Month: December 2020

TA Realty buys back industrial property in Hialeah as part of $52M deal

TA Realty bought back pieces of an industrial portfolio in Hialeah in a deal totaling $52 million. Cofe Properties sold the assemblage of more than 40 parcels at and near 2500 West 84th Street, 1604 West 31st Place and 2440 West Eighth Court to the Boston-based real estate investment firm. TA Realty previously owned some of the parcels. TA Realty paid $40.2 million…

South Florida’s biggest real estate stories of 2020

With far fewer tourists and far more remote work, it’s no surprise that South Florida hotels, offices, retailers and restaurants were among the hardest-hit sectors in 2020. But there were bright spots in the South Florida real estate market this year — because of and not despite the pandemic. Demand remained strong for industrial…

Miami International Airport may forgive tenants $107 million

Non-airline businesses struggling to make ends meet at Miami International Airport (MIA) got another lifeline this month, when Miami-Dade commissioners again extended a relief program they created eight months ago. If every company cleared for aid through the program takes advantage of it through the new April 30, 2021, deadline, MIA over 13 months will…

Miami Beach goes all out to woo Class A office space

With companies ranging from Goldman Sachs to one- and two-person shops heading south in droves to tax-friendly states like Florida, Class A office space is a commodity – and one Miami Beach is hoping to build more of. Multiple ordinances and resolutions are working their way through the Beach’s commission and committees regarding zoning changes and…

Most of Miami Beach’s restaurant aid funds unclaimed

Roughly $50,000 in aid available to Miami Beach restaurants that used delivery apps like GrubHub and UberEats during the pandemic is still unclaimed, officials say. In early November, the city rolled out a $60,000 grant program aimed at reimbursing local restaurants for fees incurred from third-party meal delivery apps between March 12 and Oct. 31. It was…

City clears roadblock to restoration of Miami Marine Stadium

Miami commissioners have passed zoning legislation essential to restore Miami Marine Stadium at 3501 Rickenbacker Causeway. Approved unanimously this month, the legislation would allow structures clearly designed for specific uses that no longer conform to the allowed zoning in an area to seek an exception. During an earlier Planning, Zoning and…

Philippe Houdard: Recruits businesses to Miami, heads Pipeline Workspaces

Growing up on a farm in France taught Philippe Houdard the values of hard work and community, concepts he went on to build multiple successful enterprises around as an entrepreneur in the US.  When Mr. Houdard was a child, his father played for him records of former President John F. Kennedy’s greatest speeches. Mr. Houdard went on to work as a…

Simon completes acquisition of high-end mall owner Taubman

After a tumultuous process, Simon Property Group has completed its acquisition of Taubman Realty Group. Under the merger agreement, which was made official Tuesday, Simon acquired an 80 percent ownership stake in the company. The Taubman family sold off about a third of its ownership interest, but will retain a 20 percent stake in the company. “We are very…”

Here are South Florida’s biggest industrial leases in 2020

South Florida’s industrial market is tied to international trade, with high demand from transportation, logistics and e-commerce companies. In 2020, the average square footage of the five largest leases, 223,520 square feet, dropped off from last year’s 448,562 square feet. Yet, one Seattle-based e-commerce company decided to make its mark this year, accumulating…

Covid-19 vaccine won’t be immediate cure for office market

It’s been a rough year for the office market — and it’s unlikely that the first half of next year will be much better. Even though Covid-19 vaccines are being distributed across the country, public health and real estate experts believe that a return to the office likely will not happen until late spring or early summer, the Wall Street Journal report…

South Florida’s juiciest real estate lawsuits of 2020

The pandemic did not stop top real estate players from seeking relief through the courts or from becoming legal targets, themselves. So, there was no shortage of juicy lawsuits featuring the top names in the industry. Here are the top 10 lawsuits reported by The Real Deal in 2020: Bal Harbour Shops vs. Saks Fifth Avenue…

Federal housing agency extends forbearance options for multifamily landlords

Multifamily landlords that are having trouble with mortgage payments are in luck: The Federal Housing Finance Agency has extended forbearance options for loans backed by Fannie Mae and Freddie Mac until Mar. 31. The measure was originally set to expire on Dec. 31. Struggling landlords who have federally guaranteed mortgages and want to take advantage of the…

Open for Business: Miami Welcomes Corporate Arrivals

Miami is on the rise- again. A city well-known for its resiliency, Miami has been bouncing back from the economic fallout of the coronavirus pandemic with a vigor that is the envy of other major American metropolitan areas. One of the main factors driving this growth is the relocation of companies and C-Suite executives from other parts of the country looking to…

