Month: January 2020

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In this 2 part video series, Daniel Burrus, Technology Futurist, New York Times Bestselling Author of The Anticipatory Organization, business advisor, and public speaker in the areas of business strategy and innovation joins America’s Commercial Real Estate Show to talk about how to recognize inevitable trends and foresee disruption, and to share some of his predictions for the commercial real estate industry going forward. Those involved in commercial real estate are always working to get and stay ahead of the curve, but is it possible to actually predict the future? Daniel Burrus would seem to suggest that it is.

David Edelstein sells Wynwood site to AMLI for $35 Million

David Edelstein and a rendering of the Wynwood site Developer David Edelstein sold an assemblage in Wynwood to multifamily giant AMLI Residential, The Real Deal has learned. Edelstein of New York-based TriStar Capital sold the “45 Winwood” development site to AMLI for $35 million. Together, the properties are zoned for 669,600 sf and 321 residential units. The assemblage, at 45 Northwest 24th Street…

Latigo Group scores $50M loan for Miami Gardens apartments

The Center at Miami Gardens apartments (Credit: iStock) The Latigo Group scored a $50 million construction loan for its apartment project that will be part of a major mixed-use development in Miami Gardens. The Los Angeles-based real estate firm scored the loan from 3650 REIT to construct its 259-unit project at 19279 Northwest 27th Avenue in Miami Gardens. Called the Center at Miami Gardens, the…

3650 REIT Provides $50M Construction Loan for Multifamily Community in Miami Gardens

3650 REIT has provided a $50 million construction loan for the development of the Center at Miami Gardens, a 259-unit multifamily property to be located at 19279 NW 27th Ave. in Miami Gardens. Located 18 miles northwest of Miami and less than three miles from Interstate 95, the Center at Miami Gardens will feature three residential buildings and a clubhouse. Los Angeles-based multifamily…

3650 REIT Provides $50M Construction Loan for Miami Multifamily Property

Los Angeles-based real estate investor and developer The Latigo Group (TLG) has nabbed $50 million from real estate investment trust 3650 REIT, to help fund the construction of the Center at Miami Gardens, a four-building multifamily property in Miami Gardens, Commercial Observer can first report. The loan funds the construction of the 10-acre residential development, which is part of a broader…

Harbor Group’s 13K-unit apartment purchase is one of largest ever

Two years ago, Harbor Group International acquired a 9,600-unit apartment portfolio, paying $1.8 billion for properties across the East Coast and in Chicago. Now, the Virginia-based real estate investment firm has gone even bigger. Harbor has closed on one of the largest apartment portfolio deals ever, paying $1.85 billion for 13,243 units, most of them across the South and Southwest. The portfolio…

Comras looks to sell Five Guys property on Washington Ave

Michael Comras and 1500 Washington Avenue (Credit: Google Maps) Michael Comras is looking to sell a retail property on Miami Beach’s Washington Avenue. The Comras Company is listing a 7,116-square-foot building at 1500 Washington Avenue that is anchored by the popular fast casual restaurant Five Guys. The property is hitting the market for $9.9 million or $1,391 per square foot, according to a…

Miami Office Building Trades Hands for $30M

JB Waterford, an affiliate of Coral Gables-based Patton Real Estate Group, has acquired Waterford Centre at Blue Lagoon, a 91,431-square-foot office building in Miami’s Waterford Business District Park. The sales price was $30.4 million. Located at 6205 Blue Lagoon Drive, Waterford Centre at Blue Lagoon is a six-story, institutional-grade office building developed in 1999 on a four-acre site in Miami’s…

Miami Office Report – Fall 2019

Miami’s maturing market dynamics and solid office sector are underpinned by a diversifying economy, a steady wave of company expansions and relocations, and a robust development pipeline. Lured by Florida’s favorable business environment, finance firms and hedge funds from high-tax markets are moving to Miami—Wall Street giant Icahn Enterprises, relocating from New York, is just one…

AT&T Looking To Sell Miami Beach Building as Part of a 13-Building Office Portfolio In Huge Sale-Leaseback Deal

