tag:blogger.com,1999:blog-57092107219683767212024-03-14T00:27:06.915-07:00Godart FloridaAnonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.comBlogger35125tag:blogger.com,1999:blog-5709210721968376721.post-17749564532653895062015-04-02T07:30:00.000-07:002015-04-02T07:30:01.633-07:00Investors Beat Own Record for Wynwood Real Estate in Miami<span itemprop="author" style="background-color: white; border: 0px; box-sizing: border-box; color: #333333; font-family: 'Droid Sans', sans-serif; font-size: 12px; font-stretch: inherit; font-style: italic; font-weight: bold; line-height: 21px; margin: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.dailybusinessreview.com/id=1202619839139/Eleazar-David-Melendez" style="border: 0px; box-sizing: border-box; color: #467984; font-family: inherit; font-size: inherit; font-stretch: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">Eleazar David Melendez</a></span><span style="background-color: white; color: #333333; font-family: 'Droid Sans', sans-serif; font-size: 12px; font-style: italic; font-weight: bold; line-height: 21px;">, Daily Business Review</span><br />
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<img alt="Property at 2621 NW 2nd Ave. in Wynwwod" itemscope="" itemtype="http://schema.org/ImageObject" src="http://www.dailybusinessreview.com/image/EM/DBR/2621-NW-2-Ave-Article-201503181250.jpg" style="border: 0px; font-family: 'Droid Sans', sans-serif; font-size: 14px; font-stretch: inherit; height: auto; line-height: 24px; margin: 0px; max-width: 100%; padding: 0px; vertical-align: baseline;" /><span style="background-color: white; font-family: 'Droid Sans', sans-serif; font-size: 14px; line-height: 24px;"></span><br />
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A New York fund that burst into Miami's Wynwood district paying previously unheard-of sums has done it again—this time shattering its own per-square-foot record set in January.</div>
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Brooklyn-based RedSky Capital LLC dropped $29.5 million to buy the Wynwood Block, a retail complex at 2621 NW Second Ave. running the length of the neighborhood's main commercial drag between 26th and 27th streets.</div>
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The purchase follows a bevy of recent deals by RedSky and London-based JZ Capital Management, which have purchased just under $100 million worth of Miami real estate in the past 10 weeks.</div>
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Ben Mandell, an associate with the Miami office of brokerage RKF, said RedSky is not done yet. The investment venture is looking to pick up "as much as they can get" in central Miami neighborhoods, particularly Wynwood and the Design District.</div>
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"They're buying for the future of the area," he said.</div>
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Mandell, Drew Schaul and John Ellis at RKF represented RedSky in the transactions.</div>
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In the latest deal, RedSky is getting a retail asset that's fully occupied and a short walk away from a 5,485-square-foot building at 2407 NW Second Ave. that the fund purchased in January for $10.5 million. That purchase set a record $770 per square foot for the area.</div>
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While the RKF brokers declined to discuss per-square-foot pricing on the new Wynwood deal, public records show Wynwood Block contains 28,754 square feet of built-out space, which would peg the latest deal at a record-smashing $1,025 per foot. The $726 price paid for each square foot of land also sets a record.</div>
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"They're buying a strategically located asset," Mandell said.</div>
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He said RedSky, which is a large property owner in the Williamsburg and Bushwick neighborhoods of Brooklyn, is hoping to somewhat recreate the experience they had investing in New York real estate, where its investments in industrial neighborhoods on the verge of gentrification have paid off handsomely.</div>
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"In Williamsburg, Brooklyn, when they bought five years ago, everyone said they were overpaying," Mandell said. "Look at them now: They're sitting pretty."</div>
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Schaul added, "If the area gets up-zoned, which we think is a high possibility, the dollars and cents make sense."</div>
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Wynwood business leaders are working with the city to change the configuration of allowable uses in what had been a predominantly low-rise industrial enclave. Where almost no buildings exceed three stories, the future could bring eight-story mid-rises with up to 150 dwelling units per acre.</div>
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Aside from the up-zoning, making the math work on pricey Wynwood acquisitions would require bringing in a new class of tenant willing to pay higher retail rents, which at the moment are flirting with $60 a square foot. Schaul said Wynwood is being looked at by "the usual suspects, the anti-mall retailers that are catering to the millennials." Mandell cited national retailers Warby Parker, Shinola and TOMS as possibilities.</div>
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The Wynwood Block deal, which closed Feb. 27 but has yet to be recorded, follows two large RedSky deals a few blocks north in the Design District. On the same day, the company bought 1 NE 40th St., a two-story, 19,436-square-foot property, for $29.25 million.</div>
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On Sunday, RedSky closed on the building next door at 35 NE 40th St., a three-story, 17,391-square-foot retail property, for $28 million. It's occupied by Oak Tavern, a 140-seat bar and restaurant with an outdoor patio.</div>
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"That assemblage gives them a large footprint, and it could shadow-anchor Dacra's boutique hotel," Mandell said. "It's a great location for what we see to be high-end contemporary retail."</div>
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Schaul noted the Design District purchases "get back to the basics of location, location, location."</div>
<span style="border: 0px; box-sizing: border-box; font-family: 'Droid Sans', sans-serif; font-size: 14px; font-stretch: inherit; line-height: 24px; margin: 0px; padding: 0px; vertical-align: baseline;"><br /></span>Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-1661869243742607612015-03-31T10:00:00.000-07:002015-03-31T10:00:05.702-07:00Real Estate Notebook: Delray Beach plaza trades for $5.7 million<span class="trb_bylines_name_primary" style="background-color: white; font-family: Georgia, serif; font-size: 13px; font-weight: bold;"><span class="trb_bylines_name_author" style="color: #666666; display: inline-block;"><span class="trb_bylines_name_author_by" style="padding-right: 3px;">By </span><a class="trb_bylines_name_author_a" href="http://www.sun-sentinel.com/soflanews-paul-owers-on-real-estate-20130507-staff.html" itemprop="author" style="color: #d80000; text-decoration: none;">Paul Owers</a></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;">Sun Sentinel</span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><br /></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><i style="color: #333333; font-size: 18px; line-height: 27px;">A roundup of the week's real estate news.</i></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><i style="color: #333333; font-size: 18px; line-height: 27px;"><br /></i></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Delray Pointe, an 18,269-square-foot plaza in </span><a href="http://www.sun-sentinel.com/community/news/delraybeach?track=tax-delraybeach" style="color: #d80000; font-size: 18px; line-height: 27px; text-decoration: none;">Delray Beach</a><span style="color: #333333; font-size: 18px; line-height: 27px;">, sold for $5.7 million.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The center at 1110-1120 S. Federal Highway is anchored by Office Depot and City National Bank.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The buyer was Delray 172 Realty LLC and the seller was Delray Pointe LLC. The CBRE firm represented both parties.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Delray Pointe was built in 2004 and is 80 percent leased. The site also includes 3,500 square feet of office space.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">Two commercial agents earn awards</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Robert Hamman of Sperry Van Ness won the 2014 Top Deal of the Year award from The Realtors Commercial Alliance in </span><a href="http://www.sun-sentinel.com/news/local/palmbeach/" style="color: #d80000; font-size: 18px; line-height: 27px; text-decoration: none;">Palm Beach County</a><span style="color: #333333; font-size: 18px; line-height: 27px;">.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Hamman was honored for his work at the site of the former Panaman Hattie's restaurant on PGA Boulevard and the Intracoastal Waterway. The property will become a mixed-use development. Hamman also earned the Land Deal of the Year award for assembling the parcels.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Scott Field of Realty Associates was honored as the 2014 Realtor of the Year.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The alliance is a division of the Realtors Association of the Palm Beaches.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">Law firm to hold class for community associations</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The Becker & Poliakoff law firm will hold a free class March 13 on building and protecting a brand name in community associations across South Florida.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">A valuable brand can increase property values and improve the quality of life for residents and members, the firm said.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The event will be from 1 to 3 p.m. at the firm's Fort Lauderdale office, 1 E. Broward Blvd., Suite 1800. Seating is limited. Call 954-985-4119 or send an email to</span><a href="mailto:classes@bplegal.com" style="color: #d80000; font-size: 18px; line-height: 27px; text-decoration: none;">classes@bplegal.com</a><span style="color: #333333; font-size: 18px; line-height: 27px;">.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">First lease signed at Port 95 Business Center</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Premier Produce, a food service distributor based in Pembroke Pines, has signed the first lease at the Port 95 Business Center in Dania Beach.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Cushman and Wakefield, which represented landlord Saul Gilinski, announced the deal for 37,205 square feet. Premier is expected to occupy the space in June.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Port 95, at 2650 SW 36th St., offers 229,643 square feet of distribution space. In November, Bridge Development sold the complex to Gilinski for $27 million.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">Coral Springs plaza trades for $26 million</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">A joint venture between CREC and Lubert Adler Real Estate Funds paid $26 million for Royal University Plaza in Coral Springs.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The new ownership group announced plans to renovate the 98,500-square-foot center and start an aggressive leasing compaign. The plaza is 45 percent leased.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">David Moret, a principal of the group, said in a statement the property at 2556 N. University Drive was an ideal redevelopment opportunity even though the previous owner, TYE Holdings LLC., hadn't listed it for sale.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">"We approached several national tenants prior to closing and have received tremendous interest on the property and are excited about its future tenant lineup," he said.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">Commercial brokers jump to Colliers International</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Jonathan Kingsley and Stephen Rutchik, veteran South Florida commercial real estate brokers, have left the JLL firm to join Colliers International.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The longtime business partners, who also worked at Grubb & Ellis Co., are executive vice presidents with Colliers.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">At JLL, Kingsley and Rutchik helped lease roughly 2.1 million square feet of "Class A" office space for such clients as TIAA-CREF, Sunbeam Development and Stockbridge Capital Group. The two brokers also have represented Coca-Cola Co., Comcast and other tenants.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;">In a statement, Kingsley said he's looking forward to working again with former colleagues in "an environment that's refreshingly entrepreneurial and flexible."</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="background-color: white; color: #999999; display: block; font-family: Georgia, serif; font-size: 13px;"><em style="color: #333333; font-size: 18px; line-height: 27px;"><a href="mailto:Powers@sunsentinel.com" style="color: #d80000; text-decoration: none;">Powers@sunsentinel.com</a>, 561-243-6529 or Twitter @paulowers</em></span>Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-33672910871442351462015-03-28T00:30:00.000-07:002015-03-28T00:30:02.279-07:00Florida SBA looking for real estate, global equity portfolio managersBY BARRY B. BURR<br />
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<a class="ga-event" data-ga-event-details="{"eventType": "click", "eventCategory": "Article Related Links", "eventAction": "Clickthru", "eventLabel": "Hot Links"}" href="http://researchcenter.pionline.com/profiles/plan-sponsors/429710" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: #004b76; font-family: georgia, 'times new roman', times, serif; font-size: 14px; font-stretch: inherit; line-height: 19.6000003814697px; margin: 0px; outline: dotted thin; padding: 0px; vertical-align: baseline;" title="View this company's profile in the P&I Research Center">Florida State Board of Administration</a><span style="color: #222222; font-family: georgia, 'times new roman', times, serif; font-size: 14px; line-height: 19.6000003814697px;">, Tallahassee, is searching for a senior portfolio manager of externally managed real estate portfolios.</span><br />
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In addition, the FSBA, which oversees $181.3 billion in
assets, is searching for a portfolio manager of externally managed global
equity.<o:p></o:p></div>
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FSBA is seeking to replace Jeff Smith, who was moved to a
newly created portfolio management position, still in externally managed real
estate, as a result of an increase of the real estate allocation to 10% from 7%
and a more global emphasis that the FSBA adopted in 2014, John Kuczwanski,
communications manager, said in an e-mail.<o:p></o:p></div>
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The senior portfolio manager’s duties include overseeing the FSBA’s externally managed real estate. The FSBA has $11.9 billion in real estate, including $5.4 billion that is externally managed.</div>
