Mac Papers inks deal, sells warehouse near MIA for $15M

A major paper supplier sold its warehouse near Miami International Airport for $14.6 million. Jacksonville-based Mac Papers sold the 137,872-square-foot warehouse at 5900 Northwest 176th Street in Miami for $105 per square foot, records show. Spirit Master Funding X LLC, tied to Dallas-based Spirit Realty Capital, purchased the property. The warehouse is on…

Sam Zell’s Equity Residential halts evictions, rent hikes on 80K-unit portfolio

Sam Zell’s Equity Residential said it will halt evictions and rent increases for 90 days on its thousands of apartments across the country in response to the coronavirus emergency. The move, first reported by Crain’s, comes after several states like California, New York, and Illinois have called for or have suspended eviction proceedings and rent hikes. The real estate…

South Florida commercial real estate closings face delays and cancellations due to coronavirus economic meltdown

Jay Sakalo and Jaime Sturgis A month before the closing date, commercial broker Jaime Sturgis just had to kiss goodbye a nearly $1 million multifamily deal. Sturgis, founder and CEO of Fort Lauderdale-based Native Realty, said he represented the seller of an eight-unit apartment building in Miramar who canceled the sale after the buyer requested “unreasonable…”

Seagis Property Group Inks Full-Building Lease in Miami-Dade

Del Valle Brands, a Miami-based brand development and distribution company specializing in Caribbean markets, has leased an entire 125,976-square-foot building owned by Seagis Property Group in Medley, Fla., a Miami-Dade submarket. The building has Palmetto Expressway frontage and is located at the southeast quadrant of… at 8150 NW 76th Avenue…

“It is catastrophic:” Sam Nazarian, Kobi Karp talk coronavirus toll

Last week, The Real Deal publisher Amir Korangy sat down for another episode of Coffee Talk with luxury hospitality group SBE’s Sam Nazarian and leading architect Kobi Karp. This time, though, coffees were kept at home, with Karp and Nazarian joining TRD for a virtual conversation. Nazarian detailed the difficulty in maintaining his large workforce…

Hotels get pummeled as demand nosedives for a second week

The hotel industry suffered another devastating week, as cities like New York and San Francisco saw more than eight out of every 10 hotel rooms sit empty. Occupancy levels in those two cities plunged more than 80 percent last week as the Covid-19 pandemic obliterated demand for hotel stays, new figures released Wednesday by the…

TRD Talks: How developers are contending with coronavirus

One called for a total shutdown of business. Another advised startups to plan for zero revenue for six months. And a third had harsh words for impatient lenders. All three New York developers, Miki Naftali, Ryan Freedman and Steve Witkoff, made their views known about how they would deal with the deepening coronavirus pandemic. The trio spoke…

Back-of-the-Envelope Estimates of Next Quarter’s Unemployment Rate

As state and local governments implement social-distancing measures to suppress and contain the spread of COVID-19, many businesses are faced with a large decrease in sales and revenue. This slowdown of economic activity could inevitably lead to solvency and liquidity problems that result in workers being laid off. This negative shock does not equally affect all…

Target store signs for planned Overtown block

Retail giant Target has signed a letter of intent to open a store inside a planned mixed-use retail and residential development in Overtown called Block 55, according to the developer of the expansive project. The developer, in concert with the board of directors of the Southeast Overtown/Park West Community Redevelopment Agency (CRA), plans…

Transit hub to feature University of Miami student housing

New student housing is a key component of a major mixed-use project in South Miami destined to become a transportation hub for the region, according to the developers. The TREO group, in collaboration with Miami-Dade County, is building the mixed-use, transit-oriented student housing development to be called VOX Miami. Officials from The TREO Group…

New blueprints are coming for hospitality industry’s future

Miami-Dade’s hospitality sector is under economic siege from the coronavirus. How it recovers is crucial to the future for us all. Of course, whatever industry we look at is struggling while society battles a peril with no track record to indicate when the siege might ease up.  Hospitality is in the same boat – but hospitality has been what Miami was built on…

Edgewater condo tower’s retail space sells for $15M

The commercial space in an Edgewater condo tower sold for $15.45 million. Biscayne Plaza II LLC, led by Javier Cevera, sold the 11 commercial condos at 1800 Biscayne Plaza to Delorean Holdings LLC, led by Daniel Serber, a lawyer in Aventura, records show. The commercial… The space at 295 18th Street is occupied by a Chase bank branch and restaurants 3 Chefs…

CenterPoint buys an industrial property near MIA for $30M

CenterPoint Properties CEO Bob Chapman and South Florida Logistics Center CenterPoint Properties Trust bought an industrial property near Miami International Airport for $29.5 million. Oak Brook, Illinois-based CenterPoint Properties purchased the 42.5-acre property at 3200 Northwest 67th Avenue for $694,117 per acre, records show. FDG Hialeah, tied to…

Expected U.S. Macroeconomic Performance during the Pandemic Adjustment Period

The coronavirus has the potential to create catastrophic health outcomes in the U.S.2 In order to mitigate this, public health officials have recommended a variety of social-distancing policies to slow the spread of the virus. In addition, social interaction has declined dramatically due to voluntary withdrawal by individuals, corporate work-from-home policies and…

Miami condo tower shuts down amenities due to confirmed coronavirus case

A downtown Miami condo tower has shut down its amenities deck, pools and barbecue, and asked visitors to stay away after a resident was confirmed to have tested positive for Covid-19, The Real Deal has learned. The condo association of Marinablue, the 57-story, 516-unit tower at 888 Biscayne Boulevard, sent an email blast alerting residents of the…

Tom Barrack predicts commercial mortgage market crisis

Colony Capital chairman and CEO Tom Barrack thinks the commercial mortgage market in the United States is on the verge of collapsing. Barrack wrote in a white paper, posted to Medium late Sunday, that the coronavirus pandemic and subsequent shutdown of sectors of the U.S. economy could lead to margin calls, foreclosures, evictions and potential bank failures.

Fannie, Freddie offer multifamily landlords a break — strings attached

Some relief from the federal government is on the way for multifamily landlords, but it comes with strings attached. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, announced that the two mortgage insurers will give multifamily landlords a break on their loans on the condition that they do not evict any renters impacted by…

CFH Group picks up Allapattah bank branch

Even in the midst of the coronavirus pandemic some deals are closing. Truist sold a bank branch in Miami’s Allapattah neighborhood for $6.9 million to a company tied to CFH Group, records show. The branch, at 1400 Northwest 20th Street, is on a 19,604-square-foot lot, equating to a price of $349 per square foot, according to records. Truist is the bank holding…

Bankruptcy, restructuring lawyer outlines strategies

By Adam Marshall The impact of the coronavirus will result in a lot of tough financial and legal decisions for many business. These are topics  I know intimately as a veteran bankruptcy and restructuring lawyer. For some stressed businesses, negotiating with creditors and lenders could be imminent while restructurings, bankruptcy filings and liquidations are…

Feds looking to lease warehouses for coronavirus triage, testing centers

The federal government is reaching out to commercial property owners and brokers to lease empty warehouse space for temporary triage centers, as the number of confirmed coronavirus cases nationwide continues to grow. As of Friday afternoon, more than 15,000 people had tested positive for the virus in the U.S., with more cases expected as the number of…

All hotels, short-term rentals in Miami-Dade ordered to shut down due to coronavirus

Miami-Dade County and the city of Miami Beach ordered all hotels, motels and short-term rentals shut down effective Monday, March 23, in an effort to curb the spread of Covid-19. Guests and renters must be out of all commercial lodging establishments by midnight on Monday night, according to the city of Miami Beach’s or…

Diplomat, Acqualina, Biltmore hotels closing amid coronavirus

Major hotels across South Florida are closing voluntarily amid the coronavirus pandemic. Acqualina Resort in Sunny Isles Beach, the Diplomat Beach Resort in Hollywood, and the Biltmore in Coral Gables are all closing by this weekend, as Covid-19 sends shock waves through South Florida’s economy. Miami-Dade Mayor Carlos Gimenez issued an executive order…

Coronavirus And The Future Of SoFlo CRE

There’s no easy way to begin. As you all are very much aware, coronavirus is taking an incredible toll on lives and livelihoods. Anxiety is high, nerves are frayed, and because the situation is rapidly changing, there is no way to predict the short- and long-term outcomes accurately. It wasn’t so long ago, in fact, that investors were excited because the Federal Reserve had…

Treo Group scores loan for mixed-use student housing project in South Miami

Rendering of Vox Miami The Treo Group closed on a $33.25 million construction loan for Vox Miami, a mixed-use project under construction next to the South Miami Metrorail station. Centennial Bank is providing the senior construction loan to Treo. It closed on Wednesday, amid the crisis caused by the coronavirus pandemic. J.C. de Onda, division president…

Miami-Dade orders all non-essential businesses closed due to coronavirus

Miami-Dade Mayor Carlos Gimenez has expanded his order of businesses that must close — and those that can remain open — during the coronavirus pandemic. All malls and casinos will have to shut down. Construction sites, hotels and banks can remain open. Medical facilities, grocery stores, gas stations and restaurant kitchens can…

Coronavirus COVID-19 Real Estate Task Force | Jordan + Lawyers Provides Tactical Step by Step Guide

As mentioned in our previous post, the number of COVID-19 coronavirus (“Coronavirus”) cases continues to increase, and with the World Health Organization raising its threat assessment of Coronavirus to its highest level, businesses in Miami-Dade and Broward Counties are becoming increasingly aware of the many challenges that are ahead. At Jordan…

SoFla landlords, retailers brace for coronavirus impacts

FroCommercial landlord Scott Sherman is trying to get ahead of potential losses and hardship South Florida retail tenants are facing. His Miami-based Tricera Capital is giving them the ability to defer rent payments for the near future, as bars and restaurants are forced to close and the fallout from the coronavirus pandemic unfolds. Across South Florida, from…

Barry Sternlicht calls coronavirus “World War III for 90 days”

Barry Sternlicht has voiced worries of the next “calamitous recession,” but now he is optimistic that the epic disruption of the global coronavirus pandemic will be over in three months. “I don’t think in the history of the world have you ever had this many labs, this many people focused on a cure or a vaccine with technology that didn’t…

Insight into the coronavirus impact on commercial real estate

There’s a lot of economic comparisons between the Great Recession and the coronavirus, but there are a couple of key differences this time when it comes to commercial real estate, says Marc Shuster, a partner at the Berger Singerman law firm. Shuster brings a lot of insight from representing family offices, high net worth individuals and private equity funds. Those…

Social distancing? Coronavirus not stopping South Florida construction projects — for now

The concrete will continue pouring at South Florida construction sites. As other aspects of everyday life are shut down due to the coronavirus pandemic, the building industry is still forging ahead — for now, according to general contractors, trade association representatives and government officials. Peter Dyga, president and CEO of Associated Builders and…

Starbucks transitioning to temporary “To-Go” model

In light of recent public health concerns, all company-owned Starbucks stores in the U.S. will be open for to-go and delivery orders only. This decision was made public on March 15th and, according to Starbucks representatives, will remain in effect for at least two weeks. Though the high-traffic chain has shut down all indoor and outdoor seating…

International Council of Shopping Centers requests federal help amid massive shutdowns

The International Council of Shopping Centers is requesting aid from the Trump administration amid a host of restaurants, retailers and entertainment operators shutting down. ICSC wants the federal government to directly pay for or guarantee business interruption coverage for retailers, restaurants and other impacted businesses, according to the Wall Street…

