Month: July 2022

Coral Gables commission gives Allen Morris another chance for Ponce Circle project

The Allen Morris Company has another chance to amend its plans for a controversial development near The Plaza megaproject in Coral Gables. The city commission voted to postpone a decision on two ordinances that would allow a change in the property’s zoning to commercial high-rise, as well as to vacate a public alleyway that separates the assemblage. Coral Gables…

Developers score $65M construction loan for Flagler Village apartments

Midtown’s Alejandro Velez and Prospect Real Estate’s Michele Zahn, and Richard Zahn Sr. with rendering of Advantis Station: Midtown Capital Partners and Prospect Real Estate Group scored a $64.5 million construction loan for a multifamily project in Fort Lauderdale’s Flagler Village neighborhood. The joint venture plans to build the 252-unit Advantis…

Spurred by new-to-market firms, South Florida office rents hit record highs

In South Florida, asking more than $100 a square foot for premium office space could soon become the norm. Already, some new buildings in downtown areas have cleared that threshold, according to commercial brokers and recent quarterly reports. One Flagler, a 25-story Class A tower with 275,000 square feet of primarily office space in…

Miller Construction Completes Distribution Facility In Hialeah Gardens

Miller Construction Company delivered a $22.7-million distribution facility in Hialeah Gardens. The 103,000-square-foot warehouse project is a joint venture between Orlando-based Cadence Development Partners and New York-based Clarion Partners. Construction began in August 2021. Located 10910 NW 144 St., the tilt-wall shell structure is equipped with…

Miami may ask proposals to run historic Olympia Theater

The historic Olympia Theater and Tower’s uncertain future might finally be heading towards a positive resolution. The Miami City Commission is set to discuss today (7/28) whether to request proposals to continue the theater’s restoration and move forward with appointing a permanent operator. Also known as the Maurice Gusman Theater for the Performing Arts, the…

Historian Dr. Paul George offers insight into soaring housing costs in Miami

The rising cost of homes and rent and high inflation are nothing new for Miami, according to historian Paul George. South Florida has been through booms and busts before, with probably the most spectacular boom reaching its peak in 1925, he said. “It began a couple of years before that and then it collapsed in 1926. I keep looking at that trying to make some sense out…

Miami-Dade mayor ponders waste facility site

“Please, please, please keep the new facility out of Doral,” Odell Torres, a resident of the city, beseeched county commissioners prior to an unscheduled vote selecting the municipality as the location for a new county waste-to-energy facility to replace the 1982 existing plant in Doral reaching the end of its useful land. Now county Mayor Daniella…

Rezoning, redevelopment on tap for Freedom Park soccer complex

David Beckham and business partners Jorge Mas and Jose Mas are wasting no time in bringing solid plans forward to begin building Miami Freedom Park. What will become the new home to a Major League Soccer team’s stadium, along with a sweeping commercial park, hotel and new 58-acre public park, is the former Melreese golf course, on land owned by…

Hyatt Regency riverfront redevelopment on table

A high-profile riverfront property in the heart of downtown Miami is headed for a long-promised rebirth. The City of Miami owns the land that is home to the aging and dated James L. Knight Convention Center and its private partner next door, the Hyatt Regency Hotel. A new plan to build three new towers of mixed-use on the Miami River site is on the…

Billionaire-backed restaurant group buys Peacock Garden in Coconut Grove

The hospitality that owns the South Beach restaurant Mila bought the Peacock Garden cafe property in Coconut Grove, The Real Deal has learned. Mutiny on the Park, led by developer Ricardo Dunin and restaurateur Lalo Durazo, sold the commercial condo at what’s now the Hotel Arya tower for $9.5 million, or nearly $1,500 per square foot, property…

After overcoming construction delays, Esplanade at Aventura could fetch $200M, brokers say

After a pandemic-related work stoppage, lawsuits and contractor claims briefly crippled progress at Esplanade at Aventura, construction and leasing at the office-and-retail center at 19505 Biscayne Boulevard is back on track. But whether the mixed-use project will stay in the hands of developer Seritage Growth Properties remains to be seen. The New York-based…

Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project

Chicago-based Bridge plans a roughly 2.6 million-square-foot project on the southwest corner of Northwest 107th Avenue and Northwest 41st Street, according to the developer’s news release. The land is west of Miami International Airport and east of the Florida Turnpike ramps. The preliminary plan for the project, called Bridge Point Doral, is for six…

Bridge Industrial to Break Ground on Miami-Area Project

Bridge Industrial has received approval from the City of Doral to break ground on Bridge Point Doral, its more than 2.6 million-square-foot logistics center in Doral, Fla. Aaron Hirschl, vice president at Bridge, said in prepared remarks that the company plans to begin construction on the project later this month. The first building is expected to be delivered in…

WeWork won’t work: Firm backs out of lease at Doronin’s 830 Brickell

A rendering of the 830 Brickell office tower in the Brickell Financial District of Miami with WeWork CEO Sandeep Mathrani, Jonathan Goldstein of Cain International and Vlad Doronin of OKO Group: WeWork won’t lease space at 830 Brickell in Miami, after all. The co-working firm confirmed it opted out of its plan to open at the marquee office tower that is under…

Miami Office Leasing Slows in Q2

By the end of the second quarter of 2022, Miami’s office vacancy rate clocked in at 13.1 percent, according to CommercialEdge. Office leasing activity slightly decreased between March and June, but vacancy dropped 280 basis points on a year-over-year basis. The Miami office market has been performing slightly smoother than other gateway metros, such…

Snapbox picks up North Miami Beach self-storage facility from Dan Essig for $26M

Snapbox President and CEO Jake Rammage and the self-storage building at 15025 Northeast 18th Avenue: With a $26 million purchase in North Miami Beach, Snapbox Self-Storage is joining other national operators beefing up their South Florida portfolios. An affiliate of the Philadelphia-based firm, led by President and CEO Jake Rummage, bought a four-story self-storage…

Snapbox Pays $26M for North Miami Facility

Snapbox Self Storage has acquired a 110,000-square-feet facility in North Miami, Fla., for $26 million, according to the South Florida Business Journal. The seller of the Class A property at 15025 NE. 18th Ave. was Daniel Essig, a private owner and developer. Anna Siradze Hrdina, director of Acquisitions, led the transaction, which marks Snapbox’s 58th purchase.