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Qualifications the FSBA is seeking include experience working with real estate commingled funds at the supervisory level. Applications for the senior portfolio manager position are due March 18.</div>
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The portfolio manager in global equity would assist in overseeing external global equity managers and would replace Dustin Heintz, who was promoted to senior portfolio manager in global equity. Mr. Heintz replaced Alison Romano, who was promoted to senior investment officer in global equity, replacing Janice Yecco, who retired last year.</div>
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The FSBA has $87.7 billion in global equities.</div>
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Applications for the portfolio manager position are due Wednesday.</div>
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Contact Barry B. Burr at bburr@pionline.com</div>
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Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com1tag:blogger.com,1999:blog-5709210721968376721.post-83781687177996778742015-03-24T15:24:00.000-07:002015-03-24T15:24:00.067-07:00Real Estate Notebook: Hospitality firms combine headquarters in West Palm<div class="trb_article_leadart" style="background-color: white; float: left; font-size: 10px; margin: 0px 20px 0px 0px; padding-bottom: 10px; width: 711px; z-index: 100;">
<aside class="trb_embed " data-content-id="82982523" data-content-size="leadart" data-content-subtype="photo" data-content-type="image" data-role="socialshare_item imgsize_ratiosizecontainer " data-state=" " style="-webkit-transform: none; margin: 0px; overflow: hidden; padding: 0px; position: relative; transform: none; width: 711px;"><div class="trb_embed_media " style="-webkit-transform: none; transform: none; width: 711px;">
<figure class="trb_embed_imageContainer_figure" data-role="imgsize_item" imgheight="400" imgratio="16x9" imgwidth="750" style="background-color: black; clear: left; float: none; height: 0px; margin: 0px; overflow: hidden; padding: 0px 0px 399.9375px; position: relative; width: 712.421875px;"><img alt="Meridian Business Campus" class="trb_embed_imageContainer_img" data-baseurl="http://www.trbimg.com/img-54f894d3/turbine/fl-real-estate-col-03082015-20150306-001" data-content-naturalheight="1298" data-content-naturalwidth="2048" data-height="400" data-ratio="16x9" data-width="750" itemprop="image" src="http://www.trbimg.com/img-54f894d3/turbine/fl-real-estate-col-03082015-20150306-001/750/750x422" style="border: none; bottom: 0px; display: block; float: none; left: 0px; margin: auto !important; max-height: 100.699996948242%; max-width: 100.699996948242%; overflow: hidden; padding: 0px !important; position: absolute; right: 0px; top: 0px; width: auto !important;" title="Meridian Business Campus" /></figure><div class="trb_embed_related" data-role="lightbox_metadata" style="margin-left: 0px; margin-right: 0px;">
<div class="trb_embed_related_credit_and_caption" style="color: #999999; display: inline-block; font-family: Arial, serif; font-size: 12px; line-height: 17px; margin: 10px 0px;">
KeHE Distributors has renewed its lease for 201,849 square feet at Meridian Business Campus in Weston.</div>
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</aside></div>
<div class="trb_bylines" style="background-color: white; display: inline-block; float: none; font-family: Georgia, serif; font-size: 13px; font-stretch: normal; font-weight: bold; margin: 0px 20px 30px 0px; width: auto;">
<span class="trb_bylines_name_primary"><span class="trb_bylines_name_author" style="color: #666666; display: inline-block;"><span class="trb_bylines_name_author_by" style="padding-right: 3px;"><em style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">A roundup of the week's news in South Florida real estate.</em></span></span></span></div>
<div>
<span style="background-color: white; color: #333333; font-family: Georgia, serif; font-size: 18px; line-height: 27px;">Chatham Lodging Trust and Island Hospitality, two separate but associated companies, have signed a 10-year lease at the Esperante building in downtown West Palm Beach.</span></div>
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<div class="trb_bylines" style="background-color: white; display: inline-block; float: none; font-family: Georgia, serif; font-size: 13px; font-stretch: normal; font-weight: bold; margin: 0px 20px 30px 0px; width: auto;">
<span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><br /></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The firms are taking 27,516 square feet to consolidate operations from the town of Palm Beach. The move-in date is expected in the fourth quarter of this year.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The lease brings Esperante at 222 Lakeview Ave. to 87 percent occupancy.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Chatham is a hotel real estate investment trust with interests in 130 hotels. Island Hospitality Management operates 140 hotels.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">D.R. Horton building homes in Greenacres</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">D.R. Horton says it has completed construction of three homes at Verona Estates in Greenacres.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">One is a staged home that can be sold with the furniture. The two other homes are vacant. A fully decorated model home also is available for tours, though it's not for sale.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The 53-home Verona Estates is at 4770 Foxtail Court. The three- to five-bedroom homes start in the high-$200,000s and range from 1,588 to 3,173 square feet.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">Buffalo firm signs North Palm Beach lease</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">A financial services firm has leased 2,555 square feet at Golden Bear Plaza in North Palm Beach.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Peak Reps/The Financial Guys of Buffalo signed a long-term deal at the plaza, 11770 U.S. 1. It's the firm's first Florida office. The Sperry Van Ness brokerage represented the tenant.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">Douglas Elliman opens office on Las Olas</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The Douglas Elliman real estate firm has opened an office in Fort Lauderdale, expanding its reach across South Florida.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The new location, the firm's ninth in the tri-county area, is at 450 E. Las Olas Blvd. Douglas Elliman, based in Miami Beach, opened offices in </span><a href="http://www.sun-sentinel.com/community/news/bocaraton?track=tax-bocaraton" style="color: #d80000; font-size: 18px; line-height: 27px; text-decoration: none;">Boca Raton</a><span style="color: #333333; font-size: 18px; line-height: 27px;"> and </span><a href="http://www.sun-sentinel.com/community/news/wellington?track=tax-wellington" style="color: #d80000; font-size: 18px; line-height: 27px; text-decoration: none;">Wellington</a><span style="color: #333333; font-size: 18px; line-height: 27px;">last year.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Frank Kirschner will lead the Fort Lauderdale office of 40 agents who specialize in high-end homes and condominiums. Like other Douglas Elliman agents, the Fort Lauderdale staff will be aligned with Knight Frank Residential, the United Kingdom brokerage, to work with clients overseas.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">Fort Lauderdale apartments sell for $8.5 million</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Mandalay Apartments, a 106-unit apartment complex in Fort Lauderdale, sold for $8.5 million.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">A Miami-based company bought the property at 2115 W. Davie Blvd. from a Coconut Creek investor. Both parties were represented by Marcus & Millichap.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Multiple buyers bid on the property, Marcus & Millichap's Tal Frydman said in a statement.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">"Higher prices and intense investor competition for apartments in </span><a href="http://www.sun-sentinel.com/news/local/broward/" style="color: #d80000; font-size: 18px; line-height: 27px; text-decoration: none;">Broward County</a><span style="color: #333333; font-size: 18px; line-height: 27px;"> are raising the probability for sellers to fulfill price objectives," he said.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;">Distribution company re-ups in Weston</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; font-weight: 700; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">KeHE Distributors has renewed its lease for 201,849 square feet at Meridian Business Campus in Weston.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">The company will continue to occupy all of a two-story building in the complex at 3225 Meridian Parkway. The park is owned by Clarion Partners.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Avison Young represented KeHE. The firm said in a statement that the average industrial tenant in Broward occupies 29,000 square feet, and spaces for tenants needing at least 50,000 square feet are scarce.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;">Broward's industrial vacancy rates are at seven-year lows, so brokers are advising tenants in prime locations to renew their leases, according to Avison Young.</span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><em style="color: #333333; font-size: 18px; line-height: 27px;"><a href="mailto:Powers@sunsentinel.com" style="color: #d80000; text-decoration: none;">Powers@sunsentinel.com</a>, 561-243-6529 or Twitter @paulowers</em></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><span style="color: #333333; font-size: 18px; line-height: 27px;"><br /></span></span></div>
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Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-58866310972377622912015-03-20T15:17:00.000-07:002015-03-20T15:17:00.402-07:00The Top Places in Florida to Invest in Real Estate Property<div style="background-color: white; margin-bottom: 1.5em; padding: 0px;">
<span style="color: #cccccc; font-family: arial;"><span style="font-size: 21.6000003814697px; letter-spacing: -1.08000004291534px;">The Market Oracle</span></span></div>
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Peter Scully submits: For those who know the real estate market in Florida they will be aware that the prices vary across the state. The prices range from $37.36 per square foot in Kenneth City to $546.77 per square foot in Key Biscayne.</div>
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However, if you plan to invest and get out quickly whilst making a profit then Hialeah Gardens, Lauderdale-by-the-Sea and Atlantis are the places to choose. For those who want a strong investment with a beachfront then Miami-Fort Lauderdale is the popular choice but if you are planning on making an investment for the long run then the majority of the Florida housing market can work well.</div>
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The following locations in Florida are some of the best places in which to make investments.</div>
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<strong style="margin: 0px; padding: 0px;">Doral</strong></div>
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This is an area that is affordable and has a low unemployment rate along with a healthy growth in population. This city between 2010 and 2013 saw more than 6000 new residents move to the area which is an increase of 14%.</div>
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<strong style="margin: 0px; padding: 0px;">Cape Coral</strong></div>
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This is one of the largest cities with a population of 158,415 and an average sale price of $96 per square foot. Located in Lee County the residents are thinking about developments which could influence the value of real estate in this area.</div>
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<strong style="margin: 0px; padding: 0px;">Bal Harbour</strong></div>
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Bal Harbour is a small area with a population of just 2,569 and it is an expensive place to invest with the price sitting around an average of $340 per square foot. However, there are many buyers looking for property.</div>
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<strong style="margin: 0px; padding: 0px;">Winter Garden</strong></div>
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Located near to Orlando, it has a lot to offer those looking to invest. The population grew by 13% which suggests that the demand for housing could be high. There are jobs available which helps to keep the housing market buoyant and growing.</div>
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<strong style="margin: 0px; padding: 0px;">Homestead</strong></div>
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Over half of the properties here have experienced an increase in value. Despite this, the cost of housing still remains affordable in a city with almost 62,000 residents. During the last two years, the price of sales has an average of $79.42 per square foot.</div>
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<strong style="margin: 0px; padding: 0px;">Miami Lakes</strong></div>
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In this area, 57% of the housing has increased in value over the last ten years whilst vacancies have decreased by 3.6%. This is something that investors should be encouraged by as this suburban location could see investors paying a premium for being located just north of Miami. The average price per square foot here sits at $152.</div>
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<strong style="margin: 0px; padding: 0px;">Hialeah Gardens</strong></div>
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The population here is 22,136 and where buyers are looking for a quick return on their investment which is why there are many options to choose from to simple flip housing.</div>
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<strong style="margin: 0px; padding: 0px;">Aventura</strong></div>
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This community is one that is diverse and also growing and since 2010 the population has risen by 7.51%. The average sale price is $227 per square foot and there is the possibility to find properties that have views of the Atlantic Ocean.</div>
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<strong style="margin: 0px; padding: 0px;">Marianna</strong></div>
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Marianna is one of those areas that harbour some excellent bargains and here the price per foot is $61. It is however attracting new residents and has shown a 28% increase in the population during the three years from 2010 to 2013.</div>
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<strong style="margin: 0px; padding: 0px;">Pinecrest</strong></div>
