Month: March 2022

Trammell Crow proposes 324 apartments in Miami-Dade’s Coral Terrace, puts land under contract

Trammell Crow Residential wants to build a 324-unit multifamily complex on land it has under contract in the Coral Terrace neighborhood, marking the developer’s continued bet on Miami-Dade County’s apartment market. The Dallas-based developer proposes Alexan Ludlam on an 8.7-acre industrial site near the southeast corner of Coral Way and Southwest…

Landlords now required to give 60 days’ notice of rent hikes over 5% in Miami-Dade

Residential landlords in Miami-Dade County are now required to provide tenants with at least 60 days’ notice of rent hikes of 5 percent or more, as renting becomes increasingly more expensive in South Florida. The ordinance, introduced by Commissioner Eileen Higgins, passed unanimously at Tuesday’s commission meeting. Commissioners…

CIM Group Sells Strata Wynwood Mixed-Use Development in Miami

CIM Group, a commercial real estate developer, owner and lender based in Los Angeles, has sold Strata Wynwood, a mixed-use development in Miami’s Wynwood district. The buyer and sales price were not disclosed. The recently completed development spans a full city block and comprises two 12-story towers totaling 257 apartments, 27,040 square feet of retail…

CIM Group Sells Strata Wynwood

CIM Group has sold a Miami community after recently completing construction on it in the first quarter of 2022. CIM sold Strata Wynwood, located in Miami’s Wynwood Arts District, to an undisclosed seller. CIM co-developed the community with One Real Estate Investment, breaking ground on the project in August 2019 when it was known as Wynwood…

Stephanie Shojaee promoted to Shoma Group president

Stephanie Shojaee was promoted to president of Shoma Group, the real estate development firm led by her husband, Shoma Chairman Masoud Shojaee, The Real Deal has learned. Stephanie Shojaee, who joined Coral Gables-based Shoma in 2013 as chief marketing officer, eventually plans to expand Shoma in the U.S. and parts of Latin America, including…

Cohen family investors pay $31.5M for Kendall shopping plaza

A fully leased shopping plaza near West Kendall Baptist Hospital traded for $31.5 million. Husband-and-wife Yakov and Cheryl Cohen bought The Pointe Kendall Town Center at 9165 Southwest 162nd Avenue from The Centre at Kendall Town Center LLLP, according to records. The seller is tied to Richard Gertz Jr. The 11.9-acre plaza spans eight buildings totaling…

Chicago firm pays $31M for Opportunity Zone dev site for apartments in Edgewater

Trilogy Real Estate Group is continuing its bet on Miami’s Edgewater, paying $30.6 million for an Opportunity Zone site with plans for a multifamily project. Chicago-based Trilogy bought the 1.6-acre Edge 22 vacant property at 2201 Northeast Second Avenue, which allows for an up to 36-story tower with a maximum of 247 units, according to the…

MV Group to Redevelop Two Retail Centers in Downtown Miami Springs

MV Group USA, a Miami-based full-service construction company has plans to redevelop two retail centers in downtown Miami Springs. The redevelopments, which will exceed 30,000 square feet of retail space, are slated to be fully completed by the end of the year. The redevelopment projects include a modern redesign of the two retail centers…

NYC’s Related Bets on Miami Boom With Supertall Skyscraper “One Brickell City Centre”

Related Cos., the developer behind Manhattan’s Hudson Yards project, is making its first foray into the Miami office market. The real estate firm, led by billionaire chairman Stephen Ross, is working with Hong Kong-based Swire Properties to develop a supertall building in Brickell, a key commercial district in Miami, according to a person familiar with…

8-story sister Wynwood office buildings get OK

As the popular Wynwood Arts District evolves it is enjoying a boom in new office space, including a large mixed-use project that will bring a working campus of two 8-story sister buildings at Northwest Fifth Avenue and 27th Street. WYN ON 5TH NORTH, at 2701 NW Fifth Avenue, and WYN ON 5TH SOUTH, at 2661 NW Fifth Avenue, are proposing together nearly 250,000…

Miami aims to accelerate Flagler Street revamp

The Flagler Street beautification process downtown is on track with its 30-month schedule. “Flagler Street is coming along beautifully,” Chairman Manolo Reyes told the Miami Downtown Development Authority board March 18. The project is divided in five sections from Biscayne Boulevard to Southwest/Northwest First Avenue, with work progressing from…

