Category: Commercial Realty

EI-American RE Sells The Conrad Miami Hotel on Brickell

Mast Capital and Angelo Gordon & Co. acquired The Conrad Miami hotel at 1395 Brickell Avenue in Miami, FL for $72 million, or about $355,000 per room, from EI-American Real Estate, Inc. The 36-story, 203-room hotel was built in 2003 in the Brickell submarket. It totals 212,503 square feet located in the base of Brickell Arch Tower (aerial). Paul Weimer, Christian Charre and Natalie Castillo of CBRE…

Video: Reis Chief Economist & VP of Research Victor Calanog Update on Q2 2017 Office Sector Trends

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides his assessment of Q2 2017 Office Sector trends. Highlights include: Not much happening in the office property sector this past quarter; Vacancies were unchanged at 16.0% versus the prior quarter and down a mere 10 basis points year over year; Vacancies peaked in Q3 2010 at 17.6%, since have only descended 160 bp…

Here’s what La Centrale in Brickell City Centre is going to look like

Step inside and take the rendering tour Back in February we saw initial renderings of La Centrale, which is set to become Miami’s first Italian food hall when it opens this December in Brickell City Centre. However, these newly released renderings of the 40,000-square-foot space comprised of 14 different dining areas, present a much clearer vision of what the exciting new culinary endeavor will look like.

Market Trend: South Florida’s Industrial Vacancy Increases To 3.9%

The South Florida Industrial market ended the second quarter 2017 with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 599,281 square feet in the second quarter. That compares to positive 1,095,827 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 785,915 square feet.

Mansion nightclub’s former space on Washington Avenue for lease at $70k/month

Mansion nightclub’s former space on Washington Avenue in South Beach is on the market for lease at $70,000 a month or $840,000 a year, The Real Deal has learned. John Brandt’s family has owned the building at 1225-1265 Washington Avenue since the 1950s, and this is the first time it is available for lease since 1984 because operators have always traded the lease to successive operators, he said.

Six pivotal decisions vital before restoring marine stadium

An architect has listed more than 50 uses for a restored Miami Marine Stadium, which is heartening, but before the city tries to actually restore the stadium it has six pivotal decisions to make. The list of possible uses includes many that would be financial failures. So restoration must follow a solid business plan that outlines not only principal uses but who would operate the stadium and under what…

Miami casts annexation eye on Blue Lagoon, Melrose, Brownsville

If Miami annexed several unincorporated areas, including Blue Lagoon, Melrose and Brownsville, it would take a financial hit, a study says.
Based on revenue and expense calculations and factoring in the current tax rate, adding the areas as they are today would cost the city nearly $14 million a year. The possibility of annexing unincorporated areas isn’t new; Miami leaders have debated it for years.

The appeal of a working riverfront wends way to city hall

Cory Offutt, owner of Biscayne Towing & Salvage Inc., has for months spoken out against a planned riverside restaurant on land zoned for marine-industrial uses right next door to his business. He says a restaurant with outdoor dining is incompatible with a loud and smelly shipyard. “This is a huge impact on my business,” he said at a meeting early this year. “There’s no way we can survive in harmony…

There’s A Niche Market Rising On Miami’s Industrial Real Estate Scene

There’s a niche market rising on Miami’s industrial real estate scene: leases under 25,000 square feet and satisfying distribution needs in the realm of smaller space. While everyone speaks about the large deals, these smaller industrial transactions make a significant footprint in the local economy, driving business beyond e-commerce. GlobeSt.com caught up with Ernesto Cambo, principal of CPF Investment…

New Miami condo planned to exclusively house FIU students and faculty

Intertersting mandate There’s a new Miami condo planned across the street from the main campus of Florida International University with a twist: While anyone can purchase its 492 units, only students, faculty, and those affiliated with the university will be allowed to live there.
University Bridge Residences is planned for 20 stories with a direct connection to campus via the new 8th Street pedestrian bridge.

