Month: September 2022

Baptist Health sells Doral data facility for $34M

American Tower, a global communications infrastructure real estate investment trust, bought a data center in Doral from Baptist Health South Florida for $34 million. Records show American Tower bought the data center at 2100 Northwest 84th Avenue from Miami-based Baptist via a Delaware LLC. American Tower is a publicly traded REIT headquartered…

Related Breaks Ground on $190M Miami Development

Related Urban Development Group, in a partnership with Miami-Dade County and Miami-Dade Public Schools, has broken ground on The Gallery at West Brickell, a 29-story mixed-income development with 465 units in the West Brickell neighborhood of downtown Miami. The $190 million project marks the largest single-phase public/private development in the county.

Trio of Boutique Miami Beach Hotels Sells for Combined $100M

Ahead of Florida’s peak winter tourist season, a trio of historic, boutique Miami Beach hotels traded hands during the past week for a combined $100 million, property records show. In the most recent sale that closed last week, Boca Raton-based investor Opterra Capital paid $28 million for a Hilton Garden Inn-branded hotel in the Mid Beach neighborhood…

Developers propose mixed-use luxury rentals in Coral Gables

Constellation Group and the Boschetti Group are proposing a 15-story, mixed-use luxury rental project near the Shops at Merrick Park in Coral Gables, where development has boomed in recent years. The city’s development review board will review plans for 4241 Aurora Street on Friday, Constellation Group Principal Eduardo Otaola said…

Midtown Miami Mixed-Use Lands $17M Refi

Cymbal DLT Cos. has landed a $17.5 million refinancing loan for an upcoming mixed-use development comprising 203 multifamily units in Midtown Miami. Provided by New Wave Loans, the loan enables Cymbal to buy out its partner and advance the project toward groundbreaking, set for late 2023. Enrique Norten of Mexico-based Ten Arquitectos is the…

Oceanfront Casablanca condo-hotel in Miami Beach for sale

Unit owners of the oceanfront Casablanca condo-hotel in Miami Beach are seeking a bulk buyer who could redevelop the historic structure and expand it. Colliers was tapped to list the property at 6345 Collins Avenue unpriced, according to the brokerage’s website. The 200,000-square-foot condo building, on a nearly 2-acre site in North Beach, was built in 1948.

Inside RH’s plans for $100M renovation of Miami Beach hotel

The high-end furnishings retailer formerly known as Restoration Hardware planned to spend $100 million to renovate and brand the historic Savoy hotel in Miami Beach. RH, led by CEO Gary Friedman, was finalizing a lease for the entire Savoy Hotel & Beach Club. RH planned to convert the Ocean Drive property into a “state of the art” hotel with retail space…

Swire megatower on Brickell wins final city OK

Miami has approved Brickell City Centre’s planned 2023 work on a vast tower with what the developer says are the largest office floor plates in the region and a temporary fire station within the mixed-use complex. A unanimous commission vote Sept. 22 amended the Special Area Plan for Brickell City Centre and OK’d a development pact with Swire Properties…

Amtrak trains may soon reach Miami International Airport

Amtrak trains might soon come into the Miami Intermodal Center, just east of the airport, as the Florida Department of Transportation District Six has resumed talks with the company. Both parties are currently negotiating the lease and an acceptable termination clause, Nilia Cartaya, model development office administrator for the department, told the Sept. 22…

Downtown Miami Tri-Rail connection delayed again, to 2023

“We will not be in downtown Miami station in November,” said David Dech, executive director of the South Florida Regional Transportation Authority, running operations of Tri-Rail. “We will not be there this calendar year,” he added at the Sept. 23 board meeting. The remarks come only one month and a half after he joined the authority, and four months after former…

Ex-Southland Mall getting billion-dollar reinvention under new name Southplace City Center

Southland Mall in Cutler Bay will be getting a huge makeover to become a new multi-use facility with shops, residential spaces, workspaces and recreational space. This project will be called Southplace City Center, a $1 billion reinvention of what was once a troubled mall. Owners envision Southplace City Center as “a city within a city” that will use up the…

Downtown Miami paves way for 15,000 more housing units

Task Force has pinpointed land use exchanges to create a pool of credits to allow 15,000 or so more downtown residential units, which are already over the development limit. The memorandum by North Carolina-based planning, engineering and design consultant Kimley-Horn on July 21 summarized potential rebalancing scenarios for the development…

Miami adds Virginia Key Park to parks billboards plan

Miami commissioners have approved the first step toward allowing advertising billboards in three of the city’s larger waterfront parks. On Sept. 22 the commission unanimously approved on first reading an ordinance that allows outdoor advertising signs at Bayfront Park, 301 Biscayne Blvd., and Maurice A. Ferré Park, 1075 Biscayne Blvd., and Virginia Key Beach…

The Fed: Is the U.S. in a Recession? What Key Economic Indicators Say

A common rule of thumb for identifying recessions is experiencing two consecutive quarters of negative gross domestic product (GDP) growth. The release of U.S. GDP data for the second quarter of 2022 showed the second consecutive negative GDP growth rate, leading many to believe that the country is now in a recession. However, the National Bureau of…

Toronto firm picks up Ocean Drive hotel for $39M

A Toronto-based investment firm paid $39.3 million for the Lord Balfour hotel on Ocean Drive in Miami Beach. The property, now called the Balfour Hotel… also at the center of a lawsuit filed last year by its former co-owner and operator, Life House hotels. An entity led by Marcos Lima of Moto Capital Group sold the 81-key hotel at 350 and 344 Ocean Drive to Catalyst…

Zoning, infrastructure limits are squeezing US land supply

The latest shortage wreaking havoc on the country? Land. Developers are increasingly struggling to find suitable land for residential developments, the Wall Street Journal reported. Land-use restrictions such as zoning and infrastructure issues are among the challenges making it difficult to find sites near major metropolitan areas. With scarcity comes inflated prices.

