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South Florida Business Journal
Warehouse near Interstate 95 doubles in value with $55M sale
A Riviera Beach warehouse that houses Serta Simmons Bedding sold for $55 million, more than doubling in value since its last trade.<\p> Ratzon Realty (Interstate Park Logistics Center Florida) LP, an affiliate of Dallas-based Dalfen Industrial, sold the 236,554-square-foot warehouse at 3774 Interstate Park Road North to 3774 Interstate Park LLC, an affiliate of Irvine, California-based LBA Logistics. Property data firm Vizzda confirmed the parties involved in the deal. The price worked out to $233 per square foot.<\p>
Sporting goods store proposes indoor paddle facility at local mall
An indoor paddle sport facility might be coming to Sawgrass Mills. <\p> A City of Sunrise agenda indicates city commissioners could discuss a special exception use permit at its meeting tonight. The request was submitted by 4 Connection LLC, the parent company of Epic Athletic Club, an 8,000-square-foot sporting goods store that’s connected to the mall and operates at 12801 W. Sunrise Blvd.<\p>
NAR settlement means 'summer of uncertainty' for real estate agents
Teresa King Kinney is no stranger to abrupt change in the real estate industry — and the National Association of Realtors' recent settlement is no exception.<\p> She’s been the CEO of the Miami Association of Realtors and its 60,000-plus agents since 1993. In that time, she's navigated several recessions, the Global Financial Crisis and the turbulent, unpredictable Covid-19 pandemic.<\p>
Lennar breaks ground on 1,860-home community in this state
Lennar Corp. has worked since 2017 to bring a massive, master-planned community along U.S. 521 to Lancaster County. <\p> The homebuilder today broke ground on an active-adult project there that will span over 1,400 aces and include 1,860 homes upon full buildout. The community, named Roselyn, is expected to give a major boost to the U.S. 521 corridor.<\p>
Lennar seeks rezoning for nearly 300-acre site in this state
Mecklenburg County's largest homebuilder appears to be adding to its portfolio in the surrounding region.<\p> Lennar Corp. (NYSE: LEN) has applied to rezone 291.5 acres at 1080 Williamson Farm Lane, just north of Lancaster. The rezoning request is on the agenda for consideration before the Lancaster County Planning Commission tonight. <\p>
Former NFL star plans affordable housing project at church site
Former University of Miami star and Pro Bowl NFL player Jonathan Vilma is part of a proposal to build affordable apartments at a church site near West Palm Beach.<\p> The West Palm Beach Baptist Seventh Day Church and Vilma filed a text amendment application with Palm Beach County officials on May 8. The text amendment would apply to a wider area of the county, but specifically for the purpose of building affordable housing on the 3.37-acre site at 1473 N. Haverhill Road. <\p>
Florida Memorial University president resigns
Florida Memorial University President Jaffus Hardrick stepped down on June 21, leaving his contract three years early due to health reasons. <\p> Mr. William C. McCormick, former chairman of Florida Memorial University Board of Trustees, will serve as interim president, as a presidential search committee is established, according to the university. <\p>
Apartment complex along Biscayne Bay faces foreclosure
An apartment complex along Biscayne Bay in North Miami could be seized in a $3.63 million foreclosure lawsuit.<\p> BCIF Holdings I LLC filed a foreclosure complaint June 19 against Jade on Bay LLC and loan guarantor Joseph Bamberger. It concerns the eight-unit apartment building with a small dock at 11900 N. Bayshore Drive. Property data firm Vizzda confirmed the parties involved. <\p>
Developers obtain $26M construction loan for Miami-Dade warehouse
East Capital Partners and ViletCo Enterprises obtained a $26 million construction loan for a spec warehouse in Hialeah.<\p> First Bank Puerto Rico, doing business as FirstBank Florida, provided the mortgage to co-developers WGC 97th Property LLC, managed by Drew T. DeWitt, co-founder of Darien, Connecticut-based East Capital Partners, and NV Toro Owner, managed by Klaas F. Vlietstra, head of VlietCo Enterprises in Miami. It covers the 9.4-acre site at 16300 N.W. 97th Ave.<\p>
Brightline sets long-distance ridership record in May
Brightline Trains Florida achieved higher year-over-year ridership and ticket sales as the company continues to realign its priorities to serve its “highest revenue portion.”<\p> The Miami-based train service released its May revenue and ridership report on June 20. Brightline operates the 235-mile passenger rail system that connects South Florida and Orlando through six stations.<\p>
Podcast: Related's Rathlev on office & other promising RE sectors
South Florida Business Journal Editor-in-Chief Mel Meléndez recently spoke with Jordan Rathlev, senior VP of Related Southeast, for the latest segment of the Florida Business Minds podcast.<\p> Sponsored by TECO Peoples Gas, the audio series features candid conversations with business leaders from the South Florida, Orlando, Tampa Bay and Jacksonville regions.<\p>
Coatue invests $150M in Miami bitcoin miner to support AI firms
Hut 8 is leaning into the high-performance computing business after securing a $150 million investment from Coatue Management. <\p> Based in Miami, Hut 8 is an energy infrastructure provider and bitcoin miner that went public last year. The investment from Coatue, an investment firm founded by billionaire Philippe Laffont, comes as more cryptocurrency miners make moves to meet the growing demand for power from energy-intensive artificial intelligence businesses. <\p>
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>
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