Month: November 2021

Ivanhoé Cambridge picks up Little Havana apartment complex for $105M

With a $104.8 million purchase, a Canadian real estate development firm is the new owner of the InTown apartment complex in Miami’s Little Havana neighborhood. An affiliate of Ivanhoé Cambridge picked up the two-tower, 15-story multifamily project at 1900 Southwest Eighth Street, according to records. The purchase is part of the firm’s $3.6 billion deal to acquire…

AMLI Residential bets $31M on another Midtown Miami development site

With one apartment building at Midtown Miami under its belt, AMLI Residential is planning another major multifamily project in the neighborhood. An affiliate of the Chicago-based luxury apartment developer bought a 1.84-acre site at 3001 Northeast First Avenue for $30.5 million, records show. The seller is Midtown Development, headed…

Insatiable: Amazon has more than doubled its space during pandemic

Amazon knew what it had to do. E-commerce was booming. People were ordering more items online than ever before — everything from groceries to medication to sweatpants. Warehouses were going to run out of space. Amazon had to make that someone else’s problem. So it went on a buying and leasing spree. “We are on track to double our fulfillment network…

Thor Equities, Remy Jacobson list Miami Design District retail buildings previously tied up in litigation

A New York-based real estate firm and a cryptocurrency entrepreneur want to unload retail buildings in Miami’s Design District. In separate listings… seeking at least $32 million for its Stefano Ricci-occupied store at 120 Northeast 39th Street… placed a vacant historic building at 4141 North Miami Avenue on the market with an asking price of $12 million.

Miami International Airport weighs private deal for five-level cargo hub

Miami International Airport is in talks with a venture that wants to help double cargo capacity within three to five years by building a five-level cargo structure. CCR+Airis made the unsolicited proposal last year, aviation Communications Director Greg Chin confirmed to Miami Today. The $1.1 billion privately funded project would rise on 29.4 acres in a ground…

Atlantic Sapphire, which grows Salmon at its Homestead facility, woos its top supplier from Canada

Atlantic Sapphire, which grows sustainable, pollution-free salmon from eggs to maturity in its land-based facility in Homestead, announced an agreement that will bring Skretting, the company’s supplier of fish feed, to South Miami-Dade. In exchange, Atlantic Sapphire committed to continuing to source the majority of its salmon feed from Skretting over the next…

Art Basel brings galleries from 36 nations to Miami Beach

The 2021 edition of Art Basel Miami Beach is making its grand return and set to feature 253 leading galleries from around the globe. Along with presenting works across all media, from rare and historical masterpieces to new pieces by today’s emerging artistic voices, the art fair, which is headquartered at the Miami Beach Convention Center at 1901…

Claridge House, Regents Park at Aventura nursing homes trade for $33M

The Claridge House and Regents Park at Aventura nursing homes in north Miami-Dade County at 13900 Northeast Third Court and 18905 Northeast 25th Avenue sold for a combined $33.4 million. Englewood Cliffs, New Jersey-based CareRite, through affiliates, bought half of the ownership interest of each facility, records show. Two other entities, each managed…

Plum Market to open in Aventura and other leasing news

Sprouts Farmers Market I Shadowwood Square near Boca Raton The Shadowwood Square shopping plaza (Courtesy of Terrranova Corporation) Organic grocer Sprouts Farmers Market is opening in a 25,837-square-foot space at the Shadowwood Square shopping center near Boca Raton. The lease is for 15 years, according to the retail plaza…

Here’s where real estate issues stand in the Build Back Better bill

The U.S. House of Representatives on Friday greenlighted the roughly $2 trillion Build Back Better Act, meaning the fate of billions of dollars in housing funding is now in the hands of the Senate. The measure’s approval follows the passage of the $1 trillion infrastructure bill, which represents the largest federal investment of this kind in more than a decade.

Chart: Miami-Dade Commercial Real Estate Sales October 2021

This chart displays the quantity of closed commercial property sales in Miami-Dade county including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending October of 2021. October’s volume was nearly the same as the prior month. But for a couple of post COVID surge months…

A $40 million renovation has turned this former hostel into a Miami Beach gem

From the gorgeous tile to the rich room furnishings to the white-washed Spanish-style paseos winding through small, sunny nooks and courtyards, the new Esmé Miami Beach hotel is a tribute to Española Way’s past — and maybe a barometer of its future. The engaging new design of the hotel on the Spanish-Mediterranean pedestrian street, which was built in the…

Michael Stern accused of “duping investors” in Monad Terrace project

Minority investors in Michael Stern’s Miami Beach condo project filed a summons against his development entities, seeking $10 million. Limited liability companies linked to Ariel Ackerman’s Ackerman Development and Daniel Minkowitz’s Mink Development, investors in Stern’s waterfront luxury condo project at 1300 Monad Terrace in Miami Beach, filed the…

PTM, Kushner to Develop 420-Unit Multifamily Tower in Miami’s Edgewater District

PTM Partners and Kushner Cos. have formed a joint venture partnership to develop 2000 Biscayne Boulevard, a 420-unit multifamily tower in Miami’s Edgewater neighborhood. The developers expect to start construction in the fourth quarter, while leasing is expected to begin in the first quarter of 2023. The 36-story tower will be located along Biscayne Boulevard…

IMC Equity grabs another Hialeah office building for $15M

IMC Equity Group is bullish on Hialeah, snagging its second office property in the City of Progress in two years. Yoram Izhak’s North Miami-based investment firm paid $14.7 million, or $190 per square foot, for the 77,000-square-foot Palm Springs Center at 1840 West 49th Street, The Real Deal has learned. The seller is Cofe Properties, which paid $4 million for the seven…