Harbor drops $184.5M on Brickell apartments

Less than five months after scooping up a pair of downtown Miami rental towers in a record deal, Harbor Group International bought a Brickell multifamily property for $184.5 million. The Norfolk, Virginia-based real estate investment and management firm bought the 372-unit Miro Brickell at 251 Southwest 11th Street, according to a Harbor news release.

Harbor Group International Acquires Miro Brickell Apartments in Miami for $184.5M

Affiliates of Harbor Group International (HGI), a privately owned real estate investment and management firm based in Norfolk, Va., has purchased Miro Brickell, a 372-unit multifamily property in the Brickell neighborhood of Miami. The undisclosed seller sold the asset for $184.5 million. Built in 2017, Miro Brickell features studio, one- and two…

Major Food Group exits JV in Stern’s Miami condo tower

JDS Development’s Michael Stern and Major Food Group partner and co-founder Jeff Zalaznick with renderings of the project at 888 Brickell Avenue: Major is no longer. Major Food Group parted ways with Michael Stern’s JDS Development Group to co-develop the hotel-condo tower in Brickell… Major, a 90-story tower planned for 888 Brickell Avenue…

Witkoff, Monroe sued over alleged “crooked and secretive land grab” of Shore Club in South Beach

A former owner of the Shore Club in South Beach sued developer Witkoff and its financial backer on the project, Monroe Capital, alleging it was illegally cut out of its share of ownership in the oceanfront property through a “crooked and secretive land grab.” Read more Witkoff and Monroe Capital unveil major redevelopment plan for the…

Miami Beach voters to decide on controversial Peebles, Sternlicht office projects near Lincoln Road

Don Peebles and Barry Sternlicht with renderings of proposals to develop city-owned property in Miami Beach:  A pair of controversial office development proposals in Miami Beach are headed to a November referendum. City commissioners gave final approval for the two proposals — one by Don Peebles, and the other by Integra Investments that…

Office Rents In Miami Have Gone Parabolic, Reports Say

Office rents in Miami have been soaring at what appears to be an unprecedented pace, new reports say. The price increases have been so strong that the developer of the under-construction 830 Brickell office tower is buying out a lease with WeWork that was signed just three years ago. According to Commercial Observer, developers Oko Group…

Silicon Valley VC firm a16z opening office in Barry Sternlicht’s Miami Beach building

Silicon Valley venture capital firm Andreessen Horowitz will open an office at Barry Sternlicht’s Starwood Capital Group headquarters building in Miami Beach, as the city tries to attract new-to-market firms. Marc Andreessen and Ben Horowitz’s firm, also called a16z, took 8,000 square feet under a five-year lease at the Class A property at 2340 Collins Avenue…

BOOM! Andreessen Horowitz opening office in Miami Beach

Andreessen Horowitz, the Silicon Valley venture capital giant, is putting down stakes in the Miami area. The firm also known as a16z signed a five-year lease for a new office in Miami Beach and will likely be moving in by the end of the year. Andreessen is leasing a floor at the new Starwood Capital Group headquarters building at 2340 Collins Ave., taking in…

Off the lot: Miami-Dade auto dealership properties trade for $96M

Lithia CEO Brian DeBoer with the Largo Honda at 554 Northeast First Avenue in Florida City and the Esserman dealership at 10455 Northwest 12th Street in Doral: Lithia & Driveway revved up its South Florida real estate holdings by acquiring six Miami-Dade auto dealership complexes for a combined $96 million. The sales are tied to Medford, Oregon-based…

Law firm Sidley Austin inks record lease at Doronin’s 830 Brickell

Law firm Sidley Austin signed a record lease at the 830 Brickell office tower slated for completion this year. Chicago-based Sidley Austin took 60,000 square feet on three floors at OKO Group and Cain International’s office tower, according to a news release from the developers. This is the biggest new-to-market company lease in Miami’s urban…

Chicago’s Sidley Austin Law Firm Joins Mass Flight To Miami

Sidley Austin is the latest out-of-town firm joining the wave headed to South Florida. The international law giant inked a 60K SF lease at the favored 830 Brickell tower in Miami’s Financial Business District. This is the company’s first expansion out of its native Chicago and, according to a statement from 830 Brickell’s developers Wednesday, the largest new-to-market office…

OKO Group, Cain Sign 60 KSF Tenant at Miami Tower

After topping out the 55-story skyscraper last month, co-developers OKO Group and Cain International secured another tenant at 830 Brickell, a 640,000-square-foot office tower taking shape in Miami’s Brickell Financial District. Law firm Sidley Austin LLP inked a 60,000-square-foot lease and will occupy three floors at the 724-foot high-rise. The Miami office…

2.6 MSF+ Logistics Center Coming To Doral

Bridge Industrial (“Bridge”) announced it has received approval from the City of Doral to break ground on the company’s newest state-of-the-art South Florida logistics park: Bridge Point Doral. Situated on a prime 175-acre site in Doral, the Class-A industrial park will encompass more than 2.6 million square feet at full build out with an adjacent retail…

Bridge Industrial Pays $16M For Logistics Facility Dev Site Near Miami-Opa Locka Airport

Less than a month after scooping up a Dania Beach logistics facility development site, Bridge Industrial is embarking on another project farther south near Miami-Opa locka Executive Airport. The Chicago-based company plans to build the 409,189-square-foot Bridge Point Gratigny project just south of the airport and on the southwest corner of Northwest 135th St…

Photos: Artistic Murals Installed At 189-Unit Apartment Project On Former Wynwood Yard Site

The apartment complex that replaced Wynwood Yard has had artistic murals installed. The project is known as Wynwood Green, and topped off at 11-stories. According to a 2019 utilities agreement, it will include: 189 apartments; 6,043 square feet of retail; 9,829 square feet of full service restaurant; The parking garage will have 324 spaces. An affiliate of…

Miami’s economy ‘on fire’ despite other major cities’ financial slide

During an interview on “Mornings with Maria” Thursday, Miami Mayor Francis Saurez touted the revolutionary “ecosystem” that cryptocurrency has provided as the city continues to thrive in various economic sectors. FRANCIS SUAREZ: It’s on fire. Our tax base grew by 12% year over year. We’ve transferred over $2 trillion in assets under-managed…

Suffolk sues for $16M, alleging unpaid work at Shahab Karmely’s Hallandale Beach condo project

Suffolk Construction is suing the developer of the luxury condo project 2000 Ocean in Hallandale Beach, seeking at least $16 million in damages tied to allegedly unpaid work. The Boston-based general contractor is accusing the developer, an affiliate of Shahab Karmely’s New York-based KAR Properties, of breach of contract and of refusing to issue a certificate…