Third Avenue residential midrise wins OK

A midrise of residential units and ground floor commercial-retail is planned for property west of Brickell and I-95 in the city of Miami. The project, named SW 3rd Ave-Residences, is targeted for 1900 SW Third Avenue from owner-developer Blue Tevere Investments Inc. The city’s Urban Development Review Board recommended approval of the project…

Global private school targets ex-Archbishop Curley campus

A global private school network plans to build a school in the City of Miami near Little Haiti on property that for many years was home to Archbishop Curley High. Avenues – The World School is planned for 4949 NE Second Avenue. It will be a new school campus that will serve children from daycare through high school. The developer-applicant is identified…

Video: Intelligent Building Co-Founder Tom Schircliff on Hybrid Working vs Intellectual & Cyber Security

In this video Tom Schircliff, co-founder of Intelligent Buildings, joins America’s Commercial Real Estate Show to discuss the challenges and solutions for property owners and business leaders as it relates to office workers becoming partly or fully remote. Today we want our people to be able to work from home, office or anywhere. We want to have smart…

Revving up: Norman Braman acquires three Edgewater commercial properties for $13M

uto dealership mogul Norman Braman is gassing up his real estate portfolio in Miami’s Edgewater neighborhood, acquiring two warehouses and a parking lot for $13 million. An entity managed by Braman acquired the three adjacent properties at 106 Northeast 20th Street, 120 Northeast 20th Street and 135 Northeast 19th Terrace, according to records. The seller…

Lease roundup: Danish furniture chain, mobile bill payment firm lease in Miami’s Wynwood

The Gateway at Wynwood (R & B Realty Group) BoConcept I The Gateway at Wynwood | Miami Danish furniture chain BoConcept will open in a 3,000-square-foot ground-floor retail space in The Gateway at Wynwood. BoConcept plans to open in the fall. It designs, produces and sells contemporary furniture, as well as accessories and lighting…

BoConcept Signs Retail Lease at Gateway at Wynwood in Miami

BoConcept, a furniture retailer, has signed a 3,000-square-foot lease at The Gateway at Wynwood, an office building in Miami. Alex Cesar of CBRE represented the landlord of The Gateway at Wynwood, R&B Realty Group in the transaction. Drew Schaul of CBRE represented BoConcept. BoConcept is the first retail tenant at The Gateway at Wynwood and will occupy…

Multistory Warehouses Require Multistory Rents

New York is starting to get comfortable with the idea of growing its industrial warehouse space vertically instead of horizontally. Several multistory warehouses, which are common in Asia, are under development in the Bronx, Brooklyn and Queens. Rising on 14 acres in an Opportunity Zone in the Hunts Point neighborhood is the Bronx Logistics Center…

St. Louis Fed President Jim Bullard President Bullard Explains His Recent FOMC Dissent, Believes Bigger Rate Increase Appropriate

I dissented with the Federal Open Market Committee (FOMC) decision announced on March 16, 2022, to raise the target range for the federal funds rate by 25 basis points to 0.25% to 0.50%. In my view, raising the target range to 0.50% to 0.75% and implementing a plan for reducing the size of the Fed’s balance sheet would have been more appropriate actions.

Developer Releases New Details Of Complex Designed By Rafael Viñoly In Zoning Filing

The developer planning the massive Casa Forma complex designed by architect Rafael Viñoly has released new details of the project in an application for a zoning hearing, as it continues to move through the approval process. A request for a zoning hearing was filed with Miami-Dade County on March 10, and documents relating to the filing were…

Shoma completes Ten30 South Beach condo project near Lincoln Road

Shoma Group completed its latest condo development, a sold-out boutique project near Lincoln Road in Miami Beach. The developer recently completed Ten30 South Beach at 1030 15th Street and received final Fannie Mae approval for buyer financing, according to a press release. About 35 percent of buyers used Fannie Mae-conforming loans to finance…

Mast Capital, Starwood launch sales of planned oceanfront condo project in Miami Beach

Starwood’s Barry Sternlicht, Mast Capital’s Camilo Miguel Jr. and renderings of The Perigon (Getty, Binyan Studios) Mast Capital and Starwood Capital Group launched sales of The Perigon, a luxury condo development planned for an oceanfront site in Miami Beach. Coconut Grove-based Mast, led by Camilo Miguel Jr., formed a joint venture with Barry Sternlicht’s…