Ready Capital Closes $9.3M Loan for Self-Storage Property in Miami Beach

Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self-storage property in Miami Beach. Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option…

The Standard hotel-branded condos are coming to Midtown Miami

Carlos Rosso with Amar Lalvani of Standard International and renderings of the Standard Midtown The Standard hotel group is branding its first residential development, which will be built in Miami’s Midtown neighborhood, The Real Deal has learned. Developer Carlos Rosso of Rosso Development is partnering with Alex Vadia’s Midtown Development…

D.R. Horton has 97 acres of farmland in Homestead under contract

D.R. Horton has 96.7 acres of farmland in Homestead under contract for a future mixed-use community. The Arlington, Texas-based homebuilder (NYSE: DHI) filed a municipal pre-application with Miami-Dade County officials concerning the property at the northeast corner of Southwest 328th Street and Southeast Sixth Avenue. It’s just west of Florida’s Turnpike.

New York restaurant operator sues to end Bal Harbour Shops deal

The owner of New York City Italian dining hotspots Sant Ambroeus and Felice claims rising construction costs derailed its restaurant opening at Bal Harbour Shops, according to a recently filed lawsuit. An affiliate of SA Hospitality Group, led by co-founder and Chairman Gherardo Guarducci, sued Bal Harbour Shops in Miami-Dade Circuit Court earlier this week….

Trammell Crow Buys Land for Miami Project

Trammell Crow has bought a vacant, $10 million, 9-acre plot in Miramar, Fla., and plans to build a 250-unit development dubbed Alexan Miramar. The project is part of the city’s Monarch Lakes community. Workspace Property Trust was the seller and Avison Young Principal Keith O’Donnell and Colliers Executive Managing Director Mark Rubin brokered the off…

Kushner Cos. Taps Investment Partner For Miami OZ Development

Kushner Cos. has taken on a partner in the development of a 420-unit multifamily project in a Miami opportunity zone. Miami-based PTM Partners, a real estate investment and development firm with an initial focus exclusively on qualified opportunity zones, joined in a joint venture with Kushner Cos. at 2000 Biscayne Blvd. in Miami’s Edgewater…

The Shore Club In South Beach Is Getting A New Tower

A developer has submitted plans to the Miami Beach Historic Preservation Board to restore the historic Shore Club Hotel in South Beach and add a new tower. Robert A.M. Stern Architects is partnering with developers Witkoff and Monroe Capital on the redevelopment. The new Stern-designed tower is proposed to rise 17 stories. Combined, the redeveloped Shore…

Qatari owner of St. Regis Bal Harbour to pay off Reuben Brothers with $188M refi

Qatari firm Al Rayyan Tourism Investment Company is set to close on a $188 million refinancing for the St. Regis Bal Harbour resort. The loan comes a year after the Reuben Brothers acquired a $132 million mortgage that backed the oceanfront resort. The new commercial mortgage-backed securities loan values the hotel at $331 million, according to DBRS…

A Skatepark Is The Centerpiece To This Miami Developer’s New Mixed-Use Concept

Miami is slated to get a new mixed-use hangout, with a skate park serving as the centerpiece. The concept, dubbed SkateBird, will serve as a skating arena, shopping hub, event center and food hall. The 32K SF facility — located at 533 Northeast 83rd Street in the mostly residential village of El Portal, just north of Little Haiti — is said to be a first for the state.

JV Completes 360-Unit Miami Luxury Community

A partnership between The Estate Cos. and PTM Partners has completed Soleste Grand Central, a 360-unit luxury community in Miami. It is the first large-scale ground-up Opportunity Zone property to be delivered in Miami-Dade County. Caymares Martin designed the development, while ASG Interior Design planned the interiors. Around 20 percent of the units…

CVS Health shuttering almost 1,000 stores in 3-year pivot

CVS Health is preparing to shutter almost 1,000 stores in the next three years as it looks to develop new health care outlets. The company announced plans on Thursday to close approximately 300 stores on an annual basis in the next three years. The Associated Press reported the closures represent nearly one-tenth of CVS’ 10,000-store retail footprint.

CenterPoint buys Medley industrial building for $9M

Industrial real estate giant CenterPoint Properties scooped up a Medley warehouse for $8.6 million, marking continued market demand. CenterPoint bought the building at 10500 Northwest South River Drive from Epling Leasing, according to Jose Sasson, one of the deal brokers on the deal. Epling Leasing is led by Dawn Peterson of Marietta, Georgia, and…

Related, billionaire Teddy Sagi partner to acquire waterfront North Miami site

Billionaire real estate moguls Teddy Sagi and Jorge Pérez have selected their second South Florida property to invest in: the long-shuttered White House Inn at the entrance to North Miami… Pérez’s Related Group and Sagi’s LabTech Investments Limited are partnering to acquire the waterfront property at 2305 Northeast 123rd Street…

Lynd Living Sells Miami-Area Property for $67M

Lynd Living has sold the 290-unit Aqua Villa in Margate, Fla., for $66.5 million, after just eight months of ownership. The listing agent was Hampton Beebe of Newmark. The community last traded in March, when Lynd Living bought it for $50.8 million. The firm spent $4 million to renovate the property. Improvements included the addition of chef’s…

Moves hit 73-year low despite so-called pandemic migration

Stories of pandemic-spurred migration have dominated headlines and small talk over the past year, but recently released figures show the story couldn’t be further from the truth. More than 27 million people reported moving in the previous year, accounting for 8.4 percent of residents, according to U.S. Census Bureau data reported by The Associated Press.

