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Preview: South Florida Commercial Real Estate News From CoStar Group

South Florida Commercial Real Estate News From CoStar Group

CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of


What Happens to One Park Place When The Geo Group Moves?

Fri, 16 Feb 2018 06:19:58 GMT

Early next year, The GEO Group will move to a new build-to-suit headquarters in Boca Raton, FL, vacating 120,064 square feet it currently occupies at One Park Place, just west of I-95 at Yamato Road. Despite what appears to be a daunting task, leasing agent Brady Titcomb of JLL and other brokers say finding a replacement tenant or tenants won't be as overwhelming as some might think. The brokers point to sizable office leases recently completed...

Luxury Apartments Planned South of Miami

Fri, 16 Feb 2018 04:32:04 GMT

Multifamily developer Estate Investments Group (EIG) is moving ahead with plans to build a 200-unit luxury apartment project in Palmetto Bay, FL, south of Miami. The five-story Soleste Bay Village will rise at 18301 S. Dixie Hwy. Delivery is expected in the second quarter of 2020. "Miami’s residential market still has plenty of gas in the tank," Robert Suris, principal of EIG, said in a statement. "Everyday there are more and more families...

New Cruise Company Selects Broward County for HQ

Thu, 15 Feb 2018 04:14:25 GMT

Virgin Voyages, a newly-formed cruise company that is part of Richard Branson’s Virgin Group conglomerate, is opening a headquarters in up to 60,000 square feet in Plantation, FL with plans to create 450 jobs. The company is taking the fifth, sixth and part of the seventh floors in the nine-story building at 1000 S. Pine Island Rd. The 4-Star Royal Palm I at Southpointe is home to more than two dozen tenants in 240,308 square feet. David Coddington...

New Office Bldg Planned North of Downtown Miami

Tue, 13 Feb 2018 08:46:10 GMT

A New York developer is betting big on the Class A office market in the emerging Miami neighborhoods of Wynwood, Midtown, Edgewater and the Design District. R&B Realty said Tuesday it expects to break ground in the next three months on The Gateway at Wynwood, a 225,000-square-foot building at 2916 N. Miami Ave. The firm is building the project on spec, and says it will be ready by late 2019. The 12-story property will have 200,000 square feet...

Mixed-Use Building on Miami Beach Fetches $38M

Tue, 13 Feb 2018 07:41:32 GMT

East End Capital Partners LLC and GreenOak Real Estate acquired a mixed-used building in Miami Beach, FL for $38 million, or about $588 per square foot, from KBS Realty Advisors. The 555 Washington Ave. property, designed by the Arquitectonica architecture firm, consists of 44,000 square feet of Class A office space, 22,000 square feet of retail space and a 243-stall attached parking garage. Tenants include Warner Music Group, Alacran Records,...

Starwood's Sternlicht Opens Up at Real Estate Conference

Tue, 13 Feb 2018 04:44:00 GMT

Starwood Capital Group CEO Barry Sternlicht addressed a variety of topics in a discussion with PGIM Real Estate executive Cathy Marcus at the University of Miami Real Estate Impact Conference. Credit: University of Miami. Barry Sternlicht, chairman and CEO of Starwood Capital Group, is not bashful in big groups. Sternlicht weighed in on a number of topics during last Friday's University of Miami's Real Estate Impact Conference in front of several...

Akerman Law Firm Eyeing New Fort Lauderdale Office Tower

Fri, 09 Feb 2018 10:41:01 GMT

The Akerman LLP law firm is nearing a deal to move its Fort Lauderdale, FL offices to the largest tower to be built in the city's downtown corridor in more than a decade, CoStar News has learned. Akerman would take 48,000 square feet in Stiles' planned 360,000-square-foot building at 201 E. Las Olas Blvd., though the lease is contingent on development milestones that Stiles must achieve, sources say. Scheduled to open in fall 2020, the 23...

Advenir Pays $97.3M for Palm Beach Gardens Rental

Thu, 08 Feb 2018 07:46:41 GMT

Advenir, a real estate investment company, completed a deal this week for a 4-Star apartment complex in Palm Beach Gardens, FL for $97.3 million, or about $179,000 per unit. BRT Apartments Corp., a real estate investment trust, announced last month that it had a contract to sell the property and expected the deal to close in the second quarter. The buyer secured a new $80 million Freddie Mac loan to renovate individual units at The Fountains...

