Month: April 2022

Moishe Mana spent $500 million on Miami’s Flagler Street. Can he make his vision reality?

On a warm weekday afternoon, billionaire immigrant entrepreneur Moishe Mana, who took control of much of downtown Miami’s tattered Flagler Street district in an eight-year $500 million buying spree, arrives to tour the first of his 70 properties to go into construction — the grandly named Nikola Tesla Innovation Hub — in soft Louis Vuitton loafers, no socks.

The 22 Tallest Towers Under Construction In Miami In 2022

Miami is now enjoying its greatest high-rise construction boom in history, according to our new list of the tallest buildings under construction in the city. There have never been as many 500 foot towers under construction in Miami as there are this year. For the first time ever, all 22 towers on this year’s list of under-construction buildings surpassed the 500 foot mark.

Aby Rosen’s RFR expands downtown Miami portfolio with $26M hotel purchase

In a four-month span, Aby Rosen’s RFR Holding paid nearly $107 million for two adjacent downtown Miami properties, including a recent $25.7 million hotel purchase. An affiliate of New York-based RFR acquired the Yve Hotel Miami at 316 Northeast Second Street, also known as 146 Biscayne Boulevard, according to records. RFR paid $106,846 per key for the 241…

Altman wants to build 370-unit apartment project with grocer near Homestead

Altman Companies wants to build a 366-unit multifamily project with a shopping center near Homestead, amid the ongoing rush to develop rentals in the robust South Florida market. The Boca Raton-based developer is seeking to build Altis Palms on the southeast corner of Southwest 112th Avenue and Southwest 248th Street, and also just west of the Florida…

Miami overtakes Boston as third-priciest city for renters

As U.S. rents hit another new high in April, Miami edged out Boston as the third-most-expensive city to lease an apartment. Nationally, the median rent for a one-bedroom hit $1,410, the thirteenth all-time high in the past 14 months, according to apartment listing site Zumper’s monthly ranking. In Miami, rental prices have been rising at a fierce clip. Only in March, the…

Rental Asset Management buys Little Havana apartments for $30M

Rental Asset Management paid $30.1 million for the First & Sixth apartment building in Miami’s Little Havana neighborhood. The Oakland Park-based firm, through an affiliate, purchased the 13-story building at 35 Southwest Sixth Avenue from the developer, Eastern Atlantic Companies, according to records. The deal for the 100-unit property breaks down to $301,000…

South Florida’s retail market rebounds from pandemic but could face inflation, Russia war challenges: report

South Florida’s retail market rebounded from the pandemic-induced slump in the first quarter, as vacancies fell and rents rose, with Miami-Dade outperforming Broward and Palm Beach counties, according to a recently released report. Miami-Dade County had the lowest vacancy rate and highest asking rent of the three counties in the quarter, according…

Massachusetts investor pays $18M for Miami office building

Valero Capital Partners picked up a Miami office building for $18M, amid an uptick in South Florida sales in the sector. An affiliate of Lowell, Massachusetts-based Valero paid $218 a square foot for the nine-story, 82,298-square-foot building at 5040 Northwest Seventh Street, according to a press release. It is near Miami’s Blue Lagoon business district and…

Northeast Capital Sells Miami Office Building for $18 Million

Valero Capital Partners has acquired 50Forty on 7th, an 82,298-square-foot medical and professional office building in Miami, from Northeast Capital Group, according to CommercialEdge information. The same data provider shows Northeast Capital Group had purchased the building in January 2021 for $14.5 million. During its 14 months of ownership, the firm renovated…

Melreese Major League Soccer stadium impact on airport still unresolved

A new Miami-Dade Aviation Department draft report to the mayor, to which Miami Today got access, points to unresolved potential impacts on Miami International Airport from a proposed soccer stadium, food and beverage stores, offices, a hotel, conference center, and other commercial uses to replace the Melreese golf course next door. The developers, retired…

Fed’s Beige Book: Global Markets Affecting Southeast Energy Producers

Turbulent global energy markets are affecting oil producers and refiners across the Southeast, according to the Federal Reserve Bank of Atlanta’s latest Beige Book survey of business contacts across the Reserve Bank’s six-state region in the Southeast. Generally, business activity across all industries including energy expanded from mid-February through March.

City review narrowly recommends major Wynwood project

A developer plans to construct a major mixed-use residential project that will include new office space and nearly 40,000 square feet of commercial uses in the Wynwood Arts District. LIV WRK Wynwood is proposed for a site at 2400 and 2500 N Miami Ave. The project was considered April 20 by the city’s Urban Development Review Board. In a rare split vote…

University of Miami vast development program speeds up

Changes to the physical plant of the University of Miami that are projected as multimillion-dollar developments continue after a pandemic hiatuses. After the university announced plans to build Centennial Village, a freshmen on-campus housing project on the Hecht Residential College site, in January 2019, work to demolish the property on site is to begin in May.

Three firms paid grants for moving to downtown Miami

Miami’s Downtown Development Authority has approved funding three companies that would relocate to Miami and provide high-paying jobs. Two companies would receive grants from the authority of up to $50,000 yearly over three years under requirements of the Follow the Sun campaign, implemented in the fall of 2020, which incentivizes companies to relocate…

Courthouse repairs cost less, faster than inspection indicated

County courthouse basement repairs were faster than Miami-Dade authorities expected after consultant EXP U.S. Services Inc. determined following an extensive inspection last October that repairs to the 140-plus basement columns for an estimated $3.79 million were no longer necessary, two senior Internal Services Department officials confirmed to Miami…

Giralda Plaza dining experiment in Coral Gables came just in time

For nearly four years, Coral Gables’ Giralda Plaza has been a closed to vehicular traffic since the completion of the Downtown Streetscape Project. The Giralda Plaza Streetscape has worked brilliantly since the beginning and helped to further mitigate the ravages of Covid-19, said Mark Trowbridge, president & CEO for Coral Gables Chamber of Commerce.

