The Real Deal Miami

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  • Motivational speaker and author Grant Cardone just sold an apartment complex in Boca Raton for $16.8 million. Cardone, the author of popular books about sales techniques such as “10X Rules” and “Sold or Be Sold,” sold the 102-unit property at 1202 and 1300 Southwest First Avenue, and 1150 Southwest Second Avenue for about $165,000 per unit to Boca Islands East, which is managed by Gregory Scharff, the former mayor of Palo Alto, California. Records show … [more]

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  • Condo sales volume nearly doubled last week in Miami-Dade County. The county recorded 165 closings for a total of $65.6 million, up from the previous week’s 107 closings for a total of $33.75 million. Condos last week sold for an average price of about $398,000 or about $292 per square foot. The priciest deal was the $13.5 million sale of a two-story penthouse at 1 Hotel & Homes South Beach.  Unit 1610 sold for $3,413 … [more]

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  • Land Developers Group just scored a $10.4 million construction loan from New Wave Loans to finish building its 108-unit Aventura Village townhome project. Aventura-based LDG’s new construction loan increases its financing for the project to $13.9 million. The development will include 96 townhouses and 12 lofts at 19380 Northeast 26th Avenue. The townhomes will be built close to Aventura Mall and should be completed within 18 to 24 months, said Michel Leibovich, a director with … [more]

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  • A company tied to Elion Partners paid $7.6 million for a warehouse in Medley that serves as the headquarters of Majestic Mirror & Frame. EVI 7425 LLC, which is led by the principals of the real estate investment firm Elion Partners, bought the 62,713-square-feet building at 7425 Northwest 79 Street from A Jay Properties, which is tied to Alan Mandel, the founder of Majestic Mirror & Frame, property records show. The warehouse was built in … [more]

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  • New renderings for Jungle Island hotel After receiving voter approval, ESJ Capital Partners released a slew of renderings for its proposed Jungle Island hotel. The vote allowed the Aventura-based developer to extend its lease to 39 years, plus a 15-year option, for the planned 300-room hotel. ESJ recently submitted plans to the city of Miami for construction of the project. ESJ closed on the initial $60 million lease transfer of the 18-acre Watson Island theme … [more]

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  • Even South Florida can’t escape some of the challenges retail has faced nationwide. South Florida has long outperformed other areas of the country when it comes to retail. The region’s malls, such as Aventura Mall and Sawgrass Mills, are ranked as some of the most trafficked and profitable malls in the country. But the struggles of retail shopping centers, coupled with new retail space delivered, drove vacancy rates up in the third quarter in Miami-Dade … [more]

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  • 30 Thirty North Ocean in Fort Lauderdale tops off Cavache Properties topped off its new 30 Thirty North Ocean, a 24-unit, boutique condominium project in Fort Lauderdale Beach. The developer scored a $17 million construction loan to build 30 Thirty in April. Construction is expected to be completed by June 2019, with prices starting at $1.25 million. Art Basel Magazine and Artefacto host: “A Conversation: Art Basel” Artefacto hosted a discussion moderated by Art Basel … [more]

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  • Retail landlords can survive the popularity of online shopping by recruiting tenants with a strong digital and physical presence in the market, according to a panel that spoke Thursday at The Real Deal South Florida’s Showcase & Forum on Thursday. “I don’t think there’s a retail apocalypse,” said Craig Robins, president and CEO of Dacra, a leading owner of commercial property in the Miami Design District, where he’s planning to open a number of new … [more]

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  • One Sotheby’s International Realty is extending its reach in Palm Beach County. The Miami-based brokerage acquired fellow Sotheby’s affiliate Nestler Poletto Sotheby’s International Realty, a nearly 80-agent firm with offices in Boca Raton and Delray Beach. One Sotheby’s, led by CEO Mayi de la Vega and president Daniel de la Vega, now has 17 offices and more than 900 agents in South Florida. Daniel de la Vega said that both Boca and Delray have reported … [more]

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  • Integra Investments and Blanca Commercial Real Estate are signing on to Kimco Realty Corp.’s $800 million, 102-acre mixed-use Dania Pointe project. Integra is reportedly under contract to buy about 5 acres of land within the shopping and entertainment center, underway on the northeast corner of I-95 and Stirling Road. The land is approved for up to 500,000 square feet of office space. Integra principal Victor Ballestas said the firm is expecting to close on the … [more]

