Month: February 2022

Miami-Dade plans massive redevelopment in downtown Miami

County authorities are working to redevelop over 20 acres of the downtown Government Center to include a transit terminal, affordable housing, and community cultural facilities and schools. Procurement for the first phase is expected during or after summer, but many details are still being discussed as the project encompasses many county departments. The purpose…

3-tower Brickell residential blockbuster wins quick OK

An entire city block in Brickell that’s remained vacant more than a decade is targeted for a large three-tower mixed-use development. With a current project name of 1420 S Miami Avenue, the owner-developers are promising more than 2.7 million square feet of floor area and 1,255 residential units, a mix of condos and rental apartments. The project was considered…

Mathieu Massa buys Miami Beach development site for $14M

Developer and restaurateur Mathieu Massa bought a development site in Miami Beach for $13.5 million. Property records show that an entity linked to Enrique Colmenares sold the lots at 427 22nd Street and 2206 Park Avenue to an entity led by Massa. The buyer took out a $6 million loan from City National Bank of Florida and a $2.5 million loan from the seller…

AMLI Residential keeps betting on Edgewater, pays $104M for apartments

AMLI Residential is betting again on the booming multifamily market in Miami’s Edgewater and Midtown neighborhoods, paying $104.2 million for an apartment tower. Chicago-based AMLI bought the Midtown 29 apartments at 180 Northeast 29th Street from Mesirow Financial and Morgan Group, according to records.

Rotem Rosen snags refi in Israel for Miami site, Manhattan hotel

Rotem Rosen’s MRR Development scored a loan worth $113 million to refinance the Hotel Indigo on Manhattan’s Lower East Side and purchase a site in Miami. Rosen along with his partner, Indian billionaire businessman Anand Mahindra, secured the loan through the Israeli bond market, marking one of the largest Israeli bond raises by a U.S. real estate…

Sea-level rise to prompt displacement of Miami’s low-income, minority communities, study finds

Sea-level rise and the resulting climate gentrification are expected to hit low-income, minority communities in Miami-Dade County the hardest, according to a new report. The county, as well as several of its cities and neighborhoods, have comprehensive policies to tackle the two issues at the nexus of climate gentrification — sea-level rise and housing…

Cheesecake Factory inks lease on Miami Beach’s Lincoln Road

The Cheesecake Factory inked a lease on Miami Beach’s Lincoln Road in the former Sushi Samba space, The Real Deal has learned. The publicly traded Cheesecake Factory, based in Calabasas, California, plans to open this fall at 600 Lincoln Road, according to Terranova Corporation Chairman Stephen Bittel. The restaurant group signed a 20-year lease, with renewal…

Sprouts Farmers Market Plans New Location in Miami’s Grove Central Development

Sprouts Farmers Market has released plans to open a 24,014-square-foot location at Grove Center, a mixed-use, transit-oriented development underway in Miami’s Coconut Grove neighborhood. Sprouts’ new location will be the Phoenix-based grocer’s third store in Miami-Dade County. Slated for delivery in 2023, the Grove Center will include a 23-story…

Lease roundup: Breitling opens in Miami Design District, Sprouts leases in Coconut Grove

Breitling I Design 41 | Miami Swiss watch manufacturer Breitling opened a 1,832-square-foot store in the last available retail space in Miami Design District’s Northeast 41st Street corridor. Breitling rented the space at Design 41, at 112 Northeast 41st Street, according to a news release from the brokers. Tony Arellano and Joe Fernandez of…

County negotiates to trim Beach monorail line price

Miami-Dade expects a final price proposal in March for the Trunkline segment of the Miami Beach Corridor monorail, which exceeded its previously negotiated price of $586.5 million to reach almost $1 billion, to develop a final recommendation for county approval. The county is still negotiating with MBM Partners LLC regarding pricing on the…

Biggest sand pour in decade restoring Miami-Dade beaches

With sea turtles out in the ocean and permits approved, a major sand renourishment project is set to begin spreading over 10.5 miles of beach in Sunny Isles, Bal Harbour and Miami Beach. The Army Corps of Engineers delivered 830,000 cubic yards of sand for the decade’s largest spread, a $40.5 million project. “We have four hot spots that take the width…

New Tri-Rail snafu: locomotives may not fit platform

The $70 million project to bring Tri-Rail into a downtown Miami station has added to its long list of problems a new one: locomotives may hit the platform. Engineers are back on site to measure again the public system’s locomotives and determine what can be done to fix the problem. “The cantilever portion of the platform is what appears to interfere…

Public-private Riverside Wharf heads for groundbreaking

A major mixed-use project, Riverside Wharf, is on schedule to break ground this year in downtown Miami and open in 2025. Everything has been on track and moving forward since the project launched at the end of 2021, said the developer in an email to Miami Today. In December, Miami developer Alex Mantecon of MV Real Estate Holdings…

Miami Market Update: Transaction Volume Increases

In 2021, Miami’s office market saw $1.7 billion in office transactions, according to CommercialEdge. The metro’s sales volume has expanded significantly compared to 2020 levels, when it reached $345 million. The average price per square foot has also increased, from $184 year-to-date through December 2020 to $295 by the end of 2021, mirroring a…

Seagis Closes On 5.75 Acre Site In Doral, Plans To Add New Building To Transal Park Holdings

Seagis Property Group LP (“Seagis”)… continues its expansion across South Florida with its latest acquisition. The company announced it closed on a 5.75-acre development site located adjacent to Seagis’ Transal Park facility, which spans 113,000 square feet and is located at 8305 NW 27th Street. Seagis plans to break ground by year’s end on a modern, new 117,790…

