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South Florida Business Journal
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>
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>
Local bank has the most CRE exposure out of Florida banks, study says
City National Bank of Florida was listed among the top U.S. banks for commercial real estate (CRE) loan risk in an analysis indicating its exposure at greater than 400% of its total equity at the end of the first quarter.<\p> A bank data analysis report released June 3 by Florida Atlantic University revealed that 67 banks in the country are at "increased risk of failure" due to their commercial mortgages — with exposure to commercial real estate greater than 300% of the total equity for each bank.<\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>
Related Cos. sells affordable housing complex for $20M
The Related Cos., led by billionaire and Miami Dolphins owner Stephen M. Ross, sold the Woodsdale Oaks affordable apartment complex in Lauderdale Lakes for $20 million.<\p> Woodsdale Oaks Preservation, an affiliate of New York-based Related Cos., sold the 172 apartments at 2543 to 2595 N.W. 49th Ave. to FFAH Woodsdale Oaks FL LLC, care of Bend, Oregon-based nonprofit Foundation for Affordable Housing. Berkadia Commercial Mortgage provided a $11.92 million mortgage to the buyer. Property data firm Vizzda confirmed the buyer and seller information.<\p>
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