Month: March 2021

To really use this correctly, you’ll need to access this on Google Maps directly. First, read the following. This map was made by using publicly available sales, filtering out sales types that tend to result in errant data. Consequently, though the underlying data was systematically assembled, it is far from complete, and thus is not perfect. Also note that this is intended be only vacant land sales. However, to increase the data set size, sales where the county values the building on a property at less than 20% of the total value of the property were also included. That should work fairly well to filter for properties that traded like vacant land given the commercial zoning of these properties, but again, it isn’t perfect. Also, restricted, limited and open (R, L, O) subclassications within each zoning type are lumped together. For example, T5 L, T5 R, T5 O are all in T5. This isn’t perfect (sensing a trend?), but I think it is better than a bunch of thinly sliced classifications with small data sets each. Each type of zoning in this map needs to be viewed independently as the gradient ranges are set for each layer. To do this, assuming you’ve carefully read the proceeding, click through to the map on Google Maps here. Once there, you should be able to select and deselect different Miami 21 zoning layers. There is an image at the bottom of this post showing, as an example, what this map will look like if you deselect all Miami 21 zoning classifications except for T5.

For buyers or sellers seeking more comprehensive information, we have tools that can provide more comprehensive and frequently more relevant comparables. For that, contact me.

OK, the disclaimers…

Any and all facts, statistics, financial information, specifications, and analysis provided are on a best efforts basis only, and should not be relied upon for making real estate or investment related decisions. Nothing in this post should not be relied on for, tax, legal or accounting advice.

The post Interactive Map: Land Sales psf by Miami 21 Zoning Code appeared first on Hawkins Commercial Realty.

RCI Group sells River Cove Marina in Miami for $11M

Real estate and marina developer and owner RCI Group sold a marina on the Miami River for $11 million. Records show RCI Group affiliate 2000 Miami River Marina sold the 72-slip River Cove Marina to Cove Marina Holding, a Delaware entity. Built in 2009, the marina spans 4 acres and includes a 2,778-square-foot structure for a dockmaster station as well…

David Martin, Avra Jain, Joe Del Vecchio sell Miami industrial dev site for $8M

An aerial of the property with Avra Jain and Terra’s David Martin Avra Jain, Joe Del Vecchio and Terra’s David Martin sold a Miami industrial land site for $7.5 million where they previously planned to develop a warehouse for a sports entertainment facility. Boston-based logistics real estate investor Xebec Realty bought the 4.7 acres at 1010 Northwest 72nd Street in…

Two SPACs led by Russell Galbut and Michael Liebowitz each file for $100M IPOs

Developer Russell Galbut and investor Michael S. Liebowitz are rolling out the SPACs. The two partners, who last year raised $115 million for their New Beginnings Acquisition Corp. blank check company, filed initial public offerings for two more companies, New Beginnings Acquisition Corp. II and New Beginnings Acquisition Corp. III, each targeting $100 million raises.

Flight to Florida? Data show few Manhattanites moved permanently

Headline after headline made it seem like half of Manhattan had moved to Florida for good. Chefs, celebrities and bankers alike relocated to the Sunshine State during the pandemic. Reality check: Only a small percentage of Manhattanites relocated permanently to Florida last year. And as vaccinations amp up, many might be returning — or changing their…

Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse

Commercial real estate firm Ryan Companies scored a $28.2 million construction loan for its planned Kendall e-commerce warehouse and bought the development site for $12 million. Records show that Ryan Companies affiliate Kendall Property Owner bought the 10 acres on the intersection of Southwest 136th Street and 132nd Avenue from TCAG…

Proposed North Miami Beach mixed-use, multifamily high-rise development advances

Plans for a 19-story mixed-use, multifamily high-rise in North Miami Beach are moving forward. The North Miami Beach Planning & Zoning Board on Monday night approved the project at Northeast 163rd Street and 19th Avenue. The variances and site plan for the 224-foot-tall Skygarden tower still needs to be approved by the North Miami Beach City Commission.

