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…

Miami, West Palm Beach, Fort Lauderdale Among Markets Where Apartment New Lease Trade-Out is Much Higher

With new lease trade-out reaching historic peaks recently, some apartment markets are seeing incredible momentum pace significantly ahead of renewal lease trade-out. In the nation overall, a surge in leasing activity in recent months led to an all-time high in occupancy at 97.3% in September. With limited vacancies, new lease trade-out, which measures the…

Moishe Mana employee indicted in $7.8M tax avoidance scheme

Eugene Lemay, a longtime Moishe Mana employee who led the billionaire developer’s multi-city arts hub, Mana Contemporary, has been indicted for tax evasion and conspiracy to defraud the IRS. Joel Lingat, the gallery-cum-studio’s bookkeeper, has also been indicted. NJ.com first reported the news. Prosecutors allege that Lemay, 61, evaded nearly $8 million in payroll…

Miami Market Update: Fintech Firms Follow the Sun

In September, Miami’s office vacancy slipped to 13.6 percent, registering a 60-basis-point drop from the previous month, but still 100 basis points higher than in September 2020, according to CommercialEdge data. The metro outperformed the national vacancy rate of 14.9 percent, which decreased by 50 basis points through September, but was still up 130…

Video: RealPage Market Analytics Senior Manager Carl Whitaker on Multifamily Opportunities and Forecast

Could central business district multifamily performance be the canary in the coal mine for primary markets? How have eviction moratoriums, rising construction costs, and supply issues impacted the multifamily proeprty market? What should multifamily investors expect in the future for performance and cap rates? These questions and others related to…

What 3 big mall bankruptcies say about the state of retail

In “Mallrats” — the quintessential movie about ’90s mall culture — a character is driven mad trying to find a sailboat hidden in a Magic Eye poster. Assessing the state of American malls today can trigger the same frustration. Three of the country’s largest mall landlords — all coping with similar problems even before Covid shuttered their doors last year…

Warehouses in the sky: Multi-level projects ramp up

There was nowhere to go but up. In 2016, Dov Hertz, the No. 2 person at Gary Barnett’s Extell Development, made a late-career leap and started his own shop. He decided to focus on industrial, though as a New York City developer he had no experience with it: New Jersey’s sprawling industrial parks, comprising some 800 million square feet, had long served as the…

Report Predicts Remote Work Trends Will Cause Steep CRE Losses, Problems For Cities

The coronavirus pandemic created a work-from-home revolution that may lead to a decline in tax revenues from commercial properties, and cities will suffer as they cannot provide important services to residents, a new report warns. If current trends persist, demand for commercial real estate space could drop by 12% to 25% in key cities, leading to a correlated drop…

Glimmers Of Hope Ahead For Downtown Retail Markets Still Struggling To Recover From Pandemic

It has been a long slog back to normalcy for retailers located in U.S. central business districts, as the coronavirus pandemic kicked off low office occupancy rates in March 2020 that have yet to recover. As business dried up, many downtown retail shops — especially independents — closed. While survivors are still struggling, there are glimmers of hope…

WeWork Former CEO Adam Neumann breaks his silence

Meet the new Adam Neumann, same as the old Adam Neumann. The WeWork co-founder, who presided over one of the most spectacular rise-and-fall stories in modern business, made his first public remarks since he was forced out of his startup two years ago. From listening to Neumann’s account, relayed to New York Times DealBook’s Andrew Ross Sorkin…

Florida Developer Leads Largest Shipping Container Multifamily Project In The U.S.

A development team is building a 52-unit multifamily project out of 130 used shipping containers in West Palm Beach, Florida. When complete, it will be the largest shipping container housing project in the country, according to Shelterforce. The project, called Arts on Broadway, is in an opportunity zone in the long-distressed but gentrifying Northwood…

Bittersweet tenant: Sugar Factory owner sues Nakash over Ocean Drive lease

In a tenant-landlord dispute laden with sugar and spite, a candy-themed chain restaurant operator is accusing Nakash Holdings of engaging in an unlawful eviction in Miami Beach. In a countersuit filed last month in Miami-Dade Circuit Court, ILov305 accuses a Nakash affiliate of attempting to collect nearly $1 million in rent payments that are allegedly not owed…

