As rent explodes nationally, Miami tops the charts up 38%

In a year of robust growth in rents, five of the 10 cities where they soared the most were in Florida. Miami and Tampa rents skyrocketed 38 percent, the highest gains nationwide. Rents also shot up in Orlando, Jacksonville and St. Petersburg, by 32 percent, 27 percent and 24 percent, respectively, according to a new report by Zumper. Miami’s gain represented a…

How to prevent another Surfside tragedy: Grand jury outlines recommendations

The Miami-Dade grand jury empaneled to investigate the deadly Surfside collapse released its 43-page report, outlining recommendations for major changes, including accelerating the timeline for inspections and raising standards for those who perform them. The partial collapse of Champlain Towers South in June killed 98 people. Though the exact cause of the…

AJ Capital Buys Little River Portfolio in Miami for $80M

Development in Little River, an emerging neighborhood in Miami, is poised to enter into high gear after a large portfolio sold to the developer who helped transform Chicago’s Fulton Market. MVW Partners, led by married couple Matthew Vander Werff and Ashley Abess, sold a portfolio of Little River assets spanning 24 acres for $79.9 million to Nashville-based…

Miami Market Update: Office Development Forges Ahead

As of October, Miami had 2.5 million square feet of office space under construction, according to CommercialEdge data. While other gateway markets, such as Manhattan, are still struggling to regain momentum, Miami’s office market continues to expand. Since the beginning of the year, five mostly mixed-use projects that include an office component….

Open-air retail complexes enjoy breath of fresh air, hitting new peaks amid recovery

U.S. retail is slowly regaining steam in the wake of the pandemic, but open-air shopping centers can boast recent success that’s pushed the segment to new peaks. Landlords filled 17 million square feet of open-air shopping centers during the third quarter, according to CBRE data reported by the Wall Street Journal. The influx marks a 49 percent increase from 2019…

Here are South Florida’s largest industrial sales of 2021

South Florida’s top industrial sales crushed last year’s records, marking a return to sale prices in the hundreds of millions, as the sector outperformed the rest of the market during the pandemic. The largest industrial sale of 2021, CenterPoint’s $184 million purchase of warehouses in Hialeah, was nearly double last year’s top…

Sale Of Miami Industrial Facility To Prologis Closes

JLL Capital Markets closed the sale of Medley Palms Business Park, a fully leased, multi-tenant, light industrial facility totaling 44,000 square feet with significant trailer parking acreage in Miami. JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995. Prologis, the global leader in logistics…

R&B Realty’s Gateway at Wynwood Office Tower Nears Completion

One year after topping off, The Gateway at Wynwood, a 13-story Miami office tower, has received its temporary certificate of occupancy. Developer R&B Realty Group plans to open the property to tenants early next year. The developer broke ground on the project in early 2020 after receiving $76 million in construction financing from 3650 REIT, a balance-sheet…

Melo nabs $248M refi for downtown Miami apartment towers

The Melo Group scored a $247.5 million refinancing for its Downtown 5th apartment towers, the developer’s first multifamily project in Miami’s Central Business District. Melo, owned and led by Jose Luis Ferreira de Melo and his sons, Carlos and Martin Melo, completed the pair of 52-story towers with 1,042 units in August. The buildings are on the corner of Fifth…

Morgan Stanley targeting student housing rebound with joint venture

Morgan Stanley is the latest major player to dip its toes into the rebounding student housing market. The bank formed a joint venture with Global Student Accommodation, which put forth a $1.6 billion portfolio for the partners to snag a piece of the recovering student housing sector, Bloomberg reported. The starting portfolio accounts for nearly…

Prologis buys Medley warehouse for $23M

Prolific logistics real estate investor Prologis bought a Medley warehouse for $22.6 million, marking continued appetite for industrial buildings amid a hot market. The San Francisco-based real estate investment trust bought the property at 9401 Northwest 106th Street from K.D.D. Enterprises, led by Charles Largay, records show. The 43,700-square-foot warehouse…

Miami redevelopment wave sparks fears of climate gentrification

For 40 years, Louis Rosemond lived in Miami’s Little Haiti neighborhood, feeling like he was in his native Port-au-Prince. “We have the same restaurants as in Haiti, the same barbershops, the same rara,” said the 64-year-old artist, referring to the Haitian street festival music. “Little Haiti is Haiti.”  Yet all that is changing…

State kicks in $5 million for Miami’s World Cup host bid

Florida’s business-recruitment agency last week put $10 million into the pitch to help Miami and Orlando become host cities for the 2026 FIFA World Cup soccer tournament. Enterprise Florida directors agreed to provide $5 million for each city’s efforts, which are being led by the Greater Miami Convention & Visitors Bureau and the Greater Orlando Sports…

Superyacht sales surge sets off wave of boatyard growth on Miami River

An unprecedented surge in sales of superyachts has led to a wave of expansions and upgrades among boatyards along the Miami River. “The important job-generating marine industry on Miami River is growing,” said Miami River Commission Chair Horacio Stuart Aguirre, “with recently completed significant improvements at RMK Merrill-Stevens and…

Miami positioned as blockchain city of the world

Miami is very well positioned to be the blockchain city of the world, experts are saying, as an influx of talented people in the blockchain technology industry are choosing the city to develop their businesses and create a crypto-enthusiastic community. The Miami-Dade County Cryptocurrency Taskforce, created May 4 by the county commission, is studying…

Key Biscayne looks to county to cancel Rickenbacker bids

The Village of Key Biscayne Council has unanimously supported the mayor of Miami-Dade County’s recommendation to cancel a request for proposals to develop, maintain and operate the Rickenbacker Causeway and the Bear Cut Bridge, and called for creation of a working group of key stakeholders to start the process again to define priorities and needs. In line with…

Shoma, Related sell Park Square at Doral dev site for $16M, buyer plans multifamily project

Shoma Group and Related Group sold the last developable parcel at Park Square at Doral to a buyer that plans to build a multifamily project. Dallas-based Lincoln Property Company National bought the 3.4-acre property for $16 million, with plans for a roughly 360-unit apartment project, according to a Shoma news release. Shoma and Related built out the 52-acre…

Can universal housing vouchers ever come to the US?

When then-presidential candidate Joe Biden pitched expanding the nation’s housing voucher program to 11 million people, the proposal garnered little attention. It still did not make waves when Congress proposed $90 billion toward that goal. The proposal eventually did catch the eye of lawmakers in October — to the extent that it was considered an easy cut from a $3.5…

The commodity office playbook is “dead:” Developers bet on pricey perks

Developers desperate to bring employees back to the office are trying to lure them with pricey perks — and in some cases, it could be working. Amid hybrid work policies and delayed office-return dates, the Wall Street Journal reported developers are still turning to added perks like outdoor spaces and on-site chefs as amenities in hopes of making their office…

Cortland pays $174M for south Miami-Dade apartments and adjacent dev site

A multifamily investor bought a south Miami-Dade County apartment complex and development site, part of a planned mixed-use project that previously faced fierce opposition over claims it would pave over environmentally imperiled land. Atlanta-based Cortland scooped up the Mareas at Botanica complex at 15520 Southwest 127th Avenue…

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

From left: Larry Silverstein, founder, Silverstein Properties, and Dan Kodsi, chief executive officer, Royal Palm Companies: 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…

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter…

Like New York’s High Line, Miami’s Ambitious Underline Project Has Potential To Revitalize Region

Kobi Karp is a renowned architect who works on Miami’s most luxurious projects. But when he took the stage at Bisnow’s Construction, Development & Design event, he highlighted another real estate player in the city, Meg Daly, for founding the nonprofit group Friends of the Underline and kick-starting an ambitious park project in the city. “This is the work that…”

Barry’s ditches LA for Miami, law firm to move to Mizner Park, other news in leasing

Popular fitness firm Barry’s moved its headquarters from Los Angeles to Miami’s Wynwood Arts District. Barry’s took over Goldman Properties’ former headquarters at 2214 Northwest First Place, according to a news release. The space, owned by Goldman Properties, is 9,000 square feet. Goldman Properties’s late founder Tony Goldman, was known…

Miami Getting Yet Another Supertall Tower: MAJOR., On Brickell Avenue

Another supertall tower has just been announced in Miami. The new supertall will be called MAJOR. and will be built at 888 Brickell Avenue. The goal is to build “the most luxurious residential tower in the world,” the developers said in a press release. MAJOR. will rise 1,049 feet – the maximum permitted in Miami by the Federal Aviation Administration.

