Magellan sells Midtown Miami apartments for $154M

Magellan Development Group sold its 400-unit Midtown Miami apartment tower for $154.35 million. The Chicago-based developer sold the 26-story tower, called Midtown Five, near the intersection of First Avenue and 32nd Street at 125 NE 32 Street, according to records. The buyer is an affiliate of Sterling Equities. The Great Neck, New York-based development firm is run by the…

Belveron Partners closes $280M fund for affordable housing

Belveron Partners closed a $280 million fund to invest in affordable housing across the country as the sector gains interest from larger investors. The San Francisco-based firm exceeded its initial $225 million target for the fund. It is the sixth fund the company has closed since its inception. The fund will acquire and manage over 5,000 units of…

Florida Commercial Real Estate News Roundup 2020

The South Florida commercial real estate market has been a standard bearer for many years across multiple CRE sectors recently. Inevitably we have to focus on the challenges presented throughout 2020. Despite the current pandemic, new, major developments took place and many property refinances were sealed in several locations. Meanwhile, domestic…

The Founder Of Twitter Just Followed Miami’s Mayor, & Even More Tech Investors Now Say They Will Move Here

Twitter and Square founder Jack Dorsey has apparently taken notice of the surge in tech entrepreneurs relocating from Silicon Valley to Miami, and has followed Mayor Francis Suarez on the platform. It is the latest sign that the movement of tech companies and investors to Miami is accelerating. On Sunday, venture capitalist Alexander Lloyd announced on Twitter that he…

Miami-Dade reaches 100 million square feet of offices

One-ninth of Miami-Dade County’s total office space stood vacant as 2020 ended and the county for the first time crossed the line of 100 million total square feet of offices, a preliminary market report this week by Colliers International reveals. Vacancies have been rising since Covid-19 hit the county in March, Colliers data show. Total office vacancies rose from 9.6%…

Wynwood votes down 12-story mixed-use project

A sprawling mixed-use proposal plans to bring with it apartments and more than 60,000 square feet of office space to two lots in Wynwood. PRN N. MIAMI is planned for property at 2150 N Miami Avenue. Along with the new office space, the 12-story project is to include 317 residential units, 22,700 square feet of commercial-retail uses, and a garage for up to 534…

Miami Worldcenter promenade lined with art murals

In partnership with Miami Worldcenter, Art4All is providing an alternative for artists to share their work with the public in a way that is safe and accessible. Art4All recently launched its public art fair in Miami featuring artists on more than 50 billboards throughout the city. Large art murals were placed along two blocks of downtown’s Miami Worldcenter…

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure

Developer Ari Pearl and investor Jonathan Leifer paid $30 million for the Tryp Hotel at 9540 W Bay Harbor Drive in Bay Harbor Islands, with plans to convert it to a condo-hotel, The Real Deal has learned. Pearl’s PPG Development and Leifer, chairman and founder of L3C Capital Partners, acquired the waterfront property out of foreclosure. Lender Ladder…

Mast Capital spends $51M on Homestead townhomes

Mast Capital spent $50.75 million on a 292-townhome complex in Homestead. The Miami-based developer bought the complex, known as Seascape Pointe Apartments, at 1140 Southeast 24th Road, according to records. The townhomes are located within the Keys Gate master planned community. Mast Capital, led by Camilo Miguel Jr., plans to renovate…

Measuring the stress in the rental industry : Census data show a drop, a big drop, then some recovery for rental space

The pandemic has tormented many sectors of the economy. The sector we highlight today is rental companies, whose income is captured in the Quarterly Services Survey of the U.S. Census Bureau. This survey covers only a sample of the rental sector: businesses that employ workers but not, for example, individual landlords. Also, the space being rented may be…

Construction Firm Buys Doral Warehouse For $243 PSF

Labrador Construction acquired a warehouse in Doral for $15 million. The price equated to $243 per square foot. It last traded for $9 million in 2015. The increase in value demonstrates the strong demand for industrial space in Miami-Dade County. The 61,750-square-foot industrial building at 8181 NW 36th Street. was sold by 8181 Doral LLC…

FECI scores construction loan for Hialeah business park

An affiliate of Florida East Coast Industries scored more construction financing for the third phase of its Hialeah business park. FECI landed a $17 million loan from Wells Fargo Bank for building 26 in Countyline Corporate Park, according to records. The company previously secured a $20 million loan from Wells Fargo in September to build other warehouses inside…

Blackstone inks lease at MiamiCentral in downtown Miami

Blackstone Group signed a long-term lease in downtown Miami, cementing its planned expansion to South Florida. Blackstone announced in October that it would be opening an office in downtown Miami with more than 200 tech employees. The New York-based private equity giant will lease 41,000 square feet at 2MiamiCentral, according to a press release. Blackstone…

Blackstone Takes Space for Miami Tech Team

Shorenstein Properties has finalized a 41,000-square-foot lease at 2 MiamiCentral, a 202,438-square-foot office property in downtown Miami. Blackstone will use the space to open an office that would grow its technology capabilities. The company expects to hire more than 200 tech-focused employees for its new operation at 2 MiamiCentral over the…

Shorenstein leases Miami office space to Blackstone

Shorenstein Properties has leased 41,000 s/f of office space at its 2 MiamiCentral property to Blackstone. The global investment giant intends to create a hub for its in-house technology division and plans to hire more than 200 tech-focused employees in Miami in the coming years. The deal brings 2 MiamiCentral to 98 percent occupancy with a roster of tenants…

Ytech completes $12M deal for Brickell high-rise dev site

A Miami-based real estate investment and development company paid $12.2 million for a Brickell development site, with plans to build a luxury tower of up to 80 floors and 183 units. Ytech, led by Yamal Yidios, bought the properties at 41 and 75 Broadway in Miami — also known as 41 and 75 Southwest 15th Road — north of Simpson Park, according to a release.

Ytech Sells Multifamily Community in Metro Miami for $78M

Ytech has sold Lake House Apartments, a 491-unit multifamily community at 2601 NW 207th Street in Miami Gardens, to New York-based Greenstone Property Group for $78 million. The property offers one-, two- and three-bedroom floor plans averaging 668 square feet. Communal amenities include a pool, playground, basketball court, tennis court and a picnic…

Clearance sale: Shops at Sunset Place sells at major discount

Midtown Miami developer Midtown Opportunities paid $65.5 million for The Shops at Sunset Place, marking a 40 percent discount off its previous purchase price in 2015. Federal Realty Investment Trust and its two local partners, Grass River Property and the Comras Company, sold the nearly 10-acre mall in South Miami more than five years after acquiring the…

Outdoor Mall In Miami Trades For About 60% Of Its Former Price

A month and a half after redevelopment plans for the site formally fell through, The Shops at Sunset Place, a 9.68-acre outdoor mall at 5701 Sunset Drive (5701 SW 72nd Street) in South Miami that once bustled with national retailers but has struggled in recent years, sold on New Year’s Eve for $65.5M, the buyer announced this weekend. That’s about 59.5% of the…

An Inside Peek Into Downtown Miami’s Dual Tower Mega-Development

As an increasing number of businesses look to relocate or expand, Miami continues to be an attraction for all—investors, developers and residents. The metro’s year-round good weather, favorable tax environment and reduced living and business expenses all contribute to its appeal, according to Melo Group Co-Principal Martin Melo, the developer behind Downtown…

Video: Core Green Technologies Chief Development Officer Michelle Murdock Discusses Technology for Clean Air in Your Property

Michelle Murdock, Chief Development Officer with Core Green Technologies, joins America’s Commercial Real Estate Show host Michael Bull to discuss HVAC technology that utilizes Needlepoint Bi-polar Ionization in order to make offices, restaurants, and other commercial proerty facilities safer and cleaner. She quotes some interesting…

Amazon to put $2B into affordable housing

When Amazon planned to build a corporate headquarters in New York City, opponents claimed the influx of high-paying jobs would drive up housing prices, just as it had in the company’s base, Seattle. The argument helped defeat the project. Two years later, Amazon is pledging to plow more than $2 billion into affordable housing where its employment hubs are…

New Appellate Case Raises Issues For Mixed Use Developments in Florida

A recent decision by Florida’s Third District Court of Appeals could have significant implications for mixed-use developments, particularly those that contain hotels and residential condominium owners. The case considered whether the declaration of condominium for the IconBrickell condominium in downtown Miami violated Florida’s Condominium Act because…

Worst of the worst: The real estate disasters of 2020

Vacant offices. Shuttered restaurants. Empty hotels. The pressure on real estate was relentless this year as the pandemic took down struggling sectors — and some healthy ones, too. Except for a few blessed sectors, such as industrial space (hello, Amazon!), fiascos were unavoidable. To explain the catastrophe that was 2020, we picked 10 of the biggest…

