Month: June 2022

Griffin’s Citadel seen behind record $363 million Miami land purchase

Ken Griffin’s plans to shift Citadel’s headquarters to Miami from Chicago gained momentum months ago with a record-breaking acquisition on the South Florida waterfront. Griffin and his company were behind the $363 million purchase of a 2.5-acre vacant site at 1201 Brickell Bay Drive, according to people familiar with the matter, who asked not to be…

Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos

Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures) Coral Gables is poised to get more development. Codina…

Lenders dole out $320M in construction financing for Brickell, Miami Worldcenter condo towers

Newgard’s Harvey Hernandez, Lalezarian Properties’ Kevin Lalezarian and the Lofty Brickell and Miami World Tower projects: Developers for a pair of condo projects in Brickell and downtown Miami nabbed construction financing totaling $320 million. Coconut Grove-based 3650 REIT lent $170 million for the construction of Lofty Brickell, a 44-story condo tower…

A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis

Marcia Fudge, U.S. Secretary for Housing and Urban Development, swooped into Miami on Tuesday, and declared the city ground zero of the nation’s housing crisis. Local residential real estate experts somewhat agreed. “I decided I was going to Miami, to the epicenter of the housing crisis in this country,” Fudge said during a tour of Related Group’s Liberty Square…

Fruchtlanders pay $61.5M for apartment complex near Zoo Miami

The Fruchtlanders’ FBE Limited bought an apartment community near Zoo Miami for $61.5 million, marking the family’s expansion in South Florida’s multifamily market. New York-based FBE Limited bought the 316-unit The Park at Sheffield at 15601 Southwest 137th Avenue in unincorporated Miami-Dade County, near Kendall, according to broker Tal…

Competition For Industrial Real Estate Around Ports Heats Up. Leading the Port Markets Is Miami.

Industrial real estate has been the one of the most sought-after property types nationally, leading to record low vacancies and increased competition among investors and tenants. When it comes to selecting a market for industrial investment, port markets are emerging as the safe bet for investors to park capital due to the positive rental growth…

Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries

Michael Comras and Marc Roberts with Google Street View of the properties at 60 Northeast 11th Street, 6901 Biscayne Boulevard, 2222 Northwest Fifth Avenue and 172 West Flagler Street all in Miami: South Florida real estate investors and developers Marc Roberts and Michael Comras are the first to push for medical marijuana stores in Miami, after the city’s de-facto ban…

Arrival of Tri-Rail in downtown Miami stalled, leader spreads blame

Arrival of Tri-Rail in downtown Miami remains delayed from a previously announced November date as the South Florida Regional Authority (SFRTA), Brightline and FEC Railway seek agreement on the need for a new dispatch desk and begin training staff to run the trains. Steven Abrams, executive director of SFRTA, said FEC Railway, which owns the tracks, is requiring…

As imports rise, PortMiami expects 3% cargo increase

PortMiami cargo has been growing after Covid-19 slowdowns and is expecting a conservative increase rate of 3% year-over-year as demand for all types of imported commodities continue to increase and new trends leverage closer manufacturing regions and avoid international conflict. Last year, PortMiami recorded a cargo performance high of 1,254,062 TEUs…

Lehman Dealership group sold to national Lithia and Driveway

Lehman Dealership Enterprises, a family-owned business with over 80 years in South Florida’s market, just sold its automotive business to Lithia & Driveway, one of the largest automotive retailers in the nation, headquartered in Oregon. “We’re very eager to expand [and] to serve customers in Florida, and within Florida, the Lehman group is regarded…

Vizcaya restoration dooms former science museum

Say goodbye to the former Miami Science Museum. In another step toward restoration of county-owned Vizcaya Museum and Gardens set to begin next month, the former science museum and planetarium building will fall. The first phase consists of tearing down the non-historic buildings on the site of Vizcaya’s farm village west of Bayshore Drive and building an…

Russell Galbut buys dev site near Five Park in South Beach, plans hotel

Russell Galbut’s GFO Investments picked up a hotel development site in South Beach, steps away from the Five Park condo tower the firm is co-developing with Terra. An affiliate managed by executives of Miami-based GFO paid $5.7 million for the two-story, 12-unit apartment complex at 1030 and 1050 Sixth Street, records show. The city of Miami Beach last year…

Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract

Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect) Rishi Kapoor’s Location Ventures proposes a 16-story condominium in Coral Gables, marking continued redevelopment in the city. Location…

Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price

Rockpoint sold a Brickell office tower for $286.5 million, marking a record for South Florida office deals since 2016. Boston-based Rockpoint sold the 28-story building at 1221 Brickell Avenue in Miami to a Delaware-registered entity led by Randall Davis and listing a Palm Beach address, according to records. The deal follows another mystery entity…

Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report

Miami’s industrial market, which includes all of Miami-Dade County, is the nation’s top performer for annual rent growth, according to a JLL report. Year-over-year, the Miami industrial market experienced a 53 percent jump in rent, more than Los Angeles, which had the second highest rent hike at 45 percent, and New York/New Jersey, which had the fourth highest…

Year since deadly collapse marked by condo reforms, new development in Surfside

Susie Rodriguez has difficulty accepting that a new building will soon stand in place of her former home, Champlain Towers South, which collapsed a year ago, killing her friends and neighbors. “It will be very strange to see another building there,” said Rodriguez, who was not in her condo during the tragic event last summer. “I don’t think I can ever…

OKO Group, Cain Top Off 55-Story 830 Brickell Office Tower in Miami

OKO Group and Cain International have topped off construction at 830 Brickell, a 55-story office tower underway in Miami’s Brickell Financial District. The 724-foot building is the first standalone office tower to break ground in Brickell in over a decade, according to the developers. Project partners include general contractor Civic Construction, architectural…

Miami’s 830 Brickell Tops Out

OKO Group and Cain International are developing the first Class A office tower in the city’s urban core in more than a decade. Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be built in the urban core in more than a decade, at 55 stories and 724 feet as it nears completion later this year. Developed by OKO Group and Cain…

Spot On Ventures buys Miami Beach Hilton-branded hotel for $44M

Pebb Capital and LeaseFlorida sold a renovated, historic hotel in Miami Beach for $43.9 million, a month after selling an adjacent retail space for nearly $18 million. An affiliate of Spot On Ventures, an Osterville, Massachusetts-based real estate firm specializing in hotels and restaurants, acquired the Hampton by Hilton at The Continental at 4000 Collins Avenue…

Blackstone’s Link Logistics pays $291M for Calder’s horse racing track

Blackstone’s subsidiary Link Logistics paid $291 million for Calder’s former horse racing track and surrounding property, with plans for an industrial complex and movie studios in Miami Gardens. The New York-based company purchased the 115.7-acre site at 21001 Northwest 27th Avenue from an affiliate of Calder Casino’s parent company, Louisville…

