The first YotelPad to land on the East Coast will be in Miami

Find studio, one and two-bedroom units, plus hotel rooms Yotel, a brand known for its cool micro hotels, is getting into residential units. The new concept is called YotelPad, and YotelPad Miami will be the first location to debut on the East Coast. YotelPad Miami will be located at 227 NE 2nd Street, and will offer 250 hotel rooms and 208 residential units above the hotel portion of the building.

“Bad boy” developer Thomas Kramer lost his Star Island homes. Now his personal effects are for sale, too

It looks like party boy Thomas Kramer is on a losing streak. Months after lenders won Kramer’s Star Island mansions at auction, the South Beach developer’s personal items are now up for sale, too. Kramer’s lenders, Verena von Mitschke-Collande and Claudia Miller-Otto, won the $40 million bid in August for the properties at 4 and 5 Star Island Drive. Both are the daughters of the late Siegfried Otto, who…

David Arditi, Kuwaiti partner unveil new plans for Yotel project in downtown Miami

Aria Development Group and Kuwaiti company AQARAT are going residential with their Yotel development in downtown Miami. Four years after first launching plans for a Yotel tower on the site at 227 Northeast Second Street, the joint venture is unveiling YotelPad, a residential Yotel-branded project. The 30-story building will have 208 residential units and 250 Yotel “cabins.”

Related bids for Trump’s favorite lender

The subsidiary of Hudson Yards developer Related Companies already owns 8.2 percent of Ladder’s shares and would buy the remaining 91.8 percent under the proposed deal, taking the commercial real estate lender private. Ladder, a publicly traded real estate investment trust, has $5.9 billion in assets, CoStar reported. The firm is famous for lending…

Jack Stephens: Dreams of Tri-Rail service to Homestead and Aventura

Though the South Florida Regional Transportation Authority runs Tri-Rail, Jack Stephens isn’t out to compete with local transportation systems and does everything he can to support mobility in Miami-Dade, Broward and Palm Beach counties. Mr. Stephens’ personal mission of public service aligns with that of the authority. Just as he is driven to public service and integrity, the authority “will support…

Scott Robins and Philip Levine look to sell Sunset Harbour retail portfolio

Developer Scott Robins and Florida gubernatorial candidate Philip Levine recently listed their retail portfolio in Miami Beach’s Sunset Harbour neighborhood for sale, Robins confirmed. The seven-building portfolio, which spans 61,400 square feet of leasable space and 1.66 acres of land, includes the buildings at 1787, 1919, 1928 Purdy Avenue; 1900, 1916, 1930 Bay Road; and 1935 West Avenue…

Video: PwC Partner, Real Estate Practice Leader Mitch Roschelle on the Impact of the Tax Cuts and Jobs Act

Mitch Roschelle with PwC joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the Tax Cuts and Jobs Act impact on the United States economy and commercial (and other) real estate. Among the topics discussed are the changes in tax rates and potential effects, GDP growth history and possible effects on GDP growth, potential effects on the housing market, of the tax reform…

City targets Watson Island land for future monetization

A request by the Miami Children’s Museum for more city-owned land on Watson Island so it can expand has met with some skepticism and opposition. The museum is asking for 26,599 more square feet on its southwest side to expand program space and provide a new entrance. The city commission would have to approve the land transfer, and the matter might end up on a ballot for residents to decide.

Miami-Dade looks toward a Center for Genetics of the Americas

Miami-Dade County might soon launch a study of how government could create a Center for Genetics of the Americas. The aim would be to develop a hub for the growth of both human and animal genetics here. A resolution to order Mayor Carlos Giménez to initiate the study comes today (1/18) before the county’s Parks and Cultural Affairs Committee. The sponsor is Commissioner Javier Souto.

Hotel rooms under construction in Miami decrease sharply

The number of hotel rooms under construction in Miami dropped sharply in December from the total of December 2016, mirroring a national decline. According to information from STR, a research firm that monitors the hotel industry across the nation, 20 hotels were in construction in Miami-Dade in December, totaling 2,982 rooms. The number of htoels under construction is down 20% from the prior…

David Beckham’s MLS Miami franchise reportedly will officially launch this month

That’s when the team name and preliminary uniform designs will be revealed Buckle in, Miami soccer fans, because the Miami Herald reports there will be a late-January official launch for David Beckham’s Major League Soccer team. That news conference will reportedly includes updates about the Overtown stadium on NW 8th Street, team name, and preliminary uniform designs. It’s been a long, bumpy…

Video: Reis Economist Barbara Denham on U.S. Office Property Sector Performance

Barbara Denham, Economist with Reis, joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the office property sector’s performance for the first quarter of 2018 first. Some of the topics discussed by Ms. Denham include a recap of the prior year 2017, vacancy rates, the impact of the Tax Cuts and Jobs Act, occupancy rates, economic stimuli, and expactations for the year 2018.

