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South Florida Business Journal
Foundry breaks ground on warehouse at airport with $30M loan
Foundry Commercial broke ground on a warehouse at Miami-Opa locka Executive Airport thanks to a $30.1 million construction loan.<\p> Regions Bank provided the leasehold mortgage to Foundry Meek IV LLC, an affiliate of Orlando-based Foundry Commercial, in partnership with the nonprofit Carrie Meek Foundation and Clarion Partners. It covers 20.3 acres that the developer leases from Miami-Dade County’s aviation department.<\p>
Oceanfront mansion in Fort Lauderdale sold for $17M (Photos)
A recently renovated mansion on the beach in Fort Lauderdale has sold for $17 million.<\p> Rajiv Sharma and Ritu Sharma sold the 10,966-square-foot home at 1717 N. Fort Lauderdale Beach Blvd. to the Catherine Holmes Family Trust, with Catherine Holmes of Ho-Ho-Kus, New Jersey, and Howard Tatz as trustees. Lourdes Maestres and Nidhi Sharma of Compass Florida brokered the deal for the sellers, while Spencer Carey of the Keyes Co. worked with the buyers. The price equated to $1,550 a square foot. <\p>
Downtown Miami office landlord wins $7M judgment against tenants
Two evicted tenants of the 47-story Miami Tower still owe their landlord more than $7 million, according to a recent default judgment. <\p> Miami-Dade Circuit Court Judge Joseph Perkins ordered Awe Medical Group LLC and its affiliate, Ngyne Technologies Inc., to pay G&I Miami Tower LH LLC a total of $7.14 million in damages for unpaid rent, late fees, interest and accelerated rent. Accelerated rent means the payment of rent owed through the entire term of the lease. <\p>
Five Below shares tumble on fading interest for Squishmallows
Five Below Inc. shares were down around 12% in mid-morning trading Thursday following what CEO Joel Anderson described as "disappointing" sales in the company's first quarter. <\p> Anderson pointed to macroeconomic factors, sales that "dropped off a cliff" during and after Easter and a low performance in the lower income demographic as a few of the reasons contributing to the results. Philadelphia-based Five Below (Nasdaq: FIVE) reported a 2.3% decline in same-store sales, or locations open for at least a year. <\p>
Auto group now largest in Florida after buying local dealership
Hollywood Kia was sold to an affiliate of Tampa-based Morgan Automotive Group.<\p> The price on the two deeds for the Hollywood dealership was $22.5 million, however, sales of auto dealerships often include additional compensation besides the real estate purchase price. Fort Lauderdale-based Haig Partners said it was the sell-side advisor on the deal, which it called a record price for a Kia dealership. <\p>
Nonprofit awarded $4 million to build tech hub in this neighborhood
The non-profit Seeking Education Empowers Knowledge (SEEK) Foundation is bringing a new technology and health care hub to Miami's Opa-locka neighborhood after securing $4 million from the state of Florida. <\p> The Smart Tech Health Hub project aims to provide children and adults with access to science, technology, engineering and math (STEM) education and pathways to the higher-paying STEM workforce, said SEEK Foundation founder Anike Sakariyawo. <\p>
Spirit increases luggage weight allowance for passengers
Spirit Airlines has modified its policies for checked bags and future travel vouchers to enhance guest experience.<\p> The Dania Beach-based airline (Nasdaq: SAVE) announced it updated the two policies June 4. Spirit teased it would deploy additional customer service changes when the company eliminated fees for flight changes and cancellations last month. <\p>
South Florida's top Fortune 500 companies fall in rankings
South Florida's top-earning companies dropped dozens of spots in the latest edition of the Fortune 500.<\p> Released annually by Fortune magazine, the list is a comprehensive look at the top companies in the U.S. This year, 11 local companies made the list, including five in the Top 200.<\p>
Medical device company moves into Broward development facility
Obvius Robotics, a medical device company behind an image-guided needle placement tool, moved into a new research and development facility in Sunrise. <\p> The facility will focus on product development, Chief Commercial Officer Dave Herrman told the Business Journal. Obvius is the maker of the CERTA Access System, a hand-held device that combines robotics and imaging to help physicians guide central venous catheters into veins. Those catheters can be used to deliver fluids, medicine or nutrition into a patient's bloodstream. <\p>
