Month: November 2019

HGreg parks $75M in Nissan dealership in Palmetto Bay

HGreg acquired a Nissan dealership from AutoNation in Palmetto Bay for $75 million, marking the largest car dealership sale in South Florida this year. The dealership, HGreg Nissan Kendall, includes a 71,500-square-foot building and sits on 14.25 acres at 17305 South Dixie Highway. The property sold for $5.26 million per acre. HGreg Nissan Kendall employs nearly 100 people at the location and sells…

Private equity firm picks up Hialeah Gardens trucking facility

A 51.8-acre truck parking facility in Hialeah Gardens sold for $8.1 million. Timber Hill Group bought the property at 15545 Northwest 122nd Avenue for $156,370 per acre, records show. F&M Parking, which is led by Felix Rodriguez of Sunny Isles, sold the facility. The property consists of 14 parcels and more than 1,300 parking spaces for trucks and trailers. It is 100 percent rented, according to…

ULI Offers Some Climate Change Solutions For Miami’s Waterfront

To protect commercial properties along the waterfront in downtown Miami and by the Miami River, city officials and the real estate industry should implement natural lines of defenses, consider using less ground floor space for commercial uses, embrace transit-oriented, mixed-use projects and identify funding resources for large-scale flood mitigation projects similar to the Thames Barrier…

LeBron James Is Opening A Flagship Clothing Store In Wynwood

Basketball star LeBron James will open UNKNWN, a clothing boutique with a courtyard for events, in Miami’s artsy Wynwood neighborhood on Dec. 5. The launch coincides with the weeklong Art Basel art fair that draws celebrities and art collectors from around the world. The 10K SF store is at 261 Northwest 26th Street, right in the heart of Wynwood. James’ partners in the venture include…

Video: Moody’s Analytics Reis Senior Economist Barbara Denham Delivers Office Property Market Update

Barbara Denham, Senior Economist with Moody’s Analytics Reis, appears in this episode to discuss office property market performance, future forecasts for office properties, and strategies for the commercial office real estate market. Ms. Denham comments that the office market is “fine not hitting out of the ball park.”  Net absorption was 6.8 million square feet, above that of the prior two quarters…

How the election may affect the commercial real estate industry

The presidential election has the country riveted and divided on several fronts. When it comes to the real estate front, the upcoming election is likely to affect the commercial  real estate and residential real estate industry. The economy is still in one of the slowest recovery periods of the past five decades and this has economists scrambling to analyze the outlook for the economy in the long-term.

Edgewater Paraiso District 32-story tower advances

The growing Edgewater neighborhood in the City of Miami is getting another mixed-use residential tower to be called Paraiso Place at 452 NE 31st Street. Metro Edgewater LLC proposes to construct the 32-story building with 279 multi-family residential units, 4,063 square feet of ground floor commercial-retail and parking levels for 300 vehicles. The city’s Urban Development Review Board on Nov. 20…

Sports Entertainment Provides a Promising Future for Retail Real Estate

The future of food and beverage retail is…sports? To hear from “The Future of Restaurants & Entertainment” panel at the ICSC Southeast Conference & Deal Making event, sports-centric concepts are a solid bet for retail real estate owners to pursue going forward. Produced by the International Council of Shopping Centers (ICSC), the event was held Nov. 13-15 at the newly renovated Georgia World Congress…

Suntex Marinas is trying to evict Monty’s from Miami Beach property

Monty’s Raw Bar A South Beach landlord is trying to evict Monty’s, alleging it has health code violations, unpaid rent and dated menu items. Monty’s Sunset Miami Beach claims the landlord is just being crabby and is trying to find a way to take over the lease of the property, according to the Daily Business Review. “To me this is all just a ruse to bully and intimidate and unlawfully malign the quality…

MMG Equity Partners Lands Miami-Dade Retail-Office Plaza for $16 Million

Real estate investor MMG Equity Partners scooped up a shopping and office plaza in a busy south Miami-Dade County neighborhood for $16 million. Pinecrest-based MMG bought the Centre at Cutler Bay from Cutler Center Holdings LLC on Oct. 24. The transaction breaks down to $126 per square foot. The seller is affiliated with Coral Gables-based luxury real estate company Boschetti Realty Group…