EverWest buys Hialeah Gardens industrial building for $43M

EverWest Real Estate Investors’ Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens: EverWest Real Estate Investors bought a newly built warehouse in Hialeah Gardens for $43.2 million, continuing its buying spree in South Florida. Denver-based EverWest bought the 164,298…

Miami nabs another big name as Citadel’s Griffin shifts HQ

Miami nabbed another deep-pocketed hedge fund billionaire – and his business. Citadel founder Ken Griffin, the wealthiest resident of Illinois, is moving his family and corporate headquarters to Miami from Chicago, multiple news outlets reported, citing a letter to employees. Griffin has long criticized Illinois Gov. J.B. Pritzker, a Democrat, and lashed out at…

Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road

Controversial proposals to build offices in Miami Beach near the city’s famous Lincoln Road passed another hurdle on Wednesday. The Miami Beach City Commission voted 5-1 to approve a slew of items needed for the proposals to proceed. Vice Mayor Kristen Rosen Gonzalez cast the sole dissenting vote after hours of heated debate with the rest of the…

Steve Ross’ plan to redevelop historic Deauville resort in Miami Beach advances

Billionaire developer Steve Ross is one step closer to achieving his goal of buying and redeveloping the historic Deauville Beach Resort property in Miami Beach. Ross, founder and chairman of the Related Companies and owner of the Miami Dolphins, has an agreement with the Meruelos, the controversial owners of the Deauville, to buy the hotel for an…

Miami leads nation in rent hikes — again

If rising rents were a race, Miami would be crushing the competition. Miami rents climbed 45.8 percent in May compared to last May, according to a newly released report from Realtor.com. Miami’s annual rent growth was a stand-out; its closest rival was Orlando at 28.4 percent. Nationwide, rents increased an average of 15.5 percent. The latest data on Miami…

Developers plan Lauderhill mixed-use, multifamily development with 245 units

Developers plan a Lauderhill rental project that may include affordable housing. The Lauderhill City Commission on Monday approved 441 Arthouse, a mixed-use development on U.S. 441 with 245 units and 10,000 square feet of commercial space. Hollywood-based developer Matthew Jacocks said the units will include at least four two-story townhouses…

Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices

Google Street View of the properties at551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings) Billionaire Carl DeSantis’s CDS International Holdings bought a Bank of America-leased property in Delray Beach for $25 million. CDS International, based…

Cottonwood buys Pompano Beach apartment complex for $95.5M

From left: Harbor Group International’s Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential’s Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach: Cottonwood Residential bought a Pompano Beach apartment community for $95.5 million, marking unceasing investment appetite for South Florida…

Estate Companies’ Pompano Beach, Hollywood apartment projects advance

From left: The Estate Companies’ managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard: The Estate Companies is moving forward with two Broward County multifamily projects. The South Miami-based company scored final approval for a 253-unit Pompano…

Saddled with $260M debt, Pembroke Lakes Mall could be in trouble: Morningstar

An exodus of tenants and diminished net cash flow could spell trouble for the owner of Pembroke Lakes Mall, which is saddled with a $260 million interest-only loan that is due in two years, according to a recent Morningstar report. New York-based Brookfield Properties acquired Pembroke Lakes Mall in 2018 when the firm bought shopping mall…

First Industrial picks up Pompano Beach manufacturing facility for $25M

First Industrial Realty Trust scooped up a Pompano Beach manufacturing building for $25 million, marking continued investor appetite for South Florida’s industrial market. Chicago-based First Industrial purchased the 113,610-square-foot building on 8.4 acres at 1801 North Andrews Avenue, and leased it back to the seller, according to a news release from the sell…

Starwood sells UM-leased medical office building in Plantation for $46M

Starwood Capital Group sold a Plantation medical office building fully leased to the University of Miami Health System for $45.5 million. An affiliate of Anchor Medical Properties, a Charlottesville, Virginia-based real estate investment firm, bought Crossroads III, a 101,851-square-foot Class A medical office building at 8100 Southwest 10th Street, records…

The post Miami Commercial Real Estate News June 29, 2022: Citadel Moving to Miami, Seen Behind $363M Land Purchase; Calder’s Horse Track Sold for $287M; More… appeared first on Hawkins Commercial Realty.

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Avenue in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price…

Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach

Developer Michael Shvo’s plans for a Norman Foster-designed Class A office project on Alton Road moved forward on Tuesday, after a Miami Beach board voted in favor of transferring city land to the developer. Shvo’s proposal…  250,000-square-foot development on the site of the long-shuttered Epicure…  at 1656, 1664, 1676 and 1680 Alton Road…

Robert Wennett sells warehouse complex near Miami Produce Center for $11M

Robert Wennett sold a warehouse complex near his Miami Produce Center redevelopment site in Miami’s Allapattah for $10.5 million. An affiliate of Accesso Partners bought the 35,908-square-foot, multi-tenant industrial warehouse at 1335 Northwest 21st Terrace, according to a press release. The deal breaks down to $292 per square foot…

Lease roundup: The Gateway at Wynwood scores three new tenants

Ripple, Victory Polymers I The Gateway at Wynwood I Miami R&B Realty Group scored three new tenants at its Gateway at Wynwood office building. Victory Polymers, a Houston-based provider of Spray Polyurethane Foam insulation products, took 4,000 square feet at the 13-story building at 2916 North Miami Avenue, R&B said in a news release. San Francisco-base…

Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Allapattah

A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th Street in…

Miami-Dade urges feds to push down loan interest on farmland

County commissioners are urging the Biden administration and the US Department of Agriculture to act to lower interest rates on loans for the purchase of land for agricultural use. The request came only one day before the Feds announced a record .75 percentage point increase in interest rates to slow the economy and put brakes on inflation. A resolution sponsored…

60-story residential tower for Edgewater rejected

In a rare move, Miami’s Urban Development Review Board has rejected a 60-story mixed-use residential tower proposed for Edgewater. On a vote of 5 to 1, the board voted to recommend denial of the project to the city’s planning director. Board members voiced many concerns regarding the planned traffic and pedestrian circulation of the planned skyscraper…

Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami

Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s…

JDS Development Group Receives Construction Financing for 64-Story Southside Park Mixed-Use Tower in Miami

JDS Development Group has received $86 million in acquisition and construction financing for 1 Southside Park, a 64-story mixed-use project in Miami’s Brickell neighborhood. Plans call for 1,175 apartment units, 190,000 square feet of office space, a 200-room hotel, 10,000 square feet of retail space and 1,400 parking spaces. The development will include the…

Success of Miami hotels a barrier to international groups

International group travel to Miami is facing the challenge of high room rates caused by the area’s success as a leisure destination. High prices for hotel blocks in the travel group business and long delays in visa processing are slowing growth of sales for international groups, says David Whitaker, president and CEO of the Greater Miami Convention & Visitors Bureau.

