Month: December 2021

Mast Capital Unveils Plans for Miami Development

Mast Capital has added another project to break ground on in 2022 after acquiring the land for its three-building master-planned development in Miami. The company, alongside equity partner Rockpoint, acquired a 2.8-acre site located at 1420 S Miami Avenue in the city’s Brickell neighborhood for $103 million in an off-market transaction with an undisclosed seller.

Chicago firm plans apartments, commercial complex on Edgewater OZ site

A Chicago-based real estate firm made its first venture in Miami in a bet on the Magic City’s thriving apartment market and tech industry. Trilogy Real Estate Group plans to build a 20-story rental… The plan is to build the apartment high-rise on the soccer fields at 169 Northeast 27th Street and 2728 Northeast Second Avenue, Karasik said. Zoning allows 20 stories…

Seagis picks up Doral industrial properties for $29M

Bradlee Lord, vice president, Seagis Property Group, in front of 3075 NW 107th Avenue  and 9700 NW 17th Street: Seagis Property Group continued its South Florida buying binge by acquiring two Doral industrial properties in separate deals totaling $28.6 million. The Philadelphia-based industrial real estate firm now owns 113 warehouse properties with more than…

Sale & Lease Valued At More Than $17 Million Negotiated on Doral Warehouse

Buyer Seagis Property Group purchased the warehouse from AllPlus Computer Systems Corp for $15,600,000. The price equates to $195.00 per square foot. The deal closed on December 14, 2021. “The lack of inventory of properties for sale within this size range along with continued demand for e-commerce/distribution centers made it the right time for…

Save Calusa nonprofit sues Miami-Dade over golf course redevelopment

A grassroots residents organization sued Miami-Dade County to overturn a vote that paved the way for the development of a residential complex on the long shuttered Calusa Country Club golf course property. Nonprofit Save Calusa and its leader, Amanda Prieto, are asking the court to void the county commission’s approval rezoning the 169-acre property…

Moishe Mana buys historic downtown Miami buildings for $34M

Downtown Miami’s largest private landowner closed at least two more deals before the end of the year, adding to his war chest of properties, The Real Deal has learned. Sergio Rok Moishe Mana paid $29.5 million for the Shoreland Arcade at 120 Northeast First Street and about $4.8 million for the building at 1 West Flagler Street, according to a source. The cash…

South Florida’s most intriguing real estate lawsuits of 2021

In the past year, lawsuits tied to the deadly collapse of the Champlain Towers South in Surfside garnered the most attention, while litigation targeting a Miami Beach hotel executive, a waterfront mansion landlord, and the city of Miami sought to expose shady dealings. Here are the juiciest lawsuits reported by The Real Deal in 2021. Champlain Towers South…

Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex

Mast Capital plans to build a massive complex with a condo tower and two apartment high-rises on a Brickell site. Coconut Grove-based Mast Capital, led by Camilo Miguel Jr., paid $103 million for the land at 1420 South Miami Avenue and proposes 1,250 residential units, according to a news release. The vision for the 2.8 acre-site is for an 80-story condominium…

NY investor pays $10M for multifamily dev site near Miami River

Stonecutter Capital Management paid $10.4 million for a multifamily development site a block north of the Miami River. The New York City-based real estate investment firm bought the property at 1400 Northwest 17th Avenue, which now houses a Chase Bank building, as well as the adjacent vacant lot at 1404 Northwest 17th Avenue, according to a deed.

Holiday sales jumped 11% from pre-pandemic levels

Despite concerns over supply chain issues, inflation and the omicron variant’s spread, one report says retailers had a holly jolly Christmas,. Boosts among in-store and online shoppers pushed sales nearly 11 percent above pre-pandemic levels and marked an 8.5 percent increase year-over-year, according to Mastercard’s SpendingPulse report. The analysis…

Here are South Florida’s biggest retail leases of 2021

Terra’s CentroCity development A lot of uncertainty remains about the retail market and how brick-and-mortar stores will evolve in the future in light of e-commerce growth. But if this year’s biggest leases are an indicator, three types of retailers remain buoyant: discount stores, gyms and grocers. They signed the largest retail leases in South Florida in 2021. Still…

Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings

Moishe Mana, already the biggest downtown Miami landlord, added three buildings to his massive holdings, as he plans to transform the area into a tech and cultural hub. Mana paid a combined $25.4 million for the properties at 100 North Miami Avenue, 173 Northeast First Street and 124 Northeast Second Avenue, according to a news release from Colliers…

Top Projects That Will Reshape Miami

Even though tourism is one of South Florida’s biggest job generators and the hospitality sector took a hard hit in 2020, the Magic City managed to bounce back fairly easily. The metro’s favorable geographical location and business-friendly environment, coupled with a preference for mixed-use buildings, are among the factors leading its resurgence. An array of outside…

Here are South Florida’s biggest industrial leases of 2021

The numbers are in for South Florida’s biggest industrial leases of 2021. Of the top five, Amazon takes two spots, fewer than in 2020, when the e-commerce behemoth snagged four of the five top spots. The average square footage of the top five industrial leases this year rose slightly — to 258,530 square feet from 223,520 square feet last year…

Miami’s Top Commercial Real Estate Moments of 2021

The Magic City has been one of the more fortunate U.S. metros that have seen a steep recovery since the outset of the pandemic in early 2020. Although Miami’s economy relies heavily on tourism and the sector is still one of the most affected by the ongoing health crisis, the city’s economy managed to kick off its comeback fairly easily. The unemployment…

ShareMD scores again in Boynton Beach, acquiring medical offices for $38M

ShareMD is bullish on Boynton Beach, acquiring two medical office buildings for $38.1 million just seven months after dropping $6.5 million for a health care property there. In an off-market deal, the Alpharetta, Georgia-based health care real estate and technology firm acquired Boynton Beach Medical Plaza at 10151 Enterprise Center Boulevard…

