Choose your location
South Florida Business Journal
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>
Public company to close operations at facility, lay off 73 staff
Home security company ADT plans to close certain units at its information technology center in Boca Raton and dismiss 73 employees.<\p> The Boca Raton-based business (NYSE: ADT) will permanently shutter some of its operations at 1501 Yamato Road by Dec. 1, according to a Worker Adjustment and Retraining Notification (WARN) filed May 30. All of the positions at the location will be eliminated, with the first wave of layoffs beginning in July. <\p>
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>
South Florida Business Journal
5K+
Posts
1M+
Views
Miami-Dade, Broward and Palm Beach's source for local business news, breaking news alerts, newsletters, business intelligence and local business networking. An American City Business Journals publication.
The leading platform for local news and information.
By using cutting-edge technology that learns users’ preferences to curate tailored content for them, NewsBreak gathers community-focused news and information from over 10,000 sources in a timely, accessible, and easy-to-use way at no cost to users.
NewsBreak does not allow any content that expresses hate or promotes false information. Instead, we strive to give businesses, communities, and users accurate and reliable local news and information. Join us in shaping the news narrative together.
For more information, please see our Terms of Use and Community Standards.