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This is the second most expensive place in Miami-Dade County thanks to its price of $269 per square foot. There has been a small increase in the population recently of 1.54% and the leaders of the village are considering expanding the area.</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-58081882088842237922015-03-17T15:15:00.000-07:002015-03-18T15:15:50.304-07:00Publix buying up property across Florida<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">Publix Super Markets is buying Southwest Florida shopping centers, and it's not done yet.</span><div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">The state's largest grocery-store chain has been purchasing more in recent years. It has ramped up its buys over the past year, and is looking to do more — setting aside $1.3 billion this year to buy more centers, build new stores and remodel others, according to a report that appeared Monday in the Sarasota Herald-Tribune.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">The cash-rich company has become a major player in shopping center acquisitions, betting on revival of the commercial real estate market here and across Florida.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">"Publix is buying all the centers that it wants to buy because their cost of capital is cheaper than the landlord's cost of capital, which makes their cost of occupancy less than market rent," Gary Tasman of Cushman & Wakefield Commercial Property Southwest Florida said last month.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">Publix recently bought The Shops at Verandah on Palm Beach Boulevard in Fort Myers for $14.4 million.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">Publix's acquisitions in recent years, according to Lee County Clerk of the Court records, include centers at 3015 SW Pine Island Road for $10,150,000 in December, and $13 million for The Shoppes at Fiddlesticks off Daniels Parkway in November 2012.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">The recent purchases are a sign Publix is making a bet on the future strength of the real estate market here, Tasman said.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">In the past year, the Lakeland-based grocer also acquired centers where it operates stores in Port Charlotte, Sarasota, Englewood, Parrish and Lakewood Ranch.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">Publix now operates 1,098 stores, and about 20 percent sit in company-owned real estate, spokesman Brian West said.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">"We're very fortunate to be in good financial health — no long-term debt and significant cash reserves, enough to allow us to invest in real estate when the situation makes sense," West said.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">The company has owned centers where it operates stores for years, but it became a more aggressive buyer the past two years.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">The privately owned company is coming off a great financial performance in 2014, one analysts said was especially impressive in light of competition from expanding rivals such as Trader Joe's, Whole Foods and Wal-Mart.</span></div>
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<span style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">Publix had $30.6 billion in sales last year, a 5.7 percent increase from 2013.</span></div>
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<i style="background-color: white; color: #333333; font-family: arial, sans-serif; font-size: 14px; line-height: 22px;">The <a href="http://bit.ly/1CqSrZd" style="color: #1990e5; text-decoration: none;" title="http://bit.ly/1CqSrZd">Sarasota Herald-Tribune</a> and The Associated Press contributed to this report.</i></div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-34526685267946015262015-03-13T15:10:00.000-07:002015-03-18T15:11:08.627-07:00South Florida again near top in home price increases<div class="trb_article_leadart" style="background-color: white; float: left; font-size: 10px; margin: 0px 20px 0px 0px; padding-bottom: 10px; width: 711px; z-index: 100;">
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<span class="trb_bylines_name_primary"><span class="trb_bylines_name_author" style="color: #666666; display: inline-block;"><span class="trb_bylines_name_author_by" style="padding-right: 3px;">By </span><a class="trb_bylines_name_author_a" href="http://www.sun-sentinel.com/soflanews-paul-owers-on-real-estate-20130507-staff.html" itemprop="author" style="color: #d80000; text-decoration: none;">Paul Owers</a></span></span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;">Sun Sentinel</span><span class="trb_bylines_name_publication" itemprop="publisher" itemscope="" itemtype="http://schema.org/Organization" style="color: #999999; display: block; font-weight: 400;"><br /></span><div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">South Florida home price increases remain among the best in the nation, according to a report Tuesday.</span></div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">The Standard & Poor's/Case-Shiller home price index for Palm Beach, Broward and Miami-Dade counties rose 8.4 percent in December from a year ago. Among 20 metro areas nationwide, only San Francisco had a larger increase, at 9.3 percent.</span></div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">This is the second consecutive month that South Florida ranked second in the report. From August through October, the tri-county region led all areas in price gains.</span></div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">Some housing analysts consider Case-Shiller the best barometer of home prices because it tracks the price of the same house over time. Local Realtor boards measure home values by releasing a median price for homes sold in a given month.</span></div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">But the index, released on the last Tuesday of each month, lags Realtor board numbers and does not include condominium prices.</span></div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">Despite solid gains in South Florida and in western states, the housing rebound nationwide is "faltering" as home starts remain sluggish, David M. Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.</span></div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">"The softness in housing is despite favorable conditions elsewhere in the economy: strong job growth, a declining unemployment rate, continued low interest rates and positive consumer confidence," he said.</span></div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">Rising rents in South Florida and across the country are pushing people into homeownership. Still, many renters can't afford to buy, hurting the housing recovery, analysts say.</span></div>
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<span style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;">"Widespread and rapid growth in rents, combined with stagnant wages, are keeping many would-be buyers stuck in rental housing, writing ever-larger checks to their landlords instead of saving for a down payment," Stan Humphries, chief economist for real estate website Zillow.com, said in a statement. "Today's renters are tomorrow's buyers, and the longer these would-be buyers stay on the sidelines, the longer full recovery will take."</span></div>
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<i style="color: #333333; font-size: 18px; font-weight: normal; line-height: 27px;"><a href="mailto:Powers@sunsentinel.com" style="color: #d80000; text-decoration: none;">Powers@sunsentinel.com</a>, 561-243-6529 or Twitter @paulowers</i></div>
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Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com2tag:blogger.com,1999:blog-5709210721968376721.post-15478882265095791762015-03-10T15:06:00.000-07:002015-03-18T15:06:25.799-07:0025 condo short-sale units on South Florida resale market<div style="background-color: white; box-sizing: border-box; color: #999999; display: inline; font-family: Roboto, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 1.6em; margin-bottom: 10px; text-transform: uppercase;">
<span class="ng_byline_name" style="box-sizing: border-box;">BY PETER ZALEWSKI</span></div>
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<span class="ng_byline_credit" style="box-sizing: border-box;">SPECIAL TO THE MIAMI HERALD</span></div>
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The condo short sale — a lender-approved transaction in which a unit sells for less than the total outstanding loan amount — appears to have all but disappeared in coastal South Florida, at least until the next tricounty real estate crash.</div>
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The disappearance of the condo short sale from the South Florida real estate market east of Interstate 95 is following a remarkably similar path to that of bank-owned condo resales — also known as Real Estate Owned (REO) properties — that were chronicled in a similar manner in my Business Monday <a href="http://www.miamiherald.com/news/business/biz-monday/article10163078.html" style="background: transparent; box-sizing: border-box; color: #0d76ba; text-decoration: none;" target="_blank" title="">column</a> on Feb. 16.</div>
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Currently, less than 225 condo short sale units are available for purchase east of I-95 in Miami-Dade, Broward and Palm Beach as of Feb. 24, according to statistics from the Southeast Florida MLXchange.</div>
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Overall, more than 13,275 condos — a combination of units categorized as short sales, bank-owned and normal status — are listed for resale east of I-95 in South Florida. As a result, condo short sale units now account for about 1.7 percent — the lowest level in at least five years — of the overall condo resale market in the tricounty region.</div>
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The current supply of condo short sale units available for resale represents about 4.2 months of inventory based on the 2014 sales pace of about 53 condo short sale transactions monthly in 2014, according to the data.</div>
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The number of condo short sales to transact in South Florida in 2014 is down nearly 82 percent from 2011 — the most active year during the last real estate downturn — when nearly 300 short sale units traded monthly in the tricounty region.</div>
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Even though South Florida’s condo market hit bottom during the last cycle in about 2009, the condo short sale transaction activity did not reach a peak until 2011 for a number of reasons, including the lengthy bank-approval process required to complete a deal.</div>
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As the supply of condo short sale units available for purchase has decreased in recent years, the average transaction price per short sale unit has increased in South Florida as buyers looked for deals.</div>
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Currently, sellers seeking to short sell their units are asking an average price of $226 per square for their condos east of I-95 in South Florida.</div>
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In previous years, buyers of condo short sale units in the tricounty region paid an average price per square foot of $182 in 2014, $163 in 2013 and $140 in 2012. Back in 2009 when the South Florida condo market was bottoming out, the average condo short sale unit traded for $183 per square foot.</div>
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On a county-by-county basis, Miami-Dade still accounts for the largest chunk of the condo short sale transaction activity.</div>
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More than 125 condo short sale units are on the resale market at an average asking price of nearly $245 per square foot. The current asking price represents about a 19 percent premium over the $204 per square foot average paid in 2014 when about 28 condo short sale units transacted monthly.</div>
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Recently in Miami-Dade, buyers paid an average per square foot price of $186 for 71 condo short sale units monthly in 2013 and $152 per square foot for 132 units monthly in 2012.</div>
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In Broward County, the conditions for condo short sale units is similar with supply falling and prices rising.</div>
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Nearly 70 condo short sale units are currently listed on the resale market in Broward at an average asking price of $195 per square foot, representing about a 35 percent premium over the average transaction price of $144 per square foot achieved in 2014 when 15 units traded monthly.</div>
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Buyers purchased an average of 33 condo short sale units monthly at a price of $122 per square foot in 2013 and 57 condo short sale units for $119 per square foot in 2012.</div>
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In Palm Beach, less than 30 condo short sale units are available for purchase at an average asking price of about $100 per square foot.</div>
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Buyers purchased an average of 10 condo short sale units monthly in 2014 at an average price of $90 per square foot compared to 25 condo short sale units monthly for $106 per square foot in 2013 and 31 units monthly for $94 per square foot in 2012, according to the data.</div>
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Currently, the condo short sale inventory available for purchase in Palm Beach represents about 2.6 months of supply.</div>
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The unanswered question going forward is whether the disappearance of the condo short sale unit from the South Florida residential market is a temporary trend or a permanent systemic change.</div>
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<div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Peter Zalewski is a principal with the Miami real estate consultancy Condo Vultures. Zalewski, a licensed Florida real estate professional since 1995 and founder of CVR Realty and Condo Vultures Realty LLC, advises developers, lenders and institutional investors. Zalewski also runs the preconstruction condo project website CraneSpotters.com in conjunction with the Miami Association Of Realtors.</div>
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CONDO SHORT-SALE MARKET EAST OF I-95</div>
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This chart summarizes annual condo short sales in Miami-Dade, Broward and Palm Beach counties</div>
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<strong style="box-sizing: border-box;">Status</strong></div>
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<strong style="box-sizing: border-box;">S. Florida</strong></div>
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<strong style="box-sizing: border-box;">Dade</strong></div>
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<strong style="box-sizing: border-box;">Broward</strong></div>
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<strong style="box-sizing: border-box;">Palm Beach</strong></div>
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<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
<strong style="box-sizing: border-box;">Available condo short sales as of Feb. 24</strong></div>
</td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Units</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
220</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
126</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
68</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
26</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Months of unit supply</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
4.2</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
4.5</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
