Downtown Miami FedEx Facility Trades, Could Be Redeveloped

A New York investor has invested in the last-mile facility for a major package delivery company in a property with future redevelopment potential. Lalezarian Properties purchased 200 South Miami Avenue, a six-story, 110K SF facility in Downtown Miami that acts as a last-mile warehouse and retail packaging center for FedEx, according to Cushman & Wakefield. Miami-based Fifteen Group sold the property for $37.25 million. Cushman & Wakefield Vice Chairman Robert Given…

Real Madrid to Open First U.S. Café in Miami; Players to Participate in Handprint Ceremony

Real Madrid, possibly the world’s best known Soccer brand, is opening its first restaurant in the United States right in downtown Miami at Met Square, located at 340 SE Third Street. American Franchise Group (AFG) is opening Real Madrid Café as a partnership agreement with the team, with an expected opening date in early 2018. The Spain-based investment group will work with the sports franchise to promote team-based restaurants, cafés, and museums in a five-year…

Optimum Development nabs $22M construction loan for Coconut Grove office building

The race is on: who will complete Coconut Grove’s first new office building in more than a decade? Optimum Development USA closed on a $21.5 million construction loan for a five-story, Class A office building planned for 3480 Main Highway in Miami, property records show. Demolition is underway for the nearly 14,000-square-foot development site, which is on the same stretch as the Coconut Grove Playhouse. Optimum, led by CEO Ricardo Tabet, plans to complete…

BB&T Loan Lets Terra Go Spec On Mary Street Office Building in Coconut Grove

Terra Group is going forward with Coconut Grove’s first new office building since 1989 at 2860 Oak Avenue, without a tenant in tow. With the help of a $32M BB&T Bank construction loan, Terra is breaking ground next month on Mary Street, a 78K SF office project that will also include 18K SF of retail in a retrofitted parking deck. Terra Group Terra Group President David Martin In a joint venture with Mayfair Real Estate Advisors, Mary Street is the latest development by Terra…

The Amazon-Whole Foods Deal and Its Impact on Owners and Lenders

On the heels of Amazon’s recently announced acquisition of Whole Foods for $13.7 billion, owners and lenders of Whole Foods-anchored properties are waiting along with the rest of the world to see just what Amazon will do with the latest purchase the e-commerce giant has placed in its shopping cart. The addition of hundreds of new properties, largely in upmarket urban areas, looks like a win for Amazon. The deal could potentially help Amazon store food and other goods…

Chilean fast food mogul pays $12 million for Hialeah office building

The co-founder of a popular Chilean fast food chain paid about $11.76 million for an office building in Hialeah, The Real Deal has learned. Oscar Fuenzalida, who recently sold the hot dog restaurant company Doggis, just picked up the building at 2300 West 84th Street. Records show 2300 Building LLC, led by investor Carlos A. Martinez, is the seller. It traded for nearly $170 per square foot. The 2300 Business Center Tower, a six-story, 69,571-square-foot building, was built in 2007.

Lubavitch Educational Center pays $5.1M for building in Golden Glades Office Park

An affiliate of Accesso Partners, a private real estate investment trust based in Hallandale Beach, sold a four-story office building in the Golden Glades Office Park in Miami Gardens for $5.1 million, The Real Deal has learned. The buyer was the Lubavitch Educational Center, whose main campus is less than a mile away. The 48,681-square-foot building at 1525 Northwest 167th Street (birdseye aerial) was the last unsold portion of an eight-building office park built in the early 1970s.

Coconut Grove: Changes at 3480 Main Highway; again

The renovation of Coconut Grove continues with the office building construction started at the 3480 Main Highway site, which is next to Greenstreet Cafe. The two restaurants currently on the site were demolished, this is a photo of the site today. The site will have 44,000 square feet of office space and a 6500 square foot restaurant. You can see all the details in a Real Deal article here. It’s a shame the restaurants didn’t make it there. Remember the Greek place Acropolis Greek…

Matthew Kenney Faces $1.4 Million Lawsuit From Plant Food + Wine Landlord

Celeb vegan chef Matthew Kenney is facing a lawsuit from his Plant Food + Wine Miami landlord, The Sacred Space, which alleges unpaid rent for the duration of his lease, breaking his non-compete and failing to pay sales taxes, The Miami Herald is reporting. This is happening just as Kenney has also walked away from his namesake culinary academy, which has shuttered its Wynwood location. While Plant Food + Wine remains open, The Herald reports that of July 1 its landlord…

Startling new census bureau statistics provide vital perspective on key issues

New federal statistics unveiled last week paint an image of Miami vastly different from the televised pictures of the glistening metropolis that the nation was concurrently viewing during coverage of Major League Baseball’s All-Star Game. National images of downtown Miami, South Beach, Brickell Avenue and our upscale hot spots are very real but only part of the community. Fully inclusive statistics from the Census Bureau’s new American Community Survey look…

