Stabilized purchase: BentallGreenOak pays $60M for Medley warehouse with locked-in tenant
BentallGreenOak paid $60 million for a Medley warehouse with a tenant locked in for the next two decades. An affiliate of BentallGreenOak, a New York-based real estate investment firm led by co-CEOs Sonny Kalsi and John Carrafiell, bought a cold storage facility at 7600 Northwest 82nd Place, records and real estate database Vizzda show. Food distribution…
BGO Pays $60M for Miami Cold Storage Facility
BGO Cold Chain has purchased Medley Cold Logistics, a 178,000-square-foot Class A cold storage facility in Miami. Truist Securities sold the asset for $60 million, according to Miami-Dade County public records. JLL brokered the deal on behalf of the seller. BGO closed the deal as part of its Core Plus strategy. The property is fully occupied by Quirch Foods.
70-Story Solar-Powered Brickell Tower Breaks Ground, World’s First
A 70-story residential tower that will generate its own solar power has broken ground in Brickell, and is said to be the first of its kind in the world. The tower will have a 20,000 square foot “Solar Backbone,” with photovoltaic panels built into the glass façade. It will produce 175 MWh of electricity annually, reducing approximately 4,700 tons of CO2 and using 3,000 barrels less of oil.
Construction Permit Submitted For Santander Tower In Brickell
Santander Bank’s planned 765-foot tall office tower in Brickell has entered the construction permitting phase. A demolition permit for a smaller office building on the site has already been issued, and Santander employees have relocated. The master construction permit for the new tower was submitted on October 31, and entered pre-screening on November 8. A private provider is…
Phased Vertical Permit Application Submitted For $267M Riverside Wharf
A phased vertical permit application has been filed for the $267M Riverside Wharf complex in downtown Miami. The permit application was filed on October 16. It is not yet under review and is awaiting documents to be submitted. Riverside Wharf will include a Dream Hotel, along with food and beverage outlets and other uses. According to a utilities agreement completed last year…
Miami To Aventura Train Service Pushed To 2032
Completion of Northeast Corridor train service has been pushed back until 8 years from now. That is 5 years later than initially planned, even though Miami-Dade initially had an aggressive schedule. The reason for the delay: the Federal Transit Administration told Miami-Dade to “slow down,” according to Miami Today. It is currently taking six years for trainsets to be manufactured…
Fort Partners nabs $111M construction loan for oceanfront Surfside condos
Fort Partners is forging ahead with plans for another oceanfront condo development in Surfside. The Fort Lauderdale-based firm, led by Nadim Ashi, secured a $110.7 million construction loan for Surf House, an 11-story, 17-unit building planned for 8995 Collins Avenue, property records show. Athene Annuity & Life Company, managed by its investment adviser Apollo Global…
CP Group Executes 30,000 SF of Office Leases at The Landing at MIA in West Miami
CP Group has executed nearly 30,000 square feet of leasing agreements at The Landing at MIA, a 1.1 million-square-foot office campus in west Miami. The 11-building complex is situated on 50 acres directly adjacent to Miami International Airport. Gordon Messinger and Randy Carballo of CBRE represented CP Group in all eight lease transactions. The deals include Butler…
Developer Plans Sonder-Branded Hotel for 495 NE 25th Street in Miami
Habitus Edgewater HF B LLC hopes to move forward with an eight-story hotel in Miami’s Edgewater neighborhood. The 50,902-square-foot hotel would be under the Sonder banner, offering 61 rooms. Units would span 321 to 741 square feet, with a mix of studio, one-bedroom, and two-bedroom accommodations. There would be 23 parking spots; 21 off-street and two…
Ultimate Equity Files Plans For Live Local Wynwood Towers With 1,300-Units
Plans have been submitted for a pair of 36-story towers called Ultimate Wynwood. Ultimate Wynwood is planned to rise 395 feet and include: 1,300 residential units 21,601 square feet of commercial 1,099 on-site parking spaces, with 2 basement levels and additional parking on levels 2-5 The development is proposed under Florida’s Live Local Act, which requires at least…
Developer Files Plans To Build 22-Story Live Local Wynwood Tower
Plans have been newly filed for a 22-story mixed-use tower in Wynwood, on the Austin Burke site. Clara Homes is proposing to develop the tower under Florida’s Live Local act. Clara Wynwood is planned to include: 147 residential units 2,005 square feet of commercial 130 on-site parking spaces, on levels 1-4 At least 40% of the proposed residential units will be restricted…
PortMiami Was Once Again The World’s Busiest Cruise Port In 2024, With Record Traffic