AT&T is looking to monetize a substantial chunk of its office assets. The telecommunications giant is in talks with multiple potential buyers for a 13-property portfolio of office buildings it owns and occupies across nine cities, CoStar reports. The properties, collectively dubbed by AT&T as the Central Office Portfolio… 6800 Harding Avenue in Miami Beach, 68K SF…  AT&T has been selling off properties or…

MMG buys two strip malls in southwest Miami-Dade

MMG Equity Partners paid $12.7 million for two shopping centers in southwest Miami-Dade County. MMG closed on Naranja Plaza at 27000 to 27100 South Dixie Highway for $7.1 million, or $139 per square foot. It also purchased Westlake Plaza, at 10969 Southwest 40th Street, for $5.6 million, or $128 per square foot, according to a press release. The real estate investment company financed the deals…

Metrorail leg to north could depend on state, federal funds

Whether Metrorail rolls northward could depend on state and federal fund pledges, Miami-Dade Mayor Carlos Giménez says. His office last year drafted a request for proposals (RFP) for 9.5 miles through Miami Gardens known as the North Corridor in the county Smart Plan, he said in a Jan. 7 memo. But the RFP for the “design, construction, financing, operation and maintenance” of a transit mode for the…

Miami needs to patch up its commission mess on live TV

When Miamians elected five commissioners, we presumed they aimed to do their best for the city. We still believe that. But they’re making it mighty hard for us to see that motivation.  At their meeting last week they bickered like five kids in a ballgame. When they didn’t get their ways about who got to bat first, they took their bat, ball and gloves and went home without playing.  They accomplished not one…

New EB-5 rules targeting abuse may be eased

EB-5, the federal visa program that helped fund development projects like the massive Hudson Yards in New York, has been fading recently and on the ropes, a result of fraud and its own popularity. But it still has supporters, and they are now looking to U.S. Sen. Lindsey Graham, Chuck Schumer and other powerful elected officials to help ease newly-passed rules, according to the Wall Street Journal.

The CRE Issues To Watch As Florida’s Legislature Convenes

Florida’s state legislature convened for its 2020 session Tuesday, charged with passing laws and an estimated $91.4B state budget over the course of the next 60 days. In his annual State of the State speech to kick off the legislative session, Gov. Ron DeSantis touched on everything from raising teacher pay to reducing barriers for occupational licensing. DeSantis said he would like to see people who…

1,700-ton concrete pour set for Missoni Baia condo tower

Rendering of Missoni Baia with a concrete truck and Vlad Doronin (Credit: Getty Images and iStock) Two months after scoring a construction loan, the developers of Missoni Baia will begin a 12-hour, 1,700-ton concrete pour for the condo tower’s base. The concrete pour starts at 7 a.m. on Wednesday and will end at 7 p.m. Nearly 300 trucks working in groups of 30 or 40 will deliver and pour roughly…

Sapir claims employee stole trade secrets

The Sapir Organization’s Alex Sapir (Credit: Getty Images and iStock) The Sapir Organization has a leak problem – and not the kind you find in shoddy condo buildings. A legal assistant employed by one of Sapir’s subsidiaries has allegedly been hoarding trade secrets that competitors could use to undercut Alex Sapir’s real estate empire, a new lawsuit claims. Patricia Lemanski, who’s worked for Sapir’s…

Here’s why open-air strip centers are outperforming enclosed malls

Town & Country Crossing in Town & Country, MO; The Crossroads in Royal Palm Beach, FL; and Mission Bay Plaze in Boca Raton, FL While mall landlords have struggled to stay ahead of a challenging retail environment, owners of a less glamorous type of American shopping center have maintained modest growth. And now, even foreign investors are interested. Real estate investment trusts that own open-air…

Telefonica sold its Doral data center for $44M

Telefonica sold its data center in Doral for $44 million, amid booming demand for such real estate. Telefonica sold the 153,000-square-foot property at 11300 Northwest 25th Street for $288 per square foot, records show. Daytona US Partnership LP, which lists its address in Madrid, Spain, bought the property. Telefonica is a Spanish multinational telecommunications company, also headquartered…

