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


07/20/2018 10:15 PM
Fundrise launches $500M Opportunity Zones fund
A crowdfunding startup is launching a $500 million investment fund to focus on developments in distressed areas that the federal government has made eligible for generous tax break. Washington, D.C.-based Fundrise plans to start its Fundrise Opportunity Fund next week. It wants to raise its target amount by the end of 2019, according to Bloomberg. The company specializes in small investments, with the minimum investment for the fund set at $10,000. The fund will target ... [more]
07/20/2018 10:00 PM
Cushman plans to raise $750M with IPO
Cushman & Wakefield plans to raise $750 million through its initial public offering at a valuation of $6 billion, including debt. The global brokerage expects to set its pricing range on Monday and start its roadshow, people familiar with the company’s plans told the Wall Street Journal. The pricing is expected to set Cushman’s market capitalization somewhere between $3 billion and $4 billion. Cushman last month filed the preliminary prospectus for its IPO, revealing that ... [more]
07/20/2018 09:30 PM
WeWork gets into the brokerage business
A year after launching a real estate investment fund, WeWork is getting into the brokerage business. On Friday, the coworking company announced that it is piloting WeWork Space Services, which will represent companies and help them find office space outside of WeWork’s locations. Jason Bauer, who previously co-founded the brokerage Voda Bauer Real Estate, will head the venture. He is starting off with three agents, but hopes to grow that number to 10 to 12 ... [more]
07/20/2018 08:30 PM
Lionheart Capital closer to launching two-tower, oceanfront luxury condo project in Pompano Beach
Lionheart Capital is closer to launching its planned oceanfront luxury condominium project in Pompano Beach, after winning key approvals from the city. The Pompano Beach Development Review Committee this week gave site plan and design approval for 1380 South Ocean Boulevard, a proposed two-tower, 239-unit project at 1380 South Ocean Boulevard. The development still needs approvals from the city’s architectural review board and the planning and zoning board. The site plan review may require a ... [more]
07/20/2018 07:30 PM
Everything you need to know about David Beckham’s latest MLS stadium and mega complex proposal
For David Beckham, landing a stadium site for his Miami professional franchise has proven just as elusive as winning a World Cup for England. Since his group Miami Beckham United launched its bid to field a Major League Soccer team four years ago, the international futbol star has cycled through four possible locations with each one falling through, including Beckham’s preferred site at PortMiami that was torpedoed by the cruise line industry. In late 2015, ... [more]
07/20/2018 07:00 PM
Mark your calendars: These are South Florida’s top real estate events next week
Next week there will only be two new real estate event in South Florida. On July 23, Assured Trust & Title will be hosting the first session of its Blueprint for Real Estate Success Series – Kendall event from 10:30 a.m. to 11:30 a.m. at Total Wine & More, 11960 Mills Drive. Eric Orland of the Orland Group will be leading the event. Attend to benefit from his experience in the industry. On July 26, ... [more]
07/20/2018 06:30 PM
South Florida’s biggest office sales in June
South Florida’s office market is cooling down after years of strong demand and low vacancy rates, but that doesn’t mean major deals have come to a halt. 1111 Brickell Avenue, also known as the Sabadell Financial Center, sold in June for $248.5 million, marking the priciest office sale of the month and year. Two other office buildings sold for more than $20 million outside the city of Miami, and another two sold in Boca Raton’s ... [more]
07/20/2018 05:30 PM
SoFla lease roundup: Babson College expands to Brickell & more
Babson College inks lease at 1200 Brickell Massachusetts-based Babson College is expanding to Brickell. The college, which specializes in entrepreneurship education, inked a five-year, 5,500-square-foot lease at 1200 Brickell Avenue and is filling up half of its third floor. Marcello Agostini of AG Real Estate Advisors represented the landlord, SGJ 1200, LLC. Records show the Miami-based company is led by Jorge Cury and Jose Roberto Neto. Cushman & Wakefield represented the tenant. Agostini said Babson ... [more]
07/20/2018 04:30 PM
The Weekly Dish: First cafe opens at MiamiCentral, Rosa Mexicano shutters Brickell location & more
Joe & The Juice | downtown Miami The first food and beverage tenant began serving at MiamiCentral this week. The Scandinavian juice bar, coffee shop and cafe is leasing 2,400 square feet in the lobby of Brightline’s MiamiCentral station, at 650 Northwest First Avenue, suite 100. Joe & The Juice has more than 200 locations worldwide. At MiamiCentral’s Central Fare food hall, it will be joined by Toasted Bagelry & Deli, Miami Smokers, Blackbrick Chinese, ... [more]
07/20/2018 03:30 PM
Miami board approves three mixed-use projects in Coconut Grove, Little Havana and Wynwood
Three significant, yet separate, mixed-use projects proposed by Redsky Capital, Terra and the Altman Companies breezed through Miami’s Urban Development Review Board, receiving unanimous approvals this week. Redsky is planning an eight-story building with 144,781 square feet of office space and another 36,072 square feet of commercial space on three properties totaling 1.25 acres in the heart of Wynwood. Called Forum, the project is designed to create a friendly pedestrian environment through paseos that connect ... [more]
07/20/2018 02:30 PM
Specialty REITs record big gains and attract big dollars
Speciality real estate investment trusts are posting strong gains and attracting an increasing amount of investment dollars. These nontraditional REITs home in on particular property types, like data centers and self-storage warehouses. Many have posted double-digit growth in so-called funds from operation, a general measure of cash flow into the trust. That compares to 2.5 percent to 3 percent growth in the broader REIT market, according to National Real Estate Investor. Green Street Advisors counts ... [more]
07/20/2018 01:45 PM
Could baby boomers spur a housing bust?