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

In this month’s chart of the sales price to listing price ratio for commercial property, though the ratio was down from the prior month, that prior month was the highest and years. The ratio is thus holding strong. This is for property sales as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that…

Integra, Constellation Group Trade Office Building in Miami Beach for $26.5M

Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the…

Chart: Miami-Dade Commercial Real Estate Sales November 2021

The chart herein displays the quantity of closed commercial property sales within the county of Miami-Dade, including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending November of 2021. November’s volume up a bit versus the prior month. As has been the case of late…

Vivian Dimond sells Hollywood apartments for $103M

Broker, investor, and developer Vivian Dimond closed this week on her $102.5 million sale of Hollywood East, a 247-unit apartment building she acquired four years ago as a distressed asset and turned around, The Real Deal has learned. New York-based GMF Capital bought the 15-story building at 2165 Van Buren Street in Hollywood for about $413,000 per apartment…

Brookfield buys Solano at Miramar multifamily complex for $188M

Brookfield Properties bought the Solano at Miramar for $187.7 million, adding to unceasing investor appetite for apartment complexes in light of a robust market. The New York-based real estate behemoth bought the garden-style community at 11700 Southwest 26th Street from an affiliate of Atlanta-based RangeWater Real Estate, according to property records.

Lucky Day? Luckey’s Management wins approval for 172-room, dual-branded hotel in Fort Lauderdale

Hotel developers Sadhana and Sanjaykumar Patel won approval to build an eight-story, 172-room, dual-branded hotel on the site of a vacant bank in Fort Lauderdale. Sadhana “Sandy” Patel is president of Luckey’s Management, a Fort Lauderdale-based hotel development and management company, and Sanjaykuma…

Fort Lauderdale approves downsized riverfront condo project downtown

A developer won site plan approval for a mid-rise riverfront condo project in downtown Fort Lauderdale after trimming its height and number of units. The Fort Lauderdale City Commission voted 4-1 last week for a revised site plan for 808 Southeast 4th Residences, a 12-story condo with 67 units. The developer, Boca Raton-based Robert…

Author Patrick Bet-David drops $9M on Broward office buildings

In separate deals totaling $8.6 million, author and social media influencer Patrick Bet-David picked up a pair of office buildings in Broward County. In Fort Lauderdale, an affiliate managed by Bet-David paid $4.2 million for a freestanding one-story office building at 5990 Federal Highway, according to records. The buyer was represented by Jaime Sturgis with Native…

Westover pays $79M for Dania Beach apartment complex

Westover Companies jumped into South Florida’s multifamily frenzy with a $78.7 million acquisition in Dania Beach just days before the end of the year. An affiliate of Westover, a King of Prussia, Pennsylvania-based real estate firm headed by President Guntram Weissenberger, bought the 240-unit Beach Walk at Sheridan apartment complex, according to records.

Redfearn Capital nabs West Palm Beach retail/office property for $18M

Redfearn Capital’s acquisition of a West Palm Beach retail and office building shows that commercial real estate wheeling and dealing in the city remains on fire as 2021 closes out. The Delray Beach-based commercial real estate investment firm, headed by founder Alexander Redfearn, paid $17.9 million for the two-story mixed-use project at 222 Clematis Street…

Estate Companies plans apartments in downtown West Palm, paid $16M for dev site

Estate Companies has conquered several Miami-Dade County submarkets with its Soleste-branded multifamily developments. Now it will build apartments for the first time in downtown West Palm Beach. Estate scooped up 2.5 acres of land at 550 North Rosemary Avenue for $15.8 million, with plans to build a multifamily complex, according to a news release.

The post Miami Commercial Real Estate News December 29, 2021: 400 Unit 2.6M sf Brickell Development Planned; Doral Industrial Properties Sell for $29M; More… appeared first on Hawkins Commercial Realty.

The chart herein displays the quantity of closed commercial property sales within the county of Miami-Dade, including both improved commercial properties and vacant commercial land, that were recorded in the Miami Commercial MLS for the two years ending November of 2021. November’s volume up a bit versus the prior month. As has been the case of late, 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 includes sales that have been booked in the Miami Multiple Listing Service (MLS), which does not record all commercial property sales. It does, however, record numbers 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 November 2021 appeared first on Hawkins Commercial Realty.

Riverside Wharf plans entertainment complex with hotel

Slated to break ground in 2022, the Riverside Wharf will soon be the newest entertainment attraction along the Miami River. Projected to be completed in 2025, the 200,000-square-foot, two-tower development plans to offer a fully immersive Miami experience anchored by a 165-room Dream Miami luxury hotel. The complex is to feature the rebirth and expansion…

Dream Hotel Group to build downtown Miami flagship hotel

Dream Hotel Group announced plans to open a 165-room, 10-story hotel as part of a hospitality-driven entertainment complex in downtown Miami. Scheduled to open in 2025, Dream Miami will be the hospitality and entertainment centerpiece of Riverside Wharf, a 200,000-square-foot, dual-tower development in Miami’s developing residential, commercial…

Dream Hotel to anchor $185M riverfront project on site of the Wharf Miami

A Miami developer is partnering with Driftwood Capital to develop a Dream Hotel-anchored hotel and entertainment complex on the site of the popular Wharf bar and event venue along the Miami River. City of Miami voters approved an agreement in 2016 that gave MV Real Estate Holdings, led by Alex Mantecon and Guillermo Vadell, a long-term lease for half of the…

Low space and high prices boosted self-storage stocks amid pandemic

People across the United States locked down by the pandemic needed space to lock their extra things away, boosting self-storage properties to the top of the market. Self-storage shares on the FTSE Nareit All Equity REITs Index have returned more than 85 percent between price gains and dividend payments since Feb. 21, 2020, according to the Wall Street Journal.