Hyatt lease tied to Brickell tunnel staging area

If the Hyatt hotel and adjacent Knight Convention Center downtown are razed for redevelopment, part of the high-profile riverfront site could become a staging area to dig a Brickell tunnel under the river. That’s just one of many possibilities considered now that city officials and Hyatt reps are renegotiating a lease extension of the city-owned site, with the hotel giant wishing to run the convention center. Staging for a tunnel has been mentioned a few times in the past three months as city…

Here’s what Miami could look like in 2100 

Before you put your Miami home on the market and book a one-way ticket to Peru (or Mars), keep in mind these images—showing a drowning Miami in the year 2100—are reflective of one extreme outcome, which is far from definitive. That catastrophic scenario where Miami becomes mostly uninhabitable in many of our lifetimes was alluded to in New York Magazine’s recent deep dive doomsday piece on climate change, which should not be digested just before bedtime.

Fourth new concept to remake Miami River marina

A plan to redevelop a property on the Miami River that has an existing marina has changed at least three times in as many years. The latest proposal would require a rezoning and a loss of scarce marine-industrial zoned property, giving some officials pause. Losing the working river to residential development was a thorny issue more than a decade ago and led to a wave of litigation. Lawsuits were consolidated into one case and settled, basically offering protections for marine-industrial…

Miami Beach’s iconic parking garage sells for $283 million

1111 Lincoln, the iconic parking garage designed by Herzog & de Meuron on the western end of Lincoln Road in Miami Beach, was reportedly sold last week at a previously undisclosed price to an unknown buyer. Today, we learn the number is an eye-opening $283 million, per The Real Deal, and the buyer is German investment fund Bayerische Versorgungskammer. The sale also includes 1664 Lenox Avenue and 1666 Lenox Avenue. The aesthetically-pleasing predominantly…

A New Era In Commercial And Specialty Insurance

When people hear about property and casualty (P&C) insurance, they often think of the highly-marketed personal lines brands like State Farm, Geico, Allstate or Progressive. The reality is that commercial lines have the edge in P&C dominance. In the U.S. Market, 2015 P&C commercial lines direct written premium (DWP) was $295B, representing 50.6% of the total P&C market. The Insurance Information Institute expects overall personal and commercial exposures to increase…

Three Insurance Coverages Commercial Property Owners Shouldn’t Overlook

With hurricane season upon us, property managers should sit down with their agents and review each policy. So says Jason Wolf, a shareholder at Koch Parafinczuk Wolf Susen in Fort Lauderdale. Specifically, he says, property managers and insurance professionals should total the dollar amounts on the main policy and other policies that address windstorm, flood, storm surge and wind-driven rain. GlobeSt.com caught up with Wolf to get his take on these facets of commercial real…

Codina Partners Breaks Ground On Phase II Of The Shops At Downtown Doral

Real estate development and investment company Codina Partners recently celebrated the commencement of construction on the second phase of The Shops at Downtown Doral with a golden-shovel groundbreaking ceremony. Phase II will add to the 250,000 square feet of retail space in Downtown Doral. The tenant mix for phase II focuses on locally-owned storefronts, trendy eateries along with desirable service offerings to compliment the Downtown Doral lifestyle that puts…

Another Doral Warehouse Property Trades

State Street Realty closed the sale of a 17,000 square foot industrial property located at 10850 NW 30 Street in Doral. The transaction is valued at $2.6 million. State Street Realty President George Pino, SIOR, Senior Vice President Frank Trelles, SIOR and Associate Brian Cabielles represented Doral P & S LLC, the Seller, in the transaction. The buyer was 10850 Doral LLC. Trelles stated, “There is significant interest from qualified buyers for commercial properties in the Doral and Miami…

Miami Fast Becoming The Aviation Hub Of The Americas

It has been an evolutionary process, but Miami-Dade County, with the support of industry leaders at the Miami-Dade County Beacon Council (MDBC) Aviation Committee, has evolved into the aviation center of the Americas. Consider These Facts: Miami International Airport (MIA) ranks #1 in most international freight in the US and #2 in the number of international passengers. Miami is the home of flight simulation. Boeing’s 134,000 square foot facility in Miami-Dade County…

First Office Building At MiamiCentral Will Open By The End Of Summer

The parent company of All Aboard Florida this summer will open the first of two office buildings at MiamiCentral, an 11-acre mixed-use development that will include a train station for AAF’s Brightline rail service. Florida East Coast Industries is developing a standalone office building called Three MiamiCentral and another office building called Two MiamiCentral that will be connected to the train station. Three MiamiCentral, expected to open by the end of summer…

Report Finds Miami One Of The Best Cities For International Investment

Miami was ranked by Schroders Global Cities Index for being a prime global location for real estate investment. Coming in at no. 27, Miami is one of 18 American cities listed in the top 30 by Schroders. The index utilized a number of factors to identify the most “economically vibrant cities” including the population age 15 and over as a way to gauge demand for goods and services, median household income, retail sales and gross domestic product. The index also factors potential future…