Pulte buys Plantation site for 86-townhome development

PulteGroup, the nation’s third-largest home builder, closed on a development site in Plantation for an 86-townhouse project dubbed Emory. The Atlanta-based builder paid $6.9 million for 6.7 acres at 777 American Express Way from affiliates of Miami-based TM Real Estate Group, according to Andrew Maxey, PulteGroup’s vice president of land…

Developers win initial approval to buy downtown Oakland Park land for mixed-use multifamily makeover

Falcone Group’s Art Falcone and Kaufman Lynn Construction’s Michael Kaufman with renderings of the Oakland Park redevelopment: Plans to redevelop part of downtown Oakland Park are moving forward, with the commissioners agreeing to sell about 4 acres of city-owned properties to a development team for $11.2 million. The Oakland Park City Commission…

Asana buys office, industrial properties in Fort Lauderdale’s Flagler Village

Roughly six months after it scooped up two marquee Flagler Village properties, Asana Partners is expanding its portfolio in the neighborhood with an office and industrial purchase. The Charlotte, North Carolina-based real estate investment firm paid $10 million for the building at 707 Northeast Third Avenue in Fort Lauderdale and the warehouse…

Related pays $48M for affordable senior housing complex in Boynton Beach

Related Group paid $48 million for a Boynton Beach apartment complex that is restricted to low-income senior residents. The Coconut Grove-based real estate company bought the Boynton Bay community on the southwest corner of Northeast Fourth Street and Northeast 20th Avenue from an affiliate of Delray Beach-based affordable senior housing developer…

Olara is latest residential high-rise development planned in West Palm Beach

New York City-based Savanna is the latest developer to reveal plans for a residential high-rise in West Palm Beach, where planned condos are proliferating in the waterfront Flagler Drive corridor. Savanna, a real estate firm that has made $5 billion worth of property investments throughout New York City’s five boroughs, is developing…

Palm Beach Breaks Record With Exuberant Retail Rent Hikes

If Miami’s Brickell is the new Wall Street then Palm Beach is Fifth Avenue. While Miami is dominating the office market with mind-boggling rent hikes, Palm Beach is taking the lead in retail growth — with a never-before-seen record of $27.74 per SF direct asking rates for Palm Beach County and a whopping $80 per SF for Palm Beach’s central business…

The post Miami Commercial Real Estate News July 27, 2022: CBD Multifamily Trades for $184.5M, NMB Self-Storage for $26M; 2.6M sf Spec Industrial Planned for Doral; More… appeared first on Hawkins Commercial Realty.

Steve Ross’ plan to redevelop oceanfront Deauville into Frank Gehry-designed project heads to Miami Beach voters

After securing the blessing of the majority of the Miami Beach City Commission, billionaire developer Stephen Ross’ proposal to build a two-tower residential and hotel complex on the site of the historic Deauville Beach Resort is heading to voters Nov. 8. Miami Beach Commissioner Kristen Rosen Gonzalez was the sole ‘no’ vote on the three resolutions…

Helm Equities Announces Plans for $300M Office Building in Miami’s Design District

Helm Equities has announced plans for Parterre 42, a $300 million office building that will occupy a full city block between NE 42nd and 43rd streets in Miami’s Design District. The 500,000-square-foot development will offer 80,000 square feet of functional outdoor space dispersed across each floor of the building with communal work tables, outdoor power and…

Helm Equities Launches $300M Miami Office Tower

Helm Equities, a division of NYC-based JEMB Realty Corporation, has unveiled plans for Parterre 42, a 500,000-square-foot mixed-use office and retail development in Miami. COOKFOX Architects will design the $300 million tower, marking the firm’s first high-rise project in the South Florida market. CBRE will oversee the leasing of the property. The project aims…

500K SF Office, Retail Project Coming To Miami Design District

Helm Equities unveiled a proposal to develop Parterre 42, a 500K SF high-rise with office and retail space in the epicenter of the Miami Design District. The $300M project is being designed by Cookfox Architects, a design firm known for its biophilic aesthetic and for creating indoor-and-outdoor working spaces, according to Bloomberg. Helm, an affiliate…

Miami’s CBD Is Getting Mind-Boggling Office Rent Increases – 42% Year-Over-Year. Thank Tech

For the first time in history, the average asking rent for office space in Miami skyrocketed to more than $50 per SF in Q2. Brickell is dominating the market — its 42% year-over-year rent increase surpassed Manhattan and Los Angeles, according to a JLL report. Migration of America’s top talent to Miami is the main factor driving high rents and making…

Ari Pearl, partners plan 700 apartments in North Miami Beach

Ari Pearl’s PPG Development wants to build an apartment complex on the Nova Southeastern University campus in North Miami Beach, The Real Deal has learned. The plan is for a roughly 700-unit, market-rate complex with indoor and outdoor amenities on the 8.8-acre site at 1750 and 1775 Northeast 167th Street, Pearl told TRD. Matt Press of EquiShares and…

Lions, Fortis Design propose 57-story apartment tower in downtown Miami

Lions Group NYC and its development partner propose a 57-story apartment tower on the site of a public parking garage along an I-95 ramp in downtown Miami. The Long Island-based firm and Miami-based Fortis Design + Build, want to build the 675-unit M Tower on an acre at 56 and 70 Southwest First Street, as well as at 65 Southwest Second Street…

Citadel’s Move to Miami Emblematic of Local Real Estate’s Transformation

It was recently announced in the news media that billionaire Ken Griffin is moving his $50 billion, 1,000-person hedge fund and trading firm – Citadel Securities – from Chicago to Downtown Miami. Citadel Securities is a giant in the financial services industry. Formed in 2002, Citadel Securities is the largest market maker on the New York Stock Exchange, providing…

Massive auto club plan promising 2,609 jobs reworked as Project iTECH

Miami-Dade is expecting the redevelopment of 160 acres at the Landmark property into a new mixed-use economic development project to include housing, light industrial manufacturing, education, recreation, and a new government center in the northwestern part of the county. Project iTECH is to be completed by developer 13 Pista LLC…  at 20000 NW 47th Avenue…

Beacon Council cites 108 active relocation or expansion projects

No companies have sought tax incentives to relocate here under the Miami-Dade Relocation and Expansion Incentives Program created by the county commission last year and led by the Beacon Council, but the county still has been able to attract new businesses and foster expansions. Recent announcements of relocations and expansions include A-Cap, Azamara…