Hotels turn empty rooms into private dining suites

The pandemic has upended every part of the hospitality industry, with travel restrictions leaving hotel rooms empty, and lockdowns in cities forcing restaurants and bars to severely limit occupancy. That’s left some hoteliers and restaurateurs to try out a creative solution to both problems: Turn those empty rooms into private dining…

D.R. Horton pays $14M for land in Jupiter and Florida City for two housing projects

D.R. Horton CEO David Auld and the Reserve at Jupiter site Homebuilder D.R. Horton paid more than $14 million for several properties in South Florida just before Christmas, with plans for two housing projects. The company paid $8.8 million for about 20 acres of land near Jupiter, at and around 7090 184th Place North and 1100 Limestone Creek Road…

Here are South Florida’s biggest office leases in 2020

Companies from all over the country — especially the Northeast — are making their way to Florida to save on taxes and enjoy the lifestyle and warm weather. Yet with the trend of remote working, businesses’ need for space has diminished. Last year, every office lease in the top five was over 100,000 square feet. This year only one surpasses that figure. Here’s a…

Video: Office Strategies for 2021 as the Pandemic Subsides

In this video, Atlanta based broker Michael Bull discusses considerations for office space applicable to Miami, or for that matter any city in the world. Both tenants and landlords are wondering how office tenancy will settle out once COVID-19 is behind us. Utilization is currently way short of what it was without a pandemic. Once this (pandemic) is behind us, however, this…

Turnberry Isle condo association sues Jeffrey Soffer affiliate over lobby repairs

At the Turnberry Isle Yacht and Racquet Club condominium complex, residents expect exceptional, responsive service from developer Jeffrey Soffer. But in a recently filed lawsuit, the Turnberry Isle Condominium Association accuses Soffer affiliate YCM Acquisitions LLC of being derelict in its duty to maintain the North Tower’s lobby and the parking garage’s…

Alta pays $17M for Coral Gables site to build mixed-use multifamily project

Alta Developers’ Raimundo Onetto and a rendering of the project Alta Developers paid $17.5 million for 1.5 acres of land in Coral Gables to develop a 215-unit multifamily, mixed-use project. The Miami-based developer, led by Raimundo Onetto, bought the site at 250 Bird Road and plans to name the development 250 Bird, according to a press release.

Stimulus deal includes major change to affordable housing financing

The proposed $900 billion federal relief package hands affordable housing developers a key win in the form of changes to a popular financing program. The bill includes reforms to the Low-Income Housing Tax Credit program, which has financed more than 3 million housing units since its inception in 1986. Lawmakers proposed a floor rate of 4 percent…

Property Management Software Company RealPage sells to Thoma Bravo for $9.6B

Property management software company RealPage is set to be acquired by private equity firm Thoma Bravo for $9.6 billion. Thoma Bravo will pay $88.75 per share for the Texas-based proptech firm, the Wall Street Journal reported. That’s 31 percent above RealPage’s stock price, which closed at $67.83 per share on Friday. RealPage’s platform allows landlords to…

Stimulus to extend eviction moratorium, provide $25 billion in rent relief

It’s smaller than some people had hoped, but another federal aid package to help boost the pandemic-ravaged economy is finally on its way. Congressional leaders on Sunday reached an agreement on a $900 billion stimulus package that would provide direct payouts of $600 to qualifying Americans, as well as revive a loan program for small businesses…

Elion Partners pays $32M for Dania Beach industrial property

Elion Partners paid $31.5 million for a 180,000-square-foot industrial building in Dania Beach. Miami-based Elion bought the property, called Griffin Pointe Business Park, at 2281 Griffin Road, according to records. The sale price equates to $175 per square foot. The seller was Q-Med Corp., a wholesale distributor of medical, surgical…

Two Deerfield Beach marinas sell for $18M, buyer plans multifamily project

Pennell’s Marina and Freedom Marina in Deerfield Beach sold for $18.1 million, and the buyers plan to build a multifamily development, The Real Deal has learned. Deerfield Development Resources LLC and Marina First LLC bought the marinas, as well as additional land, from the Pennell family and Tod Littlejohn, owners of Pennell’s Marina and Freedom Marina…

Multifamily developer buys former Boca Raton golf course

A multifamily developer acquired more than 125 acres on a former Boca Raton golf course, with plans that could include the construction of 115 single-family homes and 137 townhomes. North American Development Group paid $33 million for the land at 6541 Canary Palm Drive and 22725 Camino Del Mar, according to records. The property was part of Mizner…

The post Miami Commercial Real Estate News December 30, 2020: TA Buys Industrial Properties Back; 2020’s Biggest Office, Industrial Leases, Lawsuits; More… appeared first on Hawkins Commercial Realty.

