Ares Management paid $147 million for a recently completed Miami Lakes warehouse complex, notching the biggest industrial purchase so far this year. It’s also the third time in less than a year that Los Angeles-based Ares dropped nine figures for a South Florida commercial property. An affiliate of the private equity firm acquired Midway Miami Park, a collection…
Bridge Industrial expands warehouse portfolio near Miami International Airport with $45M purchase
Bridge Industrial continues stacking up warehouse sites in Miami-Dade County, acquiring a Doral business park for $45.4 million. An affiliate of Chicago-based Bridge, led by CEO Steve Poulos, acquired Corporate Park of Doral at 7705 Northwest 48th Street, records and real estate database Vizzda show. Sitting on 15.7 acres, the complex consists of eight buildings with…
Work On 40-Story Edgewater Tower To Begin Q1 2025
In Edgewater, a 40-story tower known as Cove Miami has converted reservations for condos into contracts and announced a construction start date. Construction work is planned to commence in Q1 2025, the developers of the project said yesterday. Even before converting to contracts, there was strong interest in the 134 condo units planned through the reservation process…
Developer Ricardo Dunin and Peruvian firm Edifica propose a 43-story hotel in Brickell, marking the companies’ continued investment in Miami’s financial district. North Development, a joint venture between Dunin’s Miami-based Oak Capital and Edifica, are under contract for an undisclosed price for the 0.6-acre development site at 132, 142 and 152 Southwest Ninth Street…
Demolition Permit For One Brickell City Centre Supertall Site Back In Review
A total demolition permit for an older building at the One Brickell Citycentre site is back in review. The demolition permit for an office building at 799 Brickell Plaza was first applied for in April 2023, and is now in its tenth review cycle as of October 10. Demolition of another office building at 700 Brickell Avenue recently wrapped up. It also forms part of the One Brickell…
Doral Gateway East project adds 330 residences, removes hotel
Doral officials are moving forward with updated proposed Doral Gateway East residential development modifications. With a 4-1 in favor vote during the Oct. 9 council meeting, Centrum Doral Owner LLC ‘s request for a modification to the Master Development Agreement (MDA) and a modification to the Pattern Book (PB) for the east portion of Doral Gateway East Neighborhood…
Miami Office Leasing on Track For Slowest Activity Since Pandemic
Office leasing in Miami is on track for one of its slowest years since the pandemic hit the country. It comes from Avison Young’s third-quarter market report that evaluated the performance of the asset class. As of September, leasing inched just over 2.5 million square feet year-to-date. At the same time in 2022, the figure was around four million and just under that mark a year later.
10 Story Apartment Towers with 1,426 Units Proposed for Miami Springs
The Miami Springs City Council discussed plans that were circulating at Miami-Dade County to develop three parcels of Miami Springs land currently owned by Miami-Dade County Aviation. According to an article by Theo Karantsalis and published in The Miami Herald, those plans include three (3) 10-story towers with 1,426 apartment units. I’m sure you’ve noticed some…
Aimco is selling the Hamilton apartment tower at 3333 Biscayne Boulevard in Edgewater and a nearby development site for a combined $204 million. The pending deals come as the real estate investment trust has been putting some of its prime South Florida holdings on the market this year. Denver-based Aimco is under contract to sell the Hamilton tower for $190 million…
Buyer revealed: Kushner purchasing Hamilton apartment tower in Miami’s Edgewater for $190M
Aimco is selling the bayfront Hamilton apartment tower in Miami’s Edgewater to Kushner Companies, The Real Deal has learned. Denver-based Aimco, led by CEO Wes Powell, previously announced it’s under contract to sell the 28-story, 276-unit Hamilton at 555 Northeast 34th Street and its share of the nearby development site at 3333 Biscayne Boulevard…
This Week’s South Florida Deal Sheet: Aimco To Sell 2 Edgewater Properties For $204M
Apartment Investment and Management Co. has reached two all-cash deals for a combined $204M to sell the Hamilton apartments and a nearby Edgewater development site. The apartment REIT declined to name the buyer of the 276-unit, 28-story Hamilton, but it said the property is under contract for $190M with the buyer committing to a nonrefundable deposit.
