Cory Sylvester, Principal with Union RealTime, which provides a data service called Advocate for the self-storage industry, appears on a commercial real estate talk show to discuss how the self-storage industry is performing and what investors in self-storage properties might expect as the market continues to evolve.
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Parkway Properties, KKR pay $250M for former Sabadell Financial Center: sources
A partnership between Parkway Properties and investment giant KKR just paid $250 million for the former Sabadell Financial Center in Miami, sources told The Real Deal. The seller was Prudential Real Estate Investors, which bought the property in 2013 for $184.3 million, property records show. The deal marks one of the priciest office-building trades in Greater Downtown Miami since the Southeast…
KKR, Parkway Acquire 30-Story Sabadell Financial Center in Miami’s Brickell District for $250M
KKR and Parkway Property Investments LLC have acquired Sabadell Financial Center, a 30-story office tower located at 1111 Brickell Avenue in Miami’s Brickell submarket. PGIM Real Estate Investors sold the asset for $250 million after acquiring the building in 2013 for $184.3 million, according to The Real Deal. Square Mile Capital Management LLC originated acquisition financing on behalf of the new…
KKR, Parkway Properties Buy 522 KSF Miami Office Tower
The 522,000-square-foot office tower at 1111 Brickell Ave. in Miami’s vibrant Brickell submarket has changed hands. In a joint venture, affiliates of KKR and Parkway Property Investments purchased the Class A building from PGIM Real Estate. Also known as Sabadell Financial Center, 1111 Brickell made its debut in the city’s central business district in 2000 as part of a mixed-use development that…
KKR, Parkway Venture Acquires Miami Office Tower
A joint venture of KKR and Parkway Property Investments has acquired the 30-story office tower at 1111 Brickell. The joint venture purchased the 522,000-square-foot office building from New Jersey-based PGIM Real Estate. No purchase price was disclosed. Square Mile Capital Management LLC of New York City originated the financing for the deal. PGIM acquired the property, which was built in…
Half of Biltmore’s rent to restore historic hotel
The Coral Gables City Commission voted unanimously last week to allow the Biltmore Hotel Limited Partnership to redirect 50% of annual rent payments to the city to the building’s historic preservation, paying up to half of the historic monument’s improvement costs. The city attorney and the city manager are to meet with Biltmore officials to draft the five-year agreement. City staff and the historic preservation…
New Flagler ‘Festival Street’ design adds $10 million to cost
Prospects for the Flagler Street renovation – which has dragged on several years – are suddenly brighter, as leaders of Miami-Dade County, Miami, and the Downtown Development Authority pledged to pump more money into the project. In February, the downtown authority, which has steered the project since its inception, agreed to consider suggestions by Moishe Mana, an investor who has…
Wells Fargo Grants $103M Financing for Miami Transit Oriented Development
Florida East Coast Industries has received $103 million in financing from Wells Fargo for MiamiCentral, a new transit-oriented development in Miami that will be the first of its kind in the area. The development consists of 2 MiamiCentral, a 10-story, 190,000-square-foot Class A tower which is scheduled for completion this month; and 3 MiamiCentral, a 130,000-square-foot mixed-use building…
Video: Reis Economist Predicts Self Storage CAP Rates to Rise 1.25% in Next 12 Months
Barbara Denham, Economist with REIS, a firm that provides structured and quality assured commercial real estate data including 30 years of commercial real estate market research and economic analyses. discusses how a 1.25% increase in CAP rates (capitalization ratio) could impact the self-storage property market, what is means for valuation and overall property performance. The conversation, basically a…
One pact on plan to narrow Biscayne Boulevard, but studies still due
The city’s Off-Street Parking Board has approved a new more detailed agreement between the Miami Parking Authority and the Downtown Development Authority for the Biscayne Green Project. But the plan to transform Biscayne Boulevard into something other than a busy downtown street hugging vast surface parking lots may still be a couple of studies down the road. At the direction of…
5-point solution targets Brickell Bridge Gridlock
The Coast Guard says it’s willing to test an altered schedule for opening the Brickell Avenue Bridge if others deliver on four key changes to the clogged roadway crossing the Miami River. On May 29, James Wolfe of the Florida Department of Transportation (FDOT) wrote to the Coast Guard requesting changes to scheduled bridge openings. They include trimming the morning operating curfew by 30 minutes…
Clock ticks to replace Miami-Dade civil courthouse
Miami-Dade has a timeline to build a civil courthouse to replace the crumbling one on Flagler Street, with work to start in July 2020, according to a memo from Mayor Carlos Giménez. Commissioners this month voted to cancel a public-private partnership solicitation for the tower, seek a new hybrid partnership and provide a timeline for their consideration June 19. Commissioners on Tuesday accepted…
