Real Estate News

South Florida Industrial and Retail Guide 2015

Infrastructure questions regarding proposed largest mall in the nation, retail market rides residential wave, low vacancy rates trigger creative deals.

Brickell City Centre rendering

Simon Added as Brickell City Centre Developer

By Samantha Joseph |

Swire adds another power player to its $1 billion Brickell City Centre project: Simon Property Group, the company behind Simon Malls.

Charred backhoe sits on lot with apartment building being demolished

High-Tech Overtown Center Takes Place of Previous Housing Plans

By Eleazar David Melendez |

A giant LED billboard tower in Miami's Overtown neighborhood is part of a 10-acre commercial redevelopment plan by developer Michael Simkins, who is ejecting housing plans.

Doral Apartment Complex Acquired for $103.5 Million

By Samantha Joseph |

A Chicago buyer paid $103.5 million for Signature at Doral, a sprawling community along Lakeside Drive and Northwest 41st Street.

Airport West Industrial Building Acquired

By Samantha Joseph |

Key Biscayne attorney Lisette Pie Salazar just scooped up an $8 million piece of real estate.

Real Estate broker Edie Laquer

Edie Laquer Wins Appeal in Beef With Miami Worldcenter Developer

By Eleazar David Melendez |

Miami power real estate broker Edie Laquer wins an appeal in a fight with Miami Worldcenter developer Art Falcone over her claim to a share of the transformative project.

Rendering of the proposed American Dream Miami mega mall

The Reason Miami-Dade is One Step Closer to Having America's Largest Mall

By Samantha Joseph |

Developer Triple Five Worldwide Group of Cos. is now one step closer to building the country's largest mall in Miami-Dade County.

Interior of Atrio Restaurant in the Conrad Miami

Power Lunch: Atrio's Great Service Comes With View of Brickell (Slideshow)

By Eleazar David Melendez |

Atrio Restaurant and Wine Room caters itself to the pinstripe-suit standards of the business travelers staying at the Conrad Hotel.

In this area, developers want to build a 633-foot-tall video billboard

When Stuck in Miami Traffic, Developers Want You to Check Out 58-Story Billboard

By Eleazar David Melendez |

A massive LED billboard, the second-largest in the U.S., could soon greet commuters southwest of I-95 and I-395.

Trump Hollywood, 2711 S. Ocean Drive, Hollywood

Wasn't Me! Trump Hollywood Subcontractors Blame Each Other After Lawsuit

By Samantha Joseph |

The condo association's lawsuit claims the Trump Hollywood has incompatible steel and plastic PVC pipes in the fire sprinkler system.

Piling drilling at One Thousand Museum construction site

Condo Tower Sets Record for Deepest Foundation Piles in Miami-Dade

By Eleazar David Melendez |

One Thousand Museum has the deepest foundation piles in the history of Miami-Dade county at 177 feet.

Blackstone, Brookfield Said to Bid for Investa Portfolio

Blackstone Group LP and Brookfield Asset Management Inc. are among bidders for $7 billion of Australian real estate being sold by Morgan Stanley's Investa Property Group.

Daniella Levine-Cava

Rule Considering How CRAs Can Spend? Miami-Dade Considering It

By Eleazar David Melendez |

Miami-Dade County Commissioner Daniella Levine Cava is offering new rules to limit spending by community redevelopment agencies on funding for private developments.

Prologis, Norges Acquire KTR Industrial for $5.9 Billion

By Erika Morphy, GlobeSt.com |
Professional Center at Riviera Point

EB-5-Funded Office Complex Completed in Miramar

By Samantha Joseph |

Developer Rodrigo Azpurua relied on investors from Venezuela, Colombia, Argentina, Russia and China to raise nearly $42 million for three South Florida office complexes.

The Westin Hotel

Starwood Hotels Giving Activists Reason to Check in

Starwood owns high-end hotel chains such as W and Westin, but analysts say it would benefit from some lower-cost hotel brands to keep up with rivals.

Alexander J. Perkins

Landlord and Tenant Fight Was Just First Round in Design District Sale

By Samantha Joseph |

A landlord and tenant fought for control of a property in Miami's Design District that attracted a $16 million offer from Thor Equities and ASB Real Estate Investments.

