agreed this month to sell the site comprising three land parcels in downtown Fort Lauderdale for US$49 million to Aimco and Kushner Companies…

Blackstone picks up North Lauderdale apartment complex for $14M

Blackstone is dipping into North Lauderdale with a $14 million acquisition of the Cross Keys Apartments. An entity managed by top executives of New York-based Blackstone acquired the garden-style multifamily project at 1850-2100 Southwest 81st Avenue. The Cornerstone Group, a Hollywood-based affordable housing developer, sold the 322-unit complex. The deal…

Baptist Health beats out rival bid for Sunrise site of its first hospital in Broward

Baptist Health South Florida is set to buy city-owned land in Sunrise for its first hospital in Broward County, beating out a rival bid for the 25-acre site. The Sunrise City Commission voted 4-1 Tuesday to sell the hospital development site at 12401 West Oakland Park Boulevard to Coral Gables-based nonprofit Baptist Health for $14.3…

Related Group, Dezer win approval for 10-story oceanfront condo project in Hillsboro Beach

Related Group and Dezer Development won a zoning variance for a downsized oceanfront condo development in Hillsboro Beach after reducing its height from 15 stories to 10. The variance allows Related and Dezer to develop a 10-story building that is 130 feet tall, on a site where zoning limits building height to three stories and 35 feet. Miami-based…

Woodmont plans eight warehouses at Palm Beach Park of Commerce

Woodmont Industrial Partners plans to build a warehouse complex at the Palm Beach Park of Commerce, as the developer continues to make a hefty play on the robust industrial market. Woodmont paid $40.4 million for 116.6 acres at the industrial park along Bee Line Highway west of Jupiter, with plans for eight Class A buildings, according to a comp…

Midtown Capital Partners nabs West Palm business park for $37M

Midtown Capital Partners dropped $37 million for a six-building office and industrial park in West Palm Beach. The Miami-based real estate investment firm bought the Vista Business Park at 2253, 2255, and 2257 Vista Parkway, and 6903, 6917, and 6931 Vista Parkway North, according to records. Midtown Capital, led by CEO Alejandro Velez, financed…

Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources

Aby Rosen’s New York City-based firm RFR Holding paid about $90 million for an office building in downtown Miami that had been tied up in litigation, sources told The Real Deal, as out-of-state investors continue to bet on the region’s growing office market. A partnership led by East End Capital sold the 30-story, 310,000-square-foot 100 Biscayne building…

RFR Acquires Downtown Miami Office Tower

RFR Realty has purchased 100 Biscayne Blvd. from a partnership led by East End Capital, the company announced. The 310,596-square-foot office building is in downtown Miami directly across from Bayfront Park. RFR declined to disclose the sale price. The 30-story office building was constructed in 1963 and offers 11,175-square-foot floor plates, according…

Dallas firm picks up Aldi-anchored retail property in Doral for $22M

Spectrum Properties paid $22.1 million for the retail building that is part of the Landmark South development in Doral. The Dallas-based, family owned company bought the property at 5875 Northwest 105th Court and an adjacent 92,108-square-foot parking lot from an affiliate of Congress Group, records show. Spectrum scored a $14.4 million loan to finance the…

Chicago developer pays $20M for Wynwood dev site with plans for mid-rise apartments

A Chicago developer is the latest to swoop into Miami’s booming Wynwood neighborhood, paying $19.5 million for a site, with plans to build apartments steps away from a potential passenger train stop. Fifield Companies bought 1.4 acres on the northwest corner of Northeast 27th Street and the Florida East Coast Railway tracks from an entity owned…

David Beckham’s MLS Team Faces Crucial Vote Over Miami Stadium Deal

After negotiating for more than two years, the city of Miami and Inter Miami CF, the Major League Soccer team owned by David Beckham and partners, have agreed on terms for a 99-year lease, helping to pave the way for the team to build a $1B stadium and complex on what is now a public park. The deal now needs to pass the city commission to proceed.

Plans For Adam Neumann’s Miami Apartments Sound A ‘We’ Bit Familiar

On Tuesday, The Wall Street Journal reported that WeWork co-founder Adam Neumann has been quietly scooping up $1B worth of multifamily properties, including several apartment projects in South Florida. A Florida property manager has been tapped to handle operations at two of Neumann’s Miami buildings, where a key focus will be developing…

Wharton Realty buys Homestead shopping center for $82M

Homestead Pavilion shopping center at 2400 Northeast 10th Court in Homestead with CREC Capital’s co-founders Alan Esquenazi and Warren Weiser and Wharton Realty Group’s owner Isaac Massry: Wharton Realty Group bought the fully leased Homestead Pavilion shopping center for $82 million, or nearly 32 percent more than the property’s purchase…

South Florida’s industrial squeeze has brokers sounding alarms

After receiving unsolicited offers to buy its 8.6-acre industrial site in Medley last year, KDD Properties decided to list it and see how many institutional investors would line up with competitive bids.  “There were no less than 25 offers from various public and private pension funds and institutional investors,” Sky Groden of JLL, which marketed the property, told…

Minnesota firm pays $46M for student housing near Florida International University

Tailwind Group bought student housing near Florida International University for $46 million, reflecting the hot market for rentals near colleges. Greystar, through an affiliate, sold the 15-story building, called 109 Tower, at 737 Southwest 109th Avenue to Tailwind, according to a deed. The buyer scored a $34.5 million loan from an entity tied to…

PMG sells its last Johnson & Wales University property in $11M flip

Property Markets Group sold the last property it owned at the Johnson & Wales University campus, less than a year after it bought portions of the shuttered school in North Miami. PMG flipped the building at 1600 Northeast 126th Street for $10.7 million, or more than double the $4.5 million it had paid in July, records show. Buyer Tate Capital leased…

Deal to double Miami International Airport cargo capacity stalls

A Miami-Dade committee Tuesday deferred Mayor Daniella Levine Cava’s call to reject an unsolicited proposal and instead directly negotiate with the joint venture to build and run a vertical air cargo hub at Miami International Airport (MIA), where cargo demand is rising. Members of the Airports and Economic Development Committee argued for more…

Delayed by COVID, Riverside Wharf seeks new city deadline

The Covid-19 pandemic has led to a delay in the construction of a major mixed-use project, Riverside Wharf, from a public-private partnership involving the City of Miami. That delay has triggered the need to extend the deadline to the private development company, a move expected to be considered today (1/13) by the city commission. The meeting…

Chart: Miami-Dade Commercial Real Estate Sales December 2021

The chart in this post displays the number of closed commercial property sales within Miami-Dade County in the two year period from January 2020 to December 2021., This includes both improved commercial properties and vacant commercial land that were recorded in the Miami Commercial MLS. December’s volume appears in line with prior months, continuing…