Developer Bill Fuller wins appeals court ruling against his longtime foe, Miami commissioner Joe Carollo

Little Havana developer Bill Fuller and Miami commissioner Joe Carollo A federal appeals court handed developer Bill Fuller a key victory against his nemesis, Miami commissioner Joe Carollo, in a ruling that could affect how government officials crack down on the local real estate community. Earlier this month, the U.S. Court of Appeals denied Carollo’s petition to…

Miami-Dade Commissioner Files Legislation Requiring Notice of Rent Increase

On February 15, 2022, Miami-Dade County Commissioner Eileen Higgins announced on Twitter that she filed an ordinance in Miami-Dade County to protect renters countywide, in response to calls throughout Miami-Dade to protect tenants from rent increases with little to no notice. Earlier in February, the Miami Beach City Commission approved an ordinance…

Dan Kodsi plans mixed-use project with high street retail as “alternative to Aventura Mall”

Developer Dan Kodsi plans a major mixed-use project with apartments, offices, and high street retail in Aventura. Kodsi’s Miami-based Royal Palm Companies, through an affiliate, paid a reported $39.1 million for 9.6 acres on the northwest corner of Biscayne Boulevard and Northeast 213th Street. Reuven Tako and Jacqueline Tako of North Miami sold the properties…

Shoma Group to Develop 327-Unit Miami Waterfront Community

Shoma Group has revealed plans for Shoma Bay, a 327-unit waterfront community in North Bay Village, Fla. The development designed by MSA Architects will break ground this summer and is slated for completion in 2023. The Shoma Bay apartments will be located in the Upper East Side submarket of Miami, an area with roughly 1,611 units in various…

Gazit Globe proposes 504-unit apartment tower in Brickell

Tel Aviv-based Gazit Globe Group wants to build a 504-unit apartment tower in Miami’s Brickell, steps from Metrorail and Metromover stations. Gazit Globe’s U.S. subsidiary, Gazit Horizons, wants to develop the 642.8-foot tall — or more than 50-story — Brickell Gateway tower on a half-acre lot at 90 Southwest Eight Street…

Video: Deloitte’s John D’Angelo Discusses his firm’s Commercial Real Estate Outlook 2022

Deloitte surveyed 400 senior executives of various companies all over the world with assets over $100 million. In this show host Michael interviews John D’Angelo, Real Estate Solutions Leader with Deloitte, on the top takeaways from the results of this (Deloitte) survey.  He notes that more that 80% of respondents expect business to be up in 2022, a general…

Terreno Realty pays $73M for two warehouses at Countyline Corporate Park

Terreno Realty bought two newly built, fully leased warehouses at Countyline Corporate Park for a combined $73.2 million, marking the investor’s ongoing shopping spree for South Florida industrial real estate. Terreno Realty bought the buildings totaling 407,000 square feet on 19.8 acres at 4281 and 4341 West 108th Street in Hialeah from an…

Video: CCIM Chief Economist K.C. Conway on Trends in Office Use & Values; highlights Miami at 23:50

In this video, CCIM Economist K.C. Conway shares his thoughts on how office use trends will impact the (office property) sector going forward. Discussion topics include vaccine requirements, square footage per employee, impact of remote / work from home trends, profitability of tenants, and opportunities for office property tenants, landlords…

How are disputes handled in your contracts?

An arbitration agreement serves as an effective tool, providing important benefits and protections to companies seeking dispute resolution involving customers. Working with an arbitrator who likely is a former judge or attorney who has extensive experience in the field, the parties will present their side of the story to the arbitrator in an effort to win their case.

Seagis buys industrial dev site in Doral for $16M

Seagis Property Group paid $16 million for a warehouse development site next to its Transal Park facility in Doral, marking the company’s ongoing bet on South Florida industrial real estate. The Conshohocken, Pennsylvania-based company plans to build a 117,790-square-foot building on 5.8 acres at the northeast corner of Northwest 27th Street and 84th Avenue…

Atlantic Pacific Cos. Opens Affordable Senior Community in Miami

Miami-Dade County Public Housing and Community Development and Atlantic Pacific Cos. have opened the 180-unit Northside Transit Village II Apartments in Miami. The property offers affordable housing to senior individuals earning between 22 and 60 percent of the area median income. According to Yardi Matrix data, Wells Fargo Bank provided $20.8 million…

Natural disasters caused $57B in property damage in 2021

Fire, water and freezing temperatures last year posed increasingly dangerous — and expensive — concerns for homeowners across the U.S. Natural disasters caused $56.9 billion in property damage in 2021, according to a new climate change catastrophe report from CoreLogic. Wildfires, floods, twisters and winter freezes hit nearly every major…

Adam Neumann pays $17M for retail at Las Olas Riverwalk in Fort Lauderdale

WeWork co-founder Adam Neumann bought a retail property in Fort Lauderdale, adding to his expansive South Florida holdings, The Real Deal has learned. An entity tied to Neumann paid $17 million for the retail component of Society Las Olas, a roughly 16,500-square-foot space at 301 Southwest First Avenue, according to sources. Scott Sherman and…

The Shvo Must Go On: The Bad Boy of Luxe Residential Has Become a Force in CRE

Michael Shvo is sitting in his office, high above Fifth Avenue, dressed in his signature black Armani T-shirt, singing the praises of chef Daniel Boulud. He’s the best, Shvo said. A great chef and a terrific person. To wit, Boulud is creating a residents-only dining space at Shvo’s new Mandarin Oriental condominium on Manhattan’s Fifth Avenue and in the…