In memoriam: The industry titans who died in 2020

In a year when so many lives were lost, real estate was not spared. The industry mourned both legendary figures and those who died too soon. But it was the death of Stanley Chera, the 77-year-old patriarch of Crown Acquisitions, that epitomized the year. The real estate titan had decamped New York City for Deal, New Jersey, early in the pandemic at the behest…

Simon Ziff on distress investing: “Do a lot of homework”

In the first installation of TRD Tips, Simon Ziff sat (virtually) with The Real Deal‘s editor-in-chief Stuart Elliott to give some insights on real estate investing. Ziff, whose Ackman-Ziff Real Estate Group closed more than $7 billion in deals last year and about $85 billion in total since he became president, said he expects distressed deals to happen “deeper into…”

Costco sells site near Doral to Trammell Crow for $19M

Trammell Crow Residential and investment firm The Carlyle Group paid $19.2 million for a development site near Doral with plans to build an apartment project. Costco Wholesale Corp. sold the 11.3-acre property, previously home to one of its locations, at 8300 Park Boulevard to the Tramell Crow affiliate. The buyer, CRP/Maple 8300 Park Owner LLC…

The best of: TRD reporters share their favorite stories of 2020

The coronavirus pandemic colored many of the stories at The Real Deal in 2020, but our reporters’ picks for their favorite pieces of the year show that not everything was about Covid-19 in the real estate industry. While some of these stories touch on the ways the pandemic changed real estate in the past 12 months — from creating more opportunities for landlords to pick…

Part of Margate shopping center formerly anchored by Penn Dutch sells for $12M

A group of local investors sold part of a Margate shopping center anchored by a former Penn Dutch food center for $11.9 million. Ross Realty Investments and SunCap Real Estate Investments sold the southern part of the Penn Dutch Plaza shopping center near the intersection of State Route 7 and Northwest 31st Street, according…

Related Cos. to pay $282M for West Palm Beach office towers

The Related Companies is expected to close on the Phillips Point office towers in West Palm Beach for $282 million. Matt McCormack AEW Capital Management is selling the 448,914-square-foot office complex. The deal, which will mark the largest office sale in South Florida in more than a year, is set to close in a couple of weeks. Real Estate Alert and Bloomberg…

TA Realty buys back industrial property in Hialeah as part of $52M deal

TA Realty bought back pieces of an industrial portfolio in Hialeah in a deal totaling $52 million. Cofe Properties sold the assemblage of more than 40 parcels at and near 2500 West 84th Street, 1604 West 31st Place and 2440 West Eighth Court to the Boston-based real estate investment firm. TA Realty previously owned some of the parcels. TA Realty paid $40.2 million…

South Florida’s biggest real estate stories of 2020

With far fewer tourists and far more remote work, it’s no surprise that South Florida hotels, offices, retailers and restaurants were among the hardest-hit sectors in 2020. But there were bright spots in the South Florida real estate market this year — because of and not despite the pandemic. Demand remained strong for industrial…

Miami International Airport may forgive tenants $107 million

Non-airline businesses struggling to make ends meet at Miami International Airport (MIA) got another lifeline this month, when Miami-Dade commissioners again extended a relief program they created eight months ago. If every company cleared for aid through the program takes advantage of it through the new April 30, 2021, deadline, MIA over 13 months will…

Miami Beach goes all out to woo Class A office space

With companies ranging from Goldman Sachs to one- and two-person shops heading south in droves to tax-friendly states like Florida, Class A office space is a commodity – and one Miami Beach is hoping to build more of. Multiple ordinances and resolutions are working their way through the Beach’s commission and committees regarding zoning changes and…

Most of Miami Beach’s restaurant aid funds unclaimed

Roughly $50,000 in aid available to Miami Beach restaurants that used delivery apps like GrubHub and UberEats during the pandemic is still unclaimed, officials say. In early November, the city rolled out a $60,000 grant program aimed at reimbursing local restaurants for fees incurred from third-party meal delivery apps between March 12 and Oct. 31. It was…

City clears roadblock to restoration of Miami Marine Stadium

Miami commissioners have passed zoning legislation essential to restore Miami Marine Stadium at 3501 Rickenbacker Causeway. Approved unanimously this month, the legislation would allow structures clearly designed for specific uses that no longer conform to the allowed zoning in an area to seek an exception. During an earlier Planning, Zoning and…

Philippe Houdard: Recruits businesses to Miami, heads Pipeline Workspaces

Growing up on a farm in France taught Philippe Houdard the values of hard work and community, concepts he went on to build multiple successful enterprises around as an entrepreneur in the US.  When Mr. Houdard was a child, his father played for him records of former President John F. Kennedy’s greatest speeches. Mr. Houdard went on to work as a…

Simon completes acquisition of high-end mall owner Taubman

After a tumultuous process, Simon Property Group has completed its acquisition of Taubman Realty Group. Under the merger agreement, which was made official Tuesday, Simon acquired an 80 percent ownership stake in the company. The Taubman family sold off about a third of its ownership interest, but will retain a 20 percent stake in the company. “We are very…”

Here are South Florida’s biggest industrial leases in 2020

South Florida’s industrial market is tied to international trade, with high demand from transportation, logistics and e-commerce companies. In 2020, the average square footage of the five largest leases, 223,520 square feet, dropped off from last year’s 448,562 square feet. Yet, one Seattle-based e-commerce company decided to make its mark this year, accumulating…

Covid-19 vaccine won’t be immediate cure for office market

It’s been a rough year for the office market — and it’s unlikely that the first half of next year will be much better. Even though Covid-19 vaccines are being distributed across the country, public health and real estate experts believe that a return to the office likely will not happen until late spring or early summer, the Wall Street Journal report…

South Florida’s juiciest real estate lawsuits of 2020

The pandemic did not stop top real estate players from seeking relief through the courts or from becoming legal targets, themselves. So, there was no shortage of juicy lawsuits featuring the top names in the industry. Here are the top 10 lawsuits reported by The Real Deal in 2020: Bal Harbour Shops vs. Saks Fifth Avenue…

Federal housing agency extends forbearance options for multifamily landlords

Multifamily landlords that are having trouble with mortgage payments are in luck: The Federal Housing Finance Agency has extended forbearance options for loans backed by Fannie Mae and Freddie Mac until Mar. 31. The measure was originally set to expire on Dec. 31. Struggling landlords who have federally guaranteed mortgages and want to take advantage of the…

Open for Business: Miami Welcomes Corporate Arrivals

Miami is on the rise- again. A city well-known for its resiliency, Miami has been bouncing back from the economic fallout of the coronavirus pandemic with a vigor that is the envy of other major American metropolitan areas. One of the main factors driving this growth is the relocation of companies and C-Suite executives from other parts of the country looking to…

Hotels turn empty rooms into private dining suites

The pandemic has upended every part of the hospitality industry, with travel restrictions leaving hotel rooms empty, and lockdowns in cities forcing restaurants and bars to severely limit occupancy. That’s left some hoteliers and restaurateurs to try out a creative solution to both problems: Turn those empty rooms into private dining…

D.R. Horton pays $14M for land in Jupiter and Florida City for two housing projects

D.R. Horton CEO David Auld and the Reserve at Jupiter site Homebuilder D.R. Horton paid more than $14 million for several properties in South Florida just before Christmas, with plans for two housing projects. The company paid $8.8 million for about 20 acres of land near Jupiter, at and around 7090 184th Place North and 1100 Limestone Creek Road…

Here are South Florida’s biggest office leases in 2020

Companies from all over the country — especially the Northeast — are making their way to Florida to save on taxes and enjoy the lifestyle and warm weather. Yet with the trend of remote working, businesses’ need for space has diminished. Last year, every office lease in the top five was over 100,000 square feet. This year only one surpasses that figure. Here’s a…

Video: Office Strategies for 2021 as the Pandemic Subsides

In this video, Atlanta based broker Michael Bull discusses considerations for office space applicable to Miami, or for that matter any city in the world. Both tenants and landlords are wondering how office tenancy will settle out once COVID-19 is behind us. Utilization is currently way short of what it was without a pandemic. Once this (pandemic) is behind us, however, this…

Turnberry Isle condo association sues Jeffrey Soffer affiliate over lobby repairs

At the Turnberry Isle Yacht and Racquet Club condominium complex, residents expect exceptional, responsive service from developer Jeffrey Soffer. But in a recently filed lawsuit, the Turnberry Isle Condominium Association accuses Soffer affiliate YCM Acquisitions LLC of being derelict in its duty to maintain the North Tower’s lobby and the parking garage’s…

Alta pays $17M for Coral Gables site to build mixed-use multifamily project

Alta Developers’ Raimundo Onetto and a rendering of the project Alta Developers paid $17.5 million for 1.5 acres of land in Coral Gables to develop a 215-unit multifamily, mixed-use project. The Miami-based developer, led by Raimundo Onetto, bought the site at 250 Bird Road and plans to name the development 250 Bird, according to a press release.