PortMiami broke a new record for cruise traffic in fiscal year 2024, and remains the busiest cruise port in the world. A total of 8,233,056 travelers were recorded during the year, which started October 1, 2023 and ended September 30, 2024. The cruise passenger count for the year is the most ever for Miami, and is an increase of 12.79% over the previous year. PortMiami also…
800-Room Grand Hyatt Miami Beach To Begin Construction Mid-2025
The developers planning the Grand Hyatt Miami Beach have obtained a grant from Miami-Dade for the $600 million project, according to MeetingsNet. Up to $92.5 million will be issued by the county. Construction is now set to begin in mid 2025, with completion in Q3 2027. The Grand Hyatt is planned to include: 800 rooms (including 48 suites) amenities including a gym, two pools…
Doral’s $40 million offer to put waste plant elsewhere rejected
In a struggle to build a waste-to-energy plant, an attorney for Doral, where fire destroyed the old plant in February 2023, offered $40 million over 30 years if a new $1 billion-plus plant goes elsewhere. Miami-Dade commission Chairman Oliver Gilbert III said that wasn’t enough. “It doesn’t appear to be the sentiment of the board that $44 million would be enough over 30 years,” he…
PortMiami sets nation’s cruise passenger record
PortMiami, the world’s busiest cruise port, has sailed to another record, totaling 12.9% more passengers in the year ended Sept. 30 as it prepares for even greater passenger numbers during the current year. Figures unveiled last week show that the port recorded 8,233,056 passenger boardings and arrivals during the year. The prior record was 7,299,294, set last year.
Coral Gables manager vows to evacuate city hall for safety
After safety concerns were raised about City Hall’s structure, Tuesday’s Coral Gables commission meeting was held in the city’s police & fire conference meeting room as the city manager looks for a single place to move all the offices early next year and evacuate city hall – a step the mayor objects to. Under further investigation, it was discovered that the structural columns outside…
Unauthorized changes at historic Biltmore Hotel probed
After a recent walk-through at the city-owned historic Biltmore Hotel, city officials and staff encountered several unpermitted renovations being made throughout the hotel, said Commissioner Ariel Fernandez at Tuesday’s city commission meeting. Illegal painting was taking place, a speakeasy and a staircase was built without any permits, Mr. Fernndez said. “When we came in for…”
Miami Beach Convention Center sets events record
The Miami Beach Convention Center has closed out its record-breaking fiscal year of 2024 and prepares to welcome more events for fiscal 2025 with 64 definite events already booked. In the center’s fiscal year from October 2023 through September, said General Manager Freddie Peterson, “we did north of almost 100 events in total throughout the year, which is a record number…
Michael Lewis: A Northeast Miami-Dade commuter rail line is good, one that serves users is better
If you think a heaven-sent grant of $389.5 million to finish funding 13.5-mile commuter rail from downtown Miami to Aventura means you’ll hop aboard soon, take a deep breath: even if all goes as planned, the first ride is eight years away. That’s five years later than the original plan even as the cost has risen from $538 million to $927.3 million, supposedly the final figure.
Construction Timeline Unveiled for The Residences at Mandarin Oriental on Miami’s Brickell Key
Plans are advancing for The Residences at Mandarin Oriental, Miami, with a detailed construction timeline unveiled for the dual-tower project at the southern tip of Brickell Key. The development will feature two interconnected towers supported by a podium with parking and amenities. The South Tower, rising to 850 feet with 66 stories, will house 228 private residences, including…
Here’s When Demolition Is Expected For 850-Foot Brickell Key Tower
A more detailed construction timeline for the The Residences at Mandarin Oriental, Miami has been revealed. Two towers are planned, connected by a podium with parking and amenities. The taller tower will rise 66 stories, or 850 feet. It will include 228 residential condos. A shorter 426 foot tower is also planned. It will include 121 hotel units, 66 private residences, 28 hotel residences…
Cutler Manor Development to Offer Workforce/Affordable Housing at 10875 SW 216th Street
As it currently stands, Cutler Manor is a 218-unit apartment complex in Miami. Yet, an affiliate of Preservation of Affordable Housing (POAH) wants to redevelop the 1970s-era complex and replace it with workforce and affordable housing. The developer would demolish the already-existing buildings in three phases to mitigate displaced tenants. In the end, the new Cutler Manor…
Developer Achieves Double Milestone on The Village at Coral Gables
