Torburn Partners sells chunk of former Motorola office park for $57 million to Miami Based Midtown Capital Partners

Northbrook, Illinois-based Torburn Partners just sold a portion of an office park in Plantation for $56.6 million to Miami-based Midtown Capital Partners, led by Alejandro Velez, property records show. The two buildings at 7600 and 7700 West Sunrise Boulevard span about 215,744 square feet. The trade breaks down to about $262 per square foot. An additional parking lot that spans 8 acres was also part…

Miami Boasts Third Densest Skyline in United States

During a recent HistoryMiami Museum tour I attended, (the museum’s) Resident Historian Dr. Paul George mentioned a fact I thought I would have known, that Miami boasts the third most dense skyline in the United States. I’m fairly certain I’d not heard this before.
Upon returning to my office, I decided to fact check this. How Miami ranks in this regard depends on how you count it, of course, but…

Video: Reis Chief Economist & VP of Research Victor Calanog Provides Q2 2017 Retail Sector Trend Update

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides an assessment of second quarter 2017 retail property sector trends. Highlights of this video include: Fundamentals in retail sector reflect all the negative news; Neighborhood and community center vacancies increases 10 basis points to 10%; Regional malls had a 20 basis point increase in vacancies to 8.1%; Rents grew slowly…

Spain-Based Travel Tech Co. Inks 115K Square-Foot Lease At Doral Office Park

Amadeus, a travel tech company, just inked a 115,000-square-foot lease at the New Boston Fund’s One Park Square office complex in Doral. The South Florida Business Journal reported that Amadeus’ new lease marks a 10,000-square-foot expansion for the company, which has housed its United States headquarters at One Park for five years. Blanca Commercial Real Estate brokered the deal on behalf…

Aircraft Supply Store Inks 88,680 SF, Long-Term Lease At Doral Logistics Center

Transwestern’s South Florida industrial team announced that it facilitated a long-term, 88,680-square-foot lease with NexGen Aero LLC at Doral Logistics Center, a 174,024-square-foot industrial building at 2900 NW 112th Avenue in Doral. Transwestern Senior Vice President Thomas Kresse, Senior Managing Directors Walter Byrd and Ben Eisenberg, and Senior Associate Carlos Gaviria represented the landlord…

Miami Office Market Thrives Due to Young Workers Seeking South Florida Lifestyle

Looking ahead to the rest of 2017, we can expect to see continued improvement of Miami’s office market based on strong market fundamentals and employment growth. Key trends to watch in 2017 that will help drive and shape the market, include: Steady, modest growth in office rents; Declining available office supply; New transit-oriented mixed-use developments that include office space…

Update: Property Owners Gaining New Tools To Fight ADA Lawsuits

At the end of May, I wrote a post about new legislation in Florida intended to help property owners fight Americans with Disabilities Act (“ADA”) lawsuits.  As discussed in more detail in the prior post, the bill allows property owners to register a remediation plan or certificate of conformity with the ADA with Florida’s Department of Business & Professional Regulation, which will maintain an online registry of…

New Miami Beach hotel named after Julia Tuttle opens Thursday

Tour the South of Fifth boutique hotel Opening this Thursday, August 10, is the Julia Hotel in Miami Beach’s South of Fifth neighborhood. The 29-room boutique hotel that was originally pegged for a May opening is located at 336 Collins Avenue and was named after Julia Tuttle, the “Mother of Miami” and “the only woman to found a major American city.” Stephen Busto designed the…

Florida Keys motel featured in Netflix’s Bloodline sells for $7M

The Islamorada development will be renovated as well Harbor Lights, a Florida Keys motel featured in the Netflix show Bloodline, sold recently for $6.8 million. It was among the two Islamorada hotels acquired by Songy Highroads LLC and the Wardman Group, joining the Days Inn Islamorada Resort, a 37-unit property located about two miles away that sold for $7.05 million. Harbor Lights sits on five acres…

Tour the new Flats at CityPlace Doral

The residential comopnent to the new development While we led you on a tour of CityPlace Doral a few months ago, taking you through the mixed-use project’s 250,000 square feet of retail and restaurant space, we wanted to take a closer look at the residential component. The Flats is a two-tower, mid-rise luxury apartment complex located directly above the retail/restaurant space.

