HFF Announces $110.3 Million Financing of J.P. Morgan and Magellan Development Group’s Midtown Miami Mixed-Use Tower

Holliday Fenoglio Fowler, L.P. (HFF) announces $110.3 million in financing for the development of Midtown 6, a 31-story, mixed-use residential and retail tower in Midtown Miami. “We are excited to watch Midtown 6 continue to build out Midtown Miami, as the adjacent Midtown 5 project has done.” The HFF team worked on behalf of the borrower, a joint venture between institutional investors advised by…

Video: Conor Wagner of Green Street Says No Slowdown in Multifamily Supply Growth in 2018

In this brief video, Conor Wagner of Greenstreet Advisors sits down with Matthew Bechard at NAREIT to discuss the multifamily (apartments) property sector. Highlights include: Green Street does is not expecting a material slowdown in multifamily supply growth in 2018 for the apartment sector. According to Green Street Advisors Analyst Conor Wagner, housing starts have not shown any real…

NREI: How Miami’s Industrial Market Stacks Up Against its Peers

Much the same way Miami has gained prominence from a cultural, culinary and tourism standpoint, the city has become a hotbed for industrial investment activity. The industrial real estate sector is now considered a top-tier U.S. market, alongside markets such as Los Angeles, New York/New Jersey, Chicago, Atlanta and Northern California. The occupancy rate reached 96 percent in Miami-Dade in 2016…

Omni neighborhood changing in a big way with Melo

The north end of the Metromover’s elevated track ends at the School Board Station in the Omni neighborhood, at 50 NE 15th Street. Much of the surrounding land has remained vacant, dormant or underdeveloped for decades. That’s all changing in a big way as The Melo Group works to transform the area, encouraging other development in the growing Arts and Entertainment District and bringing…

Miami marina vote tied to affordable housing ‘gift’

If enough Miami commissioners attend a special meeting Friday to make quorum and review a multi-million-dollar marina redevelopment, Chairman Keon Hardemon says money from the winning bidders for affordable housing would go a long way to secure his vote. He said so to the players in a new company, Virginia Key LLC, on Monday when the mayor tried to convene a special meeting…

South Florida’s office markets report higher rents, drop in vacancy rates: Q2 reports

Office vacancy rates fell in Miami-Dade, Broward and Palm Beach counties and asking rents rose, as the region’s office markets continue to stabilize, according to Colliers International’s second quarter reports. Miami-Dade: In Miami-Dade, the vacancy rate fell 0.3 percent from the previous quarter to 9.4 percent, the lowest of all three counties. The tightest vacancy rates in major submarkets were in Miami…

New York fashion designer Naeem Khan works with schools on river studio

New York fashion designer Naeem Khan, who proposed five months ago to incorporate a vocational school of fashion into his original concept of constructing a design studio on the Miami River at 1175 NW South River Drive, is still on track to open by mid-2019 and is currently in the process of working with the Miami River Commission and Miami-Dade County Public Schools to make sure that the…

Trackless train may be a Miami-Dade alternative

A new trackless train that floats above movable rubberized strips may be one alternative to solving Miami-Dade’s transit problems, said Frank Guyamier, Miami-Dade County deputy engineering director. “We want to show you next-generation technology, just to show you where we started and what’s in the future,” he told members of the Transportation Planning Organization (TPO)’s Transportation…

AEI Founder Sees Trends In Miami Office Design

Approximately six months ago, Latin American design firm AEI decided to open a Miami office, AEI U.S. Studio. Founder and principal Juliana Fernandez, who has done design work for Microsoft and Coca-Cola, felt there was a need in the city for the type of cutting-edge commercial design that global brands seek, and she hoped to offer it at a competitive price. Locally, AEI has designed the interiors of…

Newly Released Report: Florida’s Industrial Markets See Increase In Spec Construction

Much the same way Miami has gained prominence from a cultural, culinary and tourism standpoint, the city has become a hotbed for industrial investment activity. The industrial real estate sector is now considered a top-tier U.S. market, alongside markets such as Los Angeles, New York/New Jersey, Chicago, Atlanta and Northern California. The occupancy rate reached 96 percent in Miami-Dade in 2016…

How to handle open permits is often a common question associated with real estate transactions

How to handle open permits is often a common question associated with real estate transactions. When a property owner wants to perform certain work to their property they typically have to secure a permit from the governing municipality.  The governing municipality then performs an inspection of the work once the work is completed.  If the work passes inspection the permit is then closed.

