Month: May 2022

Hidrock Properties partners with Alex Karakhanian on Miami A&E dev site

Alex Karakhanian sold a development site in Miami’s Arts & Entertainment District to a joint venture between New York-based Hidrock Properties and Karakhanian’s Lndmrk Development, The Real Deal has learned. The joint venture paid $19 million for the 0.9-acre property at 1601 North Miami Avenue, home to Elev8tion Fitness, the partners said.

Video: AFIRE CEO Gunnar Branson Discusses his Org’s Institutional CRE Investor Survey

For thirty years, AFIRE (Association for International Real Estate Investors) has conducted a survey each year in order to understand the goals, challenges and long-term views of international investors in United States based real estate. A chart on deployment, funds invested and allocation changes along with anticipated volume in the coming year, starts of…

Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers

Two Roads Development closed on a $150 million bulk condo purchase in Miami’s Edgewater, where it plans to develop a multi-tower luxury project. Two Roads, a West Palm Beach and Miami-based developer, gains a 3.5-acre waterfront site with the purchase of Biscayne 21, a 1960s-era condo. The deal is part of a growing trend of developers targeting older properties…

North Miami Beach development site assembled for $14M

A developer assembled a North Miami Beach development site for $14.12 million, with plans to build a 28-story apartment project. In the bigger deal, NMBPlace LLC, managed by Victor F. Dante in North Miami Beach, sold the 1.59-acre site at 1959 NE 164th Street for $12.9 million to NMB Place Owner, in care of Baltimore, Maryland-based JSB Capital Group. The same…

Interdevco pays $16M for Aloft Miami Dadeland hotel

Interdevco paid $16.1 million for a South Florida Aloft hotel that spent more than a year under receivership. The Miami-based real estate development and investment firm acquired the 119-room Aloft Miami Dadeland hotel at 7600 Southwest 88th Street in Kendall, according to records. Interdevco, led by President and CEO Josep Maria Suriol, paid $135,294 per room.

Settlement in Surfside condo collapse now over $1 billion

Families of those who lost loved ones in the Surfside condo collapse are now poised to get $1.004 billion, while the payout to unit owners has also swelled. Condo owners are now in line for a $96 million settlement, up from their original $83 million payout, and the payout to the families of those who died is up over $4 million from the previous nearly $1 billion…

JDS, Major Food Group to launch condo sales of Brickell skyscraper

Michael Stern’s JDS Development Group and Major Food Group are moving forward with their planned Brickell skyscraper. Renderings of the tower (JDS) Condo sales of The Major, a 259-unit tower planned for the site at 888 Brickell Avenue, are expected to begin this summer, with prices ranging from $1.6 million to $11 million, excluding penthouses, a….

Developer says he still can finance Rickenbacker Causeway upgrade

Improve safety for cyclists, replace and enhance Bear Cut Bridge, deal with resiliency and sea level rise, and create a 20-acre park and beach on Virginia Key were improvements the Plan Z Consortium intended to develop as part of an unsolicited proposal for the Venetian and Rickenbacker causeways. First presented to the county last summer…

Archaeologists dig into Miami history at Baccarat tower site

The very first beneficiary of the new Baccarat building at 444 Brickell Avenue is likely to be not tenants of a 75-story luxury residential tower but a museum, as archaeological work at the site uncovers shards of pottery and bones of millennia-old early residents of Miami. The 4-acre property, bought in 2013 by the Related Group, Florida’s largest developers…

Culmer Village to provide 612 affordable housing units

A large affordable housing development is planned for Overtown in the City of Miami. Richman Group of Florida Inc. is developing Culmer Village, two buildings hugging a parking garage proposed for a site at 690 NW 13th Street. The city’s Urban Development Review Board recommended approval, with a few recommendations. The project is described…

Auto Club towers coming to Magic City district

An auto club for motorsport enthusiasts is coming to the new Magic City Innovation District, riding the top floors of a sleek glass structure. Motorsport Tower, planned for 350 NE 60th Street, promises more than 200,000 square feet of offices in the new mixed-use development rising in the Little Haiti area. Miami’s Urban Development Review Board…

Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building

Brick & Timber Collective doubled its Wynwood portfolio with a $9 million off-market purchase of a recently completed mixed-use project. The San Francisco-based developer and real estate asset manager bought a three-story office and retail building at 2724 and 2734 Northwest First Avenue. Brick & Timber Collective, led by partners Jesse Feldman and Glenn…

Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary

Dacar Management scooped up 119 acres outside the Urban Development Boundary in western Miami-Dade County. The Dania Beach-based company bought the property on the southwest corner of Southwest 72nd Street and Southwest 167th Avenue for $22 million, according to a deed. Seller HL Mills Family is managed by Cathy Mills, state corporate records show.

Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals

Prestige Companies is a big believer in Hialeah. After building several residential projects in the city, it is now targeting a new multifamily development site. A joint venture between Prestige and Florida Value Partners bought the closed Salvation Army at 7450 West Fourth Avenue for $15 million, according to a deed. Seller Hialeah 4.9 QOZB is managed…

National Industrial Real Estate Prices Climb 20 Percent, Sales Nearing $19B in 2022

A backsliding economy and soaring inflation weren’t enough to slow record demand for industrial space nationwide in April. The average national industrial rent hovered around $6.47 per square foot and vacancies remained at 5 percent in April, all while the construction pipeline had over 640 billion square feet of additional space in the works, according to…

Stephen Ross wants to redevelop the Deauville Miami Beach with architect Frank Gehry

New York developer and Miami Dolphins owner Stephen Ross wants to buy the historic Deauville Miami Beach, with plans for a luxury oceanfront development. The 3.8-acre resort at 6701 Collins Avenue is in the midst of demolition, following a yearslong legal saga between the city and the property owner, as the building continued to fall into disrepair. Ross…

Damac to buy Surfside collapse site for $120M — no other bidders for property

Damac Properties is poised to buy and redevelop the Surfside collapse site where 98 people died last summer, after no other developers met the deadline to bid on the property. The Dubai-based developer was the stalking horse bidder, setting the minimum price last year for the property at 8777 Collins Avenue at $120 million. Earlier this month, in a move that…

