SoftBank brings on Marcelo Claure to help turn around WeWork, Hallandale Beach project scores $100M loan: Daily digest

A daily roundup of South Florida real estate news, deals and more for September 30, 2019

Miami /
Sep.September 30, 2019 05:30 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 5:30 p.m.

 

SoftBank is bringing on Sprint’s former CEO to help turn around WeWork. SoftBank head Masayoshi Son has asked Marcelo Claure of Miami to take a more hands-on role at the company after the recent ouster of co-founder and CEO Adam Neumann. His exact role has not been specified, but he would focus on opportunities to cut costs and increase revenues. Senior WeWork executives Sebastian Gunningham and Artie Minson have been appointed co-CEOs of the company.  [Bloomberg]

 

Developer Ari Pearl closed on a $100 million loan to develop the first phase of a major mixed-use project in Hallandale Beach. Pearl’s PPG Development and Michael Herman’s Premium Capital secured the financing from the Related Cos.’ Related Fund Management. The financing will be used to build the 250-unit branded luxury apartment component of SLS Resort Residence & Marina Hallandale Beach. [TRD]

 

The Naples-based Collier family is replacing the former ABC Carpet & Home store in Delray Beach with an upscale storage and maintenance club for car collectors. Family-owned Collier Land Holdings Limited has started building a facility called Collier Car Club inside the former ABC Carpet & Home store on Congress Avenue – well known for its exterior mural, a faux architectural finish visible from I-95. The store closed last year. [TRD]

 

Forever 21 has filed for bankruptcy. It has landed $75 million in new capital from TPG Sixth Street Partners and $275 million in financing from lenders with JPMorgan Chase as the agent. The store had been one of the largest mall tenants still standing, so the filing could spell trouble for major mall owners like Simon Property Group and Brookfield Property Partners. It plans to close up to 350 stores overall but will keep operating its website and hundreds of stores in the United States. [Bloomberg, NYT]

 

A total of 125 condos sold for $49 million in Miami-Dade County last week. That’s on par with the 126 units that sold for a combined $45 million the previous week. Condos last week sold for an average price of about $395,000 or $283 per square foot. [TRD

 

Blackstone is doubling down on its e-commerce bet with another multibillion dollar industrial portfolio deal. The company is buying Colony Capital’s national warehouse portfolio for $5.9 billion, according to the Wall Street Journal. The portfolio Colony sold to Blackstone spans 60 million square feet across 465 warehouses in 26 markets. Areas of strong concentration include northern New Jersey, California, Florida, Dallas and Atlanta. [TRD

 

The Galbut family and developer Matis Cohen are proposing a 22-story tower in North Beach. The project, called 72nd and Park, will be reviewed by the Miami Beach Design Review Board on Wednesday. Arquitectonica is designing the project, with 283 multifamily units, about 12,500 square feet of retail and restaurant space, amenities and parking. It would have 125 micro units, smaller than 550 square feet. [SFBJ]

 

Broward’s “taxi king” and real estate investor Jesse Gaddis died at 87. Gaddis created the Yellow Cab company in Broward in the early 1960s, and later invested in real estate development and lending, among other industries, according to the Sun Sentinel. He was among the first investors in the Flagler Village neighborhood of downtown Fort Lauderdale. Gaddis died on Friday of cancer. [Sun Sentinel]

 
(Illustration by Andrew Colin Beck)

(Illustration by Andrew Colin Beck)

How mobile homes became a billion-dollar, recession-proof industry. The immobility of most mobile and manufactured homes has caught the attention of private equity firms in a big way. With most low-income renters unable to quickly up and move their properties, institutional real estate investors increasingly see that as a surefire bet — especially in a major downturn. [TRD]

 

Compiled by Katherine Kallergis


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