North Miami Beach Retail Property Trades for $1.5 Million

This is a 6,525-square-foot, one-story retail property constructed in 1962 that sits on an 18,525-square-foot lot, according to the Miami-Dade County Property Appraiser’s Office..Address: 357 NE 167th Street in North Miami Beach. Property type: This is a 6,525-square-foot, one-story retail property constructed in 1962 that sits on an 18,525-square-foot lot, according to the Miami-Dade County Property…

Bruce Eichner and eyes next Miami project as slashes listing on his Continuum penthouse

Developer Ian Bruce Eichner has slashed the price of his Continuum South Beach penthouse as he mulls his next project in Miami. Eichner cut the price of the 11,031-square-foot, seven-bedroom unit to $39.9 million. That’s 20 percent below the original $50 million ask. Eloy Carmenate and Mick Duchon of Douglas Elliman have the listing. “You put an apartment on the market with a price, which would have…

Brickell Construction sues for $1.2M in work at project near Midtown Miami

The owner of an unfinished office building with ground-floor retail near Midtown Miami allegedly hasn’t paid $1.2 million in construction and labor, according to a recently filed lawsuit. But a lawyer for the developer, Set Midtown, claims the project suffered numerous delays and defects resulting from shoddy work by Brickell Construction Group. Brickell Construction Group is suing Set Midtown for breach…

New Retailers Signed for Doral Square Shopping Center

Miami-based real estate developer Terra has signed several new retailers for Doral Square, a 150,000-square-foot retail center in Doral, about 17 miles west of Miami. The new development will include anchors 24 Hour Fitness and Marshalls and will be built on the southeast corner of Doral Boulevard and 87th Avenue, near Carnival Cruise Lines’ offices and Trump National Doral Resort. Doral Square is over 42…

The Importance Of Due Diligence In CRE

Doing your homework is part of the deal. When most of us were in elementary school, little did we realize that each time a teacher or a parent lectured us on the importance of doing homework, they were actually preparing us for … commercial real estate. Due diligence — really, just an adult word for homework — is an essential part of the commercial transaction process. And just like the educational…

Is Co-Living The Next Big Thing in South Florida Multi-Family Real Estate?

A recent real estate trend is performing better than expected It seems as if everything today is ripe for sharing. From car rides to parking to workspaces, what was once considered private and personal is now open to a communal way of thinking. With this in mind, it really isn’t surprising that co-living is a recent trend in the multi-family housing market. As recently as 2017, some predicted it to be a…

Doral Will Have A New Shopping And Industrial Center Along NW 79th Avenue

Doral will have a new shopping and industrial center, “District 79”, as it will be called. This new development was unanimously approved by the City of Doral Council after taking into consideration that it will bring benefits for the health, safety, economy, and well-being of our residents and visitors. We were informed of this by Maggie Santos, Communications and Protocol Manager for the City of Doral. She…

Photos: Apple New Two-Level Aventura Store

Foster & Partners collaborated with the design team at Apple to create a new two-level store at Aventura Mall. The undulating, vaulted roof is designed to be reminiscent of the city’s nautical and architectural roots while the spaces are art deco-inspired. “This store is very ‘Miami’ to me—its special trees, the light and the new roof. It is also quintessentially Apple, marrying the outdoor lifestyle with a sense…

Judge tosses out Craig Robins’ claim that Ugo Colombo bribed juror in private jet case

The latest allegations in a decade-long war between two of Miami’s top developers over a shared private jet didn’t fly with a Miami judge. Miami-Dade Circuit Court Judge Michael Hanzman tossed out Craig Robins’ Dacra Development’s claim that Ugo Colombo and his CMC Group bribed a member of a jury — including promising a luxury condo — tied to their dispute over the $22 million private jet. In a…

Related, Block Capital sign deal with short-term rental operator Domio

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project Short-term rental operator Domio is claiming its territory in Wynwood. The firm signed a deal to take over the residential component of the Related Group and Block Capital Group’s 175-unit project, The Real Deal has learned. Domio signed a lease for the apartments at The Bradley, a mixed-use project under construction…

Businesses are quietly closing in Miami Beach’s Sunset Harbour

The big Miami Beach real estate story this week was the bombshell announcement that Purdy Lounge will close its doors for the final time in February. In a much quieter fashion, a number of other Sunset Harbour businesses have closed or are winding down. Blue Dahlia, Soul Tavern, Pubbelly Noodle. All closed. Due Baci “closed for the summer” and has not reopened. La Moderna has been “taking a well…

