Month: December 2019

Miller Construction Completes Two Industrial Buildings Totaling 318,043 SF in Miami Central Commons

Miller Construction Co. has completed two buildings for Orlando-based Foundry Commercial, creating 318,043 square feet of industrial space within the Miami Central Commons business park. Located at 2301 NW 107th Ave. in Doral, 11 miles northwest of Miami, Building 1 contains showroom space and Building 2 contains industrial space. Foundry Commercial purchased the business park in 2017 and…

Infinity sells Ocean Drive building to Apple Core for $33M

New York-based Apple Core Holdings paid $32.5 million for an Ocean Drive building in Miami Beach, The Real Deal has learned. Infinity Real Estate sold the roughly 19,000-square-foot building at 1200 Ocean Drive, across from the beachfront Lummus Park, said Infinity partner David Berg. The company acquired the property from Goldman Properties in 2016 for $15.25 million. Apple Core Holdings…

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Olympia Theater (Credit: Getty Images) The city of Miami’s ownership of the Olympia Theater in downtown Miami is facing a legal challenge by the heirs of Maurice Gusman, the late philanthropist who deeded the historic property to the city 44 years ago. In a civil lawsuit filed last month in Miami-Dade Circuit Court, a defunct non-profit entity known as The Maurice Gusman Center for the…

Here are South Florida’s largest office sales of 2019

The long-term success of Florida East Coast Industries’ high-speed Virgin Trains USA remains in question, but one thing is certain — office tenants are flocking to properties nearby. As a result, the company was able to sell the office portion of its MiamiCentral station for $159.4 million in the largest office sale of 2019 in South Florida. Institutional investors and real estate investment trusts are still coming to…

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

Richard LeFrak and Solé Mia 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…

Closed Morningside Park pool could reopen elsewhere

A new Morningside Park swimming pool seems all but certain to be built away from its historic but long-closed waterfront site. But new features could be coming to mitigate the park’s vulnerability to flooding. At Miami’s Climate Resilience Committee meeting Dec. 2, the Office of Capital Improvements updated members on plans for Morningside Park, reiterating a preference to build the pool inland in…

Big deadline nears for opportunity zones

With the deadline to receive full benefits less than a week off and a new, voluminous document from the IRS further detailing regulations, opportunity zones – Census-designated areas targeted for tax-incentivized development – remain a hot subject. In essence, the federal opportunity zones program is meant to spur improvements to low-income neighborhoods by rewarding investors who spend money…

Palmetto Bay grand plan reduces scale with new team

Palmetto Bay has resumed talks with real estate firm NAI Miami, the second-ranked proposer on a project to redevelop the village’s downtown area, after its first choice abruptly pulled out of negotiations. Village council members voted unanimously Nov. 4 to reconsider a proposal from NAI and terminate dialogue with first-ranked i3 Interests LLC, whose unsolicited $72 million project proposal in 2018…

Top-tier malls feeling pain of changing consumer behavior

Top-tier malls are no longer immune from the perils facing the broader retail sector. Landlords behind some malls in prime locations across America are now signaling slower income growth as they grapple with a shifting consumer landscape and internet competition, the Wall Street Journal reports. Several malls have lowered their 2019 guidance on net income, for example. Some…

Adam Neumann could reap $2B from WeWork golden parachute

Adam Neumann’s golden parachute could be the gift that keeps on giving. According to the Financial Times, the WeWork co-founder owns millions of “profit interests” in the co-working firm, which means that if WeWork goes public, Neumann’s $1.7 billion package could grow in value to more than $2 billion. In the event of an IPO, Neumann’s interests would would convert into stock with a value…

Here are South Florida’s largest retail sales of 2019

Compilation of the top five properties (Credit: Google Maps) Despite doomsday predictions about retail, and national stores like Toys R’ Us declaring bankruptcy, retail in South Florida appears to be alive and well. Institutional investors and real estate investment trusts continue to acquire retail centers across the region. Here are the largest retail sales of 2019: InvenTrust picks up Costco-anchored…

Analysts still baffled by Brookfield’s big bet on malls

Brookfield Asset Management’s massive investment in malls is looking worse than ever to some observers. Since its nearly $15 billion acquisition of General Growth Properties in 2018, Brookfield Property Real Estate Investment Trust, a publicly traded vehicle formed after the purchase, has seen its shares decline by 13 percent, the Wall Street Journal reported. The second-largest mall…

WeWork’s rescue package may be in trouble

SoftBank Group is trying to borrow $3 billion from Japan’s three largest banks as part of its effort to save WeWork and it’s not going well. Talks have stalled amid the lenders’ concern over credit risk and reports that the banks have hit internal limits, Reuters reported. The three banks involved are Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.

