Prologis pads its South Florida industrial portfolio, pays Codina $57M for Doral warehouse
Prologis is ending the year with South Florida’s eighth largest industrial deal of the past 12 months, paying $57 million for a Doral warehouse. An affiliate of Coral Gables-based Codina Partners, led by Armando Codina and Ana-Marie Codina Barlick, sold the 157,214-square-foot facility to San Francisco-based Prologis, led by Hamid Moghadam, records show.
Prologis Adds Doral Warehouse To South Florida Industrial Portfolio
Prologis is closing out the year with one of South Florida’s largest industrial transactions, acquiring a Doral warehouse at 13155 Northwest 19th Lane for $57 million, making it the eighth largest industrial deal in the region over the past 12 months. The 157,214-square-foot property was sold by an affiliate of Coral Gables-based Codina Partners, led by Armando Codina…
Here are South Florida’s biggest industrial leases of 2024
South Florida’s industrial market started showing signs of softening this year. The three biggest leases signed this year were for 200,000 square feet or more, while last year five leases broke this size threshold. In 2022, two leases were for more than 500,000 square feet. In the years immediately after the pandemic’s onset, South Florida’s industrial market boomed…
Here are South Florida’s top office sales of 2024
This year’s office investment sales in South Florida were squarely in line with market trends. The biggest deal was in Miami’s booming Brickell Financial District, while properties in the suburbs traded at a discount amid an elevated interest rate environment. In the leasing frenzy of the past four years, Brickell was a top choice among out-of-state companies expanding or moving…
Here are South Florida’s biggest office leases of 2024
South Florida office leasing fell off its peak this year. The slowdown marks a turnaround from the leasing blitz of the past three years, as South Florida became a magnet for new-to-market companies. Firms opened offices in the tri-county region or moved their headquarters, attracted by the business friendly climate and rents that offered a bargain compared with New York…
Here are South Florida’s biggest retail leases of 2024
Low vacancy rates and strong asking rents fueled another healthy year for South Florida’s retail market. Still, the biggest leases of the year were a fraction of the size of last year’s top leases. Gyms, theaters, discount retailers and grocery stores were some of the tri-county region’s top tenants in 2024. Related Ross’ CityPlace in West Palm Beach scored two of South Florida’s biggest…
The 11 Biggest South Florida Commercial Real Estate Sales Of 2024
As 2024 wraps up its final chapter, we can look back on another big year for South Florida’s commercial real estate market. While most end-of-year lists keep things tidy with 10 things, we’re turning ours up to 11 because it wouldn’t be a proper Miami list if it weren’t a little over the top. These deals span hotel, office, industrial and multifamily trades, and they total $2.7B…
In June 2024, Florida YIMBY shared that 9900 West, a residential housing development in Miami-Dade County, had officially broken ground. Now, we have an update regarding this emerging venture. Developer The Horizon Group has secured a $27 million construction loan to help make the project possible. Upon completion, the seven-story venture will yield 23 homes.
Landau Properties and Taubco scored a $74 million construction loan for an office project in Bay Harbor Islands. The deal comes as financing continues to flow for South Florida developments, including offices, despite general concerns about the asset class’s long-term viability. New York-based Landau and North Miami-based Taubco will start construction this month…
BH targets North Bay Village, under contract to purchase multifamily project for $80M-plus
BH Group is adding a North Bay Village multifamily project to its South Florida portfolio, The Real Deal has learned. The Aventura-based firm, led by Liat and Isaac Toledano, is under contract to purchase Wake Biscayne Bay, a 329-unit apartment project at 7501 and 7525 East Treasure Drive, for more than $80 million, a source familiar with the deal told TRD.