AC Hotel by Marriott in Fort Lauderdale scores TCO

A 171-key AC Hotel by Marriott in Fort Lauderdale obtained its temporary certificate of occupancy. Developers Key International and Wexford Real Estate Investors scored the TCO for the property at 3029 Alhambra Street, near the beach, according to a joint Key-Wexford news release. The rooms at the 10-story property feature contemporary…

Hallandale Beach self-storage facility sells for $23M

The self-storage facility at 450 Ansin Boulevard in Hallandale Beach with City Line Capital’s President and CEO Rick Schontz and Boundary Companies’ Managing Partner John Wilkinson: Boundary Companies bought a Hallandale Beach self-storage facility for $23 million. Records show an affiliate of Bethesda, Maryland-based Boundary bought…

Avi Dishi drops $21M for Presidente Supermarket-anchored shopping center in West Palm Beach

Avi Dishi jumped into the South Florida grocery store-anchored shopping center frenzy with a $20.7 million purchase in West Palm Beach. An entity managed by the New York-based retail real estate investor bought the Shoppes at Cresthaven at 2675 South Military Trail, according to records. Dishi’s acquisition is anchored by a Presidente Supermarket store.

Harry Macklowe to Build Resi Development Near Dadeland Mall

Yet another New York-based developer is coming to Miami. This time, it’s one of the Big Apple’s most prominent players. Harry Macklowe’s Macklowe Properties is planning a mixed-use development near the Dadeland Mall in Miami-Dade County, a spokesperson for the developer confirmed to Commercial Observer. The project, designed by Miami-based firm…

Stephen Ross’ Related continues downtown West Palm office shopping spree with $35M deal

The two-building office complex at 400 and 450 South Australian Avenue in West Palm Beach with Wexford Real Estate Investors’ co-founder and President Joseph Jacobs, Key International’s founder Jose Ardid and Related Companies’ Stephen Ross: Stephen Ross’ Related Companies, already the biggest Class A office owner in downtown West Palm Beach, is…

JV plans downtown West Palm Beach office building, renovated retail project

Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue: A partnership led by Brand Atlantic Real Estate Partners unveiled plans for a new office building and renovated retail project in downtown West Palm Beach. West Palm Beach-based…

Multifamily real estate magnate pays $9M for Palm Beach commercial building

Multifamily real estate mogul Joseph “Jay” Biggins, and his clothing and furniture store owner wife, Letty Biggins, paid $8.8 million for a vacant commercial property in Palm Beach. The Bigginses, through an affiliate, bought the L-shaped building and smaller outbuilding at 353 Peruvian Avenue from Steve & Linda Horn Inc., according to records. This was…

The post Miami Commercial Real Estate News February 23, 2022: Miami-Dade Plans Huge Redev in Downtown Miami; 3-Tower Brickell Dev Gets OK; More… appeared first on Hawkins Commercial Realty.

In this video, CCIM Economist K.C. Conway shares his thoughts on how office use trends will impact the (office property) sector going forward. Discussion topics include vaccine requirements, square footage per employee, impact of remote / work from home trends, profitability of tenants, and opportunities for office property tenants, landlords and investors. For those giving thought to what the office environment will be like after the pandemic and how this will affect the office property market, this is a great video for some input and to get yourself thinking about the possibilities. 

Make sure to get to or fast forward to 23:50 when K.C. highlights some good things Miami is doing. I think he might be impressed.

The post Video: CCIM Chief Economist K.C. Conway on Trends in Office Use & Values; highlights Miami at 23:50 appeared first on Hawkins Commercial Realty.

Deloitte surveyed 400 senior executives of various companies all over the world with assets over $100 million. In this show host Michael interviews John D’Angelo, Real Estate Solutions Leader with Deloitte, on the top takeaways from the results of this (Deloitte) survey.  He notes that more that 80% of respondents expect business to be up in 2022, a general sense of revenue optimism, with the exception being office property respondents. Efforts toward sustainability are also discussed, as are things being done to improve the tenant experience.

The post Video: Deloitte’s John D’Angelo Discusses his firm’s Commercial Real Estate Outlook 2022 appeared first on Hawkins Commercial Realty.

Trammell Crow proposes 576 apartments in West Kendall, puts land under contract

Trammell Crow Residential wants to build a 576-unit apartment community on land it has under contract next to West Kendall Baptist Hospital. Dallas-based Trammell Crow, through an affiliate, is seeking Miami-Dade County’s approval to develop the multifamily complex on 20.2 acres at the western side of a larger tract between Southwest 88th and 91st streets, and…

Michelle Bernstein’s Sra. Martinez re-opening in Coral Gables with EB-5 backing

Celebrity chef Michelle Bernstein plans to re-open her Sra. Martinez restaurant, this time in Coral Gables. It was a Miami Design District staple pre-pandemic. The Coral Gables project is backed by the EB-5 visa program that allows foreign investors a path to U.S. green cards in exchange for lending to a business venture that generates a certain number of jobs.

Top 25 South Florida Retail Shopping Center Transactions of 2021

Compared to 2020, 2021 was a big year for South Florida commercial real estate in general as the economy saw a big boost from many new residents and companies moving in from other states. This factor coupled with the state’s relatively relaxed Covid-19 regulations allowed for businesses to breathe and people to circulate more freely….