Trump suspends HUD evictions, foreclosures amid coronavirus pandemic

President Donald Trump announced Tuesday that the Department of Housing and Urban Development will suspend all foreclosures and evictions through April in response to the coronavirus pandemic. The moratorium would apply to mortgages insured by the department’s Federal Housing Administration, or around 8.1 million households, according to…

“We are not close to the bottom in the US”: Hotels suffer declining revenues, mass layoffs

By every conventional measure, the hotel industry took a beating last week as the country went further into lockdown to contain the spread of the coronavirus. Occupancies, average daily room rates and revenues per available room fell drastically last week, according to new figures from the hospitality research firm STR. “Through comparative analysis of the…”

Miami Self Storage Portfolio Commands $44M Refi

Two of the properties are situated in Miami, at 490 NW 36th Street and 1100 NE 76th Street, while the third one is located at 812 NW First St., in Fort Lauderdale, Fla. CubeSmart manages the Miami facilities, while Public Storage operates the one in Fort Lauderdale. The portfolio encompasses 1,836 units spread across three multi-story buildings, which came online…

Airbnb calls for federal aid as hosts voice anger over policy changes

Airbnb’s business model relies on making both hosts and guests happy, but the startup is facing pushback from both sides as it flip-flops over who should cover the cost of cancellations. With demand for short-term rentals falling amid a global coronavirus pandemic, the company is now seeking government support for its hosts. But many of them have voiced anger…

Miami lacks appetite for new food truck regulations

Legislation that would add additional food trucks regulations in the City of Miami has stalled, as the discussion among commissioners centered on the ways food trucks operate in the city among brick-and-mortar businesses. Last week, city commissioners deferred an item sponsored by Commissioner Ken Russell that would address food trucks operating…

Property insurance costs likely to soar

There may be bright spots on the commercial insurance horizon – workers’ compensation among them – but property insurance won’t be one of them, said Mark Schwartz, CEO of Corporate Insurance Advisors. “In general, we are a cat-exposed state,” he said, meaning frequent hurricanes dampen the profitability of insurers and re-insurers in Florida, causing many to leave…

Allapattah midrise plans 47 micro-unit apartments

A developer plans to build a midrise building in Allapattah that will include smaller micro unit apartments. 2323 Pointe Group LLC is asking the City of Miami to approve its plan to construct an 8-story mixed-use residential building at 2323 NW 36th Street. The city’s Urban Development Review Board recommended approval. The project’s working name is 2323…

State to order bars shut for 30 days

The normally festive St. Patrick’s Day took on a very somber note Tuesday as Florida Gov. Ron DeSantis planned a 5 p.m. press conference to issue an order for bars to close for 30 days, multiple media outlets were reporting. Bars are being defined as establishments where more than 50 percent of sales are from alcoholic beverages. Restaurants will be told to reduce…

Real estate pros weigh in Fed and Trump’s moves to bolster economy from COVID-19 pains

The Trump administration’s effort to work with Congress on an $850 billion stimulus package to bolster the economy may be getting a positive response from investors, but it may not be enough to ultimately calm markets and those same investors. As the U.S. fights to contain the coronavirus epidemic, the Federal Reserve on Tuesday resurrected a program…

SoftBank may bail on WeWork bailout: report

SoftBank no longer plans to proceed with all of its bailout of WeWork, justifying its decision to back out of its $3 billion pledge to buy shares back from investors by citing several regulatory investigations of the troubled shared office–space giant. According to the Wall Street Journal, WeWork’s shareholders were sent a notice Tuesday stating that SoftBank believes…

Eric the Jeweler blames Mondrian South Beach owners for $2M heist: lawsuit

Eric the Jeweler suing Mondrian South Beach owners Eric Mavachev, a New York City jeweler who counts Sean “Diddy” Combs and Drake among his A-list clientele, is blaming the owners and two employees of the Mondrian South Beach Hotel for the theft of nearly $2 million in baubles from his hotel room last month, according to a recently filed lawsuit. Mavachev…

Restaurants, bars, gyms and theaters ordered to close in Miami-Dade

Miami-Dade County ordered all restaurant dining rooms, bars, gyms, movie theaters, bowling alleys and other businesses closed due to coronavirus, or COVID-19. Deputy Mayor Jennifer Moon made the announcement along with Miami Beach Mayor Dan Gelber on Tuesday morning at a press conference at Joe’s Stone Crab in South Beach. The order will go into…

CenterPoint Properties Acquires Airport-Adjacent Land Site In Miami-Dade County

CenterPoint Properties has announced the acquisition of a 17.14-acre land site in the Miami-Dade County submarket. Located at 3200 NW 67th Avenue in Miami, this site is currently 100% leased to a leading e-commerce retailer. Located in the highly coveted “Airport West” submarket of Miami-Dade County, the property is directly adjacent to Miami International…

With curfews and public assembly restrictions, what will happen to malls?

As cities around the country curtail large public gatherings, institute curfews and shut down schools to prevent the spread of the coronavirus, questions hang over the fate of malls — which have already been on a knife’s edge thanks to retailer bankruptcies and store closures. Some industry watchers have said retail will be among the first industries to…

Coronavirus closures hit South Florida restaurants and stores

Popular Miami restaurants like Mandolin Aegean Bistro and Cafe La Trova are temporarily closing their doors amid the coronavirus crisis. National retailers are announcing closures by the hour. In Miami-Dade County, all bars and clubs must close by 10 p.m., and all restaurants by 11 p.m. The wave of closures is expected to continue locally and throughout the county…

Starwood snags Homestead apartment complex for $28M

An affiliate of Starwood Capital Group bought the Villa Biscayne Apartments in Homestead for $28.3 million, reflecting growing demand for multifamily properties in south Miami-Dade County. A company tied to Michael J. Hornbrook, president of Lakeside Capital, sold the 180-unit complex at 15350 Southwest 284th Street for $157,222 per unit to…

Building towers with stone could be the future, architects say

A group of architects wants to bring their practice back to the stone age. Groupwork and structural engineering firm Webb Yates collaboratively designed a 30-story office tower built of stone they say could be cheaper and more sustainable than a similar tower built with steel or concrete, according to Dezeen. The project was an investigation of how tall one…

Miami Beach orders all restaurants with occupancy over 250 to close or reduce capacity due to coronavirus

The city of Miami Beach late Friday ordered all restaurants and nightclubs with occupancy of over 250 people to cease operations due to the coronavirus pandemic. Restaurants and nightclubs can remain open if they maintain a capacity of fewer than 250 people, according to the city’s announcement. Miami Beach’s mayor and commission extended the…

Carl Icahn’s biggest short? Commercial real estate

The U.S. commercial real estate market is ripe for a meltdown, according to activist investor and notorious corporate raider Carl Icahn. And he’s putting a lot of money where his mouth is. “You’re going to have this blow up, too, and nobody’s even looking at it,” Icahn said on CNBC. The investor revealed that he’s shorting the commercial mortgage bond market, noting that it…

Miami-Dade suspends evictions due to coronavirus

Miami-Dade suspended all eviction activities amid the coronavirus pandemic. The county’s police department announced it would not assist with evictions now that Miami-Dade County is under a state of emergency. Mayor Carlos Gimenez, who self-isolated after a meeting with Brazilian President Jair Bolsonaro’s aide, declared the state of emergency on…

Coronavirus threat could help sink Anbang’s $5.8B hotels deal: report

CEO Andrew Miller and clockwise from top left: JW Marriott Essex House in New York, the Westin St. Francis in San Francisco and the Four Seasons in Jackson Hole Anbang Insurance Group’s pending deal to sell a $5.8 billion portfolio of 15 U.S. hotels to a South Korean money manager could be in doubt. A group of lenders led by Goldman Sachs failed to receive enough…

Edgewater condo building hits market as dev site

An older condo building on a 3.4-acre waterfront site in Miami’s Edgewater neighborhood is hitting the market and could be redeveloped into a 60-story tower. The older condo building, called Biscayne 21, at 2121 North Bayshore Drive, could be sold in a bulk deal. It represents one of the last remaining waterfront development opportunities in Miami’s Edgewater…

Developer breaks ground on mixed-income rentals in Little Havana

Rendering of Bonsai I with Ivanna Jimenez, Fernando Murzi and Jesus Luongo A Miami developer is taking advantage of the city’s mixed-income housing program to build a rental development in Little Havana. Forth Development, founded by Ivanna Jimenez, Fernando Murzi and Jesus Luongo, broke ground on Bonsai I, an eight-unit building at 519…

Wynwood BID proposes to allow outdoor music until 3 a.m.

If they agree to keep the volume down, Wynwood nightclub and bar owners could get a reprieve for playing outdoor music into the wee hours of the night. On Wednesday, a Wynwood Business Improvement District committee proposed legislation that would carve out an exemption for the trendy neighborhood from adhering to a Miami ordinance that prohibits…

How Quickly Does Fiscal Policy Get Implemented?

There are recent calls for fiscal policy intervention to mitigate the economic impact of the COVID-19 virus outbreak. It is worth recognizing that fiscal and other stabilization policies exhibit “long and variable lags,” as noted by Nobel-prize winning economist Milton Friedman.1 These lags involve moving from (i) the initial proposals to conduct a stimulus policy to (ii) the…

Complex Miami Riverside plan criticized but advances

The ambitious plan to provide the City of Miami with a new government administrative building near the current Miami Riverside Center on the Miami River has taken a step forward. But not before a city review board criticized the proposal for its lack of a grand or distinctive public entrance to the city’s new structure. The project, with a working title of Riverside…

As Miami Worldcenter rises, deals to sell its land continue

Even as the giant Miami Worldcenter builds up and out, deals continue to take place. Recently, Miami Worldcenter Associates sold a 1-acre parcel for $27 million, and Miami’s Urban Development Review Board voted unanimously to recommend approval of the 52-story Miami World Tower, which will house 560 residential units and about 3,000 square feet…

Multifamily Execs On Coronavirus: Keep Calm And Nab Those Low Mortgage Rates

Faisal Ashraf woke up Monday morning ready to work on $200M worth of deals in London hotels when fears about the coronavirus rippled through the world and caused the largest single-day stock market drop since the Great Recession. Ashraf, who, as founder and CEO of advisory firm Lotus Capital Partners, connects lenders and borrowers, didn’t sweat it. The…

US hotels report plunging occupancy rate on coronavirus fears

It’s official: the coronavirus outbreak has hit the fundamentals of U.S. hotels. The occupancy rate nationwide plunged 7.3 percent from this time last year to 61.8 percent, according to data released Wednesday by hotel research firm STR. Figures reflect changes from March 3-9, 2019, compared to March 1-7, 2020. Revenue per available room also sank, 11.6 percent…

Coronavirus spurs refinancing spree as rates sink to 50-year lows

Homeowners are rushing to refinance amid historically low mortgage rates. The volume of refinance applications grew 79 percent in the first week of March — the highest since the post-recession period, Yahoo Finance reported, citing data from real estate finance trade group the Mortgage Bankers Association. The increase was the largest week-over-week since…

Airbnb settles litigation with Miami development group alleging fraud

Harvey Herndandez Two months ago, Airbnb alleged Miami developer Harvey Hernandez’s NGD Homesharing defrauded the short-term rental company in a partnership and stole $1 million. NGD struck back a few days later alleging Airbnb engaged in bad faith and breached its contract. Now the two sides have settled and voluntarily dismissed both lawsuits…