Here are South Florida’s biggest retail deals of 2021

The largest retail deals in South Florida this year confirm renewed investor demand for well-performing shopping centers. The tri-county region’s biggest retail sale of the year, the $108 million trade of a northwest Miami-Dade shopping plaza, was more than double last year’s top deal of $47 million. Buyers involved in 2021’s largest five deals paid an average…

Related Group, Integra to Develop 354-Unit St. Regis Condo Project in Miami

Related Group and Miami-based Integra Investments have plans to develop St. Regis Residences, Miami, a two-tower condominium project in Miami’s Brickell district. New York City-based Robert A.M Stern Architects and New York-based Rockwell Group will oversee architecture and interior design, respectively. ONE Sotheby’s International Realty will be the project’s…

Sunbeam TV pays $14M for North Bay Village retail property, plans mixed-use development

The billionaire Ansin family’s Sunbeam Television continues its buying spree in North Bay Village, where it plans a mixed-use development along Kennedy Causeway. Sunbeam Television paid $14 million for the Presidente Supermarket and next-door retail building, at 1600 and 1624 79th Street Causeway, respectively, said Andrew Ansin, the broadcasting company’s…

Forte Capital Management leads $6M acquisition of Wynwood building

Seizing an opportunity for a gateway site in Wynwood, Forte Capital Management led a $6.4 million acquisition of a corner property in Miami’s trendy neighborhood. Chaim Cahane, president of New York-based Forte Capital, told The Real Deal that his firm bought the 14,000-square-foot retail building at 2830 Northwest Fifth Avenue. The deal received roughly 70…

Here are South Florida’s biggest office leases of 2021

The real estate industry has been touting South Florida’s office market as a magnet for out-of-state financial and tech firms. Even as vacancies topped 10 percent in the third quarter of this year, landlords opted to raise rents in a bet on these companies leasing up space, according to a Colliers report. Yet, the biggest lease this year came from neither a financial nor…

Office building by Lincoln Road in Miami Beach sells for $27M

Juan Jose Zaragoza of Miami-based real estate fund manager Exan Capital bought a renovated South Beach office building just off Lincoln Road. Integra Investments and Constellation Group sold the property at 1674 Meridian Avenue for $26.5 million, according to an Integra news release. The five-story 31,979-square-foot building on 0.2 acres has floor…

Related Group, Merrimac JV plans Miami Worldcenter project, pays $12M for site

Related Group and Merrimac Ventures are partnering to develop a project at Miami Worldcenter, after paying $12 million for land. Records show an affiliate of Jorge Pérez’s Related Group bought the lots at 601 North Miami Avenue and 25 Northeast Sixth Street. The adjacent parcels total 0.6 acres. The Motwani family’s Merrimac Ventures is a joint venture partner…

Black Lion’s South Florida retail shopping spree continues with $19M South Beach deal

Robert Rivani, principal, Black Lion Investment Group, in front of the Marea at 801 South Pointe Drive: In a $19 million deal, Black Lion Investment Group purchased its fourth Miami-Dade retail site in a six-month span. The Los Angeles-based commercial real estate investment firm picked up the ground-floor commercial condos in Marea, a six-story…

County set to seek 4-star Miami International Airport hotel offers

Three local firms shortlisted to build a 4-star, 350-key hotel at Miami International Airport have wrapped up individual negotiations with Miami-Dade County and a request for proposals (RFP) is to go out before Dec. 31. A response is due in early 2022, with one of the three to get the contract. FDR Miami Hotel, Mainsail Development International and Parmco…

Miami tech and financial sectors spark economic gain

Strong population growth, declining unemployment, a slow but steady increase in the population’s GDP and the thriving technology and financial sector in South Florida are the main drivers of the area’s economic growth after the lows of pandemic. According to the Bureau of Workforce Statistics and Economic Research of the State of Florida, unemployment rate…

Vital Tri-Rail snafus due a fast airing

Miami-Dade County’s commissioner representative on Tri-Rail’s governing board, Raquel Regalado, has insisted on a meeting being held before the holidays to discuss major issues Tri-Rail is facing in bringing its commuter service into downtown Miami. Miami’s Downtown Development Authority donated $1 million to that $70 million project. “Commissioner Regalado…”

Supply chain issues delay Westchester Cultural Arts Center

Plans to celebrate Westchester Cultural Arts Center’s grand opening have been pushed back to March 2022 – correlating with the launch of East Park, a new outdoor performing arts space. Originally planned to have a grand opening in November, the cultural arts center, which was built by TGSV Enterprises Inc., is set to share the spotlight with East Park, which…

Multi-story Doral warehouses proposed

Doral’s commercial industrial rental rates has seen a climb to the point where multi-story vertical warehousing projects are being considered, according to local real estate experts. The process of developing and planning vertical warehouses is more expensive for owners due to specific accommodations to operate, said Matt Rotolante, president of…

Work set for 93-story Waldorf Astoria glass box downtown

The developer poised to redefine Miami’s skyline with an impressive tower of glass boxes rising 93 stories on Biscayne Boulevard is citing progress on the ambitious mixed-use project. The development, called 300 Biscayne, is to bring not only multi-family residential units and commercial-retail uses to downtown, but also a new Waldorf Astoria hotel. PMG Downtown…

Mayor Daniella Levine Cava: Vows a focus on economy, water, pollution, environment

Daniella Levine Cava came to South Florida over 40 years ago and never thought she would run for office. She now oversees a local government with more than 28,000 employees, 3 million residents, and an annual budget of about $9 billion.  She started as an attorney with Legal Services of Greater Miami and the Guardian Ad Litem Program, and in 1996…