Matis Cohen, Russell Galbut score approval for Normandy Isles project in Miami Beach

Matis Cohen and Russell Galbut with the original building and a rendering of the Normandy Isles project Matis Cohen and Russell Galbut’s plans for a mixed-use building in Normandy Isles are moving forward. The Miami Beach Historic Preservation Board on Monday voted 4 to 2 in favor of the certificate of appropriateness, and voted unanimously in favor of five…

Discount chains thrive amid retail meltdown

What retail meltdown? While department and chain stores have been suffering since even before the pandemic, discount retailers — including Five Below, HomeGoods, TJ Maxx and Dollar General — are ramping up to open more stores in the next few months. TJX, the parent company of TJ Maxx and Marshalls, will open 81 stores across its brands in…

Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum

One Thousand Museum, the luxury downtown Miami condo tower designed by the late Zaha Hadid, is facing a foreclosure lawsuit, The Real Deal has learned. Reuben Brothers, the London-based private equity and investment firm led by British billionaire brothers David and Simon Reuben, sued to foreclose on the remaining 15 unsold units at the…

Big names vie to build first Miami International Airport hotel in 60 years

Three firms are on a shortlist to build the first new hotel at Miami International Airport (MIA) in more than six decades, and they feature names known to the Miami-Dade development community. The firms were the only ones to respond to a bid request the county issued in October, according to Rita Silva, division director of procurement for Miami-Dade…

Historic Walgreens site to bustle with restaurants

An historic and iconic building on a high-profile corner in downtown Miami is being reborn as a venue bustling with new restaurants and bars, and some office space. The city’s Historic and Environmental Preservation Board has approved a special certificate of appropriateness for an addition and alterations to a property at 200 E Flagler St. The applicant, 200 East…

7-acre Plaza Coral Gables sprints to finish line

Despite hurdles and challenges presented by the pandemic, construction at The Plaza Coral Gables remains on schedule to meet its August 2022 completion goal.  Developed by Agave Holdings LLC, the $500 million, 7-acre plaza at 2901 Ponce De Leon Blvd. will feature more than 450,000 square feet of LEED (Leadership in Energy and Environmental Design)…

Sorry, boss: 72% of workers don’t want to return to offices full-time

Though landlords aren’t quite ready to say goodbye to their offices, employees are, according to a new survey by JLL. Office landlords may be ready to get their buildings filled with workers again, but employees aren’t exactly clamoring to go back, according to a new survey by JLL. Of the 2,000 workers surveyed by the commercial brokerage, 72 percent said they…

Lawsuit against Jared Galbut, Keith Menin alleging fraudulent special assessments at Bentley South Beach moves forward

A judge ruled that the plaintiff in a 2014 lawsuit against hoteliers Jared Galbut and Keith Menin can seek punitive damages from the Menin Hospitality principals. Colleen Bennett, a unit owner at the Bentley South Beach, filed the lawsuit against the Bentley condo association more than six years ago. In an updated complaint filed in January against the condo…

What real estate gets in Biden’s $1.9 trillion package

From rent relief to aid for restaurants, the $1.9 trillion stimulus package has lots of goodies for real estate. President Joe Biden’s American Rescue Plan was passed Saturday by the Senate and is headed back to the House, which is expected to follow suit. Read more National eviction moratorium ruled unconstitutional, but remains in place Biden to…

Movie theaters’ future uncertain as studios focus on streaming

A lackluster box office performance of Walt Disney’s new movie is putting a cloud over the future of movie theaters. Ticket sales for the Walt Disney Company’s highly-anticipated “Raya and the Last Dragon” totaled only $8.6 million over the weekend in the United States and Canada, the New York Times reported, citing data from Comscore. The result is considered…

Baptist submits plans for medical offices, Altman multifamily project in Kendall

Baptist Health South Florida CEO Brian Keeley with The Altman Companies Seth Wise and Joel Altman and renderings of the project A 354-unit multifamily complex and an adjacent medical building could rise on a 14.5-acre property in Kendall that is now a strawberry farm. Baptist Hospital of Miami, part of Baptist Health of South Florida, last week submitted an…

A Look at the Post-COVID Recovery of the Hotel Industry

The pandemic is severely challenging the hotel industry, and a bounce-back could take some time. Although the pandemic is causing massive economic disruption and putting numerous sectors in trouble, perhaps no industry is experiencing more significant challenges than hospitality. Consumers aren’t traveling anywhere near pre-COVID levels despite the lift of initial travel…

Does the Hotelization of Offices Work in the Age of COVID?

More services and amenities could be the key to attracting tenants. But the difficulty of obtaining capital for customized improvements puts up barriers to “hotelizing” offices. COVID-19 is speeding up the work-from-home revolution, as more employees are avoiding the office and working remotely than ever before.  Pew Research Center reports that 71% of…

Is the Open Office Concept a Thing of the Past?