“Good luck finding people”: Barry Sternlicht warns of labor shortage for infrastructure bill

On a call where Barry Sternlicht and executives at his Starwood Property Trust touted the strength of their portfolio and the global real estate market, Sternlicht took a minute to sound off on the government’s $1 trillion infrastructure bill. Sternlicht, chairman and CEO of the real estate investment trust, citing construction costs increasing 2 percent monthly…

Federal Team Gives Insight Into Investigation Of The Surfside Condo Collapse

A federal agency investigating the technical reasons for the collapse of the Champlain Towers South condominium in Surfside, Florida, has assembled a six-pronged team and begun its fact-finding process. But answers won’t come quickly. “We think it will take two years” to draw conclusions, Jennifer Huergo, director of the public affairs office for the National Institute…

More apartments on tap: Alta nabs $77M loan for project near Pinecrest

Developers can barely build apartments quickly enough to quench the deluge of demand in South Florida. Construction financing, at least, has been flowing their way amid the robust market. In the latest example, Alta Developers scored a $77.1 million loan for a 296-unit multifamily building just outside Pinecrest. New York City-based Mack Real Estate Group is…

Workers wield the bargaining power in return-to-office plans

As return-to-work plans gather more steam, a survey of building managers and commercial real estate advisors found firms are largely deferring to their employees to determine what shape office life will take. There’s one facet of the office’s future where workers are getting the most wiggle room: their schedules. Most organizations plan to let employees pick how…

Coral Gables Mobility Hub weathers a design critique

Coral Gables commissioners got another look at how the city’s mobility hub is coming along on Tuesday and suggested some detailed improvements moving ahead. Then, despite some concerns about a modern building’s looks, they voted to move the project forward. During the commission meeting, city officials gave their input on what should be added into…

Extended care facility seeks 269 units on Coral Way

A developer plans construction of an extended care facility in the City of Miami’s Coral Way neighborhood. To be called Renaissance at the Gables, the eight-story structure would have 208,545 square feet of floor area, offering 269 residential units and parking for up to 122 vehicles. It is being defined as a community support facility, and the owner is named…

Okan Tower is back: Developer relaunches sales of downtown Miami tower

The developer of Okan Tower in downtown Miami relaunched plans for the project — now that international travelers can enter the U.S. again. Okan Group, led by chairman Bekir Okan, put sales of the planned 70-story Hilton Hotel & Residences-branded tower on hold when the pandemic began last year. Now that the U.S. lifted the ban on foreign travel from 33 countries…

Despite no mass-eviction event, filings are on the rise

The end of the national moratorium didn’t spark an eviction surge, but gaps in federal rental assistance and tenant protections have reportedly given way to a swelling trend. The mass-eviction event many feared would follow the federal moratorium’s expiration in August didn’t come to pass, but tenants across the U.S. are facing a steady rise in filings. Evictions are…

Melo’s second downtown Miami apartment project scores $75M construction loan

Melo Group’s second apartment project in downtown Miami got a boost in the form of a $75 million construction loan. The 57-story tower, dubbed Downtown 1st, will have 560 market-rate units steps from the Third Street and Miami Avenue Metromover stations. The tower also will have 3,000 square feet of retail space and 10,000 square feet of offices. Records…

Jared Galbut, Keith Menin buy Coconut Grove building from Federal Realty

Bodega Taqueria y Tequila owners Keith Menin and Jared Galbut are going from tenant to landlord in Coconut Grove, even before the opening of their restaurant and bar. 3419 Main LLC, led by Menin and Galbut, paid about $4.3 million for the two-story, 2,250-square-foot building at 3419 Main Highway. Property records show the seller is an affiliate of Federal…

Taxing endeavors: Real estate accountants brace for change out of D.C.

As Washington lawmakers tangle over the details of President Biden’s economic agenda, real estate investors and their tax advisors are trying to figure out what it all means — often in the heat of the deal. “Life is going on and transactions are being done,” said Michael Greenwald, a partner at the accounting firm Friedman. “It makes it very difficult for people to plan.”