Gubernatorial candidate Philip Levine discloses real estate assets worth $109 million
Florida gubernatorial candidate Philip Levine is worth a cool $133 million. In an effort to open a blind trust for his assets, the former Miami Beach mayor, on Monday, issued a financial disclosure revealing all of his holdings and net worth. The filings show Levine’s real estate assets total more than $109 million, according to the Miami Herald. The portfolio is made up of properties throughout Miami, Miami…
Miami-Dade County’s Office Market Fueled by Solid Local Economic Fundamentals
Driven by population and job growth, Miami-Dade County is one of the strongest and most sought-after commercial real estate markets in the Southeast. As of February 2018, the county’s unemployment rate stood at 4.7 percent, which, while only a 10-basis point decline from the rate in February 2017, represents continued positive movement. The metro’s economic stability and growing employment…
Marsha Soffer sues Ritz-Carlton, Miami Beach developer over delays
A member of the Soffer family is suing the development group behind The Ritz-Carlton Residences, Miami Beach over the condominium project’s construction delays, and is looking to get her deposit back. It’s the fourth lawsuit filed by buyers in the last four months, all seeking a refund of deposits due to delays. Marsha Soffer, the daughter of billionaire Turnberry Associates developer Donald Soffer…
Grand Peaks pays $66 million for apartment complex near FIU
Grand Peaks Properties paid $65.6 million for an apartment complex near Florida International University in Sweetwater, property records show. Real estate investors Manuel and Jorge Larrieu and Nitza Gonzalez sold Sundance Village, a 304-unit property at 11325 Northwest Seventh Street, for about $216,000 per apartment. They paid $7.2 million for the complex in 1997, and hired Larry Stockton of…
Celebrity Chef Samuelsson To Open A Restaurant In Overtown
Miami is trying to rebuild a neighborhood that was once a vibrant center for black culture, and a celebrity chef is contributing what he does best: food. Marcus Samuelsson has bought a former pool hall in Miami’s Overtown neighborhood and plans to open a restaurant there later this year. A redevelopment board is already pouring tens of millions of dollars into Overtown, but Samuelsson is the first…
Miami Industrial Market’s Future Hinges On Infill And Demand For Single-User Properties
After several years of strong absorption in leasing and robust sales volume, there’s no question that Miami’s industrial real estate market is the desired location for national tenants and institutional investors alike. But many insiders are questioning if sustaining that level of growth is possible and if there are still profitable transactions to be found. The answer is a resounding yes. There is little indication that…
$22.8M Sale Negotiated for Leasehold Interest in Industrial Property Near Miami Airport
HFF has arranged the $22.8 million sale of the leasehold interest in a two-building, 211,852-square-foot industrial property located roughly one mile from Miami International Airport. Manuel de Zárraga, Tracey Goo and Luis Castillo of HFF arranged the transaction on behalf of the seller, iStar Inc., and procured the buyer, the Dayan family from Brazil. Safety, Income & Growth Inc., managed by iStar…
Boutique ‘Mr. C’ hotel headed to Coconut Grove
The brand has existing locations in Los Angeles and New York A previously unnamed, five-story hotel under construction in Coconut Grove will be operated by the Cipriani family’s boutique Mr. C brand. Under construction since last year, the project is being developed by the Fort family and Arquitectonica founding principal Bernardo Fort-Brescia. It is located on a narrow lot next to the group’s renovation…
Plan to build Cuban museum on waterfront site behind AmericanAirlines Arena scrubbed
A proposal to build a Cuban Exile History Museum on the waterfront site behind the AmericanAirlines Area has been abandoned.
In its place, property could become what it was originally intended for more than 20 years ago: a waterfront park. The Miami-Dade County Commission was slated to vote this week to lease the land and build a privately funded Cuban museum, but the proposal was pulled…
Climate change already hitting home prices
The risk of climate change appears to be having an impact on housing prices. Average home prices in areas that face low risks of flooding, hurricanes and wildfires outpaced areas that had a greater risk of climate change between 2007 and 2017, according to figures from Attom Data Solutions reported by Bloomberg. Average home prices in areas at high risk were worth less last year than they were a…
Commercial Office Lease Negotiation – A Pro-Tenant Checklist
This Article provides you with tips to create a concise and effective negotiation checklist and the key points you should consider when negotiating a lease in a multi-tenant office building. This Article also highlights key provisions you should pay close attention to often found in office leases. At initial glance, a 20, 30 and sometimes 40 page commercial office lease agreement may seem daunting.