Will dead malls be the next logistics hubs?

Some of the real estate most coveted by e-commerce giants and logistics companies just so happens to be the malls they helped to snuff out. Warehouse landlords are turning to former malls as new locations for delivery companies and retailers due to their proximity to consumers’ homes and easy access to transportation, the Wall Street Journal reported. In North Randall, Ohio, for…

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.

Liebler Gonzalez & Portuondo Renews Lease in Miami’s Courthouse Tower

Full-service banking, business, commercial and real estate law firm Liebler Gonzalez & Portuondo signed a lease renewal for its 14,875-square-foot space in Courthouse Tower at 44 West Flagler Street in Miami, FL. The 26-story office building (birdseye view) totals 164,771 square feet in the Downtown Miami submarket. It was constructed in 1974 and fully renovated in 2010. Tony Jones and Ryan Levy…

Understanding the importance of zoning laws

Zoning laws, and familiarity with them, are important to commercial real estate in general and are important for commercial real estate transactions. Understanding zoning laws in the Miami area is important when conducting a commercial real estate transaction in the area. Zoning laws can address the zoning of the site and the property uses that are permitted within the zone, including minimum lot size…

Miami Industrial Real Estate Market Report Midyear 2017

Midyear into 2017 and the average rental rate for Miami warehouse space slightly increases… grudgingly. Although some landlords have been able to increase rates for their warehouses, tenants and their respective brokers fight to keep the average under $10.00 per sq. ft. Institutional landlords are fairly disappointed that rates have not increased higher as they had forecast. Positive absorption this quarter…

$3.375 Million Medley Warehouse Sale Negotiated

NAI, Miami, a member of a managed network of commercial real estate firms, announced that the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated a 34,864-square-foot industrial warehouse investment sale for their client Romanini Brothers Investment Company, LLC. The property is located at 8205 Northwest 74th Avenue in Medley, Florida. The buyer, FB Medley LLC, was…

MLS Miami officially expected to be announced by fall

It’s been a three-year journey for David Beckham’s team in its quest to bring an MLS franchise to Miami but the chief of the league can see the light. After Beckham met with MLS owners yesterday in Chicago, which just hosted the league’s All-Star Game, Commissioner Don Garber shared his optimism on Miami becoming team No. 24. “I had some concerns they wouldn’t get past today,” he said in a press…

By the numbers: The WeWork effect

From TRD New York: There’s never a dull moment at WeWork. In 2014, the New York City real estate industry’s jaw dropped when the office-sharing start-up raised $150 million and hit a valuation of $1.5 billion, suddenly catapulting it into “unicorn status.” But less than a year later, it shocked the business world again with another monster fundraising round and new valuation — this one for $5 billion.

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.

County looks at buying rail lines from CSX Corp. for transit

Miami-Dade’s business leaders should look again at a proposal to have the county buy 35 miles of rail line from the CSX Corp. for new commuter service, County Commission Chairman Esteban Bovo Jr. says. The county and business leaders have looked at the plan in the past but had difficulty striking a deal. But Mr. Bovo says things now have changed. The railroad has two lines that would tie into county…

How to close the continental divide in county’s transit plans

The chairman of the Miami-Dade County Commission says his bold, far-ranging plan for six new mass transit corridors is not really at odds with the mayor’s aim to focus for now mostly on a new style of bus service. Chairman Esteban Bovo Jr. offers a complex and visionary program that aims at mostly new rail service as a way of spreading major mass transit across the county, while Mayor Carlos Giménez…

Population Growth and Affordable Cost of Living Accelerate CRE Renaissance in the Southeast – Miami Featured

The Miami market, which comprises Palm Beach, Broward and Miami-Dade counties, is also experiencing exceptional population and job growth, along with strong property fundamentals. The three-county Miami region, with more than 6 million residents, is the state’s largest consumer market, and population is projected to grow by 1.2 percent in the coming years, according to CBRE. Tourism, financial services…

Plan to transform Biscayne Boulevard gets federal grant

A plan to transform Biscayne Boulevard into something other than a busy downtown street just got a significant financial boost. The City of Miami and the Downtown Development Authority applied for and were awarded a $421,829 federal grant to speed the Biscayne Green Lane Elimination Analysis Project along Biscayne Boulevard from Southeast First to Northeast Sixth streets. The Florida Department of…

If Retail Is Dying, Why Is Money Pouring Into Malls?