Miami Beach Retail Center Scores $26 Million Refi

An affiliate of Saber Real Estate Advisors has received a $26.2 million conduit loan to refinance 1824 Alton, a Class A, 109,961-square-foot retail center in Miami Beach, Fla. Working on behalf of the borrower, Cushman & Wakefield placed the 10-year, fixed-interest rate financing with Starwood Mortgage Capital. The five-story shopping center is at 1824 Alton Road, near the intersection of Alton Road…

Another lawsuit hits the Grove Isle project

According to The Real Deal, Grove Isle Associates is facing another lawsuit, regarding their expansion plans. A private owner is suing. The new project is called The Makers Grove Isle, it’s a semi-circle, horse shoe shaped condo that will be at the northern end of the island. It’s where the hotel and spa were. Originally a tall tower was to be built on the spot, but after other lawsuits and complaints, the five-story…

Latvian investor buys North Bay Village shopping center

A wealthy Latvian family paid $6.5 million for a shopping center in North Bay Village. Lexi Commons LLC, managed by real estate agent Val Zevel and Ilmax LLC, purchased the 19,438-square-foot retail space at 1700 John F Kennedy Causeway. Records show Ilmax LLC is controlled by Leonids and Maksims Esterkins, who are real estate investors from Latvia. The strip center, called the Shoppes at the Lexi…

Terra, Mr. C unveil plans for luxury condo in Coconut Grove

The Cipriani family’s next project will be a luxury condo tower in Coconut Grove. Less than a year after opening its Mr. C Miami hotel in the Grove, the Ciprianis are working with David Martin’s Terra to launch a Mr. C branded mixed-use condo project nearby at 2655 South Bayshore Drive, according to a press release. Arquitectonica’s Raymond Fort is designing the building and Meyer Davis is handling…

Green Companies snags offices in Kendall

The Green Companies purchased a four-story Class A office building in Kendall for $13.2 million. The Green Companies bought the 63,206-square-foot building at 11731 Mills Drive in Miami for $209 per square foot, records show. The seller is Nuveen, a subsidiary of TIAA. The property is 84.6 percent occupied by two tenants, Everglades University and VITAS Healthcare, according to a release.

Ilhan Omar’s $1T housing plan aims to create 12M affordable units

Bernie Sanders has one. So does Alexandria Ocasio-Cortez. Now, Representative Ilhan Omar has added her own housing plan to the field of left-leaning elected officials who have proposed dramatic expansions of how government funds housing. The Minnesota Democrat is calling for $1 trillion to be invested into affordable housing and public housing across the country, which she says will create 12 million…

Don Peebles to re-open the Bath Club in Miami Beach

Don Peebles and a rendering of the project Developer Don Peebles is planning to relaunch the historic Bath Club as a social membership club, nearly 20 years after first purchasing the Miami Beach property. Peebles is spending between $5 million and $7 million on renovating the property at 5937 Collins Avenue, he said. It’s expected to open in the first quarter of 2020. The Peebles Corp. is self-financing the…

Here’s what the EB-5 rule changes mean for real estate

The EB-5 program’s new federal regulations take effect today, and will double the minimum dollar amount that all foreign visa-seekers must plow into development projects. The rules are designed to clamp down on abuse, to modernize the 30-year-old federal program and to keep up with inflation. EB-5 allows foreign investors get U.S. green cards in exchange for investing in American businesses and…

Developer: Condominium Is ‘A Toxic Word’ In South Florida

Developers in South Florida are saying that the market for new condo development is either hibernating or forever changed. “We’re all not selling very well. I’m not going to lie to you,” said Gil Dezer, the president of Dezer Development, known for building luxury towers with name brands, including six Trump-branded buildings in Sunny Isles Beach, north of Miami Beach. A 308-unit luxury tower…

SPV Realty sues city of Miami to force vote on Eastside Ridge

Eastside Ridge rendering Accusing members of the Miami Planning, Zoning & Appeals Board of intentionally delaying a vote… SPV Realty is suing the city to force the board to make a decision on the controversial Little Haiti project. The NYC-based developer alleges the planning board refuses…application to change the zoning on nearly 22 acres at 5045 Northeast Second Avenue, according to the lawsuit…

Miami Jewish federation sells affordable housing for $60.5M

The Greater Miami Jewish Federation sold two affordable housing properties in Miami-Dade for a combined $60.5 million. Property records show the nonprofit sold the Federation Gardens building at 10911 Southwest 112th Avenue in Kendall to Federation Gardens Preservation L.P. for $36.5 million. It also sold the Federation Towers at 757 West Avenue in Miami Beach to the same buyer for $24…

Barbara Denham, Senior Economist with Moody’s Analytics Reis, appears in this episode to discuss office property market performance, future forecasts for office properties, and strategies for the commercial office real estate market.

