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Miami Real Estate News

Terra and AvalonBay buy Doral office park for mixed-use development

Posted:Tue, 22 May 2018 22:15:36 +0000

UPDATED, 10:40 p.m., May 22: Terra and AvalonBay Communities just paid $33.5 million for a development site in Doral. The developers acquired the Atrium Office Park and adjacent restaurant at 3900 Northwest 79th Avenue in Doral, across the street from CityPlace Doral. Avalon Doral LLC paid $20 million for 4.6 acres of the site and Doral Atrium Retail Investments paid $13.5 million for the remaining 5.2 acres, property records show. An LLC owned by Armando ... [more]

Crescent Heights to go before Miami Beach board for 5th and Alton tower

Posted:Tue, 22 May 2018 21:30:32 +0000

One of Miami Beach’s most controversial development plans is up for discussion again. Developer Russell Galbut will go before the Miami Beach Land Use and Development Committee on Wednesday for the site at Fifth Street and Alton Road. A rally is planned in opposition. Galbut, co-founder of Crescent Heights, is proposing three options for the 85,348-square-foot block, in exchange for offering space for a public park that the developer would pay for. Crescent Heights is ... [more]

Toll Brothers sees record contract value in Q2. But costs are soaring

Posted:Tue, 22 May 2018 20:35:14 +0000

Toll Brothers saw its best quarter ever for contract value — but the luxury homebuilder’s profits missed expectations, in part due to higher labor and material costs. Net income for the quarter was $111.8 million, or 72 cents a share, the company said in a statement Tuesday. That’s down from $124.6 million a year ago. “All product types and regions are expected to show margin growth” in the next two quarters, CFO Martin Connor said ... [more]

The Long View: Why real estate tech won’t kill the middleman

Posted:Tue, 22 May 2018 19:45:00 +0000

Revolutions tend to promise one thing and deliver another. Think of the Jacobins paving the way for Napoleon, the Soviets toppling one autocracy only to ultimately replace it with another, or anti-corruption crusader Hugo Chavez building an empire of graft in Venezuela. Turns out this maxim also applies to real estate technology. Not too long ago, it seemed like the real estate business was about to enter a new era. To some observers, websites like ... [more]

Subscribe to TRD’s China Watch newsletter

Posted:Tue, 22 May 2018 19:00:59 +0000

As you’ve learned from The Real Deal’s reporting, Chinese players have been pulling out of the U.S. property market amid a government crackdown on capital flight. The news and views on what’s happening change constantly, so TRD launched a weekly newsletter to keep you in the loop. Delivered every Tuesday morning, China Watch captures all the news on Chinese investments — and divestments — across the U.S. Subscribe today. ... [more]

Biscayne Bay Brewing to open at historic post office in downtown Miami

Posted:Tue, 22 May 2018 18:30:08 +0000

Biscayne Bay Brewing is opening a second location in a historic building in downtown Miami. The brewery, based in Doral at 8000 Northwest 25th Street, is opening a 6,200-square-foot brewery and taproom at the Old United States Post Office and Courthouse building, at 100 Northeast First Avenue. It’s slated to open this winter, according to a spokesperson. Stambul USA, led by Daniel Peña, paid $11 million for the building in 2014. Barrett Wolf of Wolf ... [more]

Manchester United and Tampa Bay Buccaneers owner sued by contractor in Palm Beach

Posted:Tue, 22 May 2018 17:58:07 +0000

The owner of one of the world’s most famous soccer clubs is being accused of foul play. Benitz Building LLC filed a lawsuit in Palm Beach County Circuit Court against Avram “Avie” and Jill Glazer earlier this month. The company said that it was hired to make improvements to the Glazers’ house at 195 Via Marina Avenue in Palm Beach in July 2014 and had substantially completed the project in May 2017. Benitz alleges that ... [more]

SoFla lease roundup: TSF Sportswear takes 173k sf at spec industrial park in Pompano & more

Posted:Tue, 22 May 2018 16:35:02 +0000

TSF Sportswear leases warehouse at spec Pompano Beach industrial park Florida-based wholesale apparel distributor TSF Sportswear just inked a 173,000-square-foot lease for a warehouse at Bridge Development Partners’ Bridge Point Powerline Road in Pompano Beach. The company has more than 30 brands, including American Apparel, Dickies and Next Level Apparel. TSF Sportswear is the first to lease space at the speculative industrial park that is under construction at 1951 North Powerline Road. Bridge plans to ... [more]

Cadre seeks at least $100M from SoftBank

Posted:Tue, 22 May 2018 15:30:35 +0000

Real estate crowdfunding platform Cadre is seeking at least $100 million from a fund started by the SoftBank Group. Representatives for the SoftBank Vision Fund met with a top executive from Cadre recently, Bloomberg reported. The fund gets nearly half of its $100 billion from the Saudi Arabian government and at least $15 billion from the United Arab Emirates. According to Cadre representatives, co-founder Jared Kushner doesn’t have an active role at the company, but ... [more]

The week in luxury: A map of Miami-Dade’s priciest condo sales

Posted:Tue, 22 May 2018 14:30:35 +0000

Condo sales volume bumped up in Miami-Dade last week. The county recorded 174 closings for a total of $68 million, a slight increase from the previous week’s $65.5 million sales volume for 122 units.  Condos last week sold for an average price of about $537,000 or $343 per square foot. The most expensive closing was at the St. Regis in Bal Harbour. Unit 705 in the north tower traded hands for $2.55 million, or about ... [more]

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