Dropping soon: The Real Deal’s Los Angeles fall issue!

The Real Deal Los Angeles‘ fall magazine is set to hit newsstands this October!

The upcoming issue is packed with the most important industry news and insider information, including a look inside the world of residential broker coaching and foreign investment in L.A. real estate. The October magazine will also look at the top commercial brokerages doing business in the San Fernando Valley, as well the city’s industrial boom — currently the most in-demand sector of the commercial market.

You can receive your copy by subscribing to The Real Deal Los Angeles. Click here to read the July issue, featuring a profile of Tom Barrack, a look at Compass and Douglas Elliman’s respective forays into the L.A. market and more.

Call Frank Morales at (310) 270-8124 or contact fm@therealdeal.com to learn more about advertising opportunities.

Source: real deal miami

Sofia Vergara sells Miami Beach condo

Sofia Vergara and 300 74th st (Credit: Wikimedia Commons)

Sofia Vergara is saying goodbye to her Miami Beach condo.

The “Modern Family” actress sold her 468-square-foot unit at 300 74th Street, according to Gossip Extra. The sale has not yet been recorded online.

Unit 15, in a boutique condo building in North Beach, hit the market in March for $150,000. Records show Vergara paid $165,000 for the condo in 2007, although she lived in it in the mid-1990s, Gossip Extra reported.

She moved into the Lofts at Harding studio when she first arrived in South Florida as a model and later as host of Telemundo’s “Fuera de Serie.”

Vergara has owned other real estate in Miami, property records show. [GossipExtra]Katherine Kallergis

Source: real deal miami

South Florida lease roundup: Baptist to open at Downtown Doral & more

Clockwise from left: SunTrust Center, Downtown Doral, Bergeron Distribution Center, Building500 at the Port95 Business Park

Baptist Health South Florida signs 4,169-square-foot lease with Downtown Doral

Baptist Health South Florida just signed a 15-year lease at Codina Partners’ Downtown Doral project.

The new 4,169-square-foot lease will be a Baptist Health South Florida Express Care location. It will sit on the northeast corner of Northwest 53rd Street and Northwest 84th Avenue, directly across from Downtown Doral Charter Elementary School, according to a release.

Baptist Health Express Care is an appointment-free healthcare center for the treatment of minor injuries and illnesses. Baptist Health has an existing medical plaza nearby at Northwest 99th Avenue and 41st Street.

Koniver Stern Group’s Mickey Finkle and Arthur Shifrin represented Downtown Doral Retail Holdings, an entity of Codina Partners. They are in charge of all retail deals for Downtown Doral.

Baptist Health South Florida is part of phase II of The Shops at Downtown Doral, which will feature locally-owned storefronts and restaurants. Phase II broke ground in June 2017.

When completed, Downtown Doral will have more than 1 million square feet of commercial space, 400,000 square feet of Class A office space and 5,000 residential units. The master-planned community will include a city hall, charter school, town homes, single-family homes and eventually, eight condo towers.

Port 95 Business Center​ in Fort Lauderdale adds 47,182-square-foot lease

Port 95 Business Center, a 230,036-square-foot commercial park, just inked leases with General Insulation and Kaman Industrial Technologies, bringing the distribution center to 92 percent occupancy.

The two leases, totaling 47,182 square feet, will be in Building B of Port 95 Business Center at 2650 SW 36th Street in Fort Lauderdale. The center consists of three newly developed distribution buildings with built-to-suit offices. Other features include T–5 warehouse lighting and 32-foot ceilings, according to a release.

Cushman and Wakefield’s Chris Metzger, Richard Etner Jr. and Christopher Thomson represented owner MSG Port 95, led by Elion Partners’ Saul Gilinski. Cushman & Wakefield’s Matthew McAllister, Gary Collett and Jay Lucas represented General Insulation.

General Insulation Company is an insulation distributor and supplier of industrial, commercial and fire-stopping products for the construction market. It will be relocating from its location in Pompano Beach, and is slated to move in by the fourth quarter. Kaman Industrial Technologies is a subsidiary of Kaman Corporation, one of North America’s largest industrial distributors.

Port 95 Business Center has about 19,913 square feet remaining.