Miami Beach launches Ocean Drive pilot program

Designed to create a more friendly pedestrian experience Beginning this Friday will be a four-week pilot program in South Beach by the City of Miami Beach and Ocean Drive stakeholders in an attempt to “create a more friendly pedestrian experience along Ocean Drive,” per a press release unveiled by the city on Monday. From 5th Street to 11th Street, Ocean Drive will become a one-way road — heading…

The Optimum office tower breaks ground in Coconut Grove

Featuring a 6,500-square-foot restauarant Optimum Group recently broke ground on a Class A office building at 3480 Main Highway in Coconut Grove. Named “The Optimum,” it’s among a slew of new office projects to be announced for the surging neighborhood and is located next to Greenstreet Cafe. The developer closed on a $21.5 million construction loan in June. The project will feature four stories…

Miami’s real estate market is rotten, per study

Miami ranks 60th of 62 major cities The real estate markets in Miami and Miami Beach fared very poorly in a recently WalletHub study looking at the “Best Real-Estate Markets” of 2017, with both cities ranking in the bottom 5 percent of the 300 cities analyzed. Miami ranked 60th among 62 “large cities” while Miami Beach ranked 138th among 140 “small cities.” The study compared the 300 cities across…

Miami Beach building director under investigation

Miami Beach’s building director may be in hot water. Mariano Fernandez is on administrative leave without pay as the Miami-Dade state attorney’s office looks into whether he accepted a gift from a hotel that received approvals from the city’s building department, according to the Miami Herald. Earlier this year, City Manager Jimmy Morales received an anonymous complaint with the allegations. Miami Beach…

A serious “one-two punch” is beating back hotel development

New hotel development across the country is slowing as operators feel the pinch from years of rapid growth and a flood of new supply.
Hotel construction spending fell 2 percent between December and June to $2.75 billion, according to Census Bureau data cited by the Wall Street Journal. Construction spending had more than tripled since hitting rock bottom in 2011. As of late, construction labor…

Rehab center sells Edgewater properties to two developers for $11M

A rehabilitation center along Biscayne Boulevard in Miami sold its real estate to two prominent developers. Property records show the Village Foundation Inc. sold the building at 3180 Biscayne Boulevard to Crescent Heights for $3.64 million, and the nearby properties (birdseye view) at 3031 Northeast Fourth Avenue and 3055 Northeast Fourth Avenue to Prodesa International for $7 million.

Tricera Capital Buys First Floor Of Vice Condo For Retail

Tricera Capital, a real estate investment firm with a focus in Central and South Florida, announced last week that it is under contract to purchase the ground-floor retail space at Vice, a new mixed-use project in downtown Miami at 243 NE Third Street. Two of the retail bays have already been leased to tenants GOGO Fresh and OXXO Dry Cleaners. They are expected to open next summer. Vice is a 31-story…

Sunrise homebuilder pays $21M for Homestead land

An affiliate of Sunrise-based Centerline Capital Advisors, led by Craig Perry, just paid $21.3 million for an assemblage of lots for single-family homes in Homestead, property records show. Centerline also secured a $7 million loan from Weston-based Florida Community Bank and a nearly $4.4 million loan from NVR Inc., and arm of the Virginia-based homebuilder Ryan Homes. SW 112 Investments, led…

Miami home prices increase 5% in June, year-over-year, lagging national average: S&P CoreLogic Case-Shiller

Miami home prices rose 5 percent in June, year-over-year, marking the fifth lowest increase nationwide, according to the latest S&P CoreLogic Case-Shiller Index. The newly released report, which tracks 20 major metropolitan areas in the country, shows home prices in Miami increased by just 0.4 percent from May to June. From April to May, Miami home prices increased by 0.8 percent, ranking as the…