Esteban Bovo Jr.: Hialeah mayor looks to streamline development process

Esteban Bovo has a lifetime in public service. He became a Hialeah council member in 1998, was reelected various times and became council president. The accomplishment as a councilman of which he is most proud is legislation that bars sexual predators from a radius of schools and parks; then the county adopted its own legislation, superseding his initiative.

Developer, glorify thy neighborhood: Lissette Calderon launches Allapattah-centric magazine

The AllaWay magazine cover and photos of AllaWay Creative Director Maria Galli, Editorial Director Jenny Starr Perez and Publisher Lissette Calderon: How do developers market their projects and neighborhoods to boost interest? Lissette Calderon is going the literary way. Calderon launched a luxury lifestyle magazine about Allapattah, the once…

Condo insurers exit market and hike rates after lawmakers fail to pass safety reform

Insurers have become increasingly averse to issuing policies for aging condominiums in Florida following the state legislature’s failure to pass safety reforms, despite the deadly Surfside collapse last year. Insurers are either retreating from the high-risk market or jacking up rates, leaving associations in a bind, the Miami Herald reported. The issue has…

Miami Office Property Transaction Volume Decreases YOY

Year-to-date through February, Miami’s office market has seen a total of $100 million in transactions, according to CommercialEdge data. In the same period last year, sales volume reached $129 million, at an average sales price of $154 per square foot. Transactions have been slower in the Magic City than in all other gateway cities, registering the lowest amount…

Beacon nabs Kendall office building for $20M

Beacon Real Estate Group acquired a Kendall office building for $20 million, as the sector rebounds from the pandemic. An affiliate of the Coral Gables-based commercial real estate investment firm bought 117 Professional Arts Center at 11731 Mills Drive in southwest Miami-Dade County, records show. Beacon Real Estate, led by CEO Richard Kulick, paid $316 a square foot…

Harrison LeFrak headed for big-ticket divorce: report

The real estate industry is set to witness another mega-divorce. Harrison LeFrak, the billionaire scion of the LeFrak Organization, is reportedly set to split from his wife, Katherine Embiricos LeFrak, Page Six reported. The couple had a son in 2019 and married within the last five years. One insider told the publication the decision to part ways was Harrison&rs…

Clara Homes wins approval for 28-unit first phase of luxury rentals in Bay Harbor Islands

Miami-based Clara Homes won approval for the 28-unit first phase of a luxury apartment project planned in Bay Harbor Islands. Construction of the six-story, 28-unit Clara Bay Harbor building will start by August, Clara Homes founder James Curnin told The Real Deal. It will be the first of three planned buildings with a total of 150 apartments. The first phase is…

Major Food Group, developer detail plan for Miami skyscraper

JDS Development Group and Major Food Group have filed detailed plans for a Miami condo that could become the tallest building in Florida. It was first announced in December that The Major would rise 1,049 feet with 259 condos and an assortment of restaurants at 888 Brickell Ave. Recently, 888 Brickell Owner LLC, owned by JDS Development’s Michael Stern, filed…

Turnberry, Carlos Rosso to develop condo tower at massive SoLé Mia in North Miami

Developer Carlos Rosso is partnering with Turnberry Development to launch a condo tower at SoLé Mia, a massive $4 billion mixed-use development in North Miami, The Real Deal has learned. The developers will begin accepting reservations for the building, called One Park Tower by Turnberry at SoLé Mia, in May, said Rosso, though brokers have been…

Miami-Dade May Move Its Resources Recovery Facility From Doral

Miami-Dade is looking to replace its Resources Recovery Facility, located in Doral since 1982, with a state-of-the-art waste-to-energy plant on the same or a different site. County commissioners approved a resolution directing the administration to develop and issue a request for information within 60 days for design criteria professionals to create a design criteria package…

Don Peebles on the hook for $800K in legal fees tied to Overtown lawsuit

Michael Swerdlow and Don Peebles along with a rendering of Block 55 in Miami’s Overtown neighborhood: Don Peebles is on the hook for $800,000 for Michael Swerdlow’s legal fees and costs tied to a lawsuit over the development of Block 55 in Miami’s Overtown neighborhood. Miami-Dade Circuit Judge Michael Hanzman on Thursday ordered Peebles…

Investors score $36M loan to renovate Publix-anchored shopping center in Kendall

A Miami Lakes investment duo scored a $35.6 million loan for a major makeover of their Publix-anchored shopping center in Kendall. An entity managed by Michael and Spencer Friedman… CF Properties… owns Crossings Shopping Village, at 12955 Southwest 112th Street. Howard Taft, Charles Penan and Joel Zusman, with Miami-based real estate…

Lender takes control of The Collective’s Wynwood dev site through foreclosure auction

The Collective lost its planned co-living development site in Wynwood to its lender through a foreclosure auction, The Real Deal has learned. New York-based Gamma Real Estate took control of the property at 166 Northwest 29th Street by placing a “credit bid,” or an offer using its existing debt of $27.6 million, to win the UCC foreclosure auction on Wednesday, a…

Waterfront Brickell development site of planned supertalls sells for record $363M

A waterfront development site in Miami’s Brickell traded for a record price of $363 million. An affiliate of Florida East Coast Realty, led by Tibor Hollo and his family, sold the empty lot at 1201 Brickell Bay Drive to a Delaware company. A Florida LLC with the same name as the buyer was created this month and is managed by Randall Davis with a Chicago address. 