Brightline launches leasing of apartment towers at MiamiCentral

Brightline’s apartment towers have arrived at Virgin MiamiCentral. Park-Line Miami, at 100 Northwest Sixth Street in Overtown, is part of the mixed-use development that is home to MiamiCentral. The project adds two 30-story towers with a combined 816 luxury apartments to the project, and the Greater Downtown Miami multifamily market overall. Leasing begins this month with rents starting at $1,900 a…

Ambitious Rival Florida Airport Targets A Prime Slice Of Miami’s Freighter Traffic

Freighter operators moving cargo on intra-Americas routes have a new option as Airglades International Airport (AIA) targets their traffic. The airport has announced plans for a “state-of-the-art logistics complex in southern Florida to dramatically reshape the efficient flow of perishable goods from Latin American producers to North American consumer markets”. The US Federal Aviation Administration (FAA)…

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

In the biggest hotel sale in Miami Beach so far this year, partners Lionheart Capital and Actium Development Co. sold the Seagull Hotel Miami Beach for $120 million, The Real Deal has learned. JHG Holdings Miami Owner LLC, a joint venture between Lionheart, led by Ophir Sternberg, and hotelier Jeffrey Dagowitz’s Actium, sold the waterfront hotel at 100 21st Street to BHI Miami Limited, according to sources.

South Beach hotels hit the market for $24M

Susan Gale and the South Beach hotels A Miami Beach investor is looking to sell two boutique hotels he owns in South Beach. Scott Weinberg of Azco Realty owns Hotel La Flora at 1238 Collins Avenue and Hotel Impala at 1228 Collins Avenue, property records show. Both are now on the market with Susan Gale of One Sotheby’s International Realty for a combined $23.5 million, or $490,000 per room…

Greystar sells The Mile apartments for $40M

Greystar Real Estate Partners sold the luxury apartment development The Mile near Coral Gables for $40 million. Charleston, South Carolina-based Greystar sold the 120-unit building at 3622 Southwest 22nd Street in Miami for $333,333 per unit, records show. Miami-based Acumen Real Estate purchased the property. Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley, Calum Weaver…

The obscure reason banks will finally embrace Opportunity Zones

A rendering of the Tampa Bay Rays’ plans for a new ballpark in Tampa’s historic Ybor City (Credit: iStock, WJCT) Banks may soon have the incentive they need to sink huge amounts of money into Opportunity Zones, the controversial Trump administration tax abatement program that has seen tepid investment levels to date. The federal government plans to give commercial banks credit for issuing loans…

Can Coral Gables absorb all the new development underway?

At the corner of Malaga Avenue and Ponce de Leon Boulevard, work crews recently topped off a Class A office building and an apartment tower that make up the first phase of the Plaza Coral Gables, the largest commercial project in the city’s history. Agave Holdings, a commercial real estate firm that includes the family behind the Jose Cuervo spirits brand, is making a $600 million gamble that Coral…

South Florida developers venture statewide for opportunity

High prices and the scarcity of raw land are prompting some prominent South Florida developers to do projects elsewhere in the state. One example is Noah Breakstone’s BTI Partners, a Fort Lauderdale-based company that is one of Florida’s leading real estate developers and land investors. Since 2011, BTI Partners and institutional partners were able to assemble a portfolio of nearly 8,000 acres of land…

Unholy real estate strategy: Catholic churches shuffle properties to shield billions from sex abuse victims, report says

Catholic church dioceses across the country are moving around their real estate portfolios and using Chapter 11 bankruptcy to protect assets in sex abuse lawsuits. Over the last decade and a half, the U.S. Catholic Church has shielded more than $2 billion worth of assets from people who were abused by clergy, according to a Bloomberg Businessweek report. In some cases, that has significantly reduced…

Ivy Realty sells Blue Lagoon office building for $30M

Ivy Realty sold an office building in the Blue Lagoon office park near Miami International Airport for $30.2 million, almost doubling its last sales price. Montvale, New Jersey-based Ivy Realty sold the 129,444-square-foot office building at 6205 Blue Lagoon Drive for $233 per square foot, records show. JB Waterford LLC, which is tied to William Holly of Coral Gables, purchased the property. The building, known…