Trump administration may expose more wetlands to real estate development
The Trump administration is preparing to limit the definition of federally protected waterways in the Clean Water Act, an action that could expose many wetlands to real estate development. Scott Pruitt, the administrator of the U.S. Environmental Protection Agency, has completed a proposal to implement President Trump’s executive order limiting the definition of federally protected waterways. Trump…
Report: Flawed load-bearing design likely contributed to FIU bridge collapse
A newly installed FIU pedestrian bridge collapsed March 15, killing six people. The unusual pedestrian bridge at Florida International University had an undetected design flaw that probably contributed to its collapse in March, the Miami Herald reported, citing a review by three independent structural engineers. At the newspaper’s request, the engineers reviewed nearly 2,000 pages of mathematical…
Group led by Jackie Soffer, David Martin is sole bidder for Miami Beach Convention Center hotel
A group led by developers Jackie Soffer of Turnberry Associates and David Martin of Terra is the sole bidder to submit a proposal for a Miami Beach Convention Center hotel. Miami Beach Connect, which includes Bernardo Fort-Brescia’s Arquitectonica, Craig Robins’ Dacra, Meyer-Davis and Coastal Tishman, will go before the city’s evaluation committee meeting next Thursday, a spokesperson for the team…
Why savvy investors are using Alaska to avoid property tax deduction caps
To get around a provision in the new tax law limiting federal deductions for state and local taxes to $10,000, investors in states like New York are turning to Alaska. Property owners have been establishing LLCs in no-tax states like Alaska or Delaware to get around the cap, according to Bloomberg. They then transfer parts of that LLC into several non-grantor trusts, which are treated as independent taxpayers…
Congress Passes New Banking Legislation to Reduce Regulatory Burden
Last month, President Donald Trump signed into law “The Economic Growth, Regulatory Relief and Consumer Protection Act.” Billed as significant regulatory relief for banks by some—and not enough regulatory relief by others—the new law calibrates a massive piece of banking legislation enacted after the 2007-08 financial crisis. That law is the Dodd-Frank Act (the Act). The Reason for Dodd-Frank…
Fireman Derek’s Pie Shop Opening in Coconut Grove
I was at Fireman Derek’s Pie Shop the other day in Wynwood. The reason I bring them up is that they are coming to the Grove. Now this is something special, the pies are so rich, I don’t think you can eat them every day. On Thursday, we had a green mint chocolate chip cheesecake along with Mocha Latte’s, which were the best Mocha Latte’s that I’ve had in a long time. But back to the pie – you could…
Miami Riverside Center redevelopment plan gets a new look
The updated layout places new emphasis on public space and river access Miami-based Adler Group has released an updated version of its plan to transform a prime piece of downtown riverfront real estate into a mixed-use, multi-building development. Slated to replace the city-owned administrative building known as Miami Riverside Complex, the project at at 444 SW Second Avenue calls for three to four…
Rotem Rosen’s new firm to buy dev site in Miami’s A&E District for $30M
MRR Development, a new firm led by Rotem Rosen, Jerry Rotonda and billionaire Anand Mahindra, is in contract to pay $30 million for a development site in Miami’s Arts & Entertainment District. The firm is buying the majority of the city block between 18th and 19th streets and Northeast Second Avenue and Northeast Second Court. With bonuses, the 1.42-acre site allows for a mixed-use project of up to 1.9…
Fed hikes interest rates again, raises outlook for more increases in 2018
The Federal Reserve announced it will raise interest rates a quarter percentage point on Wednesday, and signaled that it could raise interest rates at least twice more this year. Most Federal Reserve officials now expect at least four rate increases this year, up from a previous projection in March of three rate increases, according to the Wall Street Journal. Most officials also expect the Fed will have..