County sets industry day for 20-acre downtown Miami project

Miami-Dade staff is still crafting a bid solicitation to be out in late July to redevelop over 20 acres of county-owned properties downtown, a spokesperson for the county’s District 5 confirmed to Miami Today. The county is to hold an industry day Aug. 9 to meet with companies interested in bidding on the project. Government agencies usually hold this type…

Freedom Tower heads to $25 million renovation

Miami Dade College’s $25 million state-funded renovation of its historic Freedom Tower will focus on urgent structural repair and is in design development with engineers and architects, said President Madeline Pumariega. The focus is on repairing pipes, improving water and sewer infrastructure and outside restoration. The building at 600 Biscayne…

Bridge Industrial Plans Miami Logistics Facility Near Opa-Locka Airport

Bridge Industrial has acquired 26 acres of land adjacent to the Miami Opa Locka Executive Airport in Miami, where it plans to build a 409,189-square-foot logistics facility called Bridge Point Gratigny. Completion is slated for early 2024. The developer purchased the site at NW 135th and NW 47th streets from AA Acquisitions. The site requires some environmental…

Resia scores $60M construction loan for workforce housing complex near Cutler Bay

Rendering of the Resia Old Cutler workforce apartment complex in south Miami-Dade County with Resia’s CEO and President Ernesto Lopes: Resia, a multifamily developer formerly called AHS Residential, scored a $60 million construction loan for a workforce housing complex in south Miami-Dade County. PNC Bank provided the loan for the Resia Old Cutler rental….

Habitat Group sells Little Havana apartments to LA investors for $15M

Habitat Group sold a recently completed Little Havana apartment project for $15 million shortly after offloading a Brickell redevelopment site for $23.5 million. Four entities managed by Richard Gerber, Brett Talla and David Talla bought East River Living, an eight-story building with 34 apartments at 39 Northwest Seventh Avenue in Little Havana, property…

Recession Threatens To Slow South Florida’s Booming Office Market

Office deals in South Florida appear to have slowed as companies reassess their growth strategies, a Colliers broker told the Business Journal. Mark Rubin, executive managing director of Colliers’ Boca Raton office, said some companies are rethinking their expansions due to inflation and a looming recession. “New office requests have been tempered a little bit,” Rubin…

Video: PwC Real Estate Deals Leader Tim Bodner Discusses Firm’s Midyear 2022 Outlook for Real Estate

2022 Midyear Outlook for Real Estate. The discussion includes forecasts for all the major commercial real estate sectors, future opportunities within the various sectors, and overall commercial property deal activity. The conversation digs into some of the changes due to and implications of disruptions in commerce in general over the past few quarters.

Video: Office Market Forecast with Moody’s Analytics’ Thomas LaSalvia, PhD

Thomas LaSalvia, PhD with Moody’s Analytics CRE joins America’s Commercial Real Estate Show to discuss predictions for office properties, central business district and suburban office property performance, and opportunities ahead for office investors.The post Video: Office Market Forecast with Moody’s Analytics’ Thomas LaSalvia, PhD appeared…

Bridge Industrial pays $16M for logistics facility dev site near Miami-Opa locka airport

Bridge Industrial’s Steve Poulos and an aerial of the development site, south of the airport in unincorporated Miami-Dade County: Less than a month after scooping up a Dania Beach logistics facility development site, Bridge Industrial is embarking on another project farther south near Miami-Opa locka Executive Airport. The Chicago-based company plans to build…

Feds slap Bal Harbour-based developer Eric Sheppard with PPP fraud indictment

A Bal Harbour-based developer who was close pals with an infamous Ponzi schemer allegedly stole nearly $900,000 from the U.S. government’s Paycheck Protection Program, also known as PPP, according to a recent federal indictment. Eric Sheppard, owner of WSG Development, is facing one felony count of wire fraud for allegedly submitting “false and…”

Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood

Rockpoint’s Bill Walton and Keith Gelb with the Shops at Mary Brickell Village, 1221 Brickell, and 911 Southwest First Avenue: Getting to the Brickell party early paid off big time for Rockpoint. The bustling mixed-use downtown neighborhood has become one of the key beneficiaries of the “we’re moving to Miami” craze. It’s attracting blue-chip real estate…

Caroline Weiss locked in legal conflict with daughter over $21M loan tied to massive Blue Lagoon development

Developer Caroline Weiss is locked in a mother-daughter feud that could unravel her plans for a massive mixed-use project in Miami’s Blue Lagoon. A vacant 7-acre waterfront assemblage on Northwest 7th Street and Northwest 48th Avenue is at the center of the family conflict. The site, which consists of three separate properties, has been owned by the…

“Forced and contrived”: Fisher Brothers’ Wynwood rental project strikes out with Miami board

Fisher Brothers’ proposal for an eight-story apartment building on a former Miami Rescue Mission site in Wynwood struck out with a Miami design review board. The New York City-based family owned development firm opted to defer its proposal and rework aspects of The Wynhouse project after members of the Wynwood Design Review Committee on…

Helm Equities, Gindi family want to plant 500K sf office/retail project in Miami Design District

As demand from new-to-market firms heats up in South Florida, Helm Equities is beefing up its plan for a giant office and retail project in the Miami Design District, six years after acquiring the development site. The New York-based real estate firm and its partner, the Gindi family, are proposing a $300 million mixed-use complex spanning 500,000 square…

MCSS Rebrands As Basis Industrial, Closes Major Acquisition In Medley

The former MCSS Self-Storage Development & Investment has rebranded as Basis Industrial and broadened its investment focus to include traditional industrial properties in high-value markets across the nation. In a one-week span, the vertically integrated real estate owner and developer completed a significant acquisition in Miami through its subsidiary BaySpace.

Fed’s Beige Book: Activity Grows, but More Slowly

Economic activity in the Southeast continued to grow but at a slightly slower pace in early summer, according to the Federal Reserve Bank of Atlanta’s new Beige Book compilation of anecdotes from business contacts. From mid-May through June, retailers reported healthy sales, and travel and tourism contacts said leisure travel remained strong and…

Northlink Capital buys Hallandale Beach Opportunity Zone site for $26M, plans mixed-use project

Fresh off winning approval for a Miami Beach condo project, Northlink Capital bought a Hallandale Beach development site for $26 million. An entity with the same corporate address as the New York-based real estate development and investment firm acquired the 1.5 acre-property at 900 South Federal Highway, records show. The buyer took out a $15.6…

Lauderhill fattens tax break for Le Parc, Vivian Dimond’s planned 330-unit multifamily development

Developer and broker Vivian Dimond won a bigger tax break to offset the increased cost of building Le Parc at Lauderhill, a planned 330-unit apartment development. The Lauderhill City Commission this week increased the maximum amount of property tax abatement over 10 years on the 9.9-acre Le Parc development to $9.1 million from $6.3 million.