The need for social distancing is sure to amplify many pre-pandemic questions about the efficiency of open offices. The open-concept office is widespread in corporate America, though it has taken some hits in recent years. The movement first gained traction in the 1970s and remains a go-to setup for many businesses around the country.

Off the grid: Developers eye “virtual power plants” for properties

A growing number of developers in the U.S. are investing in integrated solar power and battery systems for their buildings. Advances in energy storage technology and falling prices for batteries mean these “virtual power plants” are becoming viable for a variety of buildings and uses, according to the New York Times. The technology would also create more energy…

Leisure, hospitality big winners in February job gains

Leisure and hospitality may finally be on the road to recovery. The industry added 355,000 jobs in February, as coronavirus restrictions began easing in some parts of the country amid the rollout of a national vaccine campaign. The vaccine news is a welcome shot in the arm for the economy: There were 379,000 jobs added last month, according to the Bureau of Labor…

Retailer Burlington plans to double store count

One discount retailer says it plans to open twice as many stores, due to industry disruption and a change in its strategy. Burlington Stores, which previously operated as Burlington Coat Factory, has a long-term plan of increasing its total store count to 2,000 locations, up from 1,000, Chain Store Age reported. The company currently operates 761 stores, and intends…

Mall owner Washington Prime Group prepares for bankruptcy

A major mall owner is preparing for bankruptcy after it failed to make an interest payment on its debt. Washington Prime Group, a real estate investment trust which owns more than 100 malls, has been negotiating with its lender to reduce its debt — but the talks are not going well, Bloomberg News reported. The mall owner has said Covid-19 could…

Considering Multifamily Construction Costs in Miami

Finding myself involved in multifamily development deals of late, I tasked myself with updating my general feel for area construction costs of such projects. What I discovered matched all such conversations of late and can be summed in a word; escalating. One conversation was with a principal of a substantial area general contractor. When I asked him this question…

For multifamily, office landlords, worst is yet to come: Moody’s

For landlords across different commercial real estate sectors, Moody’s Analytics has some potentially distressing news: The worst may be yet to come. A new report by the economic research firm looks at the state of commercial real estate in the wake of the pandemic, and what to expect in 2021. The report looks at four CRE sectors — multifamily, office, retail…

Chilean developer launches first South Florida condo project in Bay Harbor Islands

Edgardo Defortuna, Claudio Cordero and Carlos Balart with a rendering of the project Ambienta Developers is launching sales of its first condo development in South Florida in Bay Harbor Islands, The Real Deal has learned. Ambienta Bay Harbor Islands, a planned 30-unit building at 9901 West Bay Harbor Drive, is expected to break ground in June, said…

Address not applicable: What happens to the HQ in the remote-work age?

When a company prepares to go public, it submits to the SEC a document known as the S1, which details its business, financials, risks and opportunities. On the first page is a field for the location of its headquarters. Some of these addresses have become legendary: 1600 Amphitheatre Parkway (Google); 1601 Willow Road (Facebook); 345 Park Avenue…

Morgan Properties, Olayan America buy $1.75B multifamily portfolio

Morgan Properties and Olayan America have purchased a portfolio of 48 U.S. multifamily properties for $1.75 billion. The seller was STAR Real Estate Ventures, a joint venture of El-Ad National Properties LLC and Yellowstone Portfolio Trust, according to a press release from Morgan and Olayan. It is Morgan’s largest acquisition since the Pennsylvania-based firm bought…

Maroone drives away with Roger Dean Chevy dealership in West Palm Beach for $13M

Auto mogul Michael Maroone bought the Roger Dean Chevy dealership in West Palm Beach for $12.5 million. Records show Maroone’s Maroone USA, through its affiliate, PD-MM Opco, bought the dealership at 2235 Okeechobee Boulevard from Roger Dean Chevrolet. The buying entity is led by Michael Maroone and his nephew, John Hoctor. The group took out…

Highline, Sefira Capital sell Weston office building for $8M

South Florida real estate investors Highline Real Estate Capital and Sefira Capital sold a Weston office building for $8.3 million. Fort Lauderdale-based Fox Ridge Capital bought Weston Commerce Center at 1625 North Commerce Parkway from Highline and Sefira affiliate HRE/Sefira Weston Office, according to a release. Built in 1991…

The post Miami Commercial Real Estate News March 10, 2021: Miami River Marina Trades; Site for Planned Sports Entertainment Facility Sells; More… appeared first on Hawkins Commercial Realty.