Commercial real estate investment rose 86% last year

Commercial real estate investors spent $53 billion on properties in Los Angeles, $49 billion in New York and $41 billion in Dallas last year, powering an 86 percent national increase from 2020. The total came to $746 billion, according to a report from CBRE. Investment in multifamily and industrial properties drove the surge, and Austin had the hottest…

Urban retail not recovering like malls, shopping centers: Vornado

A “startling” retail recovery across the country has included malls and shopping centers, but big cities have been laggards, Vornado Realty Trust executives said Tuesday. And New York’s prime retail landlords might never again collect the astronomical rents of the pre-pandemic era, Vornado’s chairman, Steven Roth, acknowledged. That helps explain why…

Sprouts Farmers Market Plans New Location in Miami’s Grove Central Development

Sprouts Farmers Market has released plans to open a 24,014-square-foot location at Grove Center, a mixed-use, transit-oriented development underway in Miami’s Coconut Grove neighborhood. Sprouts’ new location will be the Phoenix-based grocer’s third store in Miami-Dade County. Slated for delivery in 2023, the Grove Center will include a 23-story…

Sergio Pino teams up with Treo to redevelop Florida City RV park

Shortly after acquiring Florida City’s former RV park, Treo Group formed a joint venture with Sergio Pino to build townhomes on the 16-acre site. The deal involves Pino’s Century Parc Villas West LLC purchasing 10.5 acres for $6.5 million, with $5.2 million in financing provided by Treo Group, according to records. Pino heads Coral Gables-based Century…

Miami Development Update: Mixed-Use Boosts Office Development

As of December, nearly 3.6 million square feet of office space was under construction in Miami, or 5.1 percent of total stock, according to CommercialEdge. Ongoing in-migration, heightened by the pandemic, has boosted investments and relocations in the metro. The office pipeline has increased significantly since late 2020, when it bottomed out at…

Alan and Robert Potamkin rev up their real estate game with $10M Miami Beach purchase near Lincoln Road

Auto dealership magnates Alan Potamkin and Robert Potamkin bought a potential commercial redevelopment site in Miami Beach for $10.4 million. An entity managed by the brothers bought a parking lot at 1683 Alton Road and, next to it, a single-story commercial building at 1695 Alton Road, near Lincoln Road, according to records. Alan Potamkin and Robert…

Pura Vida restaurant group plans major Florida expansion

Omer and Jennifer Horev with Pura Vida Pura Vida opened its first restaurant in 2012, and nearby a decade later it is in major growth mode. The restaurant group, led by owners Omer and Jennifer Horev, is opening its 10th location and could double its store count this year, Omer Horev told The Real Deal. And in 2023 and 2024, Pura Vida — which now has…

Harry Macklowe puts site next to Dadeland Mall under contract, proposes 650 apartments

New York City-based Macklowe Properties is joining the South Florida apartment craze, proposing a 650-unit project on land it put under contract next to Dadeland Mall. Real estate tycoon Harry Macklowe’s company, through an affiliate, wants to build a pair of 25-story towers on 1.7 acres it plans to purchase from Miami-based Rilea Group, according to a project…

Downtown Miami’s 32 office buildings 24% vacant

Downtown Miami is not experiencing office space reduction but growth, as a variety of buyers and renters are coming to the area from all parts of the globe, despite some negative net absorption in the market at the end of 2021. Downtown Miami has an office inventory 32 buildings, encompassing 6,813,620 total square feet and a total vacancy rate of 24.4%. It ended…

Signature Bridge, expressways roll ahead

Construction crews continue to make significant progress on the I-395/SR 836/I-95 Design-Build Project, says the Florida Department of Transportation (FDOT). The massive project is advancing via a partnership between FDOT and the Miami-Dade Expressway Authority and its contractor, the Archer Western – de Moya Group Joint Venture.

County orders study of soccer stadium project impact on airport

County commissioners voted Tuesday to have Mayor Daniella Levine Cava and aviation officials update a 2021 report to analyze potential impacts on Miami International Airport of a pending City of Miami deal across the street for a 25,000-seat stadium, a hotel, office buildings, stores, a parking building and more on Melreese golf course. “We need to be very…”

Coral Gables Mobility Hub bill rises with demolition

Coral Gables Mobility Hub’s construction firm, The Weitz Company, got the go-ahead to demolish a parking garage where the hub will rise – costing the city an additional $1.5 million. During Tuesday’s city commission meeting, city officials approved future bond funds to be allocated for unforeseeable costs for services that were not included in the management…

Heritage Equity buys Miami redevelopment site amid legal battles in New York

Amid legal battles involving their office and hotel projects in New York, developers Toby Moskovits and Michael Lichtenstein splashed into Miami’s Edgewater neighborhood with a $6.3 million acquisition at 2140 Northeast Second Avenue. Heritage Equity Partners, a Brooklyn-based development firm led by Moskovits and Lichtenstein, bought the Midas…

Even after receiving rental aid, landlords find ways to get tenants evicted

Landlords of residential properties are figuring out ways to cut tenants loose even after they have paid their back rent through the Federal government’s Covid-inspired Emergency Rental Assistance Program. The Associated Press is reporting that a survey by the National Housing Law Project of legal aid attorneys and civil rights advocates found the…

NFTs Meet CRE: Florida Restaurateurs Tap Tokens For Brick-And-Mortar Ventures

Florida restaurateurs are getting in on the NFT action. A Miami chef is the latest with plans to sell nonfungible tokens as membership passes to an exclusive club, and a Fort Lauderdale fast-casual chain is using NFTs to represent investments in franchises. Miami chef Piyarat “Chef Bee” Arreeratn, who owns Oishi Thai, is teaming up with Canadian…

Surfside unit owners reach tentative $83M settlement in collapse litigation

Unit owners of Champlain Towers South could receive an $83 million settlement, marking the first major payout in the Surfside condo collapse litigation. The agreement was reached on Thursday night between Champlain Towers South unit owners and those who lost loved ones, following mediation by attorney Bruce Greer. Miami-Dade Judge…

