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…

Despite pandemic, PortMiami sets all-time cargo record

PortMiami just posted the biggest import-export numbers in its 80-plus-year history, new Miami-Dade County figures show, exceeding its prior record by 1.5% despite the difficulties that come with operating under coronavirus conditions. The port processed 107,088 twenty-foot equivalent units of cargo in October compared to 105,573 in 2019, an accomplishment staff…

Nazarian trades hotel assets including SLS, Delano to focus on virtual kitchens

As a rising star of the Los Angeles club scene in the early aughts, Sam Nazarian helped create the hotel-as-party-spot with properties like his SLS in Beverly Hills and Miami. He teamed up with A-list designers like Philippe Starck and took the mantle of boutique-hotel impresario from Ian Schrager when he bought the Studio 54 co-founder’s Morgan Hotels group in 2016.

Eldridge Acquires the Hudson Hotel and Delano South Beach from sbe

Eldridge, a holding company with a unique network of businesses across finance, technology, real estate, and entertainment, has today completed the acquisition of the Hudson Hotel and Delano South Beach, located in New York City and Miami, respectively. Cain International, Eldridge’s real estate investment firm, has been appointed to lead a strategic repositioning…

Miller Construction Breaks Ground on 312,592 SF Industrial Park in Hialeah Gardens

Miller Construction has broken ground on Midpoint Miami Logistics Park, a 312,592-square-foot industrial property in Hialeah Gardens. The 18-acre site will include the 147,974-square-foot Building 1 and the 164,618-square-foot Building 2. Miller expects to immediately break ground on Building 1 and then plans to start Building 2 four weeks later. The Fort Lauderdale…

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive

Miami Beach officials are evaluating zoning changes in the Art Deco Historic District as part of a long-range plan to transform Ocean Drive once again. The proposal includes possibly granting Collins Avenue hotel developers significant height increases and restricting the number of standalone drinking establishments on Ocean Drive. The city’s three…

Expert Insights: How CRE Has Changed, and How It’s Stayed the Same

In our digital world, things rarely stay the same for any extended amount of time. In industries such as commercial real estate (CRE), there is a constant tug-of-war between tradition and innovation. Events such as the rapid adoption of tech and big data have already transformed the real estate industry, while other up-and-coming trends like virtual tours are starting…

While Institutional Investors Are Scared Of Retail And Hospitality, Pros Should Unleash Their ‘Special Sauce’

Moderating a Bisnow webinar about South Florida and capital deployment Tuesday, Simon Ziff, president of Ackman-Ziff Real Estate Group, pondered the long-term impact of the coronavirus. “You think about these downturns, everyone says they’re once in a lifetime or four times in a lifetime,” Ziff said. “This is where you’re going to get rich.” Ziff (who said he is in the…

Commuter Miami Beach ferry service set to cross the bay

After nearly two years of negotiations as well as setbacks related to Covid-19, Poseidon Ferry is to begin cross-bay commuter services between downtown Miami and Miami Beach on Nov. 29. “The waterborne transportation project to utilize Biscayne Bay for passenger transportation has been years in the making,” said Poseidon CEO Johnathan Silvia…

Public-private deal’s 31-story downtown Miami residences near

Major progress is being made on construction of a residential tower rising in the heart of downtown Miami and the project continues to be ahead of schedule. Grand Station, a mixed-use residential tower at the southwest corner of Northwest Third Street and North Miami Avenue, is expected to be completed during the second quarter of 2021, according to Alejandra…

Bayside observation wheel gives thousands bird’s-eye views

For a little over two weeks, Bayside Marketplace’s observation wheel has been open to the public and offering views of the downtown Miami skyline, with crowds rising into the thousands on weekends. The 176-foot wheel is operating at half capacity of its 42 enclosed and climate-controlled gondolas due to sanitation and safety procedures, said Charlene Leavitt of Skyviews…

Lennar spends $29M on Homestead mobile home park, plans new community

Lennar Homes purchased a former mobile home park in Homestead for $29 million, with plans to build a new housing community. Property records show Lennar Homes LLC bought two parcels totaling more than 40 acres at 28600 Southwest 132nd Avenue. The seller is Mac Thirteen LLC, a Florida company linked to the Treo Group. Treo bought the land in November…

Goldman Properties buys Wynwood property for discounted $5M

Goldman Properties bought a retail building and adjacent vacant lot in Miami’s Wynwood for $5.2 million. Goldman bought the 12,000-square-foot building, built in 1955, at 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street from RedSky Capital, according to records. Goldman Properties is led by CEO Jessica Goldman Srebnick, the daughter…

CocoWalk’s revival continues with addition of retail brands

The ownership group behind the reimagined CocoWalk remains committed to breathing new life into Miami’s Coconut Grove neighborhood. The alfresco lifestyle center, slated to begin its phased reopening later this fall, has added three new retail brands to its tenant roster including Free People Movement, a women’s activewear brand from Philadelphia; Europann, a…