Aimco Strikes $204M Deal to Sell Miami Assets
Aimco has struck a deal to sell its equity in two real estate properties in Miami, Florida for $204 million. One of them is for The Hamilton, a 276-unit apartment building. The other is for a development at 3333 Biscayne Boulevard, which sits on 2.8 acres. For the latter sale, the real estate firm said its unnamed joint venture partner purchased its stake for $13.8 million, with the gross…
Tri-Rail express to downtown Miami booms; daily passengers up 54% in 4 weeks
Tri-Rail’s one-seat weekday express, launched July 1, has been regularly achieving a 100% on-time performance and ridership is growing, reports Victor Garcia, South Florida Regional Transportation Authority public affairs director. The express leaves West Palm Beach at 6:30 a.m., stopping at Boca Raton, Fort Lauderdale Airport and Metrorail Transfer, arriving at MiamiCentral…
Miami International Airport terminal upgrade advances
County commissioners were expected this week to approve a seven-year, $40 million contract for architectural and engineering services as part of a far larger expenditure to upgrade Miami International Airport’s Central Terminal. “The Central Terminal is a key part of MIA’s infrastructure,” a mayor’s report to commissioners says. “It houses various essential services and facilities…
Two projects spring from Miami’s deal with Adler Group
Fences surround the formerly proposed location for Miami’s administration offices downtown as construction begins at the site where a 36-story apartment tower will rise instead, with the municipal building breaking ground in the first quarter of 2025 near the airport. Miami-based Adler Group is developing the two projects as part of a public-private partnership…
Since being appointed director and chief executive officer of the Miami-Dade Aviation Department about three years ago, Ralph Cutié has led an unprecedented investment of $7 billion in capital improvements and $1.7 billion in maintenance upgrades. Over the next 10 years, Miami International Airport flyers will see upgraded restrooms, new passenger boarding bridges…
Terra, Turnberry score $75M grant for Miami Beach Convention Center hotel project
Terra and Turnberry are getting a $75 million taxpayer infusion for the joint venture’s convention center hotel project in Miami Beach. Despite securing more than $500 million in private financing for the Grand Hyatt-branded development at the intersection of 17th Street and Convention Center Drive, Terra and Turnberry need to plug a funding gap in construction costs…
Meta Development Plans 36-Unit Luxury Condo at 1888 Brickell Avenue in Miami
International firm Meta Development has plans to demolish the five-unit Houses of Brickell Condominium and replace it with a luxury development. The new venture would offer 36 residences with the cost of ownership hovering around $2.5 million each. The Real Deal reports that the project’s scope calls for two five-story buildings that would be connected by a rooftop pool…
Värde seeks $77M foreclosure against Coral Gables office complex owner
Värde Partners is foreclosing on the owner of a Coral Gables office complex for allegedly defaulting on a $68.9 million mortgage. Since August, the amount owed ballooned to $77.4 million, including accrued interest and late fees, according to a foreclosure complaint filed this week in Miami-Dade County… buildings at 1 Alhambra Plaza. It is owned by an affiliate of…
Affinius Capital Faces Foreclosure On $69M Coral Gables Office Loan
A 262K SF Coral Gables office tower could be headed to foreclosure as it struggles with occupancy despite the neighborhood’s rising profile as a destination for Miami’s office users. The foreclosure suit was filed against San Antonio-based Affinius Capital regarding a $69M mortgage backed by Columbus Center, a 14-story office building located at 1 Alhambra Plaza.
Final cut: Cachita Universal Studios could lose Doral production facility to foreclosure
Cachita Universal Studios near Doral could be entering its final filming season after a lender filed a foreclosure complaint against the owner of the television production facility. An affiliate of Miami-based Altamar Financial Group is suing Alain Piedra-Hernandez, president of HH Coffee Group, which owns the 81,765-square-foot building at 7355 Northwest 41st Street…
Recently Delivered 500,000 SF Logistics Park – Miami Midway Park – Sells
CBRE has arranged the sale of Miami Midway Park, a four-building distribution business park totaling 505,518 sq. ft. on… The four buildings included in the sale were: 9695 NW 174th Street: 71,708 sq. ft.; 100% occupied; 9675 NW 174th Street: 71,708 sq. ft.; 76% occupied; 9575 NW 174th Street: 181,051 sq. ft.; 100% occupied; 9535 NW 174th Street: 181,051 sf…
Pre-Application Filed for 600-Unit Apartment Development at Pullman Miami Airport Hotel Parking Lot
London + Regional Properties, the Pullman Miami Airport hotel owner at 5800 Blue Lagoon Drive, has filed a pre-application with Miami-Dade County to develop two eight-story apartment buildings on the hotel’s parking lot. The proposed project would introduce 600 new apartments to the 10-acre site, which currently houses the 281-room, 13-story hotel built in 1986.