Wellness-Focused Residences Planned for 2855 Tigertail Avenue in Coconut Grove
Terra and THE WELL have announced plans for THE WELL Coconut Grove, their second wellness-focused residential project in Miami. The $650 million development, located at 2855 Tigertail Avenue, will follow the success of THE WELL Bay Harbor and continue the integration of wellness-centered design into high-end residential living. Located in Coconut Grove…
Amtrak derails decades of deals to serve Miami International Airport
Amtrak, now eight years late pulling its first train into a station built to its specifications at Miami International Airport, has finally set a firm arrival date: never. In a short letter, the National Railroad Passenger Corp. stunned transportation officials who had been negotiating final details of Amtrak’s station lease by saying that running its Miami trains as far as the airport would…
Gray look wins OK for Cymbal DLT Midtown development
A developer who plans to bring new workforce housing to Miami with a new tower between Midtown Miami and Wynwood is now advancing after a redesign of the project. Owner-developer North Miami Avenue LLC proposes a 35-story building at 3466 N Miami Ave. with 598 residences, 18,108 square feet of retail and 4,547 square feet of offices, plus a large parking…
Whitman family lands mammoth $740M refi, construction loan for Bal Harbour Shops expansion
Bal Harbour Shops’ owner landed a $740 million loan for the high-end retail center, marking continued lending in South Florida. New York-based investment behemoth Blackstone provided the loan, which refinances a $550 million debt secured in 2019 and also provides construction financing for the shopping center’s expansion, according to records and the landlord’s news…
Bridge to Aventura Mall put off another year
A footbridge across Biscayne Boulevard from Brightline’s rail station in Aventura to land owned by retail giant Aventura Mall that was to have opened by Thanksgiving 2024 “in time for the holiday rush at the mall” instead is due by Thanksgiving 2025. Details aren’t final, Jose Gonzalez, senior vice president of Brightline owner Florida East Coast Industries, told…
Tight Coconut Grove office market keeps rents rising
Office space in Coconut Grove remains in high demand as low vacancy rates reflect the limited amount of space available. Bert Checa, a principal at Lee and Associates South Florida, says the vacancy rate in Coconut Grove is 2.75% and the average rental rate for Class A and Class B office spaces combined is $70 per square foot. Impacting the conversation are new developments…
Villa Miami Secures $285 Million in Financing Following Groundbreaking in Edgewater
Terra and One Thousand Group have secured a $285 million construction loan for Villa Miami, a 650-foot-tall waterfront condominium set to rise in Miami’s East Edgewater neighborhood. Designed by ODP Architects, the tower will feature a distinctive copper-colored exoskeleton and mark the first residential project branded by Major Food Group (MFG). Construction…
Developer Files Pre-Application for Five-Story, Mixed-Use Project in West Miami
Part of a 1980s-era strip mall in Miami-Dade County could be replaced with housing and retail. Longpoint Realty Partners has filed a pre-application for a five-story mixed-use venture that would offer 176 apartments occupying the mid-rise’s top four floors. The one-bedroom and two-bedroom homes would measure 700 to 950 square feet each; communal amenities…
Developers Secure $74M Loan to Begin Construction on One Kane Concourse in Bay Harbor Islands
Miami-based real estate development firm Taubco and national developer Landau Properties are moving forward with One Kane Concourse, a boutique Class A office building in Bay Harbor Islands. Designed by architect Luis Revuelta, the seven-story development will feature 75,000 square feet of luxury office space, a ground-floor waterfront restaurant…
$2.3M Sale of Office Building in Miami’s Pinecrest Village Brokered
NAI Miami | Fort Lauderdale has brokered the $2.3 million sale of a two-story, 9,192-square-foot office building located at 9703 South Dixie Highway in the Miami village of Pincecrest. Jeremy Larkin, Joseph Gallaher and Valentina Tawil of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as 9703 Dixie LLC, in the transaction.