Accelerated rent and traps for the unwary landlord

Commercial leases often give the landlord the right to accelerate rent through the end of the lease term when the tenant defaults.  Acceleration clauses do not usually cause too much controversy in litigation, but there is room for missteps by the landlord. When a tenant breaches, Florida law generally gives the landlord three options: (i) terminate the lease and retake possession on the landlord’s account; (ii) retake possession on the tenant’s account; and (iii) do nothing and hold the…

University of Miami School of Architecture launches new market, gathering space in Coconut Grove

Introducing ‘MKTplace at Goombay Plaza’ on Grand Avenue There’s a new market and gathering space heading to Coconut Grove called MKTplace at Goombay Plaza, a project led by the University of Miami School of Architecture with support from city and county commissioners and the John S. and James L. Knight Foundation. The market will be comprised of modified shipping containers, utilizing moveable incubator structures to house prepared food, entrepreneurs…

Downtown Miami finally gets its park next to American Airlines Arena

Parcel B injects more green space into downtown Miami Miami-Dade County officially added another chunk of new green space to the downtown Miami area. Located on a 2.75-acre waterfront plot just east of American Airlines Arena, Parcel B has finally become the park it was intended to be many years ago. The area now boasts 42 new Green Malayan coconut trees, new plantings of cordgrass and sad, park benches, and a new electrical infrastructure designed for a future…

Coconut Grove’s newest office building will include a rooftop restaurant

Demolition is underway at 3480 Main Highway in Coconut Grove, paving the way for a new five-story office building with a restaurant that’ll have a rooftop area. Optimum Development USA took out a $21.5 million mortgage for the two-building property, which is next to popular eatery Greenstreet Cafe. The location served as the home to many failed restaurants over the years, including Senor Frog’s, Sekai, and El Sitio. Designed by Arquitectonica, the new project entails…

Lionstone Development lists its office space at 605 Lincoln Road for $5.5M

Lionstone Development is looking to sell its office space at 605 Lincoln Road, listing broker Alex Zylberglait told The Real Deal. Lionstone, headed by CEO Diego Lowenstein, is based out of the fifth-floor office condo at the former Sony Music Building, now the Compass building. Zylberglait, of Marcus & Millichap, is marketing the 10,228-square-foot floor for $5.475 million, or $535 per square foot. Zylberglait said Lionstone is considering…

Wynwood 25 breaks ground with 289 apartments headed to Wynwood

Wynwood 25 has broken ground at 227 Northwest 24th Street, laying the foundation for 289 apartments to be added to an evolving area that’s already booming with stores and restaurants. The mixed-use project includes 31,000 square feet of ground-floor retail and 340 parking spaces, while 80 percent of the units are projected to rent for under $2,000 a month. Most of them will be studios or one-bedrooms. Amenities include a fitness center with a yoga studio; work-from-home spaces…

“We’re now seeing pressures even on luxury retailers:” Blackstone

A senior Blackstone Group executive believes the state of the U.S. retail market is worse than expected. “The retail industry is clearly facing headwinds. And it’s the first time we’ve seen secular rather than cyclical headwinds,” Nadeem Meghji, Blackstone’s head of North American real estate, told the Financial Times. “We’re now seeing pressures even on luxury retailers, which…

Miami’s Eighty Seven Park expected to break ground soon

There’s quite a bit of news emanating from Renzo Piano’s Eight Seven Park in Miami’s Surfside neighborhood. First, the oceanfront condo project is 60 percent sold and expected to begin vertical construction within the next three weeks, according to Miami Luxury Homes. Among those buyers is Million Dollar Listing New York’s Fredrik Eklund, who announced the acquisition in the Summer 2015. The Terra Group development has also added a new 4,888-square-foot beach house…

Tibor Hollo’s One Bayfront Plaza, the Edge in Brickell and others seek Miami approval

Developers are submitting updated plans for a handful of projects that would change Miami’s skyline. One Bayfront Plaza, a 92-story skyscraper planned for downtown Miami, the Edge along the Miami River, and others are seeking approvals from the City of Miami Urban Design Review Board on Wednesday. One Bayfront Plaza. Tibor Hollo’s Florida East Coast Realty is looking to officially slim down its plans for One Bayfront Plaza, a supertall at 100 South Biscayne Bo…

Berkshire Group Enters Miami Market, Buys Coral Gables Apts from Hines

Berkshire Group purchased the 276-unit Berkshire Coral Gables apartments at 3880 Bird Road in Miami for $100 million, or about $362,000 per unit, from Hines Global REIT, Inc. The acquisition marks Berkshire’s entry in the Miami multifamily market. The eight-story, 247,000-square-foot, 5-Star multifamily property was built in 2015 on 2.2 acres located near the Village of Merrick Park lifestyle center in the Southeast Gables Multifamily submarket…