Peachtree buys AC Hotel by Marriott in Aventura for $50M

Peachtree Hotel Group scooped up an AC hotel next to Aventura ParkSquare for $49.5 million. The Atlanta-based hospitality investment manager bought the nine-story hotel at 20805 Biscayne Boulevard from an affiliate of Norwich Partners, according to records. Peachtree took out a $46.6 million mortgage on the property from MetLife Real Estate Lending. The deal…

Fed’s Beige Book: Early Signs Show Omicron Not Hurting Southeast Economy

Widespread outbreaks of the omicron variant of COVID-19 did not appear to inflict serious economic damage in the Southeast through December, according to the January Beige Book report from the Atlanta Fed. The report on economic conditions generally found trends of the past few months continued from mid-November through the end of 2021: labor demand…

Chart: Miami Commercial Real Estate Sales to List Price Ratio December 2021

In December the sales price to listing price ratio for commercial property dropped off a touch to a solid middle-of-the-pack 92.3%, with “the pack” being this number in the decade prior. This is for property sales as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of…

Appeals court upholds $8M judgment against former Z Ocean condo-hotel partners

Z Ocean Hotel in Miami Beach The co-developers of Z Ocean, a South Beach condo-hotel, will remain on the hook for an $8.2 million judgment after their appeal was denied. In an opinion issued last week, the Third District Court of Appeals upheld Miami-Dade Circuit Court Judge William Thomas’ 2020 ruling in favor of Louis Taic and his company So. Beach Hotel…

Motwanis, Related to develop 450-unit condo tower at Miami Worldcenter

A rendering of The Crosby, Related’s Nick Pérez and Merrimac’s Nitin Motwani Related Group is partnering with Merrimac Ventures to co-develop a short-term rental-friendly condo tower within the master-planned, mixed-use Miami Worldcenter, The Real Deal has learned. Nick Pérez, a senior vice president at Related, said it took about two years…

Little Havana apartment building targeted in $15M mortgage foreclosure suit

The developer of the Columbus on Fifth apartment building in Miami’s Little Havana neighborhood was slapped with a $14.7 million foreclosure suit…. Columbus Apartments, tied to Miami-based Suncoast Construction Group, is accused of defaulting on a loan it took out to build the 72-unit Columbus on Fifth apartments at 514 Southwest 22nd Avenue. COF…

Terra nabs $141M construction loan for Bay Harbor Islands mixed-use project

Terra is making headway on its Bay Harbor Islands mixed-use project with a $141 million construction loan. The Coconut Grove-based firm scored the financing for its development at 1177 Kane Concourse, according to a statement from the Terra affiliate that owns the site. Mack Real Estate Credit Strategies is the lender. The project will consist of residential…

New York developers score $147M construction loan for student housing near FIU

Two New York-based developers are embarking on a student housing project near Florida International University with a $147 million construction loan. Adam America Real Estate and JW Capital Management plan to build the 22-story, U-shaped building at 10726 Southwest Seventh Street in Sweetwater, according to the developers’ news release.

Retail investor picks up former Señor Frog’s in South Beach

Miami Beach investor Yossi Lipkin acquired the Art Deco property in South Beach previously home to Jerry’s Famous Deli and Señor Frog’s. A trust led by nightclub owner Zori Hayon sold the three-story, 12,868-square-feet building at 1450 Collins Avenue to Yossi’s EDY for $10 million, property records show. Lavinia Otero of London Foster Realty brokered the deal.

Partner in South Beach’s Hotel Greystone hit with $19M judgment

South Beach hotel partner James Vosotas got slapped with an $18.9 million judgment in New York Supreme Court. Vosotas and Muhl had teamed up to renovate and reopen Hotel Greystone, an Art Deco property at 1920 Collins Avenue in Miami Beach. The partnership came apart shortly after the hotel’s grand opening was short-circuited by business lockdowns…

Miami Among Top 5 Markets for Self Storage Transactions in 2021

Despite slowing rent growth, the self storage sector continued to experience strong movement in 2021, with demand both from customers and investors. Nationally, nearly 95 million square feet of storage space traded throughout 2021, for a combined $9.9 billion, according to Yardi Matrix. This marks a 137-percent uptick compared to 2020 when the total transaction…

Fort Lauderdale approves master plan for its $90M-plus version of Miami’s Underline

Fort Lauderdale is moving forward with plans for its version of Miami’s Underline linear park and trail that could extend throughout the city, where development has boomed in recent years. Fort Lauderdale commissioners Steven Glassman, Ben Sorensen, Vice Mayor Heather Moraitis and Mayor Dean Trantalis voted to approve a resolution accepting the…

Argentine brothers buy Pompano Beach office complex for $8M

A pair of Argentine brothers expanded their Broward County real estate portfolio with an $8.4 million purchase of a Pompano Beach office complex. Entities managed by Claudio and Gonzalo Maggi bought the Atlantic Business Center at 2201-2283 Southwest Second Street in Pompano Beach, according to records. The sibling investors financed their purchase…

Bang Energy’s warehouse in Pembroke Pines trades — with a $58M bang

As the South Florida industrial market continues to fizz, the rush to buy property led a Colorado-based investment firm to buy Bang Energy’s Pembroke Pines warehouse with a bang: for $18 million more than its purchase price a year ago. An entity managed by John Owoc, Vital Pharmaceuticals CEO, and CEO and founder of Bang Energy, sold…

MMG Assembles 10.4 Acres in Plantation, FL with $3.5M Purchase

MMG Equity Partners has acquired 8190 W Sunrise Blvd, a 4.83-acre site on W Sunrise Boulevard, just West of N University Drive in Plantation, FL. The property consists of a 19,178 sf office building built in 1974, occupied by Bank of America. The property is adjacent to Plantation Square, a 65,796 SF strip center on 5.6 acres, which MMG purchased May 2021.

GID buys newly built Plantation apartments for $73M

Real estate firm GID scooped up the newly built Windsor 335 apartment complex in Plantation for $72.7 million, as the robust multifamily market continues to attract investors. New York-based CP Capital and Dallas-based Trammell Crow Residential, through an affiliate, sold the 248-unit community at 335 North State Road 7, records show. The deal breaks…

In $7M deal, Terranova adds another Miracle Mile building to Coral Gables portfolio

In a $6.8 million deal, Terranova added another Miracle Mile retail building to its Coral Gables portfolio. The Miami Beach-based commercial real estate firm headed by Chairman Stephen Bittel bought the one-story site at 93 Miracle Mile, making it the 15th property Terranova owns on the street, according to a press release. The holdings span 120,000 square…

Miami Building, Site of Murder Scene in ‘Scarface,’ Sells for $31M

Once the scene of an iconic cinematic murder, a South Beach building that now houses a CVS Pharmacy has traded hands for $30.9 million, property records show. The two-story building sits in a prime Miami Beach spot at 728 Ocean Drive, a popular pedestrian street, facing the beach. It served as a set in the gangster film ‘Scarface,’ starring Al Pacino. A bloody scene…