Miami metro has the most dire need for affordable housing in the country, per report

Entailing the Miami metro area of Miami, Fort Lauderdale, and West Palm Beach A new report by the U.S. Department of Housing and Urban Development (HUD) to Congress indicates the Miami metro area (Miami-Fort Lauderdale-West Palm Beach) has the highest share of low-income renters with the “worst case needs” in the country. The issue stems from a massive shortage of affordable housing for…

 

Inside Brickell City Centre’s Italian food hall, Estates at Acqualina & more

The developers of Brickell City Centre, the Estates at Acqualina, Akoya Boca West and others just released a slew of new renderings. Brickell City Centre revealed what’s planned for the three-story Italian food hall, La Centrale. The 40,000-square-foot food hall, located at the northeast end of the shops, is now set to open in December. It will include: A market with grab-and-go options…

Food Halls at Brickell City Centre and Lincoln Road Release Details

La Centrale, the Italian-themed food hall tucked into the billion dollar Brickell City Centre will include a handful of eateries that draw inspiration from different regions of Italy along with a spot for Neapolitan pizzas and a grab-and-go café spanning 5,000 square feet replete with cheeses, breads, and all manner of Italian products. The portion of the food hall dubbed Pesce will draw from the region…

Miami International Airport gets bonanza in federal grants

The Federal Aviation Administration awarded this week over $36 million in infrastructure grants to Miami International Airport to reconstruct and rehabilitate taxiways to improve the safety and efficiency of airport operations. The FAA announced the grant through its Airport Improvement Program, which awarded a total of $162.4 million to 72 airports around the US to fund infrastructure projects.

Two Miami-Dade Zip Codes Top Florida’s Most Expensive Rents List

Florida’s 14 highest apartment rents by zip code in 2017 are in the southeast. Fully half of top 10 are in Miami-Dade county. Using data collected by sister company, Yardi Matrix, RENTCafé assembled a list of the most expensive zip codes for renters in Florida. The Sunshine State has always been a renter-friendly location. Florida rentals cost on average $1,231/month, but with prices steadily growing in recent…

Downtown Doral graduates from realty project to city core

If you ask Ana Codina Barlick, CEO of Codina Partners, the biggest challenge she faces in developing Downtown Doral is finding a comprehensive way to describe its magnitude. “It’s not a project at all anymore; it’s the downtown of a major municipality of Miami-Dade,” Ms. Codina Barlick said. Codina Partners, real estate investment and development firm behind Downtown Doral, first developed…

As study goes on, Venetian Causeway a replacement target

The Florida Department of Transportation’s study of the Venetian Causeway that began last October to address known structural and functional deficiencies of the 12 bridges that make up the causeway is moving ahead to determine whether to rehabilitate, replace or do nothing to those bridges. The county’s stated aim, however, is complete replacement. The historic causeway, built in 1926, connects…

Florida’s 14 Highest Apartment Rents by Zip Code in 2017 Are in the Southeast, Half of Top 10 are in Miami-Dade County

Using data collected by sister company, Yardi Matrix, RENTCafé assembled a list of the most expensive zip codes for renters in Florida. The Sunshine State has always been a renter-friendly location. Florida rentals cost on average $1,231/month, but with prices steadily growing in recent years, finding affordable apartments has become more difficult for the average renter.

Overall, the priciest apartments are concentrated in Southeast Florida. Miami-Dade County holds 19 of the state’s 50 most expensive zip codes. Not far behind, in second place, with 13 zip codes in the top 50, is Broward County. Palm Beach County takes third place with 10 of the most expensive zip codes.

As more and more luxury apartments in or near Downtown Miami hit the market, two zip codes earn top 2 positions on the list: 33146 in Coral Gables, with an average rent of $2,617/month and 33131 in Downtown Miami, where the average rent for an apartment is $2,590. Boca Raton in Palm Beach is third, with an average rent of $2,475/month in 33431. Fort Lauderdale takes spots 4 and 5 with zip codes 33301 and 33304, where apartment rents are on average $2,431 and $2,327, respectively. Fort Myers’ 33967 ranks highest in Southwest Florida, on position 15, as the most expensive zip code outside Southeast Florida with apartments renting for an average of $2,081.