4.5</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
2.6</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Average price</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$226</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$243</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$195</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$100</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
<strong style="box-sizing: border-box;">2014 completed condo short sales</strong></div>
</td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Units</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
641</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
335</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
182</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
124</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Monthly short sales</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
53</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
28</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
15</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
10</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Average short sale price</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$182</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$204</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$144</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$90</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
<strong style="box-sizing: border-box;">2013 completed condo short sales</strong></div>
</td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Units</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
1,547</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
850</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
396</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
301</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Monthly short sales</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
129</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
71</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
33</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
25</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Average short sale price</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$163</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$186</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$122</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$106</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
<strong style="box-sizing: border-box;">2012 completed condo short sales</strong></div>
</td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Units</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
2,635</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
1,585</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
678</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
372</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Monthly short sales</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
220</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
132</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
57</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
31</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Average short sale price</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$140</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$152</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$119</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$94</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
<strong style="box-sizing: border-box;">2011 completed condo short sales</strong></div>
</td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Units</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
3,542</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
2,213</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
997</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
332</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Monthly short sales</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
295</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
184</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
83</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
28</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Average short sale price</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$152</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$158</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$140</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$97</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
<strong style="box-sizing: border-box;">2010 completed condo short sales</strong></div>
</td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Units</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
3,116</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
1,777</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
965</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
374</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Monthly short sales</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
260</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
148</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
80</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
31</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Average short sale price</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$167</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$173</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$154</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$112</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
<strong style="box-sizing: border-box;">2009 completed condo short sales</strong></div>
</td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"></td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Units</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
1,775</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
1,064</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
545</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
166</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Monthly short sales</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
148</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
89</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
45</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
14</div>
</td></tr>
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Average short sale price</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$183</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$187</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$172</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
$134</div>
</td></tr>
</tbody></table>
<div class="ng_factbox_endnote" style="box-sizing: border-box; margin-top: 8px;">
<div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Source: Southeast Florida MLXchange</div>
<div style="box-sizing: border-box; font-family: sans-serif; font-size: 10pt; font-stretch: normal; height: 1px; line-height: normal; overflow: hidden; width: 1px;">
<br style="box-sizing: border-box;" />Read more here: http://www.miamiherald.com/news/business/real-estate-news/article11382950.html#storylink=cpy</div>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-6418009627232944252015-03-05T18:29:00.000-08:002015-03-05T18:29:00.319-08:00Investor buys distressed loan on Coconut Grove retail building<div class="articleContentMedia clearfix" style="background: rgb(255, 255, 255); border: 0px; color: #242424; float: right; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 20px; margin: 0px 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline; width: 306px; zoom: 1;">
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This retail building in Coconut Grove is facing a foreclosure lawsuit.</div>
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A real estate investor from New Jersey bought the distressed mortgage on a retail building in Coconut Grove that hosts <a class="saveLink" href="http://www.bizjournals.com/profiles/company/us/wa/seattle/24_hour_fitness/3274828" style="color: #334e91; padding-right: 0px; text-decoration: none;">24-Hour Fitness</a>.</div>
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Stabilis Fund II filed a foreclosure lawsuit in 2012 against S&C Venture over a $7.9 million mortgage. It targets the 36,230-square-foot building at 2974 Grand Avenue, which is near Cocowalk. In addition to the gym, tenants include <a class="saveLink" href="http://www.bizjournals.com/profiles/company/us/tn/memphis/fedex_office/3259199" style="color: #334e91; padding-right: 0px; text-decoration: none;">FedEx Office</a> and Rainbow.</div>
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Stabilis recently sold the mortgage to Coconut Grove Acquisitions, an affiliate of Case Real Estate Capital in Rochelle Park, N.J. The company is a high-yield lender and purchaser of non-performing debt.</div>
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<a href="http://www.bizjournals.com/southflorida/search/results?q=Michael%20Comras" style="color: #334e91; padding-right: 0px;">Michael Comras</a> is the managing member of S&C Venture, although he wasn't named in the lawsuit. The case remains pending.</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-20506695393947389752015-03-03T18:28:00.000-08:002015-03-03T18:28:00.709-08:00Royal University Plaza sold for $26M<div class="staff_info" style="background: rgb(255, 255, 255); border-bottom-color: rgb(204, 204, 204); border-bottom-style: dotted; border-top-color: rgb(204, 204, 204); border-top-style: dotted; border-width: 1px 0px; color: #242424; float: left; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; vertical-align: baseline; width: 274px;">
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The Royal University Plaza in Coral Springs was acquired for $26 million by a joint venture between CREC and Lubert Adler Real Estate Funds.</div>
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The price works out to $264 per square foot for the 98,500-squaure-foot center at 2556 North University Drive, on the corner of Royal Palm Boulevard.</div>
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Tye Holdings, a Hollywood-based company managed by <a href="http://www.bizjournals.com/southflorida/search/results?q=Samuel%20Schachter" style="color: #334e91; padding-right: 0px; text-decoration: none;">Samuel Schachter</a>, sold the property to CPAC Royal University, an affiliate of CREC and Lubert Adler. The deal included $13.75 million in seller financing.</div>
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The property was developed in 1977. The 10.5-acre site last traded for $5 million in 2004, so the seller saw a significant return on investment.</div>
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Royal University Plaza is only 45 percent leased, with tenants such as Petco, Nick's New Haven Style Pizzeria & Bar, Jimmy John's, and Brooklyn Water Bagel Co.</div>
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The buyers said they would invest in capital improvements at the property and an aggressive leasing campaign.</div>
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"CPAC and Lubert Adler identified Royal University Plaza as an ideal redevelopment opportunity due to the fact that it was only 45 percent leased, while competing centers in the area are approximately 98 percent occupied," CPAC Principal <a href="http://www.bizjournals.com/southflorida/search/results?q=David%20Moret" style="color: #334e91; padding-right: 0px; text-decoration: none;">David Moret</a> said in a news release. "The property was not listed for sale, but we contacted the owner and worked to develop a relationship over the past nine months. We conducted our due diligence on a handshake and moved forward with a non-refundable contract when we were ready."</div>
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CBRE's <a href="http://www.bizjournals.com/southflorida/search/results?q=Alan%20Esquenazi" style="color: #334e91; padding-right: 0px; text-decoration: none;">Alan Esquenazi</a> and <a href="http://www.bizjournals.com/southflorida/search/results?q=Sabrina%20Meerbott" style="color: #334e91; padding-right: 0px; text-decoration: none;">Sabrina Meerbott</a> will oversee the leasing and marketing for Royal University Plaza.</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-13542975027546433352015-02-28T18:26:00.000-08:002015-02-28T18:26:00.174-08:00USF medical school in downtown Tampa gets enthusiastic approval from Florida Board of Governors<div class="articleContentMedia clearfix" style="background: rgb(255, 255, 255); border: 0px; color: #242424; float: right; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 20px; margin: 0px 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline; width: 306px; zoom: 1;">
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USF trustee Brian Lamb speaks to the Florida Board of Governors about the downtown medical school on Thursday in Tallahassee.</div>
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In a drastic departure from last month's meeting, the Florida Board of Governors unanimously and enthusiastically approved $17 million in state funding for the University of South Florida's downtown medical school campus.</div>
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A presentation by USF trustee <a href="http://www.bizjournals.com/tampabay/search/results?q=Brian%20Lamb" style="color: #334e91; padding-right: 0px; text-decoration: none;">Brian Lamb</a>and USF health dean <a href="http://www.bizjournals.com/tampabay/search/results?q=Charly%20Lockwood" style="color: #334e91; padding-right: 0px; text-decoration: none;">Charly Lockwood</a> on what the downtown campus of the Morsani College of Medicine will mean to the university and its recruitment and research efforts were well received by the board.</div>
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"This has been very thoughtful," board member <a href="http://www.bizjournals.com/tampabay/search/results?q=Alan%20Levine" style="color: #334e91; padding-right: 0px; text-decoration: none;">Alan Levine</a> said.</div>
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The board was scheduled to vote on the funding at its January meeting, but the vote <a href="http://www.bizjournals.com/tampabay/news/2015/01/21/usf-med-school-move-to-downtown-tampa-hits-snag.html" style="color: #334e91; padding-right: 0px; text-decoration: none;">was delayed when USF officials did not provide a business plan</a> to board members in advance.</div>
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Tampa Bay Lightning owner <a href="http://www.bizjournals.com/tampabay/search/results?q=Jeff%20Vinik" style="color: #334e91; padding-right: 0px; text-decoration: none;">Jeff Vinik</a> has offered to donate an acre of his real estate holdings in downtown Tampa to USF for the project, a 319,000-square-foot building that will house both the medical school and USF Heart Health Institute. The board previously approved $15.7 million for the heart institute — the final allocation of funding for the $50 million project.</div>
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"This is a big, bold collaboration," Tampa mayor <a href="http://www.bizjournals.com/tampabay/search/results?q=Bob%20Buckhorn" style="color: #334e91; padding-right: 0px; text-decoration: none;">Bob Buckhorn</a> said in a statement. "It takes imagination, public and private financial commitment and tenacity to see a vision as dynamic as this through to fruition."</div>
