Video: Lease Negotiating Tips for Retail Landlords

Jonathan Neville, a partner at the law firm Arnall, Golden, Gregory, joins Michael to discuss contract tips and mistakes to avoid for retail properties from a landlord’s perspective. Discussed are the importance of actively negotiating items for which a landlord can charge, controlling the construction process, understanding and negotiating co-tenancy clauses, project predictability, and having an exculpation clause.

The guest, Jonathan “Jon” Neville, leads his firm’s Retail Practice, and continues to establish a national reputation as a leader within n the retail real estate industry. He has completed transactions in almost all 50 states and has spoken at numbers of conferences around the United States as well as on nationally syndicated media productions.  Hi practice focuses on commercial real estate development as well as franchising. He is active in assisting clients in commercial real estate purchases on a nationwide basis. He represents many principals as well as investment groups which acquire, develop and sell retail shopping centers and other retail and restaurant development projects of various sizes. He has  negotiated, and additionally continues to be responsible for leases on behalf of numbers of nationally-recognized restaurant, retailers, and developers.

March 2, 2017

Miami Commercial Property News March 2, 2017: Cocowalk to be Partially Razed for New Office Building; Convention Center Hotel Land Set to Close; More…

The new owners of CocoWalk have a plan, and it’s not all about shopping

After nearly 30 years without any new office buildings in Coconut Grove, the area is now slated to get two new projects as part of the neighborhood’s revitalization. The team behind the redevelopment of CocoWalk, a dining and entertainment complex in the center of the Grove’s commercial area, plans to build 73,000 square feet of Class A office space on the property’s east side. The complex is located at the intersection of Main Highway, McFarlane Road and Grand Avenue. The new five-story building will have retail on the first…

Miami OKs 838 rentals in two Midtown towers

Miami city commissioners succeeded in getting a local workforce commitment and a contribution to the affordable housing fund from a Midtown developer poised to bring two more towers to the bustling new community. Midtown 6 and 7 are twin mixed-use projects sharing a common courtyard and a narrow pedestrian plaza, or “mews.” Together the towers will provide 838 market rate apartments along with retail and offices and garages with room to park 1,106 cars. Midtown Opportunities VB LLC and Midtown…

County’s mayor opens the door to a gold rush downtown

A new 40-page memo from county Mayor Carlos Gimenez opens the doors to a development gold rush in downtown Miami. It suggests the county could package nine of its sites so someone could develop 13.5 million to 18.9 million square feet smack in the core of the city. The memo says that probably not all nine would be developed at once, and that all work should be consistent with aims for downtown. But, it says, opening these sites to one or more private partners could bring the county a much-needed civil courthouse…

Vast expansion for Miami Jewish Health Systems

Miami Jewish Health Systems, a medical campus that has grown and evolved since the 1940s, is working on a master plan for the next 30 years and beyond. The City of Miami’s Urban Development Review Board this week recommended approval of a sweeping master plan for the health service, along with Phase I, which will include construction of a cutting-edge memory care facility. It will be called Empathicare Village and include a new 142,708-square-foot, three-story facility and a 135,576-square-foot, three-story…

Photo Tour: Hyde Midtown Suites & Residences tops off

Hyde Midtown Suites and Residences topped off in Midtown Miami last week, with the mixed-use development leveling off at 32 stories. A $98 million product of Moss & Associates, The Related Group, and Dezer Development, the project entails 410 luxury residences, 60 hotel suites, retail space, and six stories of parking. Amenities include a pool deck, luxury spa, fitness center, private theater, private dog park, and putting green. The development was designed by Arquitectonica, with interiors by the Rockwell Group.

Downtown Miami site for 1700-room convention center hotel expected to close in weeks, per report

The much-discussed Downtown Miami convention center hotel planned for the old Miami Arena site (700 North Miami Avenue) inches closer to life, with MDM Group reportedly under contract to acquire the property for $44.5 million with the deal expected to close by the end of March, according to The Next Miami. New plans were filed under the “Marriott Marquis Miami Worldcenter Hotel & Expo Center” towards the end of 2016, with the updated design calling for two standalone towers within the estimated $750 million project.

Report: CRE Execs Bullish On Industrial Sector In 2017

The recent 2017 Real Confidence Executive Index results showed the industrial sector in the top spot as the preferred asset type for investment, believed to be the greatest beneficiary of the macro changes expected to come from the New Administration.

