Category: Commercial Realty

Brian Bailey, Subject Matter Expert with the Federal Reserve Bank of Atlanta, appears on The Commercial Real Estate Show to discuss the Federal Reserve’s view on potential 1031 tax reform and banking regulations.

Walmart-anchored center in Miami Gardens hits the market at $12.5 milliont

A Walmart-anchored shopping center in Miami Gardens just hit the market for $12.5 million, according to a press release. The 62,500-square-foot shopping plaza at 3791 Northwest 167th Street is asking about $200 per square foot. Records show North Miami Beach-based Macken Companies bought the 7-acre Palmetto Design Center in 2003 for $1.5 million. Monte Greenberg, of Macken’s in-house…

Codina’s Downtown Doral enters the race for Amazon’s second HQ

Developer Armando Codina is entering the bidding for Amazon’s second headquarters. Codina says Codina Partners’ Downtown Doral site checks off Amazon’s boxes – proximity to a major airport, population size, and more – for the $5 billion investment. It will be one of the sites the city is proposing in its bid for the Amazon project. “This is the mother of all [headquarters] searches,” Codina said. The Miami…

Hurricane Spooked Some Investors Away From Florida

Turnberry Associates CEO Jeff Soffer went on CNBC to say real estate prices would not be affected long term, and other developers told The Real Deal that they were mostly dealing with temporary landscaping issues and power outages. But Franklin Street Director of Multifamily Investment Sales Hernando Perez said that he has fielded calls from multiple clients who no longer want to deal with the…

SoLeMia Miami secures $101M in financing

Oleta Partners LLC, comprised of LeFrak and Turnberry Associates, has secured a $101 million HUD-insured loan from Wells Fargo for the development of two luxury apartment towers, which will form part of the initial phase of SoLēMia Miami, a 183-acre master-planned community in North Miami. Located east of Biscayne Boulevard and just south of Aventura, the first phase encompasses nearly 400…

Smart Brickell Condo-Hotel is 35% sold and plans to break ground in April

Smart Brickell, a condo-hotel project that’s expected to break ground on its initial phase in west Brickell in Spring 2018, is 35 percent sold in the first tower and the second tower is expected to launch sales in the first quarter of 2018. Karen Elmir’s team at Cervera Real Estate was selected by Habitat Development to handle sales and marketing. Targeting completion in 2020, the $120 million mixed-use project…

Dissecting the Deal: Securing $46.3M for Fractured Miami Condo Acquisition

When a sponsor sought a $46.3 million bridge loan for a property he didn’t fully control, it was clear that obtaining financing would be tricky. So he called Drew Anderman and his team at Meridian Capital, knowing that their financing expertise would lead to a solution. During his 20-year career in commercial real estate financing, Anderman has proven to be one of the most successful dealmakers…

Bid for new Amazon headquarters a winner even if we lose

Tri-county economic development chiefs, adhering to Amazon’s rule of just one bid from any region, are wise in jointly pitching the expanding giant on a headquarters site. Multiple bids would doom all three counties. Even united, it’s a hard battle with more than 100 bidders from across North American, some of whom will give away the store. We surely won’t. In eight detailed pages, Amazon gave…

Swire lease cement police office in Brickell City Centre

Miami police will have an office in Brickell City Centre now that city commissioners have approved a lease with the management company of the vast development. Swire Properties is developing the multi-block project and last year opened phase one, which includes residential towers, offices, hotel rooms and a 500,000-square-foot shopping center. The resolution approved Sept. 19 authorizes the city…

What’s Really Driving Miami’s Industrial Property Boom?

Much the same way Miami has gained prominence from a cultural, culinary, and tourism standpoint, the city has become a hotbed for industrial investment activity. The industrial real estate sector is now considered a top-tier US market, alongside markets such as Los Angeles, New York-New Jersey, Chicago, Atlanta and Northern California. Occupancy rate reached 96% in Miami-Dade in 2016…

Terra Group Buys Doral Parcel For $12.5M, Retail And Restaurant Center Planned

Terra Group just paid $12.5 million for a Doral parcel with plans to build a retail and restaurant center there. Doral Court Development, an affiliate of Miami-based Banyan Street, sold the 3.86-acre parking lot at the southeast corner of Northwest 36th Street and Northwest 87th Avenue. Doral Court, a 209,000-square-foot office building located at 8600 Northwest 36th Street, is situated adjacent to the parcel.

