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South Florida Business Journal
Don't give up on paper checks before considering all the consequences
Target Corp. stopped accepting personal checks for customer purchases earlier this month, joining the ranks of big businesses that have ditched the old-school payment method.<\p> It's a lineup that includes the likes of Whole Foods, Aldi and Old Navy, all of whom have canceled checks as a payment option. At the same time, digital payments through the likes of Venmo, Cash App, and other card- and phone-based systems have skyrocketed.<\p>
Live Local Act apartment project nabs $16.5M loan from community bank
A developer obtained a $16.5 million construction loan to build an apartment complex near North Miami that would take advantage of the tax breaks in the state’s Live Local Act.<\p> Miami-based Ocean Bank provided the loan to Delmas North LLC, led by developer Daniel Abreu. It covers the 1.9-acre site at 13650 N.E. Second Court. Ocean Bank Senior VP Guillermo Molina arranged the loan. <\p>
Tom Brady moves family office to new Bay Harbor building (Photos)
Retired NFL superstar Tom Brady will open a family office in a new Class A building that is now being built in Bay Harbor Islands.<\p> Tom Brady Enterprises Capital Management, also known as TEB Capital Management, closed on a lease for an 8,415-square-foot office in The Well Bay Harbor Islands, said Tere Blanca, CEO of Blanca Commercial Real Estate. <\p>
Warehouse near Inter Miami stadium targeted in foreclosure
A warehouse near Chase Stadium, home of Inter Miami CF, could be seized in a $2.61 million foreclosure lawsuit.<\p> Murray, Utah-based FinWise Bank filed a foreclosure complaint on July 25 against Issoy Realty LLC, along with loan guarantors Issoy Inc., Yosef Gershowitz, and Jessica A. Gershovitz. It targets the 10,080-square-foot warehouse at 5410 N.W. 12th Ave. in Fort Lauderdale. <\p>
Regulators approve sale of Amerant Bank's Houston operations
An Oklahoma City-based regional bank received the green light from federal regulators to acquire Amerant Bank's Texas portfolio. <\p> The Coral Gables-based community bank (NYSE: AMTB) submitted a U.S. Securities and Exchange Commission filing on July 30 to inform its investors that MidFirst Bank secured approval from the U.S. Office of the Comptroller of the Currency to buy its Houston operations.<\p>
Miami investment firm to buy Texas energy company
Miami-based I Squared Capital entered into an agreement to buy Priority Power Management for an undisclosed sum. <\p> Headquartered in The Woodlands, Texas, Priority Power is a provider of energy management and infrastructure services for customers in more than 40 states. Infrastructure investor I Squared is acquiring the company through its Global Infrastructure Fund III from Ara Partners Group, Oaktree Capital Management and other shareholders. <\p>
Spirit Airlines launches new travel classes with premium options
Spirit Airlines is adding new travel options with customer experience in mind, which includes complimentary baggage, snacks and Wi-Fi for its highest tier.<\p> The Dania Beach-based company (NYSE: SAVE) announced it will launch two additional airline classes — Go Big and Go Comfy — that will offer premium selections while maintaining its low-cost roots. <\p>
Houston firm buys Palm Beach County property for $26.5M
Houston-based Silver Star Properties REIT acquired a self-storage facility west of Delray Beach operated by Public Storage for $26.5 million.<\p> Deerfield Beach-based OPI Storage LLC, managed by George W. Schaeffer of People’s Trust Insurance and Jerry DuBois of JWR Construction Services, sold the 111,258-square-foot self-storage facility at 14810 Hagen Ranch Road to Silver Star Delray LLC, an affiliate of Silver Star Properties. FBRED BDC Finance provided a $15.53 million mortgage to the buyer. Property data firm Vizzda confirmed the parties involved in the deal.<\p>
Global air charter service to move Fort Lauderdale office
An international air charter company is moving into a new office in downtown Fort Lauderdale.<\p> U.K.-based Chapman Freeborn, which provides private jet charters and other aviation solutions for clients, will move into a 2,144-square-foot space on the ninth floor of 110 East at 110 E. Broward Boulevard next week, said David McCown, president of the Americas for Chapman Freeborn. <\p>
Lincoln Road retail building sold at discount, resolving foreclosure
A retail building on South Beach’s famed Lincoln Road sold for $13.6 million, which was less than the amount of its mortgage during a pending foreclosure lawsuit.<\p> New York-based 318 Lincoln LLC, an affiliate of RFR Realty, sold the 24,259-square-foot retail building at 318-334 Lincoln Road to a partnership of Scott Robins from Scott Robins Cos., former Miami Beach Mayor Philip Levine, and Ben Mandell from Tricera Capital. The price equated to $561 a square foot.<\p>
Whole Foods-anchored center secures $69M loan from global bank