Home Construction Off to Weak March Start

Homebuilders opened the spring buying season at a slower pace than last year, a warning that recent hiring gains have failed to boost the real estate market.

Miami Beach Community Church located at 1620 Drexel Ave.

Lincoln Road Church at Center of Redevelopment Battle

By Eleazar David Melendez |

A yearlong bureaucratic and political battle over a proposed Lincoln Road development has moved to court, pitting preservationists against a prominent developer with grand plans for the future.

Over Objections, Cabinet Approves Land Sale for Miami-Dade Megamall

Gov. Rick Scott and the Florida Cabinet unanimously approved a deal Tuesday to sell state land near Hialeah for American Dream Miami, planned as the nation's largest shopping mall.

251 E. Flagler St.

Block in Downtown Miami Up for Grabs

By Samantha Joseph |

A retail parcel spanning an entire block in downtown Miami on Flagler Street, a block west of Biscayne Boulevard, just hit the market.

Really? Opa-locka Ranks Second in Nation for Housing Flips

By Samantha Joseph |

Realtytrac says Opa-locka is the second most profitable U.S. city for residential flipping and ranks second on flip sales volume as well.

Here Is Why Your Rent Will Probably Rise Again This Year

Living in an apartment? Expect your rent to go up again.

Real Estate Players Digging Deep, Donate to Sarnoff, Regalado Campaigns

By Eleazar David Melendez |

Miami real estate executives are make political contributions to campaigns by Teresa Sarnoff and Raquel Regalado.

3 Florida Rental Markets Among Least Affordable

Miami-Dade and Broward counties are among the least affordable places to rent in the U.S.

Blackstone Goes on Biggest Real Estate Spree Since Last Boom

Blackstone Group LP cemented its position as the world's biggest private-equity investor in real estate with a global buying spree that includes General Electric Co. assets and a California-based shopping-center owner.

The city's slogan is displayed in neon lights over Virginia Street in Reno, Nevada, U.S., on Thursday, March 19, 2015. Reno, a town that built an economy on quickie divorces, is mapping out the second act of its American life. As unemployment dropped by 1.5 percentage points the city has attracted tech companies such as Bay Area-based Apple Inc. and Tesla Motors Inc.  Photographer: David Paul Morris/Bloomberg

Its Economy Struggling, Reno Wants to Be Silicon Valley's Back Office

By James Nash |

Reno, Nevada, a town that built an economy on quickie divorces, is mapping out the second act of its American life.

Sawgrass Pointe 1 in Sunrise is changing hands as part of a $1.2 billion multi-state suburban office portfolio deal.

Duke Trades South Florida Portfolio to Joint Venture for $178M

By Samantha Joseph |

Starwood Capital Group and joint venture affiliates closed a deal worth more than $178 million with Duke Realty for an office portfolio in Sunrise, Pompano Beach and Plantation.

Bath Club Condo Miami Beach. 5959 Collins Avenue, Miami Beach 33140

Univision Exec Sells Bath Club Condo for $1.7 Million

By Samantha Joseph |

Univision executive Alberto Ciurana sold his plush Sunny Isles Beach condo to developer Don Peebles.

Randolph Equity Partners, Inc. (REP)—a Fort Lauderdale-based real estate development and capital firm— announced its plans for the proposed redevelopment of Bahia Cabana Beach Resort in Fort Lauderdale.

Resort Makeover Unveiled for Lauderdale's Bahia Cabana

By Samantha Joseph |

A developer proposes a land swap with Fort Lauderdale to create a mixed-use project with a hotel and condominiums on the Intracoastal Waterway.

777 S. Flagler Drive in West Palm Beach

Palm Beach County Expands as Wealth Fund Magnet

By Eleazar David Melendez |

Atlantic Trust Wealth Fund Management is responding to an influx of wealth into South Florida by opening a West Palm Beach office.

6 Charged in Pre-Crash Mortgage Fraud

By Staff Report |

Six people in Miami and Brazil have been charged by federal prosecutors with scamming banks on real estate in Miami-Dade and Palm Beach counties, including Fisher Island homes.

