Yield Curve Quarterly Snapshot – 2016 Q2

U.S. Treasury Yield Curve Nominal and Real Q2 2016 vs. Q1 2016

U.S. Treasury Yield Curve Nominal and Real Q2 2016 vs. Q1 2016

At the end of the 2nd quarter of 2016, U.S. Treasury yields, on a nominal basis, were essentially unchanged at the shortest end, but eased up a touch as longer maturities are considered, with what appears to be a 25 or 30 basis point increase for all maturities 5 years or greater.  On a real basis, for maturities of 5 years or more, all yields increased, but by less than on a nominal basis.

Interest rates tend to affect commercial real estate property in numerous ways (see thisthis, and this).  Borrowing costs are affected directly, with higher interest rates increasing the cost of borrowing and therefore negatively affecting demand.  Cap rates generally move with interest rates, although not in lockstep, with considered analyses generally seeming to conclude that capitalization rates on average move in the direction of 10-year rates, but only about a third as much.  Interest rates affect the economy, which in turn affects vacancy and rents.  In short, the interest rate environment is highly important to commercial real estate investment.

View more yield curve quarterly snapshots.

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July 11, 2016

Commercial Property in Zip Code 33131: Year’s Top Buyers, Sellers, Ten Year Sales Volume

Ten Year Sales Volume for Commercial Properties Within Miami-Dade / Miami Area / South Florida Zip Code 33131 as of June 15, 2016 | Chart Courtesy of Costar

Ten Year Sales Volume for Commercial Properties Within Miami-Dade / Miami Area / South Florida Zip Code 33131 as of June 15, 2016 | Chart Courtesy of Costar

For commercial property of all types in Miami’s zip code 33131 the top buyers in the past year as listed by Costar on June 15, 2016 included: Sumitomo Corporation of Americas; Crocker Partners LLC; Lend Lease US Services Inc; KanAm Group; TIAA; Prudential Financial, Inc.; Tishman Speyer; Parkway Properties, Inc.; Gaedeke Group LLC; Alliance RE Holdings, LLC.  The total purchase volume of these buyers for these types of properties ranged from in excess of $150 million to over $450 million.

The top sellers of such properties in this same period included: Shorenstein Properties, LLC; Crescent Real Estate Equities LLC; Espirito Santo Plaza; Stiles Realty; Guggenheim Partners LLC; Tishman Speyer; CBRE Global Investors Ltd.

This was compiled using data from the CoStar Group, which provides in depth analytics for the commercial real estate industry.

Also see:

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July 3, 2016

2016 Miami Spice Restaurants Mapped with Links to Individual Restaurant Information

Click on any marker to see the name of a restaurant and a link to that establishments information on the Miami Spice website. General information related to Miami Spice may be accessed at the Miami Spice website. If you prefer to view this in google maps, access it directly here. This map of 2016 Miami Spice Restaurants was created to help diners quickly zoom to an area to search for Miami Spice restaurants, seeking to reward those establishments that participate in the Miami Spice program.

Check the Miami Spice website for updated information. Miami Spice is an annual two month long restaurant promotion event that showcases the best of Miami’s plentiful dining options. Lasting from August 1 to September 30, participating restaurants offer three-course meals featuring signature dishes at reduced prices, this year (2016) $23 for lunch or $39 for dinner.

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July 2, 2016

Miami Commercial Property News July 1, 2016: Brickell Condo Development May Slow; More…

Brickell condo development may slow

Riding a five-year trend of high absorption levels, developers planned another robust year of new construction in Brickell’s hot condo market. But early signs suggest 2016 might be different.  The market took delivery of well over 1,000 units in 2015, and about three times that many sit on the…

High-profile site may add riverwalk

A high-profile site near the mouth of the Miami River downtown may finally be opened to the public as part of an extended riverwalk.  The additional riverwalk would be temporary, for perhaps one year, while the property’s new owner lines up permits and other approvals needed to build a luxury…

Enforceability of Electronically Signed Documents

On April 20, 2016, the District Court of Appeal for the Fourth District of Florida held that a copy of an electronic promissory note (e-note) was sufficient to prove the identity of the e-note’s owner and to provide a…

New Florida Building Laws Effective July 1, 2016

Florida bills effective July 1 revise some rules in Fla.’s building code, regulate private-residence elevators and authorize officials to create fumigation rules.  SB 1602 creates rules for new elevators…

Steelbridge Wraps Up SunTrust Center Acquisition in Largest South Florida Office Trade Year to Date