Will baby boomers turn into party poopers when they unload their homes in large numbers starting in the next decade? Could they create an indigestible oversupply in the market that lowers home prices and frustrates sales? That’s a sobering scenario outlined by two new, provocative studies. One, from Fannie Mae’s Economic and Strategic Research group, warns that the “beginning of a mass exodus looms on the horizon,” where “homeownership demand from younger generations is insufficient ... [more]
07/20/2018 12:45 PM
Compass is spending “billions” of dollars on an end-to-end platform
UPDATED, July 19, 3:50 p.m.: By 2028, Compass CEO Robert Reffkin wants agent commissions to account for only 20 to 30 percent of their earnings. The rest can come from title and mortgage, escrow and move-in services — and even furniture sales. To get there, the venture-backed brokerage will spend “billions” of dollars to create a platform for agents so that buyers will go to Compass for more than just homes. “You, today, are at the ... [more]
07/19/2018 10:00 PM
A very Brady house hits the market for $1.9M
The home that helped make the “Brady Bunch” an iconic show is on the market for the first time. The longtime owners of the split-level home in Studio City are asking $1.9 million, according the Los Angeles Times. The house was used for the exteriors of the Brady household during all of its original run from 1969 to 1974. Sounds like a steal for a Los Angeles home that can fit an eight-member family and ... [more]
07/19/2018 09:30 PM
Anti-money laundering reform needs more Republican support: Sen. Grassley
As the Treasury Department increases its efforts to crackdown on money laundering in real estate, legislation that would force shell companies to disclose their true ownership is stalling in Congress. “All I can say is I’ve been working on this for four years,” Sen. Chuck Grassley (R-IA) told The Real Deal on Wednesday. “I need more Republicans. I think all but one Democrat would support it.” There are two bills, one in each the House ... [more]
07/19/2018 08:30 PM
Blanca Commercial Real Estate hires new VP for tenant rep
Sharon Ellis joined Blanca Commercial Real Estate as a vice president to focus on tenant representation. Ellis, previously with Chariff Realty Group, will join the company’s team of four tenant advisory brokers, Blanca CEO Tere Blanca said. She will also be involved in business development to expand the firm’s tenant representation business. Ellis, a licensed attorney, has more than 16 years of experience that includes working with a number of law firms. She helped launch ... [more]
07/19/2018 07:30 PM
Regency Centers sells Coral Springs shopping center to Clearwater investor
Regency Centers just sold a shopping center in Coral Springs for $23.2 million, according to property records. Williams Magnolia Properties LLC, a Coral Springs company led by Jimmy Williams of Clearwater, purchased the Magnolia Shoppes at 9645 and 9549 to 9675 Westview Drive. The 130,400-square-foot shopping center, anchored by a 73,500-square-foot Regal Cinemas, sold for about $180 per square foot. The buyer financed the deal with a $15.5 million loan from Citibank. The strip mall ... [more]
07/19/2018 06:30 PM
SoFla’s largest multifamily deals in June
The nearly $150 million sale of an apartment complex near Aventura set the bar high for South Florida’s multifamily market in June. The majority of the top five deals were in Miami-Dade County, with one $55 million sale of a Pompano Beach development and a smaller property in Davie. South Florida’s multifamily market has remained active in recent years with increased development and strong resales. Apartment rents in Miami, which are among the highest in ... [more]
07/19/2018 05:30 PM
CBRE’s #1 broker worldwide on whether real estate is ready for #MeToo
 On the evening of Sept. 11, 2001, CBRE tri-state CEO Mary Ann Tighe had a chance encounter with landlord and developer Larry Silverstein. “I ran into him — he was about to go into a place to have dinner, and I ran into him on the street on the Upper East Side,” Tighe told The Real Deal’s Hiten Samtani during a wide-ranging video interview. “We were standing in front of each other and I began to ... [more]
07/19/2018 04:30 PM
South Florida condo sales surge in Q2: Elliman reports
South Florida’s condo markets posted strong gains in the second quarter as single-family home sales continue recovering, according to the second quarter Elliman reports released on Thursday. Fort Lauderdale’s condo market, in particular, showed significant improvement. Condo sales jumped 32.4 percent to 805 closings in the second quarter, while single-family home sales fell 10.2 percent to 531. The median sale price for a condo was $386,000, surging nearly 35 percent, and the median price of ... [more]
07/19/2018 03:30 PM
In major pivot, Compass to license its tech
Since landing $450 million in funding from Softbank last year, Compass has been aggressively scooping up brokerages and agents across the country. And now, the venture-backed company is employing a new line of business: licensing its technology to other firms. On Wednesday, Compass announced its inaugural licensing deal with Leading Edge Real Estate Group, a 200-agent firm with offices in Boston and Eastern Massachusetts, which until recently was a franchise of RE/MAX. The pivot — ... [more]
07/19/2018 02:30 PM
TA Realty sells warehouse portfolio in Miami-Dade to RREEF
TA Realty just sold three warehouses in Miami Gardens and near Hialeah for $21.35 million to RREEF Property Trust, an arm of Deutsche Bank asset management. The industrial portfolio spans 290,000 square feet, meaning the deal breaks down to nearly $75 per square foot. Records show TA Realty spent a total of about $17.6 million acquiring the sites in 2007 and 2008 through an affiliate company, the Realty Associates Fund VIII. Of the warehouse portfolio, ... [more]
07/19/2018 01:45 PM
Omni CRA buys Diana Lowenstein Gallery in Wynwood, aiming to redevelop as a mixed-use project
The Omni Community Redevelopment Agency just bought the Diana Lowenstein Gallery property in Wynwood for $6 million, with plans to put it out for bid for affordable or workforce housing and retail space, The Real Deal has learned. DLFA Inc., an entity led by the Lowenstein family and Bruce Lazar of Lionstone Development, sold the nearly half-acre site at 2035, 2037 and 2043 North Miami Avenue for about $300 per foot. Michael Sullivan of Koniver ... [more]
07/19/2018 12:45 PM
Cannabis Cubicles: Developer repositions LA building for pot-related companies
Bow West Capital is giving new meaning to “green spaces” in commercial real estate. The Santa Monica-based developer is repositioning a seven-story office building in Downtown Los Angeles to cater to cannabis-related industries, the company announced Wednesday. Located at 718 S. Hill Street in the Historic Core neighborhood, the 67,000-square-foot building will feature several floors of co-working space, private office, a rooftop deck, art gallery, retail and a 5,000-square-foot restaurant — all dedicated for people ... [more]