Video: Consensus Strategies CEO Patrick Fox Discusses Zoning and Development Trends

Patrick Fox, CEO of Consensus Strategies, a company specializing in specializes in strategic advocacy and survey research services for leading corporate and institutional clients, joins America’s Commercial Real Estate Show to discuss zoning and development trends all around the country for 2022. Discussion topics include strategies for building consensus…

Colombian developers score $55M construction loan for Edgewater apartment project

A duo of Bogotá-based developers scored a $55 million construction loan for a multifamily project in Miami’s Edgewater neighborhood. Grupo Diana and Korner are building the 32-story Metro Edgewater with 279 units at 430 Northeast 31st Street, according to a news release from lender Madison Realty Capital. Melissa Rose and Jesse Wright of…

Miami’s Mayor on the City’s Growing Tech Sector

Miami Mayor Francis Suarez has an interesting perspective on COVID-19, after testing positive for the virus in March 2020. He was the first person in Miami-Dade County and one of the first elected officials to come down with the illness, thrusting him into the national spotlight to talk about the ongoing pandemic and how the city was responding to the crisis.

Demand driver: Grosman family plans to expand Hollywood rental complex

The owner-operator of a Hollywood multifamily complex dusted off its old plan and won renewed approval to expand the property to 277 units, as demand for apartments heats up across South Florida. Nautilus Apartments, a two-building, 193-unit rental complex at 3500 Washington Street, in the Hillcrest area of Hollywood, is set to grow by 84 units.

Lease roundup: Charles Cohen’s DCOTA scores 11 new tenants for 100K sf combined

Medtronic, PropertyForce, Bitty Advance and more I DCOTA | Dania Beach Charles Cohen’s Design Center of the Americas office and showroom complex in Dania Beach scored 11 new office tenants for a combined 100,057 square feet. Cohen owns DCOTA through his New York-based Cohen Brothers Realty Corporation of Florida. Five tenants to…

Italian developer plans 180-unit apartment project in Hollywood

An Italian developer closed on the site of a planned Hollywood apartment project, adding to a growing pipeline of multifamily developments in South Florida. Coral Gables-based Calta Group, led by founders and brothers Ignazio and Gaetano Caltagirone, and Managing Partner Igor Blatnik, paid $9.5 million for the 1.6-acre property at 2215 Hollywood Boulevard…

Catalfumo to launch sales of luxury condos on waterfront site in Palm Beach Gardens

Developer Dan Catalfumo plans to launch sales in June of a waterfront Palm Beach Gardens luxury condo project in Palm Beach Gardens, where units will begin at about $4 million. Palm Beach Gardens-based Catalfumo Companies plans to develop Landing at PGA Waterway on the 11-acre property south of PGA Boulevard along the Intracoastal Waterway…

Montreal investor pays $20.5M for Palm Beach County assisted living facilities

A Montreal-based firm specializing in health care real estate bought a pair of assisted living properties in Palm Beach County for a combined $20.5 million An affiliate of Comprehensive Care Capital (CCC) acquired the 125-unit Banyan Place at 2950 Northwest Fifth Avenue in Boca Raton for $16.4 million, according to records. The buyer, led by Managing Principal…

BGI scores $82M construction loan for luxury condo project in West Palm Beach

BGI Companies’ Kenneth Baboun, a rendering of Alba Palm Beach and Trez Capital’s Ben Jacobson BGI Companies landed an $82 million construction loan for a waterfront condo tower planned for West Palm Beach, as more developers enter that market, The Real Deal has learned. BGI Capital’s Robert Barthelmess Miami-based BGI secured the financing for…

It’s fun to buy the YMCA! Mast Capital JV pays $10M for Palm Springs center as multifamily dev site

A Mast Capital-led joint venture paid $10 million for an 18-acre YMCA property in Palm Beach County with plans to redevelop the site into an apartment complex. Coconut Grove-based Mast Capital, in partnership with Fort-Lauderdale-based The Spear Group and Boston-based Rockpoint Group, wants to build 11 three-story buildings with 264 class A…

Fuller, Pinilla make Palm Beach County debut with shopping center buy

Bill Fuller and Martin Pinilla’s Barlington Group entered Palm Beach County, paying $14.4 million for a shopping plaza. Barlington, through an affiliate, bought The Market Place in an unincorporated part of the county between Wellington and Greenacres, according to the buyer. The seller is J.J.D. Associates of Palm Beach Limited, tied to…

The post Miami Commercial Real Estate News April 27, 2022: A $500M Bet on Flagler Street; Miami Rents 3rd Priciest in USA; Miami’s 22 Tallest Towers Under Construction; More… appeared first on Hawkins Commercial Realty.

Patrick Fox, CEO of Consensus Strategies, a company specializing in specializes in strategic advocacy and survey research services for leading corporate and institutional clients, joins America’s Commercial Real Estate Show to discuss zoning and development trends all around the country for 2022. Discussion topics include strategies for building consensus within communities, how holding virtual meetings  can affect developments, and some funny anecdotes from previous zoning projects.

The post Video: Consensus Strategies CEO Patrick Fox Discusses Zoning and Development Trends appeared first on Hawkins Commercial Realty.