Stimulus deal includes major change to affordable housing financing

The proposed $900 billion federal relief package hands affordable housing developers a key win in the form of changes to a popular financing program. The bill includes reforms to the Low-Income Housing Tax Credit program, which has financed more than 3 million housing units since its inception in 1986. Lawmakers proposed a floor rate of 4 percent…

Property Management Software Company RealPage sells to Thoma Bravo for $9.6B

Property management software company RealPage is set to be acquired by private equity firm Thoma Bravo for $9.6 billion. Thoma Bravo will pay $88.75 per share for the Texas-based proptech firm, the Wall Street Journal reported. That’s 31 percent above RealPage’s stock price, which closed at $67.83 per share on Friday. RealPage’s platform allows landlords to…

Stimulus to extend eviction moratorium, provide $25 billion in rent relief

It’s smaller than some people had hoped, but another federal aid package to help boost the pandemic-ravaged economy is finally on its way. Congressional leaders on Sunday reached an agreement on a $900 billion stimulus package that would provide direct payouts of $600 to qualifying Americans, as well as revive a loan program for small businesses…

Elion Partners pays $32M for Dania Beach industrial property

Elion Partners paid $31.5 million for a 180,000-square-foot industrial building in Dania Beach. Miami-based Elion bought the property, called Griffin Pointe Business Park, at 2281 Griffin Road, according to records. The sale price equates to $175 per square foot. The seller was Q-Med Corp., a wholesale distributor of medical, surgical…

Two Deerfield Beach marinas sell for $18M, buyer plans multifamily project

Pennell’s Marina and Freedom Marina in Deerfield Beach sold for $18.1 million, and the buyers plan to build a multifamily development, The Real Deal has learned. Deerfield Development Resources LLC and Marina First LLC bought the marinas, as well as additional land, from the Pennell family and Tod Littlejohn, owners of Pennell’s Marina and Freedom Marina…

Multifamily developer buys former Boca Raton golf course

A multifamily developer acquired more than 125 acres on a former Boca Raton golf course, with plans that could include the construction of 115 single-family homes and 137 townhomes. North American Development Group paid $33 million for the land at 6541 Canary Palm Drive and 22725 Camino Del Mar, according to records. The property was part of Mizner…

Greenstone pays $78M for Miami Gardens apartments

A New York real estate investment company paid $78 million for a 491-unit multifamily complex in Miami Gardens. Greenstone Property Group bought the property, called Lake House Apartments, at 2545 Northwest 207th Street, according to a press release. That equates to about $159,000 a unit. Ytech, a Miami-based real estate investment and development company…

Mango’s owner lists South Beach assemblage

An assemblage of South Beach properties, including the home of Mango’s Tropical Cafe on Ocean Drive, hit the market unpriced. The properties include 900 Ocean Drive and 909, 919 and 929 Collins Avenue in the Art Deco Historic District, according to the listing. David Wigoda and Lee Ann Korst of CBRE have the listing. The assemblage spans just under 1 acre.

Kushner Cos. Updates Miami OZ Project As Jared And Ivanka Eye City

The first Kushner Cos. projects in Miami, one of which is in an opportunity zone near the waterfront, will break ground next year after the coronavirus pandemic put the projects on hold, according to Kushner President Laurent Morali. The company plans to start work first, probably in Q1 2021, on 127 Northwest 27th Street/129 Northwest 26th Street, a development with 150…

Barry Sternlicht And A-Rod On Teaming Up In ‘The Singapore Of The United States’

In 2016, Starwood Capital Group Chairman and CEO Barry Sternlicht left Greenwich, Connecticut, and moved to Miami Beach, near the headquarters of publicly traded arm Starwood Property Trust and its 300 workers. A new office building for the REIT, developed with Miami-based Integra Investments, topped off earlier this month. Speaking on CNBC Tuesday…

Shoma Group Lands $84M Refi for Miami-Area Project

Three months away from completing its latest Miami area project, Shoma Group has secured an $84 million loan for its mixed-use community Sanctuary at Doral. Walker & Dunlop brokered the loan to Walker & Dunlop Commercial Property Funding, the company’s CMBS lending platform, which originated the financing and sold a piece to Pensam. The floating…

‘The Sector Is In Complete Flux’: Miami Hotel Experts Predict Shakeout Next Year

When the coronavirus hit the U.S. this spring, some experts predicted the economic fallout would be over in a few months and a V-shaped recovery would soon be underway. But hotelier Robert Finvarb, whose firm owns a portfolio of Marriott-branded hotels, boldly pronounced that pre-COVID-19 numbers would not bounce back until “2023 at the earliest.” Almost 10…

Miami’s commercial real estate boom picks up steam as pandemic pushes companies to seek new digs

“I’ve been buying real estate in Miami for over 20 years, and it has been a great flight. Since Covid started, it’s a rocket ship,” said Alex “A-Rod” Rodriguez.  Rodriguez recently partnered with Barry Sternlicht in developing restaurant and retail space inside Starwood Capital’s headquarters under construction in Miami Beach. According to the…

JPMorgan Chase Is Now Open To Relocating To Miami After Vetoing The Move A Few Years Ago

The CEO of JPMorgan Chase has reportedly changed his mind about relocating to Miami, according to the New York Post. Jamie Dimon, who has run Chase for 15 years, is now open to the idea. Here’s a timeline of Chase and Dimon’s flirtation with moving the company to Miami: 2013 – Dimon attends the Greater Miami Chamber of Commerce’s Economic Forum…

Here are South Florida’s biggest retail leases in 2020

Plenty of retail locations closed for good this year, but other businesses saw those closures as opportunities. Even with the escalation of e-commerce, the average square footage of the top five retail leases this year was only 10,000 square feet short of last year’s average. Here’s a breakdown of the top retail leases signed this year in South Florida. 1. City Furniture, Hollywood…

Bankruptcy judge paves way for Metronomic property auction

A U.S. bankruptcy judge this week approved Metronomic Holdings’ settlement with a creditor, clearing the way for the developer to auction 17 properties in Miami-Dade County and two near Chicago. The creditor, Fuse Funding, had provided about $18 million in mortgages for the properties, according to court documents. Judge Laurel Isicoff approved the…

Tales from the South Florida industrial property boom 

A former Miami golf course turned into an industrial park. A Hollywood warehouse chopped up into six smaller offerings. And a bidding war over industrial space in East Hialeah. Commercial brokers recount these tales in South Florida, a market with high demand for warehouses but not enough industrial-zoned land for new development. Industrial experts must turn…

Buttigieg hints at ripping up urban highways

U.S. Department of Transportation nominee Pete Buttigieg has urban highways in his crosshairs. The mayor of South Bend and former presidential candidate proposed changing federal policy that encouraged highways to cut through minority communities and have depressed property values ever since, Streetsblog reported. “It’s disproportionately…”

South Florida construction starts fall in November

South Florida construction starts dropped in November, both year-over-year and month-over-month, according to a recently released report. Total building in Palm Beach, Miami-Dade and Broward counties dropped 30 percent, year-over-year, to $854 million last month, according to Dodge Data & Analytics, a Hamilton, New Jersey-based construction data…

County-developer deal around Dolphin Station nears

Negotiations with an unnamed company to develop up to 44 acres around Dolphin Station in West Dade are nearing the homestretch, says the project’s chief supporter, Miami-Dade Commission Chairman-elect Jose “Pepe” Diaz. “They have somebody,” he told Miami Today this month, adding that few details can be discussed due to a hush rule for active bids.