Denver and Miami firms team up on $73M Doral office park acquisition

A Denver-based real estate private equity firm teamed up with two Miami companies to buy a Doral office park for $73 million. Denver-based Ascentris, led by CEO Gabe Finke, partnered with Highline Real Estate Capital and Square2 Capital to acquire the three-building complex at 8200, 8300 and 8400 Northwest 33rd Street, according to a press release.

New York investment firm snags Pompano Beach truck repair shop site for $9M

Pompano Beach has some new industrial investors. New York-based IG Logistics, the industrial platform for Imperium Capital, bought a truck terminal and repair shop site at 2407 Hammondville Road for $8.5 million, according to records. The seller is J.T.R. Real Estate Enterprises, a Florida corporation linked to John and Tammy Ragno. IG Logistics, founded in…

Brooklyn-based JV scoops up downtown Fort Lauderdale dev site

A joint venture of two Brooklyn-based firms plans a multifamily, mixed-use tower in downtown Fort Lauderdale. Heights Advisors and Legacy Partners bought the development site, a roughly 1-acre parking lot at 111 Southwest Third Avenue for $6.7 million, according to the broker’s press release. Heights Advisors, based in Brooklyn, paid $7.8 million for the next-door…

Bowling alley and two retail centers in Broward trade for combined $59M

In separate deals totaling nearly $59 million, 13th Floor Investments picked up a Hallandale Beach bowling alley, while Terra and Stiles sold retail centers in Pembroke Pines and Fort Lauderdale. Terra and Stiles’ sales show continued momentum for outdoor shopping centers. In recent months, investors have flocked to retail properties…

Lynd Living flips Margate apartment complex for $67M

Eight months after buying a Margate apartment complex, Lynd Living flipped the property for $66.5 million, roughly $15 million more than its previous purchase price. Hampton Beebe, a commercial broker with Newmark who handled the listing, told The Real Deal that Atlanta-based Carroll Organization bought the 280-unit Aqua Villa at 5750 Lakeside Drive.

American Commercial Realty buys North Palm Beach property for $36M

In a deal that closed at roughly $9 million below listing price, American Commercial Realty picked up a North Palm Beach mixed-use property. The Palm Beach Gardens-based commercial real estate firm paid $36.2 million for a 7.9-acre site at 1201 U.S. Highway 1. Called Crystal Cove Commons, the property features 75,000 square feet of ground-floor retail next to a…

Westlake approves Adrenaline World entertainment complex, retail center

In separate decisions earlier this week, the Westlake City Council approved a family entertainment venue and a shopping center inside Minto Communities’ 50-acre master-planned business park, Westlake Landings, in western Palm Beach County. The two projects are among a string of developments in the pipeline for the fast-growing, five-year-old city…

New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M

Schweb Partners bought the Oakwood Apartments in Lake Worth Beach for $35.4 million. Records show that One Real Estate Investment, through an affiliate, sold the townhouse rental community at 2425 Second Avenue North to Schweb Partners. The 160-unit complex was built in 1993 on 12.6 acres, property records show. The deal breaks down to $221,250 per unit.

The post Miami Commercial Real Estate News November 24, 2021: Little Havana Multifamily Trades for $105M, Medley Industrial for $9M; Real Estate Issues and Build Back Better; More… appeared first on Hawkins Commercial Realty.

Miami Market Update: Investor Interest Drives Pipeline Growth

As of September, Miami’s office development pipeline reached 2.9 million square feet, up 6.9 percent month-over-month, according to CommercialEdge data. The under-construction supply represented 4.3 percent of the metro’s total stock, significantly exceeding the the national average of 2.4 percent. The national under construction pipeline has…

Construction on hold at Vlad Doronin’s Una Residences in Miami following water table breaches

Construction is on hold at the construction site of Una Residences luxury condo tower in Miami’s Brickell, after a series of breaches of the water table. Two groundwater breaches have occurred at the site at 175 Southeast 25th Road since October, and residents of neighboring properties have voiced their concerns about the impact the breaches could have on their…

Terra’s Eighty Seven Park construction next to Champlain Towers South led to collapse, lawsuit alleges

The Eighty Seven Park development team ignored warnings about the damage the tower’s construction was causing to the Champlain Towers South feet away, leading to the deadly Surfside condominium collapse, a new lawsuit alleges. The complaint alleges that Eighty Seven Park developer Terra, led by David Martin, and its team of contractors and engineers…

Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami

PTM Partners joined Kushner Companies as a joint venture partner in a major multifamily development in Miami’s Edgewater neighborhood. PTM, an Opportunity Zone-focused real estate development firm based in Miami, is now a 50-50 partner in the three-tower planned development at 2000 Biscayne Boulevard, where Kushner has been…

Crypto-talk: How Blockchain Technology and Smart Contracts Are Transforming the Real Estate Industry 

The advent of blockchain technology is projected to have a big impact on real estate, the largest asset class by value, which is predicted to expand from $2687.35 billion in 2020 to $3717.03 billion in 2025. Blockchain is the core technology that enables the whole cryptocurrency ecosystem’s value proposition. It’s the technology behind Bitcoin’s security and the reason…

Major Food Group to open Sadelle’s in Coconut Grove

Major Food Group will open its popular brunch restaurant Sadelle’s in Miami’s Coconut Grove neighborhood, The Real Deal has learned. The New York restaurant group, which has expanded rapidly in the Miami area, inked a lease with the new owner of the former Tigertail + Mary restaurant building at the Park Grove development, according to sources.