Developer of Miami’s tallest tower taps firm to handle apartment leasing

Renters will be able to move into Miami’s tallest tower starting in March. Tibor Hollo’s Florida East Coast Realty just tapped Fortune Development Sales to take over leasing efforts at Panorama Tower. Rents at the luxury mixed-use building will average about $3 per square foot, ranging from roughly $1,500 for a 500-square-foot studio to $5,400 for a three-bedroom, 1,800-square-foot apartment…

Self-storage firm scores construction loan, breaks ground near Miami’s Overtown

An affiliate of the West Palm Beach-based real estate investment firm SROA Capital just scored a $9.5 million construction loan and broke ground on its planned self-storage facility near Miami’s Overtown, records show. Mutual of Omaha Bank provided the financing for the company’s planned 112,500-square-foot facility at 1020, 1030 and 1040 Sunnybrook Road. SROA Sunnybrook LLC paid $1.7 million…

Video: Barbara Denham, Economist at Reis, Submits Office Property Investment Forecast for 2018

Barbara Denham, Economist with Reis, a company providing structured, quality assured commercial real estate data, joins show host Michael Bull on America’s Commercial Real Estate Show to discuss the office property sector forecasts and investment opportunities for 2018. Some of the topics discussed are 2017 office investments review, interest rate level expectations, capitalization rate expectations…

North Miami board OKs plans for waterfront luxury condo – with conditions

Brickell Motors president Mario Murgado can move forward with his plans for a luxury condo building in North Miami. The North Miami Planning Commission recommended approval of his plans, with caveats, to build Biscayne Harbour, an 11-story, 52-unit development at Broad Causeway and Northeast 123rd Street at a meeting on Thursday. Nearby residents who oppose the project packed the…

The Weekly Dish: Rapper Pitbull unveils Ocean Drive restaurant & more

Pitbull’s new South Beach restaurant is set to open this summer on Ocean Drive. The international rap star and Miami native unveiled new renderings and plans for iLove305, a restaurant bar and nightlife concept at the former Bon Air Hotel, at 1060 Ocean Drive. Pitbull, whose real name is Armando Christian Perez, and Sugar Factory American Brasserie signed a lease with the Nakash family. The 9,000 sf…

Jamestown buys Publix-anchored shopping center in Doral

Jamestown just paid $71.6 million for a Publix-anchored shopping center in Doral developed by Terra, property records show. Jamestown’s Jamestown Doral Commons paid about $510 per square foot for the property. Cushman & Wakefield was the listing brokerage. Terra completed Doral Commons, a 140,000-square-foot, 18.3-acre retail plaza at 7550 Northwest 104th Avenue, in 2016.

Raising the roof: Will demand push industrial development to new heights?

As anyone in commercial real estate knows, industrial space is one of the strongest sectors thanks to e-commerce. But in a raw-space-starved region like South Florida, those looking to put more inventory on the market are expanding northward to Broward in addition to exploring new ideas to meet high demand, like going vertical. And with fierce competition for space, commercial brokers are urging…

Data’s in: Retailers had best holiday season since 2010

Results haven’t been this good since 2014, according to the Wall Street Journal, with sales rising for fourth month in a row in December. Of course it’s practically a given that online sales rose more than in-store sales, and some retailers saw dips instead of hills, most notably department stores, but building materials stores saw an…

South Florida firm buys 15 Wendy’s restaurants with $26.5M loan

A South Florida firm bought 15 Wendy’s restaurants in Florida and financed the acquisitions with a $26.5 million bank loan. Coral Gables-based Gold Coast Holdings Restaurants used the loan from TD Bank to acquire Wendy’s franchise units in Lake, Marion, Putnam, St. John’s and Volusia counties. Gold Coast also bought the real estate where 12 of the 15 Wendy’s restaurants are located.

Planned redevelopment of former INS building in Miami draws $26M loan

Developers planning to redevelop a former home of the U.S. Immigration and Naturalization Service (INS) in Miami borrowed $26 million to finance the project. Three entities managed by Ye Zhang… borrowed the money from an affiliate of Madison Realty Capital. In 2013, the developers paid $12.5 million for the former INS location at 7880 Biscayne Boulevard, which the federal…

Jeffrey Soffer in talks to buy Mardi Gras Casino and Race Track

Jeffrey Soffer, whose family property portfolio includes Aventura Mall and the Fontainebleau Resort in Miami Beach, is negotiating to acquire the Mardi Gras Casino and Race Track in Hallandale Beach. But Soffer dismissed the possibility of transferring the Mardi Gras property’s casino license to the Fontainebleau, even though the Soffer family has wanted to bring a casino to the Miami Beach resort.

