Related withdraws proposed theater renovation and redevelopment

A unit of Miami-based Related Group withdrew an unsolicited proposal to renovate the historic Olympia Theater in downtown Miami at 174 East Flagler Street and convert 80 apartments above the theater to affordable housing units. Related Urban Development Group proposed the theater renovation and the residential project in a May 9 offer sheet, the Miami Herald reported. The proposal included turning the 80 apartments above…

Aetna Realty buys former Barneys building in Miami Beach

Companies tied to New York-based Aetna Realty just purchased the former site of a Barneys New York Co-Op in Miami Beach for $5.75 million, property records show. The 9,377-square-foot retail space at 832 Collins Avenue sold for about $610 per square foot. Aetna’s U.S. Realty Financial Corp. now owns 49.09 percent, U.S. Realty & Investment Co. owns 48.52 percent, and Olympic Gardens HB owns…

Terreno Realty Corp. Acquires Doral Industrial Distribution Building For $6.8 Million

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Doral, Florida on October 23, 2017 for a purchase price of approximately $6.8 million. The property consists of one industrial distribution building containing approximately 38,000 square feet on 3.3 acres at 1480 NW 94th Avenue in Miami’s…

Miami’s tallest planned tower 300 Biscayne unveils new renderings, design

300 Biscayne looks a bit different. 300 Biscayne, one of several planned towers that would be Miami’s tallest at 1,041 feet above ground, has launched its website and unveiled a batch of exterior renderings, notes The Next Miami. Within these renderings you’ll notice a new look. The luxury residential project’s initial approved design depicted two towers with what appeared to be several walkways…

Climate change and sea level rise could have a negative impact on commercial lending: CIASF panel

Commercial real estate developers building projects in cities facing threats from climate change and sea level rise may find it harder to find traditional bank financing in the near future. “One of my concerns is rising seas,” said Veronica Birch Flores, executive vice president with First National Bank of South Miami, during a panel discussion earlier this week. “How municipalities deal with rising seas and the…

City tweaks rules affecting Wynwood Arts District

Miami planning and zoning officials continue to tweak language of proposed legislation to govern temporary uses on vacant land, which impacts so-called pop-up businesses – in particular the venture in the Wynwood Arts District called The Wynwood Yard. City commissioners approved the ordinance amendment after a first reading in September. The final vote has been deferred to December.

New residential developments meet demands in Midtown

Developers in Midtown are meeting the increase in demand for residences by building new developments such as Hyde Midtown and Midtown 8, industry experts say. With such developments underway, experts point to a higher demand for rentals in the Midtown area. “The amount of supply in Midtown is a lot less compared to other markets,” said Carlos Rosso, the president of Related Group’s…

Aston Martin Gets Into Real Estate; Miami Tower Breaks Ground

Ever since James Bond drove a DB5 in the 1964 film “Goldfinger,” Aston Martin cars have been associated with the handsome spy. Now, the luxury automaker is getting into the housing business. Aston Martin The Aston Martin Residences are expected to be completed in 2021. The carmaker’s first condo project, Aston Martin Residences, broke ground in Downtown Miami Oct. 18. In press materials,

Samsung, WeWork Partner To Take On Apple’s Genius Bar in Miami, Other Cities

Samsung and WeWork are teaming up to offer a new work-while-you-wait concept. The companies will be opening “care centers” in several WeWork offices across the U.S., including Detroit, Miami and Williamsburg, Brooklyn, that will combine tech service tune-ups with WeWork’s co-working concept, Fast Company reports. While the centers are similar to Apple’s Genius Bar, they will be taking a slightly…

Aventura Mall Food Hall to Include Todd English Concept, Shake Shack, and Other Local Favorites

Aventura Mall is joining the food hall scene with its own robust entry. The mall’s Treats Food Hall will include nearly a dozen local and national restaurants when it opens this winter. A date has not yet been pinpointed, but Turnberry Associates, the mall’s owner and management company, would probably want to give holiday shoppers additional incentive to spend money.

Here’s the lineup at Aventura Mall’s new food hall

A slew of new restaurants will open at Aventura Mall’s new food hall later this year, including Shake Shack and Luke’s Lobster. The food hall will be part of the mall’s three-story, 315,000-square-foot expansion wing that’s set to open in November. Joining Shake Shack and Luke’s Lobster are Figs by Todd English, GoGo Fresh, My Ceviche, Zuuk Mediterranean Kitchen, Poke 305, Hank & Harry’s Delicatessen…

Food Halls to Crowd Miami Soon

Jacopo Giustiniani picks up a clay brick from a stack and gestures toward a vaulted ceiling. “These are the same tiles used to reconstruct the Brunelleschi’s dome on the Duomo of Firenze,” he says, referring to the 13th-century main church of Florence, Italy. Then the lean 37-year-old, clad in a white button-down shirt and faded jeans, gestures around the room, straining to be heard over the sounds of…

Coconut Grove’s Neighborhood Conservation District (NCD) Reform: City Planner revises interpretation

Will taller condo towers, more building sites, and other measures to increase residential density help preserve the unique character of Coconut Grove’s single-family neighborhoods? As puzzling as it sounds, that’s the recommendation of the City of Miami’s Planning Department as a proactive solution to the growing concerns over lot splitting, mega-home construction, destruction of the tree canopy…

University Bridge Residences unveils new renderings

The newly announced Miami condo requiring FIU-affiliated residents has released new renderings, showing off the 20-story project’s interiors and amenity spaces. Set to rise at 740 Southwest 109th Avenue, University Bridge Residences is comprised of 492 units priced from around $190,000 to upwards of $600,000. Each unit comes fully furnished and includes stainless steel appliances and washers…