Hot Tub Clubs And Igloos: This Entrepreneur Is Taking His Nightlife Concepts To Miami And Beyond

While living in Moscow, Ukraine-native Volodymyr Hahonin came up with an eccentric nightlife formula. He took inflatable hot tubs, decked them out with neon lights, and put them on a rooftop next to a bar. He also set up a movie screen, like a drive-in cinema. The resulting concept was called Jakuznya. Given the weather, though, his business was only viable…

Another big year expected for industrial real estate in 2022 — but development may be stymied by supply chain

The U.S. industrial real estate market will continue to be on fire heading into 2022 but longer lead times to obtain construction materials and across-the-board price increases will also affect the sector. Cushman & Wakefield PLC (NYSE: CWK) took a two-year look into the future, predicting industrial absorption from the start of 2022 to the end of 2023 will be 855 million…

Demolition Underway At Site Where Miami’s Westernmost Skyscraper Is Being Built

Demolition is well underway at the site where Miami’s westernmost skyscraper is being built. Photos show that landscape architect Raymond Jungle’s former offices are now being demolished in Brickell on the Miami River. A former location of Finnegan’s on the River is also now nearly completely demolished. The Miami River tower will rise 640 feet…

South Florida real estate braces for flood insurance hikes

The last time the federal government overhauled its flood insurance program, Richard Nixon was president and Pink Floyd’s “The Dark Side of the Moon” topped the U.S. charts.  A lot has changed in the nearly 50 years since. Climate change has progressed, and persistent flooding has become commonplace in coastal communities across the country. Having paid…

Related CEO Jeff Blau says New Year will bring vaccinated workers back to office

Related Companies Chief Executive Officer Jeff Blau proclaimed Jan. 1 will be the day vaccinated workers will start heading back to New York City’s offices in droves and begin putting the Covid-19 pandemic behind us. Blau made the prediction to host Andrew Ross Sorkin during a Dec. 10 episode of CNBC’s Squawk Box, and said he’s already seeing signs of pre-pandemic…

Related Group and partners in contract to buy Fisher Island dev site for luxury condo project

A partnership led by Miami’s condo king Jorge Pérez and billionaire Teddy Sagi is diving into Fisher Island, home to one of the most expensive ZIP codes in the country. Pérez’s Miami-based Related Group, Sagi’s Globe Invest and BH Group are in contract to buy the last condo development site on Fisher Island, an exclusive island that is only…

Grant Cardone says he’s about to close on his biggest multifamily deal – and it’s all in South Florida

Grant Cardone invests in real estate nationwide, but for his biggest multifamily portfolio deal, he chose South Florida. The Golden Beach-based social media star, motivational speaker and founder of the 10X business growth platform, is set to close on the $744 million purchase of four properties: two near downtown Fort Lauderdale, one in Sunrise…

Terranova sells longtime Miami Beach HQ for $22M

Terranova Corporation sold its longtime headquarters in Miami Beach for $22 million, marking one of the largest investment sales on 41st Street. Terranova sold the nearly 52,000-square-foot building at 801 Arthur Godfrey Road to Fifteen Group in an off-market deal, Terranova Chairman Stephen Bittel told The Real Deal. Miami-based Fifteen Group, led by…

Mistaken zoning? Coral Gables takes first step to reverse allowing taller buildings in one area

Coral Gables is backtracking on a new development rule that allowed high-rise buildings in an mid- to low-rise area, saying it was not intentional. Yet, the move to nix allowing 190.5-foot tall — or 17 story— buildings is not enough to placate residents who say the city is only doing a half-way fix. They allege other zoning mistakes remain that loosened development…

Video: National developers talk South Florida markets at TRD event

Kushner Companies, PMG, Crescent Height and Witkoff are all nationwide developers, yet as panelists at The Real Deal’s latest event in Miami, it was clear that they all have an affinity for South Florida. “We have a big call” on the region, Steve Witkoff of Witkoff told the crowd last month at TRD’s Real Estate Showcase + Forum. Nicole Kushner-Meyer of Kushner Companies…

Worldcenter Agrees to Allow Office Space At Former Miami Arena Site

It appears that the former Arena site at Miami Worldcenter may be getting office space. On November 19, Worldcenter’s master developer amended a restrictive covenant to allow for office to be developed on the property, county records show. It isn’t clear if the new project will also have other uses. However, it will be a “high density” development, according to a…

Ivy Realty sells Miami-Dade freezer facilities to New York firms for $74M

In two separate deals totaling $74 million, a New York-based joint venture acquired a pair of cold storage warehouses near Miami Gardens and Aventura. Banner Property Group, headed by Managing Partner Jason Eisenberg, and Apollo Global Management bought a 235,000-square-foot building at 18770 Northeast Sixth Avenue and a 80,000-square-foot…

Chinese developer Evergrande defaults for first time

A moment six months in the making finally came to pass as Evergrande was labeled in “restricted default” following two missed coupon payments on Monday. Fitch Ratings cut the Chinese developer’s rating on Thursday, Bloomberg reported. The company didn’t confirm the missed payments with the credit rating firm, but bondholders reported they didn’t…

Clarion Partners sells North Bay Village apartments for $122M

iStar, through its ground-lease arm Safehold, bought the Moda North Bay Village Apartments along Biscayne Bay for $122 million. Records show that an entity in the care of New York City-based Safehold bought the building at 8000 West Drive from an affiliate of Clarion Partners. In line with Safehold’s business model, Safehold immediately leased the ground underlying…

Three points — er, retail properties in Davie for Miami Heat minority owner

Miami Heat minority owner Raanan Katz scored a three-pointer: scooping up a trio of Davie retail centers for $28.7M. Basketball aficionado and real estate mogul Katz, along with Daniel and David Katz, as managers of the entity RK Davie LLC, bought the properties at 5840 South University Drive, 5780 South University Drive and 5810 South University Drive. The seller…

Foundry Commercial plans warehouses in Coral Springs, pays $41M for dev site

Foundry Commercial bought a Coral Springs industrial development site for $40.8 million, with plans to build distribution warehouses. The Orlando-based company bought the 22.2-acre property on the southwest corner of Northwest 39th Street and 120th Avenue, records show. Foundry expects to build two warehoues…

Beztak, Wexford plan Boca Raton apartment project, buy site for $13M

Renderings of the Bocora project with co-buyer and co-developer Beztak’s Sam Beznos, co-buyer and co-developer Wexford Real Estate Investors’ president Joseph Jacobs and managing principal Philip Braunstein: Beztak and Wexford Real Estate Investors plan an apartment project on a Boca Raton site they purchased for $12.7 million. The joint venture will…

Rockpoint Group buys waterfront Boca Raton hotel for $38M

Rockpoint Group bought the Waterstone Resort & Marina Boca Raton for $37.9 million. The Boston-based real estate private equity firm bought the waterfront property at 999 East Camino Real, records show. Seller BB Hotel Owner JV is managed by Clifford and Matthew Lane, state corporate records show. The deal for the 139-key hotel breaks down to $272,482…

Boca Raton Innovation Campus sells for $320M, marking record South Florida office deal

The Boca Raton Innovation Campus sold for $320.2 million, marking South Florida’s biggest office deal of the year. New York-based DRA Advisors bought the 1.7 million-square-foot office park at 5000 T-Rex Avenue, according to records. The buying entity also lists the address of the seller, Boca Raton-based CP Group, in state corporate records. CP Group’s…

German investor buys Publix-anchored Boynton Beach retail plaza for $80M

Union Investment bought the Publix-anchored, fully leased Fountains of Boynton shopping center for $79.5 million. The investment arm of Germany’s DZ Bank Group bought the five-building plaza on the northwest corner of Jog Road and West Boynton Beach Boulevard from an affiliate of New York-based DRA Advisors, records show. Union…

New York real estate investor sells Palm Beach Gardens office building for $7M

In a $6.9 million off-market deal, a Tarrytown, New York-based real estate firm sold an office building in Palm Beach Gardens. Harric Realty Corporation, a company tied to Robert Mannheimer of East Islip, New York, bought the Harbour Point Plaza at 11000 Prosperity Farm Road, according to records. The seller is an entity managed by Howard Dean, principal…

Tortoise Properties pays $19M for downtown West Palm multifamily dev site

Tortoise Properties bought a downtown West Palm Beach multifamily development site for $18.8 million. Tortoise, based in Chicago and West Palm Beach, bought the 2.25-acre vacant property at 370 and 375 Eucalyptus Street from an affiliate of Austin, Texas-based Cypress Real Estate Advisors, records show. The developer plans to embark on a 264…

Video: Q4 Multifamily Update with RealPage Senior Manager-Market Analytics Carl Whitaker

Given what has been going on in multifamily, this one is must see video. Discussed are southeast markets, concentrating on Florida, noting that something like 9 out of the top 30 markets are in Florida. Addressed in whether the increased demand in Zoom towns (desirable locations that accommodate remote workers) continue? Also, will the 2021 sales…

