VORTEX NEWS

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


11/13/2018 11:00 PM
Keller Williams’ franchisee profit dips as brokerage keeps adding agents
Even has Keller Williams sticks to its growth plan, profit has fallen. In the third quarter, franchisee owner profit was $54.2 million, down 4.3 percent from a year earlier, the brokerage said. At the same time, Keller Williams’ sales volume has grown — with $93.5 billion in closed deals in the U.S. and Canada. That’s up 4.2 percent from a year earlier, the Austin, Texas-based company said in a statement. (The company does not report ... [more]
11/13/2018 10:30 PM
Real estate agent fired after taunting Gillum supporters in viral video
A South Florida real estate agent protesting Broward’s supervisor of elections was fired over the weekend after she was seen in a video mocking supporters of gubernatorial candidate Andrew Gillum. In a video posted on Twitter, United Realty Group agent Liliana Albarino-Olinick chanted “count my vote” with a sign that read, “Fight Corruption in Broward. Fire Brenda Snipes”, and yelled “socialists, socialists” to three elderly black women demonstrating for Gillum at the elections office in ... [more]
11/13/2018 10:00 PM
Compass acquires DC indie brokerage
Another day, another brokerage deal. Compass is growing its Washington D.C. presence with the acquisition of Wydler Brothers Real Estate, Inman reported. Terms of the acquisition were not disclosed. The deal brings Compass’ agent count in D.C. to more than 500 agents. That represents almost $3 billion in sales volume this year, the report said. Since it was founded in 2016, Wydler Brothers has grown to more than 50 agents and $400 million in sales ... [more]
11/13/2018 09:34 PM
Bell Partners pays $67M for Plantation apartments
Bell Partners just paid Alliance Residential Partners $67.2 million for a 94-unit apartment complex in Plantation, only a year after it was completed. Greensboro, North Carolina-based Bell Partners purchased the 11.7-acre property at 6901 West Sunrise Boulevard https://therealdeal.com/miami/2015/10/05/alliance-residential-buys-plantation-site-lands-33m-loan/ for $131 per square foot. SunTrust Bank provided a $33.5 million loan to finance the purchase. Alliance Residential Partners purchased the property to develop the apartments three years ago for $7.5 million. The apartments include one- two- and three-bedroom ... [more]
11/13/2018 08:30 PM
Pop singer Taylor Dayne buys at Bentley Bay in South Beach
Pop singer-songwriter Taylor Dayne just paid $1.2 million for a condo at Bentley Bay in South Beach. Dayne, best known for her hit song “Tell It to My Heart,” bought unit 1602, a two-bedroom plus den, three-bathroom bayfront condo at 520 West Avenue. Samuel R. Picciotto, who paid $645,000 for the condo in 2011, sold the 1,929-square-foot unit to Dayne for about $622 per foot. The unit hit the market in April, with three price ... [more]
11/13/2018 07:15 PM
Related Companies scores $140M refi for W Fort Lauderdale
The Related Companies just completed a $140 million refinancing for the W Fort Lauderdale, a 346-room beachfront condo-hotel that it put on the market earlier this year. KKR Real Estate Finance Trust provided the loan for the property at 401 North Fort Lauderdale Beach Boulevard. Records show it takes over a previous $110 million loan issued in 2014, and added $30 million. In June, Related hired JLL to shop the beachfront project for $275 million. ... [more]
11/13/2018 05:45 PM
Atlantic Pacific scores $32M construction loan for affordable housing in Dania Beach
Atlantic Pacific Communities just scored two construction loans totaling $32 million for an affordable housing project in Dania Beach. The company, which has an office in Bay Harbor Islands, will use the financing to build 176 new affordable homes for elderly residents and families at 701-815 and 1105-1165 West Dania Beach Boulevard. The new building, called Saratoga Crossings, will replace 39 obsolete public housing units, according to an Atlantic Pacific spokesperson. The developer demolished the older ... [more]
11/13/2018 05:30 PM
National Association of Realtors cleared for $45M HQ expansion
The National Association of Realtors will add two floors to its 12-story national headquarters as part of a $45 million expansion and renovation of the building. The city last week granted the NAR a permit to start work on the project, which will add a 13th and 14th floor and will including a glass-walled conference room overlooking the Magnificent Mile, according to Curbed. The building at 430 North Michigan Avenue also is home to the ... [more]
11/13/2018 04:30 PM
It’s official: Amazon will split headquarters between LIC, Crystal City, and open new hub in Nashville
It’s official: After more than a year of hype, Amazon has announced that it will split its two new headquarters between Long Island City and Crystal City. And in a last-minute surprise, the company also revealed it will be opening a “regional hub” in downtown Nashville. The news comes after several reports indicated that Amazon had settled on moving 50,000 employees to Queens, New York, and Arlington, Virginia, evenly splitting the workers between the new ... [more]
11/13/2018 03:30 PM
Albert Ratner files federal lawsuit to halt vote on $6.8B Brookfield deal
The former CEO of Forest City Realty Trust is taking his fight against the company’s proposed sale to Brookfield Asset Management to federal court. Albert Ratner, former CEO of Forest City, filed a lawsuit on Monday seeking to temporarily delay a shareholder vote scheduled for Thursday — calling the deal a “shameful value giveaway.” The complaint is Ratner’s latest salvo against the acquisition, which was announced in July and pegged at $6.8 billion, or $25.35 ... [more]
11/13/2018 02:45 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Condo sales in Miami-Dade took a nose dive last week, dropping by nearly half. Condo sales totaled 90 closings for a combined $32.3 million, about $33.3 million less than the previous week and 75 units fewer. Condos last week sold for an average price of about $359,000 or about $293 per square foot. The priciest deal was at the Carillon Miami Beach. Unit 405 sold for $2.12 million, or nearly $905 per foot. Ines Flax ... [more]
11/13/2018 01:45 PM
Douglas Elliman launches new platform to boost new dev business
Douglas Elliman is turning to tech to give its agents a leg up in the new development market. Elliman and Knight Frank Residential, which are global partners, are launching a new platform to centralize information and marketing tools for new dev projects. Dubbed FOLIO, the new initiative launched Monday and will be available to the roughly 21,500 agents across both firms. FOLIO has been about two years in the making, and its launch comes as ... [more]
11/13/2018 02:45 AM
Amazon to officially name New York and Crystal City as new headquarters: report
It’s about to be official: New York City and Crystal City will soon be named the lucky winners of Jeff Bezos’ golden tickets. More than one year and an innumerable amount of free publicity later, Amazon’s planned $5 billion HQ2 will be split among the two cities, the Wall Street Journal reported late Monday. The e-commerce giant is expected to make an official announcement on Tuesday. The competition that saw 238 cities across North America vie ... [more]
