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


10/18/2017 07:30 PM
One Sotheby’s wins verdict for unpaid commission
A four-year legal war between One Sotheby’s International Realty and two former Gables Estates property owners ended this week when a jury sided with the luxury brokerage firm. One Sotheby’s sued Warren and Leslie Lovell in 2013, alleging the couple pulled an end around to avoid paying the company founded by Mayi and Daniel de la Vega a 6 percent commission on a $12.4 million deal. In May 2012, One Sotheby’s signed an exclusive one-year ... [more]
10/18/2017 06:45 PM
North Beach vote allowing for mixed-use district gains momentum
Just two years after Miami Beach voters rejected a density increase for an oceanfront neighborhood in North Beach, a similar ballot measure is gaining momentum as it nears a Nov. 7 vote. Miami Beach voters have to approve any increase in Floor Area Ratio or (FAR), the maximum density or allowable square footage of a structure, since the 1990s. Nearly all efforts to get voters to approve an increase have failed, but now developers and ... [more]
10/18/2017 06:00 PM
Jamestown picks up shopping center in northwest Miami-Dade
Jamestown just closed on a Publix-anchored shopping plaza in northwest Miami-Dade for $34.25 million, property records show. The Atlanta-based investment and management firm paid $314 per square foot for the nearly 109,000-square-foot Country Club Plaza shopping center at 18454 Northwest 67th Avenue, near Miami Lakes and Hialeah. An affiliate of Deutsche Asset Management’s RREEF America REIT sold the property. Records show SDC Retail Country Club Plaza LLC, paid $22.25 million for the shopping center in ... [more]
10/18/2017 05:00 PM
Movers & Shakers: Transwestern South Florida hires new VP & more
Transwestern hired Bert Checa as vice president of the South Florida office. Checa was previously senior associate at Coldwell Banker Commercial Advisors, Pointe Group and Holly Real Estate. At Transwestern, he’ll focus on office agency leasing and tenant advisory in the Southeast. Jeff Polashuk joined Compass Florida as sales manager. Polashuk left Zillow, where he was a sales executive. He’ll manage Compass’ 150 Miami agents out of the Miami Beach office. Tomi Rose left Opulence ... [more]
10/18/2017 04:15 PM
Miami-Dade sets new Airbnb regulations
The Miami-Dade County Commission approved a slate of new regulations for short-term rentals on Tuesday. Under the ordinance, hosts in unincorporated Miami-Dade will be required to sign up for a certificate of use, register for a business tax receipt, screen for sexual offenders and enforce some rental standards on guests, such as following standard garbage procedures and noise restrictions. The ordinance would apply to 940 active Airbnb hosts, 60 percent of which share an extra ... [more]
10/18/2017 03:30 PM
Rhode Island firm buys office building on Palm Beach’s Banker’s Row
A Rhode Island-based real estate investment company just paid $9.2 million for an office building on Palm Beach’s Banker’s Row, according to the firm that brokered the deal. The buyer, a subsidiary of Procaccianti Properties, paid about $795 per square foot for the 11,600-square-foot office building at 231 Royal Palm Way. Procaccianti, which owns space at West Palm Beach’s CityPlace Tower, owns and manages more than 60 million square feet of real estate across the ... [more]
10/18/2017 02:35 PM
Amazon is moving into your building’s mailroom
From TRD New York: Your building’s package room? Yeah, now Amazon owns that, too. In an attempt to streamline delivery, Amazon has made deals with some the nation’s biggest landlords to install Amazon locker systems in building package rooms, the Wall Street Journal reported. Amazon now has contacts with the owners of roughly 850,000 units in thousands of properties across the U.S. For instance, AvalonBay Communities, Equity Residential, Greystar and Bozzuto Group are all on ... [more]
10/18/2017 01:45 PM
WeWork to open flagship downtown Miami location in December
WeWork finally has an opening date for its downtown Miami location, two years after inking a deal with the property’s owners. ... [more]
10/18/2017 12:45 PM
Overseas lenders held $72B worth of US commercial loans in Q2
From TRD New York: Foreign banks held $71.6 billion worth of commercial real estate loans backed by U.S. properties during the second quarter of the year, a sign many point to as proof there’s still confidence in the overall economy and market fundamentals. That figure is up from $59.3 billion in the second quarter last year and $38.3 billion at the same point in 2015, according to data from Trepp reported by the Wall Street ... [more]
10/17/2017 09:30 PM
Here are South Florida’s billionaire real estate players who made the Forbes 400
South Florida’s real estate billionaires, Jorge Pérez and Jeff Greene included, held onto their wealthy status, according to the latest Forbes 400 ranking. It now takes $2 billion to make it on the list, up from $1.7 billion a year ago. In the local real estate industry, Pérez, head of the Miami-based Related Group, ranked 261 with a net worth of $3 billion. New York developer Stephen Ross, chairman of the Related Companies, is the ... [more]
10/17/2017 08:45 PM
Tom Barrack’s messiah complex: Colony chief has a history of high-stakes rescues
From TRD Los Angeles: If Tom Barrack’s Colony Capital succeeds in its quest to buy “all or a significant portion” of Weinstein Co., it won’t be the Trump chum’s first high-profile bailout of a controversial celebrity. Barrack, who was chairman of President Trump’s inaugural committee and is his longtime friend, stepped outside his typical real estate investment wheelhouse when he paid for a $23 million loan on Michael Jackson’s Neverland Ranch in 2008, the Wall ... [more]
10/17/2017 08:00 PM
Construction firms sue each other over delays and problems at Civic Towers
The woes for the owners of two federally subsidized apartment buildings damaged by Hurricane Irma keep piling up. ... [more]
10/17/2017 07:15 PM
Ex-mayor charged with fraud over North Miami real estate deal
A former North Miami Beach mayor is back in the hot seat after his alleged role in a failed real estate investment. Ex-mayor Myron Rosner, who pleaded guilty to breaking campaign rules in 2012, was just charged with securities fraud, sale of an unregistered security, sale of security by an unregistered dealer and grand theft by the Miami-Dade State Attorney’s Office, according to a release. The state attorney’s office found that Rosner allegedly swindled an ... [more]
10/17/2017 06:30 PM
Redevelopment plan for Miami Jewish Health System campus wins planning board approval
Holding a community meeting with its neighbors proved beneficial for Miami Jewish Health Systems. The Miami Planning and Zoning Board unanimously voted on Tuesday to give the non-profit organization a favorable recommendation for its $200 million plan to redevelop its Buena Vista campus. Iris Escarra, an attorney representing Miami Jewish Health System, told board members the development team and nursing home officials met with 27 residents on Oct. 7 to address their concerns and agreed ... [more]
10/17/2017 06:00 PM
Nova Southeastern University sells University Park Plaza in Davie
A shopping center just west of Nova Southeastern University called University Park Plaza has traded hands for $22 million, property records show. National hospital operator HCA bought the nearly 190,000-square-foot center at 3400 and 3580 South University Drive for about $117 per square foot. University Associates Ltd., the for-profit arm of Nova Southeastern University, was the seller. The university bought the site in 1985 for $4.8 million with its partner the Brandon Company, a Miami-based ... [more]
10/17/2017 05:00 PM
Next week is TRD’s South Florida Real Estate Showcase — get tickets today!