Ms. Denham comments that the office market is “fine not hitting out of the ball park.”  Net absorption was 6.8 million square feet, above that of the prior two quarters – abt of good news. This absorption was in line with new inventory of 7 million square feet, thus vacancy rates remained unchanged, as they have been now “for 6 to 8 quarters” at 16.8%, “healthy but not robust.” She notes that in the in prior expansion vacancy dropped to 10%, indicating something is different this time. What isn’t, right? There also is a bit of discussion of the WeWork debacle.

Rent growth was 2.6%, which, consistent with her not out of the ballpark characterization, she notes as “fine but just about the rate of inflation.” She discusses some of the reasons why this expansion may be different, concentrating on the characteristics of job growth in this expansion.

Ms. Denham sees cap rates as flat to rising a bit, noting that investors are cautious about rent growth projections in this office property asset class. she does not see rent growth increasing more that inflation, but is keeping an eye on aggregate and metro level job growth.

 

Related Group Breaks Ground on Phase II of $650M River Parc Project in Miami’s Little Havana

The Related Group, along with the Department of Public Housing and Community Development and SunTrust Bank, has broken ground on Phase II of River Parc in Miami’s Little Havana neighborhood. Phase II consists of the 150-unit Gallery at River Parc, an affordable and workforce housing community. Of the property’s 40 studios, 70 one-bedroom units and 40 two-bedroom apartments, 80 percent will…

Apartment building in Little Havana flips for $6 million

An investor flipped a Little Havana apartment building for $6.2 million after buying it a few months ago. Aurora Investments Florida, led by Coral Gables attorney Oswaldo Martinez, sold the 21-unit apartment building at 900 Southwest Seventh Street for $295,238 per unit, records show. The buyer is Casa Aurora LLC, which is led by Terrell Rhye of Miami. The investment firm bought the building for …

Grove Isle developers buy assisted living facility in West Kendall for $16.5M

United Home Care sold an assisted living facility in West Kendall to a company tied to Grove Isle developers. Property records show 9355 Miami LLC, led by developers Eduardo Avila and Hector Fernandez-Rousselon, paid $16.5 million for the four-story, 87,674-square-foot building at 9355 Southwest 158th Avenue. United Home Care, led by president and CEO Carlos Martinez, sold the 2.6-acre property.

Video: WeWork, the Numbers

Even after hipster charismatic CEO Adam Neumann’s rather spectacular ouster, WeWork continues to be one of the most talked about companies in the business world, particularly in any involved with office properties. This video runs through the most telling statistics of WeWork’s fall from grace. They note WeWork was recently taken over by SoftBank at an eight billion dollar valuation, $39 billion less…

Terra unveils latest mixed-use project near Downtown Doral

David Martin’s Terra revealed plans for a retail center near Downtown Doral, as demand for sprawling suburban shopping centers remains strong in South Florida. Tenants of the 150,000-square-foot shopping center include 24-Hour Fitness and Marshalls, according to a release. Doral Square, on the southeast corner of Doral Boulevard and 87th Avenue, will break ground by the end of the year.

7-restaurant Riverside Miami expects to be serving in December

The ambitious plan to turn a barren spot of land on the Miami River into a family-oriented, open-air culinary experience is coming to fruition. Riverside Miami LLC is working hard to transform land at 431–451 S Miami Avenue. into a special venue called Riverside, with a dozen components including seven restaurants, a tap room and an outdoor event space. Owner and developer Antonio Primo told…

Preview of Jorge Pérez collection starts hunt for more space

When developer and art collector Jorge M. Perez opened El Espacio 23 in Allapattah for a preview last week (ahead of its grand opening during Art Basel), it offered visitors a look into his private collection. But it also created a problem: where to find more storage space? Mr. Perez originally bought the building housing El Espacio 23 to warehouse items in his collection, but the collection eventually took over…

If Melreese lease goes ahead, more voices must be heard

Miami commissioners wisely delayed a vote last week to lease the city’s golf course for a century to a massive shopping-office-hotel complex with a soccer stadium until they get all details. Waiting was an easy choice. An even better option was to say “no thanks” to the unsolicited offer for Miami’s largest green space, but it might be too far down the road to say no without seeing the full deal. When…