Lebron James’ Unknwn business partner allegedly skipped out on Miami Design District construction bill

Frankie Walker Jr., a childhood friend of Lebron James who co-owns the Unknwn men’s store in Wynwood with the NBA superstar, is accused of skipping out on a construction bill for more than $300,000 connected to an unrelated retail venture in the Miami Design District. The contractor, Miami-based design and construction firm Twenty Two Group, reduced the debt by more…

These were South Florida’s biggest industrial leases of 2019

It was a strong year for industrial leases in South Florida, with the largest — for a Home Depot distribution center in Hialeah — topping 1 million square feet. Land prices jumped as much as 30 percent in Miami-Dade and Broward counties in 2019, year-over-year, to more than $1 million an acre, said Steve Wasserman, executive managing director of Colliers International South Florida. Rental rates for new…

Porn king scores Wynwood development site

A porn mogul paid $4.2 million for a development site in Wynwood, The Real Deal has learned. Showcase Acquisitions LLC, a company led by Kris Hinson, co-founder of porn site Bang Bus closed on the property at 2210 Northwest Miami Court, according to sources. The 13,345-square-foot corner lot is in the southeast quadrant of Wynwood. Investor Philip Knoll put the property on the market with…

Apartment-hotel brand – with one in Miami – raises $100M with backing from Softbank, GGV Capital

Domio CEO Jay Roberts (Credit: Domio) Apartment-hotel brand Domio just closed a $100 million funding round and is attracting big investors including SoftBank, GGV Capital and Lehman Brothers–spinoff Tenaya Capital. The funding was split equally between equity and debt, according to the announcement. The equity round was led by GGV Capital, a global venture capital firm that manages $6.2 billion…

South Beach building near Joe’s Stone Crab hits market for $45M

An office building in the South-of-Fifth neighborhood of Miami Beach hit the market for $45 million. Property records show Yantra 119 LLC, led by Giulio Rangoni and Cinzia Zanella, own the six-story, 43,140-square-foot building at 119 Washington Avenue. The property is on the market with Amit Egan Datwani of The Global Consulting…

No more excuses: New Opp Zone rules should open the door to big money

Despite being hyped the Next Big Thing in real estate, investor interest in Opportunity Zones hasn’t materialized as fund managers, developers and government officials had hoped. But on Thursday, the IRS and Treasury released the final set of regulations for the federal program, providing investors and developers more certainty over the rules and regulations that govern how real estate money can be…

MDH Partners buys Liberty City warehouse

An Atlanta-based industrial investment group paid $8.9 million for a warehouse west of Little Haiti in Liberty City. MDH Partners’ affiliate MDH F1 Miami NW 74 LLC closed on the 102,000-square-foot building at 1350 Northwest 74th Street in Miami. Property records show G&G Real Estate Investments LC sold the building. The deal is the first for MDH in Miami. The investment and development firm…

The Dorsey project in Wynwood wins design approval

The latest mixed-use project in Wynwood spearheaded by the Related Group won a nod from the Miami Urban Development Review Board, despite one board member’s sharp criticism that new buildings in the city’s hottest neighborhood lack pizazz. The board on Wednesday voted 7-0 to approve five design waivers for The Dorsey, a proposed 12-story apartment building with a parking garage…

Mazel tov! Kosher market-anchored shopping center trades for $16M

IMC Equity snagged a retail center anchored by a Kosher supermarket in Cooper City for $16.36 million. The North Miami-based firm, led by Yoram Izhak, purchased the 56,968-square-foot Stirling Town Center for $287 per square foot, records show. Stirling Retail 26 LLC, led by Yaniv Sananes of Golden Beach, sold the shopping center. The property is at 8631-8861 Stirling Road in Cooper City, adjacent to…

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

The Miami-Dade County Commission on Tuesday unanimously approved a deal with Plenary Group to build a new $267 million civil courthouse in downtown Miami. The proposed 23-story building will replace the 1928-era courthouse at 73 West Flagler Street that was the site of a trial of Chicago mobster Al Capone. Amid a packed audience of local judges and attorneys, county commissioners moved…