9 Reasons to Invest in South Florida Commercial Real Estate

On a national and global level, Florida and particularly the South Florida market has been among the strongest, with continually solid returns and safety for the capital of international & domestic investors. US News & World Report currently ranks Florida #8 in fiscal stability and #10 with its economy nationwide. South Florida commercial real estate leads the…

Report: U.S. rents surged 7% from October to November

Nationwide average rents in November surged 7% over October and 21% over November of last year, according to new data from Redfin. As inflation accelerated in November, so did rents across the country. Nationwide average monthly rents surged 6.8 percent from October to November, a 20.5 percent increase from the same time last year…

Miami Worldcenter developer nabs $340M financing for mixed-use tower, marking third largest construction loan ever in Florida

The flow of money from New York to South Florida continues. Silverstein Capital Partners provided Dan Kodsi’s Royal Palm Companies with a $340 million construction loan for Legacy Hotel & Residences, a mixed-use condo and hotel tower planned for Miami Worldcenter in downtown Miami. The financing marks the third largest construction loan ever in Florida…

Here are South Florida’s largest multifamily sales of 2021

Barry Sternlicht and The Palmer Dadeland at 8215 and 8217 Southwest 72nd Avenue in Miami with Grant Cardone and Las Olas Walk at 106 South Federal Highway in Fort Lauderdale: The multifamily market prospered this year as an onslaught of demand pushed up rents to scorching rates, and investors took note. Much of the demand came from out-of-state…

Aztec Group Arranges $247.5M Financing for Downtown 5th Apartment Community in Miami

The past two years have been hectic, to say the least, with the coronavirus pandemic upending lives and markets around the globe. Among the regions that fared better than others is South Florida, which emerged relatively unscathed. Regional commercial real estate experts are now looking ahead to 2022, and they spoke with Bisnow regarding what’s on tap for the…

Two Tallest Towers Ever Proposed South Of Brickell Get New Renderings

Developers 13th Floor Investments and Adler Group have revised plans to build two 39-story towers next to a Metrorail station. The twin proposed towers, which are part of the Link at Douglas megaproject, could become the tallest south of Brickell. A submittal in August showed them topping off at 444 feet above ground. The previous tallest south of Brickell was also…

Jamestown Completes Sale of 308-Unit Apartment Community in Sunny Isles Beach

Atlanta-based Jamestown has completed the sale of Beach Place, a 308-unit apartment community in Sunny Isles Beach, about 19 miles north from Miami. A private buyer purchased the property for an undisclosed amount. Jaret Turkell, Roberto Pesant, Jose Mota and Omar Morales of Berkadia Institutional Solutions represented Jamestown in the sale. Beach Place…

Up for sale: Older waterfront South Florida condo buildings look for bulk buyers

Condo associations in Bay Harbor Islands and Miami Beach hired brokers to list their properties for sale in a bulk purchase, as older buildings increasingly field buyout offers from developers looking for redevelopment sites. The condo board of the 30-unit Bay Harbor Towers, at 10141 and 10143 East Bay Harbor Drive, hired Blanca Commercial Real Estate…

$105M Sale of Mixed-Use Development Site in Miami Arranged

Avison Young has arranged the $105 million sale of approximately three acres called Biscayne Place in Miami for a future mixed-use development. Melo Group plans to build apartments, condominiums and retail across four 60-story towers at the Biscayne Place land site. Located within an opportunity zone at 1700 Biscayne Blvd., Biscayne Place will be…

Melo Group Buys Miami Apartments for $105M

The Melo Group has acquired Biscayne Place from Midgard Group for $105 million. The property comprises an entire block in Miami’s Edgewater neighborhood and offers the firm a residential and mixed-use development opportunity near the downtown Arts & Entertainment District. Biscayne Place is located at 1700 Biscayne Blvd. between Northeast 17th Street…

From Wynwood to Hallandale Beach, projects score TCOs prior to year’s end

When the world was thrown into turmoil in early 2020, speculation abounded about how the South Florida real estate market would fare. But the quick turnaround and prosperity that ensued this year were unexpected. Newcomers primarily from the Northeast and California as well as from the Midwest were…

Here are South Florida’s priciest office sales of 2021

South Florida’s top office purchases this year roared past 2020’s top sales by wide margins. The top office sale for South Florida this year was Related Companies’ $282 million purchase of Phillips Point at 777 South Flagler Drive and 201 Lakeview Avenue in West Palm Beach. The sale easily topped last year’s biggest purchase of $163 million. Top sale prices for 2019…

Retail foot traffic is picking up, but shoppers are still cautious

Between holiday shopping and a slow return to the office, downtown districts across the country notched slight boosts in foot traffic. Pedestrian traffic in US downtowns continued to strengthen in November, marking the greatest monthly improvement in pedestrian traffic so far in 2021, according to data firm Springboard. The figure is 30 percent down…

Residence Inn by Marriott in Surfside sells for $70M

The Residence Inn by Marriott Miami Beach Surfside extended-stay hotel traded for $69.9 million, marking continued investor demand for South Florida hotels. An affiliate of Atlanta-based Hotel Development Group sold the 175-key property at 9200 Collins Avenue in Surfside for $399,429 per room. Records show the buyers are 11 entities that tie to Menomonee…

South Florida CRE Leaders On What’s To Come In 2022

The past two years have been hectic, to say the least, with the coronavirus pandemic upending lives and markets around the globe. Among the regions that fared better than others is South Florida, which emerged relatively unscathed. Regional commercial real estate experts are now looking ahead to 2022, and they spoke with Bisnow regarding what’s on tap for the…

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…

Video: NAREIT’s Calvin Schnure sees demand for commercial real estate longer-term as pretty favorable