Lease roundup: Quest takes space at One Biscayne Tower & more

CP Group scored two leases for its One Biscayne Tower in downtown Miami. Co-working space provider Quest Workspaces took more than 26,000 square feet for its flagship Miami office, and logistics company CMA CGM Group renewed its 20,000-square-foot lease, according to a CP news release. The tower at 2 South Biscayne Boulevard is now 77 percent…

Despite A No Vote, Controversial Plan To Build A Warehouse On Protected Miami-Dade Wetlands Remains In Play

A controversial plan to build a sprawling warehouse distribution center outside Miami-Dade County’s urban development boundary remains in play after a divided county commission first voted to reject, then defer the project on Thursday, Sept. 22. The flip-flopping vote is the third time the request from developers to build on wetlands and farms increasingly…

Miami-Dade Rejects Downsized South Dade Logistics Park, Again

The real estate development company submitted a revised proposal for a massive logistics center in South Dade — cutting its footprint in half — in an effort to secure necessary approvals from Miami-Dade officials that it’s been seeking for two years. However, Miami-Dade commissioners vetoed an approval to expand the county’s urban development border (UDB)…

Starwood snaps up Florida affordable housing portfolio

Barry Sternlicht’s latest affordable housing play in Florida stretches beyond Lake Worth. Starwood Capital Group spent $91.8 million for a 669-unit affordable housing portfolio in the state, Multi-Housing News reported. Comprising four different communities, the transaction breaks down to roughly $137,000 per unit. All four assets were completed…

Truist Buys, Leases Back Quirch Foods’ Medley Site

JLL Capital Markets closed the sale-leaseback of a mission-critical cold storage facility totaling 178,428 square feet in Miami. JLL represented the seller, Quirch Foods, in the sale. Quirch Foods occupies the facility. The property, which is located on 15 acres at 7600 NW 82nd Place in Miami, has excellent access to Florida’s Turnpike, US-27, and…

MG Developer, partner score $148M loan for Hialeah apartments

MG Developer and Baron Property Group secured a $148 million construction loan for a nearly 600-unit planned apartment complex in Hialeah… Coral Gables-based MG Developer, led by CEO Alirio Torrealba, and New York-based Baron Property Group, led by Matthew Baron… development planned for 955 East 25th Street and 980 East 26th Street…

Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages

Codina Partners now has a $7.8 million bill for allegedly refusing to pay a general contractor that built a Downtown Doral condo project. Last week, Miami-Dade Circuit Court Judge William Thomas entered a final judgment in favor of Grycon, a Fort Lauderdale-based construction firm that won a non-jury trial in July against Codina affiliate 5350 Park for wrongful…

Swire, Related score approval to widen planned Brickell office tower

Swire Properties and Stephen Ross’ Related Companies can expand their planned One Brickell City Centre skyscraper, a move they say is geared toward attracting top tenants. The Miami City Commission approved an amendment to Miami-based Swire’s special area plan allowing for larger floor sizes. Commissioners also approved…

Sabet buys development site in Miami’s A&E District

The Sabet Group is the latest out-of-town multifamily developer to plant a flag in South Florida… redevelopment site in Miami’s Arts & Entertainment District. An affiliate of Sabet, a Los Angeles-based and New York-based multifamily development firm led by Andre and Edward Sabetfard, paid $14.3 million for the 0.5-acre property at 1600 Northeast Second Avenue…

Rents fall nationally for first time in 9 months

Ten bucks is a small amount, but it was big news in the rental market last month. The median rental price in the U.S. fell by $10 month-over-month in August, the first monthly decline since November, according to a Realtor.com report. It was also the first time since then that the median rent — which came in at $1,771 — didn’t hit a record high. In other bad news…

Robert Rivani’s Black Lion snags One Thousand Museum restaurant space

Black Lion’s Robert Rivani with One Thousand Museum On the prowl for South Florida retail condo properties, Robert Rivani nabbed prime restaurant space at One Thousand Museum. Black Lion Investment Group, Rivani’s Los Angeles-based firm, paid $6.4 million for the 6,500-square-foot commercial condo on the ground floor of the luxury condominium…

Busch family partners with Assouline Capital to buy Red South Beach hotel

Tom Assouline and members of the Busch beer family hope to make a splash in Miami Beach with their purchase of the Red South Beach hotel for $33 million. A joint venture of Assouline Capital and Busch Real Estate, led by August “Gussie” Busch, paid $300,000 per key for the 110-room hotel at 3010 Collins Avenue, they said. Michael Dell’s MSD…

Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site

Truist Securities paid $59.4 million for a national food distributor’s cold storage facility in Medley. An entity managed by Allison Mcleod, a managing director for the Atlanta-based investment banking firm, acquired the 178,000-square-foot warehouse at 7600 Northwest 82nd Place, records show. Led by CEO John Gregg, Truist Securities is part of Charlotte-based…