If you are one of those people who thinks America’s retail industry is doing just fine, well, there are three possibilities: You’ve been living under a rock; you think Amazon refers to a South American river; or you’re a real estate developer. As everything from once-mighty department stores to niche clothing chains announce plans to shutter hundreds of locations, and retailers file for bankruptcies…

Miami Marine Stadium could host festivals, drone races, and pageants in the future

An updated Miami Marine Stadium, which has been dormant since closing in 1992 after Hurricane Andrew, could host a wide variety of events, including boxing matches, beauty pageants, concerts, and drone racing, among over 50 potential uses recently presented to the Miami City Commission, per Miami Today. R.J. Heisenbottle Architects, along with a dozen consultants and community input, compiled…

The Three Forces That Will Accelerate The Pace Of Change In Commercial Real Estate

The technology that the next generation of deal makers will have will allow them to do more deals in less time, so the demand for this type of tech will only increase.

Miami Office Market Makes Surprising Rebound

The South Florida office market has rebounded this year, but developers hoping for long-term success in the sector should already be paying attention to the popularity of co-working space. Courtesy: WeWork The interior of a WeWork co-working space in Miami Colliers International South Florida Executive Managing Director Ken Krasnow and Research and Consulting Manager Verity Mosquera spoke…

Downtown Miami’s 20 Most Architecturally Significant Buildings: An Interactive Map to Accompany Dr. Paul S. George’s List

This interactive Google map was created to accompany the list and descriptions posted by HistoryMiami Museum’s Resident Historian Dr. Paul S. George in the Miami Heritage Month website: “Downtown Miami is Southeast Florida’s most historic neighborhood. At the edge of its southern sector stands the north bank of the Miami River, which, in the course of several thousand years, has hosted…

Restored Miami Marine Stadium could host beauty pageants, Jet Ski competitions

A restored Miami Marine Stadium could host Jet Ski competitions, beauty pageants and much more, says a report on the future of the Virginia Key venue that R.J. Heisenbottle Architects submitted to the Miami City Commission last week. Richard J. Heisenbottle said his team and a dozen consultants assembled more than 50 potential uses for the waterfront stadium, thanks in large part to community…

Half of the Top 10 Most Expensive Zip Codes for Renters in Florida in 2017 are in Miami-Dade

Key Highlights: Apartment rents in Coral Gables zip 33146 are the highest in the State of Florida; 42 of the state’s top 50 zip codes with the most expensive apartments are in Southeast Florida; 18 Florida zip codes have average rents above $2,000/month; A sought-after location for renters of all ages, the Sunshine State has an average apartment rent of $1,231/month, less the national average, yet…

Deal set for public-private downtown Miami retail, apartments

Final details have been worked out on a planned public-private partnership set to bring multi-family apartments and retail development to downtown Miami. Grand Station Partners LLC plans to build a 31-story residential tower attached to the Miami Parking Authority’s Courthouse Center Garage at 40 NW Third Street. It was the authority’s decision to redevelop the vacant land it owns next to its 11-story…

Flood Insurance Reforms Loom In Florida

Florida wades deeper into hurricane season as the debate heightens over what to do with the deeply indebted National Flood Insurance Program and its coverage of properties prone to repeated flooding. The Sunshine State ranked fourth nationally in damages paid by the national program to rebuild homes and businesses that have suffered repeated and severe flood losses, according to a recently released…

US Industrial Vacancy At Record Lows

The growth of e-commerce and a steadily improving economy are driving demand for industrial space and helping push industrial vacancy to record-low levels, particularly near major population centers, according to the 2017 U.S. Industrial Midyear Outlook report from… “Vacancy rates on a national level have fallen to record lows while rent growth has accelerated to outpace all other commercial…”