Miami Development Listed as One of Most Important in the Country

Although Curbed Miami acknowledges that the frenetic pace of Miami development has slowed somewhat, the Magic City still has several high-rises currently under construction throughout town. The most important one is the highly anticipated Zaha Hadid project known as One Thousand Museum. Now past the halfway mark, the 62-story high-rise condominium will tower over 700 feet, making it one of Miami’s tallest buildings upon its completion in 2018. It will also be the first building in the United States to utilize…

Miami Beach’s Time Out Market has been approved

Following in the footsteps of Time Out Lisbon That game-changing food hall planned for Miami Beach is moving forward, per The Real Deal, after the planning board approved a conditional use permit allowing for a Time Out Market on the ground floor of a parking garage at 1601 Drexel Avenue. The concept…

Florida property taxes rank 27th nationally

1.06 percent tax rate Florida property taxes have remained steady over the years, with the Sunshine State ranking 27th nationally, according to a new WalletHub study. Hawaii (0.27%), Alabama (0.43%), and Louisiana (0.49%) had the lowest tax rates while New Jersey (2.35%), Illinois (2.3%), and New Hampshire…

New North Bay Village overlay district — and 340-foot proposed tower — on hold for now

North Bay Village, which bills itself as a three-island paradise, took a step back this week from approving a major new development that backers said would boost its low tax base and fraying infrastructure, but which opponents said would overwhelm the sleepy village and…

Pubbelly Sushi Market heads to Aventura Mall

The Pubbelly Restaurant Group has another eatery up its sleeve, this time at Aventura Mall. Pubbelly Sushi Market will open later this month in a 600-square-foot space on the first floor of the mall in the Nordstrom wing…

First phase of CocoWalk redevelopment to add office building to the Grove

Another new office building was just announced for Coconut Grove, marking the second in recent weeks after nearly 30 years. CocoWalk owners Federal Realty Investment Trust, Grass River Property and Comras Company plan to raze the eastern…

Hersha Hospitality Trust Acquires Ritz-Carlton Coconut Grove

Hersha Hospitality Trust (NYSE: HT) acquired the Ritz-Carlton Coconut Grove at 3300 SW 27th Ave. in Miami, FL for $36 million, or about $313,000 per room, from Genmag Coconut Grove LLC. The 21-story, 75,000-square-foot, 4-Star hospitality building was built in 2002 on 3.4 acres in the Coconut Grove…

CFH Breaks Ground on Villas De Las Palmas

CFH Group broke ground on its Villas De Las Palmas, a planned 226-unit multifamily complex at 3500 W. 9th Ave. in Hialeah, FL. The 200,000-square-foot apartment building will include one-, two- and three-bedroom units ranging from 1,014 to 1,296 square feet. The community will include a swimming…

Ace Hardware Leases 14,000 SF in Miami

Ace Hardware leased 14,000 square feet in retail building at 6448 S. Dixie Highway in Miami, FL. The 26,849-square-foot building was constructed in 1996 and is located in the Kendall submarket. The property is zoned C-3 and is located on 1.3 acres. Justin Schultz of Gadinsky Real Estate LLC represented…

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Multifamily Market Trends

Reis Chief Economis and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the apartment/multifamily sector for the fourth quarter and year of 2016.  Some highlights from this video include: During 2016, vacancies declined by only 0.1%;
200,000 New units came …

Issues related to construction defects plague Miami condo

Given the amount of construction that is done in Miami, it is inevitable that there will be issues in certain cases. If the matter cannot be settled through discussion with the developer, those who are concerned about a construction defect need to understand their rights to have the matter addressed…

Allapattah’s Diversity Key To Its Fast-Pace Growth

Property values are still relatively low but investors and developers are getting wind of the profitable potential the area has as one of the latest booming Miami neighborhoods, Allapattah, with most properties within zip code 33136.

Commercial real estate indicators signal robust 2017

Year-end surges in the office, industrial and retail sectors foreshadow robust economic growth across South Florida for 2017, commercial real estate experts say. A lack of new supply pushed office rents higher, particularly in the downtown corridors, and the optimism displayed by businesses looking to expand is prompting developers to strongly consider shovels in the ground after a decade of inactivity. West City Partners has proposed a 500,000-square-foot office building in downtown Fort Lauderdale, although the project isn’t expected…

0 Comments
March 2, 2017

Video: Answering the question of how important a tenant’s option to renew its lease is to an investor buying a property

 

The host of The Commercial Real Estate show addresses the question of how important a tenant’s option to renew its lease is to an investor buying a property. His opinion, shared by most, is that a unilateral option of a tenant has no value to an investor. I think many would agree with the caveat that in some cases it creates a perception, if not a reality, of a likely longer-term tenancy.