Greenstone pays $78M for Miami Gardens apartments

A New York real estate investment company paid $78 million for a 491-unit multifamily complex in Miami Gardens. Greenstone Property Group bought the property, called Lake House Apartments, at 2545 Northwest 207th Street, according to a press release. That equates to about $159,000 a unit. Ytech, a Miami-based real estate investment and development company…

Mango’s owner lists South Beach assemblage

An assemblage of South Beach properties, including the home of Mango’s Tropical Cafe on Ocean Drive, hit the market unpriced. The properties include 900 Ocean Drive and 909, 919 and 929 Collins Avenue in the Art Deco Historic District, according to the listing. David Wigoda and Lee Ann Korst of CBRE have the listing. The assemblage spans just under 1 acre.

Kushner Cos. Updates Miami OZ Project As Jared And Ivanka Eye City

The first Kushner Cos. projects in Miami, one of which is in an opportunity zone near the waterfront, will break ground next year after the coronavirus pandemic put the projects on hold, according to Kushner President Laurent Morali. The company plans to start work first, probably in Q1 2021, on 127 Northwest 27th Street/129 Northwest 26th Street, a development with 150…

Barry Sternlicht And A-Rod On Teaming Up In ‘The Singapore Of The United States’

In 2016, Starwood Capital Group Chairman and CEO Barry Sternlicht left Greenwich, Connecticut, and moved to Miami Beach, near the headquarters of publicly traded arm Starwood Property Trust and its 300 workers. A new office building for the REIT, developed with Miami-based Integra Investments, topped off earlier this month. Speaking on CNBC Tuesday…

Shoma Group Lands $84M Refi for Miami-Area Project

Three months away from completing its latest Miami area project, Shoma Group has secured an $84 million loan for its mixed-use community Sanctuary at Doral. Walker & Dunlop brokered the loan to Walker & Dunlop Commercial Property Funding, the company’s CMBS lending platform, which originated the financing and sold a piece to Pensam. The floating…

‘The Sector Is In Complete Flux’: Miami Hotel Experts Predict Shakeout Next Year

When the coronavirus hit the U.S. this spring, some experts predicted the economic fallout would be over in a few months and a V-shaped recovery would soon be underway. But hotelier Robert Finvarb, whose firm owns a portfolio of Marriott-branded hotels, boldly pronounced that pre-COVID-19 numbers would not bounce back until “2023 at the earliest.” Almost 10…

Miami’s commercial real estate boom picks up steam as pandemic pushes companies to seek new digs

“I’ve been buying real estate in Miami for over 20 years, and it has been a great flight. Since Covid started, it’s a rocket ship,” said Alex “A-Rod” Rodriguez.  Rodriguez recently partnered with Barry Sternlicht in developing restaurant and retail space inside Starwood Capital’s headquarters under construction in Miami Beach. According to the…

JPMorgan Chase Is Now Open To Relocating To Miami After Vetoing The Move A Few Years Ago

The CEO of JPMorgan Chase has reportedly changed his mind about relocating to Miami, according to the New York Post. Jamie Dimon, who has run Chase for 15 years, is now open to the idea. Here’s a timeline of Chase and Dimon’s flirtation with moving the company to Miami: 2013 – Dimon attends the Greater Miami Chamber of Commerce’s Economic Forum…

Here are South Florida’s biggest retail leases in 2020

Plenty of retail locations closed for good this year, but other businesses saw those closures as opportunities. Even with the escalation of e-commerce, the average square footage of the top five retail leases this year was only 10,000 square feet short of last year’s average. Here’s a breakdown of the top retail leases signed this year in South Florida. 1. City Furniture, Hollywood…

Bankruptcy judge paves way for Metronomic property auction

A U.S. bankruptcy judge this week approved Metronomic Holdings’ settlement with a creditor, clearing the way for the developer to auction 17 properties in Miami-Dade County and two near Chicago. The creditor, Fuse Funding, had provided about $18 million in mortgages for the properties, according to court documents. Judge Laurel Isicoff approved the…

Tales from the South Florida industrial property boom 

A former Miami golf course turned into an industrial park. A Hollywood warehouse chopped up into six smaller offerings. And a bidding war over industrial space in East Hialeah. Commercial brokers recount these tales in South Florida, a market with high demand for warehouses but not enough industrial-zoned land for new development. Industrial experts must turn…

Buttigieg hints at ripping up urban highways

U.S. Department of Transportation nominee Pete Buttigieg has urban highways in his crosshairs. The mayor of South Bend and former presidential candidate proposed changing federal policy that encouraged highways to cut through minority communities and have depressed property values ever since, Streetsblog reported. “It’s disproportionately…”

South Florida construction starts fall in November

South Florida construction starts dropped in November, both year-over-year and month-over-month, according to a recently released report. Total building in Palm Beach, Miami-Dade and Broward counties dropped 30 percent, year-over-year, to $854 million last month, according to Dodge Data & Analytics, a Hamilton, New Jersey-based construction data…

County-developer deal around Dolphin Station nears

Negotiations with an unnamed company to develop up to 44 acres around Dolphin Station in West Dade are nearing the homestretch, says the project’s chief supporter, Miami-Dade Commission Chairman-elect Jose “Pepe” Diaz. “They have somebody,” he told Miami Today this month, adding that few details can be discussed due to a hush rule for active bids.