New renderings of Smart Brickell, University Bridge Residences & more

University Developments, Lionheart Capital and Habitat Development unveiled new renderings of their residential and mixed-use projects in Miami, Miami Beach and Brickell. University Bridge Residences: The developers of University Bridge Residences just released a fresh glimpse of the 492-unit condo tower near Florida International University. The project, at 740 Southwest 109th Avenue, is geared toward…

North Bay Village approves 19-story condo

Set to begin construction next fall A 19-story condo planned for North Bay Village developed by P&O Global Technologies was approved by the village commission, per The Real Deal. The waterfront tower will be located at 7918 West Drive and is comprised of 54 units, which is scaled back from the original design calling for 77 units in addition to “elevator parking spaces.” Rising 240 feet, the self-financed…

South Florida construction starts down in September: report

September was a slow month for construction starts, thanks in part to Hurricane Irma. Overall, new contracts in September totaled nearly $726 million, down 12 percent year-over-year from $822 million, according to a new report from Dodge Data & Analytics. Residential and commercial each posted declines on a year-over-year basis. Last month, residential construction starts totaled $287 million, a 13 percent…

Zaha Hadid’s computer drawings of One Thousand Museum

Its exoskeleton is comprised of 5,000 pieces of lightweight concrete reinforced with glass fiber With Zaha Hadid’s One Thousand Museum on the cusp of topping off in downtown Miami — expected in December — we thought it’d be cool to take a deeper look at the design of the highly anticipated development. Hadid’s first and final residential tower in the Western Hemisphere, the 62-story tower is a…

Manafort’s indictment includes ties to Florida property

Former Trump campaign manager Paul Manafort used his Palm Beach Gardens home as the mailing address for a number of companies included in Monday’s indictment and spent more than $1 million on home improvements in Florida. Special Counsel Robert Mueller charged Manafort and his business associate Rick Gates as part of the Trump-Russian collusion investigation. According to the 12-count…

Southeast Overtown/Park West Community Redevelopment Agency’s Executive Rirector resigns

The executive director of a city of Miami agency tasked with encouraging redevelopment in one of Miami’s poorest neighborhoods handed in his resignation, The Real Deal has learned. Clarence Woods’ resignation as executive director of the Southeast Overtown/Park West Community Redevelopment Agency is effective Dec. 1st, according to Cornelius Shiver, assistant director of the Overtown CRA.

Broker running for Miami Beach commission loses campaign staff amid sexual harassment allegations

A Miami Beach commission candidate, who is the broker of a boutique brokerage firm, just lost his campaign staff amid allegations of sexual harassment. Rafael Velasquez, president and broker of Sunset Realty Group, was accused of sexual harassment by two women this week, commissioner and congressional candidate Kristen Rosen Gonzalez and publicist Frances Alban, in the wake of the Harvey…

Moishe Mana, unplugged: Investor dishes on his plans for Wynwood, unloads on POTUS

What’s Moishe Mana’s rationale for gobbling up large swathes of land in Wynwood and picking up trophy properties along Flagler Street?  Mostly, his desire to reshape the city into a global cultural and trade hub, the investor told a standing room only crowd on Thursday during The Real Deal’s fourth annual South Florida Real Estate Showcase & Forum at SoHo Studios in Miami.

TRD‘s Miami event tackles sea level rise, new development, Moishe Mana and more

More than 4,500 real estate brokers, investors and developers flocked to The Real Deal’s Fourth Annual Miami Real Estate Showcase & Forum on Thursday to get the latest intel from the industry’s movers and shakers, including Moishe Mana, Alicia Cervera Lamadrid and Art Falcone. Forty-six exhibitors, including new development projects, lenders and brokerages, lined the path to the panel room at Soho…

“We have to work a lot harder to make a little bit less money”: Top developers discuss Miami’s post-boom market at forum

As Miami’s condo market lags, developers are working hard to sell their remaining inventories and looking long term when it comes to completing major projects like Miami Worldcenter. In 2010, “there was a lot of need and a lot of demand and we all thought it was going to last for a long time,” Edgardo Defortuna, president and CEO of Fortune International Group, said at The Real Deal’s Fourth Annual…

New York investor sells Coral Gables buildings for $9 million

A local investor paid $8.6 million for two rental buildings in northern Coral Gables, with plans to renovate the properties and raise rents. Capri Street Partners, a New York-based company controlled by Alfred Sayegh, sold the buildings at 800–801 Capri Street to Capri Elite Holdings LLC, led by Ivan Ryabushkin, according to property records. The 42-unit deal breaks down to about $205,000 per apartment.

C-III Capital Partners in partnership scoops up office building in Sunrise

A partnership between NAI Merin Hunter Codman and C-III Capital Partners, an institutional investor, just scooped up an office building in Sunrise for $19 million, property records show. The 93,724-square-foot office building, called International Place II, at 1580 Sawgrass Corporate Parkway traded for $203 per square foot. The partnership financed the deal with a $13.85 million loan from Branch Banking…

Miami Investors Buy Fort Lauderdale Office Tower for $81.5M

Banyan Street Capital and Oaktree Capital Management LP paid $81.5 million, or $361 per square foot, for the 200 East Broward office building in Fort Lauderdale, FL from TA Realty. The Realty Associates Fund X LP acquired the asset from Invesco Advisors for $66.4 million ($294 pSF) in July 2014, according to CoStar data. The 21-story, 225,761-square-foot, 4-Star office tower was built in 1992 on…

Auto insurer buys new headquarters building near Doral

Windhaven Insurance is shifting gears into a new office space near Doral at 3155 Northwest 77th Avenue. Property records show Windhaven paid $10.4 million for a 57,500-square-foot office building at 3155 Northwest 77th Avenue. The company will be moving out of its two offices at 7300 Northwest 19th Street and in the Doral Commons office building at 8550 Northwest 33rd Street…

Airbnb, Miami Developer to Offer Home-Sharing Apartments

Airbnb and Newgard Development Group of Miami are partnering to offer home sharing in new apartment buildings to be built the Southeast, with the first project planned for Kissimmee, FL, near Orlando. The 324-unit building will be called Niido Powered by Airbnb, and will allow residents to rent out their units for up to 180 days each year. A new app integrated with Airbnb’s system will allow…

Video: Yardi Matrix BI Director Doug Ressler Presents Office Investment Trends and Forecasts

Doug Ressler, Director of Business Intelligence at Yardi-Matrix, an apartment information service provider, appears on The Commercial Real Estate Show to discuss trends and forecasts in the office property market. Among the topics covered are occupancy and rental rates for the office market, profitability, and some tips going forward for investing in office building properties.