Condo sales, occupancy on the rise in Greater Downtown Miami, report shows

The report defines the area as including downtown Miami, Brickell, the Arts & Entertainment District, Edgewater, Midtown, the central business district, and Overtown (iStock) After condo sales plummeted in Greater Downtown Miami at the start of the pandemic, the area’s residential market is showing signs of a substantial recovery, fueled in part by the surge in population…

Industrial strength: GLP Capital Partners scores $64M construction loan for Doral logistics project

As demand outpaces supply in South Florida’s industrial market, GLP Capital Partners scored a $64.2 million construction loan for a new logistics park in Doral, The Real Deal has learned. The Santa Monica, California-based industrial real estate firm is building Modlo Air Logistics Center on the former site of PepsiCo’s… at 7777 Northwest 41st Street. The project…

US mall values plummeted by one-third in 4 years

New data on United States mall values are the latest sign of how far the once-glorious retail centers have fallen. Malls have lost a third of their value in the past four years, according to Green Street data reported by Bisnow. Class-B and Class-C regional malls reportedly suffered the greatest value declines. The findings are similar to a Fitch Ratings report in…

These are the 10 largest real estate fundraisers of the last 5 years

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro— the one-stop real estate terminal that provides all the data and market information you need. When it comes to the top real estate fundraiser of the past five years, the results can be written in stone — Blackstone, that is. The longtime industry titan has raised nearly…

Major Food Group partners with Michael Stern on its First Branded Condo Tower in Miami

Developer Michael Stern is partnering with Major Food Group to build a branded luxury condo tower in Miami’s Brickell neighborhood, The Real Deal has learned. Stern’s JDS Development Group and the New York-based restaurant and hospitality group plan to build Major, a 259-unit tower at 888 Brickell Avenue, Major Food Group partner Jeff Zalaznick confirmed.

Video: SmartRent’s Lucas Haldeman on multifamily’s tech era

The residential real estate sector is becoming more institutionalized, with greater consolidation of ownership among the largest players as Wall Street spurs a number of novel business models such as iBuying. But institutionalization and wider adoption of technology go hand-in-hand, according to Lucas Haldeman. “You can’t make this an institutional…

Affluent millennials still priced out of homebuying, renting instead in South Florida, report shows

Many millennials are well into their careers and enjoying higher incomes, and in normal times, would be poised to take their next leap into adulthood: buying a home. But the booming housing market has left little inventory and pushed up prices, leaving the remaining supply out of reach, even for higher earners. Inflation also has made it difficult to save for a…

Scroll Through Google Streetviews of Miami’s Skyline for the Past 14 Years

Anyone that has had the pleasure of driving across the bridge to Key Biscayne, or even better, to walk, bike, or run on it, has to have noticed what a great view one gets of Miami’s rapidly growing skyline. What one loses track of is how much that skyline view is changing over time. SCROLL DOWN to check out these Google StreetView images recorded over…

Treasury to expand reporting on shell companies in real estate deals

President Joe Biden’s administration is reportedly set to make life more difficult for those looking to make all-cash real estate purchases in the United States using shell companies. The Treasury Department is looking to develop reporting regulations for all-cash deals, Bloomberg reported, citing two senior administration officials. The report comes as the…

U.S. Moves To Limit Money Laundering Through Real Estate Transactions

A mansion in Malibu, a palace in Miami, an estate in the Washington, D.C. suburbs and multiple commercial buildings in Cleveland have something in common: All were purchased with suspicious assets by people later sanctioned for corruption or human rights abuse. Similar deals could face new scrutiny under a proposal issued Monday by the U.S. Treasury…

Respark Residential acquires Wynwood Bay apartment building for $67M

A Fort Lauderdale-based multifamily real estate investment firm dropped $67 million for a 156-unit apartment building bordering two of Miami’s hottest neighborhoods. Respark Residential, led by President Nicolas Weinstein, acquired Wynwood Bay, a 19-story high-rise at 2500 Biscayne Boulevard, between Edgewater and Wynwood, according to a press…

Mayor calls for canceling Rickenbacker revamp process, starting over

Amidst debate over procedures, Mayor Daniella Levine Cava on Tuesday recommended canceling and restarting a procurement in the existing request for proposals (RFP) to design, build, finance, operate and maintain the Rickenbacker Causeway. In a memorandum to county commissioners, the mayor argues this path would “allow time to confirm federal…

Modernistic Coral Gables mobility hub avoids roadblock

Plans for a modern aesthetic and design for the Coral Gables Mobility Hub continue to move forward despite criticism. A motion initiated by Commissioner Rhonda Anderson suggesting having the city’s mobility hub design plans go back to the Board of Architects for a third time was rejected during Tuesday’s city commission meeting. “I would think that the…”

Miami looks at making Regatta Harbour garage a condo to net taxes

Miami city commissioners are considering a formal move that would help capture tax revenue from a portion of the city’s newest municipal parking facility, the Regatta Harbour Parking Garage. At its meeting today (12/9), the City Commission is to consider a resolution to direct City Manager Art Noriega to change the form of ownership of the property on the…

Bill in legislature would send $25 million to restore Freedom Tower

Following up on a proposal by Gov. Ron DeSantis, Rep. Bryan Avila of Miami Springs, has requested $25 million in the next state budget to restore the Freedom Tower at 600 Biscayne Blvd., a signature building by noted architects that opened as home to the Miami Daily News in 1925. Lawmakers are to consider the budget request during the legislative…

UM booster John Ruiz wants to launch Coral Gables football stadium effort

A prominent University of Miami booster is mounting an effort to build the Hurricanes football team a new home in Coral Gables. Coral Gables-based attorney John Ruiz is forming an eight-member committee that will push for the development of a college football stadium at Coral Gables Senior High School, according to the Miami Herald. Ruiz, founder of MSP…

New Jersey investors buy apartments in Brownsville Opportunity Zone for $14M

An investment group led by Bowery Properties’ Thomas Neary sold apartments in a Brownsville Opportunity Zone for $14.2 million, nearly double their purchase price from two years ago. The Thomas Fergus Trust, led by Neary and through an affiliate, sold the St. George Apartments at 5200 Northwest 26th Avenue to Lakewood, New Jersey-based 5200 NW…

New warehouse leases boosted by inflation, supply chain crisis

As inflation woes roil the economy at large, industrial real estate players are reportedly seizing on new contracts to pass on the increased costs. Prices for industrial property leases are up 25 percent on average compared to five-year lease contracts that expired in 2021, according to CBRE data reported by the Wall Street Journal. The increases stem…

Univista Insurance founders drop $48M for Le Jeune Road office buildings

A group of Miami insurance industry executives scooped up the office component of a Miami mixed-use project for $47.5 million. An entity managed by Univista Insurance CEO Ivan Herrera, his wife and UniVista Insurance President Ania Herrera and Univista Insurance COO Luis Castro, bought two five-story office buildings at 850 Northwest 42nd Avenue…

Chicago-based multifamily investor scoops up OZ dev site in Miami’s Edgewater

A Chicago-based multifamily investor scooped up a potential development site in an OZ in Miami’s Edgewater neighborhood for $12.5 million. Trilogy Real Estate Group, through an affiliate, bought the miniature soccer fields at 169 Northeast 27th Street and 2728 Northeast Second Avenue, as well as the adjacent vacant lot at 166 Northeast 28th Street, according to records.

Apollo Capital expands to Brickell, Pura Vida to Coral Gables, other leasing news

Renderings of Building 24 at Prologis’ Beacon Lakes industrial park and the Boulevard apartment project in Miami and the office tower at 701 Brickell in Miami, with Prologis CEO Hamid Moghadam: Apollo Capital Management I701 Brickell Financial firm Apollo Capital Management inked a long-term, 24,000-square-foot lease at 701 Brickell, according to the landlord’s…

Boxed out: Supply chain, energy crises rock real estate

With huge heating bills looming, Valentina Gojcaj moved quickly to lock in energy rates and keep her tenants warm through the winter months. The mere threat of rising demand amid a global energy crunch has landlords worried that the cost of heating oil could rise to a whopping $4 per gallon this winter, Gojcaj, who owns three buildings in the Bronx, said.