Miami board to vote on Finvarb and Cho’s mixed-use Brickell hotel, other projects
Miami’s Urban Development Review Board will review proposals for two new mixed-use hotels in Miami’s Edgewater and Brickell neighborhoods and the second phase of Liberty Square, an affordable housing development, at its upcoming meeting on June 20. Mixed-use hotel at 3047 Biscayne Boulevard in Edgewater. Kobi Karp Architecture & Design submitted plans for 3047 Biscayne Boulevard…
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Barbara Denham, Economist with REIS, a firm that provides structured and quality assured commercial real estate data including 30 years of commercial real estate market research and economic analyses. discusses how a 1.25% increase in CAP rates (capitalization ratio) could impact the self-storage property market, what is means for valuation and overall property performance. The conversation, basically a supply versus demand outline, covers supply of self storage properties, noting over-development in recent periods, and trends in multifamily given its direct effect on demand for self storage units.
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EastGroup Breaks Ground On 850,000-SF, Class A Industrial Park
EastGroup Properties Inc. has officially broken ground on Gateway Commerce Park, becoming the most prominent Class A industrial project in Miami Gardens. Spanning 61 acres, the park marks EastGroup’s entrance into the premier Miami-Dade market. Gateway Commerce Park will offer tenants the flexibility to lease spaces ranging from 30,000 square feet to a full 200,000-square-foot building…
Adler unveils ambitious plan for Miami’s riverfront
The Adler company has quite an ambitious plan to transform the downtown riverfront in Miami, and is moving toward a major redevelopment of prime real estate on the Miami River. On Monday, Adler representatives shared information on a plan that could bring a new hotel to the river, along with about 37,000 square feet of retail stores, framed by three to four towers. The Adler team met with the…
Brazilian investor sues developer of Parque Towers in Sunny Isles over construction delays
A Brazilian biotech executive is suing the developers of Parque Towers in Sunny Isles Beach over construction delays at the planned luxury condo project. A British Virgin Islands company tied to Luis Boaventura of Brazil filed a lawsuit in a Miami-Dade County Circuit Court last month, alleging breach of contract. Boaventura, a director at the biotechnology and pharmaceutical company STEQ America, is seeking…
Fed hikes interest rates again, raises outlook for more increases in 2018
The Federal Reserve announced it will raise interest rates a quarter percentage point on Wednesday, and signaled that it could raise interest rates at least twice more this year. Most Federal Reserve officials now expect at least four rate increases this year, up from a previous projection in March of three rate increases, according to the Wall Street Journal. Most officials also expect the Fed will…
Miami board to vote on Finvarb and Cho’s mixed-use Brickell hotel, other projects
Miami’s Urban Development Review Board will review proposals for two new mixed-use hotels in Miami’s Edgewater and Brickell neighborhoods and the second phase of Liberty Square, an affordable housing development, at its upcoming meeting on June 20. Kobi Karp Architecture & Design submitted plans for 3047 Biscayne Boulevard, which is…
Arquitectonica’s Bernardo Fort-Brescia talks “Miami Vice,” breaking into new markets
Punctuating a montage of palm trees, flamingos and bikini-clad citizens is a building with a hole in the middle of it— missed in a blink. But this seconds-long cameo in the opening credits of “Miami Vice” helped make the condominium’s architect a household name. Since designing the Atlantis, Arquitectonica has worked on more than 240 projects in the U.S. alone…
A Doral-based company was squeezed out of renovating an apartment complex and building a new multifamily project by a non-profit affordable housing developer, according to a recently filed lawsuit in Miami-Dade Circuit Court. As a result, Edgewater Construction Group alleges it lost out on more than $1 million in construction profits. Edgewater is suing Tacolcy Economic Development Corp. and its…
Related Group Secures $53 million in Financing for Wynwood Apts
The Related Group secured more than $53 million in financing for The Bradley Wynwood, a mixed-use project in Miami’s burgeoning Wynwood neighborhood. Santander Bank provided a $33.2 million construction loan, and Greenstreet Real Estate Partners contributed $20 million in preferred equity, according to Holliday Fenoglio Fowler (HFF) LP, which arranged the financing on behalf of the borrower.