Developers score $47M bridge loan for Opa-locka townhouse rentals

Redwood National Properties and Winston Capital Partners scored a $46.6 million bridge loan for their newly built The Mirage at Sailboat Cove townhouse rental complex in Opa-locka. Redwood National, a wholly owned subsidiary of Miami-based BAS Holdings Investments, and Aventura-based Winston Capital developed the majority of the complex at…

Montreal investor picks up Miami Beach Art Deco apartment buildings for $7M

A Canadian investor paid $7 million for a pair of Art Deco apartment buildings in Miami Beach, in an off-market deal. An investment group led by Michael Fischer of Montreal bought the Flamingo Apartments complex at 2456 Flamingo Drive and 320 West 25th Avenue, according to the brokers who handled the deal. Fischer’s group paid $269,230 per door for 26…

Crescent Heights scores school board approval to buy downtown Miami land for mixed-use project

Real estate giant Crescent Heights secured approval from the School Board of Miami-Dade County to purchase a lot north of downtown Miami, capping a yearslong effort to acquire the site. Crescent Heights, a Miami-based developer led by Managing Principal Russell Galbut, is expected to pay $20.6 million for the property at 1370 Northeast Second Avenue.

Miami becomes least affordable housing market in the US

Miami is the most expensive housing market in the country, surpassing New York, according to a RealtyHop report. Home prices in Miami have soared during the pandemic, propelled by the migration of out-of-state buyers and renters, many of whom have moved from the Northeast. Wages, meanwhile, have not risen at the same pace. Read more Growth of…

Bars, restaurants and nightclubs on hold as Miami Beach commissioners debate proposals for 2 a.m. last call for booze

Miami Beach elected officials failed to reach a consensus on the perfect cocktail for banning booze sales after 2 a.m. across the city, leaving bar, restaurant and nightclub owners on the waiting list for the new prohibition. The city commission approved four competing proposals on first reading on Wednesday and will have a final vote in April to decide which one…

The Easton Group, JV Partner Acquire Hialeah Development Site For $29.M, 2 Spec Warehouses Planned

The Easton Group and LBA Logistics are partnering on their third South Florida real estate deal with acquisition of a 26.44-acre development site in Hialeah. The joint venture paid $29.4 million for the land located 4220 West 91st Place.  The transaction closed Friday, February 4. Easton has submitted plans to the city to build two…

Easton Group, LBA Logistics Acquire Land for $29.4M, Plan for Distribution Development in Metro Miami

Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features…

A Billion-Dollar Take on Miami’s Luxury Market

Mast Capital recently unveiled plans for a 2.6 million-square-foot development in Miami’s South Brickell neighborhood in a prime location. The company paid a whopping $103 million for the 2.8-acre parcel, a deal that represented one of the largest land sales closed in the region in 2021. The transaction also showed how land off the waterfront is trading…

Old Cruise Ships As Apartments? People Say They’d Pay $4K To Rent Them

Shipping containers, tiny houses, micro-units — all have been explored as potential solutions to the affordable housing crisis. But what about decommissioned cruise ships functioning as floating apartment buildings? Ibrahim Desooky, a 27-year-old architectural designer in the Miami office of CallisonRTKL, decided to research the feasibility of such a thing…

IG Logistics expands Pompano Beach industrial portfolio with $12M acquisition

In a pair of off-market deals totaling $12 million, IG Logistics acquired two outdoor storage facilities, beefing up its Pompano Beach industrial portfolio. Affiliates of New York-based IG Logistics paid $5.5 million for a 3.2-acre industrial site at 1377 Hammondville Road, and $6.5 million for a 4.7-acre property at 1750 Powerline Road, according to records. Ted…

Oscar Barbara’s Luxcom scores $41M construction loan for Sunrise apartments

Oscar Barbara’s Luxcom scored a $41.4 million construction loan for a Sunrise apartment complex on the site of a closed BJ’s Wholesale Club, marking continued redevelopment of South Florida shopping centers into multifamily projects. Luxcom Living, the multifamily arm of Coral Gables-based Luxcom, will build six three- and four…

On-again, off-again: Soffer’s second attempt to buy 1,000-room Diplomat resort falls apart

Billionaire Jeffrey Soffer’s planned $850 million purchase of the oceanfront Diplomat Beach Resort in Hollywood is off, The Real Deal has learned. Soffer’s Fontainebleau Development had been in talks to buy the 1,000-key hotel at least twice since 2019, and the latest deal fell apart, according to sources. Brookfield Property Partners owns the resort at 3555 South…

Four Seasons Fort Lauderdale scores TCO, sellout estimated at $350M

Fort Partners completed the Four Seasons Residences Fort Lauderdale, more than six years after the developer launched sales of the beachfront project. Sales average more than $2,000 per square foot, marking the most expensive new condo development in the city, said Fort Partners’ strategic adviser Louis Sunshine. Fort Partners, a Miami-based firm…

Clarion Partners buys Lauderhill apartments for $72M

Clarion Partners scooped up the Serramar Apartments in Lauderhill for $72 million, marking continued investment interest in South Florida’s robust multifamily market. New York-based Clarion bought the 302-unit complex at 6701-6950 Landings Drive from an affiliate of Milbrook Properties, according to a deed. The deal breaks down to $238,411 per apartment.