Venevision Studios Sells Finser Corp Bldg in Medley

Venevision International sold the Finser Corporation building at 7500 NW 72nd Avenue in Medley, FL to Gramercy Property Trust for $18 million, or about $151 per square foot. The 119,008 square-foot industrial building is located in the Miami Airport North Industrial submarket. The seller has leased back the building from the new owner. Pedro Garcia of Binswanger-Gateway Partnership and Andrew Harris of Chesterton Binswanger Capital Advisors…

Monmouth Acquires FedEx Distribution Ctr in Homestead

Monmouth Real Estate Investment Corporation acquired the FedEx Distribution Center at 27200 SW 127th Avenue in Homestead for almost $38.35 million, or about $161 per square foot, from SunCap Property Group. The single-story, 237,756-square-foot industrial building was constructed in 2017 in the South Dixie Hwy Industrial submarket. FedEx Ground Packaging System, Inc. occupies the entire building under a lease that runs through 2032.

Video: Common’s founder Brad Hargreaves discusses “dorms for adults” emerging multifamily trend

Warning: For those only now getting used to co-working spaces, this emerging multifamily trend is bound to be a shock. Sit down before reading. During a panel discussion in February on the city’s multifamily market, Ofer Yadeni said what the rest of the industry may be thinking about co-living. “If you are a 35-year-old and you live in [WeLive or Common], you are a loser,” the Stonehenge Partners CEO said. “I’m sorry, but if you live with 10 people and you share breakfast or lunch…

ICSC’s Stephanie Ceglieski Discusses Amazon Whole Foods Deal’s Impact on Retail Property Market

This post originally included a video. That video was deleted by its publisher. In the video, Stephanie Ceglieski with ICSC (International Council of Shopping Centers) joined The Commercial Real Estate Show Michael to discuss the potential impact Amazon’s purchase of Whole Foods might have on the retail market. Highlights included: Purchase caught everyone off-guard; Both Amazon and Whole Foods stock rose on announcement, indicating Wall Street support of marriage…

Video: Lessons for Miami: How NYC is tackling rising sea levels

Much of what this video discusses with regard to sea level rise projections and what one city – in this video New York – is doing about it, is highly relevant to low lying Miami, Florida, and the commercial real estate within it.

6 Ways to Save On a Commercial Real Estate Lease

Because everyone loves a good bargain – if the space is right. “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, however, is easier…

If Banks Are Still Lending, What’s The Real Reason Behind The Growth Of Debt Funds?

A decade ago alternative lenders, or debt funds as they are more popularly called, were known as the last option for borrowers looking for capital to get a project off the ground. Today these funds are standing toe-to-toe with some of the country’s largest banks, and it is not because traditional lenders have ceased to take on commercial…

CRE Professionals Worry These 6 Issues Could Negatively Impact The Industry

Political volatility, tech disruption and rising sea levels — these are but a few of the issues on the minds of commercial real estate professionals and policymakers globally. The following are six of the top trends CRE players worry will affect real estate in 2017 and the years to come, according to a survey conducted by the Counselors…

Understanding how to respond to construction disputes

Construction disputes can interfere with the completion of a project and can be costly for the parties involved. In addition, construction disputes can quickly become complex and can involve commercial property owners; residential property owners; industrial property owners; developers; and contractors. Construction disputes can also quickly become costly and can cause significant project delays. A variety of legal claims can be part of construction litigation. Legal claims may include…

CMBS – Commercial Loan Maturity: The “Wall of Maturities” – Status Update

According to reporting by Morningstar Credit Ratings LLC, commercial real estate mortgage borrowers with maturing loans paid them off at a slower rate as of May 2017.  Peter Grant of the Wall Street Journal suggests this slower payoff rate, and the ensuing swell in delinquent/unpaid loans, can be at least partly attributed to 10-year mortgage loans taken out by borrowers in 2007, which got repackaged into commercial mortgage backed securities (CMBS).  This mass…

Tax Deed Sales: An Overview

In Florida, as in many other states, properties that fall into arrears on delinquent taxes may eventually be sold at public auction by the county in which they are located.  The process by which this occurs, called a Tax Deed Sale, is detailed in Chapter 197 of the Florida Statutes and can be a little daunting to read through.  We here at Jordan + Pascale, P.L. have years of experience representing clients in Tax Deed Sales; the following is a short overview to help you get acquainted with the…

The Builder Of Florida’s High-Speed Train Is Getting Into The Apartment Business

The developer of Florida’s upcoming Brightline train service is getting into the rental apartment business. Florida East Coast Industries (FECI), the company behind the $3 billion, 235-mile express train system that will eventually connect Orlando to Miami, is launching a new real estate brand, to be called Park-Line. The initial offering will be three towers of rental apartments. The first tower, due in 2018, will offer 290 units ranging from studios to two-bedrooms at Brightline’…