Freshwater expands South Florida commercial portfolio with $16M Coconut Creek purchase

Looking to diversify its South Florida portfolio, Freshwater Group bought a Broward County mixed-use property for $15.7 million. In recent months, commercial investors like Freshwater have boosted their interest in acquiring retail sites in the tri-county region’s suburban submarkets, as both sectors have rebounded significantly since the height of the…

Triangle Services pays $17.5M for Fort Lauderdale industrial building

As South Florida’s robust industrial market continues to catch the interest of investors, an aviation services company paid $17.5 million for a Fort Lauderdale warehouse. Valley Stream, New York-based Triangle Services, through an affiliate, bought the 93,193-square-foot, fully leased building at 1600 Northeast 12th Terrace from an entity tied to Gregg Wallick’s…

FCP, Mill Creek pay $25M for multifamily dev site next to NSU in Davie

Mill Creek’s William MacDonald with FCP’s Alex Marshall, Esko Korhonen and Lacy Rice in front of rendering of the Modera Academical Village project: A joint venture between FCP and Mill Creek Residential bought a multifamily development site next to Nova Southeastern University’s campus in Davie. Chevy Chase, Maryland-based FCP and Boca Raton…

Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project

Developer Dan Catalfumo’s waterfront luxury condo development in Palm Beach Gardens will be branded Ritz-Carlton. The Catalfumo Companies project, formerly known as the Landing at PGA Waterway, will now be the Ritz-Carlton Residences, Palm Beach Gardens, the Palm Beach Post reported. It will consist of three six-story buildings with 98 units.

Double scoop: Extra Space Storage drops $29M for two West Palm Beach complexes

Extra Space Storage hit a double play with a $29.2 million acquisition of two self-storage complexes in West Palm Beach. Affiliates of the Salt Lake City-based self-storage real estate firm, led by CEO Joseph Margolis, bought a 56,307-square-foot self-storage facility at 401 North Military Trail for $12.4 million, records show. Extra Space Storage also paid $16.8 million for…

Developers pay $41.5M for bayfront condo towers dev site in West Palm Beach

Hines and Frisbie Group paid $41.5 million for the waterfront West Palm Beach development site for their planned South Flagler House luxury condo towers. Flagler Towers Project Dev bought the 3-acre property on the northeast corner of South Flagler Drive and Diana Place from Palm Beach Atlantic University, according to records. The buying entity took out a…

Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants

A rendering of One Flagler in downtown West Palm Beach and River Landing Shops & Residences in Miami with Related Companies Stephen Ross and Andy Hellinger and Coralee Penabad of Urban-X Group, developer of River Landing: GTCR, Diameter Capital Partners I One Flagler I Downtown West Palm Beach Stephen Ross’ One Flagler office tower…

Kolter pays $37M for golf course dev site proposed for 707 homes near West Palm Beach

Kolter Group paid $36.9 million for a former golf course near West Palm Beach that is proposed for redevelopment as a townhouse community. An affiliate of Kolter Land, Kolter’s residential land development arm, bought the 57.3-acre site on the northeast corner of Okeechobee Boulevard and North Haverhill Road from…

Ken Griffin’s South Florida state of mind: Citadel to open Palm Beach office

Ken Griffin continues storming into South Florida, with Citadel poised to take over the former Neiman Marcus building in Palm Beach. The Chicago-based hedge fund is setting up an office in the former 48,578-square-foot department store at 151 Worth Avenue, according to Bloomberg. In May, an affiliate of Jeffrey Camp paid $78 million for the three-story building…

The post Miami Commercial Real Estate News July 20, 2022: $300M Office Tower Planned for Design District, 57 Story Apt Tower for Downtown, 700 MF Units for North Miami; More… appeared first on Hawkins Commercial Realty.

Tim Bodner, Real Estate Deals Leader and Partner with PwC joins America’s Real Estate Show to discuss their (PwC’s) 2022 Midyear Outlook for Real Estate. The discussion includes forecasts for all the major commercial real estate sectors, future opportunities within the various sectors, and overall commercial property deal activity. The conversation digs into some of the changes due to and implications of disruptions in commerce in general over the past few quarters.

The post Video: PwC Real Estate Deals Leader Tim Bodner Discusses Firm’s Midyear 2022 Outlook for Real Estate appeared first on Hawkins Commercial Realty.

RPT Realty buys Shops at Mary Brickell Village for $216M

RPT Realty picked up the Shops at Mary Brickell Village for $216 million, marking the latest major real estate deal in the Miami neighborhood. New York-based RPT Realty, through an affiliate, bought the retail at 900 and 901 South Miami Avenue, as well as at 911 Southwest First Avenue, from an entity tied to Rockpoint, according to records. The 200,000-square…

Miami-Dade may help renters in eviction court secure attorneys

Laurel Pizarro had difficulty navigating the legal process when she tried to fight her eviction from a Miami apartment in March. She looks back on her day in court as hardly a fair one: She went on her own, but her landlord had an attorney. Miami-Dade County is in the midst of an affordability crisis. Rent hikes in South Florida consistently outpace those in the….