Blue Water Advisors fund wraps up $13M deal for West Palm office building

A fund with ties to Blue Water Advisors picked up a Palm Beach County office building for $13 million. The fund acquired Horizons Office Center at 1401 Forum Way in West Palm Beach, according to records. Blue Water is a private equity firm headquartered in New York and Boca Raton. It is led by Alex Hufty Griswold, head of real estate; William Whitridge; as well…

Demand for condos, affordable housing rises as developers zero in on downtown West Palm Beach

Development opportunities persist in downtown West Palm Beach as plans unfold for a Wynwood-style redevelopment of an urban warehouse district and a University of Florida campus just north of the Kravis Center for the Performing Arts. At the same time, the need is growing for housing, including condos and affordable rentals, as the city courts financial…

The post Miami Commercial Real Estate News February 16, 2022: Hialeah Industrial, 2 Kendall Multifamily Dev Sites Sell; Soccer Stadium Study Ordered; More… appeared first on Hawkins Commercial Realty.

Greg Mirmelli picks up Collins Avenue property after flipping nearby building

Miami Beach investor Greg Mirmelli purchased a retail property on Collins Avenue that he eventually hopes to redevelop into a high-end residential project, The Real Deal has learned. Mirmelli said he paid about $6.5 million for the building at 600 Collins Avenue in South Beach. The acquisition follows his sale of 800 Collins Avenue in November for $6.2 million.

Miami Near Top of List of Top 10 Multifamily Markets by Units Delivered in 2021

Multifamily development had an exceptional year in 2021, with more than 350,000 units delivered nationally. The volume was boosted in part by the projects initially slated to come online in 2020 and delayed by the onset of the pandemic, but mainly by mobility and job recovery-induced demand. Lingering concerns about overbuilding have largely dissipated thanks…

WeWork partners on flex space availability

CEO Sandeep Mathrani is putting the “we” in WeWork in a strategic partnership with a flex workplace startup aimed at expanding the company’s global reach. WeWork is joining forces with office space marketplace Upflex to provide increased access to coworking spaces, according to an SEC filing. Financial terms of the arrangement were…

Chicago investor flips Miami Shores Walgreens for $8M

A Chicago investor rang up an $8.2 million sale of a Miami Shores Walgreens to a Torrance, California-based real estate investment firm. An entity managed by Steven Swanson II, managing partner at Chicago-based Swanson Development Group, sold the 15,206-square-foot retail store at 9020 Biscayne Boulevard to an affiliate of Bison Asset Management…

Fifield Breaks Ground on 266-Unit Avida Aventura Apartments in Miami

Fifield Cos. has broken ground on Avida Aventura, a 266-unit apartment project in Miami. The construction timeline and development costs were not disclosed. The eight-story property will offer studio, one-, two- and three-bedroom floorplans ranging from 470 to 1,400 square feet. Each unit will include a balcony. Community amenities will include a…

CRE brokers adapt to brave new Miami market

Tony Arellano remembers the days when inking a lease took months. Getting a tenant to commit to space involved fielding more than a dozen inquiries, just as many in-person meetings, and countless back-and-forths on pricing and terms. That was before Silicon Valley’s tech companies, as well as California and New York’s venture capitalists and hedge…

“We kicked the crap out of ‘21”: Largest U.S. mall owner claims comeback

Despite being the nation’s largest mall owner, CEO David Simon has repeatedly claimed that Simon Property Group is more than just “a mall company.” Some of the REIT’s latest moves, detailed on its quarterly earnings call Monday, suggest he may be right. SPG is redeveloping five of its mall locations. The Phipps Plaza in Atlanta will soon be joined…

Easton and LBA Logistics buy Hialeah industrial development site for $29M

A joint venture between Easton Group and LBA Logistics dropped $29.4 million for an industrial development site in Hialeah, marking the partners’ latest project in Miami-Dade County. The partnership bought a 26.4-acre vacant property used as a truck yard at 4220 West 91st Place in Hialeah, according to a press release. Easton Group and LBA paid about $1.1…

CRE foreign investment roared back in 2021— with a few focus shifts

Foreign investors were boxed out of the American commercial real estate market for much of 2020, but they roared back for the sector’s record-breaking 2021. Overseas investors bought $70.8 billion of commercial real estate last year, according to data from Real Capital Analytics reported by the Wall Street Journal. The total almost doubled from 2020 and…

Miami International Boat Show sales forecast: $1.3 billion

The 2022 Discover Boating Miami International Boat Show is expected to generate $1.34 billion in sales as the boating industry has gained due to a covid-generated demand increase for outdoor activities. Florida far and away leads the nation each year in boat sales revenues. The Feb. 16-20 Miami International Boat Show, the world’s largest boat and yacht…

Golden Glades park & ride transit hub nears opening

The $60 million Golden Glades Park & Ride begun in December 2018 is to be ready within weeks, connecting with state roads 7 and 9/Northwest Seventh Avenue and leading to I-95 Express lanes. The hub accesses Tri-Rail and buses. The Florida Department of Transportation developed it in coordination with Miami-Dade County, which is to operate and…

Micro housing becoming big answer to affordable living

Micro housing units are popping out in South Florida to tackle the dilemma of affordable housing while living in the most popular neighborhoods. Developers are bidding in the trend as it is becoming successful. In areas such as Hialeah, Coconut Grove, Miami Beach and Brickell, where the price of renting regular-sized apartments is increasing, housing…

Miami Beach readies four city-owned sites for sale

The City of Miami Beach is preparing four city-owned properties for their potential sale to finance various unfunded capital improvement projects. Two city-owned vacant lots have been removed from the list that included five properties and the North Shore Branch Library, located at 7505 Collins Avenue., that could be sold by the city. An 8,700-square-foot lot…

Multifamily developments in pipeline could take years to finish

Feeding into a record-breaking in demand real estate market, multifamily developers have enough work in the pipeline to last into 2024. With a tremendous amount of backlog, demand for multifamily development will not diminish any time soon, said Al Fernandez, president for ANF Group, a firm providing construction management in commercial, multi-family…