Grove Isle developers face new lawsuit over proposed project

Grove Isles Associates is facing another legal challenge to its plans for a new condominium complex in the waterfront luxury community in Coconut Grove. This time, it’s a lone Grove Isle homeowner who owns a $26-million-a-year in sales metals manufacturing firm seeking to derail the project, known as The Markers Grove Isle. For the past four years Grove Isle Associates has engaged in legal skirmishes with…

Gables Residential sells dev site near Shops at Merrick Park

A national apartment builder sold a development site near the Shops at Merrick Park in Coral Gables to BF Group, a local developer. Development options for the property include a hotel and office building. Atlanta-based Gables Residential sold the 18,748-square-foot assemblage at 4521 and 4601 Le Jeune Road to BF Group, led by Jose and Luis Boschetti. BF Group paid for $4.17 million for the…

Can a Judgment Creditor Garnish a Contractual Obligation?

If you think a commercial contract can protect you from a garnishment, you may well be wrong. While proper wording of a contract is essential to safeguard your interests and provide a path to recovery in the event of a default, the courts have made it clear that a debt arising out of a contract is the proper subject of a garnishment. Here is a real-world example to consider. You and a business partner…

BGI Capital Provides $12M Renovation Loan for Office Building in Metro Miami

BGI Capital has provided a $12 million loan for the renovation of a 52,179-square-foot office building in Coral Gables. The borrower, Location Ventures, will renovate the building’s ground floor into a new coworking business known as “FORUM.” Jason Shapiro of Aztec Group Inc. arranged the 24-month loan on behalf of the borrower. The building, located at 299 Alhambra Circle, will be the first location…

Technology is Top-of-Mind for Multifamily Renters, Says NMHC Survey

More and more renters are looking for apartments that feature high levels of technology, according to the 2020 Apartment Resident Preferences Report released by the National Multifamily Housing Council (NMHC) and research firm Kingsley Associates. The NMHC is a Washington, D.C.-based nonprofit organization serving the multifamily industry. The report was compiled through survey responses…

Last call for Purdy Lounge. Miami Beach bar announces closure

Purdy Lounge in Miami Beach’s Sunset Harbour neighborhood will hold its last last call on February 8. The popular bar and lounge, at 1811 Purdy Avenue, announced on Facebook that it would be closing early next year after operating for about 20 years. “There is a lot you can do in 20 years, begin a new century, build a new business, develop a neighborhood, make new friends, strengthen bonds, dance…

Morgan Reed Group lists Rail 71 development for $33M

Morgan Reed Group is looking to cash out on its investment in a Little River office development. The company hired brokers Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors to list Rail 71, at 7205 Northeast Fourth Avenue, for $33 million or $258 per square foot, the brokers said. The flex creative office building is 89 percent occupied with 49 office, showroom and gallery tenants…

Russell Galbut wants to sell another Miami Beach hotel

Kaskades Hotel Miami Beach developer Russell Galbut and his nephew Keith Menin are looking to sell another Miami Beach hotel. A company tied to Galbut and Menin is seeking to sell the 26-room Domio Kaskades Hotel in Miami Beach for $15.8 million or $607,692 per room. The property at 300 17th Street totals 18,725 square feet. Marcus & Millichap’s Drew A. Kristol, Kirk D. Olson and Joseph Thomas…

SEC launches WeWork probe: report

WeWork is reportedly facing an SEC probe (Credit: iStock) The U.S. Securities and Exchange Commission has launched an inquiry into WeWork to determine if the company violated reporting rules ahead of its doomed planned public offering. Citing two unnamed sources, Bloomberg reported that SEC investigators are scrutinizing disclosures made to investors while the company embarked on aggressive…

Neighbors don’t want a school at Coconut Grove’s Villa Woodbine

You probably have seen the #STOPGroveGridlock banners all around the Grove. This is a grass roots effort by neighbors to keep Carrollton School from taking over the Villa Woodbine location and turning into a school. Eleven banners went up Monday and the last six went up Tuesday evening. Sixteen of them are 3′ x 10′ in size. Smaller ones will go up on Tuesday, too and on Bird Road and Grand Avenue they…

