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Miami Real Estate News

MMG Equity Partners buys Boynton Beach shops

Posted:Mon, 20 Nov 2017 22:45:27 +0000

Pinecrest-based MMG Equity Partners just paid $17 million for a shopping center in the Boynton Beach, according to a press release. Meadows Square Shopping Center, a 94,7000-square-foot retail strip at 4701 North Congress Avenue, traded for nearly $180 per square foot. Records show the buyer financed the deal with an $11.4 million loan, which according to MMG, stems from a life insurance company. HFF arranged the financing. G&I VIII Meadows Square, an affiliate of New ... [more]

Toronto land prices are pushing developers into the US market

Posted:Mon, 20 Nov 2017 22:15:20 +0000

From TRD New York: Land prices in one of the hottest housing markets have risen so much that developers are struggling to build at all in Toronto — and, when they do, having trouble finding buyers, so some are turning their eyes south to U.S. markets. The push is coming Toronto land prices, which have tripled in the last five years, making the purchase of land about 50 percent of the cost of building a ... [more]

Yellen to resign from Fed board

Posted:Mon, 20 Nov 2017 21:30:21 +0000

From TRD New York: President Trump already announced his pick to replace Janet Yellen as chair of the Federal Reserve, choosing former private equity executive Jerome Powell. But Yellen — whose term as a board member runs until 2024, even once she is no longer chair — said Monday she will leave the central bank in February, six years early. The resignation means the Trump administration will need to replace her seat on the board, in ... [more]

Don Peebles lists Coral Gables estate

Posted:Mon, 20 Nov 2017 20:45:02 +0000

Investor and developer Don Peebles just listed his Coral Gables estate for $12.9 million. Peebles and his wife Katrina want to sell their property at 11501 Old Cutler Road to be closer to Wellington, where their daughter is pursuing her equestrian career, according to listing agent Lourdes Alatriste of Engel & Völkers Miami. The 10-bedroom, nearly 16,000-square-foot mansion sits on a gated, 2.87-acre lot on Old Cutler Road with 100 oak trees that surround a ... [more]

Zaha Hadid’s South Beach condo gets a big price reduction

Posted:Mon, 20 Nov 2017 20:03:46 +0000

Even a Miami Beach condo designed and owned by the late starchitect Zaha Hadid is feeling the effects of Miami’s lackluster condo market. The listing price for the Iraqi-British architect’s 2,300-square-foot condo at the W South Beach has been reduced to $6.5 million, down from the unit’s $10 million asking price in May, according to the Wall Street Journal. The three-bedroom and four-bathroom condo combines two floor plans of units Hadid had bought in 2010 ... [more]

Kolter nabs construction loan for Delray hotel

Posted:Mon, 20 Nov 2017 19:00:34 +0000

Kolter Group just closed on a $27.3 million construction loan for a new hotel in Delray Beach. Property records show Kolter affiliate DK Delray Downtown LLC is building the four-story, 150-room hotel at 135, 145, 169, and 185 Southeast Sixth Avenue. PNC Bank is the lender. The West Palm Beach-based development and investment firm paid about $2.9 million for the development site in 2016. It plans to break ground early next year and open the ... [more]

Ross Stores cashes out, sells Aventura location to local investors

Posted:Mon, 20 Nov 2017 18:00:24 +0000

UPDATED Nov. 20, 1:20 p.m.: The parent company of Ross Dress For Less has cashed out on its Aventura location, selling it for $16.38 million, property records show. The trade of the discount chain’s 27,380-square-foot building breaks down to about $598 per square foot. Three Aventura-based entities bought the big-box site at 18495 Biscayne Boulevard, records show. The companies, Yad MGD LLC, led by Jacobo Azout; Excess 18495 Biscayne LLC, led by Erwin and Jonatan ... [more]

A wide open lane for commercial brokerage IPOs

Posted:Mon, 20 Nov 2017 17:00:14 +0000

From TRD New York’s latest issue: Newmark Knight Frank took one step closer to joining the ranks of its publicly traded rivals late last month when it filed paperwork for its hotly anticipated initial public offering. Newmark Group, as the new company is known, will trade under the ticker symbol NMRK and is looking to raise up to $100 million through the IPO, according to its red herring prospectus. And the commercial brokerage — which ... [more]

Movers & Shakers: Marcus & Millichap taps regional VP & more

Posted:Mon, 20 Nov 2017 16:15:23 +0000

Waddell & Reed’s former managing principal left the financial services firm to join Marcus & Millichap as vice president and regional manager in Miami. In addition to working at Waddell & Reed, Scott Lunine also previously led retail investments for Sperry Van Ness and worked for SCI Real Estate Investments and T.R. Winston & Co. He’s closed more than $4 billion in deals over his 25-year career. Rivergate KW Residential hired new regional managers and ... [more]

Boca Raton investors snap up Park at Broken Sound office building

Posted:Mon, 20 Nov 2017 15:28:42 +0000

A group of investors just purchased an office building in Boca Raton’s Park at Broken Sound for $6.57 million, property records show. The 54,675-square-foot building, called Siena at Broken Sound, traded hands for about $123 per square foot. Records show 1095 Center Realty Associates LLC, led by Randall Rossilli, Alan Rossilli, Robert Ferrara and Michael Buckworth, bought the building at 1095 Northwest Broken Sound Parkway. The seller is a New Jersey-based company called Hudson Regency ... [more]

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