Finding myself involved in multifamily development deals of late, I tasked myself with updating my general feel for area construction costs of such projects. What I discovered matched all such conversations of late and can be summed in a word; escalating.

One conversation was with a principal of a substantial area general contractor. When I asked him this question, he pulled up a project they’d recently done to answer the question as $207. That seemed to be a middle of the road development, what the National Building Cost Manual would call Class 3 “High Average Quality.” He quickly added that material costs were up substantially and that he would guess this would be more like $240-270 now.

Similarly, I was discussing with a contractor a price to develop a particular multifamily project. Within the prior year that projects construction costs had been preliminarily estimated at just over $24 million. Now, due to rising costs, that number has increased to $27 million. A back of the napkin calculation, guessing at the percent that is usable, etc., arrived at a similar cost psf to construct.

Bueller? I mean, Powell? Jerome Powell? Mr. Powell?

It should be quickly noted that both of these estimates included costs for architects, etc. It is difficult to standardize these psf estimates. What I find most interesting is the estimates in the increase in the cost of construction. Development land has value based on it development gross margin, developed value less development cost. When development costs increase without an increase in developed value, development gross margin drops. This drop in turn pushes down on the value of development land.

An online source estimated construction costs 2.5 year ago for Atlanta – the factor used by National Building Cost Manual for Atlanta was about 10% higher than Miami in their 2019 manual – at 184 psf for a 4-7 story building, 220 psf for 8-24 stories in the fourth quarter of 2018. That may have been correct then, as costs have indeed risen, though it always seems to me that the real bids are higher than estimating tools say they will be. In any case, costs are higher more now. A quick note for developers from the north, the NBCM area modification factor for New York City is about 30% higher than Miami. For Boston, it is about 36% higher.

Rising constructions costs as a challenge for developers is a conversation that has been active for a while, as evidenced by the charts of construction labor and materials costs herein. Now, however, the problem seems more pronounced, with materials costs in particular surging to ever higher levels.

Bueller?

The post Considering Multifamily Construction Costs in Miami appeared first on Hawkins Commercial Realty.

The top image shows various listing performance metrics for a premium listing in Loopnet for the light industrial property at 1007 Park Centre Blvd, Miami, FL 33169. Highlighted is detail page clicks, the number of times users clicked through and viewed the detail page for the property on Loopnet. The bottom image displays the same type of metrics, detail page views, but within HawkinsCRE.com. Not shown is additional views on Costar, commercial MLS, and various syndicated sites, as those page view metrics are not available.

Most commercial brokers will list a property on Loopnet, and most will do it as a premium listing. Few, if any, however, provide the incremental exposure that a site like ours does. This site, HawkinsCRE.com, is likely the most viewed website related to commercial property in Miami second to Loopnet. For our clients, this means additional exposure to qualified buyers.

In the period of these reports, which is the year to 3/5/21, Loopnet users clicked through to the detail pages of this listing 1,794 times. In the same period, users viewed detail pages for this listing on HawkinsCRE.com 667 times. Loopnet generates more, no question. That site, after all, is the leader nationally in the advertising of commercial properties for sale and lease. However, this property, since it was listed with Hawkins Commercial Realty, received 37% more listing details views. This is not a fluke. We did a similar analysis months back for a a property listed at Cypress Creek and found similar results. What does the competition offer in page views on top of and separate from Loopnet? It depends on the broker, but the answer is generally naught or near naught. That is a substantial and quantifiable differentiator, and not the only one, by the way.

The post Hawkins Commercial Realty Listing Gets 37% More Listing Detail Pageviews (on top of Loopnet Premium) at No Additional Cost appeared first on Hawkins Commercial Realty.

Terra, Grass River Break Ground on Grove Central Mixed-Use Project in Miami

Terra and Grass River Property Co. have broken ground on a new mixed-use project in Miami called Grove Central. Located at 2780 SW 27th Court, the transit-oriented development will include a new 23-story residential tower comprising 402 market-rate, workforce and co-living units; a 1,250-space public parking garage; and approximately 170,000 square feet…

Checking into the wild: Miami commissioners approve zoning changes to allow for Jungle Island hotel

Jungle Island’s planned transformation into a lushly-landscaped theme park with a waterfront hotel and new attractions took a major leap forward. The Miami City Commission on Thursday unanimously approved a development agreement with Jungle Island and a special area plan, or SAP, for 18 acres on Watson Island, the site of the animal-centric tourist…