Tech giants occupy nearly 600M-sf of US real estate

The sluggish commercial real estate market is getting a boost from tech giants Amazon and Facebook, which have emerged as some of the largest acquirers of real estate in recent years. Five of the largest tech companies — Amazon, Facebook, Apple, Microsoft and Google’s parent company, Alphabet — now collectively occupy about 589 million square feet of…

Regal Cinemas scores financial rescue package

The owner of Regal Cinemas scored a lifeline to help the financially challenged movie theater chain stay afloat. Cineworld Group has secured a $450 million loan from lenders as coronavirus cases spike and theaters across the country remain closed. Other lenders provided increased flexibility on the company’s revolving loan and senior debt, adding…

What doom-and-gloom forecasts miss about the office market

The short-term dive in office demand is not likely to continue far into the 2020s, according to a recent report form MetLife Investment Management. In fact, the cities where demand for office space is falling most — including San Francisco, Washington and San Jose — may attract the most demand over the next decade, presenting a “unique buying opportunity” for…

PortMiami Cargo Keeps Head Above Water In Downturn

Sea cargo to and from Miami-Dade has dipped only slightly despite the coronavirus, according to PortMiami Director Juan Kuryla, who said he expects improvement through year’s end. “Year over year and year-end fiscal 2020 … we were only 4.8% down,” Kuryla said. “That is a significant achievement considering the economic condition worldwide and…

Developers pay $15M for Miami River mobile home park

ROVR Development and its partner paid $15 million for a mobile home park along the Miami River. A company affiliated with Raul and Michael Nunez sold the property at 2750 Northwest South River Drive. Raul Nunez is a manager of A+ Mini Storage, according to his LinkedIn account. A+ has 10 locations throughout South Florida. Michael Nunez, president of A+…

Pharrell’s Billionaire Boys Club to open store in Wynwood

Billionaire Boys Club plans to open a store in Miami’s trendy Wynwood neighborhood. The Pharrell Williams-owned clothing brand inked a lease for 5,700 square feet at 2545 Northwest Third Avenue in a building that formerly housed a wholesale shoe company, according to a release. The site is across from Zak the Baker…

Affiliated Development launches $125M workforce housing fund

A Fort Lauderdale-based real estate development and investment firm wants to raise $125 million to invest in mixed-income workforce housing in South and Central Florida. Affiliated Development launched the impact housing fund to help communities while delivering risk-adjusted returns for its investors, according to a press release. The fund will provide…

Retailers now owe $52 billion in back rent

Brick-and-mortar stores were struggling before the pandemic. But now, the retail sector owes $52 billion in back rent. An analysis of data from CoStar found that retailers nationwide had missed two to four months’ rent, according to Bloomberg. Questions remain about how the pandemic and changing consumer preferences will affect the sector in the long run.

Doral’s Economy Begins To Recover

“We have a solid, spacious, multi-varied industrial sector and area and we are very close to Miami International Airport.” With these words, the Director for Economic Development of the City of Doral, Manuel Pila, explained why our municipality has experienced a rapid recovery after the first months of COVID 19. Pila explained that similar to what has been…

Brookfield Properties Picks Up Doral Warehouse For $8.5 Million

NAI Miami represented the $8,462,500 sale of a 62,000-square-foot industrial building located at 2105 NW 102nd Avenue in Doral by World Famous Partnership, Ltd. to Brookfield Properties. The 1999-built building features 24′ clear height, 6 exterior dock doors and 1 drive-in bay. “Our team is very grateful to be able to put this transaction together for…

Miami Commercial Real Estate Sales to List Price Ratio Firms Back Up ~ October 2020 MLS

The sales to list price ratio as reported by the Miami MLS for improved commercial real estate within Miami-Dade County from $1 million to $10 million firmed back up in October to just over 90% after a dip in September. This put the ratio within but in the lower end of a 5% band it has been in for the past year or so. It remains reasonable to assume there is a touch…

Ritz-Carlton Residences, Miami Beach developer Lionheart Capital partner Ricardo Dunin leaves to start new venture

Lionheart Capital principals Ricardo Dunin and Ophir Sternberg have parted ways. Dunin left the Miami-based real estate development and investment firm to launch Oak Capital, The Real Deal has learned. The separation agreement was finalized Wednesday, Dunin said. Dunin plans to continue to focus on development and investment, taking a minority…

Mast Capital scores approval for Miami Beach condo project

Camilo Miguel Jr. and rendering of 4000 Alton Road Developer Mast Capital can now move forward with its plans for a luxury condo project in mid-Miami Beach. The Miami Beach City Commission unanimously approved three ordinances tied to the redevelopment of 4000 Alton Road at Wednesday’s commission meeting. The developer agreed to limit the…

Ares, Regis gather $1B to join ground lease race

Safehold now has competition. Global alternative investment manager Ares Management and Regis Group, a London-based global investor and operator, have formed Haven Capital to get in the field of ground-lease investments, Bisnow reported. Until recently, the niche but growing field was led by iStar-managed real estate investment trust Safehold.