Bergeron Distribution Center in Pembroke Pines inks 35,630 square-feet first lease

The Bergeron Distribution Center, a 173,373-square-foot distribution and warehouse facility in Pembroke Pines, just inked its first lease.

InNeuroCo, a Medical devices manufacturer, signed a 35,630 square-foot lease at the distribution center in Pembroke Pines. The property is still in its pre-leasing phase, according to a release.

Bergeron Distribution Center sits on a 9.1-acre lot at the southwest corner of Stirling Road and Southwest 196th Avenue. The facility provides office space and features 32-foot tall ceilings, a truck court and dock and ramp loading.

Bergeron Family of Companies broke ground on the project in October 2016. Berger Commercial Realty’s Keith Graves and Greg Milopoulos are the exclusive leasing agents.

Bergeron Distribution Center is part of the Bergeron Park of Commerce and Industry, a 300-acre industrial park and development site. When completed the park will total about 2.2 million square feet of commercial space.

SunTrust Center at Las Olas Square inks 7,305 square foot lease

SunTrust Center at Las Olas Square, a 17-story office tower in downtown Fort Lauderdale, just inked a 7,305-square foot lease on its ninth floor.

Cushman & Wakefield signed the lease. It will be moving from 2,000 square feet on SunTrust at Las Olas Square’s eighth floor.

Cushman & Wakefield’s Travis Herring, Deanna Lobinsky, Katherine Ridgway and Chase Kulp negotiated the lease renewal on behalf of building owner Steelbridge. Cushman & Wakefield’s Jeff Holding and A.J. Belt represented Cushman & Wakefield.

Steelbridge Capital‘s Las Olas Square is an office campus in downtown Fort Lauderdale. The developer paid $90 million for the site last year. It includes the SunTrust Center at Las Olas Square and 501 at Las Olas Square, a three-story mixed-use building at 501 East Las Olas Boulevard. The project also includes a five-story structured parking garage, an on-site café.

Source: real deal miami

Hotels are hiding room rates in “resort fees,” but the Feds have taken notice

Crowne Plaza Times Square

From TRD New York: More hotels charge carefully hidden resort fees as they face growing competition from Airbnb and tumbling room rates.

The number of hotels charging such fees increased by 26 percent last year while the average fee grew 12 percent, according to resortfeechecker.com. Long common in beach resorts and casino hotels, resort fees are now spreading to big cities. For example, the Crowne Plaza Times Square charges a fee of $30 per night, the Wall Street Journal reported.

Attorneys general in 46 states are looking into the practice because resort fees often aren’t advertised, leaving consumers in the dark over how much their room costs.

“We want the lodging businesses to simply present their full and accurate pricing right upfront, so the consumer can see what a room will cost them,” D.C. Attorney General Karl Racine told the Journal.

Fees and surcharges will total about $2.7 billion this year, according to Bjorn Hanson, a professor at NYU’s hospitality program. That’s a 35 percent increase from five years ago.

Hotels in New York City have been particularly hard hit by competition from short-term rental website Airbnb and as well as a surge in new hotel supply. Manhattan’s hotel revenue dipped for the fourth straight winter to $164 per room. [WSJ]Konrad Putzier

Source: real deal miami

Join Corcoran Sunshine, the US Immigration Fund, Lennar and other top firms in Shanghai

From TRD New York: Every year more than 3,000 Chinese institutional and direct investors in U.S. real estate join The Real Deal for three days of networking, break-out sessions and panels. It’s the biggest event of its kind and draws top U.S. real estate players and their counterparts in China. See some of the coverage of our event last November here.

TRD also hosts more than 30 U.S. developers, brokerages and other real estate services firms at the Shanghai show. This year Corcoran Sunshine will be showcasing their new developments along with the U.S. Immigration Fund, Lennar, Allure Development, Great Gulf, Property Markets Group, Six Sigma, Greenland, Shanghai Construction Group, Platinum Management, DMG Investments, Marcus & Millichap, Blue Road and others.

The showcase takes place at the five-star Jing-An Shangri La in Shanghai. We’ll kick off with a networking cocktail party on Thursday, Nov. 2, then Nov. 3 and Nov. 4 will feature four panels each, as well as workshops and presentation from our sponsors.