0 Comments
March 2, 2017

Video: AIA Chief Ecoomist Kermit Baker Discusses the State of the Current Economic Cycle

Kermit Baker, Chief Economist with AIA (American Institute of Architecture), dis,  discusses the state of the current economic cycle on The Commercial Real Estate Show.  Some highlights include:

  • Getting long into period of growth
  • Expect a bit of deceleration of growth
  • Expects tax reform to take place under Trump
  • Believes Trump effect will be positive for construction, etc., but questions remain
  • Believes we are near the end of the cycle on multifamily construction
  • Headwinds for commercial construction include higher interest rates, end of appreciation driven by low cost of capital
  • Think we can have 2 to 3, maybe even 4, interest rate hikes in 2017
  • Closing tip: Look very closely at labor, inflation, and interest rates, all doing OK now, but all at risk of getting a bit out of line.
0 Comments
March 2, 2017

Photos: Construction Underway at 2424 South Dixie Highway

 

Construction Debris Outside of 2424 South Dixie Highway, Miami, Florida 33133 | March 1, 2017

Construction Debris Outside of 2424 South Dixie Highway, Miami, Florida 33133 | March 1, 2017

Interior Construction Underway at 2424 South Dixie Highway, Miami, Florida 33133 | March 1, 2017

Interior Construction Underway at 2424 South Dixie Highway, Miami, Florida 33133 | March 1, 2017

Another Angle: Interior Construction Underway at 2424 South Dixie Highway, Miami, Florida 33133 | March 1, 2017

Another Angle: Interior Construction Underway at 2424 South Dixie Highway, Miami, Florida 33133 | March 1, 2017


If you’ve driving by 2424 South Dixie Highway (birdseye 45° aerial view) lately, you may have noticed construction debris in trash bins outside. Extensive interior renovation continues apace following the sale of the building in 2016 for $3,300,000 (view sales info, owner, other details) or approximately $410 per square foot. The building sits just to the North of the iconic Bloom & Kinnear building fronting US1. That (Bloom & Kinnear) building, located at 2486 SW 27th Terrace, Miami, Florida, 33133, is  one of the few commercial properties in Coconut Grove Zip  Code 33133 that currently available to lease or purchase.

0 Comments
March 2, 2017

Video: Personal Guarantees ~ Some Mistakes to Avoid in Commercial Leases

Laura Hall, partner at Sheley, Hall & Williams, joins Michael to discuss mistakes to avoid in leases. Part one covers personal and corporate guarantees. Within this video Ms. Hall discusses the perils of personal guarantees for tenants as well as landlords, and the benefits of letters of credit as an alternative.

 

0 Comments
March 1, 2017

Video: Lease Mistakes Tenants Should Work to Avoid

Jonathan Neville, a partner in the law firm Arnall, Golden, Gregory, joins Michael to discuss lease mistakes that tenants would be best served to work to avoid. Discussed are the dangers of unreasonable landlord remedies, the risks that can be buried within landlord assignment clauses, the importance of having landlord default clauses, the importance of having a tenant use clause that allows for the evolution of a business, having a workable and effective exclusive right to sell within a center,  and the importance of having a subordination and non-disturbance agreement (SNDA).  This video has some great information within it and is a must for anyone considering the leasing of retail space.

Jonathan “Jon” Neville, leads his firm’s Retail Practice, and continues to establish a national reputation as a leader within n the retail real estate industry. He has completed transactions in almost all 50 states and has spoken at numbers of conferences around the United States as well as on nationally syndicated media productions.  Hi practice focuses on commercial real estate development as well as franchising. He is active in assisting clients in commercial real estate purchases on a nationwide basis. He represents many principals as well as investment groups which acquire, develop and sell retail shopping centers and other retail and restaurant development projects of various sizes. He has negotiated, and additionally continues to be responsible for leases on behalf of numbers of nationally-recognized restaurant, retailers, and developers.

Looking to lease retail or other space in Miami?  Read about how we can help you here.

March 1, 2017

Miami-Dade Adopted 2020 and 2030 Land Use Plan Available in Poster Form

Purchase the Miami-Dade Adopted 2020 and 2030 Land Use Plan in Poster Form

Purchase the Miami-Dade Adopted 2020 and 2030 Land Use Plan Poster

Now available to purchase online  is the Miami-Dade Adopted 2020 and 2030 Land Use Plan in Poster Form. This is the poster as published by Miami-Dade county. Information regasrding the land use plan, as well as a free download of the PDF, is available at Miami-Dade.gov.

Anyone engaged in real estate within the county will appreciate the convenience of a large poster as compared to opening a large PDF on a computer.