Miami’s condo king will hand crown to son next year

Miami’s condo king is preparing to hand over the title of president to his son within the next year. Jorge Pérez, president and CEO of Related Group, will give up some control to his son, Jon Paul Pérez, in 2020, an executive at the company said during a Bisnow event on Thursday. “Twenty years ago, Jorge made it very clear this is a family business and it will continue to be a family business,” said Matthew…

Terra Signs New Retailers for Doral Square Shopping Center Near Miami

Miami-based real estate developer Terra has signed several new retailers for Doral Square, a 150,000-square-foot retail center in Doral, about 17 miles west of Miami. The new development will include anchors 24 Hour Fitness and Marshalls and will be built on the southeast corner of Doral Boulevard and 87th Avenue, near Carnival Cruise Lines’ offices and Trump National Doral Resort. Doral Square is over 42…

Southeast Construction Costs Report Released

The rising cost of construction is resulting in higher asking rents among all property types, greater strains on custom tenant build-outs, denser office spaces and limited tenant mobility. Thus, development and leasing decisions have become more complex for owners and occupiers. The trend is expected to remain for the foreseeable future, according to CBRE’s 2019 Southeast Construction Cost Report…

New York’s Rent Reform Pushes Investors Toward South Florida

Following the enactment of New York’s latest rent regulations, many multifamily investors have begun reevaluating their options. One of the most common destinations they’re choosing is Florida, particularly its southern part. Not only does the Sunshine State offer a favorable climate, an abundance of luxury properties and substantial tax savings, but it also seems to be far from adopting rent control…

Bayfront development site in North Miami hits the market

Mika Mattingly and Cecilia Estevez with the Mid Bay Club Apartments A South Florida family is looking to cash out on a waterfront development site in North Miami. The Mid Bay Club Apartments, a 34,275-square-foot site at 11950 North Bayshore Drive, hit the market with brokers Mika Mattingly and Cecilia Estevez of Colliers International South Florida, Mattingly said. Property records show an LLC…

Habitat moves forward with West Brickell condo-hotel project

Smart Brickell and Santiago Vanegas Habitat Group is moving forward with the construction of a large condo-hotel project in Brickell after scoring a $24 million loan. Habitat secured the construction loan from Miami-based Ocean Bank to build Smart Brickell’s Tower 1 at 239 Southwest 9th Street in Miami’s West Brickell neighborhood. The tower will have 50 hotel rooms and 50 condos and is planned for…

Richard LeFrak touts Solé Mia’s progress from landfill to paradise: ULI symposium

Richard LeFrak recounted the moment roughly nine years ago when he received a call gauging his interest in 184 acres of waterfront land fronting Biscayne Boulevard in North Miami. “It’s a [former] landfill and it’s kind of had a checkered past,” LeFrak recalled the unnamed individual on the line telling him. “I asked what’s the minimum bid? He said $21 million. That’s all I had to hear.” It was chump change…

WeWork under pressure as losses soar to $1.25B

WeWork lost $1.25 billion in the third quarter — up from $497 million in the same time period last year. The parent of the troubled-office startup also reported a surge in revenue to $934 million in the months following Sept. 30, the Wall Street Journal reports, citing a report to debtholders this week. The $1.25 billion loss falls in contrast to the $638 million loss posted in the second quarter. The company blamed…

Even after hipster charismatic CEO Adam Neumann’s rather spectacular ouster, WeWork continues to be one of the most talked about companies in the business world, particularly in any involved with office properties. This video runs through the most telling statistics of WeWork’s fall from grace. They note WeWork was recently taken over by SoftBank at an eight billion dollar valuation, $39 billion less than they valued the company when previously investing $10 billion in the co-working company. Their lease obligations, as disclosed in their S-1 filing in anticipation of going public, apparently totaled $47 billion. They paid $60 million for a private jet used by the now former CEO Neumann, who also received a billion in personal loans from WeWork and its lenders (One can Seinfeld; “Neumann!”). Of the $6.5 billion in the company’s rescure package, a cool billion went for Neumann (again, hearing Seinfeld). The company is also facing layoffs, and had a bunch of phone booths removed for a formaldehyde scare (once more, Seinfeld, exclaiming).

