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Miami Real Estate News

CenterPoint picks up massive distribution center in Opa-locka for $59M

Posted:Wed, 23 Aug 2017 16:30:37 +0000

CenterPoint Properties just added a colossal 59-acre distributing center in Opa-locka to its portfolio. Property records show CenterPoint paid $59 million, or about $61 per square foot, for the 961,345-square-foot industrial facility at 3300 Northwest 123rd Street. The seller is a Minneapolis-based FU/WD Opa Locka LLC. Records show the company bought the property in 1999 for $35.7 million. Erik Lundberg and Jeff Hughes of the national brokerage firm Stan Johnson Co. represented the seller. Features include a ... [more]

Fort Lauderdale developer pays $24M for site of riverside apartments

Posted:Wed, 23 Aug 2017 15:30:03 +0000

A Fort Lauderdale development firm just paid $24 million for the site of a luxury rental tower, property records show. Elevate Partners affiliate Elevate One River LLC bought the roughly 1-acre property at 305 South Andrews Avenue from One River Plaza Co., an Ohio partnership. Elevate, led by founding partners Thomas Vogel and Scott Bodenweber and Denny St. Romain, plans to build a 25-story, 261-unit riverfront luxury apartment building on the site, according to its ... [more]

TA Realty sells Waterford at Blue Lagoon building to NY firm for $11M

Posted:Wed, 23 Aug 2017 14:30:23 +0000

TA Realty just sold an office building at the Waterford at Blue Lagoon office park in Miami for $10.55 million, property records show. The buyer is Blue Lagoon Investments LLC, an Islip, New York-based entity controlled by Doug Davis. The four-story, 57,565-square-foot office building at 5835 Blue Lagoon Drive traded for about $180 per square foot. Records show the Boston-based asset manager sold the property at a loss: it paid $11 million for the building ... [more]

Could the mortgage interest deduction get chopped after all?

Posted:Wed, 23 Aug 2017 13:45:56 +0000

From TRD New York: The mortgage interest deduction is the annoying aunt of entitlements: once through the door it’s just impossible to get rid of. At least that used to be the conventional wisdom. Now the Trump administration is about to test it. According to unnamed real estate industry sources, federal officials and lawmakers are toying with the idea of capping the entitlement, which allows households to deduct mortgage payments from their income tax, at ... [more]

Is Ben Carson’s wife Candy the shadow secretary at HUD?

Posted:Wed, 23 Aug 2017 12:45:36 +0000

From TRD New York: When President Trump named Ben Carson to be the Secretary of Housing and Urban Development last year, HUD’s career employees took it personally. How could the president insult people who had worked all their lives in housing policy by picking someone to preside over them who knew basically nothing about it? But it didn’t stop with Carson, Trump raided HUD with a “beachhead” team that also consisted of few people with ... [more]

Treasury Department finally adds teeth to LLC disclosure rule

Posted:Tue, 22 Aug 2017 22:10:35 +0000

From TRD New York: The Treasury Department closed a gaping loophole in its effort to crack down on money laundering in real estate on Tuesday, extending its LLC disclosure rules to deals that involve wire transfers. In a revised geographic targeting order (GTO), Treasury officials said wire transfers would now be subject to regulations that require title insurance companies to disclose the identity of buyers who purchase luxury real estate through LLCs. The revised GTO ... [more]

Oceanfront Golden Beach estate asks $25M

Posted:Tue, 22 Aug 2017 21:30:41 +0000

The Russian owner of an oceanfront estate in Golden Beach is looking to double the last sale price of the property, listing it for just under $25 million. Records show Piacere Ocean LLC paid $12 million for the property at 115 Ocean Boulevard in 2014. The deed was signed by attorney Irina Nemtsev on behalf of the owner, records show. The estate includes a 4,500-square-foot ocean-facing main house with a master suite and a 5,200-square-foot garden-facing ... [more]

Thomas Kramer loses waterfront Star Island homes to winning $40M bid

Posted:Tue, 22 Aug 2017 20:20:10 +0000

South Beach developer Thomas Kramer has lost his party homes. Kramer’s lenders submitted the winning $40 million bid for his Star Island mansions on Tuesday. Verena von Mitschke-Collande and Claudia Miller-Otto won the auction for the adjacent properties at 4 and 5 Star Island Drive, according to records filed with Miami-Dade County Clerk of Court Harvey Ruvin. Both are the daughters of the late Siegfried Otto, who financed the purchases of the Miami Beach homes. Kramer ... [more]

Florida’s industrial markets see increase in spec construction: report

Posted:Tue, 22 Aug 2017 19:45:34 +0000

Industrial markets throughout Florida are experiencing a return to pre-recession occupancy levels and rental rates, according to a newly released Cushman & Wakefield report. Statewide, second quarter rents stood at $7.03, with occupancy at 95.1 percent. Year-to-date, industrial absorption increased to about 3.7 million, according to the report. More than 10 million square feet of industrial space is under construction in Florida. Jacksonville has the largest share, with about 3.3 million square feet being delivered, according to the ... [more]

Lincoln Road to get anti-terrorism barriers

Posted:Tue, 22 Aug 2017 18:45:34 +0000

Miami Beach’s Lincoln Road will get anti-terrorism barriers following the latest vehicle-ramming attack in Europe. Temporary concrete barriers will be installed along the curb line on the Alton Road and Washington Avenue entrances to the popular pedestrian mall, according to the Miami Herald. Mayor Phillip Levine said the barricades will be temporary “until a more permanent and aesthetically pleasing option” can be implemented as part of the street’s redesign. The city is looking at the ... [more]

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