08/02/2012 08:12 AM

Vortex International Realty Makes Its Home In Miami Market

– Miami Agent Magazine



07/26/2012 07:53 AM

Vortex International Realty Launches Boutique Luxury Real Estate Company to the Miami Market

– The Miami Herald



07/26/2012 12:45 PM

Vortex launches brokerage in South Florida

– The Real Deal


The Real Deal Miami

The Real Deal Miami

08/21/2017 10:00 PM
ASRR to buy out partner in Surfside condo project
Alex Sapir’s ASRR Capital is in advanced talks to buy out its partner in a Surfside condominium project, according to documents filed on the Tel Aviv Stock Exchange. Sapir will pay $6.1 million for Eyal Ben-Yosef’s 12.5 percent stake in the project, called Arte by Antonio Citterio, marking the latest move in an eventful year for ASRR. The publicly traded company originally partnered with Istanbul-based Suzer Group on the Surfside project. In March, Ben-Yosef bought Suzer’s ... [more]
08/21/2017 08:50 PM
Here’s what Trump’s property taxes in Palm Beach could total in 2017
President Donald Trump’s real estate empire in Palm Beach County will likely generate $1.19 million in property taxes for 2017, according to the Palm Beach Daily News. The property appraiser’s estimate includes Trump’s Mar-a-Lago Club, two golf courses and a pair of houses. In Palm Beach, Mar-a-Lago will be billed an estimated $463,941, and two homes and a vacant parcel will generate an additional $184,620. The larger home, at 1094 South Ocean Boulevard, was appraised at ... [more]
08/21/2017 08:15 PM
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Follow us on Facebook for the latest on South Florida real estate, breaking industry news and lively conversation with a community of more than 28,000 fans. ... [more]
08/21/2017 07:15 PM
46-acre site in Southwest Ranches hits the market for $16M
A 46-acre development site in Southwest Ranches just hit the market for $15.75 million. The plot of land, on the northwest corner of Sheridan Street and Flamingo Road, is asking for about $342,000 per acre. Records show the owner, Canyon Creek Estates LLC, is led by Ameristar Properties of South Florida, Ernest Caparelli, Shlomo Espstein and Joseph Caparelli. The LLC bought the property in 2004 for $8.9 million. The site is zoned for about 20 homes and estates of ... [more]
08/21/2017 06:30 PM
Chef Eric Ripert sells his Miami Beach pied-à-terre
Master chef Eric Ripert has bid adieu to his Miami Beach condo, his listing agents told The Real Deal. Ripert and his wife Sandra sold the 1,271-square-foot, two-bedroom unit at the Maison Grande at 6039 Collins Avenue for $412,500, according to Brown Harris Stevens Miami agents Carol Cassis and Stephan Burke. It was listed for $425,000 and sold furnished. The French chef, author and TV personality is known for his flagship restaurant in New York City, ... [more]
08/21/2017 05:45 PM
Anbang’s head of real estate is out
From TRD New York: Anbang Insurance Group’s head of real estate, Theo Cheng, is leaving amid uncertainty over the company’s leadership. Cheng oversaw Anbang’s real estate division and real estate-related activities, especially overseas investments, according to the trade publication PERE. According to his LinkedIn profile, Cheng began working at the insurance company in February 2015, a few months after Anbang bought the Waldorf Astoria for just under $2 billion. Anbang is currently embarking on a ... [more]
08/21/2017 04:45 PM
The Chinese pullback won’t bring down real estate prices, according to Brookfield exec
From TRD New York: A pullback from Chinese investors won’t have a major impact on real estate prices, according to Brookfield Property Partners CEO Brian Kingston. Investors from Europe and the Middle East are still hungry for real estate, and a global shift from low-yield, fixed-income assets to real estate will push property prices for the foreseeable future, Kingston told Bloomberg. “There was a lot of headlines around how much capital was coming out of ... [more]
08/21/2017 04:00 PM
Michael Comras picks up missing piece of South Beach assemblage
Michael Comras just picked up the missing piece of an assemblage he’s stitching together in South Beach. The investor paid $5 million for a parcel that will allow him to build a new retail complex in the neighborhood. Comras’ MAC 1045 5th St LLC bought the 7,000-square-foot site at 1031 Fifth Street from an affiliate of Carefree Lifestyle, property records show. Carefree is a luxury concierge service led by CEO Gary Marotta. Comras paid $714 per ... [more]
08/21/2017 03:20 PM
Investors pick up riverfront building in Fort Lauderdale for $5.8M
A group of investors just paid $5.75 million for a property fronting Fort Lauderdale’s Tarpon River, records show. George Dermksian, Krikor Gazarian and Linéaire Group 10 New River LLC bought the mixed-use, 23,600-square-foot building at 400 and 408 South Andrews Avenue. Azorra Properties sold the site for $244 per square foot for the building and $261 per square foot for the land. Property records show Azorra paid $2.5 million for the building in 2001. It was built ... [more]
08/21/2017 02:30 PM
CoStar asks federal court to dismiss Xceligent lawsuit
From TRD New York: CoStar Group filed a motion last week asking a federal judge to dismiss rival data company Xceligent’s antitrust lawsuit. The Washington, D.C.-based firm filed a 27-page motion in the U.S. District Court for the Western District of Missouri arguing that Xceligent did not make an adequate case for a court judgment, Bisnow reported. “Xceligent’s antitrust claims should be dismissed because Xceligent fails to plead facts sufficient to allege that CoStar blocks ... [more]
08/21/2017 01:45 PM
This is the salary you need to earn to buy a home right now in New York, Miami and LA
From TRD New York: Using the National Association of Realtors’ data on housing affordability, Business Insider gathered a list of the US metro areas where the minimum salary required to qualify for a mortgage, after a 20 percent down payment, is highest. What they found was that the salary needed to qualify in the top-five metro areas — four of which are located in California — exceeds $100,000. Here’s what it you need to be earning ... [more]
08/21/2017 12:45 PM
Mill Creek nabs $80M construction loan for phase two of Dadeland apartments
Mill Creek Residential just closed on an $80 million loan for the second phase of Modera Metro Dadeland, a 25-story apartment tower planned near Dadeland Mall, property records show. New York-based CIT Bank is the lender. Mill Creek, a Dallas-based multifamily developer, is building the 422-unit building at 8215 Southwest 72nd Avenue. Records show Mill Creek’s Metro Dadeland II LLC paid $11.4 million for the 1.8-acre development site in 2014. Mill Creek is wrapping up ... [more]
08/20/2017 08:00 PM
Seattle firm gets $35M loan to buy Tampa student housing
