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Strong demand boosts South Florida real estate prices
08/22/2014
General

FOX NEWS VIDEO-Aug. 21, 2014 - 2:26 - Phil Keating reports from Miami Beach

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Reports
Urban Retail Report 2013
12/01/2013
Market research

Occupancy and asking rents have kept an upward trend in South Florida’s retail streets, with Lincoln Road continuing to exceed in rental levels. New energy is apparent in all South Florida retail streets, from posh Worth Avenue in Palm Beach to gritty Flagler Street in downtown Miami, two streets newly included in this annual report, and which illustrate the challenges and conquests at the two extremes of the urban street experience.

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Press Releases
TERRANOVA CLOSES RECORD $342 MILLION LINCOLN ROAD SALE
08/19/2014
Leasing

MIAMI BEACH, FLORIDA –August 19, 2014 –In one of the largest deals in South Florida history, Miami Beach based Terranova Corporation announced the sale of its 6 building portfolio of Lincoln Road area assets for $342 million. The properties were assembled over the past three and one half years at a cost of $191 million. The buyer is Morgan Stanley Real Estate Investing, along with affiliates of Terranova.

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COMMERCIAL REAL ESTATE NEWS

CoStar Wins Multiple Journalism Awards for its Industry-Focused News

The National Association of Real Estate Editors (NAREE) recently recognized CoStar with three awards for the quality of its industry-focused news as part of NAREE’s 64th Annual Real Estate Journalism Awards announced earlier this summer at the organization’s annual conference held in Houston, Texas. The awards recognize excellence in reporting, writing and editing news stories about commercial and residential real estate, in print, online or broadcast...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Aug. 24 - 30)

It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Minneapolis, Long Island, Denver, Boston, Jacksonville, Baltimore, Chicago, Seattle, and South Florida. MINNEAPOLIS Houlihan Bingen Named New President of Stahl Construction By Trey Kern Stahl C

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COMMERCIAL REAL ESTATE NEWS

Hotel Chain Gives It the Old College Try

A new hotel brand thinks it can win a devoted following by offering guests a chance to relive the college experience.

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COMMERCIAL REAL ESTATE NEWS

Burger King and Tim Hortons Cooking Up a Merger

Tim Hortons Inc. and Burger King Worldwide Inc. confirmed that they are in discussions regarding the potential creation of a global leader in the quick service restaurant business. The new publicly-listed company would be based in Canada, the largest market of the combined company. The deal could be considered a corporate inversion in which the Miami-based Burger King would acquire the Ontario, Canada-based Tim Hortons and re-domicile outside of...

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Retail Deliveries, Construction and Inventory

During the second quarter 2014, 10 retail buildings totaling 229,127 square feet were completed in the South Florida market. Over the past four quarters, a total of 1,088,608 square feet of retail space has been built in South Florida. There was 2,420,812 square feet of retail space under construction at the end of the second quarter 2014. Some of the notable 2014 deliveries include: 1700 Sheridan St, a 70,650-square-foot facility that delivered...

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COMMERCIAL REAL ESTATE NEWS

Project Climbs Out of Its Hole

The battle over the stalled Chicago Spire project, one of the most high-profile real-estate developments clobbered by the downturn, has taken another step toward being resolved.

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COMMERCIAL REAL ESTATE NEWS

$573 Million Loss Means Another Real Estate Tune Up for Sears Holdings

More retail space changes are coming for Sears Holdings Corp., which reported a net loss $573 million for the second quarter of 2014 compared to a $194 million loss for the same period a year ago. “Our second quarter earnings are unacceptable and we are taking steps to address our performance on several levels. This includes reducing costs as we evolve our business model, investing in our Shop Your Way and Integrated Retail customer initiatives...

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COMMERCIAL REAL ESTATE NEWS

KBS REIT II Sells CityPlace Tower for $150M in West Palm Beach

W.R. Berkley Corporation acquired the CityPlace Tower at 525 Okeechobee Blvd. in West Palm Beach, FL from KBS REIT II, Inc. for $150 million, or about $507 per square foot. The 18-story, 295,933-square-foot, 5-Star office was built in 2008 on 1.2 acres in the West Palm Beach CBD submarket, at the northwest corner of Quadrille Blvd., less than three miles from the Palm Beach Airport. The property marks the southern entrance to the City Place...

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COMMERCIAL REAL ESTATE NEWS

Brazil Hotel Chain on the Block

A U.S. real-estate investor could become one of the largest hotel owners in Brazil if the firm succeeds in a tender offer that values Brazil Hospitality Group at $1 billion.

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COMMERCIAL REAL ESTATE NEWS

The Herrick Co. Buys 29 Walgreens for $100 Million

Affiliates of The Herrick Co., one of the nation’s leading real estate investment firms with offices in New Jersey and South Florida, acquired 29 Wallgreens pharmacy/retail properties throughout the U.S. The properties, all of which are occupied under long-term triple net leases, were acquired for $100 million. The Walgreens leases in the recently acquired portfolio each have 25 years remaining on the term. The location of the properties has...