Wynwood mixed-use project gets design backing

One of the largest mixed-use projects coming to the booming Wynwood Arts District has received the support of an important review board. AMLI Wynwood is designed to bring 316 residential units and 30,596 square feet of commercial-retail uses to 70 NW 25th Street. Despite concerns about the massing of the project and its repetitive façade, the Wynwood Design…

To regain magic, Lincoln Road big boxes may be limited

Lincoln Road will soon undergo a roughly $50 million facelift, but Miami Beach commissioners are questioning if another step needs to be taken to bring back the “magic” on the street – limiting big box stores.  At a Dec. 15 Land Use and Sustainability Committee meeting, officials discussed the possibility of enacting restrictions based on square footage or usage…

Jungle Island hotel plans check in with new backing

A Miami board is recommending special rezoning for the proposed Jungle Island hotel and the rest of the Watson Island land being leased by the city, moving the project closer to approval. While members of the Planning, Zoning and Appeals Board questioned whether the project could affect a nearby residential building and the use of the Special Area Plan…

The nitty gritty on federal rent relief

We read the details on federal rent relief so you don’t have to. (Getty) As the multifamily sector welcomed the inclusion of $25 billion in rental assistance in the federal relief package, it rushed to decipher the 5,000-page bill. Here are some key details. The funds will be meted out by eligible states and localities, which are tasked with designing means-tested programs…

36-unit Miami multifamily property sells

A leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Flamingo Garden, a 36-unit apartment property located at 1400 NW 95th Street in Miami, Florida, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $4,572,000. Evan…

Here are South Florida’s largest retail sales of 2020

Store closures and Americans’ reliance on e-commerce may have affected the top sales in South Florida’s retail market. The region’s top retail sale of 2020, of $47 million, fell below 2019’s $96.8 million top sale and 2018’s $88 million top sale. However, the average price per square foot among 2020’s top five retail sales bested last year’s average — $396 compared to $349.

What the new stimulus means for restaurants & indie movie theaters

As part of Congress’ $900 billion pandemic aid package approved Monday, $15 billion was dedicated for “live venues, independent movie theaters, and cultural institutions.” The $325 billion in funding carved out for all small businesses represents the largest component of the package, more than the funds allocated to direct payment checks and unemployment…

A long road ahead for office landlords

Manhattan’s Paramount Group received an unsolicited takeover bid early last month for about two-thirds of what the company was worth prior to Covid. Just a few weeks later, the real estate investment trust’s board unanimously rejected the offer from activist investor Bow Street, noting that its offer was “inadequate and significantly undervalues” the office…

Stimulus deal includes major change to affordable housing financing

The proposed $900 billion federal relief package hands affordable housing developers a key win in the form of changes to a popular financing program. The bill includes reforms to the Low-Income Housing Tax Credit program, which has financed more than 3 million housing units since its inception in 1986. Lawmakers proposed a floor rate of 4 percent…

Here are South Florida’s largest multifamily sales of 2020

3333 South Port Royale Drive in Fort Lauderdale Loosened requirements on business closures may have helped keep more Floridians employed, and thus paying their rent, but the pandemic may have hurt top sales in the multifamily market. The top South Florida multifamily sale of 2020 didn’t beat 2019’s $322 million sale, but it did best 2018’s $149 million top sale.

Here are South Florida’s biggest hotel sales in 2020

The hotel market was among the hardest hit sectors of the coronavirus pandemic in 2020, resulting in many owners scrambling to survive. After many hotels laid off the majority of their staff in March and subsequent months, a number of properties remained closed until the winter. And some have yet to reopen, as domestic and international travel remains…

Global CFOs have a message for real estate investors: We’re cutting space

The Covid-19 vaccine is being distributed across the country, but it may already be too late for commercial real estate landlords and investors. Companies around the globe are looking at how they can cut costs in the wake of the coronavirus pandemic, and scaling back real estate holdings is one big way they’re looking to do so. Bloomberg analyzed transcripts…

Experts Round-Up: Top Retail Trends to Expect in 2021

We reached out to a variety of industry experts in the retail real estate sector across the country to provide their perspective on what they expect for the retail real estate market heading in 2021. The good news is that despite the doldrums produced by the ongoing pandemic, retail real estate experts are feeling confident…

Here are South Florida’s largest industrial sales of 2020

Blackstone paid $94 million to acquire an industrial portfolio, which includes 16100 Northwest 49 Avenue and 16200 Northwest 49 Avenue, Miami Gardens (Google Maps) A strong performance in the South Florida industrial sector during Covid-19 didn’t fully translate to new milestones in the market’s top sales. The largest industrial sale of 2020, of $94 million…

Jungle Island owner wins Miami board approval for hotel and attractions

Two years after Miami voters approved Jungle Island’s expansion, the theme park’s owners are moving ahead with a proposal to develop a new 300-room hotel, attractions and retail complex that incorporate green design elements. The Miami Planning and Zoning Appeals Board on Wednesday approved a special area plan proposal submitted by Jungle…

‘Juice Your Return’: South Florida CRE Experts Ready To Synergize With Newcomers

As the longtime CEO of Trust Hospitality, Richard Millard oversaw the management of hotel properties for big chains like Hilton and Marriott as well as smaller, boutique brands, all from his home base of Miami. Amid a pandemic and massive industry shakeup, Millard became managing director of hospitality management company Highgate when the firms…

HS Capital buys Fort Lauderdale office building for $18M

A Miami-based real estate investment fund paid $17.5 million for a Fort Lauderdale office building. An affiliate of HS Capital Fund bought the 141,000-square-foot building at 1901 West Cypress Creek Road, according to a press release. That equates to $124 per square foot. The six-story building also has the address 1901 Northwest 62nd Street, according to records.

Starwood sells Plantation office buildings in $78M deal

Starwood Capital sold several buildings within a Plantation office park for $78 million, as uncertainty continues to surround the sector. Companies affiliated with New York-based real estate merchant bank Island Capital Group, led by Andrew Farkas, bought the buildings at 8201 Peters Road, 8221 Peters Road, 8151 Peters Road and 8050 Southwest 10th Street…

Investors buy Weston office building for $9M

A partnership between two South Florida investment firms sold a Weston office building for $8.9 million. Highline Real Estate Capital, based in Miami, and Sefira Capital, based in North Miami Beach, sold the 27,000-square-foot building at 1040 Weston Road, according to a press release. The buyer is Shaked 21 LLC, managed by husband and wife Sagi and Anat Shaked.

Royal Palm Buys Parcel at Miami Worldcenter for $33.9M, Plans to Develop Mixed-Use Tower

Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset…

Mango’s on Ocean Drive and adjacent properties hit the market as redevelopment site

The assemblage consists of 900 Ocean Drive (0.3 acres) and three adjacent parcels behind it along Collins Avenue (909, 919 and 929 Collins), a series of low-rise mixed-use commercial properties totaling 0.48 acres. “The Owners of 900 Ocean have recently secured an option to purchase the three Collins Avenue properties and are now seeking proposals to sell and redevelop…

Miami Gardens warehouse sells for $6M

The owner of a manufacturer of plastic bins and steel shelving bought a Miami Gardens warehouse for $6 million. Larry Groll, owner of Miami-based Quantum Storage Systems, bought the 64,000-square-foot warehouse at 16215 Northwest 15th Avenue inside Sunshine State Industrial Park, according to a press release. The seller was Custom Stainless Steel…

Here are South Florida’s largest office sales of 2020

Uncertainty over the future of workspaces may have taken a bite into the top deals in South Florida’s office market this year. Landlords have pulled out the stops to keep rents up and avoid the pitfalls of cities that have enacted more aggressive stay-at-home orders during the pandemic. While the top sale in South Florida’s office market beat the top sale of last year…

Bittel Announces $7.9 Million Of New Terranova Miracle Mile, Lincoln Road Leases

Terranova’s Chairman, Stephen Bittel has announced eighteen new tenants totaling 26,245 SF for a total value of $7.9 million opening in two of its most important urban market areas in Miami-Dade County – Coral Gables’ Miracle Mile and Miami Beach’s Lincoln Road, the coveted world-famous pedestrian thoroughfare. Leasing during COVID has been strongly led by…

Balfour Beatty Completes Construction on $298M River Landing Project in Miami

Balfour Beatty has completed construction on River Landing Shops and Residences, a 2.5 million-square-foot mixed-use development along the Miami River. The Atlanta-based general contractor completed the project on behalf of real estate investment trust H&R REIT and South Florida developer Urban-X Group. Matthews Southwest provided owner…

Balfour Beatty Completes 2.5 MSF Miami Mixed-Use Project

Balfour Beatty has wrapped up construction at River Landing Shops and Residences, a mixed-use Miami project that spans 2.5 million square feet. The partnership that brought the project online includes H&R REIT and developer Urban-X Group. BC Architects, McNamara Salvia Structural Engineers and Steven Feller MEPFP designed the project. The…

Owners of CocoWalk in Coconut Grove Welcome Eight New Retailers to Tenant Roster

Federal Realty Investment Trust, The Comras Co. and Grass River Property have welcomed eight new retailers to their CocoWalk development at 3015 Grand Avenue in Miami’s Coconut Grove neighborhood. The three retailers that recently opened are vegetarian restaurant Planta Queen and women’s clothing and accessory retailers Free People Movement and Edite Mode.