Flamingo South Beach is planning a major renovation

The Flamingo South Beach, which has a reputation for being among the rowdiest and youngest residential complexes in Miami Beach, is planning a major renovation that will include new retail, reports The Next Miami. While the renovation is scheduled to be considered by the Miami Beach Design Board Review in early October, the lively rental community at 1504 Bay Road is also currently under a…

What to Look for When Buying or Selling Tenant Occupied Real Estate

We want to alert you of what to look for when buying or selling tenant occupied real estate.  If you are selling real estate and your property is currently occupied by a tenant, you need to find a buyer that is happy with a tenant occupied property and a buyer that is willing to buy that property subject to the tenant’s rights. The buyer inherits all of the seller’s obligations and duties under the terms…

Make Sure You Understand What You Are Signing During a Real Estate Transaction

Moreno v. First International Title, Inc., is a case that illustrates the importance of making sure you understand what you are signing during a real estate transaction.  Because if you do not know what you are signing when buying property it could end up costing you thousands of dollars like it did to Victoria Moreno and causing you unneeded stress and aggravation. In that case, Victoria Moreno…

Missoni Baia to break ground shortly in Edgewater

OKO Group’s luxury project includes 249 units The first of four OKO Group projects plans to break ground in Miami in the coming weeks, the developer announced today, with the 649-foot Missoni Baia beginning its rise at 777 Northeast 26th Terrace in Edgewater. The 57-story luxury tower will be the first-ever branded residences from the Italian fashion and design house, Missoni. Comprised of 249 units…

Square Station tops off in downtown Miami

Breaking ground less than a year ago Melo Group’s Square Station topped off in downtown Miami after breaking ground less than a year ago. The twin-tower apartment project at 47 Northeast 14th Street includes 710 units, with rental prices expected to range from $1600 per month for one-bedroom units to $2,500 per month for three-bedroom units. Just under 100 of these units will be set aside for workforce…

Will Trump’s travel ban on Venezuelans affect Miami’s real estate market?

President Trump extended his controversial travel ban to include Venezuela, causing momentary panic among Venezuelan investors of Miami real estate. The order, which bans most citizens from Iran, Libya, Syria, Yemen, Somalia, Chad and North Korea, only bans some Venezuelan government officials and their families from entering the United States effective Oct. 18, according to the White House.

New residential project planned near Lincoln Road

134 residences and a rooftop pool A 10-story mixed-use development designed by Stantec is planned for 1600 Washington Avenue in Miami Beach, located about a block south of the eastern end of Lincoln Road. The new project, according to The Next Miami, includes 134 residences ranging in size from one to two bedrooms with nearly 13,000 square feet of ground floor retail. The development still…

Codina’s Downtown Doral enters the race for Amazon’s second HQ

Developer Armando Codina is entering the bidding for Amazon’s second headquarters. Codina says Codina Partners’ Downtown Doral site checks off Amazon’s boxes – proximity to a major airport, population size, and more – for the $5 billion investment. “This is the mother of all [headquarters] searches,” Codina said. The Miami developer has built headquarters for Ryder in Miami, Bacardi in Coral Gables, and…

Fort Lauderdale-based self-storage developer arrested for investment fraud

Self-storage developer Daniel Joseph Touizer was arrested and is facing federal prison charges for allegedly scamming millions of investors across the country, the Sun Sentinel reported. In the last 12 years Touizer allegedly schemed 150 people out of $19 million after convincing them to invest in gems, insurance products and self-storage units. About $7 million in investments was withdrawn from his…

Peloro Miami Beach at the center of scaffolding dispute for more than $600K

A subcontractor who worked on Peloro Miami Beach, a condo building being co-developed by the Disney family, is accused of renting more than $600,000 worth of equipment and not paying for it, according to a lawsuit recently filed in Miami-Dade Circuit Court. Elkridge, Maryland-based PERI Formwork Systems accuses Micon Scaffolding, a Hollywood firm that provides scaffolding materials and…

Ugly properties, it’s your turn to shine: Demand for US warehouse space is on the rise