New York investor Bayview Partners pays $69.5M for Naranja apartment complex

Bayview Partners paid $69.5 million for an apartment complex in south Miami-Dade County’s Naranja neighborhood. Bayview bought the South Pointe complex at 13720 Southwest 272nd Street from an affiliate of the project’s developer, Garco, according to the broker. Tal Frydman of Newmark represented both sides in the deal. The buyer also scored…

PMG proposes pair of Brickell resi towers with over 800 units

Property Markets Group wants to develop a pair of residential towers with 803 units combined on a site it has under contract in Miami’s Brickell. PMG proposes a 1.5 million-square-foot project with a 31-story tower and a 46-story tower on 1.2 acres between Southwest Eight and Ninth streets and west of Southwest First Avenue and the Metromover tracks, according…

NYC real estate titan Harry Macklowe makes his first move on Miami with $32M deal

Harry Macklowe is joining the ranks of New York City’s real estate elite with a colorful past who are now turning to Miami, The Real Deal has learned. Macklowe Properties purchased 1.7 acres of land between Dadeland Mall and the Metrorail tracks with plans to build a pair of apartment towers with several hundred units, marking its first South Florida project. Rilea Group…

Attorney Alex Hanna pays $15M for Flagler Street office building

Miami attorney Alex Hanna and his wife, Lizet Hanna, bought an office building on Miami’s Flagler Street for $15 million. Real estate development firm Keystone Holdings Group sold the 50,000-square-foot building at 4231 West Flagler Street and surrounding parking lots, according to the brokers. It was an off-market deal. Neyda Bravo of Bravo And Partners…

Battle of Normandy? Waterfront Miami Beach apartment complexes sell for $22M

Magnum Holding Company… Trams Property Management, paid $15.2 million for the 70-unit Pierre on the Bay at 2050 Bay Drive and an adjacent vacant lot at 2095 Bay Drive… $198,571 per apartment. A local company affiliated with Gustaf Arnoldsson… bought Normandy Villas, a 22-unit apartment complex at 946 and 950 Bay Drive for $6.4 million, according…

Collective undone: Lender targets planned co-living site in Wynwood

British co-living company The Collective collapsed last year after failing to find a buyer, and is now facing foreclosure on its Wynwood development site. New York-based Gamma Real Estate, led by the Kalikow family, filed a UCC foreclosure auction for The Collective’s Wynwood site at 166 Northwest 29th Street in Miami, according to a public notice of sale. The auctio…

Blue Road, Fortune launch short-term rental-friendly condo project in North Miami Beach

Fortune International Group and Blue Road launched sales of Nexo Residences, a planned short-term rental-friendly condo project in North Miami Beach, The Real Deal has learned. The project joins a growing pipeline of South Florida condo buildings that will have few to zero rental restrictions, geared to appeal directly to investors…

Blackstone expands student housing stake in $13B deal

Blackstone’s yearly report card will feature a larger stake in student housing after the firm’s biggest move in the sector yet. The company has agreed to buy American Campus Communities in a deal that values the student housing provider at $12.8 billion, including debt, the Wall Street Journal reported. The Austin-based company is…

As dev site prices soar in Miami, buyers play a “dangerous game”

Developer Chaim Cahane bought a development site in Miami’s Wynwood for $6.4 million in December. Three weeks later, a broker called him with an unsolicited all-cash offer: Flip it for 75 percent more. Then, in March, Cahane’s Forte Capital partnered with investor Jon Krasner to buy a separate Wynwood site from East End Capital for $10.8 million.

Miami-Dade may move its Resources Recovery Facility from Doral

Miami-Dade is looking to replace its Resources Recovery Facility, located in Doral since 1982, with a state-of-the-art waste-to-energy plant on the same or a different site. The county aims for a mass burn combustion plant that is more efficient than the existing refuse-derived fuel plant, said Michael J. Fernandez, director of the Solid Waste Management Department.

Miami’s Office Construction Slows, but Planned Stock High

As of February, Miami’s office pipeline reached 5.4 million square feet, representing 7.8 percent of total stock, according to CommercialEdge. Month-over-month, the pipeline shrunk by 195,000 square feet. The metro’s under-construction and planned stock amounted to 14.0 percent of total stock, the highest among gateway cities and the third-highest…

Co-Work LatAm, with 18 locations, expanding in Miami

Latin America’s largest rental co-working space company is looking to expand through seven new locations in South Florida after opening its first US location in Brickell in December. Co-Work LatAm, which has 18 locations in Chile – its country of origin – five in Colombia, two in Uruguay, one in Mexico and now one in Brickell, is expecting to double its footprint…

Costs rising for Coral Gables Mobility Hub

Updated and redesigned elements for the Coral Gables Mobility Hub projected were approved last week by city commissioners, costing an additional $640,000. During the meeting, City Manager Peter J. Iglesias explained to city officials that the project’s scope has been increased to allow for an enhanced rooftop park, micro-mobility, and electric…

Land scarcity drives up industrial rents in Miami-Dade

The industrial real estate market continues to be a hot topic in Miami-Dade as land is scarce and rental rates averages increase, according to local industry experts. The market is in such demand due to a combination of increased e-commerce, warehousing and logistics, said Louis Archambault, partner for law firm Saul Ewing Arnstein & Lehr, which advises…

Limestone Asset Management Sells/Closes a KFC Property in Pinecrest for $5.5 Million

Miami-based Limestone Asset Management sold/closed on a 19,845-square-foot Kentucky Fried Chicken (KFC) property in Pinecrest, Florida for $5.5 million on March 30, 2022. The 2,193-square-foot building is located at 9690 S Dixie Highway, Miami, FL, 33156. Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout…