Calvin Schnure of NAREIT, an association that represents equity real estate investment trusts, mortgage REITs, REITs traded on major stock exchanges, public non-listed REITs and private REITs, discusses the recovery path for commercial real estate in 2022, including the impact of companies delaying back-to-office plans, and the Federal Reserve’s intent to possibly raise…

Barry Sternlicht buying The Standard hotel in Miami Beach: sources

Billionaire Barry Sternlicht is buying The Standard hotel in Miami Beach from the scions of Zara magnate Amancio Ortega, The Real Deal has learned. The sale of the 100-key hotel is expected to close soon for roughly $60 million to $70 million, according to sources. The property at 40 Island Avenue will continue to be a Standard hotel. The waterfront hotel has…

Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal

New York-based Fortress Investment Group bought Amerant Bancorp’s Coral Gables headquarters building for $135 million in a sale-leaseback deal. Amerant Bancorp, which operates Amerant Bank, disclosed in a Securities and Exchange Commission filing in November that a deal was pending for the sale of the 220 Alhambra Circle building to a Fortress…

JSB Capital buys Doral apartment complex for $255M

The Landmark South apartments in Doral traded for $255 million, marking the third biggest multifamily deal in South Florida this year amid a vigorous market. New York-based JSB Capital Group bought the complex at 6075 Northwest 105th Court from an affiliate of AECOM-Canyon Partners, according to the broker’s news release. Still Hunter and Greg …

Video: Top South Florida developers think Miami’s boom is here to stay

Despite reports that South Florida’s condo market is oversupplied, developers aren’t slowing down any time soon. At The Real Deal’s 2021 South Florida Real Estate Showcase + Forum, developer Gil Dezer noted that condos at Residences by Armani/Casa in Sunny Isles Beach, which he co-developed with Related Group, sold for an average of $1,250 per…

Related, Integra plan two-tower St. Regis condo development in Miami’s Brickell

The Related Group and Integra Investments are partnering to redevelop the waterfront site of an older affordable housing building in Miami into a pair of luxury St. Regis-branded condo towers, sources told The Real Deal. The 354-unit condo Brickell development will be designed by Robert A.M Stern Architects, who designed skyscrapers that include…

South Florida’s biggest hotel sales of 2021

Margaritaville Hollywood Beach Resort, East and Four Seasons at the Surf Club Domestic travel picked up this year, in some cases surpassing 2019 levels, and average daily room rates increased, boosting confidence in South Florida’s hotel market. The result was a bump in hotel investment sales, following a slow 2020, when only two sales topped $100 million.

Art Falcone wins approval for 285-unit multifamily project in Pompano Beach

Developer Art Falcone won a key approval for a seven-story, 285-unit apartment project with ground-floor retail space on Federal Highway in Pompano Beach. The city commission voted unanimously on Tuesday to allocate 285 “flex” residential units to the 6.2-acre development site at 3151-3251 Federal Highway. The commission can allocate…

Catch of the day? Acme Smoked Fish reels in Pompano Beach cold storage for $16M

Acme, the smoked fish company that traces its origin to the early 20th century, bought a cold storage and food processing facility in Pompano Beach for $15.8 million. Acme Smoked Fish reeled in the 43,000-square-foot building at 1280 Southwest 29th Avenue from Benson Properties, according to a news release from Berger Commercial Realty/Corfac…

MMG Equity Partners Acquires Plantation Community Plaza for $17.1M

MMG Equity Partners has acquired 234-268 S University Drive & 120-150 S University Drive, a 6.18-acre site on the SE corner of South University Drive and Broward Boulevard in Plantation, FL. The property consists of 35,850 sf of retail space along University Drive, plus 19,680 sf of office… Read more » The post News first appeared on MMG Equity Partners….

In $17M deal, MMG Equity buys another Plantation shopping center

234-268 South University Drive and 120-150 South University Drive in Plantation and MMG Equity Partners principals Martin Pico and Gabriel and Marcel Navarro: MMG Equity Partners dropped $17M to add another Plantation shopping center to its portfolio. An affiliate of the Pinecrest-based commercial real estate firm bought Plantation Community Plaza…

German conglomerate pays $227M for Fort Lauderdale apartments, marking its first US multifamily investment

Germany’s Union Investment has billions of dollars of assets globally, but when it came time to make its first U.S. multifamily play, it picked apartments in downtown Fort Lauderdale’s Flagler Village. The Hamburg-based investment manager, through its real estate division, bought EON Squared for $226.5 million, according to the buyer’s…

Related Group wins approval for 355-unit multifamily project in Dania Beach

The Related Group narrowly won site plan approval for Parkview Place, a 14-story, 355-unit apartment development east of U.S. 1 in Dania Beach. The Dania Beach City Commission voted 3-2 Tuesday night to approve both a site plan for Parkview Place and an associated plat amendment. Miami-based Related acquired the vacant, 4.7-acre development site at 901 East…

The post Miami Commercial Real Estate News December 22, 2021: Dream Hotel Planned for Riverside Wharf; Edgewater MXU Dev Site Trades for $105M; Year’s Biggest Deals; More… appeared first on Hawkins Commercial Realty.