11/12/2018 10:35 PM
The Weekly Dish: Balans and Skorpios close, Chicago’s Yolk expanding to Boca & more
Balans | MiMo District Balans restaurant in the MiMo District closed in late October and a new concept is moving in next month. Miami.com first reported that Balans closed at 6789 Biscayne Boulevard. Jonathan Balan, CEO of the restaurant group, told the publication that it “just wasn’t doing as well as we’d hoped.” He’s renovating the original location on Lincoln Road and another in Brickell, and looking for a third. In its place, Pubbelly’s Jose ... [more]
11/12/2018 09:45 PM
Netscape co-founder James Clark sells Palm Beach home for $90M
Netscape’s co-founder recently sold a 5-acre estate for close to $90 million to Kathryn and Leo A. Vecellio Jr., marking the second-highest real estate home sale in Palm Beach’s history, according to the Palm Beach Daily News. The off-the-market deal was brokered by Lawrence Moens of Lawrence Moens Associates. It is the largest residential sale in Palm Beach this year. The oceanfront property, known as Il Palmetto sits at 1500 South Ocean Boulevard. It has ... [more]
11/12/2018 08:45 PM
Regency sells Pembroke Pines strip mall to Longpoint Realty
Longpoint Realty Partners just paid $21.2 million for a strip mall within the Crossroads Square shopping center in Pembroke Pines. Property records show an entity tied to Regency Centers sold the 77,200-square-foot mall at 154 University Drive. The deal breaks down to about $275 per square foot. Equity One paid $4.2 million for the property in 1998, records show. Regency acquired Equity One in 2016 in a $5 billion deal. Completed in 1991, the shopping ... [more]
11/12/2018 07:40 PM
Russian billionaire who bought property from Trump investigated for corruption
Russian billionaire and Palm Beach property owner Dmitry Rybolovlev has been charged in Monaco for allegedly influencing the country’s law enforcement officials to pursue and arrest a Geneva art dealer. Rybolovlev, who in 2008 bought one of the most expensive properties in Palm Beach from President Trump, was charged Wednesday, Bloomberg reported. Three others were charged, as well, and the four individuals were released after being detained overnight for questioning. Herve Temime, a lawyer for ... [more]
11/12/2018 07:30 PM
Deadly Woolsey Fire burns famous properties, could worsen with strong winds
Firefighters worked throughout Sunday to contain two wildfires in Southern California ahead of what is expected to be a period of high winds that threaten containment efforts. As of Sunday night, the Woolsey Fire had spread to 85,550 acres and was 15 percent contained, according to the Los Angeles Times. The Hill fire, the smaller of the two, has burned 4,531 acres in Ventura County and is 75 percent contained. At one point on Friday, ... [more]
11/12/2018 06:30 PM
Starwood Capital proposes office complex – likely HQ – in Miami Beach
Starwood Capital Group is proposing a new office and retail development in Miami Beach, likely the site of its new headquarters. Records show North Bay Owner LLC plans to go before the Miami Beach Planning Board on Nov. 27 for a 144,430-square-foot building at 2318, 2322 and 2340 Collins Avenue, across the street from 1 Hotel & Homes South Beach, which Starwood co-developed with LeFrak. Starwood, led by chairman and CEO Barry Sternlicht, told employees ... [more]
11/12/2018 05:30 PM
Kauai estate becomes the most expensive home ever sold in Hawaii
The former head of Morgan Stanley’s Asia Pacific operations just sold his 15-acre estate for $46.1 million, marking the most-expensive single-family home ever sold in Hawaii. The waterfront property, known as Hale ‘Ae Kai on the island of Kauai, hit the market more than a year ago in May 2017 for $70 million, according to the Wall Street Journal. It sits on Hawaii’s North Shore near the small town of Kilauea. The seller is a trust ... [more]
11/12/2018 04:30 PM
Trump likely to take lead on Fannie/Freddie reform now that Dems control the House
With control in Congress split following last week’s midterm elections, the Trump administration is likely to take its own steps to overhaul Fannie Mae and Freddie Mac. The White House is expected to consider steps to reduce the government’s role in backstopping the mortgage industry as Trump nominates a successor in the coming weeks to the head of the Federal Housing Finance Agency, the Wall Street Journal reported. The administration is limited as to what ... [more]
11/12/2018 03:30 PM
Here’s where you can get paid to buy (or build) a house
Home prices in the nation’s top real estate markets like Los Angeles and New York have hit record highs this year. But in some places in the country local governments will practically pay people to move there. Towns like Curtis, Nebraska, and Marne, Iowa, will give people who build homes the land beneath them for free. Both towns require you to meet certain conditions, of course, like a minimum amount of square footage, according to ... [more]
11/12/2018 02:45 PM
SoFla lease roundup: Spec industrial park in Pompano reaches 67% occupancy
Spec industrial park in Pompano reaches 67% occupancy Three new tenants have inked leases at Pompano Center of Commerce II, a new, four-building spec warehouse and distribution campus totaling more than 376,600 square feet. The complex secured 76,105 square feet of leases, pushing occupancy up to 67 percent. Three of the buildings are completed and the fourth is underway. Cushman & Wakefield’s Chris Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister represented ... [more]
11/12/2018 01:45 PM
Compass agents put $20M in commission toward buying company stock options
Masa Son’s investment in Compass is apparently worth imitating. More than 1,000 agents at the SoftBank-backed brokerage have invested a portion — or in some cases, all — of their commission dollars into stock options totaling more than $20 million, the company said. Although Compass has offered lucrative bonuses and equity to attract talent, CEO Robert Reffkin said the Agent Equity Program was the company’s response to agents who wanted to invest a portion of ... [more]
11/11/2018 09:30 PM
More U.S. homes worth twice their mortgage loans: report
There are more homes in the United States now worth at least twice as much as the loans secured for them, a new report shows. The finding marks a new high since such data was first collected in 2014. As of 2018’s third quarter, 14.5 million U.S. properties were “equity rich”– up by more than 433,000 from one year ago, according to the study by ATTOM Data Solutions. The uptick represents 26 percent of all properties ... [more]
11/11/2018 08:30 PM
Developer pays $7.6M for downtown Tampa site to build dual-brand Hyatt hotel
A New Orleans-based firm paid the city of Tampa $7.6 million for a one-acre downtown site where it plans to build a dual-brand Hyatt hotel. HRI Properties plans to build a 17-story hotel on the one-acre site that would open in late 2020 and operate under the Hyatt Place and Hyatt House brands. In 2016, the city government of Tampa issued a request for development proposals for the downtown site at the corner of East ... [more]