Madison Realty Capital Lends $55M to Build Rental in Miami’s Edgewater

Colombian firms Grupo Diana and Korner SAS landed a $55 million construction loan for an Edgewater residential project, property records show. The 32-story development, Metro Edgewater, will feature 279 rental apartments spanning 266,306 square feet, as well as 4,230 square feet of retail on the ground floor and 312 onsite parking spots, according…

CenterPoint Buys Last-Mile Parking Lot Near Miami for $48M

CenterPoint Properties dropped $47.5 million for a “luxury” truck parking lot in Miami Gardens, Fla., property records show. The 12-acre property, located at 17707 NW Miami Court, sits right along I-95, South Florida’s main north-south artery. The lot, which will facilitate last-mile deliveries, accommodates up to 360 container trucks. Drake Real Estate Partners…

New Jersey developer’s Wynwood residences get approval

A New Jersey-based development company with more than 3,000 rental apartments in three states is planning to construct a midrise mixed-use residential project in the Wynwood Arts District. The plan was considered April 12 by the Wynwood Development Review Committee, which approved the project with several conditions. The owner-developer 26-60 NE 27th…

Notable Retail Leases Signed in South Florida Q1 2022

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2022 so far and throughout 2021. This quarter was busy overall, especially considering the current pandemic, and saw several big box leases signed and sealed. Despite the sentiment… Read more » The post Notable Retail Leases Signed in South Florida Q1…

Miami-Dade and Palm Beach office markets riding high, while Broward flies at low altitude: report

Office markets in Miami-Dade and Palm Beach counties outperformed Broward in the first quarter, according to a recently released report. While rents and demand continued climbing to the north and south, Broward County slowed to a crawl, JLL report’s states. In Miami-Dade, average asking rents grew for the seventh straight quarter, up 10.2 percent in the first…

Outdoor storage demand keeps on truckin’: Seagis pays $15M for trailer parking lot in Medley

Seagis Property Group bought a trailer parking lot in Medley for $14.8 million, marking growing investment appetite for outdoor industrial properties. The Conshohocken, Pennsylvania-based logistics firm bought the property at 13399 Northwest 113th Avenue Road from RCR Investment Group, according to a Seagis news release. RCR Investment is managed…

Demand For Flex Workspace Up 58 Percent From Pre-Pandemic Across U.S., With Miami Outpacing All Other Cities

The Instant Group, a global workspace innovation firm working across 175 countries and whose digital platforms constitute the world’s largest digital marketplace for flexible workspace, has found Miami leading the way in flexible workspace demand while San Francisco is seeing the largest decline, in its new U.S. Market Summary analysis. Demand has dropped…

Harbor pays $50M for Fontainebleau apartment building

Harbor Group International bought the 275 FontaineParc apartment building in West Miami-Dade County for $50 million. The Norfolk, Virginia-based real estate investment and management firm purchased the seven-story building at 275 Fontainebleau Boulevard from the property’s developers, Marlon Gomez of Gomez …

Morningstar pays $30M for self-storage facilities in Fort Lauderdale’s Flagler Village

Morningstar Properties bought two self-storage facilities in Fort Lauderdale’s Flagler Village neighborhood for almost $30 million. Alan Hooper and Tim Petrillo’s Urban Street Development, through an affiliate, sold the two adjacent properties at 421 Northwest First Avenue and 125 Northwest Fourth Street, according to a deed. The real estate was…

$11M Sale of Doral Park Centre in Metro Miami Arranged

The property sold for $11 million, or $789.72 per square foot. Edward Romo and Scott Sandelin of Marcus & Millichap represented the seller, an affiliate of IRAS Group, a Miami-based real estate investment firm. Kristina Filippone of First City Realty Partners Inc. procured the undisclosed buyer. Built in 2017, Doral Park Centre is a seven-suite property that…

Clara Homes wins approval for 28-unit first phase of luxury rentals in Bay Harbor Islands

Miami-based Clara Homes won approval for the 28-unit first phase of a luxury apartment project planned in Bay Harbor Islands. Construction of the six-story, 28-unit Clara Bay Harbor building will start by August, Clara Homes founder James Curnin told The Real Deal. It will be the first of three planned buildings with a total of 150 apartments. The first phase is…

Real estate investors eye student housing as college dorms come up short

Blackstone’s Stephen Schwarzman (left) and Brookfield’s Bruce Flatt People’s Park, a Berkeley institution since then-Gov. Ronald Reagan called in the National Guard to quell protests there five decades ago, may be the epicenter of a national student housing crisis that has real estate giants like Blackstone on the prowl. After years of back-and-forth, the city…

Foundation Pour, Vertical Construction Underway At Overtown MXU Development Block 55

The large mixed-use Overtown project known as Block 55 has had a foundation pour. Vertical construction is underway, with several cranes now installed. FAA records show that several cranes were recently approved for the site. There will be a total of four cranes installed, according to a social media post by John Longarini. Photos by Ryan…

AHS Residential Opens 420-Unit Oak Enclave Apartments in Miami Gardens, Florida

AHS Residential has opened Oak Enclave, a 420-unit multifamily community in Miami Gardens. Oak Enclave offers one-, two- and three-bedroom floorplans in five buildings. Unit features includes a private balcony or… Located at 2301 N.W. 167th Street., the property is 13.4 miles from downtown Miami and 12.1 miles from Miami International Airport.