120-Unit ‘Courtside II’ to Break Ground at 1698 NW Third Avenue and 1501 NW Fourth Avenue in Miami
The second and final phase of an affordable housing development will soon break ground in Miami-Dade County. Courtside II is the second phase of Courtside, the first phase of which opened in 2016. The $58 million venture will comprise 120 residences in two seven-story buildings. Multi-Housing News reports that Courtside II will require 161,000 square feet of new…
Mapping the five proposed Live Local Act projects in Miami’s Wynwood
On the corner of Northwest Sixth Avenue and Northwest 26th Street in Miami’s Wynwood, a developer wants to replace the one-story Austin Burke menswear store with an apartment tower of up to 20 stories. The project would jut out above the surrounding one-story and two-story warehouses retrofitted into businesses, as well as above a 10-story building to the east.
MG Developer’s pipeline grows after landing $15M for Coral Gables condo project
MG Developer nabbed a $14.5 million loan for pre-development costs associated with a planned Coral Gables boutique condominium project. Three New Tork-based lenders, H Equities, 141 Funding and Maxim Capital Group, provided the financing for Alhambra Parc, a planned 11-story building with 78 condos at 33 Alhambra Circle, a press release states. A Colliers team led…
HTG Begins Construction on $58M Affordable Housing Community in Miami’s Overtown Neighborhood
Housing Trust Group (HTG) has begun construction on Courtside Apartments II, a $58 million affordable housing community project located in the Overtown neighborhood of Miami. Upon completion, the property will total 120 units in one-, two- and three-bedroom layouts. This marks the second and final phase of a two-phase development that began with the opening…
HTG teams up with Alonzo Mourning’s nonprofit on Overtown affordable housing project
Housing Trust Group and NBA Hall of Famer Alonzo Mourning’s nonprofit plan a 120-unit affordable housing project in Overtown, as development of below-market rate rentals booms in South Florida. Coconut Grove-based Housing Trust Group and AM Affordable Housing will develop the $58 million Courtside Apartments II with a pair of seven-story buildings…
HTG, AM Affordable Housing Build in Miami
Construction has begun on Housing Trust Group and AM Affordable Housing’s Courtside Apartments II, a $58 million affordable community in Miami’s Overtown neighborhood. Comprised of 120 units, Courtside Apartments II marks the second part of a comprehensive two-phase development. Funding for the project included a $30 million construction…
Site Work Permit Issued for 67-Story JEM Private Residences at Miami Worldcenter
Miami’s Building Department has issued a site work permit for JEM Private Residences, a 67-story mixed-use development at 1016 Northeast 2nd Avenue in Miami Worldcenter. Valued at $3 million, the permit was granted on October 3, with Coastal Construction as the contractor. The building will feature 259 condominium units on the upper floors and 530 multi-family…
Discount shopping: Easton nabs JCPenney store at Miami International Mall
Easton Group bought a JCPenney store at Miami International Mall, and the struggling retailer will stay on as the tenant. Ed Easton, chairman of his Doral-based eponymous firm, told The Real Deal that he has no immediate plans to redevelop the 10.3-acre site at 1603 Northwest 107th Avenue in his home city. Other developers like Electra America and Codina Partners…
Brickell Office Building Sold For Record-Breaking $443M
The 701 Brickell office tower has been sold for $443M – the most ever for an office building in Brickell. It is also the second highest price for an office building in Florida, trailing only the $540 million sale of the 1.2 million square foot Southeast Financial Center in 2016. 701 Brickell last sold in 2002 for $172m, property records show. The 32-story building has 685,279 square feet…
40-Story, 466-Unit Flow House Launches Sales At Worldcenter
Flow House is launching sales at Miami Worldcenter. The new property will offer the same amenities and community events as Flow’s existing rental towers. Flow House will rise 40-stories, and include 466-units. Units will be delivered finished and furnished, with studios starting at $450,000 and one bedrooms starting at $600,000. Units will include sustainably sourced…
Developer Plans Condo Building At 1870 Brickell
Miami-based META Development says it has acquired the property at 1870 Brickell Avenue, with plans to build a condo building. The company is also in contract to buy the adjoining 1880 Brickell Avenue, which will be merged to form the development site. The combined purchase price is $21m. The new condo building will rise 5 stories, with 36 units. Prices will start at $2.5m…
Brooklyn developer launches sales for second Bay Harbor Islands condo project
Brooklyn-based developer Redhoek+ is launching sales for its second planned condo project in Bay Harbor Islands. The planned seven-story, 18-unit Pool Haus at 1130 100th Street is intended to be a “sister building” to Solina Bay Harbor, the first South Florida condo project that Redhoek+ launched, said CEO Lee Cohen. Redhoek+ tapped Alyssa Soto Brody and Alyssa…
Closings underway at Fort Partners’ Seaway at the Surf Club luxury condo project
Fort Partners completed a boutique condo project next to its record-setting Four Seasons Hotel and Residences at the Surf Club in Surfside, newly recorded closings show. An affiliate of Fort Lauderdale-based Fort Partners, led by Nadim Ashi, has so far sold 13 luxury condos at Seaway at the Surf Club, a 34-unit, two-building development at 9149 Collins Avenue. The oceanfront…
UBS Is Sounding The Alarm About Miami Real Estate – Is It Overpriced?