Development bonanza: Four Miami projects nab approval

Miami’s skyline continues to fill up. Four proposed Miami projects won approvals on Wednesday, but one developer’s planned tower hit a snag during a city board meeting. Related Group and Merrimac Ventures’ condominium at Miami Worldcenter, AMLI Residential’s second apartment project in Miami, Rilea Group’s mid-rise rental building near the airport…

Berkadia Arranges $11M Construction Loan for Boutique Office Conversion Project in Miami

Berkadia has arranged an $11 million construction loan for the redevelopment of Wyncatcher, a former warehouse in Miami’s Wynwood district that was converted into a boutique office property. Knotel, a flexible workspace platform founded in 2015, is slated to occupy the entire 46,072-square-foot property located at 2143 Northwest 1st Ave. Scott Wadler…

Developer Lands Financing To Build New Knotel In Wynwood

Knotel, the flexible office company that was bought out of bankruptcy by Newmark in 2021, is opening a location in an adaptive reuse property in Wynwood. Developer Morabito Properties scored an $11M construction loan for the Wyncatcher building, a warehouse it is turning into office and retail with a rooftop balcony overlooking the Wynwood Arts District…

City Axes Miami Dade College’s Contract to Run Tower Theater

After 20 years of supporting art-house cinema and performance at the Tower Theater on Calle Ocho, Miami Dade College will no longer operate the historic venue. The City of Miami sent Miami Dade College (MDC) a notice last week that the college’s management contract for the Tower Theater will be terminated as of January 2, 2023. “The City would like…”

Invesca scores $77M construction loan for Plantation rentals

Invesca Development Group secured the funding it needs to move forward on a Plantation apartment complex. The development firm scored $76.5 million to build the 330-unit Pixl complex on a 6.7-acre site it owns at 4300 Northwest Ninth Court, according to a notice of construction commencement filed this month. An affiliate of New York-based…

Motwanis win approval to expand planned Fort Lauderdale condo project

Merrimac Ventures won approval to expand its planned boutique condo development near the beach in Fort Lauderdale. Fort Lauderdale commissioners on Thursday approved a site plan amendment that adds 11 units and a fourth floor, to create a four-story, 32-unit building at 530 North Birch Road. Asking prices for condos will top $1,000 per square foot…

Wurzak buys Deerfield Beach DoubleTree for $27M

Wurzak Hotel Group is bringing a little Philadelphia-style hospitality to Deerfield Beach. The firm bought the DoubleTree by Hilton Hotel Deerfield Beach-Boca Raton for $27 million, marking its fourth hotel acquisition in Broward County. Led by the father-son duo Howard and Jake Wurzak, the Philadelphia-based firm bought the 221-room hotel at 100 Fairway Drive…

The post Miami Commercial Real Estate News September 28, 2022: Three Miami Beach Hotels Trade for $100M; Brickell City Center Mega Tower Approved; More… appeared first on Hawkins Commercial Realty.

The Growing Power of Tech on Miami’s Commercial Real Estate Market

Miami’s exploding tech footprint landed it on the list of emerging tech hubs according to our recently published blog, Tech Markets to Watch and Why the Field’s Getting Competitive. Throughout the past decade, tech companies and venture capitalists migrated in droves to Miami, surging population growth numbers as a result. Fintech – or financial technology…

NY AG files civil fraud suit against Trump, children and company

The New York attorney general made a long-awaited move on Wednesday, filing a civil lawsuit against Donald Trump, the Trump Organization and some of the former president’s children. In the 220-page lawsuit, Letitia James alleged large-scale fraud by Trump and his organization, claiming property values were inflated to land more favorable loans or lower taxes.

Terra, AB Asset plan 174 apartments in Coconut Grove

After embarking on projects throughout Miami-Dade County, David Martin’s Terra is making another play on a market it knows well: Coconut Grove. Miami-based Terra and Miami Beach-based AB Asset Management want to replace The Malone hotel at 2835 Tigertail Avenue in Miami with a five-story apartment building, according to city records. The Residence…

Electra America JV plans $1B mixed-use redevelopment of Southland Mall

An Electra America joint venture is planning a $1 billion overhaul of Southland Mall in Cutler Bay. Electra, its multifamily affiliate Tampa-based American Landmark, and Miami-based real estate firm BH Group are planning to add mixed-use components to the 80-acre site. They will include a 150-key hotel, 60,000 square feet of medical office space, 150,000 square…

Electra America, BH Group Unveil Plans for $1B Redevelopment of Southland Mall Site in Miami-Dade County

A few months after purchasing the former Southland Mall site in Cutler Bay for $100.4 million, owners Electra America (and affiliate American Landmark) and BH Group have unveiled plans for their $1 billion redevelopment of the 80-acre campus in Miami-Dade County. Named Southplace City Center, the mixed-use development will feature 4,395…

Plans Unveiled for $1 Billion Redevelopment of 80-Acre Southland Mall Site in Miami-Dade County

Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, today unveiled preliminary plans for the redevelopment and reinvention of the Southland Mall…

Duncan Hillsley drops $18M on bulk condo purchase of South Miami student housing

Duncan Hillsley Capital dropped $17.5 million on a bulk purchase of condos geared toward college students in South Miami, two months after it settled a lawsuit with the seller. Records show a Delaware LLC linked to the investment firm bought 70 units in Valencia, a 301-unit condo building at 6001 Southwest 70th Street. The seller is MHS Valencia LLC. The buying…