Canadian investor buys waterfront Pompano Beach development site for condos

A Canadian investor paid $9.3 million for a waterfront apartment building in Pompano Beach that he intends to redevelop into a boutique condominium, The Real Deal has learned. An entity managed by Jean Campeau, co-founder of Quebec City, Quebec-based Camaco, bought the 23-unit Stratford Apartments at 407-419 North Riverside Drive, according…

Lease roundup: BH3’s Fabrick project in Fort Lauderdale’s Progresso Village fully leased

Wood & Wick, Spartan Strength & Conditioning and more I Progresso Village | Fort Lauderdale BH3 Management has fully leased out its Fabrick project in the Progresso Village neighborhood of Fort Lauderdale. BH3’s Fabrick consists of warehouses redeveloped into Class A office and retail space at 801, 807, 815 and 819 Northeast Second Avenue…

Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit

Investors who sold waterfront land to the Related Group for its Icon Marina Village development in West Palm Beach sued the condo developer, alleging they were cheated out of an agreement that would have given them nearly $13 million. Stephen and Louise Kornfeld, and Jody Weissman filed the lawsuit against TRG North Flagler Venture and RD IMV Owner, affiliates…

Lennar pays $190M for remainder of Arden homesites near Wellington

Lennar paid $190 million for the remainder of the homesites in the Arden community near Wellington. Boston-based Freehold Communities sold the land to an affiliate of New York-based global credit and real estate investment firm Angelo Gordon, according to a deed. Angelo Gordon, led by co-CEOs Josh Baumgarten and Adam Schwartz, has served as a land…

The post Miami Commercial Real Estate News April 20, 2022: Naranja Multifamily Sells for $69.5M; Semi-Trailer Parking Lots in Medley, North Miami-Dade Trade; More… appeared first on Hawkins Commercial Realty.

Miami leads nation with 58% rent spike during the pandemic

Miami led the U.S. in rent hikes during the pandemic. Miami’s median apartment rent skyrocketed 58 percent to $2,988 per month since March 2020, according to a newly released report from Realtor.com. Median rents increased nationwide by 19.3 percent to a new high of $1,807, with Sun Belt cities seeing many of the biggest gains. The trend follows migration…

Major Supertall Tower Planned In Brickell Submitted To FAA At 1,049 Feet

A proposal to build an 82-story supertall tower on Brickell Avenue called Major has been submitted to the Federal Aviation Administration. Major is planned to top off at a height of 1,042 feet above ground, or 1,049 feet above sea level, according to the new FAA filing. The application was submitted on March 31. The developer of the project, JDS, is now based in Miami…

East End, BentallGreenOak sell South Beach office building for $52M

East End Capital and BentallGreenOak sold an office building in Miami Beach for $52.3 million. An entity tied to The Davis Companies, based in Boston, bought the four-story property at 555 Washington Avenue, according to a deed. The building consists of 46,000 square feet of Class A office space; 22,000 square feet of ground-floor retail and a 243-space…

Cambridge Lansdowne buys Urbanica Meridian Hotel in South Beach for $31M

From left: Urbanica Hotel partners Diego Colmenero and Charlie Porchetto in front of the Urbanica Meridian Hotel at 418 Meridian Avenue in Miami Beach: Cambridge Lansdowne paid $30.5 million for the Urbanica Meridian Hotel in Miami Beach’s South of Fifth neighborhood, marking the third deal this month in the tri-county region’s resurgent hospitality sector.

$21.8M Sale of Dairy Processing Facility in Miami Negotiated

Colliers has negotiated the sale of the Borden Dairy Co./Velda Farms dairy processing facility in Miami for $21.8 million. Steven Wasserman and Erin Byers of Colliers represented the buyer, CP Logistics Miami 95 LLC, in the transaction. Harold Ginsberg from Southern Asset Service Corp. represented the seller, New Dairy Florida LLC, in the transaction.

Midtown Doral scores $67M construction loan for apartment development

Mattoni’s Ricardo Caporal, Century Home Builders’ Sergio Pino and Conconcreto’s Juan Luis Aristizabal Velez with rendering of Midtown Doral phase two: A group of developers scored a $66.8 million construction loan for an apartment project at Midtown Doral. Sergio Pino’s Coral Gables-based Century Homebuilders is partnering with Ricardo Caporal’s…

Tony Hernandez picks up office building in Fontainebleau for $13M

Miami investor Antonio “Tony” Hernandez picked up an office building in west Miami-Dade County for $12.7 million. An entity managed by Hernandez, principal of T-H Properties, bought Fontainebleau Park Office Plaza at 175 Fontainebleau Boulevard, according to records. The two-story building spans 49,150 square feet of office space, and the price breaks…

Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua

A venture led by the Related Group and David Edelstein’s Tricap launched sales of NoMad Residences Wynwood, a NoMad Hotels-branded condo building with a Casa Tua Cucina on the ground floor. The 329-unit, nine-story building is planned for 2700 Northwest Second Avenue in Miami’s Wynwood neighborhood. Lndmrk Development’s Alex Karakhanian…

Here’s Where The Largest US Industrial Projects Are Set To Deliver In 2022

The big-box warehouse keeps getting bigger as e-commerce groups, third-party logistics firms and others are on the hunt for the largest distribution and manufacturing facilities they can find or build. CommercialEdge, part of Santa Barbara, California-based Yardi Systems Inc., recently analyzed the top warehouse markets and projects underway across the U.S. this year.