Cargo Transport King Ocean Expands To 157K SF At Prologis Beacon Lakes Industrial Park

Cargo transport company King Ocean Services is relocating and expanding within Miami, taking 157,528 square feet in the Airport West submarket. The ocean transport company signed a long-term deal to occupy an entire building at the Prologis Beacon Lakes industrial park. The building, located at 13155 NW 19th Lane, is currently under development and scheduled…

What’s an Airbnb worth? Suit seeks nearly $3M price drop for Miami Beach building without short-term rental permit

A real estate investor wants the price of a Miami Beach apartment…. cut… claiming he signed an inflated purchase contract after he was duped that the building can be rented out on Airbnb and VRBO. Raz Ofer, through an affiliate, sued sellers Alfredo and Regina Arias, alleging that they knowingly misrepresented that their building at 1533 Drexel Avenue has a short-term…

Video: Five South Florida mayors discuss keeping the market hot

“I like to say there’s two kinds of people,” Miami-Dade County Mayor Daniella Levine Cava said: “The people that already live [in South Florida], and people who want to live here.” In the last 24 months, thousands of people have flocked to the region for its business-friendly reputation and its laid-back lifestyle. But new Floridians have found a residential market…

Dollar General to open 1,000 stores aimed at wealthier, more suburban shoppers

Suburban shoppers beware: a Popshelf location could soon be coming to a location near you. Dollar General is aiming to operate about 1,000 Popshelf stores by the end of the 2025 fiscal year, CNBC reported. As of late October, there are 30 locations operating in six states. The retailer launched the Popshelf brand in 2020, aiming to draw in higher-income customers.

Levered and loaded: KKR looks to flex its real estate muscle

There’s a particular kind of “New York is back, baby!” vibe to the Edge, the observation deck at Hudson Yards where thrill-seekers can dangle from the tip of a skyscraper 1,131 feet above the city’s new power center.  The notion that plenty of people are willing to pay nearly $200 a pop to shake off their pandemic funk via self-inflicted vertigo is what KKR & Co. was betting…

Crypto-talk: Why real estate NFTs are the future of the NFT market?

Real estate, as opposed to movable personal property, does not need a physical transfer because it is immovable and therefore impossible to steal. Future real estate transactions will increasingly be conducted digitally with the use of new technology. Due to the coronavirus, there have been many shifts in the way we live our lives. One of these shifts has been the…

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…

The Fed: Measuring expected inflation with breakevens

A U.S. Treasury security typically promises to repay an investor a flow of coupon payments and then principal repayment once the security matures. These payments are made in U.S. dollars. A security that promises to deliver future dollars is called a nominal security. Most U.S. Treasury securities are nominal securities. Nominal securities do not offer investors protection…

Melo Group buying entire block in Miami’s Arts & Entertainment District for $105M to build resi towers

The Melo Group wants to build residential high-rises with retail on a full city block in Miami’s Arts & Entertainment District, and has the property under contract for $105 million, The Real Deal has learned. The Melo family’s development firm expects to close in mid-December on just over 3 acres between Biscayne Boulevard and…

Gomez Development scores $45M loan to build Aventura medical building

After closing on an Aventura site, developer Marlon Gomez’s firm secured a $45 million loan to build a medical office building on the property. Miami-based Gomez Development Group plans to use the proceeds from the Parkview Financial loan to build a speculative 142,000-square-foot, seven-story project at 21291 Northeast 28th Avenue, according…

WeWork says it must correct financial statements

WeWork’s life as a public company is off to a rough start. The coworking firm said Wednesday it has to revise its financial statements for three quarters after finding that it misclassified some of its public shares. WeWork disclosed that it previously counted certain shares as permanent equity, but those shares should have been called temporary equity.

Deepak Khosa nabs Homestead apartment complex for $11M

Deepak Khosa keeps stacking up South Florida apartment complexes, adding a 105-unit property in Homestead to his growing multifamily portfolio. Khosa, a real estate investor who owns Palm Beach Gardens-based Atlantic Property Services, told The Real Deal that his company recently paid $10.6 million for Card Sound, a garden-style…

Video: Hugh Kelly PhD on Central Business District Recovery; Big City Markets Defy COVID Expectations

Hugh Kelly, PhD, joins Michael to discuss how central business districts in major cities are recovering, despite pandemic hesitations. With Miami now having the third most dense skyline in the United States, this conversation is highly relevant to Miami area commercial real estate investors. To some degree, this is reality check pushback on the idea that “central business…”

Key International, Wexford snatch Pompano Beach Marriott for $54M

Key International co-presidents Inigo and Diego Ardid, President of Wexford Real Estate Investors Joseph Jacobs and Fort Lauderdale Marriott Pompano Beach Resort & Spa: In a $54 million deal, a Marriott-branded hotel in Pompano Beach traded for a second time in three years. Miami-based Key International and West Palm Beach-based Wexford Real…

Cofe Properties buys fully leased Sunrise industrial portfolio for $42M

Cofe Properties bought a fully leased industrial portfolio in the Sunrise Commerce Park for $42.3 million. A trust led by Leonard Edelman sold the seven-building portfolio to Coral Gables-based Cofe in two deals, records show. Cofe’s affiliate took out a $35.9 million acquisition loan from Ocean Bank. In the biggest of the two purchases, Cofe bought the…

Seagis pays $30M for rental car center near FLL, plans warehouse

Seagis Property Group bought a warehouse development site near Fort Lauderdale-Hollywood International Airport for $29.5 million, marking its ongoing bet on the booming South Florida industrial market. The Conshohocken, Pennsylvania-based company bought the Alamo Rent A Car-leased property at 1700 Eller Drive from Eller Drive Properties…

Corinthian Waterford buys Margate rental complex for $21M

The Waterford Villas rental complex in Margate at 6954 Southwest Fifth Street (Google Maps) Fort Lauderdale-based Victoria One sold the Waterford Villas rental complex in Margate for $20.6 million. Coral Gables-based Corinthian Waterford bought the villa-style community at 6954 Southwest Fifth Street, according to a news release. The buyer took…

Boynton Beach approves 236-unit apartment project with 118 workforce units downtown

Rendering of The Pierce with Jeff Burns, CEO of Affiliated Development Affiliated Development won approval for The Pierce, a mixed-use development in downtown Boynton Beach with 236 apartments, half of them rent-controlled workforce units. Fort Lauderdale-based Affiliated outbid four other developers — including the Related Companies…

Hawaii’s former richest person Jay Shidler pays $153M for Boynton Beach apartments

Real estate investor and philanthropist Jay Shidler, who once was Hawaii’s richest person, bought the Sealofts at Boynton Village apartments for $153 million. His family office, The Shidler Group, bought the complex at 600 Sealofts Drive from an affiliate of Boston-based Rockpoint Group, records show. The buyer immediately executed…

California firm pays $59M for West Palm Beach apartment portfolio

Lancaster Apartments at 1210 Palm Beach Lakes Boulevard, The Charmer at 345 30th Street and Sunset Place at 1001 36th Street in West Palm Beach. Inset: Kingdom Development’s William Leach: Riverside, California-based Kingdom Development’s affiliate NeuRock Capital bought three West Palm Beach multifamily complexes for $59.3 million. NeuRock purchased…

JV buys West Palm Beach office building for $13M

A joint venture between an investment firm and a construction group purchased an office building in West Palm Beach. District Pointe LLC, a joint venture between Sweden-based Index Investments and West Palm Beach-based Verdex Construction, bought the 65,760 square-foot building at 1501 Belvedere Road for $13.4 million, according to a release. The sale comes…

Malibu firm picks up mobile home parks near Coral Gables for $50M

A Malibu-based real estate firm paid $50 million to acquire two mobile home parks on Southwest Eighth Street… 1989 Sunny Court LLC, an affiliate of Marquis Property Company, bought the Silver Court park at 3200 Southwest Eighth Street and the Sunnyside/West Haven mobile home park at 6020 Southwest Eighth Street, according to the brokers involved…

Aventura assisted living and medical offices project scores $84M construction loan

An assisted-living facility project with medical offices and retail in Aventura scored an $83.8 million construction loan. Rieber Development is building 1212 Aventura with 163 luxury assisted-living units near Aventura Hospital and Medical Center. The financing breaks down to a $63.5 million senior construction loan from Miami-based BridgeInvest, and a $20.3 million…

Miami International Airport Weighs Private Deal For Five-Level Cargo Hub

Miami International Airport is in talks with a venture that wants to help double cargo capacity within three to five years by building a five-level cargo structure. CCR+Airis made the unsolicited proposal last year, aviation Communications Director Greg Chin confirmed to Miami Today. The $1.1 billion privately funded project would rise on 29.4 acres in…

Blackstone buys logistics portfolio for $2.8B

The Blackstone Group reportedly picked up a portfolio of 124 properties from Cabot Properties across the United States and Europe for $2.8 billion. The properties were sold in two deals, according to Bloomberg. One deal handed the firm 102 U.S. properties and the other 22 properties in the United Kingdom, Germany and the Netherlands. All told, the properties…

Jeffrey Soffer and Dave Grutman talk post-Covid concepts, more

Miami’s tourism market is booming after a brief lockdown, but restaurants, clubs, and hotels have struggled to navigate staffing shortages. “When the government gave out big checks, people stayed home,” Jeffrey Soffer, chairman and CEO of Fontainebleau Development said. But he doesn’t anticipate that problem lingering. “The money is wearing off. The free…