 

0 Comments
March 1, 2017

Video: Options to Renew ~ Mistakes to Avoid in Commercial Leases

Laura Hall, partner at Sheley, Hall & Williams, joins Michael Bull of The Commercial Real Estate Show to discuss mistakes to avoid in lease involving options to renew.  Some highlights of this video include:

 

  • Most commercial leases have one
  • Very few are exercised
  • Landlord should require as much lead time as possible to execute
  • Tenant wants the shortest amount of lead time to allow flexibility
0 Comments
March 1, 2017

Video: Dr. Victor Calanog, Chief Economist & SVP at Reis, On 2016 Q4 Multifamily Market Trends

Reis Chief Economis and Senior Vice President Victor Canalog, PhD, provides an analysis of market fundamentals in the apartment/multifamily sector for the fourth quarter and year of 2016.  Some highlights from this video include:

  • During 2016, vacancies declined by only 0.1%
  • 200,000 New units came online
  • Asking and effective rent both grew by 5.8%
  • Concessions have made their way back into markets in the face of new competition
  • The trends for the next 5 years are expected to be weaker than past 5 years for multifamily properties
March 1, 2017

Video: Miami Today Profiles Tibor Hollo, Chairman & President of Florida East Coast Realty

Legendary Miami developer Tibor Hollo is profiled in this video from Miami Today. 

In 1956, Tibor Hollo embarked on a new journey, leaving behind his esteemed status as one of New York’s top contractors to plant roots in the vibrant atmosphere of Miami. Here, he laid the cornerstone for Florida East Coast Realty, a venture that has since left an indelible mark on the city’s skyline. Over six decades, the company has crafted over 60 million square feet of diverse architectural marvels, spanning from single-family homes to iconic high-rises, government edifices, and bustling commercial hubs.

Among its many achievements, Florida East Coast Realty played a pivotal role in reshaping Miami’s landscape, particularly in the Omni/Venetia area, igniting its evolution into the vibrant Miami Arts and Entertainment District. Tibor Hollo’s vision of an integrated urban lifestyle, blending residence, commerce, and leisure, has been realized through his myriad developments.

While Tibor fondly recalls The Grand, a mixed-use gem in the Omni/Venetia area, his gaze is now set upon Panorama Tower, poised to redefine Miami’s skyline upon completion. Standing tall at 867 feet, it promises to be the pinnacle of sophistication and convenience, boasting an array of amenities including a billiard room, expansive gym, and even a dedicated space for musicians.

Yet, the pièce de résistance in Florida East Coast Realty’s portfolio is the ambitious One Bayfront Plaza project. Envisioned as a modern marvel soaring over Biscayne Bay, it encapsulates over 3 million square feet of premier office space, a luxurious hotel, and upscale residences. If all goes according to plan, it will rise to a breathtaking height of 1,049 feet, offering unparalleled panoramic vistas.

Reflecting on his journey, Tibor acknowledges the absence of a conventional mentor, preferring to carve his own path in the world of development, driven by passion and a sense of adventure. If he were to inspire others, it would be through the value of a strong work ethic, infusing life with boundless enthusiasm.

Beyond his professional endeavors, Tibor’s philanthropic spirit shines through his dedication to various charitable causes, particularly those focused on healthcare and education. His only regret? None substantial enough to alter the course of his remarkable journey.

Family remains Tibor’s foremost priority and source of joy, closely followed by his appreciation for fine bourbon. Family members Wayne Hollo, Jerome Hollo, and Austin Hollo serve at the company as its next generation. As he continues to shape skylines and touch lives, Tibor Hollo stands as a testament to the enduring power of vision, hard work, and unwavering dedication.

Transforming Urban Living: A Conversation with Tibor Hollo

In a bustling metropolis like Miami, where the skyline seems to change with every passing year, there’s a visionary at work reshaping the very fabric of urban living. Meet Tibor Hollo, the mastermind behind some of the most innovative residential complexes in the city. In a recent conversation with Chad Monroe from East Coast Realty, Hollo shared insights into his journey, his latest project, and the future of urban living.

Hollo’s story is as intriguing as the buildings he constructs. “I started off as a small general contractor,” he reminisces, “and it was very good for me. I did very well.” But it was in 1956 that he decided to chart his own course, transitioning into real estate development. With a background in architecture and a knack for spotting trends, Hollo set his sights on creating total living complexes that would redefine the concept of urban living.

One of his latest ventures, the Panorama Tower, epitomizes this philosophy. “It is really the zenith of the Piazza philosophy of living,” Hollo explains. “Enjoying yourself so that you don’t have to move out of the building to have a good way of life.” Indeed, Panorama Tower boasts an array of amenities designed to cater to every aspect of modern living, from state-of-the-art fitness facilities to soundproof jam rooms where tenants can indulge their musical passions.