Here’s what happens to renters after developer converts Miami apartment tower to condos

Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with rendering of The Elser Hotel & Residences: Prospective apartment tenants at Property Markets Group and Greybrook’s downtown Miami tower have restarted their housing search after the developer decided to instead sell the units as condos. The developers…

County defers study of Freedom Park impact on airport

Miami-Dade commissioners deferred a report analyzing the potential impacts to Miami International Airport from the Miami Freedom Park project, home to the Inter Miami CF soccer team, to be developed at the Melreese Country Club, right next to the airport. The mixed-use development includes a 25,000-seat soccer stadium, offices, restaurants…

OKO Group, Cain International Land $97M Construction Loan for Florida Tower

A joint venture between OKO Group and Cain International has secured $97.2 million in construction financing for One River, a new downtown Fort Lauderdale, Fla., luxury multifamily tower. The financing funding the construction of the 34-story tower encompasses two loans. The first is a senior construction loan provided by Bank OZK. The second is a…

Miami Multifamily Report – June 2022

Boosted by above-average job growth, Miami has one of the country’s tightest rental markets. As of April, rates were up by a whopping 24.6 percent year-over-year, earning Miami the top spot nationally in terms of annual rent growth. On a T3 basis, rates improved by 0.9 percent to $2,261, while the U.S. average hit $1,659, up 0.8 percent. Miami added 153,200…

Two-building Miami River project plans 593 units where trailer park stood

A major residential development along the Miami River received conditional approval from Miami’s Urban Development Review Board. River Rapids Partners LLC proposes the two-building River Rapids at 2750 NW South River Drive. The two-phase project is to consist of two multi-family residential buildings totaling 593 rental units and 862 parking…

The Related Group to Build Miami High-Rise Downtown

The Related Group is set to develop a 343-unit luxury condominium high-rise in Miami. The project also includes ROVR Development and BH Group. New York-based Madison Realty Capital has financed the project with a $76 million construction loan. The property is being designed by Sieger Suarez Architects and Meshberg Group, the latter being in charge of interior…

Miami again ranks as nation’s least affordable housing market, followed by LA, NY

Miami again topped the list of least affordable U.S. housing markets in July, ahead of Los Angeles and New York, according to RealtyHop. Even though the median home price in Miami fell slightly in July compared to June, to $600,000, the city remained the least affordable based on a projected median household income of about $45,000. That means the average…

Jimmy Resnick Acquires Kendall Shopping Center For $32M

The Resnick family has added another coveted piece of real estate to its extensive South Florida portfolio. Jimmy Resnick paid $32M for Kendall Marketplace, a 58K SF shopping center at 11531-11631 Southwest 88th Street, The Real Deal reports. Resnick, whose father — the late Abe Resnick — was a Miami Beach city commissioner and the founder of the Miami…

Lender sells foreclosed aviation maintenance site in Medley for $20M

Synovus Bank sold a foreclosed, defunct aviation maintenance facility in Medley to Terreno Realty for $20 million. An affiliate of Terreno, a publicly traded, San Francisco-based real estate investment firm led by co-founder, Chairman and CEO W. Blake Baird, bought the 6.7-acre industrial property at 8050 Northwest 90th Street, records show. The site includes a 55,000…

Mexican developer-led JV plans Brickell apartment tower

A joint venture consisting of two Mexican firms making their U.S. debut and a Miami-based partner is betting on Miami’s booming apartment market with plans for a 24-story tower in Brickell. Menesse International bought the development site at 143 Southwest Ninth Street from an affiliate of Miami-based Habitat Group for $23.5 million, according to the seller’s…

Miami Investment Volume Lowest Among Gateway Markets

Year-to-date through May, Miami’s office market has seen $490 million in office sales, according to CommercialEdge data. The metro’s investment volume has increased by $140 million only in May, while the average price per square foot fell by $42 to reach $325 per square foot at the end of the month. At the same point last year, the Magic City’s deal volume…

Berkadia Arranges $100M Construction Loan for Gardens Residence Apartments in North Miami, Florida

Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and…

Joe Carollo Takes Ball & Chain Lawsuit Ruling to U.S. Supreme Court

Joe Carollo has brought his legal dispute with Ball & Chain owners Bill Fuller and Martin Pinilla to the highest court in the land. Joe Carollo has brought his legal dispute with Ball & Chain owners Bill Fuller and Martin Pinilla to the highest court in the land. In October 2018, Ball & Chain owners Bill Fuller and Martin Pinilla filed a federal lawsuit against City of…

Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra

Cruise Yacht Opco I Plaza 100 I Fort Lauderdale Ritz Carlton’s luxury yacht service division Cruise Yacht Opco is moving its offices to the Plaza 100 building in Fort Lauderdale from Miami’s Coconut Grove neighborhood. Cruise Yacht Opco leased the entire penthouse spanning 17,000 square feet at the building at 100 Northeast Third Avenue, according to a news…

Doral, Miami Springs, Other Miami-Dade Municipalities Considering Annexation

Four municipalities in Miami-Dade County want to expand their boundaries and the proposition comes with plenty of controversy. The process is called annexation. It includes for example, a city expanding into unincorporated areas of Miami-Dade County. Miami Springs is interested in annexing county land. So is Doral. The Village of Virginia Gardens is too as […]…

Miami Beach commission to soon determine fate of Steve Ross’ plan to develop Deauville site into two-tower Equinox project

Miami Beach commissioners soon will determine whether billionaire real estate developer Steve Ross’ plan to redevelop the historic Deauville Beach Resort can head to voters in November. Ross, founder and chairman of New York-based Related Companies, is proposing a two-tower development of up to 375 feet tall with a 175-room Equinox hotel and 150 luxury condos…

Miami-Dade judge hits Codina Partners’ affiliate with $6M in damages

A Codina Partners affiliate is on the hook for $6.4 million in damages after a Miami-Dade judge found the developer wrongfully terminated Grycon, the general contractor that built the developer’s 5350 Park condominium project in Downtown Doral. On Tuesday, following a non-jury trial, Miami-Dade Circuit Court Judge William Thomas ruled against 5350 Park LLC…

Up in smoke? Comras loses bid to open medical marijuana dispensary

Real estate investor and developer Michael Comras lost his bid to open a medical marijuana dispensary in Miami’s MiMo Biscayne Boulevard Historic District. But he is not calling it quits — he will appeal to a higher authority. Comras, CEO of Miami Beach-based The Comras Company, and Elad Kohen’s The Flowery, a licensed medical cannabis provider in…

Developers score $76M construction loan for Airbnb-branded condos in downtown Miami

The developers of District 225, an Airbnb-branded condo project planned for downtown Miami, secured construction financing. Related Group, ROVR Development and BH Group received a $76 million loan from Madison Realty Capital, a New York-based lender, for the 37-story, 343-unit condo building at 225 North Miami Avenue. District 225 has been fully presold…

MSP Capital pays $50M for Davie office/warehouse complex

A Dallas-based real estate private equity firm scooped up an office/warehouse complex in Broward County for $50 million. An affiliate of MSP Capital Investments, led by co-founders and managing partners Murray McCabe and Max Lamont, acquired Pelican Bays at 4900-4990 Southwest 52nd Street in Davie, records show. MSP Capital paid $254…

Affiliated Development wins approval for Boynton rental project with workforce housing

Affiliated Development scored final approval for a mixed-use project with workforce housing in Boynton Beach. The Boynton Beach City Commission this week unanimously approved the city’s community redevelopment agency entering into a sale and development agreement with an Affiliated-tied entity for the site at 115 North Federal Highway. The project, called…

Media company buys office building near FAU’s Jupiter campus for $19M

From left: LRP Media Group’s Ken Kahn and Gladstone Commercial Corporation’s David Gladstone with 1395 University Boulevard: LRP Media Group bought an office building near Florida Atlantic University’s Jupiter campus for $19 million. Gladstone Commercial Corporation, through an affiliate, sold the four-story property at 1395 University Boulevard…

The post Miami Commercial Real Estate News July 13, 2022: Mary Brickell Village Shops Trades for $216M; 593 Unit MF on River Planned; More… appeared first on Hawkins Commercial Realty.