Court ruling allows Jason Halpern to develop Miami Beach resi project

A New York judge dismissed a lawsuit filed by an investor in two of developer Jason Halpern’s Miami Beach properties, allowing his JMH Development to move forward with plans for a condo project on one of the sites. Investor Dhruv Piplani’s PSB Indian Creek and affiliated entities filed the suit against Halpern, his JMH Indian Creek Development LLC and…

Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track

Blackstone’s subsidiary Link Logistics wants to build a 2.3 million-square-foot industrial complex on Calder Casino’s horse racing track in Miami Gardens. The proposal is for 12 buildings on 115.7 acres at 21001 Northwest 27th Avenue, according to an application filed with the city by Calder Race Course. The complex would feature warehouses and distribution…

It’s official: Miami-Dade declares housing crisis. Here’s what it means for renters, landlords

Miami-Dade County is pushing to curb rental unaffordability. Mayor Daniella Levine Cava declared a housing crisis on Friday, setting the stage for the county to distribute $41 million in federal funds as rental assistance. The county is feeling the squeeze from skyrocketing rents that followed a population influx and ensuing high demand over the past year and…

Public housing goes middle class

From left: Waterford Property Company’s John Drachman with the Oceanaire complex in Long Beach and Affiliated Development’s Nick Rojo with the Bohemian project in Lake Worth Beach: Public housing has gone middle class. Billed as “workforce housing,” it mimics a private-sector trend in places where home prices and rents have soared beyond the…

County deal would replace 11 Venetian Causeway bridges

A $10.6 million agreement between EAC Consulting Inc. and the Florida Department of Transportation will shift to Miami-Dade County and lead to design plans to replace 11 bridges on the historic Venetian Causeway from North Bayshore Drive in Miami to Purdy Avenue in Miami Beach. County commissioners approved the agreement in a transportation…

Speakeasy plan pushed for Gold Dust Motel

Developer Avra Jain, whose company has revived historic properties with bars and motels along Biscayne Boulevard, says it’s time to bring back the speakeasy. As a part of that quest… in an individually designated historic structure commonly known as the Gold Dust Motel, at 7700 Biscayne Blvd. The city’s Historic and Environmental Preservation Board on…

Noise claims drown out plans for Island Gardens growth

The sweeping development known as Island Gardens is moving forward with plans to turn a choice piece of waterfront property in Biscayne Bay into a first-class resort destination. But it can’t seem to shake its history of controversy. Last week the city’s Planning, Zoning and Appeals Board (PZAB) was set to hear a request from Island Gardens’ developer…

Industrial ‘Unencumbered’ By Construction Challenges

A supply chain crisis and severe labor shortages are creating mega challenges for developers—but industrial projects are pushing through. Demand for industrial space is so strong, and as a result the asset class remains “unencumbered” by labor shortages, according to Louis Archambault, an attorney at Saul Ewing Arnstein & Lehr. “Labor and…”

Black Lion pounces on a restaurant space in South Beach for $12M

For the second time in five months, Black Lion Investment Group pounced on a restaurant space in Miami Beach’s South of Fifth neighborhood. The Los Angeles-based real estate investment firm, led by President Robert Rivani, paid $11.5 million for a 12,000-square-foot building at 200 South Pointe Drive in Miami Beach, according to a press release.

5 minutes with hospitality magnate Giuseppe Cipriani

The bellinis, carpaccio and other tasty Italian antipasto were flowing at Cipriani Downtown Miami. Cipriani CEO Giuseppe Cipriani, developer Camilo Miguel Jr. and Arquitectonica founder Bernardo Fort-Brescia hosted a group of brokers to launch the planned Cipriani Residences Miami this week. Miguel’s Mast Capital is teaming up with Cipriani to develop…

CenterPoint picks up Miami Gardens truck storage facility for $47.5M

CenterPoint Properties is continuing its buying binge of South Florida industrial real estate, scooping up a Miami Gardens outdoor truck storage facility for $47.5 million. CenterPoint bought the property at 17707 Northwest Miami Court from Relentless Capital and Drake Real Estate Partners, according to broker Jonathan Salk of ZYX Capital…

Office occupancy hits pandemic high

There have never been more office employees going into offices across the United States since the onset of the pandemic, but the in-office population is still less than half of pre-pandemic levels. A record number of employees were back at the office for the week of March 30, according to Kastle Systems’ “Back to Work Barometer” reported by Bisnow. While that’s…

Construction Of Industrial Space Continues Robust Growth

Construction and development of new industrial space in the U.S. remains robust, with all signs pointing to another big year in this market segment. According to a report by CommmercialEdge, 592.5 million square feet of industrial space was under construction nationwide by the end of February, amounting to 3.5% of existing stock. Over the past six […]…

Easton powers up industrial portfolio with $14M Hollywood truck yard

The Easton Group hitched a vacant truck yard in Hollywood to the company’s growing industrial portfolio. An affiliate of the Doral-based commercial real estate development and investment firm paid $14.3 million for the 5.85-acre outdoor industrial site at 3811 Pembroke Road, according to records. The property includes a 29,897-square-foot truck terminal…

Ari Pearl completes luxury apartment tower in Hallandale Beach, scores $150M refi

Ari Pearl’s mixed-use golf course development in Hallandale Beach completed its first phase, and he and his partner secured a $150 million refinancing, The Real Deal has learned. Pearl’s PPG Development and Michael Herman’s Premium Capital received a certificate of occupancy for the 26-story, 250-unit high-end rental building at 101 Diplomat Parkway…

Carroll buys Oakland Park multifamily complex for $49M

The Carroll Organization bought a garden-style multifamily complex in Oakland Park for $49.4 million. An affiliate of the Atlanta-based real estate firm acquired Arium Cypress Lakes, a 188-unit garden-style apartment complex at 2829 South Oakland Forest Drive, according to records. Carroll paid $262,766 per apartment and obtained…