Steelbridge Capital, a privately held real estate investment firm with offices in Chicago and Miami, wrapped up its acquisition of SunTrust Center, a pair of office buildings at 501 and 515 East Las Olas Boulevard in Ft. Lauderdale, FL.  Spanning a city block and totaling 278,635 square feet…

County flyspecks lease for big film studio

“There’s no news, which is probably good news,” on negotiations for a mammoth studio complex comprising 11 sound stages and 4 million cubic feet of water in 10 giant tanks, said Rodolfo Paiz, a principal of Miami Ocean Studios LLC. His company is in lease negotiations for 160 acres…

This Mall Will Be So ‘Ginormous’ That It Will Come With Its Own Suburb

Graham Cos. is pursuing a shopping complex just south of the American Dream Miami site, with commercial space for retailers looking for spillover from the mega-mall and about 2,000 apartments for people who will work there.

Industrial Lease Negotiated For Leading Transport And Logistics Co.

NAI Miami’s Lucia Custer and Gabriel Garcia-Menocal, SIOR negotiated the five year, 13,516-square-foot lease.

Walmart’s Construction Permit In Midtown Miami ‘Revoked’ By Building Department

The permit had been locked due to a lack of unity of title on the property.

South Florida Orangetheory Fitness Chain Inks Deal With N.Y. Yankees Baseball Franchise

Orangetheory will receive LED signage at Yankee Stadium as the Palm Beach-based chain works to expand throughout the U.S. and overseas.

Downtown, Wynwood And Coral Gables Developers Reveal Obstacles In Boutique Market

According to a panel of small scale project builders, investors developing boutique properties must be prepared to finance most of the construction and fight for rezoning and land use changes.

Miami Commissioner Demands Prioritized Funding for SMART Rail

Preach In light of MDX’s increased revenues from tolls in the form of $90 million over the last three years, Miami-Dade Commissioner Xavier L. Suarez is pleading for $40-50 million of it to be mandated to the funding of the city’s SMART plan, which would build six new mass transit l…

Atton Brickell Miami Hotel Opens Friday

Brickell’s newest hotel Atton Hotels will open its first hotel in the United States when the 275-room Atton Brickell Miami opens on July 1.  The hotel is 12 stories and located at 1500 Southwest 1st Avenue. It offers the Uva bar in the lobby, Peruvian-inspired restaurant Lima, 4,000 square feet…

Here’s What Royal Caribbean’s New Cruise Terminal at PortMiami Could Look Like

Sleek and vibrant Broadway Malyan beat out four other firms (Aedas, Bjarke Ingels, Zaha Hadid, Asymptote) in a design competition for designing the new Royal Caribbean cruise terminal at PortMiami, via The Next Miami.  Royal Caribbean VP John Tercek tells Travel Weekly why the cruise giant took a di…

Video: Commercial Economic and Regulatory Update

NAR’s Director of Quantitative and Commercial Research George Raitu and Stephanie Spear of NAR Government Affairs have turned in a clear and concise clip outlining the state of regulatory update in the commercial property sector, including thoughts on potential adjustments by the Fed to …

Brexit Vote: Commercial Real Estate Implications

With Britain’s vote yesterday to leave the European Union, what are the implications for the “Brexit” in the commercial real estate markets?  A quick collection of viewpoints — from before and after the vote — is below.  Traders Bet Billions on Brexit Result…

Tour the Newly Renovated Marlin Hotel on South Beach, Asking $22M

The new and improve Marlin Hotel The newly updated Marlin Hotel in South Beach has hit the market asking $21.9 million.  After adding 19 rooms, the boutique hotel now offers 33 keys and was once the home to South Beach Studios, which housed the recording of top musicians like Bob Marley, Jay Z, Aerosmith…

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July 1, 2016

Commercial Property in Zip Code 33146: Year’s Top Buyers, Sellers, Ten Year Sales Volume

Ten Year Sales Volume for Commercial Properties Within Miami-Dade / Miami Area / South Florida Zip Code 33146 as of July 1, 2016 | Chart Courtesy of Costar

Ten Year Sales Volume for Commercial Properties Within Miami-Dade / Miami Area / South Florida Zip Code 33146 as of July 1, 2016 | Chart Courtesy of Costar

For commercial property of all types in Miami’s zip code 33146 the top buyers in the past year as listed by Costar on July 1, 2016 included: Baptist Health South Florida, Inc.; TIAA; NP International; Heitman; Shoma Development, LLC; Dyl Merrick Park Development, LLC; LG Coral Gables LLC; Arturo Siso; Gadinsky Real Estate, LLC; Echion USA.   The total purchase volume of these buyers for these types of properties ranged from near $18 million to over $70 million.