Former Raleigh Hotel owner describes fraud allegations as “character assassination”

Real estate investor David Brillembourg categorically denied explosive allegations that former Raleigh Hotel investor Luis A. Benshimol leveled against him in both state and federal court. A representative for Brillembourg, who runs Bri Capital, called the suits an effort “at character assassination” by a “disgruntled investor” using “demonstrably false allegations.” Benshimol has sued Brillembourg twice…

Turnberry and others top list of campaign donors in Miami-Dade

The six Miami-Dade County commissioners seeking reelection this year have received tens of thousands of dollars from major developers in the area, according to the Miami Herald. At the top of the mound of donors? Aventura Mall owner Turnberry Associates, led by Jackie and Jeffrey Soffer, Triple Five, the developer behind the planned American Dream Miami mega-mall, and GL Homes. Together, the…

How Millennials Influence Commercial Real Estate

Millennials often get a bad rap. Essentially, they’re blamed for a lot – from the over-reliance on cell phones to the over-abundance of coffee shops to an over-abundance of working remotely. Millennials, many Boomers and Gen-Xers believe, have changed everything. A more accurate assessment is that because of Millennials – and, to some degree, Generation Z – the nation, the world, and the way we…

Miami-Dade’s industrial market finished strong in 2017: CIASF report

Pent up demand for Class A industrial space in South Florida drove up the total dollar volume of sales by 12 percent in 2017 compared to the previous year, according to a First Quarter 2018 report by the Commercial Industrial Association of South Florida. Last year, nearly 5.3 million square feet of industrial warehouse space changed hands totaling $418.7 million. The square footage was 21 percent more than…

Commercial Real Estate Finance Council 2018: Amazon, retail bankruptcies, Trump tax law and more

Shifting trends in retail, blockchain technology, the effect of the Trump administration and CMBS trading were top of mind this week at the Commercial Real Estate Finance Council Miami 2018 conference in Miami Beach. Many real estate finance industry insiders said Trump’s impact on the commercial real estate industry is positive, but warned of his dangerous rhetoric. The White House’s tax bill will…

Delayed $3B Brightline project to launch service this weekend

All Aboard Florida’s high-speed rail is set to finally launch to the public this weekend. Brightline, the service that will eventually link Miami to Orlando, has been long awaited by the local development and tourism industries. Service between Fort Lauderdale and West Palm Beach will begin operating first, on Saturday, about six months behind schedule. The downtown Miami station is expected to launch…

Historic Art Deco building to stay at Paul Cejas’ development

Former U.S. Ambassador Paul Cejas and his wife Gertie will have to revamp their plans for a new mixed-use project on a prominent corner of Washington Avenue in Miami Beach. On Tuesday, the Miami Beach Historic Preservation Board delayed a vote on the proposed project by 420 Lincoln Road Development LLC – a company controlled by the power couple – so that a 2-story apartment building designed…

I need my space: Is the office densification trend over?

Could the era of squeezing more and more workers into every square foot of office space be coming to an end? “Densification” has been the word on the tips of dealmakers’ tongues in the office market in recent years as tenants switched from layouts focused on individual offices toward more open plans requiring less space. But that trend may be reversing. Tenants that inked deals in new construction…

Macy’s to shutter historic downtown Miami store amid rash of closures

Macy’s will shutter its downtown Miami store this quarter as part of a new wave of closures nationwide, the retailer announced Thursday.
The company plans to close 11 stores early this year, including one in Gainesville and four in California. The restructuring will save the department store chain about $300 million a year, according to a press release. The move is part of 100 planned closures announced…

Ocean Terrace Development Wins Key Approval

The city’s Historic Preservation Board voted for the proposed makeover North Beach’s waterfront Ocean Terrace redevelopment just won a unanimous vote from the city’s Historic Preservation Board on Tuesday, reports the Miami Herald. The project will span a condo tower, hotel, storefronts, and the restoration of 11 historic buildings on Ocean Terrace and Collins Avenue. It’s been a long road to get here.

Video: Deloitte’s Mark Van Deusen on Provisions of the Tax Cuts and Jobs Act

Mark Van Deusen, with Deloitte, joins America’s Commercial Real Estate Show to discuss what The Tax Cuts and Jobs Act while honing in on major changes in the bill, small business, big business and household benefits of the bill, changes impacting CRE, and carried interest and interest deductions. He discusses changes in personal and corporate tax rates.