Take a look at the complete list of Florida’s 50 most expensive zip codes on RENTCafé

Other Multifamily Trends Related Pages:

• Multifamily Sales Trends
• Multifamily Sector Reports for Cities in Miami-Dade County

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides his assessment of Q2 2017 Office Sector trends. Highlights include:

• Not much happening in the office property sector this past quarter
• Vacancies were unchanged at 16.0% versus the prior quarter and down a mere 10 basis points year over year
• Vacancies peaked in Q3 2010 at 17.6%, since have only descended 160 basis points in 7 years
• In previous cycle, office property vacancies peaked at 17% in 2002 or so, declined to 12.5%, a more than 500 basis point decline, before next recession hit in 2008 or so
• Asking and effective rents grew .4% and .5%, respectively, in the quarter,1.6% for both asking and effective year over year, essentially in line with GDP growth
• Not a lot of new construction
• Would be hard pressed to find financing without significant pre-leasing commitments
• Lackluster results not a surprise with modest 2.1% GDP growth from 2009 to 2015, slowing to 1.6% in 2016
• 2017 GDP growth remains to be seen, but pundits are scaling back expectations from 3% plus to slightly above 2%
• Without economic growth and corresponding job growth not going to see much action in office sector
• Without much new supply, expect a a slow equilibrium of progress for rents and vacancies

Torburn Partners sells chunk of former Motorola office park for $57 million to Miami Based Midtown Capital Partners

Northbrook, Illinois-based Torburn Partners just sold a portion of an office park in Plantation for $56.6 million to Miami-based Midtown Capital Partners, led by Alejandro Velez, property records show. The two buildings at 7600 and 7700 West Sunrise Boulevard span about 215,744 square feet. The trade breaks down to about $262 per square foot. An additional parking lot that spans 8 acres was also part…

Miami Boasts Third Densest Skyline in United States

During a recent HistoryMiami Museum tour I attended, (the museum’s) Resident Historian Dr. Paul George mentioned a fact I thought I would have known, that Miami boasts the third most dense skyline in the United States. I’m fairly certain I’d not heard this before.
Upon returning to my office, I decided to fact check this. How Miami ranks in this regard depends on how you count it, of course, but…

Opa Locka Hialeah Flea Market Portfolio Sells for $80M

Gramercy Property Trust, a New York-based public REIT, acquired three parcels totaling 72.1 acres in Opa Locka, FL from Bodwin, Ltd. and SeaBase Florida Corp. for $80 million, or about $1.1 million per acre. The property consists of the 43.8-acre flea market at 12691 and 12705 NW 42nd Avenue and the neighboring 50,619-square-foot industrial building on 28.3 acres at 12700 NW 42nd Avenue, currently…

Video: Reis Chief Economist & VP of Research Victor Calanog Provides Q2 2017 Retail Sector Trend Update

In this brief video, Reis Chief Economist & VP of Research Victor Calanog provides an assessment of second quarter 2017 retail property sector trends. Highlights of this video include: Fundamentals in retail sector reflect all the negative news; Neighborhood and community center vacancies increases 10 basis points to 10%; Regional malls had a 20 basis point increase in vacancies to 8.1%; Rents grew slowly…

Spain-Based Travel Tech Co. Inks 115K Square-Foot Lease At Doral Office Park

Amadeus, a travel tech company, just inked a 115,000-square-foot lease at the New Boston Fund’s One Park Square office complex in Doral. The South Florida Business Journal reported that Amadeus’ new lease marks a 10,000-square-foot expansion for the company, which has housed its United States headquarters at One Park for five years. Blanca Commercial Real Estate brokered the deal on behalf…

Aircraft Supply Store Inks 88,680 SF, Long-Term Lease At Doral Logistics Center

Transwestern’s South Florida industrial team announced that it facilitated a long-term, 88,680-square-foot lease with NexGen Aero LLC at Doral Logistics Center, a 174,024-square-foot industrial building at 2900 NW 112th Avenue in Doral. Transwestern Senior Vice President Thomas Kresse, Senior Managing Directors Walter Byrd and Ben Eisenberg, and Senior Associate Carlos Gaviria represented the landlord…

Miami Office Market Thrives Due to Young Workers Seeking South Florida Lifestyle

Looking ahead to the rest of 2017, we can expect to see continued improvement of Miami’s office market based on strong market fundamentals and employment growth. Key trends to watch in 2017 that will help drive and shape the market, include: Steady, modest growth in office rents; Declining available office supply; New transit-oriented mixed-use developments that include office space…