Lionstone roars into Miami Gardens with $17M office building acquisition

Lionstone Development leapt into the South Florida office feeding frenzy with a $16.8 million acquisition in Miami Gardens. An affiliate of the Bal Harbour-based real estate investment firm acquired Commons Plaza, a newly renovated, three-story office building at 5901 Miami Gardens Drive, according to records. Lionstone, led by CEO Diego Lowenstein, paid $297…

MG plans $204M luxury apartment project near Coconut Grove

MG Developer is teaming up… to build a $204 million luxury apartment project near Coconut Grove and Coral Gables. Coral Gables-based MG and its partner, Baron Property Group, plan to build two towers with 450 apartments with parking, along with shops and restaurants on a 43,785-square-foot redevelopment site at 3898 Shipping Avenue, according…

MG Developer to Bring $204M Project to Miami

MG Developer is looking to expand its multifamily rental presence in Miami and has announced plans for its next luxury rental community. The company partnered with The Baron Property Group to develop Merrick Parc, a $204 million multifamily development. The project already received an initial $24 million tranche with $13 million in equity financing…

Ex-Kushner exec Jenny Bernell picks up A&E District development site in Miami for $20M

Jenny Bernell bought an Arts & Entertainment District property for $19.8 million, her third Miami multifamily development site purchase over the past year. Bernell, through her Clearline Real Estate, acquired the almost 0.9-acre Block E property at 1550 Northeast Miami Place from the Kluger Family Trust, according to a news release from the seller’s broker.

Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman

Tricera Capital’s co-founders are going their separate ways, with Ben Mandell now controlling a majority stake in the Miami investment firm, The Real Deal has learned. Mandell took over as CEO, while Sherman will take a seat on the firm’s new advisory board, according to a statement provided to TRD. Sherman is keeping some control and…

Video: NAR Senior Economist Gay Cororota Discusses Their Economic Outlook 2022

In this 25 minute videos, NAR Senior Economist Gay Cororotan shares their outlook. This discussion includes the impact of inflation, rising interest rates, the infrastructure bill, and the Russian invasion of Ukraine (and knock-on effects). Gay notes that the recent inflation number of 8.5% is the highest in 40 years. The discussion moves on to general economic…

AMAC, ROVR Development Break Ground on Aventura Community

AMAC and ROVR Development are working together yet again for a project in South Florida. The two developers have started construction on a 290-unit community located at 17990 W Dixie Highway in Aventura. The developers also landed a $67 million construction loan from Ocean Bank for the project, which is slated to complete in the first quarter of 2024.

75,000 SF Office Lease Arranged in Miami for Medical Research Firm

JLL has arranged a 75,000-square-foot office lease at Quattro Miami, a four-building office park in the city’s Airport West submarket. The tenant, medical research firm Evolution Research Group (ERG), is relocating its South Florida regional headquarters to Quattro Miami from Hialeah. The move expands ERG’s office footprint by 45,000 square feet, according…

Aimco Says Construction Will Begin In 2023 On 1M SF Mixed-Use Edgewater Project

A major project is expected to begin construction in Edgewater in 2023, developer Aimco told investors. The construction start date was revealed last week in the company’s first quarter financial results. Aimco has a 20% stake in the project, and will serve as the project’s development manager. The company said it contributed an eighth of an acre of land purchased…

42,000 SF Office Lease Arranged at 800 Brickell in Miami

Cushman & Wakefield has arranged a 42,000-square-foot office lease at 800 Brickell, an office tower in Miami’s Brickell district. The tenant, IT management software provider Kaseya, is slated to officially move into the top three floors of the 15-story building next year. The 800 Brickell location will be Kaseya’s third office in Brickell. Tony Jones of Cushman…

Aztec Group Arranges $81M Construction-to-Perm Loan for Metro Miami Mixed-Use Development

Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate…

Commercial real estate landscape remains in flux, experts say

An unstable economy and its impact on commercial real estate makes institutional investors nervous, South Florida innovator Stephen Bittel recently shared with FIU Business real estate students. “Inflation is a big problem,” said Bittel, chairman of commercial real estate developer Terranova Corp. “We’re set for a repricing on all of our asset classes.”

Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park

Ryder Logistics I Cabot Miramar I Miramar Centre Business Park Ryder Logistics, which runs transportation, fleet and supply chain operations, moved its third-party logistics space from Pembroke Pines to the Miramar Centre Business Park. Ryder moved into a roughly 152,573-square-foot space at Cabot Miramar, 15501 Southwest 29th Street, from its…

Sterling drops $37M for Coral Springs shopping center anchored by Best Buy

Sterling Organization is sliding into the Broward County retail market with a $37.4 million shopping center acquisition in Coral Springs. An affiliate of the West Palm Beach-based private equity real estate firm acquired Coral Landings III, a 172,526-square-foot retail center at 6166 and 6200 West Sample Road, records show. Sterling, led by Managing…

SROA Capital pays $20M for Hallandale Beach industrial-flex property

SROA Capital picked up a warehouse-flex building in Hallandale Beach for $20 million, amid continuing investment appetite in the robust industrial market. SROA, through an affiliate, bought the property at 1000 Pembroke Road from an affiliate of Patricio Ureta’s Megacenter, according to a deed. The building spans 175,863 square feet and was constructed in 1986 on…

KVR Properties pays $26M for Pompano Beach apartment complex

KVR Properties bulked up its South Florida multifamily portfolio with the $26.3 million purchase of a 124-unit apartment complex in Pompano Beach. An entity managed by Arvind Reddy, founder and president of Coral Springs-based KVR, bought The Boardwalk Apartments at 460 East McNab Road, records show. New York-based The Bancorp provided the buyer…

Moderno nabs $102M construction loan for Fort Lauderdale apartment tower

Moderno Development Group scored a $102 million construction loan for an apartment tower in an emerging Fort Lauderdale district south of the New River. Doron Broman’s Moderno and project partner Robert Mathias of Boca Raton-based NCC Development are set to start building the 29-story Rivr Lofts on the west side of Southwest Third Avenue, and between…

Chetrit scores $94M construction loan for oceanfront condo project in Pompano

The Chetrit Group secured a $94 million construction loan for a planned waterfront luxury condo development in Pompano Beach. New York-based Madison Realty Capital provided the financing for Chetrit’s site at 2629 North Riverside Drive, said Henry Bodek of Galaxy Capital, who arranged the loan. A rendering of 2629 North Riverside Drive The New York…

Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm

Sean Conlon, a merchant bank founder with a soft spot for old buildings, scooped up a historic apartment property in downtown West Palm Beach for $18 million. He bought the six-story, 38-unit Harris Music Lofts at 206 Clematis Street, which includes about 5,000 square feet of ground-floor retail, according to Zachary Baraf of the Stanwich Group, who was the…

Wellington real estate investor pays $16M for shopping center in own backyard

The son of an Andy Warhol muse galloped into Palm Beach County retail real estate, paying $16 million for a shopping center near the Wellington International equestrian center. An entity managed by Charles “Rusty” Holzer, owner and CEO of Wellington-based Worth Capital Holdings, bought the 46,848-square-foot retail site at 13501 South Shore Boulevard…

The post Miami Commercial Real Estate News May 25, 2022: $204M Luxury MF Planned Near Coconut Grove; Surfside Collapse Site to Sell for $120M to Sole Bidder; More… appeared first on Hawkins Commercial Realty.