Cofe Properties buys warehouse portfolio in Hialeah

Commercial real estate investment firm Cofe Properties just paid $32.5 million for a portfolio of warehouses in Hialeah. The deal includes 41 warehouses totaling roughly 376,000 square feet in two areas: west of the Red Road and north of the Hialeah Expressway, and west of 16th Avenue and north of Okeechobee Road. Cofe Cix West Hialeah LLC, an affiliate of Cofe Properties, paid nearly $90 per square foot…

Starwood picks up Homestead rentals as part of $600M acquisition

Starwood Property Trust snapped up a rental complex in Homestead as part of a $600 million acquisition of affordable housing units in Florida, property records show. The Greenwich, Connecticut-based investment firm paid $34.35 million for the Homestead Colony, a 312-unit development at 800 East Mowry Drive. Starwood affiliate SPT Dolphin Homestead Colony paid about $110,100 per apartment.

Alex Blavatnik and Sandor Scher get approval for North Beach redevelopment

To make way for their ambitious redevelopment project on a 2.2-acre slice of North Beach, Alex Blavatnik and Sandor Scher want to demolish substantial portions of 12 historic buildings and make exceptions to a master plan approved by city voters last year for Miami Beach’s next emerging neighborhood. And after more than four hours of discussion at a Miami Beach Historic Preservation…

Doral’s Office Market Seeing ‘Unprecedented Rental Rate Growth’

Easily accessed by three major highways, the City of Doral has long been an ideal site for offices. In fact, the city says that 150,000 people per day come in just to work. A residential boom over the past few years — the population rose by 26.1% from 2010 to 2016 — has also boosted the office sector. CREC Senior Vice President Doug Okun, who supervises leasing at Lennar Corporate Center, said there is a…

Malls dying slower death than some investors anticipated

The bell tolls for traditional retail malls, but investors betting against debt in the sector haven’t seen the gains some thought they’d see by now. Amid increasing competition from online retailers, shifting consumer trends, and empty malls, investors have looked to the CMBX 6, a credit default swap index that tracks bonds backed by mortgages on malls among other properties. Yet, so far only four loans tied to…

Jorge Villacampa: Wells Fargo region’s president is adding two branches

In the conference room at the Wells Fargo offices in downtown, Jorge Villacampa pointed out a mural of Miami on the wall, saying “this is just one way we connect to the community.” Among the photos is an image of a Wells Fargo & Co.’s Express office in Camaguey, Cuba, in 1924. Though Mr. Villacampa says Wells Fargo will do business “with anyone, no matter how large or small,” the Hispanic business…

Curtain lifted from Coconut Grove Playhouse battle details

As a county commissioner plans to unravel the negotiated lease and adopted restoration plan for the Coconut Grove Playhouse, preservationists fighting to save the entire building are claiming a victory at the city level. Immediately after a Dec. 14 vote by Miami city commissioners, the one clear fact was that a third party was getting more than three months to raise additional millions to restore all…

Florida Department of Transportation weighs five options for Kendall corridor

The Florida Department of Transportation is considering five transit alternatives for the Kendall corridor as part of the Smart Plan to broaden the county’s rapid transit web and expects to recommend one to the county Transportation Planning Organization by spring. The state agency continues its project development and environment study as it continues to meet with stakeholders and agencies. Since…

Mount Sinai Medical Center to finish expansion this year

Mount Sinai Medical Center, which broke ground in late 2016 on a $275 million expansion plan to include a new surgical tower and emergency department to its Miami Beach campus, anticipates completing construction by year’s end, according to Chief Executive Officer Steven Sonenreich. “The new surgical tower will offer up to 350,000 square feet of space, 12 state-of-the-art operating rooms…

Miami Mayor Shares Outlook With CRE Execs

Miami Mayor Francis Suarez had just left a meeting with Pitbull when he settled into a conference room in his real estate office at Carlton Fields just before Christmas to meet privately with about a dozen key real estate and finance executives and share his thoughts about the coming year. “This is a pivotal moment for the city,” said the 40-year-old mayor, who was elected in November after serving eight years…”

An “elaborate shell game”: Miami businessman David Brillembourg sued over alleged real estate investment scheme

A partner of Miami-based investor David Brillembourg is suing him for allegedly stealing money in a labyrinthine shell company scheme involving the Raleigh Miami Beach hotel and a resort on the island of Anguilla. The plaintiff, Crandal Properties, claims an 88 percent interest in Brilla AJ RMB, a Miami-based LLC founded in 2009 that bought the Raleigh that year. Brillembourg managed the company…

Death without fanfare: Many mall tenants simply choosing not to renew leases

A high number of mall tenants are choosing to quietly bow out of their space at the end of a lease, instead of breaking it. A report by Green Street Advisors found that 979 of 2,468 in-line retail stores (non-anchor tenants) that closed in 2017 chose to do so quietly by not announcing their closure and simply not renewing leases. That’s in contrast to “doing something a bit…