Industrial rents in U.S. cities are climbing as online retailers seek out warehouse space to meet increasing demands for fast delivery. Amazon and other online retailers are driving up demand — and therefore rents — for warehouse space in urban areas throughout the U.S., the Wall Street Journal reported. Rents for U.S. industrial spaces reached $5.35 per square foot in the second…

CenterPoint Properties Purchases Winn-Dixie Logistics Ctr in Miami

CenterPoint Properties acquired the Winn-Dixie Logistics building at 3300 NW 123rd Street in Miami, FL for $59 million, or about $61 per square foot, from The Ackerberg Group. The 961,345-square-foot industrial building was built in 1992 in the North Miami Beach Industrial submarket. Erik Lundberg and Jeff Hughes with Stan Johnson Company represented the seller. The buyer handled the sale in-house.

Video: Brian Bailey of the Federal Reserve Bank of Atlanta on Where We are in the Cycle

Brian Bailey, Subject Matter Expert with the Federal Reserve Bank of Atlanta, joins host Michael Bull to discuss where we are in the cycle. Highlights include: Have seen nothing but solid job growth for last 4 years; Unemployment has come down significantly; This is the third longest expansion since 1945; Modest growth looks in the cards for foreseeable future; Dark clouds include net loan demand softening…

Video: JLL Chief Economist Ryan Severino Highlights Industrial Market Opportunities

Ryan Severino, Chief Economist with JLL, joins The Commercial Real Estate Show in studio to discuss the market opportunities in the industrial sector.

Report: Miami, Miami Beach Among the Worst Real-Estate Markets in U.S.

Despite every headline-grabbing attempt to fuel the tech sector or the finance market, at its condo-flipping heart Miami is still a company town, and the only industry that keeps the lights on is real estate. So any national survey that ranks the Magic City nearly dead last for its property-selling prospects is very bad news for anyone in South Florida. That’s just what WalletHub found in a report released today…

How E-Commerce is Impacting CRE

A lot has changed since 2011. That’s when a blog post on this site stated: “Many consumers still want to see or touch goods before they purchase, so they still go into a physical store to get this experience.” That statement still holds somewhat true, but e-commerce has continued to grow by leaps and bounds in the past six years – and fewer consumers have to go into a physical store to touch the goods…

Palmetto Expressway Miami Land for Sale for $10 million

New listing! The Palmetto 8 Acres is site is now for sale for $10,000,000. The ownership might also consider leasing the site. The zoning is the heaviest in Miami-Dade County known as IU-3 and it is in unincorporated (no city limits). The frontage on the Palmetto Expressway has over 250,000 cars per day. NW 74th Street now leads into the Florida Turnpike which is a dramatic improvement to the area. About…

Shuttered Miami High School Site Offered For Redevelopment

The Archdiocese of Miami is selling the Archbishop Curley-Notre Dame High School for redevelopment after closing the school this year. The 15.56-acre campus at 4949 NE Second Avenue could be built out with up to 5 million square feet of new development, including buildings reaching up to 28 stories. The location — east of Northeast Second Avenue, west of the Florida East Coast Railway tracks…

Commission Scheduled Sept. 28th To Vote On Land Swap For MiamiCentral Supertowers

Miami commissioners are scheduled to vote on a rezoning that is part of a land swap deal with All Aboard Florida, with two supertowers hanging in the balance. All Aboard Florida wants a 7,677 square foot park across from the civil courthouse to help square off their site where two supertowers are planned. In exchange, they plan to deed city a .5 acre property at 435 Northwest 1st Court along with…

Miami Beach Advocate Wants to Know if Landlords had Hurricane Irma Plan

While packing up to evacuate his South Beach condo this week, Daniel Ciraldo saw his neighbors at an eight-unit art deco building scramble to MacGyver last-minute hurricane fixes. With plywood long sold out, some taped their windows, while others pushed their mattresses against them. It all seemed so inefficient. “The building converted to condos in the early 2000s, and for a while the owners…

Bill Fisher, Founder and CEO at PLUM Lending, appears on The Commercial Real Estate Show to talk about the utilization of technology and data to power one’s business and make better financing decisions. Also discussed are the rapid changes in technology in the commercial real estate industry.