The top sellers of such properties in this same period included: Heitman; Sound Hospitality Management; Interamerican Hotels Corporation; The Rockefeller Group; General Growth Properties, Inc; Century Homebuilders Group, LLC; Yeung Property Holdings Inc; de Guardiola Ventures; Summit Group; Kendar Realty, Inc.

This was compiled using data from the CoStar Group, which provides in depth analytics for the commercial real estate industry.

Also see:

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July 1, 2016

Miami Commercial Real Estate News June 16, 2016: 1 Hotel South Beach for Sale; Listing the Most Expensive Office Markets; More…

Downtown, Wynwood And Coral Gables Developers Reveal Obstacles In Boutique Market

According to a panel of small scale project builders, investors developing boutique properties must be prepared to finance most of the construction and fight for rezoning and land use changes.

The Eco-Friendly $28M Safira Superyacht is Chilling in Downtown Miami

LEED-Platinum certified The world’s first LEED-platinum status megayacht made its way to Downtown Miami when the $28-million “Safira” docked outside the Epic Hotel after a trek from the U.S. Virgin Islands.  Among the 129-footer’s greenest features: LED lighting; a desalination system for…

Report: 1 Hotel South Beach ‘Being Marketed for Sale’

Could South Beach’s eco-friendly paradise be changing hands? The 1 Hotel South Beach is “being marketed for sale,” per the The Real Deal, and could set a record for Miami hotel sales: When it sells, the trophy property could mark a record for the most expensive hotel deal of all time in Miami…

CNBC: The World’s Most Expensive Office Markets

If you’re in the office space industry and you’ve ever wondered where it would lead if you followed the money to the top office markets in the world, take a peek at CNBC’s collection of eye-popping dollar figures…

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June 17, 2016

Considering Commercial Properties in Zip Code 33129 and Surrounding Zip codes 33128, 33131, 33145, 33135, 33149, 33133

Our offices, those of Keyes Commercial Realty, are located within Miami area zip code 33129.  This zip code is considered part of Miami’s core and includes the important Coral Way thoroughfare between Coral Gables and downtown Miami.  Information on properties in 33129, , like this one at 41 SW 15th Road, may be found here.  Bordering zip code 33129 on the north is zip code 33128.  Properties that are within Miami zip code 33128, like this one at 458 NW 4th Street, have information here.  To the northeast is zip code 33131, a zip code directly in downtown Miami that includes Brickell Avenue and much of what is considered the Brickell area.  Property information pages for properties in zip code 33131, for example this one at 133 East Flagler Street, may be found here.

To the west of zip code 33129 are zip codes 33145, which is directly west and is sometimes perceived as part of Miami and at others as part of Coral Gables, depending on the location and the perspective of the perceiver, and 33135, which is west and a bit north, with the bottom of its eastern edge touching the upper left side of the border of 33129. Zip code 33135 encompasses core areas of SW 8th Street and Little Havana, and is increasingly referred to as West Brickell as developments trend ever skyward. Information on properties in 33145, such at this one at 2628 SW 18th Street,  may be found here, while info about properties in 33135, like this one at 1326 SW 3rd Street, may be found here.

Barely touching 33129 are zip code 33149 and 33133, both of which just touch the borders of 33129.  Information regarding properties in zip code 33149, the zip code for the Island of Key Biscayne, like, for example, this one at 10 Village Green Way, can be found at this location, while specifications about properties in 33133, the zip code for Coconut Grove, an exclusive section of the city of Miami, such as this one at 3081 SW 27th Lane and this one at 3335 Bird Avenue, may be found here.

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June 7, 2016

Video: Realtors® Commercial Alliance 2016 Midyear Miami Industrial Property Update – SIOR Panel

 

 

This is a mid-year update discussion panel for Miami area commercial real estate. Participating in the discussion, held by the Realtors® Commercial Alliance (RCA) of Miami, was Wayne Ramoski of Cushman & Wakefield, Chris Sutton, VP of Development for Coral Gables based Flagler Global Logistics, as subsidiary of Florida East Coast Industries, a subsidiary of Fortress Investment Group, Jose Juncadella of Fairchild Partners, and, as moderator, Maria Juncadella, also of Fairchild Partners.