Major Food Group partners with Michael Stern on its first branded condo tower in Miami

Developer Michael Stern is partnering with Major Food Group to build a branded luxury condo tower in Miami’s Brickell neighborhood, The Real Deal has learned. Stern’s JDS Development Group and the New York-based restaurant and hospitality group plan to build Major, a 259-unit tower at 888 Brickell Avenue, Major Food Group…

MMG Equity Partners Acquires Homestead Corner for $4.2M

MMG Equity Partners has acquired 1020 & 1090 N Homestead Blvd, a 1.99-acre site on the SW corner of US-1 and NE 11th Street in Homestead, FL. The property currently has two buildings totaling 23,629 SF, operating as Mario’s Latin Café – a full-service restaurant, and The Inn… Read more » The post News first appeared on MMG Equity Partners…

Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project

Miami-Dade County was slapped with an ethics complaint over its approval of a controversial plan for a large housing community on a West Kendall golf course that was meant to be preserved as green space. Developer GL Homes wants to build a 550-home gated community on the Calusa Country Club, a 169-acre golf course on the southwest…

Last-mile facilities dominating industrial real estate

The last mile of the delivery chain is proving to be the most valuable one for industrial properties. A majority of U.S. industrial leasing during the third quarter involved parties hunting for less than 100,000 square feet, according to JLL data reported by the Wall Street Journal. The outlet noted that the size of the properties likely indicates a last-mile facility. The…

On holy ground: Sergio Pino’s Century Homebuilders plans apartments, school on Coral Gables church site

In the rush to build apartments to capitalize on the hot market, developers are competing for increasingly scarce buildable sites. No ground is sacred – not even a church. Sergio Pino’s Century Homebuilders Group wants to redevelop the… Pino, through an affiliate, bought the 1.5-acre property at 110 Phoenetia Avenue from St. James for $9.8 million, records show.

Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone

A mixed-income apartment project with commercial space could be on tap within an Opportunity Zone in Miami’s Little River neighborhood. Developer Thomas Conway, through one of his Qualcon affiliates, is seeking zoning and land-use changes for the site of a former AT&T telecommunications facility that is steps from The Citadel food hall.

First building in vast Little Haiti project gets OK

The very first building proposed to launch a major mixed-use project destined to change Little Haiti gained the support of the City of Miami’s influential Urban Development Review Board. At its November meeting the board unanimously recommended approval of what’s identified as Parcel 11, part of the Magic City Innovation District – Little Haiti SAP…

Miami board denies Wynwood Station mixed-use project

A mixed-use residential project planned for the east side of the Wynwood Arts District, near Midtown and Edgewater, was denied by the City of Miami’s Urban Development Review Board. Developer-owner Newcomb Properties #2 LLC plans to build Wynwood Station at 45 NE 27th St. But the board voted unanimously Nov. 17 to deny the project, after voicing…

Bonanza may raise Miami-Dade Transit federal funding by 24% to 30%

Funds directed to Miami-Dade transit projects from the Infrastructure Investment and Jobs Act will increase federal formula transit funds 24% to 30% and the county will still compete for additional money through grant programs, Eulois Cleckley, director of the Department of Transportation and Public Works, (DTPW) told Miami Today. The funds are to be used to…

Poseidon Ferry looks for dock use at Miami City Hall

As passenger counts on Poseidon Ferry’s Miami-Miami Beach route, now at about 120-150 riders a day, continue to rise, CEO Johnathan Silvia is looking ahead to adding service to Coconut Grove in January. With the help of Irene Hegedus, the county’s chief of transportation enhancement, the company is working on a docking agreement at Dinner Key Marina, just behind City…

Is privately built five-level air cargo hub at MIA too good to be true?

Miami-Dade is weighing an unsolicited offer to fill an air cargo gap made public last month amidst a global air shipping boom. The developer asks to multiply cargo capacity at a new vertical hub at landlocked Miami International Airport and pay for it all. If this sounds too good to be true, it might be. Details have yet to be unveiled and, if the county follows its…

Treasury Department to ease rent relief backlogs with reallocations

States struggling to keep rent relief efforts alive could soon benefit from a Treasury Department plan to reallocate funds. Rental-assistance money would be shifted from municipalities with unused funds to those who desperately need it, the Wall Street Journal reported. Officials didn’t specify to the Journal which states and municipalities would gain and lose funds…

Black Friday retail traffic stuck below pre-pandemic levels

Even after the peak of the pandemic, Black Friday no longer appears to be the saving grace of retailers around the country. Retail traffic in the United States dropped 28.3 percent from 2019’s holiday, according to preliminary data from Sensormatic Solutions reported by CNBC. The data show traffic was up 47.5 percent from last year, when coronavirus restrictions and…

Terranova scores $55M refi of Miracle Mile portfolio in Coral Gables

Terranova Corp. secured a $55 million refinance of its Miracle Mile portfolio in downtown Coral Gables, as the firm continues to take advantage of low interest rates. Miami Beach-based Terranova, led by Chairman Stephen Bittel, received the financing from City National Bank. The debt consolidates and replaces loans from three lenders on 14…

AJ Capital Partners invests in Opportunity Zone portfolio in Miami’s Little River

MVW Partners secured a majority investment from a real estate firm that focuses on Opportunity Zone projects. Adventurous Journeys (AJ) Capital Partners, based in Nashville, Tennessee, partnered with Miami-based MVW Partners to acquire the majority ownership of the 24-acre portfolio MVW has assembled in Miami’s Little River, according to Matthew Vander…

Kosher hotels planned near Seminole Hard Rock Hotel & Casino

Wyndham Grand in Hollywood by Sharon Sharaby Jewish tourists who want to visit the Seminole Hard Rock Hotel & Casino in Hollywood will be able to stay at a kosher hotel directly across the street starting next year, and they may have another kosher option near the tribal resort by 2024. The 100-room Wyndham Dolce Kosher House Hotel will have a…

Mindspace gets $72 million induction to continue shared-space expansion

Israeli shared-office space provider Mindspace has secured $72 million to help fuel its expansion in Europe, the United States and its home country. The fundraising round was led by Harel Insurance Investment and Financial Services to help Mindspace, which manages 1 million square feet of office space in 32 branches across 17 cities and seven countries…

Jared Kushner looks to Persian Gulf for investment-firm financing

Jared Kushner (Getty) Jared Kushner, who worked closely with Arab states on behalf of the US government and his father-in-law, then-President Donald Trump, is looking to the Persian Gulf to raise money for his new investment firm — a move that has ethics watchdogs on high alert. The New York Times reports that Kushner, the former CEO of Kushner Properties…

Crypto-talk: Real Estate in the Metaverse – “How deep does this “rabbit hole go?”

With regard to capital appreciation, real estate has traditionally been considered to be one of the more popular investment options. Remember, it is a limited resource whose value is intrinsically related to its status as a scarce resource. What happens, though, when real estate begins to lose its sense of reality? Please allow me to introduce you to the world of…

Crypto-talk: Sample framework for the trade of real-estate ownership rights via blockchain-enabled technologies, including NFTs – powered by ESQ.title

This article provides a sample framework for the trade of real-estate ownership rights via the “encapsulation” of those rights in a Non-Fungible Token (NFT), as well as NFT participation in the DeFi sector and the potential of providing crypto title insurance, for added confidence and security.  Moreover, this Crypto-talk article will address some of the…

Rents in New York and South Florida metros surged more than 30%, led nationwide rise

Average monthly rents rose by 13 percent since last year, with the bulk of the price surges recorded in popular metro areas, according to a new report from Redfin. The report pins the average monthly rent nationwide in October at $1,858, a 12.5 percent year-over-year rise from 2020. Average rent in October in 2020 was only $1,651, but has been rising ever since.