Miami board to review Worldcenter, Miami River and Little Havana projects

New apartment buildings in Little Havana, a massive residential development along the Miami River, and retail at Miami Worldcenter are among a handful of projects going before the city of Miami later this month. The developers of Miami Worldcenter filed plans for the seven-story, 1,100-space parking garage with about 81,000 square feet of retail space. The building would be built on Block D of the…

Hallandale Beach developer under contract to buy Miami Gardens site for mixed-use project

A Hallandale Beach developer is under contract to buy a plot of land in Miami Gardens with plans to build a $60 million mixed-use project, according to the South Florida Business Journal. AAA Investment Group I LLC, led by Elyhau Hadad, is proposing New Way Gardens, a mixed-use project with 429 apartments and 2,200 square feet of commercial space, on the site at 16800 Northwest 22nd…

Transit-Oriented Developments in the Pipeline Across South Florida

Link at Douglas is expected to break ground later this year as a $464 million, game-changing development in South Miami. The Link at Douglas project, a joint venture between 13th Floor Investments and the Adler Group, will have 1,375 units of residential, 280,000 square feet of office space, 75,000 square feet of retail and 83,000 square feet of public space on a seven-acre site bordered by U.S. 1…

CRE Predictions For 2018: ‘South Florida May Be Ready To Boom Again’

As 2017 faded away and 2018 stormed in, Bisnow asked some of Miami’s top commercial real estate executives for their predictions as to how the market will fare in the coming year and where they see opportunity. Douglas Elliman Florida CEO Jay Phillip Parker: “South Florida was a buyer’s market in 2017, particularly in the ultra-luxury sector. While the market is generally seeing lower pricing, there is no doubt…”

Miami-Dade closes in on waterborne transportation system

It hasn’t been clear sailing for Miami-Dade officials studying the feasibility of a waterborne transportation system. They’re having to navigate around obstacles from water depth to infrastructure to regulations. That was clear in a status report Monday to the Miami River Commission, delivered by Irene Hegedus, chief of transportation enhancements at the Miami-Dade Department of Transportation and…

MiamiCentral subcontractor sues for $25.8M of allegedly unpaid work

A steel contractor hired to help build the Brightline train station in downtown Miami filed a lawsuit claiming $25.8 million for additional work due to faulty project planning. ADF International Inc., part of ADF Group Inc., a publicly traded Canadian company, sued general contractor Suffolk Construction Inc., project architect and engineer Skidmore, Owings & Merrill LLP, and All Aboard Florida, the company…

Miami marina development planned by Genting Group advances

The Miami City Commission took a step toward clearing the way for a marina development along Biscayne Bay just north of downtown Miami. The commission agreed to accept a deed for submerged land in Biscayne Bay, which the city would lease along with other submerged land for a marina development by Malaysia-based Genting Group. Genting wants to lease the submerged land for a marina…

Coral Gables is getting a Life Time fitness club and an “urban living room” park

Gables Station is breaking ground soon More details are shaping up about Gables Station, a mixed-use development between US1 and Miami’s Metrorail in Coral Gables. The South Florida Business Journal reports that health and wellness club Life Time is slated to open its first Miami-Dade County location at Gable Station, which is from developer NP International. Construction for the project is kicking off…

NP International scores $158M construction loan for mixed-use Gables project

NP International just closed on a $158.4 million construction loan for its mixed-use Gables Station development, property records show.
Bank of the Ozarks is the lender. Developer Brent Reynolds plans to break ground on the Coral Gables project before the end of the first quarter, he said. Construction is expected to take about 30 months. Records reveal the developer also inked a lease for about 90,000…

Macy’s is closing its historic downtown Miami location

Let’s walk down memory lane Sad news today for Miami shoppers and history buffs: Macy’s is closing stores across the country and its flagship downtown Miami store was not spared. That’s the Macy’s located in the historic Burden’s building, which was once a home-grown Florida department store chain. There’s no set closing date for the Miami Macy’s store, according to CBS Miami, but clearance…

Miami Worldcenter nabs construction loan for retail component

Miami Worldcenter Associates just closed a $43 million construction loan for the retail and parking component of the massive mixed-use project under construction in downtown Miami. The loan, provided by Fifth Third Bank, brings the project’s total financing up to about $500 million, according to a spokesperson. It’s being used for 53,000 square feet of retail space and a 1,100-space parking garage on…

Nicklaus Children’s Hospital buys shuttered hospital campus for $88M

Nicklaus Children’s Hospital just paid $88 million for the Miami Medical Center campus near Miami International Airport, property records show. HC 5959 NW 7th Street LLC, an affiliate of the Carter Validus Mission Critical REIT, sold the property at 5959 Northwest Seventh Street to Variety Children’s Hospital, an entity of Nicklaus Children’s Hospital. The deal…