11/11/2018 07:30 PM
Riverfront estate sells for $7M, breaks record for priciest home sale in the Fort Myers area
A five-bedroom riverfront estate in Fort Myers sold for $7 million, breaking the old record for the highest house price in the Fort Myers area. The 9,219-square-foot house at 5646 Shaddelee Lane West, which has six bathrooms and two half baths, sold fully furnished on Nov. 1. The house has an infinity-edge swimming pool and occupies nearly an acre along the Caloosahatchee River. Ted Stout of Realmark Realty Broker listed and sold the house on ... [more]
11/11/2018 06:35 PM
Former Nissan dealership in Delray Beach sells for $11M
Used car dealer HGreg bought a former Nissan dealership in Delray Beach for $11 million. Fort Lauderdale-based AutoNation paid sold the dealership at 2200 South Federal Highway in Delray Beach to HGreg for about $230 per square foot. The last sale price for the dealership was $5.2 million, or about $109 per square foot, in 2005. Built in 1970, the former Nissan dealership spans 47,694 square feet and occupies a 3.76-acre site. Canada-based HGreg got ... [more]
11/11/2018 05:20 PM
Final phase of demolition for Town Square project in Boynton Beach starts Thursday
The final phase of a demolition project will begin Thursday as crews finish razing the city hall building in Boynton Beach to clear land for a mixed-use development called Town Square. The Town Square development would unfold on 16 acres and would include a hotel, apartments, parking garages and a new city hall building to replace the existing one at 100 East Boynton Beach Boulevard, which is 60 years old. Town Square is a public-private ... [more]
11/11/2018 04:15 PM
NASCAR offers to acquire the owner of Daytona International Speedway
NASCAR, a privately held company that sanctions and operates auto races, made a bid to acquire the publicly held owner of the Daytona International Speedway in Daytona Beach. The offer values the owner of the  race track – home of the Daytona 500, the most prestigious NASCAR race – at $1.85 billion. NASCAR offered to buy the outstanding shares of publicly held International Speedway Corp. for $42 per share, about 7.5 percent more than the ... [more]
11/11/2018 03:20 PM
Related Cos. wins approval to build 21-story apartment building at CityPlace in downtown West Palm Beach
New York-based Related Companies won city approval to build a 21-story apartment building on the site of a five-story building in downtown West Palm Beach that Macy’s formerly occupied. Macy’s vacated the five-story building at Related’s mixed-use CityPlace property in January 2017. The former Macy’s location is now used as a space for art exhibitions. City commissioners approved a resolution allowing a taller structure on the site of the former Macy’s department store in exchange ... [more]
11/11/2018 02:15 PM
Anthony Scaramucci’s firm to launch multi-billion-dollar Opportunity Zone fund
The Mooch is seizing a new opportunity thanks to the Trump administration. Anthony Scaramucci’s hedge fund Skybridge Capital plans to launch an Opportunity Zone (OZ) fund by the end of the year, according to Business Insider. The firm is seeking to raise up to $3 billion from investors and the fund will be set up as a real estate investment trust. EJF Capital will act as its subadvisor. “This will be a game-changing product for SkyBridge,” ... [more]
11/10/2018 09:45 PM
How to deal with a seller who hoards
With as much as 6 percent of the U.S. population affected by hoarding, real estate brokers often have to navigate deals with a client suffering from the disorder. According to the Diagnostic and Statistical Manual of Mental Disorders, symptoms include “difficulty discarding or parting with possessions, regardless of their actual value” which “results in the accumulation of possessions that congest and clutter active living areas and substantially compromises their intended use.” Rita Danielle Steele, principal ... [more]
11/10/2018 08:45 PM
Ex-Uber CEO Travis Kalanick just bought a $37M Soho penthouse
Uber co-founder Travis Kalanick, who was pushed out of the company last year, snatched up a brand new penthouse in Soho. Kalanick bought an apartment at 565 Broome Street for $36.4 million, the Wall Street Journal reported. It was listed for $40.5 million. The penthouse — at an under-construction building — will span 6,555 square feet. The apartment will also have a private elevator, floor-to-ceiling windows and a rooftop terrace with a heated outdoor pool. ... [more]
11/10/2018 07:50 PM
New Fort Myers apartment complex with high occupancy rate commands $49.7M
A newly built apartment complex in Fort Myers with a rapid lease-up traded for $49.7 million, or about $197,300 per unit. Completed in December 2017, the 252-unit Mosaic at the Forum had an occupancy rate of about 95 percent at the time of the sale. “The property’s rapid lease-up at competitive rents makes a strong statement for the continued strength of the Fort Myers rental apartment market,” Luis Elorza, a senior director of brokerage firm ... [more]
11/10/2018 06:45 PM
North Miami Beach property approved for hotel development sells for $11.38M
A vacant property in North Miami Beach approved for hotel development has been sold for $11.38 million. The buyer paid $2.74 million an acre for the 4.14-acre site at 17400 West Dixie Highway in North Miami Beach, near Greynolds Park. The city government approved a 10-story, 260-room hotel at the West Dixie Highway site, but the hotel project never advanced to the construction stage. The seller of the property was Braha Dixie LLC, managed by ... [more]
11/10/2018 05:45 PM
Federal trial of Palm House developer, his wife and an attorney delayed until summer
A federal judge delayed the criminal trial of Palm House developer Robert V. Matthews, his wife and a real estate attorney until summer. All three defendants, who are free on bond, face charges related to the unfinished Palm House hotel-condominium project in Palm Beach. Judge Victor A. Bolden of the U.S. District Court in Bridgeport, Connecticut, said in an order that he delayed the start of jury selection until July 8 to give the defendants ... [more]
11/10/2018 04:30 PM
Canadian seller of Boca Raton office building gets 25% more than it paid in 2016
An office building in the Park at Broken Sound in Boca Raton sold for $21.4 million, or 25 percent more than the seller paid in 2016. The seller is an affiliate of Canada-based ICM Realty Group, which had acquired the office building  in 2016 for $17.05 million. ICM VII Atrium sold the Atrium at Broken Sound office building to Alchemy-ABR Investment Partners and Breakers Capital Partners for $229 per square foot. The sellers retained CBRE ... [more]
11/10/2018 03:30 PM
Illinois governor-elect J.B. Pritzker buys South Florida equestrian estate for $12.1M
A Chicago-based company linked to billionaire J.B. Pritzker, the governor-elect of Illinois, bought an equestrian estate near West Palm Beach for $12.1 million. The company, 3 Flamingos LLC, bought the 6.44-acre property in Wellington, which has 30 stalls, paddocks and a riding area. Pritzker’s brother-in-law Thomas J. Muenster is the manager of 3 Flamingos LLC, and the limited liability company’s Chicago address is 111 South Wacker Drive, Suite 4000, the same address as the Pritzker ... [more]
