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South Florida Business Journal
CRE Tracker: Large warehouse breaks ground in Allapattah
Longpoint Realty Partners and Vivo Real Estate Group recently broke ground on a 107,632-square-foot cold storage warehouse in Miami’s Allapattah neighborhood at 2260 N.W. 27th Ave. <\p> Called Point 27th, the warehouse facility is projected to be finished early next year. It will include high-efficiency refrigeration systems, a glycol system, 37 dock-height doors, two ramps, 35-foot clear ceilings, a private 120-foot truck court, and 2,700 square feet of flexible office space.<\p>
Hyatt, developer gain approval to build mega skyscrapers (Photos)
A Miami board approved three proposed high-rises of up to 1,044 feet tall, to be built where the James L. Knight Center now stands.<\p> Called Miami Riverbridge, the project will be built by Hyatt Hotels Corp. (NYSE: H) and Miami-based Gencom, led by principal Karim Alibhai, on a 4-acre city-owned parcel at 400 S.E. Second Ave. where the 615-room Hyatt Regency Miami and the 4,500-seat James L. Knight Center – both built in 1982 – are located. <\p>
JPMorgan plans major South Florida expansion in these cities
Banking and financial services giant JPMorgan Chase & Co. is doubling the size of its office in Miami's Brickell Financial Center and opening a 13,000-square-foot office in downtown West Palm Beach.<\p> Over two years, the New York-based company (NYSE: JPM) will double the size of its office at 1450 Brickell Ave. to 160,000 square feet from 80,000 square feet to accommodate an additional 400 employees. The office currently employs more than 500 across all of JPMorgan's lines of businesses and functions. <\p>
349 apartments planned in this historic Black neighborhood (Photos)
A vacant block along Grand Avenue in the historically Black neighborhood of west Coconut Grove in Miami could be developed with a mixed-use project.<\p> The city’s Urban Development Review Board will consider plans for the 2.4-acre site at 3520 to 3574 Grand Ave., 3509 to 3587 Thomas Ave., and 3410 to 3428 Hibiscus Street on June 20. Grove Bimini Nassau QOZB LLC, managed by Sankesh Abbhi, the head of Miami-based private equity firm Abbhi Capital, owns the property. It’ is in a qualified opportunity zone, so there could be federal tax benefits for developing there.<\p>
South Florida Seen: CIty of Miami hosts Mayor's Ball at downtown hotel
The inaugural Mayor's Ball took place June 1 at the JW Marriott Marquis Miami. The evening benefitted Hermanos de la Calle, a nonprofit aimed at ending homelessness in Miami.<\p> The Alan B Levan | NSU Broward Center of Innovation recently celebrated its second anniversary with an event attended by more than 200 people.<\p>
Ocean Bank wins $4.3M lawsuit against Broward auto dealer
Miami-based Ocean Bank won a $4.3 million lawsuit against Michael’s Auto Sales Corp., a used car dealer in West Park, over a business loan.<\p> Broward County Circuit Court Judge Carlos Augusto Rodriguez granted the summary judgment in favor of the bank and against Michael’s Auto Sales, Michael Nunez and Rolando Nunez on May 13. It was based on the borrower defaulting on an auto floor plan loan and the personal guarantees connected to that loan. The judge ruled the borrowers owed $4 million in principal, plus interest and fees.<\p>
Local seaport hires new CEO, port director after 5-month search
Port Everglades has found its new leader after a near five-month executive search.<\p> The Broward County Commission approved the appointment of Joseph Morris as the CEO and port director of Port Everglades on June 18. <\p>
Colliers names former Tricera Capital exec market leader for region
Commercial real estate veteran Dustin Ballard has been hired by Colliers International Group as its managing director and market leader for the brokerage's West Palm Beach, Fort Lauderdale, Boca Raton, and Miami/Brickell offices.<\p> In his new role, Ballard will oversee all brokerage operations, recruitment, retention and business development for the Colliers South Florida offices. <\p>
News in Brief: Beach hotel nabs $80M loan from community bank
Ocean Bank loaned $80 million to FLB Hotel LLC and FLB Restaurant LLC for the Conrad Fort Lauderdale Beach hotel at 551 N. Fort Lauderdale Beach Blvd. The bank also loaned $9.2 million to 499 Ocean Blvd. LLC, led by Marc Dubrow and Jake Waserstein, for the construction of four high-end luxury townhouses at 499 N. Ocean Blvd. in Pompano Beach. www.oceanbank.com.<\p> Northmarq secured the $88 million refinance of the 336-unit Avery Dania Pointe East apartments at 120 N. Compass Way in Dania Beach. www.northmarq.com.<\p>