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June 3, 2016

Miami Commercial Property News June 2, 2016: Swire Buys Near Brickell City Centre; Huge Profit on Suniland Sale; More…

China City Residential Tower Is Challenged In Court

China City Construction recently got approval to build a residential tower in North Beach, but neighbors are asking for a court to overturn that approval.  Records show that attorney Kent Harrison Robbins filed a Petition for Writ of Certiorari on May 20 in a Dade court. The petition is asking that approval of an Arquitectonica-designed…

Swire Acquires Lot Near Brickell City Centre for $2.5M

BCC Expansion? Could Brickell City Centre be expanding?
A tipster informed us an LLC connected to Swire Properties has recently purchased a plot of land at 158 Southwest 7th Street for $2.5 million, sitting a block away from the upcoming $1.05-billion Brickell City Centre.  The 7,500-square-foot lot…

Suniland Shopping Center in Pinecrest Sells for $56M Profit

Purchased for $10.4M Terranova’s Suniland Associates Ltd. just sold Suniland Shopping Center for a whopping $66.5 million to Denver-based Dividend Capital Diversified Property Fund.  The 82,000-square-foot property was originally purchased beginning 22 years ago in two transactions, notes the…

Miami Rents Dip Slightly in May, Remains No. 8 Nationally

$1,890 a month for one-bedrooms Miami remained at No. 8 in the latest Zumper National Rent Report, with median rents for one-bedroom units dropping slightly from $1,900 in April to $1,890 in May, which is still up 5 percent year over year.  Two-bedroom units experienced a similar fate, dropping to…

Report: PGA Tour Leaving Trump Doral for Mexico City

Trump:  “I hope they have kidnapping insurance” Donald Trump’s brash opinions apparently can have consequences.  Trump National in Doral will no longer be hosting its annual PGA golf tournament because the tour couldn’t find a sponsor to replace Cadillac, reports the Miami Herald, echoing Donald…

Trump Doral loses PGA Tour to Mexico City

Trump National Doral has lost a major player: the PGA Tour.  The PGA Tour is heading to Mexico City in 2017, according to multiple news sources, with no plans to return to South Florida. Doral has hosted the tournament…

Brown Harris Stevens in talks to acquire two more Miami brokerages

New York’s Brown Harris Stevens is on the verge of acquiring two more brokerages in its quest to solidify a sales pipeline between Miami and New York, including…

Brickell City Centre buys land for future expansion

With the opening date for Brickell City Centre’s retail portion drawing closer, Swire Properties has already set its sights toward the future.  The developer has purchased a spit of land a block away from the development for $2.35 million with plans of integrating…

Former Greenberg Traurig attorneys open CRE-focused firm

Miami attorneys Anthony Casareale and James Carenza have teamed up and launched their own firm, Casareale & Partners.  The commercial real estate-focused practice, located at 1000 Brickell Avenue, opened in March and focuses on…

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June 2, 2016

Miami Commercial Real Estate News May 31, 2016: Michy’s Building Sells; Asian Investors Partner on Project; More

Michy’s building in MiMo to be purchased for $6M

A partnership between Michael Comras and Forte Capital Management’s Chaim Cahane paid $6.125 million for a retail building in Miami’s MiMo district, The Real Deal has learned.  The property is occupied by Michelle Bernstein’s Cena by Michy, as…

ASRR brings in Chinese, Hong Kong investors to partner on Miami project

ASRR Capital Ltd. — the publicly-traded Israeli company led by New York real estate moguls Alex Sapir and Rotem Rosen — has brought in Chinese and Hong Kong investors to partner in redeveloping the Miami Arts and Entertainment…

Clothing Company Inks 15,000 SF Lease, Brings Beacon Centre Building To Full Occupancy

State Street Realty President George Pino, SIOR and Associate Brian Cabielles represented the Landlord, Prologis, in the deal.

5 New Photos of East, Miami, Which Opens Today in Brickell City Centre

Swire’s flagship hotel in Brickell City Centre Architectural Digest ran a feature previewing East, Miami, Brickell City Centre’s signature hotel, which opens today.  The 40-floor hotel, designed by Miami-based firm Arquitectonica (exteriors) and New York-based Clodagh Design (interiors), flaunts an…

South Florida home price growth continues to fall in March: report

Once the nation’s poster region for exploding home prices, the growth of South Florida’s property price has started to downshift.  That trend has continued through March, according to the newly released S&P/Case-Shiller Housing…

National Association of Realtors bans Zillow from 2016 events

From the New York website: Zillow was conspicuously absent at the National Association of Realtors’ (NAR’s) midyear conference last week. And that was for a good reason: they weren’t allowed to come.  At the event, MLS CEO Cameron…

June 2016 Florida Real Estate Case Law Updates

By: Daniel T. Pascale, Esq.  Liquidated Damages Clause Enforced in Real Estate Contract.  San Francisco Distribution Center…

New-To-Market Company Plans 12 Locations In South Florida

The company is in the process of signing leases for eight locations in Miami-Dade and four in Broward with the first opening on Jan. 1.