Wynwood mixed-use project gets design backing

One of the largest mixed-use projects coming to the booming Wynwood Arts District has received the support of an important review board. AMLI Wynwood is designed to bring 316 residential units and 30,596 square feet of commercial-retail uses to 70 NW 25th Street. Despite concerns about the massing of the project and its repetitive façade, the Wynwood Design…

To regain magic, Lincoln Road big boxes may be limited

Lincoln Road will soon undergo a roughly $50 million facelift, but Miami Beach commissioners are questioning if another step needs to be taken to bring back the “magic” on the street – limiting big box stores.  At a Dec. 15 Land Use and Sustainability Committee meeting, officials discussed the possibility of enacting restrictions based on square footage or usage…

Jungle Island hotel plans check in with new backing

A Miami board is recommending special rezoning for the proposed Jungle Island hotel and the rest of the Watson Island land being leased by the city, moving the project closer to approval. While members of the Planning, Zoning and Appeals Board questioned whether the project could affect a nearby residential building and the use of the Special Area Plan…

The nitty gritty on federal rent relief

We read the details on federal rent relief so you don’t have to. (Getty) As the multifamily sector welcomed the inclusion of $25 billion in rental assistance in the federal relief package, it rushed to decipher the 5,000-page bill. Here are some key details. The funds will be meted out by eligible states and localities, which are tasked with designing means-tested programs…

36-unit Miami multifamily property sells

A leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Flamingo Garden, a 36-unit apartment property located at 1400 NW 95th Street in Miami, Florida, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $4,572,000. Evan…

Here are South Florida’s largest retail sales of 2020

Store closures and Americans’ reliance on e-commerce may have affected the top sales in South Florida’s retail market. The region’s top retail sale of 2020, of $47 million, fell below 2019’s $96.8 million top sale and 2018’s $88 million top sale. However, the average price per square foot among 2020’s top five retail sales bested last year’s average — $396 compared to $349.

What the new stimulus means for restaurants & indie movie theaters

As part of Congress’ $900 billion pandemic aid package approved Monday, $15 billion was dedicated for “live venues, independent movie theaters, and cultural institutions.” The $325 billion in funding carved out for all small businesses represents the largest component of the package, more than the funds allocated to direct payment checks and unemployment…

A long road ahead for office landlords

Manhattan’s Paramount Group received an unsolicited takeover bid early last month for about two-thirds of what the company was worth prior to Covid. Just a few weeks later, the real estate investment trust’s board unanimously rejected the offer from activist investor Bow Street, noting that its offer was “inadequate and significantly undervalues” the office…

Stimulus deal includes major change to affordable housing financing

The proposed $900 billion federal relief package hands affordable housing developers a key win in the form of changes to a popular financing program. The bill includes reforms to the Low-Income Housing Tax Credit program, which has financed more than 3 million housing units since its inception in 1986. Lawmakers proposed a floor rate of 4 percent…

Here are South Florida’s largest multifamily sales of 2020

3333 South Port Royale Drive in Fort Lauderdale Loosened requirements on business closures may have helped keep more Floridians employed, and thus paying their rent, but the pandemic may have hurt top sales in the multifamily market. The top South Florida multifamily sale of 2020 didn’t beat 2019’s $322 million sale, but it did best 2018’s $149 million top sale.

Here are South Florida’s biggest hotel sales in 2020

The hotel market was among the hardest hit sectors of the coronavirus pandemic in 2020, resulting in many owners scrambling to survive. After many hotels laid off the majority of their staff in March and subsequent months, a number of properties remained closed until the winter. And some have yet to reopen, as domestic and international travel remains…

Global CFOs have a message for real estate investors: We’re cutting space

The Covid-19 vaccine is being distributed across the country, but it may already be too late for commercial real estate landlords and investors. Companies around the globe are looking at how they can cut costs in the wake of the coronavirus pandemic, and scaling back real estate holdings is one big way they’re looking to do so. Bloomberg analyzed transcripts…

Experts Round-Up: Top Retail Trends to Expect in 2021

We reached out to a variety of industry experts in the retail real estate sector across the country to provide their perspective on what they expect for the retail real estate market heading in 2021. The good news is that despite the doldrums produced by the ongoing pandemic, retail real estate experts are feeling confident…