For thirty years, AFIRE (Association for International Real Estate Investors) has conducted a survey each year in order to understand the goals, challenges and long-term views of international investors in United States based real estate. A chart on deployment, funds invested and allocation changes along with anticipated volume in the coming year, starts of the discussion. This moves on to anticipated changes in exposure to different property types, then on to another showing the top cities in the USA for planned investment.

The post Video: AFIRE CEO Gunnar Branson Discusses his Org’s Institutional CRE Investor Survey appeared first on Hawkins Commercial Realty.

Dacar scores $81M loan for Publix-anchored mixed-use project in Hialeah

Dacar Management will crank up construction on a Hialeah mixed-use project with 244 apartments and a retail component anchored by Publix, Burlington and HomeGoods. Affiliates of the Dania Beach-based commercial real estate firm scored an $81 million construction loan from New York Life Insurance Company, according to records. The fixed-rate…

David Arditi completes long-delayed YotelPad tower in downtown Miami

David Arditi with YotelPad (Yotel) Aria Development Group completed YotelPad Miami, the first new flexible, short-term rental-friendly condo and hotel project in downtown Miami. Aria, led by principal David Arditi, partnered with the Kuwaiti firm AQARAT to develop the 31-story building at 227 Northeast Second Street. The project has been in the works since…

Developer proposes Urby-branded apartments on former Art by God site in Wynwood

Ironstate Development and partner Brookfield Properties want to build an Urby-branded apartment building on the former Art by God site in Wynwood. Hoboken, New Jersey-based Ironstate, led by brothers David and Michael Barry, proposes the eight-story building on 1.3 acres between Northeast 26th and 27th st…

Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District

Race car driver and digital media tycoon Mike Zoi wants to develop a mid-rise office building at the Magic City Innovation District in Miami’s Little Haiti neighborhood. Zoi proposes a 13-story building west of Northeast Fourth Avenue and between 59th and 60th streets, according to a letter submitted by a Zoi-led entity to the city. The Miami Urban…

Pebb JV sells CVS-anchored retail space in Miami Beach for $18M

Pebb Capital and LeaseFlorida sold a CVS-anchored retail condo in Miami Beach for $18 million to a Torrance, California-based real estate investment firm. Capital Cove Investments acquired the two-story, 8,896-square-foot space underneath a four-level parking garage at 4000 Collins Avenue, according to a press release. It is adjacent to Pebb Capital and…

Crashing the party: New SPAC rules could slash proptech deals

Taking a proptech firm public will never again be so easy — if regulators have their way. Many feel it would be good if they did. Shares in proptech firms that went public over the last two years in a series of mergers with special-purpose acquisition companies, or SPACs, have continued a long downward slide into 2022, reflecting just how frothy that market…

South Florida inflation dips, still outpaces nation

Inflation in South Florida moderated slightly in the 12 months ended in April but remained far more than a percentage point above the average price rise for the nation as a whole. Inflation in this area as measured by the Consumer Price Index dropped from an annual 9.8% in March to 9.6% in April, according to figures the US Bureau of Labor Statistics…

A Luxury Development Boom Is Reshaping Miami’s Edgewater

Along Biscayne Bay just north of downtown Miami, the Edgewater area has emerged as a sweet spot for real estate investment amid South Florida’s wider migration-driven boom. In the years following the Great Recession, Edgewater received little attention from developers despite its central location between the bayfront and the popular Wynwood area…

Tunnels could speed mass transit under downtown, Kendall

The Miami-Dade Transportation Planning Organization is looking at the possibility of expanding the transit system underground. It just completed a study evaluating emerging technologies to assess the use of tunnel corridors in the county. The study used a tiered level analysis to identify potential projects, and the report only includes tier 1 and tier 2. The 78-page…

Bakehouse Art Complex gets city grant for building upgrade

Miami city commissioners have chosen to give a sizable federal grant to help fund an organization that supports city artists. At their latest meeting, commissioners allocated $2 million to the Bakehouse Art Complex Inc., a Florida not for profit corporation, to help pay for major improvements to its historic building at 561 NW 32nd St. in the Wynwood Arts District.

Surfside collapse unit owners ask court to up their $83M payout

Unit owners of Champlain Towers South in Surfside are asking the court to boost their $83 million payout, following a much larger $997 million settlement reached last week for the families who lost loved ones in the collapse. Roughly 50 unit owners are asking for a reconsideration of their allocation, citing the milestone future payout to the…

David Edelstein, partners buy Midtown Miami dev site, plan office tower

A long vacant piece of land at the entrance to Midtown Miami and the Design District at 3601 N Miami Avenue could finally be developed after a trio of prominent developers bought the assemblage, The Real Deal has learned. David Edelstein’s Tricap, Integra Investments and Alex Karakhanian’s Lndmrk Development paid $23 million for the…

Self storage still rising after pandemic surge

Eased pandemic restrictions mean fewer people are stuck at home with their extra stuff, but the nationwide interest in self storage doesn’t appear to be going anywhere. Rent performance and demand are still on the rise for self storage, according to a report from RentCafe. While the sector formerly relied on business from major life events such as death…

Frontier pays $18M for Best Buy-anchored shopping center in Kendall

Frontier Companies, a Coconut Grove real estate investment firm, paid $17.8 million for a southwest Miami-Dade shopping center. An entity managed by Eric Gordon, principal of Frontier Companies, bought the 49,456-square-foot retail center at 12495 Southwest 88th Street in the unincorporated neighborhood of Kendall, records show. City National…