07/18/2018 10:25 PM
Beckham’s bid for a Miami MLS stadium will go to voters
Miami voters will get to decide whether David Beckham’s latest pitch for a Major League Soccer stadium passes muster — if a legal challenge doesn’t derail it first. On Wednesday afternoon, following another marathon meeting, city commissioners voted 3-2 to place on the Nov. 4 ballot a no-bid proposal by Beckham and his partners to redevelop Miami’s Melreese golf course and park complex into a $1 billion mixed-use project with a 25,000-seat stadium as the ... [more]
07/18/2018 09:45 PM
Twenty-one EB-5 investors sue developers of unfinished Fort Lauderdale hotel
Twenty-one Chinese EB-5 investors are suing the development group and a bank behind an unfinished hotel in Fort Lauderdale Beach, alleging fraud. The EB-5 investors allege in a suit filed in U.S. Bankruptcy Court on Monday that Ray Parello, Ken Bernstein, Jack Kessler, Eugene Kessler and Bancorp Bank engaged in a fraudulent scheme to entice investors into putting $500,000, each, into the Las Olas Ocean Resort, a planned 12-story, 136-room hotel project at 550 Seabreeze ... [more]
07/18/2018 08:30 PM
University of Miami buys United Methodist church near its Coral Gables campus
The University of Miami is going off campus. Property records show the private university paid $8.84 million for the 1.64-acre United Methodist Church site at 6500 Red Road, about two blocks west of the Alex Rodriguez Park at Mark Light Field. The Board of Trustees of the Florida Annual Conference of the United Methodist Church Inc. sold the property, which includes the two-story, 36,000-square-foot church. Previous sales information is not available online. A spokesperson for ... [more]
07/18/2018 07:30 PM
Home-building across US declines again; lowest in 9 months
New home construction has fallen and it can’t get up. Residential home starts nationwide fell 12.3 percent in June, to an annualized rate of 1.17 million, the government reported, according to Bloomberg. The latest figures marked the biggest drop in home construction since November 2016. And couple that with a 2.2 percent drop in permits — a gauge of future activity — it made for the weakest activity since in nine months. That low-point coincided ... [more]
07/18/2018 06:30 PM
North Miami Beach approves micro-city for West Dixie Highway
The North Miami Beach City Commission unanimously approved a 2.5-million-square-foot mixed-use project on Tuesday that will be designed as a “micro-city,” along the lines of Midtown Miami. Called New North Town Center, the project will be constructed on an 18-acre site that North Miami Beach officials call the TECO Gas Site, a brownfield that has been undergoing environmental remediation since the late 1980s. New North Town Center, at 15530 West Dixie Highway, will include up ... [more]
07/18/2018 06:00 PM
Join Moishe Mana, Jackie Soffer, Mauricio Umansky and more at TRD’s October Showcase + Forum
The Real Deal’s fifth annual Real Estate Showcase + Forum in South Florida is shaping up to be our best event yet. Developers Moishe Mana, Louis Birdman, Kieran Bowers and Michael Stern have signed on for our top developers panel; Turnberry’s Jackie Soffer and East End Capital’s Jonathon Yormak will be among the experts sharing insights on our commercial panel; The Agency’s Mauricio Umansky — also of “The Real Housewives” fame — will talk about ... [more]
07/18/2018 05:30 PM
Engel & Völkers Miami acquires Coral Gables brokerage
Engel & Völkers Miami just closed on the acquisition of DASH, a boutique brokerage in Coral Gables. The eight-agent company, led by Raul Estrada and Adrian Salgado, known as the “Gables Mavens,” moved into the Engel & Völkers office at 300 Altara Avenue, near the Shops at Merrick Park. The group closed $130 million in sales volume over the past five years, said Alexandra Elfmont, executive vice president of Engel & Völkers Miami. Estrada’s experience ... [more]
07/18/2018 04:30 PM
Avison Young’s Michael Fay proposes setting up competitive bidding process for Melreese site
As David Beckham and the Mas brothers seek approval to redevelop the Melreese Country Club into a mixed-use soccer complex, Avison Young’s Michael Fay wants to level the playing field. Fay, managing director and principal of Avison Young’s Miami office, is proposing to set up a competitive bidding process for the 131-acre site, he told The Real Deal. Fay sent a letter on Tuesday to Miami Mayor Francis Suarez and the city commissioners requesting to ... [more]
07/18/2018 03:30 PM
Marathon Boat Yard Marine Center in the Florida Keys sells for $6M
A boatyard and marina in the Florida Keys was just scooped up by a company tied to the Tulsa, Oklahoma-based baked goods producer, Bama Companies, for $5.75 million. Marathon Boat Yard Marine Center at 2059 Overseas Highway sold to Silent Hunter Boat Yard, LLC, which is led by Bama’s CEO Paula Marshall and her family office’s accountant Matt Alley, records show. The family-owned and operated business opened in 1937 and is now in its fourth ... [more]
07/18/2018 02:30 PM
Keith Menin buys Venetian Islands home in Miami Beach
Menin Hospitality principal Keith Menin just paid $8.68 million for a waterfront Venetian Islands home in Miami Beach, a couple of weeks after selling another nearby property for more than $12 million. Menin closed on 815 East Dilido Drive, according to sources. Attorneys Michael and Sheila Cesarano sold the six-bedroom, 8,243-square-foot home for more than $1,050 per square foot. The Mediterranean-style home, on the northeast tip of Di Lido Island, was designed by architect Ramon ... [more]
07/18/2018 01:45 PM
Alone together: Study says open-plan offices might make us anti-social
The fact that you can see all of your co-workers doesn’t necessarily mean you’re going to talk to any of them. According to a new study by Harvard University, open-plan offices might actually deter employees from working together. Instead, workers are more likely to communicate by instant messaging and email, the New York Post reported. But there’s a caveat: The study only looked at two Fortune 500 companies. At one company, after doing away with ... [more]
07/18/2018 12:45 PM
Oppenheim Architecture’s “Spirit of Place” explores new terrain for design
Not every architect would choose to express his work through a haiku about dunes. But Oppenheim Architecture’s new book “Spirit of Place” does just that — along with 17-syllable meditations on the desert, sea, peninsulas, canyons, rivers and streams. “I really appreciated the simplicity and elegance of reducing things down to their essence,” Chad Oppenheim, principal of his eponymous firm, told The Real Deal. “The haiku is saying more with less.” This is a prevailing ... [more]
07/17/2018 10:00 PM
Scott Robins and Philip Levine sell Sunset Harbour retail portfolio for $69M: sources
