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South Florida Business Journal
Rivian to open first South Florida showroom in Miami-Dade
Rivian Automotive, Inc. is on track to open its first South Florida retail showroom at Aventura Mall.<\p> On June 4, the mall’s owner, Turnberry Associates, received unanimous approval from the Aventura City Commission, to move forward with its plan to welcome another electric vehicle retailer. <\p>
County could lease 10 acres to Terra for workforce housing (Photos)
Terra is seeking a deal to build up to 675 workforce apartments around South Dade Government Center through a ground lease with Miami-Dade County.<\p> The Miami-Dade Housing, Recreation, Culture and Community Development Committee will consider the ground lease for two sites for a combined 10.74 acres surrounding the government complex at 10740 S.W. 211th Street, Cutler Bay on June 10. If approved by the committee, the item could go before the full County Commission on July 2.<\p>
News in Brief: Peruvian restaurant opens in Coral Gables
A Joy Wallace Catering, under the direction of new owner and CEO Reinaldo Ramos, relocated to 18001 Old Cutler Road, Suite 362, in Miami. www.ajoywallace.com.<\p> Hollywood-based NV5 Global was awarded $12 million in geospatial contracts in the defense, intelligence and federal civilian market space by the U.S. Department of Defense. www.nv5.com.<\p>
Boca Raton corporation names new CFO
A Boca Raton-based corporation that operates private prisons and immigration detention centers has named an outsider as its new senior vice president and chief financial officer. <\p> Mark J. Suchinski, former CFO of Wichita-based Spirit AeroSystems, will step into his new role as SVP and CFO of The Geo Group, Inc. on July 8.<\p>
Is that mole cancerous? Local firm makes it easier to detect disease
After years of development, DermaSensor's handheld skin cancer detection tool is now in the hands of physicians. <\p> The Miami company has deployed more than 40 devices to doctors across the U.S. last month, the first to go out since it achieved U.S. Food and Drug Administration clearance in January. DermaSensor currently has pilot programs taking place in Florida and Pennsylvania, chief commercial officer Larry Anderson told the Business Journal. <\p>
Ex-Dolphins player's firm loses $3M case, faces foreclosures
An athletic training company owned by former Miami Dolphins receiver Brandon Marshall lost a $3.04 million judgment over a bank loan, and another one of his companies is facing a foreclosure lawsuit over a Weston fitness center.<\p> Marshall played 13 seasons in the NFL, including for the Dolphins, Denver Broncos, Chicago Bears, New York Jets, New York Giants, Seattle Seahawks and New Orleans Saints. He made the Pro Bowl six times and was first-team All-Pro in 2012. He retired after the 2018 season and has maintained a home in South Florida.<\p>
Wealth advisory to open its 1st Florida office in West Palm Beach
A national wealth management firm that manages $5.5 billion in assets with over $250 million based in Florida, will debut its first Sunshine State office in West Palm Beach.<\p> The Bahnsen Group announced June 4 that it will be opening a 2,500-square-foot office in in July at the One Clearlake Centre tower, 250 S. Australian Ave. <\p>
Office building loses $111M foreclosure judgment
The Gateway at Wynwood office building and a neighboring bank office are headed to court auction over a $111.9 million foreclosure judgment.<\p> Wilmington Trust, as part of a commercial mortgage-backed securities (CMBS) trust, won the foreclosure judgment against Gateway at Wynwood LLC and 2830 Wynwood Properties over a mortgage with $101.7 million in principal outstanding, plus interest and fees. Miami-Dade County Circuit Court Judge Pedro P. Echarte Jr. found that the borrowers failed to show cause why a final judgment of foreclosure should not be entered. <\p>
Former TD banker faces charges from allegedly taking foreign bribes
A TD Bank employee who worked at the Toronto-based bank's (NYSE: TD) Hollywood branch is under fire over allegations of his role in taking international bribes. <\p> The U.S. District Court for the District of New Jersey charged Gerardo Fermin Aquino Vargas with one count of obstruction of justice for allegedly falsifying statements to agents about accepting bribes. <\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