Town of Surfside sued after approving project next to aging condo building

The town of Surfside is facing a lawsuit over its approval of a luxury oceanfront development next to the aging Carlisle on the Ocean condos, reflecting fears of construction near old buildings that have rippled through the community in the year since the deadly collapse of Champlain Towers South. Shannon Gallagher, a Carlisle…

Preservation board approves NY developers’ South Beach office project

Developers Sumaida + Khurana and Bizzi & Partners can move forward with their Miami Beach office project after receiving the green light from the city’s historic preservation board. The joint venture between the two New York-based firms is planning a five-story office building with 3,125 square feet of ground-floor retail…

Miami board OK’s Beckham stadium design, complex master plan

David Beckham’s proposed Major League Soccer stadium and surrounding mixed-use development just cleared another hurdle. The Miami Urban Development Review Board on Wednesday approved designs for the 25,000-seat stadium and nearly 5,000-car parking garage, as well as the master plan for the broader project, which includes a hotel, offices and a public…

Miami board rejects Aimco’s proposal for waterfront Edgewater tower

It’s back to the drawing board for Aimco, after a city of Miami board denied recommending approval of its plans for a luxury rental tower in Edgewater. Miami Urban Development Review Board members voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower, after finding a number of “major issues…”

What are fiduciary duties?

Business partners, key employees and shareholders all have certain obligations and requirements they owe to one another, and to a business. Basically, all of these individuals commit to making decisions that first and foremost benefit the company, without regard to the potential impact that it may have on them personally. In short, this means that they are…

Swire, Stephen Ross’ Related plan Florida’s tallest commercial tower in Miami’s Brickell

For the second phase of Brickell City Centre, Swire Properties is teaming up with Stephen Ross to build one of the tallest towers in the Sunshine State. Swire, led by President Kieran Bowers, and Ross’ Related Companies announced a joint venture to develop One Brickell City Centre, an office tower that will rise 1,000 feet at 700 Brickell Avenue and 799 Brickell…

Ugo Colombo’s CMC and Morabito land $65M construction loan for Bay Harbor condos

Ugo Colombo’s CMC Group and Morabito Properties nabbed a $64.5 million loan to complete construction of a waterfront luxury condominium in Bay Harbor Islands. Bank OZK provided the financing for the joint venture’s Onda Residences, a planned 41-unit, eight-story development at 1135 103rd Street, according to an emailed statement from Colombo, Miami-based…

Ares Management Pays $62M for 2 Miami Industrial Assets

Ares Management Real Estate has acquired Building 18 and Building 22, two industrial facilities under construction within Countyline Corporate Park in Hialeah, Fla., for a combined $62 million, according to Miami-Dade County records. The 360,845-square-foot Building 18 traded for $37 million, while the 213,907-square-foot Building 22 changed hands for $25 million…

Developer switches office park plan in Pembroke Pines to mixed-use apartment project

TPA Group plans to build a mixed-use project with 350 rental apartments around its ongoing office development in Pembroke Pines. City commissioners voted Wednesday to rezone the 25-acre Edison Pembroke development site between I-75 and 145th Avenue just south of the Shops at Pembroke Gardens. Atlanta-based TPA Group has built a three-story…

Investor drops $31M for North Lauderdale shopping center

A North Miami Beach investor beefed up his South Florida retail portfolio with a $31 million purchase of a Broward County shopping center. Two entities managed by Alberto Dayan bought Arena Shoppes at 7296 West McNab Road in North Lauderdale, records show. The entities obtained a $20.7 million mortgage from FirstBank Puerto Rico. Paul Ahmed…

Goodbye Park ‘N Fly: Bridge Industrial pays $20M for site of planned logistics facility near Port Everglades

Bridge Industrial plans a logistics facility between Fort Lauderdale-Hollywood International Airport and Port Everglades, marking the company’s unceasing investment in South Florida’s industrial market. The Chicago-based company paid $20 million for the 22.4-acre property at 2200 Northeast Seventh Avenue in Dania Beach in an off-market deal…

The post Miami Commercial Real Estate News June 22, 2022: 60-Story Edgewater Dev Rejected; Wennett Sells Warehouse Near Miami Produce Center; MB Hampton Inn Trades; More… appeared first on Hawkins Commercial Realty.

Trion enters Miami-Dade with $87M multifamily purchase

Trion Properties made its Miami-Dade County debut with the $87.3 million purchase of a rental complex in the Fontainebleau neighborhood, marking unwavering investment appetite in the multifamily market. Trion, based in Miami and West Hollywood, California, bought the 294-unit Art 88 at 8855 Fontainebleau Boulevard, according to a Trion news release. The…

The Top 5 Office Projects Under Construction in Miami

Miami’s business-friendly environment, rapid population growth and attractive climate act as a catalyst for office investment and development in the metro. According to CommercialEdge data, the active pipeline included some 2.4 million square feet of office space across 18 properties as of June. Construction activity was concentrated in Miami’s Brickell…

Mortgage rates flirt with 6%, but silver linings exist

After reaching record-breaking lows during the pandemic, mortgage rates have been climbing at a similarly historic pace this year, worrying brokers and especially buyers. This week, rates reached another milestone. The average 30-year fixed mortgage rate throughout the U.S. exceeded 6 percent Monday, just two months after breaching the 5 percent barrier. Also on…

Doubling up: Ares pays $62M for two Hialeah industrial buildings under construction

Ares Management made a $62 million double play in South Florida’s industrial market, picking up a pair of Hialeah warehouses under construction. An affiliate of the Los Angeles-based global alternative investment manager paid $37 million for a 9.6-acre site at 410 West 104th Street, and $25 million for an adjacent 10.2-acre parcel, according to…

TM Real Estate parts with Miami Gardens office building Washington Square

TM Real Estate sold an office building in Miami Gardens that houses the Youth and Family center nonprofit. The Coral Gables-based investment group sold the 72,407-square-foot office building at 111 Northwest 183rd Street for $6.1 million, or $84 per square foot, records show. Washington Square GP Management, which is managed by Zachary Preminger…

Office Construction Activity on the Rise in Miami

In April, Miami had the third largest relative office construction pipeline in the nation, according to CommercialEdge data. By the end of the month, the Florida metro had 5.4 million square feet under construction, more than double its pipeline in April 2021, when the total stood at 2.4 million square feet. Miami’s office development activity has seen a noticeable uptick…

Boymelgreens score construction loan for condo project in Mid-Miami Beach

The Boymelgreens scored a $35.5 million construction loan for their planned boutique condo development in Mid-Miami Beach, The Real Deal has learned. JP Roosevelt, an entity led by Sarah, Menachem and Levi Boymelgreen, secured the financing from BridgeCity Capital. The developer plans to break ground this month on the eight-story, 50-unit project…

