Batmasian buys Deerfield Beach retail property, the Fed gears up for another rate cut: Daily digest

A daily roundup of South Florida real estate news, deals and more for Sept. 5, 2019

TRD MIAMI /
Sep.September 05, 2019 06:20 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 throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6:15 p.m.

 
James Batmasian and Trail Plaza in Deerfield Beach (Credit: Google Maps)

James Batmasian and Trail Plaza in Deerfield Beach (Credit: Google Maps)

James Batmasian, one of Boca Raton’s largest commercial property owners, picked up a retail center in Deerfield Beach for $16.5 million. Batmasian’s Investments Limited bought the property by taking control of the LLC of the property’s seller, rather than through a deed, according to a spokesperson from Investments Limited. James Case of Fort Lauderdale sold the property. [TRD]

 

The Fed is gearing up for another rate cut. The Federal Reserve is reportedly planning another rate cut — likely to be a quarter percentage point — as Donald Trump’s trade war continues to escalate. [WSJ]

 

If Allergan CEO Brenton Saunders could turn back time, would he still buy a luxury Palm Beach Gardens home last year, only to sell it for less than a year later for a loss? Saunders, who works for the company that manufacturers drugs like Botox, Restasis, CoolSculpting, Juvederm and Lo Loestrin Fe, sold the waterfront six-bedroom, 7,522-square-foot house at 14630 Watermark Way for nearly $6.5 million. He and his wife, Amy, paid $6.6 million for the home nearly a year ago [TRD]

 

President Trump has released plans to revamp the housing market. A new plan unveiled by the Trump administration on Thursday includes almost 50 proposals to remake the housing market — and could see the end of more than a decade of government control over Fannie Mae and Freddie Mac. [WaPo]

 
509 Collins Avenue and brokers Gabriel Britti, Ricardo Esteves and Ronnie Issenberg (Credit: Marcus & Millichap)

509 Collins Avenue and brokers Gabriel Britti, Ricardo Esteves and Ronnie Issenberg (Credit: Marcus & Millichap)

Investor Sam Herzberg sold a Walgreens-leased property on the corner of Collins Avenue and Fifth Street in Miami Beach to Allied Partners for $33 million. Herzberg sold the two-story 22,875-square-foot building at 509 Collins Avenue. Walgreens has more than 14 years left on its triple-net lease with rare rental increases, plus extension options, according to Marcus & Millichap. The Commercial Observer first reported the sale to Allied Partners. [TRD]

 

WeWork is considering slashing its valuation to $20B. After weeks of criticism over the company’s business model, its parent the We Company is reportedly considering delaying its planned IPO and slashing its valuation to $20 billion. [TRD]

 

Macy’s will update 100 stores nationwide, including 10 in Florida. The renovations are part of the retailer’s Growth 150 initiative, which includes adding new floors, restrooms, fitting rooms, a designated in-store online pickup spot, and new and expanded departments, according to the Business Journals. In South Florida, there are seven stores that will be upgraded: at Town Center at Boca Raton, Galleria in Fort Lauderdale, The Gardens in Palm Beach Gardens, Dadeland Mall, Mall of Millenia, Broward Mall and Wellington Green. [Cincinnati Business Courier]

 
An aerial view of damage caused by Hurricane Dorian in the Bahamas (Credit: Getty Images)

An aerial view of damage caused by Hurricane Dorian in the Bahamas (Credit: Getty Images)

As the Bahamas begins its long recovery process after Hurricane Dorian ravaged Grand Bahama and the Abaco Islands, the country faces an uphill battle rebuilding hotels and its tourism industry. The hurricane, fortunately, missed the country’s capital city Nassau, along with Paradise Island, where the largest resorts and hotels are located, including Baha Mar and Atlantis, Paradise Island. But the Abaco Islands and Grand Bahama have a total of about 2,250 hotel rooms, which equates to 15 percent of the total hotel inventory in the country, according to Newton. [TRD]

 

Here are 5 takeaways from The Real Deal’s deep dive into Eklund-Gomes’ national expansion. Over the past 24 months, the star Douglas Elliman team has been in expansion mode, adding four new offices in three U.S. cities and growing its team from nine agents to more than 64. It doesn’t plan to split with the company. One takeaway from TRD’s cover story? Co-listing and referral fees factor into Miami and L.A. growth. [TRD]

 

Compiled by Katherine Kallergis


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