Prospect buys multifamily dev site in Flagler Village, plans 252-unit project

Prospect Real Estate Group bought a multifamily development site in Fort Lauderdale’s Flagler Village for $11 million, with plans for a 252-unit project. The New Smyrna Beach-based developer plans the 12-story Advantis Station at Flagler Village on the 1.4-acre assemblage it purchased on the northeast corner of Sistrunk Boulevard and Northeast Third…

Elion buys two Fort Lauderdale industrial buildings for $15M

Elion Partners bought a pair of warehouses near the Fort Lauderdale-Hollywood International Airport for $14.9 million. North Miami Beach-based Elion Partners bought the properties at 3000 and 3060 Southwest Second Avenue in Fort Lauderdale from Apogee Investment Partners LLC, led by Brian Neff, according to…

Fort Partners pays off largest construction loan in Fort Lauderdale history

Fort Partners paid off its $210 million construction loan for the Four Seasons Residences Fort Lauderdale, which is the largest such loan recorded in Fort Lauderdale’s history. New York-based Madison Realty Capital provided the financing in late 2019. Miami-based Fort Partners, led by CEO Nadim Ashi, and its minority partner Merrimac Ventures…

Waterton doubles down on South Florida, buys Boynton Beach apartment complex for $80M

Waterton expanded its South Florida portfolio by paying $80 million for its second apartment complex in the tri-county region. An affiliate of the Chicago-based real estate investment and property management company bought the 216-unit garden-style Verona at Boynton Beach at 1575 Southwest Eighth Street…

Boca Center’s offices, retail, restaurants trade for $261.5M

(L-R) Vanderbilt Office Properties CEO Casey Wold, Site Centers President and CEO David Lukes, and Macquarie Group Managing Director and CEO Shemara Wikramanayake with 1800 North Military Trail and 5050 Town Center Circle in Boca Raton: Boca Center properties traded for $261.5 million, marking one of the biggest deals this year of a South Florida…

Butters and Konsker propose $75M Boca Raton office project

A joint venture led by Butters Group is seeking to build a $75 million Class A office project in Boca Raton. Butters and partner Konsker Development recently submitted plans to the city of Boca Raton for Midtown Place at Boca Raton, a five-story building with 120,000 square feet of office space, according to a press release. The project would rise on a 4-acre site…

Hines, Frisbie launch two-tower luxury condo development in West Palm Beach

Frisbie Group partnered with Hines to launch a two-tower, luxury condo development in West Palm Beach, with units starting at about $10 million. The partnership joins a small but growing group of developers that are beginning sales of condo developments along the waterfront in West Palm Beach, due to increasing demand for luxury homes and a lack of…

CS Ventures pays $35M for Bankers Row office buildings in Palm Beach

CS Ventures purchased a pair of office buildings along Bankers Row in Palm Beach for $35 million, marking the buyer’s continued bet on the ritzy town. Palm Beach-based CS Ventures, a partnership between Spencer Schlager and Charles Rosenberg of Rosemark Management, bought the buildings at 340 and 350 Royal Palm Way from Chicago-based Pearlmark…

Todd Nepola buys a pair of Palm Beach County shopping centers for $13M

In a double play, Hollywood-based investor Todd Nepola bought two shopping centers in Palm Beach County for a combined $12.7 million. Nepola, founder and president of Current Capital Management, told The Real Deal he acquired Shoppes of Lake Worth at 6651 Lake Worth Road, and Coco Plum Plaza at 2845 North Military Trail in…

Newly built micro-units in downtown West Palm fetch $84M after converting to hotel

A rendering of the property at 695 South Olive Avenue in West Palm Beach with Electra America Hospitality Group’s Principal and Managing Partner Russ Urban, Korman Communities’ co-CEOs Larry and Brad Korman and Transwestern Development Company’s CEO Larry Heard (Gio Fausone of Gulfstream Real Estate Advisors, LinkedIn, Korman, Transwestern)

Pantzer drops $67M for Palm Beach Gardens apartment complex

Pantzer Properties closed its second multifamily deal in Palm Beach County in 11 months, buying a 136-unit apartment complex for $66.5 million. An affiliate of the New York-based multifamily real estate investment firm acquired Solera at City Centre Apartments at 2100 PGA Boulevard 100 in Palm Beach Gardens, according…

Lease roundup: Co-working company doubles down on downtown West Palm Beach

Vanderbilt Office Properties CEO Casey Wold, Quest Workspaces CEO Laura Kozelouzek, and C-III Capital Partners Chairman and CEO Andrew Farkas with Northbridge Centre at 515 North Flagler Drive in West Palm Beach: Quest Workspaces I Northbridge Centre | West Palm Beach Coworking operator Quest Workspaces expanded its space in the Northbridge…

Inventing Nora: Developers eye new district in West Palm Beach

The three-story, boarded-up white building near the train tracks in downtown West Palm Beach harkens back to old South Florida. Its ceilings and floors are made from Dade County Pine, a sturdy wood protected from commercial logging for decades. The back of the building at 905 Railroad Avenue has an out-of-order Otis elevator, with a plank to step on…

Multifamily craze carries on: Berkshire buys Jupiter apartment complex for $202.5M

From left: Maury Tognarelli (seller), CEO of Heitman, and David Olney (buyer), CEO, Berkshire Residential Investment, in front of The Sophia at Abacoa apartment complex at 863 University Boulevard in Jupiter: Berkshire Residential Investments bought a Jupiter apartment complex for $202.5 million, as South Florida’s multifamily market continues…

The post Miami Commercial Real Estate News April 14, 2022: Miami’s 58% Rent Spike Leads Nation; South Beach Office Building Trades for $52M; More… appeared first on Hawkins Commercial Realty.