Seagis Property Group Acquires 53,000 SF Warehouse In Doral

Seagis Property Group announced today that it has acquired a 53,000 square foot distribution facility located at 10005 NW 58th Street in Doral. The two-unit warehouse was purchased through a 50% sale-leaseback.  There is currently a 26,500 SF vacancy available for immediate occupancy. The acquisition increases the Company’s South Florida portfolio to 110…

Big Tech’s appetite for real estate continues to grow

They’re digging their teeth into real estate. Big Tech’s explosive profits and growth are leading to a boom in real estate acquisitions and developments for companies including Facebook, Amazon, Apple, Netflix and Google’s parent company, Alphabet — collectively known in industry parlance as FAANG. The five tech titans own or lease terabytes of space across the…

House passes $1 trillion infrastructure bill

The House passed a bipartisan $1 trillion bill aimed at rebuilding the country’s aging infrastructure Friday night, fulfilling a promise by President Joe Biden to pour money into highways, bridges and mass transit while also investing in climate resilience and expanding high-speed internet access into rural areas. Meanwhile, a second bill zeroing in on climate change…

Workers return to offices as jobs recovery accelerates

The stop-and-go jobs recovery was on the move again last month. The U.S. economy added 531,000 new jobs in October, dropping the unemployment rate to 4.6 percent, according to the Labor Department, which revised September’s tepid hiring from 194,000 to 312,000. “Job growth bounced back in October,” said Mike Fratantoni, chief economist of the…

$10M deal in its backyard: Finvarb Group picks up Bay Harbor Islands hotel

A Bay Harbor Islands-based hotel development and investment firm is making a $10 million bet in its own backyard. Finvarb Group, led by Ronny Finvarb, bought The Landon Bay Harbor-Miami Beach at 9650 East Bay Harbor Drive, The Real Deal has learned. The seller is BHI Hotel, an entity managed by Samuel Spiritos, a managing shareholder with Shulman…

Big win: A-Rod prevails on civil RICO, theft claims tied to multifamily empire

Alexander Rodriguez is so far hitting it out of the ballpark in a suit filed by his ex-brother-in-law, Constantine Scurtis, over their unraveled real estate empire. A Miami judge on Wednesday struck Scurtis’ racketeering and theft counts, both civil claims, against A-Rod, saving the former baseball slugger from tens of millions of dollars in damages. The ruling came on the…

Dead end: Nakash entities sue Miami Beach for closing off Ocean Drive to vehicles

The New York-based Nakash family that owns four Art Deco hotels, the former Versace mansion and the commercial space in an Art Deco condominium is accusing Miami Beach officials of creating check-in chaos for their customers by banning vehicular traffic on Ocean Drive. In a lawsuit filed in Miami-Dade Circuit Court last month…

Office broker explains high hopes for WeWork partnership

Cushman & Wakefield’s Brett White and John Forrester Two years ago, the real estate industry wondered if WeWork would collapse under its own weight. Now, commercial brokerage giant Cushman & Wakefield is counting on the flex-office provider to help it attract and retain corporate service clients. Late last month, the company closed on a $150 million…

Developers are finding new lives for “zombie” malls

It took two weeks for the body to be discovered. Police in Gwinnett County, Georgia, revealed the grisly finding: A woman’s remains had somehow gone unnoticed near the food court of the Gwinnett Place Mall through what should have been the height of the holiday shopping season in 2017. Beyond the inherent tragedy, the incident was a macabre reminder of the decline…

Chetrit scores $310M construction loan for Miami River mixed-use project

Chetrit Group secured a $310 million construction loan for its $1 billion mixed-use mega development planned for the Miami River. Madison Realty Capital provided the loan for the first and second phases of the multi-phased project, according to a release. New York-based Chetrit has long planned to develop the 6.2-acre site, south of the river, between I-95…

$310 Million Loan Granted To Build First Two Phases Of Miami River Project

The Miami River project has obtained a construction loan and is now moving forward with the first two phases. The financing is to build both a residential high-rise tower, and a river walk that will be open to the public. Foundation construction is already underway at the project site. The loan totals $310 million, enough to build the first two phases of the project…