Michael Stern’s JDS lands $86M loan for planned mixed-use Brickell high-rise

New York and Miami developer Michael Stern secured an $86 million loan for his planned mixed-use Brickell tower called 1 Southside Park. New York-based Maxim Capital Group provided the acquisition and construction financing to Stern’s JDS Development Group, according to a press release. The 64-story tower, between Southwest 11th and 12th streets and…

Block Capital sells two Wynwood buildings for $19M

Block Capital Group sold a pair of warehouses converted to offices in Miami’s Wynwood for $18.7 million. An affiliate of WellMeaning Investments, a Miami-based family office led by CEO Eduardo Pelaez, bought the two buildings at 100 Northeast 28th Street and 85 Northeast 27th Street, according to records. The properties have a total of 23,247 square…

Miami OKs Miami Freedom Park site for its office tower

The Miami City Commission took a major step toward a new city government office building to replace the Miami Riverside Center downtown over strong objections of Commissioner Manolo Reyes. On a 4-1 vote June 9, the commission selected city-owned property at 1550 NW 37th Avenue for the new building, right next door to the new Miami Freedom…

Tower by tower, Edgewater skyline soars higher

Transformative high-rise towers are changing the Edgewater neighborhood, with more to come as demand for luxury residences continues to grow. Residential real estate developer Melo Group, which built Edgewater projects like 22 Biscayne, 22 Skyview, Bayhouse, 25 Biscayne, Second Plaza, 25 Mirage and Urban 22 – all luxury condos…

Revealed: One Brickell City Centre Supertower Redesigned, Construction In 2023

Related Companies and Swire Properties have unveiled plans for their joint development of the One Brickell City Centre supertall. One Brickell City Centre will be an “approximately 1,000 foot supertower” that will become the tallest commercial tower in Florida, according to a statement by the developers. The new tower will be nearly all office space. Tenants will…

Start delayed on Coral Gables Mobility Hub

Groundbreaking plans for the Coral Gables Mobility Hub have temporarily been placed on hold, according to city officials. The city is carefully moving forward with the mobility hub, a project that will position Coral Gables at the forefront when it comes to technology and transportation, City Manager Peter J. Iglesias said. “However, due to the current increases in the cost…”

County looks to lakes filled with floating solar power plants

Miami-Dade is seeking to add floating solar power plants to its electrical operations while it looks to the private sector to speed the use of the floating plants elsewhere, a report from Mayor Daniella Levine Cava says. “The county is reviewing some of its facilities with water bodies close enough to ‘tie-in’ floating solar power plants to their on-site electricity…”

Miami International Airport near cargo ceiling, expansion plans take off

As Miami International Airport became the leading airport in the US for international cargo in 2021, at least five of the 42 cargo airlines have ambitious plans for expansion that would increase cargo capacity in the next five years. The airport currently has 2.8 million square feet of cargo warehouse and storage. Staff is working with major international…

Well-known challenges could impede Miami’s tech growth

Two new studies substantiating Miami’s tech hype also reveal how much we must do to make that growth path pivotal to our economy. The jury is out about whether we can meet that challenge.  Venture capitalists poured $5.6 billion into this area in 2021, according to “Miami’s Tech Entrepreneurship Ecosystem 2012 to 2022,” funded by the John…

Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments

Cymbal DLT scored a $102.5 million loan for the site purchase and construction of a Miami Gardens apartment complex. The Miami-based joint venture plans to build a 341-unit community at 20775 Northwest 17th Avenue, paying $15.5 million for the 14-acre former horse stable site, according to a Cymbal DLT news release. The company is a partnership…

$26B Prologis-Duke deal ends cold war

Everything has a price. For Duke Realty, the industrial powerhouse that had fended off a takeover by Prologis for months, it was $26 billion. San Francisco’s Prologis will acquire Indianapolis-based Duke, which controls some 153 million square feet in 19 markets, in an all-stock deal expected to close in the fourth quarter, according to a Monday announcement.

Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park

Finsight Group I Waterford Business District I Miami-Dade County New York City-based Finsight Group leased an office at the TIAA-owned portion of the Waterford Business District near Miami International Airport, marking continued influx of Northeastern fintech firms to South Florida. Finsight signed for 3,122 square feet at…

YotelPad Miami owners discover they can’t rent their units out daily as promised

Buyers at YotelPad Miami, who were promised the ability to rent their units out without restrictions, are unable to do so due to a change in the city’s code, The Real Deal has learned. And they may be losing rental income as a result, while the developer tries to resolve the issue. An affiliate of David Arditi’s Aria Development Group completed the downtown Miami…

Moishe Mana unloads North Miami Beach office building for $20M

Moishe Mana abandoned plans to convert a North Miami Beach office building into apartments, selling the property for $20 million as he focuses on other redevelopment projects. An entity managed by New York-based real estate investor Yoel Weiss purchased the 12-story building at 633 and 699 Northeast 167th Street, according to a press release. The deal…

Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects

More office and multifamily projects may be coming to Wynwood, as developers propose new projects for the once-gritty warehouse district. Pioneer Wynwood developer Goldman Properties wants to build an office building, and a joint venture between Scott Robins and Philip Levine tweaked a previous plan for a hotel with apartments – and now…

Builders have high hopes for 3D-printed housing

Community First Village, Austin (ICON) America’s first fully permitted 3D-printed home took twice as long to print and cost more than double what its backers expected. Yet it was far from a failure. The 350-square-foot house was set to be printed in a total of 24 hours over the course of several days at the South by Southwest Interactive Conference 2018 in Austin.

Amazon Slowdown Sends Shivers Through Red-Hot Warehouse Sector

Amazon. com Inc.’s decision to throttle back on its e-commerce operations threatens to slow the growth of the industrial-space sector, one of the hottest areas of commercial property. For now, demand from other retailers is expected to pick up the slack, supporting warehouse occupancies and rent levels, analysts say. Rents, occupancy levels…

Walker & Dunlop Structures $61 Million in Financing for Miami Opportunity Zone Development

Walker & Dunlop, Inc. announced today that it structured $61,046,600 in financing for UNI Tower, Miami, Florida’s first 100% income- and rent-restricted residential skyrise. Located in the heart of Miami’s urban core, the property will deliver 252 much-needed affordable and workforce housing units to one of the country’s most costly housing markets.