Brian Bailey, Subject Matter Expert with the Federal Reserve Bank of Atlanta, joins host Michael Bull to discuss where we are in the cycle. Highlights include:

• Have seen nothing but solid job growth for last 4 years
• Unemployment has come down significantly
• This is the third longest expansion since 1945
• Modest growth looks in the cards for foreseeable future
• Dark clouds include net loan demand softening
• Have to ask where we are at on supply curve, some segments seem to have excess coming online
• Commodity like retail shifting to online
• Industrial supply deliveries are in line with long term averages

Hurricane Irma damage now estimated at up to $65 billion

Property damage from Hurricane Irma is now estimated to reach $42.5 billion to $65 billion, with as much as $30 billion for flood-ravaged homes not covered by insurance, according to a newly released report from CoreLogic. The total figure includes both insured and uninsured losses for residential and commercial properties, including damage from both flood and wind. By far, the greatest hit is to…

Terra buys office building near Trump National Doral for $12.5 million

Terra Group just paid $12.5 million for a Doral office building near the Trump National Doral Miami, property records show. The Doral Court, a 209,000-square-foot office building at 8600 Northwest 36th Street, traded for about $60 per square foot. Records show Miami-based Banyan Street Capital is the seller. Banyan took ownership of the 9.4-acre property last year in March after making a stalking…

Metro Mall site in downtown Miami hits the market, could fetch $20 million

A development site in the heart of downtown Miami’s jewelry district is hitting the market, and is expected to fetch more than $20 million. Property records show a group of investors owns the Metro Mall building at 1 Northeast First Street, a 225,000-square-foot building that sits on a 33,750-square-foot corner lot. Colliers International South Florida’s Mika Mattingly, Gerard Yetming and Linn Ahsberg have…

Take that, Airbnb! Ian Schrager’s Public Hotel hopes to push back against home-sharing

Ian Schrager is fighting back against Airbnb with a tech-fueled hotel. Public Hotels replace the front desk with self-serve tablets where guests can check in and create their own room keys, the Wall Street Journal reported. The Lower East Side hotel features five bars and a restaurant, axing traditional room service. Calls from hotel rooms are re-routed to a call center in Las Vegas, and guests can ask…

Private developer has designs on Fort Dallas Park in Miami

Fort Dallas Park, on the Miami River downtown at 60-64 SE Fourth Street, could be redeveloped and include a new restaurant and improvements to a historic cottage on the city-owned site. The plan for improvements at the park is included in an unsolicited proposal to the City of Miami from Sanctus Spiritus LLC, which has proposed a public-private partnership with the city. The proposal for the city…

Girl Scouts selling land to add to Matheson Hammock

The Girl Scouts are selling Miami-Dade County land to expand Matheson Hammock Park, which will provide a 10-foot-wide nature trail and pedestrian access to the west side of the park, expanding nature-based programming. Up for purchase is a vacant half acre at 9950 Old Cutler Road. The proposed contract is for $415,000 for land that was appraised in February 2016 at $440,000. Added to the…

Miami Real Estate Mostly Spared From Irma’s Fury, Industry Players Say

Just days after Hurricane Irma lashed downtown Miami and the neighboring Brickell financial district with vicious winds and surging water that took out two construction cranes and flooded major streets, industry players told The Real Deal that the deadly storm largely spared the city’s urban core and coastal communities from catastrophic damage. Suzanne Amaducci, who leads the real estate group at…

Terry W. Stiles: Celebrating The Life And Memory Of An Industry Icon

We, along with the entire CRE community, are deeply saddened by the loss of our great leader and friend, Terry Stiles. Terry’s passion, energy and unyielding devotion to bettering communities across the Southeast were the source for innovations in real estate that will continue to enrich lives for years to come. Terry’s vision helped to shape the skyline of Fort Lauderdale and better every city and…

Hurricane Irma, declining sales force Epicure Market to close for good

A Miami Beach institution has closed its doors, serving its last customers prior to Hurricane Irma’s arrival. Epicure Gourmet Market & Café at 1656 Alton Road announced the closure in a tweet on Thursday. The company attributed the closure to Hurricane Irma, “problems with storm insurance” and declining sales. Owner Jason Starkman could not immediately be reached for comment. Starkman told the Miami…

Insurers Discuss Crane Collapses, Other Contingencies Of Hurricane Irma

Insured losses from the storm are projected at a record $65B, according to catastrophe modeling firm AIR Worldwide. “It’s been 12 years since we’ve had anything remotely close to a storm like this, and people are saying, ‘Oh my God, I hope my policy is right,’” insurance broker Arthur J. Gallagher & Co.’s South Florida president, Zeb Holt, said. “But this is why people buy insurance. It’s our time to shine.”