East End Capital launches co-living platform with first project in Wynwood

Rendering of East End Capital East End Capital scored initial approval to build two mixed-use projects in Wynwood that will include the company’s first branded co-living development. New York City-based East End is launching its co-living brand, called Foyer. The developer plans to build Foyer-branded, operated and managed buildings nationwide and is…

Coronavirus could expose US hotel owners with high debt

Hotel owners who seized on low interest rates and took on big loans are facing greater exposure as the coronavirus pandemic puts a dark cloud over the industry. At the end of the third quarter of 2019, the U.S. hotel industry had $300 billion of mortgage debt, the Wall Street Journal reported. That figure is a 7.8 percent jump from the same time in 2018…

Industrial e-commerce plays by the numbers

Prologis CEO Hamid Moghadam and Blackstone’s Jonathan Gray In industrial real estate, it’s a close race to the top. Blackstone and Prologis are going head to head to be crowned the firm that holds the most industrial space on the planet. But the logistics real estate investment trust has bested the private equity giant, at least for now. Prologis has ownership stakes…

Connect Capital Miami, Miami’s Affordable Housing Plan, and CRE

The affordable housing crisis hits close to home Let’s cut right to the chase. Across the country, there is an affordable housing crisis. And in Miami, despite robust development and investment opportunities, the city is a high-rent/low-income region, making it one of the least affordable cities in the country. One study reports that 71% of the households in the City…

$5 billion Miami International Airport upgrade ready for takeoff

Miami-Dade lawmakers are days from authorizing $5 billion in bond debt to fund a long list of overhauls aimed at the county’s greatest economic engine, Miami International Airport. The county Aviation Department’s 15-year capital improvement program, approved last year, is focused on growing airport capacity and efficiency. Unlike prior MIA improvement…

Ex-manager quickly becomes architect for Palmetto Bay showcase work

Two major players once thought to be finished with Palmetto Bay’s lengthy effort to transform its downtown area are back in the game, and their return could further delay progress on a new village square. Real estate firm NAI Miami, the second-ranked respondent to Palmetto Bay’s request for bids to redevelop 4.6 acres off US 1 encompassing Village Hall, did…

Vast Plaza Coral Gables rising in segments

At The Plaza Coral Gables, the largest multi-purpose complex ever to rise in that city, progress continues apace. “Our first temporary certificate of occupancy is within reach,” said a release by the developer, Agave Holdings, a group that includes Jose Cuervo spirits. “The office and residential buildings currently under construction in the north parcel are slated…

Moishe Mana land swap deal for Puerto Rican center marches ahead

Developer Moishe Mana has thus far delivered on his commitments in a land swap and construction deal with Miami-Dade for a long-planned Puerto Rican Community Center and Chamber of Commerce, a county official says. The billionaire businessman was by Jan. 31 to have given the county and City of Miami final designs and documents for the $8.36…

Omni mixed-use project to have 42 micro dwellings

A developer is planning a mixed-use residential project for the Omni neighborhood that would include more than 40 micro dwelling units. Wynwood Haus LLC plans to build a 20-story building at 1765 N Miami Avenue with 224 residential units, 5,204 square feet of commercial-retail, a 540-square-foot office, and a parking pedestal with space for up to 222…

Joseph Corradino: Brings urban planning mindset to Pinecrest mayor’s office

For Pinecrest Mayor Joseph Corradino, 2020 represents a triplet of anniversaries and, if he is elected to a second term in November, yet another. Twenty-five years ago to the day of his interview last week, March 4, he married his wife, Mia. That same year, he joined his family’s civil engineering firm, The Corradino Group, for which he today serves as…

Terra, partners pay off Eighty Seven Park’s $155M construction loan

Eighty Seven Park, David Martin of Terra Terra and its partners, developers of Eighty Seven Park, paid off the $155 million construction loan for the recently completed luxury condominium tower in Miami Beach. The 18-story, luxury tower at 8701 Collins Avenue is architect Renzo Piano’s first residential building in the Western Hemisphere. It was developed by…

“The coffee break room, actually, is more contaminated than the restroom”: Open floor offices add to coronavirus concerns

With tech companies and co-working firms leading the way, more office tenants have gravitated toward open floor plans, both to cut costs and encourage the sharing of ideas. But there’s something else the setups could encourage: the spread of a virus or disease. That possibility has increased as the coronavirus continues to spread across the…

Melo Group launches preleasing for latest Arts & Entertainment District rental tower

Renderings of Miami Plaza and Carlos and Martin Melo The Melo Group is getting ready to open its latest rental project in Miami’s Arts & Entertainment District. Melo launched preleasing of Miami Plaza, a 36-story, 425-unit apartment tower at 1500 Northeast Miami Place, next to the Miami-Dade Metromover School Board Station, according to a press…

Latin American investors allegedly lost $250M in Miami real estate Ponzi scheme: lawsuit

For nearly a decade, a trio of Ecuadorian businessmen allegedly ran a real estate Ponzi scheme that defrauded more than $250 million from mostly South American investors, according to a recently filed lawsuit in Miami-Dade Circuit Court that seeks class action status. Last month, 162 of those investors sued Juan Carlos Cortes, Roberto Cortez, Ernest…

Investors Say They Lost $250M In Ponzi Scheme With Nonexistent Real Estate Projects

The members-only Ocean Reef Club in Key Largo, just south of Miami, is one of Florida’s most exclusive communities. Formerly home to Frank and Kathie Lee Gifford, it has its own airstrip, a 175-slip marina, golf courses and a croquet lawn. Now, a complex and globe-spanning lawsuit filed by 162 investors claims they were lured into a Ponzi scheme based on the…

New Retailers Flowing To Lincoln Road After Price Correction

Lincoln Road stretches across the barrier island of Miami Beach, from the Atlantic Ocean on one side to Biscayne Bay on the other. Dotted with a koi pond, and Art Deco architectural elements, it is one of the country’s premier retail high streets. But as rents boomed over the past decade, independent shops gave way to huge brands. Nike, Apple, H&M and J. Crew all have…

Modell’s Sporting Goods prepares to file for bankruptcy

Modell’s Sporting Goods appears poised to become the latest major retailer to file for bankruptcy. The 130-year-old athletic gear company has stopped looking for an investor to help it renegotiate its leases and is no longer seeking better terms from its vendors, according to the New York Post. CEO Mitch…

Small Business Reorganization Act Levels the Chapter 11 Playing Field

By Jacqueline Calderín and Robert Charbonneau In the past, Chapter 11 bankruptcy has been cost-prohibitive for small businesses and often entirely barred their access to the bankruptcy courts. But this year, with the advent of the Small Business Reorganization Act of 2019, the landscape is dramatically changing for small businesses, some high net worth…

Co-working operator NeueHouse expands to Miami

Mauricio Zapata, Lyle Chariff, and Luis Guevara, with a rendering of NeueHouse Miami Co-working operator NeueHouse signed a lease for its first Miami location. NeueHouse is partnering with Casa Tua to open its fifth location in the U.S., the company announced on Friday. It will open at 78 Northwest 37th Street in Miami, near the Shops at Midtown Miami.

For US retailers, coronavirus concerns come home. What are their options?

“Community spread” of the coronavirus in the U.S. has led to a growing fear among retailers. Already grappling with supply-chain uncertainty due to the spreading epidemic, retailers are now contending with the prospect of a decline in sales as consumers opt to avoid public spaces. While American cities have yet to witness the…

Judge’s panel rules over Beach Towing and Deco Capital Group’s fight over Sunset Harbour project

As Deco Capital Group and Beach Towing battle over the development of a retail and residential project in Miami Beach’s Sunset Harbour neighborhood, a panel of judges has issued new rulings. In the latest move, the panel of three Miami-Dade Circuit Court judges last week rejected a petition to overturn decisions by Miami Beach officials allowing…

The economic impact of a pandemic : Wages during the Spanish Influenza

How does a pandemic affect an economy? Obviously, it’s a multilayered topic and FRED has limits to what it can reveal. The good news, of course, is that large-scale pandemics are rare. So the economic effects for most of these outbreaks are hard to see by graphing data. But we can take two of the most extreme examples, which will have visible effects in the data…

Chanel to open store in Miami Design District

Chanel signed a lease for a space in the Miami Design District, The Real Deal has learned. The luxury French fashion company will open a store across from Gucci at the entrance to Paradise Plaza on 41st Street in Miami, sources said. Gucci is on the west side, and Chanel will open on the east side. Dacra, led by CEO Craig Robins, declined to comment. Dacra…

Kushner lands $18M loan for Wynwood projects

Rendering of Wynwood 28 and Laurent Morali Kushner Companies closed on a $17.55 million loan for its properties in Wynwood, records show. Wynwood 2 Owner LLC, an affiliate of the New York-based real estate firm, secured the financing from CIT Bank for the properties at 108 and 127 Northwest 27th Street in Miami, where Wynwood 27 and Wynwood 28…

Grand Station tower project in downtown Miami scores $53M loan

Grand Station Partners closed on a $53 million loan for a high-rise rental tower in downtown Miami that counts retired baseball superstar Alex Rodriguez among its investors. The developer, led by Rovr Development principals Oscar Rodriguez and Ricardo Vadia, is building the project as a public-private partnership with the Miami Parking Authority. Kayne…

Video | Integra’s Viewpoint 2020 Report: Macro Factors and the Economy; Office, Retail, and Industrial; Multifamily and Hospitality

Video 1 of 3: Macro Factors and the Economy Video 2 of 3: Office, Retail, and Industrial Properties Video 3 of 3: Multifamily and Hospitality Properties Anthony Graziano, CEO and Chairman of Integra Realty Resources, a provider of commercial real estate market research, valuation, counseling, and consulting services, joins America’s Commercial Real Estate Show…

Toronto REIT to buy Cypress Creek office building for $46M

Slate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million. The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller. The acquisition is expected to be completed in the…

Developers speak out against Moishe Mana as he compares Wynwood campaign to the Arab Spring

As Miami Mayor Francis Suarez and other elected officials urged a truce, Moishe Mana and current and former members of Wynwood Business Improvement District intensified their attacks on one another at competing meetings Tuesday. In recent weeks, Mana sent messages threatening the Wynwood BID…

Development site in Miami’s A&E District asks $21M

A development site in Miami’s Arts & Entertainment District near the condo building Canvas hit the market for $21 million. The half-block property, at 1550 Northeast Miami Place, is in an Opportunity Zone. The Kluger family owns the 0.85-acre site, property records show. Jordan Gimelstein of Dwntwn Realty Advisors is listing the property. Zoning allows for 427…

Bridge Point Commerce Center in Miami Gardens inks lease with Caribbean grocery distributor

A rendering of Bridge Point Commerce Center and Kevin Carroll, Partner, Southeast Region at Bridge Development Partners (Credit: CBRE) Bridge Development Partners scored a 114,808-square-foot lease with a grocery distributor to the Caribbean and Latin America at Bridge Point Commerce Center in Miami Gardens. Chicago-based Bridge Development, which is…

Bridge Development Signs Grocer to 114,808 SF Industrial Lease in Metro Miami

Bridge Development Partners has signed HapCor, a grocer in the Caribbean and Latin America, to a 114,808-square-foot industrial lease within Bridge Point Commerce Center in Miami Gardens. Phase I of the industrial park was delivered in late 2019 and includes three buildings spanning 1.1 million square feet. The buildings feature 32-foot clear heights and are divisible…

Dezer picks up office building next to Intracoastal Mall

Gil Dezer’s Dezer Development paid $15 million for a missing piece of a waterfront assemblage in North Miami Beach where he is planning a mixed-use project. Property records show ASA College Inc. sold the three-story, 33,260-square-foot office building at 3909 Northeast 163rd Street, next to Dezer’s Intracoastal Mall. ASA provided a $7.5 million purchase money…

Treo Group Breaks Ground on $125M VOX Miami Mixed-Use Development

Locally based investment and development firm The Treo Group has broken ground on VOX Miami, a $125 million mixed-use project in South Florida. Treo Group will develop the transit-oriented site, which is located at the corner of U.S. Highway 1 and Sunset Drive, adjacent to the South Miami Metrorail station, in multiple phases. Phase I will feature an eight…

Challenge to Melreese lease enters appeals court

An advocate for green space continues to battle the legality of a referendum that cleared the way for the City of Miami to waive bidding for the development of the Melreese golf course site. Bruce Matheson has appealed a district court judge’s ruling that struck down his challenge to the voter referendum that allowed the city to engage in non-competitive…

Green light on horizon for more downtown Miami parks

It’s been a housing boom, following the Great Recession, that’s seen Miami’s downtown become home to nearly 100,000 residents and more than 100 residential towers. As more buildings go up and more people decide to live in the dense, vibrant neighborhoods of downtown and Brickell, residents’ call for more parks and open spaces could become all the more acute. 