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  • Property Markets Group just closed on a $39 million inventory loan for Muse Residences in Sunny Isles. Pebb Capital, a Boca Raton-based real estate and private equity investment firm, is providing the financing for PMG, according to a press release. The developer and its partner, S2 Development, completed the 68-unit, 49-story tower at 17100 Collins Avenue earlier this year and began recording closings in June. PMG principal Ryan Shear said in the release that condo … [more]

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  • Stantec promoted Andrew Burnett to principal of the Miami office. Burnett was one of the lead architects working on the 50-story Solitair Brickell project across from Brickell City Centre. As a principal, he’ll be responsible for hiring new architects, overseeing project design quality and standards, and managing the firm’s teams in Miami and Orlando. He joined Stantec in 2014 as a senior associate. Dwntwn Realty Advisors hired three new associates: Michael Betancourt, Joey Fernandez and … [more]

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  •  Miami-Dade County’s condo market took a dip last week. During the second week of October, 121 units sold for about $40.8 million, a drop from the previous week’s $56.6 million sales volume. Condos sold for an average price of about $337,000 and $284 per square foot. Closing prices in the top 10 deals ranged from $820,000 to $2.19 million. The most expensive unit was at Porto Vita, an Ugo Colombo and Soffer family project … [more]

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  • Turnberry Associates founder Donald Soffer has sold his Palm Beach Gardens estate. The Aventura-based billionaire developer and father of Jeffrey and Jackie Soffer, sold the home for $6.2 million to Tillinghast Holdings LLC, according to property records. The buyer is managed by Larry Ross. The six-bedroom, 13,500-square-foot mansion is located at 12251 Tillinghast Circle. Soffer paid $1.1 million for the lakefront property in 2004 and built the home in 2010, records show. It features a … [more]

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  • Two referendum issues on the Nov. 6 ballot may have caused a political divide between the senior partners of the Aventura-based Turnberry real estate empire: Jackie Soffer and her brother Jeff Soffer. Miami Beach voters will decide whether to approve an 800-room, city-owned hotel that Jackie Soffer wants to build next to the Miami Beach Convention Center. The operator of the hotel would be barred from opening a casino there or owning a casino property … [more]

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  • Doral is still officially a young city, incorporated only 15 years ago. But Doral’s roots date back to the 1950s, when Doris and Alfred Kaskel scooped up 2,400 acres of swampland for $49,000 on which they built a grand hotel, country club and golf resort nearly a decade later. The Kaskels, apartment developers from New York City who also built a pair of Art Deco hotels in Miami Beach, named their new resort after themselves … [more]

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  • Forget building equity over decades and decades. Increasingly, leasing a house over a much shorter span is the norm in South Florida, where the renting of suburban-style houses appears to be on an upswing, potentially leading to pressure on home prices. “The single-family rental market is extremely strong, and historically so,” said Yoni Dahan, the founder of World Class Realty, an Aventura-based firm that renovates and leases rental houses. “If the trend could be charted, … [more]

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  • UPDATED, Oct. 5, 12:25 p.m.: After 25 years with EWM Realty International, Carole Smith just joined Compass. Smith is now vice president and director of agent strategy at Compass, according to a release. She and her six-agent team are working out of the brokerage’s Coral Gables office at 4699 Ponce de Leon Boulevard. In 2017, Smith was the fifth-top producing agent in Coral Gables, closing deals for single-family homes and condos totaling more than $70 … [more]

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  • Shortly after Robert Given and his Cushman & Wakefield team completed the December sale of the 370-unit apartment complex 850 Boca, the brokerage received a call from Sergio Rok and Jimmy Tate, the developers of a recently completed multifamily project nearby. Like 850 Boca, the 282-unit Allure by Windsor was finished in 2017 and was located within Park at Broken Sound in Boca Raton, just west of the Interstate 95 Yamato Road exit. Both complexes … [more]

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  • Miami-Dade experienced a boost in condo sales last week. The county recorded 146 closings for a total of $49.8 million, up from the previous week’s 109 closings for $36 million. Condos last week sold for an average price of about $341,500 or about $272 per square foot. The priciest deal was at Murano Grande at Portofino in South Beach. Unit 3303 sold for $4.95 million, or $1,285 per foot. Rafael Velasquez had the listing for … [more]

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