But Hollo doesn’t stop there. He’s constantly pushing the boundaries, anticipating the evolving needs and desires of residents. “At the very beginning, 60 years ago, all people wanted was a nice garbage can,” he notes wryly. “But now, as time evolves, the public wants more and more creature comforts and amenities in their property.”

Indeed, Panorama Tower sets a new standard with its unparalleled offerings, including a newsroom, cyber café, and even a pet grooming service complete with a full-scale kennel. “People love their pets,” Hollo explains, “and it’s really difficult in an apartment or even at home to leave them alone.”

But perhaps the most striking aspect of Hollo’s vision is his forward-thinking approach to architecture. As he proudly describes his latest project, a towering structure set to soar a thousand feet into the Miami skyline, it’s clear that he’s not just building for today—he’s building for the future.

“This building is the future,” Hollo declares, gesturing toward a rendering of the sleek, modern edifice. “It looks like tomorrow, while the other buildings look like yesterday.” With over a thousand residential units, office space, and retail offerings, the building promises to redefine downtown living.

And it’s not just about height, Hollo insists. “Even for buildings that are not high-rise, the amenities remain the same.” From lightning-fast elevators to expansive recreational decks, every aspect is meticulously designed to enhance the urban experience.

As Hollo paints a picture of this bold new future, it’s impossible not to be swept up in his enthusiasm. With each project, he’s not just building buildings—he’s shaping communities, transforming the way we live, work, and play in the modern cityscape.

As our conversation draws to a close, Hollo leaves us with a tantalizing glimpse of what’s to come. “The future is here,” he proclaims, his eyes alight with excitement. “And it’s waiting for us to embrace it.” With visionaries like Tibor Hollo leading the way, the future of urban living has never looked brighter.

 

0 Comments
February 28, 2017

Miami Commercial Real Estate News February 28, 2017: Miami Traffic 5th Worst in USA; Office, Retail, & Industrial Updates; More…

FinCEN Renews Cash-Only Real Estate Reporting Orders

The Financial Crimes Enforcement Network (FinCEN) renewed the existing Geographic Targeting Orders (GTO) that were scheduled to expire today. The tracking orders temporarily require U.S. title insurance companies to identify the “natural persons” behind shell companies used to buy high-end residential…

Video: Industrial Property Developer Larry Callahan Offers USA Industrial Market Insights

Larry Callahan, CEO of Pattillo Industrial Real Estate, a southeastern USA developer of industrial properties, joins The Commercial Real Estate Show host Michael  Bull to discuss the growth of the industrial market and a number of trends impacting it.  He notes that e-commerce is having by far the…

Miami super tower One Bayfront Plaza to break ground in 2019, says Tibor Hollo

A 1,049-foot high-rise in downtown Miami New designs of the planned One Bayfront Plaza in downtown Miami surfaced in December filed by Florida East Coast Realty, calling for 902 apartments, 200 hotel rooms, 532,000 square feet of office space, 103,959 square feet of retail, and over 1,000 parking…

Video: Barbara Denham of Reis Provides a Retail Property Update and Forecast for 2017

Michael and Barbara Denham, Senior Economist at Reis, comes on Michael Bull’s The Commercial Real Estate Show to talk about the retail property market, including performance, values, and trends. Barbara Denham is a Senior Economist in the research and economics department at Reis, an industry leader…

Study: Miami Has World’s Tenth Worst Traffic, and It’s Costing Us $3.6 Billion

Jakarta. New Delhi. Beijing. Lagos. Bangkok. Those worldwide hubs conjure images of people crammed in traffic, honking their way through congested streets and crowded town centers. But according to one recent study, none of those global cities has a traffic problem quite like Miami’s. According to data released Friday by the traffic-analytics company Inrix, Miami is the proud home of the world’s tenth worst traffic congestion. According to Inrix, Miamians spent an average of 65 hours trapped in traffic at peak congestion…

Video: Reis Senior Economist Barbara Denham Provides U.S. Industrial Property Market Update

In this brief video, Barbara Denham, Senior Economist at Reis,  discusses the industrial property market nationally, including performance and trends in rent and vacancy.  During this video a chart is displayed showing, over the past several years, steady rent growth and a (likewise) steady decline…

Video: Forecasting the Office Market with CoStar’s Director of Office Property Research: Cap Rate Forecasts; NOI Growth Projections; More…

Walter Page, Director of Office Property Research with CoStar makes forecasts for the office property market forecast for 2017 and beyond, including interest rates, cap rates, and demand in this video from The Commercial Real Estate Show. He notes that cap rates have been flat for office properties…

Video: CoStar’s Director of Office Property Research Provides an Update: Office Construction vs. Norms; Rent Growth Year Over Year; Vacancy by City; More…

Walter Page, Director of Office Property Research for CoStar, provides and update on the Office Market in this video from The Commercial Real Estate Show. This update on the office property market includes performance, construction, and supply. Walter presents and discusses a chart of new office properties…

Miami’s 9 Hottest Developments Under Construction

The Miami skyline has undoubtedly transformed in recent years but judging from the current swarm of cranes littered throughout the skies and a slew of recently announced projects, its evolution is still very much fluid.