As rent explodes nationally, Miami tops the charts up 38%

In a year of robust growth in rents, five of the 10 cities where they soared the most were in Florida. Miami and Tampa rents skyrocketed 38 percent, the highest gains nationwide. Rents also shot up in Orlando, Jacksonville and St. Petersburg, by 32 percent, 27 percent and 24 percent, respectively, according to a new report by Zumper. Miami’s gain represented a…

How to prevent another Surfside tragedy: Grand jury outlines recommendations

The Miami-Dade grand jury empaneled to investigate the deadly Surfside collapse released its 43-page report, outlining recommendations for major changes, including accelerating the timeline for inspections and raising standards for those who perform them. The partial collapse of Champlain Towers South in June killed 98 people. Though the exact cause of the…

AJ Capital Buys Little River Portfolio in Miami for $80M

Development in Little River, an emerging neighborhood in Miami, is poised to enter into high gear after a large portfolio sold to the developer who helped transform Chicago’s Fulton Market. MVW Partners, led by married couple Matthew Vander Werff and Ashley Abess, sold a portfolio of Little River assets spanning 24 acres for $79.9 million to Nashville-based…

Miami Market Update: Office Development Forges Ahead

As of October, Miami had 2.5 million square feet of office space under construction, according to CommercialEdge data. While other gateway markets, such as Manhattan, are still struggling to regain momentum, Miami’s office market continues to expand. Since the beginning of the year, five mostly mixed-use projects that include an office component….

Open-air retail complexes enjoy breath of fresh air, hitting new peaks amid recovery

U.S. retail is slowly regaining steam in the wake of the pandemic, but open-air shopping centers can boast recent success that’s pushed the segment to new peaks. Landlords filled 17 million square feet of open-air shopping centers during the third quarter, according to CBRE data reported by the Wall Street Journal. The influx marks a 49 percent increase from 2019…

Here are South Florida’s largest industrial sales of 2021

South Florida’s top industrial sales crushed last year’s records, marking a return to sale prices in the hundreds of millions, as the sector outperformed the rest of the market during the pandemic. The largest industrial sale of 2021, CenterPoint’s $184 million purchase of warehouses in Hialeah, was nearly double last year’s top…

Sale Of Miami Industrial Facility To Prologis Closes

JLL Capital Markets closed the sale of Medley Palms Business Park, a fully leased, multi-tenant, light industrial facility totaling 44,000 square feet with significant trailer parking acreage in Miami. JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995. Prologis, the global leader in logistics…

R&B Realty’s Gateway at Wynwood Office Tower Nears Completion

One year after topping off, The Gateway at Wynwood, a 13-story Miami office tower, has received its temporary certificate of occupancy. Developer R&B Realty Group plans to open the property to tenants early next year. The developer broke ground on the project in early 2020 after receiving $76 million in construction financing from 3650 REIT, a balance-sheet…

Melo nabs $248M refi for downtown Miami apartment towers

The Melo Group scored a $247.5 million refinancing for its Downtown 5th apartment towers, the developer’s first multifamily project in Miami’s Central Business District. Melo, owned and led by Jose Luis Ferreira de Melo and his sons, Carlos and Martin Melo, completed the pair of 52-story towers with 1,042 units in August. The buildings are on the corner of Fifth…

Morgan Stanley targeting student housing rebound with joint venture

Morgan Stanley is the latest major player to dip its toes into the rebounding student housing market. The bank formed a joint venture with Global Student Accommodation, which put forth a $1.6 billion portfolio for the partners to snag a piece of the recovering student housing sector, Bloomberg reported. The starting portfolio accounts for nearly…

Prologis buys Medley warehouse for $23M

Prolific logistics real estate investor Prologis bought a Medley warehouse for $22.6 million, marking continued appetite for industrial buildings amid a hot market. The San Francisco-based real estate investment trust bought the property at 9401 Northwest 106th Street from K.D.D. Enterprises, led by Charles Largay, records show. The 43,700-square-foot warehouse…

Miami redevelopment wave sparks fears of climate gentrification

For 40 years, Louis Rosemond lived in Miami’s Little Haiti neighborhood, feeling like he was in his native Port-au-Prince. “We have the same restaurants as in Haiti, the same barbershops, the same rara,” said the 64-year-old artist, referring to the Haitian street festival music. “Little Haiti is Haiti.”  Yet all that is changing…

State kicks in $5 million for Miami’s World Cup host bid

Florida’s business-recruitment agency last week put $10 million into the pitch to help Miami and Orlando become host cities for the 2026 FIFA World Cup soccer tournament. Enterprise Florida directors agreed to provide $5 million for each city’s efforts, which are being led by the Greater Miami Convention & Visitors Bureau and the Greater Orlando Sports…

Superyacht sales surge sets off wave of boatyard growth on Miami River

An unprecedented surge in sales of superyachts has led to a wave of expansions and upgrades among boatyards along the Miami River. “The important job-generating marine industry on Miami River is growing,” said Miami River Commission Chair Horacio Stuart Aguirre, “with recently completed significant improvements at RMK Merrill-Stevens and…

Miami positioned as blockchain city of the world

Miami is very well positioned to be the blockchain city of the world, experts are saying, as an influx of talented people in the blockchain technology industry are choosing the city to develop their businesses and create a crypto-enthusiastic community. The Miami-Dade County Cryptocurrency Taskforce, created May 4 by the county commission, is studying…

Key Biscayne looks to county to cancel Rickenbacker bids

The Village of Key Biscayne Council has unanimously supported the mayor of Miami-Dade County’s recommendation to cancel a request for proposals to develop, maintain and operate the Rickenbacker Causeway and the Bear Cut Bridge, and called for creation of a working group of key stakeholders to start the process again to define priorities and needs. In line with…

Shoma, Related sell Park Square at Doral dev site for $16M, buyer plans multifamily project

Shoma Group and Related Group sold the last developable parcel at Park Square at Doral to a buyer that plans to build a multifamily project. Dallas-based Lincoln Property Company National bought the 3.4-acre property for $16 million, with plans for a roughly 360-unit apartment project, according to a Shoma news release. Shoma and Related built out the 52-acre…

Can universal housing vouchers ever come to the US?