Moinian ramps up lending with over $200M in NY, Miami deals

Joseph Moinian’s Moinian Group is building up its lending operation with four new financing deals for projects in Brooklyn, Harlem and Miami totaling $216.3 million, according to documents filed on the Tel Aviv Stock Exchange on Wednesday. That puts Moinian’s total lending activity at $513 million, of which $84 million is in mezzanine lending. Moinian, which has about $2 billion in real estate assets…

Macy’s Adds Seven More Stores to Closure List to Bring Total in Latest Round to 11

Macy’s on Thursday announced 11 more store closings including seven that weren’t previously disclosed. They include one in downtown Miami as well as Macy’s stores in Gainesville, FL; Novato, CA; Terre Haute, IN; Fort Gratiot Township, MI; Cincinnati, OH; and Burlington, VT. Clearance sales are expected to begin at most locations Jan. 8 and last for eight to 12 weeks. Including these stores, Macy’s has closed…

Miami Worldcenter Gets $43M in Financing

Miami Worldcenter developers said they have secured a $43 million construction loan, bringing financing for the massive mixed-used project in downtown Miami to about $500 million. Fifth Third Bank provided the new loan for 53,000 square feet of retail and a 1,100-space parking garage on Northeast Second Avenue between Eighth and 10th Street…

The Versace Mansion is back in the spotlight, thanks to ‘American Crime Story’

Even producer Ryan Murphy can’t believe he was able to shoot at Villa Casa Casuarina The South Beach mansion featured in producer Ryan Murphy’s new American Crime Story season devoted to the murder of fashion designer Gianni Versace is no movie set. It’s the real thing. Twenty years after Versace’s death, Murphy and crew headed to Miami to film parts of the show at the iconic 1930-era home that…

Schmier joint venture spends $38M on Doral shopping center

Schmier Property Group just purchased a Bed Bath & Beyond-anchored shopping center in Doral for $37.9 million, a source close to the deal confirmed. A joint venture between the Boca Raton-based retail and office developer, led by Brian Schmier, and Independencia Asset Management acquired the 107,000-square-foot shopping center at 10640 Northwest 19th Street for about…

Tax Changes Seen as Boon for South Florida Commercial Real Estate, Pros Say

Some real estate professionals insist the Tax Cuts and Jobs Act hurts homeowners, but the impact on commercial real estate is largely seen as positive. The National Association of Realtors (NAR) says it’s concerned that the bill reduces tax benefits for homeowners due to restrictions on mortgage interest deductions. Still, the residential and commercial trade group credits member advocacy for adding…

Bobby Cayre pays $15M for Miami Beach retail building

New York investor Bobby Cayre just paid $15 million for a retail building on Lincoln Road. Property records show Rand Real Estate Services affiliate CLR Lincoln Associates sold the building at 337 Lincoln Road in Miami Beach to 337 Lincoln Road Holdings, controlled by Cayre. The buyer financed the deal with a $9 million mortgage from Mercantil Bank. The nearly 15,000-square-foot building, constructed…

South Florida’s top multifamily property deals of 2017

Despite an onslaught of new inventory, South Florida’s multifamily market showed continued strength in 2017, with the majority of the top deals exceeding $100 million. At the top of the list was the $158.5 million sale of Montage at City Center in Pembroke Pines, which Harbor Group International bought in the first half of the year. And only one property in Miami-Dade County made the cut, a nearly…

This battle over credit scores could shake up the mortgage market

From TRD New York: Millions in home mortgages may be on the line as the Federal Housing Finance Agency debates whether to accept a new credit scoring system for loans backed by Fannie Mae and Freddie Mac. Currently, Fannie and Freddie won’t buy mortgages unless lenders assessed the borrowers using the FICO credit score, which was created decades ago by Fair Isaac Corp. But several non-bank…

South Florida’s largest retail property sales in 2017

Despite the overwhelming number of store closures across the country, South Florida appeared to be an exception for retail investment and development in 2017. Neighborhoods like Wynwood, the Design District and Brickell continued to establish themselves as retail destinations, with projects like Brickell City Centre opening the rest of its stores and the expansion of Aventura Mall. But a majority of the…

Miami clears way to transfer bay site to casino giant Genting

Miami can move ahead to lease bayfront bottomlands to a subsidiary of Malaysian gambling giant Genting for a marina now that the city commission has unanimously OK’d the transfer. Resorts World Miami LLC – the developer that owns choice waterfront where the Miami Herald once stood – is in negotiations with city officials for submerged land to build a marina. Before the deal can be cut, the Florida…