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The city has already signed off on $15 million in public funding for infrastructure and reconfiguring the road grid in Vinik's district.</div>
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The request for funding will now be considered by the Florida legislature and need to be approved by Gov. <a href="http://www.bizjournals.com/tampabay/search/results?q=Rick%20Scott" style="color: #334e91; padding-right: 0px; text-decoration: none;">Rick Scott</a> before the deal is finalized.</div>
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The total ask for state funding for the downtown location is $57 million. USF will seek $20 million each over the next two years.</div>
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Check back as this is a developing story.</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-40422333975050310522015-02-25T18:25:00.000-08:002015-02-25T18:25:00.143-08:00River Landing Development Builds 2M SF Mixed-Use Project in Miami’s River District<div style="background-color: white; border: 0px; color: #555555; font-family: arial, verdana, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 15px; padding: 0px; vertical-align: baseline;">
<em style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">By Balazs Szekely, Associate Editor</em></div>
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<a href="http://synd.yardi.com/wp-content/uploads/2015/02/river-landing-miami.jpg" style="background: transparent; border: 0px; color: #cd1713; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><img alt="" class="alignright size-medium wp-image-327643" height="199" src="http://synd.yardi.com/wp-content/uploads/2015/02/river-landing-miami-300x199.jpg" style="background: transparent; border: 1px solid rgb(34, 34, 34); display: block; float: right; font-family: inherit; font-style: inherit; font-weight: inherit; line-height: 0; margin: 6px 0px 0px 15px; max-width: 960px; outline: 0px; padding: 0px; vertical-align: baseline;" title="river landing miami" width="300" /></a>The district west of Downtown Miami along the Miami River will soon see new large-scale development activity.</div>
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Preconstruction work began on the$300 million River Landing Shops & Residences mixed-use project in early 2015. Located at 1500 N.W. North River Drive, the site is on the north bank of the Miami River within walking distance of the Civic Center area that is home to the second largest health district in the nation. Despite being one of South Florida’s largest employment hubs, the area is said to be underserved in retail and apartments.</div>
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The 8.14-acre property on the Miami River will include 426,000 square feet of vertical retail space and several waterfront restaurants. It is developed by River Landing Development L.L.C.–an affiliate of Coral Gables-based real estate investment, management, and advisory firm Hellinger Penabad Cos.–and designed by ADD Inc. The Shopping Center Group is in charge of the marketing.</div>
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River Landing will feature from 20,000 to 60,000 square feet of space available to seven national and regional anchor tenants, and an additional 140,000 leasable square feet will be allocated for regional and local retailers and restaurants. Plans also call for two residential towers with 475 market-rate apartments, more than 2,200 parking spaces and a lineal riverfront park. The developers are currently busy with the demolition of the old structure on the site. Once finished, the project will encompass nearly 2 million square feet in total.</div>
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Construction of the retail component is anticipated to finish in summer 2017, and the residential units are slated for completion in spring 2018.</div>
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<em style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Image source: riverlandingmiami.com</em></div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-36387378298985837592015-02-23T18:05:00.001-08:002015-02-23T18:05:30.563-08:00The Sunshine Economy: The Hotel Industry In South Florida<div class="meta" style="background-color: white; border: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 16px; margin: 0px; padding: 0px; vertical-align: baseline;">
<span class="submitted" style="border: 0px; font-family: Helvetica, Arial, sans-serif; font-size: 11px; font-weight: bold; line-height: 2em; margin: 0px; padding: 0px; text-transform: uppercase; vertical-align: baseline;"><span content="2015-02-22T18:04:20-05:00" datatype="xsd:dateTime" property="dc:date dc:created" rel="sioc:has_creator" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><span class="submitted-label" style="border: 0px; margin: 0px; padding: 0px; text-transform: capitalize; vertical-align: baseline;">By</span> <a href="http://wlrn.org/people/tom-hudson" rel="author" style="border: 0px; color: #3e487a; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">TOM HUDSON</a></span></span></div>
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<figure style="border: 0px; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;"><a class="noexit lightbox" href="http://mediad.publicbroadcasting.net/p/wlrn/files/201502/DSC_0311.jpg" style="border: 0px; color: #3e487a; display: block; margin: 0px; outline: 0px; padding: 0px; position: relative; text-decoration: none; vertical-align: baseline;" title="The Marseilles Hotel on South Beach is undergoing a $10 million renovation. Owner Lloyd Mandell is a second generation Miami Beach hotelier."><img alt="The Marseilles Hotel on South Beach is undergoing a $10 million renovation. Owner Lloyd Mandell is a second generation Miami Beach hotelier." src="http://mediad.publicbroadcasting.net/p/wlrn/files/styles/card_280/public/201502/DSC_0311.jpg" style="border: 0px; margin: 0px; max-width: 280px; padding: 0px; vertical-align: baseline;" /></a><figcaption style="border: 0px; color: #888888; font-family: Helvetica, Arial, sans-serif; font-size: 12px; line-height: 14px; margin: 0px; padding: 0px; vertical-align: baseline;"><div class="image-meta" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; line-height: 1.2em; margin: 0px; min-height: 1.4em; padding: 5px 0px; position: relative; vertical-align: baseline; word-wrap: break-word;">
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The Marseilles Hotel on South Beach is undergoing a $10 million renovation. Owner Lloyd Mandell is a second generation Miami Beach hotelier.</div>
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Credit Tom Hudson</div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">A LITTLE HISTORY</strong></div>
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Ian Schrager and Lloyd Mandell used to be neighbors. </div>
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One is an iconoclast who made a fortune (and went to prison for tax evasion) as co-founder of the famed Studio 54 nightclub in New York, and the other a Miami Beach native whose dad owned a gas station where a Starbucks now stands on West Avenue.</div>
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The two men are in the same business now, technically. But they came to it in different ways.</div>
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Mandell bought his first hotel, the Marseilles on Collins Avenue between 17th and 18th streets, in 1978. He and his wife, Clara Mantilla, paid about $1 million for the beachfront property with 112 rooms.</div>
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It was days before voters were to decide the fate of a referendum on casino gambling in Broward and Miami-Dade counties. If the measure passed, conventional thinking was beachside property values would skyrocket with gaming operators snatching up locations for casinos. The vote failed. Mandell was happy and he set about running his new hotel.</div>
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Three years later, Ian Schrager would be released from federal prison after serving 13 months. He went on to found the Morgans Hotel Group and turn it into a premier boutique-hotel owner and operator through the 1980s and '90s with hotels in New York City.</div>
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In the early '90s, Schrager brought his concepts to Collins Avenue when he bought the Delano just a few doors down from the Marseilles Hotel. The Delano's chicness ushered in a new era of Miami Beach hotels that still reverberates today. Schrager eventually sold the Morgan Hotel Group (and the Delano along with it) and has gone on to start a new company owning, operating and branding hotels. Mandell still owns and operates the Marseilles, and now also the neighboring 127-room Dorchester Hotel.</div>
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<a class="jp-play" href="http://cpa.ds.npr.org/wlrn/audio/2015/02/SUN_ECON_2_23_+WEB+_V_2_2015-02-23T07_25_19_0.mp3" style="-webkit-transition: all 0.2s; background-color: rgba(255, 255, 255, 0.2); background-image: url(http://wlrn.org/sites/all/modules/custom/pi_hull/jplayer/images/playpause-sprite-r.png); background-position: 0.7em 0.5em; background-repeat: no-repeat; background-size: 50%; border-radius: 50%; border: 2px solid rgba(0, 0, 0, 0.0980392); box-sizing: border-box; color: #333333; display: block; font-family: Helvetica, Arial, sans-serif; font-size: 18px; font-weight: bold; height: 44px; line-height: 26px; margin: 0px; padding: 0px; position: relative; text-decoration: none; text-indent: -9999em; transition: all 0.2s; vertical-align: baseline; white-space: nowrap; width: 44px;" title="Be Our Guest - the Hotel Industry in South Florida, featuring 1 Hotel & Homes developer Richard LeFrak and Miami Beach EDITION branding partner Ian Schrager."></a></div>
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Be Our Guest - the Hotel Industry in South Florida, featuring 1 Hotel & Homes developer Richard LeFrak and Miami Beach EDITION branding partner Ian Schrager.</div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">BETTING ON GROWTH</strong></div>
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Hospitality is Florida's business and business is booming.</div>
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Almost 95 million tourists visited the state last year. More than 1 million people work directly in the hospitality industry. Room prices are rising, real estate values have recovered and reservations are mostly full. Optimism is fueling a building and renovation boom in hotels. From Key West to the Palm Beaches, thousands of new hotel rooms will be inviting guests to come and stay over the next two years. Family-run operations and multi-national financiers are actively betting on South Florida’s magnetism to be irresistible. </div>
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<iframe frameborder="0" height="371" scrolling="no" seamless="" src="https://docs.google.com/spreadsheets/d/1cYVZbHAaLkgfx-lgABg-IKb-7FZkveyVHAJDepJ7y2c/pubchart?oid=295913395&format=interactive" style="border-width: 0px; margin: 0px; padding: 0px; vertical-align: baseline;" width="600"></iframe></div>
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<figure style="border: 0px; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;"><a class="noexit lightbox" href="http://mediad.publicbroadcasting.net/p/wlrn/files/201502/DSC_0314_0.JPG" style="border: 0px; color: #3e487a; display: block; margin: 0px; outline: 0px; padding: 0px; position: relative; text-decoration: none; vertical-align: baseline;" title="Lloyd Mandell bought the Marseilles Miami Beach Hotel in 1978 with his wife. His son Steven has joined the business becoming the third generation to be in the Miami Beach hotel industry."><img alt="Lloyd Mandell bought the Marseilles Miami Beach Hotel in 1978 with his wife. His son Steven has joined the business becoming the third generation to be in the Miami Beach hotel industry." src="http://mediad.publicbroadcasting.net/p/wlrn/files/styles/card_280/public/201502/DSC_0314_0.JPG" style="border: 0px; margin: 0px; max-width: 280px; padding: 0px; vertical-align: baseline;" /></a><figcaption style="border: 0px; color: #888888; font-family: Helvetica, Arial, sans-serif; font-size: 12px; line-height: 14px; margin: 0px; padding: 0px; vertical-align: baseline;"><div class="image-meta" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; line-height: 1.2em; margin: 0px; min-height: 1.4em; padding: 5px 0px; position: relative; vertical-align: baseline; word-wrap: break-word;">
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Lloyd Mandell bought the Marseilles Miami Beach Hotel in 1978 with his wife. His son Steven has joined the business becoming the third generation to be in the Miami Beach hotel industry.</div>
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Credit Tom Hudson</div>
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And so is Lloyd Mandell.</div>
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He's undertaken a $10 million renovation project that began simply enough.</div>
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"The original project was to change a few pieces of furniture in the lobby. Every day that went by, it became clear we had to increase the extent of the project because in the hospitality business you are judged by your weakest link," Mandell says.</div>
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The remodeling expanded to include new Brazilian hardwood fencing, a new pool deck, new cabanas, green space and outdoor food areas just off the beach boardwalk.</div>
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Mandell's son, Steven, remembers shuffleboard courts at the hotel growing up. The guests who used them are gone, replaced by visitors looking for more glamour. Lloyd admits the changes Schrager's Delano brought inspired others. He says: "Right now, with the huge amount of investment that has come into the area, in my case has motivated one to rise with the tide and hopefully exceed the tide."</div>
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The tide of hotel rooms is rising. More than 7,500 are planned for Miami-Dade County before the end of 2017, according to the Greater Miami Convention and Visitors Bureau.</div>
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Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-14070775774230873932015-02-19T18:06:00.000-08:002015-02-23T18:07:03.960-08:00Exclusive: JLL ramps up Tampa retail brokerage as market heats up<div class="staff_info" style="background: rgb(255, 255, 255); border-bottom-color: rgb(204, 204, 204); border-bottom-style: dotted; border-top-color: rgb(204, 204, 204); border-top-style: dotted; border-width: 1px 0px; color: #242424; float: left; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; vertical-align: baseline; width: 274px;">
<a href="http://www.bizjournals.com/tampabay/bio/23231/Ashley+Gurbal+Kritzer+" style="color: #334e91; padding-right: 0px; text-decoration: none;"><img src="http://media.bizj.us/view/img/3727441/kritzer-ashleynewcrop2.jpg" style="-webkit-box-shadow: rgb(201, 201, 201) 0px 0px 2px 2px; background: transparent; border: 0px; box-shadow: rgb(201, 201, 201) 0px 0px 2px 2px; display: block; float: left; height: auto; margin: 13px 11px 13px 0px; outline: 0px; overflow: hidden; padding: 0px; text-align: center; vertical-align: baseline; width: 56px;" width="56" /></a>