When then-presidential candidate Joe Biden pitched expanding the nation’s housing voucher program to 11 million people, the proposal garnered little attention. It still did not make waves when Congress proposed $90 billion toward that goal. The proposal eventually did catch the eye of lawmakers in October — to the extent that it was considered an easy cut from a $3.5…

The commodity office playbook is “dead:” Developers bet on pricey perks

Developers desperate to bring employees back to the office are trying to lure them with pricey perks — and in some cases, it could be working. Amid hybrid work policies and delayed office-return dates, the Wall Street Journal reported developers are still turning to added perks like outdoor spaces and on-site chefs as amenities in hopes of making their office…

Cortland pays $174M for south Miami-Dade apartments and adjacent dev site

A multifamily investor bought a south Miami-Dade County apartment complex and development site, part of a planned mixed-use project that previously faced fierce opposition over claims it would pave over environmentally imperiled land. Atlanta-based Cortland scooped up the Mareas at Botanica complex at 15520 Southwest 127th Avenue…

Miami Worldcenter developer nabs $340M financing for mixed-use tower, marking third largest construction loan ever in Florida

From left: Larry Silverstein, founder, Silverstein Properties, and Dan Kodsi, chief executive officer, Royal Palm Companies: The flow of money from New York to South Florida continues. Silverstein Capital Partners provided Dan Kodsi’s Royal Palm Companies with a $340 million construction loan for Legacy Hotel & Residences, a mixed-use condo and hotel tower…

RPC Receives $340M Construction Loan for Legacy Hotel Project at Miami Worldcenter

Royal Palm Cos. (RPC) has received a $340 million construction loan from New York City-based Silverstein Capital Partners for the development of Legacy Hotel & Residences, a mixed-use hospitality property in downtown Miami. The hotel development is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development underway by Miami Worldcenter…

Like New York’s High Line, Miami’s Ambitious Underline Project Has Potential To Revitalize Region

Kobi Karp is a renowned architect who works on Miami’s most luxurious projects. But when he took the stage at Bisnow’s Construction, Development & Design event, he highlighted another real estate player in the city, Meg Daly, for founding the nonprofit group Friends of the Underline and kick-starting an ambitious park project in the city. “This is the work that…”

Barry’s ditches LA for Miami, law firm to move to Mizner Park, other news in leasing

Popular fitness firm Barry’s moved its headquarters from Los Angeles to Miami’s Wynwood Arts District. Barry’s took over Goldman Properties’ former headquarters at 2214 Northwest First Place, according to a news release. The space, owned by Goldman Properties, is 9,000 square feet. Goldman Properties’s late founder Tony Goldman, was known…

Miami Getting Yet Another Supertall Tower: MAJOR., On Brickell Avenue

Another supertall tower has just been announced in Miami. The new supertall will be called MAJOR. and will be built at 888 Brickell Avenue. The goal is to build “the most luxurious residential tower in the world,” the developers said in a press release. MAJOR. will rise 1,049 feet – the maximum permitted in Miami by the Federal Aviation Administration.

Hot Tub Clubs And Igloos: This Entrepreneur Is Taking His Nightlife Concepts To Miami And Beyond

While living in Moscow, Ukraine-native Volodymyr Hahonin came up with an eccentric nightlife formula. He took inflatable hot tubs, decked them out with neon lights, and put them on a rooftop next to a bar. He also set up a movie screen, like a drive-in cinema. The resulting concept was called Jakuznya. Given the weather, though, his business was only viable…

Another big year expected for industrial real estate in 2022 — but development may be stymied by supply chain

The U.S. industrial real estate market will continue to be on fire heading into 2022 but longer lead times to obtain construction materials and across-the-board price increases will also affect the sector. Cushman & Wakefield PLC (NYSE: CWK) took a two-year look into the future, predicting industrial absorption from the start of 2022 to the end of 2023 will be 855 million…

Demolition Underway At Site Where Miami’s Westernmost Skyscraper Is Being Built

Demolition is well underway at the site where Miami’s westernmost skyscraper is being built. Photos show that landscape architect Raymond Jungle’s former offices are now being demolished in Brickell on the Miami River. A former location of Finnegan’s on the River is also now nearly completely demolished. The Miami River tower will rise 640 feet…

South Florida real estate braces for flood insurance hikes

The last time the federal government overhauled its flood insurance program, Richard Nixon was president and Pink Floyd’s “The Dark Side of the Moon” topped the U.S. charts.  A lot has changed in the nearly 50 years since. Climate change has progressed, and persistent flooding has become commonplace in coastal communities across the country. Having paid…

Related CEO Jeff Blau says New Year will bring vaccinated workers back to office

Related Companies Chief Executive Officer Jeff Blau proclaimed Jan. 1 will be the day vaccinated workers will start heading back to New York City’s offices in droves and begin putting the Covid-19 pandemic behind us. Blau made the prediction to host Andrew Ross Sorkin during a Dec. 10 episode of CNBC’s Squawk Box, and said he’s already seeing signs of pre-pandemic…

Related Group and partners in contract to buy Fisher Island dev site for luxury condo project

A partnership led by Miami’s condo king Jorge Pérez and billionaire Teddy Sagi is diving into Fisher Island, home to one of the most expensive ZIP codes in the country. Pérez’s Miami-based Related Group, Sagi’s Globe Invest and BH Group are in contract to buy the last condo development site on Fisher Island, an exclusive island that is only…

Grant Cardone says he’s about to close on his biggest multifamily deal – and it’s all in South Florida

Grant Cardone invests in real estate nationwide, but for his biggest multifamily portfolio deal, he chose South Florida. The Golden Beach-based social media star, motivational speaker and founder of the 10X business growth platform, is set to close on the $744 million purchase of four properties: two near downtown Fort Lauderdale, one in Sunrise…