Secretive real estate purchases driving offshore economies

Major investors spending millions on real estate via offshore companies or trusts are increasingly dodging authorities, and in turn, setting off sizable ripple effects in global markets. An investigation by the International Consortium of Investigative Journalists outlines growing evidence that massive offshore real estate purchases could negatively impact those…

Alberto Campo Baeza reveals Miami office building design

Spanish architect Alberto Campo Baeza has unveiled his first commercial project to be built in the USA – a Miami office building for developers Bizzi & Partners and Sumaida + Khurana. The two real estate experts have joined forces for the very first time for this workspace architecture scheme, which is set to bring the Spanish master’s powerful brand of minimalism…

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…

JP Morgan: Is Inflation Still Transitory?

Despite its billing as “transitory” this summer, inflation has proven more durable than many expected. Instead of resolving as the economy rebounded, supply chain disruptions persisted through the summer. In late October, Federal Reserve Chair Jerome Powell acknowledged the supply chain disruptions could persist well into 2022, continuing to drive prices…

MLB’s Mo “The Hit Dog” Vaughn scores Edgewater development site for apartments

Former baseball first baseman Mo “The Hit Dog” Vaughn plans to build market-rate apartments in Miami’s Edgewater neighborhood, marking a shift for his company that has so far focused on affordable housing. Vaughn’s Omni New York, through an affiliate, paid $7.2 million for the development site at 116 Northeast 24th Street, according to records.

LA firm nabs Sunrise industrial building for $13M

A Los Angeles-based commercial real estate firm scored a fully leased, single-tenant industrial building in Sunrise at a time available properties in South Florida are becoming scarce. An affiliate of Safco Capital Corporation, headed by President John Safi, bought the 75,026-square-foot warehouse in the 612-acre Sawgrass International Corporate Park for $13.4 million…

Brian Tuttle wins approval for 205 single-family home project in Parkland

Developer Brian Tuttle won rezoning and site plan approval last week for his planned cluster of 205 single-family homes on 76 acres in Parkland. The Parkland Royale Phase 2 development site includes a property known as Gator Acres, with nearly 5 acres of land in unincorporated Broward County that the city of Parkland plans to annex under an agreement with Tuttle.

GL Homes drives home $66M deal for Boca Raton golf course

After a one-year delay, a Sunrise-based residential developer closed on a 190-acre, city-owned golf course where it plans to build more than 500 homes. GL Homes, led by President Misha Ezratti, paid $65.7 million for the Boca Raton Municipal Golf Course, according to records. The seller is the city of Boca Raton. Due to the postponement of the closing last November…

TA Realty buys Delray Beach apartments for $83M

TA Realty bought an apartment complex in Delray Beach for $82.8 million, in the ongoing flurry of investment sales in South Florida’s booming multifamily market. The Boston-based real estate investment firm purchased the SofA complex at 150 Southeast Second Avenue and 151 Southeast Third Avenue from Mesirow Financial, according to records.

Billionaires Teddy Sagi and Jorge Pérez invest in major transit development in West Palm Beach

Teddy Sagi and Jorge Pérez with a rendering of the development Billionaire real estate moguls Teddy Sagi and Jorge Pérez are investing in Transit Village, a long-planned, transit-oriented mixed-use development planned for West Palm Beach. Sagi’s Globe Invest and Pérez’s Related Group, along with BH Group, formed a joint venture to invest in developer Michael…

Judge orders developer Glenn Straub’s Palm Beach Polo Club to pay $86K. “Big deal,” Straub responds

Developer Glenn Straub lost another round in a yearslong dispute with Wellington tied to his Palm Beach Polo and Country Club and the Big Blue Preserve ecological site embedded within the club. Straub, who owns the 2,250-acre Palm Beach Polo with golf and tennis courses as well as a clubhouse, and Wellington have been locked in litigation, in part…

JV Backs $500M West Palm Beach Project

Transit Village, a $500 million mixed-use project that will span 10 acres in downtown West Palm Beach, Fla., has some well-funded investors supporting it now. Related Group, BH Group and Globe Invest Ltd., the investment arm of billionaire London-based Israeli businessman Teddy Sagi, have formed a joint venture to invest in the transformative…