Original vision of Triple Five Group’s American Dream Mall awakens

Canadian developer Triple Five Group, whose American Dream Mall is to rise in Northwest Miami-Dade, is still working on the design for a site plan application to deliver to the county in December, returning to its original concept after considering major changes last year. Over the past year, the developer has been meeting with staff from the county Department…

No-bid deal may darken films mecca Tower Theater

The home of the Miami Film Festival in Little Havana where Miami Dade College also operates South Florida’s highest-grossing art house cinema could be turned over to the Bay of Pigs Veterans Association by a Miami City Commission vote today (9/22). Another vote would turn over to the association in a second lease the adjacent theater parking, where…

Jungle Island expansion advances with water/sewer deal

Miami city commissioners have approved a resolution expected to lead to a new water and sewer deal with the county for expansion of Jungle Island, with details on the size of the proposed new uses, including restaurants. Jungle Island, formerly Parrot Jungle, was a zoological park relaunched as an eco-adventure park on Watson Island. The City of Miami owns the…

Healthcare commercial lending market grows

As commercial loan transactions are slowing down a bit due to the rise in interest rates across financial institutions, healthcare commercial lending is becoming a growing market in South Florida thanks to the increased number of physicians licensed and the expansion of Florida’s population. City National Bank is adding a medical division within its private…

Peter Thiel on Florida real estate: “becoming like California”

Even tech billionaire and Republican mega donor Peter Thiel thinks housing prices and rent are too damn high in Florida. Thiel, a Miami Beach transplant from Silicon Valley, warned conservatives that soaring real estate prices in Florida make the Sunshine State more like California than they would like to admit. Speaking at the National Conservatism…

Investor seeks $50M for allegedly botched Ocean Drive hotel repairs

Allied Partners is seeking $50 million from an architect and an engineer who allegedly tore down portions of a historic Miami Beach hotel without the owner’s authorization. In two separate lawsuits filed in Miami-Dade Circuit Court last month, an Allied entity sued Kevin Gore, an architect based in Palisades Park, New Jersey; and Miami-based engineer Elvis…

Owners Of Savoy Hotel & Beach Club Sue For $50M Over Unauthorized Demolition

Real estate investment firm Allied Partners is suing an architect and engineer who it claims demolished parts of an iconic Miami Beach landmark without its consent. It’s asking a Miami-Dade Circuit Court judge to award it $50M. New York-based Allied owns The Savoy Hotel & Beach Club on South Beach… at 425 and 455 Ocean Drive.

Grand Peaks proposes 26-story apartment tower in Brickell

Grand Peaks Properties doesn’t want to be left out of the Brickell bonanza. The Denver-based multifamily firm proposes a 26-story apartment tower on an acre, spanning two adjacent lots at 901 Southwest Third Avenue and 244 Southwest Ninth Street in Miami, according to Miami records. Grand Peaks has the property under contract for…

Lease roundup: AJP, Mas fully lease Kendall medical offices

Cardiovascular Centers of America, HCA Florida Institute for Gynecologic Oncology I MedSquare Health I Kendall A year after finishing a Kendall medical office plaza, AJP Real Estate and Mas Group fully leased the property. http://therealdeal.com/miami/tag/kendall/ In the recent flurry of deals, Cardiovascular Centers of America took 8,000 square feet; Centers…

Richard LeFrak On Peers Moving To Miami And Watching His 184-Acre Megaproject Hit Critical Mass

This year marks a decade since the LeFrak family, which for the past century has amassed one of the largest portfolios of New York-area real estate, made its splashy entrance in Florida with the purchase of more than 180 acres in North Miami. Ten years after Richard LeFrak, the CEO and third-generation leader of the family business, bought the smelly…

5 minutes with developer, broker Edgardo Defortuna

Fortune CEO Edgardo Defortuna Developer and broker Edgardo Defortuna is carefully choosing which projects his firm, Miami-based Fortune International Group, picks up amid a flood of new development in the pipeline. He’s also keeping a close eye on still-rising construction costs and supply chain issues, as well as the affordability crisis in South Florida.

Industrial Real Estate Demand Strong Heading Toward Final Months Of Tumultuous Year

The nation’s industrial real estate market is headed toward the closing months of 2022 with strong demand overcoming uncertainty about the course of the global economy. Leasing of logistics, manufacturing and warehouse properties has been hitting records during the third quarter as businesses and investors also build and buy industrial properties at…

Restoration Hardware’s Miami Design District deal implodes

Restoration Hardware’s foray into the Miami Design District was supposed to jump-start the redevelopment of a less glamorous part of the high-end retail and dining neighborhood. But now the deal has turned into a train wreck. Restoration Hardware is suing its landlord, an entity connected to Apollo Commercial Real Estate and Michael Comras, alleging that the…

Winn-Dixie sues landlord over leaky roof at South Miami store

A leaky roof forced Winn-Dixie to close a South Miami store at 8710 Southwest 72nd Street, and now the grocer wants landlord Robert Balzebre to pay up. In a lawsuit filed in Miami-Dade Circuit Court last month, the Jacksonville-based grocery chain is seeking a court order to force Balzebre, principal of Miami-based Balzebre Investments, into fixing the roof of…