Cheap Oil Is Squeezing Property Owners in Energy Hubs

By Sarah Mulholland |

Analysts expect refinancing to get more difficult in real estate markets dominated by the energy industry due to falling oil prices.

New Residential Agrees to Buy Home Loan Servicing Assets

​New Residential Investment Corp., a U.S. real estate investment trust, bought Home Loan Servicing Solutions Ltd.’s assets for about $1.2 billion, an agreement that replaces a merger announced in February.

Ventas Jumps After Announcing Ardent Buyout, REIT Spinoff

Ventas Inc. rose the most in three years after agreeing to buy a U.S. hospital company and saying it plans to spin off most of its skilled-nursing and rehabilitation properties into an independent real estate investment trust.

Bad News for Property Owners? South Florida Courts Slash Through Foreclosure Backlog

By Samantha Joseph |

When it comes to foreclosure lawsuits, good news for the judiciary could spell havoc for property owners.

Hovnanian Starting 538-Unit Senior Communiity in Parkland

By Samantha Joseph |

Groundbreaking is set Wednesday for Four Seasons at Parkland for buyers 55 and up.

Judge Sides With Miami Beach Condo Association on Engineer's Lien

By Eleazar David Melendez |

A Miami-Dade circuit judge rules an engineering firm suing a Miami Beach condo association can't use a single lien to recover for work done under nine contracts, the association's attorney said.

Huge Hialeah Warehouse Sold by Barclays for $95.75 Million

By Eleazar David Melendez |

A huge Hialeah warehouse has sold in one of the largest industrial deals of the year, with the mammoth building selling for almost $100 per square foot.

Pembroke Commerce Center Sale Tops $30 Million

By Samantha Joseph |

Prologis spent $30.26 million to acquire the large Class A industrial complex about half a mile west of Interstate 95 on Pembroke Road and Southwest 40th Avenue.

Modera Aparments

You Won't Believe How Much This Buyer Spent on Kendall Apartments

By Samantha Joseph |

Modera Dadeland, two midrise buildings with 350 units, goes for $104.5 million. That's close to $300,000 a unit.

Terry Stiles

Stiles Leadership Will Shift From Father to Son

By Samantha Joseph |

The Fort Lauderdale-based developer produces a succession plan that will unfold buy mid-2017.

Robert Menendez.

Exclusive Dominican Resort Tied to Senator's Indictment

A Dominican Republic resort long known as an exclusive Caribbean hideaway, where at least three former U.S. presidents have played golf, is one of the main settings in the corruption scandal enveloping Sen. Bob Menendez.

David Martin

Terra Developer Spends $14M on Secluded Miami Estate

By Eleazar David Melendez |

Terra Group president David Martin and his wife Christina buy a seven-bedroom mansion on Biscayne Bay near the historic Vizcaya estate.

Live in a Porsche? Designer Labels Draw Miami Homebuyers

The wow factor for Miami's skyscraper condos no longer comes from a dazzling Atlantic Ocean view.

Lennar Wins Again, 3rd DCA Backs $1B Verdict Against Nicolas Marsch III

By Samantha Joseph |

The Miami-based homebuilder was the victim of corporate sabotage that put its shares under attack.

Hedge Fund Billionaire Spends $71.2M on Palm Beach Estate

By Samantha Joseph |

Tudor Investment's Paul Tudor Jones II secures a six-acre estate on famed Billionaire's Row.

Brickell City Centre rendering

50% Down Payment is not the Norm at Brickell City Centre

By Eleazar David Melendez |

A condo in Brickell City Centre can be bought for 20 percent down at the purchase contract, with an additional 15 percent due 120 days after signing.

New Indicator Shows There's No Bubble Forming in US Housing

When a parking space in Manhattan costs $136,000 and only 15 percent of San Francisco's homes are affordable for the middle class, it's easy to worry that another housing bubble is around the corner.

Hearing About Chinese Drywall Damage Scheduled for April 28

With a hearing scheduled to decide how much money thousands of people are owed for Chinese drywall damage to their homes, the manufacturer has made payments required to participate, including $3.2 million to seven homeowners in Virginia.