Malaysian developer wins approval for North Bay Village luxury condo tower

The first new condominium project in North Bay Village in several years will move forward after the village commission gave unanimous approval this week to three measures that will allow P&O Global Technologies, a Malaysian-based company, to build a 19-story 240-foot tower with 54 units at 7918 West Drive. The waterfront parcel is adjacent to Vogel Park on Harbor Island. The commission approved…

North Miami firm sells Orlando-area shopping center for $23.8 million

A North Miami-based firm sold a Publix-anchored neighborhood shopping center in the Orlando area to a Canadian buyer for $23.8 million. Canada-based Slate Retail REIT paid about $143 per square foot for Good Homes Plaza at 8805-8995 West Colonial Drive in Ocoee, a western suburb of Orlando. Colonial Drive is a major east-west thoroughfare in the Orlando area. Anchor tenants other than…

Miami Beach developer sues contractor over Hurricane Irma damage

Alan Lieberman’s South Beach Group Hotels is suing a contractor over damage to a construction site in Miami Beach, alleging negligence and breach of contract. Allied Roofing was hired to build new roofs for the building at 6755 Harding Avenue, 8320 Harding Avenue and 2365 Pinetree Drive in Miami Beach. Owner Marcial Garcia told The Real Deal that his workers completed all three, but that he wasn’t…

Inside Seminole Hard Rock’s $1.5B expansion

The Seminole Tribe of Florida and Seminole Gaming unveiled the $1.5 billion expansion of the Seminole Hard Rock Hotel & Casino in Hollywood on Wednesday. The project will be centered around a giant guitar-shaped, 450-foot tower. The casino will double in size and have 3,267 slot machines, 178 table games and a new 18,000-square-foot poker room, according to a press release. Hard Rock’s…

Industrial Investment To Stay Strong In 2018, Based On Survey Of RCM Principals And SIOR Members

Spurred by e-commerce growth, corporate expansion of distribution spaces and overall momentum in the supply chain, investment levels in leasing, construction and capital market sales in the industrial sector are expected to remain strong for at least 12 to 18 more months, according to a new survey. The Real Capital Markets/Society of Industrial and Office…

Miami-based hoteliers invest in 35-room property in The Bahamas

Miami-based boutique hotel owner-operators Jesper and Gustaf Arnoldsson of SMS Lodging are part of a partnership that acquired a historic hotel in the southern Bahamas. SMS Lodging will manage the operations of the Peace & Plenty Hotel on Great Exuma, which was built in 1958 by Lawrence Lewis, grandnephew of Henry Flagler, the railroad tycoon who pioneered the development of Florida more…

Miami Based Munilla Construction reportedly was in running for a Paul Manafort negotiated buyout by a Chinese firm

Despite the spotlight, Paul Manafort appears to be trying to put together major real estate deals with a motley crew from across the globe. (A potential deal between a foreign firm and a U.S. firm doing sensitive government work, such as Pacific acquiring Munilla, could attract the attention of the Treasury Department.) A common denominator in those deals, both past and present, is Zackson, a veteran…

How to handle a partnership dispute

Partnership disputes can oftentimes result in litigation which can be partnership ending. Partnership disputes most often arise from a real or perceived breach of trust between the partners. The most common breaches of trust usually involve money, self-dealing by one of the partners, failing to account for money or assets, profiting individually from a partnership opportunity or theft. These disputes may also…

The magnificent “Four Seasons” Hotel in Surfside has already an opening date!

It is not a secret to anyone the fact that “Four Seasons” Hotel is one of the main world references of quality, service and sophistication. This Canadian hotel chain started its projects in the 60’s. It incorporates a concept of exclusive and non-comparable attention to guests, aspect that currently prevails as a principle. They have reached successfully millions of guests in 35 countries with its 80 luxury hotels all…

New Bayside Owner Trying To Rid Mall Of Local Business With Over 40 Eviction Lawsuits

Bayside Marketplace has been working to remove local and regional businesses from the mall since a recent ownership change, according to a lawyer representing one of the tenants. In 2015, New York’s Ashkenazy Acquisition Corp. paid a reported $196 million for a 49 percent stake in the center, valuing the property (a leasehold owned by the city) at $400 million. Since then, management has been working to…

Miami 12th, Fort Lauderdale 6th in most investable real estate markets, per PwC study

In this year’s edition of PWC’s Emerging Trends in Real Estate, both Fort Lauderdale and Miami registered leaps from a year ago in regards to the most desirable U.S. markets for real estate investment. Fort Lauderdale soared to No. 6 among the 78 markets included in the study after placing 35th a year ago. Miami checked in at No. 11, up from 25th year over year. Seattle, Austin, Salt Lake City, Raleigh/Durham…

Storm-damaged Ritz-Carlton on South Beach closed indefinitely, laying off staff

The Ritz-Carlton, South Beach notified the state government that the hurricane-damaged hotel will lay off 281 employees and remain closed indefinitely for repairs. The 375-room hotel at 1 Lincoln Road in Miami Beach has been closed since Sept. 8, two days before Hurricane Irma made landfall in the Florida Keys. The hotel’s general manager, Sase Gjorsovski, wrote in a Worker Adjustment and…

Miami-based Lennar to pay $5.7B for CalAtlantic, become biggest US homebuilder

Lennar Corporation will merge with CalAtlantic Group, creating the largest homebuilder in the country in a $5.7 billion deal. The deal will boost the combined company’s standing to a top 3 ranking in 24 of the top 30 markets in the country, Lennar CEO Stuart Miller said in a statement. Together, Lennar and CalAtlantic reported revenues of more than $17 billion last year and a market cap of about $18 billion.