Presidente Supermarkets owner lists Little Havana assemblage for $22M

The owners of Presidente Supermarkets are looking to sell a 2.5-acre assemblage of land in booming East Little Havana, The Real Deal has learned. Property records show Eight & First LLC owns the site at 702 West Flagler Street, which hit the market for $22 million. The company is controlled by Ana V. and Pedro O. Rodriguez, who own the grocery store chain. The development site is on the market with…

TM Real Estate parts with Miami Gardens office building

TM Real Estate sold an office building in Miami Gardens that houses the Youth and Family center nonprofit. The Coral Gables-based investment group sold the 72,407-square-foot office building at 111 Northwest 183rd Street for $6.1 million, or $84 per square foot, records show. Washington Square GP Management, which is managed by Zachary Preminger of Palmetto, Florida, bought the property.

Airbnb hosts score 34K bookings for Super Bowl LIV — more than for Art Basel

Airbnb hosts gear up for Super Bowl LIV Airbnb is gearing up to host more visitors in South Florida during Super Bowl weekend than during Art Basel. Airbnb hosts have already picked up more than 34,000 bookings for the weekend of Super Bowl LIV, Jan. 30 to Feb. 2. That tops Art Basel weekend of Dec. 5-8, when the short-term rental company racked up 26,000 bookings, according to Airbnb…

Title fraud is on the rise. Here’s why it won’t stop anytime soon.

When family members of Lycienne Prince Barber were about to sell their dead relative’s two duplexes in Biscayne Park, they made a startling discovery. During the prerequisite title and lien searches on the properties, they found that a 55-year-old man named Hencile Dorsey, whom Prince Barber’s relatives never met, had filed two warranty deeds transferring ownership of the properties to his own…

Apeiron at The Jockey Club partners fight over failed $20M deal: lawsuit

The partnership behind the Apeiron at the Jockey Club project is in tatters, amid allegations of double-crosses, a loan-to-own scheme and the sabotage of a $20 million deal, according to a recently filed lawsuit in Miami-Dade Circuit Court. Apeiron Holdings Miami and Apeiron Miami, two shell corporations controlled by developers Muyad “Mo” Abbas and Michael Bedner, are suing partners Asaf Horesh…

These will be the best multifamily markets in 2020

Multifamily vacancy nationwide is expected to rise slightly as developers keep up the rapid pace of building set over the last few years. Vacancy is expected to rise 20 basis points to 4.5 percent, according to a CBRE’s 2020 market outlook report. Rent growth is expected to slow to 2.4 percent for the year, below the 2.6 percent long-term average. Developers are expected to deliver an estimated 280,000…

Eight Predictions For The Industrial Sector In 2020

New project deliveries, continued cannabis legalization, a decline in manufacturing, faster e-commerce deliveries and the upcoming presidential election will all have an impact on the U.S. industrial sector in 2020, experts say. Here are eight predictions for the industrial sector in the new year: The rush to cannabis production will likely accelerate in 2020, as more states…

Years ago I was the owner of a franchise territory for Aaron’s Sales & Lease Ownership stores, with a multi-unit territory in New England. Upon executing an agreement for territory with the franchisor, I began driving my markets, getting to know the territory, trying to intuit natural trade areas for my concept. After a few weeks of driving around, I felt like I absolutely knew where I wanted to be, at which point I began making offers to lease different 8-10,000 square feet spaces.

At first, dealing with landlords was difficult. I was opening my first store, and had no industry experience. The franchise concept was established, to be sure, but I was new to the business, even new to the industry. What could go wrong? There were, however, strong selling points to taking me on as a tenant. The franchise, for starters, was part of 600 units nationally, the majority of which were franchised. In their history, they claimed they had never had a store go dark. As I was discussing these points and dealing with prospective landlord, someone, either a broker I was working with or another franchisee, mentioned that I should create a prospective tenant package, essentially a summary business plan laying out the case for a landlord to take us on as a tenant.