Study: Miami Apartment Demand Exceeding New Supply

Miami’s population boom means that demand for apartments in Miami has been outpacing supply, leading to price increases, according to a new study cited by the Miami Herald. The Harvard Joint Center for Housing Studies study showed that over 50,000 high-cost units (priced above $2,000) were added to the Miami market in the past 10 years alone, an increase of 148 percent. At the same time, 20,000 low-cost units (priced below $800) were removed from the market…

Juan Carlos Mas And Partner Propose Office Building On Former Kendall Synagogue Site

A three-story, 309,500-square-foot office building may soon be erected on the site of a former synagogue in Kendall. Developer Galloway Road Partners submitted a pre-application to Miami-Dade County for the project in late June, according to the South Florida Business Journal. Bet Breira/Samu El Or Olom Jewish organization sold the 4.4-acre site at 9408 Southwest 87th Avenue and 8790 Southwest 94th Street, near Baptist Hospital, in August 2016 for $5.35 million…

Miami board approves 393-apartment 2000 Biscayne

Miami’s Urban Development Review Board gave a thumbs up to 2000 Biscayne, a 36-story apartment building developed by Verzasca Group. Comprised of 393 units ranging in size from studios to three-bedrooms, the 200,000-square-foot project still requires approval from the city’s Planning and Zoning Department. Dorsky + Yue International Architecture is the project’s designer. Verzasca Group is also behind several other South Florida projects, including…

Moishe Mana Nearly Done Assembling Flagler Parcels For Massive Development

How can someone transform a vacant, 6K SF lot into more than 8M SF of mixed-use properties? Ask Moishe Mana. The developer has purchased a lot at 30 East Flagler St. — the latest in a string of purchases Mana has made along Flagler Street — in what may be one of his last pieces in a larger assemblage in Downtown Miami. Now, Mana has amassed 70,500 SF along Flagler Street sandwiched between South Miami Avenue and Southeast First Avenue. “He’s wrapping it up,” said…

Video: RC Analytics SVP Jim Costello Discusses the Impact of the Amazon Whole Foods Deal on Commercial Property

In this video, Jim Costello, Senior Vice President with RC Analytics, joins The Commercial Real Estate Show to discuss the potential impact of Amazon’s purchase of Whole Foods and what it could mean for the property investors. He discusses the historical value premiums (low cap rates) for Whole Foods anchored properties due to their strong balance sheet and the desirable demographics of their customer base and the areas surrounding their locations, and how their purchase…

36-story tower replacing City Hall (the restaurant)

A corner lot on Biscayne Boulevard in Edgewater is being redeveloped as a mixed-use apartment tower. Developer Verzasca Group plans to build 2000 Biscayne, a 36-story tower offering 393 rental units, an 8-level parking garage for 462 vehicles and nearly 8,000 square feet of ground floor commercial space. The site was home to the City Hall restaurant, which has been demolished. The city’s Urban Development Review Board on June 29 recommended approval of the project…

Skyrise Miami unveils new renderings

Skyrise, one of Miami’s most unique projects under development, unveiled new renderings of its observation decks and Sky Plunge in wake of conducting wind tunnel tests, per The Next Miami. The 1,000-foot sleek tower features rotating pods along the outer rims for supreme views of Miami. It has been in the works for a number of years and hasn’t yet begun vertical construction. A little more about the design, per the architect: According to Arquitectonica, the design of the tower…

Miami-Area Retail Asset Trades in $9 million Deal

CBRE completed the sale of a 9,055-square-foot multi-tenant retail property in Surfside, Fla. Related entities Harding Avenue at Bal Harbour LLC, Harding Avenue at Surfside LLC and Surfside Retail Properties LLC sold the asset in a $8.6 million deal to ErikDavid LLC and 9525/37 Harding Avenue LLC. Located between Miami Beach, Fla., and Sunny Isles Beach, Fla., the street-retail property sits on a 0.24-acre site at 9525-9537 Harding Ave. Constructed in 1952, the building…

New Orleans-Based Food Hall St. Roch Market Is Coming to the Design District

The new St. Roch Market food hall will take its inspiration from the New Orleans flagship, which operated for more than 140 years until Hurricane Katrina forced it to shut down. Since reopening in 2015 under the ownership of entrepreneurs Will Donaldson and Barre Tanguis, St. Roch has showcased a variety of up-and-coming local food vendors in a communal space offering a cohesive look. An additional three St. Roch locations are set to open around the country by the end of next year…

Preparing For The Next Hurricane Wilma Before It Hits

Almost a decade has passed since a devastating hurricane has hit the Southeast, memories still haunt many commercial real estate owners. Now, hurricane season is upon us again. Globest.com caught up with Jason Wolf, a shareholder at Koch Parafinczuk Wolf Susen in Fort Lauderdale how property owners and managers whose careers began in the region in the past 10 years should prepare for the storm season. We also asked him about the repercussions that are totally…