Alex Karakhanian sells Miami Design District retail building for $8M

Alex Karakhanian’s Lndmrk Development sold a fully leased Miami Design District retail showroom for $8.5 million. Investor Glenn Braswell Jr. bought the 4,500-square-foot building at 3740 Northeast Second Avenue. Kitchens by Studio Kaza, the local operating partner of Brazil-based furniture manufacturer Kitchens, leases the building, according to the broker’s…

Industrial Developers Shouldn’t Delay Construction As Demand Rages

Industrial developers would be wise to plan ahead—and carefully—as materials constraints continue to plague the building process and elongate delivery timelines. But what is the one thing they shouldn’t do? Delay construction. “Do not delay construction,” Cushman & Wakefield’s researchers say in a new analysis.  “Demand will drive rents…”

Video: Real Page’s Carl Whitaker; Multifamily Keeps Rolling?

Carl Whitaker, Senior Manager –  Market Analytics with Real Page, joins America’s Commercial Real Estate Show to discuss the current state and future of the multifamily sector. Carl starts by noting that rent growth is near 20%  year over year nationally. He moves on to note that occupancy is running 97% and even increased from December to January…

Harbor pays over $400M for MiamiCentral apartments in record deal

Harbor Group International bought the pair of ParkLine Miami apartment towers at Brightline’s downtown station for roughly $450 million, marking a record for a single multifamily asset sale, The Real Deal has learned. The Norfolk, Virginia-based real estate investment and management firm bought the 44-story and 47-story buildings perched atop the…

Related to build condo tower on city-owned beachfront site in Hollywood

Related Group won city approval to rebuild a beachfront community center and develop a downsized condominium tower on about 4 acres of city-owned land in Hollywood. Miami-based Related won approval to rebuild the outdated Hollywood Beach Culture and Community Center at 1301 South Ocean Drive and to develop a 26-story condo building on…

Related Companies affiliate, partner pay $145M for Las Olas Square in Fort Lauderdale

Related Fund Management, an affiliate of Stephen Ross’ Related Companies, and partner CP Group bought Las Olas Square in downtown Fort Lauderdale for $144.5 million. UPDATED, March 17, 4:29 p.m.: A joint venture among Apollo Global Management, Steelbridge Capital and Square2 Capital sold the two-building office and retail complex spanning…

Miami firm buys 154 Lauderhill condos in bulk $17M deal, plans revamp

In a bulk purchase, REO Asset Specialists bought the majority of the condos at an aging complex in Lauderhill for $17.4 million. The Miami-based company, through an affiliate, bought 154 units at One Circle Condominium at 2601 and 2611 Northwest 56th Avenue. The seller is Florida’s Attainable Home Company, managed by Meir Benzaken in Pompano Beach…

Father-and-son team sells Margate industrial complex for $11M

In an $10.7 million deal, a father-and-son team of real estate investors cashed out of an industrial warehouse complex in Broward County. An entity managed by Michael McCarty and Rory McCarty of Hillsboro Beach sold the nearly 5-acre property at 2200-2248 Mears Parkway in Margate, according to records. Tyler Kuhlman and Douglas Mandel…

Mortgage firm pays $17M for entire West Palm condo building

Mortgage lender NewDay USA doubled down on its commitment to West Palm Beach, buying an entire boutique condo building near its second headquarters. An entity tied to NewDay USA, which is based in Fulton, Maryland, bought the newly built waterfront Crystal condo at 3611 South Flagler Drive. The seller is Coordinates Solutions LLC, managed by…

The post Miami Commercial Real Estate News March 23, 2022: 257 Unit Strata Wynwood Sold; New Rent Increase Notice Reqs; 1040′ Supertall Planned at Brickell City Center; More… appeared first on Hawkins Commercial Realty.

In this video Tom Schircliff, co-founder of Intelligent Buildings, joins America’s Commercial Real Estate Show to discuss the challenges and solutions for property owners and business leaders as it relates to office workers becoming partly or fully remote. Today we want our people to be able to work from home, office or anywhere. We want to have smart, safe, well buildings bringing people together. We definitely need building and information cyber security as we must protect company information and intellectual property. Let’s also add our desire for effective productivity, recruiting, on-boarding, collaboration, training, and retention. Where do we turn?

The post Video: Intelligent Building Co-Founder Tom Schircliff on Hybrid Working vs Intellectual & Cyber Security appeared first on Hawkins Commercial Realty.

Carl Whitaker, Senior Manager –  Market Analytics with Real Page, joins America’s Commercial Real Estate Show to discuss the current state and future of the multifamily sector. Carl starts by noting that rent growth is near 20%  year over year nationally. He moves on to note that occupancy is running 97% and even increased from December to January, the first time ever his company has recorded an increase for those months.