That idea made immediate sense to me. That same night I put it together. It didn’t take more than a couple of hours. I knew the points by heart, as I’d been verbally pitching them already. Thus, it was only a matter of putting it into a reasonably nice looking format.

That one document made conversations with landlords so much easier. The conversations flipped. Whereas before landlords were less than hurried to return my call, suddenly they were not only taking my calls, but offering turnkey tenant improvements before I could even ask. It made negotiations more fluid, and helped me get better terms.

Today, years later, as a commercial real estate broker helping others with similar searches for their businesses, I find it common for entrepreneurs to have in their heads some concept that has not been committed to paper in a way that can be shared with landlords. Entrepreneurs commonly just expect landlords to offer space at which point they simply decide if they want to take it or not. Actually, the selling process is more the reverse. Landlords have to be sold on the viability of a tenant. Property owners know that if a tenant fails it is going to cost them.

So, what’s the point?

If you are looking for commercial space to lease:

1. Understand that the process is much about selling you as a tenant to the owner of the property. Make your case, directly or through your broker (that should be me, as an aside). Tell your broker about your business, what your concept is, and why it is unlikely to fail. Submitting a personal financial statement – you’ll almost always have to personally guarantee leases – as you submit any letter of intent, if not earlier, will go a long way toward helping you get a better deal.

2. Prepare a one or two page prospective tenant package. Succinctly make the case for your viability, preferably with a bullet points and photos, i.e. a deck. Remember, the landlord doesn’t care about how much money you might make, he cares about whether he’ll get paid, and further what his property is worth with you as a tenant (stronger tenants make properties more valuable). You want to make a case for viability. Your personal business history and financial wherewithal, industry data, and business concept summary can all serve to illustrate this.

In this short video, Dade Construction presents a tour of the new Venture X space at 8350 NW 52 Terrace, Suite 301, in Downtown Doral. Venture X is a co-sharing franchise with locations in Texas and Florida (so far?). The company was founded by entrepreneur and real estate investor David Diamond and his son Brett Diamond. As a supporter of tech startups, the founders saw that coworking spaces tended to increas the success of businesses within them, while creating a social experience that young entrepreneurs found attractive. In 2012, they founded Venture X in Naples, Florida. In 2018, Ray Titus/United Franchise Group acquired the full rights to the brand Venture X.

Luxury athletic resort to take over Bloomingdale’s space at The Falls

Life Time Fitness will be bulking up the Bloomingdale’s space at The Falls, as malls around the country try to adapt to the changing retail environment. The company plans to break ground on a 140,000-square-foot luxury athletic resort after Bloomingdale’s closes its doors later this month, a spokesperson for Simon Property Group confirmed. Simon owns the mall at 8888 Southwest 136th Street in Miami.

$76 million opens door for Gateway at Wynwood

On a corner where Midtown Miami meets the Wynwood Arts District, a family-owned realty group based in New York has secured a $76 million construction loan to build the Gateway at Wynwood project with 220,000 square feet of offices and 25,900 square feet of retail. Developers say the site at 2916 N Miami Ave. is ready for foundation work and construction to advance, with a projected opening in the…

Berkadia Arranges $76M Construction Loan for Mixed-Use Complex in Miami’s Wynwood District

Berkadia has secured a $76 million bridge loan for the construction of Gateway at Wynwood, an approximately 230,000-square-foot office and retail complex at 2916 N Miami Avenue in Miami’s Wynwood district. Charles Foschini of Berkadia arranged the financing through Miami-based 3650 REIT on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LLC. Designed by architect…

Miami investor buys Opa-locka apartments for $8 million

An apartment community in Opa-locka sold for $8.2 million, amid growing interest from investors in the financially troubled city. Ingram Park Apartments LLC sold the 118-unit complex at 14255 to 14460 Northwest 22nd Avenue for $70,000 per unit, records show. SteelBlock, LLC, which is managed by Ignacio Murman, a former executive with Miami-based Black Salmon Capital, bought the property. Steel Block…