A Seattle-based landlord secured $35 million of financing for the acquisition of a 206-unit student housing complex in Tampa. The debt and structured finance group at CBRE arranged the permanent financing on behalf of Horizon Realty Advisors, which bought the student-housing complex for $46.6 million. Benjamin Roelke in the Dallas office of CBRE secured the financing for Horizon’s acquisition of the property, called Venue at North Campus. A LEED-certified development, Venue at North Campus is ... [more]
08/20/2017 07:00 PM
University plans to sell 150-acre golf course in Pensacola
The University of West Florida in Pensacola plans to sell a 150-acre golf course by Aug. 31 for an undisclosed price. The university bought the Scenic Hills Country Club for $2.2 million in 2012. The Pensacola golf course wraps around the southwest side of the university campus. Ed Ranelli, treasurer of a real estate arm of the University of West Florida called BEI, declined to disclose the sale price. But Ranelli told the Pensacola News-Journal ... [more]
08/20/2017 06:00 PM
Owners set to sell Jacksonville newspaper, keep waterfront site
A family that agreed to sell a daily newspaper in Jacksonville would retain the publishing company’s waterfront property downtown. Family-controlled Morris Communications Co. this week announced a deal to sell the Florida Times-Union in Jacksonville and 10 other daily newspapers to Gatehouse Media. The sale is expected to close Oct. 2. Under terms of the deal, the Morris family would retain a building bearing the name of the Times-Union plus 18 acres of property in ... [more]
08/20/2017 05:00 PM
Sales team at Related ISG is marketing Dominican condo-hotel project
The Haller Group, a sales team at Related ISG International Realty headed by brothers David and Brett Haller, will serve exclusively as the U.S. marketing group for a condo-hotel development in the capital city of the Dominican Republic. The 121-unit development in Santo Domingo will be the city’s first yoo-branded residential development. Sales launched this summer. The developer, Grupo Zagalo, signed an exclusive branding contract earlier this year with London-based yoo Studio, co-founded by acclaimed ... [more]
08/20/2017 04:00 PM
Canada’s housing market is bananas
From TRD New York: Canadian home sales fell the most in five years last month. That didn’t stop an increase in prices, which were up 18 percent nationwide from a year earlier. When you consider that most houses are leveraged assets, this represents huge gains for homeowners. While leverage can help boost performance on the way up, it becomes very dangerous on the way down. Leverage can turn even the best investments into poor ones when ... [more]
08/20/2017 03:15 PM
Boutique office project by Stiles going up in Charlotte
Fort Lauderdale-based Stiles Corp. started vertical construction of a three-story office building in Charlotte, North Carolina. Site work began in the fall of 2016, and Stiles expects to complete the 63,800-square-foot office building, called 300 West Summit, in September 2018. Both the second and third floors of the office building will have 25,500-square-foot floorplates, and the first floor will have 12,800 square feet of space. Justin Siemens, vice president and development officer for Stiles in ... [more]
08/20/2017 02:10 PM
Bradenton-area convention hotel project stalls
An increase in estimated construction costs has stalled plans to break ground for a new 250-room Sheraton hotel next to the Bradenton Area Convention Center. Fort Worth, Texas-based Improvement Network Development Partners (INDP) had planned to start construction of the hotel next month. But Anthony DeRusso, director of project development at INDP, told the Bradenton Herald that increased estimates of construction costs have delayed the groundbreaking. DeRusso also told the newspaper that INDP will ask ... [more]
08/20/2017 01:00 PM
GL Homes offers county land and money to build in the Agricultural Reserve
Sunrise-based GL Homes promised to donate land and money for the construction of new public schools if it wins approval of its proposal to build houses in Palm Beach County’s Agricultural Reserve. GL has approval to build 3,900 houses on a 4,900-acre tract called Indian Trails Grove. But instead, the company has proposed building houses outside of Indian Trails Grove in the county’s Agricultural Reserve, a 22,000-acre farming zone west of Boynton Beach. GL would ... [more]
08/19/2017 08:00 PM
These are the world’s top 10 most livable cities
From TRD New York: This past year has been tumultuous. With the inauguration of President Donald Trump, the rise of far-right extremists in the US, and terror attacks reverberating across the globe, 2017 has changed the world. However, there are a number of cities around the world where citizens are happy, social services, are improving, and economies are growing. These places routinely make the list of the world’s most livable cities. Using factors such as crime, ... [more]
08/19/2017 07:15 PM
More high-rise roofs emerge as places to recreate and relax
The rooftops of high-rise buildings in South Florida are increasingly popular spots to put swimming pools, gyms and other facilities for recreation and relaxation. For example, 1 Hotel & Homes in Miami Beach is an 18-story condo and hotel with an adults-only rooftop pool spanning 26,000 square feet. Loftin Place Apartments, a 259-unit property in downtown West Palm Beach, features a jogging path and tennis courts on its roof. The roof of a commercial building at ... [more]
08/19/2017 06:00 PM
Survey: Broward has Florida’s 5 priciest cities for rental apartments
Led by Miramar, Broward County has the five most expensive rental apartment markets in Florida, according to a survey by RENTCafé, a national apartment-search website. The average monthly rent for a Miramar apartment was $1,800 in July, a 3.2 percent increase from July 2016, RENTCafé reported. RENTCafé surveyed apartment buildings with at least 50 units. The survey excluded houses and condominiums on the rental market. Adrian Rosenberg, a spokesman for the website, told the Sun-Sentinel ... [more]
08/19/2017 05:00 PM
Boutique townhouse projects proliferate in downtown St. Petersburg
A developer sold out a boutique townhouse development in downtown St. Petersburg and has two more under construction. Tampa-based Icon Residential is selling the townhouses at prices between $300,000 and $515,000. Many of the buyers have been empty-nester divorcees who sold suburban homes to reside in downtown St. Petersburg. Icon has sold out a 40-unit townhouse development called The Arlington St. Pete at the intersection of 8 Street North and Arlington Avenue North in St. ... [more]
08/19/2017 04:00 PM
Dania Pointe lands its first big retail tenants