Landmark JV to Renovate Student Housing Community in Miami

A joint venture of Landmark Properties, Peninsula U.S. Real Estate and W5 Group has revealed plans to renovate and add townhome units to The Cloisters, a 71-unit community near the University of Miami. The project will break ground this summer, with completion slated for fall 2023. Landmark Properties acquired the asset for $23.3 million from…

Talks advance for vertical Miami International Airport cargo hub

A county committee voted Tuesday to let Mayor Daniella Levine Cava directly negotiate creation of a unique vertical cargo mega-hub at Miami International Airport, which is nearly at cargo capacity. The Airports and Economic Development Committee proposal now heads to a full commission vote. The committee agreed with the mayor’s aim…

If county’s workforce grows, prepare for an economic spurt

Will workers flock to the job market as the Omicron wave ebbs? That’s not an academic question. It’s a key to filling huge labor gaps that have eaten holes in our economy. Large numbers of South Florida employers complain they can’t find enough workers to fill orders and serve customers, or that they’re holding on only by overtaxing depleted staff and paying…

Downtown Doral development thrives

Spearheaded by community developers Codina Partners, the economic impact of Downtown Doral has created its share of growth. During a time where many other commercial operators in South Florida were finding ways to survive, the 250-acre mixed-use community that is Downtown Doral managed to thrive throughout the pandemic, said Ana Marie…

Industrial spec development up, delivery down

Developers across the country are racing to build new warehouses, as vacancy rates approach sub-1 percent in some markets. The only problem? Many can’t actually finish them in a timely manner, due to supply chain issues and labor shortages. Deliveries of speculative construction industrial warehouses larger than 100,000 square feet dropped significantly in…

Bloom Hotels picks up Sixty Sixty condo-hotel in Miami Beach for $24M

Bloom Hotels’ David Harari, Sagar Desai and Intega’s Victor Ballestas with 6060 Indian Creek Drive: The Sixty Sixty condo-hotel in Miami Beach, once the subject of a fierce foreclosure battle, traded hands for $23.5 million to a buyer that plans to renovate and possibly expand the property, The Real Deal has learned. Integra Investments and Sagar Desai’s Activate…

Aircraft firm opening new US HQ at 830 Brickell, Trader Joe’s-anchored Miami Beach building inks deals, & other leasing news

Miami Dublin-based AerCap, a commercial aircraft owner and lessor, will open its first U.S. headquarters at 830 Brickell. AerCap leased the entire 50th floor at the 55-story tower under construction, according to a news release from the project’s developers and leasing brokerage. AerCap will have 50 employees in 20,000 square feet…

Dan Kodsi and partner buy site north of downtown Miami for apartment development

Developers Dan Kodsi and Rafael Pecchio paid $8.9 million for a property in the Arts & Entertainment District where they plan a 200-unit apartment tower, The Real Deal has learned. Kodsi’s Elevate 13 Street Holdings acquired the 18,000-square-foot site at 1317 and 1345 North Miami Avenue from ABC Group, the owner of the restaurant supply store…

Amazon doubled its real estate holdings in 2021

Amazon literally doubled down on owning real estate last year. The e-commerce giant finished 2021 with twice as much of its own warehouse, distribution and data center space as it began the year. The buying spree brought its owned real estate portfolio to 16.7 million square feet across North America, according to an annual financial report, up from 8.5…

Treo Group nabs former Florida City RV park for redevelopment

Treo Group bought a former mobile home park in southwest Miami-Dade for $6.8 million, with plans to build a mixed-use project. Miami-based Treo, led by principals Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega, acquired the Florida City Campsite & RV Park at 601 Northwest Third Avenue in Florida City, according to the brokers…

Thinking inside the box: Developers rush to create more warehouse space

If anyone believes demand for industrial real estate is cooling, brokers, developers and investors in the sector would say they’re dead wrong.  With vacancy rates approaching zero percent in some markets, catapulting asking rents and sparking bidding wars for leases, the sector’s emergence as the hottest commercial asset class continues. “This is not a market…”

The Fed: Has consumption spending on services recovered?

After COVID-19 induced a recession, the FRED Blog discussed the consequent drop in spending on services caused by mandated social distancing. This decreased demand for services (i.e., work done on one’s behalf) was partially offset by an increased demand for goods. Today, we revisit the topic to gauge the recovery in consumption spending…

North Miami Beach investor acquires Lauderhill apartments for $13M

Treevita Capital’s chief executive director Hugo Cascavita and the Victoria at Lauderhill apartment complex at 2011-2051 Northwest 43rd Terrace in Lauderhill: A North Miami Beach-based real estate investment firm bought a garden-style apartment complex in Lauderhill for $12.8 million. An affiliate of Treevita bought the 88-unit Victoria at Lauderhill Apartments…

OKO Group, Cain International Land Miami Tower Tenant

AerCap, one of the world’s largest aircraft leasing companies, has signed a 20,000-square-foot lease at 830 Brickell, a skyscraper taking shape in the heart of Miami’s financial district. The company’s new headquarters will occupy the entire 50th floor of the 55-story building, the South Florida Business Journal first reported. Developed by a partnership…

Inside mall scavenger Kohan’s shopping spree for declining shopping centers

The majority of its storefronts are dark and its previous owner, CBL & Associates, filed for Chapter 11 bankruptcy in November 2020. So when New York-based Kohan Retail Investment Group landed half of the Burnsville Center property at auction for about $17 million — a fraction of the $64.2 million of outstanding debt on the property — the city had…