Terranova sells longtime Miami Beach HQ for $22M

Terranova Corporation sold its longtime headquarters in Miami Beach for $22 million, marking one of the largest investment sales on 41st Street. Terranova sold the nearly 52,000-square-foot building at 801 Arthur Godfrey Road to Fifteen Group in an off-market deal, Terranova Chairman Stephen Bittel told The Real Deal. Miami-based Fifteen Group, led by…

Mistaken zoning? Coral Gables takes first step to reverse allowing taller buildings in one area

Coral Gables is backtracking on a new development rule that allowed high-rise buildings in an mid- to low-rise area, saying it was not intentional. Yet, the move to nix allowing 190.5-foot tall — or 17 story— buildings is not enough to placate residents who say the city is only doing a half-way fix. They allege other zoning mistakes remain that loosened development…

Video: National developers talk South Florida markets at TRD event

Kushner Companies, PMG, Crescent Height and Witkoff are all nationwide developers, yet as panelists at The Real Deal’s latest event in Miami, it was clear that they all have an affinity for South Florida. “We have a big call” on the region, Steve Witkoff of Witkoff told the crowd last month at TRD’s Real Estate Showcase + Forum. Nicole Kushner-Meyer of Kushner Companies…

Worldcenter Agrees to Allow Office Space At Former Miami Arena Site

It appears that the former Arena site at Miami Worldcenter may be getting office space. On November 19, Worldcenter’s master developer amended a restrictive covenant to allow for office to be developed on the property, county records show. It isn’t clear if the new project will also have other uses. However, it will be a “high density” development, according to a…

Ivy Realty sells Miami-Dade freezer facilities to New York firms for $74M

In two separate deals totaling $74 million, a New York-based joint venture acquired a pair of cold storage warehouses near Miami Gardens and Aventura. Banner Property Group, headed by Managing Partner Jason Eisenberg, and Apollo Global Management bought a 235,000-square-foot building at 18770 Northeast Sixth Avenue and a 80,000-square-foot…

Chinese developer Evergrande defaults for first time

A moment six months in the making finally came to pass as Evergrande was labeled in “restricted default” following two missed coupon payments on Monday. Fitch Ratings cut the Chinese developer’s rating on Thursday, Bloomberg reported. The company didn’t confirm the missed payments with the credit rating firm, but bondholders reported they didn’t…

Clarion Partners sells North Bay Village apartments for $122M

iStar, through its ground-lease arm Safehold, bought the Moda North Bay Village Apartments along Biscayne Bay for $122 million. Records show that an entity in the care of New York City-based Safehold bought the building at 8000 West Drive from an affiliate of Clarion Partners. In line with Safehold’s business model, Safehold immediately leased the ground underlying…

Three points — er, retail properties in Davie for Miami Heat minority owner

Miami Heat minority owner Raanan Katz scored a three-pointer: scooping up a trio of Davie retail centers for $28.7M. Basketball aficionado and real estate mogul Katz, along with Daniel and David Katz, as managers of the entity RK Davie LLC, bought the properties at 5840 South University Drive, 5780 South University Drive and 5810 South University Drive. The seller…

Foundry Commercial plans warehouses in Coral Springs, pays $41M for dev site

Foundry Commercial bought a Coral Springs industrial development site for $40.8 million, with plans to build distribution warehouses. The Orlando-based company bought the 22.2-acre property on the southwest corner of Northwest 39th Street and 120th Avenue, records show. Foundry expects to build two warehoues…

Beztak, Wexford plan Boca Raton apartment project, buy site for $13M

Renderings of the Bocora project with co-buyer and co-developer Beztak’s Sam Beznos, co-buyer and co-developer Wexford Real Estate Investors’ president Joseph Jacobs and managing principal Philip Braunstein: Beztak and Wexford Real Estate Investors plan an apartment project on a Boca Raton site they purchased for $12.7 million. The joint venture will…

Rockpoint Group buys waterfront Boca Raton hotel for $38M

Rockpoint Group bought the Waterstone Resort & Marina Boca Raton for $37.9 million. The Boston-based real estate private equity firm bought the waterfront property at 999 East Camino Real, records show. Seller BB Hotel Owner JV is managed by Clifford and Matthew Lane, state corporate records show. The deal for the 139-key hotel breaks down to $272,482…

Boca Raton Innovation Campus sells for $320M, marking record South Florida office deal

The Boca Raton Innovation Campus sold for $320.2 million, marking South Florida’s biggest office deal of the year. New York-based DRA Advisors bought the 1.7 million-square-foot office park at 5000 T-Rex Avenue, according to records. The buying entity also lists the address of the seller, Boca Raton-based CP Group, in state corporate records. CP Group’s…

German investor buys Publix-anchored Boynton Beach retail plaza for $80M

Union Investment bought the Publix-anchored, fully leased Fountains of Boynton shopping center for $79.5 million. The investment arm of Germany’s DZ Bank Group bought the five-building plaza on the northwest corner of Jog Road and West Boynton Beach Boulevard from an affiliate of New York-based DRA Advisors, records show. Union…

New York real estate investor sells Palm Beach Gardens office building for $7M

In a $6.9 million off-market deal, a Tarrytown, New York-based real estate firm sold an office building in Palm Beach Gardens. Harric Realty Corporation, a company tied to Robert Mannheimer of East Islip, New York, bought the Harbour Point Plaza at 11000 Prosperity Farm Road, according to records. The seller is an entity managed by Howard Dean, principal…

Tortoise Properties pays $19M for downtown West Palm multifamily dev site

Tortoise Properties bought a downtown West Palm Beach multifamily development site for $18.8 million. Tortoise, based in Chicago and West Palm Beach, bought the 2.25-acre vacant property at 370 and 375 Eucalyptus Street from an affiliate of Austin, Texas-based Cypress Real Estate Advisors, records show. The developer plans to embark on a 264…

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