CoStar Market Insights: Miami Suburbs Outpace Downtown Rent Growth

The Miami office market has continued to outpace the national average well into the third quarter of 2017. Miami has displayed impressive job growth in office-using sectors over the past year, and it is well on its way to outgrowing its reputation for having a scarcity of high-paying jobs. As job growth creates more demand for office space, though, many developers have found that downtown real…

Feds Expand FinCEN Order Targeting Money Laundering in High-End Real Estate

Honolulu became the seventh metropolitan area added to the list of markets targeted by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) aimed at cracking down on money laundering through high-end U.S. residential real estate. FinCEN first required the filings, known as Geographic Targeting Orders (GTOs), in January 2016 from U.S. title insurance companies who have to report beneficial…

Market Trend: Select Top Five South Florida Industrial Leases Signed in Q2 2017

The select top industrial lease signed during the first half of 2017 in the South Florida market was at 12610 NW 115th Avenue in the Medley submarket. Bel USA LLC renewed its 342,750-square-foot lease there, represented by CBRE. Newmark Knight Frank represented the landlord. Dependable Packaging Solutions leased 182,000 square feet at 5255 NW 159th Street in the Miami Lakes Industrial…

What is a franchise?

There are a variety of different benefits associate with franchising but if you are considering opening a franchise business, you may wonder what they are. At its most basic level, a franchise business system allows entrepreneurs purchase rights to open a run a smaller location of a larger company. A contractual franchise agreement is signed between the parties outlining the rules for running…

Businesses Die Along Flagler Street In Little Havana As Roadway Construction Drags On

Another long-delayed streetscape project is wreaking havoc on nearby businesses. As many as 50 stores and restaurants have closed along West Flagler Street in Little Havana amid major street reconstruction of the area between Southwest First Street from 27th Avenue to Second Avenue. Business owners described the construction, which includes replacing the water main, drainage system, sidewalks…

Should The Area Around The Falls Become Its Own City?

A small pocket of Miami-Dade County is having a tug of war over incorporation. Homeowners who live near The Falls shopping mall between Pinecrest and Palmetto Bay are debating whether the community should become a city with its own government. Would its creation give residents better control of development or just facilitate corruption and increase property tax bills? “It’s been the same…”

California firm pays $5.6 million for building in Miami Beach, plans co-working space

A Hollywood, California real estate firm just paid $5.6 million for an office building on 41st Street in Miami Beach where it plans to launch a co-working space. Property records show 820 AGR LLC, a company controlled by investor and developer Michael Simkins, sold the Mid-Beach building at 820 Arthur Godfrey Road to Sandhouse MB LLC, an affiliate of RLG Properties, a brokerage and developer led…

Video: Reis Chief Economist & VP of Research Victor Calanog Presents Q2 2017 Industrial Sector Trends

Reis Chief Economist and Vice President of Research Victor Calanog provides the Reis assessment of Q2 2017 Industrial Sector trends. Highlights include: Industrial fundamentals were on a tear during Q2 2017; National vacancies for warehouse distribution sub-sector were 9.7%, down 20 basis points for the quarter and 60 basis points for the year; Flex sub-sector vacancies were 10.5%, slightly higher than…

TA Realty sells Waterford at Blue Lagoon building to NY firm for $11 million

TA Realty just sold an office building at the Waterford at Blue Lagoon office park in Miami for $10.55 million, property records show. The buyer is Blue Lagoon Investments LLC, an Islip, New York-based entity controlled by Doug Davis. The four-story, 57,565-square-foot office building at 5835 Blue Lagoon Drive traded for about $180 per square foot. Records show the Boston-based asset manager sold…

Brickell tunnel under the Miami River gets a unanimous OK

The push to bore a tunnel underneath the Miami River got a boost when the Transportation Planning Organization (TPO)’s Transportation and Mobility Committee voted unanimously last week to add the tunnel to a 2040 long-range transportation plan. The committee also voted to urge the Florida Department of Transportation to fund and order a study that is required before the county can apply for state…