Chick-fil-A, Old Navy to Join $425M River Landing Project in Miami

UrbanX Group has inked new lease agreements with fast casual restaurant Chick-fil-A and clothing retailer Old Navy to occupy a total of 19,000 square feet along the Miami River. The tenants will join River Landing Shops & Residences, the 8.1-acre mixed-use development currently under construction. Chick-fil-A and Old Navy are both scheduled to open in spring 2020 and join already signed tenants Publix…

Moishe Mana’s Downtown Miami Buying Binge Grows To $375 Million

With his recent acquisition of City National Bank’s former headquarters for $25 million, billionaire Moishe Mana has now spent $375 million assembling properties in downtown Miami. This week, the Israeli-born real estate mogul closed on an existing 139,448-square-foot office building at 25 West Flagler Street and three adjacent parcels totaling 29,000 square feet. Located between West Flagler Street…

Aztec Arranges $142M Loan for Melo Group’s 667-Unit Art Plaza Community in Miami

Aztec Group Inc. has arranged $142 million in agency debt financing for the developer Melo Group’s new Art Plaza development in Miami. Berkadia’s Miami office will act as seller-servicer for the Freddie Mac loan. The 10-year loan features full-term interest-only payment and a fixed interest rate under 3.5 percent. Aztec’s Peter Mekras arranged the financing on behalf of Melo, which is using the loan to refinance…

Rieber Developments Tops Off Aventura Medical Office Building

Ivory 214, a 10-story medical office building in Aventura, Fla., topped off six months after Shalev Development Group secured a $36 million construction loan via BridgeInvest. Rieber Developments expects to deliver the project in the second quarter of 2020. Located at 2820 NE 214th St., the property is part of the Aventura Medical District. The development will include 34,000 square feet of office space…

Grails Sports Bar buys its Wynwood building

Grails Sports Bar in Wynwood paid $6.4 million to purchase its building. The bar, owned by Oscar Ortega, Hector Acevedo, Eddie Fuentes, and Manuel Picon, paid $877 per square foot for the building and about $563 per square foot for the land at 2800 North Miami Avenue, according to the brokers involved in the sale. Grails is owned by the same people behind Cocktail Cartel and Grails’ sister restaurant…

Prologis Signs New Tenant at Miami Industrial Park

SPR Global Storage & Logistics has signed a new, long-term lease for an 80,000-square-foot cold storage facility at the Beacon at 97th Avenue industrial park in Doral, Fla. Transwestern Commercial Services negotiated the deal on behalf of the tenant, while JLL assisted landlord Prologis. Located at 2000 NW 97th Ave. in Miami’s Airport submarket, the industrial park consists of Class A warehouse…

South Florida’s biggest office leases of 2019

South Florida’s office leasing market this year was spurred by tenants seeking to relocate to better spaces, often in more eco-friendly buildings. “The trend we’re seeing in the marketplace is that tenants are seeking new office space that allows them to hire, retain and motivate the workforce, as well as to better reflect their image,” said Stephen Rutchik, executive managing director at Colliers…

All-free Miami-Dade transit is answer, Xavier Suarez says

Among attempts to regain riders on Miami-Dade transit, some, like contactless payment and monthly discounts, are here now. Others, like Transit Alliance’s redesign of the Metrobus route network, are near. But Commissioner Xavier Suarez says one solution gaining steam around the US, at which city trolleys here excel, could add widespread ridership: make it free. “It is time for Miami-Dade County to…

Miami’s scooter pilot program walks a tightrope

The City of Miami’s scooter pilot program has once again been extended, this time to mid-February, with its long-term future still up in the air. Chairman Ken Russell, the district commissioner for the scooter pilot, again asked his fellow commissioners to extend the pilot while the administration hashes out a solicitation for proposals. While the legislation had originally called for a four-month extension,

Predictions For South Florida CRE In 2020

So 2019 is drawing to a close, having given the world of commercial real estate things we expected — like a booming industrial market — and things we didn’t (WeWork and opportunity zones were among the greatest flops of the decade). Bisnow asked some South Florida real estate pros what 2020 may bring. Here are their thoughts: Jeff Gordon, vice president, JLL: “We have a number of interesting new…”

What It Took To Build Zaha Hadid’s Miami Tower

Architect and developer Louis Birdman has worked on about 80 condominium projects around the country, but few are as high-profile as 1000 Museum, the downtown Miami condo designed by famed architect Zaha Hadid, known for projects such as the London Olympic Aquatic Centre and the Guangzhou Opera House. One Thousand Museum, sometimes called the Scorpion Tower, was the only…