Gramercy Property Trust Buys Warehouse In Medley For $18M

An affiliate of the New York City-based Gramercy Property Trust paid $18 million for a warehouse in Medley, records show. The 110-acre warehouse at 7321 Northwest 75th Street sold for about $151 per square foot. Property records show the seller, Venevision Studios LLC, an entity of the Coral Gables-based Cisneros Real Estate, paid $10 million for the warehouse in 2005. The seller, also known as Grupo Cisneros, is an international conglomerate of media entertainment…

US Industrial Market Still Has Room To Run

Many people have started to wonder how long the industrial sector’s extraordinary run will last. CBRE Group, Inc. has run the numbers, however, and says the current streak of positive absorption should last well into next year. Almost half of the 167 million square feet of US warehouse space under construction in the first quarter—72 million square feet—has been pre-leased by tenants, primarily e-commerce, third-party logistics and retail users, according to a new report from…

Florida East Coast Industries CEO Leaves to Launch Real Estate Venture

Vincent Signorello has left the company building South Florida’s $3 billion Brightline express train to launch his own real estate venture. The former CEO and president of Coral Gables-based Florida East Coast Industries has led the company since 2008. FECI is now months away from launching the nation’s first private passenger rail system in more than 100 years with service between Miami and West Palm Beach slated to begin this summer. “After nine years leading Florida East…

South Dade rentals sell for over $4 million

Real estate investor Abiel Ballestros paid $4.125 million for a portfolio of 35 parcels in south Miami-Dade County. Ballestros bought 34 duplexes and one house that had been family-owned since the 1960s. The family that sold the portfolio built the duplexes and operated them as rentals, a practice Ballestros intends to continue. Kurz Real Estate Corp. broker-associate Erick Vargas represented Ballestros, a local investor who specializes in multifamily properties.

New York-Based RE Company To Develop 200,000 SF Office Building In Miami’s Wynwood District

Rose & Berg Realty, a New-York-based private real estate company, has unveiled plans to develop The Gateway at Wynwood, a 12-story, 200,000-square-foot office building located at 2916 North Miami Avenue in Miami’s Wynwood neighborhood. The building will have eight floors of office space above four floors of covered parking. In addition, The Gateway at Wynwood will include approximately 25,000 square feet of retail space being marketed by RKF. Kobi Karp Architecture…

Landlords beware: Your trademark infringing tenant is your problem too

If a landlord learns that trademark infringement is occurring on its premises by one of its tenants and fails to stop further violations, the landlord may be held responsible by the trademark holder for damages relating to the infringement of a trademark. This situation most commonly occurs for landlords that own flea markets or at venues in which goods are sold by a variety of small independent operators.  Typically, in order to assert a claim for damages, the trademark holder…

Here’s how Trump transferred wealth to his son while avoiding the usual taxes

In April 2016, as Donald Trump was on the cusp of clinching the Republican nomination for the White House, he sold two luxury condos near Manhattan’s Central Park for less than half the price his company had said they were worth. The lucky buyer: Trump’s son, Eric. Such family-friendly deals would normally incur hundreds of thousands of dollars…

Michael Comras files suit alleging NJ real estate firm used predatory lending tactics

Commercial real estate developer Michael Comras is in a dog of a legal fight with a New Jersey-based real estate financing company that bought a loan on one of his Coconut Grove retail properties. Comras’ S&C Venture sued Coconut Grove Acquisition LLC in Miami-Dade Circuit Court last month for malicious prosecution and breach of contract for attempting to foreclose on the property, a three-story 36,230-square-foot retail building at 2982 Grand Avenue. Coconut Grove Acquisition…

EastGroup Plans 850 KSF Industrial Park in Florida

EastGroup Properties Inc. just announced its response to the persistent cry for industrial accommodations in metropolitan Miami. The REIT will develop Gateway Commerce Park, an 850,000-square-foot distribution campus in a highly coveted area in Miami-Dade County. Gateway will be erected on what was once the practice track for Calder Race Course in Miami Gardens. EastGroup completed the $26.5 million acquisition of the land, situated at the N.W. 27th exit of the…

Republican Senators to DHS: Whoa, please don’t make EB-5 more expensive!

From TRD New York: A group of Republican senators want the Department of Homeland Security to roll back an Obama-era proposal that would drastically make it more expensive for foreign investors to participate in the EB-5 visa program. In late January, the department proposed a series of reforms to the program, which grants green cards to foreigners who invest in U.S. real estate projects and has been a popular financing mechanism for Miami and New York…

The next Wynwood? Allapattah is Miami’s new hot ’hood

What the new Rubell Family Collection museum, which is moving to Allapattah from Wynwood, will look like on the inside. From the June issue: Lyle Stern had his “aha” moment on a quiet Saturday afternoon last year when he visited Miami’s Allapattah neighborhood with his 11-year-old daughter. Stern, the president of Koniver Stern Group — a leading retail leasing and consulting group based in Miami Beach — took his daughter to a bodega for a $2 fresh fruit shake and to show…