Brandsmart USA, Hobby Lobby and TJ Maxx are the first major retailers to agree to lease space at Dania Pointe, a shopping and entertainment center under construction in Dania Beach just east of Interstate 95. New York-based developer Kimco Realty Corp. also announced that the 300,000-square-foot first phase of Dania Pointe will open in late 2018, about a year later than originally planned. Paul Puma, the southern regional president of Kimco, said the opening of ... [more]
08/19/2017 03:00 PM
Developer pays $19.7 million for waterfront condo site in Naples
Stock Development bought 3.55 acres of waterfront property in North Naples for $19.7 million for a luxury condo project, or about $5.5 million per acre. The Naples-based company plans to build a mixed-use development that would include an 18-story, 300-unit condominium called One Naples on the property. Colliers International brokered the sale of the property on the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive in North Naples. The 18-parcel property includes a ... [more]
08/19/2017 02:00 PM
Construction of AquaMar condo completed
Crews completed AquaMar Las Olas, a waterfront boutique condominium in Fort Lauderdale that is 90 percent sold. Ocean Land Investments, led by Jean Francois Roy, presold 18 of the 20 units at AquaMar, located on Isle of Venice Drive in the Las Olas Isles community of Fort Lauderdale. The two remaining developer units are listed for sale. Winmar Construction served as the project’s general contractor. AquaMar’s condo units range in size from 2,531 to 3,439 ... [more]
08/19/2017 01:00 PM
National Cheat Sheet: CBRE named most active I-sales brokerage, Feds urge Zillow to settle over deceptive practice allegations … & more
CBRE becomes top investment sales brokerage as overall volume drops From TRD New York: For the first time since 2013, CBRE claimed the top spot among the nation’s most active investment sales brokerages. With 23.2 percent market share in commercial property investment sales, CBRE topped Eastdil Secured’s 20.9 percent share, according to Real Estate Alert’s rankings, which were based on data collected from the first half of 2017. Eastdil’s deal volume plummeted by 19 percent, ... [more]
08/18/2017 09:30 PM
King of Diamonds strip club’s landlord faces foreclosure
King of Diamonds is in the mix of yet another foreclosure. The landlord of the infamous strip club in Miami, Kodrenyc LLC, was sued for foreclosure by 17800 State Road 9 Lender LLC for allegedly defaulting on a $5.3 million mortgage, according to the South Florida Business Journal. The lender now seeks to take over the 60,622-square-foot strip club building at 17800 State Road 9, and asks that a receiver be appointed over the property to collect ... [more]
08/18/2017 08:45 PM
WATCH: This week in real estate numbers
A 1 million sf lease at 1 Manhattan West, 26 L.A. hotels trading hands and a $32 million Brickell development site. In real estate, it’s all about the numbers. This past week, The Real Deal reported on Tishman Speyer and Cogswell Realty looking to sell 183 Madison Avenue (which is valued at a whopping $255 million), the amount of poor L.A. households that live in deficient or unaffordable housing and the huge drop in million-dollar mortgage volume in Palm Beach County. To ... [more]
08/18/2017 08:00 PM
China warns that it will not tolerate “irrational” overseas investment
From TRD New York: Chinese regulators — who’ve been cracking down on capital outflows for months — have now formalized regulations for overseas investing to protect against “irrational” acquisitions across several industries. Citing “various risks and challenges in overseas investments,” the State Council laid out three categories — banned, restricted and encouraged — for investment. Investing in gambling, the sex industry and core military technology is banned. Real estate investment is considered restricted and investments ... [more]
08/18/2017 07:15 PM
Mixed-use building near Miracle Mile in Coral Gables hits market for $15.5M
A mixed-use medical building near Miracle Mile in Coral Gables just hit the market for $15.5 million, according to a release. Marcus & Millichap’s Institutional Property Advisors is listing the nearly 50,000-square-foot medical office building at 475 Biltmore Way. Douglas K. Mandel and Benjamin Silver are representing the seller, which records show is Slon Capital, a Miami-based private investment group led by Leonard Boord and Ingrid Morales. Records show Slon Capital bought the property in 2011 for ... [more]
08/18/2017 06:30 PM
3 charities just dropped Trump’s Mar-a-Lago for their big fundraisers after Charlottesville
Three charities have pulled their fundraising events from President Donald Trump’s Mar-a-Lago resort in Palm Beach, Florida, in the wake of his response to a white supremacist rally in Charlottesville Virginia. The Cleveland Clinic, American Cancer Society, and American Friends of Magen David Adom all said they wouldn’t hold their 2018 galas at the resort. The organization had held their annual events at Mar-a-Lago for a number of years. The decisions to pull out of Mar-a-Lago ... [more]
08/18/2017 05:45 PM
Harvey Hernandez sells his Brickell penthouse for $5.3M
Developer Harvey Hernandez sold his Jade Brickell penthouse for $5.3 million. Hernandez, president and CEO of Newgard Development Group, sold the two-story, 4,500-square-foot unit at 1331 Brickell Bay Drive, according to the agents who arranged the deal. It traded for $1,778 per square foot. Penthouse 4707 was renovated by Urban Root Associates and features a rooftop terrace, European oak floors, Boffi fixtures, a Poliform kitchen, Lualdi Italian doors, and a leather-wrapped private elevator foyer. It hit ... [more]
08/18/2017 05:00 PM
Food manufacturing CEO sells Continuum South Beach condo for $6.3M
Food and beverage titan Giovanni “John” LiDestri just sold his Continuum South Beach unit for $6.3 million, property records show. A trust managed by U.S. Bank bought the three-bedroom, 2,900-square-foot condo. Townhouse 4 sold for about $2,172 per square foot. LiDestri is the CEO of Fairport, New York-based LiDestri Food and Beverage, a large manufacturer of pasta sauces, dips and salsas throughout the United States. Records show he bought the multi-level townhouse at 100 South Pointe ... [more]
08/18/2017 04:15 PM
Yacht Club at Portofino sues to evict city of Miami Beach over nonpayment for repairs
A dispute over nearly $900,000 in building repairs, between the condominium association for the Yacht Club at Portofino and the city of Miami Beach, could prevent city residents and visitors from parking cars and using public restrooms at the 34-story luxury tower. On July 28, Yacht Club’s condo association moved to evict the city, the Miami Beach Redevelopment Agency and Miami Beach Marina Associates, the company that operates a public dock behind the property, by ... [more]
08/18/2017 03:30 PM
China’s property market dips slightly in July