Biscayne Boulevard’s New World Tower Could Get Rapid Transit Zoning

A developer who has been assembling several Biscayne Boulevard properties where a supertall tower is possible has requested Rapid Transit zoning designation, according to a county memo. The properties being requested for inclusion include the 30-story New World Tower on Biscayne Boulevard, and the adjacent Yve Hotel. The New World Tower dates to…

Another Wynwood dev site hits market asking above $30M

In a span of weeks, a second Wynwood development site is hitting the market with an asking price above $30 million. Miami-based real estate investor Joseph Cohen is listing the 1-acre assemblage of 2100 Northwest Miami Court, 2101 Northwest First Avenue and 2127 Northwest First Avenue with an asking price of $35 million, according to Juan…

South Florida office sales falter, despite strong leasing

Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B…

Starwood, Related Launch Venture To Sell EV Chargers, Solar Panels To Big Landlords

Property giants Starwood Capital Group and Related Cos. have joined forces to create a new endeavor to sell clean energy products to other large real estate owners. Through the companies’ energy subsidiaries — Starwood Energy and EnergyRe — the two firms launched a new venture dubbed Radial Power to sell solar panel installations, electric vehicle charging…

School of Whales Investors Now Own a Piece of the Historic Post Office in Downtown Miami

This week School of Whales announced a new addition to its diversified commercial real estate investment portfolio: 100 NE 1st Ave—The Historic Post Office building in Downtown Miami. School of Whales investors now own a piece of this trophy property. The stunning 36,500 square foot 1912 Neo-classical building is currently being transformed into a 4-level…

Shoma launches sales of planned North Bay Village condos

Shoma Group is pivoting its plans from apartments to condos at a North Bay Village site it acquired earlier this year. Shoma, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is launching sales of the Shoma Bay condos, with prices starting in the $400,000s, according to a press release. The Coral Gables-based developer tapped…

The Boom Times in Industrial Real Estate Are Far From Over

Industrial real estate has been the standout sector in real estate for close to a decade, and the pandemic only further entrenched its position. While other sectors of the economy ground to a virtual halt, consumers’ accelerated shift toward e-commerce made industrial one of the few assets to benefit from lockdowns and social distancing.

Tiendamia Inks 33,000 SF Industrial Lease In Medley

Xipron, Inc. d.b.a. Tiendamia has inked an industrial lease at 8404 NW 90th Street in Medley. Tiendamia signed a long-term lease for approximately 32,670 square feet in the recently completed Building 11 which fronts NW 90th Street. The Butters Realty & Management Industrial Brokerage Team of JC Conte, SIOR and Brian T. Ahearn…

Video: The New Retail World with Macerich featuring Macerich CEO/Director Tom O’Hern

Tom O’Hern, CEO and Director of Macerich, one of the largest retail REITs in the world with 48 million square feet of property, joins America’s Commercial Real Estate Show to discuss how large retail properties have performed, leasing activity, and mall property conversions. Macerich, a real estate investment trust (REIT) that invests in shopping centers, is the…

Fisher Island’s Last Development Site Sells for $123M

The Related Group, in a joint venture with Teddy Sagi, Wanxiang America RE and BH Group, has acquired the last available development site on Miami Beach’s Fisher Island for $122.6 million, Miami-Dade County records show. Tara Bernerd and Partners and Kobi Karp Architects will design the project. The 6 Fisher Island Drive development will offer 50…

No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access

At an oceanfront Hilton-branded condo hotel in Fort Lauderdale Beach, developers Joseph Cabanas and Jose Luis Zapata are allegedly blocking a group of investors from renting and selling their units, according to court documents and interviews with some of the owners. It’s a nasty fight that’s ignited a series of lawsuits over the last two years against Q Club Hotel…

Prospect plans Lauderhill project with up to 275 apartments

The developer of an apartment complex with as many as 275 units in suburban Lauderhill is targeting tenants priced out of downtown Fort Lauderdale. Young professionals and young families “who can’t buy a house and can’t afford the downtown Fort Lauderdale rents, that’s the group we’re kind of pinpointing,” Navish Chawla, a…

LM Restaurants plans waterfront eatery, hotel in Deerfield Beach

The Moshakos family’s LM Restaurants wants to open a waterfront dining and hotel venue next to an eatery it owns in Deerfield Beach. LM Restaurants, through an affiliate, bought the 1.7-acre vacant development site at 1755 Southeast Third Court for $10 million from an entity led by Phillip Schuman, according to records. The property is just south of…

American Landmark sells Boynton Beach apartments for $71M

American Landmark sold a Palm Beach County apartment complex for $71 million, nearly 70 percent above its purchase price four years ago. An entity managed by Zoe Buchard of Kent, Washington, and Gary and Susan Burchard of West Palm Beach bought High Ridge Landing at 3609 High Ridge Way in Boynton Beach, records show. The buyer obtained a $37.5…

Babak Ebrahimzadeh proposes West Palm office project

Babak Ebrahimzadeh is the latest investor and developer to bet on the growing West Palm Beach office market. Through his Miami-based Florida Mastermind, Ebrahimzadeh wants to build a 12-story office building with 150,000 square feet of space at 1545 Centrepark Drive North, he told The Real Deal. The project, to be called The Contemporary, will be within…