Monty’s new lease in Coconut Grove on ballot

A popular waterfront venue in Coconut Grove that anchors several small businesses and a marina is looking to gain a long lease extension and make millions in improvements. The land is owned by the City of Miami and a lease amendment or extension requires the approval of city voters at referendum. The changes would mean additional rent revenue and improvements to the property at 2550 S Bayshore Drive…

American Dream Miami developer picks up more land for mega-mall

Developer Triple Five Group just paid $10.8 million for land in northwest Miami-Dade County, where it plans to build the American Dream Miami mega-mall, property records show. Coral Gables-based Genesis Partner Development Enterprises LLC sold four parcels on Northwest 170th Street and Northwest 97th Avenue, just west of I-75. Gilberto Cerda of Genesis signed the deed transfer of ownership.

American Dream Miami battles land use, zoning issues, as it fights toward goal of 2023 completion

Triple Five Group, developer of the proposed $4 billion American Dream Miami “mega center” in Northwest Miami-Dade, hopes to get its entitlements squared away by the end of this year in order to complete the project in 2023, says Miguel Diaz de la Portilla, a land-use attorney representing the project. “We have a pending master plan application that we’ve been working on for the past couple of years,”

45-story condo designed by Carlos Zapata planned for downtown Miami

The latest residential building planned for downtown Miami’s bustling Arts and Entertainment District is a 45-story, 457-unit condominium designed by Carlos Zapata, reports the SFBJ. Developed by NR Investments, the project is located at 31 Northeast 14th Street, which is just west of Melo Group’s Square Station, a 710-unit apartment that topped off a few weeks ago. The plans also call for…

South Beach’s Monad Terrace secures $62.5M in construction financing

Monad Terrace in Miami Beach secured $62.5 million in construction financing, JDS Development announced, paving the way for vertical construction to begin next year. Construction is well underway at the anticipated but delayed project set to rise along West Avenue (just south of the Waverly) with the foundation soil mixing more than halfway complete. A VIP groundbreaking ceremony is planned for…

Jamestown picks up shopping center in northwest Miami-Dade for just over $34 million

Jamestown just closed on a Publix-anchored shopping plaza in northwest Miami-Dade for $34.25 million, property records show. The Atlanta-based investment and management firm paid $314 per square foot for the nearly 109,000-square-foot Country Club Plaza shopping center at 18454 Northwest 67th Avenue, near Miami Lakes and Hialeah. An affiliate of Deutsche Asset Management’s RREEF…

Before and after images show North Beach’s potential transformation

One of the key measures on Miami Beach’s upcoming ballot is item #82, which would allow North Beach to move forward on the key facet of a master plan for revitalizing a 10-block district along 71st Street between Collins Avenue and Indian Creek Drive. If approved by the majority of Miami Beach voters, the initiative would adopt an ordinance increasing FAR (floor area ratio) in the town center zoning…

North Beach vote allowing for mixed-use district gains momentum

Just two years after Miami Beach voters rejected a density increase for an oceanfront neighborhood in North Beach, a similar ballot measure is gaining momentum as it nears a Nov. 7 vote. Miami Beach voters have had to approve any increase in Floor Area Ratio or (FAR), the maximum density or allowable square footage of a structure, since the 1990s. Nearly all efforts to get voters to approve an…

Flagler Street upgrade downtown delayed once again

The glacial pace of Flagler Street’s renovation downtown has built frustration since the project was proposed in 2011. Last week, directors of Miami’s Downtown Development Authority agreed to another delay, this one for three months. Supporters say it’s a good thing. “The task force is recommending a 90-day pause,” said Brian Alonso, who co-chairs the Flagler Street Task Force with Neisen Kasdin, authority…

Light at end for tunnel under the Miami River

New developments should encourage proponents of a tunnel under the Miami River. On Monday, the county’s Transportation Planning Organization (TPO) released a study by Doral-based Atkins engineering firm. The study for the TPO, dated August, said in part, “The potential impact of the Miami River tunnel is significant in terms of relief to surface-street congestion in the vicinity of the Brickell…”

Walgreens on Lincoln Road hits the market

Walgreens’ retail space on Lincoln Road just hit the market — as a ground lease priced at $78.9 million. The 19,000-square-foot retail space at 1 Lincoln Road, at the corner of Collins Avenue, is on the ground floor of the Ritz-Carlton South Beach. The 129-year ground lease has 111 years remaining, according to an offering memorandum from Chicago-based Stream Capital Partners, obtained by…

Plan for Fort Dallas Park, on the Miami River, evolves

A proposal from a private company to redevelop city-owned Fort Dallas Park, on the Miami River downtown, has evolved. The unsolicited proposal still pushes for a public-private partnership with the City of Miami, but instead of building a new 250-seat restaurant the developer is proposing a revitalized riverfront hosting several local small businesses. These would be “more mom and pop” type…

NY based LargeVista buys into mixed-use development in Overtown

LargaVista Companies, a New York-based development and investment firm, just bought into a mixed-use project in Overtown, the company announced on Monday. LargaVista also broke ground on the development, a 55,000-square-foot, two-story retail and office building on Northwest Eighth Street. Lyric Point will be built next to the historic Lyric Theater in Overtown and across from MiamiCentral.

Bridge Development buys dev site in Miami Gardens

Chicago-based Bridge Development Partners just paid $28.2 million, or $152,000 per acre, for a large swath of land in Miami Gardens where it plans to build a spec industrial park called Bridge Point Commerce Center. Bridge Development acquired 185 acres at 3900 Northwest 215th Street, Kevin Carroll, Bridge Development Florida principal, said. Manheim Auto Auctions of Atlanta is the seller.