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May 31, 2016

Miami Commercial Property News May 26, 2016: Sumitomo Buys Miami Tower; Illegal Airbnb Revenue Considerable; More…

Sumitomo Corp. Acquires Miami Tower

LaSalle Investment Management more than doubled its investment on the Miami Tower office building at 100 SE 2nd St. in Miami, FL, in six years, selling it to Sumitomo Corporation of America last week for $220 million, or about $348 per square foot.  The seller acquired the asset in December 2010…

Report Indicates $76M in Miami Airbnb Revenue Came From Illegal Practices

62% of revenue in Miami In what was intended to be a peer-to-peer business model, Airbnb is being manipulated in Miami, where a new report indicates 62 percent of revenue came from operators listing multiple units for rent.  It is the highest percentage of the 14 cities studied by the American Hotel …

Miami Tower Sells for $220M – View it in 12 Different Colors

LaSalle paid $105 million in 2010 The iconic gleaming Miami Tower just sold to a Japanese firm for $220 million, per The Real Deal.  County records show a fund controlled by Chicago’s LaSalle Investment Management transferred the air rights of the office tower at 100 Southeast Second Street to…

Miami Lands Super Bowl LIV in 2020

Perfect fit So Stephen Ross’ stadium renovation has paid off as Miami will be hosting the Super Bowl in 2020.
In a perfect harmony between roman numerals and night club, the 54th Super Bowl in NFL history will aptly be named Super Bowl LIV. Miami beat out Tampa.  Official logo?

Midtown 6 Announced, Featuring 447 Luxury Apartments

Midtown is popping. Midtown Miami continues to build with vigor as Midtown 6 has been revitalized as a luxury apartment project, per a press release by Magellan Development Group and Midtown Development, the same duo that developed Midtown 5, which topped off in April.

Refi Roundup: Six Shopping Center Refinance Deals

Fluctuations in the cost of capital serve to change the price of commercial property opportunity on a daily basis. Investors, owners, and brokers: here’s a handful of the recent refinancing deals for shopping centers culled from the national marketplace in commercial real estate:  NorthMarq…

The nation’s retail barons

From the National Market Report: From browsing luxury designer stores and boutique clothiers to negotiating sprawling supermarkets and big-box retailers, American consumers engage in a wide variety of shopping activities. But who owns all this space that figures so prominently…

Miami Airbnb operators dodged $16M in taxes in one year: report

Airbnb has grown exponentially in Miami, marking one of the top five markets for the short-term rentals website.
A new report shows that if municipalities collected the same taxes as other local lodging businesses in Miami, Airbnb operators would have owed nearly $16 million from October…

Kalashnikovs and supercars: How dealmakers handle the stress of ICSC

David Firestein of SCG Retail, with his target from AK-47 shots at a gun range and James Wacht of Lee & Associates NYC, climbing rocks.  The whirlwind of meetings, emails and parties that fertilizes the soil in which deals take root at RECon Las Vegas …

Barlington Group plans new retail, restaurant project at entrance to Brickell

The Barlington Group is under contract to purchase an aging office building in Brickell with redevelopment plans, managing principal Bill Fuller told The Real Deal.  The property, at 90 Southwest Eighth Street, hit the market in August…

A video trip down memory lane for Miami Tower

This week, Japanese conglomerate Sumitomo Corp. bought a piece of Miami history with its $220 million purchase of the iconic Miami Tower office building.  The sale marked one of 2016’s biggest investment deals so far, and the latest chapter for a tower…

Resorts World Miami hit with lawsuit over broker commissions at Boulevard Shops

Resorts World Miami has just been sued by a brokerage alleging it’s owed commissions for a lease signed at the Boulevard Shops redevelopment site in Miami.  As first reported by the Next Miami, brokerage Prime Sites, Inc. filed suit last week alleging…

Chinese firms have spent $9.3B on US real estate in 2016

From the New York website: The U.S. commercial property market may be showing signs of slowdown, but that’s not stopping Chinese investors.  Firms based in the country spent a hefty $9.3 billion on a…

150,000 SF Lease Deal for First Building At Airport North Logistics Park

The deal brings the building to full occupancy.