Moishe Mana plans 11-building tech center along Flagler

Moishe Mana and the Mana Group plan a large-scale tech center, anchored by Flagler Street, for downtown Miami, representatives told the Downtown Development Authority on Friday. Mana Tech, said Paul Lambert, managing principal of Lambert Advisory, will bring tech and venture capital companies into the city’s core “very much at the direction of Moishe Mana. Flagler Street will be the center, and…

Atlantic Sapphire building ‘largest aquaculture facility in world’ in the Redlands

Atlantic Sapphire, an indoor salmon farming company founded in Norway nearly a decade ago, is on track to finish the first of three construction phases on a sprawling facility in Miami-Dade’s Redland by July. Once completed, it will be “the largest aquaculture facility in the world.” That’s according to CFO José Prado, who told county commissioners Tuesday that the company aims to increase its…

China’s largest co-working firm eyes a New York IPO

China’s largest co-working company, Ucommune, has filed plans for an initial public offering on the New York Stock Exchange. The offering could take place as early as next month, the Wall Street Journal reported. It will represent a test of investor sentiment following WeWork’s IPO debacle this fall — was WeWork’s failure a symptom of problems specific to the company, or is the co-working business…

Moishe Mana buys City National Bank building in downtown Miami

Moishe Mana paid $25 million for the City National Bank building on Flagler Street in downtown Miami, adding to his property empire. John Crotty of Avison Young Seller City National Bank was previously based out of the the 12-story, 140,000-square-foot building at 25 West Flagler Street. It was on the market with John Crotty, Michael Fay, David Duckworth, Brian de la Fé and others at Avison Young.

Sustainable Hospitality Brand, Shepherd Eco, Launches in Wynwood

Lucky Shepherd announces the launch of its Shepherd Eco sustainable hospitality brand with a flagship location in Wynwood, Miami. The project, developed by Shepherd Atma and Hoar Program Management (HPM), with Touzet Studio as architect and Gensler as interior design, is slated to open late 2022. Shepherd Eco offers extraordinary, one-of-a-kind experiences – thoughtfully designed and curated…

Experts Round-Up: Top Retail Property Trends to Expect in 2020

A new decade awaits us in 2020, and with it the inevitable, constant evolution of the retail industry market. As one of the most competitive markets in the world, change and adaptation are truly the only constants. The rise in use of technology coupled with metadata metrics for analyzing consumer habits have inspired retailers to adapt and not only stay on top of trends, but ahead of…

Top 25 South Florida Retail Shopping Center Transactions of 2019

2019 is going down as another successful year South Florida’s commercial real estate market. Across the board of primary stats: vacancy levels, asking rates, and absorption, things have been positive as the decade is coming to a close. One of the most significant contributors to the upbeat sentiment in South Florida retail, particularly, is with the shopping center transactions. Compared to 2018’s retail…

Judge says Parque Towers developer mismarketed condo size

When Josh and Michelle Kurzban saw brochures for Parque Towers in Sunny Isles Beach and put down a deposit in 2015, they were expecting to upgrade to a new 2,500-square-foot condo. Four years later, a Miami-Dade Circuit judge ruled that the developer, J. Milton & Associates, mismarketed the size of Kurzban’s unit by almost 25 percent. The ruling, delivered last week, could have significant…

These were South Florida’s biggest retail leases of 2019

Some of the top retail leases in 2019 (Credit: Google Maps) South Florida’s retail leasing market is in transition, as the sector struggles nationwide amid the growing strength of e-commerce. Many stores are rethinking their brick-and-mortar strategies, which means less retail and more restaurants and service uses, said Dave Preston, executive managing director at Colliers International South Florida.

Video: CCIM Chief Economist K.C. Conway Discusses Commercial Real Estate Vectors 2020

As the economic expansion continues into the year 2020, we all wonder what can be expected to drive the commercial real estate industry going into the future? In this two part video series, CCIM Chief Economist K.C. Conway joins the show host to offer views on the economic cycle, trends to watch within sectors, and other factors set to likely affect commercial real estate in the new year. He discusses election…

A Primer from the Fed on Negative Interest Rates

The European Central Bank (ECB) in recent months cut its key deposit facility rate—or the interest rate that European banks earn when they deposit excess reserves at the ECB—to negative 0.5% with the intent of stimulating growth. The figure below presents this rate alongside the deposit rate U.S. banks earn at the Federal Reserve. In the U.S., this rate is referred to as the IOER (interest on excess…)