Miami, Florida, has been one of the real estate industry’s biggest success stories over the last several decades. A combination of great weather, development, and a bustling job market has turned Miami into one of America’s top real estate destinations. However, recent concerns have emerged. Analysts at UBS are expressing concerns that the Miami real estate…
New Interior Renderings Revealed For ELLE Residences Miami
ELLE Residences Miami has revealed a fresh set of interior renderings, giving a detailed look into the design aesthetic of its 25-story residential tower, set to bring Parisian elegance to Miami’s Edgewater neighborhood. The project will feature 180 residences, each reflecting ELLE’s iconic design ethos, rooted in the chic sophistication of Paris. The interiors…
Renderings: Public Park Proposed On Watson Island In Exchange For Condos
A new website has been created showing conceptual images of a park on Watson Island (to see all 16 images, click here). Developers Terra and ESJ Capital, the owner of Jungle Island want to develop hundreds of condos on the north side of the island. In exchange, they would buy or lease the Jungle Island property, cancel the theme park and hotel lease, build a 13-acre park…
Lender seeks $13M foreclosure against Hollywood warehouse owner
A Hollywood warehouse owner is in danger of losing the building to foreclosure. Nearly a dozen entities managed by David Frank in Miami allegedly failed to repay a $1.8 million loan and a $10.8 revolving line of credit secured by a single-story, 8,640-square-foot industrial building at 1980 Grant Street, court records show. The lender, Woodlands, Texas-based…
The City Commission of Miramar will review a proposed large-scale mixed-use development named The Park Miramar, designed by 505Design, on October 16, 2024. The project, planned for a 125.8-acre site at the northeast corner of Red Road and Miramar Parkway, will include various residential, commercial, and recreational components. The development will consist…
Dual-Branded Fairfield Inn & TownePlace Suites Proposed for Miramar Park of Commerce
A dual-branded Marriott hotel is being proposed just off Florida’s Turnpike in Miramar, marking another significant development in the growing area. The City Commission is set to review the site plan for the Fairfield Inn & TownePlace Suites on October 16. The project is being developed by Miramar Park Hotels, led by Sanjaykumar Patel, Sadhanaben Patel, and Akesha Sanjay…
First Look: Interiors at 23-Story Residential Tower ‘Lumaire’ in Downtown West Palm Beach
Lumaire, rising 23 stories at 201 Clearwater Drive in Downtown West Palm Beach, offers a first glimpse of its interiors, marking a significant debut for CetraRuddy’s first interior design project in the area. In partnership with DesignBAR, the firm has crafted 457 residences featuring floor-to-ceiling windows, wide plank flooring, European-inspired kitchens…
Wheelock lists The Ben West Palm Beach for $208M
Wheelock Street Capital is accepting bids for a 208-key hotel along West Palm Beach’s waterfront, starting at $1 million per room. Greenwich, Connecticut-based Wheelock recently put The Ben West Palm Beach at 251 North Narcissus Avenue on the market with an asking price of $208 million, according to an online listing. CBRE is marketing the property.
Industrial On Pace To Absorb More Than 100M SF This Year
https://www.globest.com/2024/10/09/industrial-on-pace-to-absorb-more-than-100m-sf-this-year/ Fueled by unleased speculative deliveries, the national industrial vacancy rate has climbed by 30 basis points during the third quarter to reach 6.4%, according to Cushman & Wakefield’s latest industrial segment research. This represents the lowest quarterly…
Office Submarkets Bucking the Trend Through Mid-Year
Highlights: As of the second quarter of 2024, our top 82 primary office markets were evaluated based on their year-to-date change in effective revenue. Among our five regions, while the Northeast was the top ranked region for the multifamily and retail sectors, its office sector performance ranked last given its effective revenue declined by 129-bps over the first half of the year.