Cold Storage Sale-Leaseback Closed in Southeast

JLL Capital Markets has closed the sale-leaseback of two cold storage facilities totaling 262,904 square feet, in Miami and in metro New Orleans, for Quirch Foods. JLL represented Quirch in the sale to an undisclosed third party. Quirch occupies both facilities. Financials on the deal were not disclosed. The Miami property is on 15 acres at 7600 NW 82nd Place…

Starwood checks out of Westlake shopping center for $20M

Sarry Sternlicht’s Starwood Property Trust is the latest landlord to cash out of a grocery store-anchored shopping center in South Florida. An affiliate of Starwood, based in Miami Beach and Greenwich, Connecticut, sold Grove Market, a 77,000-square-foot shopping center at 5060 Seminole Pratt Whitney Road in Westlake, for $19.5 million, records show. The deal…

Stephen Ross bets on West Palm office development — again

Stephen Ross can’t get enough of downtown West Palm Beach. Already the biggest office property owner in the city, Ross’ Related Companies now plans a 25-story building that will bring 456,000 square feet of work space and 15,000 square feet of retail to downtown West Palm, according to a company news release. The tower, called 515 Fern, will rise next to the…

Pérez and Sagi’s Transit Village in West Palm Beach advances

It’s not unusual for ambitious projects to stall for years and then to fizzle out entirely, due to financial woes or the hassle of government approvals. Yet, a project lingering for almost two decades making a major comeback is rare. That’s the story of Transit Village, a planned, massive mixed-use development that would…

The post Miami Commercial Real Estate News September 21, 2022: Billion Dollar Redevelopment Planned for Southland Mall; Jungle Island Expansion Advances; More… appeared first on Hawkins Commercial Realty.

Tom O’Hern, CEO and Director of Macerich, one of the largest retail REITs in the world with 48 million square feet of property, joins America’s Commercial Real Estate Show to discuss how large retail properties have performed, leasing activity, and mall property conversions. Macerich, a real estate investment trust (REIT) that invests in shopping centers, is the third-largest owner and operator of shopping centers in the United States. At the end of 2020 the company owned interests in 52 properties that in total comprised 50 million square feet of leasable area. If you want an update on large retail properties, this is for you.

The post Video: The New Retail World with Macerich featuring Macerich CEO/Director Tom O’Hern appeared first on Hawkins Commercial Realty.

Related Group, partners close on $100M-plus Fisher Island development site

Jorge Pérez’s Related Group and its partners closed on their purchase of the last condo development site on exclusive Fisher Island in Miami Beach. Miami-based Related, billionaire Teddy Sagi, BH Group and Chicago-based Wanxiang America RE Group paid more than $100 million for the property at 6 Fisher Island Drive. The Related-led group entered into contract…

Lissette Calderon pays $32M for development site near Beckham soccer stadium

Lissette Calderon is casting a wider net along the Miami River, purchasing a development site further west than most of her other projects on the waterway. Calderon, through an affiliate, bought a 7.3-acre site at 2301 Northwest 33rd Avenue for $32.2 million from an entity tied to Chicago-based Oak Street Management, according to records. The buyer took…

Moishe Mana’s downtown Miami tenants allege fraudulent eviction

A group of Moishe Mana’s downtown Miami tenants filed a lawsuit against the developer’s companies, alleging they were fraudulently evicted from their spaces, The Real Deal has learned. Las Hermanas Restaurant Corp., Vive Cafe Restaurante, Golden Palace and Isabel Alteration sued Mana Miami Management LLC and 48-76 East Flagler Realty LLC on Tuesday.

Beckham’s mixed-use Miami soccer complex scores final zoning OK

Miami Freedom Park, the sprawling, mixed-use soccer stadium development planned for the Melreese Country Club site, secured its final zoning approvals. The Miami City Commission voted 4 to 1 in favor of the planning ordinances, allowing the developers to move forward with the project planned for 1400 Northwest 37th Avenue, near MIA…

‘The Cat Has Come Out Of The Bag’ As Developers Descend On Hialeah

Factories, one-star motels, strip joints, warehouse outlets, and botánicas selling religious and spiritual goods have long defined the city of Hialeah. For decades, there was almost no development to speak of. But things are changing fast in “The City of Progress.” The predominantly Cuban neighborhood is the sixth-most populous in Florida, but almost 60% of…

The Fed: Beige Book Picks Up Mixed Signals from the Southeast Economy

The regional economy expanded in recent weeks, but mixed signals characterized anecdotal reports from across the Southeast compiled in the Atlanta Fed’s section of the newest Beige Book. For example, labor markets remained tight, and several business leaders said they continue to automate certain tasks so they can operate and grow with fewer workers. Contacts…

Miami Beach OKs apartment building conversion to boutique hotel

An investor plans to convert an Art Deco apartment building in Miami Beach back to its original use as a hotel. The Miami Beach Historic Preservation Board on Tuesday approved plans for the Henry Hohauser-designed property at 1360 Collins Avenue. The owner, led by Jim Cavanaugh of Miami Beach, plans to redevelop the 25-unit building into a hotel with…

Michael Shvo plans second Miami Beach office project

Michael Shvo is doubling down on Miami Beach’s office market. Fresh off obtaining city approval for an office project along Alton Road, Shvo has filed plans for a six-story office building at 1665–1667 Washington Avenue, according to city records. The Kobi Karp-designed development would have 21,000 square feet of offices on the top five floors, 58 parking spaces…