PortMiami Welcomes Largest Container Ship To Dock In Florida

The largest container ship to ever call on a Florida port sailed into PortMiami early Wednesday morning. Officials from the county, including Mayor Carlos Gimenez and others, welcomed the CMA CGM Magellan into the port. The 167-foot wide vessel can hold between 120,000 and 146,000 pallets. Gimenez and Tourism and Ports Committee chairwoman Rebeca Sosa spoke on the county’s commitment…

Eco-friendly Wynwood hotel planned for Art by God site

A new eco-friendly hotel is expected to break ground on the site of the Art by God store in Wynwood. Lucky Shepherd, co-founded by Shepherd Atma and Hoar Program Management, will build Shepherd Eco Wynwood at 60 Northeast 27th Street, joining a number of other hotels that have been proposed in the neighborhood. Christine Menedis and Naveen Trehan co-founded Pooler, Georgia-based…

WeWork’s Claure on dumping Adam Neumann, renegotiating leases

Marcelo Claure thinks Adam Neumann is misunderstood and that the prospects for WeWork remain strong. The new executive chairman of WeWork spoke to the New York Times for his first interview since SoftBank effectively took over the company. He said he still values Neumann’s opinion a lot and meets with him frequently outside of the office, but he also recounted telling Neumann he needed to…

Blackstone plans to build new Medley warehouse

Blackstone has now acquired 18 acres in Medley where it will build a new warehouse, according to the seller. In its latest deal, the New York-based private equity firm acquired a 2.2-acre property at 9800 Northwest 87th Avenue for $3.3 million from Miami-based Fordome Investment Group. The purchase adds to its growing industrial portfolio in South Florida. The property sold for a…

Meet the financial backers behind WeWork’s rise and fall

It was only after WeWork pulled its IPO and Adam Neumann’s ouster that one of the company’s board members took a stance. Former Goldman Sachs partner Mark Schwartz (Credit: Goldman Sachs) In early October, former Goldman Sachs partner Mark Schwartz told WeWork’s board members: No more fantasizing — it was time to save the company. “I’ve stayed silent too long,” he said, according to…

Ugo Colombo pays off $236M construction loan for Brickell Flatiron

Ugo Colombo’s CMC Group paid off its construction for Brickell Flatiron, less than two months after the condo tower was completed. The $236 million in construction debt was issued by Bank OZK, Goldman Sachs’ Broad Street, and RFR Realty in 2017. It broke down to a $138.5 million mortgage and a $97.5 million mezzanine loan. Brickell Flatiron, a 64-story, 527-unit tower at 1000 Brickell Plaza, is one…

What apocalypse? Expo showed few signs of retail’s struggles

And it’s a wrap on one of the largest retail real estate conventions in the country. Attendance at the New York Deal Making conference, put on every December by the International Council of Shopping Centers, was on pace to surpass the usual 10,000 people, an ICSC representative said. Final figures were not immediately available. As of noon Thursday the three-day West Side event had 9,178…

Galbut sells 50% stake in Mondrian South Beach

Russell Galbut is continuing to sell off part of his hotel portfolio. Galbut’s Crescent Heights sold 50 percent of its Mondrian South Beach condo-hotel to investor Michael S. Liebowitz for an undisclosed amount. Galbut, himself, will retain 50 percent ownership, and Menin Hospitality will continue to manage and operate the property, according to a press release. Menin helped develop the 335-key…

WeWork tries to escape leases — and eviction

After word of mass layoffs and a shift toward austerity, the inevitable is happening: WeWork is quietly trying to back out of leases. Executives at the embattled co-working company have been negotiating with landlords to find a way out of agreements it signed in up to 100 buildings around the world, The Information reported. Meanwhile in New York, Chestnut Holdings is trying to boot WeWork from…

Melo Group grabs more land north of downtown Miami for $28M

The Melo Group just picked up another site in Miami’s Arts & Entertainment District near Edgewater. Melo paid $28 million for the 1.6-acre block between 18th and 19th streets on the west side of Biscayne Boulevard, according to a spokesperson. The land is zoned for a transit-oriented, mixed-use residential development with up to 800 units and street-level retail. Property records show the seller is…

Miami may seek $250M for affordable home-buying program

The Miami City Commission is looking to seek $250 million in loans and grants to create an affordable home ownership program with at least 2,500 residential units. Proposed by commissioner Joe Carollo, the pilot program would use the funds to build more than 600 two-bedroom condos and 1,900 one-bedroom condos in all five of Miami’s city commission districts. The money would also be used to…