Treasury Department finally adds teeth to LLC disclosure rule

The Treasury Department closed a gaping loophole in its effort to crack down on money laundering in real estate on Tuesday, extending its LLC disclosure rules to deals that involve wire transfers. In a revised geographic targeting order (GTO), Treasury officials said wire transfers would now be subject to regulations that require title insurance companies to disclose the identity of buyers who purchase…

Why Developers Are Bullish On Aventura

With so much development ramping up in newly hot areas of Miami like Brickell and Little Haiti, it might be easy to forget about the seemingly built-out Aventura. But developers have not. Courtesy of CK Prive Group A rendering of Forum Aventura’s proposed rooftop lounge. The Aventura Mall is adding a 315K SF expansion. Esplanade Aventura, a 215K SF retail/restaurant/entertainment project will…

Planned mooring field threatens Miami Marine Stadium

A mooring field planned for the historic basin of Virginia Key threatens future uses of a restored Miami Marine Stadium. Miami’s mayor, commissioners, manager and others were notified Friday of a Virginia Key Advisory Board resolution opposing the city’s mooring field project. Advisory board members were concerned after learning the city continued to pursue wet slip moorings there at a time the…

CenterPoint Acquires Largest Warehouse In Miami-Dade County

Industrial property management company, CenterPoint Properties, has acquired a 961,000-square foot facility (birdseye) located at 3300 NW 123rd Street in Miami. “This is CenterPoint’s second large investment in the dynamic and growing Miami market in the last six months,” PJ Charlton, senior vice president of investments at CenterPoint, said in a statement. “We are excited to acquire a highly…

Development brings next leg of Miami River Greenway

Work on a major mixed-use residential and commercial development on the Miami River has begun, which brings with it another 1,500 feet of public riverwalk – the latest piece in the growing Miami River Greenway. Site work at 1480 NW North River Drive for the River Landing Shops and Residences project coincides with the start of construction on another portion of the greenway, along Northwest…

What is Title Insurance and Do You Need It?

You have been home shopping for months.  You have performed thousands of internet searches hunting for your dream home.  You have looked at hundreds of homes in person.  You even submitted several offers to purchase some homes.  But you have finally settled in on the purchase of your dream home.  Now you are staring at your closings costs.  And one of the costs you have to pay is for title…

Next act at Coconut Grove Playhouse may be city garage

While neighbors keep campaigning to save the old Coconut Grove Playhouse from the wrecking ball, officials with the Miami Parking Authority are moving ahead with plans for a municipal garage for the theater site. The Miami City Commission has put off a decision on partial demolition of the large theater, a fact reported to the city’s Off-Street Parking Board Aug. 2 by authority CEO Art Noriega.

Miami rents have declined in many popular neighborhoods

Especially in South Beach Miami rents are dipping across many popular neighborhoods, according to the latest report by Zumper. While rent in the city itself still remains expensive—the median one-bedroom apartment price of $1800 ranks 9th in the country—a year-over-year decrease is noticeable in coveted core areas like Brickell (-2.3%), Downtown (-6%), and Edgewater (-8%), but the reductions are..

Florida’s industrial markets see increase in spec construction: report

Industrial markets throughout Florida are experiencing a return to pre-recession occupancy levels and rental rates, according to a newly released Cushman & Wakefield report. Statewide, second quarter rents stood at $7.03, with occupancy at 95.1 percent. Year-to-date, industrial absorption increased to about 3.7 million, according to the report. More than 10 million square feet of industrial space is under…

Market Trend: Select Top Five South Florida Industrial Leases Signed in Q2 2017

The select top industrial lease signed during the first half of 2017 in the South Florida market was at 12610 NW 115th Avenue in the Medley submarket. Bel USA LLC renewed its 342,750-square-foot lease there, represented by CBRE. Newmark Knight Frank represented the landlord. Dependable Packaging Solutions leased 182,000 square feet at 5255 NW 159th Street in the Miami Lakes Industrial…

XPO Logistics Signs 74,000-SF Renewal

XPO Logistics, a global supply chain, has renewed its lease for 74,329 square feet at 1900 NW 129th Avenue in Miami, FL. The single-story, 158,285-square-foot industrial building was recently constructed in the Miami Airport West Industrial submarket. Brian Smith, Audley Bosch, Matt Maciag and Juan Rodriguez of JLL represented the landlord.