Report Projects Chronic Inundation – High Tide Floods in 10% or More of its Usable Area at Least 26 Times a Year – for Miami Area by 2100

In Florida and all along the US coastline, many cities and towns will experience high-tide flooding within the next few decades that will be chronic and extensive enough to force difficult choices. Because this persistent flooding can render neighborhoods, commercial districts, industrial zones, and recreational and other areas unusable, communities will face either major coastal defense investments or the…

More than 3,000 new residential units in pipeline for Doral

With more than 3,000 new residential units and nearly 300,000 square feet of retail space approved or in the pipeline, Doral is sure to hold its place as one of the country’s fastest-growing cities. Perhaps the most significant project is Downtown Doral South, which will occupy a 130-acre parcel east of Northwest 87th Avenue and north of Northwest 41st Street, said Julian Perez, director of the city’s…

Pullback Continues in the Investment Sales Market for Apartment Properties

Investors spent a lot less money on apartment properties so far this year compared to 2016, but prices in the sector keep rising anyway. Prices for mid-rise and high-rise properties inched up 1.0 percent year-over-year, and prices for garden-style apartment properties grew 10.0 percent in the second quarter of 2017, according to the Real Capital Analytics Commercial Property Price Index…

Doral Evolving As A Live-Work-Play Destination

Once upon a time, Doral was a wasteland of industrial buildings and nondescript offices, with a soundtrack that came courtesy of planes landing at nearby Miami International Airport. Today, Doral is evolving into the live-work-play community that developers bet it could become. That is largely thanks to big-budget, meticulously planned developments. Back in 2015, Related Group CEO Jorge Perez told…

Are Brazilian Real Estate Buyers Back In Miami?

Brazil is to the Miami real estate market as LeBron James was to the Miami Heat: a supernova phenomenon that lifted us to the greatest heights, but left difficult questions and painful longing in its absence. And as the former MVP teased a dramatic comeback to the Magic City on his Instagram in July, Brazil appears doing the same. In 2010, Brazilians rescued Miami from the biggest housing bubble this…

Unrest in Venezuela alters market strategies for developers in Doral

Political and economic unrest in Venezuela are altering market strategies for developers in Doral. As Century Homebuilders Group moves forward on its two major projects in Doral – Midtown Doral and Mansions at Doral – it is shaking up the previous model to accommodate a new type of buyer. “When we began the project in 2012, the rate was about 30 to 40 bolívars per dollar; today, it’s about 10,000,” said…

A real estate broker’s guide to avoid being a victim of cyber fraud

The headline’s become all too familiar: “Cyber thief hacks real estate broker’s email, steals retired couple’s nest egg,” or something similar.  The past few years have seen a dramatic increase in such incidents, with the FBI reporting ten “hacked real estate broker email” investigations in Tampa in just the past two months. I’ve handled two such cases recently for real estate buyers tricked into wiring…

Miami Beach flooding: what you need to know

“Turn around, don’t drown” Many of the streets in Miami Beach are covered in water this evening as 7 inches of rain caused flooding throughout the area. The National Weather Service issued a flash flood warning Tuesday for central Miami-Dade County, which remains in effect until 7:45 pm. Flood advisories were also issued for Downtown Miami and Coral Gables. In their weather statement and on…

Miami just had its hottest month ever

0.2 degrees warmer than the previously record-setting June 2010 Miami just wrapped up its hottest month on record, per Climate Central, with July registering 0.2 degrees warmer than the previous high set in June 2010. Temperature tracking dates back to 1896. Miami also nearly set the mark for most consecutive days (41) with a high temperature in the 90s but Tropical Storm Emily…

Turnberry Isle Miami to renovate, expand, and rebrand

Turnberry Isle Miami willbe rebranded as a JW Marriott Turnberry Isle Miami is on the cusp of a significant renovation, expansion, and rebranding. Turnberry Associates announced the 300-acre Aventura resort will be rebranded as a JW Marriott upon completion of the renovation, which will include a new 16-story building designated for meeting space that was designed by Nichols, Brosch, Wurst…