11/10/2018 02:30 PM
National Cheat Sheet: Mortgage applications plunge, Amazon eyes splitting HQ2 … & more
Lowe’s Companies to close 51 stores across North America amid ‘strategic reassessment’ Another retailer is closing dozens of its stores. Lowe’s Companies, which has more than 2,300 stores across North America, plans to shutter 51 stores in the U.S. and Canada, the Wall Street Journal reported. The closures will include 20 stores in the U.S. — two of which are in Manhattan — and 31 in Canada, the outlet reported. Timelines for the closures will vary by ... [more]
11/09/2018 11:05 PM
Dubious distinction: Chicago leads all cities in “seriously underwater” mortgages, report says
Chicago had the most “seriously underwater” mortgages of the nation’s 10 largest metro markets. Some 13.1 percent of Chicago-area homeowners owed at least 25 percent more than what their homes are worth, according a third-quarter report from Attom Data Solutions, Crain’s reported. The national average was 8.8 percent. Chicago’s percentage works out to 260,000 homes with underwater mortgages. New York has the second-most seriously underwater mortgages with 172,000, but that’s only 6.7 percent of homes ... [more]
11/09/2018 10:35 PM
Residential sales up in Miami-Dade, Broward and Palm Beach: Q3 reports
Third quarter sales rose in all three counties in South Florida, year-over-year, after months of home sales increases. Home prices also continued growing in Miami-Dade, Broward and Palm Beach counties. Miami-Dade Residential sales in the third quarter rose 15.2 percent, year-over-year, to 6,792 in Miami-Dade County, the highest surge of all three counties. Condo sales increased 16.7 percent to 3,524, and single-family home sales jumped 13.7 percent to 3,268. Sales volume totaled $3.1 billion, up ... [more]
11/09/2018 09:30 PM
Affiliated Development will use Opportunity Zone funding for Fort Lauderdale apartments
UPDATED Nov. 9, 5 p.m.: Fort Lauderdale-based Affiliated Development is already planning to start deploying capital for an Opportunity Zone project by the end of the year, as real estate developers across the country scout sites where they can take advantage of the new federal program. The program gives developers a huge tax advantage for building in Opportunity Zones. Yet few have actually taken action and deployed capital in the projects, since there is still ... [more]
11/09/2018 09:00 PM
On the scene: Lissette Calderon’s Pier 19 party, Fort Lauderdale boat show & more
Neology Life unveils Pier 19 Residences & Marina Lissette Calderon celebrated her return to the Miami River District, where she began developing more than 15 years ago. Her company, Neology Life, hosted a party unveiling Pier 19 Residences & Marina, the newly named apartment project along the Miami River that she plans to renovate and turn into luxury rentals. Formerly called River Oaks Tower & Marina, the 21-story building features 199 apartments at 1951 Northwest ... [more]
11/09/2018 08:15 PM
Starwood’s Barry Sternlicht optimistic about rising interest rates: “We’re going to make a lot of money”
Starwood Property Trust’s Barry Sternlicht isn’t worried about rising interest rates. In fact, it’s the opposite. “We’re going to make a lot of money,” he told analysts during a conference call on Friday. The Miami Beach-based real estate investment trust, an affiliate of Starwood Capital, reported slightly lower third quarter earnings due to high acquisition costs, yet its results met analysts’ expectations.  The company said Moody’s revised its ratings outlook to positive from stable. Sternlicht, ... [more]
11/09/2018 07:30 PM
Home Partners of America mulls IPO
A Chicago-based company, best known for its rent-to-own program, is considering an initial public offering as early as next year. Home Partners of America has been in talks with banks including Goldman Sachs Group and Morgan Stanley, Bloomberg News reported. It could start offering shares in 2019. The KKR and BlackRock-backed firm has acquired more than $2 billion in properties and leased them to more than 12,500 people. Under the company’s rent-to-own program, tenants select ... [more]
11/09/2018 06:45 PM
Here’s what’s next for Adler Group’s Miami River project
On Tuesday, Miami residents voted to approve a referendum allowing the Adler Group to lease city-owned land along the Miami River, placing the developer one step closer to breaking ground on its multi-tower project. But before that, the city has to decide where it will move its administrative offices. As part of the deal, the developer will build a public riverwalk and a 230,000-square-foot administrative building. Andrew Schimmel, a senior project representative for the city ... [more]
11/09/2018 06:00 PM
Woolsey fire forces evacuation of Malibu
UPDATED, Nov. 9, 9:55 a.m.: The rapidly moving Woolsey fire prompted authorities to issue evacuation orders for more than 75,000 homes in Ventura and Los Angeles counties early Friday, including for the entire beachside city of Malibu. Evacuation orders for residents came in overnight as the fire moved into Agoura Hills, growing to 8,000 acres and destroying or damaging at least 20 homes, according to the Los Angeles Times. Evacuation orders were made for Westlake ... [more]
11/09/2018 05:30 PM
“We are not ending the year market-wide with a bang but with a whimper:” Redfin profits tumble
Redfin’s net income tumbled 67 percent year-over-year, as the discount brokerage grapples with what its leader described as a residential market in “temporary retreat.” Net income was for the third quarter was $3.5 million, down from $10.6 million in the third quarter of 2017. Total revenues, however, were up 28 percent year-over-year, to $140.3 million from $109.5 million. Redfin’s stock fell on Thursday after the firm reported lower guidance for the fourth quarter; the company ... [more]
11/09/2018 04:45 PM
Baptist Health pays $11M for office project across from hospital
A company affiliated with Baptist Health South Florida just paid $11.3 million for a medical office property directly across from the hospital. Baptist Health Enterprises bought the 43,000-square-foot Plaza Galloway at 9055 Southwest 87th Avenue for $263 per square foot. Plaza Galloway sold the five-building property, which is managed by Joanne Mitchell. Plaza Galloway initially bought the property for $2.5 million in 1999, records show. Baptist Health South Florida is led by Brian Keeley and ... [more]
11/09/2018 03:30 PM
Brookfield could buy back $40B in shares over next decade
Brookfield Asset Management expects to buy back as much as $40 billion in shares in the next decade. During a third-quarter earnings call on Thursday, the company said it expects to bring in $60 billion in the next 10 years. But the opportunities to spend the capital will likely be “outstripped” by the anticipated volume of cash, CEO Bruce Flatt said. Brookfield expects to spend roughly $10 billion in the next decade and will likely ... [more]
11/09/2018 02:45 PM
Mark your calendars: These are South Florida’s top real estate events next week