Blue Road LLC Pays $32M for Miami Beach Hotel

Blue Road LLC acquired the 69-room hotel at 1776 Collins Avenue in Miami Beach, FL from Levy Family Partners for $32 million, or about $464,000 per room. The three-story, 42,611-square-foot hotel was constructed in 1951 in the Miami Beach submarket. Both parties handled the sale in-house. See CoStar COMPS #3929625 for more information on this transaction…

Video: National Association of Realtors Quant Discusses Commercial Real Estate Lending Trends

George Ratiu, the National Association of Realtors Director of Quantitative and Commercial Research, joins the Commercial Real Estate Show to talk about their 2017 Commercial Real Estate Lending Survey in addition to current trends in commercial property lending.

Lessons for Miami: How NYC is tackling rising sea levels

Much of what this video discusses with regard to sea level rise projections and what one city – in this video New York – is doing about it, is highly relevant to low lying Miami, Florida, and the commercial real estate within it.

Fed Boosts Rates In June: Here’s What Commercial Real Estate Players Need To Know

In a move that was of little surprise to commercial real estate experts, the Federal Reserve raised short-term interest rates for the third time in six months. The quarter-point move boosted rates to a range of 1% to 1.25%. Though this is the fourth rate hike central bankers have implemented since December 2015, the gradual moves have had…

How can I file a lawsuit for tortious interference?

When businesses enter into a contract, there is an understanding between them that both parties will act in good faith and do their best to hold up their end of the deal. However, when a third party interferes with the contract with the purpose of forcing someone to break a contract or ending a professional relationship, the aggrieved party may file a lawsuit against that party for tortious interference. Tortious interference, or the interference with contractual relations, occurs in many…

Quiet Title Actions: An Overview

Most people never hear of a Quiet Title action until they’re in the midst of one.  Here at Jordan + Pascale, P.L. one of our main focuses is Quiet Title actions. Because we believe that an ounce of prevention is worth a pound of effort, the following is an overview of Quiet Title actions in the State of Florida. What is a Quiet Title Action? A Quiet Title action is a civil lawsuit brought in the circuit court to “quiet” any and all claims on a piece of real estate.  Essentially, Quiet…

$2.15 Million Industrial Sale Negotiated

A miami commercial real estate firm announced that Harry Jordan negotiated a 14,808 square foot industrial sale, plus an additional half acre of land for their client, HC Property Company, LLC, located at 512-582 West Mowry Drive in Homestead, Florida. The property sits on 1.25± acres of land in total, and the buyer is First American Exchange Company, LLC. The sale was valued at $2,150,000.

South Florida Among The Top Areas For Investors

Investors have begun to recognize the growth potential of middle markets, but do they know where the best of those markets lie? A recent study by Malartu analyzes America’s top 10 metropolitan areas with the highest-potential middle markets, and the Miami-Fort Lauderdale-West Palm Beach metro area made the list. Florida markets make up half of the total list of 10 metro areas, including Tampa, Fort Myers, Orlando and Sarasota. Middle markets are fast-growing markets composed…

Six-Year Lease Negotiated For Advanced Vision Care Of Kendalll

A Miami firm announced that its team of Josh Rodstein and Brandon Weiss recently negotiated a 6 year, 1,647-square-foot retail lease for their client, Advanced Vision Care of Kendall, located at 11605 Southwest 88th Street in Miami, Florida. The landlord is Inversiones Cosmos, S.A. Inc. The lease is valued at over $252,000. Advanced Vision Care consists of a team of Board Certified Optometric Physicians and well-trained, friendly staff that are bilingual for the convenience…

Turnberry Associates scores $259M construction loan for Turnberry Ocean Club

Turnberry Associates just scored a $259 million construction loan for Turnberry Ocean Club Residences, the luxury condo tower rising in Sunny Isles Beach, The Real Deal has learned. At least seven months in the making, the loan from Bank of the Ozarks closed on Friday, a spokesperson for Turnberry told TRD. The financing, which has not yet cleared records, ranks among the largest in South Florida so far this year. Turnberry Ocean Club at 18501 Collins Avenue…

Bruna Real Estate Acquires Miami CVS for $16.5M

The Astor Companies sold the retail building at 5695 SW 8th Street in Miami, FL to Bruna Real Estate LLC for $16.5 million, or about $1,052 per square foot. The freestanding drug store is fully occupied by CVS on a 25-year, triple-net lease. The 15,683-squarefoot building was built in 2017 in the West Miami submarket. Eric Gaunt and Stephen Gaunt of JLL represented the seller. John Naranjo of Acqua International Realty represented the buyer.