The event will include discussions on the region’s development cycle, the art of pricing properties and sourcing leads, what sea level rise means for the real estate industry and what’s happening around Miami’s commercial market. ... [more]
10/17/2017 04:15 PM
Miami ranks as third most roof rat-infested city in the US
Oh, rats. Miamians have a big rat problem, according to a new report. ... [more]
10/17/2017 03:30 PM
Sergio Pino goes micro at Midtown Doral
Sergio Pino is going “super micro” at Midtown Doral. ... [more]
10/17/2017 02:30 PM
The Real Deal LA’s fall issue is live!
From TRD Los Angeles: Namaste and welcome, dear readers. You are powerful. In fact, you are power. You are successful. In fact, you are success. You are tapped into the well of abundance…And you will sell that house! Now, take a deep inhale, and exhale any limiting beliefs or excuses. Raise your arms to the sky in gratitude and then reach down for this issue, turning to page 26 for an in-depth, behind-the-scenes look at ... [more]
10/17/2017 01:45 PM
Nordstrom ends buyout talks
From TRD New York: The financially troubled department store Nordstorm has run into a roadblock on its quest to go private. After scurrying to raise financing for what could be a $10 billion leveraged buyout, Nordstrom announced that it has suspended plans to take itself private, according to the New York Post. The Nordstrom family originally planned to put up its 31 percent stake in the company, which as of Aug. 1 was valued at ... [more]
10/17/2017 12:45 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Miami-Dade County’s condo market reported fewer sales last week. Only 68 condos sold for a total of more than $28 million, down from the previous week’s $44 million sales volume. Units sold for an average price of about $417,000 and $244 per square foot. Closing prices in the top 10 deals ranged from $425,000 to $5.8 million. The most expensive sale was at Grove at Grand Bay in Coconut Grove. Unit 1901 in the south ... [more]
10/16/2017 10:00 PM
CC Homes is expanding its Chateaux at Miralago project in Parkland
Coral Gables-based CC Homes is expanding its Chateaux at Miralago project in Parkland with a new development, Cascata at Miralago, according to a company spokesperson. Records show an affiliate of CC Homes just bought about 7 acres of undeveloped property from Miami-based Lennar Corp. for $6.75 million. CC Homes, led by Armando Codina and Jim Carr, plans to build Cascata at MiraLago, a 25-home luxury project, with prices starting in the $800,000s, the spokesperson said. ... [more]
10/16/2017 08:45 PM
Battery-operated homes may soon be a thing
Developers are getting ready to cut the cord on electricity, and a battery may take its place. ... [more]
10/16/2017 08:05 PM
Greater Downtown Miami’s condo resale pricing keeps dropping as market passes halfway point
Greater Downtown Miami’s preconstruction condo market has surpassed the halfway point, with over half of the more than 10,000 units in the pipeline now completed. And due to the growing inventory of new condos, resale pricing continues to fall in the urban core, according to a new report. The Downtown Development Authority’s Mid-Year Residential Real Estate Market Study shows 5,180 units have been delivered since 2012 and 5,078 units are under construction – less than ... [more]
10/16/2017 06:30 PM
Tom Barrack’s Colony Capital in talks to acquire Weinstein Co.