JV Secures $74M Loan for Bay Harbor Islands Building
A joint venture of Taubco and Landau Properties has received a $74 million construction loan to develop One Kane Concourse, a 125,000-square-foot office building on Miami’s Bay Harbor Islands. Rendering of the One Kane Concourse office building on Miami’s Bay Harbor Islands. Image courtesy of One Kane Concourse The seven-story waterfront project at 9551 E. Bay Harbor…
Developers Break Ground on 8-Story Mixed-Use Development at 8111 S. Dixie Highway in West Palm Beach
Woodfield Development and Flagler Realty & Development Inc. have officially broken ground on a mixed-use development at 8111 South Dixie Highway in West Palm Beach, Florida. Designed by Spina O’Rourke + Partners and with Verdex Construction as the general contractor, the project is located along the C-51 Canal in the city’s South End neighborhood and will…
YAKOL Capital Plans 320-Unit Biophilic ‘House’ at 237 NE 54th Street in Miami
YAKOL Capital is working with a Japanese architect on an “attainable” condo development in Miami-Dade County. One project is House, a 320-unit project that would offer residences at about $1,100 per square foot. Here, the smallest homes would start in the low $300,000s. Sources indicate that construction will start construction in 2026, offering a pathway…
Two-tower Little River development targets 355 residences
Miami-based B Developments is proposing a major mixed-use project bringing multi-family residential units and more than 35,000 square feet of ground-level retail space to a high-profile intersection in the Little River neighborhood of Miami. Applicant LGE 79 LLC plans to build the 12-story dual tower development, 7880 Biscayne Boulevard, on property…
As Miami-Dade Courthouse set to open, historic site gets buying offer
Relentless time has pushed completion of the new Miami-Dade County Courthouse a tad passed its scheduled opening, now set for Jan. 21, according to Kathy Labrada, chief efficiency & compliance officer for the county’s Internal Services Division. Miami Today was given that deadline in early December. In mid-October, Miami Today was given a completion date almost…
Loan advances transit-oriented Upland Park residences near Dolphin Park-and-Ride Transit Terminal
A $170 million construction loan is moving a $1 billion mixed-use community off the back burner with a 47-acre West Miami-Dade project – including residential, retail and commercial uses – transforming the Dolphin Park-and-Ride/ Transit Terminal into a major multimodal transit hub. Developer Terra is receiving the loan from SCALE Lending, part of the Slate…
Apartments about to rise as Southplace stores are built out
Southland mall in Cutler Bay is on track to be replaced by Southplace City Center as the project is soon to deliver residential units, dining options and updated shopping options. Apartment construction is expected to start early in 2025 and stores are already building out space. Electra America, a real estate private equity firm, and BH Group, a Miami-based private real estate…
Project OK’d for Overtown to include micro-dwellings
A real estate developer plans to bring more housing to Miami’s Overtown/Park West community, including micro-dwellings. Block 19 Owner LLC plans to construct ONE W12 residences at 1129 NW First Court, a 22-story mixed-use tower, home to 372 residences, about 4,892 square feet of commercial space, and a parking podium for more than 800 vehicles.
Edgewater residential project to wrap in existing church
A sleek new residential tower framed by an exoskeleton is planned for the Edgewater neighborhood of Miami, about two blocks from Biscayne Bay. Ofizzina Edgewater LLC, the applicant and co-owner of the property at 422 NE 29th St., plans to build Black Salmon-Edgewater, a 36-story mixed-use building containing 229 residential units, 4,416 square feet of retail…
Terra and One Thousand Group scored a $285 million construction loan for a Major Food Group-branded condo tower in Edgewater, amid a flurry of South Florida financings. Terra and One Thousand Group started development this month on the 56-story, bayfront Villa Miami with 70 condos at 710 Northeast 29th Street in Miami, according to the developers’ news release.
Barry Sternlicht’s Starwood provides $64M refi for Lissette Calderon’s Allapattah project
Lissette Calderon’s nearly completed multifamily project in Miami’s Allapattah scored a $63.5 million refinancing from billionaire Barry Sternlicht’s Starwood Property Trust. Miami Beach-based Starwood provided the bridge loan to Calderon’s Miami-based Neology Development Group. The new mortgage pays off a previous $57.5 million construction loan from Churchill…
UHealth Doral Opens 160,000-Square-Foot Medical Center in Downtown Doral
UHealth and construction firm Robins & Morton marked the opening of UHealth Doral with a ribbon-cutting ceremony on November 21. The six-story, 160,000-square-foot medical center at 8375 NW 53rd Terrace is part of the larger Downtown Doral mixed-use community in Miami-Dade County. The facility includes 33 exam rooms, eight operating rooms, three endoscopy suites…
Robins & Morton Delivers 160,000 SF UHealth Doral Medical Center
Birmingham-based general contractor Robins & Morton has delivered a new 160,000-square-foot medical center in Doral, a western suburb of Miami, on behalf of University of Miami health system UHealth. The six-story UHealth Doral property opened in late November. Designed by Arcadis, the healthcare property features 33 exam rooms, eight operating rooms…
Kushner Cos. Acquires The Hamilton Apartments in Miami for $190M
Kushner Cos. has acquired The Hamilton, a 276-unit apartment community located in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the multifamily property for $190 million. Located at 555 N.E. 34th St. along Biscayne Bay, the community is situated with proximity to downtown Miami and the city’s Brickell financial district.
