The Real Deal Miami

  • New York investors drive Lincoln Road pricing surge

    Market experts predict property trades could reach $6,000 per square foot
    July 21, 2014 05:15PM By Francisco Alvarado
    David Lombardi and Robert Kaplan

    David Lombardi and Robert Kaplan

    A property investment frenzy is leading to an unprecedented surge in sale prices at Miami Beach’s Lincoln Road mall. And real estate experts believe the upward pricing trend is not going to stop anytime soon.

    In May, 818 Lincoln Road — home to Miami-based artist Romero Britto’s gallery — traded for $34.5 million. Montreal-based 818 Lincoln Corp. paid $4,119 a square foot for the two-story building. That deal followed the January purchase by New York-based Imperium Capital and Centurion Realty of a 10,000 square foot building at 643-657 Lincoln Road for $33 million, or about $3,300 per square foot. [more]

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  • Airport Corporate Center to change hands for $132M

    Hines to sell Miami office park at $25 million discount from 2006 price
    July 21, 2014 04:30PM
    Airport Corporate Center

    Airport Corporate Center

    Hines is on the verge of selling the Airport Corporate Center for a $25 million discount from what it paid for the Miami office park.

    The Houston real estate investment trust announced in a Securities and Exchange Commission filing that it has a deal to unload the 11 buildings and 5.5 acres within the park for $132.3 million. Hines paid $156.8 million for Airport Corporate Center eight years ago. The deal is expected to close in September. [more]

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  • More development to follow land-use change in Palm Beach?

    PBA Holdings wants to build industrial project on 142 acres of its property
    July 21, 2014 03:45PM
    From left: Lake Okeechobee and a PBA Holdings site

    From left: Lake Okeechobee and a PBA Holdings site

    A proposed land-use change has Palm Beach County planners fearing that development will spread rapidly through the area’s sugar cane fields. [more]

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  • 125 homes coming to Bonaventure Country Club

    Terra Group paid $30M to Chetrit Group, Ari Pearl for 121 acres
    July 21, 2014 03:00PM
    The Bonaventure golf course

    The Bonaventure golf course

    Part of the Bonaventure Country Club’s golf course will be developed into 125 single-family homes. [more]

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  • Inside therealdeal.com

  • Palm Beach Atlantic acquires apartment building

    Nonprofit Christian university spends $6.4M to boost student housing
    July 21, 2014 02:15PM
    William Fleming

    William Fleming

    Palm Beach Atlantic University acquired a nearby apartment tower to help address its need for additional student housing.

    The West Palm Beach-based nonprofit university plunked down $6.4 million for the Coastal Towers Apartments. The nine-story, 42-unit building is located at 1001 South Flagler Drive. It was constructed in 1968 and includes a rooftop pool. [more]

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  • alternate<br /></a>text
    Rendering of All Aboard Florida’s West Palm Beach station

    All Aboard Florida reveals West Palm Beach station design. Brazilian airline could expand to Fort Lauderdale. Miami young professionals frustrated with public transit. Read those stories and more after the jump.

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  • Worker killed by beam collapse in Fort Lauderdale

    Two others injured during incident at auto dealership construction site
    July 21, 2014 12:45PM
    2601 South Andrews Avenue construction site (via Sun-Sentinel; credit: Wayne Roustan)

    2601 South Andrews Avenue construction site (via Sun-Sentinel; credit: Wayne Roustan)

    A construction worker was killed by a beam collapse at a Fort Lauderdale construction site on Monday morning.

    Two others were injured from the incident, which occurred at 2601 South Andrews Avenue. A car dealership is being constructed on the property. All three individuals were taken to the Broward Health Medical Center. [more]

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  • Palm Beach home sells for $11.5M

    Buyer of 88-year-old residence gets $11 million loan
    July 21, 2014 12:00PM
    Aerial of 196 Via Del Mar

    Aerial of 196 Via Del Mar

    The Palm Beach high-end housing market’s busy summer continued with the $11.5 million sale of an 88-year-old mansion in the town.

    Margaret Bilotti sold the 196 Via Del Mar residence in a transaction recorded on Friday, according to Palm Beach County records. Bilotti owned the 1.2-acre property for 19 years before last week’s sale. A seven-bedroom, 10,000-square-foot home is located on the parcel. [more]

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  • North Miami Beach land trades for $17M

    Brownfield site was prepped by seller for mixed-use redevelopment
    July 21, 2014 11:15AM
    Google Maps view of 15780 West Dixie Highway

    15780 West Dixie Highway (credit: Google)

    A large development site in North Miami Beach changed hands for $17 million.

    Tampa-based Antigua at NMB Development sold 18 acres at 15780 West Dixie Highway in a transaction recorded on Thursday, according to Miami-Dade County records. The company intended to build a mixed-use project with residences on the site. Ariel Rodriguez signed the deed as the managing member of Antigua. [more]

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  • Related Group tops off two Miami condo buildings

    Iconbay, Baltus House to bring 460 new units to city's urban core
    July 21, 2014 10:30AM
    Baltus House rendering (inset: Jorge Perez)

    Baltus House rendering (inset: Jorge Perez)

    The Related Group announced the topping off of two of its Miami condo developments: Iconbay in Edgewater and Baltus House in the Design District. [more]

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