Developer Scott Robins and Florida gubernatorial candidate Philip Levine sold a retail portfolio in Miami Beach’s Sunset Harbour neighborhood for $68.75 million to Asana Partners, a real estate investment firm, sources told The Real Deal. Robins and the former Miami Beach mayor sold the seven-building, 61,400-square-foot portfolio 1787, 1919, 1928 Purdy Avenue; 1900, 1916, 1930 Bay Road; and 1935 West Avenue to AP Sunset Harbour LP, a Delaware company. The deal, which breaks down to ... [more]
07/17/2018 09:30 PM
MGM Resorts hopes to limit liability with suit against victims of Vegas mass shooting
MGM Resorts International has sued more than 1,000 victims of last year’s mass shooting at a Las Vegas festival, claiming it has no liability in the injury or deaths that occurred when a gunman opened fire from inside the Mandalay Bay Resort and Casino. In the lawsuit filed Friday in federal court in Nevada and California, the Mandalay Bay owner says a 2002 federal act limits the hotel’s liability, Bloomberg reported. The act, named the ... [more]
07/17/2018 08:45 PM
The Green Companies pays $18.5M for office building in Plantation
The Green Companies just paid $18.5 million for a nearly 80,000-square-foot Class A office building in Plantation. TA Realty sold the the four-story building called Southpointe at 7901 Southwest 6th Court for $232 per square foot. The Boston-based firm put the property on the market in April, along with two other Plantation office buildings, without a price. The Southpointe building was 98 percent leased at the time, according to a press release. TA Realty originally ... [more]
07/17/2018 07:38 PM
SoFla lease roundup: Bone marrow nonprofit moves HQ to Park at Broken Sound & more
Gift of Life Marrow Registry moves HQ to Park at Broken Sound Gift of Life Marrow Registry is moving its headquarters to the Park at Broken Sound in Boca Raton. The international public bone marrow and blood stem cell registry is expanding to a 17,465-square-foot space with an in-house stem cell collection center at Sabre Centre I at 5901 Broken Sound Parkway Northwest. The nonprofit organization plans to move in by early 2019, according to ... [more]
07/17/2018 06:30 PM
Why Redfin is hungry for acquisitions
Online-centric brokerage Redfin is seeking to raise up to $239 million, deploying the funds on acquisitions and technology. “Redfin may choose to use a portion of the net proceeds to invest in or acquire third-party businesses, products, services, technologies or other assets,” the company said in a statement Monday. The brokerage noted that it has no such “agreements or preliminary plans” at this time. Redfin is raising money through a combined stock and debt offering. ... [more]
07/17/2018 05:30 PM
Avison Young lines up $250M investment from Canadian pension fund
Canadian pension fund manager Caisse de dépôt et placement du Québec has invested $250 million in Avison Young, which plans to use the capital injection to expand its North American presence. Avison Young CEO Mark Rose said that the proceeds from the preferred equity investment will be used to repurchase shares in Avison held by its private equity partner, the Vancouver-based Parallel49 Equity. The deal means that Avison will once again be 100 percent owned ... [more]
07/17/2018 04:30 PM
Contrarian investors across US find bargains amid “retail apocalypse”
With predictions of a “retail apocalypse” growing by the day, and as more stores close and companies file for bankruptcy, some investors see now as the perfect time to buy ailing shopping centers at distressed prices. Brian Kosoy, the CEO of the Sterling Organization, a private equity firm, started a new fund to invest in grocery-anchored shopping centers, street retail and other shopping centers across the U.S., according to the Wall Street Journal. He said ... [more]
07/17/2018 03:30 PM
Renderings revealed: First phase of the Magic City Innovation District & more
Magic City Innovation District The first phase of the Magic City Innovation District is underway and is expected to be turned over to tenants as early as September, according to developer Tony Cho. The first phase of the 17.7-acre development calls for gut-renovating the majority of the 21 existing commercial buildings in the Little Haiti and Little River neighborhoods of Miami. Spaces will range from 300 square feet to 14,000 square feet, and commercial rents ... [more]
07/17/2018 02:30 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Miami-Dade condo sales kept falling, and falling, and falling last week. The county recorded 125 closings for a total of $48.3 million, down from the previous week’s $55 million sales volume for 109 units. Condos last week sold for an average price of about $386,000 or $306 per square foot. The top closing was the $6.6 million sale of unit 2502 at Continuum South Beach, in the south tower. The four-bedroom, 3,017-square-foot unit was listed ... [more]
07/17/2018 01:45 PM
Kushner Companies v. Everyone
City Council member Brad Lander sat for an interview on public radio last November and ended Kushner Companies’ hopes of building a major mixed-use development in Gowanus, Brooklyn. The firm, and its partners SL Green Realty and LIVWRK, had bought the 140,000-square-foot site for more than $70 million in 2014. But the success of the project depended on a rezoning of the neighborhood, and that depended on Lander, the local Council member expected to get ... [more]
07/17/2018 12:45 PM
Blockchain-powered listing network is ready to take on traditional portals
Amid ongoing tension between agents and third-party portals over who controls listing data, a New York-based startup is launching what it says is the first blockchain-based multiple-listing service. Founder Stephen King, a former commercial broker, said his company — imbrex — is a global MLS that is the first to syndicate data via the Ethereum blockchain. The decentralized, open-source system is billed as an alternative to traditional MLS networks and third-party sites like Zillow and ... [more]
07/16/2018 10:00 PM
Retail sales rise nationwide in Q2, indicating strong economic outlook
Nationwide retail sales were up in the second quarter year over year, a positive sign for the overall economy, though department store revenue continued the drop. From April to June, retail sales in the U.S. grew by 5.9 percent compared to the same period in 2017, the U.S. Commerce Department reported Monday, , according to the Wall Street Journal. June sales rose 0.5 percent from May figures. The news wasn’t good for everyone. Department store ... [more]
07/16/2018 09:00 PM
Think Hotel Group closes $22M loan for Clinton Hotel in South Beach
Think Hotel Group just received a $22 million loan from Blue Vista Finance for the recently renovated Clinton Hotel in South Beach. The hospitality firm recently completed an 18-month, multimillion-dollar renovation of the 88-key hotel at 825 Washington Avenue, including a full restoration of the lobby’s layout using the original 1930’s Spanish tile, a fully renovated pool and courtyard, as well as full renovations to all of its guest rooms. Think Hotel Group also added ... [more]
07/16/2018 08:00 PM
Will real estate developers seize on “Opportunity Zones” tax incentive?