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May 26, 2016

Miami Commercial Real Estate News May 24, 2016: Miami Tower Sells for $220 Million; More…

Miami Icon Trades For $220 Million

Miami Tower, one of the city’s most iconic properties, was sold to an affiliate of Sumitomo Corporation of America for $220 million, or nearly $367 per square foot. I&G Miami LLC, an affiliate of the LaSalle Income & Growth Fund V, sold the 618,990-square-foot tower at 100 Second Street….

Owners of Bal Harbour Shops launch public records-based website aimed at vice-mayor

In the latest attempt to salvage their original $400 million expansion plan, the owners of Bal Harbour Shops have launched a website targeting their leading opponent, drawing a sharp rebuke from a perceived competitor caught in the crossfire.

Hermès inks lease for Latin American office in Coral Gables

Hermès of Paris has signed an office lease for its perfume division in downtown Coral Gables.  Hermès leased nearly 2,900 square feet at 2020 Ponce, where it will house its Latin American office, Avison Young announced on Monday…

AutoZone Repesented In Ground Lease Valued At Over $1 Million

Joseph Gallaher and Jeremy Larkin with NAI Miami negotiated the 44,501-square-foot retail land lease.

Americas CRE Negotiates Lease With National Traffic Control Company

Ana Rivera of Americas Commercial Real Estate represented the Ohio-based traffic control company in the three-year lease deal.

Exclusive Leasing Agent Named For Dolphin Commerce Center

The industrial complex spans more than 700,000 square feet.

1.6 Million-Square-Foot to be leased in Southwest Miami-Dade

NGKF’s South Florida industrial team already has secured two major tenants for the project.

Ivy Realty Purchases $68 Million Miami Office Portfolio

Ivy Realty purchased a five-building office portfolio in Miami’s Waterford at Blue Lagoon Business Park for $68.25 million, or about $191 per square foot. The seller was a fund managed by DRA Advisors LLC.  The portfolio totals 357,466 square feet of office space built between 1982 and 1988.

TA Realty Sells Webster Business Park in Miami

CoFe Properties LLC acquired the four-building Webster Business Park at 7204-7224 NW 25th St. in Miami, FL from TA Realty for $16.6 million, or approximately $99 per square foot.  The single-story industrial buildings were constructed in 1972, just a quarter-mile from Miami International Airport.

Two Tenants Sign on to Two MiamiCentral

Major accounting firm Ernst & Young leased 23,000 square feet between two floors at the Two Miami Central located at 604 NW 1st Ave. in Miami, FL.  Florida East Coast Industries, Florida’s oldest and largest commercial real estate, transportation, and infrastructure holding company, signed…

Study: Miami Among Hottest Destinations for Millennials

No. 4 Miami may be among the priciest places to live in the country, but that hasn’t deterred America’s youth from longing for the Magic City.  In a study by Realtor, Miami ranked fourth nationa

Rendering Alert: Missoni Baia in Edgewater

Check out the amenities Several renderings have been released of the upcoming $350-million Missoni Baia in Edgewater, courtesy of Miami Luxury Homes, revealing the pool deck, atrium housing the fitness center, and a clean shot featuring a dynamic view off one of the residence’s terrace.  The 56-story…

Colliers: US Industrial Vacancy Lowest In A Decade

The newest US Industrial Outlook from Colliers puts Q1 2016 in its sights.  Bottom line: the news is good.  Q1 shows the lowest national industrial vacancy rate in over a decade.  Decline in industrial vacancy marked its 22nd consecutive quarter to arrive at 6.3%, which is…

Battling Against State Sales Tax On Commercial Leases

As 2016 chairman of the Commercial Alliance for Florida Realtors, Ed Redlich’s primary goal for the year will be to reduce or eliminate the sales tax on commercial lease agreements. “Our biggest goal is getting the state sales tax reduced on commercial leases. It’s not fair. A sale…

Investors’ urban shopping spree

From the National Market Report: When the developers of Miami Worldcenter scrapped plans earlier this year for a 765,000-square-foot enclosed mall in downtown Miami, opting instead to…

Japanese firm makes major investment play with $220M purchase of Miami Tower

In one of South Florida’s biggest investment plays so far this year, a Japanese firm has paid $220 million for the iconic Miami Tower in downtown Miami.  County records show a fund controlled by Chicago’s LaSalle Investment Management transferred the air rights of…

April marks fifth month of falling Miami-Dade home sales: report

Five months into 2016 and it’s starting to look like Miami-Dade County’s housing market might not compare favorably to 2015.  A new market report from the Miami Association of Realtors shows sales volume has yet again dipped significantly, this time…