Here are South Florida’s largest industrial sales of 2020

Blackstone paid $94 million to acquire an industrial portfolio, which includes 16100 Northwest 49 Avenue and 16200 Northwest 49 Avenue, Miami Gardens (Google Maps) A strong performance in the South Florida industrial sector during Covid-19 didn’t fully translate to new milestones in the market’s top sales. The largest industrial sale of 2020, of $94 million…

Jungle Island owner wins Miami board approval for hotel and attractions

Two years after Miami voters approved Jungle Island’s expansion, the theme park’s owners are moving ahead with a proposal to develop a new 300-room hotel, attractions and retail complex that incorporate green design elements. The Miami Planning and Zoning Appeals Board on Wednesday approved a special area plan proposal submitted by Jungle…

‘Juice Your Return’: South Florida CRE Experts Ready To Synergize With Newcomers

As the longtime CEO of Trust Hospitality, Richard Millard oversaw the management of hotel properties for big chains like Hilton and Marriott as well as smaller, boutique brands, all from his home base of Miami. Amid a pandemic and massive industry shakeup, Millard became managing director of hospitality management company Highgate when the firms…

HS Capital buys Fort Lauderdale office building for $18M

A Miami-based real estate investment fund paid $17.5 million for a Fort Lauderdale office building. An affiliate of HS Capital Fund bought the 141,000-square-foot building at 1901 West Cypress Creek Road, according to a press release. That equates to $124 per square foot. The six-story building also has the address 1901 Northwest 62nd Street, according to records.

Starwood sells Plantation office buildings in $78M deal

Starwood Capital sold several buildings within a Plantation office park for $78 million, as uncertainty continues to surround the sector. Companies affiliated with New York-based real estate merchant bank Island Capital Group, led by Andrew Farkas, bought the buildings at 8201 Peters Road, 8221 Peters Road, 8151 Peters Road and 8050 Southwest 10th Street…

Investors buy Weston office building for $9M

A partnership between two South Florida investment firms sold a Weston office building for $8.9 million. Highline Real Estate Capital, based in Miami, and Sefira Capital, based in North Miami Beach, sold the 27,000-square-foot building at 1040 Weston Road, according to a press release. The buyer is Shaked 21 LLC, managed by husband and wife Sagi and Anat Shaked.

The post Miami Commercial Real Estate News December 23, 2020: Jungle Island Gets SAP Approval; Miami Gardens Multifamily Trades for $78 Million; More… appeared first on Hawkins Commercial Realty.

In this video, Atlanta based broker Michael Bull discusses considerations for office space applicable to Miami, or for that matter any city in the world. Both tenants and landlords are wondering how office tenancy will settle out once COVID-19 is behind us. Utilization is currently way short of what it was without a pandemic. Once this (pandemic) is behind us, however, this will surely snap back, but not completely so, at last not immediately or any time soon.

This leads to the first sub-question: how much will office utilization come back toward “normal” pre-COVID levels? At the same time, office space square footage per worker is likely to increase in the interest of a safer work environment. Prior to the pandemic, there was already increasing discussion about whether open office environments were truly better. Health concerns are now more top of mind than before, and likely will remain so even after all this ends (this time). Thus the second sub-question is how much will average space per worker increase (if at all)? These two questions, combined with economic trends and other normal considerations, will drive what becomes of office vacancy and pricing.

The host makes a couple of good points about office lease negotiations today. First, now is the time for a prospective tenant to strike a deal, particularly given that there appears to be “light at the end of the tunnel,” nearing herd immunity by way of vaccinations as early as – cross your fingers – mid 2021. For landlords, he makes a good point that this may be a time for them to consider shorter leases than they might otherwise as tenants are for the moment less eager to have a long-term obligation.

2021, as far as office tenancy is concerned, is going to be about increasing office productivity (I know, when isn’t it?), making work environments safer, and adapting to employee needs. It should be interesting.

The post Video: Office Strategies for 2021 as the Pandemic Subsides appeared first on Hawkins Commercial Realty.

Royal Palm Buys Parcel at Miami Worldcenter for $33.9M, Plans to Develop Mixed-Use Tower

Royal Palm Cos. (RPC) will develop Legacy Hotel & Residences, a 50-story mixed-use building featuring 256 hotel rooms and 274 apartment units, within Miami Worldcenter. The master developer of Miami Worldcenter, Miami World Center Associates, sold the 1.5-acre plot to RPC for $33.9 million. RPC plans to break ground on the tower in early 2021. The asset…

Mango’s on Ocean Drive and adjacent properties hit the market as redevelopment site

The assemblage consists of 900 Ocean Drive (0.3 acres) and three adjacent parcels behind it along Collins Avenue (909, 919 and 929 Collins), a series of low-rise mixed-use commercial properties totaling 0.48 acres. “The Owners of 900 Ocean have recently secured an option to purchase the three Collins Avenue properties and are now seeking proposals to sell and redevelop…