From TRD Los Angeles: Tom Barrack’s Colony Capital might just be the lifeboat for Harvey Weinstein’s sinking empire. The multibillion-dollar investment firm, founded by Barrack, is in talks to potentially acquire Weinstein Co. after Weinstein was ousted amid a sea of allegations of sexual harassment and rape, Bloomberg reported. Colony would give Weinstein Co. a much-needed cash infusion, and would potentially come to own the film and television studio, according to a Weinstein Co. statement ... [more]
10/16/2017 05:45 PM
Pablo Picasso’s French Riviera mansion finally sold
From TRD New York: The French Riviera mansion was bought by New Zealand financier Rayo Withanage for $24 million after three rounds of bidding. Withanage made his winning offer during the second auction for the property and no new bidders could beat his price on the Spanish artist’s former residence last week, according to Mansion Global. Known as Mas de Notre Dame de Vie, the property housed Picasso’s studio and his late wife remained living ... [more]
10/16/2017 05:00 PM
Resi sales pick up in Palm Beach post-Trump slump
A rise in residential sales in Palm Beach have real estate agents and brokers in the area hopeful for a turnaround following a slow 2016. MLS data shows that in 2016, the island saw a total of 96 single-family sales, according to the Palm Beach Daily News. This year, the number of single-family homes sales hit 90 by October. Condo and co-op sales also increased from 247 sales in 2016 to 245 closings so far ... [more]
10/16/2017 04:15 PM
JDS, partners close on construction financing for Monad Terrace
JDS Development and its partners have closed on construction financing for a luxury condo project in South Beach, months after their previous lender filed a foreclosure lawsuit. New York-based JDS, led by Michael Stern, New Valley and others just secured $62.5 million of financing, which breaks down to a $20 million senior loan from Bank of the Ozarks and $42.5 million of mezzanine financing from VanBarton Group, the developer announced on Monday. They plan to ... [more]
10/16/2017 03:15 PM
Double tap: Here’s a look at the best shots shared on Instagram this week
A lot went down in the world of real estate this past week — and Instagram was there for us to document it all. Here’s a look at some of the best uploads from around New York, Miami and Los Angeles. 1. Is the pigeon photobombing the Los Angeles skyline… or is the Los Angeles skyline photobombing the pigeon? Hummingbird. ——————————— 🏙🕊 ——————————— . . . . . . . . . . . . ... [more]
10/16/2017 02:30 PM
LA firm buys shopping plaza in Coconut Creek
Los Angeles-based Pacific Equities Capital Management Corp. just bought a shopping center in Coconut Creek for $8.5 million, according to the firm that brokered the deal. The 29,932-square-foot shopping center, located at 6310 and 6370 North State Road traded for about $284 per square foot. Records show the seller, Regency Lakes Village Center Partners, LLC, bought the property in 2003 for $3.4 million. The company is tied to ServiceStar Capital Management, a real estate developer ... [more]
10/16/2017 01:45 PM
Federal housing vouchers fail to keep up with rising rents: report
Low-income renters who depend on vouchers are feeling the strain of rising rents, especially in Miami-Dade County. A new study from Zillow shows that federal housing vouchers are too low for most of South Florida and at least half of the nation’s largest counties. The U.S. Department of Housing and Urban Development’s voucher program is meant to provide renters with enough funding to afford 40 percent of the listings in their market. Miami is one ... [more]
10/16/2017 12:45 PM
The condos cometh: Here’s the complete pipeline for new projects in South Florida
From the fall issue: Condo developers have been markedly quieter these days, holding off on any new launches as the supply of preconstruction condos slowly gets absorbed in South Florida. Gil Dezer of Dezer Development, for example, hasn’t made moves on his next luxury condo tower in Sunny Isles, which he previously planned to launch earlier this year. He completed Porsche Design Tower last year, where a number of buyers are now looking to flip ... [more]
10/15/2017 08:00 PM
Here’s what a million dollars buys you across the USA
From TRD New York: Not all locations are created equal. One million dollars gets you a different sized house depending on where you’re buying, Business Insider discovered. Analyzing data from houses priced between $995,000 to $1.1 million, here’s how much square footage you get for a million bucks across 17 U.S. housing markets. 1. New York Listing price: $995,000 Square feet: 822 Price per square foot: $1,210 2. Los Angeles Listing price: $999,000 Square feet: ... [more]
10/15/2017 07:00 PM
Miami firm buys Gainesville rentals for $9.5M
A Miami-based firm bought a 152-unit apartment building in Gainesville for $9.5 million or $62,500 per unit. DB Capital Partners LLC bought Fox Hollow Apartments with $7.68 million of acquisition financing from Walker & Dunlop LLC. DB appointed Jacksonville-based Michaelson Group as the manager of the apartment property. The new owner plans to upgrade the interiors of the one- and two-bedroom apartments at Fox Hollow by installing granite counter tops and stainless steel appliances. DB ... [more]
10/15/2017 06:00 PM
Coral Gables firm starts loft apartment project in St. Pete
Coral Gables-based Altis Cardinal started converting a vacant six-story office building in St. Petersburg into a residential building with 78 loft-style apartments called Prism on Fifth. The project is the latest phase of Atlis Cardinal’s master-planned development of 10 acres in St. Petersburg’s Kenwood neighborhood. The 10-acre development includes a 178-unit residential building called Skyline Fifth, which is fully occupied. Atlis Cardinal plans to spend $80 million to turn the land into a 10-acre residential ... [more]
10/15/2017 05:00 PM
Pulte plans at least 137 homes at Babcock Ranch