Chinese overseas RE investment could nosedive this year: Morgan Stanley

From TRD New York: Chinese overseas real estate investment could fall by 84 percent this year and another 18 percent in 2018 amid a government crackdown on capital outflows, according to a new report from Morgan Stanley. This should concern Manhattan’s real estate market, where 30 percent of deals signed this year involved a Chinese investor, Bloomberg reported. Last year, the U.S. accounted…

Miami Design District luxury jeweler sues construction firm Moderna Development

A high-end jewelry and watch store in the Design District is alleging Miami-based construction company Moderna Development nearly tripled the negotiated price for interior work done to a two-story commercial building at 3818 Northeast Second Avenue owned by well-heeled real estate investor Sam Herzberg. And when the job was finished, Moderna claimed it was still owed an additional $21,966…

Who would be a retail broker right now?

From TRD New York: No deal is too small for Max Swerdloff, a retail broker at Eastern Consolidated. He trawls social media and the web for the latest food trends, and reaches out to fashion e-tailers and restaurateurs, always in the hope his efforts will result in a lease deal.
“I just love the process of dealmaking, I try to get my hands on any sized deal,” said Swerdloff, who started as a broker in 2015.

Miami home prices rise at a slower pace in June: report

Miami home prices rose at a slower rate in June, according to a newly released report by CoreLogic. Home prices in the Miami-Miami Beach-Kendall metro area increased 4.4 percent year-over-year, marking the seventh-highest increase in the U.S. From May to June, home prices increased by 0.1 percent. Prices rose 6.1 percent statewide and 6.7 percent nationally. Four of the 10 biggest metros in the…

CoStar Market Insights: Three Most-Active Multifamily Submarkets in South Florida

The Brickell/Downtown Miami submarket has been the focus of Miami developers’ attention in the midst of a period of aggressive construction. The submarket has historically ranked at the top of the South Florida market for new deliveries, but the current pace of construction is torrid even by Brickell’s standards. More than 5,000 units are under construction, representing more than 25……

BBG Acquires Appraisal Firm in San Antonio; Opens Offices in Miami, Tampa

Dallas-based commercial real estate valuation, advisory and appraisal firm BBG announced the acquisition of Trager Property Advisors (TPA), a San Antonio-based appraisal and consulting firm. Terms of the acquisition were not disclosed. TPA Managing Director Travis Taylor will continue to serve in that position with BBG’s new San Antonio office and Trager’s other employees will also join BBG.

Reis Chief Economist and VP of Research Victor Calanog Provides Q2 2017 Apartment Sector Trends Update

In this video update, Reis Chief Economist and VP of Research Victor Calanog provides an assessment of second quarter 2017 apartment sector (multifamily properties) trends. Highlights include: 4.4% vacancy rate is up 10 basis points from the prior quarter, the third consecutive quarterly increase; YTD 80,000 to 90,000 units have opened their doors, with 100,000 likely once all are accounted for…

Partition Actions: A More Detailed Look

In a previous post, we established an over-arching general understanding of Partition Actions and their applications.  Now let’s investigate some of the details of common Partition Actions. As with every facet of the justice system, proper procedure is a must in all court filings for Partition Actions.  As detailed in Florida Statute 64.041, the initial Complaint in a Partition Action must include the following…

Retail Condo Sale Negotiated For Westend Of Miami In Doral

A member of a managed network of commercial real estate firms, announced today the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated a retail sale for their client, Westend of Miami, LC, at 8726 Northwest 26th Street in Doral (birdseye view), Florida. The buyer, Benessere, LLC, purchased the retail condo for $575,000. Benessere Miami is located in Doral, and is established and run by…

Could west Coconut Grove get historic designation?

West Coconut Grove could become a historic district, a move that would impact future investment and development in one of Miami’s oldest neighborhoods. Miami commissioners on Thursday voted unanimously to consider whether the 65-block western portion of the Grove, which was founded by Bahamian settlers in the 1800s, qualifies as a historic district. Commissioner Ken Russell proposed the…

Why does our approved affordable housing take so long?