From TRD New York: Price gains slowed ever-so-slightly in China’s major cities in July amid the government’s effort to rein in the housing market. Prices rose in 56 out of 70 cities tracked by the Chinese government last month. But that’s a slight drop from June, when 60 out of 70 cities saw prices gains, Bloomberg reported. Regulators have imposed curbs on lending and real estate purchases amid concerns of a Chinese housing bubble, particularly ... [more]
08/18/2017 02:50 PM
California firm pays $5.6M for building in Miami Beach, plans co-working space
A Hollywood, California real estate firm just paid $5.6 million for an office building on 41st Street in Miami Beach where it plans to launch a co-working space. Property records show 820 AGR LLC, a company controlled by investor and developer Michael Simkins, sold the Mid-Beach building at 820 Arthur Godfrey Road to Sandhouse MB LLC, an affiliate of RLG Properties, a brokerage and developer led by Rachel Lee Gerstein. The seller took back a $4.15 ... [more]
08/18/2017 01:45 PM
‘Co-marketing’ arrangements put Zillow in hot water
You’re probably familiar with the online realty marketing giant Zillow because of its voluminous home sale listings and its controversial “Zestimate” property valuation feature. But you may not know this: Zillow is in hot water with the federal government over alleged violations of anti-kickback and deceptive practices rules. According to Zillow, the Consumer Financial Protection Bureau has concluded a two-year investigation into the company’s “co-marketing” arrangements that allow mortgage lenders to pay for portions of ... [more]
08/18/2017 12:45 PM
Famed Henry Ford Estate in Southampton to list for record $175M
From TRD New York: Portfolio manager Brenda Earl, a former partner at equity fund Zweig-Dimenna, will list her massive Hamptons estate for $175 million, making it the most expensive property on the market in the Hamptons. Earl acquired the massive oceanfront estate, which was originally built for Henry Ford, in 2002, records show. Known as Fordune, the compound sits on 42 acres and comprises a 20,000-square-foot main house with 12 bedrooms, a carriage house, basketball ... [more]
08/18/2017 12:01 AM
Real estate remains largely silent on Trump’s Charlottesville stance, even as Big Business slams him
From TRD New York: After President Trump blamed “many sides” for the eruption of white supremacist and neo-Nazi violence in Charlottesville, Virginia, the titans of industry who sat on his business advisory councils began to act. The chief executive of Merck stepped down from one of the groups Monday, and after Tuesday’s press conference at Trump Tower, others followed. By Wednesday, the councils had evaporated, and business leaders from across the country were slamming Trump ... [more]
08/17/2017 09:30 PM
Mansion at Bear’s Club in Jupiter sells for $11M
A mansion in the Bear’s Club residential and golf course community in Jupiter just sold for $11 million, property records show. The 17,012-square-foot house at 130 Bear’s Club Drive traded for about $646 per square foot. Records show the buyer is Ashford Holdings LLC, a Delaware limited liability company. The seller is represented by the wealth management firm Stonehage Fleming, based in London. The seller bought the house for $11.05 million in 2008, when the housing market crashed. ... [more]
08/17/2017 08:45 PM
Dev Motwani reveals plans for luxury condo tower in Pompano Beach
Dev Motwani is getting ready to launch a luxury condo tower in Pompano Beach, a quiet beachfront town in Broward County, the developer told The Real Deal.  Motwani plans to launch sales for the 27-story condo building at 1350 South Ocean Boulevard this winter. The 1.7-acre development site is approved for a 92-unit project. Property records show Motwani’s WH Pompano LP paid $11.5 million for the beachfront land in 2011. That purchase included the 4-acre site ... [more]
08/17/2017 08:00 PM
Linkpoint Properties pays $5.5M for Miami River sites
Linkpoint Properties just paid $5.5 million for two adjoining sites in the Miami River district, The Real Deal has learned. Miami-based Linkpoint, which is the real estate acquisition arm of joint venture partners Linkvest Capital LLC and Cornerpoint Partners LLC, bought 1400 and 1404 Northwest 17th Avenue, Alex Sanchez, principal of Cornerpoint, told TRD. The deal was financed with a $2.6 million loan from Apollo Bank. JP Morgan Chase operates an 11,000-square-foot branch and parking ... [more]
08/17/2017 07:15 PM
Confirmed: Mauricio Umansky to speak at TRD’s Southern California real estate event
The Real Deal is excited to announce the addition of the Agency CEO Mauricio Umansky to our roster of panelists at next month’s Southern California Real Estate Showcase and Forum! Umansky, who talked about his firm’s “no asshole” policy and L.A.’s agent poaching frenzy in our April issue, will join Michael Nourmand (Nourmand & Associates), Kofi Nartey (Compass), Jade Mills (Coldwell Banker), Ben Bacal (Rodeo Realty) and Sally Forster Jones (John Aaroe Group) for the ... [more]
08/17/2017 06:30 PM
Court rules in favor of Platinum Luxury Auctions, reverses previous ruling with Concierge Auctions
UPDATED, 11:36 a.m., Aug. 18: A years-long saga between rival auction houses took another turn on Wednesday. The Third District Court of Appeal reversed a lower court ruling in favor of Miami-based Platinum Luxury Auctions LLC, led by Trayor Lesnock. Concierge Auctions LLC, a New York-based auction house, previously alleged that Platinum sabotaged its rival’s $7.5 million deal and defamed Concierge principal Chad Roffers, according to the Daily Business Review. A lower court had ruled in favor of ... [more]
08/17/2017 05:45 PM
Former NFL star Jonathan Vilma lists Coral Gables home for $18.5M
NFL linebacker Jonathan Vilma just listed his Coral Gables home for $18.5 million, according to the New York Post. The Super Bowl champ, now ESPN TV personality, bought the property at 17 Tahiti Beach Island Road in 2011 for $6 million and recently built the home. Douglas Elliman agent Chad Carroll has the listing. The asking price per square foot equates to $2,313. The 8,000-square-foot, five-bedroom property features floor-to-ceiling windows, tile flooring, 12-foot tall ceilings, an elevator, a chef’s ... [more]
08/17/2017 05:10 PM
Movers & Shakers: Longtime Coldwell Banker team joins EWM, CushWake expands multifamily team & more
A longtime Coral Gables agent and top producer at Coldwell Banker left to join EWM Realty International. Mother-daughter duo Laura Mullaney and Jane Gomez-Mena will be based out of EWM’s Coral Gables/South Miami office. Mullaney has worked with Coldwell Banker for 25 years, ranking as the No. 1 agent at the Gables office over the years, including for the first half of 2017. A spokesperson for EWM declined to identify the team’s sales volume. EWM also ... [more]
08/17/2017 04:00 PM
WeWork hires former Apple exec to manage software