Hollywood apartments targeted in foreclosure
A trio of apartment/residential properties in Hollywood could be seized in a $3.26 million foreclosure lawsuit.<\p> Grape Tree Lending filed a foreclosure complaint June 3 against 1911 Ave LLC, also known as 1911 Taylor Ave LLC, and loan guarantor Mendel Steiner, of Brooklyn. New York. It targets three properties in the same area of the city, although they are not contiguous:<\p>
Luxury brands help South Florida malls defy brick-and-mortar slump
High-end designer brands continue to target South Florida malls as the market responds to increased demand amid its shifting demographics and a revived tourism industry. <\p> South Florida consumers have long sought luxury goods. But the region has welcomed an influx of affluent residents from the Northeast and West Coast that also demand luxury brands. That — coupled with a tourism industry that’s bounced back with a vengeance — has brought more shoppers with expendable incomes and high-end tastes to the region’s malls.<\p>
Large freezer warehouse breaks ground in Allapattah
Developers recently broke ground on a 107,632-square-foot cold storage warehouse in Miami's Allapattah neighborhood.<\p> Longpoint Realty Partners and Vivo Real Estate Group announced June 6 that they started building Point 27th at 2260 N.W. 27th Ave. <\p>
The National Observer: Sign of reversal seen amid loan delinquencies
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today we've got stories on a decline in asking prices in the housing market, a shift in consumer-spending habits and changes coming to Cracker Barrel restaurants. But first, we go inside the numbers on still-rising delinquencies among loans backed by commercial real estate.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Private equity chairman sells Palm Beach County mansion for $19M
A trust controlled by Philip Hammarskjold, the executive chairman of San Francisco-based private equity firm Hellman & Friedman, and wife Alicia Hammarskjold sold a mansion in Lost Tree Village near North Palm Beach for $18.75 million.<\p> The 11589 LHC Realty Trust, with the Hammarskjolds listed as homestead residents of the property, sold the 8,910-square-foot home at 11589 Lake Horse Court to the Gus and Gunvor Trust, with William D. Edwards in Knoxville, Tennessee, as trustee. A memo attached to the deed states that the Lost Tree Village admitted James Wood Johnson as a member.<\p>
Citadel Securities, BlackRock back new national stock exchange
A new national stock exchange could be coming to Dallas, a move that would further cement the city's position as one of the primary financial centers in the United States.<\p> Dallas-based TXSE Group Inc. announced on June 5 that it plans to launch the Texas Stock Exchange and will submit a registration with the U.S. Securities and Exchange Commission later this year. The company hopes to begin facilitating trades in 2025 and host its first listing in 2026, according to a Wall Street Journal report.<\p>
Bankruptcy judge sets auction date for 5 South Florida hospitals
A U.S. Bankruptcy Court judge in Houston has set auction dates for the 29 hospitals owned by Steward Health Care System, including the five in South Florida.<\p> Dallas-based Steward Health Care, which has hospitals in eight states, filed Chapter 11 reorganization in May after falling behind on payments to its main lenders. In a statement at the time, the company cited insufficient reimbursement by government payors for its health care services and skyrocketing labor costs, and increasing material and operational costs for its financial challenges.<\p>
Homebuilder to build over 50 homes in Miami-Dade
Century Homebuilders Group acquired a single-family home development site in Homestead. <\p> American Investments Group LLC, formerly known as Portobello Estates LLC, managed by Lina M. Baron, sold the 9.21-acre site on the south side of Southwest 320th Street, just west side of the Ventanas at Homestead community for $5.5 million to Century Grove Estates LLC, an affiliate of the Coral Gables-based homebuilder.<\p>
South Florida Seen: Foundation holds event at Margaritaville resort
Broward Education Foundation’s Fins Up<\p> Fins Up: A Tribute to Jimmy Buffett, held May 3 at the Margaritaville Hollywood Beach Resort, benefitted Broward Education Foundation’s programs and initiatives for Broward County Public Schools students and teachers.<\p>
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