Masoud Shojaee

Audit Spotlights Dispute in Homebuilder Shoma's Family

By Samantha Joseph |

The Internal Revenue Service audit wound up in Tax Court to resolve a nasty family dispute involving Doral-based Shoma Development Corp.

200 Via Palma, Palm Beach

Media Mogul Drops $30 Million on This Palm Beach Mansion

By Samantha Joseph |

Media mogul Herbert J. Siegel picks up a seven-bedroom waterfront mansion in Palm Beach.

It's Refinancing Time for Housing Bubble CMBS Loans

By Jennifer LeClaire |

It's no secret that over $300 billion in CMBS loans will need to be refinanced between now and 2017.

San Matero condo association's Jackie Durham holds an image of the the condition of the walls at a building there with attorney David Haber.

Condo Owners Claim Shoddy Construction and They Are Fuming; File $45M Suit

By Samantha Joseph |

The San Matera association hit a Kolter Homes affiliate with the $45 million lawsuit alleging widespread problems in the 676-unit community.

Letter to Editor: New Reverse Mortgage Rules Protect Consumers

By Phil Stevenson |

A reverse mortgage can provide retirees with significant benefits, the ability to convert illiquid home equity into a different type of investment, says letter writer Phil Stevenson.

Fidel Castro

Who Claims What Property Seized in Cuba? Fact and Figures

Soon after Fidel Castro came to power, his government seized the refineries, hotels and sugar plantations that were the most visible signs of the American hold on the island's economy.

Tamarina Restaurant located at 600 Brickell Ave.

Power Lunch: At Tamarina, 'They're Doing Things Just Right' (Slideshow)

By Eleazar David Melendez |

The Tamarina restaurant in Miami's Brickell Financial District is a designer niche with Italian leanings.

The Lyric Theater

Will $2M in Grants to Two Politically Connected Organizations Bring Nightlife to Overtown?

By Eleazar David Melendez |

Miami's Southeast Overtown-Park West Community Redevelopment Agency is pushing a nighttime initiative with $2 million in grants to two organizations.

In Property Tax Disputes, Taxpayers Want Their Interest Back

By Noreen Marcus |

The Rennert Vogel law firm files a proposed class action for interest on Miami-Dade County property taxes when bills are disputed.

Number-One

Office Guide 2015

They're already trophy buildings, but some of South Florida's Class A office towers are getting mulitimillion-dollar upgrades as investors compete for wealthy tenants. Plus, the South Florida office market is tightening and Brickell construction sets the bar high.

Michael Erickson

South Florida Office Market Tightens on Limited Construction

By Samantha Joseph |

Lenders have little appetite for the offic sector now that residential projects are selling at a record pace and multifamily units across the region are trading at higher prices.

Miami's Overtown CRA May Be Left With Biggest Bill for Tri-Rail Station

By Eleazar David Melendez |

A plan to create a Tri-Rail station as part of the All Aboard Florida project in downtown Miami assigns a $28 million share to the Overtown community redevelopment agency.

Rendering of Parque Towers, 330 Sunny Isles Blvd.

$136M Construction Loan Approved for Sunny Isles Condo Complex

By Samantha Joseph |

Arnstein & Lehr works the $136.5 million financing for the 320-unit Parque Towers, which received funding from Wells Fargo.

Looking for a Job Near Home? Good Luck, It's Getting Harder

A Brookings Institution report out found that the number of jobs within a typical commuting range dropped 7 percent between 2000 and 2012 in major U.S. metropolitan areas.

2245 N. Miami Ave.

Developer Jeronimo Hirschfeld Buys 2 Lots in Wynwood for $15M

By Samantha Joseph |

Jeronimo Hirschfeld pays $192 per square foot for 1.8 acres and has a mixed-use complex in mind.

You Can't Build That! Island Gardens Opponent Claims the Watson Island Project is Illegal

By Eleazar David Melendez |

A longtime opponent of the Island Gardens project proposed for Miami's Watson Island claims he has found a "smoking gun" in city records that show the development is illegal

Home Sales Rebound Slightly in February

Home sales remained sluggish due to tight inventories, affordability problems and nasty winter weather.

Lennar Builds More Rentals as Slow Sales Pace Persists

By John Gittelsohn Bloomberg News |

Lennar Corp., the second-largest U.S. homebuilder, is raising its bet on rental housing as the pace of sales continues to drag.