A record-shattering quarter for industrial real estate

Industrial real estate made history in the third quarter as e-commerce and other tenants grappled for limited U.S. warehouse space. The segment logged 159 million square feet of net absorption — the amount of space newly occupied minus the amount vacated. It was the highest quarterly total since 2008, Transwestern said in a…

I-395 Underdeck, Miami Heritage Trail designs march ahead

Progress on an I-395 Underdeck Greenway is accelerating as the City of Miami has submitted a final design concept and deals with the Florida Department of Transportation (FDOT) to adjust between the formal budget proposal and the redesigned operating plan the city presented in August 2019. But funding to do the project, due to open in 2024, is still needed.

Miami Market Update: Investment Sales Pick Up the Pace

As of September, roughly 280,000 square feet of office space traded in Miami, with sales prices amounting to nearly $50 million, according to CommercialEdge. Most of the properties that changed hands were class C assets. Year-to-date through September, Miami has seen $1.66 billion in office transactions, significantly higher than last year’s figure at this…

A-Rod, ex-brother-in-law skip trial, settle dispute over multifamily empire

Former baseball slugger Alexander Rodriguez and his ex-brother-in-law, Constantine Scurtis, settled their remaining claims in their seven-year dispute over a once-burgeoning real estate empire, avoiding a trial that was set to begin on Monday. Scurtis, whose sister Cynthia Scurtis was married to Rodriguez, had sued A-Rod, claiming he had cut him out of their…

Witkoff and Monroe Capital unveil major redevelopment plan for the Shore Club in Miami Beach

After acquiring ownership of the Shore Club in Miami Beach, Witkoff and Monroe Capital are planning a massive makeover for the historic property. The joint venture is seeking to tear down a 20-story tower and two-story cabanas built in 1998 on the east side of the property at 1901 Collins Avenue, according to plans submitted to the city of Miami Beach.

Shore Club getting a Miami Beach makeover and sleek new residential tower

The Shore Club, one of Miami Beach’s iconic hotels that has been closed since 2020, is set to be redeveloped by New York-based developers Witkoff Group and asset management firm Monroe Capital, with famed architects Robert Stern and Kobi Karp, after previous plans for renovation failed. Developers submitted plans to Miami Beach’s Historic…

CMBS delinquencies plunge, but still above pre-pandemic levels

Bad commercial debt is getting harder to find. Since peaking at 10 percent last June, the delinquency rate for CMBS loans has fallen for 16 consecutive months, but remains above pre-pandemic levels. Industrial, hotel, retail and multifamily delinquency rates have all improved significantly in the past year, according to a report from Morningstar. In October, the overall…

Chart: Miami Commercial Real Estate Sales to List Price Ratio October 2021

The chart above displays the sales price to listing price ratio as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of Miami-Dade, including cities within, that were priced from $1 million to $10 million and that closed from January 2011 to October 2021. This ratio hit…

To get an idea of how much commercial property tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.

Jorge Pérez’s Related Group buys Princeton apartment dev site for $8M

As part of the development wave overtaking south Miami-Dade County, Jorge Pérez’s Related Group wants to build a mixed-income apartment project in Princeton. An affiliate of Related paid $7.8 million for 10 acres on the west side of Southwest 127th Avenue and less than a quarter mile north of 248th Street, according to records. Seller…

Miami-based CGI Merchant Group to pay $375M for Trump’s DC hotel

Donald Trump is set for his second exit from Washington, D.C., as CGI Merchant Group is reportedly in contract to buy the Trump International Hotel lease. The Miami-based investment firm, helmed by Raoul Thomas is in contract to buy the hotel lease for $375 million, according to the Wall Street Journal. Under its new ownership, the 263-key hotel will…

National developers Witkoff, Kushner, PMG, Crescent Heights talk betting big on South Florida

The Real Deal’s Erin Hudson with Property Markets Group’s Kevin Maloney, Crescent Heights’ Russell Galbut, Kushner Companies’ Nikki Kushner Meyer and Witkoff Group’s Steve Witkoff The panel topic at The Real Deal’s South Florida Real Estate Showcase and Forum on Wednesday was national development, but the panelists wanted to talk about South Florida.

State attorneys general call for eviction ban on subsidized renters

Attorney General of New York Letitia James and United States Secretary of Housing and Urban Development Marcia Fudge (Getty) Tenants in New York may have two more months of eviction protections, but most renters nationwide have been exposed since August. Eviction filings have risen steadily since the Supreme Court tossed President Biden’s eviction ban…

JV Lands $55M Refi for Miami Beach Luxury Community

A partnership between Turnberry Associates, Elion Partners and Privee Capital has taken a $55 million loan to refinance 17 West, a 27-unit luxury property in Miami Beach, Fla. Newmark arranged the loan through Ladder Capital. The community, which spans a full block along 17th Street, offers a mix of one- to three-bedroom floorplans. The loft-style units feature…

Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site

Two months after securing rezoning approvals for a 250-unit apartment complex, Trammell Crow Residential closed on its nearly $10 million purchase of the development site in Miramar. An affiliate of the Dallas-based commercial real estate development firm paid $9.8 million for a vacant 9-acre property on the northwest corner of Southwest 145th Ave…