A short drive from downtown Miami, colorful murals highlight the Haitian diaspora and pink and yellow island-themed buildings dot Second Avenue in Little Haiti. Among the traditional Creole eateries, some millennial-focused restaurants have emerged, advertising craft beer and featuring organic rotisserie chicken and jalapeno jam on their menus. The slow transformation has not gone unnoticed. As some see the area poised to become the next Wynwood, Little Haiti has piqued developers’ interests in recent years. ... [more]
07/16/2018 07:00 PM
Jorge Pérez blasts Beckham/Mas brothers soccer complex proposal
Related Group founder Jorge Pérez is speaking out against the proposed $1 billion plan to redevelop the city of Miami’s Melreese Golf Course into the home of Miami’s Major League Soccer team. But he isn’t interested in bidding on the property, Pérez told The Real Deal. Miami’s condo king compared the deal to the Miami Marlins stadium debacle, citing the lack of community input and low rent that David Beckham’s group is proposing to pay, ... [more]
07/16/2018 06:35 PM
Codina Partners lands $150M refi for Downtown Doral and 2020 Salzedo
Codina Partners just closed on a $150 million refinance deal for two of its commercial projects in Doral and Coral Gables. The firm scored $20 million for its luxury office tower project 2020 Salzedo from Florida Community Bank, and $127 million for its office and retail portfolio at Downtown Doral from an undisclosed life insurance company, according to a spokesperson for the developer. The two separate loans were arranged by HFF’s Paul Stasaitis and Manny ... [more]
07/16/2018 05:30 PM
Link Real Estate, Jameson and Forte Capital group sell retail property in Wynwood
A company tied to San Francisco investment firm RRE Investments paid $9.15 million for a retail property in Wynwood. 151 NW 24th St Partners LLC, led by general partners Dan Arev of Link Real Estate and Chaim Cahane of Forte Capital Management and equity partner Joe Serure of Jameson Realty Group, sold the redeveloped building at 151 Northwest 24th Street, according to Dwntwn Realty Advisors brokers Tony Arellano and Devlin Marinoff. The buyer, RW NW ... [more]
07/16/2018 04:30 PM
Green venture capital firm buys luxury condo at Muse in Sunny Isles
A green venture capital firm just purchased a unit at the newly completed Muse Residences in Sunny Isles Beach for $6 million. Boca Raton-based PMA Venture Capital Group, led by George Pagoumian, bought unit 3601 at the luxury tower in Sunny Isles at 17100 Collins Avenue, which began recording sales in June. Kevin Maloney’s Property Markets Group and Claudio Stivelman and Marc Schmulian’s S2 Development developed the 68-unit, 49-story tower.  PMA Venture Capital Group is ... [more]
07/16/2018 03:30 PM
Diversified Realty Development sells Planet Fitness shopping center in Pompano Beach
A Fort Lauderdale real estate firm just sold a Planet Fitness-anchored shopping center in Pompano Beach for $11.5 million. Pompano Beach Plaza DK LLC and Pompano Beach Plaza ML LLC, companies managed by Miami Lakes attorney Michael Cosculluela, are the buyers. The companies financed the deal with an $8.5 million mortgage from Argentic Real Estate Finance, which is tied to New York private equity firm Silverpeak Argentic. Diversified Realty Development sold the 46,000-square-foot retail center ... [more]
07/16/2018 02:30 PM
Why primary home buyers are increasingly willing to make offers site unseen
Apparently more and more people are deciding to buy homes based on some photos and maybe a FaceTime tour. A new survey by Redfin found that 20 percent of primary home buyers are willing to put an offer on a house they’ve never visited, according to the New York Times. Another survey by Realtor.com in New York City found that about half of the 45 agents contacted worked with a buyer who was signing along ... [more]
07/16/2018 01:45 PM
Blockchain will streamline project development tasks: panel
While a lot of the buzz surrounding the real estate industry’s emerging use of blockchain has centered on authenticating property transactions involving cryptocurrencies, the technology has the capability of completely streamlining development, according to a panel of Miami entrepreneurs developing applications for the building community. For instance, architecture and engineering firms can use blockchain — a decentralized electronic record that is encrypted — to share complex computer-generated 3D models of projects known as BIM models ... [more]
07/16/2018 12:45 PM
Three major Brickell projects sued over alleged damage to nearby condo towers
The developers and builders of some of Miami’s tallest towers are being sued for damage allegedly caused to two neighboring Brickell condo buildings. Everest National Insurance Company, on behalf of the 1060 Brickell Condo Association, filed a lawsuit in Miami-Dade County Circuit Court against Florida East Coast Realty, Tutor Perini Building Corp., Key International, Moss & Associates, Rilea Group Realty and Coastal Construction Group of South Florida for significant damage to 1060 and 1050 Brickell ... [more]
07/15/2018 08:30 PM
Tampa-area shopping center with a Winn-Dixie sells for $29M
A Tampa-area shopping center with a Winn-Dixie anchor store and a 93.3 percent occupancy rate sold for about $118 per square foot. KBL Asset Management bought the grocery-anchored shopping center in Plant City from Retail Value Inc. for $29 million. Other tenants of 244,529-square-foot Lake Walden Square include Ros Dress for Less, Marshalls, PetSmart, Ulta Beauty, Five Below and Famous Footwear, plus Firehouse Subs and Wasabi Japanese Steakhouse. Lake Walden Square occupies 26.8 acres where ... [more]
07/15/2018 07:30 PM
By 2040, half of America to live in 8 states
The majority of the country will soon by concentrated in handful of the 50 states. The stat comes from two sources cited by the Washington Post: the American Enterprise Institute’s Norman Ornstein as well as a data analysis of Census Bureau’s figures by the Weldon Cooper Center for Public Service at the University of Virginia. The latter of which found that, by 2040, 70 percent of the population would be living in 16 states, with ... [more]
07/15/2018 06:30 PM
Miami investor adds downtown parking lot to Jacksonville property portfolio
Miami-based investor Ramon Llorens paid $6.83 million for a parking lot near a theater in downtown Jacksonville, the latest addition to his portfolio of properties in the city. Through Amkin Terra LLC, Llorens bought the 1.48-acre parking lot at 317 Water Street from a company linked to New York-based Och-Ziff Real Estate. The parking lot sold for $430,000 more than the seller paid for it in April 2015. It is next to the Omni Jacksonville ... [more]
07/15/2018 05:35 PM
Student housing complex in Fort Myers fetches $55,000 per bed
A joint venture paid $55,000 per bed for a 14-year-old apartment property in Fort Myers catering to college students. Coastal Ridge Real Estate and H. Katz Capital acquired the 200-unit, 800-bed property, called Coastal Village Apartments, for $44 million. Monthly rents for the four-bedroom, four-bathroom units range from $575 to $645 per unit. Built in 2004, Coastal Village Apartments features a clubhouse with a media room, swimming pool, barbecue and picnic area, and sand volleyball ... [more]