Q&A: New Capital Sources Creating Opportunities for Developers, Investors

Wed, 07 Feb 2018 07:56:23 GMT

Daryl Shevin, chief financial officer of 13th Floor Investments, sees big changes in the equity markets - all unrelated to falling stock prices in recent days. Shevin said new players are bullish on real estate investments. What's more, he predicts that less reliance on traditional equity will lead to a more vibrant market and reach all commercial real estate asset classes. Miami-based 13th Floor is an alternative investment management firm...

Bed Bath & Beyond Plaza Sells in Miami

Tue, 06 Feb 2018 08:49:57 GMT

Schmier & Feurring Properties, Inc. and Independenci Asset Management LLC acquired the Bed Bath & Beyond Plaza at 10610-10660 NW 19th St. in Miami, FL from Retail Properties of America, Inc. (RPAI) for $37.9 million, or about $389 per square foot. The 97,456-square-foot retail center was built in 2003 in the Miami Airport submarket. Danny Finkle, Luis Castillo and Eric Williams represented the seller. The buyers handled the sale in-house. Please...

GID, CalPERS Buys Windsor at Delray Beach Apts

Tue, 06 Feb 2018 06:02:54 GMT

An affiliate of Orlando-based ZOM, Inc. sold the 188-unit Windsor at Delray Beach apartments at 2101 N. Federal Hwy in Delray Beach, FL to a joint-venture between GID Investment Advisers LLC and CalPERS for $60.35 million, or about $321,000 per unit. The 150,400-square-foot multifamily complex consists of a range of one-, two- and three-bedroom layouts. It was built in 2016 on 8.5 acres, and features a swimming pool, fitness center, entertainment...

State Street Realty Takes Over Leasing at Miami-Area Industrial Complex

Mon, 05 Feb 2018 07:50:40 GMT

Duke Realty has hired State Street Realty to lease and market its Miami Industrial Logistics Center, a 4-Star industrial complex in Hialeah Gardens, FL. The warehouse and distribution center in northwest Miami-Dade County consists of three buildings totaling 676,835 square feet. MILC I at 15002 NW 107th Ave. is 209,232 square feet, MILC II at 14802 NW 107th Ave. totals 211,757 square feet and MILC III at 10701 NW 140th Street spans 255,846 square...

Maroone Ford Sells for $22.5M

Tue, 30 Jan 2018 07:26:00 GMT

Grieco Automotive Group acquired the retail building at 1333 N. Federal Hwy in Fort Lauderdale, FL from AutoNation for $22.5 million, or approximately $333 per square foot, from AutoNation, Inc. The single-story, 67,518-square-foot auto dealership was built in 1990 in Broward County. The buyer financed its acquisition in-part with a new $18 million loan provided by Bank of America N.A. Both parties handled the direct, owner/user sale in...

PGIM Sells Transal Park for $22.8M

Tue, 30 Jan 2018 05:12:18 GMT

Foundry Commercial and American Realty Advisors have acquired the six-building Transal Park at 8200-8290 NW 27th St. in Miami, FL from PGIM Real Estate for $22.8 million, or about $170 per square foot. The single-story flex park totals 134,175 square feet on a 10.4-acre site. The buildings were constructed in 1989 and 1990 in the Miami Airport West industrial submarket. The assets were 88-percent leased at the time of sale to multiple tenants...

Weingarten Realty Investors Sells Flamingo Pines Plaza for $33.2M

Thu, 25 Jan 2018 03:36:14 GMT

JBL Asset Management LLC acquired the Flamingo Pines Plaza shopping center at 12502-12638 Pines Blvd. in Pembroke, FL from Weingarten Realty Investors for $33.2 million, or about $238 per square foot. The 139,462-square-foot neighborhood center was constructed in 1987 in the Southwest Broward County submarket. It is currently 99 percent leased to multiple tenants including Florida Technical College and several medical and food service providers...