Atlanta Fed: Beige Book Finds Small Uptick in Labor Market

The latest Beige Book report on the regional economy from the Federal Reserve Bank of Atlanta shows hopeful signs in the labor market, a bit of upward pressure on prices, and a modest expansion of general activity over the past several weeks. February’s Beige Book reports that employment levels rose “modestly” from December and early January, and about half…

8 Key Statistics for the Miami Commercial Real Estate Market

Miami’s commercial real estate market offers a wide range of projects, assets, and property types due to its pivotal access as an Atlantic coastal town and its geographic position near Central and South America. These factors give Miami a distinct cultural influence and importance as a transportation node between North America, Central America…

The Fed: Does Rising National Debt Portend Rising Inflation?

The previous post examined the national debt in terms of debt issuance, debt as currency and debt service. This post looks at monetizing the debt, inflation and pressures on the larger debt picture caused by COVID-19. In a Regional Economist article, Senior Vice President and Economist David Andolfatto pondered the question, “Does the National Debt Matter?”

Global digital payment firm ACI Worldwide Corp. moving to Miami-Dade

A global digital payment firm currently headquartered in Collier County will get more than $360,000 in state and local incentives to move to Miami-Dade, with vows to spend millions on its new world headquarters and create 180-plus high-paying jobs. County commissioners Tuesday unanimously approved the incentives for ACI Worldwide Corp…

Settlement with Magic City Casino would ban gambling elsewhere in city

After hearing parties are nearing a settlement on a jai-alai and poker establishment in the Edgewater neighborhood, Miami city commissioners decided last week to defer a previously scheduled meeting that was to be closed to the public. Vice Chairman Ken Russell said his understanding was that both sides are at the table in good faith. While getting close to…

82-acre Doral Central Park begins development

Construction to build-out Doral Central Park has officially begun after city officials broke ground Monday, closing the park to the public until further notice. With phases two and three scheduled to be completed in 2022 and phase four in 2023, the 82-acre existing passive park at 3000 NW 87th Ave. will be transformed into a multipurpose and multigenerational park…

NYC Meatpacking District Icon, Pastis, Is Coming to Wynwood

Pastis, New York City’s iconic version of a classic Parisian bistro, is bound for Miami. Restaurateurs Keith McNally and Stephen Starr will open Pastis Miami at 380 NW 26th Street in Wynwood in 2022.The property is owned by Miami developer David Edelstein. The 8,000-square-foot restaurant will echo its Manhattan sibling’s look with mirrors, subway tile, and warm…

Pastis to open Miami restaurant in Wynwood

New York City institution Pastis is landing in Miami. James Beard award-winning restaurateurs Stephen Starr and Keith McNally plan to open in Miami’s Wynwood neighborhood, in an 8,000-square-foot space at 380 Northwest 26th Street, The Real Deal has learned. The restaurant, Pastis’ first in South Florida, is expected to open in the summer of 2022.

Internet, shminternet: Target adds, renovates stores as money pours in

Target has hit the bullseye. The big box retailer is adding and renovating stores as well as warehouses as it thrives in the competition with Amazon and other internet retailers. The moves stem in part from Target’s stellar year: Its 2020 sales growth of more than $15 billion was greater than in the prior 11 years combined, the company announced Tuesday. Total…

Order up: Real estate investors line up to buy drive-throughs

Real estate investors are placing their bets on a new property type: drive-throughs. Restaurants with drive-through lanes are seeing their values increase as the coronavirus pandemic forced social distancing rules and the closure of indoor dining, the Wall Street Journal reported. Chains such as Chick-fil-A and McDonald’s have reported an increase in sales thanks…

South Florida’s Top 10 Retail Projects Currently Under Construction

To expand on the South Florida Retail Real Estate Quarterly Report, MMG puts together a periodical update of the Top 10 Retail Real Estate Construction Projects in the area. There are currently 32 retail projects under construction with a total square footage of 1,879,865 being added to the market. That accounts for 1.4% of the…

South Florida’s Top 10 Retail Real Estate Property Sales

In order to add further context to the South Florida Retail Real Estate Quarterly Report, MMG puts together an update of the Top 10 Retail Real Estate Property Sales in the region. In the last 12 months, there have been 356 retail properties sold with an average cap rate of 5.8% between all of them…