A report issued quietly Friday should startle anyone who cares about Miami-Dade’s future. In that report, Mayor Carlos Giménez details affordable housing completions and lists projects stuck in the pipeline from April 1 to June 30. It shows that the county provided financial aid to exactly one completed affordable housing development in the three months totaling 84 rental units at a cost from county funds…

92-Story Downtown Tower Approved for Miami’s Skyline

A sleek glass tower packed with amenities and mixed uses is ready to make a lasting impression on Miami’s skyline. In doing so, One Bayfront Plaza would capture the prize as the tallest building in Florida, 1,049 feet. The city’s Urban Development Review Board recommended approval July 19 of a revised plan for the high-profile site in the heart of downtown. Board members were taken by its style. “It’s the most beautiful building I’ve seen presented to this board,” said member…

200-room hotel for narrow Miami River slice

The plan to build a 200-room hotel on a narrow site on the Miami River is a step closer to reality after it earned a supportive vote from the city’s Urban Development Review Board. The project, called The Edge on Brickell, is planned for 55 SW Miami Avenue Road, right next to the South Miami Avenue Bridge on the site of the former Big Fish restaurant. The property has changed hands since a condo tower was approved for the site in 2014. New owner-developer Leo Macedo of The Brick…

Site pinpointed for new civil courthouse in Miami

The preferred site for a new civil courthouse is the surface lot at the recently completed Miami-Dade County Children’s Courthouse at 155 NW Third St., according to a report Mayor Carlos Giménez sent to county commissioners last week. Two parties have provided in-depth analyses for helping construct a new Miami-Dade County Courthouse but staff needs more time to analyze the best way forward, the report says – including finding funding for the project. The county’s Internal…

Restoration of Miami Marine Stadium a $40 million ticket

Planned restoration of Miami Marine Stadium is estimated to cost more than $40 million and considers a new version of a floating stage for entertainment acts.
City commissioners are to hear the findings of a report from R.J. Heisenbottle Architects on the restoration of the historic stadium at their meeting today (7/27).
The city hired the Heisenbottle firm in January for architectural and engineering services related to the long-awaited restoration of the waterfront structure…

Determining Apartment Building Risk

Ideally we all would like to know the amount of risk involved before making a decision. That’s why we evaluate the side-effects before trying out a new medication, check online reviews before eating at a restaurant or check a vehicle’s motor history before purchasing a used car. It’s safe to say that knowing certain information pertaining to risk helps us to understand what we’re really getting ourselves into, especially as it pertains to investing in rental property. Knowing the true…

Souvenir Wholesaler Sells Doral Warehouse For $6.4M

Paul Rosenfeld, president of the souvenir wholesale company Goldfarb-Fischer Novelty, just sold his Doral warehouse for $6.4 million, property records show. Coral Springs-based Daoud Investments Inc., led by Wadid Daoud, bought the 52,230-square-foot warehouse at 10005 Northwest 58th Street for about $123 per square foot. Records show Rosenfeld bought the property for $3.5 million in 2002 – the same year it was built. The warehouse sits on nearly 2 acres, and is divided into…

Seaboard Marine Expands Its Cargo Services At PortMiami

PortMiami’s largest cargo terminal and carrier, Seaboard Marine, has added a new direct service between Miami, Guayaquil, Ecuador, Callao, Peru and Paita, Peru. The weekly service is scheduled to start in early August and will be supported by three dedicated vessels transiting via the Panama Canal to and from Ecuador and Peru. “Our customers, which appreciate the high level of service and convenience at PortMiami, have been requesting faster transit times to and from Ecuador…”

They’ve Paid For Lots Of Miami Buildings But These Visas May Vanish

Estimated to have funneled more than $18 billion in overseas cash into U.S. business development since 2008 including hundreds of millions of dollars in Florida, the EB-5 visa program will expire on Sept. 30 unless Congress renews it.