Atlanta-based home builder PulteGroup plans to build at least 137 houses at Babcock Ranch, a master-planned development near Fort Myers that will run mainly on solar power. Pulte and Miami-based Lennar Corp. will build the lowest-priced houses at Babcock Ranch, an 18,000-acre development in Lee County that will draw electricity from a 440-acre photovoltaic power plant built by Florida Power & Light. In a section of the development called Parkside, Pulte plans to build 131 ... [more]
10/15/2017 04:20 PM
Leasing launched for 156-unit rental in Miami’s Edgewater area
Greystone Development and Alta Developers started leasing units at 2500 Biscayne, a 19-story apartment building in Miami’s Edgewater neighborhood. Monthly rents at 2500 Biscayne range from $2,023 to $3,800, according to Apartments.com. The 156-unit building at 2500 Biscayne Boulevard has one- and two-bedroom apartments with open floor plans. The apartment interiors feature floor-to-ceiling windows, quartz counter tops and stainless steel appliances, walk-in closets, and in-unit washing machines and dryers. Common-area amenities at the Edgewater property ... [more]
10/15/2017 03:05 PM
Chewy.com leases 27,200 square feet at DCOTA
Chewy.com, an online retailer of pet supplies, leased an additional 27,200 square feet at its headquarters building in Dania Beach, the Design Center of the Americas (DCOTA). The lease deal brought the company’s total space at the DCOTA to 100,000 square feet, according to a news release by a corporate affiliate of developer Charles S. Cohen, who owns the building. The news release by Cohen Brothers Realty Corporation described the lease as “long-term” but did ... [more]
10/15/2017 02:00 PM
Kiplinger media chief may build a small town in Martin County
The leader of the Kiplinger financial media company in Washington, D.C., is proposing a 5.3-square-mile, mixed-use development in southern Martin County. Knight Kiplinger, whose family owns the land, will submit plans this week to Martin County for the proposed development, called Pineland Prairie. Kiplinger’s company publishes business forecasts and advice on personal finance. Under his proposal, about 30 percent of the Kiplinger family’s 3,375 acres west of Palm City would be occupied by 4,200 residences ... [more]
10/15/2017 01:00 PM
Want to buy a home without breaking the bank? Order it from Amazon
From TRD New York: Home buying is down among millennials, but maybe Amazon can offer a ray of hope. The online retailer sells pre-fabricated houses for between about $3,500 to $36,000 in different sizes and styles, so you can pick out your dream home from the comfort of your couch or bed, and get it delivered. It’s a time-tested approach to saving money and getting a place to lay your head; people used to do ... [more]
10/14/2017 09:00 PM
You see flooded homes. Gary Beasley sees the ‘Next Big Thing’
From TRD New York: As early as days after Harvey ended and Houston residents began returning to their ravaged neighborhoods to find people wanting to buy their flooded homes, and now the big-time investors are trying to make similar moves. With backers like Bain Capital and Salesforce CEO Marc Benioff, Gary Beasley, CEO of an online investment marketplace called Roofstock, is selling the idea of buying flooded Houston properties as the “Next Big Thing” to ... [more]
10/14/2017 08:00 PM
Huizenga’s son lists home, asks $6.75M
H. Wayne Huizenga Jr. and his wife Fonda listed their house in Palm Beach County for sale with a $6.75 million asking price. Huizenga, son of billionaire H. Wayne Huizenga, has owned the custom-built, seven-bedroom, 10-bathroom house at 16191 Quiet Vista Circle since it was completed in 2008. The five-acre property is the largest in the Stone Creek Ranch residential development, located in an unincorporated area west of Delray Beach and Florida’s Turnpike. Billy Nash ... [more]
10/14/2017 07:00 PM
Stuart approves downtown condo project with $1 million units
A developer won city approval to build a riverfront condominium downtown Stuart with units priced at approximately $1 million each. The developer, John J. Doyle, won unanimous approval from the Stuart City Commission to build a 20-unit condominium on land along the St. Lucie River at 41 and 37 Southwest Seminole Street. The site of the development, called Seminole Bluff, is just under one acre. Doyle said he expects above-ground construction of Seminole Bluff to ... [more]
10/14/2017 06:00 PM
Construction starts on office building near UF
Construction has started on a 55,000-square-foot office development in Gainesville near the University of Florida. The developers, Concept Companies and Gateway Development Services, expect to open the four-story office building in the third quarter of 2018. The developers will market the office development, called 800 Second at Innovation Square, to “technology, research and innovative ventures of all kinds,” Brian Crawford, founder and CEO of Concept Companies, said in a prepared statement. The top three floors ... [more]
10/14/2017 04:50 PM
Naples developer plans Hilton along the ocean in Pompano Beach
A developer in Naples agreed to build a Hilton hotel on a city-owned site along the oceanfront in Pompano Beach.  Aashish Patel of Naples-based Madhav Group plans to develop the Hilton hotel on a city-owned parking lot next to the city’s flashy new parking garage, which opened in June 2016. Patel expects to build a five-story Hilton with 150 rooms on the city’s parking lot at 3410 Pier Street in Pompano Beach. He told the ... [more]
10/14/2017 03:35 PM
Tampa apartments sell for $24.05 million
  Maryland-based Federal Capital Partners (FCP) acquired a 200-unit apartment property in Tampa for $24.05 million, the company’s sixth Tampa property investment in the last 18 months. FCP paid $120,250 per unit to acquire The Commons Apartments, a garden-style apartment property on Dale Mabry Highway in north Tampa. Units at The Commons include two-, three- and four-bedroom apartments with kitchen pantries and oversized closets. The property’s amenities include a dog park, playground, barbeque and picnic ... [more]
10/14/2017 02:30 PM
Groundbreaking set for Coconut Creek hotel