Melo Group lands $142M refi for Art Plaza

The Melo Group closed on $142 million in refinancing for Art Plaza in downtown Miami’s Arts & Entertainment District. The loan comes a year after Melo closed on a similar, $142 million refinancing of Square Station, a two-tower, 710-unit apartment development at 1424 Northeast Miami Place. The latest refinancing is for Art Plaza, a 667-unit apartment project at 58 Northeast 14th Street with 15,000 …

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Part 2 of 2

As the economic expansion continues into the year 2020, we all wonder what can be expected to drive the commercial real estate industry going into the future? In this two part video series, CCIM Chief Economist K.C. Conway joins the show host to offer views on the economic cycle, trends to watch within sectors, and other factors set to likely affect commercial real estate in the new year.

He discusses election risk, noting he sees political division as more of a risk than who wins the election. How the economy has shrugged off concerns in recent months and years – seemingly a surprise to anyone paying attention – is also discussed. He talks about interest rates, sharing an opinion that the Fed will have to cut rates in 2020 not so much due to any need to prod economic growth but instead in order to pinprick an asset appreciation bubble driven by foreign capital inflows in the face of lower rates globally. Though different from classic economic considerations, the point seems valid.

Terra plans massive multifamily project in northwest Miami-Dade

Industrial builder and operator Prologis sold a site in northwest Miami-Dade to Terra for $52 million, as development continues heading west. Terra plans to turn the 70-acre site, along Northwest 170th Street between I-75 and the Florida Turnpike, into a multifamily project with 1,369 apartments. Terra financed the land purchase with a $43 million loan from Synovus, according to a press release. Terra…

Miami may be closer to banning Special Area Plans

In Miami, property owners who control more than 9 acres of land can apply for a wide array of zoning changes. They’re called Special Area Plans, or SAPs, and the legislation has allowed for massive, planned projects like Brickell City Centre, River Landing Shops & Residences, the redevelopment of the Miami Design District, and the expansion of the Miami Jewish Home. It has also allowed for future mega…

Billionaire hotelier buys Overtown store for $6 million

The billionaire, one-time developer of Baha Mar in the Bahamas is adding to his collection of properties in Miami’s Wynwood and Overtown. A trust tied to Sarkis Izmirlian paid $6.6 million for an Overtown convenience store with a lot totaling 25,906 square feet at 295 Northwest 20th Street, records show. The sale equates to $254 per square foot…

As Miami Condo Market Cools, Developers Move North, And To Smaller Projects

Most real estate experts in South Florida agree that the condominium market has cooled — at least for big, new, luxury product. The heavy supply, plus a strong dollar, has thinned the buyer pool for the thousands of high-end units coming to market. But developers aren’t calling off the cranes. Condo builders are instead moving north, creating smaller projects, courting domestic buyers and…

Coworking Firm CoSuite Leases Entire Floor at Miami Tower

CoSuite has signed a long-term lease for 14,280 square feet at 800 Brickell Avenue in Miami, where it will occupy the entire fourth floor. Avison Young represented the tenant and was retained by Gatsby Enterprises and partner MasterMind Properties, the office building’s new ownership, to handle leasing. The two companies acquired the 15-story property for $125.5 million a few months ago. Located…

Miami (#10), Hialeah (#17) Make NREI’s 25 Dynamic American Cities Lists

Weighing factors including population growth, median age, higher education degrees, job growth and more than a dozen other factors, website Point2Homes.com generated a list of the most dynamic American cities. According to the site, which is a division of Yardi Systems Inc. that covers real estate market trends and new and develops original studies on many real estate topics, the methodology involved…

What you need to know about investing in healthcare real estate

In fragmentation, there is real estate opportunity. And that makes healthcare one of the most interesting spaces for private equity real estate investors, generating billions of dollars in trades over the past year, according to top players and advisers in the space. “As we are reaching the end of the cycle, people are seeing healthcare as a safe place to invest capital and find enhanced yield in healthcare as…

Video: Crowdfunding Law Firm Trowbridge Sidoti’s Managing Parter Gene Trowbridge Discusses Real Estate Syndication

Syndication and crowdfunding are becoming an increasingly popular way to fund commercial real estate purchases. Join the host of America’s Commercial Real Estate Show and its guest, Gene Trowbridge, author of “It’s A Whole New Business” and Managing Partner of the crowdfunding law firm Trowbridge Sidoti, as they discuss syndication regulations, examples of successful uses and a few tips to…