Two Miami Gardens churches could be demolished for multifamily

Two church-owned sites in Miami Gardens could be rezoned for multifamily development. The City Council will hear both applications Nov. 10. Specific site plans would be required at a later date. The bigger site is the 4.89-acre parcel at 3311-3341 N.W. 189th St. It’s owned by the Gospel Tabernacle Faith Deliverance Church and currently has two religious…

$47M Sale of Two-Property Retail Portfolio in Miami Gardens, Florida

The properties in the portfolio include Las Villas Market Square and Miami Gardens Shopping Plaza. Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is an 84,543-square-foot retail and service center anchored… Built in 1960, Miami Gardens Shopping Plaza is a 114,342-square-foot retail center… on 11 acres at 4500-4698 NW 183rd St…

Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale

When Canadian real estate company Ivanhoé Cambridge struck a deal to buy $3.6 billion of apartments in the U.S., it honed in on growth markets like the Sun Belt and coastal suburbs. It is no surprise then that the Avana Bayview complex in Pompano Beach was one of the 30 properties. Ivanhoé Cambridge bought the community at 1631 South Federal Highway, as…

Broward warehouses trade for combined $47M in three separate deals

In a trio of separate deals, real estate investors from Miami, Orlando and New York picked up Broward County industrial properties for a combined $46.7 million. The purchases show South Florida’s industrial market is not slowing down, even as warehouse properties become harder to come by. Three entities managed by Midtown…

$180M refinancing secured for Miami Beach Edition Hotel

JLL’s Hotels & Hospitality Group has secured $180 million in financing for the Miami Beach Edition hotel, a 294-room hotel located at 2901 Collins Ave. on the beach. Kevin Davis and Barnett Wu of JLL Hotels & Hospitality arranged the financing on behalf of the undisclosed borrower. Redesigned in 2014, Miami Beach Edition offers traditional guest rooms and suites…

Brookfield pays $8M for office building in Boca’s Park at Broken Sound

Brookfield Properties paid $8.3 million for a fully leased office building at the Park at Broken Sound in Boca Raton. Records show that the New York-based real estate investment behemoth bought the 38,195-square-foot building at 6300 Park of Commerce Boulevard. The seller is FirstService Residential, a property manager…

Menin Development makes $10M play for Delray Beach hotel

Three months after opening its first hotel in Delray Beach, Menin Development picked up another hospitality property in its own backyard. The Delray Beach-based commercial real estate developer bought the Crane’s Beach House Boutique Hotel & Luxury Villas at 82 Gleason Street for $10 million…

West Palm shopping center foreclosure suit leads to CMBS drama

The owners of the Cross County Plaza shopping center in West Palm Beach are learning the drawbacks of taking on cheap debt, as it fights back against a foreclosure action. Cross County Owner LLC, led by Bernardo Kohn and Paul Pollak, took on a $32 million commercial mortgage-backed securities loan in 2014 to finance the shopping center at 4340 Okeechobee…

Stephen Ross’ One Flagler office tower in West Palm preserves 100-year-old church, scores tenants, including Estiatorio Milos

In a modern-meets-classic project, Stephen Ross’ latest downtown West Palm Beach office tower will rise next to a nearly 100-year-old church that will be preserved. Ross’ Related Companies embarked on the 25-story One Flagler, where two financial firms and a Greek restaurant signed leases. It will be on the western portion of a 2.5-acre site at the foot of the Royal…

The post Miami Commercial Real Estate News November 17, 2021: Miami Group to Buy Trump DC Hotel for $375M; Miami Gardens Retail Pair Trade for $47M; More… appeared first on Hawkins Commercial Realty.

This chart displays the quantity of closed commercial property sales in Miami-Dade county including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending October of 2021. October’s volume was nearly the same as the prior month. But for a couple of post COVID surge months, volume was in line with its range for the past several months.

Note that this chart only inludes sales that have been booked in the Miami Multiple Listing Service (MLS), which does not record all commercial property sales. It does, however, record many of them. This is best considered not as a measure of all commercial sales but instead to compare, apples to apples, sales booked within the commercial MLS to prior periods (again booked within) to gauge trends in Miami area commercial real estate sales activity. To get an idea of how much commercial real estate tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.

The post Chart: Miami-Dade Commercial Real Estate Sales October 2021 appeared first on Hawkins Commercial Realty.

This chart above displays the sales price to listing price ratio as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of Miami-Dade, including cities within, that were priced from $1 million to $10 million and that closed from January 2011 to October 2021. This ratio hit the second highest ratio in 10 years at 97.3%, up from 92.8% in the prior month. This puts is above the upper boundary of its range for the past several years.

To get an idea of how much commercial property tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.

The post Chart: Miami Commercial Real Estate Sales to List Price Ratio October 2021 appeared first on Hawkins Commercial Realty.