Miami-Dade, Palm Beach retail markets soften in Q3: report

South Florida’s retail markets were a mixed bag in the third quarter amid mass closures of big box retail stores across the country, according to tri-county reports from Colliers International South Florida. Retail vacancy rates rose slightly in Miami-Dade and Palm Beach counties while asking rents increased, compared to the third quarter of 2016. In Broward, the average vacancy rate fell while the asking…

Doral one of 238 cities duking it out to be the site of Amazon’s new $5 billion headquarters

The numbers are in, and they’re a doozy. Amazon says it has received 238 proposals from cities wanting to host the company’s new headquarters. Proposals came from 54 states, provinces, and districts. All US states except Arkansas, Hawaii, Montana, New Hampshire, Wyoming, and North and South Dakota submitted bids. Provinces and territories in Canada and Mexico also submitted bids that will be…

Developer sells 3rd rental building in West Miami since 2016

A developer got $59 million for selling its third new apartment building in West Miami since the summer of 2016. Miami-based Estate Investment Group (EIG), led by founder and principal Robert Suris, sold the 221-unit Soleste West Gables II for about $267,000 per unit. The sellers included EIG partners Fortune Capital Partners and Mattoni Group. The buyer, Chicago-based investment firm Waterton…

Upland building in Miami Beach Listed for Sale

A company tied to Crescent Heights wants to sell a mixed-use building in South Beach, home to the popular Upland Miami restaurant. The four-story at 49 Collins Avenue, nearly 32,000-square-foot building, which includes the 7,500-square-foot restaurant and 180-space parking garage, hit the market unpriced, but listing brokers Scott Sandelin, Drew Kristol and Alejandro D’Alba of Marcus…

Russian owner of South Florida commercial and luxury property portfolio revealed as high-ranking ex-general

The owner of a $38 million real estate portfolio in South Florida allegedly made his fortune as part of a corrupt elite law enforcement team in Russia, according to a Miami Herald investigation. Former Russian general Anatoly Petukhov has been accused of shaking down investors as a trade for protection from criminals. In court filings, Petukhov, who broke ground about a year ago on a $17 million spec…

Class A office space absorption is on the rise in Miami and Fort Lauderdale: Report

Class A office space absorption is on the rise in Miami-Dade and Broward counties, according to a newly released third quarter research report by commercial real estate firm JLL. Overall office vacancy rates fell to an average of 12.9 percent in Miami, compared to 12.7 percent in Fort Lauderdale, the report shows. Miami: The Coral Gables submarket saw the highest Class A absorption at 130,000 square…

South Florida lease roundup: One Biscayne Tower scores 65,000 sf of leases & more

Several companies have signed leases at One Biscayne Tower in downtown Miami, according to the firm that brokered the deals.
Combined, the leases take up more than 65,000 square feet of office space at the tower at 2 South Biscayne Boulevard. Cushman & Wakefield’s Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza represented the building owner L&B Institutional Fund.

Doral In Fierce Competition With Miami And 100 Other Cities For New Amazon Headquarters

Last September online retail giant Amazon announced it was looking for a new site to build a second headquarters that would involve a $5 billion investment and could generate 50,000 new jobs. The e-commerce and computer services company is headquartered in Seattle, Washington, but Amazon founder Jeff Bezzos said “we are eager to find a second home.” This attracted the attention of more than 100…

Hersha’s Courtyard Cadillac Miami Beach to become an Autograph Collection Hotel

Hersha Hospitality Trust is rebranding its Courtyard Cadillac Miami Beach Hotel, at 3925 Collins Avenue, under Marriott’s luxury chain banner, Autograph Collection Hotels. Neil Shah, Hersha’s president, revealed his company’s plan during a hospitality luncheon on Thursday hosted by Marcus & Millichap. Before a small crowd of hotel executives and industry players at the Miami Hilton Airport…

Miami Based Monument Capital Management Adds New CFO

Monument Capital Management, a fully integrated real estate investment company, appointed José Gonzalez as chief financial officer. In this new role, Gonzalez will be responsible for directing all the firm’s financial operations and support activities, including accounting, investor reporting, human resources and IT. He will be based in Monument’s corporate offices in Miami. Gonzalez brings more than 35…

HES Group scores loan for mixed-use hotel in Midtown Miami

HES Group just closed on a $9.5 million loan for its mixed-use hotel development in the Midtown Miami neighborhood, property records show. The lender is 21 Brands S.A., which lists a Panama address. HES has been quiet when it comes to Triptych, a 20-story tower planned for 3601 North Miami Avenue. Last year, JQ Group of Companies purchased a stake in the project. At the time, the developers said they…

Miami Beach boards approve North Beach boutique hotel

16 hotel rooms and a rooftop deck A 16-room boutique hotel has been approved by the City of Miami Beach’s Design Review Board and Planning Board to rise at 7128 Indian Creek Drive in North Beach. The hotel will be developed by IC Property Capital Corp and includes underground parking and a rooftop pool deck. The architect is Miami Beach-based Laure Tirouflet and Jose Carlo. It will be built…

Miami’s MB Station breaks ground on Coral Way

A mixed-use project with a fire station at the base MB Station just broke ground at 3170 Coral Way. Developed by CADE Capital Partners, the mixed-use project will include 190 rental units, 4,805 square feet of ground floor retail space, and a fire station, Shenandoah Fire Station #14, at the rear base of the building. The 17-story building’s amenities include an outdoor courtyard with a pool, a community…

REITs are buying US properties at a steady clip, but selling less

Listed real estate investment trusts are acquiring U.S. properties at a steady clip, but they’re selling less than they did last year. Listed REITs bought $44.6 billion worth of assets so far this year through Oct. 23, according to data from Real Capital Analytics, the Wall Street Journal reported. That’s pretty much in line with the $47.9 billion worth of assets they bought in 2016. But on the sales side, there…

