RREEF scoops up Hialeah property in largest industrial sale of SoFla this year, filling FEC water slip could cost $232M: Daily digest

A daily round up of South Florida real estate news, deals and more for August 26, 2019

Aug.August 26, 2019 04:00 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]

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RREEF America buys Hialeah industrial property for $178M. An affiliate of Deutsche Bank bought the Centergate at Gratigny in Hialeah for $178 million, marking South Florida’s largest industrial sale of the year to date. RREEF America bought the three-building property at 5801 and 6301 East 10th Avenue from Newark, New Jersey-based PGIM, records show. [TRD]


Starwood Capital buys apartment complex in Davie for $95 million. An affiliate of Starwood Capital bought Summerlake Apartments, an 84-unit complex in Davie, for $11 million, amid growing demand for affordable housing properties. Miami Beach-based Starwood bought the affordable housing complex at 6081 Summerlake Drive for $130,952 per unit from Alden Affordable Holdings, records show. [TRD]


Camber Creek increases bet on proptech with a $120 million fund. Camber Creek, a venture capital firm focused on real estate tech, is targeting $120 million for its largest fund to date. Launched in 2011, Camber Creek has raised $50 million to date — including an initial $20 million fund and a $30 million second fund in 2017. [TRD]


Filling a water slip in downtown Miami could cost $232 million, report says. Miami Commissioner Joe Carollo sought to commission a study of the viability of turning an 8-acre slip that was once part of the Port of Miami into a new parkland, according to the Miami Herald. Carollo thought it could be filled for $1 million an acre, but a report by engineering firm Moffatt & Nichol for the city said it would cost $232 million, or about $26.5 million per acre, according to the Herald. [Miami Herald]


Daniel Crann joined Colliers International South Florida as director of development services. Crann will be based in the firm’s Fort Lauderdale office to oversee the team’s growth in Miami-Dade, Broward and Palm Beach counties. He previously served as director of construction for iPic Entertainment, which recently filed for bankruptcy. [TRD]


There are still more than 20,000 insurance claims from Hurricane Michael that have yet to be paid. Hurricane Michael was the first Category 5 storm to hit the United States since Hurricane Andrew. Insurers report nearly $7 billion in losses from about 150,000 claims that have been filed, according to the Miami Herald. Yet, more than 20,000 claims, or about 14 percent of all claims filed, are still open since Michael hit the Panhandle on Oct. 10. [Miami Herald]


President Trump is pitching Trump Doral golf resort to be the host of next year’s Group of Seven summit in the United States. “We haven’t found anything that could even come close to competing” with Doral, Trump said, according to Bloomberg. Trump said, “It’s very big” and it’s Miami, “so it’s a great area.” He also told German Chancellor Angela Merkel that it would be just a three-minute helicopter ride from the airport. [Bloomberg]


Compiled by Keith Larsen

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