Lease roundup: Nuveen moving Southeast HQ to 801 Brickell

Nuveen Real Estate, StoicLane I 801 Brickell I Miami Nuveen Real Estate is moving its Southeast headquarters to its 801 Brickell building in Miami’s financial district. Nuveen, the investment arm of TIAA, will relocate in January into a 3,487-square-foot space at the 28-story tower at 801 Brickell Avenue from its current office on Brickell Key. Nuveen also scored…

Developers win approval for downtown Miami medical marijuana dispensary

Miami’s de facto ban on medical marijuana dispensaries went up in smoke after elected officials voted…  On Thursday, the Miami City Commission, by a 3-2 vote, upheld a February 2021 planning and zoning appeals board decision that granted a certificate of use for a medical marijuana dispensary at 90 Northeast 11th Street. The property, which currently…

Boutique South Beach hotels trade amid heightened demand

The Villa Paradiso at 1415 Collins Avenue and The Orchid House Hotel at 1350 Collins Avenue with Randall Smith of Alden Global Capital and Joe Nakash:  Two prominent buyers acquired boutique hotels in South Beach in separate deals, as demand for such properties continues to rise. In the most recent of the two purchases, a company linked to the “vulture” hedge…

Praying for a profit? Developers plan multifamily project on North Miami church site, adjacent property

the Church of God Evangelical at 12830 Northeast Sixth Avenue in North Miami with Daniel Jaramillo and Tomas Sinisterra of Strategic Properties based in Miami: An apartment project with at least 220 units is poised to replace the Church of God Evangelical in North Miami, marking the latest redevelopment of a house of worship in a hot market where no site…

Tucandela Buys Wynwood Building to Open Latin-Themed Nightclub

Tucandela Group bought a Wynwood building for $9.2 million with plans to open an outpost of its Latin-themed nightclub, according to Metro 1, which brokered the deal. There are two Tucandela clubs  The Wynwood club is slated to open the first quarter of next year at 2445 N Miami Avenue on the corner of 25th Street. The 12,404-square-foot site includes a two-story…

Blue Road plans 20-story, 139-unit multifamily project in North Miami

Developer Blue Road won conditional approval to build a 20-story, 139-unit multifamily project in North Miami. Emblem Tower Apartments is planned for a site just west of I-95, along Northwest 7th Avenue, a major north-south artery that doubles as State Road 7. “This project probably will be the first development of any kind on this part of…”

Office Deals Cooled Off in Miami During Q1

In the first quarter of 2022, a total of $209 million in office deals have transacted within the Miami metro, according to CommercialEdge data. The market’s transaction volume has decreased since the same period last year, when it reached $395 million. Office deals seem to have slowed in 2022 compared to 2021 levels, but were still significantly up since 2020…

What Higher Interest Rates Mean for Miami CRE

Earlier this month, the Federal Reserve lifted its benchmark interest rate 50 basis points—its biggest increase in 22 years. The move represented the U.S. central bank’s second interest rate hike in less than two months and had been long anticipated by many. To find out what the recent interest rate hike means for the Miami commercial real estate market…

Brazilian investor Michael Krymchantowski gets Miami board’s OK to build Wynwood hotel

Brazilian businessman Michael Krymchantowski wants to develop a 60-unit hotel and residential building in Miami’s Wynwood. Krymchantowski got the green light from the city’s Wynwood Design Review Committee on Thursday for his planned eight-story Krymwood Hotel at 176 Northwest 28th Street. The committee suggested design tweaks, including…

Soil Testing Underway At Former Miami Arena Site Where Thousands Of Residential Units Planned

Soil testing appears to now be underway at the former Miami Arena site, according to a tweet by Kyle Merville. The biggest residential project in downtown Miami’s history is now moving through the approval process for the property. Developer Witkoff Group submitted preliminary plans to Miami-Dade in January for a development on the site with: 2,351…

Lennar proposes 1,335 homes and revamped golf course in Homestead’s Keys Gate

Lennar is teeing up a 1,335-home and golf course project in Homestead’s Keys Gate development that will be called Altimira. The Miami-based homebuilder recently submitted a proposed site plan and two zoning amendments to the city of Homestead. The city’s development review committee will consider the proposal at a meeting next Tuesday, and…

Surfside collapse lawsuit reaches nearly $1B settlement

The Surfside collapse litigation reached an almost $1 billion settlement, a landmark development in the court battle to bring some justice to the families of the 98 people who died less than a year ago. The milestone agreement follows weeks of mediation between attorneys for the plaintiffs and the slew of parties sued over allegedly contributing to the deadly…

Miami Office Pipeline Doubles Since 2020

As of March, Miami had 5.4 million square feet of office space under construction, according to CommercialEdge data. The pandemic seems to have had a positive impact on the metro’s office sector: at the end of the first quarter the pipeline more than doubled since the same period in 2020, when it reached 2.5 million square feet. The Magic City has been one…

Redevelopment ploy? Chetrit buys 102 condos at aging, oceanfront Hollywood Beach Resort

New York City-based Chetrit Group has acquired 102 condo units over the last six months at the Hollywood Beach Resort, an oceanfront property in Hollywood that the city’s founder built almost a century ago. Chetrit’s move further marks the trend among developers to buy out waterfront condo owners, which has accelerated since the tragic collapse of Champlain…

Philly firm pays $14M for Pompano Beach warehouse

A Philadelphia-based commercial real estate firm picked up a Broward County warehouse for $14.3 million. An affiliate of Alterra Property Group, led by co-founder and Managing Partner Leo Addimando, acquired the 21,306-square-foot industrial building at 1645 Northwest 33rd Street in Pompano Beach, according to records. The seller is an entity managed…

Industrial play: Alliance HP trades one West Palm complex for another

Clay Hamlin III is playing a game of Monopoly with Palm Beach County industrial real estate, replacing one property for another. Affiliates of Hamlin’s Alliance HP bought the Skees Industrial park at 1426 Skees Road just south of West Palm Beach for $15.9 million — shortly after it sold a distribution center at 1100 25th Street in West Palm for $12.2 million…

Benchmark drops $17M for historic Palm Beach apartment building

A New York-based multifamily real estate investment firm bought a historic apartment building in Palm Beach for $17 million. An affiliate of Benchmark Real Estate Group, led by principals Aaron Feldman and Jordan Vogel, acquired the 23-unit property at 184 Sunset Avenue, according to records. The buyer obtained an $8 million loan from Valley National Bank.