‘One West Twelve Residences’ Slated for 1129 NW 1st Court in Miami
PMG, Lion Development Group, and LNDMRK Development have plans for a high-rise residential endeavor in Miami-Dade County. One West Twelve Residences (also known as ONE W12) will offer 372 residences that allow for short-term rental options through platforms like VRBO and AirBnb. Layout plans include studio and one-bedroom homes. According to the venture’s…
‘Upland Park’ to Break Ground Next Year in Miami-Dade County
South Florida-based Terra is one step closer to breaking ground on Upland Park, thanks to the acquisition of a $170 million construction loan from SCALE Lending. Upon completion, the $1 billion “multimodal” venture will offer residential, retail, and commercial space. Here’s what’s in store. Multi-Housing News shares that the first phase will offer 578 apartments.
Helm Equities plans mixed-use Miami Design District project using Live Local Act
After a decade of owning a development site on the eastern end of the Miami Design District, Helm Equities submitted plans for a $500 million mixed-use project that would use the state’s Live Local Act. Helm Equities, an affiliate of New York-based JEMB Realty, plans a two-building project with 162 branded condos, 116 rental apartments, 80,000 square feet of office space…
Starchitect’s Firm Could Design Downtown Miami’s Metrocenter
The name of the architecture firms involved in bidding for Downtown Miami’s Metrocenter project have been revealed, according to the SFBJ. Metrocenter could also have 5,000 residential units, one of the bidders said. Three bidding teams have emerged for the development, each comprised of multiple major developers. According to the report, the architects now…
Tony Robbins Buys Penthouse At Under-Construction Waldorf Astoria Supertall
Life and business strategist Tony Robbins has purchased at the under-construction Waldorf Astoria Hotel & Residences Miami, according to developer PMG. In addition, Robbins’ multi-billion family office, Robbins Gupta Holdings, acquired office space at the property to expand the firm’s footprint in the city. Ajay Gupta, a co-founder of the firm, also purchased a penthouse…
Demolition Underway At One Bayfront Plaza Supertall Site
Demolition at the One Bayfront Plaza supertall site now appears to be underway, photos posted to social media by @AllThings305 and Anthony De Yurre show. Interior demolition of building began in May 2023. According to a memo posted by @AllThings305 in October, the demolition process will now occur in multiple phases. The first phase includes demolition of a garage…
TA Realty dropped $160 million for a warehouse complex in Opa-locka, marking the third biggest industrial deal in South Florida this year. Boston-based TA Realty bought the Ironwood Commerce Center 12700 Northwest 42nd Avenue from New York-based Link Logistics, according to records and real estate database Vizzda. It’s the latest sale by Blackstone subsidiary…
Presidente Supermarket on tap in Miami Gardens and Other South Florida Leasing News
Presidente Supermarkets will open an outpost in Miami Gardens in July of next year. The grocery store leased 26,800 square feet at 5580 Northwest 167th Street, according to the tenant’s news release. Alan and Josh Levy were part of the Levy Realty Advisors team that represented the landlord. Neyda Bravo and Luis Gonzalez of Bravo & Partners represented the tenant.
The law firm leased 28,000 square feet at Oak Row Equities’ mixed-use tower at 2600 Biscayne Boulevard in Miami, where it will move in 2026, according to the tenant’s news release. The space is bigger than Ferraro Law Firm’s current 22,000-square-foot office at 600 Brickell Avenue in Miami, where the firm’s lease ends in 2028. Ferraro Law firm also…
‘Soleste Reserve I’ to Soon Break Ground at 5079 SW 48th Street in Davie
Earlier this March, Florida YIMBY reported on Soleste Reserve I and II, a multi-family housing development in Davie, FL. Now, we have an update regarding this emerging project. Sources indicate that developer The Estate Cos. intends to soon break ground on the first phase, which upon its anticipated completion in two years, will offer 347 apartments in eight stories.