US hotels brace for coronavirus impact

Hotel owners and investors in the U.S. are now in wait-and-see mode, bracing impact amid the spreading coronavirus. Businesses and vacationers around the world have already been canceling reservations and major events have been postponed as coronavirus cases continue to grow. In the U.S., there have been 115 cases in more than a dozen states.

Immocorp Capital pays $15M for site of Miami Gardens City Center

The city of Miami Gardens sold nearly 36 acres near Hard Rock Stadium to Immocorp Capital for $15.4 million, where the development group plans to build a mixed-use project. Immocorp, led by CEO Gilbert Benhamou, and Pascal Cohen, closed on the 35.6-acre assemblage about two weeks ago with plans to build Miami Gardens City Center, Benhamou said. The two…

Michael Stern is moving forward with massive Miami tower project

New York developer Michael Stern is moving forward with plans to build a $500 million mixed-use tower west of Brickell Avenue, which will include 1,000 residential units. The Miami City Commission cleared the way for Stern’s JDS Development Group to work with the city on developing the massive site. The 1.5-acre project calls for a 752-foot-tall tower. Part of…

Fed cuts interest rate amid coronavirus fears; hotel stocks sink

The Federal Reserve announced an emergency rate cut on Tuesday morning, a direct response to growing fears over the economic fallout of the coronavirus, which has already slammed real estate stocks and hit the hospitality industry particularly hard. Stocks began stabilizing Monday on word that the Fed could cut the benchmark rate, but fell Tuesday…

Thor Equities lists Lincoln Road building for $17.5M

Thor Equities is looking to sell a retail property on Miami Beach’s Lincoln Road. The building, at 663 to 667 Lincoln Road, is on the market for $17.5 million, or about $3,500 per square foot – about 30 percent below the market’s peak price of about $5,000 per square foot on the pedestrian-only retail street. Thor’s 4,986-square-foot property is about 54 percent…

Hines CEO talks coronavirus, Opportunity Zones and WeWork

Laura Hines-Pierce and Jeff Hines Coronavirus and its impact on the real estate industry were top of mind at the University of Miami’s Real Estate Impact Conference. During a session on development opportunities with Hines executives, Hines President and CEO Jeff Hines said coronavirus is a “major, major concern at this point.” The Houston-based real estate…

2nd Annual Bilzin Sumberg South Florida Redevelopment Conference

Bilzin Sumberg’s Land Development and Government Relations Practice is hosting its 2nd Annual South Florida Redevelopment Conference on March 12 & 13, 2020 in Miami, Florida. This invite-only conference will highlight the latest in the redeveloping and reshaping of the Miami skyline. Expert keynote speakers and panelists will discuss the newest South Florida…

Spotify inks lease for South Florida headquarters in Miami’s Wynwood

Spotify signed a lease in Wynwood for its South Florida headquarters, The Real Deal has learned. The music streaming company has been looking for office space in the Wynwood, Brickell and downtown Miami submarkets for months, sources said. Spotify will be taking all of the 20,000 square feet of office space at the Oasis in Wynwood, a mixed-use adaptive reuse…

Spotify Signs 20,000 SF Office Lease Within Oasis at Wynwood in Miami

Spotify has signed a 20,000-square-foot lease to anchor the office component of The Oasis at Wynwood, a mixed-use development in Miami’s Wynwood submarket. The music streaming company is based in Stockholm and has its U.S. headquarters in New York City. The Oasis at Wynwood will feature 20,000 square feet of office space; 17,000 square feet of retail space…

Firm Arranges Miami Lease for Addiction Institute

Avison Young has arranged a 43,895-square-foot lease for Global Institutes on Addictions at Omni Center in Miami. Principals Scott Goldstein and Keith Edelman assisted the new tenant, while landlord Resorts World Omni was represented by Laurel Oswald, Cristina Glaria and Jon Blunk of Tower Commercial. Last year, Blunk was also involved in a 12,366-square-foot…

All Aboard: Transit-Oriented Development Is Expanding Miami

Driving through Coral Gables, the enclave about five miles west of Downtown Miami that’s home to the University of Miami, afternoon traffic was light from the vantage of Brent Reynolds’ Land Rover: a far cry from the clogged highways you’ll find in the city during the morning and evening rushes. But driving is still often the best option in a city whose public…

Bankers Healthcare buys Miramar office building for new HQ

Bankers Healthcare Group paid $29 million for an office building in Miramar where it plans to base its new headquarters. Bankers Healthcare Group, a financial provider to healthcare professionals, bought the 130,000-square-foot office property at 3700 Lakeside Drive for $223 per square foot, records show. MFC 3700 Investors LLC, led by David Berger and Ezra Katz…

Fort Lauderdale office tower sells for $18M

An office tower next to the courthouse in Fort Lauderdale sold for $18.2 million. A joint venture between Miami-based Highline Real Estate Capital and North Miami Beach-based Sefira Capital sold the 66,426-square-foot office building called Courthouse Place, at 12 Southeast 7th Street, for $274 per square foot. New Haven, Connecticut-based…

Bar Invest Group sells apartment complex in Fort Lauderdale for $58M

Serramar Apartments and Herve Barbera Bar Invest Group sold the Serramar Apartments in Fort Lauderdale for $58 million. The Miami-based company, led by Jacques and Herve Barbera, sold the 302-unit apartment complex at 6701 West Oakland Park Boulevard for $192,000 per unit, according to a press release. Manhasset, New York-based Milbrook…

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Moishe Mana Wants Wynwood BID Dismantled; Both Sides Call Emergency Meetings

This week, Moishe Mana, one of Miami’s largest landholders, has been circulating an online petition imploring people to “Save Wynwood,” warning that some stakeholders want to stop nightlife in the district at 11 p.m. At press time, it had over 22,000 signatures. He has called an “emergency meeting” next week to discuss the matter with city officials…

Miami-Dade Industrial Real Estate Sales Exceed $1 Billion In 2019

Institutional investors are gorging on industrial properties in Miami-Dade. In it’s Q4 2019 market report, Avison Young noted industrial investment sales totaled nearly $1.4 billion last year, representing a 27.5% increase from 2018. Close of half of the buyers were institutional investors. However, industrial developers are running out of vacant land to build warehouses…

Truck Parking Could Be The Next Real Estate To Benefit From the E-Commerce Boom

According to the American Trucking Associations, there are 36 million commercial trucks on the road. And they all need somewhere to park. Demand has only been increasing with e-commerce booming, plus “hours of service” rules that force drivers to take breaks, enforced by technology that logs drivers’ routes. The Florida Department of Transportation has…

MMG Equity Partners sells Homestead shopping center for $23 million

MMG Equity Partners sold a Homestead shopping center anchored by Presidente Supermarket for $22.7 million, reflecting growing demand for commercial properties in south Miami-Dade County. MMG Equity Partners sold the 85,714-square-foot Crystal Lakes Shopping Center at 3338 Northeast 7th Street for $265 per square foot. The buyer is VF4 Crystal Lake, LLC…

Video: Related Companies SVP Gopal Rajegowda Discusses the Power of Mixed-Use Developments

Gopal Rajegowda, Senior Vice President of Real Estate Development with Related Companies, a New York based privately owned real estate firm with offices and major developments in Miami and other major cities including Boston, Chicago, Los Angeles, Las Vegas, San Francisco, Abu Dhabi, London, São Paulo, and Shanghai. appears in this episode of America’s Commercial…

MMG Sells Homestead Shopping Center for $22.7 million

MMG Equity Partners has sold Crystal Lakes Shopping Center, a 85,714 SF shopping center located at 3338 NE 7 St, Homestead, FL 33033 for $22.7M or $265 psf. Crystal Lakes Shopping Center is anchored by 24-Hour Fitness, Presidente Supermarket, and Goodwill. MMG developed the shopping…

Verzasca Group’s Le Jardin Residences resolves bankruptcy

Verzasca Group’s Le Jardin Residences, Darius Kasparaitis and Tim Lobanov Verzasca Group’s Le Jardin Residences, a boutique condo project in Bay Harbor Islands, has avoided foreclosure and can now move forward with selling units. The condo project filed for Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court in July. The bankruptcy…

Bull’s-eye: Norway dart club lands on South Beach for first US location

A dart club entertainment concept from Norway targeted Miami Beach for its first location in the U.S. Oche, an Oslo-based hospitality concept, inked a 10-year lease to take over the former Cibo Wine Bar in South Beach, The Real Deal has learned. Oche is leasing the 12,000-square-foot space at 200 South Pointe Drive, near the Continuum towers, according to Brown…

Waterford at Blue Lagoon will have outdoor yoga and food trucks

One of Miami’s most prominent corporate office complexes is rebranding with yoga sessions, food trucks and bike sharing to appeal to millennial workers. Waterford at Blue Lagoon, home to the offices of Airbus, FedEx and Burger King, will be renamed the Waterford Business District after a $10 million capital improvement program. Nuveen Real Estate and…

Co-living and senior housing can produce higher returns: ULI panelists

Ralph Winter’s W5 Group and the Related Group are co-developing w28 in Wynwood Developers are counting on demand to be strong for co-living apartments in Wynwood, offering lower rents, shared common areas and amenities geared to promote face-to-face interactions among residents. “There is a real vibe in these buildings,” said Swiss real estate developer…

New addiction center leases large slice of Omni Center

A center dealing with treatment and research of substance addictions has leased 43,895 square feet in Omni Center – the former Omni International Mall – where it plans to open this spring with 35 to 40 employees. The former mall was once… plans of its owners, Resorts World Omni LLC… Genting… at 1501 Biscayne Boulevard is Global Institutes on Addictions…

Austrian developer financed for Little Havana resi project

An Austrian development firm has gotten $34 million in financing to construct a 194-unit market-rate residential building in Little Havana. Premium Group Inc. is building the $165 million, 157,000-square-foot project called First – Little Havana, at 702 SW First St. The financing for the development was from Man GPM, which has offices in the US, the United…

New designs of park surrounding Miami Marine Stadium

Tony Goldman had the vision to see the vast promise in a rebuilt South Beach, in a reborn Wynwood, and in a restored Miami Marine Stadium. So says Don Worth, Miami Beach resident and longtime champion of efforts to rebuild and reopen the iconic waterfront stadium on Virginia Key. Mr. Worth spoke of his admiration for the late Mr. Goldman, a well-known…

Brickell City Centre to build fire station, weighs expansions

As Brickell City Centre’s developer continues to reshape a growing and maturing City of Miami, it is prepared to deliver on its promise for a new fire station incorporated into the sweeping mixed-use development. “We expect construction to begin in the coming month,” said Kieran Bowers, president of Swire Properties Inc., in an email to Miami Today. The global…

Tim Meerbott: Cutler Bay Mayor plans for a community gathering site

Tim Meerbott’s first year as Cutler Bay mayor came at a pivotal time for the municipality. After more than a decade of operating in a space too big for its needs, the town’s government was close to securing a $17 million land swap deal to relocate its town hall and build a surrounding congregation space for residents. The project – the deal for which closed last month – is one…

How to Avoid an ADA Lawsuit

95% of commercial buildings violate of the ADA…and their owners don’t even know it. But some lawyers make it their job to know. Here’s how to avoid a costly ADA lawsuit. The Americans with Disabilities Act, or ADA, is a vital piece of legislation for ensuring that all Americans have equal access to the same resources. But it also means that property owners, builders…

E11even owner Marc Roberts returns to Miami Worldcenter with $27M purchase

Miami Worldcenter’s master developers sold another site within their project, for $26.78 million, to a buyer that previously invested in the property. IRR Parkway Investments LLC closed on a 1-acre site between North Miami Avenue and Ninth and 10th streets in downtown Miami, according to a press release. The property is zoned for mixed-use…

South Florida Retail Summary Q4 2019: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q4 2019 for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County.