Gramercy Property Trust buys warehouse in Miami: $8M

An affiliate of Gramercy Property Trust paid $8.15 million for a warehouse near Miami Dade College’s north campus.
Records show LFJT LLC sold the 123,125-square-foot building at 11150 Northwest 32nd Avenue, which is northeast of Hialeah…

Downtown Fort Lauderdale’s rental evolution: report

Build it, and they will come.  A new wave of luxury rental apartments is in the pipeline for downtown Fort Lauderdale as developers hope to cash in on growing demand from young professionals and millennials.  Nearly 3,400 rental units are either planned or currently under…

Helm Equities launches retail, office leasing effort for Design District mega-development

A New York investor who spent $12.5 million on a former church site in Miami’s Design District in 2014 is debuting its plans for an office and retail project on the property.  While the site at 4201 Northeast Second Avenue can support a development…

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May 24, 2016

An Interactive Map of Newer Construction in Miami-Dade by Commercial Property Type

Above is an interactive map of properties Costar shows as built since the beginning of 2011 as of April 23, 2016.  This is displayed by type for multifamily properties with 50 or more units, industrial properties with 20,000 or more square feet, and for retail and office properties with 10,000 or more square feet.

Click the icon in the upper left to modify what property types are displayed.  Note that this map may be more interactive when viewed in Google Maps, where you can select and deselect property types, view the chart legend, and more.

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May 23, 2016

Commercial Property in Zip Code 33172: Year’s Top Buyers, Sellers, Ten Year Sales Volume

Ten Year Sales Volume for Commercial Properties Within Miami-Dade / Miami Area / South Florida Zip Code 33172 as of April 28, 2016 | Chart Courtesy of Costar

Ten Year Sales Volume for Commercial Properties Within Miami-Dade / Miami Area / South Florida Zip Code 33172 as of April 28, 2016 | Chart Courtesy of Costar

For commercial property of all types in Miami’s zip code 33172 the top buyers in the past year as listed by Costar on April 28, 2016, were: Cargo Ventures; Colony Capital LLC; Clarion Partners; Pantheon Properties; Reyes Holdings, LLC; Terreno Realty Corporation; Seagis Property Group LP; Gold Coast Beverage Distributors, Inc.; Ikea US Inc.; Keystone Holdings Group.  The total purchase volume of these buyers for these types of properties ranged from around $30 million to just over $60 million.

The top sellers of such properties in this same period included: BC Property Investments; Procacci Development Corp; REIT Management & Research LLC; The Rockefeller Group.

This was compiled using data from the CoStar Group, which provides in depth analytics for the commercial real estate industry.

Also see:

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May 20, 2016

Miami Commercial Property News May 19, 2016: Miami Rents Likely to Tumble; Building Sells for $68 Million; More…

Report: Miami Rents ‘Likely to Tumble’ as Inflection Point Nears

The latest on Miami’s pre-construction condo market In a recent in-depth report of the Miami pre-construction condo market, Andrew Stearns of Stat Funding sees an inflection point approaching if market trends continue as inventory soars, projecting a 540-percent increase in resale condo supply…

Litigator Posts On Commercial Commissions Disputes

I spotted a substantial and interesting post at REJournals from Monte Mann, co-chair of the real estate litigation group at Chicago law firm Novack & Macey, LLP that may help illustrate some the legal theory behind some disputes over commissions in commercial real…

Sale Of Miami Office Portfolio Negotiated For $68 Million

The portfolio totals 357,466 square feet.

NAI RWNK & Co. Brings Warehouse Building To 100% Occupied With 30,800 SF Lease

Michael Scarpino, CCIM, Senior Associate with NAI Rauch Weaver Norfleet Kurtz & Co., negotiated the lease at the Dolphin Carpet & Tile Building.

New 11-Acre Mixed-Use Development In Downtown Miami Signs Two Major Office Tenants

The companies join Ernst & Young LLP, Regus and Florida East Coast Industries, who will also have offices in the 10-story building totaling more than 190,000 square feet.

$2.2 Million Sale Of Income-Producing Industrial Property Managed In Doral

State Street Realty President George Pino, SIOR, Executive Vice President Ed Lyden and Associate Brian Cabielles represented the Seller in the sale.