Update: Property Owners Gaining New Tools To Fight ADA Lawsuits

At the end of May, I wrote a post about new legislation in Florida intended to help property owners fight Americans with Disabilities Act (“ADA”) lawsuits.  As discussed in more detail in the prior post, the bill allows property owners to register a remediation plan or certificate of conformity with the ADA with Florida’s Department of Business & Professional Regulation, which will maintain an online registry of…

New Miami Beach hotel named after Julia Tuttle opens Thursday

Tour the South of Fifth boutique hotel Opening this Thursday, August 10, is the Julia Hotel in Miami Beach’s South of Fifth neighborhood. The 29-room boutique hotel that was originally pegged for a May opening is located at 336 Collins Avenue and was named after Julia Tuttle, the “Mother of Miami” and “the only woman to found a major American city.” Stephen Busto designed the…

Florida Keys motel featured in Netflix’s Bloodline sells for $7M

The Islamorada development will be renovated as well Harbor Lights, a Florida Keys motel featured in the Netflix show Bloodline, sold recently for $6.8 million. It was among the two Islamorada hotels acquired by Songy Highroads LLC and the Wardman Group, joining the Days Inn Islamorada Resort, a 37-unit property located about two miles away that sold for $7.05 million. Harbor Lights sits on five acres…

Tour the new Flats at CityPlace Doral

The residential comopnent to the new development While we led you on a tour of CityPlace Doral a few months ago, taking you through the mixed-use project’s 250,000 square feet of retail and restaurant space, we wanted to take a closer look at the residential component. The Flats is a two-tower, mid-rise luxury apartment complex located directly above the retail/restaurant space.

Will dead malls be the next logistics hubs?

Some of the real estate most coveted by e-commerce giants and logistics companies just so happens to be the malls they helped to snuff out. Warehouse landlords are turning to former malls as new locations for delivery companies and retailers due to their proximity to consumers’ homes and easy access to transportation, the Wall Street Journal reported. In North Randall, Ohio, for…

Market Trend: South Florida’s Industrial Vacancy Increases to 3.9%

The South Florida Industrial market ended the second quarter 2017 with a vacancy rate of 3.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 599,281 square feet in the second quarter. That compares to positive 1,095,827 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 785,915 square feet.

Liebler Gonzalez & Portuondo Renews Lease in Miami’s Courthouse Tower

Full-service banking, business, commercial and real estate law firm Liebler Gonzalez & Portuondo signed a lease renewal for its 14,875-square-foot space in Courthouse Tower at 44 West Flagler Street in Miami, FL. The 26-story office building (birdseye view) totals 164,771 square feet in the Downtown Miami submarket. It was constructed in 1974 and fully renovated in 2010. Tony Jones and Ryan Levy…

Understanding the importance of zoning laws

Zoning laws, and familiarity with them, are important to commercial real estate in general and are important for commercial real estate transactions. Understanding zoning laws in the Miami area is important when conducting a commercial real estate transaction in the area. Zoning laws can address the zoning of the site and the property uses that are permitted within the zone, including minimum lot size…

Miami Industrial Real Estate Market Report Midyear 2017

Midyear into 2017 and the average rental rate for Miami warehouse space slightly increases… grudgingly. Although some landlords have been able to increase rates for their warehouses, tenants and their respective brokers fight to keep the average under $10.00 per sq. ft. Institutional landlords are fairly disappointed that rates have not increased higher as they had forecast. Positive absorption this quarter…

$3.375 Million Medley Warehouse Sale Negotiated

NAI, Miami, a member of a managed network of commercial real estate firms, announced that the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated a 34,864-square-foot industrial warehouse investment sale for their client Romanini Brothers Investment Company, LLC. The property is located at 8205 Northwest 74th Avenue in Medley, Florida. The buyer, FB Medley LLC, was…

MLS Miami officially expected to be announced by fall

It’s been a three-year journey for David Beckham’s team in its quest to bring an MLS franchise to Miami but the chief of the league can see the light. After Beckham met with MLS owners yesterday in Chicago, which just hosted the league’s All-Star Game, Commissioner Don Garber shared his optimism on Miami becoming team No. 24. “I had some concerns they wouldn’t get past today,” he said in a press…

By the numbers: The WeWork effect

From TRD New York: There’s never a dull moment at WeWork. In 2014, the New York City real estate industry’s jaw dropped when the office-sharing start-up raised $150 million and hit a valuation of $1.5 billion, suddenly catapulting it into “unicorn status.” But less than a year later, it shocked the business world again with another monster fundraising round and new valuation — this one for $5 billion.