Aviation company to receive incentives to create 88 high-paying jobs
Broward County and Miramar officials unanimously approved financial incentive packages that could provide an aviation company up to $132,000 if it opens a facility in Miramar and creates 88 new well-paying jobs. <\p> The incentives will be offered to a U.K.-based aviation company, referred to as Project Sawgrass, which specializes in aftermarket part services, said Anita Fain Taylor, Miramar's economic development & housing director.<\p>
Broward condo building nabs $24.5M loan, prices start at $2M
Latitude Group obtained a $24.5 million construction loan to build its Terraces condo near the beach in Fort Lauderdale.<\p> Linkvest Capital, through its affiliate LV Lending, provided the mortgage to the Key Biscayne-based developer for the project at 527 Orton Ave. The deal was executed by Camilo Niño, Ricardo Uribe and Alen Hernandez of LinkVest Capital and brokered by AJ Felberbaum, Jay Miller and Spencer Miller of BayBridge Real Estate Capital.<\p>
Homes near Wynwood could be replaced with apartments
A development group wants to replace three houses in the Wynwood Norte area of Miami with an apartment building.<\p> The city’s Urban Development Review Board will consider plans for the half-acre site at 107, 121, and 127 N.W. 31st Street on June 20. WYN107 Development LLC, managed by Sebastian Roiter and Ian Ludmir in Aventura, assembled the properties for a combined $4.5 million in 2023.<\p>
Michigan automotive business owners sell island mansion for $27M
The family that owns Michigan-based auto parts manufacturer Fisher Dynamics sold a Palm Beach mansion along the Intracoastal Waterway for $27.06 million.<\p> Alfred J. Fisher III, through multiple family trusts, sold the 5,088-square-foot home at 1010 N. Lake Way to the 1010 North Lake Trust, with New York attorney Stephanie E. Heilborn as trustee. Lawrence Moens of Lawrence A. Moens Associates represented the seller in the deal, while Christian Angle of Christian Angle Real Estate worked with the buyer. The price equated to $5,318 per square foot.<\p>
Developer plans 500 apartments after buying site for $39M
Oak Row Equities acquired a development site in downtown Miami, near the Brightline passenger rail station, for $38.5 million.<\p> The Citadel Arena Corp., managed by Daniel Arias in Miami, sold the 37,857-square-foot lot at 49 N.W. Fifth Street and 50 N.W. Sixth Street to New York- and Miami-based Oak Row Equities. The deal includes $32 million in seller financing. The property currently has a three-story, 47,634-square-foot office building constructed in 1996. This is the first time it has sold. <\p>
Firm of former U.S. ambassador sells 100-year-old mansion for $17M
A firm led by Michael Retzer, a former U.S. ambassador to Tanzania, sold a Palm Beach mansion that’s nearly 100 years old for $16.85 million.<\p> The 6,921-square-foot home at 130 Cocoanut Row was sold by 130 Cocoanut Row LLC, managed by Retzer of Greenville, Mississippi. The buyer was Cocoanut Row LP, a company created in Ontario, Canada with an address in Toronto. Christian Angle of Christian Angle Real Estate represented the seller in the deal, while Jennifer Stepan Beqaj of Linda R. Olsson Inc. worked with the buyer. The price equated to $2,434 per square foot.<\p>
Cruise company buys new office for $67M in historic Black neighborhood
An affiliate of international shipping company MSC Group paid $67 million for its new office space in Miami’s Overtown neighborhood.<\p> Block 55 Org Owner LLC, an affiliate of Miami-based Swerdlow Group, sold Unit R-3 in the mixed-use Block 55 at Sawyer’s Walk project at 249 N.W. Sixth Street to ICMC Miami LLC, an affiliate of MSC Group. The commercial condo totals 131,129 square feet, mostly on the seventh floor, according to the building’s declaration of condominium. The price equated to $511 per square foot.<\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Local private equity firm acquires transportation company
Trivest Partners, a Miami-based private equity firm, has secured a majority stake in San Antonio-based Star Shuttle, a more than two-decade-old transportation company.<\p> As part of the deal, Star Shuttle will keep its headquarters in the Alamo City and serve as a platform for additional acquisition opportunities.<\p>
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