Interamerican Motor Corporation Represented In 17,385 SF Lease

This industrial lease is valued at over $1 million. CLICK ON THE HEADLINE FOR MORE
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Top 10 retail brokerages battle for share of billions in deals

From the National Market Report: Business is booming and competition is at a fever pitch for top retail real estate brokerages as vacancies hit record lows and rents continue to rise while consumer spending has ticked up nearly…

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May 19, 2016

Miami Commercial Real Estate News May 17, 2016: Site may add Riverwalk; Workforce Housing to Wynwood; More…

High-profile site may add riverwalk

A high-profile site near the mouth of the Miami River downtown may finally be opened to the public as part of an extended riverwalk.  The additional riverwalk would be temporary, for perhaps one year, while the property’s new owner lines up permits and other approvals needed to build a luxury…

Wynwood to fund workforce housing

Of all the legislative changes made this year designed to encourage the continued evolution of the Wynwood Arts District, one item remained in limbo for months.  After fine-tuning and tweaking and re-tweaking, Miami city commissioners in December finally adopted an ordinance creating a new public…

Aloft at Aventura ParkSquare scores $37M construction loan

Norwich Partners has closed on $37 million in construction financing for an Aloft hotel at Aventura ParkSquare, a mixed-use project that’s being developed by Integra Investments. Integra sold the roughly 1-acre development site for the hotel to Norwich…

County flyspecks lease for big film studio

“There’s no news, which is probably good news,” on negotiations for a mammoth studio complex comprising 11 sound stages and 4 million cubic feet of water in 10 giant tanks, said Rodolfo Paiz, a principal of Miami Ocean Studios LLC. His company is in lease negotiations for 160 acres…

Questions fly on new I-395 bridge

Design-build contracts for a long-awaited “signature bridge,” part of an upgrade of I-395 from west of I-95 to the MacArthur Causeway, will be advertised next year. But Metropolitan Planning Organization members are already discussing specific challenges, as well as whether the project…

Brickell condo development may slow

Riding a five-year trend of high absorption levels, developers planned another robust year of new construction in Brickell’s hot condo market. But early signs suggest 2016 might be different.  The market took delivery of well over 1,000 units in 2015, and about three times that many sit on the…

Former Owner Of Plantation Fashion Mall Sues Law Firm Over Failed Redevelopment

The suit alleges Becker & Poliakoff filed a document with a forged signature that gave the minority partner control of the project.

Real Estate Firms Face Legal Challenges Over Websites

Law firms are using the Americans with Disabilities Act to go after Realtors, alleging websites are inaccessible.

Coconut Grove Retail Property Fetches $801 PSF

The price more than doubled in value in three years.

Aventura Office Property Fetches $105 Million

Bob Dockerty of Dockerty Romer & Co. and HFF arranged the sale.

Brickell Office Condo Suite Sells For $1.6 Million

Jonathan C. Lay and Antonio Puente, CCIM of Fairchild Partners negotiated the sale.

Aventura Corporate Center Sold for $105.3M

Renaissance Properties acquired the Aventura Corporate Center at 20801-20807 Biscayne Blvd. in Aventura, FL for $105.28 million from Groupe Pacific.  The corporate park consists of one six-story and two five-story office buildings totaling 252,244 square feet of 4-Star office space in addition to…

SBE Entertainment to Acquire Boutique Hotel Owner Operator Morgans Hotel Group

Morgans Hotel Group, the owner of the trendy Delano Hotel in South Beach, the Hudson Hotel in New York City and the Clift Hotel in San Francisco which has put itself or its hotels up for sale multiple times in the past five years, has found a buyer in Sam Nazarian’s SBE Entertainment.  SBE agreed…

ALDI to Open 22,000-SF Store at 167th Street Shopping Center

Aldi signed a 21,500-square-foot lease at the 167th Street Shopping Center located at 705-761 NE 167th St. in Miami, FL. The national grocer is expected to open its doors by June.  The 57,168-square-foot shopping center was built in 1956 in the Northeast Dade submarket, minutes from Golden Glades…

Jean Nouvel’s ‘Flood-Resilient’ Monad Terrace Releases New Rendering

‘The Reflection Machine’ Renowned architect Jean Nouvel appears poised to change the game for development in South Florida with Monad Terrace in Miami Beach offering a “flood-resilient” vision, as Curbed’s Alexei Barrionuevo first reported in February.  Nouvel has dubbed his giant infinity pool…

Miami Gets Robbed, Ranks 7th Among Nation’s Best Boat Cities

In a somewhat mild surprise Miami didn’t rank among the top few major U.S. cities to own a boat, coming in at a respectable but sub-elite No. 7 in a study by Smart Assist: 7. Miami, Florida.  When it comes to ritzy boat culture, it is hard to top Miami. There are of…

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May 17, 2016