Miami, West Palm Beach, Fort Lauderdale Among Markets Where Apartment New Lease Trade-Out is Much Higher

With new lease trade-out reaching historic peaks recently, some apartment markets are seeing incredible momentum pace significantly ahead of renewal lease trade-out. In the nation overall, a surge in leasing activity in recent months led to an all-time high in occupancy at 97.3% in September. With limited vacancies, new lease trade-out, which measures the…

Moishe Mana employee indicted in $7.8M tax avoidance scheme

Eugene Lemay, a longtime Moishe Mana employee who led the billionaire developer’s multi-city arts hub, Mana Contemporary, has been indicted for tax evasion and conspiracy to defraud the IRS. Joel Lingat, the gallery-cum-studio’s bookkeeper, has also been indicted. NJ.com first reported the news. Prosecutors allege that Lemay, 61, evaded nearly $8 million in payroll…

Miami Market Update: Fintech Firms Follow the Sun

In September, Miami’s office vacancy slipped to 13.6 percent, registering a 60-basis-point drop from the previous month, but still 100 basis points higher than in September 2020, according to CommercialEdge data. The metro outperformed the national vacancy rate of 14.9 percent, which decreased by 50 basis points through September, but was still up 130…

Video: RealPage Market Analytics Senior Manager Carl Whitaker on Multifamily Opportunities and Forecast

Could central business district multifamily performance be the canary in the coal mine for primary markets? How have eviction moratoriums, rising construction costs, and supply issues impacted the multifamily proeprty market? What should multifamily investors expect in the future for performance and cap rates? These questions and others related to…

What 3 big mall bankruptcies say about the state of retail

In “Mallrats” — the quintessential movie about ’90s mall culture — a character is driven mad trying to find a sailboat hidden in a Magic Eye poster. Assessing the state of American malls today can trigger the same frustration. Three of the country’s largest mall landlords — all coping with similar problems even before Covid shuttered their doors last year…

Warehouses in the sky: Multi-level projects ramp up

There was nowhere to go but up. In 2016, Dov Hertz, the No. 2 person at Gary Barnett’s Extell Development, made a late-career leap and started his own shop. He decided to focus on industrial, though as a New York City developer he had no experience with it: New Jersey’s sprawling industrial parks, comprising some 800 million square feet, had long served as the…

Report Predicts Remote Work Trends Will Cause Steep CRE Losses, Problems For Cities

The coronavirus pandemic created a work-from-home revolution that may lead to a decline in tax revenues from commercial properties, and cities will suffer as they cannot provide important services to residents, a new report warns. If current trends persist, demand for commercial real estate space could drop by 12% to 25% in key cities, leading to a correlated drop…

Glimmers Of Hope Ahead For Downtown Retail Markets Still Struggling To Recover From Pandemic

It has been a long slog back to normalcy for retailers located in U.S. central business districts, as the coronavirus pandemic kicked off low office occupancy rates in March 2020 that have yet to recover. As business dried up, many downtown retail shops — especially independents — closed. While survivors are still struggling, there are glimmers of hope…

WeWork Former CEO Adam Neumann breaks his silence

Meet the new Adam Neumann, same as the old Adam Neumann. The WeWork co-founder, who presided over one of the most spectacular rise-and-fall stories in modern business, made his first public remarks since he was forced out of his startup two years ago. From listening to Neumann’s account, relayed to New York Times DealBook’s Andrew Ross Sorkin…

Florida Developer Leads Largest Shipping Container Multifamily Project In The U.S.

A development team is building a 52-unit multifamily project out of 130 used shipping containers in West Palm Beach, Florida. When complete, it will be the largest shipping container housing project in the country, according to Shelterforce. The project, called Arts on Broadway, is in an opportunity zone in the long-distressed but gentrifying Northwood…

Bittersweet tenant: Sugar Factory owner sues Nakash over Ocean Drive lease

In a tenant-landlord dispute laden with sugar and spite, a candy-themed chain restaurant operator is accusing Nakash Holdings of engaging in an unlawful eviction in Miami Beach. In a countersuit filed last month in Miami-Dade Circuit Court, ILov305 accuses a Nakash affiliate of attempting to collect nearly $1 million in rent payments that are allegedly not owed…

“Good luck finding people”: Barry Sternlicht warns of labor shortage for infrastructure bill

On a call where Barry Sternlicht and executives at his Starwood Property Trust touted the strength of their portfolio and the global real estate market, Sternlicht took a minute to sound off on the government’s $1 trillion infrastructure bill. Sternlicht, chairman and CEO of the real estate investment trust, citing construction costs increasing 2 percent monthly…

Federal Team Gives Insight Into Investigation Of The Surfside Condo Collapse

A federal agency investigating the technical reasons for the collapse of the Champlain Towers South condominium in Surfside, Florida, has assembled a six-pronged team and begun its fact-finding process. But answers won’t come quickly. “We think it will take two years” to draw conclusions, Jennifer Huergo, director of the public affairs office for the National Institute…

More apartments on tap: Alta nabs $77M loan for project near Pinecrest

Developers can barely build apartments quickly enough to quench the deluge of demand in South Florida. Construction financing, at least, has been flowing their way amid the robust market. In the latest example, Alta Developers scored a $77.1 million loan for a 296-unit multifamily building just outside Pinecrest. New York City-based Mack Real Estate Group is…

Workers wield the bargaining power in return-to-office plans

As return-to-work plans gather more steam, a survey of building managers and commercial real estate advisors found firms are largely deferring to their employees to determine what shape office life will take. There’s one facet of the office’s future where workers are getting the most wiggle room: their schedules. Most organizations plan to let employees pick how…

Coral Gables Mobility Hub weathers a design critique

Coral Gables commissioners got another look at how the city’s mobility hub is coming along on Tuesday and suggested some detailed improvements moving ahead. Then, despite some concerns about a modern building’s looks, they voted to move the project forward. During the commission meeting, city officials gave their input on what should be added into…