Estate Companies landed a $78 million construction loan for a 347-unit apartment building in Davie, amid a record multifamily pipeline in South Florida. South Miami-based Estate plans the eight-story Soleste Reserve 1 with some workforce-price units at 5079 Southwest 48th Street, according to the developer’s news release. Banesco USA provided the financing, which consists…
FCP bought a newly completed 250-unit apartment complex in Miramar for $67.5 million, amid a year-end rush on South Florida investment sales. Chevy Chase, Maryland-based FCP, which is short for Federal Capital Partners, bought Alexan Miramar at 3155 Southwest 147th Terrace from the developer, Trammell Crow Residential, according to records and real estate…
BAM plans 257-unit multifamily development near downtown Fort Lauderdale
BAM Property Development won approval for a 257-unit multifamily development in Fort Lauderdale’s Flagler Village area. The Fort Lauderdale City Commission unanimously approved the site plan Tuesday and conditioned its approval on the firm making a $2.6 million payment to the city in lieu of an affordable housing development. New York-based BAM, led by Mayer Berkovits…
Green Mills plans affordable senior housing and food bank in Fort Lauderdale
Green Mills Group plans Lofts on Sixth, an eight-story mixed-use development near downtown Fort Lauderdale, with 90 affordable housing units for low-income seniors and a new home for a local food bank catering to the elderly. “We’re hoping to close financing and put shovels in the ground in the second quarter of next year,” Mitch Rosenstein, a founder and principal…
Spira Equity Partners bought a low- and moderate-income apartment complex in Lauderdale Lakes for $20 million. The deal marks continued investment appetite for South Florida affordable housing, which buyers view as more resilient to elevated interest rates and the record supply of market-rate units amid slower demand. Vancouver, Canada-based Spira Equity…
Stiles Buys Wilton Manors Retail Center
Stiles and FCA Partners have acquired Shoppes of Wilton Manors, a 77,746-square-foot neighborhood retail center in Wilton Manors, Fla., part of Greater Fort Lauderdale, for $27.6 million. The seller was Grass River Property, a South Florida investor, which acquired the property in 2018 for $21 million. Shoppes of Wilton Manors was re-acquired by Stiles.
Stiles drops $28M for Wilton Manors shopping center, plans renovations
Stiles bought a shopping center in Wilton Manors for $27.6 million, but it won’t pursue the seller’s previous plan to redevelop a portion of the site with an apartment building. Fort Lauderdale-based Stiles bought the Shoppes of Wilton Manors at 2200-2292 Wilton Drive from an entity linked to Coconut Grove-based Grass River Property, according to records and real estate database…
Four Corners Development Group bought a 210-unit apartment complex in Plantation for $48.6 million, amid a flurry of year-end multifamily deals. The New York-based firm purchased Nottingham Pine at 1 South Pine Island Road from investors Krishna Persaud and Arvind Reddy, according to records and real estate database Vizzda. The deal breaks down to $231,333…
Bowery buys 352-unit rental complex in Lauderhill for $44M, as year-end multifamily deals continue
Bowery Properties bought a 352-unit apartment complex in Lauderhill for $44.1 million, marking a continuation of the year-end rush of South Florida multifamily investment sales. An entity tied to Bowery owner Thomas Neary purchased Windward Vista Apartments at 4491 Northwest 19th Street from an affiliate of Chevy Chase, Maryland-based FCP, according to records…
South Florida by the numbers: Broward on the rise
“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Bookended by billionaire buyers in Palm Beach and Miami, development pros in Broward County are leaning into what works in that market: high-quality waterfront and downtown condos that are (relative to its northern and southern neighbors) reasonably…
‘Seacrest Sound Apartments’ Approved for 1390 North Seacrest Boulevard in Boynton Beach
On December 17th, Boynton Beach’s City Commission approved plans for an affordable housing development known as “Seacrest Sound Apartments”. The venture will offer 89 homes divided amongst two three-story buildings, comprising close to 75,000 square feet of new construction. Residences will span one-bedroom to three-bedroom units, available to those earning…
PulteGroup plans to build 41 workforce-priced homes in Boynton Beach and 75 luxury houses near Palm Beach Gardens. The Atlanta-based homebuilder will start construction early next year of the workforce-priced Heart of Boynton complex with 19 single-family homes and 22 townhomes between North Seacrest Boulevard and Northeast First Street, and between Northeast…
Developers Break Ground on Rosewood Residences Hillsboro Beach
Construction has officially commenced on Rosewood Residences Hillsboro Beach, a luxury waterfront condominium development at 1180 Hillsboro Mile in Hillsboro Beach by developers Related Group and Dezer Development. This marks the area’s first hospitality-branded condominium and features 92 residences offering oceanfront and coastal living. Completion is slated for 2026….