The 10 Biggest South Florida Office Sales And Leases Of The Decade

As we close out 2019, it’s not just the end of a year, but the end of a decade. Bisnow took a peek back at how South Florida’s real estate market has changed since 2010, when we were in the midst of the Great Recession. The research team at Newmark Knight Frank rounded up the top 10 office sales and leases of the decade. Looking at the data, Newmark Knight Frank Executive Managing Director Steve…

84 more hotels in the wings for Miami-Dade market

A new wave of 84 announced hotels could catapult 16,135 more hotel rooms into the Miami-Dade market within four years, adding more than 27% to hotel capacity at a time the industry is also feeling the growth of short-term rental services operators like Airbnb. In the first 10 months of this year the market added nine hotels and 894 additional rooms, with a total now of 58,175 rooms in the county…

Brickell Financial District tower upgrade wins OK

The city’s Urban Development Review Board is recommending approval of a renovation plan that would change the look of a tower that has stood in the southern Brickell Financial District for more than a decade. One Broadway, a mixed-use residential building reaching 36 stories at 1451 S Miami Avenue is “undergoing significant renovation,” according to owner Park Place at Brickell LLC. Luis Lamar…

Yardi Matrix Special Report: Coworking Grows Steadily, NYC Leads the Way, Miami Among Top Markets

In October, Yardi Matrix released its latest special report, “Shared Space: Coworking’s Rapid Growth Set to be Tested.” According to the findings, the coworking segment continued its growth in 2019, despite industry headlines being dominated by the struggles of The We Company. However, this rapid expansion is set to be put to the test in the near future, as some may now believe that the entire…

Dezer wins height approval for Sunny Isles’ tallest condo tower

The Federal Aviation Administration approved the height for what would be the tallest tower in Sunny Isles Beach. Dezer Development could build up to 743 feet above ground, or 749 feet above sea level, on the property at 18401 Collins Avenue. Dezer owns the Days Hotel by Wyndham Thunderbird Beach Resort on the site. Property records show Dezer Hotel Management Ltd. paid $6.78 million for the…

IMC Equity snags Hialeah warehouse from Cofe Properties

Yoram Izhak’s IMC Equity Group snagged another property from Cofe Properties. The North Miami-based firm purchased the 44,312-square-foot warehouse at 1490 West 49th Place in Hialeah for $5.9 million, or $133 per square foot, records show. The warehouse was built in 1966 and has five floors. Just two months ago, IMC Equity Group bought two industrial buildings in Plantation from Miami…

They paved paradise to sell a parking lot; lot sales surge

“They paved paradise to put up a parking lot,” Joni Mitchell famously sang. However, in hot real estate markets, we’re well past that. Developers, desperate for prime land upon which to build, are increasingly eyeing parking lots, and that has caused trading activity of such assets to soar. In 2016, for example, there were over 200 sales of parking lots, according to CoStar Group data cited by the New…

Lennar sells off part of its Via Ventura community

Lennar sold part of its property in the Via Ventura community near Aventura for $9.1 million. The Miami-based homebuilder sold a lake in the community it is developing at 20890 San Simeon Way to the San Simeon Community District. The district is designed to provide financing for community infrastructure, facilities and services. A community development district is a special purpose government…

Northwest Dade property owner seeking to fill lake gets denied — again

Lake that Lake Sana Developments wants to partially fill A property owner on a quest to partially fill an 85-acre lake in unincorporated northwest Miami-Dade for future development suffered another setback recently. Last month, a panel of three Miami-Dade Circuit Court judges denied Lake Sana Developments’ petition to overturn a vote by the county’s Community Council 8. The council’s vote denied…

Rethinking the Benefits of Opportunity Zone Investment

Longer holding requirements, the continual drip of federal guidelines, and a lack of tax savings have left many would-be investors sitting out of tax-sheltering opportunity zones. A year after the U.S. Treasury released its first set of guidelines, tax breaks for redeploying capital-gains profits into real estate and business ventures in low-income neighborhoods have generated a fraction of the anticipated $100…

Florida Zoning Appeals Law: Miami Beach “Ban” on Short-Term Rentals Ruled Illegal

In recent years, online platforms like Airbnb and HomeAway have made it easier for property owners to enter into the short-term rental market, which allows property owners to generate supplemental income and defray the cost of maintaining their real estate. The emergence of this “industry,” however, has faced resistance from neighboring property owners and local governments over concerns…