Extended care facility seeks 269 units on Coral Way

A developer plans construction of an extended care facility in the City of Miami’s Coral Way neighborhood. To be called Renaissance at the Gables, the eight-story structure would have 208,545 square feet of floor area, offering 269 residential units and parking for up to 122 vehicles. It is being defined as a community support facility, and the owner is named…

Okan Tower is back: Developer relaunches sales of downtown Miami tower

The developer of Okan Tower in downtown Miami relaunched plans for the project — now that international travelers can enter the U.S. again. Okan Group, led by chairman Bekir Okan, put sales of the planned 70-story Hilton Hotel & Residences-branded tower on hold when the pandemic began last year. Now that the U.S. lifted the ban on foreign travel from 33 countries…

Despite no mass-eviction event, filings are on the rise

The end of the national moratorium didn’t spark an eviction surge, but gaps in federal rental assistance and tenant protections have reportedly given way to a swelling trend. The mass-eviction event many feared would follow the federal moratorium’s expiration in August didn’t come to pass, but tenants across the U.S. are facing a steady rise in filings. Evictions are…

Melo’s second downtown Miami apartment project scores $75M construction loan

Melo Group’s second apartment project in downtown Miami got a boost in the form of a $75 million construction loan. The 57-story tower, dubbed Downtown 1st, will have 560 market-rate units steps from the Third Street and Miami Avenue Metromover stations. The tower also will have 3,000 square feet of retail space and 10,000 square feet of offices. Records…

Jared Galbut, Keith Menin buy Coconut Grove building from Federal Realty

Bodega Taqueria y Tequila owners Keith Menin and Jared Galbut are going from tenant to landlord in Coconut Grove, even before the opening of their restaurant and bar. 3419 Main LLC, led by Menin and Galbut, paid about $4.3 million for the two-story, 2,250-square-foot building at 3419 Main Highway. Property records show the seller is an affiliate of Federal…

Taxing endeavors: Real estate accountants brace for change out of D.C.

As Washington lawmakers tangle over the details of President Biden’s economic agenda, real estate investors and their tax advisors are trying to figure out what it all means — often in the heat of the deal. “Life is going on and transactions are being done,” said Michael Greenwald, a partner at the accounting firm Friedman. “It makes it very difficult for people to plan.”

Seagis Property Group Acquires 53,000 SF Warehouse In Doral

Seagis Property Group announced today that it has acquired a 53,000 square foot distribution facility located at 10005 NW 58th Street in Doral. The two-unit warehouse was purchased through a 50% sale-leaseback.  There is currently a 26,500 SF vacancy available for immediate occupancy. The acquisition increases the Company’s South Florida portfolio to 110…

Big Tech’s appetite for real estate continues to grow

They’re digging their teeth into real estate. Big Tech’s explosive profits and growth are leading to a boom in real estate acquisitions and developments for companies including Facebook, Amazon, Apple, Netflix and Google’s parent company, Alphabet — collectively known in industry parlance as FAANG. The five tech titans own or lease terabytes of space across the…

House passes $1 trillion infrastructure bill

The House passed a bipartisan $1 trillion bill aimed at rebuilding the country’s aging infrastructure Friday night, fulfilling a promise by President Joe Biden to pour money into highways, bridges and mass transit while also investing in climate resilience and expanding high-speed internet access into rural areas. Meanwhile, a second bill zeroing in on climate change…

Workers return to offices as jobs recovery accelerates

The stop-and-go jobs recovery was on the move again last month. The U.S. economy added 531,000 new jobs in October, dropping the unemployment rate to 4.6 percent, according to the Labor Department, which revised September’s tepid hiring from 194,000 to 312,000. “Job growth bounced back in October,” said Mike Fratantoni, chief economist of the…

$10M deal in its backyard: Finvarb Group picks up Bay Harbor Islands hotel

A Bay Harbor Islands-based hotel development and investment firm is making a $10 million bet in its own backyard. Finvarb Group, led by Ronny Finvarb, bought The Landon Bay Harbor-Miami Beach at 9650 East Bay Harbor Drive, The Real Deal has learned. The seller is BHI Hotel, an entity managed by Samuel Spiritos, a managing shareholder with Shulman…

Big win: A-Rod prevails on civil RICO, theft claims tied to multifamily empire

Alexander Rodriguez is so far hitting it out of the ballpark in a suit filed by his ex-brother-in-law, Constantine Scurtis, over their unraveled real estate empire. A Miami judge on Wednesday struck Scurtis’ racketeering and theft counts, both civil claims, against A-Rod, saving the former baseball slugger from tens of millions of dollars in damages. The ruling came on the…

Dead end: Nakash entities sue Miami Beach for closing off Ocean Drive to vehicles

The New York-based Nakash family that owns four Art Deco hotels, the former Versace mansion and the commercial space in an Art Deco condominium is accusing Miami Beach officials of creating check-in chaos for their customers by banning vehicular traffic on Ocean Drive. In a lawsuit filed in Miami-Dade Circuit Court last month…

Office broker explains high hopes for WeWork partnership

Cushman & Wakefield’s Brett White and John Forrester Two years ago, the real estate industry wondered if WeWork would collapse under its own weight. Now, commercial brokerage giant Cushman & Wakefield is counting on the flex-office provider to help it attract and retain corporate service clients. Late last month, the company closed on a $150 million…

Developers are finding new lives for “zombie” malls

It took two weeks for the body to be discovered. Police in Gwinnett County, Georgia, revealed the grisly finding: A woman’s remains had somehow gone unnoticed near the food court of the Gwinnett Place Mall through what should have been the height of the holiday shopping season in 2017. Beyond the inherent tragedy, the incident was a macabre reminder of the decline…