Mad scramble at deadline to get federal CARES aid to tenants

More than 400 state and local governments are scrambling to allocate funding from the federal CARES Act intended to provide at least $4.3 billion in rental assistance. The money could save some tenants from eviction and help landlords pay their mortgages. However, with just two weeks left to distribute it, jurisdictions have more than $300 million left, the New York…

USAA Real Estate Lands $72M Refi for Coral Gables Towers

USAA Real Estate has recently landed a $71.6 million refinancing deal for Columbus Center, a premier office asset near Miami in Coral Gables, Fla., public records indicate. With the assistance of JLL Capital Markets, USAA secured the loan for the approximately 263,200-square-foot property through Värde Partners. Carrying the address of One Alhambra Plaza…

Starbucks betting big on drive-throughs in coming years

Even though, like other retailers, Starbucks suffered big losses due to the pandemic, the chain is still betting on customers’ need for caffeine. During the company’s virtual Investor Day last week, the coffee conglomerate announced that it plans to open an additional 22,000 stores, bringing its total global footprint to 55,000 shops, by 2030, Bisnow reported. CFO…

South Dade Bus Rapid Transit faces new roadblocks

The plan for bus rapid transit (BRT) on the South Dade Transitway is intact – for now – as Miami-Dade commissioners Tuesday punted two items targeting further action on the corridor. Talk of other changes, including building toll lanes and bridges on the 20-mile route that runs alongside US 1 between Kendall and Florida City, will come today (12/17). After hearing…

Miami-Dade County historic population boom hits a wall

Miami-Dade’s long-term trend of booming population growth has slowed to a crawl, barely expanding year to year, data released last week by the US Census Bureau shows. In the year ending in July 2019, the county added just 2,092 residents to total 2,716,940, a gain of less than eight-hundredths of 1%, the American Community Survey shows. The gain in 2018 was even less…

Florida financial regulator looks to update crowdfunding rules

Former Coral Gables-based securities lawyer Russell Weigel, who took over the reins as Florida’s top financial regulator in March, is focused on streamlining the state’s Office of Financial Regulation by leveraging technology and encouraging legislation that will bring banking and crowdfunding codes up to date. Roughly a week after Mr. Weigel took…

Florida banks ready for a second round of PPP loans

As Covid pummeled the economy in 2020, Florida’s banks were among those leading the nation in Payment Protection Program lending, according to Florida Bankers Association CEO Alex Sanchez. The new year, he said, will likely bring with it a strong economic recovery driven by a reliable vaccine and pent-up demand for activity. Banks, he continued, will be…

Residential buildings near shopping center greeted coolly

A sweeping plan to build a series of apartment buildings and town homes in the shadow of a large existing shopping center received a chilly reception from a City of Miami review board. The Urban Development Review Board spent considerable time examining the major proposal that impacts a 38-acre parcel at the busy intersection of Northwest 37th Avenue and…

Alex Rodriguez and Adi Chugh join $650M hotel fund

Retired baseball superstar Alex Rodriguez found his latest real estate investment. Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Maverick Commercial Properties are investing in CGI Merchant Group’s $650 million Hospitality Opportunity Fund. The two partners will help CGI with its investment strategy, expand its debt capital market capabilities…

A-Rod Leads $650M Fund Investing In Hotels

Baseball player-turned-businessman Alex Rodriguez will be a lead investor in a $650M real estate fund that seeks primarily to pick up hotel assets. Rodriguez and his partner, Adi Chugh, founder of New York-based private equity advisory firm Maverick Commercial Properties, have completed a platform investment within the Hospitality Opportunity…

Baseball’s Alex Rodriguez backs $650M hospitality fund

CGI Merchant Group, a global investment management firm with a focus in real estate and private equity, has launched a new multimillion-dollar investment partnership with three-time Major League Baseball MVP and serial investor Alex Rodriguez as well as with capital markets veteran and founder of Maverick CP Adi Chugh. The two are among the first…

With JPMorgan and Goldman Sachs, Miami Could Become ‘Wall Street South’

Elon Musk just moved to Texas, but guess who’s (reportedly) moving to South Florida? Jared Kushner, Ivanka Trump, Tom Brady, Gisele Bundchen and the asset management division of Goldman Sachs. Those are the boldface names announced in news reports last week alone. Today, the New York Post reported that JPMorgan Chase CEO Jamie Dimon is open to…

Top 25 South Florida Retail Shopping Center Transactions of 2020

2020 was a challenging year for South Florida commercial real estate and for many markets around the country / world, as the economic backlash of the pandemic took hold and affected multiple financial and business sectors globally. In comparison to last year’s South Florida shopping center transactions, the #1 sale in 2020 is 40% of…

Why Now Might Be The Best Time To Sell Your South Florida Office

Conventional wisdom says “don’t sell an office building during a pandemic, unless you’re desperate”, but I’d like to offer a contrarian view to owners who are strategically evaluating how best to capitalize on current investment market conditions. Do you own an office building that is located in a desirable South Florida submarket? Is your building well-leased…

“A culling of the weaker assets”: Where hedge funds are investing

It’s a loan buyer’s market and hedge funds are ready to make a deal. Companies are looking to provide loans or invest in recently restructured commercial real estate bonds, according to Bloomberg. And malls, hotels and offices — some of the property types hit hardest by the pandemic — are ripe for the picking. Leo Huang, senior portfolio manager and head of…

Estate Companies pay $13M for North Miami Beach apartments dev site

A company affiliated with The Estate Companies paid $13.1 million for the development site of a waterfront 23-story apartment tower in North Miami Beach. The company bought the 1.8-acre property at 16395 Biscayne Boulevard, according to records. In September, The Estate Companies received approval for Soleste NoMi. It…

KKR doubles down on industrial with $835M acquisition

KKR is ramping up its bet on industrial real estate. The investment firm closed on the acquisition of 9.7 million square feet of industrial properties in seven markets for about $835 million, according to a release. In total, there are about 100 properties in Atlanta; Baltimore, MD; Chicago; Central and South Florida; Central Pennsylvania; and Dallas. KKR will acquire…

Hotel industry sees nearly 1 billion unsold room nights this year

As fewer people have traveled — and thus, booked hotel rooms — because of the pandemic, the hotel industry is facing a staggering statistic: almost 1 billion empty hotel rooms for the year. As of last week, more than 962 million room nights have gone unsold, Bloomberg News reported, citing data from lodging information firm STR. That’s about 46 percent more…

AMC needs $750M to avoid bankruptcy

Movie theater chain AMC Entertainment Holdings needs a cash infusion of at least $750 million, otherwise it might have to file for bankruptcy. AMC said in a filing on Friday that without additional financing, the company will run out of cash by next month, Bloomberg News reported. In order to raise funds, the company is planning to sell more shares and possibly…

Coral Gables Chamber President Mark Trowbridge: Signs of Life

The holiday season can be most distracting and stressful – putting up the tree (if you didn’t already do so before Thanksgiving), stocking up on egg nog, making your lists and checking them twice. Even in the midst of a global pandemic, there is a desire to embrace all things shiny and bright. As we say good-bye to 2020, now more than ever, we need all of you to bring…

Logistics market is hot, but is a bubble forming?

Investors can’t get enough of warehouses and logistics spaces these days, but there are some signs that a bubble could be forming. Asset management firms including Blackstone Group, Cerberus Capital Management and KKR have doubled down on logistics centers, and prices for warehouses have surged, Bloomberg News…

Edgewater Hotel, Retail and Restaurant on the Way

Miami’s Edgewater neighborhood is known for its relaxed, waterfront family lifestyle. After news that the neighborhood is getting its biggest supermarket yet, and more luxury making its way in with Nema-branded apartments, plans are being made to build a mixed-use hotel by Urbanica, featuring retail and restaurant space. The hotel group recently purchased…

Niven Patel, Graziano’s ink restaurant leases at Life Time Coral Gables

Chef and restaurateur Niven Patel and the Argentinian restaurant group Graziano’s are each leasing space at Life Time Coral Gables, a $500 million mixed-use development that’s expected to be anchored by a Trader Joe’s grocery store. Developer Nolan Reynolds International plans to deliver the project, previously known as Gables Station, early next year. The 1.2…

Encore: CMX Cinemas parent emerges from bankruptcy

In perhaps a surprise twist, a movie theater chain gets a sequel. Cinemex Holdings USA, the Miami-based parent of CMX Cinemas and owner of 41 movie theaters nationwide, has emerged from Chapter 11 bankruptcy protection. The theater chain negotiated with creditors for six months and ended up with modified leases that include a revenue-sharing deal…

Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February

Miami Beach delayed until February a vote on Menin Hospitality and its partners’ plan to redevelop the Byron Carlyle Theater in North Beach. The Miami Beach City Commission opted not to vote on a proposal by Menin Hospitality and KGTC, LLC to replace the 52-year-old, city-owned Byron Carlyle with a 125-foot-tall theater complex with 151 workforce units.