Developer scores approval for North Beach hotel

A French developer is moving forward with its plans to build a boutique hotel in North Beach. IC Property Capital Corp., led by Lucas Mattout, secured approval from the Miami Beach Design Review Board for a 16-key hotel at 7128 Indian Creek Drive, according to a press release. It will feature a rooftop pool deck and underground parking, the latter of which will be covered by a graphic mosaic on the…

Numerous Projects Under Construction Signal Ongoing Office Boom in Tri-County Region

With vacancies hitting single digits across South Florida’s Tri-Counties region and financing easier to get while the red-hot condominium market takes a breather, developers are again putting shovels in the ground to build office projects that largely have been on the shelf since the Great Recession. As many as 52 buildings are currently underway in Miami-Dade, Broward and Palm Beach Counties, according…

Florida’s Associated Grocers, Owner of 1.5 Million Square Feet of Commercial Real Estate, Acquired by SuperValu for $180 Million

SuperValu, a grocery wholesaler and retailer, has entered into an agreement to acquire Associated Grocers of Florida in a deal valued at approximately $180 million. Associated Grocers, based in Pompano Beach, FL, is a retailer-owned co-op that distributes groceries and merchandise to independent retailers, mostly across South Florida. It owns about 1.5 million square feet of commercial real estate.

Q&A: Colliers Executive Addresses Need for Non-Traditional Office Markets in South Florida

The South Florida office market has been on a tear in recent years, with class A rents rising and vacancy rates approaching all-time lows. Still, to fuel continued growth, the market needs to evolve, and that includes tapping areas that haven’t traditionally been thought of as office hotspots, said Ken Krasnow, executive managing director for Colliers International in South Florida. Krasnow has spent more…

Video: ICSC VP Stephanie Cegielski Provides Holiday Shopping Forecast

Stephanie Cegielski, V.P of Public Relations at ICSC, joins host The Commercial Real Estate Show to talk about retail property cap rate trends, rising interest rates potentially affecting cap rates, and future forecasts impacting the retail property market. Highlights include:
Forecasting 3.8% year over year growth in holiday sales this season across all mediums, i.e. both online and brick and mortar; 96% of…

Related Group plans for Olympia Theater building put off again

A Related Group subsidiary’s proposal to redevelop the Olympia Theater building in downtown Miami was put off for a second time last week, as the organization that runs the theater voiced objections to the plan to alter the historic building. The proposal was supposed to get an airing last month before city commissioners, but Vice Chairman Ken Russell asked that the item be deferred, saying the proposal…

Rockwood, Thor list Wynwood site for $45 million

Rockwood Capital and Thor Equities are looking to cash in on a large development site they own in Wynwood. The 2.1-acre property at 2801 Northwest Third Avenue is on the market for $45 million with Whitehall Realty Group’s Devlin Marinoff and Metro 1 Commercial’s Tony Arellano, the brokers said. Property records show Thor Weck Owner LLC paid $26.9 million for the site in 2015. The Thor affiliate…

State Street Realty Negotiates Record PSF Sales Price For Free-Standing Warehouse In Doral

State Street Realty, a Miami based brokerage and advisory firm, closed the sale of a 29,000-square-foot industrial property in Doral, located at 9590 NW 25 Street. The transaction is valued at $5.6 million, or at $193 per square foot, marking a new benchmark for the highest per-square-foot sales price for a free-standing warehouse above 20,000 square feet, according to a release. The Buyer, Church…

Could Coral Gables lose the rights to Miracle Mile name?

The city of Coral Gables is now looking at trademarking the city’s “jewel,” Miracle Mile. Now that Illinois-based Institutional Mall Investors is applying to trademark its Miracle Mile Shops in Las Vegas, the City Beautiful wants to protect the popular retail street, according to the Miami Herald. The street, which is Coral Way from Southwest 37th Avenue to 42nd Avenue, has been known as Miracle Mile since 1947.

Newly Released Port Tracker Report Points To Another Record-Breaking Month

The theme of records being broken remains firmly intact based on data in the most recent edition of the Port Tracker report issued this week by the National Retail Federation (NRF) and maritime consultancy Hackett Associates. The ports surveyed in the report include: Los Angeles/Long Beach, Oakland, Tacoma, Seattle, Houston, New York/New Jersey, Hampton Roads…

Rok picks up industrial building in Miami Gardens

An affiliate of Rok Acquisitions just bought an industrial building in Miami Gardens for $8.8 million, records show. The warehouse at 15801 Northwest 49th Avenue spans about 150,000 square feet, according to the buyer. Records show the Rok affilate, Warehomes Precision LLC, led by Marcos and Jason Morjain, scored $6.65 million in financing from City National Bank of Florida. Precision Trading Corp…

South Beach’s Monad Terrace secures $62.5 million in construction financing

Expected to go vertical in March Monad Terrace in Miami Beach secured $62.5 million in construction financing, JDS Development announced, paving the way for vertical construction to begin next year. Construction is well underway at the anticipated but delayed project set to rise along West Avenue (just south of the Waverly) with the foundation soil mixing more than halfway complete.