07/15/2018 04:35 PM
Apartment investor pays $3.02M for Miami site zoned for 150 units
An affiliate of rental housing investor CFH Group paid $3.02 million for a Miami site zoned for as many as 150 residential units near Jackson Memorial Hospital. The 39,900-square-foot site is at 1430, 1460 and 1490 Northwest 20th Street in Miami’s Allapattah community, just west of the city’s Wynwood area. The sellers were Ramiro Chavez and Magali Chavez. The buyer, Allapattah Investors LLC, is managed by Tom Cabrerizo, president of CFH, and Sheldon Lowe, co-developer ... [more]
07/15/2018 03:40 PM
Ex-Heat player Lamar Odom sells Pinecrest home for less than he paid
Former Miami Heat basketball player Lamar Odom sold his house in Pinecrest for $375,000 less than he paid in 2003. Odom, former husband of celebrity Khloe Kardashian, sold the six-bedroom, nine-bathroom at 9401 Southwest 63rd Court for $2.6 million. He paid $2.975 million for the house in 2003, the year after it was built. The sale price was half of his original $5.2 million asking price when he put the house on the market in ... [more]
07/15/2018 02:45 PM
Second-quarter sales of Naples-area homes nearly flat
The number of Naples-area houses and condos that sold in the second quarter nudged two percent higher, compared with the same period last year. The number of second-quarter closings rose to 2,926 from 2,880 last year, according to the Naples Area Board of Realtors. Active listings of houses and condos in the Naples area totaled 5,165 in the second quarter, down slightly from 5,189 last year. “This tells me that homes are coming onto the ... [more]
07/15/2018 01:50 PM
Miami condo developer courts affluent Turks repelled by Turkish politics
UPDATED July 16, 12 p.m.: Real estate investors have a new reason to avoid Turkey, and that could be good news for a Miami condo developer. The Turkish developer behind a 389-unit condo development in Miami may sell more units to wealthy Turks discouraged by the June reelection of Turkey’s authoritarian president. Veteran developer Bekir Okan expects the reelection of Recep Tayyip Erdogan to inspire capital outflow from Turkey that could boost the condo sales ... [more]
07/14/2018 09:00 PM
Two multifamily specialists with JLL will join the brokerage firm’s Tampa-area team
Brokerage firm JLL announced that Alex Kupp and Scott Peek II will join its multifamily capital markets team in the Tampa area on a full-time basis. Kupp and Peek will continue to work with the leaders of JLL’s Florida capital markets group: Jubee Vaghefi, Denny St. Romain and Jeff Morris. Kupp is a native of Central Florida who graduated the University of Florida with a bachelor of science degree and Duke University with a master ... [more]
07/14/2018 08:05 PM
PB Gardens firm to build on riverfront site in Jacksonville that sold for $18.6M
A municipal electric utility got $18.6 million for selling a 30-acre riverfront site in Jacksonville, where a company based in Palm Beach Gardens would build a mixed-use complex. Jacksonville Electric Authority (JEA) sold the former site of a power plant to Elements of Jacksonville Inc., which has arranged for Palm Beach Gardens-based Kitson & Partners to build a complex with residences, retail space, office space and a hotel. Dallas-based Preston Hollow Capital LLC provided a ... [more]
07/14/2018 06:40 PM
Legal fight pits historic preservation against climate-change preparation
An owner of property in a Miami Beach neighborhood prone to flooding has taken legal action to overturn the city’s designation of the area as historic. The property owner, a company called Ytech, has petitioned a judge to undo the designation for the Tatum Waterway neighborhood, claiming it hinders efforts to respond to rising sea levels. Ytech owns nine buildings in the Tatum Waterway neighborhood, a low-elevation area between 77th and 87th streets in North ... [more]
07/14/2018 05:30 PM
Mixed-use Dania Pointe development will include 600 rental apartments
Coral Gables-based Meyers Group will build 600 rental apartments at Dania Pointe, a mixed-use development along Interstate 95 in Dania Beach. Alan Losada, executive vice president and chief operating officer of Meyers Group, told the Sun-Sentinel that monthly rents for the apartments will start at $1,600 and will average about $2,100. The first phase of the rental project, designed by Miami architect Kobi Karp, will be an eight-story, 264-unit apartment building. Construction may start next ... [more]
07/14/2018 04:30 PM
WeWork goes vegetarian refusing to pay for meat under new company policy
This is not a drill: WeWork–and anyone eating on the company’s dime–is going vegetarian. The co-working giant valued at about $20 billion is removing all meat options from its internal menu and telling employees to leave any meals with meat off their expense reports because they will no longer be footing the bill, according to Bloomberg. Co-founder Miguel McKelvey informed WeWork’s 6,000 staff of their new diet by email this week and announced the policy ... [more]
07/14/2018 03:25 PM
Asking price for unsold “micro mansion” is now 41% below the original one in 2016
For the fourth time in the last two years, mansion builder Frank McKinney cut the asking price for his unsold “micro mansion” in Ocean Ridge, this time to $2.295 million. The new price is 41 percent below his original asking price of $3.9 million when he listed the house for sale in 2016. McKinney expected the “micro mansion” to appeal to wealthy people who want a luxurious home but not a massive one. The unsold ... [more]
07/14/2018 02:15 PM
Hallandale parcel zoned for 20-story commercial development is for sale
A Miami-based company plans to sell a parcel on U.S. 1 in Hallandale Beach zoned for commercial development. The land is across Federal Highway from Gulfstream Park and zoned for an office building, a hotel or a mix of uses including retail stores. Brokerage firm Avison Young is marketing the 0.77-acre parcel at 804 South Federal Highway. According to Avison Young, the zoning would allow a 20-story commercial development with 202,380 square feet of interior ... [more]
07/14/2018 01:15 PM
Miami judge rejects dismissal of Aimco suit against Airbnb over sublet apartments
A Miami judge refused to dismiss a suit filed against Airbnb by Aimco, a leading landlord that wants the home-sharing platform to stop listing its apartments in Miami and Miami Beach as vacation rentals. The judge rejected Airbnb’s argument that the company is not liable for listing information that hosts put on its online platform, claiming immunity under the 1996 Communications Decency Act. That defense worked in December, when a California federal judge dismissed a ... [more]
07/13/2018 10:00 PM
No exodus from California despite pressure from new fed tax plan: real estate pros