The post Miami Commercial Real Estate News May 18, 2022: Wynwood Hotel Gets Miami Board OK; Best Buy Anchored Shopping Center Fetches $18 Million; More… appeared first on Hawkins Commercial Realty.

Vertical Cold Storage buys Medley freezer facility for $66M

A North Sioux City, South Dakota-based cold storage real estate firm breezed into South Florida’s industrial market with a $66 million deal in Miami-Dade County. Vertical Cold Storage, led by President and CEO Curt Mastbergen, bought a 274,191-square-foot freezer facility at 11801 Northwest 102 Road in Medley, according to records. The deal worked…

Seagis doubles down in Medley, paying $24M for two industrial facilities

Seagis Property Group is developing a taste for Medley. The Conshohocken, Pennsylvania-based logistics firm picked up a pair of adjacent industrial facilities for $23.7 million… It’s less than a month after purchasing a nearby trailer parking lot for $14.8 million. Seagis bought the property at 11100 Northwest 112th Court and the site at 10900 Northwest 138th Street…

Seagis Property Group Completes Acquisition Of Two Prime Industrial Real Estate Properties In Medley

Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, closed on a two-property industrial real estate portfolio located in Medley. Both properties were sold by Cemex USA, a global building materials company. Located at 10900 NW 138th Street, the first property is a seven-acre site, home to…

Tri-Rail says trains will be in downtown Miami by November

In a more optimistic presentation to the Citizens’ Independent Transportation Trust, Steven Abrams, executive director of the South Florida Regional Transportation Authority, reassured members that the Tri-Rail trains the authority oversees are going to roll into the downtown Miami station in November. “We do anticipate commencement…

Miami Gardens deals for logistics complex

As part of sale plans for 13 City of Miami Gardens-owned properties, city staff is seeking a sale-leaseback agreement with Ambrose Property Group to construct the Miami Gardens Logistics Complex. Following a request for proposals, a project would be developed at 1020 NW 163rd Drive and 1050 NW 163rd Drive, along with a parking lot separating the two properties.

October contract expected for a Miami International Airport hotel

The county has extended the second phase of a request for proposals to build a 4-star, 350-key hotel at Miami International Airport until May 25 at bidders’ request. “The county considered the requests reasonable,” an Aviation Department spokesperson emailed to the newspaper. The second phase is to be followed by the contract award, which is now anticipated…

Office buildings on Miami Beach-owned parking lots advance

As the City of Miami Beach has worked to diversity its economy and growth to reduce dependence on tourism, two major Class A office space developments in Lincoln Lane have been approved to continue contract negotiations with the city administration. The commission approved the land use amendments and term agreements for both projects on what…

Waldorf Astoria name sells residences in 100-story tower

Sales at what will be the tallest residential building south of New York City – Waldorf Astoria Residences Miami – continue to grow at a healthy rate. The 100-story assemblage of glass boxes in downtown Miami is the product of a partnership between New York and Miami-based developer PMG, Toronto-based private equity firm Greybrook Realty Partners and global…

Shoma details residences at Deel Volvo site

Miami-based developer Shoma Group has purchased a 2.5-acre site at 3650 Bird Road, currently home to Deel Volvo, near Coral Gables for $34 million. The property is to become the site for a mixed-use residential project called Shoma One, with 391 apartments and a Shoma Bazaar food hall. The development is expected to cost $220 million to construct, with…

Developers Unveil Plans For The Gardens at Lincoln Lane, Designed By Brandon Haw

Miami Beach commissioners voted last week to move forward with several mixed-use developments to replace surface parking lots serving Lincoln Road in South Beach. One of the development teams also revealed more details of the project they plan to build, to be called The Gardens at Lincoln Lane. The Gardens at Lincoln Lane will be developed by a joint…

Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site

Hyatt Hotels’ stalled plan to redevelop its downtown Miami River site and adjacent James L. Knight Center is back. Hyatt and Coconut Grove-based Gencom are partnering on a new proposal for three towers with a 615-key hotel and more than 1,500 apartments, and are seeking an extension of Hyatt’s ground lease for the city-owned property, according to the…

Scale Model Of Major Supertall Tower Planned In Brickell: Planning Comments Released

Developer JDS has released a photo of a scale model of their Major supertall tower planned on Brickell Avenue. The 82-story, 1,049-foot project also continues to move through the approval process with Miami-Dade planners. On April 14, Miami-Dade planners released comments to the initial design, with a request for: Wider sidewalks; More landscaping…

Chicago developer buys four waterfront Bay Harbor Islands dev sites for $23M

Regency Development Group is diving into booming Bay Harbor Islands, paying a combined $22.5 million for four waterfront development sites. In the largest of the deals, an entity with ties to Chicago-based Regency, led by Igor Michin and Alex Troyanovsky, acquired two adjacent properties totaling nearly an acre at 9927 and 9955 East Bay Harbor Drive…

Prologis offers $24B for Duke Realty in industrial megadeal

Prologis has proposed to buy Duke Realty for $24 billion in an all-stock deal that would add about 160 million square feet to its industrial real estate portfolio. The San Francisco-based logistics specialist offered to buy the REIT for $61.68 per Duke Realty share, Prologis announced on Tuesday. Yesterday, Duke Realty’s share price closed at $47.71. Shares of…

Schulman Properties Lands Equity Financing for Self Storage Project

Schulman Properties has obtained $8.7 million in joint venture equity financing for Dixie Self Storage, a 1,068-unit self storage facility underway in North Miami Beach, Fla. An opportunity zone fund entered the 10-year partnership arranged by Northmarq. In July, the developer acquired the 1.37-acre site for $5.3 million, with the assistance of Lee & Associates.