Alex Karakhanian buys multifamily development site north of downtown Miami

Developer Alex Karakhanian acquired a site in Miami’s Arts & Entertainment District for close to $15 million, The Real Deal has learned. A partnership led by Karakhanian’s Lndmrk Development acquired the property at 1635 North Miami Avenue, Karakhanian confirmed. Records show JRSY Limited, led by Steven Gombinksi, sold the 0.9-acre site. It’s…

Life Storage pays $43 million for two buildings in Miami-Dade

A New York-based real estate investment trust made a hefty play on the Miami-Dade County self-storage market with the $43.5 million purchase of two facilities. Life Storage bought the buildings at 201 Northwest 37th Avenue and 6850 Southwest 81st Terrace in two deals. Entities tied to Kirchhoff Companies sold the buildings. Life Storage paid $22.5 million…

Swiss firm makes $6 million bet on renovated Miami apartment complex

For the second time in two weeks, a boutique apartment complex in a Miami residential neighborhood sold for more than $6 million. An affiliate of Lurra Capital, a Zurich, Switzerland-based private investment firm headed by founder and CEO Tyron Birkmeir, paid $6.4 million for The Shenandoah, a two-building multifamily at 2162 Southwest 14th Terrace…

Miami’s real estate-backed mayor reelected, Virginia Key marina lease rejected

Miami Mayor Francis Suarez, who amassed major campaign contributions from the real estate industry, was reelected on Tuesday with nearly 79 percent of the vote. Voters also rejected a ballot measure that would have authorized the city to waive competitive bidding and move forward with a 75-year lease with Virginia Key Marina’s current operator. Nearly 53…

Bet against retail property costs investor big-time

A hedge fund that lost millions betting against commercial real estate now claims that JPMorgan forced it to call off the gamble at the worst time, then pumped up the price of paying its tab. Jerica Capital Management, founded by CRE veteran Warren Ashenmil in 2012, entered into a $125 million contract with JPMorgan in 2017 to short a pool of commercial…

Here are the real estate players who contributed to Miami Mayor Francis Suarez’s reelection campaign

Miami Mayor Frances Suarez was reelected on Tuesday evening with nearly 79 percent of the vote.  The real estate industry rallied behind the development-friendly Miami Mayor Francis Suarez in his bid for reelection. Developer David Edelstein, the Chetrit Group, Property Markets Group, Tibor Hollo and WeWork founder Adam Neumann are among the…

Israeli firm sells downtown Miami garage redevelopment site for $25 million

A pair of foreign real estate investment firms completed a trade for a downtown Miami parking garage that was previously approved for a twin-tower, mixed-use redevelopment project. Mishorim Real Estate Investments, a publicly traded Israeli company, sold the Bayfront Garage at 255 Northeast First Street for $25 million…

Surfside Collapse Will Lead To Developers Buying Out Whole Condos For Redevelopment, Experts Predict

When the Champlain Towers South condominium collapsed in Surfside, Florida, in June, it brought scrutiny to other buildings with potentially outdated structures. “I think of any building built before 1970, or in the 1970s,” said Don Peebles, founder, chairman and CEO of The Peebles Corp. “Chances are a 50/50 shot that the concrete was mixed with beach…

Heading south: Alta buys dev site for apartment complex near Homestead

Raimundo Onetto’s Alta Developers bought a development site near Homestead for $9 million with plans for a multifamily project… target south Miami-Dade County. Alta plans to build a 264-unit apartment complex and 27 townhouses, according to a news release. The nearly 12-acre property at 24500 Southwest 127th Avenue is between Southwest 127th and 128th…

1.9 million square feet planned for string of Blue Lagoon towers

A major residential mixed-use project planned near Miami International Airport will include a series of 12-story buildings with retail on the first floor, parking in the pedestal level and residential units above. The city’s Urban Development Review Board recommended approval. Owner-developer PAJ Investment Group LLC plans to build Miami City Center…