Miami-based Morlin Hospitality Group will hold  a ground-breaking ceremony Wednesday for a Residence Inn by Marriott hotel in Coconut Creek. The six-story, 105-room, extended-stay hotel will be Morlin’s second in Coconut Creek, where in 2014 the company opened a Hampton Inn & Suites with the same number of rooms at 5740 North State Road 7. The nearby construction site of the Residence Inn by Marriott is 5730 North State Road 7. The estimated cost of ... [more]
10/14/2017 01:35 PM
Toronto firm invests $32M in downtown Miami development
Greybrook Realty Partners Inc. invested about $32 million to fund the acquisition and development of a site in downtown Miami where the company plans to build a residential project together with its partner Property Markets Group. Toronto-based Greybrook closed of an initial equity investment of CDN$40.48 million, or $32.3 million, in a project with PMG to build more than 690 residential units and 20,000 square feet of commercial space at 400 Biscayne Boulevard. In a ... [more]
10/13/2017 10:15 PM
Missoni Baia breaks ground amid condo slowdown
Developed by Russian billionaire Vladislav Doronin’s OKO Group, the 57-story, 249-unit tower is the first of OKO’s projects in Miami. ... [more]
10/13/2017 09:15 PM
National Cheat Sheet: Mall landlords take on religious institutions as tenants, Easyknock offers reverse mortgages as federal rules tighten … & more
From TRD New York: Religious institutions increasingly taking vacant retail space in malls Call it a Hail Mary play: landlords are taking a fresh look at churches to fill vacancies in struggling retail centers. The interest marks a departure for landlords, who typically considered religious institutions to be weak tenants, as they are usually not open all week and could be harder to evict since they don’t pay rent, the Wall Street Journal reported. At ... [more]
10/13/2017 08:31 PM
Rok picks up industrial building in Miami Gardens
An affiliate of Rok Acquisitions just bought an industrial building in Miami Gardens for $8.8 million, records show. The warehouse at 15801 Northwest 49th Avenue spans about 150,000 square feet, according to the buyer. Records show the Rok affilate, Warehomes Precision LLC, led by Marcos and Jason Morjain, scored $6.65 million in financing from City National Bank of Florida. Precision Trading Corp. sold the property for about $59 per square foot. Records show Precision bought ... [more]
10/13/2017 07:45 PM
China’s effort to fill empty houses has created a wild cycle of debt
From TRD New York: An attempt by the Chinese government to fill empty apartments is pushing indebted cities farther into debt. Over the past three years, more than 200 Chinese cities have been buying surplus apartments from developers and moving in families who live in neighboring villages or on condemned city blocks, a program it plans to continue through 2020, according to the Wall Street Journal. Local governments spent more than $100 billion in 2016 ... [more]
10/13/2017 06:15 PM
Goldman Sachs is getting into fix-and-flip loans
From TRD New York: Goldman Sachs is getting into the house-flipping loan business. The Wall Street giant is buying Genesis Capital, a lender to investors that buy, fix and flip single-family properties. Genesis issued $1 billion in loans last year, up from $50 million in 2013, the Wall Street Journal reported. House flipping is on the rise as the residential market continues to recover from the subprime mortgage crisis. Last year, borrowers took out $40 ... [more]
10/13/2017 05:30 PM
Miami airport retail stores ask for rent break after Hurricane Irma
Nationwide the retail environment is tough enough, but throw in a hurricane, and it gets tougher. At least that’s what a group of Miami International Airport retailers and concessionaires said in a letter to MIA’s director Emilio González, last month. After shutting down for three days during Hurricane Irma, retail stores and restaurants are now asking for a rent break through 2018 to recover their lost revenue, according to the Miami Herald. Airport spokesman Greg ... [more]
10/13/2017 04:45 PM
Judge dismisses suit challenging Beckham land sale
A Miami-Dade Circuit Court judge threw out a lawsuit challenging the sale of county-owned land in Overtown to Miami Beckham United. ... [more]
10/13/2017 04:00 PM
How to protect yourself against the rising risk of mortgage fraud
Fraud in connection with home mortgages is on the rise, ranging from little white lies about the intended use of the property all the way up to much more sophisticated schemes. But what, you ask, does this have to do with me? Maybe more than you think, especially if you end up on the wrong end of it and have no clue about what’s going on. Overall fraud risk in the home mortgage field is ... [more]
10/13/2017 03:15 PM
Exeter Property Group scores loan for spec warehouse complex in Coral Springs
Exeter Property Group just scored $23.8 million in financing for two spec warehouse buildings under construction in the Corporate Park of Coral Springs in Broward. Records show the lender was SunTrust Bank. Once completed, the buildings at 4050 and 4020 Northwest 126th Avenue will span 215,000 square feet, each. The Conshohocken, Philadelphia-based company paid $7.9 million for the 35-acre property in 2015, records show. The complex will be called the Coral Springs Complex Center. The ... [more]
10/13/2017 02:30 PM
New data shows just how male-dominated the CRE industry is
From TRD New York: Women who want to become CEO of a real estate fund manager may have a better shot across the ocean. A mere 10 percent of senior executives at U.S. private real estate fund managers are female, according to a survey by research firm Preqin. That’s a far cry from France, where women occupy 17 percent of top jobs, Singapore (14 percent) and Hong Kong (12 percent). Germany and the United Kingdom ... [more]
10/13/2017 01:45 PM
KKR places $1.1B bet on high-risk CMBS
From TRD New York: KKR is betting $1.1 billion on the riskiest commercial mortgage backed securities, trying to capitalize on new rules under the Dodd-Frank Act. The private equity firm closed on an investment fund to buy so-called CMBS B pieces. In December federal risk retention rules went into effect, requiring CMBS issuers to keep 5 percent of bonds on their books. Issuers could get around that requirement if they sold off the riskier B ... [more]