Architect Kobi Karp buys Miami Ad School in Wynwood

Miami architect Kobi Karp bought the Miami Ad School campus in Wynwood, but doesn’t yet have plans to move his firm from Edgewater. Karp, who owns Kobi Karp Architecture & Interior Design, paid $6.7 million for the advertising school’s parcels at 588 and 570 Northwest 29th Street, as well as 571 and 565 Northwest 28th Street, property records reveal. They total 1.1 acres of land and 14,000…

Related, PMG slapped with suits alleging faulty construction, false advertising

The luxury South Beach condominium One Ocean is among the Related Group’s signature projects of the most recent cycle. Completed in 2016, the 50 units in the eight-story boutique building sold at an average of between $2.1 million and more than $5.1 million each, or from less than $1,030 to nearly $1,700 per square foot. Martin Franklin, executive chairman and co-founder of consumer products…

Florida Commercial Real Estate News Roundup 2019

2019 was a fruitful year in Florida’s commercial real estate market. New, major developments broke ground and finished in several locations. Meanwhile, domestic and international investors contributed to the market, and overall the financial data in Florida’s CRE is positive. Analysts continue their bullish outlook on the commercial real estate market here with positive predictions…

On Miami’s menu for food trucks: red tape

More speed bumps could be rolling out for food trucks wishing to operate in the City of Miami.  The city commission is to vote on first reading today (1/9) on adding requirements for food trucks operating on private land in the city.  The legislation, sponsored by Commissioner Ken Russell, would add more requirements for food trucks present in the same location more than three times a week…

Palmetto Bay hospital zoning battle in court

A zoning battle between the Village of Palmetto Bay and a developer intent on building a 200-bed hospital has devolved to several lawsuits, with a hearing scheduled for the end of the month.  Luxcom Builders acquired a property on the northeast corner of Southwest 152nd Street and 67th Avenue from Florida Power & Light for $33 million and then proposed a hospital on a 71-acre campus. But…

In Melreese talks, safeguard public interest, not dollar sign

As Miami awaits terms due in May to lease Melreese Golf Course for mega-complex Miami Freedom Park, officials should use the precious months to probe why they’re caught up in this mess and what the city should achieve from it. Emphasis has been on how much money the city can get from the Mas brothers and soccer promoter David Beckham for its largest green space, not on whether the city should…

BellSouth sells 1M square feet of land for $25M

Qualcon Real Estate Fund purchased commercial properties with over 1 million square feet of land in South Florida from defunct BellSouth Telecommunications for $25 million. The firm, led by developers Thomas Conway and Kevin Levine, along with Andy Stone and Petra Capital Management… The properties… 9500 Southwest 180th Street, Palmetto Bay; 8038 Northeast Second Avenue, Little River…

R&B Realty’s Miami Spec Project Moves Forward

R&B Realty Group has bagged a $76 million bridge loan for the construction of a speculative Class A office building in Miami’s hot Wynwood neighborhood. The project, Gateway at Wynwood, is slated to open in the second half of 2021, providing around 220,000 square feet of office accommodation plus 25,900 square feet of ground-floor retail space. Balance-sheet lender 3650 REIT originated…

Miami Developer Bob Zangrillo faces new charges for website scams

Miami real estate developer Bob Zangrillo, embroiled in the college admissions scandal, is facing new charges for allegedly co-owning scam websites that purportedly provide services for government agencies. The Federal Trade Commission alleges Zangrillo was an officer, chaired and co-owned a company, On Point Global, that operates websites offering to conduct government transactions such as…

Pier 1 Imports to close 450 stores across US

Pier 1 Imports is the latest retailer to shutter hundreds of stores nationwide amid plunging sales. The home goods retailer said it plans to close almost half of its stores in the U.S., according to a Securities and Exchange Commission filing on Monday. Texas-based Pier 1 also will close some distribution centers, slash corporate expenses and lay off corporate employees. “Fiscal third-quarter sales and margins…”

These real estate players – some Miami based – have raised a bundle for Biden

Scott Rechler is a self-described “longtime Biden supporter.” But the RXR Realty CEO is one of dozens of real estate powerhouses who have raised big money for the former vice president’s 2020 presidential campaign. In a Friday news dump on Dec. 27, Joe Biden’s team released a list of 259 “volunteer fundraisers” — individuals who had raised at least $25,000 for the campaign. In addition to the world…