From TRD New York: WeWork hired former Apple, Google and Spotify executive Shiva Rajaraman to oversee its customer app and other software as chief product officer. Rajaraman joins the co-working company after less than half a year at Apple, where he worked on video strategy. At WeWork, Rajaraman will work on adding new feature to the app, which allows WeWork’s members to interact with each other and book rooms, among other things. He is also ... [more]
08/17/2017 03:15 PM
Delray Beach firm pays $16.3M for Courtyard Marriott in Coral Springs
Delray Beach-based Boulder Hotel Management just paid $16.25 million for the Courtyard by Marriott hotel in Coral Springs, according to a release. The 110-unit hotel at 620 North University Drive sold for about $148,000 per room. The buyer is entity Boulder Hotel Coral Springs LLC, linked to Boulder Hotel Management, managed by Malcolm Berman. Property records show Boulder Hotel Management Co., paid $12.5 million for the property. The additional $3.75 million likely includes furnishings for the hotel, which ... [more]
08/17/2017 02:30 PM
Florida court denies petition from Pinnacle Housing Group
UPDATED, 5:45 p.m., Aug. 17: The Third District Court of Appeal unanimously denied a petition from Pinnacle Housing Group on Wednesday, yet the developer will receive previously approved funding. The petition was denied after Florida Housing Finance Corp. amended the suspension order to exclude the five previously approved projects, allowing them to move forward. An affiliate of the affordable housing developer admitted earlier this year to inflating costs for four projects, including two in Miami-Dade ... [more]
08/17/2017 01:45 PM
WATCH: RKF’s Robert Futterman on the potential for brick and mortar, e-commerce to co-exist
From TRD New York: It’s easy to attribute the rise of e-commerce to the slow death of Manhattan’s brick and mortar shops — but RKF chief Robert Futterman sees it more as a symbiotic relationship. “Online retailers that have a bricks and mortar presence are the ones that actually preform well,” Futterman told The Real Deal’s Konrad Putzier. “Online retailers don’t really make a lot of money — maybe Amazon aside — but until they ... [more]
08/16/2017 10:00 PM
Ronny Finvarb pays $19M for Citibank building in South Beach, plans hotel
Developer Ronny Finvarb paid $19.2 million for a Citibank branch building in South Beach where he plans to build a 150-room hotel, sources told The Real Deal. The Finvarb Group bought the property at 1685 Washington Avenue, which is across the street from the New World Center and the Fillmore Miami Beach. It hit the market in January with CBRE’s Paul Weimer and Christian Charre. Citibank sold the 7,384-square-foot building, which sits on a 30,000-square-foot corner lot. ... [more]
08/16/2017 09:30 PM
Palm Beach Gardens firm pays $16M for West Palm buildings
UPDATE: August 18th, 12:00 p.m.: A Palm Beach Gardens-based firm just paid $15.75 million for a chunk of an office complex in West Palm Beach, property records show. Tambone Investment Group bought the two buildings at 2400 Metrocentre Boulevard and 2410 Metrocentre Boulevard East, which housed the offices of Lincoln Educational Services, a publicly traded network of for-profit technical college campuses. The buildings, which total nearly 93,000 square feet, sold for about $170 per square foot. Records show Lincoln Educational Services ... [more]
08/16/2017 08:15 PM
Bitcoin investor lists Miami home for $6.5M, will accept Bitcoin
Do you take Bitcoin? Michael Komaransky, an early investor and advocate of the internet currency, is looking to sell his Miami mansion at 7350 Southwest 47th Court. It hit the market on Wednesday for just under $6.5 million with listing agent Stephan Burke of Brown Harris Stevens, Komaransky said. Property records show he paid $4.6 million for the seven-bedroom, 9,452-square-foot house in 2014, and now wants to sell it for about 40 percent more. The home sits ... [more]
08/16/2017 07:30 PM
Condo associations for two Collins Avenue towers sue to overturn 2016 property assessments
The assessment war between Miami-Dade Property Appraiser Pedro Garcia and the owners of prominent properties across the county rages on. In the latest skirmish, the condominium associations for two oceanfront luxury towers on Collins Avenue in Miami Beach and Bal Harbour are suing Garcia, Miami-Dade Tax Collector Marcus Saiz de la Mora and Leon Biegalski, Florida Department of Revenue’s executive director, in an attempt to significantly reduce property assessments from 2016. How Garcia calculates a ... [more]
08/16/2017 06:45 PM
Real estate’s top players to join The Real Deal in Shanghai this November
The Real Deal is gearing up for our most exciting U.S. Real Estate Showcase and Forum yet — and some of the industry’s biggest names are joining us for the ride in China. Nick Mastroianni (U.S. Immigration Fund), Charles Bendit (Taconic Investment Parnters), Bentley Zhao (New Empire Real Estate), Kobi Karp (Kobi Karp Architecture), Wendy Cai-Lee (Oenus Capital), Chris Wein (Great Gulf), JD Parker (Marcus & Millichap), Nikki Field (Sotheby’s International) and Shahab Karmely (Kar Properies) ... [more]
08/16/2017 06:15 PM
Developer Glenn Straub reportedly under investigation by the Broward County State Attorney’s office
Glenn Straub, a real estate developer based in Wellington, is under investigation by the Broward County State Attorney’s office, according to GossipExtra. Straub allegedly filed fraudulent construction liens on two Palm Beach County properties that include a townhouse and ranch owned by Jessica Nicodemo — his ex-girlfriend. The case was referred to Broward after Palm Beach County State Attorney Dave Aronberg recused himself for being friends with the developer, according to GossipExtra. The liens were filed ... [more]
08/16/2017 05:30 PM
Trump’s lawyer threatens to lodge a complaint against special counsel Mueller if he investigates Trump’s real estate deals
President Donald Trump’s lawyer, Jay Sekulow, told The New Yorker this week that the president’s legal team would consider it out of bounds for special counsel Robert Mueller to investigate a business deal Trump pursued in Georgia six years ago with a Kazhak oligarch who has direct links to Russian President Vladimir Putin. “The Georgia real-estate deal is something we would consider out of scope,” Sekulow told the publication. “Georgia is not Russia.” He noted that ... [more]
08/16/2017 04:45 PM
Blackstone nabs $87M mortgage for Motel 6 properties in Broward
The Blackstone Group is leaving the lights on at its Motel 6 properties in Broward County. Property records show the private equity giant closed on an $87 million loan for the budget motels at 1801 State Road 84 in Fort Lauderdale, 1201 Northwest 31st Avenue in Pompano Beach, 825 East Dania Beach Boulevard in Dania Beach, and 5645 University Drive in Coral Springs. Deutsche Bank is the lender. In 2012, Blackstone acquired the discount lodging ... [more]