Industrious partners with landlords to offer tenants satellite workplaces

Flexible-office provider Industrious is partnering on a program with office landlords that will give tenants the ability to use Industrious’ offices nationwide. Potentially providing an additional source of revenue in a bruising economy, Industrious is launching “Oasis Enterprise” with a pilot program at Granite Properties-owned buildings in Southern California…

Target to open 40 new stores a year; Q3 income jumps

While Amazon is adding giant fulfillment centers to satisfy online orders, Target is bulking up on smaller stores to move merchandise. In October alone, Target opened 18 new locations, adding to the 12 it had already added since the beginning of the year. Moving forward, the big-box retailer is planning on opening up to 40 stores a year, officials said at the…

Aventura office condo owners allege construction defects at Beacon Tower

The association for a 12-story office condo tower near Aventura accuses developer H&M Development of shoddy construction. The Beacon Tower of Aventura Commercial Condominium Association is suing the developer of the building at 20200 West Dixie Highway in Miami-Dade Circuit Court, according to documents filed last we…

Miami Beach asks for offers to develop lots near Lincoln Road

Miami Beach wants to develop parking lots near Lincoln Road into Class A office space, banking on demand fueled by executives migrating south. Developers can submit letters of intent by 3 p.m. on Jan. 11 for a public-private partnership to redevelop the three lots next to Lincoln Road between Alton Road and Meridian Avenue. Combined, the land could…

Developers score $15M construction loan for Miami townhouse development

A partnership of two local developers received a $15.3 million construction loan to build 30 luxury townhouses near South Miami. Miami-based Apollo Bank provided the loan for the proposed development at 6790 to 6880 Southwest 80th Street in Miami. The project is dubbed the Somi Subdivision, according to records. The borrowers are a company…

U.S. retail spending slows but still higher than last year

Americans are spending more money than they did at this time last year — and even last month — but the trend may slow as Covid-19 cases spike throughout the country. According to the latest statistics from the Census Bureau, American shoppers spent $553.3 billion in October, a 0.3 percent increase from $551.9 billion in September, and 5.7 percent above the…

Planning for North Bay Village’s NBV100

For the last week, the Village staff, the mayor and several groups of residents have been at Village Hall participating in a strategic exercise to imagine and create a Strategic Plan that will balance the needs of the current residents, the plans for the future, incorporate resiliency in response to climate change and finally get us unstuck. The hands on…

Miami commissioners reject proposals for marina redevelopment

For the second time in six years, the Miami City Commission deep-sixed proposals to redevelop two city-owned marinas on Virginia Key. Commissioners voted 3-2 to throw out all proposals, including an $80 million plan submitted by the top-ranked bidder Virginia Key LLC, a partnership between marina operators RCI Group and Suntex Marinas.

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

A Chinese investor is suing over a stalled mixed-use redevelopment project in Miami’s Upper Eastside neighborhood that generated more than $50 million from 100 EB-5 investors. Chun Liu, the Chinese investor living in Portland, Oregon, is suing a company that was set up to distribute the EB-5 funds for the redevelopment of the former U.S. Immigration and…

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center

Real estate investment firm Elion Partners bought a Pompano Beach distribution center for $11.65 million. The 94,000-square-foot center at 3141 Southwest 10th Street is part of a larger series of logistics purchases that Miami-based Elion plans to make in markets including Broward and Miami-Dade counties, according to a press release. Aftermarket parts and tools…

Mixed-use Delray Beach development on former Office Depot HQ site advances

Delray Beach board members gave partial initial approval to a proposed mixed-use development with about 600 residential units on the site of Office Depot’s former headquarters. The Delray Beach Site Plan Review and Appearance Board unanimously approved changes to a site plan, landscape plan and architectural elevation for the residential…

Mattos family pays $20M for Waterway Shoppes of Weston

The Mattos family expanded its South Florida holdings by buying a shopping center in Weston for $20.45 million. A company managed by Nicolas and Isabella Mattos — the children of Carlos Mattos, founder of car importer Hyundai Colombia Automotriz — bought the Waterway Shoppes of Weston at 2210-2282 Weston Road, according to records. The buying…

Melo Group Tops Off Miami Twin Towers

Downtown 5th, a downtown Miami mixed-use multifamily property with 1,042 units planned for two 52-story buildings, is moving closer to completion as construction crews have topped off the East Tower and expect to top off the West Tower later this month. Developer Melo Group expects construction to be completed in summer 2021 with pre-leasing…

Centennial Management Lands $20M Refi for Miami-Area Affordable Community

Centennial Management has received a $20 million HUD-insured loan to refinance Pembroke Park Apartments, a 244-unit affordable housing community in Pembroke Park, Fla. Greystone provided the Section 223(f) financing with a 35-year term and a low, fixed rate. According to Yardi Matrix information, Centennial previously financed the property in 2011…