Miami Gardens warehouse sells for $6M

The owner of a manufacturer of plastic bins and steel shelving bought a Miami Gardens warehouse for $6 million. Larry Groll, owner of Miami-based Quantum Storage Systems, bought the 64,000-square-foot warehouse at 16215 Northwest 15th Avenue inside Sunshine State Industrial Park, according to a press release. The seller was Custom Stainless Steel…

Here are South Florida’s largest office sales of 2020

Uncertainty over the future of workspaces may have taken a bite into the top deals in South Florida’s office market this year. Landlords have pulled out the stops to keep rents up and avoid the pitfalls of cities that have enacted more aggressive stay-at-home orders during the pandemic. While the top sale in South Florida’s office market beat the top sale of last year…

Bittel Announces $7.9 Million Of New Terranova Miracle Mile, Lincoln Road Leases

Terranova’s Chairman, Stephen Bittel has announced eighteen new tenants totaling 26,245 SF for a total value of $7.9 million opening in two of its most important urban market areas in Miami-Dade County – Coral Gables’ Miracle Mile and Miami Beach’s Lincoln Road, the coveted world-famous pedestrian thoroughfare. Leasing during COVID has been strongly led by…

Balfour Beatty Completes Construction on $298M River Landing Project in Miami

Balfour Beatty has completed construction on River Landing Shops and Residences, a 2.5 million-square-foot mixed-use development along the Miami River. The Atlanta-based general contractor completed the project on behalf of real estate investment trust H&R REIT and South Florida developer Urban-X Group. Matthews Southwest provided owner…

Balfour Beatty Completes 2.5 MSF Miami Mixed-Use Project

Balfour Beatty has wrapped up construction at River Landing Shops and Residences, a mixed-use Miami project that spans 2.5 million square feet. The partnership that brought the project online includes H&R REIT and developer Urban-X Group. BC Architects, McNamara Salvia Structural Engineers and Steven Feller MEPFP designed the project. The…

Owners of CocoWalk in Coconut Grove Welcome Eight New Retailers to Tenant Roster

Federal Realty Investment Trust, The Comras Co. and Grass River Property have welcomed eight new retailers to their CocoWalk development at 3015 Grand Avenue in Miami’s Coconut Grove neighborhood. The three retailers that recently opened are vegetarian restaurant Planta Queen and women’s clothing and accessory retailers Free People Movement and Edite Mode.

Mad scramble at deadline to get federal CARES aid to tenants

More than 400 state and local governments are scrambling to allocate funding from the federal CARES Act intended to provide at least $4.3 billion in rental assistance. The money could save some tenants from eviction and help landlords pay their mortgages. However, with just two weeks left to distribute it, jurisdictions have more than $300 million left, the New York…

USAA Real Estate Lands $72M Refi for Coral Gables Towers

USAA Real Estate has recently landed a $71.6 million refinancing deal for Columbus Center, a premier office asset near Miami in Coral Gables, Fla., public records indicate. With the assistance of JLL Capital Markets, USAA secured the loan for the approximately 263,200-square-foot property through Värde Partners. Carrying the address of One Alhambra Plaza…

Starbucks betting big on drive-throughs in coming years

Even though, like other retailers, Starbucks suffered big losses due to the pandemic, the chain is still betting on customers’ need for caffeine. During the company’s virtual Investor Day last week, the coffee conglomerate announced that it plans to open an additional 22,000 stores, bringing its total global footprint to 55,000 shops, by 2030, Bisnow reported. CFO…

South Dade Bus Rapid Transit faces new roadblocks

The plan for bus rapid transit (BRT) on the South Dade Transitway is intact – for now – as Miami-Dade commissioners Tuesday punted two items targeting further action on the corridor. Talk of other changes, including building toll lanes and bridges on the 20-mile route that runs alongside US 1 between Kendall and Florida City, will come today (12/17). After hearing…

Miami-Dade County historic population boom hits a wall

Miami-Dade’s long-term trend of booming population growth has slowed to a crawl, barely expanding year to year, data released last week by the US Census Bureau shows. In the year ending in July 2019, the county added just 2,092 residents to total 2,716,940, a gain of less than eight-hundredths of 1%, the American Community Survey shows. The gain in 2018 was even less…

Florida financial regulator looks to update crowdfunding rules

Former Coral Gables-based securities lawyer Russell Weigel, who took over the reins as Florida’s top financial regulator in March, is focused on streamlining the state’s Office of Financial Regulation by leveraging technology and encouraging legislation that will bring banking and crowdfunding codes up to date. Roughly a week after Mr. Weigel took…