While homeowners in high-tax states like New York and New Jersey may be packing their bags to move to Florida and Texas, real estate professionals in California say they are not seeing an exodus spurred by changes to the federal tax code. But the new rules could have a “chilling effect” on asking prices for homes in the state, and lead many residents to decide to rent instead of own their homes, one private wealth ... [more]
07/13/2018 09:30 PM
Buyer revealed: Marc Anthony buys $19M Bacardi mansion in Coral Gables
Marc Anthony is the buyer of the $19 million Coral Gables mansion recently sold by a Bacardi family member. Property records show Vici Amigo Estates LLC, a California-based company led by Marco Muñiz, a.k.a. Marc Anthony, bought the 12-bedroom, 21,000-square-foot, three-story mansion at 300 Costanera Road. The company financed the purchase with a $15.2 million mortgage from Bank of America. The Grammy-winning singer-songwriter will be only 2 miles away from his ex-wife, Jennifer Lopez, who ... [more]
07/13/2018 08:30 PM
Delray Beach to negotiate with Irish developer for downtown property despite higher offers
Delray Beach’s Community Redevelopment Agency plans to sell 6 acres of land near downtown to Irish developer John Flynn, despite higher offers from other developers. The CRA voted to negotiate a deal with Uptown Atlantic, a company owned by Flynn, who plans to build a complex with a grocery store, pharmacy, stores, office space and affordable homes, according to the Palm Beach Post. Uptown offered $1.2 million for the three blocks of land between Southwest ... [more]
07/13/2018 07:30 PM
Jeffrey Miller buys Beacon College Prep site in Opa-locka for $8.45M
Jeffrey Miller’s Beacon College Prep Inc. just bought a charter school it operates in Opa-locka for $8.45 million. The deal for the school at 13400 Northwest 28th Avenue comes on the heels of the nonprofit’s application to expand to serve grades sixth through eight. In June, Miller submitted a proposal with Miami-Dade County to issue $11.9 million in revenue bonds from its Industrial Development Authority to buy and renovate the property. Beacon College Prep currently ... [more]
07/13/2018 06:30 PM
Waterfront spec home on Palm Beach’s Billionaire’s Row sells for $33M
A spec home on Billionaire’s Row in Palm Beach just sold for $32.5 million to a family trust, a week after billionaire Steve Wynn sold his lot next door. Mark Timothy Inc., a South Florida luxury home builder, sold the 14,434-square-foot waterfront estate at 1340 South Ocean Boulevard to the Greene Family Trust for $2,251 per square foot. The trust lists its attorney as Oren D. Leiber in Miami, and is dated June 19. It ... [more]
07/13/2018 05:30 PM
NFL player Elvis Dumervil picks up North Miami apartment building
NFL linebacker turned investor Elvis Dumervil just picked up a multifamily building in North Miami for $6.73 million, property records show. The 66-unit apartment building at 12300 Northeast 4th Avenue traded hands for about $102,000 per unit. The seller, Kina Investment Inc., is a Panamanian company led by Ettore Nardi. His company is tied to a Coral Gables-based property management firm, Catalonia Management. Records show Kina Investment Inc. bought the property in 1984 for nearly ... [more]
07/13/2018 04:30 PM
WATCH: TRD pulls back the curtains on Cushman as the firm gears up for its IPO
 For our July cover story, The Real Deal‘s Rich Bockmann and Mark Maurer went behind the scenes at Cushman & Wakefield, which filed a preliminary prospectus for its initial public offering last month. The leadup to the brokerage’s IPO has caused immense internal disorder and confusion, insider​s​ told TRD. This could spell trouble for Cushman, which is banking on a successful Wall Street debut to help offload some of the $3B in debt TPG ... [more]
07/13/2018 03:30 PM
Game manufacturer buys Lake Worth building for Florida HQ
UPDATED 2:45 p.m., July 13: Benchmark Games International just purchased its new Florida headquarters in Lake Worth for $8.25 million, only a few months after the seller paid $5.35 million for the property. A company managed by real estate developer and aircraft industry investor Robert G. Fessler sold the 72,000-square-foot warehouse at 2201 Fourth Avenue North for about $115 per square foot. Fessler closed on the building in April with plans to move a Boca ... [more]
07/13/2018 02:30 PM
Jeff Berkowitz scores $60M refi for Kendall shopping center
Jeff Berkowitz’s Kendall Village Associates just closed on a $60 million loan from Ocean Bank for the refinancing of a 256,000 square-foot mixed-use shopping center in Kendall. The Kendall Village Center at 8705 Southwest 124th Avenue, along with an adjacent parcel, totals 27.4 acres and 13 buildings. Tenants include Regal Cinema, Old Navy, GAP, Chuck E. Cheese, Jared Jewelry, Pier 1 Imports, Duffy’s Sports Grill, and a satellite Nova Southeastern University campus A new phase ... [more]
07/13/2018 01:45 PM
National Cheat Sheet: CEOs of top 100 REITs make 77x more than their employees on average … & more
REIT CEOs make much more than their employees, a new report finds The CEOs of the top 100 real estate investment trusts make 77 times more than a median employee on average, according to a report released by FPL Associates first published in the Wall Street Journal. And in general, REIT CEOs make 57 times more than their median employees on average, the report said. FPL senior managing director Jeremy Banoff, however, noted that the ... [more]
07/13/2018 12:45 PM
Luxe life: Sales of $1M homes are on the rise across the US, study shows
Home sales of $1 million or more are on the rise in the U.S. A new report from Realtor.com found that homes selling for $1 million or more were up 25 percent in April year over year. That represented the largest jump in four years. The study tracked 91 counties around the country, and identified the luxury segment in each market, considered the top 5 percent of home sales. While the number of million-dollar listings ... [more]
07/13/2018 03:35 AM
Beckham group will have to wait another week for city commission vote on Melreese stadium proposal
A whirlwind week for the Mas brothers and David Beckham – which included accusations of backroom deals with city officials and intentionally withholding details – ended with a game delay. The Mas-Beckham group is seeking a referendum on the November ballot asking Miami residents to approve or deny a no-bid lease agreement that would allow the group to redevelop the city-owned Melreese Golf Course and surrounding park complex into a massive $1 billion mixed-use project ... [more]
07/12/2018 10:00 PM
“Bankrupting” Michael Cohen buys New York condo with a little help from Trump’s friends
His friends were telling reporters just last month that federal investigations were “bankrupting” him, but legal fees haven’t held Michael Cohen back from buying a $6.7 million luxury condominium in Manhattan. The Wall Street Journal reported that Cohen in April closed on a unit at Witkoff Group, Fisher Brothers and New Valley’s 111 Murray Street skyscraper in Tribeca. President Trump’s campaign had been covering Cohen’s legal fees regarding the Russia collusion investigation, but the former ... [more]