10/13/2017 12:45 PM
West Broward’s projects near completion
From the Fall issue: While Miami, Fort Lauderdale and West Palm Beach have all enjoyed their days in the development spotlight in recent years, the municipalities in West Broward are increasingly getting their star turn. As land near the ocean is either disappearing or becoming prohibitively expensive, developers are “discovering” places like Sunrise, Plantation, Davie and Pembroke Pines. Lou Sandora, the director of economic development for the city of Sunrise, said that 10 years ago, ... [more]
10/12/2017 09:15 PM
Sears at Broward Mall in Plantation to be redeveloped
Seritage Growth Properties plans a $20 million-plus redevelopment for its Sears store at the Broward Mall in Plantation, including adding new restaurants and retailers. The plan, unveiled Wednesday night at a city council meeting, is to turn 90,000 square feet of the existing 180,000-square-foot store into a development with six restaurants and five retail spaces. Sears will continue to operate in a smaller space. Seritage Growth Properties owns a 14-acre parcel at Broward Mall. It ... [more]
10/12/2017 08:30 PM
New retail and restaurants head to Coconut Grove
Three new retail and restaurant tenants are coming to Coconut Grove. Bonobos, Le Pain Quotidien and Poke305 just inked leases in the Grove, according to the Comras Company, which brokered the leases. Bonobos, a clicks-to-bricks men’s clothing company, took over Kit + Ace’s 1,960-square-foot space in Coconut Grove at 3401 Main Highway. Kit + Ace, a luxury clothing and accessories brand, opened its first Florida store at the Grove’s Engle Building in late 2015. An ... [more]
10/12/2017 07:45 PM
AHS scores construction loan for rental community in south Miami-Dade
An affiliate of Miami-based AHS Residential just scored a $27.4 million construction loan for its Deering Groves rental community in south Miami-Dade. Records show the affiliate, Village at Tuscany LLC, scored the loan from Citibank. AHS bought the 9.3-acre plot of land on the southwest corner of Southwest 256th Street and Southwest 137th Avenue in 2014 for $2 million. Deering Groves, in the Naranja area of Miami-Dade, will be designed by Chisholm Architects. The 281-unit ... [more]
10/12/2017 07:00 PM
Court rules Privé’s sidewalk, built through homeowners’ properties, is illegal
UPDATED Oct. 13, 4:50 p.m.: A judge has deemed Privé at Island Estates’ sidewalk, built through homeowners’ properties, is illegal, as the years-long war between the condo developers and their Aventura neighbors wages on. Several nearby homeowners and the Island Estate Homeowners Association had filed suit against the developers in 2014, alleging that the sidewalk constituted trespassing. The developers had argued that they used a utility easement to build the sidewalk. Gary Cohen and BH3’s ... [more]
10/12/2017 06:00 PM
First Airbnb-branded apartments coming to the US
If you can’t beat them, join them? ... [more]
10/12/2017 05:00 PM
California firm buys office complex in Boca Raton’s Park at Broken Sound
MTI Properties LLC, the real estate arm of Michael Toshio Inc., just purchased a two-building office complex in Boca Raton for $8.45 million, according to the firm that brokered the deal. Burlingame, California-based MTI Properties, led by Michael Toshio Nakamura, paid $163 per square foot for the office complex at 6501 and 6531 Park of Commerce Boulevard. The complex spans nearly 52,000 square feet. Avison Young’s Mark Rubin and Keith O’Donnell represented the sellers, Frank ... [more]
10/12/2017 04:15 PM
Pitbull to open restaurant at Nakash family’s Ocean Drive hotel
The Nakash family has landed Pitbull as a celebrity tenant for one of its Ocean Drive hotels. ... [more]
10/12/2017 03:30 PM
Rockwood, Thor list Wynwood site for $45M
Rockwood Capital and Thor Equities are looking to cash in on a large development site they own in Wynwood. ... [more]
10/12/2017 02:30 PM
Terra closes on land, scores construction loan for Pines Market
Terra just scored $48.8 million in financing to begin construction on its planned mixed-use development in Pembroke Pines, called 16000 Pines Market, property records show. The lender was Pineland Finance and Investment. Terra also purchased a portion of the development site at 16000 Pines Boulevard for $11.5 million from the city of Pembroke Pines, records show. The city had purchased the entire 27-acre property for $17.8 million in 2015 from the US Postal Service. Last ... [more]
10/12/2017 01:45 PM
Office landlords discover the consumer
The office market has seen plenty of innovation in recent decades, from the rise of real estate investment trusts to online databases like CoStar. But landlords have made little progress in one arena: using new technologies to appeal to tenants. “We spend a lot of time on the analysis of our assets, a lot of time on how well they are performing and I think really little time on the end user,” Lisa Picard, who ... [more]
10/12/2017 12:45 PM
Little Havana’s big evolution?
From the fall issue: Little Havana has a special place in the hearts of Bill Fuller and Martin Pinilla. The two are the co-founders of the Barlington Group, a company that invests in real estate and small businesses throughout Miami — but it’s in Little Havana where they own stakes in 40 retail, residential and hotel buildings. Of those properties, 23 can be found along Southwest 8th Street, also known as Calle Ocho, the main ... [more]
10/11/2017 10:00 PM
Wynwood opposes legislation aimed at making developers pay for public art in Miami
Wynwood developers and property owners are officially taking a stand against proposed legislation that would force them to either subject their private art projects to city appraisals or pay a percentage of their development costs in lieu of placing art installations. The Wynwood Business Improvement District’s board of directors voted unanimously on Wednesday to rescind its previous support for two resolutions that would expand the city of Miami’s art in public places program beyond city-owned ... [more]
10/11/2017 09:15 PM
Could Coral Gables lose the rights to Miracle Mile name?