Dolphin Station Park & Ride to be done by March

The Miami-Dade Expressway Authority (MDX) expects to finish the Dolphin Station Park & Ride by late March to feed riders into the Miami-Dade Transit SR 836/Dolphin Express Bus Service by summer, linking Dolphin Mall, Miami International Airport, Downtown and Brickell. MDX leads construction on the $19 million project alongside the county’s Department of Transportation and Public Works…

Garage delays drive down Miami Parking Authority bond status

Emerging technology and delayed projects are having an impact on the Miami Parking Authority, the city’s semi-autonomous parking agency. That’s according to a report from Fitch Ratings service. Fitch Ratings has just affirmed the city Department of Off-Street Parking (DOSP)’s $65.04 million of outstanding series 2009 A & B parking system revenue bonds at ‘A’. The Rating Outlook has been revised to…

Climate Gentrification: In Florida, The Hot Amenity Is High Ground

If seas rise six feet by 2100, 13 million people could migrate to higher ground, including 2.5 million fleeing South Florida alone, according to a Harvard researcher. “Climate gentrification” could ensue as wealthy people claim high ground, displacing poorer residents. Jesse M. Keenan, a researcher at Harvard’s Graduate School of Design, looked at home prices and elevation in Miami-Dade County since 1971…

South Florida by the Numbers: Hurricane Irma’s long-term impact

Irma gerd! Back in September, we examined the immediate impact of Hurricane Irma on South Florida business and real estate with a general sense of relief, having avoided the anticipated direct hit. Months later, we have a much clearer sense of the storm’s long-term structural and economic impact, and the numbers are bleak. In addition to 42 storm-related deaths, Irma caused billions of dollars’…

Miami public art proposal riles builders

A 4-foot-high, 30-foot-long bench made of oolite stone will soon decorate Balboa Plaza in Coral Gables. The massive sculpture, called “A Midsummer Night’s Dream,” was commissioned by MG Developer, a company building three mid-rise luxury boutique townhouses near Balboa Plaza. Jenny Ducret, MG Developer’s chief operating officer, recently boasted that the installation will add value to the…

70-acre development site in West Kendall Sells

Investors keep flocking to the Miami suburb of West Kendall. Property records show an entity tied to NAI Miami just paid $41.8 million for a large development site near West Kendall Baptist Hospital. West Kendall Holdings, a subsidiary of the Howard Hughes Corporation, sold the nearly 70-acre parcel at the southeast corner of Southwest 88th Street and Southwest 162nd Avenue for about…

5 things to know about Compass and WeWork’s biggest backer

Masayoshi Son’s SoftBank Vision Fund committed almost $5 billion to real estate startups WeWork and Compass in ’17 – and that’s just a drop in the bucket. With $93 billion in capital raised, Son has been showering startups with cash, whether they want it… A new Bloomberg profile takes readers behind the scenes of the Japanese mogul’s delmaking spree. Here are five key takeaways: He’s not afraid…

The Commercial Real Estate Industry Comes Out On Top In Tax Law Overhaul

While housing sector proponents gave a thumbs down to the new tax law, most commercial real estate industry execs are celebrating the federal overhaul. Housing took a hit with fewer deductions in the just-passed tax law rewrite. But lower corporate tax rates and special treatment for many real estate companies could give the commercial property sector a boost and more profits for big builders.

The Unquestioned Winners Of 2017? Owners Of Industrial Land

Prices for industrial land have outpaced all other sectors this year thanks to strong demand for warehouses and a dwindling supply of sites. “This situation won’t go away any time soon, because the markets where distribution centers are most in demand—typically near or in densely populated city centers—have scant available land for industrial uses,” David Egan, head of global industrial research for CBRE…

SIOR 2018 Commercial Real Estate Outlook

How long will real estate’s “hot streak” continue? At least through 2018, according to the experts. The Urban Land Institute (ULI), in its “Real Estate Consensus Forecast,” predicts a number of areas of continued strength, both in those that create a fertile atmosphere for commercial real estate growth, and in specific key sectors. For example, ULI predicts: Transaction volume of $450 billion in 2017 and…

“Climate Gentrification” Could Add Value To Elevation In Real Estate

Homes at higher elevations in Miami are gaining value at a faster clip than those closer to sea level. It’s an accelerating trend, and it has residents and real estate agents — in Miami and other coastal communities — asking whether “climate gentrification” has arrived. The term, which only recently entered the lexicon, describes the role of climate change in recalibrating land values, a phenomenon that…

Miami is the country’s 4th most valuable housing market, per report

Valued at 864.2 billion Miami is the country’s fourth most valuable housing market as we head into 2018, according to a new report by Zillow. Trailing only Los Angeles (total value of $2.7 trillion), New York (2.6 trillion), and Washington (996.7 trillion), the total value of Miami’s housing market is an estimated 864.2 billion, which represents a solid 4.7 percent increase year over year. However, that…