Florida banks ready for a second round of PPP loans

As Covid pummeled the economy in 2020, Florida’s banks were among those leading the nation in Payment Protection Program lending, according to Florida Bankers Association CEO Alex Sanchez. The new year, he said, will likely bring with it a strong economic recovery driven by a reliable vaccine and pent-up demand for activity. Banks, he continued, will be…

Residential buildings near shopping center greeted coolly

A sweeping plan to build a series of apartment buildings and town homes in the shadow of a large existing shopping center received a chilly reception from a City of Miami review board. The Urban Development Review Board spent considerable time examining the major proposal that impacts a 38-acre parcel at the busy intersection of Northwest 37th Avenue and…

Alex Rodriguez and Adi Chugh join $650M hotel fund

Retired baseball superstar Alex Rodriguez found his latest real estate investment. Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Maverick Commercial Properties are investing in CGI Merchant Group’s $650 million Hospitality Opportunity Fund. The two partners will help CGI with its investment strategy, expand its debt capital market capabilities…

A-Rod Leads $650M Fund Investing In Hotels

Baseball player-turned-businessman Alex Rodriguez will be a lead investor in a $650M real estate fund that seeks primarily to pick up hotel assets. Rodriguez and his partner, Adi Chugh, founder of New York-based private equity advisory firm Maverick Commercial Properties, have completed a platform investment within the Hospitality Opportunity…

Baseball’s Alex Rodriguez backs $650M hospitality fund

CGI Merchant Group, a global investment management firm with a focus in real estate and private equity, has launched a new multimillion-dollar investment partnership with three-time Major League Baseball MVP and serial investor Alex Rodriguez as well as with capital markets veteran and founder of Maverick CP Adi Chugh. The two are among the first…

With JPMorgan and Goldman Sachs, Miami Could Become ‘Wall Street South’

Elon Musk just moved to Texas, but guess who’s (reportedly) moving to South Florida? Jared Kushner, Ivanka Trump, Tom Brady, Gisele Bundchen and the asset management division of Goldman Sachs. Those are the boldface names announced in news reports last week alone. Today, the New York Post reported that JPMorgan Chase CEO Jamie Dimon is open to…

Top 25 South Florida Retail Shopping Center Transactions of 2020

2020 was a challenging year for South Florida commercial real estate and for many markets around the country / world, as the economic backlash of the pandemic took hold and affected multiple financial and business sectors globally. In comparison to last year’s South Florida shopping center transactions, the #1 sale in 2020 is 40% of…

Why Now Might Be The Best Time To Sell Your South Florida Office

Conventional wisdom says “don’t sell an office building during a pandemic, unless you’re desperate”, but I’d like to offer a contrarian view to owners who are strategically evaluating how best to capitalize on current investment market conditions. Do you own an office building that is located in a desirable South Florida submarket? Is your building well-leased…

“A culling of the weaker assets”: Where hedge funds are investing

It’s a loan buyer’s market and hedge funds are ready to make a deal. Companies are looking to provide loans or invest in recently restructured commercial real estate bonds, according to Bloomberg. And malls, hotels and offices — some of the property types hit hardest by the pandemic — are ripe for the picking. Leo Huang, senior portfolio manager and head of…

Estate Companies pay $13M for North Miami Beach apartments dev site

A company affiliated with The Estate Companies paid $13.1 million for the development site of a waterfront 23-story apartment tower in North Miami Beach. The company bought the 1.8-acre property at 16395 Biscayne Boulevard, according to records. In September, The Estate Companies received approval for Soleste NoMi. It…

KKR doubles down on industrial with $835M acquisition

KKR is ramping up its bet on industrial real estate. The investment firm closed on the acquisition of 9.7 million square feet of industrial properties in seven markets for about $835 million, according to a release. In total, there are about 100 properties in Atlanta; Baltimore, MD; Chicago; Central and South Florida; Central Pennsylvania; and Dallas. KKR will acquire…

Hotel industry sees nearly 1 billion unsold room nights this year

As fewer people have traveled — and thus, booked hotel rooms — because of the pandemic, the hotel industry is facing a staggering statistic: almost 1 billion empty hotel rooms for the year. As of last week, more than 962 million room nights have gone unsold, Bloomberg News reported, citing data from lodging information firm STR. That’s about 46 percent more…

AMC needs $750M to avoid bankruptcy

Movie theater chain AMC Entertainment Holdings needs a cash infusion of at least $750 million, otherwise it might have to file for bankruptcy. AMC said in a filing on Friday that without additional financing, the company will run out of cash by next month, Bloomberg News reported. In order to raise funds, the company is planning to sell more shares and possibly…

Coral Gables Chamber President Mark Trowbridge: Signs of Life

The holiday season can be most distracting and stressful – putting up the tree (if you didn’t already do so before Thanksgiving), stocking up on egg nog, making your lists and checking them twice. Even in the midst of a global pandemic, there is a desire to embrace all things shiny and bright. As we say good-bye to 2020, now more than ever, we need all of you to bring…

Logistics market is hot, but is a bubble forming?