Two Affordable Housing Projects – One in Liberty City – Coming From A|P Communities
Atlantic|Pacific Communities — a fourth-generation real estate company with offices in Florida, Georgia, Texas and California — has received Low-Income Housing Tax Credits from the Florida Housing Finance Corp. for two South Florida projects. Sailboat Bend II will be a 110-unit affordable housing development for seniors age 55 and over on the New River in Fort Lauderdale. Residences at Dr. King…
Why Multi-Story Industrial Assets Might Be in the Future for Dense U.S. Cities
Multi-story warehouses are already common in Asia, but the concept is now taking off in supply-constrained American cities. Four multilevel projects are currently under construction or will soon break ground in Seattle, San Francisco and New York City, and many more planned projects will be announced in the coming months, according to Rob Kossar, vice chairman and head of the Northeast industrial…
SeaVee Boats set to replace five sites, add 100 jobs
SeaVee Boats is probably two to three weeks away from receiving the final necessary building permits from Miami-Dade County to begin construction of its new facility, according to Ariel Pared, one of the three original business partners who bought SeaVee Boats in 1994. The county’s Industrial Development Authority fully financed the project. SeaVee Boats will consolidate all five of its facilities around Miami…
Jungle Island to jump-start transit link to Miami Beach
As part of a proposed lease extension for city-owned land on Watson Island, Jungle Island has committed to fund purchase of a City of Miami trolley – which could become the first piece of a long-awaited public transportation link between the city and Miami Beach. The trolley was one of many commitments made Friday at a special meeting of the Miami City Commission. After nearly four hours of debate…
Miami River developments increasing after $26 million deal
The Miami River has seen a flurry of attempts to revitalize the area. The mixed-use River Landing under construction has spurred interest and activity seeking new opportunities along the corridor that had been historically neglected, and a transaction last month continues this trend. In a $26 million deal, Mast Capital bought 6.3 vacant acres in April. The site is to be developed into Miami River Walk, a total of…
Brazilian Investor Pays $22.8M for Leasehold Interest in Warehouse, Offices in Miami
In a sign that foreign investment remains strong in South Florida, a Brazilian buyer paid $22.75 million, or more than $100 per square foot, for the leasehold interest in a warehouse and office property located near Miami International Airport. The Dayan family of Brazil bought 3630 NW 25th Street and 3500 NW 24th Street in Miami from iStar Inc. The buyer will get the rental income from the existing tenant…
3 MiamiCentral Office Project Nearing Full Lease-Up
Viacom Inc. is preparing to move its MTV Latin America headquarters into 24,000 square feet at 3 MiamiCentral, bringing the transit-oriented office building in downtown Miami to near full occupancy. The media titan plans to employ about 150 people on the top floor of the 12-story building at 161 NW 6th St. The 95,000-square-foot property, adjacent to the new Brightline commuter train station in Miami…
I.CON 2018 Special Report: Experts Unveil Industrial’s Big Disruptors
Mark Eppli, Ph. D., professor of Finance & Bell Chair, Real Estate, at Marquette University (left) and Gary Anderson, Prologis’ CEO for Europe and AsiaThe state of global industrial development and the potential economic, political and technological disruptors that investors and developers should be on the lookout for on a global scale were the highlights addressed during the I.CON 2018 keynote…
How E-Commerce Growth Benefits the Industrial Sector
Christopher Kelly, Abbe FranchotE-commerce hit brick-and-mortar stores heavily and, at the same time, boosted the industrial sector. According to Amherst Capital Management’s 2018 Market Outlook, strong warehouse demand coming from e-commerce tenants is most likely to exceed supply this year. As expected, construction is picking up, with metros such as Chicago and Atlanta leading the…
USDOT Identifies 26 Projects To Receive $1.5 Billion: PortMiami Among Grant Beneficiaries
The Committee on Transportation and Infrastructure on Tuesday released a list of 26 projects selected by the U.S. Department of Transportation to receive a total of approximately $1.5 billion in grants. Among the awards are a proposed $25.5 million to go to the Philadelphia Regional Port Authority for the Packer Avenue Marine Terminal capacity and warehouse relocation project; $7 million to…
Romero Britto sues to break Lincoln Road lease, citing raucous atmosphere
Nearly three years after signing a lease for a new gallery space at 532 Lincoln Road, global artist Romero Britto wants out, citing a raucous atmosphere, according to a lawsuit against his landlord, Denison Corporation, an entity controlled by the family of Bob Quittner. But Britto’s efforts to break a 10-year lease with Denison hit a snag when Miami-Dade Circuit Court Judge Thomas Rebull rejected an…
Greenstreet joins Related and Block Capital’s Wynwood project as equity partner
The Related Group and Block Capital Group secured more than $53 million for the Bradley, a mixed-use project they’re building in Wynwood. The developers closed on a $33.18 million construction loan from Santander Bank and received $20 million in preferred equity from Greenstreet Real Estate Partners, according to HFF. HFF’s Scott Wadler and Jesse Wright arranged the financing. The Bradley…