MG Developer has achieved a double milestone on The Village at Coral Gables, topping off construction and reaching 60% in sales. Located at 504 Malaga Avenue, the 48-unit development—comprising townhomes, lofts, and villas—broke ground just a year ago and has since attracted interest from buyers nationwide. Inspired by the vision of Coral Gables’ founder…
Terra CEO David Martin talks life, death and his biggest real estate projects
When David Martin enters a new neighborhood, the first thing he does is identify who is anti-development, and then he figures out how to engage with them. It’s partially how Martin, CEO of Coconut Grove-based Terra, has earned his reputation as someone who effectively works with local government, his competitors and NIMBYists. “There’s always things that we can do…”
PNC Bank To Open Dozens Of New Miami Branches
Pittsburgh-based PNC Bank got a taste of Miami, and now it’s hooked. PNC plans to open 35 new retail locations in Miami over the next five years in addition to the six new branches it announced plans to open a year ago. The bank’s Magic City expansion is part of a $1.5B push to update and grow its retail footprint, according to a release. In February, PNC announced plans…
Permits for additional tower crane heights have been filed with the Federal Aviation Administration (FAA) for the Waldorf Astoria Hotel & Residences in Downtown Miami. Located at 300 Biscayne Boulevard (alternatively addressed as 249 Northeast 3rd Street), the 100-story tower has two active Maxim cranes installed on-site, initially requested to rise to 1,255 feet above ground…
Permits have been submitted to the Federal Aviation Administration (FAA) for work on a supertall tower at 1201 Brickell Bay Drive in Brickell, intended to house Citadel’s new headquarters. According to the FAA application, the proposed building would rise to 1,046 feet above ground, or 1,049 feet above sea level, securing its place among the city’s tallest planned structures.
Developer Delivers 342-Unit Luxury Apartment Community in Kendall
Altman has announced the opening of Altis Grand Kendall, its newest luxury multifamily community, delivering 342 apartment units to the vibrant Kendall neighborhood of Miami. Centrally located at 9455 Southwest 137th Avenue, the mid-rise development offers a range of one-, two-, and three-bedroom apartment homes. With modern design elements and efficient floor plans…
How Miki Naftali picked his South Florida luxury projects
Every New York luxury developer wants to build a shiny tower in South Florida, it seems. Many of these industry titans have sought to build skyscrapers for ultra-wealthy condo buyers in Brickell or Miami Beach. They chose established neighborhoods, near other luxury edifice. But Miki Naftali has a different approach. As usual. The developer is setting his sights on two…
Faena Residences Miami is coming to Downtown Miami
Faena Residences has finally arrived in Downtown Miami, offering one of the most exciting residential opportunities in recent years. This project is not only a continuation of Faena’s world-class reputation in luxury hospitality but also marks the creation of a new residential and cultural district in Miami, much like the transformation Faena spearheaded in Miami Beach.
Expected Construction Start Date For 60-Story Faena Towers Revealed
An expected construction timeline for the the twin 60-story towers Faena Residences towers in Miami has been revealed, according to the Herald. Construction is expected to begin in late 2025, the report said. Completion will take about three years. Faena Residences Miami is said to be a $700m project. The developers have the advantage of having started the approval and permitting…
Another Brickell Tower? Social Media Pages Hint
Is another new tower about to be announced in Brickell? New profiles on both Facebook and Instagram have been opened in the past few days for a development called The Standard Residences Brickell, with a rendering of the building uploaded. Photos of an architectural model of the tower has also been uploaded to Twitter by Ryan RC Rea. The tower will be a twin to the 44-story…
Demand for high-rise waterfront condos spreads north from Miami to Fort Lauderdale
National developer PMG has secured a waterfront site to build its first condominium project in Fort Lauderdale, Florida, to try to capitalize on spillover buyer demand for high-rise residences in Miami and West Palm Beach. PMG bought the site that is just over 2 miles from downtown Fort Lauderdale and within walking distance of the beach at 900 Intracoastal Drive…
“Not all brands are created equal:” Dezer, Pérez and Cervera dish on the branded condo boom
Everywhere you look in South Florida, developers are partnering with hospitality brands, automotive companies, lifestyle brands and more. But are luxury labels exhausted in Miami? It depends, according to top developers Gil Dezer and Nick Pérez and brokerage chief Alicia Cervera Lamadrid, who spoke at The Real Deal South Florida Real Estate Forum during a panel…
The Estate Cos. Lands Construction Loan for Homestead Project