First Park Miami Breaks Ground

First Industrial Realty Trust and Butters Construction & Development broke ground Thursday, December 3, on First Park Miami, First Industrial’s newest industrial development. Mayor Roberto Martell, the Town of Medley, the Medley Town Council as well as First Industrial Realty Trust Senior Regional Director Chris Willson and Investment Officer Bradley…

Rosemurgy sells Pompano Beach shopping center for $10M

Rosemurgy Properties sold a Pompano Beach shopping center for $10.1 million. A company managed by Nicolas and Isabella Mattos — the children of Carlos Mattos, founder of car importer Hyundai Colombia Automotriz — bought the retail center at 2350 to 2390 North Federal Highway, according to a press release. The buying entity is also managed by attorney Richard…

Abacus Capital pays $124M for Miramar apartments

A New York-based multifamily real estate investment firm paid $124 million for apartment complexes near Miramar’s town center. Abacus Capital Group bought the 67-unit complex at 11571 Canal Street and the 117-unit complex at 11750 Canal Street, according to records. At a total of 184 units, the deal breaks down to about $674,000 a unit. Abacus paid…

Sterling Equities pays $95M for Pompano Beach apartments

An affiliate of Sterling Equities paid $95.3 million for a newly built Pompano Beach rental complex along the Intracoastal Waterway. The Great Neck, New York-based development firm bought the Broadstone Oceanside complex, with 204 apartments and seven townhouses, at 1333 South Ocean Boulevard, according to…

Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez

The Gale Hotel with Harvey Hernandez Developer Harvey Hernandez sold the completed — but as yet unopened — Gale Hotel in Fort Lauderdale for nearly $23 million. Property records show Hernandez’s Tiffany Hotel LP sold the 96-key hotel at 2900 Riomar Street on Fort Lauderdale Beach to Atlanta-based Banyan Investment Group. The boutique hotel traded…

Banesco USA pays $12 million for new HQ in Doral

Banesco USA is moving headquarters but the bank is going very far. The company, which has been based in Coral Gables, paid $11.95 million for a new HQ in Doral. Banesco USA purchased the 59,140-square-foot building at 3155 Northwest 77th Avenue from Windhaven Insurance Company, according to records. Newmark represented Banesco in the deal. Mario…

Bulgari plans first US hotel on oceanfront Miami Beach site

Italian luxury house Bulgari plans to open its first hotel in the U.S. in Miami Beach. Bulgari announced plans to redevelop the oceanfront property at 100 21st Street, previously home to the Seagull Hotel Miami Beach. The 100-room hotel, which is permanently closed, sold to Blue Horizon Group in January for $120 million. Bulgari expects to open a 100-key hotel by 2024…

PMG adds to assemblage of planned Society Wynwood project

Property Markets Group closed on more land for its planned Society Wynwood project for $11.5 million. A joint venture between RedSky Capital and JZ Capital Partners sold the property at 2407 Northwest Second Avenue to PMG. The developer, led by Ryan Shear, Kevin Maloney and Daniel Kaplan, plans to build an apartment complex on the site with partner…

Dan Kodsi’s firm pays $34 million for site of 50-story tower at Miami Worldcenter

The master developers of the 27-acre Miami Worldcenter mixed-use project sold a plot of land to Dan Kodsi’s Royal Palm Companies. Miami Worldcenter Associates, the joint venture between Art Falcone and Nitin Motwani, sold the 1.5-acre site at 942 Northeast First Avenue for $33.9 million, according to a press release. Royal Palm Companies…

Ascena – Ann Taylor, Lane Bryant, other brands – rescued from bankruptcy by PE firm

Private-equity firm Sycamore Partners got the green light to grab several Ascena Retail Group brands — Ann Taylor, Lane Bryant, Loft and Lou & Grey — out of bankruptcy. Judge Kevin Huennekens of the U.S. Bankruptcy Court in Richmond, Virginia, approved the sale of the majority of Ascena’s remaining assets to Sycamore Partners, the Wall Street Journal reported.

Touchdown! Housing development near Hard Rock Stadium scores $38M loan

The developer of a planned housing development of 113 townhouses and 288 multifamily units in Miami Gardens scored a $38.3 million construction loan. A company affiliated with Coastland Construction landed the loan for the project on about 36 acres at Northwest 207th Street & Northwest 7th Avenue, according to records. That’s east of Hard Rock Stadium, home…

Seven big mall owners in precarious state: S&P

With more pandemic shutdowns taking place, malls remain in a precarious position that may only get worse, according to a new report from S&P Global Market Intelligence. S&P’s Quantamental Research group on Tuesday highlighted seven names: CBL, PREIT, Simon Property Group, Taubman Centers, Brookfield Property REIT, Macerich and Washington Prime Group…

Miami Leads List of Top 5 Florida Markets for Industrial Development

Despite most commercial asset classes facing strong headwinds, industrial demand is as high as it’s ever been. With this year’s shift toward online shopping, e-commerce giants like Amazon continue to grow, while many brick-and-mortar retailers are investing more and more into supplementing physical footprints with an online presence. Florida’s…

‘Land Prices Can’t Fall’: Market Factors Make South Florida Industrial Almost A Sure Bet

Ed Easton started his industrial real estate company, The Easton Group, in 1974. He now controls about 5M SF of space. “When I started in the industrial market, nobody liked industrial,” he recalled during a Bisnow webinar on South Florida’s industrial market Nov. 18. “When I first took my wife off to see what I did for a living, she said, ‘What the heck is this?’ She…

South Beach property sells for $6 million, buyer plans apartment-hotel

The head of a photo production company sold a property in Miami Beach’s South-of-Fifth neighborhood for $6 million, a significant discount off its listing price two years ago. Mobile Arts, a company with directors Paul C. Lardi and Lisa Lardi, sold the property at 200 to 212 Collins Avenue, according to a press release. The 13,000-square-foot lot features a low-rise…

Miami Beach Seeks to Expand Availability of Class A Office Space

With the tourism sector feeling economic pressure brought on by the global pandemic, the City of Miami Beach is seeking to attract national and global businesses to its shores in addition to the world-famous hotels and entertainment venues. “We are already known around the world as a global tourist destination with more than 10 million visitors to our city each…”

Not Just For Fast Food: Pandemic Highlights The Brilliance Of The Drive-Thru For Any Business

For most traditional restaurants, the coronavirus pandemic has been a disaster. But it has provided opportunity for one particular sector: drive-thrus. Given the social-distancing benefit of the model, many types of businesses from coronavirus labs to the Salvation Army to haunted houses have devised drive-thru components to do business. Other retailers…

Dezer, Related Group team up on waterfront Hillsboro Beach project

Gil Dezer’s Dezer Development is partnering with the Related Group to develop on an Intracoastal-to-ocean property in Hillsboro Beach. Dezer sold the 12-parcel assemblage to Hillsboro Mile Property Owner LLC, a 50-50 partnership between Dezer and Related, for $30 million, according to Dezer and property records. Dezer told The Real Deal he plans to work with a…

Inside the plight of a small retail landlord

David Swerdloff is a far cry from what many picture a Manhattan commercial landlord to be. The 75-year-old owns a single building, on Seventh Avenue in Chelsea. Soaring condos and offices dwarf the one-story structure, whose air rights he sold in 1997. Swerdloff, who lives in the suburbs of Westchester County, didn’t set out to be a landlord.