This year’s panelists include Steve Witkoff (Witkoff Group), Ryan Serhant (Nest Seekers International), Jed Garfield (Leslie J. Garfield), Rob Verrone (Iron Hound Management), Bruce Mosler (Cushman & Wakefield), Nick Mastroianni (U.S. Immigration Fund), Hu Gang (Greenland Usa), Charles Bendit (Taconic Investment Partners), Bentley Zhao (New Empire Real Estate), Kobi Karp (Kobi Karp Architecture), Wendy Cai-Lee (Oenus Capital), Chris Wein (Great Gulf), Ryan Shear (Property Markets Group), JD Parker (Marcus & Millichap), Nikki Field (Sotheby’s International Realty) and Shahab Karmely (Kar Properies), among others.

Click here for more information about participating in the event or email contact china@TheRealDeal.com. For sponsorship information, please contact china@TheRealDeal.com.

Source: real deal miami

Miami-Dade State Attorney’s son sues over rodent-infested condo in Coral Gables

Waters Edge in Coral Gables (Credit: condo.com)

Vermin took over a waterfront condominium in Coral Gables, according to a lawsuit filed recently in Miami-Dade Circuit Court.

Justin Rundle, who owns a unit in Waters Edge of Coral Gables at 100 Edgewater Drive, is suing the previous owner Jeanie Fung, listing agent Francine Thomas and Coconut Grove-based brokerage Brown Harris Stevens | Avatar Real Estate Services, for breach of contract and several counts of fraud and negligence. The lawsuit also names the Waters Edge condo association, as well as inspection company Real Estate Management Co. and appraisal company Florida Estate Appraisals, as defendants.

Rundle, a Coconut Grove lawyer whose mother is Miami-Dade State Attorney Katherine Fernandez Rundle, alleges Fung and Thomas knew about a rat infestation in the building and did not disclose the problem to him before the closing on July 14, 2016. Rundle paid $383,000 for the two-bedroom condo.

“The seller knowingly sold my client a lemon,” said Rundle’s attorney Josef Mysorewala. “He took drastic remediation efforts to save his unit and his neighbors from this pest problem.”

Fung could not be located for a response, while Thomas and managers for Avatar declined comment. Jacob Blacher, owner of Real Estate Management, and Alejandro Alvarez, owner of Florida Estate Appraisals, did not return messages seeking comment.

According to the lawsuit, Rundle began hearing noises throughout the night and noticed a noxious odor throughout the condo a few days after moving in. “Upon further investigation, plaintiff discovered that rodents had infiltrated the unit, leaving rotting carcasses, urine, feces and rodent nests throughout the walls, the drop ceiling and AC system,” the lawsuit states.

Rundle moved out on May 17 and would need to effectively rebuild the entire unit to get rid of the rodents and to fix the damage the unwanted animals caused, the lawsuit states. He subsequently learned that Fung had rented the unit in 2015 to tenants who discovered rodents running around the kitchen in October of that year.

“After several unsuccessful rodent removal efforts, the seller allowed the previous tenants to terminate their lease early and refunded their security deposit,” the lawsuit states. “Rather than make further attempts to repair the rodent infestation, the seller and the seller’s agent immediately listed the property for sale.”

Rundle claims Fung and Thomas violated Florida law by not telling him about the rodent problem and represented that the unit was in good condition. The lawsuit also accuses Real Estate Management and Florida Estate Appraisals of providing documentation that the unit did not have any material defects and was worth $383,000.

In addition to recouping the money he paid for the unit, Rundle is seeking damages for pain and suffering, lost wages, rental costs for a new apartment, and time, money and effort for ridding the apartment of its rodent problem.

Source: real deal miami

South Florida counties come together to woo Amazon

Amazon HQ rendering and Jeff Bezos

As cities across the country prepare their bids for Amazon.com’s second headquarters, South Florida’s three counties are coming together to submit one proposal.

The Beacon Council in Miami-Dade, the Greater Fort Lauderdale Alliance in Broward and the Business Development Board of Palm Beach County will put together a joint bid, according to the Sun Sentinel.

Broward County Commissioner Michael Udine sent a letter to Amazon founder Jeff Bezos, boasting the region’s advantages on Wednesday, including its “zero state income tax” and a “mild climate with an 82 degree average temperature.” Other pluses include transportation options like Brightline, multiple international airports, and colleges and universities.