Jimmy Resnick joins South Florida shopping center buying spree with $32M Kendall purchase

A Miami Beach investor is the latest retail player to catch South Florida’s shopping center wave with a $32 million purchase in Kendall. An entity with ties to Jimmy Resnick bought Kendall Marketplace at 11531-11631 Southwest 88th Street, records show. The buyer obtained an $18 million loan from Professional Bank. The seller, El Tablon Investments, led…

SHVO to Develop 250,000 SF Office Building in Miami Beach

SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building…

Change of plans: Developer switches to condos from rentals at downtown Miami tower

A new downtown Miami rental tower will be sold as condos due to continued demand from buyers, The Real Deal has learned. Property Markets Group, led by Ryan Shear, Kevin Maloney and Dan Kaplan, and its partner Greybrook, plan to launch sales soon of The Elser Hotel & Residences at 398 Northeast Fifth Street, Shear said.

Omega scores $100M construction loan for North Miami apartments

Omega Real Estate Management scored a $100 million construction loan for the multifamily portion of its planned mixed-use The Gardens District project in North Miami. The nine-story apartment building, called The Gardens Residence, will have 358 units and 1,100 square feet of ground-floor retail at 1155 Northeast 126th Street, according to a…

Miami self-storage firm buys Medley industrial site for $38M

Looking to capitalize on demand from small warehouse tenants, a Miami-based firm specializing in self-storage facilities is expanding into industrial buildings with its recent $37.5 million purchase in Medley. An affiliate of Basis Industrial, formerly… Miami City Self-Storage, bought… 180,000-square-foot mixed-use site at 8600 Northwest South River Drive, Basis…

Northlink scores approval for condo project on Denny’s site in North Beach

New York real estate firm Northlink Capital plans to build a condo project with co-living on a Denny’s-anchored property in Miami Beach, where the previous developer had planned a mixed-use hotel. Northlink, led by Robert Rosenthal, secured approval from the Miami Beach Design Review Board on Tuesday for the proposed project at 7140 Collins Avenue in North Beach.

Avanti pays $181M for apartment building near Brightline’s MiamiCentral

The Estate Companies sold the Soleste Grand Central apartment building it developed near Brightline’s downtown Miami station for $181 million. Avanti Residential, a Denver-based investor and owner-operator of multifamily real estate, bought the 18-story, 360-unit building at 218 Northwest Eighth Street, according to the buyer…

Avanti Residential Buys Miami Apartments for $181M

Investor and lifestyle multifamily owner-operator Avanti Residential has acquired Downtown Miami’s Soleste Grand Central from seller The Estate Cos. The newly-built, luxury apartment community commanded a purchase price of $181 million. The acquisition marks Avanti’s fourth South Florida investment in the last 12 months, following its acquisitions in…

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from…

Lloyd Jones drops $92M for Little Havana apartments

Lloyd Jones expanded its South Florida multifamily portfolio with a $92 million acquisition in Miami’s Little Havana. Miami-based Premium Development sold First Apartments, a 194-unit building at 701 Southwest First Street, to Lloyd Jones, a multifamily and senior living-focused real estate firm also based in Miami, according to a press release…

Movers & Shakers: Self-storage giant SROA names new COO

From left: SROA Capital’s Kenneth Speegle, PropertyForce’s Charles Grau, and Katz & Associates’ Allan Carlisle: SROA Capital, a West Palm Beach-based private equity firm that invests in self-storage facilities under the brand Storage Rentals of America, appointed Kenneth Speegle as its new chief operating officer. Speegle joins the firm from Extra Space…

Location Ventures completes Villa Valencia condo project in Coral Gables

Developer Rishi Kapoor’s Location Ventures completed Villa Valencia, a luxury Coral Gables condo project that’s been four years in the making. Villa Valencia, a 13-story, 39-unit building at 501 to 525 Valencia Avenue is 95 percent sold with $100 million in closings so far. Three units are left, including a $14.9 million penthouse and two units averaging about…

City board tells Freedom Park to break up vast 4,900-car garage

Miami Freedom Park, which will rise next door to Miami International Airport and be home to the Inter Miami CF soccer team, has earned its first of many needed City of Miami approvals from the Urban Development Review Board. The board was presented the first site plans and new renderings for Miami Freedom Park, which when completed is to…

Industrial Real-Estate Developers Are Hot On Cold-Storage Warehouses

Industrial real-estate developers have been stepping up building cold-storage warehouses in the U.S. without tenants lined up for the space, betting that pandemic-driven changes in the way consumers buy groceries and meals are here to stay. Nearly 3.3 million square feet of refrigerated warehouse space was under construction through the second quarter…

CP Group, DRA Advisors buy Miami Tower for $164M

CP Group and DRA Advisors teamed up to buy Miami Tower, a landmark downtown office skyscraper at 100 SE 2nd Street known for its color-changing LED exterior, for $60 million less than its owner paid six years ago in a bet that the recent rush of major employers to South Florida will continue. A source close to the deal said the joint venture paid $163 mil…

CP Group, DRA Advisors Acquire 47-Story Office Tower in Downtown Miami

A joint venture between CP Group and DRA Advisors has purchased Miami Tower, a 47-story office tower located at 100 SE Second St. in downtown Miami. The seller is USPO Miami LLC, an entity established by Sumitomo Corp. of America, which purchased Miami Tower in 2016. The sales price was not disclosed, but South Florida Business Journal reports the tower…

CP Group, DRA Advisors Buy Miami Tower

CP Group has partnered with DRA Advisors to acquire one of the most recognizable office buildings in downtown Miami. The joint venture purchased the 636,000-square-foot Miami Tower from Sumitomo Corp. for $163.5 million, according to CommercialEdge information. Cushman & Wakefield’s Dominic Montazemi represented the seller.