The Estate Cos. has secured a $64 million construction loan from TD Bank for the residential component of Soleste Midtown, a 21-acre mixed-use community in Homestead, Fla. The larger project features 354 luxury garden-style apartments and 43,000 square feet of commercial space. Construction is expected to begin in December on the development, located at the…
“Slowed down”: Developers weigh in on South Florida multifamily pipeline at TRD Forum
South Florida’s multifamily market boomed over the past four years due to an influx of out-of-state residents that led to unprecedented demand and record rent growth. Developers seized on the bonanza with new projects, many of them completed and many more under construction. But now, the market climate is different. “Things have slowed down for sure since the pandemic…”
Self-Described ‘Funding King’ Moving Headquarters From Las Vegas To Miami
Digital consulting firm The Boge Group is leaving Las Vegas and moving its headquarters to Miami’s River Landing. The Boge Group says it provides entrepreneurs with $50K to $150K of 0% interest startup funding. It is led by 26-year-old founder and CEO Andrew Imbesi, who calls himself “the funding king,” according to its website. It signed a 14K SF lease at the office…
775-Unit Fort Lauderdale Towers With ‘Delicate Exoskeleton’ Planned
A developer has launched sales for a condo called Ombelle Fort Lauderdale. Ombelle will include 775 units, with prices starting from the $400,000s. The smallest unit starts at 465 square feet. There will also be an option to buy furnished units. Flexible rentals with a minimum of 30 days will be permitted. The development will have over 11,000 square feet of ground floor retail…
An auto service store on the property of the Lauderhill Mall could be demolished to make way for a mixed-use development. Lauderhill Mall Investments LLC wants to construct three buildings: a five-story building with 56 units and ground-floor retail space, another five-story building with 55 units, and an eight-story building with 122 units and a clubhouse. But before any…
Investors sue developer Icon Equity for alleged fraud
Icon Equity Group allegedly duped investors into funding a quartet of uncompleted luxury home, condominium and restaurant projects in Broward and Palm Beach counties, according to a recent lawsuit. Three entities sued Delray Beach-based Icon Equity, seven affiliates and the firm’s principals Marc Shulman and Anthony Shafer in Palm Beach Circuit Court on Oct. 28, court…
In 2022, the Related Group and Dezer Development secured approval for Rosewood Residences, a 10-story oceanfront condo. However, a lawsuit filed by four residents regarding the building’s height sidetracked the project. Now, the developers have filed a second rezoning request that would make the high-rise possible. The Hillsboro Beach Town Commission will consider…
Grand Peaks bought a 448-unit apartment complex near Boca Raton for $90.9 million, marking a slight discount from its last sale price five years ago. Denver-based Grand Peaks scooped up The Seven at West Boca at 10235 Boca Entrada Boulevard in unincorporated Palm Beach County from Tampa-based American Landmark Apartments, according to records and real estate…
Demolition Commenced at Site of Mr. C Hotel & Residences West Palm Beach
Terra, a prominent real estate development company in South Florida, and Sympatico Real Estate, a Palm Beach-based firm owned by the Morrison family, have announced they have commenced demolition of the existing structures at 320 Lakeview Avenue, the future location of the first branded residence in downtown West Palm Beach Mr. C Hotel & Residences West Palm Beach…
Lease roundup: Steve Ross lands GoldenTree, Amerant Bank at his downtown West Palm towers
Steve Ross scored new tenants and lease renewals at his downtown West Palm Beach office towers. New York-based global asset manager GoldenTree Asset Management, founded by Steven A. Tananbaum; Chicago-based Vista Investments of Florida, founded by Tom Tisbo; and New York-based private equity firm OceanSound Partners will open at the 25-story One Flagler building…
Morrison family’s firm pays $17M for apartment complex with workforce units near West Palm Beach
The Morrison family’s Sympatico Real Estate scooped up an apartment complex with some workforce units near West Palm Beach for $17 million. Sympatico bought the 56-unit Aviara Green at 2157 South Haverhill Road in unincorporated Palm Beach County from Delray Beach-based MAG Real Estate & Development, according to records and a news release from the seller’s…
Abacus Capital Group paid $32.5 million for a multifamily development site within Catalfumo Companies’ mixed-use PGA Station project in Palm Beach Gardens. New York-based Abacus Capital bought the site at 3701 Catalfumo Way South, which is approved for a pair of 13-story buildings with a total of 620 units, according to records and real estate database Vizzda.