Former WeWork CEO Adam Neumann’s $350M fundraise came with a catch

The big investment Adam Neumann received for his latest real estate venture came at a cost: the keys to a portion of his apartment portfolio. The former WeWork chief executive agreed to hand over part of his real estate holdings for the $350 million investment, the Wall Street Journal reported. The unusual arrangement puts venture capital giant Andreessen…

Shore Club to become Auberge: Witkoff, Monroe’s redevelopment approval stands

Witkoff and Monroe’s plans to redevelop the Shore Club — and rebrand it as Auberge — are moving forward. The Miami Beach Historic Preservation Board on Tuesday voted against a rehearing of the redevelopment proposal that the board had approved four months ago. The developers’ attorney Michael Larkin revealed the Auberge branding at the…

Inside Adam Neumann’s WeWork-ification of residential real estate

Adam Neumann, Society Las Olas at 301 Southwest First Avenue in Fort Lauderdale, and the Stacks on Main at 535 Main Street, Nashvill: Adam Neumann’s comeback story sounds a bit like his coming-up story. He has the backing of a name-brand venture capitalist. He has grand plans to transform real estate. He is, once again, preaching the gospel of…

Fire station issue stalls signature Brickell City Centre tower

Miami city commissioners have delayed a final vote on Brickell City Centre’s latest expansion, while directing city staff to get to the bottom of why a promised fire station has not been built as part of the sweeping mixed-use development. At a rescheduled regular meeting on Tuesday, commissioners were to hold a second and final hearing on two planning and zoning…

9 Key Statistics for the Miami Commercial Real Estate Market

The Miami commercial real estate market offers a wide range of interesting projects, assets, and property types due to its advantageous location and pivotal access as an Atlantic coastal town. Its geographic position near Central and South America is a big reason for the overall growth and culture in the area. These factors give Miami…

Block Capital proposes 17-unit Wynwood apartment project

Block Capital Group, a prolific Wynwood developer and investor, is continuing to bet on the neighborhood. The Miculitzki family’s Block Capital wants to build a five-story, 17-unit residential building at 91 Northwest 27th Street with 3,000 square feet of retail, according to an application filed to a Miami project review board. The units will be apartments, a Block….

Jeffrey Soffer’s Fontainebleau Development buys North Miami marina

Jeffrey Soffer’s Fontainebleau Development picked up a North Miami marina for $10.1 million, more than $9 million above the property’s last sale price 27 years ago. An affiliate of Aventura-based Fontainebleau acquired PowerHouse Marina at 13255 Biscayne Boulevard, records show. The seller, an entity led by David A. Marcus, purchased the…

Lease roundup: Rentals manager Belong moves HQ to Brickell

Belong I Brickell I Miami Belong, a rental homes management company, is moving its headquarters from California to Brickell in Miami. The company will occupy a 7,000-square-foot space at the Brickell City Tower at 80 Southwest Eighth Street, according to Owen Savir, co-founder of Belong. It is renovating the space and working out of a temporary office at the…

Doral Considers Trump Proposal For New Towers

Former President Donald Trump has another real estate venture in Doral. The city is considering an application submitted on a plan to build gleaming luxury towers with more than 2,000 units proposed at the Trump National Doral Miami property. The project includes more than 185,000 square feet of amenities and retail in the property at…

MG completes Miami apartments dev site assemblage

MG Developer added the final piece to its Miami development site puzzle, allowing it to move forward on a two-tower multifamily project. The Coral Gables-based firm and its partner, New York-based Baron Property Group, bought an acre at 3191 Southwest 39th Avenue and 3160 Southwest 38th Court from AMR Investment, which is led by Armando Rouco, for $16…

Investors spent $5B on South Florida rentals in the first half of the year

Investors spent $5 billion on South Florida multifamily properties in the first half of the year, the second-highest total on record, according to Cushman & Wakefield. It could be secure in that spot for some time: Demand in the area’s rental market is showing signs of slowing, despite continued rent growth in Miami-Dade, Broward and Palm Beach counties.

Terranova plans retail-and-office project on Coral Gables’ Miracle Mile

Stephen Bittel’s Terranova Corporation plans to redevelop a former pharmacy in downtown Coral Gables into a four-story retail-and-office building. The Arquitectonica-designed project at 93 Miracle Mile will include a 6,700-square-foot restaurant on the ground floor, 9,700 square feet of retail on the second and third floors and 7,300 square feet of…

Mortgage rates hit 14-year high

Mortgage rates hit yet another new high and may continue to rise as the Federal Reserve looks to tackle inflation. The average rate on a 30-year fixed mortgage hit 5.89 percent this week, according to a Freddie Mac survey reported by the Wall Street Journal. Rates are roughly double from what they were a year ago and exceeded a recent pandemic high set…

Inside Griffin’s billion-dollar South Florida property play

Ken Griffin epitomizes the South Florida more-is-more real estate philosophy. The billionaire founder of Citadel just raised the bar on his record-setting portfolio. Griffin, who is worth about $31 billion, now owns at least $1.3 billion of residential and commercial real estate in South Florida, on top of luxury homes in New York, Chicago, London and…

Embattled developer Metronomic’s Coconut Grove rentals head to auction

Metronomic once had grand plans to redevelop a large area of Coconut Grove. Now it might lose its only completed project there. Four years ago, the Coral Gables-based developer announced a $74 million mixed-use project in the neighborhood, with nearly 300,000 square feet of apartments, retail, offices and a hotel. But it soon became saddled with debt, filing…