Brazil’s Dayan family pays $23M for industrial property near Miami airport
One of Brazil’s wealthiest families just paid $22.75 million for the leasehold interest in an industrial property near Miami International Airport. IStar sold the 212,000-square-foot property at 3630 NW 25th Street, 3500 NW 24th Street, and 2401 Northwest 36th Avenue to the Dayan family, which has a controlling interest in Bazilian-based Banco Daycoval S.A. The family paid about $107 per…
Turnberry and Simon, Owners of Top-Grossing Aventura Mall, Complete $1.75 Billion Refinancing
Turnberry Associates and Simon Properties completed a $1.75 billion refinancing of Aventura Mall in Aventura, Florida, widely considered one of the three largest malls in U.S. at 2.7 million square feet. JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank and provided the financing, with a potential single-borrower single asset securitized transaction contemplated in the near…
Video: RealPage VP Jay Parson on U.S. multifamily property outlook
In this video, RealPage Vice-President Jay Parsons, whose company provides property management software solutions, discusses multifamily property sector performance. Parson discusses rent growth, how the job market is impacting the sector, supply and demand trends, multifamily property property class outlook, new multifamily construction trends and costs of construction trends, cycle outlook…
George Vallejo, who recently resigned as mayor of North Miami Beach, told prosecutors that his wife secretly worked for the Dezer family while he voted on issues involving their real estate investments, Miami New Times reported. Vallejo, 51, resigned as the city’s mayor after pleading guilty in April to using campaign donations…
Autonomous Vehicles, Hyperloop to Amplify Disruption in Built Environment
Dave CluteDave Clute is the chief marketing officer of CohesionIB, an intelligent building management platform. With 35 years of experience in architectural engineering, Clute brings a unique perspective to the commercial real estate and technology sectors. At Realcomm in Las Vegas, he shared insights around the impact of technology on transportation and parking demands.What’s your take…
Economy Watch: More Buildings Enter Planning Stage in May
Source: Dodge Data & Analytics Dodge Momentum Index, May 2018The Dodge Momentum Index inched upward in May, moving 1.8 percent higher to 167.8 (2000 = 100) from the revised April reading of 164.9, Dodge Data & Analytics reported on Thursday, June 7. The index is a monthly measure of the first report for nonresidential building projects in planning, which typically lead construction spending…
La Piaggia closes after settling with Murano at Portofino
Six months after curing building code violations and reopening its doors, La Piaggia is officially closed for business, The Real Deal has learned. This time, a landlord dispute ended the popular restaurant’s run in Miami Beach’s South-of-Fifth neighborhood, according to residents of Murano at Portofino, the condo tower at 1000 South Pointe Drive where La Piaggia was located. The unit owners, who…
Flower distributor takes 93,000 SF at Clarion’s Doral warehouse campus
Colour Republic owner Remi Davalos and the Westpointe Business Park
The closing of another large-scale lease is a sign that Miami-Dade County’s industrial market is in full bloom this year. Colour Republic, a wholesale flower seller and distributor, just agreed to lease 93,000 square feet of warehouse space at Clarion Partners’ Westpointe Business Park in Doral, marking the 12th-biggest lease inked in 2016. Commercial brokerage Transwestern announced the deal Tuesday.
South-of-Fifth revamped apartment building lists for $22 million
A 27-unit apartment building in Miami Beach’s South-of-Fifth neighborhood that can be used as short-term rentals — or converted to condos — just hit the market for $22 million. The mid-century modern, three-story building at 250 Collins Avenue was built in 1959 and was recently fully renovated, Gary Hennes, broker at Gary Hennes Realtors, told The Real Deal. Hennes is listing the building with agent…
Aria on the Bay and neighboring apartment building settle lawsuit
Aria on the Bay and a neighboring apartment building have settled a lawsuit tied to construction of the Miami condo tower. Bay Parc Plaza Apartments, at 1756 North Bayshore Drive, sued Bayshore Plaza I LLC (an entity controlled by the Melo family) and L&R Structural Corp. in October over claims of “dangerous” construction debris, including…
Investment group files plans for boutique condo project in Edgewater
Despite warning signs of overbuilding in Miami’s condo market, developers are still filing plans for new projects in the burgeoning Edgewater neighborhood. In the latest round of projects up for city review, an investment group has sent in plans to build a boutique 34-unit residential tower in Edgewater called Ellipsis. Designed by Kobi Karp, the project would stand 13 stories tall at 708 Northeast 26th…
Sea-level rise at center of heated debate over future of North Beach’s historic designation
Property owners and business advocates used sea-level rise as an argument against designating North Beach neighborhoods historic during a contentious special Miami Beach City Commission meeting on Monday. Advocates and critics of the proposed historic districts hurled insults and accusations at each other during the four-hour workshop.