Realterm Logistics pays $15M for Miami warehouse

Realterm Logistics picked up a fully leased industrial facility near Miami International Airport for $14.7 million. An entity managed by executives of the Annapolis, Maryland-based firm bought the 4.4 acre site at 7480 Northwest 48th Street, according to records. Realterm, headed by CEO Robert Fordi, paid $287 a square foot for the 51,392-square…

Order up: Shorty’s inks $15M sale lease-back of original restaurant near Dadeland Mall

Shorty’s BBQ has been approached “tons of times” over the years by developers seeking to buy the restaurant’s original location in Miami. The response was typically quick: No, said CEO Mark Vasturo. But the barbecue eatery finally said yes, after roughly a year of negotiations with buyers Atlantic Pacific Companies and Florida Value Partners. The developers…

Industrial vacancy rate hits record low: report

The squeeze is intensifying in the industrial real estate market, which is seeing record low vacancies and enormous net absorption, pushing up rents and following one record quarter with another. Cushman & Wakefield’s industrial market report Wednesday found vacancy across the United States at 3.7 percent for the fourth quarter. It was the first time…

Miami Market Update: Office Vacancy Slips 120 bp

As of November, Miami’s office vacancy rate dropped to 12.5 percent, clocking in 120 basis points lower than at the same point last year and 50 basis points below November 2019 levels, according to CommercialEdge. The gap between the metro’s vacancy and the national average (15.2 percent) further widened. Miami’s recovery has been on a definite…

Surfside collapse trial delayed to March 2023

The Surfside condo collapse trial was delayed by about six months to March 2023, despite an ongoing court push to bring justice to the victims as quickly as possible. Attorneys for the defendants – including the development team of neighboring condo tower Eighty Seven Park – argued that they need more time for their experts to complete their investigations into the…

The Closing: Todd Michael Glaser

Development is brain damage, at any budget. So if you’re signing up for it, says Todd Michael Glaser, you might as well aim for the stratosphere. “The problem is, to build a three-bedroom, two bath, $400,000 house and build a $200 million house, every part, every moving part, is the same — it’s just more money,” Glaser said. “So why would I choose to build a $400,000…

Miami Market Update: Lowest Price Among Gateway Markets

In November, more than 372,000 square feet of office space traded in Miami, according to CommercialEdge data, representing a multi-building portfolio sale in Doral, Fla. Year-to-date through November, the market has seen office transactions amounting to a total of $1.7 billion, at an average of $300 per square foot. Transaction volume in the first 11 months of…

$14.75 Million Industrial Property Sale In Miami Airport Submarket Arranged

Cushman & Wakefield has arranged the sale of a 51,392-square-foot industrial facility on ±4.4 acres at 7480 NW 48th St. in Miami. The final sale price was $14.75 million. Cushman & Wakefield’s Wayne Ramoski and Miguel Alcivar represented the seller, DFJ Properties West, LLC, in the transaction. The property was acquired by RLIF East 5…

Developers pick up historic church, dev site in Miami’s Edgewater for $20M

Fifteen Group sold a historic church on Biscayne Boulevard in Miami’s Edgewater for $20 million to a trio of developers that plan a mixed-use project on the site… Skylight Real Estate Partners and Panther Capital Management… to buy the nearly 1-acre property at 1836 Biscayne Boulevard and 256 Northeast 19th Street, near the Art…

Barry Sternlicht’s Starwood Capital sells Westland Mall in Hialeah by reassigning $149M loan

Barry Sternlicht’s Starwood Capital Group sold Westland Mall in Hialeah to a Dallas-based retail real estate firm. Centennial scooped up the mall at 1675 West 49th Street by assuming Starwood’s $149.4 million mortgage on the property, records show. Starwood originally took out a $160 million loan on the mall in 2017. The current outstanding balance is…

AMAC scoops up Miami Beach retail building for $33M

AMAC paid $32.5 million for a Class A retail building in Miami Beach, near the Sunset Harbour neighborhood. AMAC partnered with Miami Beach developer Daniel Neary to buy 1800 Alton, a five-story urban retail center at 1800-1824 Alton Road, according to a press release. With 31,840-square-feet of retail space on two floors, 1800 Alton also…

CBRE to buy $4.9B global industrial portfolio

It may be a new year, but one of the largest-ever industrial purchases indicates the sector’s hot streak isn’t fading just yet. CBRE Investment Management recently agreed to buy a portfolio of logistics properties from Ross Perot Jr.’s Hillwood Investment Properties, according to the Wall Street Journal. The properties involved in the deal are valued at $4.9 billion.

Surfside collapse defendants deflect responsibility in new court docs

The Champlain Towers South condo association sued Morabito Consultants, Becker & Poliakoff and the Eighty Seven Park development team: The defendants in the lawsuit filed by survivors and families who lost loved ones in the deadly Surfside condo collapse deflected responsibility for the tragedy that killed nearly 100 people, newly filed court documents…

Entities tied to Adam Neumann picked up $1B in apartment buildings

Two years after a spectacular rise and fall, WeWork co-founder Adam Neumann’s latest venture is reportedly beginning to take shape. Entities tied to Neumann have purchased majority stakes in more than 4,000 apartments across the United States, The Wall Street Journal reported, citing records and people familiar with the transaction. The holdings, largely…

Video: Could technologists become tomorrow’s real estate moguls?

The summit of real estate used to be the domain of the “cowboys” — the Harry Helmsleys, Bill Zeckendorfs and Harry Macklowes, buccaneers who mastered the art of relationship-building and taking outsized risks. The industry then came to be dominated by the “suits,” structured-finance whizzes such as Jon Gray and Marc Holliday who brought a Wall Street…

Jamestown sells Sunny Isles Beach apartment complex for $111M

In a $110.5 million deal, Jamestown sold a 308-unit landlocked apartment complex in Sunny Isles Beach. An entity managed by Chaim Freeman, who heads Los Angeles-based commercial real estate firm Buff Management, paid $357,142 per apartment for Beach Place at 17101 North Bay Road, according to records. That’s more than triple the…

City-county battle stalls Coconut Grove Playhouse

After 15 years of delay, the Coconut Grove Playhouse is awaiting a court resolution to a dispute between the City of Miami and Miami-Dade County, which proponents say is the only barrier to the project moving forward. The playhouse, which closed in 2006, already has $23.6 million allocated by the county and a design team led by Arquitectonica and historic…

Ocean Drive to restore cars, add pedestrian plaza

After a chaotic and uncontrolled avalanche of party crowds during the spring break of 2020 that ended in arrests, ongoing curfews and the ultimate closure to vehicle traffic to the street, a southbound lane is opening again in South Beach’s Ocean Drive along with a temporary pedestrian plaza, following months of discussions and holiday delays, the city has…