The Fed: Beige Book Contacts Expect Price Pressures to Ease in 2022

The latest Beige Book report on economic conditions in the Southeast found that prices and wages continued to climb amid a tight labor market and ongoing supply chain challenges. But many expect price pressures to ease next year. On the employment front, turnover rose as employers lured workers from rivals with “significant wage increases and greater…

Lawsuit: Miami Beach Sidewalk Café Crackdown Would Be ‘Death Sentence’ For Restaurants

A crackdown on sidewalk cafés in Miami Beach means that 13 existing establishments could fail to qualify for renewed permits and be shut down by Tuesday, Nov. 30, potentially causing a ripple effect for landlords, a lawsuit warns. The Lincoln Theater and Lincoln Associates, parent companies of Tapelia restaurant and Ole Ole steakhouse, are suing…

The South Florida Answer to West Coast Logistic Bottlenecks

South Florida’s industrial market fundamentals, particularly for bulk warehouse space, blew through the third quarter of 2021 on strong leasing demand and new construction. The region’s healthy consumer market and growing population helped push investor and occupier confidence in the industrial market, which is likely to continue through 2022. The backlog…

Boca Raton office buildings sell in separate trades for $49M

Tricera Capital led by Ben Mandell, bought Milan at Town Center at 1675 North Military Trail, and Beverly, Massachusetts-based Brookwood Financial Partners, led by Chairman and CEO Thomas Nicholas Trkla, bought Sabre Centre I at 5901 Northwest Broken Sound Parkway. In separate deals totaling $49.1 million, Tricera Capital and Brookwood…

Overlooked downtown West Palm Beach area poised for redevelopment as Nora District

Downtown West Palm Beach’s growth has caught the eye of developers and real estate investors, but one district has been left out of the activity. Now, this is poised to change. The city, working with NDT Development and Place Projects, wants to implement a set of building regulations aimed at breathing life into the area anointed…

Two Roads, Alpha Blue score $122M construction loan for West Palm Beach condo project

Two Roads Development and Alpha Blue Ventures scored a $121.5 million construction loan for their luxury condominium tower in West Palm Beach. The development duo are planning the 24-story waterfront Forté at 1309 South Flagler Drive, overlooking the Lake Worth Lagoon and Palm Beach. Little Rock, Arkansas-based Bank OZK provided the financing, according…

Ivanhoé Cambridge picks up Little Havana apartment complex for $105M

With a $104.8 million purchase, a Canadian real estate development firm is the new owner of the InTown apartment complex in Miami’s Little Havana neighborhood. An affiliate of Ivanhoé Cambridge picked up the two-tower, 15-story multifamily project at 1900 Southwest Eighth Street, according to records. The purchase is part of the firm’s $3.6 billion deal to acquire…

AMLI Residential bets $31M on another Midtown Miami development site

With one apartment building at Midtown Miami under its belt, AMLI Residential is planning another major multifamily project in the neighborhood. An affiliate of the Chicago-based luxury apartment developer bought a 1.84-acre site at 3001 Northeast First Avenue for $30.5 million, records show. The seller is Midtown Development, headed…

Insatiable: Amazon has more than doubled its space during pandemic

Amazon knew what it had to do. E-commerce was booming. People were ordering more items online than ever before — everything from groceries to medication to sweatpants. Warehouses were going to run out of space. Amazon had to make that someone else’s problem. So it went on a buying and leasing spree. “We are on track to double our fulfillment network…

Thor Equities, Remy Jacobson list Miami Design District retail buildings previously tied up in litigation

A New York-based real estate firm and a cryptocurrency entrepreneur want to unload retail buildings in Miami’s Design District. In separate listings… seeking at least $32 million for its Stefano Ricci-occupied store at 120 Northeast 39th Street… placed a vacant historic building at 4141 North Miami Avenue on the market with an asking price of $12 million.

Miami International Airport weighs private deal for five-level cargo hub

Miami International Airport is in talks with a venture that wants to help double cargo capacity within three to five years by building a five-level cargo structure. CCR+Airis made the unsolicited proposal last year, aviation Communications Director Greg Chin confirmed to Miami Today. The $1.1 billion privately funded project would rise on 29.4 acres in a ground…

Atlantic Sapphire, which grows Salmon at its Homestead facility, woos its top supplier from Canada

Atlantic Sapphire, which grows sustainable, pollution-free salmon from eggs to maturity in its land-based facility in Homestead, announced an agreement that will bring Skretting, the company’s supplier of fish feed, to South Miami-Dade. In exchange, Atlantic Sapphire committed to continuing to source the majority of its salmon feed from Skretting over the next…

Parkland Acquires Florida-Based Urbieta Oil

Parkland Co. has agreed to acquire all of the assets of Urbieta Oil Co. This acquisition complements Parkland’s existing Florida commercial business by establishing a large retail and convenience growth platform with high-quality real estate in Miami. “This acquisition advances our growth strategy to increase our convenience retail presence in a region where we have…

Art Basel brings galleries from 36 nations to Miami Beach

The 2021 edition of Art Basel Miami Beach is making its grand return and set to feature 253 leading galleries from around the globe. Along with presenting works across all media, from rare and historical masterpieces to new pieces by today’s emerging artistic voices, the art fair, which is headquartered at the Miami Beach Convention Center at 1901…

Claridge House, Regents Park at Aventura nursing homes trade for $33M

The Claridge House and Regents Park at Aventura nursing homes in north Miami-Dade County at 13900 Northeast Third Court and 18905 Northeast 25th Avenue sold for a combined $33.4 million. Englewood Cliffs, New Jersey-based CareRite, through affiliates, bought half of the ownership interest of each facility, records show. Two other entities, each managed…

Plum Market to open in Aventura and other leasing news

Sprouts Farmers Market I Shadowwood Square near Boca Raton The Shadowwood Square shopping plaza (Courtesy of Terrranova Corporation) Organic grocer Sprouts Farmers Market is opening in a 25,837-square-foot space at the Shadowwood Square shopping center near Boca Raton. The lease is for 15 years, according to the retail plaza…

Here’s where real estate issues stand in the Build Back Better bill

The U.S. House of Representatives on Friday greenlighted the roughly $2 trillion Build Back Better Act, meaning the fate of billions of dollars in housing funding is now in the hands of the Senate. The measure’s approval follows the passage of the $1 trillion infrastructure bill, which represents the largest federal investment of this kind in more than a decade.

Chart: Miami-Dade Commercial Real Estate Sales October 2021

This chart displays the quantity of closed commercial property sales in Miami-Dade county including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending October of 2021. October’s volume was nearly the same as the prior month. But for a couple of post COVID surge months…

A $40 million renovation has turned this former hostel into a Miami Beach gem

From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach hotel is a tribute to Española Way’s past — and maybe a barometer of its future. The engaging new design of the hotel on the Spanish-Mediterranean pedestrian street, which was built in the…

Michael Stern accused of “duping investors” in Monad Terrace project

Minority investors in Michael Stern’s Miami Beach condo project filed a summons against his development entities, seeking $10 million. Limited liability companies linked to Ariel Ackerman’s Ackerman Development and Daniel Minkowitz’s Mink Development, investors in Stern’s waterfront luxury condo project at 1300 Monad Terrace in Miami Beach, filed the…

PTM, Kushner to Develop 420-Unit Multifamily Tower in Miami’s Edgewater District

PTM Partners and Kushner Cos. have formed a joint venture partnership to develop 2000 Biscayne Boulevard, a 420-unit multifamily tower in Miami’s Edgewater neighborhood. The developers expect to start construction in the fourth quarter, while leasing is expected to begin in the first quarter of 2023. The 36-story tower will be located along Biscayne Boulevard…

IMC Equity grabs another Hialeah office building for $15M

IMC Equity Group is bullish on Hialeah, snagging its second office property in the City of Progress in two years. Yoram Izhak’s North Miami-based investment firm paid $14.7 million, or $190 per square foot, for the 77,000-square-foot Palm Springs Center at 1840 West 49th Street, The Real Deal has learned. The seller is Cofe Properties, which paid $4 million for the seven…

Ready Capital Closes $9.3M Loan for Self-Storage Property in Miami Beach

Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self-storage property in Miami Beach. Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option…

The Standard hotel-branded condos are coming to Midtown Miami

Carlos Rosso with Amar Lalvani of Standard International and renderings of the Standard Midtown The Standard hotel group is branding its first residential development, which will be built in Miami’s Midtown neighborhood, The Real Deal has learned. Developer Carlos Rosso of Rosso Development is partnering with Alex Vadia’s Midtown Development…

D.R. Horton has 97 acres of farmland in Homestead under contract

D.R. Horton has 96.7 acres of farmland in Homestead under contract for a future mixed-use community. The Arlington, Texas-based homebuilder (NYSE: DHI) filed a municipal pre-application with Miami-Dade County officials concerning the property at the northeast corner of Southwest 328th Street and Southeast Sixth Avenue. It’s just west of Florida’s Turnpike.

New York restaurant operator sues to end Bal Harbour Shops deal

The owner of New York City Italian dining hotspots Sant Ambroeus and Felice claims rising construction costs derailed its restaurant opening at Bal Harbour Shops, according to a recently filed lawsuit. An affiliate of SA Hospitality Group, led by co-founder and Chairman Gherardo Guarducci, sued Bal Harbour Shops in Miami-Dade Circuit Court earlier this week….