This CRE Sector Still Seeing ‘Very Attractive Financing’

Venue at North Campus, a LEED Gold certified student housing property located next to the University of South Florida in Tampa, FL, has traded hands. CBRE Capital Markets’ Debt & Structured Finance team has arranged $35 million in permanent financing for the purchase. Benjamin Roelke of CBRE’s Dallas office arranged the long-term financing on behalf of Horizon Realty Advisors for its newly-formed…

Legal options can help with business litigation

Business litigation can be costly for all parties involved. Business litigation is oftentimes based on business torts or disputes that arise during the course of business related to partnerships, limited liability companies and closely held corporations. The failure of a member of a partnership, limited liability company or closely held corporation to honor their obligations associated with the entity to other…

PortMiami Sea Cargo Gateway to the Americas

Companies that import and export goods and perishables between the Americas should pay attention to one of the world’s leading hubs for commerce located in South Florida. PortMiami sits conveniently on the southern tip of North America, with prime access to South and Central America, Europe, and even Asia. The Port in Miami has the capability to welcome mega-sized cargo ships and is the closest…

South Dade Has Come Roaring Back 25 Years After Hurricane Andrew

As the 25th anniversary of Hurricane Andrew approaches, the people of South Dade are reminded of the destruction and havoc the monstrous storm caused in our community. As Ground Zero for one of the costliest natural disasters in the nation’s history, the impact on the area’s economy was staggering. Andrew damaged much of South Dade’s infrastructure including some of our most iconic landmarks…

EI-American RE Sells The Conrad Miami Hotel on Brickell

Mast Capital and Angelo Gordon & Co. acquired The Conrad Miami hotel at 1395 Brickell Avenue in Miami, FL for $72 million, or about $355,000 per room, from EI-American Real Estate, Inc. The 36-story, 203-room hotel was built in 2003 in the Brickell submarket. It totals 212,503 square feet located in the base of Brickell Arch Tower (aerial). Paul Weimer, Christian Charre and Natalie Castillo of CBRE…

Video: Reis Chief Economist & VP of Research Victor Calanog Update on Q2 2017 Office Sector Trends

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides his assessment of Q2 2017 Office Sector trends. Highlights include: Not much happening in the office property sector this past quarter; Vacancies were unchanged at 16.0% versus the prior quarter and down a mere 10 basis points year over year; Vacancies peaked in Q3 2010 at 17.6%, since have only descended 160 bp…

Here’s what La Centrale in Brickell City Centre is going to look like

Step inside and take the rendering tour Back in February we saw initial renderings of La Centrale, which is set to become Miami’s first Italian food hall when it opens this December in Brickell City Centre. However, these newly released renderings of the 40,000-square-foot space comprised of 14 different dining areas, present a much clearer vision of what the exciting new culinary endeavor will look like.

Market Trend: South Florida’s Industrial Vacancy Increases To 3.9%

The South Florida Industrial market ended the second quarter 2017 with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 599,281 square feet in the second quarter. That compares to positive 1,095,827 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 785,915 square feet.

Mansion nightclub’s former space on Washington Avenue for lease at $70k/month

Mansion nightclub’s former space on Washington Avenue in South Beach is on the market for lease at $70,000 a month or $840,000 a year, The Real Deal has learned. John Brandt’s family has owned the building at 1225-1265 Washington Avenue since the 1950s, and this is the first time it is available for lease since 1984 because operators have always traded the lease to successive operators, he said.

Six pivotal decisions vital before restoring marine stadium

An architect has listed more than 50 uses for a restored Miami Marine Stadium, which is heartening, but before the city tries to actually restore the stadium it has six pivotal decisions to make. The list of possible uses includes many that would be financial failures. So restoration must follow a solid business plan that outlines not only principal uses but who would operate the stadium and under what…

Miami casts annexation eye on Blue Lagoon, Melrose, Brownsville

If Miami annexed several unincorporated areas, including Blue Lagoon, Melrose and Brownsville, it would take a financial hit, a study says.
Based on revenue and expense calculations and factoring in the current tax rate, adding the areas as they are today would cost the city nearly $14 million a year. The possibility of annexing unincorporated areas isn’t new; Miami leaders have debated it for years.