Next week there will be two real estate events in South Florida. On Nov. 14, REDinMIA is hosting its Real Estate Networking Event from 6 p.m. to 10:30 p.m. at Setai Miami beach, 2001 Collins Avenue. Attend for a night of networking and fun. Dan Kodsi of PARAMOUNT Ventures will provide the fireside chat at the event. Also on Nov. 14, Bisnow is hosting its South Florida Multifamily event from 8 a.m. to 11:30 a.m. ... [more]
11/09/2018 01:45 PM
Why For Sale by Owner listings are fizzling
What’s been happening to that good old-fashioned American way to sell your home — doing it yourself, with minimal or no commission costs? If you believe new data from the National Association of Realtors’ Buyer/Seller survey, for-sale-by-owner transactions — popularly known as FSBOs (“Fizzbos”) — appear to be on the same trendline as buggy whips: They’ve just hit their all-time low of 7 percent as a share of total home-sale transactions. They were 8 percent ... [more]
11/08/2018 11:15 PM
Kislak buys Bank of America building in Plantation
A Bank of America office building in Plantation just traded hands for $13.85 million. The Kislak Organization paid about $173 per square foot for the 80,000-square-foot office building at 1776 North Pine Island Road. Transatlantic Investment Management was the seller. Records show Transatlantic bought the property in 2012 for $10.9 million. The seller was represented by David Duckworth, John K. Crotty and Michael T. Fay of Avison Young, according to a press release. Avison Young’s ... [more]
11/08/2018 10:45 PM
Estate Investments Group scores $51M construction loan for apartments in West Miami
Estate Investments Group just scored a $51 million construction loan for its 306-unit Soleste Almeda apartment project in West Miami. The development group, led by Robert Suris, secured the loan from Arkansas-based Centennial Bank and Miami-based LV Lending for its project at 6290 and 6320 Southwest 8th Street. Estate Investments Group has been an active developer in the city of West Miami and now has two projects under construction there, including Soleste Almeda. Its newest ... [more]
11/08/2018 10:00 PM
King of Diamonds loses its throne
King of Diamonds has vacated its castle near Miami Gardens. The strip club — once a famous hangout for hip-hop stars, NFL athletes and undefeated boxing champ Floyd Mayweather Jr. — was evicted last week from the 60,622-square-foot converted warehouse at 17800 State Road 9 that King of Diamonds has called home since it opened a decade ago. The strip club only occupied a little more than half the building. John Arrastia, a partner with ... [more]
11/08/2018 09:00 PM
Behind Roomi’s ruin, allegations of reckless spending and nepotism
This spring, commuters trapped in New York City’s notoriously delayed subway found themselves surrounded by colorful ads for the roommate matching startup Roomi. Plastered all over train cars and the walls of well-trafficked stations like West 4th Street, they showed drawings of millennials engaged in the daily struggle of New York living. “Find a roommate who is OK with paying a little extra for air conditioning,” read one, next to a drawing of two melting ... [more]
11/08/2018 07:33 PM
Dissent in Surfside: Developer withdraws plans for mixed-use town hall project
UPDATED, Nov. 9, 5:38 p.m.: A joint venture between Pointe Development and Monceau Realty withdrew its bid for a public-private partnership in Surfside after facing opposition from residents. In September, the developer received the votes to move forward with the $33.5 million project that calls for a new town hall and civic center between 87th and 96th streets. But a group of residents moved to kill the bid ahead of a meeting scheduled for Tuesday, ... [more]
11/08/2018 06:30 PM
Ex of CNBC’s “The Profit” buys equestrian farm in Wellington
Ila Lemonis, the ex-wife — or soon-to-be ex-wife — of CNBC’s “The Profit” and CEO of Camping World, is pitching her tent in Wellington. B Rem LLC, a Crozet, Virginia-based company managed by Jessica Pasmore, sold the 10-acre equestrian farm at 4770 Stables Way to Ila Lemonis, as a trustee of a trust in her name. Ila Lemonis has been married to Marcus Lemonis, chairman and CEO of Camping World who’s reportedly worth about $900 ... [more]
11/08/2018 05:45 PM
Feds shut down alleged $100M real estate fraud in Belize
The Federal Trade Commission and U.S. Attorneys in Maryland temporarily shut down an alleged $100 million real estate scam in Belize, the FTC announced Thursday. The FTC said the scheme was the largest real estate fraud the agency has uncovered in its history. The “Sanctuary Belize” development drew investors from across the United States to buy at least 1,000 lots in the Central American country, where they could build their dream retirement homes in a ... [more]
11/08/2018 05:30 PM
Lennar announces pricing, breaks ground on Veleiros at Crystal Lake
Lennar Corp. broke ground Thursday on its Veleiros at Crystal Lake, the first new master-planned community in Deerfield Beach in more than 25 years. Miami-based Lennar, the country’s largest homebuilder, also announced new details for the 415 single-family home and townhome community at 4036 Veleiros Boulevard. Veleiros at Crystal Lake will include 290 one-story and two-story single-family homes with prices starting in the low $300,000’s as well as 125 townhomes starting from the upper $200,000s, ... [more]
11/08/2018 04:30 PM
Manafort’s former son-in-law was allegedly running a real estate scam while awaiting sentencing… for real estate fraud
While awaiting sentencing on real estate fraud charges he pleaded guilty to last year, Paul Manafort’s former son-in-law took up a curious hobby: he concocted a variety of real estate scams that totaled more than $21 million, according to federal prosecutors. Jeffrey Yohai, who was married to Manafort’s daughter Jessica in 2013, was arrested in Los Angeles last week on the new charges and has a bail hearing set for Wednesday. Yohai tried to dupe ... [more]
11/08/2018 03:30 PM
Marina project in Fort Lauderdale heads to commission for final approval
Alabama developer Hix Snedeker Companies is heading to the Fort Lauderdale City Commission later this month seeking final approval of a roughly $25 million marina project. Hix Snedeker is under contract to purchase the site of the planned South Fork Marina at 1500 Southwest 17th Street. On Tuesday, the commission approved a zoning amendment for the project. Tripp Scott attorneys Stephanie Toothaker and Daniel Taylor represented the developer. As planned, the open-air marina will have ... [more]
11/08/2018 02:45 PM
Mortgage applications hit 4-year low as interest rates rise
Rising interest rates are pushing mortgage applications to four-year lows. The Mortgage Banker Association’s market composite index, a measure of loan application volume, fell 4 percent last week to its lowest point since December 2014, according to Bloomberg. The drop correlates with rise in the contract rate on a 30-year fixed loan from 5.11 percent to 5.15 percent last week. Together with strong pricing for housing around the country and a scarcity of listings, homebuyers ... [more]
11/08/2018 01:45 PM
Chinese investor appetite for US property is waning. In that, some see opportunity.