China’s real estate investors on a $200B global spending spree in Miami, other major markete

In 2007 China’s commercial property outflow was less than $1 billion. Now it exceeds $20 billion annually. Individuals and corporations in China still have an estimated $200 billion to invest abroad. Prominent commercial markets include Hong Kong, Australia, the U.K. and North America, particularly Los Angeles, Miami, New York City, San Francisco, Seattle, Toronto and Vancouver. In 2015, Wendy Wei Mei Wu, a self-described billionairess housewife, bought a $5 million…

Thor puts Wynwood site on the market for $6.75 million

Thor Equities just put a Wynwood development site on the market for $6.75 million, The Real Deal has learned. The 14,750-square-foot parking lot at 269-285 Northwest 27th Terrace is across the street from Thor’s mixed-use project planned to have rental apartments, retail space and a garage. The price equates to $458 per square foot. The larger site of the planned mixed-use project is not on the market, but also could be available for $45 million, according to a source familiar…

Developer Seeks Miami-Dade Development Boundary Expansion

Homestead, Florida-based developer Marista Holdings has proposed an expansion of the Miami-Dade Urban Development Boundary, which separates urban and rural development areas, by 113.5 acres in the Homestead area. This expansion comes with a request to rezone a 45-acre tract of agricultural land, currently located outside the development boundary, which Marista Holdings purchased for over $10 million in February. Marista plans to build a mixed-use project on the site…

Jorge Perez Slams Developers For Proposing Condominium Projects That ‘Don’t Make Sense’

Related Group’s Jorge Perez thinks that there are condo projects proposed in Miami that “don’t make sense” and “should not be developed.” “Developers have come to Miami from Colombia and Argentina who don’t know the market, and some are proposing projects that wouldn’t work even in a good market,” Perez told The Real Deal. Perez didn’t specify which projects he was referring to, saying he didn’t want to throw anyone under the bus. According to Perez, the strength…

Hines sells Aviva Coral Gables apartments for $100M

Houston, Texas-based Hines just sold a recently completed apartment complex (birdseye view) near Coral Gables for $100 million to the Berkshire Group. Property records show Ponce & Bird Miami Development LLC sold the 276-unit Aviva Coral Gables at 3880 Bird Road to Delaware entities managed by Boston-based Berkshire, BIR Coral Gables I LLC and BIR Coral Gables II LLC. Aviva, completed in 2015 and about 95 percent leased as of April, sold for about…

Macy’s will open its first Miami outlet location at the Falls

Macy’s is set to open a discount store later this summer on the second floor of its existing location at the Falls in south Miami-Dade. Macy’s Backstage The Outlet Store will feature 16,300 square feet of retail space for discounted merchandise, according to the Miami Herald. While many big-box retailers are crumbling at the virtual hands of online retail, Macy’s Backstage is trying to lure customers back to the store with deals of 20 percent to 80 percent off merchandise…

The Weekly Dish: Vegan fast-casual spot opens in Midtown Miami … & more

The Weekly Dish is a TRD recurring feature that showcases the latest in South Florida’s restaurant openings, leases and sales. Miami is getting some new street food, vegan fast-casual, Tex-Mex and more. Chef Todd Erickson of “HuaHua’s Taqueria” and “Haven” is now in Midtown Miami. Erickson designed the menu and kitchen for the vegan, fast-casual spot called GLAM, which stands for…

Coastal Markets Among Most Challenging for Adding New Apartment Supply; Miami Among Toughest Four

Following the release of its findings last week that the U.S. may need millions more apartment units by 2030 if current household formation trends continue unabated, the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) identified what they see as the hardest and easiest metro areas where new apartment supply can be added. The top four most-challenging places to add new apartments are all coastal markets: Honolulu, Miami…

JLL Chief Economist Ryan Severino, CFA, Shares His View on the Multifamily Market

Ryan Severino joins Michael to discuss the multifamily property market, including demand, supply, performance, trends, and where good apartment investment opportunities may lie. Highlights of this video include: Supply is “certainly at an elevated level”; 2016 to 2017 appears to be high water mark for construction; New inventory making market more challenging; Relative to a few years ago, investors should do more homework; Lender enthusiasm has cooled off a touch; Lots of…

Where’s the Chinese money?

When a Beijing-based partnership scooped up a Brickell Avenue development site for $74.5 million in 2014 and subsequently announced plans for a $1 billion mixed-use complex, it marked the first significant foray by Chinese investors into South Florida commercial real estate. The joint venture between China City Construction and American Da Tang Group appeared to signal that the region was primed for an influx of Chinese capital in the office, hotel and retail sectors.

Lease negotiated or FujiFilm Medical Systems in Doral

A South Florida commercial real estate firm announced today that their associates John Erixon and Harry Jordan recently negotiated a 38-month, 13,815-square-foot office lease for their client, FUJI Film Medical Systems, USA, Inc., located at 11900 SW 128th Street in Doral. The landlord is Flyer Ventures, Limited Partnership. Fujifilm Medical Systems U.S.A., Inc. (Fujifilm) is a leading provider of medical image and information products and technologies for acquiring…