Miami-Dade Mayor Hopes To Get Billions In Transit Funding After Revoking Sanctuary City Status

Local surveys consistently rank traffic as the top concern of local residents, and Mayor Gimenez will come out “very popular” if he manages to solve it.

Skyscrapers to Change Miami’s Skyline

At present time, the Four Seasons Hotel is the tallest building in all of Florida at 789 feet high, and until recently no other buildings were allowed to be taller than it because of regulations with the Federal Aviation Administration (FAA). According to the FAA, skyscrapers could not be taller than…

Miami’s Hard Rock Stadium named a finalist for ‘Stadium of the Year’

Home of the Miami Dolphins and Miami Hurricanes Miami’s newly renovated Hard Rock Stadium is one of 10 finalists for 2016 Stadium of the Year, an award given to the best new stadium in the world. Formerly New Miami Stadium and Sun Life Stadium, Hard Rock purchased the naming rights in August just…

Former executive chairman of Bay Harbor Islands developer Verzasca developer, ex-prez of JetSmarter, arrested in Fort Lauderdale

A screenshot of the JetSmarter-Aurora partnership from the development’s website. Inset: Gennady Barsky. Former Verzasca Group developer Gennady Barsky was arrested in Fort Lauderdale and is facing extradition to California, where he’s wanted on grand theft charges.  Barsky, the former executive chairman…

Opportunity to Extend Development Orders and Permits for Almost 16 Months

Developers must notify issuing governmental agency by July 10th to receive a new extension. Holders of permits and development orders have the opportunity to toll the period remaining to exercise rights under the permit or order for nearly 16 months. Section 252.363 of the Florida Statutes permits…

The Road Ahead: How Uber, Lyft, and Driverless Cars Could Change Commercial Real Estate

A look at the potential impact of disruptive technology and service. There’s a revolution on the road ahead and it’s picking up speed. Just a few years ago, order-by-phone car services like Uber and Lyft were a novelty. Today, they’re more like a necessity – so much so, that along with technology…

18 Brickell: the new architecture promise with a vibrant design that will embellish Downtown Miami!

It is a fact that Miami Residential Real Estate keeps evolving, especially in Brickell, considered the “South Manhattan”. Downtown has grown as a potency to attract the most creative minds to invest in Miami, adding a modern touch to this tropical location. To replace the historical “Burger King”, currently surrounded by luxurious and magnificent building developments, Brickell is prepared to receive a spectacular tower called “18 Brickell” at 10 SW 8th Street that will host shops, offices, residential units and provide…

Condo Speculation Collapses in Miami-Dade’s Condo Glut

Preconstruction condo flippers left twisting in the wind. The lure: Buy a preconstruction condo from a developer in the early stages of development. The initial deposit is small, and in a booming market, the payoff big. Additional payments need to be made as the building progresses, but lenders are eager to lend as condo prices soar. Everyone is in nirvana. This bet has been hot in the condo construction boom around the country. But in Miami, the bet is now collapsing. And preconstruction condo flippers, the lucky ones that…

0 Comments
February 28, 2017

Video: Industrial Property Developer Larry Callahan Offers USA Industrial Market Insights

Larry Callahan, CEO of Pattillo Industrial Real Estate, a southeastern USA developer of industrial properties, joins The Commercial Real Estate Show host Michael  Bull to discuss the growth of the industrial market and a number of trends impacting it.  He notes that e-commerce is having by far the most impact on the sector, with the most active segment of the market in buildings with more than a million square feet, generally with a single tenant.  He further notes that an emerging trend of major e-commerce providers of smaller closer-to-the-customer regional distribution centers, with sizes more in the 200,000 to 300,000 square feet range versus their sole strategy of 50 to 60 million square feet in years past.  He  goes on to further speculate that an under the radar trend of smaller businesses growing into a size that needs this 200,000 to 300,000 square foot range is providing additional fueling to needs in this size range. He goes on to discuss the re-purposing of dead strip malls as industrial properties, surely something we will see more of as retailing continues its shift to online. Mr. Callahan notes that whereas in the recent past 65-70% of new construction has been build to suit, nearly 80% of activity is not speculative.  Finally, he believes that parking area requirements, both for trucks and employees, are increasing.  Interestingly, he believes the lack of adequate parking in existing facilities has driven much of the build to suit activity.