Charles “Chip” Abele sells Hollywood mixed-use project for $66M tied to $84M refi

Charles “Chip” Abele sold a Hollywood mixed-use project for $65.6 million to a related entity, linked to an $84 million refinancing. An entity managed by the Hollywood-based developer bought 1818 Park at 1818 Hollywood Boulevard from another Abele-related affiliate, records show. The new ownership entity obtained an $84 million mortgage from Deutsche Bank…

Movie studio complex may rise on former incinerator site in Fort Lauderdale

Fort Lauderdale will negotiate with a company to build and operate a full-service movie studio complex on a former garbage incinerator site that the city owns. City commissioners voted 4-0 Tuesday night to approve a resolution directing city staff to negotiate an interim or comprehensive agreement with Fort Lauderdale Studio Initiative LLC for the…

Integra scores approval for Ocean Park hotel and condo project in Fort Lauderdale

Integra Solutions won site plan approval for Ocean Park Hotel and Residences, a planned condominium and all-suites hotel development in Fort Lauderdale near the Intracoastal Waterway. The Fort Lauderdale City Commission on Tuesday approved a site plan development permit for the mixed-use project on 1.26 acres just southwest of the intersection…

Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site

409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development. A joint venture of Jorge Pérez’s Related Group and Henry Pino of Alta Development bought a vacant site in Fort Lauderdale for $15.5 million. The developers purchased an acre, or the majority of the 1.3…

Fort Lauderdale to pay Elon Musk’s company to study tunnel plan for the city

Billionaire entrepreneur Elon Musk is a step closer to achieving his tunnel vision for Fort Lauderdale. The city will pay his tunnel business, The Boring Company, to study the cost and feasibility of an underground loop for vehicles shuttling passengers between downtown Fort Lauderdale and the city’s beach. It is known as the Las Olas Loop project, aimed at…

Elion Partners buys Pompano Beach industrial building for $15M

Elion Partners is continuing its industrial real estate shopping spree, paying $15.3 million for a Pompano Beach warehouse. North Miami Beach-based Elion bought the property at 1121 Northwest 31st Avenue from an entity led by Richard Applegate of Pompano Beach-based United Sheet Metal, according to public records. The buyer took out an $8.8 million loan…

NJ pediatrician pays $14M for Park at Broken Sound offices in Boca Raton

Malcolm Butters, president of Butters Construction and Development, sold an office building at Boca Raton’s Park at Broken Sound for $13.8 million. Blair Rolnick bought the two-story building at 851 Northwest Broken Sound Parkway, according to the broker’s news release. Rolnick is a pediatrician in New Jersey and is trained in emergency room pediatrics…

Mark Bellissimo sells International Polo Club Palm Beach for $95M

Wellington developer Mark Bellissimo sold the International Polo Club Palm Beach in Wellington for $95 million. Lake Worth Beach-based United States Polo Association bought the 161-acre property on the southwest corner of 120th Avenue and 35th Street from an entity managed by Bellissimo, according to a deed. The properties are at 12560, 12580…

GL Homes pays $28M for homesites at Arden near Wellington

GL Homes bought 209 homesites at Arden near Wellington for $28.1 million. Boston-based Freehold Communities sold the land to Sunrise-based GL Homes in two deals for $11.9 million and $16.2 million, according to deeds. The purchase breaks down to about $134,665 per lot. A GL Homes’ map of its portion of home development sites at Arden…

JV led by Plantation-based investors buys Lake Worth shopping plaza for $15M

A family partnership of Plantation-based real estate investors paid $14.7 million for a Palm Beach County retail complex adjacent to a Super Target. Daryl and Carol Stair Revocable Trust, Steven Stair, Carley Stair, Rebecca Stair Frisoli and Krantz Family LLP acquired Shoppes at Mission Lakes at 5500, 5516 and 5940 South State Road 7 in Lake Worth, according to…

The post Miami Commercial Real Estate News June 15, 2022: Trion Snags First Area Multifamily for $87M; Mana Sells NMB Office Building for $20M; Miami Office Construction Increasing; More… appeared first on Hawkins Commercial Realty.

Hyatt, Gencom advance three-tower project planned for Knight Center site

Developers’ nearly $2 billion plan to build a hotel and multifamily towers on the Miami River site of the James L. Knight Center and Hyatt complex in downtown Miami is gaining ground. The Miami River Commission unanimously voted on Monday to move forward the proposal by Hyatt Hotels and Gencom to the next step. The board, which is charged…

Trion Properties Acquires Art 88 Apartments Near Miami International Airport for $87.3M

Trion Properties, a private equity investment firm with offices in West Hollywood and Miami, has purchased Art 88 Apartments in Miami for $87.3 million. The seller was not disclosed, but South Florida Business Journal reports that Grand Peak Properties was the previous owner. Built in 1971 within one mile of Miami International Airport, Art 88 comprises 294…

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

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

Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower

The tower at 2150 North Bayshore Drive in Miami with Air Communities CEO Terry Considine and Mill Creek Residential CEO William MacDonald: Aimco’s spinoff Air Communities scooped up a bayfront apartment tower in Miami’s Edgewater neighborhood for $211 million. Air Communities, or Apartment Income REIT, bought the 296-unit Watermarc at Biscayne Bay…

Miami Office Property Investment Volume Increased in April

Year-to-date through April, Miami’s office market has seen $350 million in investment volume, with the average price reaching $367 per square foot, according to CommercialEdge data. In the first quarter of the year, the metro’s office investment volume added up to merely $209 million, but an acceleration in April saw ten properties traded, comprising a combined…

The Sky is Not Falling for Miami’s Retail Market as Healthcare, Dining Activity Soars

When the world shut down in March 2020, “Chicken Littles” everywhere proclaimed the end of one of the primary asset classes in commercial real estate: retail. Retail tenants largely abandoned expansion plans and entered survival mode by shifting focus to seeking rent abatements and lease restructurings. Landlords in weak financial positions fought to meet…

Rethinking the ground lease

Vornado Realty Trust says the land beneath its office building at 330 West 34th Street is worth $145 million. The land’s owner, Haymes Investment Company, claims its value is $225 million — entitling Haymes to more than $5 million in additional annual rent.  Assuming no further hikes, that would be nearly $170 million over the course of Vornado’s 30-year lease.

