South Florida report

Real estate news in the Sunshine State

May.May 01, 2014 07:00 AM
From left: Chris Leavitt and Samantha DeBianchi

From left: Chris Leavitt and Samantha DeBianchi

‘Million Dollar’ casted

Following months of speculation, Bravo revealed the cast of the upcoming “Million Dollar Listing Miami” reality television show.

Hoping to emulate the successful New York and Los Angeles versions of the real estate–focused program, Bravo is featuring Fort Lauderdale–based Samantha DeBianchi and Douglas Elliman brokers Chad Carroll and Chris Leavitt in the Miami edition, which premiers in June. Carroll and Leavitt are based in Miami Beach.

“With a surging market in South Florida, properties are selling for record rates, and agents are cashing in on massive commissions like never before,” Bravo said in a statement. “Business can get heated as the brokers attempt to make a name for themselves and outshine their competition by landing the next listing.”

LeFrak plans Miami push

Richard LeFrak recently said he has big plans in the Miami market.

The New York real estate titan was in town recently to promote his 1 Hotel & Homes South Beach project, the LeFrak Organization’s first in the market. LeFrak is on the hunt for major property acquisitions in Miami. He also feels strong enough about 1 Hotel & Homes — and Miami Beach overall — to keep one of the penthouse units for his family.

Hard contracts at 1 Hotel & Homes totaled more than $120 million through March, with 30 percent of buyers coming from New York, New Jersey and Connecticut.

Trophy trades pick up

Trophy office properties are changing hands throughout South Florida.

In Miami, New York–based Tishman Speyer sold the Courvoisier Centre to Orlando-based Parkway Properties for about $146 million. Originally developed by Swire Properties, the two-building complex last traded for $150 million in 2007.

To the north, one of downtown Fort Lauderdale’s most recognizable office properties sold for $204 million. A company managed by RREEF America acquired the nearly 470,000-square-foot Las Olas Centre from USAA Real Estate of San Antonio. RREEF is the real estate investment business of Deutsche Bank’s Asset Management Division. The seller paid $170 million for the 350 and 450 East Las Olas Boulevard complex in September 2010.

In downtown West Palm Beach, KBS Realty Advisors put CityPlace Tower up for sale.

KBS paid nearly $127 million for the 18-story office building three years ago. Eastdil Secured is marketing the Class A building at 525 Okeechobee Boulevard. The tower is 95 percent occupied.

The Related Cos. and Boca Raton–based Crocker Partners completed CityPlace Tower in 2008.


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