The city of Coral Gables is now looking at trademarking the city’s “jewel,” Miracle Mile. Now that Illinois-based Institutional Mall Investors is applying to trademark its Miracle Mile Shops in Las Vegas, the City Beautiful wants to protect the popular retail street, according to the Miami Herald. The street, which is Coral Way from Southwest 37th Avenue to 42nd Avenue, has been known as Miracle Mile since 1947. City attorney Craig Leen told the newspaper ... [more]
10/11/2017 08:35 PM
Co-working firm leases building in Miami’s A&E District
A United Kingdom-based co-working operator just inked a long-term lease in Miami’s Arts & Entertainment District, according to the firm that brokered the deal. The Factory is leasing a nearly 21,500-square-foot building at 31 Northeast 17th Street. It signed a $5.2 million, 10-year lease, according to a release. This will be the first Miami office space the firm opens. Hector Cataño of Cornerstone International Realty represented the landlord in the deal. Records show Prince Albert ... [more]
10/11/2017 07:45 PM
Confirmed: Moishe Mana signs on to The Real Deal’s Miami real estate event
The Real Deal is excited to announce the addition of developer Moishe Mana to the lineup of our fourth annual Miami Real Estate Showcase and Forum on Oct. 26! Mana, who chatted about his humble beginnings and vision for Miami in this issue’s Closing interview, will join TRD for an exclusive one-on-one interview starting at 11:30 a.m. Use promo code MANA to receive 10% off ticket price The event will also include discussions on the region’s development cycle, ... [more]
10/11/2017 07:00 PM
Negligence, fake buyers and more: allegations against Fortune Realty agent pour in
Alex Daguer’s name is well known among Miami Beach luxury real estate agents – some of whom accuse him of bringing false buyers to gain a foothold in listings. In a recently filed ethics complaint obtained by The Real Deal, Fortune International Realty agent Daguer is also being accused of negligence for his alleged role in a real estate scam. And separately, he faces a lawsuit that alleges he cut another agent out of listings ... [more]
10/11/2017 06:15 PM
America spends a lot more on homeowner subsidy than on Section 8: report
From TRD New York: In a May interview with the New York Times, Housing and Urban Development Secretary Ben Carson warned against policies that provide “a comfortable setting that would make somebody want to say: ‘I’ll just stay here. They will take care of me.’” Carson further said he believes in “incentivizing those who help themselves.” If that means aiding the already well-off, a comparison of two key housing subsidies by listings website Apartment List ... [more]
10/11/2017 05:32 PM
Hurricane Irma obliterated hundreds of properties in Monroe County
Monroe County government employees say 675 residential and commercial structures were destroyed by Hurricane Irma in Monroe County, while thousands of others were damaged, according to the Miami Herald. Assessments were done by looking at the exteriors, the Herald reported. Inspectors did not enter the buildings. A majority of the destroyed properties are in Big Pine Key, according to the Herald. Houses were also crushed on Big Coppitt Key, Geiger Key, Little Torch Key, Lower ... [more]
10/11/2017 04:45 PM
Bijou Bay Harbor hires new brokerage
Bijou Bay Harbor has a new sales and marketing team. ... [more]
10/11/2017 03:53 PM
South Florida lease roundup: 2020 Salzedo reaches 95% occupancy & more
2020 Salzedo reaches 95 percent occupancy Worldwide architectural design firm HKS just signed a 12,132-square-foot lease at Codina Partners’ 2020 Salzedo, a new mixed-use development in Coral Gables. Tech company Ilumno Management also signed a lease for 9,294 square feet, bringing the occupancy to 95 percent, according to a press release. Blanca Commercial Real Estate is the leasing agent for the office portion of the building. Alexander Cahlin at Blanca Commercial Real Estate represented Ilumno ... [more]
10/11/2017 02:30 PM
American banks aren’t lending to British property owners like they used to
From TRD New York: Lenders in North America and elsewhere are pulling back on credit they’re willing to provide for commercial properties in the U.K. as prices remain at record highs and uncertainty lingers over Brexit. North American banks provided $861 million for commercial real estate in the six months through June, a 58 percent drop from the previous year, according to a survey of 78 lenders by De Montfort University. British banks and member-owned ... [more]
10/11/2017 01:45 PM
Investor buys industrial building in the Weston Park of Commerce
Real estate investor Leo Ghitis just bought a vacant industrial warehouse at the Weston Park of Commerce for $8.1 million, according to the firm that brokered the deal. Ghitis bought the 90,620-square-foot warehouse at 1500 North Park Drive through UBS Realty Advisors, according to a release. The trade breaks down to about $90 per square foot. Colliers International South Florida’s Steven Wasserman represented the seller, an affiliate of Becknell Development, a Carmel, Indiana-based real estate ... [more]
10/11/2017 12:45 PM
Scoring the social media accounts of the biggest homesellers
From the fall issue: Which brokerage is winning at social media? While the accounts for national firms like Coldwell Banker and Douglas Elliman send out a blitz of general real estate information including everything from market analysis, news stories and luxury listings to decorating tips, in South Florida, star brokers use their own feeds to keep potential clients engaged. Here’s how the top five firms in TRD’s ranking of residential brokerages in Miami-Dade county fared ... [more]
10/10/2017 10:15 PM
Advenir buys apartment complex in Coconut Creek
Advenir, an Aventura-based real estate investment firm, just paid $64.5 million for the Crown Pointe apartments in Coconut Creek, property records show. Advenir purchased the 360-unit apartment complex at 4142 Cocoplum Circle for about $179,167 per unit. Records show Star Pointe & Crown Pointe Newco LLC, an affiliate of Atlanta-based Wood Partners, sold the complex. The buyer also scored a $52.32 million loan through Freddie Mac. The lender was Berkadia Commercial Mortgage, records show. Built ... [more]
10/10/2017 09:15 PM
Miami Beach preservation board greenlights demolition of Lincoln Road building
UPDATED Oct. 11, 6 p.m.: A plan to redevelop a Lincoln Road property with a 1920s facade can move forward following a favorable vote by the Miami Beach Historic Preservation Board. Real estate investor Leon Zwick’s 947 Lincoln Road Investments won 6-1 approval Tuesday for a “near total demolition” of the existing two-story retail building at 947 Lincoln Road and 1657 Michigan Avenue in Miami Beach.  Originally built in 1924 as Mediterranean Revival-style structure, the ... [more]
10/10/2017 08:30 PM
Moishe Mana puts North Miami Beach mixed-use property on the market