The appeal of a working riverfront wends way to city hall

Cory Offutt, owner of Biscayne Towing & Salvage Inc., has for months spoken out against a planned riverside restaurant on land zoned for marine-industrial uses right next door to his business. He says a restaurant with outdoor dining is incompatible with a loud and smelly shipyard. “This is a huge impact on my business,” he said at a meeting early this year. “There’s no way we can survive in harmony…

There’s A Niche Market Rising On Miami’s Industrial Real Estate Scene

There’s a niche market rising on Miami’s industrial real estate scene: leases under 25,000 square feet and satisfying distribution needs in the realm of smaller space. While everyone speaks about the large deals, these smaller industrial transactions make a significant footprint in the local economy, driving business beyond e-commerce. GlobeSt.com caught up with Ernesto Cambo, principal of CPF Investment…

New Miami condo planned to exclusively house FIU students and faculty

Intertersting mandate There’s a new Miami condo planned across the street from the main campus of Florida International University with a twist: While anyone can purchase its 492 units, only students, faculty, and those affiliated with the university will be allowed to live there.
University Bridge Residences is planned for 20 stories with a direct connection to campus via the new 8th Street pedestrian bridge.

Miami metro has the most dire need for affordable housing in the country, per report

Entailing the Miami metro area of Miami, Fort Lauderdale, and West Palm Beach A new report by the U.S. Department of Housing and Urban Development (HUD) to Congress indicates the Miami metro area (Miami-Fort Lauderdale-West Palm Beach) has the highest share of low-income renters with the “worst case needs” in the country. The issue stems from a massive shortage of affordable housing for…

Inside Brickell City Centre’s Italian food hall, Estates at Acqualina & more

The developers of Brickell City Centre, the Estates at Acqualina, Akoya Boca West and others just released a slew of new renderings. Brickell City Centre revealed what’s planned for the three-story Italian food hall, La Centrale. The 40,000-square-foot food hall, located at the northeast end of the shops, is now set to open in December. It will include: A market with grab-and-go options…

Food Halls at Brickell City Centre and Lincoln Road Release Details

La Centrale, the Italian-themed food hall tucked into the billion dollar Brickell City Centre will include a handful of eateries that draw inspiration from different regions of Italy along with a spot for Neapolitan pizzas and a grab-and-go café spanning 5,000 square feet replete with cheeses, breads, and all manner of Italian products. The portion of the food hall dubbed Pesce will draw from the region…

Miami International Airport gets bonanza in federal grants

The Federal Aviation Administration awarded this week over $36 million in infrastructure grants to Miami International Airport to reconstruct and rehabilitate taxiways to improve the safety and efficiency of airport operations. The FAA announced the grant through its Airport Improvement Program, which awarded a total of $162.4 million to 72 airports around the US to fund infrastructure projects.

Two Miami-Dade Zip Codes Top Florida’s Most Expensive Rents List

Florida’s 14 highest apartment rents by zip code in 2017 are in the southeast. Fully half of top 10 are in Miami-Dade county. Using data collected by sister company, Yardi Matrix, RENTCafé assembled a list of the most expensive zip codes for renters in Florida. The Sunshine State has always been a renter-friendly location. Florida rentals cost on average $1,231/month, but with prices steadily growing in recent…

Downtown Doral graduates from realty project to city core

If you ask Ana Codina Barlick, CEO of Codina Partners, the biggest challenge she faces in developing Downtown Doral is finding a comprehensive way to describe its magnitude. “It’s not a project at all anymore; it’s the downtown of a major municipality of Miami-Dade,” Ms. Codina Barlick said. Codina Partners, real estate investment and development firm behind Downtown Doral, first developed…

As study goes on, Venetian Causeway a replacement target

The Florida Department of Transportation’s study of the Venetian Causeway that began last October to address known structural and functional deficiencies of the 12 bridges that make up the causeway is moving ahead to determine whether to rehabilitate, replace or do nothing to those bridges. The county’s stated aim, however, is complete replacement. The historic causeway, built in 1926, connects…