New York Real Estate Developers See Opportunity in South Florida Amid Pandemic

COVID-19 shook things up across the country, but some out-of-state business owners saw a silver lining in South Florida. Business owners across various industries are opening up shop, but the hospitality sector in particular is seeing a boom, according to real estate experts. “New York and Miami are two different worlds with the pandemic,” said Mitchell Hochberg…

U.S. mall values fall 60% after appraisals

The suburban mall that you frequented as a teenager could now be worth substantially less than the dirt underneath it. U.S. mall values declined 60 percent due to appraisals in 2020, according to an analysis by Bloomberg News. Across 118 shopping centers with commercial mortgage-backed securities loans, about $4 billion was lost after reappraisals caused…

Easton Group scores $12M construction financing for Doral spec warehouse

Edward Easton and rendering of Doral warehouse at 1500 Northwest 97th Avenue The Easton Group scored a $12 million construction loan for a Doral spec warehouse, amid a hot industrial market largely fueled by e-commerce. Easton Group borrowed the funds through its affiliates ICP NW 97th Associates and EEBB Apartment II Holdco, which are listed as the…

Wynwood developer sells retail property in foreclosure for $12M

East End Capital sold a retail property that was in foreclosure for $11.8 million, The Real Deal has learned. Forte Capital Management, led by Chaim Cahane and director of acquisitions Dov Tepper, and Jon Krasner’s 7G Realty purchased the retail property at 310–318 Northwest 25th Street, Cahane said. Property records show East End affiliate EERC 310 Owner…

Greystone Provides $10.9 Million in HUD-Insured Financing for a Multifamily Property in Miami, Florida

Greystone, a leading national commercial real estate finance company, has provided a $10.9 million HUD-insured loan to refinance a 174-unit multifamily property in Miami, Florida. The financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Vizcaya Affordable Corp. The $10,915,700 HUD-insured…

Construction spending hits new record in January

U.S. construction spending reached the highest level on record last month as both local and federal governments began loosening the purse strings. Spending hit a seasonally adjusted annual estimated rate of $1.5 trillion across all sectors last month, the highest recorded since the Census Bureau began tracking this figure in 2002. January’s rate was up 1.7 percent…

How the pandemic has changed small banks’ views of CRE

Fallout from the pandemic is reshaping community banks’ views of commercial real estate. Social distancing measures have restricted retail and restaurant capacity, while forcing people to rely more on digital channels for their purchases. The potential for permanent work-from-home policies is expected to alter how much office space companies need.

These are real estate executives’ worst worries for 2021

After an awful year for much of the real estate world, executives see full recovery not happening this year or even next, yet are optimistic about their own firms’ immediate future. A survey of real estate executives found 85 percent see 2021 as a year of opportunity for their companies, but 70 percent said that the commercial real estate sector will not return to…

Return of the retailer: Century 21 relaunches

Attention shoppers: Century 21 is coming back. The New York-based discount retail chain that built a loyal following but folded after declaring bankruptcy in September, announced its planned return last week. In a statement on Tuesday, Century 21 Stores said the decision to relaunch came “in response to the outpouring of love from the Big Apple and the…

Miami-Dade resumes pre-pandemic evictions after unannounced February break

Miami-Dade County resumed executing writs of possessions for residential eviction cases filed before the pandemic, following an unannounced month-long break. The police execute writs of possession, evicting residents or businesses from their properties. The move follows a final judgment in a court case. Homeowners with federally backed mortgages are protected…

National eviction moratorium ruled unconstitutional, but remains in place

A federal judge in Texas ruled the nationwide eviction moratorium unconstitutional Thursday but issued no injunction, saying he hopes the Centers for Disease Control and Prevention will withdraw the ban. The agency is not expected to do so. The result, for the moment, is no change for tenants — who, as of last month…

South Florida construction starts fall in January

South Florida construction began the new year slowly with new starts falling in January by double-digits, year over year, according to a recently released report. Total construction starts fell 21 percent to $863.6 million in January. Residential construction fell 24 percent, to $573.3 million. Nonresidential fell 15 percent to $290.3 million, according to Dodge…

Victoria’s Secret may close 50 stores this year

Victoria’s Secret’s plans for its future are, well, not so secret. The lingerie retailer will close 30 to 50 stores in the United States and Canada this year, CNN reported. The move comes after the brand closed 241 stores in 2020. The closures will leave Victoria’s Secret with 848 stores across the two countries, down from more than 1,100 just a year ago. Its parent…