28 Industrial Acres in The Homestead Park of Commerce Trade for $10.9M+

We are pleased to announce the sale of 28 acres located within The Homestead Park of Commerce in south Miami-Dade County. The closing price was $10,900,000. There was also an additional, non-disclosed assignment fee. The Buyer is EastGroup Properties, Inc. (NYSE: EGP), a S&P Mid-Cap 400 Company who is a self-administered equity real…

Miami hotel room rates up 56% since 2019

Hotel room rates have surged in Miami during the past three years, more so than in several other tourist destinations nationwide. The average daily hotel room rate in Miami for the first five months of the year reached $369.51, according to an analysis from Bloomberg. That represents a 55.6 percent increase from the same period in 2019, when the average was…

$1B Surfside settlement signals condo association, construction insurance premium hikes

The $1 billion-plus Surfside settlement marks a milestone in the lawsuit over the deadly condominium collapse. It also reveals the role of real estate insurance — and is a harbinger of premium hikes that could reverberate across the industry. The insurance carriers for 31 entities are contributing toward the $1.02 billion total disbursement. All who settled have…

The man from Morocco: The untold story of  developer Joseph Chetrit

Though his close friends and family might quibble over the precise ingredients required for a good Joseph Chetrit story, they can all agree on one thing: There’s probably a negotiation involved.  Robert Verrone’s favorite took place during the 2006 FIFA World Cup, when the top debt broker and his father attempted to enter a soccer stadium with Chetrit…

City office tower targeted for soccer complex at Melreese

Miami’s new city government office building may rise next door to the new Miami Freedom Park, soon home to David Beckham and partners’ Major League Soccer stadium and a commercial park. Meeting today (6/9), the city commission is to consider a vote to select the 1550 NW 37th Ave. site for the administrative building. This location is generally where the Melreese…

County may seek bids in July to redevelop 20 acres of downtown Miami

County staff is still working on putting together a bid solicitation to be out in July to redevelop over 20 acres of county-owned land in downtown Miami. “It seems like we’re pretty close to a July release,” confirmed Commissioner Eileen Higgins, who has been working to present an item to the commission for the redevelopment for over a year and a half.

Construction costs for multifamily housing rise by half

Multifamily developers are still facing delayed shipments of construction material and rising project costs due to inflation and interest rates. Construction costs are up about 50% for most development projects, said Matthew Jacocks, principal for Lee & Associates South Florida, who specializes in multifamily development. “Every month we’re having…”

Miami mayor seeks city support of rejected Rickenbacker Causeway plan

Miami city commissioners are considering a continued show of support for the Rickenbacker Causeway Project, also known as Plan Z, advanced by Zyscovich Architects and others. At its meeting today (6/9), the city commission is set to vote on a resolution reaffirming its endorsement of Plan Z and urging Miami-Dade County to immediately reopen the…

Miami’s indefinite deferral stalls Marine Stadium restoration

Miami city officials continue to delay action to reauthorize funding necessary for the long-awaited restoration of Miami Marine Stadium. Miami Today reported the possible further delay of the funding in late March. In February, city commissioners sidelined a resolution to reauthorize issuance of bonds to help pay for the restoration.

Despite aid, business struggle in Flagler Street revamp

The 30-month Flagler Street Beautification downtown is starting its second year of construction with businesses struggling to get customers and keep their doors open. Miami’s Downtown Development Authority has provided $5,000 apiece to businesses that have been hardest hit by the construction. On Friday, the authority is to add $2,000 more for each to help…

How Much Does a Commercial Building Inspection Cost?

Buying commercial real estate is very different from buying a house. What does a commercial building inspection cost?   Many consider real estate of any kind an investment, but commercial real estate has a much more direct impact on your finances than purchasing a house. With residential real estate, you hope that the home will pay off eventually, but with a…

Muy caliente! Little Havana multifamily submarket sizzles with three deals totaling $29M

A trio of Little Havana apartment buildings, 2900 Northwest 7th Street, 1250 Southwest 6th Street, and 718 Northwest First Street, traded for a total of $29 million, a sign investors are flocking to another South Florida multifamily submarket that’s catching fire. Investors are scoping out Miami’s Little Havana because the neighborhood is experiencing…

Michael Shvo buys ex-Epicure South Beach site with plans for retail-office redevelopment

Michael Shvo along with an aerial view of his newly-acquired retail properties between 16th and 17th Streets along Alton Road in Miami Beach: Michael Shvo is betting big on Miami Beach. The New York developer, who made his debut in South Florida with the purchase of three South Beach hotels in 2019, bought a commercial strip on Alton Road — including…

Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami

FundKite I 100 Biscayne I downtown Miami FundKite is the latest firm in the financial and tech fields to shun New York and opt for Miami. The fintech firm is moving its headquarters into Aby Rosen’s 100 Biscayne office tower in downtown Miami. FundKite took 5,302 square feet at the 30-story office building at 100 Biscayne Boulevard, according to a news release…

Here are the residential projects planned for Miami’s Wynwood

Developers seem to agree: Wynwood is a winning bet. Similar to other areas of Miami, developers are descending into the neighborhood and have over a dozen projects at various stages in the pipeline. An analysis by The Real Deal found that over 2,200 apartments and condos are coming to Wynwood. That number will likely rise as developers reveal unit…

Alta reels in multifamily dev site near Miami River for $15M

Alta Development picked up an assemblage near the Miami River for $14.6 million, with plans to build a multifamily project. An affiliate of Miami-based Alta Development, led by Principal Henry Pino, bought six properties at 1410, 1420 and 1428 Northwest 14th Avenue; 1420 and 1430 Northwest 14th Terrace; and 1451 Northwest 14th Street, according to records.

Wynwood BID Façade Improvement Grant Program- Inaugural Release

On behalf of the Wynwood Business Improvement District (“BID”) Board of Directors (“Board”), we are pleased to announce the inaugural Façade Improvements Grant Program for our District Members. The Grant is aimed at encouraging and assisting businesses and property owners within the district to restore and improve the appearance of their storefront and…

Robert Rivani’s Black Lion sells Brickell restaurant space for $13M

Black Lion Investment Group’s Miami commercial condo portfolio is a little lighter after selling a waterfront restaurant space for $13 million. An entity managed by Robert Rivani, president of Los Angeles-based Black Lion, sold the 10,700-square-foot space in the mezzanine level of Tower 4 at the Four Ambassadors Condominiums at 801 Brickell Bay Drive, according to…

Here are the resi projects planned for Miami’s Edgewater

More than a dozen projects will bring nearly 6,000 apartments and condos to Miami’s Edgewater, as developers bet big on the Miami housing market. Developers spent about $500 million on property acquisitions in Edgewater alone since late 2020, an analysis by The Real Deal found. Edgewater is hardly alone — other neighborhoods, like Brickell, also have many…

Richard LeFrak On South Florida, New York Affordability and Succession

Richard LeFrak could well be considered the elder statesman of New York’s real estate scene — the scion of a rental empire, the LeFrak Organization, which built and owns tens of millions of square feet there and across the country as well as being a longtime friend of former President Donald Trump. Richard LeFrak’s grandfather, Harry, founded the eponymous…

The Fed’s Beige Book: Growth Chugs On amid Signs of Inflation’s Impact

The Federal Reserve Bank of Atlanta’s new Beige Book compilation of on-the-ground reports shows that economic activity kept growing modestly from April through mid-May, with ongoing tightness in labor markets and rising costs. By and large, business contacts continued to report record profit margins, though several noted a “slight dampening of demand…”