Heralded Underdeck park beneath I-395 still lacks plans and costs

The Underdeck, a 33-acre downtown Miami illuminated park underneath a redesigned I-395, is well underway and should be completed by fall 2024, the Florida Department of Transportation says. But firm plans for the community spaces there are still six months off and costs are unknown.  “The City of Miami, in partnership with FDOT and other stakeholders…

Miami designates Catholic church in Overtown as historic

The City of Miami has designated St. Peter’s Antiochian Orthodox Catholic Church in Overtown as an historic resource. The city’s historic preservation officer noted how the church was associated with a well-known priest and played a role in a move for racial equality in the city’s early days. After reviewing details of the church, the Historic and Environmental…

Goldman Plots South Florida Base for Asset Management

Goldman Sachs Group Inc. is weighing plans for a new Florida hub to house one of its key divisions, in another potential blow to New York’s stature as the de facto home of the U.S. financial industry. Executives have been scouting office locations in South Florida, speaking with local officials and exploring tax advantages as they consider creating a base there for its…

Joe Biden taps Marcia Fudge, Ohio congresswoman, as HUD secretary

President-elect Joe Biden has tapped Ohio Rep. Marcia Fudge to oversee the nation’s massive housing agency. As secretary of the U.S. Department of Housing and Urban Development, Fudge would oversee an agency that creates housing policies for more than 9 million low-income Americans. It will play a critical role in the new administration’s response to the…

Landlords jarred by sudden drop in rent collection

Market-rate apartment owners just reported the lowest rental payment rate since April. In its monthly survey, the National Multifamily Housing Council found that only 75 percent of renters in 11.5 million market-rate apartments paid some or all of their rent by Dec. 6. The figure represents a 5-percentage-point decrease from November, and is nearly 8 points lower…

Workforce Housing: Always a Sweet Spot

Acquiring underperforming assets for rehabilitation is a good strategy for navigating the current multifamily market, according to panelists at a virtual conference that took place in late October. With something on the order of $500 billion in underperforming assets on the books in the B-minus through C-minus classes, speakers at the Florida Alternative Investment…

First Industrial Realty Breaks Ground on 2.5 MSF Industrial Park in Medley

First Industrial Realty Trust has broken ground on First Park Miami, a 2.5 million-square-foot industrial campus in Medley. Phase I will comprise three buildings totaling 600,000 square feet. The facilities will feature 32- to 36-foot clear heights, ESFR sprinkler systems and 120- to 180-foot truck courts. Phase I is expected to be delivered in third-quarter 2021. Butters…

Starwood Property Trust Tops Off Office Headquarters in Miami Beach

Starwood Property Trust, an affiliate of Starwood Capital Group, has topped off construction at its two-building, 144,430-square-foot office building in Miami Beach. Starwood is developing the project in partnership with Integra Investments. Upon full completion, slated for late 2021, Starwood will occupy 55 percent of the six-story east building and part of the west…

CMBS market faces staggering losses even with vaccine hopes

Investors in the $550 billion commercial mortgage-backed securities market could see hefty losses as real estate sectors will continue to struggle after a Covid vaccine becomes widely available. Morgan Stanley is projecting that losses for CMBS deals backed by dozens of different loans could average about 5 to 8 percent, according to a Bloomberg report. Demand for malls…

Carlos Rosso parts ways with Related Group

Longtime Related Group executive Carlos Rosso left the real estate development firm to go out on his own. Rosso, who was most recently executive vice president of the Miami-based firm, confirmed to The Real Deal that he parted ways with the company. He called his 18 years with Related “an incredible run.” The Miami Herald first reported the news.

J.C. Penney has been saved. Now what?

J.C. Penney has been rescued from bankruptcy, but challenges remain for the beleaguered retailer. The department store chain completed the sale of its retail operations to Simon Property Group and Brookfield Asset Management on Monday, Bloomberg News reported. J.C. Penney will essentially be split into two: an operations firm led by Simon and…

Some retailers are now bargain-hunting for new space

The pandemic has decimated much of the retail industry, but some businesses that have weathered the storm are now shopping for properties and new leases at deep discounts. Property owners have been feeling the economic pressure, and are offloading space for a fraction of the pre-pandemic price and offering lease incentives, according to the Wall…

Extended Stay America weathering pandemic better than rivals

Hotel chain Extended Stay America has managed to outperform other lodging companies in what’s been an awful year for the industry. While lodging companies including Extended Stay have generally underperformed the broader market, the firm has managed to stay profitable this year, according to the Wall Street Journal. Extended Stay’s…

Blackstone acquires $358 millon warehouse portfolio

Blackstone is doubling down on logistics with its acquisition of a $358 million warehouse portfolio. The asset manager bought 13 properties from Iron Mountain, which will lease back the properties in California, northern New Jersey and Pennsylvania’s Lehigh Valley, Bloomberg reported. The portfolio totals 2.1 million square feet, adding to Blackstone’s existing…

Amid bleak jobs report, gains in construction and warehousing

The U.S. economy added just 245,000 jobs in November, down from an adjusted gain of 6100,000 in October, representing the slowest month of growth in six months. “The pace of improvement is clearly slowing in the face of an uptick in the intensity of Covid-19 cases,” said Mike Fratantoni, chief economist of the Mortgage Bankers Association. “Certain segments…”

Atlanta Fed: Beige Book Reveals Gradual Improvements, Ongoing Difficulties

During the six weeks leading up to the latest coronavirus surge, economic activity across the Southeast ticked up modestly, according to the November 2020 Beige Book summary from the Federal Reserve Bank of Atlanta. In sum, labor markets continued a gradual recovery. Auto sales remained strong. Housing markets cooled a bit but stayed vigorous, and tourism…

Alta Developers begins closings at Quadro at Design District

A year after completing a residential project near the Miami Design District, Alta Developers started recording closings at Quadro. The firm, led by principal and CEO Raimundo Onetto, originally planned the 198-unit, 12-story development as a rental tower, then changed course and launched sales earlier this year as a condo project offering long-term and…

Nuage Designs Signs On For 47,000 SF At Eastview Commerce Center

Newmark announces a new 47,175-square-foot lease for Nuage Designs at Eastview Commerce Center (ECC) in Miami. Newmark’s Executive Managing Directors Steve Medwin and Nick Wigoda and Associate John Mejia Nuage Design’s new space will be in Building 6 of Eastview Commerce Center and is an expansion from their former space at 355 NE 71st Street.

KKR in talks for massive warehouse buy

Investment firm KKR & Co. is in talks to buy a portfolio of warehouses valued at more than $800 million, as a surge in e-commerce is driving investor interest in industrial space. The deal includes about 100 properties in markets like Atlanta, Baltimore, Dallas and Chicago, according to Bloomberg. Barclays is organizing financing in the form of $700 million…

Common’s CEO Brad Hargreaves on the future of co-living and prepping for a work from home world

Common CEO Brad Hargreaves (iStock; Common) “Schlep blindness.” That’s what Common CEO Brad Hargreaves said is needed to bring about change in the U.S. multifamily industry, which is valued at more than $250 billion but operationally hasn’t innovated in decades. The pandemic’s tolls on the rental market’s margins and occupancy, however, have made landlords…

Multifamily sector beating the odds

While hotels, retail and offices sink, the multifamily sector is sailing along. Rent collection has been largely steady despite high unemployment and early threats of rent strikes. Occupancy, too, has suffered less than expected except in dense areas and at the high end of the market, where tenants were more likely to relocate to a second home and new leases dwindled.

HFZ looks to sell Shore Club South Beach hotel

HFZ Capital Group is looking to sell the historic Shore Club hotel at 1901 Collins Avenue in South Beach, as the company’s financial and legal issues continue to pile up, The Real Deal has learned. The New York-based firm, led by Ziel Feldman, tapped Newmark to sell the oceanfront hotel where it once planned a luxury condo and hotel development, according to sources.

Family offices are gearing up to pounce on distressed real estate

The world was still feeling the aftershocks of America’s subprime mortgage crisis when Julien Haccoun landed his MBA and became a principal of his family office in South Florida. The country’s unemployment rate was stuck at about 9 percent, and the housing market had yet to recoup. Rather than returning to his native France after graduating…

Realtor groups sue to block federal eviction ban

The Alabama Association of Realtors and the Georgia Association of Realtors are attempting to cancel the nationwide eviction ban. The ban, issued in September by the Centers for Disease Control and Prevention, prevents evictions through Dec. 31 for renters making no more than $99,000 this year, or up to $198,000 for couples. However, the National…

Sky Kennels: Mounting Sanitation and Noise Issues for Pet Friendly High-Rise Multifamily Properties

As Americans have been moving back to the central business districts of its cities, a situation has been developing that has gone largely unnoticed except by those affected; downtown America is becoming an open sewer. In downtown areas it has become common to be met by the sight of a dog’s arched back. That is generally internalized as innocuous, as we all grew…

Investors pay $7 million for Tamarac shopping center

A Parkland couple bought a Tamarac shopping center for $6.5 million. An affiliate of TML Associates, run by Sam and Rachel Oz, bought the Mural Plaza shopping center at 6510 to 6566 and 6570 to 6596 North University Drive, according to records. The seller is Mural Development, whose managers are Allan E. Ciftci, Genghiz Erden and Murat Ercan, according to…

Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach

Fort Lauderdale commissioners approved a site plan for Bahia Cabana Hotel, a mixed-use project with 124 hotel rooms and six apartments in the city’s south beach area. The site has been vacant since the 2019 demolition of the old Bahia Cabana hotel and restaurant, a longtime local landmark that Hurricane Irma shredded in 2017. At Wednesday’s meeting…