“Makes sense for all of us”: TRD Forum panelists talk Live Local Act
South Florida developers have been giddy over the Live Local Act. Under the state law, those who include affordable apartments in their projects can build more than zoning allows, prompting a rush of applications for high-rises. But bigger projects won’t necessarily turn into a windfall, or even be feasible under the Live Local Act, panelists said at The Real Deal South Florida Real…
Florida Apartment Demand Rebounds in 2024, Catching Up to Supply
Across the state of Florida, apartment demand volumes are catching up to elevated supply. Florida was a state that benefitted heavily from the work-from-home trend seen during the pandemic. Since then, migration into the state has continued, with even the smaller markets gaining notable ground. Apartment demand volumes peaked in 2021 and then slowed significantly in 2023…
The pandemic’s effects on South Florida’s real estate industry are well documented. Prices for homes and land skyrocketed, as did apartment, retail, office and industrial rents. Dozens of cranes filled the skyline. Billionaires moved to or expanded their holdings in the region. This “flight to Florida” will continue, experts said at The Real Deal’s South Florida Real Estate…
Infrastructure investment and demand for U.S. industrial space are strongly correlated, and accelerated public spending on infrastructure in the 2020s will act as a spur to further growth in the industrial sector, according to Newmark’s Road Work Ahead report. Infrastructure investment drives industrial market activity through a number of channels, some direct—such as space needed…
Multifamily Housing and the 2024 Election
Housing affordability played an important role in the 2024 election as both parties outlined their plans to respond to rising rent levels. Effective rents have climbed 20% nationally since Q4 2019 along with rising prices throughout the economy resulting from the period of heightened inflation that the Federal Reserve continues to fight. President-elect Trump’s second term is likely…
In a recent episode of “America’s Commercial Real Estate Show,” the show host discussed the key findings from the Emerging Trends in Real Estate 2025 report published by PwC and the Urban Land Institute. The host was joined by Andrew Alperstein, a partner with PwC’s Financial Markets and Real Estate Group, who shared valuable insights from the survey results and interviews…
November FOMC meeting brings rate-cut relief, but the road ahead remains long
Moody’s CRE economists weigh in on the latest Fed cut Earlier this afternoon, the Federal Open Market Committee (FOMC) announced a 25 bps (basis points) point reduction of the federal funds rate. After the 50 bps cut at September’s meeting, the rate now sits at a range of 4.5% to 4.75%. Director of Economic Research, Dr. Ermengarde Jabir, notes that the Federal Reserve…
Breaking down commercial real estate investment strategies
The best commercial real estate investors develop a customized portfolio of properties using common investment strategies. Kaj Lea, Head of the Pacific Northwest and Central Region for Commercial Term Lending at Chase, breaks down the fundamentals of common commercial real estate investment strategies, each with unique risk and return profiles…
Addressing Water Supply and Demand to Reduce Costs in CRE
Last week I joined investors, developers, architects and other commercial real estate (CRE) professionals in Las Vegas for the Urban Land Institute (ULI) fall meeting. Several sessions covered climate and sustainability topics. Today’s post summarizes key takeaways from the Randall Lewis Center Sustainability Forum focused on water stress, and a following post will share key…
Will Tariffs on China Affect Self Storage Construction?
With the election decided, we start trying to analyze and predict what may come with a new set of lawmakers and a shift in political ideology. One of those issues we hear a lot about with a Trump administration is tariffs. When I think of the impact of tariffs on China that will impact self storage construction, I think of steel. “Cheap steel from China” is a phrase I have heard over…
US store closings soar past any full-year total since height of pandemic in 2020
U.S. store closings have accelerated, surpassing any full-year total since the height of the pandemic in 2020. But there will be demand for that vacant retail space, according to industry analysts. As of late last week, U.S. retailers had announced 6,481 store closings for this year, according to Coresight Research, already eclipsing the 5,553 closings it tracked for the whole of calendar 2023…
Location, location, location strategy
Identifying the ideal location for your next multifamily investment can seem daunting. A well-researched location strategy can help. “‘Location, location, location’ is a cliché for a reason. Location drives appreciation, rental income and overall return on investment,” said Brooke Richartz, Senior Regional Sales Manager at Chase. A location strategy can guide investment…
Why PMG’s Kevin Maloney is deeply worried about Trump’s tariffs
A day after election night, most attendees at The Real Deal’s annual forum in Miami seemed to welcome Donald Trump’s victory. The crowd at the Mana Wynwood convention center applauded when the election or Trump’s name was brought up. Many panelists expressed optimism about the president-elect’s economic policies. But PMG founder Kevin Maloney had a different take.
The post Miami Commercial Real Estate News November 13, 2024: Medley Cold Storage Sells for $60M; Miami to Aventura Train Plans Delayed; More… appeared first on Hawkins Commercial Realty.
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