Canadian investment group pays $103M for Lauderdale Lakes apartments, Macy’s warns of weak holiday sales

A daily roundup of South Florida real estate news, deals and more for Nov. 21, 2019

Miami /
Nov.November 21, 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.

 
Don Peebles and a rendering of the project

Don Peebles and a rendering of the project

Don Peebles to re-open the Bath Club in Miami Beach. Developer Don Peebles is planning to relaunch the historic Bath Club as a social membership club, nearly 20 years after first purchasing the Miami Beach property. [TRD]

 

Starwood’s new corporate headquarters in Miami Beach breaks ground. The new headquarters for Starwood Capital Group has broken ground, according to TheNextMiami. The six-story headquarters is under construction at 2340 Collins Avenue. [TheNextMiami]

 

Louise Sunshine is under contract to sell Miami Beach penthouse. Sunshine is selling her 6,422-square-foot, six-bedroom, six-bathroom condo at 10 Venetian Way, according to the New York Post. Sunshine formerly served as an executive vice president at the Trump Organization. [New York Post]

 
Eastside Ridge rendering

Eastside Ridge rendering

SPV Realty sues city of Miami to force vote on Eastside Ridge. Accusing members of the Miami Planning, Zoning & Appeals Board of intentionally delaying a vote on its Eastside Ridge mixed-use development, SPV Realty is suing the city to force the board to make a decision on the controversial Little Haiti project. [TRD]

 

Here’s what the EB-5 rule changes mean for real estate. The EB-5 program’s new federal regulations take effect today, and will double the minimum dollar amount that all foreign visa-seekers must plow into development projects. [TRD]

 

Moving out: Blackstone sells remaining stake in Invitation Homes. The Blackstone Group sold its last piece of Invitation Homes. The private equity giant sold nearly 11 percent of Invitation Homes’ shares for about $1.7 billion. In all, Blackstone made about $7 billion since the home rental business went public in 2017, according to the Wall Street Journal. [TRD]

 

Breakfast at Tiffany’s? Palm Beach property owner plans luxury condo atop jeweler. The owner of the Tiffany & Co. building on Palm Beach’s Worth Avenue is one step closer to converting the second floor space into a luxury condo with a rooftop terrace. [TRD]

 

MG3 pays $33M for office buildings near Sawgrass Mills. MG3 Developer Group purchased two office buildings near Sawgrass Mills in Sunrise for $32.65 million. The two buildings at 789-799 International Parkway sit right off of the Sawgrass Expressway and total 112,791 square feet, records show. [TRD]

 

Miami Jewish federation sells affordable housing for $60.5M. The Greater Miami Jewish Federation sold two affordable housing properties in Miami-Dade for a combined $60.5 million. Property records show the nonprofit sold the Federation Gardens building at 10911 Southwest 112th Avenue in Kendall to Federation Gardens Preservation L.P. for $36.5 million. [TRD]

 
3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

Canadian investment group pays $103M for Lauderdale Lakes apartments. Atlantic | Pacific Companies and Rockpoint Group sold an apartment complex in Lauderdale Lakes for $102.9 million to the Frankforter Group. [TRD]

 

Executive of Odebrecht S.A arrested in New York. The Justice Department announced the arrest of Jose Carlos Grubisich, who was the head executive at engineering company Odebrecht S.A., according to the Miami Herald. The company executives worked in Miami and used shell companies to bribe and win business in Latin America. [Miami Herald]

 

Macy’s warns of weak holiday sales. Macy’s said sales declined in the third quarter and it expects sales to drop for the year. The retailer said it expects sales at stores open at least a year to fall between 1 percent and 1.5 percent for the fiscal year, according to the Wall Street Journal. The company said overall sales will fall by at least 2 percent. [WSJ]

 

Compiled by Keith Larsen


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