In 2021, 674,000 apartment units were absorbed, beating a prior record of absorption by a whopping 60%. Even challenged markets, he noted are experiencing double digit rent growth. His company has been surprised at how quick the central business district markets have come back.

Real Page is still forecasting strong rent growth but not like 21. Affordability is a hot topic at Real Page, but Carl thinks this concern may be overstated, noting that rent to income over past year is 23%,  not too far out of line with what REITs are reporting. This is less than I think most would think.

This is an excellent and highly informative video for anyone interested in multifamily property investing.

The post Video: Real Page’s Carl Whitaker; Multifamily Keeps Rolling? appeared first on Hawkins Commercial Realty.

With news of Starbucks unionizing and personal experiences we have all had with unavailability of workers, this chart should come as no surprise. Nonetheless, it is a stunning thing to see it visually in a chart like the one above. The peak just before the plunge was 63.5%. Two months later, it bottomed out at 60.2%. That is a difference of 3.3%, and a difference of 5.2% of the pre-decline number (3.3% decline / 63.5% before the decline). Labor has thus been in control, at least for the moment.

This is contributing to increasing inflation expectations as can be seen in the TIPS spread. Though still down, the labor force participation rate is rising from its mid-pandemic lowers, however. Thus this plainly evident stress point of worker shortages may improve in coming months.

The post Chart: The Stunning Pandemic Driven Plunge in the Labor Participation Rate appeared first on Hawkins Commercial Realty.

Harbor Group International Acquires 816-Unit ParkLine Miami Luxury Apartment Community

Affiliates of Harbor Group International (HGI) have acquired ParkLine Miami, an 816-unit luxury apartment community in downtown Miami. The purchase price was not disclosed, but news outlets reported last fall that the asking price was $500 million. The seller, Florida East Coast Industries (FECI), completed construction of the property in 2020. The development…

Carpe secures approval for North Miami Beach mixed-use apartment project

Carpe Real Estate Partners secured approval from a North Miami Beach board for a 440-unit apartment tower, which will head to the commission next month for final approval. The city’s planning and zoning board Monday…  approved the site plan and variances for Venus, a 26-story, 660K sf project planned for the 1.1-acre site at 2050 NE 164th Street.

Russia’s war stalls US real estate deals

Long before Russia invaded Ukraine, supply chain challenges were driving up construction costs and inflation concerns were setting the stage for higher mortgage rates. Now, just as recovery from the pandemic seemed within reach, Vladimir Putin’s war has the U.S. real estate industry bracing for its impact. Prices are rising further — reinforcing the Federal…

Wynwood investor Link pays $15M for Little River office-retail property

Link Real Estate, which owns a mixed-use portfolio in Wynwood, is expanding to nearby Little River, scooping up an office-retail property for $14.9 million. The Miami-based company bought the almost fully leased buildings at 7101 and 7111 North Miami Avenue from an entity led by John and Alan Matthews, according to the broker’s news release.

Miami Market Update: Office Vacancy Increases

As of January, Miami’s office vacancy increased to 13.4 percent, marking a 90-basis-point jump compared to the prior month, according to CommercialEdge data. The metro’s vacancy is still significantly below the national average of 15.7 percent. In January, the Magic City consolidated its third position among gateway cities with lowest vacancies…

Developer Files Plans To Build Major Supertall Tower In Brickell

Plans for a new Brickell Supertall tower called Major have been formally filed with Miami-Dade County Planners. Major is proposed to rise 1,049 feet above sea level, or 82 stories, according to the newly filed plans. The 1,049-foot height is the maximum that the Federal Aviation Administration has approved for Miami thus far. Major is proposed to include: 259…

Miami Multifamily Report – February 2022

In 2021, the Miami market had one of its best years in decades, with some fundamentals hitting records. High demand coming from a steady inflow of high-wage workers pushed up rents at a dizzying rate. Last year, rates increased by 23.5 percent, placing Miami in the third spot nationally among major metros. The average rent clocked in at $2,133, while the U.S. figure…

Chart: Inflation Watch 2021 Intra-Quarter Update; Inflation Expectations Climbing

The 5-year TIPS spread, after almost calmly sitting a bit elevated over pre-pandemic levels in late 2021, has now spiked of a sudden spiked to the highest level in a number of years and to a level about 70% higher than where it was generally hovering pre-pandemic. There has been much talk in the financial press of inflation pressures in recent weeks, and the…

