The Real Deal Miami

  • Building across from City Centre goes up for sale

    Brickell office property being marketed as development play
    August 22, 2014 01:30PM
    90 Southwest Eighth Street

    90 Southwest 8th Street

    An office property across from the Brickell City Centre project is being marketed as a potential development play.

    The owner of the 90 Southwest 8th Street site is seeking $35 million for the property, according to Thursday’s written announcement from Marcus & Millichap, which is marketing the land. A 45,000 square foot office building, which is dubbed the Brickell Way Building, was constructed on the half-acre parcel in 1971. The property last traded for $750,000 in 1993. [more]

  • Willis McGahee finds buyer for Coconut Grove condo

    Football pro owned Ritz Carlton Residences unit for more than nine years
    August 22, 2014 12:45PM
    Ritz Carlton Residences (inset: Willis McGahee)

    Ritz Carlton Residences (inset: Willis McGahee)

    Former University of Miami football standout Willis McGahee sold a two-bedroom Ritz Carlton Residences condo he owned for more than nine years.

    McGahee, an 11-year National Football League veteran who is presently a free agent, got $745,000 for the Coconut Grove unit in a transaction recorded on Tuesday, according to Miami-Dade County records. The running back paid $665,000 for the 1,540 square foot condo in April 2005. The Ritz building was constructed in 2001 at 3300 Southwest 27th Avenue. [more]

  • Brickell area condo boom dependent on prices

    Peter Zalewski tackles reader questions and opinions about the SoFla market
    August 22, 2014 12:00PM By Peter Zalewski
    Peter Zalewski

    Peter Zalewski

    Question: With Brickell Avenue running out of land, condo developers seem to be targeting neighborhoods just to the west. How far west can condo builders realistically go and still attract today’s buyers?

    No market in South Florida is more active right now with new condo development than the Brickell Avenue Area of Greater Downtown Miami. [more]

  • Privé construction to start next month

    City of Aventura gives developers final site plan approval for condo project
    August 22, 2014 11:15AM
    From left: BH3's Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

    From left: BH3′s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

    The developers of the Privé condominium in Aventura received final site plan approval from the city and plan to start construction next month. [more]

  • Inside

  • Sports agent gets $5.7M for Miami Beach home

    Jason Rosenhaus sells waterfront property to company linked to homebuilder
    August 22, 2014 10:30AM By Eric Kalis
    4395 Pine Tree Drive (inset: Jason Rosenhaus)

    4395 Pine Tree Drive (inset: Jason Rosenhaus)

    Sports agent Jason Rosenhaus got $5.7 million for his waterfront Miami Beach home, The Real Deal has learned.

    Rosenhaus and his wife Cassandra Hall sold the three-bedroom house at 4395 Pine Tree Drive in a transaction recorded on Wednesday, according to Miami-Dade County records. The couple paid about $3 million for the 36,000 square foot property in December 2008. The 3,700 square foot home was originally constructed in 1952. [more]

  • West Palm Beach’s CityPlace Tower fetches $150M

    KBS REIT II paid $126.5M for downtown office building three years ago
    August 22, 2014 09:45AM
    CityPlace Tower

    CityPlace Tower

    About four months after going on the market, CityPlace Tower in West Palm Beach changed hands for $150 million.

    KBS REIT II sold the trophy office building in West Palm Beach to an undisclosed buyer, the company announced in a written statement released on Friday. The Newport Beach, Calif.-based non-traded real estate investment trust paid $126.5 million for the 296,000-square-foot Class A tower in April 2011. Palm Beach County has not recorded the transaction. [more]

  • Top stories

    August 22, 2014 09:00AM

    Top stories yesterday on The Real Deal:
    1. New York department store chain buys Design District property
    2. Hedge fund guru sells Miami Beach mansion for $14.5M
    3. Record Lincoln Road portfolio sale closes

  • Dealer who laundered cash through condos to be sentenced

    Álvaro López Tardón purchased 13 luxury condominiums in 2011
    August 21, 2014 05:15PM

    Spanish drug lord Álvaro López Tardón

    This week Álvaro López Tardón will be sentenced for laundering $20 million in cocaine profits through Miami’s luxury condominium and car markets. [more]

  • Existing home sales prices up in Broward, Palm Beach

    Demand for units in two counties also strong in July
    August 21, 2014 04:30PM

    images-2The median existing home price in Broward County hit $285,000 last month, a 3 percent increase, year-over-year, the Greater Fort Lauderdale Realtors announced.

    And in Palm Beach County, the median price for a home reached $280,000, a 4 percent jump from July 2013. [more]

  • Boca firm makes $100M deal for Walgreens buildings

    Herrick Co. also paid $190M earlier this year for 44 properties leased to CVS
    August 21, 2014 03:45PM
    Wlagreens and CVS

    Wlagreens and CVS

    Boca Raton-based Herrick Co. picked up 29 properties, all leased to Walgreens pharmacies, for $100 million. [more]