Investors can’t get enough of warehouses and logistics spaces these days, but there are some signs that a bubble could be forming. Asset management firms including Blackstone Group, Cerberus Capital Management and KKR have doubled down on logistics centers, and prices for warehouses have surged, Bloomberg News…

Edgewater Hotel, Retail and Restaurant on the Way

Miami’s Edgewater neighborhood is known for its relaxed, waterfront family lifestyle. After news that the neighborhood is getting its biggest supermarket yet, and more luxury making its way in with Nema-branded apartments, plans are being made to build a mixed-use hotel by Urbanica, featuring retail and restaurant space. The hotel group recently purchased…

Niven Patel, Graziano’s ink restaurant leases at Life Time Coral Gables

Chef and restaurateur Niven Patel and the Argentinian restaurant group Graziano’s are each leasing space at Life Time Coral Gables, a $500 million mixed-use development that’s expected to be anchored by a Trader Joe’s grocery store. Developer Nolan Reynolds International plans to deliver the project, previously known as Gables Station, early next year. The 1.2…

Encore: CMX Cinemas parent emerges from bankruptcy

In perhaps a surprise twist, a movie theater chain gets a sequel. Cinemex Holdings USA, the Miami-based parent of CMX Cinemas and owner of 41 movie theaters nationwide, has emerged from Chapter 11 bankruptcy protection. The theater chain negotiated with creditors for six months and ended up with modified leases that include a revenue-sharing deal…

Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February

Miami Beach delayed until February a vote on Menin Hospitality and its partners’ plan to redevelop the Byron Carlyle Theater in North Beach. The Miami Beach City Commission opted not to vote on a proposal by Menin Hospitality and KGTC, LLC to replace the 52-year-old, city-owned Byron Carlyle with a 125-foot-tall theater complex with 151 workforce units.

First Park Miami Breaks Ground

First Industrial Realty Trust and Butters Construction & Development broke ground Thursday, December 3, on First Park Miami, First Industrial’s newest industrial development. Mayor Roberto Martell, the Town of Medley, the Medley Town Council as well as First Industrial Realty Trust Senior Regional Director Chris Willson and Investment Officer Bradley…

Rosemurgy sells Pompano Beach shopping center for $10M

Rosemurgy Properties sold a Pompano Beach shopping center for $10.1 million. A company managed by Nicolas and Isabella Mattos — the children of Carlos Mattos, founder of car importer Hyundai Colombia Automotriz — bought the retail center at 2350 to 2390 North Federal Highway, according to a press release. The buying entity is also managed by attorney Richard…

Abacus Capital pays $124M for Miramar apartments

A New York-based multifamily real estate investment firm paid $124 million for apartment complexes near Miramar’s town center. Abacus Capital Group bought the 67-unit complex at 11571 Canal Street and the 117-unit complex at 11750 Canal Street, according to records. At a total of 184 units, the deal breaks down to about $674,000 a unit. Abacus paid…

Sterling Equities pays $95M for Pompano Beach apartments

An affiliate of Sterling Equities paid $95.3 million for a newly built Pompano Beach rental complex along the Intracoastal Waterway. The Great Neck, New York-based development firm bought the Broadstone Oceanside complex, with 204 apartments and seven townhouses, at 1333 South Ocean Boulevard, according to…

Banyan Investment buys Gale Fort Lauderdale hotel from Harvey Hernandez

The Gale Hotel with Harvey Hernandez Developer Harvey Hernandez sold the completed — but as yet unopened — Gale Hotel in Fort Lauderdale for nearly $23 million. Property records show Hernandez’s Tiffany Hotel LP sold the 96-key hotel at 2900 Riomar Street on Fort Lauderdale Beach to Atlanta-based Banyan Investment Group. The boutique hotel traded…

The post Miami Commercial Real Estate News December 16, 2020: Ocean Drive Assemblage Hits Market; A-Rod Leads $650 Million Hotel Fund; Miami Gardens Industrial Trades; More… appeared first on Hawkins Commercial Realty.

The metropolitan statistical area (MSA) of Miami is among the 10 largest MSAs in the United States, with a population that is today estimated at in excess of 6 million. 100 years ago, however, Miami was a much smaller city, and its skyline was but a few low buildings on or near Flagler Street. Today, the skyline consists of more than 300 high-rise buildings and skyscrapers. In this video from COMMERCIALCafé one can watch the Miami skyline, now the country’s third tallest, steadily grow over the years.

The post Video: See Miami’s Skyline Grow from 1925 to 2019 appeared first on Hawkins Commercial Realty.