Singaporean wealth fund leads $6.8B deal for U.S. industrial properties

The red-hot industrial real estate sector just notched one of its largest deals ever. A group of investors led by Singaporean sovereign wealth fund GIC bought 328 U.S. industrial properties, including debt, from the real estate unit of Swedish private equity firm EQT for $6.8 billion, according to a source familiar with the deal. Eastdil Secured…

58-story mixed-use Edgewater tower advances

A skyscraper reaching 58 stories planned for the Edgewater area in Miami, called 710 Edge, has been recommended for approval by the city’s Urban Development Review Board. Documents identify… 710 Edge LLC. The project was designed by O’Donnell Dannwolf & Partners Architects. The sleek tower is planned for a waterfront property at 710 NE 29th Street.

Opportunities seen in added Port of Miami rail cargo

An eight-year-old Florida East Coast Railway link carrying cargo in and out of the Port of Miami is now hauling 60 to 80 loaded shipping containers a day from the inland US to sail seaboard to other nations, and operators say there’s plenty of room for expansion. One or two trains daily roll east past the Freedom Tower, cross Biscayne Boulevard and head into the…

Dense Wynwood area population lures commuter rail station

The Wynwood/Edgewater/Midtown station, part of the Northeast corridor of the rapid transit Smart Plan, is still waiting for county transportation officials to pick a specific location and further county commission approval in order to break ground. “The Miami-Dade County Department of Transportation and Public Works (DTPW) has not yet received approval…

Transportation trust nearly derails Miami Beach monorail plan

A bid to reject a planned mainland-Miami Beach partial monorail link failed narrowly at the Citizens’ Independent Transportation Trust last week, 6-5. The failed motion had urged the county and Transportation Planning Organization (TPO) to ensure that the Beach Corridor of the six-corridor rapid transit Smart Plan is built differently to maximize ridership.

Large mixed-use project makes big changes to win OK in Wynwood

The development team behind one of the largest mixed-use residential and office projects to rise in Wynwood continues to work with the City of Miami Planning Department staff and is confident of final approval. Owner-developers L&L Holding Co. and Carpe Real Estate Partners are behind The Wynwood Plaza, formerly 29N, which is to rise at 95 NW 29th St.

Video: Costar’s David Kahn Discusses Whether Office Property is Turning the Corner

David Kahn, Director of Market Analytics Director with CoStar Group, joins this commercial real estate discussion to share the current thoughts on the office property market. Included in the discussion are office rental rates, occupancy levels, market value trends, new supply, absorption of supply, and a forecast on what can be expected in the future. CoStar Group…

Swire sells Brickell City Centre hotel for $174M, and nearby Conrad Miami trades for over $100M

Two Brickell hotels sold for more than $100 million each, including the $174 million sale of East, Miami, as hotel investment sales in Miami continue to ramp up. Hong Kong developer Swire Properties sold the 352-key East, Miami hotel to a joint venture of funds managed by Trinity Fund Advisors and funds managed by Certares Real Estate Management, according to a…

What Are Office Tenants Looking for in South Florida?

South Florida’s office market has recently undergone major changes, fueled by a mass migration of businesses to the area, mainly from West, Northeast and Midwest metros. Companies seek office expansions or relocations to the South Florida area due to the state’s lower cost of doing business, the favorable tax environment, and the accessibility to Latin America and…

Masoud Shojaee’s Shoma wins $10M in yearslong suit against Ugo Colombo affiliate over failed condo project

Masoud Shojaee’s Shoma Group won a $10 million award in its yearslong suit against Ugo Colombo affiliate over a failed joint venture to develop a Coral Gables condo project. A jury on Friday determined an entity tied to Colombo’s CMC Group breached the partnership’s operating agreement and is on the hook for the damages, although it said Colombo individually…

Where Miami Ranks Among Top Florida Markets for Office Property Deliveries

Despite nationwide economic challenges to the office sector, Florida’s markets have continued to perform relatively well. Office deliveries in the first eight months of this year totaled 2.1 million square feet statewide, according to CommercialEdge. While this does represent a 14 percent drop from the same period last year, an additional 360,000 square feet is…

