The Real Deal Miami

  • Blackstone pays $12.5M for two Orlando warehouses

    The warehouses are among several Orlando properties Blackstone has acquired this month
    April 22, 2017 02:00PM TRD WEEKEND EDITION

    Southport Industrial Center at the Airport Industrial Park of Orlando (Source: Orlando Business Journal)

    An arm of The Blackstone Group bought two warehouses near Orlando International Airport for $12.5 million, or $99 per square foot.

    A unit of Blackstone called Equity Office Management LLC bought the two warehouses from an entity linked to High Street Realty Co., based in Boston.

    High Street Realty had paid $10 million in [more]

  • Trump National Golf Club

    Trump National Golf Club

    As the sun sets on Mar-a-Lago’s season, another Trump property is poised to take over the spotlight.

    After Mar-a-Lago closes for the season in May, Trump is expected to make frequent trips to his typical summer destination of Trump National Golf Club in Bedminster, New Jersey, according to Politico. [more]

  • Alta acquires assemblage near Dadeland Mall for $14.4M

    The development firm plans to build a mixed-use project with more than 400 apartments
    April 22, 2017 12:00PM TRD WEEKEND EDITION

    Henry Pino

    Miami-based Alta Developers this month paid $14.4 million for an assemblage of land on South Dixie Highway near Dadeland Mall for a mixed-use development with 400-plus apartments.

    Alta, led by principal Henry Pino, paid $11 million for a 1.45-acre industrial site at 9600 South Dixie Highway. The seller was WLPW2 LLC, managed by Wendy L. Whitmire. [more]

  • Dallas firm pays over $50 million for five marinas in Palm Beach County

    The buyer acquired marinas in Lantana, the Jupiter area, Palm Beach Gardens and Riviera Beach
    April 22, 2017 11:00AM TRD WEEKEND EDITION

    The Loggerhead marina in Riviera Beach

    Dallas-based Suntex Marina Investors paid more than $50 million to acquire five Loggerhead-branded marinas in Palm Beach County from Jupiter-based Seven King Holdings. Altogether, Seven King sold 11 of its 12 Loggerhead marinas in Florida to Suntex, retaining only its marina in Stuart.

    Suntex bought two marinas in Lantana and one each in Riviera Beach, Palm Beach Gardens and the Jupiter area. The Dallas-based company paid Seven King $25.8 million for its marina in Riviera Beach, $12.8 million for one of its two marinas in Lantana, $9.95 million for its marina near Jupiter, and $8.3 million for its Frenchman’s Marina Resort in Palm Beach Gardens. No deed has been recorded yet for the sale of Seven King’s  marina at the Moorings community in south Lantana. [Palm Beach Post]Mike Seemuth

  • Inside

  • March occupancy up, rates down, at area hotels

    STR says Palm Beach County had the highest March occupancy rate in South Florida
    April 22, 2017 10:00AM TRD WEEKEND EDITION

    Ikona Hotel, 3030 Bayshore Drive, Fort Lauderdale (Credit: Sun-Sentinel)

    Occupancy rates rose at South Florida hotels in March, compared to the same month last year, but room rates declined in the tri-county area, industry tracker STR reported. [more]

  • Home in Boca’s Vintage Oaks goes to auction today

    The home, measuring almost 12,000 square feet, was previously offered for $6.5 million
    April 22, 2017 09:05AM TRD WEEKEND EDITION

    Platinum Luxury Auctions will auction this house in Boca Raton’s Vintage Oaks community today.

    A country club estate in Boca Raton, previously offered for sale for $6.5 million, will be auctioned today. Platinum Luxury Auctions will conduct the auction today without a reserve, or minimum bid. [more]

  • Blackstone reveals cash reserves of $32.2B for RE investments

    The company sold $21 billion in real estate over the past year
    April 21, 2017 06:00PM

    Blackstone CEO Stephen Schwartzman (Getty Images)

    From TRD Los Angeles: Thanks in part to some major real estate sales, the Blackstone Group has $32.2 billion in dry power to invest in global real estate.

    That allocation represents about one-third of the $94.3 billion it has to invest across all asset classes, IPE Real Estate reported. Blackstone’s total real estate assets under management are worth about $101.2 billion, according to its most recent earnings report.

    The company sold $21 billion in real estate over the past year, including a 25 percent stake in Hilton Worldwide Holdings Inc., which sold to China’s HNA Group. In Los Angeles, it’s selling the Wilshire Palisades building in Santa Monica for about $287 million, or $1,400 a square foot, sources told The Real Deal. [more]

  • Construction of American Dream Miami may not begin for another eight years

    If opponents succeed in killing the project, assemblage would be developed into industrial parks
    April 21, 2017 05:30PM By Francisco Alvarado

    Rendering of American Dream Miami

    Speaking to a Greater Miami Chamber of Commerce crowd, an American Dream Miami consultant said construction on the massive theme-park-oriented mall may not begin until 2025, three years after all roads and expressway interchanges into the development have been completed.

    In the meantime, fostering more development around public transit hubs is the key ingredient in creating the kind of critical mass that will transform Miami into a true urban center, according to a panel of downtown and Brickell developers.


  • Florida sues Ocwen alleging mishandled mortgages, illegal foreclosures

    Florida represented 9.1 percent of its portfolio as of December
    April 21, 2017 04:45PM

    Ocwen CEO Ronald Faris and Florida AG Pam Bondi

    More than 20 states, including Florida, and the U.S. Consumer Financial Protection Bureau are suing Ocwen Financial Corp., alleging it mishandled mortgages.

    The West Palm Beach-based mortgage servicer’s shares plunged to $2.42 as of Friday afternoon, down from $5.45 at the opening of the market on Thursday. It has also been banned from acquiring new servicing rights in North Carolina and other states, the South Florida Business Journal reported. The company services 1.4 million loans nationwide with a principal balance of $209 billion, and Florida represented 9.1 percent of its portfolio as of December. [more]

  • TRD zeroes in on South Florida market at 3rd annual Broward Showcase & Forum

    Shahab Karmely to brokers: "look at the product, look at the financial stack of a developer and if it had a lot of debt I'd probably run away from it"
    April 21, 2017 03:45PM By Ina Cordle

    The Real Deal’s 3rd annual Broward Showcase & Forum

    South Florida’s real estate industry flocked to The Real Deal‘s third annual Broward Showcase & Forum on Thursday, as developers, brokers and other professionals hobnobbed among the exhibits and gleaned insight from panels.

    About 2,000 attendees descended on the Design Center of the Americas in Dania Beach, where 25 exhibitors set up shop and three panels of experts explored the latest trends in development, the Broward residential market and new technology. [more]