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…