Hurricane Irma spared real estate market big damage, caused minor construction, closing delays

Hurricane Irma’s effect on South Florida’s vibrant real estate market is not likely to be much more than the hassles of delayed home deliveries and closings, industry observers say. Twelve years ago, Hurricane Wilma swept across Broward, Palm Beach and Miami-Dade counties, causing major damage to roofs. Blue tarps became a common sight in many neighborhoods hammered by Wilma’s winds.

Four Questions Potential Buyers Should Consider Before Purchasing An Investment Property

Here are four questions potential buyers should consider before purchasing an investment property. What are your financial goals? You should create rules to help stay focused. For instance, are you looking to make money by way of monthly rent checks, or is this a long-term appreciation investment where you look to cash out upon the sale of the property in a few years? These rules should be tailored…

Miami commission overturns mayor’s veto related to Flagstone Island Gardens

As the city of Miami battles Flagstone Island Gardens in Miami-Dade Circuit Court over the developer’s ouster from a megayacht marina and resort project on Watson Island, the city commission and Mayor Tomas Regalado are in tense disagreement over legal strategy. Shortly after Flagstone Property Group — led by Turkish businessman Mehmet Bayraktar — sued the city in June for roughly $122…

Stephen Ross Becomes University Of Michigan’s Single Largest Donor

Detroit native and Miami Dolphins owner Stephen Ross has made a $50 million donation to the University of Michigan to support career development programs for students, new business ventures and student-run investment funds. This, on top of $328 million in previous donations, makes Ross the single largest donor to the university — ever. “It gives me enormous joy to continue to give back to the…”

Food halls sizzle in Miami as craze spreads across nation

There’s a food hall commotion stirring up around the nation, and developers in Miami are joining the movement. More food halls are opening nationwide as consumers demand more artisan and healthier food options in lively environments, according to the New York Times. The brokerage firm Cushman & Wakefield conducted a research study showing that the growth of food halls has increased…

Early Wynwood broker Larry Mizrach dies

Early Wynwood investor and broker Larry Mizrach of Mizrach Realty Associates died at 85. Mizrach sold the Goldman family more than 20 properties in the early 2000s, which then led to the neighborhood’s revival and transformation into the trendy Wynwood Arts District. His clients also included the Rubell family, according to his former business partner, Danny Zelonker. Mizrach got his start in real estate…

Toys “R” Us files for Chapter 11 bankruptcy

From TRD New York: Facing crushing debt and competition from online retailers, Toys “R” Us filed for Chapter 11 bankruptcy Monday.
The company has more than $5 billion in long-term debt, $400 million of which is coming due in 2018, the New York Times reported. Vornado Realty Trust, along with Kohlberg Kravis Roberts and Bain Capital, borrowed heavily to purchase the company in 2005…

Florida, Texas Commercial Real Estate Begins Long Recovery Effort from Back-to-Back Storms

With relief efforts under way in areas ravaged by Hurricanes Harvey and Irma, analysts are now beginning to assess the broader questions of how the back-to-back natural disasters could potentially affect U.S. economic growth, the nearterm impact of the thousands of residents and tenants displaced by the storms, and how the threat of future storms may affect investor appetite for coastline property…

Market Trend: South Florida’s Mid-Year Industrial Deliveries, Construction and Inventory

During the second quarter 2017, 14 buildings totaling 1,456,539 square feet were completed in the South Florida market area. This compares to 10 buildings totaling 1,328,543 square feet that were completed in the first quarter. There were 4,441,661 square feet of Industrial space under construction at the end of the second quarter 2017. Some of the notable 2017 deliveries include: Flagler Station…

Blue Rock Partners Purchases Pinebrook Property in Miami

Blue Rock Partners LLC acquired the 309-unit Pinebrook apartments at 15601 SW 137th Avenue in Miami, FL for $37.25 million, or about $120,000 per unit, from Pinebrook South LTD. The 273,000-square-foot multifamily building was built in 1987 in the Palmetteo Estates MF submarket. Felipe Echarte and Evan Kristol of Marcus & Millichap represented the seller. The buyer handled the sale in-house.