The Chinese capital that fueled the purchase of luxury apartments and large office buildings from coast to coast in the U.S. is drying up. Hong Kong and mainland China investments in the U.S. property market totaled $4.42 billion through October, compared with $6.81 billion in all of 2017, according to the South China Morning Post. Investor appetite has cooled amid uncertainties about the trade war between the two countries. “Under the trade war you won’t ... [more]
11/07/2018 11:30 PM
What’s next for David Beckham’s MLS soccer stadium?
Voters gave David Beckham and the Mas brothers the green light to move forward with their plans to bring a Major League Soccer stadium and an ambitious mixed-use project to Miami. But what happens next? The project known as Freedom Park could include a 25,000-square-foot soccer stadium as well as more than 1 million square feet of retail and office space and about 750 hotel rooms on a site that is now home to a ... [more]
11/07/2018 11:15 PM
The most expensive real estate in South Florida might not be what you think it is
UPDATED Nov. 8, 8:25 a.m.: At The Estates at Acqualina in Sunny Isles Beach, the most expensive real estate doesn’t even allow for an overnight stay. Poolside cabanas at the luxury two-tower condominium project now under construction have presold for as much as $2.5 million, or nearly $7,500 per square foot. That ranks them as the highest-priced property in South Florida on a per foot basis — and far above the average $1,700 per square ... [more]
11/07/2018 10:30 PM
13th Floor, Key International and others propose master-planned community in Delray Beach
A group of developers, including 13th Floor Investments and Key International, is planning to submit a proposal for a master-planned community in Delray Beach. The development would be built off of Congress Avenue and include 524 rental apartments in seven buildings, 123 condos in four buildings, 112 rental townhouses, 70,000 square feet of office space, 100,000 square feet of retail and restaurant space and a 1.8-acre park, plus a community pool and clubhouse, according to ... [more]
11/07/2018 09:30 PM
Metronomic plans Little Havana office project SieteOcho
A new office development is planned for Little Havana. Metronomic just announced plans to build a five-story office project called SieteOcho at 640 Southwest Eighth Avenue. The project would mark one of the first new office developments in the area, amid a surge of new boutique multifamily construction. The company recently acquired the 2,450-square-foot development site, but it has not yet cleared records. A spokesperson for the company declined to comment on the price. The ... [more]
11/07/2018 08:30 PM
Amazon could turn this NYC neighborhood into a company town
Up until a little more than 24 hours ago, Long Island City appeared to be a neighborhood that was getting ahead of itself. Real estate players spoke about a forest of apartment towers sitting dark at night as a metaphor for the area’s challenge with new residential supply. And the heady days of “build it and they will come” for the neighborhood’s office market seemed squarely in the rearview mirror. But it may be because ... [more]
11/07/2018 07:30 PM
GEO Group reports slightly higher earnings; stock dips after Democrats gain control of House
GEO Group’s third quarter earnings beat analysts expectations, but its stock still dipped slightly on Wednesday after the Democrats gained control of the House on Tuesday. The Boca Raton-based company, which is is one of the largest private prison and detention companies in the U.S. and operates as a Real Estate Investment Trust (REIT), saw its stock fall 2.35 percent to $22.16 at 2 p.m. The company reduced its guidance on revenue for the fourth ... [more]
11/07/2018 06:30 PM
Compass taps Alexandra Elfmont as director of operations in Florida
Alexandra Elfmont just left Engel & Völkers Miami and joined Compass Florida as director of operations. Elfmont is leading agent operations, product experts and listing and transaction teams across the state at Compass. The firm has raised $1.2 billion from investors to date and is growing aggressively by hiring agents and acquiring firms nationwide. Elfmont said she’s been following Compass’ growth over the past few years, and her role is a new one for the ... [more]
11/07/2018 05:45 PM
Elliman’s revenue, profit rise despite housing slowdown
Despite the sluggish market, Douglas Elliman increased both revenue and profits during the third quarter, the firm’s parent company reported Wednesday. Vector Group said the New York-based brokerage had revenue of $211.5 million during the third quarter, up from $190.4 million a year ago. The firm also grew its net income to $10 million, up from $4.2 million during 2017’s third quarter. Still, it’s been a rocky year for Elliman as profitability’s been hurt by ... [more]
11/07/2018 05:00 PM
Poof! Zillow’s market cap drops $2B amid stock sell-off
On the heels of dismal earnings on Tuesday, Zillow Group is getting pummeled on Wall Street. Overnight, the Seattle-based listing giant lost nearly a quarter of its market cap — now $6.3 billion, down from $8.2 billion — as its stock plummeted 20 percent. Shares of Zillow opened today at $32.76 per share, down from yesterday‘s closing price of $40.74 per share. Within hours of the market opening Wednesday, investors were frantically buying and selling ... [more]
11/07/2018 04:30 PM
Dip in US revenue prompts shorter forecast for Marriott
A dip in North America revenues has prompted Marriott to slightly lower its forecast. Marriott, the parent company of brands Westin, Ritz-Carlton and Renaissance, said it had previously forecasted its comparable systemwide revenue per available room (RevPAR) at between 3 and 4 percent, but has lowered it closer to 3 percent, following a weaker than expected third quarter, according to the Wall Street Journal. The forecast, described during a during an analyst conference call Tuesday, ... [more]
11/07/2018 03:30 PM
Send the date: Share your real estate events with The Real Deal!