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<dt style="background: transparent; border: 0px; font-size: 12px; font-weight: bold; line-height: 15px; margin: 0px 0px 3px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.bizjournals.com/tampabay/bio/23231/Ashley+Gurbal+Kritzer+" rel="author" style="color: #334e91; padding-right: 0px; text-decoration: none;">Ashley Gurbal Kritzer</a></dt>
<dd style="background: transparent; border: 0px; font-size: 12px; line-height: 15px; margin: 3px 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Reporter-<em style="background: transparent; border: 0px; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Tampa Bay Business Journal</em></dd><dd style="background: transparent; border: 0px; font-size: 12px; line-height: 15px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a class="ct" ct="APT: Reporter 1 Email" href="mailto:akritzer@bizjournals.com" style="color: #334e91; padding-right: 0px; text-decoration: none;">Email</a> | <a class="ct" ct="APT: Reporter 2 Twitter" href="https://twitter.com/TBBJAshley" style="color: #334e91; padding-right: 0px; text-decoration: none;" target="_blank">Twitter</a></dd></dl>
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As Tampa Bay's retail real estate market heats up, one national brokerage firm is adding retail brokers to its office here.</div>
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A team of brokers from Retail Advisors is joining the Tampa office of <a class="saveLink" href="http://www.bizjournals.com/profiles/company/us/il/chicago/jll_partners/1377526" style="color: #334e91; padding-right: 0px; text-decoration: none;">JLL</a>. Retail Advisors founder Andy Carlson will be a vice president with JLL; Drew Carlson and<a href="http://www.bizjournals.com/tampabay/search/results?q=Vanessa%20Perez" style="color: #334e91; padding-right: 0px; text-decoration: none;">Vanessa Perez</a> join JLL as associates.</div>
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It's a milestone for JLL's Tampa office, as the company previously served retail clients in the Bay region from offices in Orlando and South Florida. The move ties into JLL's national effort to ramp up its retail platform, but it's a particularly interesting moment in Tampa Bay. Retailers are in expansion mode here, and <a href="http://www.bizjournals.com/tampabay/print-edition/2014/10/03/hungry-for-space.html?page=all" style="color: #334e91; padding-right: 0px; text-decoration: none;">there's very limited space available in the hottest areas</a>— making brokerage and advisory services more important than ever.</div>
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See Also</h5>
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<li style="background: transparent; border: 0px; color: #444444; list-style-type: disc; margin: 0px 0px 4px; outline: 0px; padding: 0px 0px 8px; vertical-align: baseline;"><a href="http://www.bizjournals.com/tampabay/news/2015/02/02/organic-grocer-sprouts-is-actively-looking-for.html" style="color: #334e91; padding-right: 0px; text-decoration: none;">Organic grocer Sprouts is actively looking for sites in Tampa — again</a></li>
<li style="background: transparent; border: 0px; color: #444444; list-style-type: disc; margin: 0px 0px 4px; outline: 0px; padding: 0px 0px 8px; vertical-align: baseline;"><a href="http://www.bizjournals.com/tampabay/news/2015/02/12/cabelas-earth-fare-among-new-retailers-looking-at.html" style="color: #334e91; padding-right: 0px; text-decoration: none;">Cabela's, Earth Fare among new retailers looking at Tampa Bay</a></li>
<li style="background: transparent; border: 0px; color: #444444; list-style-type: disc; margin: 0px 0px 4px; outline: 0px; padding: 0px 0px 8px; vertical-align: baseline;"><a href="http://www.bizjournals.com/tampabay/news/2015/02/20/potential-office-depot-staples-closings-couldnt.html" style="color: #334e91; padding-right: 0px; text-decoration: none;">Potential Office Depot/Staples closings couldn't come at a better time for Tampa Bay retailers</a></li>
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"We've been waiting for the right time to round out our Tampa client service offerings with retail brokerage," <a href="http://www.bizjournals.com/tampabay/search/results?q=Doug%20Irmscher" style="color: #334e91; padding-right: 0px; text-decoration: none;">Doug Irmscher</a>, Florida market leader for JLL, said in a written statement. "And now we're seeing renewed interest from retailers and investors to enter and capitalize on the market's upswing."</div>
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Carlson's team brings with it a number of household retail names, including RUE 21 and Shoe Carnival in Florida, and Men's Warehouse, Michaels, Gap, Outback Steakhouse, Pier 1 Imports, Nordstrom Rack and Shoe Carnival in Puerto Rico.</div>
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"Our office has been dominant on office, industrial and property management," said <a href="http://www.bizjournals.com/tampabay/search/results?q=Brent%20Miller" style="color: #334e91; padding-right: 0px; text-decoration: none;">Brent Miller</a>, managing director of JLL's Tampa office. "And a lot of our clients have needed retail services."</div>
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A number of new retailers — among them Sprouts Farmers Market, Earth Fare and Cabela's Inc. — are looking to expand here. That's a challenge in Tampa, where less than 6 percent of all retail space across the Bay region is vacant. After years of no new construction, the market has gotten tight enough that developers are starting to look at redevelopment, Carlson said.</div>
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"The development pipeline been nonexistent for several years," Carlson said, "and now developers are looking at redevelopment."</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-31915591577238531082015-02-16T18:08:00.000-08:002015-02-23T18:08:16.747-08:00How High Can Multifamily Rental Rates Go?: EXCLUSIVE<b style="background-color: white; border: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; padding: 0px;">By</b><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 12px;"> </span><a class="author" href="http://www.globest.com/authors/jennifer-leclaire-30.html" style="background-color: white; border: 0px; color: #2d6394; font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; padding: 0px; text-decoration: none;"><b style="border: 0px; margin: 0px; padding: 0px;">Jennifer LeClaire</b></a><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 12px;"> | </span><span class="article-location" style="background-color: white; border: 0px; font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; padding: 0px;">Miami</span><br />
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MIAMI—South Florida multifamily rental rates just keep rising. The question is, how high can they go?</div>
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GlobeSt.com caught up with <strong style="border: 0px; margin: 0px; padding: 0px;">Deme Mekras</strong>, regional managing partner at Franklin Street Real Estate Services, to get his thoughts on this and other issues in part two of this exclusive interview. Mekras will be on hand at<a href="http://www.globest.com/conferences/1_48/" style="border: 0px; color: #2d6394; margin: 0px; padding: 0px; text-decoration: none;">RealShare Apartments East</a> to share the major indicators behind deal trends in their markets. You can still read part one of this exclusive interview: <a href="http://www.globest.com/news/12_1050/miami/multifamily/South-Florida-Multifamily-Sellers-Hard-to-Find-355480-1.html" style="border: 0px; color: #2d6394; margin: 0px; padding: 0px; text-decoration: none;">South Florida Multifamily Sellers Hard to Find</a>.<strong style="border: 0px; margin: 0px; padding: 0px;"><em style="border: 0px; margin: 0px; padding: 0px;"> </em></strong></div>
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<strong style="border: 0px; margin: 0px; padding: 0px;"><em style="border: 0px; margin: 0px; padding: 0px;">GlobeSt.com: How do you get creative to make the deal work for all parties? </em></strong></div>
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<strong style="border: 0px; margin: 0px; padding: 0px;">Mekras:</strong> I operate on a consultative basis. I understand very well that owners of multimillion-dollar assets do not make buy-sell decisions flippantly. </div>
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Therefore, I painstakingly try to work through all of the risks and benefits of their possible actions and inactions with their properties. Additionally, I work hard to be involved with all aspects of the transaction and keep in constant touch with all parties involved, buyer, seller, their respective attorneys, the bank and the third party report providers. They all need to line up to get to the closing table successfully.</div>
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<strong style="border: 0px; margin: 0px; padding: 0px;"><em style="border: 0px; margin: 0px; padding: 0px;">GlobeSt.com: What do you see for the multifamily market in South Florida for 2015? Any big changes? </em></strong></div>
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<strong style="border: 0px; margin: 0px; padding: 0px;">Mekras:</strong> At some point the rental rate appreciation will run up against the limits of tenant wages. When we hit that point, there will be a stall in rent growth—unless, of course, the local economy continues growing and the natural forces of the market begin to push up wages and then the rental growth may persist. </div>
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There is talk about, “What happens if the foreign investment dries up?” This concern is too general in nature to be overly concerning. Why? Because so long as the USA offers the most stable economy on planet earth, there will be wealthy foreigners who plunk down millions and even billions in US real estate. </div>
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All that changes is from year to year is which country is it coming from. And are they investing money they think they might lose in their homeland or are they exporting profits that are subject to nationalization or hyperinflation at any moment if they leave in their own countries.</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-60364506832847306422015-02-13T18:09:00.000-08:002015-02-23T18:10:04.370-08:00Eastland Mall heading back to the auction block<div class="staff_info" style="background: rgb(255, 255, 255); border-bottom-color: rgb(204, 204, 204); border-bottom-style: dotted; border-top-color: rgb(204, 204, 204); border-top-style: dotted; border-width: 1px 0px; color: #242424; float: left; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; vertical-align: baseline; width: 274px;">
<a href="http://www.bizjournals.com/columbus/bio/7731/Brian+R.+Ball" style="color: #334e91; padding-right: 0px; text-decoration: none;"><img src="http://assets.bizjournals.com/columbus/Ball-Brian-01.jpg" style="-webkit-box-shadow: rgb(201, 201, 201) 0px 0px 2px 2px; background: transparent; border: 0px; box-shadow: rgb(201, 201, 201) 0px 0px 2px 2px; display: block; float: left; height: auto; margin: 13px 11px 13px 0px; outline: 0px; overflow: hidden; padding: 0px; text-align: center; vertical-align: baseline; width: 56px;" width="56" /></a>
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<dd style="background: transparent; border: 0px; font-size: 12px; line-height: 15px; margin: 3px 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Staff reporter-<em style="background: transparent; border: 0px; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Columbus Business First</em></dd><dd style="background: transparent; border: 0px; font-size: 12px; line-height: 15px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a class="ct" ct="APT: Reporter 1 Email" href="mailto:bball@bizjournals.com" style="color: #334e91; padding-right: 0px; text-decoration: none;">Email</a> | <a class="ct" ct="APT: Reporter 2 Google+" href="https://plus.google.com/114318591118761853687?rel=author" style="color: #334e91; padding-right: 0px; text-decoration: none;" target="_blank">Google+</a> | <a class="ct" ct="APT: Reporter 3 Other" href="https://twitter.com/BrianBallBiz1st" style="color: #334e91; padding-right: 0px; text-decoration: none;" target="_blank">Other</a> | <a class="ct" ct="APT: Reporter 4 LinkedIn" href="http://www.linkedin.com/in/brianrball" style="color: #334e91; padding-right: 0px; text-decoration: none;" target="_blank">LinkedIn</a></dd></dl>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The lender who took the keys of Eastland Mall last summer has put the property back on the market.</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The South Hamilton Road retail fixture is being marketed on the Central Ohio Commercial Information Exchange and through Auction.com, where a final live auction will take place March 24-26.</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Newmark Grubb Knight Frank agent <a href="http://www.bizjournals.com/columbus/search/results?q=Benton%20Benalcazar" style="color: #334e91; padding-right: 0px; text-decoration: none;">Benton Benalcazar</a> said the property has a minimum price of $5 million.</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">"We have a number of bidders who have offered the minimum," Benalcazar told me. "It will sell."</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The brokerage has been quietly marketing the 613,042-square-foot property but decided to ramp up its efforts.</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">"We decided to blast it to the local commercial real estate market," Benalcazar told me.</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The auction does not include the anchor-owned Sears and Macy's department stores at Eastland, but the soon-to-be-vacant J.C. Penney store and the long-vacant space once occupied by Lazarus are part of the deal. Newmark Grubb said the other 240,652 square feet of in-line retail space is about 24 percent vacant.</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The J.C. Penney closing in May "probably will have an impact on the final value," Benalcazar said.</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">"There's still some value there," he said. "There's an opportunity for mall investors to redevelop the property."</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Eastland Mall dates back to 1968 when it was one of three developed in suburban Columbus by Cleveland developer Richard E. Jacobs Group. <a class="saveLink" href="http://www.bizjournals.com/profiles/company/us/oh/columbus/glimcher_realty_trust/2240014" style="color: #334e91; padding-right: 0px; text-decoration: none;">Glimcher Realty Trust</a> renovated the property in 2005 soon after buying it but in 2012 took an $18.5 million write-down of the property's value against a $40 million loan.</span></div>
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<span class="s1" style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The Columbus-based retail real estate investment trust, <a href="http://www.bizjournals.com/columbus/news/2015/01/12/glimcher-shareholders-ok-deal-with-washington.html" style="color: #334e91; padding-right: 0px; text-decoration: none;">which has since merged</a> with Washington Prime Group (NYSE:WPG), <a href="http://www.bizjournals.com/columbus/blog/2014/04/eastland-mall-for-sale-with-glimcher-setting-june.html" style="color: #334e91; padding-right: 0px; text-decoration: none;">put Eastland on Auction.com last June</a> in a bid to sell the property to benefit loan servicer LNR Partners LLC of Miami Beach, Florida. But LNR rejected the top $18 million bid offered and took control of the property in July.</span></div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-48622538195315119032015-02-10T18:23:00.000-08:002015-02-23T18:24:17.502-08:00Boomerang Buyers May Shake Up Real Estate Market: Report<div class="leadMediaRegion image" style="background-color: white; border: 1px solid rgb(204, 204, 204); font-stretch: inherit; height: 367px; margin: 0px 0px 0px 16px; overflow: hidden; padding: 0px; position: relative; vertical-align: baseline; width: 652px;">