Vizcaya prepares to restore farm village

Restoration of Vizcaya Village in Vizcaya Museum and Gardens is planned and ready to go when the project’s construction documents, submitted at the end of 2020, are permitted by the City of Miami, though restoration is still not fully funded. Vizcaya Museum and Gardens, previously known as Villa Vizcaya, is the former villa and estate of businessman James…

Coconut Grove business area stresses natural environment

The Coconut Grove Business Improvement District has set forth initiatives to get the community back out and once again enjoy one of the best attractions the neighborhood has to offer – its enriched natural environment. The Coconut Grove BID has been hosting micro-events intended to site moments throughout the neighborhood, said…

The Crosby Miami World Center is coming to Downtown Miami

Great news for those who were waiting for to invest in a new luxury tower with Airbnb capacity. A condominium building with contemporary architectural design is coming to Downtown Miami: The Crosby Miami World Center, developed by Related Group. The prestigious firm is behind many luxury buildings in South Florida, including Icon Brickell…

Developers buy former Rubell site in Wynwood, plan major mixed-use project

L&L Holding’s David Levinson and Robert Lapidus, Carpe Real Estate Partners’ Erik Rutter and David Weitz with a rendering of the project: Two New York developers bought a 3-acre assemblage in Miami’s Wynwood where they plan to build a mixed-use office, retail and residential development on a site that includes the former Rubell Museum.

Major NY Developers Close On 3 Prime Acres In Wynwood For 1M SF Project

Two real estate firms with roots in New York are betting big on Miami’s trendy Wynwood neighborhood. L&L Holding Co. and Carpe Real Estate Partners have closed on a 3-acre assemblage to build The Wynwood Plaza, a planned 1M SF project with office, residential and retail space, plus a 25K SF public plaza. The acquisition comes about a year and a half after…

Family of Real Housewife’s ex-husband buys South Beach retail building for $7M

The Gebbia family, owners of Siebert Financial and once linked to the “Real Housewives of Beverly Hills,” bought a retail building in South Beach for $6.8 million. The property at 653 Collins Avenue in Miami Beach will serve as the Florida headquarters for Siebert Financial and Rise Financial, according to Katrina Campins of the Campins Company, who…

Artemis Real Estate buys southwest Miami-Dade apartments for $71M

The Olivia apartment complex north of Homestead traded for $70.5 million, marking a continuation of a flurry of deals fueled by a robust multifamily market. Artemis Real Estate Partners bought the southwest Miami-Dade County community at 14981 Southwest 283rd Street from Alcazar Development Group, according to property records. Artemis…

Kolter buys 41-acre site in Homestead for $17M from Lewis Swezy

Kolter Group nabbed a development site in Homestead for $17.2 million. An affiliate of the Delray Beach-based developer acquired the 41-acre site at 202 Northeast 18th Avenue, according to records. Seller South Wind Apartments, led by Miami Lakes-based developer Lewis Swezy, had planned to build 400 townhomes and apartments on the former…

South Florida real estate’s biggest stories of 2021

All eyes were on South Florida real estate for various reasons in 2021, from rising rents that propelled record investment trades to huge multimillion-dollar home sales, to the expansion of financial giants such as Blackstone, and the many preconstruction condo sales launches. But the deadly collapse of the Champlain Towers South that…

Student housing developer buys assemblage near University of Miami for $23M

Landmark Properties bought a student housing complex and adjacent development site west of the University of Miami. Athens, Georgia-based Landmark bought The Cloisters Miami, a two-building rental community at 5830 Southwest 57th Avenue, and the 2 acres of vacant land next door for $23.3 million, records show. Landmark also closed on a $41.8 million…

Pembroke Park approves 6-acre retail development with a Wawa

A developer won site plan approval for Seneca Town Center, a 6.2-acre commercial project with a Wawa convenience store and gas station in Pembroke Park. Ferber Company plans to build the four-building development at 3195 West Hallandale Beach Boulevard. The project, with nearly 130,000 square feet of space, will also include a self-storage…

Bridge Industrial buys Pompano Beach Commerce Park for $46M

Bridge Industrial scooped up the Pompano Beach Commerce Park industrial complex for $46.3 million, amid strong investor appetite for South Florida’s robust logistics real estate market. The Chicago-based industrial real estate investor and operator scooped up the three-building property on the southwest corner of North Powerline Road and Northwest 16th Street…

Shahab Karmely nabs $128M condo inventory loan for new Hallandale project

Developer Shahab Karmely closed on a $128 million condo inventory loan for an oceanfront development in Hallandale Beach, replacing the project’s $103 million construction loan, The Real Deal has learned. Karmely’s KAR Properties secured the loan from Madison Realty Capital. It pays off debt that Apollo Commercial Real Estate issued in 2018.  The 38-story, 64-unit…

Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach

Architect Kobi Karp and his wife Nancy paid $5.7 million for a Walgreens-leased property in Delray Beach that sold a year ago for $2 million less. The Karps’ 10 Congress WG LLC bought the property at 10 South Congress Avenue from Congress Avenue Realty, an LLC managed by George A. Morgan III, records show. The 13,778…

Banking on Boynton Beach: Nuveen drops $126M for apartment complex

Nuveen Real Estate dropped $125.9 million to acquire The District Boynton, a 350-unit apartment complex, notching the latest in an ongoing string of big ticket multifamily deals in South Florida. An entity managed by executives of the New York-based real estate investment firm bought the three-building project at 1000 Audace Avenue…

Royal Castle Companies buys offices at Boca’s Park at Broken Sound

Elliot Stone’s Royal Castle Companies scooped up two office buildings in Boca Raton’s Park at Broken Sound for $8.9 million. Royal Castle, through an affiliate, bought the properties at 6501 and 6531 Park of Commerce Boulevard from MTI Properties Florida, according to a news release from the buyer’s broker. Reese Stigliano of Stigliano Commercial Real…

AHS Residential sells a pair of Lake Worth Beach apartment complexes for $82M

AHS Residential sold a pair of Lake Worth Beach apartment complexes for a combined $81.5 million, reflecting ongoing investor appetite for South Florida’s well-performing multifamily market. Social Housing bought the Village at Lake Osborne at 2430 Lake Worth Road and the Village at Lake Worth at 2220 Lake Worth…

Starwood snaps up Palm Beach County apartment complexes for $176M

Affiliates of Starwood Capital Group paid $176.4 million for a group of affordable housing complexes in Palm Beach County. Companies led by David Page of Southport Financial Services sold the properties at 8215 Belvedere Road in West Palm Beach, 301 and 303 North Congress Avenue in West Palm Beach, as well as 101 Pine Circuit in Greenacres, records…

Mast Capital Unveils Plans for Miami Development

Mast Capital has added another project to break ground on in 2022 after acquiring the land for its three-building master-planned development in Miami. The company, alongside equity partner Rockpoint, acquired a 2.8-acre site located at 1420 S Miami Avenue in the city’s Brickell neighborhood for $103 million in an off-market transaction with an undisclosed seller.

