Stockbridge pays $117M for industrial deal in Miramar, Trump blames recession warning signs on a conspiracy: Daily digest

A daily round up of South Florida real estate news, deals and more for August 19, 2019

Miami /
Aug.August 19, 2019 04:20 PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m. and 4 p.m. ET. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m.

 
IDI Logistics CEO Mark Saturno and 11600 Miramar Parkway (Credit: iStock)

IDI Logistics CEO Mark Saturno and 11600 Miramar Parkway (Credit: iStock)

IDI Logistics sold five warehouses in Miramar for $116.5 million, marking one of the biggest industrial sales of the year in South Florida. IDI Logistics sold the properties totaling 14 acres to the San Francisco-based private equity firm Stockbridge Capital Group for about $43,560 per acre, according to CBRE. [TRD]

 

Trump is blaming warning signs of a recession on a conspiracy. President Trump claims it’s the result of a conspiracy of organizations hoping to see him lose reelection. These include Federal Reserve chair Jerome Powell, who he has accused of purposefully acting against him, other countries that he says are trying to harm America’s economic interests and the news media. So far, real estate has held its own in the stock market amid broader economic concerns. [NYT]

 
Harvey Hernandez and BrickellHouse (Credit: Miami Residence, iStock)

Harvey Hernandez and BrickellHouse (Credit: Miami Residence, iStock)

Miami developer Harvey Hernandez has finally reached a settlement in a long-running case over a failed robotic car garage at BrickellHouse. Hernandez settled for $275,000, which dismissed with prejudice all claims against him, according to the Daily Business Review. The settlement pertains to a 2016 lawsuit filed by the condo association over BrickellHouse’s car garage that malfunctioned in 2014, forcing residents to park at other buildings. [TRD]

 

Zillow Group is rolling out its iBuying program for homes and condos in South Florida, starting in Miami and Fort Lauderdale. Sellers in South Florida can check if their property is eligible by typing their address into Zillow’s website. Zillow will have English and Spanish speaking representatives to guide sellers through the process. [TRD]

 

President Trump is feeling nostalgic for quantitative easing. In a tweet, he called for a 1 percent cut on interest rates and said the Federal Reserve should restart its crisis-era money-printing program. The Fed cut rates this month, which for real estate could mean lower borrowing rates. [CNBC]

 

A total of 109 condos sold for $50.4 million in Miami-Dade County last week, up from 97 closings for $36 million the previous week. Condos last week sold for an average price of about $463,000 or $328 per square foot. [TRD]

 

The North Miami location of Flywheel Sports Is among the 11 locations the fitness company is shutting down. Facing competition from home-exercise companies like Peloton Interactive, Flywheel said it’s closing its studios in Los Angeles; Alpharetta, Georgia; Austin, Texas; and those in Sunnyvale and Walnut Creek, California. [Bloomberg]

 

Super Bowl 54 will cost Miami-Dade’s three biggest municipal governments nearly $20 million over time. The game will be hosted at Stephen Ross’s Hard Rock Stadium in Miami Gardens next February. Ahead of the Super Bowl, city governments plan to spend more than $15 million to the host committee, security, fee waivers and parks improvements, according to the Miami Herald. To prepare for weeklong events, the Miami Downtown Development Authority, for example, plans to contribute about half of the $600,000 it will cost to install permanent LED lighting on the baywalk. [Miami Herald]

 
From left: Brett Harris Mick Duchon, Giorgio Vecchi, Dario Stoka, Eloy Carmenate, with Continuum Miami Beach 

From left: Brett Harris Mick Duchon, Giorgio Vecchi, Dario Stoka, Eloy Carmenate, with Continuum Miami Beach

An Italian banker paid $8.45 million for a unit at the Continuum Miami Beach, about 20 percent below the original asking price of $10.6 million. Michael D. Horvitz sold unit 3303 in the south tower of the Continuum, which hit the market in 2017 with Coldwell Banker’s The Jills team for $10.6 million. [TRD]

 

Donald Trump and Greenland

On the off-chance that President Trump’s interest in acquiring Greenland moves forward, here are some things you should know about Greenland and its real estate. Greenland is technically part of Denmark, but is an autonomous territory with its own domestic government. The island, roughly 836,000 square miles in size, is the least populated territory on the planet. [TRD]

 

Compiled by Katherine Kallergis


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