Hollywood approves downtown demolition, paving way for mixed-use apartment project

Robert Suris and a rendering of the project Hollywood commissioners approved the demolition of a 93-year-old building to clear a downtown site for Soleste Hollywood Boulevard, an eight-story, mixed-use development with 347 residential units. Commissioners voted 6-1 to reject an advisory board’s recommendation against demolishing the three-story building…

Exeter lands $75 million loan for spec Coral Springs warehouse project

Exeter Property Group closed on a $74.9 million loan for the second phase of its Coral Springs Commerce Center.  The loan, from New York Life Insurance Co., is for 4100, 4270 and 4150 Coral Ridge Drive, as well as the existing building at 4250 Coral Ridge Drive, according to property records.  Conshohocken, Pennsylvania-based Exeter, led by CEO Ward Fitzgerald…

New York Life buys Brightline West Palm apartments for $115M

New York Life’s real estate investment arm paid $114.8 million for the apartment tower next to Brightline’s West Palm Beach station. Brightline parent Florida East Coast Industries, one of Florida’s oldest and largest real estate and infrastructure holding companies, sold the 24-story, 290-unit Park-Line Palm Beaches building at 591 Evernia Street, according to…

Michael Stern pays $24M for future site of 62-story Brickell tower

Developer Michael Stern closed on an assemblage of properties in Miami’s Brickell neighborhood where he plans to build a 62-story tower, The Real Deal has learned.  Stern, who leads New York-based JDS Development Group, paid $9 million for property at 191 Southwest 12th Street. The seller is a company tied to John Polit. Stern also bought adjacent land from…

South Florida Retail Dodged Bullets This Year, But More Shakeout Is Expected In 2021

In spite of the coronavirus, Miami-based real estate investment firm Tricera Capital completed 45 new office and retail leases in 2020. “Buy the best-located properties at the right basis, in the core of emerging growth markets, with a heavy focus on service and convenience,” said co-founder and Managing Principal Ben Mandell about the firm’s guiding strategy.

Signature Miami bridge rising as contractor pumps out water

Work forges ahead on the expansive I-395/SR 836/I-95 Design-Build Project in Miami, a project of the Florida Department of Transportation (FDOT) in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. Work along I-395 from I-95 to the MacArthur Causeway; SR 836 from west of Northwest 17th…

Office Developers, Miami Beach Wants You — With Some Caveats

Miami Beach is known for sun, sand and hotel rooms. City leaders say it’s also a great place for an office. With high-profile businessmen like Barry Sternlicht and Carl Icahn having moved to the Miami area, part of an exodus from high-tax states to business-friendly Florida, the city of Miami Beach is seeking letters of interest from developers who might want to…

Court takes hard line on late rent payment into court registry during COVID-19

Under a particular Florida statute, in a commercial eviction, where there is a court order requiring the tenant to pay rent into the court registry during the lawsuit and the tenant fails to pay, the tenant is considered to have waived its defenses and the landlord is entitled to an immediate default for possession. How strictly that rule is applied was recently put to the test.

Short-Term Woes Could Yield Long-Term Wins for Alert Office Investors

In classic contrarian fashion, investors in office space might want to watch closely in the coming weeks and months for the opportune moment to strike some deals downtown. Downtown office space is taking a beating during the pandemic, and there’s certainly a lot of reason to believe that working from home (WFH) is as much permanent reality as temporary…

Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records

Masoud Shojaee is facing another legal entanglement involving his daughters. Two trusts benefitting Anelise and Lilibet Shojaee sued a company managed by the Coral Gables-based developer that’s tied to a recently completed Doral mixed-use project. The lawsuit follows a separate complaint filed earlier this year by another trust benefitting his…

Housing drives rise in construction spending October

Residential construction accounted for 44% of spending in October. (iStock) A strong housing market continued to fuel construction spending this fall. Construction spending grew an estimated 1.3 percent in October to $1.43 trillion, seasonally adjusted, compared to $1.42 trillion in September, according to the U.S. Census Bureau’s monthly report. Private housing…

At The 57-Story 830 Brickell Office Tower, 8-Story Parking Garage Now Nearly Complete

In Brickell, contractors working on the 830 Brickell office tower appears close to completing a parking garage, new photos show. The eight story parking facility appears to now be nearly complete. The garage runs from level 2-8, followed by office space starting on level 14. There is strong interest by tenants in the building, brokers say. Brian Gale, Vice Chair…

Where retail sales have been booming : Sporting goods, home project supplies, and groceries are way up

We recently discussed how some areas in the retail sales sector have suffered dramatic declines during the pandemic. Today, we highlight three areas where sales have actually been booming. FRED just added monthly state retail sales data from the Census Bureau, and we can enlist the help of GeoFRED to show the details. In the first map, we see that sporting goods…

Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour

British billionaire brothers David and Simon Reuben are picking up the senior loan behind the St. Regis Bal Harbour resort, as the hotel market continues to struggle. Their private equity and investment firm, Reuben Brothers, acquired the $132 million mortgage from Mack Real Estate, according to a spokesperson for Reuben Brothers. Tarek El Sayed, CEO…

Retail foot traffic tanks on Black Friday

Spending outpaced foot traffic because shoppers purchased at the stores they did visit (Getty) Foot traffic in stores on Black Friday was about a half of what it was last year. But the decline in spending at physical stores was not as bad, according to the Wall Street Journal, citing findings by several analytics firms that track retail. Spending outpaced foot traffic because…

Notable Retail Leases Signed in South Florida Q3 2020

South Florida Retail Leases 2020 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q3 2020. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment that the traditional retail market is suffering due…

Chart: September Miami-Dade Unemployment Rate Approaches Prior Peak After Prior Month Respite Head Fake

Miami-Dade County, Florida Unemployment Rate Year Ending September 1, 2020 As can be seen in the chart above of the unemployment rate in Miami-Dade for the year ending September 1, 2020, the unemployment rate as of September 1 went back up to 13.0%, not so far from its peak of 14.5% reached two months prior. This followed a welcome decline in the month…

Real estate deals dominate Opportunity Zones. Is that bad?

Investment in Opportunity Zones is growing at a rapid pace, and so is skepticism about the program — and whether its incentives for pouring cash into low-income communities amount to a tax dodge. The Economic Innovation Group, a policy group that’s a proponent of the program, identified 186 real estate and business investments in Opportunity Zones…

Pandemic takes drastic toll on dry cleaners

At J’s Cleaners, business had clawed up to 40 percent of pre-pandemic levels last month. But now, with Covid-19 soaring again, that number is expected to plummet. “If this thing keeps dragging, many small businesses will close. Maybe I could be one of them,” owner Albert Lee, who plans to permanently shutter four of his 15 locations, told Bloomberg. He is losing…

Miami Beach may create incentives for affordable housing developers

Miami Beach’s success in attracting luxury developments means there’s little to no room for affordable housing developers to build projects. But the city commission’s land use committee is hoping to solve that problem. Committee members Mark Samuelian, Michael Gongora and Ricky Arriola, who are also commissioners, on Tuesday directed Miami Beach…

South Florida October construction starts drop, year-over-year

October construction starts in South Florida rose from September, but lagged behind amounts seen a year prior, according to a recently released report. Total construction starts for Miami-Dade, Broward and Palm Beach counties fell 10 percent from October of last year to $964.3 million, according to Dodge Data & Analytics, a Hamilton, New Jersey-based…

Miami to Disney? Brightline announces station that would connect South Florida to Mickey Mouse

South Floridians may eventually have a quicker way to get to Walt Disney World. Brightline and Disney announced Monday an agreement for the higher-speed passenger train to build a station at Disney Springs, the shopping and entertainment complex at the Central Florida resort. The project is pending local government approval. Brightline already has…

ROVR Development Buys Miami manufactured housing community for $15M

A ROVR Development-led partnership has acquired Paradise manufactured housing community in Miami for $15 million… An entity affiliated with Raul Nunez sold the property… Located at 2750 NW South River Drive along the Miami River, the property is located within a dense residential area, some 3 miles from Miami International Airport…

Mill Creek, Invesco sell Fort Lauderdale apartments for $180M

Mill Creek Residential and Invesco sold a 555-unit apartment complex in Fort Lauderdale for $180 million, marking one of the largest commercial deals to close in South Florida this year. The buyer, NM-Port Royale LLC, is tied to Northwestern Mutual. The deal includes the Emera Port Royale apartments, formerly called Modera Port Royale, at 3333 South Port…