07/12/2018 09:30 PM
LGBTQ-oriented Axel Hotels to open first US location in South Beach
Axel Hotels, which focuses on the LGBTQ community, is opening its first location in the U.S. in South Beach. Axelbeach Miami will open at the former site of Hall South Beach at 1500 Collins Avenue by the end of the year, said Axel Hotels founder and president Juan Julià. It will mark the Barcelona-based company’s eighth flagged property and the only one outside Europe. “We’ve been looking for different locations in the United States, and ... [more]
07/12/2018 08:45 PM
Fort Lauderdale hotel project to head to auction with $39M stalking horse bid
The owners of an unfinished hotel in Fort Lauderdale Beach secured a stalking horse bidder for $38.6 million, potentially paving the way for an auction in August. In January, Bancorp Bank filed a foreclosure suit against 550 Seabreeze Development LLC and JAWOF 515 Seabreeze LLC, alleging default on a mortgage loan with an unpaid principal balance of $36.9 million. And last month, the developer filed a motion in bankruptcy court to establish procedures for the ... [more]
07/12/2018 07:45 PM
Miami-Dade committee backs Flagler site for new downtown courthouse
Six Miami-Dade County Commissioners are recommending that a 25,000-square-foot park on Flagler Street be the sole site for a new Miami-Dade Civic Courthouse. The unanimous vote came Tuesday morning during a chairman’s policy council meeting held in county chambers. The site item will come before the full 13-member county commission on July 24. County officials have been attempting to find a way to partner with a private developer to construct a new 600,000-square-foot civil courthouse ... [more]
07/12/2018 06:45 PM
Bank of the Ozarks stock falls despite strong earnings, as growth could slow
Bank of the Ozarks stock fell Thursday morning after the Arkansas bank suggested during a conference call that its real estate lending growth could slow down, following its release of strong earnings late Wednesday. The Little Rock-based bank’s CEO, George Gleason, said during the call that pricing is getting more competitive for real estate lending and the flow of quality deals has slowed. The remarks are significant for the larger real estate lending landscape since ... [more]
07/12/2018 05:45 PM
Wealthy Polish investor to auction Porsche Design unit with no reserve
A wealthy Polish investor is looking to sell his unit at Porsche Design Tower with an auction house after trying his hand at the flooded luxury condo market. AD Royale, a company controlled by Dariusz Robert Wojdyga and his wife Agnieszka Gasior, owns the three-bedroom, 4,794-square-foot unit on the 36th floor of the Sunny Isles Beach condo tower, at 18555 Collins Avenue. The couple is working with their listing agent, Marc Hameroff of Engel & ... [more]
07/12/2018 05:00 PM
Tee off with The Real Deal at our annual NY golf outing
The Real Deal is pleased to announce that we will be hosting this year’s golf outing at The Muttontown Club in East Norwich, New York. Muttontown is a beautiful private country club available exclusively to members and their guests and offers the perfect setting for meeting and mingling with NYC’s real estate elites. The day will include breakfast, a shotgun start and cocktails and meals, including a semi-formal dinner. For the first time ever, a ... [more]
07/12/2018 04:30 PM
Optimum boosts financing for Ocean Drive hotel project in South Beach
UPDATED July 12, 6:40 p.m.: Ricardo Tabet’s Optimum Development USA just secured $52 million in financing for the renovation and expansion of the former Park Central Hotel on Ocean Drive in Miami Beach. BB&T is providing the financing, which takes over a previous $40 million loan and adds a new $12 million mortgage. Optimum has been working on the redevelopment since at least 2014, when it broke ground on the project at 640 Ocean Drive. ... [more]
07/12/2018 03:30 PM
Here’s why homeowners aren’t borrowing against their equity
Homeowners have more equity than ever before — but are still hesitant to borrow against it. As home prices have appreciated, Americans have more than $5.8 trillion in equity, double the level in 2011, Bloomberg reported. But they aren’t tapping into it due in part to rising interest rates and reluctance stemming from the mortgage crisis. “There’s a long-memory issue,” Dan Alpert, managing partner at Westwood Capital, told Bloomberg. “People got caught with home equity ... [more]
07/12/2018 02:30 PM
Warehouse space hasn’t been this tight since the dot-com boom
Warehouse space is at its tightest level since the first dot-com boom, and it’s driving tons of business. The second quarter saw availability fall to 7.2 percent, the lowest level since 2000, as demand continues to outpace supply, according to CBRE data first reported by the Wall Street Journal. Availability has now dropped for a record 32 straight quarters. Experts largely attribute the fall-off to growing demand for space as e-commerce grows. That’s prompting some ... [more]
07/12/2018 01:45 PM
WATCH: These are the 5 wealthiest people in US real estate
 Money comes and money goes, but who wouldn’t want a little more of it? For most of us, the grass is always greener. When it comes to the world’s wealthiest, the grass is fortunately very green. That being said, The Real Deal took a look at the top five richest people in U.S. real estate, according to Forbes’ billionaires’ list. ... [more]
07/12/2018 12:45 PM
Home foreclosures in key US markets are on the rise again: report
Almost a decade after home foreclosures skyrocketed during the financial crisis, they are starting to rise again in some of the country’s hottest real estate markets. And loosening lending standards may be among the reasons, according to one expert. Twenty two states posted increases in new foreclosure filings in the first six months of 2018, compared to the same period last year, according to a new report by Attom Data Solutions. Overall, from January to June, ... [more]
07/11/2018 10:00 PM
Freshwater Group buys apartment complex in Miami Beach
UPDATED July 11, 7 p.m.: The Freshwater Group is adding a batch of Miami Beach apartment buildings to its South Florida portfolio. Freshwater Group partner Joseph Sayegh said the firm is under contract to buy a rental complex consisting of three adjacent, two-story buildings at 7710, 7720 and 7700 Abbott Avenue for $5.6 million. The rental project features 36 units and is currently owned by City M Abbot LLC, a company managed by Blas Zaccaro, ... [more]
07/11/2018 09:30 PM
Philip Levine roomed with Craig Robins in college. The rest is history.
Gubernatorial candidate and real estate investor Philip Levine built his fortune thanks in part to a well-known Miami real estate family. Levine, a former mayor of Miami Beach and one of the leading Democrats running for governor of Florida, met Design District developer Craig Robins at the University of Michigan where they were roommates. In the mid-1990s, Robins’ father Jerry Robins agreed to become a silent partner of OnBoard Media, which Levine sold in 2000 ... [more]