Miami construction costs soaring as land, materials, labor prices surge

Despite supply chain issues and increases to the cost of labor, land and building materials, local contractors say demand for construction is still high. “In the past 12 months, the cost of a typical construction project in Miami probably increased by 20%,” said Chris Kennedy, vice president of preconstruction for Suffolk Construction. But, he said, “It’s almost like…”

Barrington scores $60M construction loan for El Portal multifamily project

Barrington Brothers scored a $60 million construction loan for The Kavista multifamily project in El Portal, as the hot apartment market prompts development in traditionally single-family enclaves. The Miami-based family owned and run company will build the eight-story, 282-unit project on almost 2 acres at 495 Northeast 83rd Street, according to the lender’s…

Aimco teams up with Brooklyn firm to develop mixed-use project in Miami’s Edgewater

A Brooklyn real estate firm is partnering with apartment real estate investment trust Aimco to develop a mixed-use project in Miami’s Edgewater. The… site is on the same block where Aimco has been assembling land and gut-renovating the Hamilton on the Bay apartment tower. Beitel Group paid $45M… at 3333 Biscayne Boulevard, two…

The Numbers Behind South Florida’s Multifamily Boom

With investors and renters continuing to flock to South Florida, the region has proven itself to be a promising real estate market and the multifamily sector has been strong. There were 603 multifamily properties sold in South Florida during 2021, totaling $11.4 billion. This is more than double the previous $5.5 billion annual sales record set in 2016. Not to mention…

Weak federal commercial real estate rules will hamper seizing Russian assets

Lax disclosure regulations that have made the U.S. a global hot spot for money laundering via real estate holdings will make it difficult for officials to seize properties from Russian oligarchs. Russian oligarchs have likely staked a large part of their wealth in U.S. commercial real estate properties in purchases that are easier to conceal than high-profile luxury…

Mavik Capital, partners pay $82M for Miami-Dade & Broward rental portfolio

A joint venture of two New York-based companies and a Miami-based firm scooped up a three-property apartment portfolio across Miami-Dade and Broward counties for $82 million, The Real Deal has learned. Mavik Capital Management, which put in the majority of the capital, along with Triangle Capital Group and Corinthian Capital Real Estate Partners, bought…

Lease roundup: Cold storage firm leases Bridge Industrial’s Hialeah facility

FreezPak I Bridge Point Cold Logistics Center | Hialeah Bridge Industrial leased the entirety of its cold storage speculative project in Hialeah to food logistics company FreezPak. New Jersey-based cold and dry-storage provider FreezPak leased the entire 312,103-square-foot Bridge Point Cold Logistics Center, which is under construction and is expected to…

Trump Group, Suffolk Construction sue each other over Estates at Acqualina

Affiliates of Trump Group and Suffolk Construction filed dueling lawsuits over the delayed Estates at Acqualina, a sold-out, $1.8 billion condo development in Sunny Isles Beach. A3 Development, led by brothers Jules and Eddie Trump, filed a lawsuit in Miami-Dade Circuit Court against Suffolk Construction last month regarding the two-tower…

Voters will decide fate of Dream Hotel-anchored riverfront project on Wharf Miami site

Voters will decide whether a joint venture between MV Real Estate Holdings and Driftwood Capital can move forward with a Dream Hotel-anchored mixed-use project along the Miami River. The Miami City Commission authorized City Attorney Victoria Mendez on Thursday to draft an amendment to the city’s charter that residences will vote on…

Patrinely, USAA Begin Renovations at 263,000 SF Office, Retail Center in Coral Gables

Patrinely Group has begun renovations at Columbus Center, a 263,000-square-foot office and retail complex in Coral Gables. USAA Real Estate, Columbus Center’s majority owner, has partnered up with Patrinely Group to remodel the building’s common areas. Renovations will include updating the front entrance and main lobby, activating the outdoor terrace…

Brickell Station Partners Sells Retail Building in Downtown Miami for $20.1M

Brickell Station Partners has sold a retail property in Miami to Gazit Horizons for $20.1 million. Hector Antunez and Juan Andres Nava from Metro 1 represented Brickell Station Partners, and Fabian Graff of Metro 1 represented Gazit Horizons. The building, located in downtown Miami’s Brickell neighborhood, is currently home to Toasted Bagelry & Deli…