Dorms no more: Student housing turns into high-end apartments

Developers are eyeing sparsely-populated student housing as an opportunity to create high-end apartments for professionals. According to data from Moody’s, 30 percent of public and private universities in the country are running deficits, the New York Times reported. And with fewer students on campus due to the pandemic, some are looking to close…

Miami-Dade seeks proposals to develop mixed-use project at Vizcaya station

Miami-Dade County issued a request for proposals to develop the property next to the Vizcaya Metrorail Station, near the entrance to Miami’s Brickell neighborhood. Proposals are due to the county by Nov. 30 for the 2.6-acre property at 3205 Southwest First Avenue, documents show. The development agreement would allow a multi-phased project to be built…

Miami Beach Convention Center hotel plan still alive

Development of a Miami Beach Convention Center Hotel has been delayed for an unknown period, but developer David Martin of MB Mixed Use Investment LLC said in a statement he is still confident in the project. On March 16, Miami Beach spokesperson Melissa Berthier told Miami Today this week, the developer notified the city that it was experiencing…

Chart: Miami-Dade Commercial Real Estate Sales Maintain Strength ~ October 2020 MLS

As can be seen in the chart above of the trailing two yearsof closed sales of Miami-Dade commercial property, both improved commercial property (with buildings) and vacant commercial land, recorded in the Miami MLS. October 2020 was again a strong month in line with recent, also strong, months. The Miami Multiple Listing Service (MLS) will not record all…

Miami Marine Stadium, if restored, couldn’t welcome public

Imagine the City of Miami spending more than $40 million to restore the iconic Marine Stadium only to be prohibited from using it for “public assembly” because that special use permit expired long ago after the stadium was closed in 1992 in the wake of Hurricane Andrew. That’s the reality facing city officials, who have been pushing for a zoning text…

Brightline pact has a Wynwood station on track

A binding deal between Miami-Dade and Brightline for a Miami-to-Aventura commuter rail line isn’t signed, but details of the project – including plans for a station in Wynwood – are coming into focus. County commissioners Nov. 13 approved a resolution directing incoming Mayor Daniella Levine Cava’s administration to negotiate with the private…

Coral Gables Country Club tussles with city over rent relief

A resolution to grant a rent deferment for the Coral Gables Country Club is still under negotiation and has yet to reach an agreement with the city. During the Oct. 27 city commission meeting, Commissioner Jorge L. Fors Jr. was authorized to speak with country club’s CEO Anthony Di Donato to resolve and move forward with a deferred rent and payment plan only…

Miami Beach hunts for venue sponsorship revenue

Miami Beach commissioners, who seek to reduce the city’s dependence on tourism as that sector continues to falter, explored on Friday the first category of opportunities for economic expansion laid out by city administration: sponsorship opportunities and naming rights.  At a meeting of the Finance and Economic Resiliency Committee last month…

Wynwood team recommends an adaptive re-use building

The Wynwood Design Review Committee is recommending approval of an adaptive re-use project designed to revive a high-profile corner in the booming Wynwood Arts District. The one-story building is at 2521 NW Third Ave., at the southeast corner of Northwest Third Avenue and 26th Street. The owner is David Lerner and the applicant is MKDA FL.

Albert Garcia: Wynwood leader aims to double 5.5 million visitor record

Albert Garcia considers himself an agent of change, a leader drawn to jobs and environments with steep challenges that offer equal or greater opportunities. Such is the case with his chairmanship of the Wynwood Business Improvement District (BID), the funding mechanism and overlaying organization that over the past decade has helped to transform…

Miami Beach asks for offers to develop lots near Lincoln Road

Miami Beach wants to develop parking lots near Lincoln Road into Class A office space, banking on demand fueled by executives migrating south. Developers can submit letters of intent by 3 p.m. on Jan. 11 for a public-private partnership to redevelop the three lots next to Lincoln Road between Alton Road and Meridian Avenue. Combined, the land could…

Developers score $15M construction loan for Miami townhouse development

A partnership of two local developers received a $15.3 million construction loan to build 30 luxury townhouses near South Miami. Miami-based Apollo Bank provided the loan for the proposed development at 6790 to 6880 Southwest 80th Street in Miami. The project is dubbed the Somi Subdivision, according to records. The borrowers are a company…

U.S. retail spending slows but still higher than last year

Americans are spending more money than they did at this time last year — and even last month — but the trend may slow as Covid-19 cases spike throughout the country. According to the latest statistics from the Census Bureau, American shoppers spent $553.3 billion in October, a 0.3 percent increase from $551.9 billion in September, and 5.7 percent above the…

Miami commissioners reject proposals for marina redevelopment

Biscayne Marine Partners’ rendering of new boat storage and marina facilityvirgin For the second time in six years, the Miami City Commission deep-sixed proposals to redevelop two city-owned marinas on Virginia Key. Commissioners voted 3-2 to throw out all proposals, including an $80 million plan submitted by the top-ranked bidder Virginia Key LLC…