Each week, The Real Deal provides a roundup of the top real estate events in South Florida you need to know for the week ahead. Send conferences, panel events, networking opportunities and more to events@TheRealDeal.com. To search for future industry events or browse past ones, click here. ... [more]
11/07/2018 02:45 PM
Wells Fargo software error led to hundreds of home foreclosures
Wells Fargo disclosed that a software error contributed to hundreds of their customers losing their homes. In a filing with the Securities and Exchange Commission on Tuesday, the bank said that it discovered 870 customers who were improperly denied loan modifications due to a defective underwriting tool. The cases, which were processed between March 2010 and April 2018, ultimately resulted in 545 foreclosures. The errors, which were identified after the bank expanded an internal review, ... [more]
11/07/2018 01:45 PM
Zillow revenue jumps 22% to $343M in third quarter
Premier Agent remains Zillow Group’s cash cow, but the lucrative ad program had a rocky quarter. Following a series of tweaks to the advertising feature, Premier Agent’s third-quarter revenue fell short of Zillow’s own expectations, the company said Tuesday. Overall, listings giant’s revenue was up 22 percent year-over-year to $343.1 million, its earnings report stated. And Zillow lost $492,000 during the third-quarter, narrowing its loss from $9 million a year ago. More than 67 percent of ... [more]
11/07/2018 04:44 AM
Florida governor’s race: DeSantis defeats Gillum; both had strong real estate backing
Former Rep. Ron DeSantis won the race for governor of Florida on Tuesday night, defeating Tallahassee Mayor Andrew Gillum in one of the most closely-watched races across the country. Gillum conceded to DeSantis at about 11 p.m. on Tuesday and delivered an emotional speech to his supporters vowing to continue to fight for his beliefs. Both candidates secured significant donations from real estate professionals in South Florida and throughout the state. In recent days, developers ... [more]
11/07/2018 03:48 AM
Miami election: Voters approve Beckham’s MLS stadium, convention center hotel
UPDATED Nov. 7, 2:10 p.m.: Voters in the city of Miami approved two major mixed-use projects in Tuesday’s midterm elections, paving the way for a Major League Soccer Stadium from David Beckham and his partners and a separate riverfront project from the Adler Group. In Miami Beach, voters backed a referendum approving a lease between the city and MB Mixed Use Investment LLC, an entity led by Jackie Soffer and David Martin, for a 99-year ... [more]
11/06/2018 10:30 PM
Related buys Water Tower Commons dev site in Lantana
UPDATED Nov. 7, 10:55 a.m.: An entity tied to Jorge Peréz’s Related Group and Rockpoint Group just bought a portion of the development site for Water Tower Commons, a master-planned rental community in Lantana initially proposed nearly three years ago. The company, Lantana I Owner LLC, paid $14.76 million for 16 acres of the 73-acre site located at the northeast corner of West Lantana Road and Andrew Redding Road. The developers broke ground on the ... [more]
11/06/2018 09:30 PM
Ocwen stock tumbles after reporting huge loss in Q3
UPDATED Nov. 6, 4:35 p.m.: Ocwen Financial, one of the largest mortgage service providers in the country, saw its stock drop more than 17 percent on Tuesday after it reported a net loss of $41 million, or $0.31 per share, in the third quarter of 2018. The West Palm Beach-based company’s net loss far exceeded its $6.1 million loss in the third quarter of 2017. The results underscore the mortgage service industry’s continued challenges to ... [more]
11/06/2018 08:30 PM
British Columbia, flooded with Chinese money, to track condo buyers
The Canadian province of British Columbia is taking another step to crack down on tax evasion through real estate, this time creating a registry to track ownership of new condominium units under construction. British Columbia’s move follows an earlier 15-20 percent tax on foreign home buyers, which largely targets the flood of mainland Chinese who have sent home prices soaring double digits in the last four years, and have drawn accusations of tax illegalities. Under ... [more]
11/06/2018 07:45 PM
Grant Cardone sells Boca Raton apartment complex for $17M
Motivational speaker and author Grant Cardone just sold an apartment complex in Boca Raton for $16.8 million. Cardone, the author of popular books about sales techniques such as “10X Rules” and “Sold or Be Sold,” sold the 102-unit property at 1202 and 1300 Southwest First Avenue, and 1150 Southwest Second Avenue for about $165,000 per unit to Boca Islands East, which is managed by Gregory Scharff, the former mayor of Palo Alto, California. Records show ... [more]
11/06/2018 06:30 PM
Developer Dan Deitchman buys oceanfront lot in Fort Lauderdale Beach
Developer Dan Deitchman just bought an oceanfront lot in Fort Lauderdale Beach as part of a $6.9 million off-market deal. The trade for the 20,480-square-foot residential property at 2300 North Atlantic Boulevard breaks down to about $340 per square foot. Records show attorney Shane Kelley sold the lot on behalf of the estate of the late Irwin Berliner. The property last sold for $1.18 million in 1989. Records show the site previously held a four-bedroom, ... [more]
11/06/2018 05:30 PM
Long Island City could be the new home for (half of) Amazon’s HQ2
Amazon is nearing a deal that could make the rapidly growing Queens neighborhood of Long Island City home to half of its second headquarters. The company is planning to split its ballyhooed HQ2 between Long Island City and Arlington, Virginia, according to the New York Times. Together, they would house up to 50,000 employees. The city announced last week that it would spend $180 million to improve transit and sewage in Long Island City, and ... [more]
11/06/2018 04:40 PM
SBE partnering with Ari Pearl to build $220M SLS resort in Hallandale Beach
Developer Ari Pearl is partnering with SBE to develop the 127-acre Diplomat Golf & Tennis Club in Hallandale Beach into a major mixed-use project. SBE, Pearl and his company PPG Development announced plans for SLS Resort Residence & Marina Hallandale Beach, a $220 million development with 290 hotel rooms – of which 50 will be hotel-condo units – 250 branded apartments, a Katsuya restaurant and S Bar, a mixology lounge and an in-house restaurant, according ... [more]
11/06/2018 03:30 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Condo sales volume nearly doubled last week in Miami-Dade County. The county recorded 165 closings for a total of $65.6 million, up from the previous week’s 107 closings for a total of $33.75 million. Condos last week sold for an average price of about $398,000 or about $292 per square foot. The priciest deal was the $13.5 million sale of a two-story penthouse at 1 Hotel & Homes South Beach.  Unit 1610 sold for $3,413 ... [more]
11/06/2018 02:45 PM
WeWork launches new investment fund, plans first ground-up development
WeWork launched a new real estate investment fund and is close to buying a massive development site in Austin, Texas, according to sources familiar with the matter. The private fund, dubbed ARK, will be sponsored by WeWork and managed independently from WeWork Property Advisors, an investment vehicle the co-working company has been running in partnership with private equity firm Rhone Group. WeWork hired former New York REIT CEO Wendy Silverstein as ARK’s chief investment officer. ... [more]
11/06/2018 01:45 PM
Are renters emerging as a new voting bloc?