It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater

The Miami Beach City Commission on Wednesday rejected a proposal by Menin Hospitality and KGTC, LLC to buy the city-owned Byron Carlyle Theater in North Beach and replace it with a mixed-use project up to 125 feet tall, with a 12,000-square-foot cultural center, 9,000 square feet of retail, and, possibly short-term rentals. The commission’s 5-to-1 vote…

Video: Integra Realty Resources’ Viewpoint 2021; Economic Outlook, Capital Markets, and Interest Rates

Integra Realty Resources CEO Anthony Graziano discusses his firms  Viewpoint 2021 report. In this second video, he discusses how industrial property performed during the pandemic, how changes in policy with a new presidential administration may affect industrial assets. He then goes on to discuss multifamily property performance during the pandemic…

Ladder Capital sells Witkoff’s Miami Beach hotel for $44M

Ladder Capital sold the Washington Park Hotel in Miami Beach for $43.8 million, after foreclosing on the property when it was owned by the Witkoff Group. The foreclosure and subsequent sale of the hotel marks one of a few such deals in South Florida to close since the pandemic began a year ago. Many owners of leisure hotels are focused now on recovery, while…

HSBC to shrink its office footprint amid shift to WFH

HSBC is banking on remote work — and is shedding office space. John Hinshaw, the group COO of Europe’s largest bank, said during HSBC’s fourth-quarter earnings call that the company will switch to a hybrid model where employees have the option to work from home, Bloomberg News reported. As part of the switch, the bank is expected to reduce its real…

South Florida real estate on climate change: ‘Que Sera, Sera’

Real estate is famously all about location. And in Florida, climate change is expected to put some of the toniest locations underwater over the coming decades — either permanently or during storm-driven flooding. Insurers are taking notice and hiking rates accordingly. Developers and homebuyers, however, seem oblivious to the threat. Florida’s geography makes it…

US hotel market had worst year since the Great Depression

The coronavirus pandemic made 2020 the worst year for the U.S. hotel market since the Great Depression, when occupancy rates dipped below 40 percent. In 2020, the overall occupancy rate was 41.6 percent. However, the impact varied significantly by geographic location and the type of hotel, according to a new report from CBRE Research. New York City was…

GDF Properties scoops up Broward multifamily portfolio for $17M

GDF Properties scooped up a 29-building Broward County multifamily portfolio for $17.3 million. Records show Miami-based GDF Properties, through affiliate Broward Multifamily, bought the small apartment buildings totaling 189 units in two $8.6 million deals. The portfolio spans Hallandale Beach, Dania Beach, Hollywood and Fort Lauderdale…

Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M

Tricor Financial Corp. sold Cobblestone Commons shopping plaza west of Boynton Beach for $38 million, as the retail market shows signs of a rebound. Property records show Winter Park-based Tricor, through affiliates Springs Equity and Cobblestone KT, sold the 88,456-square-foot retail center to Cobblestone USA, based in Coral Gables. The buyer…

TJAC Development sells mixed-use portfolio near Boca Raton for $155M

TJAC Development disposed of four mixed-use office and retail plazas west of Boca Raton for $155 million, marking one of the largest commercial sales in South Florida this year. Weston-based Titan General Partners acquired the 515,000-square-foot portfolio by buying an interest in the four limited liability companies TJAC originated to own the…

Banker’s Row office building in Palm Beach sells for $17M

A six-story office building on Palm Beach’s Banker Row sold for $17 million, a little over a year after the seller purchased it. Records show BWREFI Royal Palm Way LLC, a Delaware corporation signed by Alexander H. Griswold, sold the building at 450 Royal Palm Way to 450 RPW LLC. H. William Perry, CEO and managing shareholder of Florida-based law firm Gunster…

Alliance spends $17M on Lake Worth industrial property

Alliance purchased a warehouse on nearly 16 acres of industrial land in Lake Worth for $17 million. Alliance 7233 Seacrest LLC bought two properties at 7233 Seacrest Boulevard and 7109 Seacrest Boulevard from 7233 Seacrest Boulevard LLC, according to records. Robert W. Fessler signed in favor of the seller. The buying entity is an affiliate of Bryn Mawr…

The post Miami Commercial Real Estate News March 3, 2021: Ground Broken for Coconut Grove MXU TOD; City Commission Approves Zoning Change for Jungle Island; More… appeared first on Hawkins Commercial Realty.