8 Vital Questions (and Answers) for South Florida Real Estate Investors

MMG’s Director of Acquisitions, Marcos Puente, discusses the current state of the South Florida / Miami real estate market. More specifically, he addresses the factors to consider for South Florida real estate investors, and the direct impact of the pandemic in the area. He also dives into the future of the market with a positive…

Oversubscribed: Russell Galbut and Michael Liebowitz’s SPAC raises $115M

The blank check company formed by developer Russell Galbut and investor Michael S. Liebowitz raised $115 million, $15 million more than its $100 million goal. New Beginnings Acquisition Corp. closed its oversubscribed initial public offering in early November, after forming the special-purpose acquisition company last month, Liebowitz said. The firm plans to invest…

Climate concern driving down sales and prices along coastal Florida: report

Concern over climate change may be driving down sales volume and prices for homes along coastal Florida, according to a recently released report. The study published by two researchers at The Wharton School at the University of Pennsylvania found that from 2013 to 2018, sales in coastal Florida census tracts with the most exposure to sea level rise declined…

Apartment developer buys South Miami Winn-Dixie site from Bacardi JV

Apartment developer AvalonBay Communities paid nearly $19 million for the Winn-Dixie property in downtown South Miami. Property records show 5850 S.W. 73 Street LLC sold the 1.9-acre site at 5850 Southwest 73rd Street to Avalon SoMi LLC, an affiliate of the real estate investment trust. The seller is tied to the Bacardi family and Henry Pino’s Alta Development…

Sapir Corp names Sharon Raz CEO

Sapir Corp’s Alex Sapir and Sharon Raz Sapir Corp has named former Elad U.S. Holding CFO Sharon Raz as its next CEO, the development firm announced Monday. The appointment comes a week after the company’s previous CEO, Amir Richulsky, resigned to pursue a job opportunity in a different industry. “Sharon Raz is a seasoned leader with just the right…

Back to the future: Automat dining concept gets Covid upgrade

A century-old dining concept is being resurrected in the New York metro area, as restaurant owners struggle for customers amid the continued coronavirus restrictions. Automat Kitchen in Jersey City and Brooklyn Dumpling Shop — in Manhattan — are updating the automat, in which meals are served to customers via vending machine-like lockers…

MMG’s Marcos Puente Featured on Retail Real Estate Expert Roundup

N3 Real Estate, a national real estate company specializing in retail properties, aggregated a collection of insights from retail real estate experts regarding the state of retail real estate in the coming year or two. Answers were provided by a number retail professionals, and MMG’s Marcos Puente provided his view on where retail property valuations…

Miami-Dade moves forward with multimillion-dollar Brightline deal

On Friday, the Miami-Dade County Commission unanimously approved a resolution authorizing further discussions with Brightline, Florida East Coast Railway and the county to create a commuter rail. The commuter train system would operate between downtown Miami and Aventura with as many as eight stations in Miami-Dade, and it could extend as far…

Michael Gianaris to President-elect Biden: Cancel rent

State Sen. Michael Gianaris and President-elect Joe Biden (Getty) State Sen. Michael Gianaris is calling on President-elect Joe Biden to provide relief for New Yorkers — in the form of canceling rent. The Democratic politician, who represents Astoria, Queens, and, as the deputy majority leader of the Senate is the second highest–ranking member of the legislature in New…

Pre-pandemic evictions resume in Miami-Dade

Residential and commercial evictions filed before March 13 can resume in Miami-Dade County, the mayor’s office announced on Friday. On one of his last days in office, Mayor Carlos Gimenez directed the Miami-Dade Police Department to begin enforcing writs of possessions for all cases filed on or before March 12, when the mayor declared a state of emergency due…

Are we still in a recession? : What to expect from the NBER business cycle dating committee

The Downturn and Rebound April 29, 2020: In its advance estimate, the Bureau of Economic Analysis (BEA) reported that real GDP for the first quarter of 2020 fell at a 4.8% annual rate. May 8, 2020: The Bureau of Labor Statistics reported that nonfarm payrolls fell by 20.5 million in April—the largest one-month percentage decline on record (dating back to 1939).

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore

The three families that own Ritz-Carlton hotels in South Beach and Bal Harbour, as well as the Sagamore Hotel in Miami Beach, merged ownership of their properties. The Ben-Josef Group, which owns the Sagamore, and partners Flag Luxury Group and Lionstone Group, which own the two Ritz-Carltons, secured a joint merger, and could bring the Sagamore under…

From underwear to surgical masks: Isaco sells Miami Lakes warehouse for $15M

A warehouse in Miami Lakes will move from making underwear to masks, after a medical device manufacturer paid $15 million for the 156,000-square-foot building. DemeTech, based in Miami Lakes and led by Luis Arguello Jr., bought the property at 5980 Miami Lakes Drive, according to a press release. DemeTech’s products include N95 respirator masks…

Manhattan-based asset manager, down on NYC, opens Miami office

As lockdowns continue to affect New York, Marathon Asset Management is setting up an office in Miami. While the investing team will remain in New York, the new Miami office will be available for all other personnel. Read more New Yorkers snap up high-end rentals in Miami Beach Following the money, NY brokers seek licenses in other states Return to the office?