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Millions of homeowners who lost their home to foreclosure and short sales at the beginning of the housing crisis and economic collapse are now poised to re-enter the home buying market, according to RealtyTrac.com.</div>
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The company, which tracks the home buying market, has labeled the former homeowners as “boomerang buyers.” RealtyTrac said that the first wave of homeowners, approximately 551,359 across the United States, have passed the seven-year window needed to repair credit after a large problem like bankruptcy or foreclosure.</div>
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The group of boomerang buyers is expected to eventually total more than 7 million potential homeowners. In South Florida, RealtyTrac estimated that from 2015-2022 the Miami/Fort Lauderdale area will see 322,141 boomerang buyers hit the home buying market again.</div>
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The top five areas for most potential boomerang buyers are: Phoenix, Miami, Detroit, Chicago, and Atlanta.</div>
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Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-62024423030074612712015-02-05T18:03:00.000-08:002015-02-23T18:04:07.516-08:00Colliers International relocates Miami office following departure of key team<div class="articleContentMedia clearfix" style="background: rgb(255, 255, 255); border: 0px; color: #242424; float: right; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 20px; margin: 0px 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline; width: 306px; zoom: 1;">
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<a class="saveLink" href="http://www.bizjournals.com/profiles/company/us/pa/philadelphia/colliers_international/3311897" style="color: #334e91; padding-right: 0px; text-decoration: none;">Colliers International</a> has relocated its Miami office and announced plans to expand into Broward County in the wake of losing many of its top local brokers in 2014.</div>
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<a class="saveLink" href="http://www.bizjournals.com/profiles/company/us/ga/atlanta/avison_young/3313354" style="color: #334e91; padding-right: 0px; text-decoration: none;">Avison Young</a> acquired Abood Wood-Fay Real Estate Group, formerly the Colliers International affiliate in South Florida, in late 2014 and took several dozen employees, including more than a dozen brokers. Out of the 35 brokers, 19 stayed with Colliers, according to Colliers International.</div>
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Colliers International has now announced that it moved its Miami office to 601 Brickell Key, Suite 603 and its Palm Beach County office will remain at 450 PGA Blvd. in Palm Beach Gardens. It has 24 employees in the South Florida market and is "poised for rapid growth," the company said.</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-90904755133484005962015-02-03T18:21:00.000-08:002015-02-23T18:22:01.123-08:00U.S. Century Bank nabs regulatory approval for capital raise, investors revealed<div class="articleContentMedia clearfix" style="background: rgb(255, 255, 255); border: 0px; color: #242424; float: right; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 20px; margin: 0px 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline; width: 306px; zoom: 1;">
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Doral-based <a class="saveLink" href="http://www.bizjournals.com/profiles/company/us/fl/doral/us_century_bank/3263790" style="color: #334e91; padding-right: 0px; text-decoration: none;">U.S. Century Bank</a> said regulators approved its $65 million capital raise plan on Friday and also revealed its two largest investors.</div>
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The bank will hold a shareholder meeting on March 9 at the <a class="saveLink" href="http://www.bizjournals.com/profiles/company/gb//windsor/intercontinental_hotels_group_plc/3011562" style="color: #334e91; padding-right: 0px; text-decoration: none;">InterContinental Hotel</a> in Miami.</div>
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"We hope that the shareholders attend, approve, and that they invest," said <a href="http://www.bizjournals.com/southflorida/search/results?q=Alex%20Acosta" style="color: #334e91; padding-right: 0px; text-decoration: none;">Alex Acosta</a>, chairman of the bank's board of directors. The bank's state and federal regulatory partners gave a non-objection to the plan earlier in the week, he said.</div>
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The $65 million capital raise is composed of two parts. It would raise $41 million from two lead investors – Philadelphia-based Patriot Financial Partners, a private equity group that specializes in investing in community banks, and New York-based Priam Capital, a private investment partnership. They would each own 9.99 percent of the voting stock, but they would receive the bulk of the proceeds should the bank be sold because of their preferred stock ownership.</div>
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Investors can provide up to $1.2 million, or 5 percent, of the remaining $24 million.</div>
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According to a U.S. Century Bank proxy statement obtained by the <em style="background: transparent; border: 0px; font-family: arial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Business Journal</em>, the net proceeds U.S. Century Bank expects to receive from the offering would be $47.2 million.</div>
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U.S. Century Bank took a $50.2 million investment from the Trouble Asset Relief Program (TARP) in 2009, which was the largest taxpayer bailout for a Florida bank. Of the $65 million offering proceeds, $12.33 million will be used to buyout the TARP securities, according to the proxy statement sent out to investors. That's a 24.5 percent recovery of principal for taxpayers, although the government wouldn't receive any of the $14.2 million in dividend payments the bank missed. The investors will receive substitute preferred TARP shares in return for partially repaying TARP.</div>
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The net cash proceeds from the large investor transactions and the offering will be used by U.S. Century Bank for general purposes including funding organic growth and working on capital needs, according to the proxy statement sent to investors.</div>
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This is the third recapitalization plan from U.S. Century Bank. It follows the previously failed Tate Rok deal to inject $50 million into the undercapitalized bank led by real estate developers <a href="http://www.bizjournals.com/southflorida/search/results?q=Jimmy%20Tate" style="color: #334e91; padding-right: 0px; text-decoration: none;">Jimmy Tate</a> and <a href="http://www.bizjournals.com/southflorida/search/results?q=Sergio%20Rok" style="color: #334e91; padding-right: 0px; text-decoration: none;">Sergio Rok</a>.</div>
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If approved by shareholders, this plan would give legacy shareholders just over 50 percent of voting control and allow them to retain approximately 38 percent of the economic value of the bank. That's an improvement over the 25 percent voting control and 25 percent economic value proposed in the Tate Rok deal, Acosta said.</div>
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If the bank is sold under the new deal, the first $112.8 million of the proceeds goes to Patriot, Priam, and whoever invests in the offering, after which the rest is portioned out to holders of common stock. The legacy shareholders would get a portion of the remaining proceeds over that amount.</div>
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In the Tate Rok deal, if the bank had been sold in the first 18 months for more than $70 million, the legacy shareholders would have received at least $9 million.</div>
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"In Tate Rok, our shareholders did not have access to the TARP," Acosta said. "In this transaction, we negotiated that all the shareholders will have the ability to invest on the same economic terms as the lead shareholders. They'll be able to invest on the equity and in TARP," he said.</div>
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Both new investors and legacy shareholders can purchase "units" of U.S. Century Bank for $1,233.48 each. Each unit will be a combination of common stock, preferred stock and TARP substitute preferred stock. The two categories of preferred stock would receive the bulk of any sale of the bank. The minimum individual investment is $61,674.</div>
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The offering deadline to close is April 30. However, the deal with Patriot and Priam requires that the shareholder litigation against U.S. Century Bank and its former directors be resolved before the closing. The settlement in that case is on appeal.</div>
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If the capital raise succeeds, U.S. Century Bank will raise its total capital to more than $90 million. The bank's Tier 1 leverage ratio is currently 4.94 percent and following a successful capital raise it is expected to rise to 10.35 percent, Acosta said.</div>
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"Given the good economic environment in Miami, we've put the bank in position now to really be the leading locally owned community bank in South Florida," said <a href="http://www.bizjournals.com/southflorida/search/results?q=Carlos%20Davila" style="color: #334e91; padding-right: 0px; text-decoration: none;">Carlos Davila</a>, president and CEO of the bank.</div>
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According to the proxy statement, Acosta, Davila and <a href="http://www.bizjournals.com/southflorida/search/results?q=Aida%20Levitan" style="color: #334e91; padding-right: 0px; text-decoration: none;">Aida Levitan</a> would remain on the bank's board. Patriot and Priam would appoint <a href="http://www.bizjournals.com/southflorida/search/results?q=W.%20Kirk%20Wycoff" style="color: #334e91; padding-right: 0px; text-decoration: none;">W. Kirk Wycoff</a> and Howard Feinglass, respectively, to its board.</div>
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U.S. Century Bank had $839.02 million in assets as of Dec. 31.</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-4598039301507519832015-01-27T17:59:00.000-08:002015-02-23T18:00:24.633-08:00Broward real estate broker’s view: Continued market stability helps residential real estate<div style="background-color: white; box-sizing: border-box; color: #999999; display: inline; font-family: Roboto, 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 1.6em; margin-bottom: 10px; text-transform: uppercase;">
<span class="ng_byline_name" style="box-sizing: border-box;">BY JOHN CASTELLI</span></div>
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<span class="ng_byline_credit" style="box-sizing: border-box;">SPECIAL TO THE MIAMI HERALD</span></div>
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Residential real estate in South Florida has always been marked with confidence and anticipation. As we look around in our daily lives, we are constantly reminded why individuals and families flock to South Florida: our beaches, our variety of entertainment and our weather stand out to the casual observer above all else. There has always been a sense that those attributes which make South Florida so special creates the same excitement we enjoy in the real estate market.</div>
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Confidence can only be measured by the stability in numbers that back it up. Understandably, buyers and sellers have the memory of a recent past that saw an all-too-quick inflation and subsequent market correction. Even though those memories are fresh, there continues to be new data each month that supports the stability of our housing market. Combined with the newest outlooks on employment in our region and nationally, it’s no wonder why South Florida home buyers, and sellers, are feeling better and better with each passing day, making the 2015 calendar year one to truly look forward to.</div>
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With the release of Freddie Mac’s Multi-Indicator Market Index at the end of December, we saw our big three South Florida counties (Miami-Dade, Broward and Palm Beach) score a 72. This range is based on a score out of 100, which would equal perfection and where 80 is deemed favorable. To put this into context, the South Florida housing market has improved by 70 percent over the past five years, one of the largest jumps in the country. South Florida is improving largely due to the nearly 16 percent increase in the Current on Mortgage indicator over the past three months. Another key factor in this Multi-Indicator Market Index is the employment numbers South Florida has seen, jumping up 2.7 percent, which nearly doubles the national average during that time of 1.4, which really does show the impact employment has on a long-term, sustainable housing market.</div>
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This stability index is consistent with what we’ve seen in residential real estate over the past several months. Single-family homes and townhouses/condominiums remained on the rise or constant throughout 2014 within several key indicators such as closed sales, median sales and other determinants. As the distressed market numbers continue to drop, more and more home buyers are looking for traditional single-family homes and townhomes/condominiums to buy within our region, a search the sellers of South Florida are willing to provide as the number of new listings continues to rise across the board. One of the key indicators of this is the inventory (active listings) and months supply of inventory that Broward County has continued to see rise<strong style="box-sizing: border-box;">.</strong> In the year over year turnover from last year, inventory has risen by 28 percent and the months supply of inventory has risen by 26 percent. The biggest positive, even through the rise in inventory, is the fact that people are still able to sell their homes in a relatively short, manageable timeframe, clocking in on average of 41 days on the market for single-family homes and 50 days for townhomes/condominiums.</div>
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Likewise, the drop in the distressed market (such as short sales and foreclosures) shows the decrease in that section of housing inventory. These distressed numbers have been reflected in nearly every month of the 2014 calendar year, as shown by the nearly 40 percent drop in short sale closed sales from November of 2013 to November of 2014 (158 to 95 total). Although these total closed sales are down significantly, we see that those properties within the single-family short sale market are still holding their own value, remaining almost constant from November of last year to November of 2014 ($180,000 to $185,000).</div>
