The Real Deal Miami

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  • Population growth, new jobs and a tight residential market are fueling Florida’s commercial sectors, and that isn’t expected to change anytime soon. That’s how economist Sean Snaith summarized the current market as he kicked off the 2018 CCIM Commercial Outlook conference. One other major factor has contributed to the rising fortunes, he told the crowd at the Coral Gables Country Club on Wednesday. “Deregulation is the secret sauce to this [positive] economic outlook,” Snaith said. … [more]

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  • Jeffrey Soffer, whose family property portfolio includes Aventura Mall and the Fontainebleau Resort in Miami Beach, is negotiating to acquire the Mardi Gras Casino and Race Track in Hallandale Beach. But Soffer dismissed the possibility of transferring the Mardi Gras property’s casino license to the Fontainebleau, even though the Soffer family has wanted to bring a casino to the Miami Beach resort. He told the Miami Herald on Friday that such a transfer is illegal … [more]

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  • The six Miami-Dade County commissioners seeking reelection this year have received tens of thousands of dollars from major developers in the area, according to the Miami Herald. At the top of the mound of donors? Aventura Mall owner Turnberry Associates, led by Jackie and Jeffrey Soffer, Triple Five, the developer behind the planned American Dream Miami mega-mall, and GL Homes. Together, the commissioners up for reelection — Daniella Levine Cava, Jose “Pepe” Diaz, Sally Heyman, … [more]

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  • Keyes acquires Boynton Beach firm

    January 12, 2018 11:30AM

    The Keyes Company is making its way up Florida’s Treasure Coast. The Miami-based real estate company just closed on the acquisition of the Realty Pros, a Boynton Beach-based brokerage, according to a press release. The deal adds 43 agents and an office at 8788 West Boynton Beach Boulevard. In 2017, the Boynton brokerage’s sales volume totaled about $75 million, according to a spokesperson. Debra Simon, founder of the Realty Pros, started her real estate career … [more]

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  • UPDATED, 11:25 a.m., Jan. 10: The controversial Privé at Island Estates is nearly completed, despite pending litigation from opposing neighbors – who, in one case, rammed his high-end car into freshly poured concrete. Developers BH3 and Gary Cohen are recording closings at the luxury Aventura condo complex, property records show. And they expect the two-tower, 160-unit project to sell out for about $500 million, BH3’s Daniel Lebensohn said. The development is nearly 80 percent sold … [more]

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  • Nicklaus Children’s Hospital just paid $88 million for the Miami Medical Center campus near Miami International Airport, property records show. HC 5959 NW 7th Street LLC, an affiliate of the Carter Validus Mission Critical REIT, sold the property at 5959 Northwest Seventh Street to Variety Children’s Hospital, an entity of Nicklaus Children’s Hospital. The deal included a 6,336-square-foot office building, a 5.15-acre parking lot and four single-family homes just south of the hospital. Nicklaus will … [more]

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  • Macy’s will shutter its downtown Miami store this quarter as part of a new wave of closures nationwide, the retailer announced Thursday. The company plans to close 11 stores early this year, including one in Gainesville and four in California. The restructuring will save the department store chain about $300 million a year, according to a press release. The move is part of 100 planned closures announced in August 2016, a spokesperson said. Macy’s downtown … [more]

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  • The holiday week appears to have slowed condo sales in Miami-Dade County. Nearly 100 units sold for about $52 million in the week leading up to the New Year, down from the previous week’s $60.5 million sales volume. Condos sold for an average price of about $537,000, or nearly $330 per square foot. The $13 million sale of unit 6A at Faena House led the pack. Alex Blavatnik, brother of energy billionaire Len Blavatnik, sold … [more]

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  • Sterling Organization just took control of a Sears store at its Pompano Citi Centre in Broward County. Property records show VAP Pompano Citi Centre II, an affiliate of Palm Beach-based Sterling Organization, paid $11.75 million for the 190,000-square-foot store at the mall. Sears Holding Corp. sold the Pompano Beach location, which includes two outparcel buildings. It traded hands for about $60 per square foot. Previous sales information was not available online, but Sterling paid $15 … [more]

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  • Despite the overwhelming number of store closures across the country, South Florida appeared to be an exception for retail investment and development in 2017. Neighborhoods like Wynwood, the Design District and Brickell continued to establish themselves as retail destinations, with projects like Brickell City Centre opening the rest of its stores and the expansion of Aventura Mall. But a majority of the priciest retail deals this year were for shopping centers in Broward County, with … [more]