Chetrit scores $310M construction loan for Miami River mixed-use project

Chetrit Group secured a $310 million construction loan for its $1 billion mixed-use mega development planned for the Miami River. Madison Realty Capital provided the loan for the first and second phases of the multi-phased project, according to a release. New York-based Chetrit has long planned to develop the 6.2-acre site, south of the river, between I-95…

$310 Million Loan Granted To Build First Two Phases Of Miami River Project

The Miami River project has obtained a construction loan and is now moving forward with the first two phases. The financing is to build both a residential high-rise tower, and a river walk that will be open to the public. Foundation construction is already underway at the project site. The loan totals $310 million, enough to build the first two phases of the project…

Secretive real estate purchases driving offshore economies

Major investors spending millions on real estate via offshore companies or trusts are increasingly dodging authorities, and in turn, setting off sizable ripple effects in global markets. An investigation by the International Consortium of Investigative Journalists outlines growing evidence that massive offshore real estate purchases could negatively impact those…

Alberto Campo Baeza reveals Miami office building design

Spanish architect Alberto Campo Baeza has unveiled his first commercial project to be built in the USA – a Miami office building for developers Bizzi & Partners and Sumaida + Khurana. The two real estate experts have joined forces for the very first time for this workspace architecture scheme, which is set to bring the Spanish master’s powerful brand of minimalism…

3 Trends That Will Drive Real Estate in 2022

If there are three words real estate professionals should consider heading into the next year, they are flexibility, convenience and resiliency. Those are the defining themes that came out of the annual Emerging Trends in Real Estate 2022 report, released last week by PwC and the Urban Land Institute. So, here’s the good news: The narrative of the past year is that real…

JP Morgan: Is Inflation Still Transitory?

Despite its billing as “transitory” this summer, inflation has proven more durable than many expected. Instead of resolving as the economy rebounded, supply chain disruptions persisted through the summer. In late October, Federal Reserve Chair Jerome Powell acknowledged the supply chain disruptions could persist well into 2022, continuing to drive prices…

MLB’s Mo “The Hit Dog” Vaughn scores Edgewater development site for apartments

Former baseball first baseman Mo “The Hit Dog” Vaughn plans to build market-rate apartments in Miami’s Edgewater neighborhood, marking a shift for his company that has so far focused on affordable housing. Vaughn’s Omni New York, through an affiliate, paid $7.2 million for the development site at 116 Northeast 24th Street, according to records.

LA firm nabs Sunrise industrial building for $13M

A Los Angeles-based commercial real estate firm scored a fully leased, single-tenant industrial building in Sunrise at a time available properties in South Florida are becoming scarce. An affiliate of Safco Capital Corporation, headed by President John Safi, bought the 75,026-square-foot warehouse in the 612-acre Sawgrass International Corporate Park for $13.4 million…

Brian Tuttle wins approval for 205 single-family home project in Parkland

Developer Brian Tuttle won rezoning and site plan approval last week for his planned cluster of 205 single-family homes on 76 acres in Parkland. The Parkland Royale Phase 2 development site includes a property known as Gator Acres, with nearly 5 acres of land in unincorporated Broward County that the city of Parkland plans to annex under an agreement with Tuttle.

GL Homes drives home $66M deal for Boca Raton golf course

After a one-year delay, a Sunrise-based residential developer closed on a 190-acre, city-owned golf course where it plans to build more than 500 homes. GL Homes, led by President Misha Ezratti, paid $65.7 million for the Boca Raton Municipal Golf Course, according to records. The seller is the city of Boca Raton. Due to the postponement of the closing last November…

TA Realty buys Delray Beach apartments for $83M

TA Realty bought an apartment complex in Delray Beach for $82.8 million, in the ongoing flurry of investment sales in South Florida’s booming multifamily market. The Boston-based real estate investment firm purchased the SofA complex at 150 Southeast Second Avenue and 151 Southeast Third Avenue from Mesirow Financial, according to records.

Billionaires Teddy Sagi and Jorge Pérez invest in major transit development in West Palm Beach

Teddy Sagi and Jorge Pérez with a rendering of the development Billionaire real estate moguls Teddy Sagi and Jorge Pérez are investing in Transit Village, a long-planned, transit-oriented mixed-use development planned for West Palm Beach. Sagi’s Globe Invest and Pérez’s Related Group, along with BH Group, formed a joint venture to invest in developer Michael…

Judge orders developer Glenn Straub’s Palm Beach Polo Club to pay $86K. “Big deal,” Straub responds

Developer Glenn Straub lost another round in a yearslong dispute with Wellington tied to his Palm Beach Polo and Country Club and the Big Blue Preserve ecological site embedded within the club. Straub, who owns the 2,250-acre Palm Beach Polo with golf and tennis courses as well as a clubhouse, and Wellington have been locked in litigation, in part…

JV Backs $500M West Palm Beach Project

Transit Village, a $500 million mixed-use project that will span 10 acres in downtown West Palm Beach, Fla., has some well-funded investors supporting it now. Related Group, BH Group and Globe Invest Ltd., the investment arm of billionaire London-based Israeli businessman Teddy Sagi, have formed a joint venture to invest in the transformative…

The post Miami Commercial Real Estate News November 10, 2021: $310M Financing Granted for Miami River MXU; Bay Harbor Hotel Trades for $10M; More… appeared first on Hawkins Commercial Realty.