On the latest episode of America’s Commercial Real Estate Show, the show host sat down with John D’Angelo, Real Estate Solutions leader at Deloitte, to discuss Deloitte’s 2025 Commercial Real Estate Outlook. The conversation covered crucial national market trends and predictions, bringing insights that resonate across the industry, especially as we close out…
In a recent episode of *America’s Commercial Real Estate Show*, the show’s host welcomed Anthony DellaPelle, chair of The Counselors of Real Estate (CRE) and also a lawyer with the New Jersey based firm of McKirdy, Riskin, Olson & DellaPelle, to discuss the Top Ten Issues Affecting Real Estate for 2025. This annual report, developed by the CRE through extensive polling…
CMBS Troubled Loan Tracker: Office Delinquencies Accelerate to Nearly 5X the Level of Early 2023
Conduit & fusion loan delinquencies continue to creep up toward the pandemic high of 8.3% after increasing for the eleventh consecutive month to 7.0% and show no signs of slowing down. Although the Federal Reserve has slashed interest rates by 50 bps and many have priced in another 25 to 50 bps cut by the end of the year, the elevated maturities and lack of debt…
Commercial Real Estate Nationally: Moody’s Q3 2024 Preliminary Trend Announcement
Multifamily Performance Steadied, Office Stress Continued to Manifest, Retail Vacancy Declined, And Industrial Cooled Down The commercial real estate (CRE) industry received welcome news in September as the FOMC lowered the target federal funds rate by 50 basis points (bps) bringing expectations of continued relief in meetings ahead. The period of…
Rent burden may not hinge on the election result
Summary: Housing Affordability Crisis: The United States is facing a significant housing affordability crisis, with homeownership rates dropping and a large percentage of renters being cost-burdened.Impact of the Pandemic: The pandemic exacerbated the housing burden by accelerating household formation and deepening pre-existing housing shortages due to a tight labor…
With Pandemic-Era Excess Savings Depleted, What Lies Ahead for the Hotel Sector?
Highlights: Although excess pandemic-era savings have been fully depleted as of March 2024, Moody’s expects the Federal Reserve will navigate a soft landing for the U.S. economy with real GDP expected to increase by the mid-2% area in 2024 and the low-2% area in 2025.With non-financial assets such as real estate holdings and vehicles accounting for a larger share…
Hurricane Helene data story: 161,849 commercial properties in direct path of hurricane
Hurricane Helene’s projected track across Florida’s panhandle and the South has potential implications for public safety and business continuity. Nearly 162,000 commercial real estate properties in the state have a greater than 50% probability of being exposed to wind speeds of at least 50 mph — the wind speed at which some damage is likely. The total estimated value…
Hurricane Milton’s destruction: crane collapse, tornado damage, flooding
In the wake of Hurricane Milton, developers and contractors in the Tampa Bay area are evaluating damage at project sites, calling insurers and preparing to resume construction work. Milton made landfall as a Category 3 storm with winds of 120 miles per hour on Wednesday night in Siesta Key in Sarasota County, flooding streets and homes, and spawning tornadoes…
What is the gross rent multiplier?
There are many factors to consider when evaluating multifamily investment properties. The gross rent multiplier (GRM) is one tool that can help investors quickly estimate a property’s value. What is the GRM in real estate? The GRM is the ratio of an investment property’s market value to the annual gross rent it generates. The lower the GRM, the better the estimated…
The What and the When Matter for the Losses of Real-Estate Lenders
Not every commercial-real-estate lender in the U.S. is at risk following the sharp downturn in prices since 2022. The timing of loan originations and the type of properties used as collateral are key factors in estimating losses. Lenders who originated loans late in the cycle, such as debt funds, tended to have larger unrealized losses on the underlying collateral.
Updated RealPage Forecast Indicates Strong Multifamily Demand, More Mild Rent Growth
After starting the quarter below its long-term average, employment ended September on a high note, with an increase of nearly 254,000 jobs. This brings the total number of jobs created in the first nine months of the year to 1.8 million, which is 24% below the level seen during the same period last year. As inflation has been on a downward trajectory for some time now…
Office Loan Maturity Monitor: Maturities Picked Back up in August
Highlights: $2.5 billion CMBS office loans reached fully extended maturity in August, the highest monthly total since we started tracking in January 2023. The payoff rate was strong, at 56.9%. Maturities with debt yield above 8% and limited lease rollover continued to exhibit the strongest performance Although several large loans paid off in August, smaller loans continue to pay…
The post Miami Commercial Real Estate News October 16, 2024: Miami Lakes Industrial Sold for $147M; Hamilton Tower Multifamily to Sell for $190M; More… appeared first on Hawkins Commercial Realty.
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