Notable Retail Leases Signed in South Florida Q4 2019

South Florida Retail Leases 2019: We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q4 2019. This quarter was very busy overall and saw several big box leases signed and sealed. Despite the sentiment that the traditional retail market is suffering due to several factors, particularly…

Cargill Leases 70 thousand SF At Codina Partners’ Beacon Logistics Park

Cargill, the largest privately-held corporation in the U.S. by revenue, has leased 70,000 square feet in Beacon Logistics Park– the new, Class A industrial park in Hialeah developed by Codina Partners and USAA Real Estate. “We designed Beacon Logistics Park with companies like Cargill in mind, and we are privileged to have them as our first tenant…

800-Key Miami Beach Convention Center Hotel to be a Grand Hyatt

The Miami Beach Convention Center Hotel will be a Grand Hyatt when construction is completed and the massive property opens in 2023. Designed by Arquitectonica, the 17-story, 800-room hotel will mark the first Grand Hyatt in South Florida, developers David Martin of Terra and Jackie Soffer of Turnberry announced Monday. In Florida, the brand also…

The Grand Hyatt Brand Selected as Flag for New Miami Beach Convention Center Hotel

The development team behind Miami Beach’s new Convention Center hotel announced today that an 800-room property will be operated by Hyatt under the luxury Grand Hyatt brand, when it opens to guests in 2023. Grand Hyatt Miami Beach will create a new hospitality option for visitors attending events at the adjacent Miami Beach Convention Center, which…

Ritz-Carlton Residences, Sunny Isles Beach gets TCO, starts closings

Ritz-Carlton Residences, Sunny Isles Beach secured its temporary certificate of occupancy and can now start closings at the 52-story luxury oceanfront condo development. Developed by Fortune International Group and Château Group, the 212-unit tower at 15701 Collins Avenue is nearly sold out and has recorded more than $150 million in pre-construction sales…

Full of Surprises: Where New Offices, Leases, Rent Hikes Are in South Florida

The South Florida office market is full of surprises. Big downtown buildings have the square footage, but the suburbs are landing some of the biggest leases. Miami’s Brickell Financial District leads on rents in Miami-Dade County. But offices near Miami International Airport enjoyed the biggest rent hikes. And across the region, developers are increasingly opting for…

South Florida by the numbers: Super Bowl LIV Impact

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. The Kansas City Chiefs may have scored the most points, but one could argue that Miami was the real winner of Super Bowl LIV earlier this month. A series of anecdotal and data-driven reports have confirmed the dramatic economic impact of…

Little Havana apartments project scores $34 million construction loan

The developer of a planned apartment project in Miami’s Little Havana scored a $34 million loan to begin construction, as the area sees growing interest from investors. An affiliate of the Vienna, Austria-based Premium Group secured the construction loan from Man Global Private Markets for the 194-unit apartment project at 736-760 Southwest First Street…

A-Rod Unloads o Wins, Strikeouts in Commercial Real Estate

Miami hometown favorite Alex Rodriguez, founder and CEO of A-Rod Corp., made his first real estate move 20 years ago. The 14-time All Star infielder bought a duplex where he “put in some value add” in the form of blue awnings and cream-colored paint. Best known for his accomplishments on the baseball field, A-Rod shared his insights from business to his basebal…

Transit-Oriented Development Tips for Developers and Governments

As transit-oriented developments move from planning to construction in South Florida, residents and surrounding businesses can expect multiple benefits. Benefits also accrue to the local governmental authorities that sponsor and approve such communities—and the developers that build them—if they approach the projects with an eye toward maximizing…

Bob Zangrillo is out at Avra Jain’s Miami River project

Developer Bob Zangrillo, who is embroiled in the college admissions scandal, is no longer an investor in a mixed-use project planned for the Miami River. Zangrillo, a Silicon Valley investor who’s known in Miami for… deed recorded in 2017 revealed Jain and Zangrillo’s partial ownership of the Hurricane Cove property, at 555 Northwest South River Drive.

Downtown Miami Owner Gets – Kaching – Windfall in Sale to Moishe Mana

A downtown Miami parking lot owner was rewarded with a windfall on an ultra-long-term, selling for $6.9 million to the acquisitive Moishe Mana. Kalback Holdings LLC, managed by Richard Kalback and Donald Martin, bought the lot for $80,000 in 1974, and sold it Feb. 5 with help from Weiss Serota Helfman Cole & Bierman partner Eduardo Soto and associate…

Sapir Corp. CEO jumps to Property & Building Corp.

Sapir Corp.’s CEO Baruch Itzhak is leaving the Israeli company. Itzhak will resign effective May 20, according to a document filed with the Tel Aviv Stock Exchange. He is joining the Property & Building Corp. as CFO, he confirmed. PBC is one of the top real estate companies in Israel, according to its website. Its U.S. subsidiary — run by Eli Elefant — owns the iconic…

Miami board approves five major mixed-use and multifamily projects

The Miami Urban Development Review Board approved a slate of mixed-use and multifamily projects that could add nearly 2,000 new apartments and more than 700,000 square feet of office and retail space between the Miami River in downtown Miami and North Miami Avenue in Wynwood. One development, Block 55, initially faced derailment, how…

Miami Beach Office Building Listed For $45 Million

Amid an upswing in Miami’s office market, a Class A office building in Miami Beach’s South of Fifth neighborhood recently hit the market for $45 million. The 43,140-square-foot property is located at 119 Washington Avenue, near Joe’s Stone Crab and Prime 112. Amit Egan Datwani, founder & chief consultant of The Global Consulting Organization, is listing the…

Baptist Health sells Kendall apartment complex for $17 million

Baptist Health South Florida sold an apartment complex in Kendall for $16.9 million, a slight discount from its purchase price in 2007. Baptist Health sold the 100-unit complex at 10791 North Kendall Drive for $169,000 per unit, records show. CFH Group, led by Tom Cabrerizo, purchased the property. The apartments were built in 1968 and sit on 3.8 acres. The…

Miami’s Love Of Big-Box Retail Stores Defies National Retail Trends

Retail in South Florida is defying the harsh reality facing the rest of the country. Even with delivery of approximately 178K SF of new retail product in Q4 2019, vacancy rates remained at 4.5% in Miami-Dade County, same as the prior quarter, according to Colliers International research. Net absorption for the year was over 671K SF. Dave Preston, Colliers executive…

Near 14 thousand square feet office lease negotiated in Grov’s Mayfair

A broker recently negotiated a new 13,959-square-foot office lease with Tickmark Inc., doing business as Taxfyle, an on-demand tax filing app that connects users to specialized tax professionals within minutes. Located within Mayfair in the Grove, at 2911 Grand Avenue in Coconut Grove, the space marks Taxfyle’s expansion and relocation from Coral Gables…

Group Negotiates Sale Of Industrial Property In Medley

A group negotiated the sale of an industrial warehouse totaling 28,950 square feet located at 7500 NW 74th Avenue in Medley. Buyer SFM Services, Inc. purchased the warehouse, which is situated on 3.29 acres, from Murton Realty LLC, for $3,800,000. The deal closed January 30. DiGiacomo, Marquez and Zuniga represented the seller in the transaction.

Edgewater: Miami’s Best-Kept Secret Neighborhood

Tracing the Biscayne Bay shoreline just north of Miami’s Arts and Entertainment District and the Venetian Causeway (NE 17th Terrace to I-95 and back along E. Coast Avenue) is the pocket-sized neighborhood of Edgewater. This water-facing community could be small in size but is definitely big on potential. Over the past decade, Edgewater has emerged…

Ready Capital Closes $5.4 Million Acquisition Loan for Office Building in Miami Gardens

Ready Capital has closed a $5.4 million acquisition loan for a 77,000-square-foot, Class B office building in Miami Gardens. The undisclosed borrower plans to upgrade the common areas and lease up vacant suites. The three-year, non-recourse loan features a floating interest rate and flexible prepayment options. Further details of the property were not disclosed.

Fontainebleau Miami Beach reveals proposed addition

Jeffrey Soffer wants to build a new garage at Fontainebleau Miami Beach, with top-floor ballrooms. The proposed garage will be strictly for employees, which means hotel guests will continue to valet at the entrance of the storied resort. Miami Beach’s land use committee on Thursday recommended the project after hearing details about the new structure…

Time Century Holdings Breaks Ground on $35M Renovation of Metro Mall in Miami

Time Century Holdings LLC has broken ground on its redevelopment of Metro Mall in Miami’s Jewelry District. The $35 million project includes… adding a three-story atrium, security system, valet parking and creating a new façade. The developer expects to reopen Metro Mall in spring 2021. Metro Mall is situated at 1 NE First Street, three blocks from downtown…

Bar Invest Group buys office condos in Coral Gables, plans new HQ

Real estate investment firm Bar Invest Group is choosing to buy instead of rent. The Brickell-based company, led by Jacques and Herve Barbera, paid $3 million for three office condos at Ofizzina, a luxury office building in Coral Gables. Bar Invest plans to move its headquarters to the over 4,000-square-foot space at Ofizzina, at 1200 Ponce de Leon Boulevard…

Bed Bath & Beyond to invest $1B in store upgrades and buybacks

Bed Bath & Beyond will spend $1 billion on upgrading its stores and lease buybacks in an attempt to turn around the business after an underwhelming holiday season. The company announced Tuesday it will spend $400 million on store remodelling and supply chain upgrades, according to CNBC. It has allocated a further $600 million to for share repurchases and debt reduction. New CEO Mark Tritton, who joined the..

‘A War’ In Wynwood: Developers In Miami’s Trendiest Neighborhood Battle Behind The Scenes

In Wynwood, the Miami neighborhood known for street art and trendy retailers, some developers have been clashing with businesses operating nightlife concepts and food trucks. Their tussle is emblematic of a bigger conflict over Wynwood’s future: whether it should be a party-centric “playground” or a calmer, round-the-clock destination.