Amazon’s checklist for the second headquarters includes low taxes, incentives, proximity to mass transit and “presence and support of a diverse population.” The company plans to have phase 1, a building with more than 500,000 square feet, completed by 2019. After 2027, its footprint will grow to up to 8 million square feet. Amazon plans to give priority to undeveloped, shovel-ready greenfield sites and infill opportunities.

The Seattle-based company plans to build in a major metropolitan area, within 45 minutes of an airport, near quality universities, and with a population of over 1 million people. Amazon is also looking to target engineers and others in the tech sector. Bids for the second campus are due by Oct. 19. Cities like Los Angeles, Orlando and Chicago have already announced their plans to enter the race. [Sun-Sentinel]  Katherine Kallergis

Source: real deal miami

Silverman Group pays $30.7M for two industrial buildings in Lake Worth

Lake Worth industrial buildings. From Left: Jeff Kelly, Kirk Nelson, Robert Smith (Credit: CBRE)

Two affiliates of the Short Hills, New Jersey-based Silverman Group just paid $30.7 million for two industrial buildings in Lake Worth, property records show.

The two buildings at 701 Boutwell Road span 252,000 square feet combined, meaning the trade breaks down to about $122 per square foot.

Records show an entity of Newport Beach-based Panattoni Development Company sold the property. Panattoni bought the 18.6-acre site in 2015 for $4.9 million. The warehouses were delivered in December 2016.

CBRE’s Robert Smith, Jeff Kelly and Kirk Nelson handled the sale. Warehouse spaces range from 15,750 square feet to 166,267 square feet, with asking rents at $7.95 per square foot, according to a CBRE listing. The buildings are 35 percent leased.

The Silverman Group is a family owned private equity and development firm focused on commercial and industrial real estate, according to its website. It has an office in Palm Beach.

Last year the company bought a portfolio of properties in West Palm Beach, Riviera Beach, Magnonia Park and Lake Park for $50 million.

Source: real deal miami

Archbishop Curley site in Little Haiti hits the market

(Credit: Avison Young)

The Archdiocese of Miami is officially putting Archbishop Curley-Notre Dame High School on the market, but what it could sell for depends on yet-to-be-determined zoning.

Avison Young’s David Duckworth, John K. Crotty and Michael T. Fay and Bezold Realty were hired to market the 15.56-acre site at 4949 Northeast Second Avenue. The archdiocese closed the school last year, and in December reportedly received a $65 million unsolicited offer for the property.

Because of its size, the campus can seek Special Area Plan zoning. If approved for T6-12, it could be developed into a mixed-use project with up to 2,300 residential units, up to 28-story buildings and about 5 million square feet of space, according to Avison Young. It’s on the market unpriced, Duckworth said.

It’s north of the Miami Design District and west of the Upper East Side neighborhood.

Two major sites, the Eastridge Special Area Plan at 5045 Northeast Second Avenue and the planned $200 million redevelopment and expansion of the Jewish Health Systems campus, are within walking distance of Archbishop Curley.

Eastridge’s SAP application calls for buildings of up to 28 stories tall, nearly 2,800 residential units, 418 hotel rooms, 284,000 square feet of commercial/retail space, 97,000 square feet of office space, 295,000 square feet of open space, and thousands of parking spaces. SVP Realty owns the 22-acre site.

In Miami-Dade County, multifamily development sites have been selling for between $30,000 to $40,000 per potential unit, a source said. That would come out to between $69 million and $92 million for the Archdiocese’s property, but it is dependent on an SAP being approved. The goal is to sell the property quickly, but Duckworth said they are considering a longer period by securing site plan approval prior to selling.

Developers Tony Cho and Bob Zangrillo are planning Magic City, a $1 billion phased, mixed use development between Northeast 60th and 64th streets and Northeast Second Avenue to the railroad tracks. The first phase calls for a sculpture garden, the 30,000-square-foot Magic City Studios and the 15,000-square-foot innovation center that will be home to startups, co-working and other groups.

Over the next decade, Duckworth expects the Little Haiti corridor to rival areas like Midtown Miami.

Offers for the Archbishop Curley property are due Nov. 16.

Source: real deal miami