Brooklyn developer plans 1,100-unit Fort Lauderdale project

Brooklyn-based developer Dependable Equities is moving forward with its plans for an 1,100-unit luxury rental project in Fort Lauderdale, the latest multifamily proposal in the Broward County city where thousands of apartments are already in the pipeline. The firm, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinksy, went before the city’s…

Grocery store-anchored shopping center sales ignite South Florida’s retail market

Barron Real Estate principal Charles Ladd with JBL Asset ManagementManaging Partner Jacob Khotoveli and Plantation Marketplace at 7023 West Broward Boulevard in Plantation and Rivertowne Square at 1015 South Federal Highway in Deerfield Beach: A flurry of grocery store-anchored shopping center deals is setting South Florida’s retail…

Aimco drops $64M for mixed-use dev site in Fort Lauderdale’s Flagler Village

Aimco acquired a redevelopment site in Fort Lauderdale’s Flagler Village for $64 million that is part of an assemblage for a new mixed-use project An entity managed by executives of the Denver-based real estate development and investment firm bought the former Searstown Plaza at 901-927 North Federal Highway, according to records. The 5.6-acre site has a 155,760…

Nuveen buys Sunrise apartment complex for $44M

Nuveen Real Estate bought the Oasis at Springtree apartment complex in Sunrise for $43.7 million, marking continued investor interest in South Florida multifamily properties. Chicago-based Nuveen Real Estate, through an affiliate, bought the 276-unit, garden-style complex at 3551 Northwest 85th Way from an entity that lists Nancy Kodsi…

Ferreira family buys grocery-anchored North Palm Beach shopping center for $36M

Investors tied to the Ferreira construction and utility companies scooped up the Shoppes at City Centre retail plaza in North Palm Beach for $36 million. Brothers Antonio and Nelson Ferreira, through an affiliate, bought the property at 11201-11261 U.S. Highway 1 from an entity tied to Martin and Irving Osher, according to the broker’s release and state…

From tenant to owner: CTS Engines buys 44-acre industrial facility in northern Palm Beach County

CTS Engines paid $16 million for the northern Palm Beach County industrial facility it has been leasing for jet engine testing. CTS, a Fort Lauderdale-based turbine engine maintenance and repair company, purchased the 44.4-arce property at 18855 Bee Line Highway from Apogee Investment Partners, according to the broker’s news release. The property is in…

Publix pays $57M for shopping center it anchors in West Palm Beach

Publix boosted its South Florida retail real estate holdings with a $56.5 million acquisition of a West Palm Beach shopping center anchored by one of its stores. The Lakeland-based grocery chain, led by CEO Todd Jones, bought River Bridge Centre, a 229,781-square-foot retail plaza and nine outparcels at 6714-6868 Forest Hill Boulevard, according to a press…

Personal injury lawyers drop $9M for Palm Beach Gardens office building

A trio of Phoenix-based personal injury law partners paid $8.6 million for an office building in Palm Beach County. An entity managed by Sean Greene, Michael Steinger and Michael Feiner bought the two-story building at 11360 North Jog Road 101 in Palm Beach Gardens, records show. The three lawyers head Greene, Steinger & Feiner, a personal injury law…

Bainbridge and TPG team up for $161M purchase of a Jupiter apartment complex

Bainbridge Companies and TPG Real Estate Partners teamed up to buy a Jupiter apartment complex for $161.1 million. Through an affiliate, the joint venture acquired Allure at Abacoa, a 304-unit rental community at 1456 Cades Bay Avenue and 4515 Main Street, according to records. Wellington-based Bainbridge and Fort Worth, Texas-based TPG Real Estate paid…

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Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower

LCOR is making its South Florida development debut with plans for a 540-unit apartment tower in Miami’s growing Arts & Entertainment District. Berwyn, Pennsylvania-based LCOR, through an affiliate, bought 1.1 acres of land at 1775 Biscayne Boulevard from an entity led by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman, according to…

AMAC, ROVR score $67M construction loan for Aventura Park multifamily project

AMAC and ROVR got a jump start on their planned multifamily project near Aventura in the form of a $67 million construction loan. New York-based AMAC and Coral Gables-based ROVR are developing the eight-story Aventura Park building with 290 units at 17990 West Dixie Highway, according to a news release from the lender, Ocean…

Mast Capital sells South Beach Walgreens for $9M

Mast Capital cashed out of a prime retail property in South Beach, selling a Walgreens store for $9.4 million. An entity managed by Rodolfo Fuentes of Miami bought the 15,020-square-foot retail building at 524 Jefferson Avenue, near Washington Avenue, according to a press release. Scott Sandelin and Alejandro D’Alba led a Marcus & Millichap team that…

Here’s the pipeline of resi projects in Miami’s Brickell Area

With at least a dozen projects in the works, Brickell stands to gain over 6,000 apartments and condos over the next few years, as developers bet on continuing demand for new housing. Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl. This year alone, Michael Stern’s JDS Development Group and New York-based Major Food Group expect…

Supply chain struggle costs South Dade Transitway year’s delay

The South Dade Transitway, one of the six corridors of the Strategic Miami Area Rapid Transit (SMART) Plan, is now expecting a one-year delay to begin operations as the Miami-Dade Department of Transportation and Public Works is having severe supply chain difficulties in finding fiber strands necessary for the communications and technology systems…

Miami looks to up the ante on Riverside Wharf lease

Miami city commissioners on Tuesday approved the ballot wording for a special election Aug. 23 at which city voters will get a second chance to weigh in on a vast mixed-use downtown project that would add a luxury hotel and a site lease up to a century. The new lease, if voters approve, would also mean more money to the city by increasing the base rent…

IT firm Kaseya adds signage atop its third Brickell building

Amid an influx of tech-centric innovations in Miami, IT powerhouse Kaseya has expanded its headquarters by leasing three floors of office space at 800 Brickell. Kaseya, which is a provider, designer and developer of unified IT management and security software for managed service providers and small to mid-size businesses, is expanding its Miami presence. It also…

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…

Insight: Fragile hotel industry needs involvement, Blumberg says

Growth in hotel developments and added rooms, triggered by the City of Miami Beach putting bed tax money into construction of the Loews Hotel in the late ’90s, made Miami-Dade third in the nation in hotels. Now, with about 11 hotels and 2,220 rooms projected to open between March and December, retired founder of the Greater Miami and the Beaches…

Tri-Rail arrival in downtown Miami misses another schedule

A Nov. 1 start of Tri-Rail passenger trips at MiamiCentral Station is no longer feasible, Executive Director Steven Abrams told the South Florida Transportation Regional Authority Friday, another setback in long efforts to bring the rail line downtown. Mr. Abrams argued that Tri-Rail hasn’t been able to complete needed training for its staff to run the service because…