Industrial developer to move headquarters to coastal city
A company that builds self-storage and warehouse space across the U.S. is preparing to shift its headquarters to Delray Beach.<\p> Basis Industrial will move into a 2,272-square-foot building at 347 N.E. Fifth Ave. once renovations are done at the end of the year. <\p>
Gas station owner buys Miami-Dade warehouse for $18M
Miami-based Sunshine Gasoline Distributors, one of the largest owners of gas stations in South Florida, paid $18.3 million for a warehouse in Hialeah.<\p> Petroleum Equipment and Manufacturing Co., managed by Juan H. Tamayo in Homestead, sold the 49,627-square-foot warehouse at 2175 W. 76th Street to Sunshine Gasoline Distributors. Property data firm Vizzda confirmed the buyer and seller information.<\p>
Lennar plans to build over 200 townhomes, villas
A lank bank purchased 19.5 acres in the Naranja neighborhood of southern Miami-Dade County for a combined $14.68 million to set up a development by Lennar Corp. (NYSE: LEN).<\p> Thang Q. Dang and Mihn Tran T. Dang sold 10 acres for $5.25 million to TGP AG EHC III (LEN) Multistate 3, part of the Essential Housing land bank run by Angelo Gordon. BAAAMA VI LLC, managed by Jodie Bakes of Think Lab Ventures, sold 9.5 acres for $9.43 million to the same company. Property data firm Vizzda confirmed the buyer and seller information, and that Miami-based Lennar has an option to purchase the property from the land bank through February 2027.<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
Cushman & Wakefield names new South Florida leader
Joseph Caridi will join the crowd of people relocating from New York to South Florida as Cushman & Wakefield has named the commercial real estate veteran managing principal of its South Florida office, effective in late June. <\p> Caridi has been with Cushman & Wakefield for 10 years and is currently the managing principal of its Long Island, Connecticut, Westchester offices. The position to lead South Florida came open after former managing principal Gian Rodriguez left Cushman & Wakefield for CBRE in January.<\p>
Estate of late business owner sells island mansion for $50M
The estate of late industrial business owner William “Bill” E. Flaherty sold his mansion on the Intracoastal Waterway in Palm Beach for $49.6 million.<\p> The trust managed by Flaherty’s family members sold the 7,636-square-foot home at 315 Chapel Hill Road to Ocean Breezes 2 LLC, a Delaware-registered company managed by local attorney Francis X.J. Lynch. Comerica Bank provided a $25 million mortgage to the buyer. Christian Angle of Christian Angle Real Estate brokered the deal.<\p>
373 apartments could replace ex-headquarters of public company
A four-story office building that once served as the corporate home for International Money Exchange (Nasdaq: IMXI) just traded for $9.2 million.<\p> Miami Har LLC, headed by George Dancea, sold the 30-year-old building at 9480 S. Dixie Highway in Kendall, to Bec Realty Trust 1 LLC on June 3, according to property data firm Vizzda. Bec Realty Trust 1 LLC is a subsidiary of The BEC Group Services, a general contractor and owner's representative based in western Miami-Dade.<\p>
23-story Brickell tower proposed with racket club, hotel (Photos)
A developer has proposed a 23-story tower in Miami’s Brickell Financial District featuring indoor racket sports, a hotel, residential units and more. <\p> Bay Racket Club LLC, managed by William A. Jacome of Miami-based Cloud and Co., filed a pre-application with Miami-Dade County officials concerning the 0.44-acre site at 240 S.E. 14th Street. The site previously had the Babylon International condo, but it was demolished after the developer acquired the property for $8.7 million in January.<\p>
County moves forward on $182M deal for new government center
After shaving $23 million off the original asking price, Miami-Dade county commissioners approved the acquisition of a 625,000-square-foot office building complex.<\p> The resolution, which passed during its June 4 meeting, authorized the county to pay $182 million for a six-story, 50-year-old building at 9250 W. Flagler Street. The building will be used by several county departments, many of which handle permitting issues for developers and property owners in the western parts of the county. <\p>
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