“WeCrashed” offers few heroes but plenty of reflections for real estate

A V-neck? For a meeting? With an investor? Oh, Adam Neumann. You sweet summer child. Whether comedy or drama, some of the best television centered around the workplace takes a deeper look at the spirit of the times. Behind the three-martini lunches, “Mad Men” showed us ugly truths about American society in the 1960s. “Silicon Valley” satirized tech…

Starwood Capital JV Plans $116M Miami Mixed-Use Project

Miami Beach’s Lincoln Road District is primed for a transformation now that the City Commission is preparing to vote this summer on the approval of Lincoln Road Property Owner LP‘s proposal for The Gardens at Lincoln Lane, an approximately 155,000-square-foot mixed-use development. Lincoln Road Property Owner—a joint venture spearheaded by an…

$57M double play: JV acquires two downtown Miami office buildings

Triple Double Real Estate and Stonerock Capital Partners paid $56.7 million for two office buildings in downtown Miami. The joint venture acquired a 12-story building with a data center and ground-floor retail at 200 Southeast First Street, as well as a 26-story building anchored by First Horizon Bank at 44 West Flagler Street near the Miami…

$56.7M Sale of Two Office Buildings in Downtown Miami Brokered

A partnership between Triple Double Real Estate and Stonerock Capital Partners purchased the portfolio from an undisclosed seller. Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge and Rick Colon of Cushman & Wakefield represented both parties in the transaction. The properties include a 12-story building at 200 S.E. 1st St. and a…

Office space up for sublease back on the rise

The office sublease surge showed signs of abating late last year as companies juggled hybrid work plans and signed for space, but the rise in nationwide availability was back on in the first quarter of 2021. Sublease available rose 3.6 percent to 159 million square feet across the country, according to CBRE data reported by the Wall Street Journal. The…

Abbhi Capital, Peter Gardner pay $19M for Coconut Grove apartments dev site

Abbhi Capital is betting on multifamily in an Opportunity Zone in Miami’s Coconut Grove, paying $18.8 million for a development site that spans a full city block. Abbhi and investor Peter Gardner, through an affiliate, bought 2.4 acres in an Opportunity Zone on the southeast corner of Grand Avenue and Plaza Street. The seller is GV Bimini, managed by Gardner and…

Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants

OpenStore, Baseline, Daliyah and Mizu Rooftop Garden I The Gateway at Wynwood Tech e-commerce firm OpenStore has more than doubled its office space at The Gateway at Wynwood four months after first relocating to the office building. The 13-story property, at 2916 North Miami Avenue in Miami’s Wynwood neighborhood, also scored two new tenants.

Kushner to co-develop multifamily project south of Hard Rock Stadium

Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue: Kushner Companies is diving into Miami Gardens real estate, The Real Deal has learned. Sources told TRD that New York-based Kushner is now a 50-50 partner on the multifamily component of Immocorp Capital’s planned mixed-use development…

Jobs report shows more workers returning to office

Hiring at restaurants, bars and hotels slowed in April, falling about 20 percent from March, according to government figures released Friday. Still, leisure and hospitality, the industry most affected by the pandemic, hired more workers than any other last month as the overall economy added a robust 428,000 new jobs. The unemployment rate remained…

Moishe Mana pays $16M for commercial assemblage in Allapattah

Moishe Mana fattened up his Allapattah portfolio with a $16 million acquisition of properties. The parcels include Las Rosas bar and lounge at 2898 Northwest Seventh Avenue, four retail buildings at 2800, 2820, 2840 and 2850 Northwest Seventh Avenue and a former grocery market at 728 Northwest 29th Street. The four other properties are a single-family…

Shoma pays $34M for Miami apartment towers dev site

Masoud Shojaee’s Shoma Group paid $34 million for a Miami auto dealership, with plans to redevelop it into a pair of apartment towers. Shoma bought the 2.5-acre property at 3650 Bird Road, steps from a Metrorail stop, from an affiliate of Deel Volvo, the dealership currently on the site, records show. Michael Fay of Avison Young represented…

The fall and rise of Marc Roberts, Miami nightclub and condo impresario

From the second floor VIP lounge of E11even nightclub in downtown Miami, Marc Roberts gazed down at a parking lot he bought in the city’s Park West neighborhood. It was late in the afternoon on a recent Thursday, hours before hordes of YOLO partygoers were set to pack Roberts’ lucrative nightlife venue for an early start to the weekend. “I don’t do any other…”

Vive la Miami: French developer acquires Edgewater site for $15M for first U.S. project

In two deals totaling $14.8 million… PR Group Florida, a subsidiary of the French development company led by Christophe Petit and Julien Ridon, paid $13.1 million for an assemblage in the city’s booming Edgewater neighborhood… included a low-rise apartment complex and three houses that were combined into one parcel at 423 Northeast 27th Street.

Sunstone puts The Confidante Miami Beach under contract for $232M

California-based Sunstone Hotel Investors put The Confidante Miami Beach under contract for $232 million, marking the real estate investment trust’s debut in South Florida. Sunstone agreed to buy the 339-key oceanfront hotel at 4401 Collins Avenue from an affiliate of Hyatt Hotels Corporation, according to the buyer’s news release. The deal is expected to close…

Land of development opportunity: Builders bet on south Miami-Dade

The South Dade Logistics & Technology District, a largely industrial complex with some offices and retail proposed for 800 acres outside the Urban Development Boundary in south Miami-Dade County: Miami real estate development duo Jose Hevia and Stephen Blumenthal are not afraid of taking risks, let alone catching heat. While developers’ proposals…

Class A Distribution Building In Medley Trades

Medley 104 Industrial Center, a 263,188-square-foot Class A distribution building in Medley, to an Ares Management Fund. CBRE represented the seller, Dallas-based Lincoln Property Company. The terms of the transaction were not disclosed. Located at 9400 NW 104th Street, the building is fully leased to three tenants: USPLY, PGT Industries, and Artefacto. It features…

Surfside investor completes $34M Hollywood bulk condo purchase

A Surfside-based real estate investment firm completed a $33.9 million bulk condo purchase in Hollywood. An affiliate of Infinity BH Corp., led by Ighal Goldfarb, acquired 160 condos at the 192-unit Luna at Hollywood at 3600 Van Buren Street, according to records. Infinity BH paid $212,000 per unit and obtained a $22 million mortgage from First Republic Bank.