1455 Yamato Rd, Boca Raton, FL 33431

Here's What $2B Buys You in South Florida

By Eleazar David Melendez |

Pennsylvania-based American Realty Capital Properties scoops up a portfolio of South Florida hotels worth over $100 million as part of the $1.93 billion deal with financial giant Goldman Sachs.

Fashion Mall at 321 N. University Drive, Plantation

Sold! Winning Bidder Offers $38M for Plantation's Fashion Mall

By Samantha Joseph |

A bankruptcy auction leaves Boca Raton's Encore Housing Opportunity Fund as the winning bidder--with plans for a life-work-play redevelopment on the 33-acre site.

Anidjar & Levine spend $3M on a New Fort Lauderdale Office

By Samantha Joseph |

The personal injury law firm will move to its new office this fall.

Stuart Miller

Lennar Profit Jumps 47% on Home Sales

Lennar Corp. beat Wall Street expectations with a 47 percent boost in first-quarter profit on a jump in home sales.

Al Capone's house

(Slideshow) Al Capone's Old Miami Beach Estate Gets Major Makeover

By Eleazar David Melendez |

An Italian real estate company recently renovated Al Capone's old Palm Island haunt as part of a business plan that values historic preservation.

Property at 2621 NW 2nd Ave. in Wynwwod

Investors Beat Own Record for Wynwood Real Estate in Miami

By Eleazar David Melendez |

A New York fund that burst into Miami's Wynwood district paying previously unheard-of sums has done it again—this time shattering its own per-square-foot record set in January.

The Nonprofit Behind Billions in Mortgage Aid Is a Mess

Hoping to deliver relief to Americans pounded by the financial crisis, the government has poured billions of dollars into a sort of Red Cross for homeowners.

Glen H. Waldman

It's Getting Ugly in Sunny Isles: Neighbors not Happy With Ritz-Carlton Residences Developers

By Samantha Joseph |

Neighbors accuse developers Edgardo Defortuna and Manuel Grosskopf of secretly buying up neighboring condos to protect views at their proposed Ritz-Carlton Residences in Sunny Isles Beach.

Panorama Tower rendering

Concrete Pour Set for Miami's Panorama Tower

By Eleazar David Melendez |

The builders of Panorama Tower on Miami's Brickell Avenue have scheduled what they are calling the "largest single foundation concrete pour in Florida’s history" this weekend to create the pad for an 83-story tower.

Tre Italian Bistro located at 270 E. Fllager St.

Downtown Miami's Tre Closes; Foodie Place to Come

By Eleazar David Melendez |

Tre Italian Bistro, popular with downtown lawyers, has sold. Jar + Fork is the likely replacement.

And the Finalists for our Annual Top Dealmakers are...

By Review staff |

The Daily Business Review announced the finalists for its annual Top Dealmakers awards. Winners will be announced at a May 8 luncheon.

Marcus & Millichap brokers Jonathan Gerszberg and Andy Charry

$8M for Miami Warehouse? Price Might Climb That High in Wynwood

By Samantha Joseph |

Here's why brokers think they'll get $430 a square foot for a 19,000-square-foot warehouse.

Reese Stigliano

Sunrise Approves Last Charter School for at Least a Year

By Samantha Joseph |

Broker Reese Stigliano closed a $3.6 million land deal for a charter school in Sunrise in the nick of time—just before the city put a one-year moratorium on charter school application.

HUD Says $16.7 Billion of Loan Sales Reduced Foreclosures

The sale of $16.7 billion in nonperforming loans by the U.S. Housing and Urban Development Department helped the owners of about 16,700 homes avoid foreclosure, the agency said.

The Coconut Grove Playhouse was a theatre in the Coconut Grove neighborhood of Miami, Florida, United States. The building was originally constructed as a movie theater called the Player's State Theater. It opened on January 3, 1927, as a part of the Paramount chain. The movie house was designed by the architect Richard Kiehnel of Kiehnel and Elliott. It was built by local realtors Irving J. Thomas and Fin L. Pierce. Albert Peacock was the contractor.

