Brickell City Centre Retail Sells For $512 Million

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The deal now places the entire 500,000-square-foot shopping destination under the control of Simon Property Group.

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Swire Sells Miami Site Planned For Office Supertall For Over $211M

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The 2.8-acre parcel, located at 700-799 Brickell Avenue, was once slated to become the One Brickell City Centre, a 1,000-foot-tall office tower. However, Swire scrapped those plans earlier this year, citing difficulties in the current office market.

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Miami-Dade Commissioners Giving Away Land To Favored Groups

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No-bid government land deals are typically justified in emergency situations, such as post-disaster recovery. However, when there is no emergency and without a competitive process, Miami-Dade county can’t be sure it’s getting the best deal possible.

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MiamiCentral Apartments Trade In Record Deal

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The price was not officially disclosed but people familiar with the deal stated it was more than $400 million and less than $500 million, with some sources saying the price was roughly $450 million.

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Miami Predicted To Rule All Real Estate Markets Projected To Dominate In 2019 Home Price Deals

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In 2018, 62% of all homes sold in top U.S. metropolitan markets sold below their original list price, according to EasyKnock.

As the year comes to an end, the home equity company is looking ahead to next year, predicting that 77% of current on-market listings will sell below original list prices in the first quarter of 2019.

“While there’s no denying that home prices have been steadily on the rise, list prices are clearly increasing above realistic levels, corroborated by the study’s findings that over 60% of homes sold well below their original list prices in 2018,” EasyKnock Economic Advisor Paul Habibi said.

According to EasyKnock’s analysis, half of the top 10 markets are located in the South. Miami is projected to have the highest rate of deals, coming in at a whopping 89%. Rounding out the top three are Houston and Chicago, with Houston seeing an average savings of 4.84% and an 84.2% rate of deals, while Chicago is expected to see 5.11% in savings and an 83.5% rate of deals.

The markets of Jacksonville, Florida (No. 4); New Orleans (No. 5); Hartford, Connecticut (No. 6); and St. Louis (No. 7) make up the middle of EasyKnock‘s predictions, with each market projected to see savings in the 5% range.

Pittsburgh, Tampa, and Cincinnati round out the bottom three on the company’s list. In these metros, discounts are expected to average more than 4.5%, which is higher than the national average of 4.01%.

“Average savings are on the rise in these markets. Given that the slowdown of home price increases is just beginning to take hold, we can expect home sellers to continue to set their original list prices on the higher end, which has the potential to result in greater deals for home buyers,” EasyKnock writes. “Particularly as we head into January, which has historically been one of the best months for deals, the combination of seasonality and the slowing market make the perfect recipe for the increased rate of deals predicted by the Knock Deals Forecast.”

EaskyKnock 2019 projections

 

Source: Housingwire

Search For Your Coconut Grove Home at GroveGuy.com

 

 

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Israeli Company Closes On Downtown Garage For $18M, Hires Kobi Karp To Design Mixed-Use Project

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Israel’s Mishorim Development Group is preparing to develop a mixed-use project after closing on the purchase of a parking garage.

Mishorim paid $18,250,000 for the Suntrust Annex garage. Crocker Partners was the seller. Real estate broker Shai Ben Ami represented Mishorim in the transaction. Mishorim, has holdings in Israel, the U.S. and Canada, and is led by CEO Gil Blutrich.

According to Ben Ami, Mishorim has retained the services of Kobi Karp to design a mixed-use project for the site. It will include hotel, residential, and “great retail.” The 247,000-square-foot garage, located at 255 Northeast First Street, is situated on a 37,500-square foot lot.

The property is across from the Yotel development site, and a block and a half away from the Waldorf Astoria development site. Buildable square footage for the Mishorim site totals 1.35 million square feet, which includes zoning for 860 residential units.

Blutrich and Ben Ami also own the 4,350-square-foot retail space at the 37-story Centro tower nearby. They secured two leases for that space five months after purchasing it at $75.00 per square foot, which is believed to be among the highest retail rents for Downtown Miami.

 

Source: The Next Miami

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Coconut Grove Mixed-Use Development Project Lands Anchor Tenant

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Mayfair Real Estate Advisors and Terra Group have secured an anchor tenant at Mary Street, a mixed-use development taking shape in Miami’s Coconut Grove neighborhood.

Advisory firm Kaufman Rossin agreed to occupy 64,666 square feet at the Class A project. Developers are transforming a former parking garage, with delivery slated for mid-2019. Kaufman Rossin will lease the building’s top two floors and half of the third floor starting June 2020. The firm is currently headquartered at 2699 S. Bayshore Drive, just two blocks away from Mary Street. The lease represents a 10,000-square-foot expansion, with the tenant relocating nearly 300 employees to the new location.

Co-developer Terra will also lease 13,174 square feet at the Touzet Studio-designed property, bringing Mary Street’s office component to full occupancy. Terra’s new corporate space will be on the building’s third floor and mezzanine level. Located at 3310 Mary St., the 78,000-square-foot project will feature five floors of Class A office space, ground-floor retail space and a publicly accessible, 340-space parking garage.