Canadian investors buy MiMo building with plans for micro condos
Micro condos may be headed to Biscayne Boulevard, close to the MiMo district. Canadian investors just paid $3.725 million for a 23-unit apartment building — plus air rights — at 5201 Biscayne Boulevard, with plans to add additional stories and convert the building into micro condos, broker Ness Ohayon told The Real Deal. Ohayon, owner and CEO of Witt Realty Group, which is part of Keller Williams…
Related-led partnership closes on Wynwood development site for $12 million
With design approvals already in hand, the Related Group appears to be steaming forward with its planned Wynwood 29 mixed-use tower. The developer just closed its purchase of the land it needs to build the project for $12 million. County records show a Related-controlled company bought roughly 1.2 acres at the intersection of Northwest First Avenue and Northwest 28th Street. The seller was…
Gables commercial building sells for $3 million
Brokerage firm Avison Young announced the sale of a mixed-use building in the commercial heart of Coral Gables for $3 million. Michael T. Fay, the Miami-based principal and managing director of Avison Young, and associate Myles Stepner represented the seller. The 4,818-square-foot building at 178 Giralda Avenue in the central business district of Coral Gables sold for $623 per square foot. Fernando…
Miami residents to vote on Jungle Island lease extension, redevelopment
Jungle Island’s proposed lease extension and hotel development will go to city of Miami voters in August. The Miami City Commission on Friday unanimously approved putting the referendum on the August ballot. ESJ Capital Partners is leasing the land at 1111 Parrot Jungle Trail. The hotel would be limited to 300 rooms and 130 feet tall. The proposed lease extension protects the city from delays by giving…
Prudential sues South Beach club Ora for nearly $5 million
After missing a settlement payment of $43,000, a former commercial tenant of the boutique condo-hotel Boulan South Beach is now facing a demand for nearly $5 million by an affiliate of Prudential Financial, according to a recently filed lawsuit in Miami-Dade Circuit Court. The lawsuit centers around the ground-floor space of 2000 Collins Avenue in Miami Beach that until April housed Ora nightclub.
Turnberry and Simon score $1.75 billion refinancing for Aventura Mall
Turnberry Associates and Simon Property Group just closed on a $1.75 billion refinancing of Aventura Mall. The financing was provided by JPMorgan Chase Bank, Wells Fargo Bank, Deutsche Bank and Morgan Stanley Bank and closed on Thursday, according to a release. The loan will be used to pay off a $1.2 billion commercial mortgage-backed securities loan that the joint venture between Turnberry…
Sorbillo Pizzeria will open its first location in the Southeastern U.S. in Miami Beach’s South-of-Fifth neighborhood in September, The Real Deal has learned. The restaurant signed a lease at 100 Collins Avenue, said Noah Fox of Koniver Stern Group, who represented Myles Chefetz, the owner of the property. The 2,500-square-foot space, next door to Chefetz’s Prime Fish, most recently housed Craft Social…
Michael Simkins sells warehouse in northwest Miami-Dade to financial technology firm
Michael Simkins just sold a warehouse in northwest Miami-Dade for $5.25 million to a California financial technology company that specializes in administering EB-5 projects. NES Financial, a San Francisco-based company that provides back office services for complex financial transactions, bought the property at 6955 Northwest 52nd Street from Simkins. Simkins, the president and CEO of Innovate…
Bulk investor lists units near University of Miami for $11 million
An Alaskan investor is looking to sell a bulk condo deal near the University of Miami for $11.2 million, or about $287,000 per unit. Property records show 4831 LLC, a company controlled by Albert Siefert of Alaska, paid about $9 million for the condos at Gables Court, at 6811 Southwest 44th Street in Miami, in 2013. The units, a combination of two- and three-bedroom apartments averaging…
South Florida’s Innermost Suburbs Benefit from Affordable Housing Shortage
It is no secret that South Florida has an affordable housing problem. With new households forming faster than affordable housing units can be built, existing affordable properties have seen strong demand. While rent growth has slowed dramatically for newly constructed communities, affordable properties in the innermost suburbs are now seeing some of the highest rent growth of the cycle. The areas…
Economy Watch: Technology, Taxes to Significantly Impact Economy
According to the 2018 Akerman U.S. Real Estate Sector survey, which major law firm Akerman LLP released on June 6, the most active real estate market segment is multifamily, according to 63 percent of the survey’s respondents. That marks a significant reversal from 2017, when 43 percent of CRE executives predicted single-family homebuilding would outpace multifamily development.Akerman findings…