Next act at Coconut Grove Playhouse may be city garage

While neighbors keep campaigning to save the old Coconut Grove Playhouse from the wrecking ball, officials with the Miami Parking Authority are moving ahead with plans for a municipal garage for the theater site. The Miami City Commission has put off a decision on partial demolition of the large theater, a fact reported to the city’s Off-Street Parking Board Aug. 2 by authority CEO Art Noriega.

County looks at buying rail lines from CSX Corp. for transit

Miami-Dade’s business leaders should look again at a proposal to have the county buy 35 miles of rail line from the CSX Corp. for new commuter service, County Commission Chairman Esteban Bovo Jr. says. The county and business leaders have looked at the plan in the past but had difficulty striking a deal. But Mr. Bovo says things now have changed. The railroad has two lines that would tie into county…

How to close the continental divide in county’s transit plans

The chairman of the Miami-Dade County Commission says his bold, far-ranging plan for six new mass transit corridors is not really at odds with the mayor’s aim to focus for now mostly on a new style of bus service. Chairman Esteban Bovo Jr. offers a complex and visionary program that aims at mostly new rail service as a way of spreading major mass transit across the county, while Mayor Carlos Giménez…

Population Growth and Affordable Cost of Living Accelerate CRE Renaissance in the Southeast – Miami Featured

The Miami market, which comprises Palm Beach, Broward and Miami-Dade counties, is also experiencing exceptional population and job growth, along with strong property fundamentals. The three-county Miami region, with more than 6 million residents, is the state’s largest consumer market, and population is projected to grow by 1.2 percent in the coming years, according to CBRE. Tourism, financial services…

Plan to transform Biscayne Boulevard gets federal grant

A plan to transform Biscayne Boulevard into something other than a busy downtown street just got a significant financial boost. The City of Miami and the Downtown Development Authority applied for and were awarded a $421,829 federal grant to speed the Biscayne Green Lane Elimination Analysis Project along Biscayne Boulevard from Southeast First to Northeast Sixth streets. The Florida Department of…

If Retail Is Dying, Why Is Money Pouring Into Malls?

If you are one of those people who thinks America’s retail industry is doing just fine, well, there are three possibilities: You’ve been living under a rock; you think Amazon refers to a South American river; or you’re a real estate developer. As everything from once-mighty department stores to niche clothing chains announce plans to shutter hundreds of locations, and retailers file for bankruptcies…

Miami Marine Stadium could host festivals, drone races, and pageants in the future

An updated Miami Marine Stadium, which has been dormant since closing in 1992 after Hurricane Andrew, could host a wide variety of events, including boxing matches, beauty pageants, concerts, and drone racing, among over 50 potential uses recently presented to the Miami City Commission, per Miami Today. R.J. Heisenbottle Architects, along with a dozen consultants and community input, compiled…

The Three Forces That Will Accelerate The Pace Of Change In Commercial Real Estate

The technology that the next generation of deal makers will have will allow them to do more deals in less time, so the demand for this type of tech will only increase.

During a recent HistoryMiami Museum tour I attended, (the museum’s) Resident Historian Dr. Paul George mentioned a fact I thought I would have known, that Miami boasts the third most dense skyline in the United States. I’m fairly certain I’d not heard this before.

Upon returning to my office, I decided to fact check this. How Miami ranks in this regard depends on how you count it, of course, but by one common measure, the number of skyscrapers at least 150 metres (490 ft) in height, Miami does indeed rank number 3 in the United States according to Wikipedia, trailing behind New York and Chicago.

Image courtesy of Marc Averette.