Amid supply surge, 2 hotels near MIA sell for $21M

Sunburst Hospitality Corp. sold two hotels near Miami International Airport for a combined $20.6 million, amid a surge of supply in the county. Miami-based Demand Hospitality, led by Nitun Patel, bought the Sleep Inn Miami Airport for $10.3 million. The 119-room hotel at 105 Fairways Drive in Miami Springs was built in 1999. The price pencils out to $86,555 per key…

Pebb Capital & Lease Florida Open New Hampton Inn by Hilton in Miami Beach, Florida

Pebb Capital – a diversified, multi-strategy real estate and private equity investment firm – in a partnership with LeaseFlorida, today announced the opening of Hampton Inn at The Continental in Miami Beach, Florida. The new 100-key hotel features a wide range of amenities in one of the U.S.’ leading tourism destinations. This news follows the partnerships acquisition of the historically-designated…

Centerline snags 90-acre dev site in south Miami-Dade

Centerline Capital Advisors paid $6.75 million for 90 acres in south Miami-Dade County that could be redeveloped into a home community. Sunrise, Florida-based Centerline bought the property at 17101 Southwest 200th Street for $75,000 per acre, records show. Francis Dirico of Key Largo sold the property. The property is close to the Redlands and south of the Zoo Miami. It was previously home t…

Apeiron at The Jockey Club partners fight over failed $20M deal: lawsuit

The partnership behind the Apeiron at the Jockey Club project is in tatters, amid allegations of double-crosses, a loan-to-own scheme and the sabotage of a $20 million deal, according to a recently filed lawsuit in Miami-Dade Circuit Court. Apeiron Holdings Miami and Apeiron Miami, two shell corporations controlled by developers Muyad “Mo” Abbas and Michael Bedner, are suing partners Asaf Horesh, Z…

Co-working will outlive WeWork

WeWork’s valuation has collapsed, and now the company is selling off acquisitions. Knotel is grappling with nearly 1 million square feet of vacancies. WeWork and other co-working companies are slashing their workforces. With headlines like that, you might think the whole sector is in trouble. But flexible office space isn’t going anywhere — and will likely continue expanding. The number of co-working…

Gateway at Wynwood scores $76M loan

More large-scale office and retail development is coming soon to Miami’s artsy neighborhood. New York-based Rose & Berg Realty Group snagged a $76 million loan to build the Class A office and retail complex Gateway at Wynwood from Miami-based 3650 REIT. Berkadia Commercial Mortgage, led by Charles Foschini, brokered the loan. The Kobi Karp-designed property at 2916 North Miami Avenue will…

Local industrial players work the angles as Blackstone moves in

Malcolm Butters’ firm has been building industrial properties in South Florida for about 30 years. But the last three or four of those years have been nothing like what came before. Companies such as Butters Construction have been forced to adapt to changes within an industrial market that has seen a massive influx of institutional capital from the likes of Blackstone and Prologis. Thanks to the rise of…

Videos: Deloitte Real Estate Leader Jim Berry Discusses their 2020 Outlook: Cybersecurity, AI, Sector Performance, Digitization, and Tenant Experience

Jim Berry, United States Real Estate Leader at Deloitte, appears on America’s Commercial Real Estate Show to discuss his firm’s (Deloitte’s) 2020 Commercial Real Estate Outlook report. Among the topics discussed are how the internet of things (IoT) has increased cybersecurity demands and commercial real estate sector performance. Additional discussion is given to how organizations are looking to use smart…

Former Shoma headquarters goes for $13M

The former headquarters of Shoma Development sold for $12.8 million. Doral Commons, a four-story, 59,727-square-foot office building in Doral, sold for $214 per square foot, records show. A company managed by Coral Gables real estate investor William Holly bought the property at 8550 Northwest 33rd Street. Bonbon Realty LLC, managed by Arnold Wax, was the seller. The property traded at a slight…