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COMMERCIAL REAL ESTATE NEWS

Thomas Joins Coldwell Banker Commercial Alliance Miami

Rebecca Thomas joined Coldwell Banker Commercial Alliance Miami, led by managing principal Jim McCoy, as the marketing coordinator. Thomas most recently held the position of marketing director at Nexxus Management in Miami. She previously spent eight years at CBRE overseing marketing for an investment sales team which handled $14 billion in total sales. Thomas is a long-standing Miami resident, and spent 10 years in print journalism for well...

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COMMERCIAL REAL ESTATE NEWS

Sam Zell, Ex-Partner Face Off in Emerging Markets

Since an acrimonious split, Sam Zell and his former partner Gary Garrabrant have kept their distance. Now they are preparing to square off on turf they once conquered together: emerging-markets real estate.

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COMMERCIAL REAL ESTATE NEWS

Saks Fifth Avenue to Anchor Miami's Brickell City Centre with 107,000-SF Department Store

Leading luxury retailer Saks Fifth Avenue has signed on to anchor Brickell City Centre in Miami, FL with a 107,000-square-foot department store. Due to open in fall 2016, the lead tenant will occupy three floors with street-level access. This is the first announcement by Swire Properties, Inc. and Whitman Family Development about a retailer at its highly-anticipated shopping center. When completed, the store will be the largest Saks to open in...

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COMMERCIAL REAL ESTATE NEWS

U.S. Construction Shifts to Second Tier

Construction projects in cities across the country that stalled during the economic downturn now are getting the green light, an indication that the real-estate recovery is spreading beyond a handful of urban areas.

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COMMERCIAL REAL ESTATE NEWS

DLA Piper Doubles Space at Southeast Financial Center

Global law firm DLA Piper signed a long-term lease to expand its space by 22,500 square feet, taking the entire 24th floor in addition to its current footprint on the 25th floor for a total of 45,134 square feet at Southeast Financial Center at 200 S. Biscayne Blvd. in Miami DLA Piper signed its first lease at Southeast Financial Center, Florida’s tallest and largest office tower and plaza totaling 1.225 million square feet in the heart of Miami...

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COMMERCIAL REAL ESTATE NEWS

Plots & Ploys: News Summary

MediaNews Group is putting its real estate on the block; Investors are pouring money into health-care properties; Swedish construction giant Skanska invests in more public-infrastructure projects.

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COMMERCIAL REAL ESTATE NEWS

Summers Promoted to VP of Operations at Gables Residential

Atlanta-based Gables Residential promoted Donna Summers to national vice president of operations and given her responsibility for the operations of Gables REIT and JV owned assets. She also has been actively involved in managing Gables’ interfaces and initiatives with such groups as AUM, Rainmaker, Credit Retriever, Kingsley Associates and the revenue management consultants that Gables utilizes. Summers has more than 30 years of experience...

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COMMERCIAL REAL ESTATE NEWS

Many Visitors but Few Tenants

Governors Island attracts many seasonal visitors but also faces many stumbling blocks in luring year-round tenants to the 172-acre off the southern tip of Manhattan.

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COMMERCIAL REAL ESTATE NEWS

AEW Capital Management Sells Industrial Facility

PS Business Parks, Inc. purchased the industrial facility at 2323 NW 82nd Ave in Miami from AEW Capital Management for $12.7 million, or about $85.45 per square foot. The two-story, 148,618-square-foot building was constructed in 1991 and renovated in 2007. The property on 5.6 acres of land is in Miami International Commerce Center and features 14 drive-in bays with 24-foot-clear height. Walter Byrd and Benjamin Eisenberg of Transwestern represented...

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COMMERCIAL REAL ESTATE NEWS

Unions, Activists Align on Affordable Housing

A group of New York City construction unions have forged a coalition with affordable housing activists to ratchet up pressure on Mayor Bill de Blasio to require organized labor in the building of 80,000 lower-cost apartment units over the next decade.

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COMMERCIAL REAL ESTATE NEWS

New Lee & Associates CEO Jeff Rinkov Putting Firm's New Strategic Plan Into Play

Jeffrey M. Rinkov has been with Lee & Associates since 1995 and served in executive roles for nearly a decade, a period in which it has expanded from largely a Southern California-focused brokerage to a full-service real estate provider with an increasingly national reach. As Lee & Associates announces its 50th office today, entering the Ohio market in Cleveland, one of the Buckeye State's largest metro areas, Rinkov has assumed the Los Angeles...

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COMMERCIAL REAL ESTATE NEWS

Casinos Chase New York City Proximity

With three failing Atlantic City casinos slated to close their doors within the next month, officials near New York City are pushing shiny new gaming facilities harder than ever.

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COMMERCIAL REAL ESTATE NEWS

Global Fund Investments Sells Sunshine Plaza

Avi Cohen of Katz Properties Real Estate Investments acquired the Sunshine Plaza shopping center at 4001-5031 W. Commercial Blvd. in Tamarac, FL from Global Fund Investments for $28.5 million, or about $122 per square foot. The single-story, 234,000-square-foot retail property was built in 2001 on 21 acres in the Cypress Creek submarket of Broward County. It is anchored by Old Time Pottery, Publix, Marshalls, and Dollar Tree. Dennis Carson...

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COMMERCIAL REAL ESTATE NEWS

U.S. Home Size Levels Off, for Now at Least

The two-year trend of big houses getting even bigger appears to have peaked—at least for now—as more buyers seeking modest homes enter the market.

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