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In a region that always harbors so much potential for buyers and sellers of residential real estate, it is welcoming to see the confidence our market can provide to back up that excitement. As a Realtor, I can personally attest, along with our fellow agents and brokers, how gratifying it is not only help new buyers and sellers work through some of life’s biggest accomplishments, but to be able to see they are not only making a great investment in their lives, but also their futures. Those investments are only backed up by the confidence that seems to be springing up around us, whether it be through employment or simply a recovery in fair market value, it certainly looks as though South Florida is in for a very exciting future.</div>
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John L. Castelli is a senior partner in Castelli Real Estate Services based in Fort Lauderdale. www.CastelliHomes.com.</div>
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FREDDIE MAC MULTI-INDICATOR MARKET INDEX (MIMI)</div>
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<span class="ng_factbox_bold" style="box-sizing: border-box;">For October 2014: </span>72. (80-120 is in range.)</div>
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<span class="ng_factbox_bold" style="box-sizing: border-box;">Monthly change:</span> +1.12 percent</div>
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<span class="ng_factbox_bold" style="box-sizing: border-box;">Three-month change:</span> +3.15 percent</div>
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<span class="ng_factbox_bold" style="box-sizing: border-box;">Annual change:</span> +12.5 percent</div>
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<span class="ng_factbox_bold" style="box-sizing: border-box;">Who’s moving MiMi in the Miami area?</span> The MiMi is the average of the four indicators in the chart below for October 2014. Of the MiMi indicators, two are in range and two are weak. Among the top 50 metros, Miami was ranked 26th and has increased 11 spots from one year ago.</div>
<table border="1" cellpadding="2" cellspacing="2" style="background-color: transparent; border-collapse: collapse; border-spacing: 0px; box-sizing: border-box; max-width: 100%; width: 100%px;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;" valign="top"></td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
Purchase</div>
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applications</div>
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Payment-</div>
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to-income</div>
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Current</div>
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on mortgage</div>
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Employ.</div>
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<strong style="box-sizing: border-box;">Miami</strong></div>
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38.6 (-77%)</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
110.9 (-.89%)</div>
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29.1 (+5.82%)</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
109.4 (+2.72%)</div>
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<strong style="box-sizing: border-box;">National</strong></div>
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63.8 (-.52%)</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
71.4 (-1.79%)</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
67.3 (+1.2%)</div>
</td><td style="box-sizing: border-box;" valign="top"><div style="box-sizing: border-box; line-height: 1.6em; margin-bottom: 16px !important;">
95.3 (+1.44%)</div>
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SOURCE: Based on figures released on Dec. 23 by Freddie Mac.</div>
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Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-39674038288710423862015-01-22T17:58:00.000-08:002015-02-23T18:01:13.361-08:00Israeli investor Mana buys another downtown Miami property<div class="articleContentMedia clearfix" style="background: rgb(255, 255, 255); border: 0px; color: #242424; float: right; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 20px; margin: 0px 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline; width: 306px; zoom: 1;">
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Moishe Mana paid $7.75 million for this Miami property.</div>
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Israeli real estate investor <a href="http://www.bizjournals.com/southflorida/search/results?q=Moishe%20Mana" style="color: #334e91; padding-right: 0px; text-decoration: none;">Moishe Mana</a>continued his downtown Miami buying spree by picking up a corner property at 140 N. Miami Ave.</div>
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<a href="http://www.bizjournals.com/southflorida/search/results?q=Mika%20Mattingly" style="color: #334e91; padding-right: 0px; text-decoration: none;">Mika Mattingly</a> and <a href="http://www.bizjournals.com/southflorida/search/results?q=Shai%20Ben-Ami" style="color: #334e91; padding-right: 0px; text-decoration: none;">Shai Ben-Ami</a>, of Sterling Equity Commercial, represented Mana's Jersey Art Holdings in the $7.75 million acquisition. The seller was Brown Asset Two, represented by <a href="http://www.bizjournals.com/southflorida/search/results?q=Gabriel%20Simkin" style="color: #334e91; padding-right: 0px; text-decoration: none;">Gabriel Simkin</a> of Miami Land Group.</div>
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The 25,375-square-foot building traded for $305 per square foot. The two-story building, not the 15,000-square-foot lot, was built in 1925.</div>
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Within the past year, Mana has spent more than $68 million being property along East Flagler Street in downtown Miami. He owns over 440,000 square feet of retail property downtown.</div>
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Mattingly noted that Mana's new property is close to the Miami Central station being constructed for All Aboard Florida.</div>
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"When an aerial color-coded map of Mr. Mana's downtown acquisition is finally published, it will reveal an incredibly intuitive buying pattern," Mattingly said.</div>
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Mana hasn't disclosed his plans for his downtown Miami real estate holdings.</div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-81273270219003359472015-01-20T01:30:00.000-08:002015-01-20T01:30:03.173-08:00North Miami planning board to discuss proposed Walmart<span style="background-color: white; color: #303030; font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Developer Retrosource requesting a zoning change for project</span><br />
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Walmart Neighborhood Market in Hialeah Gardens</div>
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Plans for a Walmart Neighborhood Market store have many residents speaking out against developers.</div>
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The North Miami planning commission will meet Tuesday evening to discuss the proposed Walmart in a mostly vacant lot off of Northeast 135th Street between Memorial Highway and Northeast Third Court.<span id="more-150690"></span></div>
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Most of the land is zoned for commercial use, the Miami Herald reported. The developer, Retrosource, hopes to zone the residential area as well. Petitions have circulated asking the city council to deny the zoning change.</div>
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North Miami councilman Philippe Bien-Aime will reportedly host a town hall meeting to discuss the plan, among other projects, Monday night at 7 p.m. He described the proposed site as a very important area and opposes the plan as presented, the Herald reported. <a href="http://www.miamiherald.com/news/local/community/miami-dade/north-miami/article5239917.html" style="color: blue; text-decoration: none;">[Miami Herald]</a> — <em>Katherine Kallergis</em></div>
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Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-20791558149509405042015-01-15T04:30:00.000-08:002015-01-15T04:30:01.514-08:00Hallandale Beach commission to vote on ArtSquare mixed-use project<span style="background-color: white; color: #303030; font-family: Arial, Helvetica, sans-serif; font-size: 12px;">ArtSquare would include 358 multi-family units, retail, commercial space</span><br />
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ArtSquare land</div>
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The Hallandale Beach City Commission will vote on whether to approve a mixed-use project this Wednesday.</div>
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Hallandale ArtSquare, which includes 358 multi-family units, 12,755 square feet of retail and commercial space and 328 parking spaces, would be located at 301 to 409 North Federal Highway, according to a published report.</div>
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The units would break down to 132 single-bedroom, 209 two-bedroom, 17 three-bedroom units and eight work spaces.</div>
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The developer, Hallandale Land Ventures, paid $8.5 million for the 7.5-acre site in 2014, the South Florida Business Journal reported. Hallandale Land Ventures is affiliated with Miami-based Integra Investments. <a href="http://www.bizjournals.com/southflorida/blog/morning-edition/2015/01/hallandale-beach-to-vote-on-358-unit-project.html" style="color: blue; text-decoration: none;">[South Florida Business Journal]</a> — <em>Katherine Kallergis</em></div>
<br />Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-68022323430936688792015-01-12T03:00:00.000-08:002015-01-12T03:00:01.815-08:006,400 new condos to be completed in SoFla in 2015<span style="background-color: white; color: #303030; font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Miami-Dade County will receive the glut of new condos</span><br />
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Peter Zalewski of CondoVultures</div>
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South Florida’s pre-construction condo market will be converting to reality in 2015, with more than 65 new towers with nearly 6,400 units scheduled to be completed east of Interstate 95 in the tri-county region this year.<span id="more-150703"></span></div>
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The new condo projects scheduled to be delivered in 2015 are a fivefold increase from the 20 towers with less than 1,200 units that have been completed in Miami-Dade, Broward and Palm Beach counties since the current real estate cycle began in 2011, according to the pre-construction condo projects website CraneSpotters.com, Peter Zalewski wrote in the Miami Herald. (His firm operates the website CraneSpotters.com.)</div>
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After this year, developers in South Florida are scheduled to complete 56 new towers with more than 6,700 new units in 2016; 30 new towers with nearly 5,000 units in 2017 and seven new towers with about 1,800 units in 2018. Miami-Dade County will receive the glut of new condos.</div>
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More than 50 new condo towers with nearly 5,400 units are scheduled to be completed in Miami-Dade in 2015. In 2016 developers are planning to deliver 30 new towers with more than 5,000 units, about 18 new towers with nearly 4,400 units in 2017 and five new towers with about 1,700 units in 2018.</div>
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In Broward County, developers are scheduled to build 15 new towers with more than 1,000 new units in 2015, 15 new towers with nearly 1,100 units in 2016 and a dozen new towers with about 565 units in 2017. Developers are planning to deliver seven new towers with 1,600 condo units in Broward in 2022.<a href="http://www.miamiherald.com/news/business/biz-monday/article5417661.html" style="color: blue; text-decoration: none;" target="_blank"> [Miami Herald]</a> <i>— Ina Cordle</i></div>
<br />Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0tag:blogger.com,1999:blog-5709210721968376721.post-91816820717611074782015-01-08T02:30:00.000-08:002015-01-08T02:30:00.938-08:00Dania Beach, Hollywood commercial properties get $122M loan<span style="background-color: white; color: #303030; font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Properties purchased for $49.8 million in June 2012</span><br />
<span style="background-color: white; color: #303030; font-family: Arial, Helvetica, sans-serif; font-size: 12px;">By </span><a href="http://therealdeal.com/miami/looks/Katherine%20Kallergis/by" style="background-color: white; color: blue; font-family: Arial, Helvetica, sans-serif; font-size: 12px; text-decoration: none;" title="Katherine Kallergis">Katherine Kallergis</a><br />
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<img alt="KTR Capital Partners Hollywood portfolio and J. Peter Lloyd" class="wp-image-150728 size-full" src="http://s14.therealdeal.com/trd/m/up/2015/01/KTR-Capital-Partners-Hollywood-portfolio-and-J.jpg" style="border: 1px solid rgb(0, 0, 0);" /><div class="wp-caption-text" style="color: #707070; font-size: 0.8em; font-style: italic; margin: -5px 5px 5px;">
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<span style="font-size: 0.8em;">KTR Capital Partners Hollywood portfolio, inset KTR CFO J. Peter Lloyd</span></div>
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Affiliates of KTR Capital Partners received a $122 million mortgage for its Dania Beach and Hollywood portfolio of commercial space, according to Broward County records. <span id="more-150726"></span></div>
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Morgan Stanley Bank, General Electric Capital Bank and General Electric Capital Corp. are the lenders in the multi-state mortgage, which was granted on Dec. 23, 2014. KTR CFO J. Peter Lloyd signed the mortgage, records show.</div>
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The loan applies to the following properties in KTR’s portfolio: 1901 to 1991 Tigertail Boulevard, 5555 Anglers Avenue, 3601 North 29th Avenue, 3850 North 29th Terrace, 5553 Ravenswood Road, 3700 North 29th Avenue and 3401 North 29th Avenue.</div>
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When asked, KTR declined to comment on the purpose of the loan.</div>
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The properties were purchased for $49.8 million in June 2012. According to KTR Capital’s website, the 2012 transaction totaled 520,722 square feet along Interstate-95. They include a mix of small bay industrial units and showroom buildings. A KTR affiliate <a href="http://therealdeal.com/miami/blog/2014/12/04/deerfield-beach-office-building-warehouse-sold-for-51m/" style="color: blue; text-decoration: none;">recently sold a 28.1-acre property</a> in Deerfield Beach for $51 million.</div>
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More than 40 acres of nearby land were sold to Dania Live for <a href="http://therealdeal.com/miami/blog/2014/12/18/dania-beach-office-park-sold-for-29m/" style="color: blue; text-decoration: none;" target="_blank">$29 million in December 2014</a>. Those developers plan to build an open-air shopping center with big box stores, restaurants, a hotel and apartments. </div>
Anonymoushttp://www.blogger.com/profile/18365944793701653080noreply@blogger.com0