Trammell Crow Buys Land for Miami Project

Trammell Crow has bought a vacant, $10 million, 9-acre plot in Miramar, Fla., and plans to build a 250-unit development dubbed Alexan Miramar. The project is part of the city’s Monarch Lakes community. Workspace Property Trust was the seller and Avison Young Principal Keith O’Donnell and Colliers Executive Managing Director Mark Rubin brokered the off…

Kushner Cos. Taps Investment Partner For Miami OZ Development

Kushner Cos. has taken on a partner in the development of a 420-unit multifamily project in a Miami opportunity zone. Miami-based PTM Partners, a real estate investment and development firm with an initial focus exclusively on qualified opportunity zones, joined in a joint venture with Kushner Cos. at 2000 Biscayne Blvd. in Miami’s Edgewater…

The Shore Club In South Beach Is Getting A New Tower

A developer has submitted plans to the Miami Beach Historic Preservation Board to restore the historic Shore Club Hotel in South Beach and add a new tower. Robert A.M. Stern Architects is partnering with developers Witkoff and Monroe Capital on the redevelopment. The new Stern-designed tower is proposed to rise 17 stories. Combined, the redeveloped Shore…

Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi

Qatari firm Al Rayyan Tourism Investment Company is set to close on a $188 million refinancing for the St. Regis Bal Harbour resort. The loan comes a year after the Reuben Brothers acquired a $132 million mortgage that backed the oceanfront resort. The new commercial mortgage-backed securities loan values the hotel at $331 million, according to DBRS…

A Skatepark Is The Centerpiece To This Miami Developer’s New Mixed-Use Concept

Miami is slated to get a new mixed-use hangout, with a skate park serving as the centerpiece. The concept, dubbed SkateBird, will serve as a skating arena, shopping hub, event center and food hall. The 32K SF facility — located at 533 Northeast 83rd Street in the mostly residential village of El Portal, just north of Little Haiti — is said to be a first for the state.

JV Completes 360-Unit Miami Luxury Community

A partnership between The Estate Cos. and PTM Partners has completed Soleste Grand Central, a 360-unit luxury community in Miami. It is the first large-scale ground-up Opportunity Zone property to be delivered in Miami-Dade County. Caymares Martin designed the development, while ASG Interior Design planned the interiors. Around 20 percent of the units…

CVS Health shuttering almost 1,000 stores in 3-year pivot

CVS Health is preparing to shutter almost 1,000 stores in the next three years as it looks to develop new health care outlets. The company announced plans on Thursday to close approximately 300 stores on an annual basis in the next three years. The Associated Press reported the closures represent nearly one-tenth of CVS’ 10,000-store retail footprint.

CenterPoint buys Medley industrial building for $9M

Industrial real estate giant CenterPoint Properties scooped up a Medley warehouse for $8.6 million, marking continued market demand. CenterPoint bought the building at 10500 Northwest South River Drive from Epling Leasing, according to Jose Sasson, one of the deal brokers on the deal. Epling Leasing is led by Dawn Peterson of Marietta, Georgia, and…

Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site

Billionaire real estate moguls Teddy Sagi and Jorge Pérez have selected their second South Florida property to invest in: the long-shuttered White House Inn at the entrance to North Miami… Pérez’s Related Group and Sagi’s LabTech Investments Limited are partnering to acquire the waterfront property at 2305 Northeast 123rd Street…

Lynd Living Sells Miami-Area Property for $67M

Lynd Living has sold the 290-unit Aqua Villa in Margate, Fla., for $66.5 million, after just eight months of ownership. The listing agent was Hampton Beebe of Newmark. The community last traded in March, when Lynd Living bought it for $50.8 million. The firm spent $4 million to renovate the property. Improvements included the addition of chef’s…

Moves hit 73-year low despite so-called pandemic migration

Stories of pandemic-spurred migration have dominated headlines and small talk over the past year, but recently released figures show the story couldn’t be further from the truth. More than 27 million people reported moving in the previous year, accounting for 8.4 percent of residents, according to U.S. Census Bureau data reported by The Associated Press.

Denver and Miami firms team up on $73M Doral office park acquisition

A Denver-based real estate private equity firm teamed up with two Miami companies to buy a Doral office park for $73 million. Denver-based Ascentris, led by CEO Gabe Finke, partnered with Highline Real Estate Capital and Square2 Capital to acquire the three-building complex at 8200, 8300 and 8400 Northwest 33rd Street, according to a press release.

New York investment firm snags Pompano Beach truck repair shop site for $9M

Pompano Beach has some new industrial investors. New York-based IG Logistics, the industrial platform for Imperium Capital, bought a truck terminal and repair shop site at 2407 Hammondville Road for $8.5 million, according to records. The seller is J.T.R. Real Estate Enterprises, a Florida corporation linked to John and Tammy Ragno. IG Logistics, founded in…

Brooklyn-based JV scoops up downtown Fort Lauderdale dev site

A joint venture of two Brooklyn-based firms plans a multifamily, mixed-use tower in downtown Fort Lauderdale. Heights Advisors and Legacy Partners bought the development site, a roughly 1-acre parking lot at 111 Southwest Third Avenue for $6.7 million, according to the broker’s press release. Heights Advisors, based in Brooklyn, paid $7.8 million for the next-door…

Bowling alley and two retail centers in Broward trade for combined $59M

In separate deals totaling nearly $59 million, 13th Floor Investments picked up a Hallandale Beach bowling alley, while Terra and Stiles sold retail centers in Pembroke Pines and Fort Lauderdale. Terra and Stiles’ sales show continued momentum for outdoor shopping centers. In recent months, investors have flocked to retail properties…

Lynd Living flips Margate apartment complex for $67M

Eight months after buying a Margate apartment complex, Lynd Living flipped the property for $66.5 million, roughly $15 million more than its previous purchase price. Hampton Beebe, a commercial broker with Newmark who handled the listing, told The Real Deal that Atlanta-based Carroll Organization bought the 280-unit Aqua Villa at 5750 Lakeside Drive.

American Commercial Realty buys North Palm Beach property for $36M

In a deal that closed at roughly $9 million below listing price, American Commercial Realty picked up a North Palm Beach mixed-use property. The Palm Beach Gardens-based commercial real estate firm paid $36.2 million for a 7.9-acre site at 1201 U.S. Highway 1. Called Crystal Cove Commons, the property features 75,000 square feet of ground-floor retail next to a…

Westlake approves Adrenaline World entertainment complex, retail center

In separate decisions earlier this week, the Westlake City Council approved a family entertainment venue and a shopping center inside Minto Communities’ 50-acre master-planned business park, Westlake Landings, in western Palm Beach County. The two projects are among a string of developments in the pipeline for the fast-growing, five-year-old city…

New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M

Schweb Partners bought the Oakwood Apartments in Lake Worth Beach for $35.4 million. Records show that One Real Estate Investment, through an affiliate, sold the townhouse rental community at 2425 Second Avenue North to Schweb Partners. The 160-unit complex was built in 1993 on 12.6 acres, property records show. The deal breaks down to $221,250 per unit.

Miami Market Update: Investor Interest Drives Pipeline Growth

As of September, Miami’s office development pipeline reached 2.9 million square feet, up 6.9 percent month-over-month, according to CommercialEdge data. The under-construction supply represented 4.3 percent of the metro’s total stock, significantly exceeding the the national average of 2.4 percent. The national under construction pipeline has…

Construction on hold at Vlad Doronin’s Una Residences in Miami following water table breaches

Construction is on hold at the construction site of Una Residences luxury condo tower in Miami’s Brickell, after a series of breaches of the water table. Two groundwater breaches have occurred at the site at 175 Southeast 25th Road since October, and residents of neighboring properties have voiced their concerns about the impact the breaches could have on their…

Terra’s Eighty Seven Park construction next to Champlain Towers South led to collapse, lawsuit alleges

The Eighty Seven Park development team ignored warnings about the damage the tower’s construction was causing to the Champlain Towers South feet away, leading to the deadly Surfside condominium collapse, a new lawsuit alleges. The complaint alleges that Eighty Seven Park developer Terra, led by David Martin, and its team of contractors and engineers…

Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami

PTM Partners joined Kushner Companies as a joint venture partner in a major multifamily development in Miami’s Edgewater neighborhood. PTM, an Opportunity Zone-focused real estate development firm based in Miami, is now a 50-50 partner in the three-tower planned development at 2000 Biscayne Boulevard, where Kushner has been…

Crypto-talk: How Blockchain Technology and Smart Contracts Are Transforming the Real Estate Industry 

The advent of blockchain technology is projected to have a big impact on real estate, the largest asset class by value, which is predicted to expand from $2687.35 billion in 2020 to $3717.03 billion in 2025. Blockchain is the core technology that enables the whole cryptocurrency ecosystem’s value proposition. It’s the technology behind Bitcoin’s security and the reason…

Major Food Group to open Sadelle’s in Coconut Grove

Major Food Group will open its popular brunch restaurant Sadelle’s in Miami’s Coconut Grove neighborhood, The Real Deal has learned. The New York restaurant group, which has expanded rapidly in the Miami area, inked a lease with the new owner of the former Tigertail + Mary restaurant building at the Park Grove development, according to sources.