Video: Global Chair of Counselors of Real Estate Marilee Utter Discusses Top Ten Issues Affecting Real Estate 2022-2023

Marilee Utter, 2022 Global Chair of the Counselors of Real Estate, joins the host of America’s Commercial Real Estate Show to share and discuss highlights from the Counselors of Real Estate annual Top Ten Issues Affecting Real Estate. Topics (issues) discussed include inflation and interest rates, geopolitical risk, hybrid work, wupply chain disruption, energy…

Rotem Rosen, Anand Mahindra finally close on $30M Edgewater site

It took more than four years, but Rotem Rosen and billionaire Anand Mahindra’s MRR Development sealed the deal on a $30 million Miami assemblage. Javier Cervera Companies led by investor Javier Cervera Jr. sold the 1.4-acre site at 1801 Northeast Second Avenue, north of downtown Miami, to MRR. The land covers the majority of the city block between…

Prestige sells Hialeah apartments for 30% markup

Marty Caparros’ Prestige Companies sold a multifamily portfolio in Hialeah for 30 percent more than it paid for the properties a year ago. Affiliates of Miami-based Puchero Corp., managed by Alberto Arceo, bought the four small apartment complexes at 565 West 51st Place and 643, 651 and 725 West 29th Street for $17.2 million, according to records. The 1960s-era…

How Hamid Moghadam made Prologis the world’s largest industrial landlord

Fresh off a trip to Stanford, Hamid Moghadam was pulling up to his house in San Francisco’s tony Pacific Heights neighborhood when a car stopped right behind him.  Out jumped two men, armed with guns. They moved in on Moghadam, grabbed his Patek Philippe watch and fled. “They were attacking me,” Moghadam told the San Francisco Business Times.

Rising sea levels put Miami, New York at biggest risk for severe and extreme flooding at commercial properties

Billions of dollars worth of office buildings, retail centers and apartment buildings in coastal U.S. cities sit in the path of major flooding as sea levels rise, according to a new DBRS Morningstar report. The credit rating agency looked at a snapshot of roughly 47,000 buildings that it monitors out of the roughly $670 billion commercial mortgage bond market and found…

Pulso Capital pays $22M for Pompano Beach complex

A Fort Lauderdale-based multifamily investment firm padded it’s portfolio with a $21.5 million Pompano Beach acquisition. Stellar at Palm Aire now belongs to a Pulso Capital Group affiliate. The firm paid $22 million for the 39-unit rental townhome complex at 4091 Seina Circle, 4081-4099 Sunset Way, 700-706 Stellar Court, 4082-4098 Highland Oaks Drive, records…

Lyon Living Pays $33M for Sunrise apartment complex

A garden-style rental community in Sunrise traded for $13 million above its previous sale price three years ago. An affiliate of Lyon Living, a Newport Beach, California-based multifamily real estate investment firm, paid $33.1 million for Courtyards at Sunrise, a 128-unit apartment complex at 4108 Pine Island Road, records show. The buyer obtained a $28 million loan…

Dependable Equities proposes 47-story Fort Lauderdale tower

Dependable Equities is proposing a 47-story rental tower in downtown Fort Lauderdale, adding to the Brooklyn developer’s pipeline of projects. The plan by Dependable Equities, led by Isaac Schlesinger and Rabsky Group co-owner Simon Dushinsky, will go before the Fort Lauderdale Development Review Committee Tuesday. The developer is seeking site plan review…

Carlyle pays $33M for Boynton Beach shopping center

Carlyle Management doubled its Boynton Beach retail holdings with a $33 million purchase of Sprouts-anchored shopping center. An affiliate of Katonah, New York-based Carlyle acquired the retail component of Mainstreet at Boynton at 6405 Boynton Beach Boulevard, according to a press release. The deal breaks down to $630 a square foot. The 52,000…

Lincoln Property pays $194M for newly built Boca apartments

Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group’s Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne: Lincoln Property Company beefed up its South Florida multifamily portfolio. The firm bought the newly built Manor Broken Sound apartment community in Boca Raton…

El-Ad nabs $100M construction loan for Alina condos in Boca

El-Ad National Properties’ more than 300-unit condominium project in Boca Raton just got a major financial boost. The developer, through an affiliate, scored a $100 million construction loan for the second phase of its Alina Residences project from UMB Bank, according to records. The pair of condo buildings, already under construction, comprise the final portion of…

The post Miami Commercial Real Estate News September 14, 2022: Fisher Island Dev Site Trades for $100M, One Near Beckham Stadium for $32M; $30M Edgewater Assemblage Closes; More… appeared first on Hawkins Commercial Realty.

Marilee Utter, 2022 Global Chair of the Counselors of Real Estate, joins the host of America’s Commercial Real Estate Show to share and discuss highlights from the Counselors of Real Estate annual Top Ten Issues Affecting Real Estate. Topics (issues) discussed include inflation and interest rates, geopolitical risk, hybrid work, wupply chain disruption, energy, labor shortage strain, the great housing imbalance, regulatory uncertainty, cybersecurity interruptions, and ESG requirements forcing change.

The post Video: Global Chair of Counselors of Real Estate Marilee Utter Discusses Top Ten Issues Affecting Real Estate 2022-2023 appeared first on Hawkins Commercial Realty.