Sergio Pino goes micro at Midtown Doral

Sergio Pino is going “super micro” at Midtown Doral. In a bid to attract local buyers, the Miami developer is including smaller units in phase two of his mixed-use Doral development. Condos starting at 545 square feet and $229,000 will be included in the project, Pino told The Real Deal. At Midtown Doral, more than 90 percent of buyers so far have been Venezuelan. Now, due to political and economic…

Investor Scoops Up Miami Trailer Park

As developable tracts of lands become more scarce in Miami, investor Steve Schneider has purchased the Palm Lakes Trailer Park, which includes 120 home pads on approximately seven acres, for $6.25 million. The trailer park, at 7600 NW 27th Avenue, lies within the North Central Urban Area District zoning overlay and could eventually be developed for high-density units up to 12 stories. In the short term…

Nearly 700 smart apartments planned for 400 Biscayne

Next to another planned luxury tower A large apartment complex is planned at 400 Biscayne Boulevard in downtown Miami, with Greybrook Realty Partners and Property Markets Group co-developing. The project would include 20,000 square feet of retail space and over 690 smart rental units, which would feature keyless entry and control of the audio, video, and thermostat from an app on the…

WeWork to open flagship downtown Miami location in December

WeWork finally has an opening date for its downtown Miami location, two years after inking a deal with the property’s owners. The co-working firm, which was valued at $20 billion in July, will open Dec. 1 at the Security Building, a historic 15-story building at 117 Northeast First Avenue, a spokesperson told The Real Deal. WeWork signed a 15-year lease for the nearly 97,000-square-feet…

Judge dismisses suit challenging Beckham land sale

A Miami-Dade Circuit Court judge threw out a lawsuit challenging the sale of county-owned land in Overtown to Miami Beckham United. Activist and wealthy landowner Bruce Matheson filed the suit earlier this year, alleging the county’s land deal with Beckham breaks state law because it wasn’t offered to other bidders, and said he would buy the 3-acre property under the same terms and for the same…

Overseas lenders held $72 billion worth of US commercial loans in Q2

Foreign banks held $71.6 billion worth of commercial real estate loans backed by U.S. properties during the second quarter of the year, a sign many point to as proof there’s still confidence in the overall economy and market fundamentals. That figure is up from $59.3 billion in the second quarter last year and $38.3 billion at the same point in 2015, according to data from Trepp reported by the Wall Street…

Airbnb is teaming up with Miami based Newgard Developent Group to create large apartment complex in Florida

Airbnb is introducing its first branded apartment complex in Florida, a state where strict regulations threaten its growth and restrict its supply of available rooms. The partnership with Miami-based Newgard Development Group marks the first step by Airbnb to design accommodations from the ground up for home-sharing, further challenging the traditional hotel industry. Under the brand “Niido…”

First Airbnb-branded apartments coming to the US in partnership with Miami Developer

If you can’t beat them, join them? Miami-based Newgard Development Group is partnering with Airbnb on the first Airbnb-branded apartment building in the U.S., according to Bloomberg. The move comes as the short-term rental giant tries to woo developers and property managers to allow Airbnb rentals. The 324-unit building, which will be built just outside of Orlando in Kissimmee, will feature…

New retail and restaurants head to Coconut Grove

Three new retail and restaurant tenants are coming to Coconut Grove. Bonobos, Le Pain Quotidien and Poke305 just inked leases in the Grove, according to the Comras Company, which brokered the leases. Bonobos, a clicks-to-bricks men’s clothing company, took over Kit + Ace’s 1,960-square-foot space in Coconut Grove at 3401 Main Highway. Kit + Ace, a luxury clothing and accessories brand, opened…

Here are South Florida’s billionaire real estate players who made the Forbes 400

South Florida’s real estate billionaires, Jorge Pérez and Jeff Greene included, held onto their wealthy status, according to the latest Forbes 400 ranking. It now takes $2 billion to make it on the list, up from $1.7 billion a year ago. In the local real estate industry, Pérez, head of the Miami-based Related Group, ranked 261 with a net worth of $3 billion.

Construction firms sue each other over delays and problems at Civic Towers

The woes for the owners of two federally subsidized apartment buildings damaged by Hurricane Irma keep piling up. Construction firms involved in the renovation of Civic Towers, located at 1855 Northwest 15th Avenue and 1900 Northwest 14th Street in Miami’s Allapattah neighborhood have now filed dueling lawsuits against one another that allege fraud and other shenanigans. Coastal Maintenance…

Ex-mayor charged with fraud over North Miami real estate deal

A former North Miami Beach mayor is back in the hot seat after his alleged role in a failed real estate investment. Ex-mayor Myron Rosner, who pleaded guilty to breaking campaign rules in 2012, was just charged with securities fraud, sale of an unregistered security, sale of security by an unregistered dealer and grand theft by the Miami-Dade State Attorney’s Office, according to a release. The state…

Coconut Grove’s Mutiny Hotel Was the Cocaine Kingpins’ Playground

America in the late 1970s and early ’80s was in a pronounced funk: Inflation and unemployment were high; consumer sentiment was in the dumps. But so exceptional was Miami’s cocaine economy that dopers were paying banks to accept suitcases full of cash (while certificates of deposit were yielding 20 percent, on top of your choice of toaster or alarm clock). According to one study from Florida…

Redevelopment plan for Miami Jewish Health System campus wins planning board approval

Holding a community meeting with its neighbors proved beneficial for Miami Jewish Health Systems. The Miami Planning and Zoning Board unanimously voted on Tuesday to give the non-profit organization a favorable recommendation for its $200 million plan to redevelop its Buena Vista campus. Iris Escarra, an attorney representing Miami Jewish Health System, told board members the…

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

Barbara Denham, Economist at Reis, appears on this episode of The Commercial Real Estate Show to talk about office market cap rate trends, rising interest rates effecting cap rates, and future forecasts impacting office space.

Video: Green Street’s Phil Owens on Change and Opportunity in Retail Real Estate

In this short clip, Phil Owens of Green Street’s Advisory Group, discusses the opportunity for an information advantage in retail properties. Investors are assessing their mall exposure to retailers, looking at ratios of occupancy cost, and using a set of information sources to identify risk as well as opportunity.