More About Patillio Industrial Real Estate

Pattillo Industrial Real Estate, founded in 1950, is a third generation developer and the largest privately held industrial development company in the Southeastern United States. They specialize in the development, acquisition, and management of industrial properties, building and land.  The own and manage Class A industrial buildings located in master planned industrial parks in the states of Georgia, Florida, South Carolina, Tennessee, and Kentucky. Pattillo Industrial Real Estate is actively developing and acquiring strategically located land and buildings throughout the Southeast United States. Although they appear not to own properties in the Miami area, Mr. Callahan’s comments apply to all markets, Miami included.

0 Comments
February 24, 2017

Miami Commercial Property News February 23, 2017: Edgewater Developers Facing Foreclosure; Tibor Hollo Profiled; More…

Edgewater developers face foreclosure over unpaid $34M loan

In one of the first major foreclosure initiations during the cooling real estate market, a lender is suing the developers of an Edgewater hotel project for not paying a $34 million loan. On Jan. 18, BDB Realty LLC filed the foreclosure lawsuit against Rebuild Miami-Edgewater LLC in Miami-Dade Circuit Court. Exactly one year ago, Rebuild purchased a 7.35-acre site on the corner of Northeast Second Avenue and Northeast 17th Street for $64 million from BDB, which is a partnership between Atlanta-based BDB Realty…

Tibor Hollo Miami Today Profile: Building our tallest tower, with a bigger one to follow

In 1956, Tibor Hollo packed his bags and reputation as one of New York’s most successful general contractors and relocated to sunny Miami, where he founded Florida East Coast Realty. In the 60 years since, the company has built in excess of 60 million square feet of single-family homes, landmark residential and commercial high-rises, government buildings, marinas, high-end retail centers, warehouse complexes, and telecommunications centers. The company forged new ground by developing Miami’s Omni/Venetia…

Now on Kindle: Florida Chapter 475 Part 1 Regarding Real Estate Brokers, Sales Associates, and Schools

James Hawkins, via a related entity, has made Florida Chapter 475, Part 1, Real Estate Brokers, Sales Associates, and Schools, from Florida Statutes Title XXXII, Regulation of Professions and Occupations, available for download on Kindle. This is a great resource for those studying to take the Florida Real Estate Sales Associate or Florida Real Estate Broker exams, and is a must have reference for those already licensed as Florida real estate sales associates, Florida real estate brokers, and Realtors. Once on Kindle, users can…

Video: Forecasting the Office Market with CoStar’s Director of Office Property Research: Cap Rate Forecasts; NOI Growth Projections; More…

Walter Page, Director of Office Property Research with CoStar makes forecasts for the office property market forecast for 2017 and beyond, including interest rates, cap rates, and demand in this video from The Commercial Real Estate Show.
He notes that cap rates have been flat for office propertie…

Tri-Rail to roll commuter rail into downtown Miami by year’s end

With a bid controversy settled, the South Florida Regional Transportation Authority is on track to have Tri-Rail commuter trains steaming into downtown’s Miami Central station by year’s end. “We issued a contract this week for the maintenance of the corridor,” Bonnie Arnold, authority spokesperson, said last week. “We stand by the process.” The authority solicited bids to bundle services from four contracts that are expiring. The bid documents stated the proposals had to be non-conditional, meaning that they couldn’t take…

Video: Reis Senior Economist Barbara Denham Provides U.S. Industrial Property Market Update

In this brief video, Barbara Denham, Senior Economist at Reis,  discusses the industrial property market nationally, including performance and trends in rent and vacancy.  During this video a chart is displayed showing, over the past several years, steady rent growth and a (likewise) steady decl…

Miami-Dade County analyzes four expansions for Metromover

Miami-Dade County transit officials are analyzing extensions for the Metromover and upgrades for all its systems toward accommodating increasing ridership. Director of Transportation and Public Works Alice Bravo said right now her department is evaluating various expansions, including one to the north for the Midtown area; the south to close the Brickell loop; the west for the Marlins Stadium area; and Miami Beach over the MacArthur Causeway to Fifth Street and Alton Road that would serve as a beach corridor.

Uber And The Freight Business: Collaborative Partner Or Disruptive Competitor?