SJC Ventures obtained a $69.4 million construction loan to build a shopping center in Doral that will be anchored by Whole Foods Market.<\p> Deutsche Bank provided the mortgage to Atlanta-based SJC Ventures for Doral Marketplace, which will total 88,938 square feet. CBRE’s Richard Henry, Mike Ryan, Brian Linnihan and JP Cordeiro represented the borrower in the deal. <\p>
CFO steps down from global media company
Miami-based TelevisaUnivision said that Chief Financial Officer Carlos Ferreiro is stepping down from the Spanish-language media company for health reasons.<\p> “It has been the highlight of my career to have served as the first CFO of TelevisaUnivision," Ferreiro said. "We have accomplished so much and built a world-class organization that is equipped to compete in the global media landscape."<\p>
Accounting firm to acquire Marcum in $2.3B deal
Two national accounting firms, both with a significant presence in South Florida, have announced plans to combine.<\p> CBIZ Inc., the 11th largest accounting firm in the U.S. with $1.4 billion in assets, will acquire Marcum LLP, the 13th largest accounting firm in the U.S. with $1.3 billion in assets. The deal is anticipated to close in the fall, according to a release from Marcum. <\p>
Southern U.S. banks seek $78M in alleged damages from accounting giant
A trio of southern U.S. banks have requested a jury trial to recover $78 million in damages from accounting giant BDO USA LLP over alleged faulty auditing practices. <\p> Coral Gables-based Amerant Bank (NYSE: AMTB); Stuart-based Seacoast Bank (Nasdaq: SBCF) and Columbus, Georgia-based Synovus Bank (NYSE: SNV) submitted a complaint against BDO for alleged auditing failures of Coex Coffee International, Inc., a Miami-based wholesale coffee bean distributor that allegedly owes roughly $200 million to the three banks and multiple other companies. <\p>
Luxury home prices hit a new high
The U.S. luxury housing segment has bucked some of the trends affecting the rest of the residential real estate market, in large part because those buyers and sellers are less affected by affordability issues.<\p> But like the broader housing market, luxury homes continue to see a surge in prices. In fact, luxury home prices hit a new high in the second quarter of this year, with a typical home in the category selling for $1.18 million, an 8.8% increase from the same quarter last year, according to Redfin Corp. data.<\p>
Miami-Dade contractor files for bankruptcy with millions in debt
A Miami-Dade County contractor filed for Chapter 11 protection in U.S. Bankruptcy Court for the Southern District of Florida in Miami.<\p> In its bankruptcy petition, filed July 19, HAOB Horizontal Drilling LLC stated it has $2.12 million in liabilities and about $1.6 million in assets. The company, which has four permanent employees and up to 12 "occasional employees," operates from the principal's home in Doral, the filing stated. <\p>
Publix-anchored center in Broward sold for $36M
Midway Plaza, a Publix-anchored shopping center in Tamarac, sold for $36.43 million.<\p> DDRM Midway Plaza LLC, care of Beachwood, Ohio-based Site Centers Corp. (NYSE: SITC), sold the 229,695-square-foot retail plaza at 5701 to 5881 N. University to SO - Midway Plaza JV LLC, care of New York-based ShopOne Centers REIT, which buys shopping centers through a joint venture with private equity firm Pantheon. Property data firm Vizzda confirmed the buyer and seller information. The price equated to $159 per square foot.<\p>
Local company raises $12 million to develop surgical robot
Navigantis raised $12 million to develop a surgical robotics platform for neurovascular procedures.<\p> The Miami company's series A financing was led by Puma Venture Capital with participation from Cormorant Asset Management and Mirae Asset Capital. The capital will be used to fund to the ongoing development of its VASCO robot and bring the device into human clinical trials. <\p>
Longtime clothing company wins $8.3M lawsuit against partner
Perry Ellis International, a Doral-based sportswear and casual clothing company, has won a multimillion-dollar lawsuit against United Legwear Company LLC, a New York-based apparel company.<\p> The company was awarded $8.3 million through a jury verdict filed July 26, according to court documents. Judge Lisa S. Walsh, of the 11th Judicial Circuit of Miami-Dade County, presided over the 10-day trial, which was litigated in the court’s Complex Business Litigation Division.<\p>
University proposes 25-story building on downtown campus
Palm Beach Atlantic University has proposed a 25-story dormitory on its West Palm Beach campus to fuel its student growth.<\p> The city’s Plans & Plats Review Committee will consider the major planned development application for the student housing tower by the nonprofit Christian university on Aug. 8. It would be located on the 1.71-acre site at 1200 S. Dixie Highway, on the west side of its campus. The property currently has a 3,852-square-foot visual arts building that would be demolished.<\p>
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