Corporate and Economic Growth in Miami Drive Tenant, Investor Demand for Office

Miami continues to be a top-ranked commercial real estate market in the Southeast United States. As the economy gears up to enter its longest expansion period in U.S. history, Miami has shown more resiliency than other South Florida markets, recording steady gains in absorption, robust leasing activity and modest rent growth. Economic fundamentals remain strong as job growth continues to fuel…

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

River Parc master plan in Little Havana Miami-Dade County, Related Urban Development Group and SunTrust unveiled plans on Tuesday for the River Parc master plan, which will add 1,800 affordable and workforce housing units to a 22-acre property in Little Havana. The project consists of the public housing projects Robert King High, Haley Sofge and Martin Fine Villas. This week, the county and…

South Florida’s industrial sales jump to over $1B in Q3 2019

Industrial sales are up South Florida’s condo market has slowed down and the housing market is not what it once was, but the industrial sector is as hot as ever. Investment in South Florida’s industrial real estate market rose 77 percent to $1 billion in the third quarter of 2019 on a yearly basis. The market is booming right now due to an influx of institutional buyers acquiring new properties and land, according…

Miami again delays vote on David Beckham’s soccer stadium deal

Jorge Mas, David Beckham and a Miami Freedom Park rendering What was billed as another do or die moment for David Beckham’s Miami soccer stadium deal turned into another game delay. At a special meeting Tuesday morning, Miami city commissioners voted to continue negotiations with Beckham’s partnership group to build Miami Freedom Park, a projected $1 billion commercial mixed-use…

Soccer’s Melreese lease left waiting on the first tee

A somewhat different Miami City Commission will be deciding the fate of Miami Freedom Park, a planned professional soccer stadium, offices, shopping mall and hotel on Melreese, the city-owned golf course. Commissioners unanimously voted against a lease presented Tuesday, though talks are to go on. Tuesday’s meeting was Wifredo “Willy” Gort’s last. Commissioner Manolo Reyes had demanded…

Here’s What’s at Stake in the Latest Vote on Beckham’s Miami Soccer Stadium

Update: The resolution backed by Commissioners Joe Carollo and Manolo Reyes to cease negotiations with Miami Freedom Park was changed into a different item, requiring a final lease contract or status update to be presented to the commission on December 12. That means that term-limited District 1 Commissioner Willy Gort, an opponent of the project, will have been replaced by then. A single vote…

Approval For David Beckham’s Miami Stadium Deal Delayed

David Beckham’s new Major League Soccer team, Inter Miami, is already signing players for its inaugural season — there are rumors Beckham is trying to recruit top international star Lionel Messi from Barcelona — but the team doesn’t yet have a permanent place to play its pro games. A special meeting Tuesday of the Miami City Commission had potential to sidetrack or derail plans for a stadium there…

Suffolk fights back against developer over MiamiCentral delays

Lawsuits continue to mount at MiamiCentral over construction delays. A month after Suffolk Construction Company and others reached a multimillion-dollar settlement over construction issues at MiamiCentral, the construction company is suing the development group. Suffolk Construction is suing two subsidiaries of Florida East Coast Industries, alleging the development group failed to give Suffolk…

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

Jeffrey Soffer and Fontainebleau Miami Beach Jeffrey Soffer closed on a $1.175 billion refinancing of the Fontainebleau Miami Beach, marking the latest restructuring of debt for the beachfront resort. Goldman Sachs, Morgan Stanley and JP Morgan provided the fixed-rate loan for the nearly 1,600-key hotel at 4441 Collins Avenue, according to a press release from Newmark Knight Frank. The Commercial…

Chinese Fast-Fashion Brand YOYOSO Launches U.S. Expansion With Lincoln Road Store

When one fast-fashion door closes, another one opens. Retail chain Forever 21 might be shuttering a 41K SF space on Lincoln Road, Miami Beach’s high street retail mecca, but another brand is setting up shop. Chinese-based YOYOSO has leased space in a landmark building as part of its entree into the U.S. market. YOYOSO will take over 5,600 SF at 1111 Lincoln Road, a 145K SF property that was…

Past, present and future Jon Paul Pérez makes an impact at Related Group

Mega-developer Jorge Pérez of Related Group was on the cover of the first issue of SFBW in September 2014 and he was interviewed for this edition as part of the magazine’s fifth anniversary celebration. Joining him this time, though, was his son, Jon Paul, who is poised to take over as president within a year and CEO within two years. The interview covered an array of topics, including succession planning…

Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter

Dan Kodsi is launching his next Miami project, geared toward international buyers looking for crash pads that they can also rent out whenever they please. Kodsi, who recently delivered the luxury condo tower Paramount Miami Worldcenter, revealed plans for his next building, Legacy Hotel and Residences, also at Worldcenter. His Royal Palm Companies will build the project, with 278 branded condos…