Chicago firm plans apartments, commercial complex on Edgewater OZ site

A Chicago-based real estate firm made its first venture in Miami in a bet on the Magic City’s thriving apartment market and tech industry. Trilogy Real Estate Group plans to build a 20-story rental… The plan is to build the apartment high-rise on the soccer fields at 169 Northeast 27th Street and 2728 Northeast Second Avenue, Karasik said. Zoning allows 20 stories…

Seagis picks up Doral industrial properties for $29M

Bradlee Lord, vice president, Seagis Property Group, in front of 3075 NW 107th Avenue  and 9700 NW 17th Street: Seagis Property Group continued its South Florida buying binge by acquiring two Doral industrial properties in separate deals totaling $28.6 million. The Philadelphia-based industrial real estate firm now owns 113 warehouse properties with more than…

Sale & Lease Valued At More Than $17 Million Negotiated on Doral Warehouse

Buyer Seagis Property Group purchased the warehouse from AllPlus Computer Systems Corp for $15,600,000. The price equates to $195.00 per square foot. The deal closed on December 14, 2021. “The lack of inventory of properties for sale within this size range along with continued demand for e-commerce/distribution centers made it the right time for…

Save Calusa nonprofit sues Miami-Dade over golf course redevelopment

A grassroots residents organization sued Miami-Dade County to overturn a vote that paved the way for the development of a residential complex on the long shuttered Calusa Country Club golf course property. Nonprofit Save Calusa and its leader, Amanda Prieto, are asking the court to void the county commission’s approval rezoning the 169-acre property…

Moishe Mana buys historic downtown Miami buildings for $34M

Downtown Miami’s largest private landowner closed at least two more deals before the end of the year, adding to his war chest of properties, The Real Deal has learned. Sergio Rok Moishe Mana paid $29.5 million for the Shoreland Arcade at 120 Northeast First Street and about $4.8 million for the building at 1 West Flagler Street, according to a source. The cash…

South Florida’s most intriguing real estate lawsuits of 2021

In the past year, lawsuits tied to the deadly collapse of the Champlain Towers South in Surfside garnered the most attention, while litigation targeting a Miami Beach hotel executive, a waterfront mansion landlord, and the city of Miami sought to expose shady dealings. Here are the juiciest lawsuits reported by The Real Deal in 2021. Champlain Towers South…

Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex

Mast Capital plans to build a massive complex with a condo tower and two apartment high-rises on a Brickell site. Coconut Grove-based Mast Capital, led by Camilo Miguel Jr., paid $103 million for the land at 1420 South Miami Avenue and proposes 1,250 residential units, according to a news release. The vision for the 2.8 acre-site is for an 80-story condominium…

NY investor pays $10M for multifamily dev site near Miami River

Stonecutter Capital Management paid $10.4 million for a multifamily development site a block north of the Miami River. The New York City-based real estate investment firm bought the property at 1400 Northwest 17th Avenue, which now houses a Chase Bank building, as well as the adjacent vacant lot at 1404 Northwest 17th Avenue, according to a deed.

Holiday sales jumped 11% from pre-pandemic levels

Despite concerns over supply chain issues, inflation and the omicron variant’s spread, one report says retailers had a holly jolly Christmas,. Boosts among in-store and online shoppers pushed sales nearly 11 percent above pre-pandemic levels and marked an 8.5 percent increase year-over-year, according to Mastercard’s SpendingPulse report. The analysis…

Here are South Florida’s biggest retail leases of 2021

Terra’s CentroCity development A lot of uncertainty remains about the retail market and how brick-and-mortar stores will evolve in the future in light of e-commerce growth. But if this year’s biggest leases are an indicator, three types of retailers remain buoyant: discount stores, gyms and grocers. They signed the largest retail leases in South Florida in 2021. Still…

Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings

Moishe Mana, already the biggest downtown Miami landlord, added three buildings to his massive holdings, as he plans to transform the area into a tech and cultural hub. Mana paid a combined $25.4 million for the properties at 100 North Miami Avenue, 173 Northeast First Street and 124 Northeast Second Avenue, according to a news release from Colliers…

Top Projects That Will Reshape Miami

Even though tourism is one of South Florida’s biggest job generators and the hospitality sector took a hard hit in 2020, the Magic City managed to bounce back fairly easily. The metro’s favorable geographical location and business-friendly environment, coupled with a preference for mixed-use buildings, are among the factors leading its resurgence. An array of outside…

Here are South Florida’s biggest industrial leases of 2021

The numbers are in for South Florida’s biggest industrial leases of 2021. Of the top five, Amazon takes two spots, fewer than in 2020, when the e-commerce behemoth snagged four of the five top spots. The average square footage of the top five industrial leases this year rose slightly — to 258,530 square feet from 223,520 square feet last year…

Miami’s Top Commercial Real Estate Moments of 2021

The Magic City has been one of the more fortunate U.S. metros that have seen a steep recovery since the outset of the pandemic in early 2020. Although Miami’s economy relies heavily on tourism and the sector is still one of the most affected by the ongoing health crisis, the city’s economy managed to kick off its comeback fairly easily. The unemployment…

ShareMD scores again in Boynton Beach, acquiring medical offices for $38M

ShareMD is bullish on Boynton Beach, acquiring two medical office buildings for $38.1 million just seven months after dropping $6.5 million for a health care property there. In an off-market deal, the Alpharetta, Georgia-based health care real estate and technology firm acquired Boynton Beach Medical Plaza at 10151 Enterprise Center Boulevard…

Chart: Miami Commercial Real Estate Sales to List Price Ratio November 2021

In this month’s chart of the sales price to listing price ratio for commercial property, though the ratio was down from the prior month, that prior month was the highest and years. The ratio is thus holding strong. This is for property sales as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that…

Integra, Constellation Group Trade Office Building in Miami Beach for $26.5M

Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the…

Chart: Miami-Dade Commercial Real Estate Sales November 2021

The chart herein displays the quantity of closed commercial property sales within the county of Miami-Dade, including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending November of 2021. November’s volume up a bit versus the prior month. As has been the case of late…

Vivian Dimond sells Hollywood apartments for $103M

Broker, investor, and developer Vivian Dimond closed this week on her $102.5 million sale of Hollywood East, a 247-unit apartment building she acquired four years ago as a distressed asset and turned around, The Real Deal has learned. New York-based GMF Capital bought the 15-story building at 2165 Van Buren Street in Hollywood for about $413,000 per apartment…

Brookfield buys Solano at Miramar multifamily complex for $188M

Brookfield Properties bought the Solano at Miramar for $187.7 million, adding to unceasing investor appetite for apartment complexes in light of a robust market. The New York-based real estate behemoth bought the garden-style community at 11700 Southwest 26th Street from an affiliate of Atlanta-based RangeWater Real Estate, according to property records.

Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale

Hotel developers Sadhana and Sanjaykumar Patel won approval to build an eight-story, 172-room, dual-branded hotel on the site of a vacant bank in Fort Lauderdale. Sadhana “Sandy” Patel is president of Luckey’s Management, a Fort Lauderdale-based hotel development and management company, and Sanjaykuma…

Fort Lauderdale approves downsized riverfront condo project downtown

A developer won site plan approval for a mid-rise riverfront condo project in downtown Fort Lauderdale after trimming its height and number of units. The Fort Lauderdale City Commission voted 4-1 last week for a revised site plan for 808 Southeast 4th Residences, a 12-story condo with 67 units. The developer, Boca Raton-based Robert…

Author Patrick Bet-David drops $9M on Broward office buildings

In separate deals totaling $8.6 million, author and social media influencer Patrick Bet-David picked up a pair of office buildings in Broward County. In Fort Lauderdale, an affiliate managed by Bet-David paid $4.2 million for a freestanding one-story office building at 5990 Federal Highway, according to records. The buyer was represented by Jaime Sturgis with Native…

Westover pays $79M for Dania Beach apartment complex

Westover Companies jumped into South Florida’s multifamily frenzy with a $78.7 million acquisition in Dania Beach just days before the end of the year. An affiliate of Westover, a King of Prussia, Pennsylvania-based real estate firm headed by President Guntram Weissenberger, bought the 240-unit Beach Walk at Sheridan apartment complex, according to records.

Redfearn Capital nabs West Palm Beach retail/office property for $18M

Redfearn Capital’s acquisition of a West Palm Beach retail and office building shows that commercial real estate wheeling and dealing in the city remains on fire as 2021 closes out. The Delray Beach-based commercial real estate investment firm, headed by founder Alexander Redfearn, paid $17.9 million for the two-story mixed-use project at 222 Clematis Street…

Estate Companies plans apartments in downtown West Palm, paid $16M for dev site

Estate Companies has conquered several Miami-Dade County submarkets with its Soleste-branded multifamily developments. Now it will build apartments for the first time in downtown West Palm Beach. Estate scooped up 2.5 acres of land at 550 North Rosemary Avenue for $15.8 million, with plans to build a multifamily complex, according to a news release.

Riverside Wharf plans entertainment complex with hotel

Slated to break ground in 2022, the Riverside Wharf will soon be the newest entertainment attraction along the Miami River. Projected to be completed in 2025, the 200,000-square-foot, two-tower development plans to offer a fully immersive Miami experience anchored by a 165-room Dream Miami luxury hotel. The complex is to feature the rebirth and expansion…

Dream Hotel Group to build downtown Miami flagship hotel

Dream Hotel Group announced plans to open a 165-room, 10-story hotel as part of a hospitality-driven entertainment complex in downtown Miami. Scheduled to open in 2025, Dream Miami will be the hospitality and entertainment centerpiece of Riverside Wharf, a 200,000-square-foot, dual-tower development in Miami’s developing residential, commercial…

Dream Hotel to anchor $185M riverfront project on site of the Wharf Miami

A Miami developer is partnering with Driftwood Capital to develop a Dream Hotel-anchored hotel and entertainment complex on the site of the popular Wharf bar and event venue along the Miami River. City of Miami voters approved an agreement in 2016 that gave MV Real Estate Holdings, led by Alex Mantecon and Guillermo Vadell, a long-term lease for half of the…

Low space and high prices boosted self-storage stocks amid pandemic

People across the United States locked down by the pandemic needed space to lock their extra things away, boosting self-storage properties to the top of the market. Self-storage shares on the FTSE Nareit All Equity REITs Index have returned more than 85 percent between price gains and dividend payments since Feb. 21, 2020, according to the Wall Street Journal.

Here are South Florida’s biggest retail deals of 2021

The largest retail deals in South Florida this year confirm renewed investor demand for well-performing shopping centers. The tri-county region’s biggest retail sale of the year, the $108 million trade of a northwest Miami-Dade shopping plaza, was more than double last year’s top deal of $47 million. Buyers involved in 2021’s largest five deals paid an average…

Related Group, Integra to Develop 354-Unit St. Regis Condo Project in Miami

Related Group and Miami-based Integra Investments have plans to develop St. Regis Residences, Miami, a two-tower condominium project in Miami’s Brickell district. New York City-based Robert A.M Stern Architects and New York-based Rockwell Group will oversee architecture and interior design, respectively. ONE Sotheby’s International Realty will be the project’s…

Sunbeam TV pays $14M for North Bay Village retail property, plans mixed-use development

The billionaire Ansin family’s Sunbeam Television continues its buying spree in North Bay Village, where it plans a mixed-use development along Kennedy Causeway. Sunbeam Television paid $14 million for the Presidente Supermarket and next-door retail building, at 1600 and 1624 79th Street Causeway, respectively, said Andrew Ansin, the broadcasting company’s…

Forte Capital Management leads $6M acquisition of Wynwood building

Seizing an opportunity for a gateway site in Wynwood, Forte Capital Management led a $6.4 million acquisition of a corner property in Miami’s trendy neighborhood. Chaim Cahane, president of New York-based Forte Capital, told The Real Deal that his firm bought the 14,000-square-foot retail building at 2830 Northwest Fifth Avenue. The deal received roughly 70…

Here are South Florida’s biggest office leases of 2021

The real estate industry has been touting South Florida’s office market as a magnet for out-of-state financial and tech firms. Even as vacancies topped 10 percent in the third quarter of this year, landlords opted to raise rents in a bet on these companies leasing up space, according to a Colliers report. Yet, the biggest lease this year came from neither a financial nor…

Office building by Lincoln Road in Miami Beach sells for $27M

Juan Jose Zaragoza of Miami-based real estate fund manager Exan Capital bought a renovated South Beach office building just off Lincoln Road. Integra Investments and Constellation Group sold the property at 1674 Meridian Avenue for $26.5 million, according to an Integra news release. The five-story 31,979-square-foot building on 0.2 acres has floor…

Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site

Related Group and Merrimac Ventures are partnering to develop a project at Miami Worldcenter, after paying $12 million for land. Records show an affiliate of Jorge Pérez’s Related Group bought the lots at 601 North Miami Avenue and 25 Northeast Sixth Street. The adjacent parcels total 0.6 acres. The Motwani family’s Merrimac Ventures is a joint venture partner…

Black Lion’s South Florida retail shopping spree continues with $19M South Beach deal