Sale Of Doral Industrial Warehouse Negotiated

DiGiacomo Group’s Stephen J. DiGiacomo, SIOR, Roger Zuniga and Patricia Marquez negotiated the sale of an industrial warehouse totaling 107,667 square feet located at 1910 NW 97th Avenue in Doral. Buyer Park 1910 NW 97 Ave Owner LLC purchased the warehouse, which is situated on just over 6 acres, from Clover Logistic 1910 PROPERTY HOLDINGS…

Knotel may slash its global portfolio by 60%

Knotel once hoped to be the next WeWork. And as the pandemic rages on, it’s facing similar headwinds as its co-working rival. The flex office provider is looking to trim 60 percent of its 4.8 million-square-foot global portfolio, and slash its leases in the U.S. and Canada from 3.4 million square feet to just 500,000 square feet, Business Insider reported. Knotel’s goal is to…

Miami-Dade’s Retail Market Posts Net Negative Absorption, Rent Declines in Third Quarter

Miami-Dade County’s retail market posted 120,934 square feet of negative net absorption in the third quarter, according to research from Colliers International. The decline is a sizable improvement from the second quarter, a period where the market gave back 230,698 square feet of retail space. Year-to-date absorption remains positive for Miami-Dade County…

IHG Breaks Ground on First Atwell Suites Hotel

IHG Hotels & Resorts has begun construction on the first property of its latest all-suites brand. The Atwell Suites hotel, which is owned by Francisco Arocha, Pedro Villar, Albert Ovadia and Sunview Cos., is located in Miami and is expected to open by the summer of 2021. The 90-key Atwell Suites hotel is aimed at the upper-midscale traveler who opts for longer stays…

Sweetwater District Industrial Building Brokered for $44 Million

Newmark has brokered the $44 million sale of a 312,000-square-foot industrial facility located within Dolphin Commerce Park in Miami. Tech Data Corp. sold the property to Badia Spices, a local manufacturer and distributor of spices and herbs that will eventually move into the building. Built in 2002, the property at 2200 NW 112th Avenue is situated…

Trump plan would let real estate firms avoid SALT deduction cap

The Treasury Department has announced a new measure that would allow many businesses to get around the cap on state and local tax deductions. Congressional Republicans and the Trump administration implemented the $10,000 cap as part of their 2017 tax overhaul. But it has been met with heavy resistance from both the real estate industry and Democrats…

Federal Realty’s Proposed Redevelopment Of The Shops at Sunset Place Falls Through

The Shops at Sunset Place in South Miami will not be redeveloped as planned, its lead developer said in Securities and Exchange Commission filings and on a conference call last week. The long-struggling mall had been slated for a partial teardown and the addition of three new 17-story towers that would house apartments and hotel rooms. “There’s nothing…”

Logistics Firm Clover Systems Completes $16.2 Million Sale-Leaseback of Warehouse in Doral

Logistics firm Clover Systems has sold a 113,891-square-foot warehouse in Doral for $16.2 million. The family-owned company signed a short-term lease to remain at 1910 NW 97th Avenue, which is situated nine miles east of Miami International Airport and 15 miles east of downtown Miami. The buyer was Los Angeles-based 1910 NW 97th Ave Owner LLC, an…

Studies suggest targeted lockdowns of restaurants, gyms, hotels to curb Covid

Going to a restaurant, gym or hotel? It may not be as safe as you’d think. A new study by researchers at Stanford University and Northwestern University tracked the movement of people and compared it to Covid outbreaks, according to Bloomberg. The study estimated that just 10 percent of locations account for 85 percent of predicted infections. In Chicago, for…

Terra proposes 1,384-unit apartment complex near Magic City Casino

David Martin, Central Shopping Plaza, and a rendering of the apartment complex Terra, one of South Florida’s most prolific developers, is looking to build a seven-building apartment complex behind the Central Shopping Plaza in Miami’s Flagami neighborhood. The proposed development would take up 2.5 million square feet and add 1,384 apartments to the 38-acre…

Third time’s the charm: North Miami Beach approves $1.5B Dezer project

For the third time, and in spite of opposition from many nearby Eastern Shores dwellers, the North Miami Beach City Commission narrowly approved a development agreement and new zoning plan that will enable Dezer Development to move forward with its $1.5 billion plan to redevelop the Intracoastal Mall. Next, the developer will need to obtain Florida…

‘Nowhere To Put ‘Em’: Boating Craze Pushes Marinas Into Hot Property Territory

Integra Investments principal Victor Ballestas accidentally stumbled into the marina industry. After having worked on numerous condominium developments, he co-developed a project in Bay Harbor Islands, near Miami, that had a marina component with 14 slips. Seeing the high demand for them, his firm went on to buy marinas in the Florida Keys and even…