Special Report: How Rising Sea Levels Threaten East Coast Commercial Real Estate

The hot, wet state of Florida is often held up as the poster child for climate change and rising sea levels, yet its real estate market has boomed despite the related risks. Prices have risen and investment has poured in, even as the warning drumbeat about the potential downsides related to climate change and rising sea levels have grown steadily louder. So it is not hard…

Smart Plan’s South Corridor ranks high for federal funds

The South Corridor of the Miami-Dade Smart Plan has received high marks from the federal investment arm for local public transit systems, bolstering confidence that the route will yield a maximum funding infusion. The county transportation department announced Feb. 11 that the South Corridor, the longest of six routes targeted for transit upgrades through…

Indoor salmon farming pioneer in Redlands seeks grant to add jobs

Still on schedule to finish by July the first of three stages for building its sprawling Redland facility, indoor fish farming company Atlantic Sapphire wants $5 million in public funds to start the next phase. Miami-Dade commissioners Wednesday (2/19) were to have considered the funding request. If approved, the county would disburse the money over 10…

Miami looks at what land can replace its Melreese golf course

A vote that could have torpedoed a lease to build a mega-project on Melreese Golf Course failed to gain enough Miami City Commission support, as debate provided a glimpse of ongoing negotiations with would-be developer Miami Freedom Park.  Commissioner Manolo Reyes proposed amending Miami’s comprehensive neighborhood plan to require that…

Miami Beach entranceway project given a city ‘go’

Miami Beach and developers at 500-700 Alton Road have reached a settlement that allows several signature projects to proceed. The commission agreed last week to settle with Park on Fifth developers after the city Board of Adjustment sided with developers’ interpretation of the city’s decades-old calculation of floor area ratio that excludes covered…

Signature bridge foundation next in I-395/SR 836/I-95 remake

Foundation work for the I-395 “signature bridge” will begin soon, a key feature of the ongoing I-395/SR 836/I-95 Design-Build Project in the heart of Miami. That is the latest report from the Florida Department of Transportation (FDOT), which says the massive project is well underway throughout the area. “Large cranes, visible along SR 836 and I-395 from…

Moss floats plan for short-haul sky gondola transit

Miami-Dade travelers today cross the county in a variety of ways, from personal vehicles, buses and railcars to boats, rideshares and e-scooters. According to Commissioner Dennis Moss, another piece may fit into the county’s growing mobility puzzle: sky gondolas. Mr. Moss raised the idea at a transportation committee meeting last week, noting that Super Bowl…

Pinnacle Housing Group affordable senior housing hailed

County officials joined developer Pinnacle Housing Group on Friday to hail the opening of new affordable transit-oriented housing for seniors in South Miami-Dade as they cut the ribbon at the 123-unit, seven-story Caribbean Village.  The project – the first new affordable senior-citizen housing in the area in 25 years – is a public-private partnership among Pinnacle…

Biggest private corporation in US inks lease at Beacon Logistics Park

Cargill signed a lease for 70,000 square feet at a new industrial park in Hialeah. The international food conglomerate, ranked as the largest privately-held corporation in the U.S. by Forbes, inked a lease at Codina Partners and USAA Real Estate’s Beacon Logistics Park, according to Armando Codina, executive chairman at Codina Partners. Cargill has…

How Blackstone became the world’s biggest landlord

Until about a decade ago, Blackstone Group derived most of its profits from traditional private equity. But following a dramatic expansion into real estate driven by CEO-in-waiting Jonathan Gray, massive property deals are now the company’s calling card. With an estimated real estate portfolio of $325 billion, Blackstone is now the world’s largest real estate company…

Senior living project in Westchester moves forward

A senior living project planned for Miami’s Westchester neighborhood is advancing to the next phase. AJP Ventures plans to break ground on MedSquare Place, a mixed-use development with a senior living facility and medical office space, in April. The developer secured approval from Miami-Dade County last month, according to Greenberg Traurig. Greenberg…

Can Coral Gables absorb all the new development underway?

At the corner of Malaga Avenue and Ponce de Leon Boulevard, work crews recently topped off a Class A office building and an apartment tower that make up the first phase of the Plaza Coral Gables, the largest commercial project in the city’s history. Agave Holdings, a commercial real estate firm that includes the family behind the Jose Cuervo spirits brand, is making…

Will Moishe Mana’s downtown dream ever become a reality?

Moishe Mana sits down at the head of a conference table in his Wynwood office and immediately slips off his Louis Vuitton shoes, leaving his bare feet to just brush the tile floor. “It is crazy, you know. Like I was in Colombia now, I was walking barefoot on the beach for three days,” said Mana, who has a habit of smiling while he talks. “I need to take the shoes off…”

Pier 1 files for bankruptcy, seeks sale

Pier 1 Imports is officially bankrupt, more than a month after the retailer began closing hundreds of stores. The Texas-based home goods chain, which filed for Chapter 11 bankruptcy Monday in the Eastern District of Virginia, said it intends to use the move to sell the company. The announcement comes after Pier 1 in January began closing 450 stores…

Developers are banking on co-living, but will it catch on?

Grove Central When Pebb Capital principal James Jago attended Tulane University in the early 2000s, he lived in “a dumpy house” with three roommates. But now, college students increasingly have the option to live off-campus in luxury student housing loaded with amenities like resort-style pools with cabanas, coffee bars, game rooms, movie theaters…

Court stops foreclosing lender from getting rents collected by property owner

It’s common for a commercial loan to include an “assignment of rents,” by which the borrower assigns to its lender the rents it gets from the property securing the loan.  In Florida, there’s a statute that governs how an assignment of rents works.  The assignment of rents can be a powerful tool in the lender’s arsenal.  The lender can even foreclose on its lien on the…

Cannabis legalization drives demand for warehousing and retail: study

Green makes green, apparently. Investors can’t get enough warehouse, retail, and land in states that have legalized recreational cannabis use, according to a National Association of Realtors study first reported by Yahoo Finance. NAR surveyed 600 commercial brokers across the country last fall for the study. Generally, the study found that demand was higher…

What Greystar’s belief in multifamily says about the health of the economy

Greystar CEO Bob Faith says he’s “very bullish” on the multifamily sector and so are investors, whether or not the economic cycle is past its peak. When asked if the South Carolina-based firm was looking to increase exposure to the sector or raise more funds for multifamily investments, Faith told Bloomberg that “capital is hungry for yield” and…

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

The city of Miami Beach has reached a truce with developers David Martin and Russell Galbut that allows the duo to move forward with their planned luxury condo project at 500 Alton Road. After a contentious back-and-forth with Galbut over the city’s monetary demands, Miami Beach commissioners approved a settlement agreement that allows the developers to exclude…

Diamond in the rough? Downtown Miami Metro Mall to get $35M makeover

Developer Yair Levy is moving forward with plans to renovate a building in the heart of downtown Miami’s jewelry district, as development begins to ramp up in the area. Levy, who acquired the Metro Mall Miami building about two years ago, broke ground on a $35 million renovation of the circa-1926 building. It’s expected to be completed by the spring of next year…

Showfields to bring new retail concept to Lincoln Road

The popular New York City retailer Showfields is heading to Lincoln Road. Showfields will bring an indoor and outdoor food concept, a speakeasy bar, a theater for live performances, a tattoo parlor, piercing stations and space for art installations to a two-floor, 14,300-square-foot space at 530 Lincoln Road. The store is part of the new trend of experiential retail, and allows…

How the election may affect the commercial real estate industry

The presidential election has the country riveted and divided on several fronts. When it comes to the real estate front, the upcoming election is likely to affect the commercial  real estate and residential real estate industry. The economy is still in one of the slowest recovery periods of the past five decades and this has economists scrambling to analyze the outlook for…

Done deal: Forever 21 sold to Simon, Brookfield venture for $81M

A bankruptcy court judge on Thursday officially gave the green light on the sale of Forever 21 to a trio of investors — two of which are the retailer’s top landlords. Simon Property Group, Brookfield Property Partners and Authentic Brands Group will pay $81 million for the company. The deal means Forever 21’s founding family, the Changs, have given up ownership…

Mixed-use projects from Swerdlow, Kushner, TSG Group proposed in Miami

A handful of big name developers will present their projects in Overtown, Allapattah, Wynwood, and on the Miami River next week at the Miami Urban Development Review Board. David Martin and Michael Swerdlow with a rendering of Block 55 Target-anchored mixed-use project in Miami’s Overtown The Swerdlow Group and Terra are proposing…

Prologis buys 8 acres of land near Sweetwater

Prologis CEO Hamid Moghadam Prologis paid $9 million for 8 acres of vacant land near Sweetwater, where it will likely build an industrial warehouse. Prologis acquired the site at the intersection of the Dolphin Expressway and Northwest 127th Avenue from Jose and Alejandrina Reboredo, a husband and wife, and Lizette Reboredo. The sale equates…

Clarity for Banks Serving the Hemp Industry

Banks serving hemp producers no longer have to automatically fill out reports used to detect money laundering activities. This reduction in regulatory burden can be traced to the 2018 farm bill (officially titled the Agriculture Improvement Act of 2018), which legalized hemp by removing it as a Schedule 1 controlled substance. Properly licensed industrial hemp…

Video: Michael Shvo, Jerome Hollo, Lissette Calderon, and Laurent Moralli from Kushner Discuss Next Wave of South Florida Development

The cyclical nature of the condo market in Miami has many developers shifting to rentals – but not Shvo… making a push in Miami Beach, says that as long as you have the right site and project… joined by Laurent Morali of the Kushner Companies, Florida East Coast Realty’s Jerome Hollo, and developer Lissette Calderon on the panel, “The next wave of South…”

Gloria and Emilio Estefan’s Miami warehouse project ignites billboard battle

Miami commissioners will rule over a billboard battle linked to a property owned by Gloria and Emilio Estefan. A deal to make improvements to the Midtown Miami warehouse owned by the Estefans at 70 Northwest 37th Street hinges on the city revoking a billboard permit at a neighboring property, according to an attorney’s letter. The correspondence is part…

9 Miami Architects You Have to Know

In the age of Starchitects, let’s not forget that Miami has been at the forefront of leading architecture for decades, which explains why tourists and architecture lovers flock here yearly to enjoy, and even live in, the Magic City’s eclectic subtropical architecture. So, who are Miami’s most notable architects, past and present? Want to live in one of Miami’s…

A three-story mini-golf is coming to Brickell City Centre

A London mini-golf company signed its first lease in Miami and its largest to date, at Brickell City Centre, as mall owners across the country shake up their tenant mix. Puttshack is leasing a three-story, 29,000-square-foot space above Luna Park Food Hall, which replaced the Italian food hall, La Centrale, according to a spokesperson. Puttshack will be on floors 4, 5 and…

$76.6M Sale Negotiated of 10-Property Seniors Housing Portfolio in Metro Miami

Cushman & Wakefield has arranged the $76.6 million sale of a 10-property, value-add seniors housing portfolio in Miami-Dade County. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller…

Argentine investor pays $11M for Davie office complex

An Argentine investor paid $10.7 million for an office complex in Davie that was once in foreclosure. Reflin 22 WG LLC, managed by Sergio Viaggio, purchased the 54,578-square-foot University Office Park at 5400 South University Drive for $196 per square foot, records show. University Park Holdings LLC, managed by Palm Property Management, sold the three…

Charles Cohen on DCOTA’s next chapter, his new hotel and producing movies

Charles Cohen and Design Center of the Americas Charles Cohen controls a room. Wearing a perfectly fitted custom suit with sleek round glasses, he looks like he’s groomed straight from “The Bonfire of the Vanities” as he signs checks in his Dania Beach office. The CEO of New York-based Cohen Brothers Realty Corp. has a lot to talk about. He’s overseeing the largest…