MLB Approves Miami Marlins Sale to Derek Jeter and Bruce Sherman

If you’ve been saving a particularly nice bottle of bubbly for the day when Jeffrey Loria’s fat, greedy face finally leaves Miami baseball fans to suffer in peace, it’s time to pop the cork. Major League Baseball’s owners have unanimously approved the sale of the team to a group led by investor Bruce Sherman and Derek Jeter. MLB has confirmed the owners signed off on the $1.2 billion sale, which will make…

Downtown’s retail market strength drives businesses north

The strength of downtown’s retail market and its spiraling leasing rates have pushed merchants and restaurateurs farther north, observers say. Though she agrees that Edgewater and areas north benefit from the popularity of the central business district, Noa Figari, vice president of retail leasing of Colliers Urban Core Division, says her heart is still downtown. “I really think downtown’s transformation…”

Micro-Units Are A Big Deal:

And they’re coming to your city… In 1963, Walt Disney approached two of his staff songwriters, the Sherman Brothers, to come up with a catchy tune for the UNICEF exhibition in the upcoming New York World’s Fair. The result was “It’s A Small World (After All).” Little did Mr. Disney know that his song could easily be the soundtrack for today’s boom in tiny living. Americans these days are obsessed with…

Hialeah Is ‘A Great City In Which To Be A Landlord’

Two single-story apartment complexes in Hialeah, with a combined total of 15 units, have sold for more than $1.2M — $81K per unit, or $230 per SF. Both buildings are fully leased. One apartment building is located at 83 West Eighth Street, with nine studio units that rent for $650 to $750 per month. The second property, a block away at 85 West 10th St., has six one-bedroom, one-bath units with rent…

Miami Highlighted in NREI Takeaways from Day 3 of NIC Fall Conference

Rapid inventory growth has had an impact of occupancy rates at seniors housing facilities, and that growth has been particularly evident in certain markets, including Dallas, Chicago, Minneapolis, Atlanta, Miami and Boston, noted… On the flip side, the strongest absorption rates over the past year were observed in San Antonio, Texas, Dallas, Miami, Minneapolis, Atlanta and Phoenix, according to Peck.

U.S. Rents Are Getting More Affordable – as the Renters Get Richer- but Miami an Exception

Not all cities benefited from better affordability; of 53 metros with at least 1 million people, one in three recorded an increase in the number of cost-burdened households. Fifty-nine percent of Miami renters spent at least 30 percent of their income on rent, the highest in the U.S. One positive from the report is that rental affordability improved across income levels, with the rent-burden rate falling fastest…

Meeting Set to Discuss Coconut Grove Playhouse

The county sent out background materials regarding the Coconut Grove Playhouse meeting which is Thursday, October 19 at the Miami-Dade County Auditorium. I’m not sure why this is not inside the Grove, but that bothers me. What’s ironic is that this meeting would have been held inside the playhouse in better times. So these are the current plans with changes made since the April meeting.

How E-Commerce is Impacting CRE

Retailers are spinning a logistics web around the country. A lot has changed since 2011. That’s when a blog post on this site stated: “Many consumers still want to see or touch goods before they purchase, so they still go into a physical store to get this experience.” That statement still holds somewhat true, but e-commerce has continued to grow by leaps and bounds in the past six years – and fewer…

Artists Creating – And Owning – Their Own Spaces in Miami

Art does a lot for people. It appeals to our creative nature; it’s personal; its expression touches something in all of us. In the words of Pablo Picasso, “The purpose of art is washing the dust of daily life off our souls.” The same sentiment can be said about art in communities. By embracing creativity, neighborhoods are learning that art can wash off their dust. We’ve seen that with Miami’s…

CRE In Miami is Getting Greener

When it comes to climate change, perhaps no other region in the nation has as much to lose as South Florida – Miami and Miami Beach in particular. With each year, King Tide flooding becomes increasingly extreme and creeps into more and more neighborhoods, and herculean efforts are underway to adapt city design and pump water back into the ocean. It should come as little surprise that cities…

Florida in The Top 5 For Commercial Development

When the NAIOP, the commercial real estate development association, conducted its analysis to determine the top states for commercial development, it looked at GDP, salaries, wages, and the amount of jobs created and supported from the development and operation of commercial real estate. People in South Florida, though, merely had to look at the number of cranes and construction projects filling…

6 Ways to Save On a CRE Lease

“Man is an animal that makes bargains; no other animal does this – no dog exchanges bones with another.” Economist Adam Smith wrote these words in 1776 in his seminal Wealth of Nations, and this macroeconomic maxim is just as appropriate for today’s CRE market. Everyone loves a good bargain, from BOGOs at their local grocery store to businesses looking to lease office space. Bargain hunting…

The Traits of a Good Tenant Representative

Quality tenant representation goes far beyond listings and price per square foot. It is difficult to overstate the importance of quality tenant representation in commercial real estate. Through the peaks and troughs of the market, a good tenant rep must be able to assess economic trends, broker deals, thoroughly evaluate a client’s needs, and make sure those needs are always their priority. The best reps…

What are construction defects and what can I do about them?

Construction defects can impact the value and function of a construction project so it is important to be familiar with the legal resources available to help. If you have had problems and concerns with your construction project, you may have wondered what construction defects are and what you can do about them. In general, construction defects refer to a condition of a construction project, either…

Miami Industrial Real Estate Market Report Third Quarter 2017

The third quarter of 2017 ends with a slight increase in the average lease rate to $9.76 per sq. ft. and the vacancy rate remains the same at 4.1%. The positive absorption was only 174,347 sq. ft. bringing the annual total thus far to just under 900,000 sq. ft. Although the stats this year are not particularly impressive everyone still wants more industrial real estate assets in Miami. Two large sales worth noting were…

Little Havana’s Big Evolution?

Little Havana has a special place in the hearts of Bill Fuller and Martin Pinilla. The two are the co-founders of the Barlington Group, a company that invests in real estate and small businesses throughout Miami — but it’s in Little Havana where they own stakes in 40 retail, residential and hotel buildings. Of those properties, 23 can be found along Southwest 8th Street, also known as Calle Ocho, the main…