Here’s why office rents are going up in South Florida

Office rents rise across SoFla Three things in South Florida seem certain: death, taxes and rising office rents. In Miami-Dade County, rents rose to $38.30 per square foot in the third quarter from $35.93 per square foot in the same period of 2018. Vacancy rates dropped slightly to 9 percent from 9.1 percent, according to a report by Colliers International South Florida. Rents are rising partly as a result of new Class…

Developer snags $12M loan for co-working project in Coral Gables

Location Ventures snagged a $12 million construction loan for its Coral Gables co-working project. Location Ventures secured the loan from BGI Capital to renovate the ground floor of the 52,719-square-foot building into a new co-working concept known as Forum, according to a release. The building sits at 299 Alhambra Circle in the heart of Coral Gables…

Miami Beach Names as One of a Set of American Cities Taken Over by Airbnb

Miami Beach is positively teeming with Airbnb units. The Florida city crams in more of the short-term rental company’s properties per capita than anywhere else in the U.S., with roughly one Airbnb for every 15 of its 92,000 residents, according to new analysis from property services firm IPX1031. Seven of the top 10 cities with the highest Airbnb density per resident are in Florida, the company said.

The floundering retail market is about to get even worse

Discount retailers. Luxury department stores. Children’s stores. Home goods giants. The retailers that filed for bankruptcy so far in 2019 — and those on experts’ watch lists — have spanned the spectrum. And with an ever-growing list of stores in the red, the outlook for the real estate they occupy continues to be grim. While some retailers, like young-adult fashion chain Forever 21, plan to use bankruptcy filings…

Video: Atlanta Fed’s Brian Bailey’s Views on Commercial Real Estate 2020

Brian Bailey, Subject Matter Expert with the Atlanta Federal Reserve, Commercial Real Estate, appears on America’s Commercial Real estate Show to discuss his view on the commercial real estate market, including the current economic cycle, deal underwriting, and some potential red flags to look for going forward. He talks about rent control legislation and how it has changed the multifamily market.

A royal deal: Majestic Plaza shopping center sells in Westchester

A North Miami Beach investor purchased a shopping center in Westchester for $13 million amid a development boom in the western part of Miami-Dade County. Majestic Center Plaza LLC, led by Offer Ramim, bought the 50,917-square-foot Majestic Plaza property at 8100 Southwest 8th Street for $255 per square foot, records show. The shopping center sits on a 101,146-square-foot lot. Majestic Center…

The doctors will see you now: Co-working medical office space operator plans major expansion

An owner and operator of co-working spaces for doctors has tapped Florida as its next big market for expansion. ShareMD, a San Diego-based investment firm led by President and managing partner George Scopetta, is looking to purchase medical office buildings throughout the Sunshine State’s major cities and convert vacant space into its co-working concept. The group has already purchased…

Miami Beach waterways restoration flowing ahead

The Waterway Restoration Project for the City of Miami Beach is finally funded and moving steadily through an exhaustive planning and permitting process. City officials report that the entire process may set construction commencement out five years from now. The Waterway Restoration Project is one of 57 projects receiving G.O. Bond funding, approved by voters in November 2018. “The total…”

Half-dozen Virginia Key city projects in flood zone

Virginia Key is almost entirely in the flood zone, and the City of Miami ought to consider these low elevations as it undertakes more than a half-dozen projects on the island. That’s advice from Tiffany Troxler, a research scientist and associate professor at the Southeast Environmental Research Center and the Department of Biological Sciences at Florida International University, who recently detailed…

Ferry service might soon help relieve traffic on causeway

Ferries plying Biscayne Bay between Miami and Miami Beach could soon relieve road congestion at little to no tax cost while becoming tourist amenities. Despite the image of cute toys ferrying a few people beside lanes where mega-cruise liners carry 3,000 to 5,000 people, ferries can become real transit under proper conditions. As Miami Today reported, Miami-Dade Commissioner Eileen Higgins told the…

Pensam Issues $30M Loan for Mixed-Use Building in Miami’s Design District

A new Miami retail-office building with floor-to-ceiling windows on some floors got a $30 million loan to help repay debt and prepare space for new tenants. The seven-story Design 41 was completed last year, becoming the latest addition to the edgy Design District known for its art and high-end retailers. Pensam Capital LLC affiliate Pensam Funding issued the loan to building developer and…