Yamato Office Center in Boca Raton trades for $46M

The Yamato Office Center in Boca Raton traded for $45.9 million. A joint venture of MHCommercial Real Estate Fund II and an unidentified New York-based institutional real estate fund bought the two-building complex at 999 and 1001 Yamato Road from Adler Real Estate Partners, according to a news release from MHCommercial Real Estate. This is…

Pebb, Banyan sell Wawa-leased building at Mainstreet at Boynton

An aerial of the Mainstreet at Boynton with Banyan Development principal Jason Sher and Pebb Enterprises CEO Ian Weiner (LinkedIn, Pebb Enterprises, Aerial via Andy Traficante – Atlantic Aerial Imaging) Pebb Enterprises and Banyan Development sold the Wawa-leased outparcel at their Mainstreet at Boynton mixed-use project for $9.5 million. The…

Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton

Pebb Enterprises and Banyan Development picked up Florida Atlantic University’s tech and innovation-focused Research Park in Boca Raton for $37.5 million. The joint venture bought the seven-building office portfolio at 3600-3998 FAU Boulevard, although the deal was for the long-term ground leasehold interest, according to…

Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project

The project at 201 Clearwater Drive in West Palm Beach, Starwood Capital CEO Barry Sternlicht, Hyperion Group CEO Rob Vecsler and Winter Properties co-CEO David Winter: A joint venture among Starwood Capital Group, Hyperion Group and Winter Properties is charging ahead with a downtown West Palm Beach mixed-use project after securing a $96.4…

Ex-Neiman Marcus building on Palm Beach’s Worth Avenue trades for $78M

The ex-Neiman Marcus building along Palm Beach’s ritzy Worth Avenue traded for $78 million. Jeffrey Camp, through an affiliate, bought the three-story property at 151 Worth Avenue from an entity tied to New York-based O’Connor Capital Partners, according to a deed. Camp purchased the building through a Delaware-registered limited liability company…

Centaur scores $170M financing package for residential golf community at Avenir

Kyle Asher, managing director, Monroe Capital and Lotus Capital managing partner Faisal Ashraf along with a rendering of Panther National in Palm Beach County: The developer of Panther National, a planned single-family home community with a Jack Nicklaus-designed golf course in the Avenir development in Palm Beach County, secured a $170 million financing…

Pantzer pays $78M for West Palm Beach apartment complex

With its recent purchase of a Palm Beach County apartment complex, Pantzer Properties has dropped $145 million — in a one-month span — on two recently completed multifamily projects. An entity managed by Jordan and Jason Pantzer, co-CEOs of the New York-based multifamily investment firm, paid $78 million for The District Flats, a 178-unit apartment…

Woodmont beefs up Palm Beach Park of Commerce portfolio with $21M warehouse deal

Four months after acquiring a massive development site at Palm Beach Park of Commerce, Woodmont Industrial Partners paid the same seller $21 million for a recently completed warehouse nearby. An affiliate managed by Eric Witmondt, CEO of the Fairfield, New Jersey-based commercial real estate firm, bought the 212,000-square-foot facility at 15501 Park of…

The post Miami Commercial Real Estate News May 11, 2022: Pair of Downtown Miami Buildings Sell for $57M; Miami Beach Hotel Under Contract for $232M; More… appeared first on Hawkins Commercial Realty.

Miami approves major lease for Beckham soccer stadium mixed-use development

From left: David Beckham, former professional footballer and current president and co-owner of Inter Miami CF; Francis Suarez, mayor of Miami; and Jorge Mas, chairman, MasTec, along with a rendering of Miami Freedom Park: The city of Miami commission chambers erupted into cheers and applause after elected officials approved the long-awaited lease…

Shoma Group Acquires Site for $220M Miami Development

Shoma Group has paid $34 million for a 2.5-acre site for the development of Shoma One, a 391-unit community in Miami. Avison Young represented the seller, Deel Volvo. The $220 million project is slated to break ground in January 2023 and is set for completion in less than 24 months. Shoma One will encompass two 18-story towers with studio, one- and two-bedroom…

Surfside collapse site auction set for May 24

The Surfside collapse site auction is set for later this month, marking a landmark decision in the case and a milestone for unit owners poised to receive sale proceeds. Miami-Dade Circuit Judge Michael Hanzman late Wednesday approved the auction for May 24, less than a year after the oceanfront condo collapsed on June 24, killing nearly 100…

Miami Beach gives preliminary OK to controversial Peebles, Sternlicht office projects near Lincoln Road

Developers’ controversial proposals to build offices on city-owned parking lots near Lincoln Road in Miami Beach gained ground on Wednesday. In a 5-to-2 vote, the Miami Beach City Commission gave preliminary approval to two development groups — one that includes Don Peebles and former mayor Philip…

Menachem Kranz buys waterfront Bay Harbor units in bulk deal, plans condo project

Menachem Kranz bought all the units at a waterfront Bay Harbor Islands condominium for $6.5 million, joining the trend of bulk purchases at aging buildings in the wake of the deadly Surfside collapse. Kranz, through an affiliate, bought the 10 units at 9110 West Bay Harbor Drive, with plans to replace the existing two-story building with a boutique condo…

Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding

Some are calling it the wedding of the year. Zach Witkoff, president of Witkoff Capital, married model and actress Sophi Knight at the Mar-a-Lago Club in Palm Beach last weekend, and the event attracted real estate’s elite. Zach is also EVP of his father Steve Witkoff’s eponymous New York-based firm, Witkoff. Former President Donald Trump, who owns the private…

Hialeah apartment project scores $67M construction loan

Juan Carlos Gonzalez scored a $67.1 million construction loan for a Hialeah multifamily project that will replace a truck yard, marking continued investor appetite for apartments. Gonzalez, through his J.V.C. Management Corporation affiliate, obtained the financing for the Emerald Bay Apartments development at 4030 West 88th Street from Ocean Bank…

Assemblage complete: Clara Homes pays $18M for third Bay Harbor Islands redevelopment site

With a $17.6 million acquisition of four two-story rental buildings, Clara Homes completed a non-contiguous assemblage for a new luxury apartment complex in Bay Harbor Islands. The Miami-based real estate development firm, led by founder and CEO James Curnin, bought the buildings on 1.3 acres at 10200 and 10290 East Bay Harbor Drive…

Rosewood Hotels to brand Michael Shvo’s Raleigh development in Miami Beach

Rosewood Hotels & Resorts will brand Michael Shvo’s Raleigh development in Miami Beach. The brand announcement marks a milestone for the project planned for 1751, 1757 and 1775 Collins Avenue, which has been in the works for years. Rosewood will manage the 60-key oceanfront hotel and brand the 17-story, 44-unit condo tower that Shvo plans to build…

Alta Developers takes over stalled Bay Harbor Islands condo, to relaunch sales with higher prices