With over 30 million users a month in 425 cities in 72 countries, some would say that Uber is fast changing the face of global road transport. The start-up, which was founded by Travis Kalanick in 2010, has severely disrupted the taxi industry in many cities around the world. And now it seems…

Florida Commerce With Cuba Totals $65 Million Even As Governor Tries To Limit Trade Expansion

Even though Gov. Rick Scott doesn’t think any Florida port should be doing business with the “Cuban dictatorship”, many items have flowed through the state’s ports and airports headed to or returning from Cuba.

Home sales still falling in Miami-Dade, Broward and rising in Palm Beach: Realtors reports

Miami-Dade and Broward counties continued to see declines in residential sale volume and increases in prices in January, according to the latest Miami and Greater Fort Lauderdale associations of Realtors reports. In Palm Beach, meanwhile, more…

Genet Property Group Shopping South Miami Industrial Portfolio

Genet Property Group has put its 366,000-square-foot portfolio of 11 smaller industrial buildings up for sale. Genet has retained the Cushman & Wakefield team led by Miguel Alcivar, Dominic Montazemi, Scott O’Donnell and Jason Hochman to market the portfolio to potential buyers. Related…

Miami Highways To Get First Diverging Diamond Interchanges

Work is steadily moving forward to make driving on area highways less time-consuming and safer. “Two major things right now are the diverging diamond interchanges and the work on the shoulders of 836 to prepare them for express buses,” said Yvette Holt, a spokesperson for the Miami-Dade Expressway…

New EB-5 U.S. Visa Program For International Investors Announced

Another way of investing in this prime condominium is through EB-5. EB-5 is a visa program where foreign investors are given a green card when they invest in the United States. However, it is not as simple as that. The investor should ensure that he/she will also be able to provide 10 jobs. Recently, the real estate industry has been accepted to grant this opportunity to foreigners. The investment of the foreigner should amount to $500K, but this already shoulders him and his family. There are only a few luxury condominium…

HFZ’s Alicia Goldstein Talks Miami Commercial Real Estate and More

Alicia Goldstein is something of a legacy in New York real estate. Her mother, Patricia Goldstein, worked at the highest levels of commercial real estate for decades, including as vice chairman and head of commercial real estate at Emigrant Bank, until her passing last April. And Alicia, 43, has made her mother proud. Currently the senior managing director and president of sales and marketing for Manhattan real estate developer and investor HFZ Capital Group, the junior Goldstein brought the expertise she developed in sales…

Miami Officials Aren’t Even Planning for Medical Marijuana Dispensaries in the City

In November, Floridians overwhelmingly voted to legalize medical marijuana. Seventy-one percent of voters backed Amendment 2, requiring the legislature to make rules by July 3. By September, medical pot is supposed to be available statewide. But try telling that to the City of Miami. Nearly four months after the election, officials in the Magic City are still debating whether medical marijuana is even legal at all. That curious position became clear during a Planning and Zoning Appeals Board meeting last week, when…

0 Comments
February 23, 2017

Video: Barbara Denham of Reis Provides a Retail Property Update and Forecast for 2017

Michael and Barbara Denham, Senior Economist at Reis, comes on Michael Bull’s The Commercial Real Estate Show to talk about the retail property market, including performance, values, and trends. Barbara Denham is a Senior Economist in the research and economics department at Reis, an industry leader in providing comprehensive and unbiased data that is used by commercial real estate professionals. Before  Reis, she served as Chief Economist at Eastern Consolidated, and Research Manager at Jones Lang LaSalle.  She created the New York STAT, an economic newsletter for New York City after serving as Research Director at Colliers ABR. Her original research has appeared in The Real Estate Finance Journal. Her white papers and assessments of market conditions have appeared in international publications like The Economist, The Wall Street Journal, The New York Times, The Financial Times and Crain’s New York Business, and she has appeared on Bloomberg TV.

0 Comments
February 23, 2017

Video: Steven Marks of Fitch Ratings Reviews Performance and Provide and Outlook for Industrial Property REITs

Steven Marks, Managing Director of Fitch Ratings, discusses industrial property REITs with The Commercial Real Estate Show host Michael Bull,  He reviews performance and provides some forecasts and tips in this short video. Some highlights include:

  • Total return of 2016 was around 35% compared to broader REITs in the low 20s and the S&P 500 in the mid 20s
  • Think industrial will be one of best performers in 2017 driven by
    • slow and steady economic growth
    • strong demand for internet retail sales
    • supply remains relatively in check
  • Market appears to be in equilibrium, with new inventory being absorbed
  • Online sales are growing at a fast clip, driving incremental demand
0 Comments
February 22, 2017