Robert Rivani, principal, Black Lion Investment Group, in front of the Marea at 801 South Pointe Drive: In a $19 million deal, Black Lion Investment Group purchased its fourth Miami-Dade retail site in a six-month span. The Los Angeles-based commercial real estate investment firm picked up the ground-floor commercial condos in Marea, a six-story…

County set to seek 4-star Miami International Airport hotel offers

Three local firms shortlisted to build a 4-star, 350-key hotel at Miami International Airport have wrapped up individual negotiations with Miami-Dade County and a request for proposals (RFP) is to go out before Dec. 31. A response is due in early 2022, with one of the three to get the contract. FDR Miami Hotel, Mainsail Development International and Parmco…

Miami tech and financial sectors spark economic gain

Strong population growth, declining unemployment, a slow but steady increase in the population’s GDP and the thriving technology and financial sector in South Florida are the main drivers of the area’s economic growth after the lows of pandemic. According to the Bureau of Workforce Statistics and Economic Research of the State of Florida, unemployment rate…

Vital Tri-Rail snafus due a fast airing

Miami-Dade County’s commissioner representative on Tri-Rail’s governing board, Raquel Regalado, has insisted on a meeting being held before the holidays to discuss major issues Tri-Rail is facing in bringing its commuter service into downtown Miami. Miami’s Downtown Development Authority donated $1 million to that $70 million project. “Commissioner Regalado…”

Supply chain issues delay Westchester Cultural Arts Center

Plans to celebrate Westchester Cultural Arts Center’s grand opening have been pushed back to March 2022 – correlating with the launch of East Park, a new outdoor performing arts space. Originally planned to have a grand opening in November, the cultural arts center, which was built by TGSV Enterprises Inc., is set to share the spotlight with East Park, which…

Multi-story Doral warehouses proposed

Doral’s commercial industrial rental rates has seen a climb to the point where multi-story vertical warehousing projects are being considered, according to local real estate experts. The process of developing and planning vertical warehouses is more expensive for owners due to specific accommodations to operate, said Matt Rotolante, president of…

Work set for 93-story Waldorf Astoria glass box downtown

The developer poised to redefine Miami’s skyline with an impressive tower of glass boxes rising 93 stories on Biscayne Boulevard is citing progress on the ambitious mixed-use project. The development, called 300 Biscayne, is to bring not only multi-family residential units and commercial-retail uses to downtown, but also a new Waldorf Astoria hotel. PMG Downtown…

Mayor Daniella Levine Cava: Vows a focus on economy, water, pollution, environment

Daniella Levine Cava came to South Florida over 40 years ago and never thought she would run for office. She now oversees a local government with more than 28,000 employees, 3 million residents, and an annual budget of about $9 billion.  She started as an attorney with Legal Services of Greater Miami and the Guardian Ad Litem Program, and in 1996…

9 Reasons to Invest in South Florida Commercial Real Estate

On a national and global level, Florida and particularly the South Florida market has been among the strongest, with continually solid returns and safety for the capital of international & domestic investors. US News & World Report currently ranks Florida #8 in fiscal stability and #10 with its economy nationwide. South Florida commercial real estate leads the…

Report: U.S. rents surged 7% from October to November

Nationwide average rents in November surged 7% over October and 21% over November of last year, according to new data from Redfin. As inflation accelerated in November, so did rents across the country. Nationwide average monthly rents surged 6.8 percent from October to November, a 20.5 percent increase from the same time last year…

Miami Worldcenter developer nabs $340M financing for mixed-use tower, marking third largest construction loan ever in Florida

The flow of money from New York to South Florida continues. Silverstein Capital Partners provided Dan Kodsi’s Royal Palm Companies with a $340 million construction loan for Legacy Hotel & Residences, a mixed-use condo and hotel tower planned for Miami Worldcenter in downtown Miami. The financing marks the third largest construction loan ever in Florida…

Here are South Florida’s largest multifamily sales of 2021

Barry Sternlicht and The Palmer Dadeland at 8215 and 8217 Southwest 72nd Avenue in Miami with Grant Cardone and Las Olas Walk at 106 South Federal Highway in Fort Lauderdale: The multifamily market prospered this year as an onslaught of demand pushed up rents to scorching rates, and investors took note. Much of the demand came from out-of-state…

Aztec Group Arranges $247.5M Financing for Downtown 5th Apartment Community in Miami

The past two years have been hectic, to say the least, with the coronavirus pandemic upending lives and markets around the globe. Among the regions that fared better than others is South Florida, which emerged relatively unscathed. Regional commercial real estate experts are now looking ahead to 2022, and they spoke with Bisnow regarding what’s on tap for the…

Two Tallest Towers Ever Proposed South Of Brickell Get New Renderings

Developers 13th Floor Investments and Adler Group have revised plans to build two 39-story towers next to a Metrorail station. The twin proposed towers, which are part of the Link at Douglas megaproject, could become the tallest south of Brickell. A submittal in August showed them topping off at 444 feet above ground. The previous tallest south of Brickell was also…

Jamestown Completes Sale of 308-Unit Apartment Community in Sunny Isles Beach

Atlanta-based Jamestown has completed the sale of Beach Place, a 308-unit apartment community in Sunny Isles Beach, about 19 miles north from Miami. A private buyer purchased the property for an undisclosed amount. Jaret Turkell, Roberto Pesant, Jose Mota and Omar Morales of Berkadia Institutional Solutions represented Jamestown in the sale. Beach Place…

Up for sale: Older waterfront South Florida condo buildings look for bulk buyers

Condo associations in Bay Harbor Islands and Miami Beach hired brokers to list their properties for sale in a bulk purchase, as older buildings increasingly field buyout offers from developers looking for redevelopment sites. The condo board of the 30-unit Bay Harbor Towers, at 10141 and 10143 East Bay Harbor Drive, hired Blanca Commercial Real Estate…

$105M Sale of Mixed-Use Development Site in Miami Arranged

Avison Young has arranged the $105 million sale of approximately three acres called Biscayne Place in Miami for a future mixed-use development. Melo Group plans to build apartments, condominiums and retail across four 60-story towers at the Biscayne Place land site. Located within an opportunity zone at 1700 Biscayne Blvd., Biscayne Place will be…

Melo Group Buys Miami Apartments for $105M

The Melo Group has acquired Biscayne Place from Midgard Group for $105 million. The property comprises an entire block in Miami’s Edgewater neighborhood and offers the firm a residential and mixed-use development opportunity near the downtown Arts & Entertainment District. Biscayne Place is located at 1700 Biscayne Blvd. between Northeast 17th Street…

From Wynwood to Hallandale Beach, projects score TCOs prior to year’s end

When the world was thrown into turmoil in early 2020, speculation abounded about how the South Florida real estate market would fare. But the quick turnaround and prosperity that ensued this year were unexpected. Newcomers primarily from the Northeast and California as well as from the Midwest were…