Downtown Miami developer seeks 37-story tower with all off-site parking

A 37-story mixed-use residential tower is planned for the heart of downtown Miami. To be called The District, the project will include 343 residential units, 2,297 square feet of commercial-retail use, and zero parking. The developer is requesting a waiver to allow all parking off-site. The city’s Urban Development Review Board has voted unanimously to…

Ocean Drive overhaul won’t come quickly, mayor says

Updating Miami Beach’s newly-named Art Deco Cultural District has been the talk of the city commission all fall, but a major change isn’t likely overnight.  At a workshop Sept. 17, commissioners and city staff brainstormed ideas for re-imagining the Mixed-Use Entertainment District, which officials agreed hosted many good business operators but also…

Creative minds use ingenuity to map road to economic recovery

As Miami-Dade continues to battle the novel coronavirus under “new normal” conditions, its path to recovery and prosperity relies in large part on creative minds whose ingenuity will pave the way. Thanks to the inventiveness of John Stuart, director of FIU’s Miami Beach Urban Studio, home to one of the largest 3D printing labs in the state, thousands of lives…

You can’t put Humpty Dumpty together again in South Beach

Miami Beach is stumbling through a minefield that could blow up its economy. Impacts of a worsening pandemic are battering the city’s economic driver, its visitor industry, causing officials to assess diversifying away from reliance on guests.  Nobody has hit the panic button, but it is at hand. The city spent years and millions to modernize a convention…

Foreclosure filings picked up in October up despite moratoriums

Despite federal and state moratoriums, foreclosure activity in the United States ballooned last month. Nearly 12,000 properties had some kind of foreclosure filing in October 2020, up 20 percent from last month but down 79 percent from October 2019, according to a monthly report from Attom Data. That largely continued a trend of growing foreclosures that began…

Video: Related’s Stephen Ross Discusses COVID CRE Effects on CNBC Power Lunch

Stephen Ross, the chairman and majority owner of The Related Companies, a global real estate development firm he founded in 1972 that has been and continues to be very active in Miami, and owner of the Miami Dolphins, discusses reopening and the state of commercial real estate projects like Hudson Yards in New York in elsewhere. This discussion concentrates…

Investcorp sells nearly $1B in multifamily assets

The private equity firm Investcorp has sold eight multifamily properties across the U.S. for $900 million. Investcorp said it sold the properties to multiple buyers, though it did not disclose specifically who those were. The buildings are located in four states — Arizona, California, Florida and New York — and were acquired by the company in 2016 and 2017, according…

Office unease: Tenants are paying up but staying away

A pattern has emerged among office landlords reporting their third quarter results: The vast majority of tenants kept up with rent payments, but an equal number also kept their workers away. Investment firm and REIT executives reported strong rent collections across much of their office portfolios, a positive sign for their immediate bottom line. At many of…

Negotiating: Strategic Advantages of Backup Offers for Commercial Property Buyers

I regularly am in situations where a buyer is interested in some commercial property that is already under contract. It is the exception where I don’t recommend submitting a backup offer. There are two principal advantages to a buyer of submitting a backup offer in an effort to put a backup contract in place. Both are strategic advantages. “This is the bottom line; win the…”

Video: How COVID-19 is Impacting Commercial Real Estate

In this video from Yahoo Finance, Doubleline Capital Portfolio Manager Morris Chen joins Julia La Roche and Zack Guzman of Yahoo Finance to discuss in some detail the latest commercial real estate outlook amid COVID-19. They talk about the variance in pain among various commercial real estate sectors as well as the offsetting positives of an extremely low…

From inflation targeting to average inflation targeting : The Fed’s new long-run monetary framework

Since 1996, it has been understood among Fed policymakers that the (undeclared) target for inflation was around 2%. In January 2012, Chairman Ben Bernanke made this implicit inflation target explicit and official, thereby aligning the Fed’s inflation target with that of all the major central banks. In this framework, when inflation has approached or exceeded…

Bridge, PGIM Secure $67M Construction Loan For South Florida Cold Storage Project

Joint venture partners Bridge Development Partners, one of South Florida’s most active industrial real estate developers, and PGIM Real Estate, the global real estate investment and financing business of Prudential Financial, Inc., announced it has secured $67 million in financing to develop Bridge Point Cold Logistics Center, a 312,103-square-foot speculative cold storage facility in Hialeah. The loan was issued…

Sapir Corp CEO Amir Richulsky resigns

After about half a year as Sapir Corp’s CEO, Amir Richulsky is leaving for another firm. The developer announced Richulsky’s resignation in a Sunday filing on the Tel Aviv Stock Exchange, where the company’s bonds are listed. The disclosure did not specify where Richulsky is going, but notes that his tenure will officially end in December. Richulsky, previously Sapir Corp’s…

Office, apartment REITs get shot in the arm from vaccine news

New York office and apartment landlords received a rare shot of good news Monday with Pfizer’s announcement that it’s getting closer to developing an effective Covid-19 vaccine. An early analysis found that Pfizer’s vaccine was more than 90 percent effective in treating Covid-19 on clinical volunteers. The company said it could potentially manufacture enough vaccines for…

