LVMH in early talks to buy Tiffany for $16B, Riviera Beach residents being evicted

A daily roundup of South Florida real estate news, deals and more for Nov. 25, 2019

Miami /
Nov.November 25, 2019 06:10 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 6:10 a.m.

 

Craig Robins’ claim that Ugo Colombo bribed juror in private jet case doesn’t fly with Miami judge. Miami-Dade Circuit Court Judge Michael Hanzman tossed out Craig Robins’ Dacra Development’s claim that Ugo Colombo and his CMC Group bribed a member of a jury — including promising a luxury condo — tied to their dispute over the $22 million private jet. [TRD]

 

Domio inks deal for first apartment-hotel in Wynwood. The short-term rental operator signed a deal to take over the residential component of the Related Group and Block Capital Group’s 175-unit project. Domio signed a lease for the apartments at The Bradley, a mixed-use project under construction at 51 Northwest 26th Street. [TRD]

 

SoftBank will move forward with its WeWork stock tender offer this week. The $3 billion offer includes up to $970 million that co-founder Adam Neumann owns. SoftBank was expected to launch the offer earlier this month, but it was delayed after the bank tried to make technical revisions to the offer documents. [Reuters]

 

Insurance executive Peter Worth just paid $8.8 million for a unit at the Bristol, months after closing on a Palm Beach home. Worth sold his employee benefits consulting firm, American Benefits Consulting, to Alliant Insurance Services in 2015. He closed on unit 1802 at the Bristol, a 25-story, 69-unit luxury tower in West Palm Beach. [TRD]

 

A wealthy Latvian family paid $6.5 million for a shopping center in North Bay Village. Lexi Commons LLC, managed by real estate agent Val Zevel and Ilmax LLC, purchased the 19,438-square-foot retail space at 1700 John F Kennedy Causeway. Records show Ilmax LLC is controlled by Leonids and Maksims Esterkins, who are real estate investors from Latvia. [TRD]

 

WeWork may look to its Japanese unit to figure out how to become profitable. The unit is already in the black and will be the springboard for a new service called Passport that WeWork plans to introduce across the globe. Passport users will be given “flexible” access to desks and shared spaces in an aim to boost occupancy. [Bloomberg]

 

Aging baby boomers are preparing to sell millions of homes, but the younger generations might not want them. A quarter of homes seniors are set to vacate by 2037 are primarily in traditional retirement communities: Florida, Arizona or in areas of the Rust Belt that have long been losing population. Those areas may not attract Generation X and millennial buyers. [WSJ]

 

Financial firms think that returning Fannie and Freddie to private ownership could be a risky and disruptive move. Investors from firms including BlackRock and Fidelity Investments have told the federal government that any attempt to privatize Fannie Mae and Freddie Mac should include an explicit guarantee of the $5 trillion they issue in mortgage-backed securities, something only Congress can provide. The Trump administration has said it would move forward without this guarantee and that the government needs to reduce its role in housing. [WSJ]

 

LVMH to acquire Tiffany & Co. in $16B deal. LVMH Moët Hennessy Louis Vuitton reached a preliminary agreement to take over the American luxury jeweler in a deal that values Tiffany at $135 a share, according to the Wall Street Journal. It would be the largest acquisition for LVMH under French billionaire Bernard Arnault. Tiffany has more than 300 stores around the world and about $4.4 billion in annual revenue. [WSJ]

 

Millennia Companies is evicting Riviera Beach residents after they sued over conditions in the rental community. The Palm Beach County Tenants Union said six of the seven residents of the Stonybrook Apartments who were served seven-day eviction notices are plaintiffs in a class-action lawsuit against Millennia. The tenants are suing over alleged toxic mold, asbestos, rats and more. [Sun Sentinel]

 

Alan Levan is the next president and CEO of Bluegreen Vacations Corp. Levan will be taking over from Shawn B. Pearson, who is stepping down at the end of the year due to family reasons, according to the South Florida Business Journal. Levan, the CEO of BBX Capital Corp., has been Bluegreen’s chairman for over 15 years. [SFBJ]

 
From left: Arnaud Karsenti, Nelson Stabile, and Victor Ballestas with a rendering of Sereno at Bay Harbor Islands

From left: Arnaud Karsenti, Nelson Stabile, and Victor Ballestas with a rendering of Sereno at Bay Harbor Islands

Sereno condo association sues alleging poor workmanship. Residents of Sereno at Bay Harbor Islands are alleging that water is intruding in various locations, access gates and doors are improperly installed and stucco is cracking on exterior walls, according to a lawsuit filed this month. The Sereno Residences Condominium Association sued Bay Harbor Holdings, a partnership between 13th Floor Investments and Integra Investments, as well as companies that worked on the design and construction of the 38-unit building completed in 2017. [TRD]

 

Compiled by Katherine Kallergis


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