08/16/2017 04:00 PM
Palm Beach Maritime Academy in Lantana sells for $7.2M
Aventura-based firm ESJ Capital Partners, which invests in charter schools nationwide, just added another Florida charter school to its portfolio. Records show ESJ Capital purchased a 38,588-square-foot elementary school at 1518 West Lantana Road called Palm Beach Maritime Academy. The trade breaks down to about $187 per square foot. The property is the elementary portion of the publicly-funded K-12 center. The trade includes a ground lease of a small 4,546-square-foot retail building on the property anchored by a ... [more]
08/16/2017 03:30 PM
CBRE takes over as top US I-sales brokerage for first time since 2013
CBRE took over the top spot as the country’s most active investment sales brokerage for the first time since 2013 as overall deal volume continued to drop. The brokerage expanded its market share in commercial property investment sales to 23.2 percent in the first half of the year from 22.9 last year, although its deal dollar volume fell by 1 percent to $22.6 billion, Real Estate Alert reported. It took over the top spot largely ... [more]
08/16/2017 03:00 PM
US housing starts dipped last month
From TRD New York: Housing starts across the United States fell last month, a slowdown that was driven by a drop in apartment construction, according to data released by the U.S. Commerce Department. Residential starts declined almost 5 percent to an annualized rate of 1.16, Bloomberg reported. Starts on multifamily homes dropped just over 15 percent, and single-family starts fell by 0.5 percent. Meanwhile, permits, which indicates future construction, fell 4 percent. Groundbreaking on single ... [more]
08/16/2017 02:35 PM
Thomas Kramer’s Star Island mansions head to court-ordered auction
German developer Thomas Kramer’s two Star Island mansions are heading to the auction block next week over a $192.4 million judgment. The late Siegfried Otto, whose stepdaughter married Kramer, reportedly financed the purchases of the Miami Beach homes. His heirs, Verena Von Mitschke-Collande and Claudia Miller-Otto reached a settlement with Kramer in Switzerland in 1995 to collect the funds. He tried to overturn the settlement, but the plaintiffs won a $90 million judgment against Kramer ... [more]
08/16/2017 12:45 PM
Homebuilder sentiment surges to three-month high
From TRD New York: Homebuilder sentiment hit a three-month high this month, as builders remain buoyed by low-mortgage rates and a strengthening job market. According to the National Association of Home Builders/Wells Fargo, the builder’s Housing Market Index (HMI) rose four points from 64 to 68 since July, Bloomberg reported. The monthly HMI is calculated through a survey of NAHB members, who rate the health of the single-family housing market. Their answers are used to ... [more]
08/15/2017 09:30 PM
We’re less than one month away from TRD’s debut California event!
Tickets are on sale for The Real Deal’s first-ever California Real Estate Showcase and Forum on Thursday, Sept. 14! Click to purchase tickets Our two panels will dive into into the city’s residential scene — from single-family pads to spec homes to the hottest DTLA condos — as well its commercial market. Confirmed panelists include Carl Muhlstein (JLL), Steve Silk (Eastdil Secured), Chris Rising (Rising Realty), Michael Nourmand (Nourmand & Associates) and Jade Mills (Coldwell Banker). A look ... [more]
08/15/2017 08:35 PM
Billionaire prices Palm Beach lots at up to $14.5M each
It’s been a year in the works but British insurance mogul Peter Wood, founder of Direct Line and Esure insurance companies, finally subdivided his estate, according to the Palm Beach Daily News. The 89 Middle Road property borders South County Road at the northeast corner of El Bravo Way. The subdivision splits the former John W. Kluge estate into four parcels of land – a first-of-its-kind subdivision in many years for the Estate Section in Palm Beach, ... [more]
08/15/2017 08:00 PM
Waterfront residential lot in Fort Lauderdale sells for record $6.5M
A waterfront lot in Fort Lauderdale sold for $6.5 million, marking a record for single-family land sales since 2015, property records show. Lay & Lay Ltd., a British Virgin Islands company, sold the property at 1712 and 1718 Southeast 12th Court to a trust in Brent A. Braun’s name. Braun is the son of mobility industry pioneer and founder of the Braun Corp., Ralph Braun. The Winamac, Indiana-based company makes mobility products like wheelchairs and wheelchair ... [more]
08/15/2017 07:15 PM
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. The space was most recently Copa Room, ... [more]
08/15/2017 06:30 PM
Settlements for mortgage insurance kickbacks reach $39M in Florida, NJ
A national class action suit accusing mortgage providers of taking kickbacks from residential insurers received preliminary approval in Miami last week for $15 million worth of settlements, bringing the total in similar cases to $39 million, according to the Daily Business Review. The latest complaint alleges that the mortgage companies forced borrowers to buy inflated policies from insurers that then funneled back some of the money in the form of commissions, reimbursements and the provision ... [more]
08/15/2017 05:45 PM
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. La Centrale 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, an espresso bar, salad bar, fresh bread, cheese, a cafe and retail ... [more]
08/15/2017 04:45 PM
Get US real estate news delivered to your inbox every week
The Real Deal’s National Weekly Roundup features a mix of market analysis, breaking news, insider information and much more. It’s the simplest way to stay on top of what’s happening in the biggest real estate markets around the country. Join 80,000 residential and commercial brokers, developers, lenders, general contractors, architects and other industry professionals by subscribing to the Friday newsletter here. Email Advertising@TheRealDeal.com to learn more about advertising opportunities. ... [more]
08/15/2017 04:00 PM
Massachusetts firm pays $56M for Jupiter apartment complexes
Big ticket multifamily complexes keep trading in South Florida. Newton, Massachusetts-based Northland Investment Corp. just bought two sister rental communities in Jupiter for $56 million, property records show. The real estate investment firm financed the deal with a $46.4 million mortgage from CBRE Capital Markets. Records show the mortgage is a Freddie Mac loan. The communities are called Mallards Cove and Shell Trace Apartments. The properties, located at 6705 Mallards Cove Road, stretch nearly 31 ... [more]
08/15/2017 03:15 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Condo sales fell drastically last week in Miami-Dade County. ... [more]
08/15/2017 02:30 PM
How will retail bankruptcies impact CMBS and REITs?