Here are South Florida’s priciest office sales of 2021

South Florida’s top office purchases this year roared past 2020’s top sales by wide margins. The top office sale for South Florida this year was Related Companies’ $282 million purchase of Phillips Point at 777 South Flagler Drive and 201 Lakeview Avenue in West Palm Beach. The sale easily topped last year’s biggest purchase of $163 million. Top sale prices for 2019…

Retail foot traffic is picking up, but shoppers are still cautious

Between holiday shopping and a slow return to the office, downtown districts across the country notched slight boosts in foot traffic. Pedestrian traffic in US downtowns continued to strengthen in November, marking the greatest monthly improvement in pedestrian traffic so far in 2021, according to data firm Springboard. The figure is 30 percent down…

Residence Inn by Marriott in Surfside sells for $70M

The Residence Inn by Marriott Miami Beach Surfside extended-stay hotel traded for $69.9 million, marking continued investor demand for South Florida hotels. An affiliate of Atlanta-based Hotel Development Group sold the 175-key property at 9200 Collins Avenue in Surfside for $399,429 per room. Records show the buyers are 11 entities that tie to Menomonee…

South Florida CRE Leaders On What’s To Come In 2022

The past two years have been hectic, to say the least, with the coronavirus pandemic upending lives and markets around the globe. Among the regions that fared better than others is South Florida, which emerged relatively unscathed. Regional commercial real estate experts are now looking ahead to 2022, and they spoke with Bisnow regarding what’s on tap for the…

3 Trends That Will Drive Real Estate in 2022

If there are three words real estate professionals should consider heading into the next year, they are flexibility, convenience and resiliency. Those are the defining themes that came out of the annual Emerging Trends in Real Estate 2022 report, released last week by PwC and the Urban Land Institute. So, here’s the good news: The narrative of the past year is that real…

Video: NAREIT’s Calvin Schnure sees demand for commercial real estate longer-term as pretty favorable

Calvin Schnure of NAREIT, an association that represents equity real estate investment trusts, mortgage REITs, REITs traded on major stock exchanges, public non-listed REITs and private REITs, discusses the recovery path for commercial real estate in 2022, including the impact of companies delaying back-to-office plans, and the Federal Reserve’s intent to possibly raise…

Barry Sternlicht buying The Standard hotel in Miami Beach: sources

Billionaire Barry Sternlicht is buying The Standard hotel in Miami Beach from the scions of Zara magnate Amancio Ortega, The Real Deal has learned. The sale of the 100-key hotel is expected to close soon for roughly $60 million to $70 million, according to sources. The property at 40 Island Avenue will continue to be a Standard hotel. The waterfront hotel has…

Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal

New York-based Fortress Investment Group bought Amerant Bancorp’s Coral Gables headquarters building for $135 million in a sale-leaseback deal. Amerant Bancorp, which operates Amerant Bank, disclosed in a Securities and Exchange Commission filing in November that a deal was pending for the sale of the 220 Alhambra Circle building to a Fortress…

JSB Capital buys Doral apartment complex for $255M

The Landmark South apartments in Doral traded for $255 million, marking the third biggest multifamily deal in South Florida this year amid a vigorous market. New York-based JSB Capital Group bought the complex at 6075 Northwest 105th Court from an affiliate of AECOM-Canyon Partners, according to the broker’s news release. Still Hunter and Greg …

Video: Top South Florida developers think Miami’s boom is here to stay

Despite reports that South Florida’s condo market is oversupplied, developers aren’t slowing down any time soon. At The Real Deal’s 2021 South Florida Real Estate Showcase + Forum, developer Gil Dezer noted that condos at Residences by Armani/Casa in Sunny Isles Beach, which he co-developed with Related Group, sold for an average of $1,250 per…

Related, Integra plan two-tower St. Regis condo development in Miami’s Brickell

The Related Group and Integra Investments are partnering to redevelop the waterfront site of an older affordable housing building in Miami into a pair of luxury St. Regis-branded condo towers, sources told The Real Deal. The 354-unit condo Brickell development will be designed by Robert A.M Stern Architects, who designed skyscrapers that include…

South Florida’s biggest hotel sales of 2021

Margaritaville Hollywood Beach Resort, East and Four Seasons at the Surf Club Domestic travel picked up this year, in some cases surpassing 2019 levels, and average daily room rates increased, boosting confidence in South Florida’s hotel market. The result was a bump in hotel investment sales, following a slow 2020, when only two sales topped $100 million.

Art Falcone wins approval for 285-unit multifamily project in Pompano Beach

Developer Art Falcone won a key approval for a seven-story, 285-unit apartment project with ground-floor retail space on Federal Highway in Pompano Beach. The city commission voted unanimously on Tuesday to allocate 285 “flex” residential units to the 6.2-acre development site at 3151-3251 Federal Highway. The commission can allocate…

Catch of the day? Acme Smoked Fish reels in Pompano Beach cold storage for $16M

Acme, the smoked fish company that traces its origin to the early 20th century, bought a cold storage and food processing facility in Pompano Beach for $15.8 million. Acme Smoked Fish reeled in the 43,000-square-foot building at 1280 Southwest 29th Avenue from Benson Properties, according to a news release from Berger Commercial Realty/Corfac…

MMG Equity Partners Acquires Plantation Community Plaza for $17.1M

MMG Equity Partners has acquired 234-268 S University Drive & 120-150 S University Drive, a 6.18-acre site on the SE corner of South University Drive and Broward Boulevard in Plantation, FL. The property consists of 35,850 sf of retail space along University Drive, plus 19,680 sf of office… Read more » The post News first appeared on MMG Equity Partners….

In $17M deal, MMG Equity buys another Plantation shopping center

234-268 South University Drive and 120-150 South University Drive in Plantation and MMG Equity Partners principals Martin Pico and Gabriel and Marcel Navarro: MMG Equity Partners dropped $17M to add another Plantation shopping center to its portfolio. An affiliate of the Pinecrest-based commercial real estate firm bought Plantation Community Plaza…

German conglomerate pays $227M for Fort Lauderdale apartments, marking its first US multifamily investment

Germany’s Union Investment has billions of dollars of assets globally, but when it came time to make its first U.S. multifamily play, it picked apartments in downtown Fort Lauderdale’s Flagler Village. The Hamburg-based investment manager, through its real estate division, bought EON Squared for $226.5 million, according to the buyer’s…

Related Group wins approval for 355-unit multifamily project in Dania Beach

The Related Group narrowly won site plan approval for Parkview Place, a 14-story, 355-unit apartment development east of U.S. 1 in Dania Beach. The Dania Beach City Commission voted 3-2 Tuesday night to approve both a site plan for Parkview Place and an associated plat amendment. Miami-based Related acquired the vacant, 4.7-acre development site at 901 East…