Coconut Grove Playhouse Plan: $40 Million in Next Two Years

By Eleazar David Melendez |

The Miami-Dade County Commission will consider a plan to create two theaters within the grounds of the historic Coconut Grove Playhouse.

Rendering of Broadstone Harbor Beach

$22.1 Million Land Deal Sets Table for Fort Lauderdale Apartments

By Samantha Joseph |

Alliance Residential Co. is planning nearly 400 apartments on a redevelopment site on the Art Institute of Fort Lauderdale campus.

Prologis Sells Miramar Office-Industrial Complex for $59M

By Samantha Joseph |

The sale to Blackstone's IndCor unit priced the complex at $108 per square foot.

Florida Capital

Florida House Likely to Pursue Limited Land Buying

By News Service of Florida |

A House committee that crafted a newly approved water-policy plan is now looking at how a voter-approved increase in conservation dollars should be used for land management.

Living Not So Large: In Home Quest, Millenials Look to Smaller Homes

Millenials are going small in their hunt for housing.

The Surf Club

Thorn in Developer's Side, Couple Says They Were Cut Out of Surf Club Redevelopment Deal

By Eleazar David Melendez |

Even as construction proceeds on the luxurious revamp of Surfside's famed Surf Club, a couple who were members of the landmark is suing the project's developer.

5030 N. Bay Road, Miami Beach

Ricky Martin's Former Mansion Can be Yours for $21 Million

By Samantha Joseph |

Feeling crazy rich? Then Ricky Martin's former Miami Beach estate could be yours for a cool $21 million.

HSBC Bank Arranges $87M Loan for Second Marina Palms Tower

By Eleazar David Melendez |

The North Miami Beach project secures the loan to complete construction of the 468-unit condo complex on the Intracoastal Waterway.

Oceanbleau rendering

Luxury Pitches for Broward Beach Condos, Resorts

By Samantha Joseph |

Developers are pumping money into a four-mile stretch of beach in Hollywood and Hallandale Beach, creating luxury condos with million-dollar price tags.

Panorama Tower rendering

Record $340M Loan Issued for Miami's Soon-to-be Tallest Building

By Eleazar David Melendez |

The Panorama Tower under construction on Brickell Avenue has received the largest construction loan ever recorded in Miami-Dade County.

No Default Notice Means No Foreclosure, 4th DCA Rules

By Samantha Joseph |

Deutsche Bank's failure to send a notice of default to the home named in a foreclosure filing kills the case, the Fourth District Court of Appeal rules.

Hall of fame quarterback Dan Marino, here in 1984 with the Miami Dolphins

Dan Marino Goes Deep, Buys Unit in Fort Lauderdale's Priciest Condo

By Samantha Joseph |

Miami Dolphins NFL Hall of Famer Dan Marino is getting a new home in Fort Lauderdale's most expensive condo development, Auberge Beach Residences & Spa.

Jeremy Alters

Affair Allegations, Tampered Texts, Stay Tuned! Jeremy Alters' Bar Trial has Just Begun

By Julie Kay |

The Florida Bar's trial against Jeremy Alters alleging he is responsible for $1.1 million in trust account shortages began Tuesday and could last three weeks.

Real Estate Crowdfunding Seen Topping $2.5 Billion in 2015

Crowdfunding for real estate is likely to jump to $2.57 billion worldwide this year, two and a half times the total in 2014, as more people become comfortable with the investing model, research company Massolution said.

Setai Miami Beach

Miami Beach's Setai Hotel Sells for $90 Million

The families behind Jordache jeans and the Von Furstenberg fashion line spend $750,000 per room on the Collins Avenue property.

Brickell City Centre under construction

Construction Picks Back Up, But It's a Different Gig Now

As Florida's housing market tanked seven years ago, construction worker David Rager saw jobs dry up. So he left construction, along with 2.3 million others nationwide during the economic downturn, and got a job installing traffic signals and street lights.

At 789 Ft. the Four Seasons Hotel is the tallest building in Florida

Developers Pushing FAA for Sky-High Miami Towers

By Eleazar David Melendez |

Just weeks after the Federal Aviation Administration pushed back against plans for high-flying Miami skyscrapers, developers are joining efforts to save their tall proposals.