From TRD New York: Retailer bankruptcies are expected to only have a “limited” impact on CMBS loans and real estate investment trusts, according to Moody’s. The rating agency said that despite challenges facing the retail sector, the risk to CMBS and REITs, along with collateralized loan obligations and asset-backed securities on credit card loans, are “marginal because exposure is relatively low, and the retail distress is concentrated in particular types of retail companies and real estate,” ... [more]
08/15/2017 01:30 PM
Tuition? How about a condo too? Developers targeting FIU students and their parents for new condo project
Miami-based Global City Development is teaming up with two Canadian builders to bring 492 condos geared toward college students across the street from Florida International University’s main campus. In a partnership with Toronto’s Podium Development and Reichmann International, Global City is planning a new 20-floor luxury tower designed by Arquitectonica called University Bridge Residences, which will offer units from $190,000 to the high $600,000s. Cervera Real Estate is the exclusive sales and marketing firm. “These ... [more]
08/15/2017 12:45 PM
Right to work: Co-working giants battle each other over moniker
From TRD New York: WeWork is taking on UrWork in London, claiming the Chinese rival is infringing on its trademarks. The shared-workspace behemoth filed a lawsuit in the U.K.’s High Court of Justice’s Chancer Division, claiming UrWork of “passing off,” or trying to confuse consumers that it’s somehow linked to WeWork, Bloomberg reported. “WeWork has invested substantial time and money building a globally recognizable brand. Our name is distinctive and well known,” a representative for WeWork ... [more]
08/14/2017 09:45 PM
Panorama’s got competition: Solitair Brickell aims for November opening
After 12 years without a new high-rise apartment building, the Brickell neighborhood will welcome its first in November, Solitair Brickell. ... [more]
08/14/2017 09:00 PM
Tropical Villas, a 42-single-family home community, underway in Homestead
The building boom in Homestead continues with yet another developer announcing plans for a new single-family home community. The Miami-based developer, 360 Builders, will be delivering 64 single-family homes to Homestead with prices ranging from $328,900 to $388,900. The community, called Tropical Villas at 201 Northeast 18th Avenue, has completed its first phase of development, consisting of 26 homes. The houses range from about 1,901 square feet to 2,280 square feet, according to the community’s ... [more]
08/14/2017 08:15 PM
Keep your eyes peeled for TRD Miami’s next issue, coming this September
The Real Deal South Florida’s fall magazine is set to hit newsstands this September! The issue is packed with the most important industry news and insider information, including a ranking of the top brokerages in the tri-county region and a look at the priciest condo sales of this cycle. We survey the biggest multifamily investment deals of the last 12 months and look at the trends taking over environmentally-conscious building in that market, while also checking ... [more]
08/14/2017 07:30 PM
TSG Group pays $32M for Brickell development site
TSG Group just paid $31.75 million for a development site in Brickell. ... [more]
08/14/2017 06:45 PM
Fannie and Freddie are quietly unloading more mortgage risk to bondholders
From TRD New York: Fannie Mae and Freddie Mac have built a trillion-dollar business insuring mortgages. But increasingly they are doing something entirely different: selling off mortgage-backed securities without any guarantee that the two firms will pay in the event of a default. Sales of these so-called credit-risk transfers are expected to reach a record $15 billion this year, up from $13 billion last year, according to JP Morgan Securities. The trend comes as lawmakers ... [more]
08/14/2017 06:00 PM
Coral Gables aims to reimagine its downtown into a chic retail destination
Francesca Valdes is on a mission to reshape the retail mix in downtown Coral Gables. For the past 10 months, the former Tiffany & Co. spokesperson has been scouring across South Florida eyeing potential new tenants that could liven up the offerings on Miracle Mile and surrounding streets such as Ponce de Leon Boulevard and Giralda and Aragon avenues. “We have five targets,” Valdes told The Real Deal. “Women’s and men’s apparel, women’s and men’s ... [more]
08/14/2017 05:00 PM
Miami Beach residents push back against plans to raise streets to combat sea level rise
After a recent bout of heavy rains, some Mid-Miami Beach homeowners say city sea level mitigation plans could make things worse. Two weeks ago, developer Matis Cohen was busy helping motorists push their stranded cars as waist-high water flushed through the streets of Miami Beach. Unlike many residents who were hunkered down at home or at work as more than six inches of rain flooded the city in two hours, Cohen was out in the ... [more]
08/14/2017 04:20 PM
Renovations to an Allapattah Section 8 housing development grind to halt
Delays are mounting on a publicly financed renovation project for a Section 8 housing development in Allapattah due to permit discrepancies and shoddy construction paperwork, according to the Miami Herald. The 196-unit Civic Towers at 1855 Northwest 15th Avenue sits on a 2.81-acre lot. Nearly all of the 17-story building’s units are Section 8 housing. To qualify, residents must make less than 50 percent of the area median income. Redwood Housing Partners of Burlingame, California, which ... [more]
08/14/2017 02:50 PM
Family of UK billionaire Mike Ashley buys Miami Beach home for $5.1M
A company tied to the family of U.K. billionaire Mike Ashley paid $5.1 million for a non-waterfront home on Miami Beach’s La Gorce Island, property records show. Former sports gambling CEO Steven Budin and Melisse Budin sold the estate at 6655 Brevity Lane to Mash Brevity Lane LLLP, which is controlled by Ashley’s children, Anna, Oliver and Matilda. Both the buyer and seller have ties to the sports world. Steve Budin, who led offshore and ... [more]
08/14/2017 01:45 PM
Skeleton of Zaha Hadid Architects’ Beijing airport terminal unveiled
From TRD New York: Beijing Airport could soon become the largest aviation hub in the world, and it’s about to get a piece of architecture befitting of such a superlative. Zaha Hadid Architects designed the new passenger terminal at the Chinese airport and now, images of its colossal skeleton are here. With five arms spreading out from a central core, the terminal will cover a whopping 3.37 million square feet. Each of the structure’s appendages will ... [more]
08/14/2017 12:45 PM
Argentine investors pay $8M for Kendall area office building