Developer Moishe Mana just put an office building and adjoining retail property and garage in North Miami Beach on the market. TIR Prime Properties’ Mariano Saal and Sheila Dreher are listing the site at 699 Northeast 167th Street, which includes a 12-story office building. The 136,468-square-foot property is 54.5 percent occupied, with its main tenant Regions Bank, Dreher said. The site is unpriced, but “we are thinking along the lines of $20 million,” she said. ... [more]
10/10/2017 07:30 PM
Billionaire developer revises Miami Beach condo plans
The Brazilian billionaire developer behind a contentious condo project in Miami Beach submitted revised plans for the site. José Isaac Peres, founder of Multiplan Real Estate Asset Management, now plans to provide public beach access at the property, the Marlborough House at 5775 Collins Avenue. In September, the Miami Beach Design Review Board delayed a decision on the demolition of the structure to Dec. 5, pushing hard for a public beach path. Arquitectonica is designing ... [more]
10/10/2017 06:30 PM
Paydirt: How Rupert Murdoch plans to trample Zillow
From TRD New York: “Power replaces power with itself. You can either stand on the other side of the window, tap, tap, tap, asking to come in. Or you can establish a new line of ascension.” So says a young Rupert Murdoch to his first editor Larry Lamb in “Ink,” a new play about the early days of Murdoch’s mighty tabloid, The Sun. The Aussie media mogul was certainly no fan of the tap-and-ask approach; ... [more]
10/10/2017 05:30 PM
Malpractice suit involving Plantation Fashion Mall dismissed
Chinese conglomerate Tangshan Ganglu Iron & Steel Co. Ltd. and Fort Lauderdale-based law-firm Becker & Poliakoff have filed a joint stipulation, dismissing a year-long case involving the Plantation Fashion Mall, according to the Daily Business Review. Tangshan and its founder Zheng Zheng Du hoped to redevelop the Plantation mall, but lost the property during a bankruptcy auction in March 2015. The firm filed suit a year later alleging that Becker & Poliakoff was part of ... [more]
10/10/2017 04:45 PM
Andrea Greenberg dies at 53
Andrea Greenberg, a real estate marketing guru who spent much of her career at Fortune International Group, was found dead at her Miami home early Tuesday. She was 53. ... [more]
10/10/2017 04:00 PM
Hallelujah! Churches are stepping up to fill vacant retail space
Have you heard the one about the priest who walks into a vacant shopping center? As retail’s struggles continue across the country, landlords have started to expand the types of tenants they look at to fill vacancies, and churches are now getting more consideration, according to the Wall Street Journal. Shopping center owners generally considered religious institutions to be weak tenants, as they are usually not open all week, do not draw a ton of ... [more]
10/10/2017 03:15 PM
Cold storage facility sells for a cool $10M in Miami-Dade
A cold storage facility in northern Miami-Dade just traded hands for $9.62 million, according to the firm that brokered the deal. The Mandich Group, a real estate investment fund, paid about $72 per square foot for the 133,000-square-foot facility at 501 Northeast 183rd Street. Doral-based Cornerstone International Realty’s Hector Cataño and George Smith represented both sides of the transaction. Records show FLA Plantation Cold Storage sold the property. Previous sale information was not available. It ... [more]
10/10/2017 02:30 PM
The week in luxury: A map of Miami-Dade’s priciest condo sales
Miami-Dade County’s condo market took a dip last week. During the first week of October, 111 units sold for about $44 million, a drop from the previous week’s $83 million. Condos sold for an average price of about $400,000 and $264 per square foot. Closing prices in the top 10 deals ranged from $700,000 to $7.5 million. The most expensive unit to close was at Ocean House in Miami Beach. Unit 503 traded hands after ... [more]
10/10/2017 01:45 PM
Blackstone, others could lose millions in Puerto Rico real estate bets
Deep-pocketed investors like Paulson & Company, Lone Star Funds and the Blackstone Group pumped hundreds of millions of dollars into Puerto Rico real estate in recent years. In hindsight, that doesn’t look like such a great idea. The island’s economy is in tatters in the wake of Hurricane Maria. Storm damages could add up to $95 billion, according to one estimate. “We sustained a lot of damage, and we’re facing very significant losses,” Brian Tenenbaum ... [more]
10/10/2017 12:45 PM
Inside the struggle to reshape Las Olas into a prime high street
From the fall issue: In December of last year, Las Olas Companies, Barron Real Estate and Hudson Capital Group — the three major commercial property owners on Las Olas Boulevard — hired retail leasing guru Michael Comras to help them revitalize a four-block stretch of what is arguably downtown Fort Lauderdale’s most important strip: from Southeast Sixth Avenue to Southeast 10th Terrace. Yet 10 months into the effort, Miami Beach-based Comras Company has only announced ... [more]
10/09/2017 09:30 PM
Former NFL star Stephen Tulloch lists Pinecrest home
The recently retired NFL linebacker Stephen Tulloch just listed his Pinecrest estate for $3.8 million. ... [more]
10/09/2017 08:15 PM
Colombians look for Miami homes more than buyers from any other country – again
Colombia held the No. 1 spot for countries looking for South Florida homes, according to the Miami Association of Realtors. ... [more]
10/09/2017 07:30 PM
TA Realty picks up warehouse in Hollywood
A company tied to TA Realty just picked up a food distribution center in Hollywood for $21 million. Principal Global Investors, an Iowa-based company that has business interests in everything from insurance to securities, sold the 151,460-square-foot warehouse at 2800 Southwest 42nd Street to TA affiliate FHF 1 Port 95 LLC, records show. The price breaks down to about $139 per square foot. CBRE’s Christian Lee, Chris Riley and José Lobón represented the seller. The ... [more]
10/09/2017 06:45 PM
Office builders are thinking about Mars when they design new projects
From TRD New York: A happy and healthy workplace is a productive workplace, according to engineers, architects and scientists who are using academic research to build better office spaces. Planners are using what’s called “evidence-based design” to help mitigate environmental factors that lead to a loss in productivity, but the research is still preliminary, the Wall Street Journal reported. Combining sensors with workers’ self-reported levels of productivity and satisfaction — not dissimilar to what how ... [more]
10/09/2017 06:00 PM
All guts, no glory: What it’s like to be a foot soldier on a “top agent” team
From TRD New York: “I call Jordan our flight control tower. He is the oil in our machine. On top of that, he mans the calendars, phones, emails and, yes, he will be the one you meet if you knock on the door to my office,” Douglas Elliman’s Fredrik Eklund wrote in his 2016 book “The Sell.” Referring to longtime assistant Jordan Shea, the reality TV star added: “Your goal is to get on his ... [more]

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