CRE Tech, Innovation in the Age of Acceleration
Bob Sulentic and Jim YoungAs evinced by Realcomm’s central theme—navigating the age of acceleration—it is crucial for real estate professionals to keep pace with the technological advancements that are rapidly transforming the industry. Now in its 20th year, the conference brought together innovators in commercial and corporate real estate, technology, automation and innovation.In the two…
Viacom to move to MiamiCentral, other leasing news
Florida East Coast Industries announced that Viacom Inc. recently signed a lease for 24,000 square feet on the 12th floor of 3 MiamiCentral, bringing the building to 95 percent occupancy. Viacom’s MTV Latin America plans to move its headquarters to the downtown Miami development. The Confederation of North Central America and Caribbean Association…
J. Milton plans resi tower with 500-plus units in Miami’s A&E District
It could get crowded in Miami’s Arts and Entertainment District. Developer J. Milton and Associates wants to build a residential project with a maximum of 550 units and ground floor commercial space on a 1.7-acre site sandwiched between the Filling Station Lofts apartment building and the Canvas condo tower, both of which are being developed by NR Investments. Art Luxury Rentals LLC, which is…
Best Strategies for Landing the Perfect Anchor Retail Tenant
There are many areas to consider when strategizing which anchor tenant is the best fit for a new project. For developers trying to secure an anchor tenant, quality is key. If tenants lack significant credit, the next thing to consider is the number of other stores, their performance in similar markets and how well the proposed anchor will complement existing tenants and the surrounding area…
Boosting ROI With the Right Balance of Smart Tech
In today’s competitive market, integrating “smart” devices and high-tech building management systems is essential to attracting and retaining renters. Research shows that “smart” apartments appeal to “smart” renters regardless of age: 86 percent of Millennials surveyed by Schlage say they’re willing to pay more for an apartment equipped with automated or remotely controlled devices; and 65 percent of…
Office Owners Elevate Their Amenity Game
Amenities have been critical to the hospitality sector for decades, with hotel owners often having only one night to impress their guests and maintain a good reputation. But as technology has advanced to offer consumers constant connectivity and mobility, the office sector has had to boost its offerings, as well, to compete with today’s seemingly endless alternatives of where and how to work. With the…
Rents Remain Strong Despite Growth Decrease
Multifamily rents have again risen $4 to $1,381, up $14 over the last three months. Although this has produced a 1.1 percent year-to-date increase through May, the growth is showing to be much weaker than usual in the current cycle. The year-over-year increase has hit its lowest point over the last seven years, falling by 2 percent and down 70 basis points. Despite the decrease, rents continue to grow in…
Melo closes $85M construction loan for Art Plaza apartments
Melo Group closed on an $85 million construction loan for two apartment towers north of downtown Miami. Ocean Bank is providing the financing for Art Plaza, two 34-story buildings with 667 multifamily units under construction at 58 Northeast 14th Street, in Miami’s Arts & Entertainment District. The development is slated to open in mid 2019, according to a press release. Art Plaza will include 577 two…
153,000 SF Tenant Inks Deal At Gratigny Industrial Park
The 10-year lease deal is valued at $12,000,000. “We have been encouraging FPD for some time to consolidate into one facility, but timing and finding the right available facility proved challenging,” explained Cook. “Ultimately, we called Easton & Associates, which had a building that fit FPD’s needs, but it wasn’t available. We pressed Jim Armstrong, the listing agent, to contact the building owners…”
The post Miami Commercial Real Estate News June 13, 2018: Gateway Commerce Park Breaks Ground; Adler Shares Plans for Riverfront; More… appeared first on HawkinsCRE.
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In this video, RealPage Vice-President Jay Parsons, whose company provides property management software solutions, discusses multifamily property sector performance. Parson discusses rent growth, how the job market is impacting the sector, supply and demand trends, multifamily property property class outlook, new multifamily construction trends and costs of construction trends, cycle outlook, generational drivers in the multifamily property market, new technology trends for multifamily, rent affordability issues, and density conditions that are impacting multifamily properties.
The post Video: RealPage VP Jay Parson on U.S. multifamily property outlook appeared first on HawkinsCRE.
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