UPDATED August 14th, 12:55 p.m.: An Argentine investment group just paid $7.9 million for an office building in the Kendall submarket, according to a press release. Miami-based Metro Capital Partners, led by Juan M. Martinez, sold the 39,069-square-foot Tamiami Metro building at 13595 Southwest 134th Avenue for about $202 per square foot. The buyer, Tamiami Metro USA LLC, is led by Fabian Tutundjian, Claudio Serafin Tutundjian and Patricia Tutundjian, according to records. Metro Capital Partners bought ... [more]
08/13/2017 09:00 PM
City takes possession of vacant bio-science research building
The city of Port St. Lucie took possession of a 107,000-square-foot building vacated by a medical research institute that ceased operations. The nonprofit Vaccine and Gene Therapy Institute failed despite attracting $120 million in public funding from city and state sources. Port St. Lucie Mayor Gregory Oravec told the Palm Beach Post the city wants to sell or lease the building. The city has renamed the building the Florida Center for Bio-Sciences. Port St. Lucie ... [more]
08/13/2017 08:10 PM
Million-dollar mortgage volume drops 66% in Palm Beach County
A survey by a law firm shows that large mortgage loans of $1 million or more plunged in Palm Beach County during the six months ended in July, compared to the same period last year. The countywide volume of mortgage loans of $1 million or more during the February-July period fell to $696 million from $2.053 billion last year, a 66 percent dive. The survey by Rabideau Law also showed that the number of mortgages ... [more]
08/13/2017 07:10 PM
Brewery with Latin vibe set to open in Wynwood
UPDATED, Aug. 14, 3:18 p.m. The maker of Busch beer is supporting the startup of a new brewery in Wynwood this week. Veza Sur Brewing is set to open Saturday in a 10,000-square-foot space at 55 Northwest 25 Street. Veza Sur Brewing is the first South Florida brewery that beer giant Anheuser-Busch InBev has funded as part of a national push to create or acquire craft-style beer brands. Veza Sur’s Wynwood location is several blocks ... [more]
08/13/2017 05:30 PM
Kimco plans makeover for Palm Beach Gardens shopping center
Kimco Realty plans to redevelop its shopping center in Palm Beach Gardens by building a fitness club, rental apartments and commercial space there. Kimco’s plan would transform Palm Beach Gardens Plaza, formerly known as Loehmann’s Plaza, a 14-acre property just east of Interstate 95 at the intersection of PGA Boulevard and RCA Boulevard. The redevelopment plan arose from a lawsuit Kimco filed against the city of Palm Beach Gardens in 2013. Kimco sued after the ... [more]
08/13/2017 04:30 PM
The future of the Hamptons is uncertain as young, rich buyers ditch mega-mansions and tennis courts
From TRD New York: The struggling Hamptons real estate market is rebounding — but young buyers are less flashy than previous generations. “Those great big huge houses from the 1990s and early 2000s, they’re sitting,” Paul Brennan, a broker at Douglas Elliman Real Estate, told Bloomberg’s James Tarmy. “I think that conspicuous consumption isn’t in vogue these days, and that’s why bigger isn’t better.” The shift away from ultra-luxury is hurting the richest homeowners. Rather than sprawling ... [more]
08/13/2017 03:25 PM
Fort Lauderdale’s highest-priced home is back on the market
A waterfront mansion in Fort Lauderdale has been re-listed for $32 million, unchanged from before, the highest asking price among homes for sale in the city. The three-story residence in the city’s exclusive Rio Vista neighborhood has eight bedrooms and eight bathrooms and spans more than 22,000 square feet. The property includes a 3,200-square-foot guest house. Built in 2007, the mansion is owned by Donald McKinney, CEO of Palo Alto, California-based UnBound Technologies. DND Associates, ... [more]
08/13/2017 02:05 PM
As many as 135 Applebee’s restaurants may close this year
DineEquity Inc., parent company of the Applebee’s restaurant chain, plans to close 105 to 135 of the diner-style restaurants this year. That is more than double the company’s earlier expectation to close 40 to 60 locations in the nationwide Applebee’s Neighborhood Grill & Bar chain this year. Applebee’s has 10 locations in South Florida, according to its website. Glendale, California-based DineEquity Inc. also announced Aug. 10 that it plans to close 20 to 25 IHOP ... [more]
08/13/2017 01:00 PM
Arquitectonica-designed hotel going up in Orlando’s Lake Nona area
Construction of a 215-room hotel designed by Miami-based Arquitectonica is scheduled to start early next year in Orlando’s Lake Nona community. Tavistock Development Company is developing the hotel as part of the next phase of a mixed-use development called Lake Nona Town Center. The 16-story hotel will feature an 80-seat restaurant, a rooftop lounge and swimming pool, a 3,200-square-foot ballroom and more than 6,000 square feet of meeting space. The hotel will be located next ... [more]
08/12/2017 09:00 PM
Nobody wants to buy this 214-room mansion in Silicon Valley that’s on sale for $36M
From TRD New York: A Silicon Valley city wants to unload a historic mansion that is costing millions of dollars a year in upkeep. But nobody with pockets deep enough seems to want it. Built in 1905, Hayes Mansion is a 214-room hotel and conference center located in San Jose, California. The city bought the private estate for $2.5 million in the early 1980s during the personal-computing boom. It wanted to make the mansion a hub for ... [more]
08/12/2017 08:00 PM
Gale Residences Fort Lauderdale Beach sells out
Newgard Development Group has sold all 129 units at Gale Residences Fort Lauderdale Beach, which is under construction and is expected to open early next year. Newgard also is converting a building next to Gale residences to a 96-room hotel expected to open late next year. Buyers from South Florida, Canada, Europe, Mexico and South America paid preconstruction prices ranging from the low $400,000s to $1.5 million for condo units at the Gale. The 12-story ... [more]
08/12/2017 07:00 PM
Tampa-area shopping center sells for $18 million
Jacksonville-based Sleiman Enterprises bought its first Tampa-area shopping center for $18 million. Sleiman acquired the Shoppes at Trinity Lakes in the town of Trinity for about $267 per square foot. Built in 2016, the 67,334-square-foot shopping center in Pasco County has a 96 percent occupancy rate. Publix is the anchor tenant at the Shoppes at Trinity Lakes, which has 411 parking spaces. Other tenants include GNC, Hair Cuttery, Heartland Dental, Mathnasium, Moe’s Southwest Grill, Nail ... [more]
08/12/2017 06:00 PM
Redevelopment of Oakland Park strip clubs planned
Plans emerged to redevelop two former strip clubs in Oakland Park after the city government won a 30-year legal fight to close the clubs. Local developer Amos Chess and his business partner Don Deitchman plan to develop a mid-rise apartment property with ground-floor commercial space at the former Pure Platinum strip club at 3411 North Federal Highway. City development applications show that the Bahama Breeze Caribbean restaurant chain plans to open a location at 3339-3347 ... [more]

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