Wynwood office, retail and parking portfolio hits market for $28M

A Wynwood real estate investor is looking to cash out of an office, retail and parking portfolio in Miami’s hottest neighborhood. An entity managed by Steve Rhodes is listing a three-story office and retail building at 2121 Northwest Second Avenue and a one-story retail building at 2085 Northwest Second Avenue, as well as a parking lot at 172 Northwest 21st Street…

Brooklyn buyer sues industrial firm O’Donnell over failed Hialeah deal

California industrial real estate investor and developer The O’Donnell Group was slapped with a lawsuit alleging it tried to inflate the sale price of a Hialeah property (6501 Northwest 37th Avenue) above the prospective buyer’s agreed amount. The buyer, Brooklyn-based Sound Around, sued two O’Donnell Group ownership affiliates, Hialeah Last Mile Fund VII…

Mastercard Renews Miami Office Lease

Nuveen Real Estate has signed Mastercard International to a 53,700-square-foot lease renewal at 801 Brickell in Miami, ensuring that the global payment technology solutions company stays put at the iconic 415,000-square-foot building that has been its home since 1986. With the assistance of Colliers South Florida, landlord Nuveen negotiated a long-term…

Wynwood’s growing pains

Miami’s Wynwood, the artsy neighborhood that has become a hip office, retail and dining destination, is experiencing growing pains, creating a dichotomy in the district. Office and retail vacancy rates have skyrocketed beyond 50 percent in some cases, as new and planned mixed-use projects compete with older, adaptive reuse properties for tenants that are…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate: A summary of the statistical highlights, latest retail transactions, vacancy / lease trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County. The retail real estate report is updated every quarter by our CRE experts. The analysis is derived and compiled…

Miami investor Enrique Manhard scoops up MiMo District land for $8M

Miami investor Enrique Manhard bought 1.2 acres of land in the MiMo Biscayne Boulevard Historic District, near the Brightline train tracks. Manhard, who purchased the development site along with investment partners, currently does not have plans to either build on the property or flip it, although prospective tenants have expressed interest in a…

Miami Beach to seek development proposals for 41st Street surface parking lots

Miami Beach Mayor Dan Gelber and City Commissioner Kristen Rosen Gonzalez with the Roosevelt Theater at 770 West 41st Street: Miami Beach leaders want to kickstart redevelopment along the city’s 41st Street commercial corridor by asking developers to propose mixed-use projects on six city-owned parking lots. The Miami Beach City Commission…

Canadian firm buys condo-hotel dev site in Pompano Beach for $18M

A Quebec-based company paid $17.7 million for a mixed-use property in Pompano Beach that is approved to be redeveloped with condominiums and hotels. A limited partnership led by Efstathios Tsatas bought the properties spanning almost a full city block on the southwest corner of East Atlantic Avenue and South Ocean Boulevard. The seller is Atlantic 3350…

Developer wins approval for cultural center, park on city-owned site in Fort Lauderdale’s Flagler Village

City commissioners approved a restaurant and music venue operator’s proposal to build and operate a new park with a cultural center on municipal land in the Flagler Village area just north of downtown Fort Lauderdale. The city commission voted 4-1 at their meeting Tuesday night to approve a 50-year agreement with Damn Good Hospitality Group LLC…

Developer Jimmy Tate’s proposed Bahia Mar project faces more controversy with filing of new lawsuit

Developer Jimmy Tate’s plan for a high-end, mixed-use project by Fort Lauderdale’s Bahia Mar marina just hit another snag. The Fort Lauderdale International Boat Show, held annually on part of the 39.5-acre site Tate wants to redevelop, has long opposed the project, partly arguing that it would cut the space allotted for the show. Now, boat show organizers…

Palm Beach timeshare resort sells out of bankruptcy for $10M

Copperline Partners paid $9.8 million for a former timeshare resort on Palm Beach’s waterfront. In a bankruptcy sale, an entity controlled by Copperline Managing Principal Adam Schlesinger bought the Palm Beach Resort & Beach Club at 3031 South Ocean Boulevard, according to records. West Palm Beach-based Copperline, a commercial real estate firm…

Lennar buys 188 acres for homesites at Arden near Wellington

Stuart Miller’s Lennar paid $7.4 million for 188 acres of land within the Arden community near Wellington. The Miami-based homebuilder bought acreage at 1445 Wandering Willow Way that stretches along the northern edge of the larger Arden master-planned development, according to records. The seller is an affiliate of Boston-based Freehold Capital…

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