Unable to secure financing amid rising construction costs, a Chilean condo developer handed over a stalled project site in Bay Harbor Islands to another firm, The Real Deal has learned. Supply chain issues, escalating costs and labor shortages pose the greatest threats to condo developers in South Florida today, as demand for units…

County plans to offer condo 40-year recertification loans

Condo associations needing financial aid to make emergency structural repairs to pass their 40-year recertification inspection may soon get relief from Miami-Dade County and private financial institutions. Commissioners Tuesday deferred a resolution directing Mayor Daniella Levine Cava to explore creating a loan program alongside financial institutions to…

11 Venetian Causeway bridges to be replaced

County commissioners approved on Tuesday a $10.6 million agreement between EAC Consulting and the Florida Department of Transportation to design plans to replace 11 bridges of the Venetian Causeway from Miami to Miami Beach. Work on the plans is set to start immediately. About four years of construction is expected to begin 2.75 years after a notice…

Freedom Park soccer plan passes touting billions for the city

A more than eight-year quest to establish a Major League Soccer team in the City of Miami culminated in an historic vote April 28, approving a 99-year lease of city property to David Beckham and his partners. What today is Melreese Golf Course, next door to Miami International Airport, will be transformed into Miami Freedom Park, with promises of billions…

MG buys redevelopment site near Coconut Grove for $20M

MG Developer paid $19.5 million for a redevelopment site near Coconut Grove where the seller previously planned a mixed-use project, The Real Deal has learned. In an off-market deal, Coral Gables-based MG’s affiliate, Merrick Parc LLC, acquired the 43,785-square-foot property with a small commercial building at 3898 Shipping Avenue, Jose Canero with The Cane…

JV pays $100M for Southland Mall, eyes mixed-use redevelopment

A joint venture paid $100.3 million for a shopping mall in a Cutler Bay Opportunity Zone, with plans for a major renovation while adding a residential component. North Palm Beach-based Electra America and Miami-based BH Group teamed up to acquire the 808,776-square-foot indoor mall on a nearly 80-acre site at 20505 South Dixie Highway…

Dezer sells North Miami Beach properties to Ari Pearl and partners for $31M

Dezer Development sold an assemblage in North Miami Beach for $31.1 million to a partnership led by Ari Pearl. Dezer sold properties anchored by Nova Southeastern University’s former North Miami Beach campus at 1750 Northeast 167th Street to Pearl, Matt Press of EquiShares and Isaac Khabie of ARK Ventures, according to…

Bridge Industrial nabs $154M construction loan for Miami Gardens project

Bridge Industrial got a major boost for its Miami Gardens business park development with a $154 million loan to complete construction of nearly 1.6 million square feet of new warehouse space. The financing is for the development of two Class A industrial buildings, representing the second phase of Bridge Point Commerce Center at 4310 Northwest 215th Street…

South Florida by the numbers: Miami developers stay nimble

Much of Miami’s recent real estate success has been attributed only to the pandemic, and the various shifts in mainstream behavior that resulted from it. But the full reality is much bigger and more complex, and involved many years of careful, patient planning to implement. “Miami is a 10-year overnight success story,” Mayor Francis Suarez…

Insatiable demand and tightening supply pump up South Florida industrial rents

South Florida industrial landlords experienced more bountiful returns on their investments during the first quarter, according to a recently released report. In Miami-Dade, demand consistently outpaced supply, even as industrial developers added about 11 million square feet of new warehouse space in the past three years, the JLL report found. During the same…

Two Roads plans bulk purchase of bayfront Miami condo building, to replace with luxury towers

Two Roads Development is set to close a bulk purchase of condominium units in a mid-rise bayfront building in Miami’s Edgewater, then redevelop the property as a three-tower luxury residential complex. The move follows the trend of unit owners at aging South Florida buildings opting to sell out to a developers…

House to Biden: Seize and sell Russian real estate

The House of Representatives has an idea of what to do with seized Russian real estate: sell it. The House passed nonbinding legislation on Wednesday, urging President Joe Biden’s administration to confiscate and sell the assets, the New York Times reported. Only eight representatives voted against the essentially symbolic bill. The bill calls on Biden’s administration to…

EverWest pays $14M for Fort Lauderdale industrial property

Denver-based EverWest Real Estate Investors bought a fully leased Fort Lauderdale industrial property for $14.1 million. EverWest purchased the warehouse at 635 Northwest Fourth Avenue and a 0.3-acre lot directly south of the building from Dixie Investments IV, according to the buyer’s broker. Jose Sasson and Roberto Susi of Axiom Capital Advisors represented…

Naftali doubles down in South Florida, buys Fort Lauderdale dev site for $20M

Naftali Group is ramping up in South Florida, acquiring its second development site in a little over a month. The New York-based condo and rental developer, led by Chairman and CEO Miki Naftali, paid $20 million for a nearly 1-acre property at 201 North Federal Highway in Fort Lauderdale’s Flagler Village, according to records. The acquisition comes…

Arkadia JV pays $31M for Coral Springs industrial complex

Barings Chairman and CEO Mike Freno, Arkadia managing principals Richard Kilstock and David Aaron and the industrial complex at 3850-3872 Northwest 126 Avenue in Coral Springs: Arkadia Property Group and Barings teamed up to buy a Coral Springs industrial complex for $31 million in an off-market deal. The joint venture acquired the Coral Springs…

Toronto REIT buys Juno Beach rehab center for $25M

A Toronto-based real estate investment trust bought a Palm Beach County rehab center for $25.4 million as part of a $600 million national portfolio deal. An affiliate of NorthWest Healthcare Properties REIT, led by CEO Paul Dalla Lana, is the new owner of the 107-bed Beach House Center for Recovery at 13211 US Highway 1 in Juno Beach, according to records.

Reuben Brothers buys Chesterfield Hotel in Palm Beach

Reuben Brothers bought the Chesterfield Hotel in Palm Beach, a boutique property developed in 1918. A company led by Richard Launder sold the hotel at 363 Cocoanut Row to an affiliate of Reuben Brothers, the private equity and investment firm led by British billionaire brothers David and Simon Reuben, according to property records and a spokesperson…

The post Miami Commercial Real Estate News May 4, 2022: Beckham MLS Stadium Approved; Southland Mall Sells for $100M; Land Secured for $220M Multifamily Development; More… appeared first on Hawkins Commercial Realty.