Jeffrey Soffer: Miami real estate prices won’t suffer in the wake of Hurricane Irma

Hurricane Irma may have toppled a few cranes in Miami and Fort Lauderdale — but overall, the storm won’t have any long-term impacts on real estate prices in South Florida, says billionaire developer Jeffrey Soffer. The Turnberry Associates CEO appeared on CNBC’s Power Lunch, as Floridians continue to assess damage caused by the storm. Despite widespread flooding and power outages, Soffer said the…

Video: Reis Economis Barbara Denham on The Future of Logistics, Ports & Industrial Real Estate ~ Part 1

Barbara Denham, Economist with Reis, joins The Commercial Real Estate Show to talk about industrial buying and selling, retail, and e-commerce while looking at the impact on the economy. Highlights include: Warehouse and vacancy rates 9.7 from 9.9 in prior quarter and 10.3 last year; Strong net absorption in industrial property market; Q2 rent growth 0.6%; Lot of strong construction is happening across…

Video: Reis Economis Barbara Denham on The Future of Logistics, Ports & Industrial Real Estate ~ Part 2

Barbara Denham, Economist with Reis, joins host The Commercial Real Estate Show to discuss the topics of industrial, warehousing, logistics and retail. Highlights of the video include: Cap rates are a little higher at 7.5 vs 7.4 a year prior; Industrial sector a niche market; Hard sector for novice investor; Seeing increase in sales volume versus year prior; Disparity across country, with some markets…

“Salt Bae” to open first US restaurant in Miami

“Salt Bae” is coming to Miami. Nusret Gökçe is taking over the former Brickell Avenue space of Coya Miami and is set to open his first U.S. restaurant there in October, according to Eater Miami. Gökçe, who gained internet fame for the meme of him expertly slicing – and salting – a bone-in steak, will open a new location of the mini Turkish steakhouse chain Nusr-et at 999 Brickell Avenue. It will mark the 11th…

Video: International WELL Building Institute EVP Judith Webb on Wellness Verification for Your Office Space Part 1

Judith Webb, Executive Vice President at International WELL Building Institute, joins host Michael Bull on America’s Commercial Real Estate Show to discuss how to feel good as an occupant, increase productivity and wellness in the office space, and getting a wellness certification for your office or building.

FDEP Issues Order to Restore Structural Damage Post Hurricane

On September 5, 2017, the Florida Department of Environmental Protection (“FDEP”) issued Emergency Final Order OGC. No. 17-0989 (the “Order”) in response to the anticipated widespread devastation across Florida caused by Hurricane Irma. In order to respond to the imminent or immediate danger to the public health, safety, and welfare of the citizens of the State of Florida, FDEP provided an order to…

“We have to learn how to live with water”: Pros talk development in waterfront cities

Nothing thrusts the future of waterfront cities into question quite like a pair of devastating hurricanes. Hurricane Harvey, where wetlands were paved over to make way for new development, highlighted Houston’s libertarian-tinged zoning deficiencies. Meanwhile, Irma recapitulated the dangers of developing on the water’s edge. “We have to control how we develop these cities,” Judith Rodin, former…

Miami apartment complex purchased and scheduled for upgrades

It is important to be prepared for commercial real estate opportunities when they come up. A Florida company recently purchased a 390-unit apartment complex for $37 million in a Miami suburb. The buyer plans to update the complex and has interior and exterior renovations planned which will cost $3 million. The complex will also be renamed. The commercial real estate transaction was financed…

Miami Community In South Kendall Commands $37 Million from Tampa Based Blue Rock Partners

Pinebrook Apartments, a 309-unit apartment complex in Miami’s South Kendall submarket, sold. Blue Rock Partners of Tampa acquired the property in a $37.3 million deal and rebranded it The Park at Sheffield. The seller was a private investor and Ladder Capital Finance LLC facilitated the transaction with $33.5 million in acquisition financing, public records show. Located at 15601 SW 137th Avenue…

What are the best US cities for millennials? Not Miami, report says

Miami just received a big, fat F for millennials. The Miami metro is in the 10 worst in the country for millennials, according to a report from Apartment List. The ranking takes into account jobs, affordability and livability in 75 major cities in the U.S. Low median wages and slow wage growth kept three Florida cities in the bottom 10. Miami ranked 44th on the list. It received an F due to the job market and low…