Ready Capital Provides $7.1M Refinancing for Retail Center in Little River District

Ready Capital has provided a $7.1 million refinancing loan for a 30,000-square-foot retail center in Miami’s Little River submarket. The undisclosed borrower will continue making cosmetic upgrades to the property. The non-recourse, fixed-rate loan features a seven-year term with declining prepayment protection. The loan includes a facility to provide future…

Housing Trust Group to Develop $25M Affordable Housing Community in Miami

Housing Trust Group (HTG) will develop Paradise Lakes Apartments, a $25 million, 76-unit affordable housing community in Miami. The property will offer one- and two-bedroom floor plans ranging from 688 to 1,108 square feet. The units will be reserved for residents earning between 30 and 80 percent of area median income (AMI). Monthly rent for qualifying…

Melo Group dual tower rising in heart of downtown Miami

The most ambitious mixed-use residential project from The Melo Group is underway in the heart of Miami’s central business district. Construction began in late December on a dual tower development called Downtown 5th, at 55 NE Fifth St., with the foundation pour taking place this month as the company plans to go vertical. The twin 51-story towers are to be home to…

Workaround funds three transit-oriented developments

Three transit-oriented developments will receive millions in tax subsidies from a program into which none enrolled, by way of a new workaround that local lawmakers approved to advance affordable housing throughout the county. Miami-Dade commissioners this month authorized a $14.5 million allocation of county tax dollars to support three planned mixed…

Construct A Parking Garage 25% Faster With This Florida Builder’s Technique

Team members at Florida-based Current Builders say they’ve developed a new technique that speeds up the time in which parking garages can be built. Their “column hung shoring system” can reduce finish times by about 25%. The company uses an innovative shoring system for perimeter beams. “The system consists of a 60,000-pound column-mounted jack supported…

Developer scores financing for West Kendall affordable housing project

Matt Rieger and a rendering of Paradise Lake Apartments Housing Trust Group closed on financing for a $25 million affordable housing community in West Kendall. HTG secured $21.6 million in financing for Paradise Lakes Apartments, a garden-style complex at 8905 Southwest 169th Court in Miami. That includes $14.5 million in 9 percent Low Income Housing…

Contractor guilty of manslaughter in fatal shooting of his boss

William Dabbs A former construction worker was found guilty in the fatal shooting of his boss. A West Palm Beach jury convicted William Dabbs of manslaughter in the 2011 killing of Larry Modena, according to the Palm Beach Post. Dabbs was an employee of Modena’s construction company, Atlantic Coast Builders of South Florida. The company was based out…

Miami’s Historically Black Neighborhood Is Poised to Gentrify Like Harlem

The neighborhood of Overtown, in Miami, was once called the “Harlem of the South,” as celebrities like Cab Calloway and Ella Fitzgerald used to perform and vacation there, because they weren’t allowed to stay on Miami Beach and were relegated to “Colored Town.” Malcolm X, Muhammad Ali and Martin Luther King Jr. all had big moments there. But the area was…

Panorama Tower debris damaged building housing Salt Bae joint: lawsuit

For more than a year, during Panorama Tower’s construction, debris and other materials allegedly rained down on the nearby Brickell Avenue office building that’s home to Salt Bae Nusret Gökçe’s restaurant, according to a recently filed Miami-Dade lawsuit. The owners of 999 Brickell, scions of Colombian businessman Carlos Mattos, want the development entity…

Industrial Outlook for 2020-2021 Remains Strong

Aided by strong supply, consumer spending and other economic indicators, the North American industrial sector is projected to remain one of the leading commercial real estate product types over the next two years, according to Cushman & Wakefield. The firm’s forecast for industrial absorption for 2020-2021 is nearly 460 million square feet, as new supply…

“We’re the elite”: What backlogged Chinese EB-5 investors are planning next

The Eddington House cafe in Shanghai They would be known to each other only by their noms de guerre: Mecky, Mr. Xu, Julie, Mr. Li, Richard, Jenny and Big Sis. When the seven EB-5 investors gathered at the Eddington House cafe in Shanghai, known as a favorite haunt of the essayist Eileen Chang during the pre-revolutionary era, it was the first time any of them…

Industrial Outlook For 2020-2021 Remains Strong

Aided by strong supply, consumer spending and other economic indicators, the North American industrial sector is projected to remain one of the leading commercial real estate product types over the next two years, according to Cushman & Wakefield. The firm’s forecast for industrial absorption for 2020-2021 is nearly 460 million square feet, as new supply…

Forget the Forever 21 auction: Simon Property Group, Brookfield to buy retailer

In the end, Forever 21 had no choice. The retailer agreed to an offer of $81 million from a group of buyers including Simon Property nGroup and Brookfield Property Partners, the Wall Street Journal reported Monday. It scrapped an auction after receiving no other qualified bids. A judge will consider approval of the sale in a Delaware court Tuesday. Forever 21…

Historic Brickell Avenue building listed for sale

Stephen Nostrand and 1548 Brickell Avenue A company tied to a major Spanish canned foods company is looking to sell the Nolan House, a historic building on Brickell Avenue. The property, at 1548 Brickell Avenue, is hitting the market for $8 million, according to the listing broker, Stephen Nostrand of One Commercial, the commercial division of One Sotheby’s…

US mortgage rates hit 3-year low

Mortgage rates have hit their lowest level in more than three years, which could provide a boost to the country’s housing market heading into spring. The 30-year fixed-rate average fell to 3.45 percent, according to the Wall Street Journal, citing data released Thursday by Freddie Mac. That’s down from 3.51 percent the week before and 4.41 percent at this time last year.

Mana buys more land in downtown Miami for master plan

Moishe Mana is still buying up land in downtown Miami in his quest of turning the historic downtown into a thriving tech hub and arts scene. Mana picked up a 15,478-square-foot parking lot at 201 Southwest First Street for $6.9 million, or $448 per square foot. The property sits off the ramp to I-95 and across from the 33 Downtown Tower office building…

Industrial site in Medley trades for $7M

A vacant industrial site in Medley sold for $6.5 million, as investors scramble to find industrial sites in South Florida to build new warehouses. Medley Enterprises, which is led by Joseph M. Jackson, sold the 7.5-acre property at 9501 Northwest 106th Street for $867,000 per acre. SWS Investments LLC, which is managed by Juan C. Alvarez, purchased the…

Condo association alleges construction defects at 321 Ocean: lawsuit

David Arditi of Aria Development Group and 321 Ocean Five years after completing 321 Ocean, developer Aria Development Group and its contractors are being accused of widespread faulty construction at the South Beach luxury boutique condominium. The 321 Ocean Condominium Association sued Aria’s development entity 321 Ocean Drive LLC, project…

Miami board backs West Grove rezoning near playhouse

The Coconut Grove Playhouse and a map of the land to be rezoned A bed & breakfast could be built in the West Grove, after a Miami board ruled that nearly an acre of single-family zoned land just west of the Coconut Grove Playhouse should be rezoned to allow more intensive commercial development. The Miami Planning, Zoning & Appeals Board voted 7 to 3…

Related, East End score $136M refi of Wynwood projects

East End Capital and the Related Group closed on a $136 million refinancing of two sister projects in Wynwood. Blackstone Real Estate Debt Strategies provided the loan for the Wynwood 25 apartment complex and the Wynwood Annex office building, according to a press release. The financing will pay off the construction loans for both projects and return equity to their partners. About $110 …

Fund pays $132M for Shorecrest Club Apartments in Miami

Shorecrest Club Apartments A CBRE Global Investors sponsored fund paid $132.1 million for a large apartment complex at the entrance to the 79th Street Causeway in Miami. Property records show,,, ECI Group, a multifamily development, investment, management and brokerage firm based in Atlanta, sold the property at 7950 Northeast Bayshore Court…

Industrial’s Hot Streak Projected To Hold

New numbers have confirmed that 2019 was a monumental year for industrial real estate, with total volume soaring to a record high of $102B, JLL reports. That propulsion is expected to carry into 2020. JLL predicts industrial volumes in 2020 will continue to boom, with large-scale portfolio deal flows that are slated to finish during […]…

Russell Galbut, WP Carey sell Shelborne South Beach

W.P. Carey and Russell Galbut sold the oceanfront Shelborne South Beach, which was marketed for sale in the $120 million range, The Real Deal has learned. Dallas-based Westdale Real Estate Investment & Management acquired the majority of the condo-hotel rooms at the 257-key condo-hotel at 1801 Collins Avenue in Miami Beach. W.P. Carey, a real estate…

Iconic Miami Beach Hotel Trades for $120M

A joint venture between King Street Real Estate, Westdale Properties and Cedar Capital Partners has acquired the 275-key Shelborne South Beach Hotel in Miami Beach, Fla., for $120 million. Located at 1801 Collins Ave., the oceanfront property is within walking distance of The Fillmore concert venue and Miami Beach Convention Center. Shelborne is 5 miles from…

FTC halts alleged website scheme tied to Miami developer Bob Zangrillo

Bob Zangrillo and the Magic City Innovation District A federal court struck a blow to a web of companies tied to Miami real estate developer Bob Zangrillo that allegedly deceived people into thinking they were government websites. The U.S. District Court in Florida granted the Federal Trade Commission a preliminary injunction to halt a scheme that…

Spanish investor buys mixed-use building near Española Way

A Spanish investor paid $12 million for a property near Española Way in Miami Beach. Miami Retail 200, an LLC tied to Grupo Invivas principal Jaime Garbisu, acquired the mixed-use residential and retail building at 1452 Washington Avenue, property records show. The trust of Barry Fishman sold the 12,379-square-foot building. Fishman, who was the…

Douglas Station project scores $99M loan for second tower

The developers at a massive mixed-use project along U.S. 1 just closed on a $99 million construction loan for the second tower. 13th Floor Investments and Adler Group secured the loan from Banco Santander and TD Bank for the Link at Douglas’s second building, a 36-story, 421-unit apartment tower, according to the developers. The building, designed by Arquitectonica…

“It’s all working”: Trump lauds Opportunity Zones during State of the Union

President Donald Trump hailed the troubled Opportunity Zones as an unqualified success during his State of the Union address on Tuesday. “Jobs and investments are pouring into 9,000 previously neglected neighborhoods thanks to Opportunity zones,” Trump said during the joint session of Congress…

Estate Companies completes 338-unit West Miami project

The Estate Companies completed its fourth new rental project in West Miami. Soleste Twenty2, an eight-story, 338-unit development at 2201 Ludlam Road, secured its certificate of occupancy. The Estate Companies, led by Robert Suris, broke ground on the complex in the fourth quarter of 2017 and launched leasing in October. Suris has developed and sold…

Coconut Grove’s Dinner Key Marina hurricane damage repairs linger

Dinner Key Marina, which hugs the Coconut Grove waterfront and historic Miami City Hall, is in the midst of a multi-million dollar rebuild and City of Miami officials anticipate completion of the three-phase project in mid-2021. The municipal marina, owned and operated by the city, sustained serious damages when Hurricane Irma hit the area on Sept. 10, 2017.