Miami-Dade Airbnb hosts earned over $134 million this year

Florida hosts earned a combined $450 million Airbnb is wrapping up quite a strong year in Florida, with hosts in the Sunshine State earning a combined $450 million in supplemental income in 2017, representing a 75 percent increase year over year. The hospitality company says there are now 40,000 hosts who utilize the rental service, averaging out to about $6,700 annually per host. Airbnb…

Cheers! Terra and Terranova sink $40M on PepsiCo’s regional HQ

Two Miami developers are quenching their thirst for South Florida land. A joint venture between Terra and Terranova paid $40.3 million for PepsiCo’s regional headquarters and distribution center in Doral, a spokesperson said. The food-and-beverage giant arranged a sale-leaseback with the buyers, 7777 Investment LLC, for the 232,000-square-foot facility at 7777 Northwest 41st Street. PepsiCo…

Miami zip code makes 2017 list of 10 most expensive zip codes in America

PropertyShark’s annual ranking of the 100 priciest zip codes in the country is out. California’s neighborhoods dominated overall, while New York snagged 19 spots on the list as well as scoring within the top three most expensive addresses. Here’s a look at the top 10 zip codes which are home to some of the most expensive real estate from coast to coast, from #1 to #10: 94027…

Related and East End score construction loan for Wynwood Annex

More office space is coming to Wynwood. Property records show East End Capital and the Related Group just closed on an $11.6 million construction loan for its Wynwood Annex office project. Bank of the Ozarks, an active lender in Wynwood, provided the financing. The eight-story, 40,000-square-foot office building will be built alongside the partnership’s Wynwood 25 apartment development…

Panorama Tower’s contractor sues Florida East Coast Realty after firing

Panorama Tower may rise above all the other residential towers in Miami, but it’s not above the legal controversies that can accompany such a lofty project. Tutor Perini Building Corp., the contractor overseeing construction of the tower, filed a lawsuit in Miami-Dade Circuit Court against developer Florida East Coast Realty last month alleging it failed to turn in project designs on time and revised project plans…

South Florida’s priciest industrial property sales in 2017

Demand for industrial real estate in South Florida was up again this year as consumer sentiment continued to favor faster deliveries – calling for more distribution centers closer to heavily residential areas. In 2017, South Florida’s industrial market took center stage, making it a potential suitor for the next Amazon headquarters and seeing yet another wave of activity by larger industrial real estate investment…

The South Florida WeWork Wars

South Florida increasingly pays for office space as a one-stop service business, with companies forsaking a traditional lease in favor of a modern mix of open-seating areas and private offices with perks, including free coffee, that aim to promote collaboration and innovation among tenants. But as co-working behemoth WeWork — with its $20 billion valuation — increases its presence in the area, will the…

South Florida’s biggest hotel sales in 2017

Big-ticket hotel sales were few and far between in South Florida this year as the market struggled to recover from a dreary 2016. The five biggest deals ranged from the $36 million sale of the Ritz-Carlton Coconut Grove to the $85 million trade of the Courtyard Fort Lauderdale Beach by Marriott, according to The Real Deal’s analysis of data from property records and Real Capital Analytics…

Cousins Properties Sells Orlando, Miami Assets

Cousins Properties, a real estate investment trust, said it has sold 1 million square feet of offices in Orlando for $208.1 million and also unloaded its equity interest in a Miami office complex for $33.9 million. Atlanta-based Cousins (NYSE: CUZ) also sold a 20 percent stake in the two-building Courvoisier Centre at 501 and 601 Brickell Key Dr. in Miami. The buyer of the 343,000-square-foot property was…

SoFla luxury condo sales to stay slow as single-family market grows in ’18, experts say

As the pool of deep-pocketed foreign investors continued to recede over the past year, developers, brokers and sellers in South Florida’s luxury condo sector have been forced to adjust their pricing, wait longer for units to move and scour the globe for new buyers. But for the folks doing business by moving condos listed at $600,000 or below, as well as single-family homes in every price range, signs are…

North Miami Beach Pays $12,000 Settlement, Changes Codes After Lawsuit From Gun Store

For nearly five decades, the law in North Miami Beach has been clear: If you want to open a gun store, you must set up shop in the industrial areas of the city. But that long-standing rule is about to change. After code enforcement cited a business for selling guns in a shopping plaza on NE 167th Street, the owners sued the city for violating state law. In late December, North Miami Beach commissioners…

South Florida Real Estate Industry Update

Begin the new year with essential guidance that will help prepare your real estate company or clients for a productive and profitable 2018.  The South Florida real estate community will come together on Thursday, January 18, to hear industry leaders discuss some of the most significant tax, accounting, and legal planning opportunities affecting their businesses today. Bilzin Sumberg attorney Josh Kaplan joins…