Wyn 26 development site hits the market for $2.85M

The Venezuelan investors who planned to build Wyn 26, a 16-unit condo project in Wynwood, have instead put the site on the market for $2.85 million amid slumping sales, The Real Deal has learned. Dave Colonna of FIP Realty Services, who has the listing, said the developers had received only a couple of reservations since launching sales last fall, and were unable to secure financing. The price for the 10,400-square-foot site at 50 and 58 Northwest 26th Street equates to $274…

Jungle Island hotel vote delayed at least one more year

City of Miami residents won’t get to vote on a hotel proposal for Jungle Island this November. Prior to a crucial vote by the Miami City Commission to move forward with a referendum, Jungle Island’s new owners pulled their request for a 39-year lease extension and a deal allowing for the development of a $50 million hotel next to the local theme park on Watson Island. For weeks, ESJ Capital Partners had hoped at…

Aventura firm nabs $9M loan for single-family home portfolio

UPDATED July 27, 5:50 p.m.: Contemporary Single Family LLC, an entity of Transcendent Investment Management, just scored a $9.15 million mortgage on an assemblage of single-family homes, property records show. Transcendent, led by Jordan Kavana and Jacques Bessoudo, secured the loan from USA Banesco. The Aventura-based firm mortgaged 48 newly built homes scattered throughout Miami-Dade and Broward counties. Bessoudo said the duo rents the homes…

ZOM VRO Greg West Named the New Chair of ULI SE Florida/Caribbean

Greg West, president and CEO of ZOM, has been named the new chair of the Urban Land Institute (ULI). West will serve the Southeast Florida and Carribean region. In his new role, West will be ensuring the responsible use of land and of sustaining communities in Southeast Florida by working to resolve the important land issues facing the region, according to a corporate release. The organization will continue focusing on housing affordability, resiliency…

Demand For Miami Office Space Dwarfs Last Year’s

The South Florida office market has rebounded this year, but developers hoping for long-term success in the sector should already be paying attention to the popularity of co-working space. Courtesy: WeWork The interior of a WeWork co-working space in Miami Colliers International South Florida Executive Managing Director Ken Krasnow and Research and Consulting Manager Verity Mosquera spoke to Bisnow about Collier’s Q2 market reports, and both experts say the most…

Additional Opportunity to Extend Development Orders & Building Permits

Governor Scott recently expanded the previously declared State of Emergency issued for the Zika Virus, allowing holders of permits and development orders an even greater opportunity to toll the period remaining to exercise rights under the permit or order for more than 19 months. Section 252.363 of the Florida Statutes permits a tolling of development orders and permits upon the declaration of a state of emergency by the Florida Governor. The statute provides that the tolling…

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 the skyline to realize that Florida is in the…

Wealthy Miami Heir Sues to Kill David Beckham Stadium Deal

If Bruce Matheson wants to tank a real-estate deal, the heir to one of the richest and oldest families in all of Miami knows how to do it. Through sheer force of will, he has successfully prevented the ultrarich owners of the Miami Open tennis tournament from plowing over portions of Crandon Park. He’s mounting a battle to stop Florida International University from buying the public Tamiami Park. And now he’s funding a new lawsuit in an attempt to kill soccer star David Beckham’s…

Professionals learn of plans to grow Miami International Airport

At the 48th annual Florida Airports Council Conference in Miami Beach this week, leaders were excited to announce Florida is among the top growing states in aviation in the country, with many plans to grow Miami International Airport. “From the first commercial flight… to the first duty-free concessions, this state has an outstanding record of staying one step ahead of the game,” said Angela Gittens, director general of the Airport Council International. Florida jumped to the second…

Pepsico Seeks Buyer For Miami-Dade Plant As Redevelopment Opportunity

Pepsico has listed the site of its Miami-Dade County bottling plant for sale as a redevelopment opportunity. The 23.7-acre site at 777 N.W. 41st Street in Doral is listed for sale on the Real Capital Markets website. The brokers are NAI Global’s Jay Olshonsky, Clifford Moskowitz and Kimberly Kocur, plus NAI Miami’s Gabriel Garcia-Menocal and Lucia Custer. Located just off the Palmetto Expressway…

Hialeah Flea Market Sells As ‘Alternative Retail Play’

While many South Florida developers focus on luxury properties and brand-new developments, Gramercy Property Trust last week invested in something different: The Opa-locka Hialeah Flea Market. The trust bought three land parcels from Bodwin Ltd. and SeaBase Florida Corp. for $80M. The properties, which include a 43.77-acre flea market and a 28.33-acre auto auction site, last sold separately between 1984 and 1991 for a total of $11.3M. Avison Young’s Michael T. Fay …