Oak Row Equities plans 400-unit apartment, office tower in Edgewater

Oak Row Equities, the developer and private equity firm that until recently was known as Carpe Real Estate Partners, is planning a roughly 40-story apartment and office tower in Miami’s booming Edgewater neighborhood. The newly renamed firm, led by founders Erik Rutter and David Weitz, purchased the 2-acre site between Northeast Second Avenue and…

Mortgage rates falling back toward 5%

Suddenly, a 5.3 percent mortgage seems low. That was the average rate on a 30-year, fixed-rate mortgage this week, the Wall Street Journal reported. The average rate was a significant drop from last week, when Freddie Mac had the average rate at 5.7 percent, and mid June, when it surpassed 6 percent. Still, it is much higher than at the beginning of the year…

Sunrise investors buy South Miami retail building for $19M

A trio of Sunrise-based investors paid $18.5 million for a South Miami retail property, three months after selling a downtown Miami office building to Aby Rosen’s RFR Realty. An entity managed by Robert Balogh, Cara Balogh and Orli Teitelbaum bought The Crossroads, a 34,901-square foot building at 5700 Sunset Drive that was completed in 1955, records show. The deal…

Miami Development – The Gardens Residence – Lands $100M in Financing

Omega Real Estate Management has secured $100 million in financing for the development of The Gardens Residence, a 358-unit community in Miami. Churchill Real Estate provided the construction loan and North Miami CRA provided $15 million in subsidies. Berkadia arranged the financing. The project is set to break ground this month. Ten percent…

Miami Office Development on the Right Track

As of May, Miami’s office development pipeline reached 5.6 million square feet, according to CommercialEdge data. Month-over-month, the pipeline expanded by roughly 200,000 square feet. The Magic City’s office market has seen been expanding during the last 12 month. In May 2021, the metro’s pipeline reached merely 2.6 million square feet, representing 3.8 percent…

Miami’s Office Vacancy Drops 2.8% Year-Over-Year

As of May, Miami’s office vacancy hit 13.1 percent, down 280 basis point year-over-year, according to CommercialEdge data. The national average vacancy rate clocked in at 15.4 percent that month, virtually unchanged year-over-year. The Florida metro registered one of the largest drops in vacancy on a year-over-year basis across all markets and the largest…

Doronin’s OKO, Cain score $97M construction loan for downtown Fort Lauderdale rental tower

OKO Group’s Vlad Doronin and Cain International’s Jonathan Goldstein along with the development site at 629 Southeast Fifth Avenue in Fort Lauderdale, Vladislav Doronin’s OKO Group and partner Cain International scored a $97.2 million construction loan for an apartment tower planned south of the New River in quickly redeveloping downtown Fort Lauderdale.

SobelCo wins approval for 67-unit townhouse project in Dania Beach

Dania Preserve SobelCo won rezoning and site plan approval for Dania Preserve, a 67-unit townhouse development in Dania Beach on a 12-acre site just west of I-95. The Dania Beach City Commission voted Tuesday to rezone the development site, which currently has one house, at Southwest 31st Avenue and Griffin Road, from “estate residential” (E-1) to…

Newgard Lands $170M for Miami Condo Project

Newgard Development Group has secured $170 million in financing for Lofty Brickell, a luxury condominium community in Miami. 3650 REIT provided the construction loan and also originated one for the land acquisition last year. Eighty percent of the property’s inventory is under contract and construction is set to break ground in the fourth quarter…

Festival Flea Market Mall in Pompano Beach to be replaced with warehouses

A developer and warehouse operator won approval from the Pompano Beach City Commission to replace the Festival Flea Market Mall with about 470,000 square feet of warehouse space. North Miami-based IMC Equity, led by owner and CEO Yorham Izhak, is working with Atlanta-based IDI Logistics to demolish the Festival Flea Market Mall on the southeast…

River Oaks picks up Delray Beach shopping center for $26M

Count River Oaks Properties among the retail real estate investors feasting on grocery store-anchored shopping centers in South Florida. The El Paso-based firm, led by founder and Chairman Gerald Rubin, paid $25.5 million for Shop Delray at 8918 Atlantic Avenue in Delray Beach, according to a press release. Anchored by Joseph’s Classic Market, the 33,000-square…

Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate

Kaufman Lynn Construction sold its Palm Beach County headquarters for $10.3 million, but is staying put. An entity managed by Kaufman President and CEO Michael Kaufman sold the 22,000-square-foot, single-tenant office building at 3185 South Congress Avenue in Delray Beach, records show. The buyer, J.J.D. Associates of Palm Beach, an entity tied to Westmount…

Pebb JV buys Boca Raton office complex for $30M

Pebb Enterprises tripled its office holdings in a Boca Raton business park with a $29.8 million joint venture acquisition. The Boca Raton-based private equity real estate firm, led by CEO Ian Weiner, and Greenwich, Connecticut-based Contrarian Capital Management acquired Meridian Office Center at 6551 and 6601 Park of Commerce Boulevard, according to…

Tortoise Properties nabs $89M construction loan for downtown West Palm apartments

Tortoise Properties scored an $88.5 million construction loan for a multifamily project in downtown West Palm Beach. The real estate investment firm plans a pair of eight-story buildings with 264 units at 740 and 840 North Dixie Highway, according to Tortoise’s news release. Larkspur, California-based Acore Capital is…

Arnaud Karsenti’s 13th Floor, Wexford propose 25-story apartment tower in downtown West Palm

13th Floor’s Arnaud Karsenti and Wexford’s Joseph Jacobs and Philip Braunstein with rendering of The Residences of Palm Beach West: Arnaud Karsenti’s 13th Floor Investments and Wexford Real Estate Investors want to build a 25-story apartment building with a grocery store in downtown West Palm Beach. The 372-unit Residences of Palm Beach West project…

Forest Development, Royal Palm nab $269M condo construction loan

A joint venture between Forest Development and Dan Kodsi’s Royal Palm Companies scored a $269 million construction loan for a waterfront condo project in Palm Beach County’s Lake Park. Boca Raton-based Forest Development recently partnered with Miami-based Royal Palm on the two 24-story…

The post Miami Commercial Real Estate News July 7, 2022: Soleste Grand Central Sells for $181M, First Apartments for $94M, Miami Tower for $164M; Office Vacancy Drops; More… appeared first on Hawkins Commercial Realty.