Surfside collapse $1B settlement breakdown revealed

The $1 billion-plus Surfside collapse settlement was filed late Friday, revealing more than two dozen contributors to the victims of the tragedy. The settlement comes nearly a year after the devastating collapse of Champlain Towers South on June 24, which killed 98 people. The largest sum, $517.5 million, will come from Securitas…

Finvarb JV scores $45M in financing for Miami Beach Thompson Hotel-anchored project

A Finvarb Group joint venture can rev up construction on its Thompson Hotel-anchored mixed-use project in South Beach after obtaining $44.6 million in financing. Banesco USA provided a $22.3 million construction loan to the Finvarb Group affiliate that owns the vacant redevelopment site at 1685 Washington Avenue, records show. The 0.6-acre property is…

Damac plans Cavalli-branded luxury condos on Surfside collapse site

Hussain Sajwani’s Damac Properties will develop a Cavalli-branded condominium on the Surfside collapse site. As the winning bidder, the Dubai-based company will pay $120 million for the almost 2-acre oceanfront property at 8777 Collins Avenue. The development will mark Damac’s first project in the U.S. Damac has been looking for sites in…

“Terrible precedent:” Commissioner leads fight over Steve Ross’ plan to buy and redevelop the historic Deauville

Two days after Miami Beach Mayor Dan Gelber announced that Stephen Ross is proposing to redevelop the historic Deauville resort — which would require a voter referendum — commissioners moved to advance the plan. After a heated debate mostly between Gelber and Miami Beach Commissioner Kris…

Steve Roth’s Vornado sells Lincoln Road building for $94M, nearly 30 percent less than it paid a decade ago

Steve Roth’s Vornado Realty Trust sold the Regal Cinemas-anchored retail building on Lincoln Road in South Beach at a discount for $93.6 million. New York-based Vornado sold the property at 1100 Lincoln Road to an affiliate of Steve Gozini’s BH Properties, based in Los Angeles, according to records. The price is 29 percent less than the $132 million Vornado…

BH Properties Acquires Lincoln Center Retail Property in Miami Beach for $93.6M

BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6…

Déjà vu? Moishe Mana says he is almost done assembling downtown Miami portfolio with new purchase

Moishe Mana is not quite done buying properties for his downtown Miami master plan. The investor and developer paid $7.3 million on Wednesday for the building at 118 Flagler Street, formerly home to The Children’s Place store, he announced. He owns the properties surrounding the site. Mana is reportedly nearly finished assembling his Flagler District portfolio…

Miami’s Office Vacancy Holds Steady

As of April, Miami’s office vacancy reached 13.5 percent, up 70 basis points since March, according to CommercialEdge data. The Magic City had one of the biggest year-over-year decreases in office vacancy nationwide and registered a 200 basis-point drop since April 2021. Markets that have registered larger year-over-year changes than Miami include Phoenix…

Brickman Sells Downtown Miami Office Portfolio for Loss

A pair of aging office buildings in Downtown Miami sold at a loss. Triple Double Real Estate and Stonerock Capital Partners bought the two office buildings in Downtown Miami for a combined $56.7 million, according to Cushman & Wakefield, which brokered the transaction. The larger property, also known as the Courthouse Tower, located at 44 West Flagler Street…

Hotel Astor owner buys Miami Beach apartment building

The Eatontown, New Jersey-based real estate investment firm that acquired Hotel Astor nine months ago picked up its second Miami Beach property for $7 million. Victory Investments Group, led by CEO Anil Monga, bought a 31-unit apartment building at 1770 Meridian Avenue across the street from the Miami Beach Convention Center, according to records.

Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater

Aimco’s Wes Powell with Edgewater (Aimco) Multifamily giant Aimco filed plans for a 60-story waterfront rental tower in Edgewater, across the street from its Hamilton on the Bay apartment building. The Denver-based real estate investment trust is proposing a 241-unit mixed-use apartment tower at 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, according…

‘Remarkable’ 90-Story Major Supertall Condo-Hotel In Brickell Will Have Miami’s Only Silver & Gold Pool

New over-the-top details of the Major supertall tower planned in Brickell have been released as the developer prepares to launch sales. Here’s a look at some of the key newly released points: Major will have a silver and gold pool. “I want to celebrate this sexy City with an indulgent swim in the only silver and gold pool in Miami,” said tower designer William Sofield…

Publix pays $13M for waterfront Hollywood site approved for supermarket

Publix paid $12.8 million for a waterfront Hollywood development site where it plans to build a new store. Real estate investor Albert Benalloun, through an affiliate, sold the 1.1 acres of land at 3100 South Ocean Drive to an entity tied to Lakeland-based Publix Super Markets, according to a deed. The property faces the Intracoastal Waterway and is a block west from…

Dania Beach approves 231-unit multifamily development with mostly studio apartments

Renderings of Koosh Living (Kaller Architecture of Hollywood) BSD Capital won approval for Koosh Living, a multifamily development in west Dania Beach with 231 units, mostly studio apartments. City commissioners gave unanimous approval Tuesday to a rezoning, a plat amendment, and a site plan for the development on Stirling Road in Dania Beach, near…

All-male Fort Lauderdale resort sold for $11M

A group led by a North Miami-based real estate investor paid $10.5 million for an all-male Fort Lauderdale resort. An entity managed by Lior Raviv and four partners bought The Grand Resort & Spa at 539 North Birch Road, just steps from Fort Lauderdale Beach, according to records. The deal breaks down to $318,182 per key for the 33-unit boutique property…

Galleria Fort Lauderdale owner revives, revamps redevelopment proposal

The owner of the Galleria Fort Lauderdale mall has dusted off a formerly contentious proposal to redevelop the property, this time with a different plan that won’t require a rezoning. New York-based Keystone-Florida Property Holding proposes at least 1,900 multifamily units on parts of the 42-acre Galleria Fort Lauderdale at 2414 East Sunrise Boulevard…

Emerald Empire pays $25M for shopping center near Boca Raton

Emerald Empire bought a shopping center near Boca Raton for $25 million. Emerald Empire, through an affiliate, bought The Shops at Boca Grove at 21077 Powerline Road in unincorporated Palm Beach County from an entity tied to Isram Realty Group, according to records. The buyer signed a ground lease with a limited liability company that is also tied to Emerald Empire…

Geneva JV acquires Royal Palm Beach medical office complex for $15M

A joint venture involving a Deerfield Beach-based real estate investment firm paid $15 million for a Palm Beach County medical office complex. Affiliates of Geneva Group and its partner, Syosset, New York-based VM Petro, acquired Regal Medical Center at 1011-1021 North State Road 7 in Royal Palm Beach, according to records. The price breaks down to…

The post Miami Commercial Real Estate News June 1, 2022: A&E District Dev Site Sells for $49M, Lincoln Road Building for $94M, Downtown Assemblage for $58M; Office Vacancy Steady; More… appeared first on Hawkins Commercial Realty.