A range of ballot measures could draw renters to the polls this year. People who rent tend to vote at lower rates than homeowners, the Wall Street Journal reported, citing a new study. But various measures that tackle issues like affordable housing could motivate more renters to to head to the polls — and swing outcomes. “Analysis shows that renters do have significant potential to swing elections and have a distinct set of needs,” Christopher ... [more]
11/05/2018 11:30 PM
Don Peebles, Jackie Soffer among last-minute donors to Florida candidates
In a last-minute effort to get their preferred candidates elected, a handful of South Florida developers and investors are making big contributions to political action committees. On Thursday, developer Don Peebles gave $100,000 to Forward Florida, a PAC supporting Tallahassee Mayor Andrew Gillum’s bid for governor, according to the Florida Division of Elections data from the last two weeks. Gillum, a Democrat running against Rep. Ron DeSantis in Tuesday’s midterm elections, also landed $25,000 through ... [more]
11/05/2018 09:30 PM
Amazon HQ 2 cities: The company will split new headquarter locations, report says
After months spent deliberating which of the 20 finalist cities will host its second headquarters, Amazon appears to have made a decision. And it’s a surprise. The e-commerce giant will split its planned $5 billion HQ2 between two cities, according to a report in the Wall Street Journal. The offices will be the same size and both will employ up to 25,000 people each, the Journal reported. The news comes just after reports that Amazon ... [more]
11/05/2018 08:45 PM
PGA pro Rory McIlroy sells Palm Beach Gardens home
Rory McIlroy scored a buyer for his waterfront mansion in Palm Beach Gardens. The PGA pro sold the six-bedroom, 10,600-square-foot home at 2380 Old Gate Lane for $11.15 million to the Elms Gate Land Trust, which is managed by Christopher Hughes, according to property records. The home, which features a putting green, pool, reflection pond, dock, outdoor fireplace and more, sold with the lot next door. Together they total about 1.67 acres. McIlroy put the ... [more]
11/05/2018 07:30 PM
CIM Group pays $17M for Wynwood Square property
CIM Group just paid $16.6 million for a 1.78-acre site in Wynwood where a 12-story mixed-use project is planned. Los Angeles-based CIM Group, which has more than $29 billion in assets, bought the property for $214 per square foot at 2201 North Miami Avenue from One Real Estate Investment, according property records. According to a press release from CIM, the site is fully-entitled and One Real Estate Investment will be a co-developer on the property. ... [more]
11/05/2018 06:42 PM
Less money to blow? Birdman cuts price of Miami Beach mansion
Less cash money will be needed to purchase rapper Birdman’s Miami Beach mansion. Birdman, whose real name is Bryan Williams, is re-listing his nearly 20,000-square-foot home at 70 Palm Avenue for $15.5 million, a 22.5 percent reduction in price from when it first hit the market in 2017 for $20 million. The waterfront Palm Island home is now on the market with Brown Harris Stevens Miami’s Jeff Miller and Darren Weiner of Celebrity Advisors LLC. ... [more]
11/05/2018 05:30 PM
Add Lowe’s to the growing list of retailers shuttering stores nationwide
Lowe’s Companies said it will close 51 stores in the United States and Canada, the latest national retailer to shed its brick and mortar locations amid increasing e-commerce competition. On Monday, the home improvement giant announced it will shutter 20 stores in the U.S. — including two in Manhattan — and 31 stores in Canada, according to the Wall Street Journal. The closures affect 13 states, including four locations in California and two in Illinois. ... [more]
11/05/2018 04:30 PM
Masa Son finally condemns Khashoggi murder; will maintain business relationship with Saudis
SoftBank CEO Masayoshi Son on Monday signaled that the murder of Saudi Arabian dissident Jamal Khashoggi would not change his company’s business relationship with the Kingdom. Nearly a month after Khashoggi’s murder, Son gave his first public remarks on the journalist’s death during a SoftBank earnings presentation in Tokyo, Recode reported. Son — whose company has heavily invested in real estate companies like WeWork, Katerra and Lemonade —condemned the attack, but said his company has a ... [more]
11/05/2018 03:30 PM
Thank you for joining TRD’s South Florida Real Estate Showcase & Forum
The Real Deal’s fifth annual South Florida Real Estate Showcase & Forum was a smashing success, and we’d like to thank our 4,500+ attendees, 20+ speakers and the nearly 100 sponsors who participated. The following sponsors helped to make our show possible this year: Douglas Elliman; Fortune International; Great Gulf; One World Properties; Popular Bank; Samsung; Brightline; Brown Harris Stevens; Compass; Creative Choice Group; My Florida Regional Center; Amrit Ocean Resort and Residences; Hard Rock ... [more]
11/05/2018 02:45 PM
SoFla lease roundup: Bloomberg relocates to Brickell City Centre & more
Bloomberg expands and relocates to Brickell City Centre Media company Bloomberg just expanded and relocated its Miami office to Two Brickell City Centre. Bloomberg inked a 3,642-square-foot lease at 78 Southwest Seventh Street at Swire Properties’ 4.9 million-square-foot mixed use project. It previously had a 2,600-square-foot office at 1111 Brickell Avenue in the Sabadell Financial Center. According to a spokesperson, the company doubled its desk count from six to 12. CBRE represented Bloomberg in the ... [more]
11/05/2018 01:45 PM
S&S Diner’s relocation doomed by Miami’s building boom: lawsuits
Two years after moving from its longtime Miami home on Northeast Second Avenue, S&S Diner has been kicked out of its current location at 2699 Biscayne Boulevard amid a three-way legal battle with its landlord and the developer of a neighboring mixed-use project, Biscayne 27. Alexis Read, the attorney for landlord Biscayne Rentals, said S&S was evicted from the premises last week. “We did try to work with the tenant,” Read, of counsel with Dunn ... [more]