Oak Street Real Estate Capital buys Oakland Park Walgreens for $7M

Oak Street Jim Hennessey and Marc Zahr with 3100 North Andrews Avenue, Oakland Park The flurry of Walgreens trades continues with an Oakland Park store selling for $7.3 million. Walgreen Co. sold the store at 3100 North Andrews Avenue. The buyer is a company affiliated with Chicago-based private equity firm Oak Street Real Estate Capital. In June, Oak Street…

Lame-duck Congress will resume stimulus package talks

After several long days of vote counting last week, former Vice President Joe Biden emerged as the president-elect, Republicans gained more seats in the House and control of the Senate hinges on the results of two run-off elections in Georgia. Congress will now enter a lame-duck session, where little is typically accomplished even under normal circumstances…

Real estate to Trump: Produce evidence or move on

Former Vice President Joe Biden declared victory in the contentious 2020 presidential race Saturday morning after securing the clinching number of Electoral College votes from Pennsylvania. President Donald Trump, however, refused to concede Saturday, vowing that he would “not rest until the American People have the honest vote count,” likely setting the stage…

GLP pays $16 million for Doral warehouse

A family that owns an international logistics company sold a Doral warehouse for $16.2 million. The Rincón family, which owns and operates the Clover Group, sold the 100,000-plus-square-foot building at 1910 Northwest 97th Avenue, according to records. The buyer shares a Santa Monica address with GLP Capital Partners, an investment firm that…

Hard-hit retail, restaurants, construction show big jobs gains in October

A handful of industries that have sustained the most damage from the pandemic reported the biggest job gains in October, pointing to an improving economy despite Covid-19’s surging numbers nationwide. Travel and leisure companies added 271,000 jobs last month, retail added 104,000 positions and construction gained 84,000 jobs, according to data released…

Miami commercial brokerage alleges it was stiffed on medical office commission

A Miami-based commercial real estate brokerage alleges that a buyer and seller cut it out of its commission on a medical office deal. The brokerage, Real Capital Partners, sued the buyer and seller of the three-building, 10-acre medical office campus at 7400, 7500 and 7800 Southwest 87th Avenue in Miami, according to the lawsuit filed last month in Miami-Dade …

Prospect of divided government rallies real estate stocks

During a week of uncertainty for the country, the stock market had its best performance since April. Real estate stocks were among the big gainers as votes for president and Congress were cast and counted. Top performers in the industry included large service companies and asset-management firms, proptech and residential home builders. Gains were lower for…

Video: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

Craig Solomon is one of the most active lenders and investors in a market that’s rife with uncertainty. His firm, Square Mile Capital, has made some recent big bets on last-mile real estate and is quickly becoming one of the country’s largest owners of soundstage space, with acquisitions such as Silvercup Studios in New York City and CBS Television City in Los Angeles.

Black Creek buys Davie apartments for $79M

Real estate management firm Black Creek Group bought a 340-unit apartment complex in Davie for $79.1 million. Black Creek, based in Denver and led by CEO Raj Dhanda, bought the complex at 11000 Cameron Court for about $233,000 a unit, according to records. Los Angeles-based investment firm CIM Group sold the complex, which was built in 1998.

Suburban office demand spikes as working from home continues

Interest in small suburban offices is picking up as more people continue to work from home, and relocate outside of major urban centers. For IWG, the short-term office company, deals for its downtown New York offices have collapsed by 30 percent since the virus outbreak, while activity in southern Connecticut has surged more than 40 percent, according to Bloomberg.

Election puts real estate’s generous tax breaks in spotlight

For many in the real estate industry, having a developer in the Oval Office has brought an uncomfortable amount of media attention to a long-standing practice: avoiding taxes. A series of recent articles in The New York Times and other outlets have showcased the many ways developers and investors use tax breaks to lower their bills — sometimes to zero.

Mall giant Unibail-Rodamco-Westfield says its real estate is worth 11% less than year ago

Unibail-Rodamco-Westfield saw U.S. rental income tumble 39 percent year-over-year in the third quarter, the company disclosed Sunday. The retail landlord and investor reported that rental income from U.S. operations, including from 39 Westfield-branded malls, fell to $464 million. Across its overall portfolio, which includes major…

Has there been a “Trump effect” on property values?

Despite Trump’s claim that he will boost property values, it’s not clear that those have grown that fast in places where he won handily in 2016 (Getty; iStock) In July, President Trump announced that the Department of Housing and Urban Development would repeal an Obama-era rule requiring localities that receive federal funding to break down barriers to fair…

What four years of Trump has done for real estate

An assessment of how President Donald Trump affected real estate in terms of foreign investment, housing, taxes and general political sentiment. (Getty) Nearly four years ago, Donald Trump was sworn in as the nation’s first developer-in-chief, surrounded by prominent figures from New York City real estate. The sight of his industry friends on the national stage…