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South Florida Business Journal
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>
Office Depot parent company names new board chair
The ODP Corp., the Boca Raton-based parent company (Nasdaq: ODP) of Office Depot and OfficeMax, announced it appointed a new board chair. <\p> Wendy Schoppert will assume the role of independent non-executive chair of the board on June 10. She succeeds Joseph Vassalluzzo, who led the board for seven years.<\p>
Jungle Island owners want to replace theme park with housing
The owners of Jungle Island in Miami want to replace the eco-adventure theme park with residential development and a public park. <\p> Aventura-based ESJ Capital Partners said it signed an agreement with Miami-based Terra to build multifamily on the Jungle Island site on Watson Island, subject to city approval. The news was first reported by The Real Deal.<\p>
Miami beverage company banks on Gen Z Latinos to drive profits
There are hundreds of hard seltzer brands out there. But how many of them are made for Latinos?<\p> That's a question the founders of Casalú asked years ago as students at North Carolina State University. <\p>
National insurance giant ordered to refund 46,000 Fla. policyholders
Liberty Mutual Insurance Co. was ordered to repay millions of dollars for premiums it overcharged on car insurance policies in Florida. <\p> The Florida Office of Insurance Regulation conducted an investigation and found that the massive Boston-based carrier had overcharged 46,053 policyholders since March 2023, according to a consent order filed last week. <\p>
BH Group, partner buy hotel development site near Gulfstream Park
BH Group and Prime Group acquired a hotel development site near Gulfstream Park in Hallandale Beach for $6.475 million.<\p> Smir 3001 LLC, managed by Eduardo Wainberg and Noah Slimak of Silver Wave Ventures in Hallandale Beach, sold the 33,934-square-foot site at 804 S. Federal Highway to Hallandale Hotel Holdings LLC, a partnership between Aventura-based BH Group and Hollywood-based Prime Group. Centennial Bank provided a $3.52 million mortgage to the buyers.<\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
Apartment complex resolves foreclosure with $11M sale
An apartment complex in the Westview neighborhood of northern Miami-Dade County sold for $11 million to resolve a foreclosure lawsuit.<\p> Rebuild Miami LLC, managed by Richard Meruelo in Miami, sold the 35 apartments at 11900-11947 N.W. 19th Ave. to Redwood Westview East LLC, an affiliate of Miami-based Redwood Dev Co. Miami-based City National Bank of Florida provided a $9.31 million mortgage to the buyer. Property data firm Vizzda confirmed the buyer and seller information.<\p>
Boca Raton company under new ownership following bankruptcy sale
A Boca Raton-based shoe company has been taken over by its major creditors following a recent multimillion-dollar sale. <\p> Following a court-supervised competitive sale process, the U.S. Bankruptcy Court for the District of Delaware approved the sale of Shoes For Crews LLC to a consortium of first-lien secured lenders, led by Antares Capital LP, via a May 24 stalking-horse bid of $290 million in credit. <\p>
Lakeview apartments gain 75% in value with $16M sale
The Viewmax Apartments in Lauderdhill sold for $15.9 million, a nearly 75% gain in value from their last trade five years ago.<\p> BSD Viewmax LLC, managed by Eli Ran and Moshe Mann in Miami, sold the 88 apartments at 2011 to 2111 N.W. 55th Ave. to CFRE Viewmax LLC, an affiliate of Aventura-based Category Five Ventures. The buyer assumed a $9.43 million mortgage with Fannie Mae, with Mike Peisach, Alberto Peisach, and Leon Peisach of Category Five Ventures taking over a guarantors. Property data firm Vizzda confirmed the buyer and seller information.<\p>
Local airports transported millions more passengers in 1st quarter
Fort Lauderdale-Hollywood International Airport estimated it processed 9.84 million passengers in the first quarter of 2024. <\p> Broward County shared the airport’s quarterly statistics in a May 31 newsletter. The county said the total is a 5.7% increase from the 9.31 million passengers that were processed during the same period last year.<\p>
Jeff Bezos closes on 'Billionaire Bunker' mansion for $87M
A trust controlled by billionaire Jeff Bezos, the founder of Amazon.com, paid $87 million for a waterfront mansion in Indian Creek Village.<\p> The deal for the home in the village known as “Billionaire Bunker” for its many wealthy residents was expected since Bloomberg reported in April that Bezos had the home under contract.<\p>
Mixed-use project proposed at CVS parking lot (Photos)
A five-story, mixed-use project has been proposed in the North Beach neighborhood of Miami Beach.<\p> The city’s Planning Board will consider plans for the 30,000-square-foot site at 7401 to 7425 Harding Ave. on June 25. It currently serves as a parking lot for the neighboring CVS store at 7410 Collins Ave. <\p>
Spirit CFO departs role with airline for rental car giant
Spirit Airlines has named the company’s vice president and controller an interim chief financial officer after its former CFO stepped down to work for the rental car giant Hertz.<\p> The Dania Beach-based airline (Nasdaq: SAVE) announced Brian McMenamy will begin the role on June 14. McMenamy succeeds Scott Haralson, who served as Spirit’s executive vice president and CFO for five years.<\p>
240 apartments in Broward sold for $63M
The Harbour Cove apartments in Pembroke Pines were acquired by Atlanta-based Cortland for $62.55 million.<\p> Bel Pembroke Holdings, an affiliate of Boston-based Easton Vance, sold the 240 apartments at 1601 S. Hiatus Road to Hiatus Road FL Partners LLC, care of Cortland Partners. Berkley Point Capital, doing business as Newmark, provided a five-year, $47.49 million mortgage to the buyer. Property data firm Vizzda confirmed the parties involved in the deal.<\p>
Miami PR agency grows its brand after several acquisitions
Public relations firm Bevel officially rebranded after being acquired by Miami-based agency Avenue Z. <\p> Together, the merged businesses are combining PR, marketing and media to help clients build their brands across all digital channels. <\p>
Coworking giant to open new location in Boca Raton
One of the largest coworking companies in the world will soon open a 13,000-square-foot location in Boca Raton as part of its expansion in Florida. <\p> International Working Group (IWG) stated it will open a Regus at 6501 Park of Commerce Boulevard in the third quarter this year. <\p>
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