Hot boxes: Where industrial rents have soared the most

If you’re in the market for warehouse space, get in line — and get ready to pony up. Data released this week by Savills shows the U.S. industrial real estate market lives up to the hype. It is crowded and expensive. Asking rents were up 8 percent last year nationally, and that includes less trafficked locales in flyover country. Increases varied widely. In…

From ‘The Butt End Of Real Estate’ To Blind Bidding Wars: Inside The Staggering Rise Of Industrial

When Rooney Daschbach started working warehouses in 1986, finding tenants was a struggle. He would advertise teaser rates of 25 cents a square foot for the South Bay Los Angeles properties he was marketing, sending out rate cards illustrated with pictures of quarters. To woo tenant reps, he and colleagues would offer free weeklong vacations to Hawaii, even…

PMG, E11even Partners score $149M construction loan for downtown Miami condo development

The developers of E11even Hotel & Residences in Miami scored nearly $150 million in construction financing for the first condo tower. At the same time, they sold land amongst each other, as the two-building project continues to move forward. A Starwood Property Trust affiliate provided the $148.5 million construction loan to the developers, a partnership…

Top 10 development projects in Miami-Dade in 2021

The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need. The biggest development in Miami-Dade County by any measure is the massive Grove Central project going up next to the Coconut Grove Metrorail Station in Miami. Terra…

Thorofare Capital Provides $16M in Financing for Downtown Miami Development Site

Thorofare Capital, Inc., an affiliate of investment manager Callodine Group, has provided $16.3 million in financing to Moishe Mana, CEO of Mana Common, for the re-development of 129, 133-139 and 141 East Flagler Street properties in Miami, FL. The total assemblage consists of three properties, including the historic Shoreland Arcade building, totaling 89,533…

Interest Rate Hikes Expected To Barely Dent Hot South Florida Market

It’s widely expected that the Federal Reserve will raise interest rates this year — possibly at each of its seven meetings, as Bank of America predicts. But South Florida commercial real estate experts don’t expect that to slow down the booming market. Jose A. Rodriguez, a real estate attorney and partner at Miami-based law firm Rennert Vogel Mandler & Rodriguez…

Vote Delayed On Related Group’s Controversial Condo Project

At the end of a meeting that lasted from 5 p.m. Wednesday to 3 a.m. Thursday, city commissioners in Hollywood, Florida, delayed a vote on whether to allow Florida’s most prominent condo developer to build a 30-story condominium on part of a taxpayer-owned, beachfront site that now includes a public park. Commissioners are now scheduled to vote on…

AMAC seals $7M deal for Hollywood multifamily development site

AMAC closed a $6.6 million deal for a Hollywood development site and is partnering with Miami-based ROVR Development to build a 180-unit apartment project. An affiliate of New York-based AMAC, founded by Maurice and Ivan Kaufman, bought the 2.2-acre property at 4465 Griffin Road, according to records. The seller is an affiliate of PrivCap…

Fueling faith? Pembroke Pines church will share its property to make way for a Wawa

A church in Pembroke Pines plans to share its 5-acre property on busy Pines Boulevard with a Wawa gas station and convenience store. The Wawa would replace the existing Trinity Lutheran Church and its parking lot at 7150 Pines Boulevard, and the church would move to a new home on the south side of its property, which is vacant. Pembroke Pines…

Prologis sells Pompano Business Park for $239M in record deal

Equus Capital Partners bought the Pompano Business Park for $239.2 million, a record deal that surpasses the biggest industrial sale of 2021. The deal is part of Equus Capital Partners’ purchase of a 5.4 million-square-foot nationwide portfolio for a reported $930 million from industry giant Prologis. In the Pompano Beach deal, Newtown Square, Pennsylvania…

Coral Springs investor picks up Plantation office building for $13M

A German real estate firm cashed out of a Broward office building for $12.7 million. An affiliate of Rüger Holding sold Plantation Corporate Center at 2 University Drive in Plantation, according to the brokers involved in the deal. The buyer is MMB Commercial Properties Company, a Coral Springs firm managed by Radomir Penjevic, according to corporate records.

Asana buys The Hive, Flagler Uptown in downtown Fort Lauderdale for $18M

Asana Partners made a play on downtown Fort Lauderdale’s Flagler Village district, paying $18.3 million for nearly fully leased retail and office properties. Charlotte, North Carolina-based Asana bought The Hive at 900-924 North Flagler Drive and Flagler Uptown at 723-737 Northeast Second Avenue, according to…

Publix-anchored Delray Square sells for $48M

Jacksonville-based Sleiman Enterprises bought the Publix-anchored Delray Square shopping plaza for $48 million, marking continued appetite for retail centers with grocers. Records show an affiliate of The Keith Corporation, based in Charlotte, North Carolina, sold the 162,412-square-foot, multi-building property…

Equus Capital buys West Palm warehouses for $41M

Equus Capital Partners paid $41 million for three West Palm Beach warehouses. The deal is part of a 5.4 million-square-foot nationwide industrial portfolio that Equus Capital bought for a reported $930 million from Prologis, which included a $239 million purchase in Pompano Beach earlier this month. Equus Capital Partners…

Blackstone sells waterfront assisted living facility in Jupiter at a loss for $41M

Blackstone sold the waterfront Mangrove Bay assisted living facility in Jupiter for $41.2 million, a significant loss in value from its purchase price five years ago. Chicago-based Ventas, a real estate investment trust, bought the 155-unit property at 110 Mangrove Bay Way from a Blackstone affiliate, according to records. The 190,348-square-foot facility was constructed…

The post Miami Commercial Real Estate News February 9, 2022: Hialeah Industrial Development Site Trades for $29M, Miami Beach’s Sixty Six Condo-Hotel for $24M; More… appeared first on Hawkins Commercial Realty.