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  • WeWork’s wars in South Florida

    December 28, 2017 08:45AM

    From the winter issue: South Florida increasingly pays for office space as a one-stop service business, with companies forsaking a traditional lease in favor of a modern mix of open-seating areas and private offices with perks, including free coffee, that aim to promote collaboration and innovation among tenants. But as co-working behemoth WeWork — with its $20 billion valuation — increases its presence in the area, will the locally founded stalwarts get drowned out? The … [more]

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  • More Miami condos may have been given as gifts this holiday season, as sales volume in the county jumped in the week leading up to Christmas. Miami-Dade recorded 155 closings for a total of $60.5 million, up from the previous week’s $48 million sales volume. Condos sold for an average price of about $390,000, or nearly $280 per square foot. The priciest deal was the $4 million sale of unit 1202 at Murano at Portofino. … [more]

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  • Lackluster sales meetings, a dwindling number of closings, restless developers — it’s not pretty, but those are the conditions at a number of new condo projects in South Florida these days. As the pace of construction of new units exceeds the rate of sales at new condo developments, the pressure is on now more than ever for Miami’s top sales and marketing firms. In the public eye, executives from firms like Douglas Elliman, One Sotheby’s … [more]

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  • Miami Beach gym Anatomy at 1220 is bulking up with a second location. Owners Chris Paciello and Marc Megna signed a lease for 15,000 square feet at 3415 Northeast Second Avenue in Miami, broker Lyle Chariff told The Real Deal. Avra Jain and Joe Del Vecchio of Vagabond Group paid $13 million in May for the building, which sits just east of Midtown Miami near Edgewater. Chariff, Luis Guevara and Mauricio Zapata of Chariff Realty … [more]

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  • A fight over commission from the $18.2 million sale of five North Miami apartment buildings to an NFL star last year has turned into a bench-clearing brawl involving a tangle of brokerages. Six months after broker Gerly Laine and her Miami Gardens-based firm Elite Celebrity Realty dropped its lawsuit against San Francisco 49ers pass rusher Elvis Dumervil and Westchester-based Star Realty & Investment Group for allegedly trying to keep her from collecting the commission, a … [more]

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  • WeWork wars

    December 14, 2017 11:00AM

    South Florida increasingly pays for office space as a one-stop service business, with companies forsaking a traditional lease in favor of a modern mix of open-seating areas and private offices with perks, including free coffee, that aim to promote collaboration and innovation among tenants. But as co-working behemoth WeWork — with its $20 billion valuation — increases its presence in the area, will the locally founded stalwarts get drowned out? The nation’s largest co-working office … [more]

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  • Who you gonna call? A new brokerage!

    December 14, 2017 11:00AM

    Lackluster sales meetings, a dwindling number of closings, restless developers — it’s not pretty, but those are the conditions at a number of new condo projects in South Florida these days. As the pace of construction of new units exceeds the rate of sales at new condo developments, the pressure is on now more than ever for Miami’s top sales and marketing firms. In the public eye, executives from firms like Douglas Elliman, One Sotheby’s … [more]

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  • Art Basel may have distracted condo buyers in Miami-Dade County. Only 119 units sold last week for about $43 million, down from the previous week’s $63 million in sales volume. Condos sold for an average price of about $361,000, or $288 per square foot. Closing prices for the top 10 deals ranged from more than $1.1 million to nearly $2.4 million. The most expensive sale occurred at Grove at Grand Bay, where a four-bedroom unit … [more]

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  • A Turnberry Associates veteran has launched his own brokerage with Jackie Soffer as a partner. Barrett Wolf opened Wolf Co. Real Estate Brokerage and Investments, a full-service commercial firm focusing on office and retail leasing, investment sales and hospitality, in late November, he told The Real Deal. Soffer, Wolf’s former boss, is a partner in the new company, which focuses on Miami-Dade County from Aventura to downtown Miami. Wolf plans to hire six brokers over … [more]

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  • The parent company of executive office provider Regus plans to bring its shared office concept, called Spaces, to South Florida starting in Miami, a Regus executive told The Real Deal. Regus’ Jeff Doughman, said Spaces plans to open multiple locations in South Florida “from West Palm Beach/Boca Raton on south.” The parent company of Spaces and Regus is IWG plc, a multinational company formerly known as Regus. Spaces plans to open a 19,000-square-foot location at … [more]

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