The Belgrove Resort & Spa Joins Marriott’s Autograph Collection in West Palm Beach
The Belgrove Resort & Spa has opened its doors along Lake Mangonia in West Palm Beach, marking its debut under Marriott International’s Autograph Collection. Developed by Access Real Estate and Witkoff, the six-story property introduces a modern retreat to the region, featuring 150 guest rooms and plans for 22 villas to be completed by late 2025.
Westlake Palms Shopping Plaza to Break Ground in Palm Beach County’s Growing Westlake Community
Westlake, Palm Beach County’s newest city, will see the addition of the Westlake Palms shopping plaza, with construction scheduled to begin on January 3, 2025. The 1.3-acre commercial development site, located at 4931 Seminole Pratt Whitney Road, was sold by Minto Communities, the master developer of Westlake, to Westlake Palms, LLC, led by Don Hearing….
Billionaire Jeff Greene sells former Palm Beach Post Office to the Breakers for $28M
Billionaire Jeff Greene sold the former Palm Beach Post Office to the Breakers for $28 million. Records show the developer sold the building at 95 North County Road, adjacent to the Breakers golf course, to the Breakers Palm Beach. The Breakers resort spans 140 acres at 1 South County Road, and includes a 534-key hotel, two 18-hole golf courses and a private beach.
Video: PwC Real Estate Deals Leader Tim Bodner Discusses 2025 Real Estate Deals Outlook
In a recent episode of America’s Commercial Real Estate Show, the show host engaged in an insightful discussion with Tim Bodner, Partner and Global Real Estate Deals Leader at PwC, about the outlook for commercial real estate in 2025. The episode covered pivotal topics such as transaction volume, interest rates, emerging sectors, and the overall economic environment.
The Fed on whether financial conditions are tight or loose; calculating and graphing z-scores
Credit spreads are the difference between the performance of corporate-issued debt and the spot Treasury curve. Analysts look at these spreads to gain insight into the return investors get for owning riskier securities, as opposed to risk-free Treasury bonds. However, different segments of the corporate credit sector have different means and variance, which makes it difficult…
Retailer Bankruptcy Update: Party City to Close All Stores, The Container Store Files for Chapter 11
In a one-two punch of holiday retail bankruptcy announcements, Party City has issued a formal statement declaring that it will close all its U.S. stores within the coming months, while The Container Store has also formally filed for Chapter 11 bankruptcy protection. CNN first reported on Friday, Dec. 20, that Party City, which filed for Chapter 11 bankruptcy protection…
Integrating Climate Resilience into Cashflow Projections: Insights from IIGCC Report
2024 is expected to be the first calendar year that has global average surface temperatures above the 1.5°C goal set by the Paris Agreement, making it the hottest in at least 125,000 years. This target is meaningful, because beyond this amount of warming, climate tipping points are expected to lead to significantly more damaging physical impacts from the warming climate.
In a recent Bloomberg TV interview with Sonali Basak, Michael Arougheti, CEO of Ares Management, shared insights into how rising interest rates could drive M&A activity in 2025. He explored the shifting competitive dynamics in private credit, Ares Management’s strategic approach to real estate investing, and the challenges and opportunities presented by their…
The post Miami Commercial Real Estate News December 30, 2024: Doral Industrial Sells for $57M; $740M Refi & Construction Loan Landed for Bal Harbour Shops Expansion; Biggest 2024 Deals; More… appeared first on Hawkins Commercial Realty.
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