Lease roundup: Coca-Cola signs $4M Pembroke Park lease renewal

Coca-Cola I Seneca Industrial Park in Pembroke Park Coca-Cola Beverages renewed its 93,700-square-foot lease for a warehouse and distribution facility at the Seneca Industrial Park in Pembroke Park. Seneca Industrial Park in Pembroke Park. The renewal for a 64-month term is valued at nearly $4 million, according to a news release from Coca-Cola’s broker…

Lumber prices head higher as pandemic rollercoaster take another spin

Lumber prices are on the rise again as supply tightens, residential construction projects pick up, and the U.S. prepares to double a tariff on Canadian softwood. That means home prices will stay higher, Bloomberg reported, noting that lumber futures this week are about double pre-pandemic levels. Supply is tightening both in British Columbia and in…

Chanel spending $40M on buildout of Miami Design District flagship

Chanel is betting on its founder’s slogan: Fashion changes, but style endures. The luxury French fashion company is spending more than $4,000 per square foot on the buildout of its flagship store in the Miami Design District, sources told The Real Deal. Based on its roughly 10,000-square-foot space, that means Chanel is investing at least $40 million into the…

South Florida by the numbers: Brightline to restart & more

After 18-plus months of being cooped up and quarantined, intrepid travelers and commuters are ready to hit the road. Whether by land, sea or air, people are once again on the move in South Florida with ease and style, getting us closer to some semblance of – dare we say it? – normal. As new companies relocate and open office…

Michigan immigration attorney buys new Miami apartment building for $7M

The latest out-of-state investor drawn to Miami’s hotter than ever multifamily market is a Michigan immigration attorney, who scooped up a new building for $6.9 million. Rami Fakhoury, through an affiliate, bought the Silver Cove apartments at 2010 Southwest 25th Terrace in the Silver Bluff neighborhood. Developer Alfredo Borges, who completed the…

Here’s where housing funds stand in Biden’s slimmed-down spending bill

As Democrats tangle over the details of the Build Back Better reconciliation bill, its housing funding has been on the chopping block for weeks. Now, a clearer picture of the measure’s possible haircut is starting to emerge. President Joe Biden on Thursday laid out a new $1.75 trillion framework, shrinking the proposed spending plan from $3.5 trillion. In the latest…

AvalonBay pays $150M for apartment building with Whole Foods in Fort Lauderdale

AvalonBay Communities bought the Curv apartment building with a Whole Foods for $150 million, marking another indicator of ongoing investor appetite for South Florida multifamily real estate. Ram Realty Advisors sold the eight-story building at 410 Southeast 16th Court in Fort Lauderdale to the Arlington, Virginia-based publicly traded real estate investment trust…

LA firm buys former condo building near Boca Raton for $43M

A former fractured condo near Boca Raton that was assembled and converted into apartments sold to a California firm for $43 million. An affiliate of New York-based Axonic Properties, led by Jonathan Shechtman, sold BelAire Tower Apartments at 22511 Southwest 66th Avenue. The affiliate, Florida Condo I LLC, bought 97 units in September 2018 for…

Northland sells apartment complexes in West Palm Beach for $133M

Morgan Properties bought three multifamily complexes in West Palm Beach for $132.5 million, as investors continue to bet on the strength of South Florida’s housing market. Northland Investment Corp., based in Newton, Massachusetts, sold the 622-unit portfolio to Morgan, based in King of Prussia, Pennsylvania. Morgan…

Billionaire Charles Cohen’s proposed West Palm Point office development plan stalls over garage design

Billionaire developer Charles Cohen is struggling to win city approval for the design of West Palm Point, his proposed 23-story office development in downtown West Palm Beach. At an at times testy meeting Monday night, West Palm Beach commissioners decided for the third time to delay their vote on a site plan that Cohen proposed for his…

Jungle Island owner sells Jupiter office building to New York self storage firm for $12M

ESJ Capital Partners sold an office building in Jupiter to a New York self storage company for $12.3 million. Aventura-based ESJ, led by President and CEO Arnaud Sitbon, sold the four-story, 38,769-square-foot RiverWalk Center building at 150 South U.S. 1 to RJM Jupiter Riverwalk, tied to Prime Group Holdings of Saratoga Springs, New York, according to property…