Panattoni drops $24M to build new industrial project near Opa-locka, One Sotheby’s International Realty acquired Treasure Coast Sotheby’s: Daily digest

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

TRD MIAMI /
Nov.November 05, 2019 05:45 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 5:45 p.m.

 
Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park

Panattoni Development Company’s Carl Panattoni, Gratigny Logistics Park

Panattoni drops $24M to build new industrial project near Opa-locka. Panattoni Development Company paid $24.3 million for the 20-acre site of a dairy farm and plans to build a speculative warehouse project. [TRD]

 

One Sotheby’s International Realty acquired Treasure Coast Sotheby’s, giving the Miami-based brokerage a foothold in the Vero Beach and Melbourne markets, The Real Deal has learned. The acquisition adds 100 agents and two offices to One Sotheby’s. [TRD]

 

A private investor buys two vertically combined residences at Muse in Sunny Isles Beach. A Delaware company bought unit 4501 on the 45th and 46th floor for $9.8 million. Tadia Silva of Real Estate Sales Force represented the buyer.

 

Shoma Group breaks ground at Ten30 South Beach. The project is a collection of 43 studio, one- and two-bedroom condominiums will rise four stories and feature a 6,000 square-foot rooftop deck with a rosé-colored pool, lounge, and an outdoor kitchen area complete with barbecue and yoga space.

 
776-858 Military Trail and Denholtz Properties CEO Steven Denholtz

776-858 Military Trail and Denholtz Properties CEO Steven Denholtz (Credit: Google Maps)

Denholtz Properties picked two Deerfield Beach office buildings for $27.65 million in a booming office market. The Red Bank, New Jersey-based real estate investment firm purchased a 157,438-square-foot portfolio at 602-668 and 776-858 Military Trail for $175 per square foot. [TRD]

 

Compass to open tech hub in India. Compass has tapped the brakes on new brokerage offices in the U.S. But it’s doubling down on tech talent in India. [TRD]

 

JLL revenue skyrockets after HFF merger. JLL saw a major revenue boost during the third quarter following its megamerger with HFF. Revenue at the global brokerage increased by 13 percent to $4.5 billion, and fee revenue increased by 14 percent to $1.8 billion, according to the company. [TRD]

 

New defendants could be added to a $1.2B Venezuelan money laundering case tied to luxury real estate in Miami. A money laundering case where federal prosecutors allege Venezuela’s political elite allegedly laundered billions of dollars throughout the world, including into real estate in Miami, could see new defendants, according to the Miami Herald. Alejandro Betancourt, who co-founded a power company called Derwick Associates, along with other unidentified conspirators and officials, could be added as defendants to an indictment, the Herald reported. [Miami Herald]

 
Softbank CEO Masayoshi Son (Credit: Getty Images)

Softbank CEO Masayoshi Son (Credit: Getty Images)

Softbank’s investments are coming under scrutiny after WeWork’s demise. WeWork troubles have led to more scrutiny for Softbank’s $100 billion Vision Fund, which also invested in dog-walking app Wag and indoor farm Plenty. Analysts are estimating SoftBank and the Vision Fund will take billions of dollars in losses as they mark down the value of many investments, according to the Wall Street Journal. [WSJ]

 

Marriott International posts big drop in earnings. Marriott International saw its profits drop 23 percent in the third quarter as growth in the hotel business slows down. Marriott expects revenue per available room to grow by just 1 percent or 2 percent. The company said political demonstrations in Hong Kong have constrained growth, according to the Wall Street Journal [WSJ].


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