Pent-Up Demand

Upon delivery, Mary Street will mark the first completion of Class A office space in Coconut Grove’s business district in more than two decades. According to a JLL report, vacancy in Coconut Grove is 1.7 percent, the lowest rate in Miami Dade County’s submarkets. Amenities at Mary Street will include 24-hour security, covered drop-off and valet areas, electric car charging stations, bicycle stations and storage. Jaguar Therapeutic, OXXO Cleaners, Elia restaurant, Workout Spot and a private dentistry practice are among the signed retail tenants.

Tom Capocefalo, senior managing director with Savills Studley, represented Kaufman Rossin, while Chris Dekker, vice president with Mayfair Real Estate Advisors, worked on behalf of the development team.

“The move to this expanded, innovative space represents new beginnings for Kaufman Rossin while keeping us true to our roots in Coconut Grove,” said Blain Heckaman, chief executive officer of Kaufman Rossin, in prepared remarks.

“Our team launched Mary Street to complete the vision of a true live-work-play environment in Coconut Grove,” added David Martin, president & co-founder of Terra.

 

Source: Commercial Property Executive

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Newest Addition To Miami’s Skyline Has Unusual Basket-Weave Facade Design

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Construction of Solitair Brickell, a 50-story apartment building, has been completed, adding a new high-rise with an unusual façade to Miami’s skyline.

Global architecture and design firm Stantec created the angular, basket-weave design of Solitair Brickell’s exterior. According to Stantec, the design of the building’s zigzag, serrated balconies was inspired by the texture of the Medjool date palm tree, which many South Florida property owners have included in their landscaping.

Interior marble walls in the building’s lobby incorporate wood elements and concrete panels. The tenth-floor Great Room at Solitair Brickell has similar wood finishes with floor-to-ceiling millwork shelving for décor items and artwork. The Resident Entertainment Lounge across from the Great Room has a communal kitchen and dining area where white brick walls are paired with dark cabinets and counter tops.

Developed by ZOM Living, Solitair Brickell has 438 units including studios, one- and two-bedroom apartments, and two-bedroom penthouse suites. An amenity deck on the 50th floor features a rooftop swimming pool and cabanas, a billiard lounge, wet bar and sectional sofas, plus a business center with conference rooms and catering facilities. Tenants also share a gym, outdoor yoga space, and a spa and sauna room.

Solitair Brickell has 6,200 square feet of ground-floor retail space and 463 parking spaces. Monthly rent starts at $2,193 for available apartments at Solitair Brickell, according to ApartmentList.com.

The new 50-story building is located at 86 Southwest Eighth Street across from the Brickell City Centre shopping, dining and entertainment complex.

 

Source: The Real Deal

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Florida Power & Light Buys 1,287 Acres For Future Solar Farm Development

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In preparation for a future solar farm, Florida Power & Light has purchased a 1,287-acre tract of land in an area of western Palm Beach County.

The SVN Florida Land Alliance coordinated the sale of the land, which is in an area known as The Acreage/Loxahatchee Groves. Senior advisor Ashley Barrett Bloom, SVN’s national land and development services product council chairman, handled the $19.3 million transaction for the seller.

The transaction was closed by Bloom, who has also served as an owner’s representative for the past three years on the project.

“This property represented one of the last opportunities to purchase a significant tract in this prestigious county,” says Bloom.

The tract is bordered on three sides by a planned large-scaled housing project by GL Homes.

 

Source: Solar Industry Magazine

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Downtown Miami Church Sold To Developer For $55M

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Property Markets Group acquired the site of a downtown Miami church along Biscayne Boulevard for $55 million, with plans to build a major mixed-use tower.

The First United Methodist Church of Miami sold its 1.15-acre property at 400 Biscayne Blvd. to New York-based PMG. The deal was partially funded by Toronto-based Greybrook Realty Partners, which previously announced plans to invest $32.2 million into the project. The site is near American Airlines Arena, Miami Dade College, and the College/Bayside Metromover Station.

PMG’s Ryan Shear, Evan Schapiro, Matt Ellish, and Yechiel Ciment negotiated the deal. They were represented by Saul Ewing Arnstein & Lehr attorneys Luis Flores, Rebecca Sarelson and David Yontz, plus Josh Kaplan at Bilzin.

“This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” Shear said. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”

The developer said it plans to build over 690 units and about 20,000 square feet of commercial space. The property is zoned for about 50 stories. The apartments would be branded by PMG’s new X Social Communities division, which appeals to young professionals seeking more attainable pricing. Its nearby X Miami apartment building, which is under construction, is part of the same brand.

The 400 Biscayne project would have co-working spaces, an oversized fitness center, communal kitchens, smart package lockers, smart home technology controlled by an app, and many pre-furnished units. As part of the project, PMG will build a new church on the site with a separate entrance for FUMC Miami.

“FUMC wanted to rebuild the church in the same location, so the relationship with the potential buyer was very important,” Flores said. “They liked the young and thriving energy that PMG brings to its developments and could see themselves doing business with the developer in the short and long term. The transaction is unique because we had to wear different hats at different times since we are the buyer and builder of the future church.”

“It was the right time for the church to take advantage of the revitalization of its neighborhood,” Pastor Dr. Audrey Warren said. “The project will ultimately allow the church to grow and meet its future operating needs.”

PMG said the architect of the building is Sieger Suarez, and Carlos Ott is consulting on the church that will be included in the structure.

 

Source: SFBJ

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