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 tips@therealdeal.com
This page was last updated at 5:30 p.m.
A showroom and office building in Palm Beach Gardens sold for $10.2 million. JKHA Group, led by Jerome Berko, purchased the 30,681-square-foot property at 4290 Professional Center Drive for $332 per square foot, records show. A company tied to Chicago-based Group One Investments sold the property. [TRD]
Renderings revealed of River Parc master plan, Unknwn’s Wynwood store. [TRD]
A high-rise apartment and hotel project is planned for an Opportunity Zone in Hallandale Beach. Taplin Development Corp., led by Jack Taplin, received approval from the city to build 320 apartments and a 120-key hotel with a retail component across from Gulfstream Park, according to a release. [TRD]
Investment in South Florida’s industrial real estate market rose 77 percent to $1 billion in the third quarter of 2019 on a yearly basis. The market is booming right now due to an influx of institutional buyers acquiring new properties and land, according to an analysis of Real Capital Analytics data by Avison Young. Institutional investors are zeroing in on industrial properties as the demand for e-commerce continues to take off. [TRD]
Emmanuel Sebag’s bet on spec in the Venetian Islands appears to have paid off. The developer just sold a five-bedroom, 5,600-square-foot home at 802 West Dilido Drive in Miami Beach for $15.55 million (about $2,750 a square foot), according to the MLS. [TRD]
Backed by SoftBank, Compass has grown exponentially. But breakneck expansion — it added more than 6,000 agents last year — has come at a cost. One Chicago-based broker says her earnings plummeted once she arrived at the brokerage, and she was unable to access marketing materials for months. [NYT]
Menin Development is breaking ground on its long-planned Delray Beach Market. The development firm, led by CEO Craig Menin and not affiliated with Menin Hospitality of Miami, is breaking ground on the 150,000-square-foot building on Thursday, according to a press release. It will house a 60,000-square-foot food hall with 35 vendors, and include a four-story parking garage. The project is expected to open in the spring of 2021. [Press release]
Brown Harris Stevens Miami was tapped to handle sales of Maison Residences Isla Morada. Juan Alvarez, an agent with BHS, is leading sales and marketing of the 12-unit community in Islamorada, in the Florida Keys, according to a press release. The four-bedroom residences range from $3.25 million to $3.55 million, and are expected to be completed toward the end of 2020. [Press release]
Pam Liebman and Silvia Coltrane
The Corcoran Group has brought on broker and developer Silvia Coltrane. Coltrane’s Real Estate Transactions office, at 9537 Harding Avenue in Surfside, will become Corcoran’s fifth outpost in South Florida. The move is expected to give the New York-based brokerage a shot at winning coveted new development business in markets that include Surfside, Bal Harbour and North Beach. [TRD]
Compiled by Katherine Kallergis