A record-shattering quarter for industrial real estate

Industrial real estate made history in the third quarter as e-commerce and other tenants grappled for limited U.S. warehouse space. The segment logged 159 million square feet of net absorption — the amount of space newly occupied minus the amount vacated. It was the highest quarterly total since 2008, Transwestern said in a…

I-395 Underdeck, Miami Heritage Trail designs march ahead

Progress on an I-395 Underdeck Greenway is accelerating as the City of Miami has submitted a final design concept and deals with the Florida Department of Transportation (FDOT) to adjust between the formal budget proposal and the redesigned operating plan the city presented in August 2019. But funding to do the project, due to open in 2024, is still needed.

Miami Market Update: Investment Sales Pick Up the Pace

As of September, roughly 280,000 square feet of office space traded in Miami, with sales prices amounting to nearly $50 million, according to CommercialEdge. Most of the properties that changed hands were class C assets. Year-to-date through September, Miami has seen $1.66 billion in office transactions, significantly higher than last year’s figure at this…

A-Rod, ex-brother-in-law skip trial, settle dispute over multifamily empire

Former baseball slugger Alexander Rodriguez and his ex-brother-in-law, Constantine Scurtis, settled their remaining claims in their seven-year dispute over a once-burgeoning real estate empire, avoiding a trial that was set to begin on Monday. Scurtis, whose sister Cynthia Scurtis was married to Rodriguez, had sued A-Rod, claiming he had cut him out of their…

Witkoff and Monroe Capital unveil major redevelopment plan for the Shore Club in Miami Beach

After acquiring ownership of the Shore Club in Miami Beach, Witkoff and Monroe Capital are planning a massive makeover for the historic property. The joint venture is seeking to tear down a 20-story tower and two-story cabanas built in 1998 on the east side of the property at 1901 Collins Avenue, according to plans submitted to the city of Miami Beach.

Shore Club getting a Miami Beach makeover and sleek new residential tower

The Shore Club, one of Miami Beach’s iconic hotels that has been closed since 2020, is set to be redeveloped by New York-based developers Witkoff Group and asset management firm Monroe Capital, with famed architects Robert Stern and Kobi Karp, after previous plans for renovation failed. Developers submitted plans to Miami Beach’s Historic…

CMBS delinquencies plunge, but still above pre-pandemic levels

Bad commercial debt is getting harder to find. Since peaking at 10 percent last June, the delinquency rate for CMBS loans has fallen for 16 consecutive months, but remains above pre-pandemic levels. Industrial, hotel, retail and multifamily delinquency rates have all improved significantly in the past year, according to a report from Morningstar. In October, the overall…

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

The chart above displays the sales price to listing price ratio as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of Miami-Dade, including cities within, that were priced from $1 million to $10 million and that closed from January 2011 to October 2021. This ratio hit…

To get an idea of how much commercial property tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.

Jorge Pérez’s Related Group buys Princeton apartment dev site for $8M

As part of the development wave overtaking south Miami-Dade County, Jorge Pérez’s Related Group wants to build a mixed-income apartment project in Princeton. An affiliate of Related paid $7.8 million for 10 acres on the west side of Southwest 127th Avenue and less than a quarter mile north of 248th Street, according to records. Seller…

Miami-based CGI Merchant Group to pay $375M for Trump’s DC hotel

Donald Trump is set for his second exit from Washington, D.C., as CGI Merchant Group is reportedly in contract to buy the Trump International Hotel lease. The Miami-based investment firm, helmed by Raoul Thomas is in contract to buy the hotel lease for $375 million, according to the Wall Street Journal. Under its new ownership, the 263-key hotel will…

National developers Witkoff, Kushner, PMG, Crescent Heights talk betting big on South Florida

The Real Deal’s Erin Hudson with Property Markets Group’s Kevin Maloney, Crescent Heights’ Russell Galbut, Kushner Companies’ Nikki Kushner Meyer and Witkoff Group’s Steve Witkoff The panel topic at The Real Deal’s South Florida Real Estate Showcase and Forum on Wednesday was national development, but the panelists wanted to talk about South Florida.

State attorneys general call for eviction ban on subsidized renters

Attorney General of New York Letitia James and United States Secretary of Housing and Urban Development Marcia Fudge (Getty) Tenants in New York may have two more months of eviction protections, but most renters nationwide have been exposed since August. Eviction filings have risen steadily since the Supreme Court tossed President Biden’s eviction ban…

JV Lands $55M Refi for Miami Beach Luxury Community

A partnership between Turnberry Associates, Elion Partners and Privee Capital has taken a $55 million loan to refinance 17 West, a 27-unit luxury property in Miami Beach, Fla. Newmark arranged the loan through Ladder Capital. The community, which spans a full block along 17th Street, offers a mix of one- to three-bedroom floorplans. The loft-style units feature…

Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site

Two months after securing rezoning approvals for a 250-unit apartment complex, Trammell Crow Residential closed on its nearly $10 million purchase of the development site in Miramar. An affiliate of the Dallas-based commercial real estate development firm paid $9.8 million for a vacant 9-acre property on the northwest corner of Southwest 145th Ave…

Two Miami Gardens churches could be demolished for multifamily

Two church-owned sites in Miami Gardens could be rezoned for multifamily development. The City Council will hear both applications Nov. 10. Specific site plans would be required at a later date. The bigger site is the 4.89-acre parcel at 3311-3341 N.W. 189th St. It’s owned by the Gospel Tabernacle Faith Deliverance Church and currently has two religious…

$47M Sale of Two-Property Retail Portfolio in Miami Gardens, Florida

The properties in the portfolio include Las Villas Market Square and Miami Gardens Shopping Plaza. Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is an 84,543-square-foot retail and service center anchored… Built in 1960, Miami Gardens Shopping Plaza is a 114,342-square-foot retail center… on 11 acres at 4500-4698 NW 183rd St…

Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale

When Canadian real estate company Ivanhoé Cambridge struck a deal to buy $3.6 billion of apartments in the U.S., it honed in on growth markets like the Sun Belt and coastal suburbs. It is no surprise then that the Avana Bayview complex in Pompano Beach was one of the 30 properties. Ivanhoé Cambridge bought the community at 1631 South Federal Highway, as…

Broward warehouses trade for combined $47M in three separate deals

In a trio of separate deals, real estate investors from Miami, Orlando and New York picked up Broward County industrial properties for a combined $46.7 million. The purchases show South Florida’s industrial market is not slowing down, even as warehouse properties become harder to come by. Three entities managed by Midtown…

$180M refinancing secured for Miami Beach Edition Hotel

JLL’s Hotels & Hospitality Group has secured $180 million in financing for the Miami Beach Edition hotel, a 294-room hotel located at 2901 Collins Ave. on the beach. Kevin Davis and Barnett Wu of JLL Hotels & Hospitality arranged the financing on behalf of the undisclosed borrower. Redesigned in 2014, Miami Beach Edition offers traditional guest rooms and suites…

Brookfield pays $8M for office building in Boca’s Park at Broken Sound

Brookfield Properties paid $8.3 million for a fully leased office building at the Park at Broken Sound in Boca Raton. Records show that the New York-based real estate investment behemoth bought the 38,195-square-foot building at 6300 Park of Commerce Boulevard. The seller is FirstService Residential, a property manager…

Menin Development makes $10M play for Delray Beach hotel

Three months after opening its first hotel in Delray Beach, Menin Development picked up another hospitality property in its own backyard. The Delray Beach-based commercial real estate developer bought the Crane’s Beach House Boutique Hotel & Luxury Villas at 82 Gleason Street for $10 million…

West Palm shopping center foreclosure suit leads to CMBS drama

The owners of the Cross County Plaza shopping center in West Palm Beach are learning the drawbacks of taking on cheap debt, as it fights back against a foreclosure action. Cross County Owner LLC, led by Bernardo Kohn and Paul Pollak, took on a $32 million commercial mortgage-backed securities loan in 2014 to finance the shopping center at 4340 Okeechobee…

Stephen Ross’ One Flagler office tower in West Palm preserves 100-year-old church, scores tenants, including Estiatorio Milos

In a modern-meets-classic project, Stephen Ross’ latest downtown West Palm Beach office tower will rise next to a nearly 100-year-old church that will be preserved. Ross’ Related Companies embarked on the 25-story One Flagler, where two financial firms and a Greek restaurant signed leases. It will be on the western portion of a 2.5-acre site at the foot of the Royal…