Regatta Harbour in Coconut Grove advances in historic aviation site

The famous waterfront in Coconut Grove seems to be ever fluid, with small to substantial changes a near constant reality. The dawn of this new year is no different, bringing with it ongoing reconstruction and restoration of the city’s Dinner Key Marina, and the major addition of a new parking garage bordered by commercial and retail uses. The garage will be managed by…

Judge exits, Coconut Grove Playhouse takes step backward

Monday should have been something of a step forward in determining the future of the long-dormant Coconut Grove Playhouse, but progress was once again halted after a judge set to hear the case recused himself. Oral arguments over the legality of City of Miami Mayor Francis Suarez’s veto of the Miami-Dade County’s plan to demolish and build over a majority of…

Miami mulls a moratorium on new self-storage projects

Miami, FL, is mulling two moves that would clamp down on self-storage development — moves that some industry observers welcome as a much-needed cooling-off period but that others view as government overreach. On January 15, Miami’s Planning, Zoning & Appeals Board endorsed two proposed rules for self-storage developments in the city…

The Nightlife King Who Turned On The Mob Is Helping The Resurgence Of Watson Island

Mio Danilovic had been a vice president at lifestyle hotel conglomerate SBE, in charge of running high-end clubs in Los Angeles and Las Vegas. When he was preparing to move to Miami several years ago, he imagined he would discover scores of European-style waterfront bars and restaurants, where people would eat and drink, lounge in the sun and dip in the water.

20 Minutes With: Chairman and CEO of Aman Resorts Vladislav Doronin

Vladislav Doronin was a self-described “Aman junkie” long before he bought the luxury resort brand, popular worldwide for its wellness offerings and $1,500-plus per-night price tags. In the 1990s, Doronin was a young commodities trader when he was first introduced to an Aman property, the Amanpuri resort in Thailand. “My first taste of the brand…

Op-Ed: Act in haste on public-private land deals, repent at leisure

Alarms rang in Miami when an unstable city commission talked of undoing a riverfront land swap for a new administration building. The complex deal with a subsidiary of The Adler Group had taken years to hammer together and then pass. Adler had every right to believe a final OK was indeed final and has been acting on that certainty. Yet a new commission majority…

Was the mayor’s Coconut Grove Playhouse veto legal?

There was a meeting regarding the Coconut Grove Playhouse at the County level on Monday, but it’s been postponed. Judge Thomas J. Rebull has recused himself from the case as of Thursday afternoon, another judge will be assigned and he will now have to be brought up to speed, so the case will drag on. The Appellate Division of the 11th Judicial Circuit was going to…

New Cocowalk to start opening in summer

The redevelopment of Cocowalk, where some shops and the office building are scheduled to begin opening this summer, is one of the more talked-about projects in Coconut Grove. The shopping and entertainment complex at 3015 Grand Avenue, very near the busy intersection of Grand Avenue and Main Highway, was built in 1990 but fell into disuse. It was acquired…

Macy’s to close 125 stores, slash 2K jobs

Beleaguered retail giant Macy’s is planning to close over 100 of its stores, cut 2,000 jobs and test out a new strategy for future locations. The Cincinnati-based company intends to shutter 125 of its weakest locations over the next three years, its chief executive told the Wall Street Journal. The closures represent about a fifth of the troubled retailer’s portfolio…

Aztec Group Secures Refi for Miami-Area Retail Asset

Aztec Group has secured a $17.4 million refinancing for Sunset Strip, an 86,029-square-foot retail asset in Miami. Senior Managing Director Howard Taft, Executive Vice President Charles Penan and Senior Associate Joel Zusman represented the borrower. The non-recourse mortgage is set to mature in 10 years and… Located at 10855 S.W. 72nd Street on 8.8 acres…

Aztec Group Arranges $17.4M Refinancing for Retail Center in Miami

Aztec Group has arranged a $17.4 million refinancing loan for Sunset Strip, an 86,029-square-foot retail center in Miami. Presidente Supermarket and Dollar Tree anchor the property, which includes other tenants such as Atlantis Academy, Metro PCS, Inkaholik and Atlakat Restaurant & Grill. The property is situated at 10855 S.W. 72nd St., 12 miles west of downtown…

16K apartments to be delivered in South Florida this year: report

South Florida will see nearly 16,000 apartments delivered this year, leading rents to flatten in markets with added supply, according to a recently released report. Fueled in part by population growth, the number of apartment deliveries will be nearly double the 8,871 units that were completed in South Florida last year, according to Berkadia’s annual…

Freshwater Group buys Miami office building

Freshwater Group paid $7.2 million for an office building near Coral Way in Miami. The Brooklyn-based private equity real estate firm closed on the six-story, 33,407-square-foot office building at 1800 Southwest 27th Avenue, said managing partner Joey Sayegh. Property records show 1800 Professional Building LLC, led by Julio Del Rey, sold the 51,722-square-foot building for $216 per square foot. The family owns a line of “love hotels…”

Miami’s International Status Helps Sustain Office Development, Fundamentals

The surge of momentum happening in Miami’s office market is undeniable with the metro emerging as a new international hub for startups and regional companies alike. Fueled by a multilingual workforce and easy access to Latin America and the Caribbean, Miami’s status as an international gateway is drawing the attention of office landlords and…

The era of retail-tainment

If you want to find where the retail meltdown is, take a look at retail real estate investment trusts. A recent article on the Motley Fool website says REITS for malls were down 9.1 percent in 2019 as more people shopped online and some retailers declared bankruptcy. Malls are turning into the haves and have nots. Among the haves is the Whitman family and its…

Inside the coronavirus epidemic’s impact on US real estate

The impact of China’s coronavirus outbreak on real estate in the U.S. remains muted for now When real estate broker Sunanne Zhu brought a group of Chinese clients to visit a Manhattan luxury apartment tower last week, the building’s staff had some concerns. In the wake of the Chinese government’s decision to put the central city of Wuhan on lockdown…

2020 “will get a little better” after peak year for retail bankruptcies: Brookfield

Just days after making an $81 million bid to save tapped-out retailer Forever 21, company executives at Brookfield Property Partners think the worst of the bankruptcy bloodbath is behind them. “We had 3.5 million square feet of closures due to bankruptcies,” last year, Brookfield CEO Brian Kingston said on the company’s fourth-quarter earnings call Wednesday.

Climate change is a real threat to America’s very expensive stadiums

Miami’s Hard Rock Stadium hosts the Kansas City Chiefs and the San Francisco 49ers in Super Bowl LIV on Sunday. Over the last few years, extreme weather and hurricane threats have affected several games at the 65,000-seat stadium. Stadiums across the country are threatened by climate change as well, according to CNBC. Some teams and stadium owners are…

Miami commission closer to issuing $85M in bonds for affordable housing

The Miami City Commission unanimously accepted the data of an affordable housing master plan created by Florida International University, during a special meeting on Friday. However, city commissioners want to analyze the report’s suggestions on how to leverage $85 million in bond money for affordable housing to up to $6 billion, in order to build 32,000…

Why Super Bowl LIV could spark interest in Miami Gardens real estate

Tens of thousands of people will pass through the turnstiles into Hard Rock Stadium on Sunday for Super Bowl LIV, as they take part in the spectacle and competition. And when it’s over, nearly all of them will bypass the neighborhood entirely on their way out. While the stadium’s privately-funded, $500 million renovation boasts an open-air canopy along with….

How “third-grade math” led to one of Blackstone’s first RE deals

It was the height of the 1990s when Stephen Schwarzman struck one of Blackstone’s first real estate deals — guided by little more than what he said was third-grade math. At the time, the U.S. government was selling off foreclosed properties to firms like Blackstone, Goldman Sachs and Morgan Stanley. Blackstone and Goldman had teamed up to bid on a portfolio…

Video: This 1982 pre-Amazon Documentary About the (then) New Dominance of Indoor Malls Feels so – well – 1982

Just watching the first couple of minutes of this video, then skipping through a bit, one quickly realizes just how much things have changed in the past couple of decades. At that time, indoor malls had become dominant on the retail landscape, but this dominance had only taken hold in the prior decade or two. Now, retail is on the ropes, with numbers of retail malls…

Why Use a New Construction Inspector?

Having new office buildings, warehouses, apartments, residential homes, strip malls, or any other structure built from the ground-up according to your own specifications often sounds like the easiest way to avoid extensive (and expensive) repairs later on, but before you start talking to architects and builders, you should know that new construction is plagued by the…

JB’s on the Beach site hits the market for $18M

JB’s on the Beach and Native Realty’s Jaime Sturgis (Credit: Google Maps) The site of one of Deerfield Beach’s most popular restaurants hit the market for $18 million. Native Realty, led by Jaime Sturgis, is listing the oceanfront restaurant JB’s on the Beach at 300 Northeast 21 Avenue, along with a nearly 1-acre parking lot across the street. The parking lot could be…

Opportunity Zone site in Aventura hits market, could trade for $100M, broker says

An assemblage of land in an Opportunity Zone in Aventura could trade for about $100 million, according to the listing broker. The 10.5-acre site at 21440 Biscayne Boulevard hit the market on Friday, said Jonathan Molano of Blue B CRE and Blue B Properties, who is listing the property. Molano said the property could sell for more than $100 million based on…

Video: REIS Senior Economist Barbara Denham Discusses Commercial Real Estate Opportunities in 2020

As the decades closes out with the end of 2019 and we consider the upcoming decade, the question arises as to what opportunities might be forthcoming in commercial real estate? Barbara Denham, Senior Economist with Moody’s Analytics REIS, appears on America’s Commercial Real Estate Show to share observations and thoughts on the major commercial…

Miami developer Harvey Hernandez fights back against Airbnb

Harvey Hernandez’s development group is striking back against Airbnb after the short-term rental company alleged he committed fraud and siphoned money out of an apartment-sharing concept. NGD Homesharing, led by Miami developer Hernandez, alleges in a countersuit filed Friday in Miami-Dade Circuit Court that Airbnb was actually the one operating in…

Miami Beach Convention Center contractor sues city, alleging $90M in unpaid work

During Art Basel Miami Beach, attendees enjoyed new exhibition space at the Miami Beach Convention Center, thanks to the completion of a half billion-dollar renovation project. But Clark Construction, the contractor on the project, alleges the city of Miami Beach still owes it about $90 million in unpaid work, even as the…

TA Realty drops $112M on apartments in Flagler Village

The love affair with multifamily properties in Fort Lauderdale’s Flagler Village continues. TA Realty bought a 340-unit apartment project in Fort Lauderdale’s Flagler Village for $112 million from a partnership between Morgan Group and JPMorgan. The development, known as Pearl Flagler Village, sold for $329,411 per unit, records show. The project at 400…

Bridge Development sells Fort Lauderdale warehouses for $28M

Bridge Development Partners sells two warehouses near Port Everglades in Fort Lauderdale for $28 million to an entity that lists its address as Morgan Stanley Private Wealth Advisors in Chicago. Chicago-based Bridge Development sold the 174,129-square-foot properties at 3233-3303 Southwest 12th Avenue for $161 per square foot, records show. The…

Code Capital snags affordable housing complex in Lauderhill for $45M

Code Capital Partners bought an affordable apartment complex in Lauderhill for $44.6 million. The New York-based private equity firm purchased the 814-unit Cypress Grove-Lauderhill apartments at 4200 Northwest 19th Street for $54,791 per unit. Reliance Sadalgrove LLC, which is tied to the Housing Preservation Trust of Marietta, Georgia, sold the…

Agassi scores again with $61M Pembroke Pines based charter school sale

Andre Agassi and Franklin Academy at 5000 Southwest 207th Terrace (Credit: Getty Images) Andre Agassi, the world’s former No. 1 tennis player, had a punishing backhand that led to points against his opponents. Now, as a charter school developer, his company has found a way to get in and out of deals quickly and turn a profit. Turner-Agassi Charter School Facilities…