AquaBlue Group owner lists South Beach apartments for $14 million

A company tied to AquaBlue Group owner Philippe Harari is looking to sell a South Beach apartment complex for $13.9 million. Greenview Courtyard, at 2021–2035 Meridian Avenue, across from the Miami Beach Golf Club, includes three buildings with a total of 30 units. The price breaks down to about $463,000 per apartment. Harari’s Greenview Courtyard Inc. paid $2 million for the property in 2002…

The Art Basel Crowd Discovers Allapattah

Miami Art Week’s center of gravity moves every couple of years—pulled at one moment by the gritty muraled walls of Wynwood, at another by the gleaming shops of the Design District. But during this year’s festivities, a new neighborhood that’s been overlooked by the artistic glitterati is seeing a flurry of activity. Allapattah, nestled just west of Wynwood and north of Little Havana along the Miami River…

CitizenM scores $48M loan to build Brickell hotel

CitizenM scored a $48.3 million construction loan to build a new hotel at the former site of Perricone’s Marketplace & Cafe in Brickell. The hotelier secured the loan from Manufacturers and Traders Trust Co. for the 252-key hotel at 955 South Miami Avenue in Miami. The Netherlands-based hotel chain is also planning to build hotels in Miami Beach, on the corner of Alton and Lincoln roads, as well as in…

Breather bloodbath: Flex-office startup fires 17% of staff

Breather, an on-demand workspace company, fired almost a fifth of its staff Thursday. The Montreal-based firm, which provides office space across 10 different cities and has more than 100 employees, laid off at least 18 staffers, The Real Deal has learned. In a post on LinkedIn, Breather’s director of research, Anja Jamrozik Otto shared that she and others were leaving the company. A person familiar…

Diesel family dishes on Wynwood condo project

Amid the annual hoopla of Miami Art Week, the top dogs at Diesel provided a sneak peek of their Wynwood condo project, which joins a wave of luxury retailers breaking into South Florida real estate development. The Italian fashion brand’s founder Renzo Rosso and his son Andrea Rosso held court inside the Diesel Wynwood 28 sales gallery Wednesday morning, answering questions about the 143-unit…

Len Blavatnik teams with Vlad Doronin on Aman-branded towers in Faena District

Billionaires Len Blavatnik and Vlad Doronin are partnering to build the first Aman-branded development in the Miami area. Blavatnik’s Access Industries and Doronin’s OKO Group plan to build two towers on the site of the former Versailles Hotel at 3425 Collins Avenue in Miami Beach, according to a press release. The hotel and branded condos will be part of the Faena District. Doronin is also…

Anatomy gym to open in Coconut Grove

Rendering of Regatta Harbour Luxury gym concept Anatomy will open in Coconut Grove next year. Anatomy inked a lease for 14,500 square feet at Regatta Harbour, The Real Deal has learned. Treo Group is developing the mixed-use project at 3385 Pan American Drive. Anatomy will be located in ground-floor retail space on the south side of the development. Anatomy has two other locations in the…

Diamonds aren’t forever: Seybold Building jeweler claims owner won’t relocate his store

The front entrance of the Seybold building at 36 NE First Street. A jeweler at the Seybold Building in downtown Miami claims the landlord is about to put the store out of business as a result of an ongoing renovation project. Nemaro Jewelers, which is four years into a 15-year lease, is suing Seybold owner Flagler Street Associates in Miami-Dade Circuit Court for allegedly breaching the lease agreement. The…

Sonder inks lease for flagship Wynwood hotel

The hospitality market in Wynwood is heating up. Sonder, a San Francisco-based startup that leases apartments and rents them out on a short-term basis, signed a lease for a new hotel development near the Wynwood Walls, The Real Deal has learned. The short-term rental operator will manage the 72-key project at 111 Northwest 26th Street in the artsy Miami neighborhood. Andres Klein, founder and…

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Syndication and crowdfunding are becoming an increasingly popular way to fund commercial real estate purchases. Join the host of America’s Commercial Real Estate Show and its guest, Gene Trowbridge, author of “It’s A Whole New Business” and Managing Partner of the crowdfunding law firm Trowbridge Sidoti, as they discuss syndication regulations, examples of successful uses and a few tips to navigate the process. He starts of noting that the 2018 privated placement market was $1.8 trillion dollars, more than the new money raised on Wall Street in that same time. 95%, he notes, was raised in Regulation D, which has a family and friends and an advertising part, each with its own requirements.