Supermarket Wars Heat Up In Miami

Not only did the behemoth buy Whole Foods for $3.7B, it is also charging ahead with its PrimeNow delivery service. It recently set up a hub in Wynwood, at 101 Northeast 23rd St., from which to deliver frozen items like ice cream and will partner with specialty-foods purveyor El Latino to also deliver arepas and other goodies. Walmart is ready to compete, using price as its main allure, as always. The company in 2016 embarked on a three-year plan to lower its prices…

The basics of contract disputes and breach of contract

A breach of contract can have a significant impact on a business or a transaction such as a real estate transaction. In the real world, problems arise such as delays, financial challenges and other problems that may impact the completion of a contract and a contract relationship. As a result, it is important for businesses and parties to business transactions, such as a real estate transaction, to understand what breach of contract is and what they can do if a breach of contract occurs.

Can a handshake be considered a binding contract in Florida?

Earlier this month, Florida Power and Light (FPL) was issued a stunning legal defeat when a $1.5 million dollar judgment was issued against the company for breaking a handshake agreement for the purchase of real estate.  A Palm Beach County jury handed down the decision after finding that the energy giant failed to pay a commission to the realtor who initially informing them of the available tract of land for development.  According to the court file, the Plaintiff and…

South Florida Markets In Top 5 For Tech Growth

The Fort Lauderdale area ranked No. 2 and the Miami ranked No. 4 on CBRE’s list of tech talent momentum markets, a measurement of the change in tech job growth. As part of its Scoring Tech Talent Report, which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent, the report also found that Madison, WI, had the most tech hiring momentum. Salt Lake City and Kansas City, MO, rounded out the top five. The report found that tech…

Global Real Estate Firm Pays $29 Million For A Brickell Retail Development Site

Arnaldo Cantero III of BGRS Commercial Real Estate Advisory represented the seller in the deal while HFF represented the buyer. The company (NYSE: GZT) owns about $22 billion in properties in 13 countries. It also trades on the Toronto Stock Exchange and the Tel Aviv Stock Exchange. The property at 90 S.W. 8th Street is between Brickell City Centre and Mary Brickell Village – two of the busiest shopping and dining areas downtown. It currently has a three-story, 45,564-square-foot…

Malaysian developer downsizes plans for North Bay Village condo tower

The Malaysian developer of a previously rejected condo tower in North Bay Village has submitted plans for a slimmed down version of the project. Malaysia-based P&O Global Technologies now plans to build a 19-story, 240-foot tower with 54 units, according to the South Florida Business Journal. Units would range from 1,200 to 6,200 square feet. The North Bay Village Commission would likely review the project at 7918 West Drive in September or October, and P&O hopes…

Ice River Springs Leases 84,000 SF at Miami Industrial Logistics Center

Ice River Springs signed an 84,369-square-foot industrial lease at 10701 NW 140th Street in Miami, FL. The newly-constructed industrial building is 255,846 square feet. The property has immediate access to US 27, Florida Turnpike, I-75 and SR-826 in the Medley Industrial submarket. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented the landlord. Steve Medwin and Nick Wigoda of Newmark Knight Frank represented the tenant.

Fedex Miami Ave Distribution Center Sells for $37.3M

Lalezarian Properties acquired the FedEx distribution center at 200 South Miami Avenue in Miami, FL from Fifteen Group for $37.25 million, or about $339 per square foot. The six-story, 110,000-square-foot industrial building was built in 1999 in the South Central Miami Industrial submarket. Robert Given, Troy Ballard, Mike Davis, Travis Trautvetter, Rick Brugge and Michael Lerner of Cushman & Wakefield, along with Colliers’ Gerard Yetming, represented…

Jim Costello, Real Capital Analytics SVP, Discusses Commercial Property Lender Sentiment

Jim Costello, Senior Vice President with Real Capital Analytics, appears on The Commercial Real Estate Show to discuss how commercial real estate lenders are feeling in the today’s economic environment. Highlights of this video include: Lenders are currently stuck in same world as equity investors, questioning whether to loan at inflated values as compared to the not so distant history; Lending standards are nevertheless remaining firm, but new entrants are increasingly…