Category Archives: News

City selling land in downtown Lakeland for residential development

Saturday, October 21, 2017

Downtown Lakeland

The Lakeland City Commission approved a deal to sell land in the city’s downtown district for the development of 306 apartments and townhouses.

Tampa-based Framework Group is buying  the land for the downtown development from the city for $3.7 million.

The commissioners also agreed  to spend as much as $1.8 million on other incentives for Framework, which include waiving inspection fees and putting a screen on an electric substation near the development site.

Also in connection with the project, Lakeland Electric will put electric power lines underground at an estimated cost of $600,000.

The Tampa developer’s designs for the residential development remain undisclosed but ultimately will require the city commission’s approval.

In the last 12 years, two previous attempts by the city to redevelop the northeast corner of downtown Lakeland have failed. [NewsChief.com] — Mike Seemuth


Source: The Real Deal

CubeSmart buys self-storage building in Oakland Park

Friday, October 20, 2017

Self-storage facility at 5061 Northeast 13th Avenue (Credit: listselfstorage.com)

CubeSmart, a Pennsylvania-based real estate investment trust that specializes in self-storage facilities, just dropped $14.5 million for one in Oakland Park, property records show.

The 97,140-square-foot self-storage facility at 5061 Northeast 13th Avenue traded for about $149 per square foot. A store manager at the site confirmed the facility started operating under CubeSmart’s name on Thursday. It was previously called Four Seasons Self Storage.

Fort Lauderdale-based Warehouse Thirteen LLC, led by Layne Lott, was the seller. The entity bought the property in 2007 for $2.4 million, records show. Four years later, Lott broke ground on the four-story building, according to a notice of commencement. Records show Lott secured a $4.65 million construction loan from Branch Banking and Trust Company.

The 542-unit facility has about 63,430 square feet of leasable space. As of June, the facility was 81 percent leased, according to an online listing. Features include climate controlled units, surface parking spaces, gated entry with electronic access control, individual unit alarms and a drive-in loading area.

CubeSmart owns or manages 910 self-storage properties across the United States, according to its website. It plans to manage a self-storage facility currently under construction in North Gables. The planned facility will span 86,337 square feet and contain 1,139 self-storage units.

Self storage real estate has caught the attention of deep-pocketed investors over the past year. Last month, Prudential paid $18.5 million on a new 101,000-square-foot self storage building designed by Blistein Design Associates in Little Havana.

In South Beach, developers Ken Edelman and Alan Potamkin recently opened SoBe Wine & Self Storage, a three-story commercial building offering traditional storage and temperature controlled wine rooms on Alton Road.


Source: The Real Deal

Walgreens on Lincoln Road hits the market

Thursday, October 19, 2017

Diego Lowenstein and The Ritz Carlton (Credit: Lionstone)

Walgreens’ retail space on Lincoln Road just hit the market — as a ground lease priced at $78.9 million.

The 19,000-square-foot retail space at 1 Lincoln Road, at the corner of Collins Avenue, is on the ground floor of the Ritz-Carlton South Beach. The 129-year ground lease has 111 years remaining, according to an offering memorandum from Chicago-based Stream Capital Partners, obtained by The Real Deal. The ground rent is $1 per year and was paid in its entirety, according to the offering.

Stream Capital Partners’ Jordan Shtulman, Jonathan Wolfe and Philip DiGennaro have the listing. “It’s a more complex deal because you’re buying a leasehold interest… You have rights to the commercial space for 111 years,” Shtulman said.

The seller is Di Lido Beach Commercial, led by Diego Lowenstein, CEO of Lionstone Development. Lionstone is the principal owner of the 375-room Ritz-Carlton South Beach, along with New York-based Flag Luxury. Lionstone also owns the Ritz-Carlton Bal Harbour.

Last year, Di Lido Beach closed on $210 million in refinancing for the Ritz-Carlton South Beach. The property, built in 1953, underwent a $200 million restoration in 2003 and another renovation in 2015. The Lowenstein family bought the hotel, formerly the Di Lido, in 1971. No price is available in records.

The tenant at 1 Lincoln Road, Walgreens Boots Alliance, has 23 years remaining on its lease, with 10 5-year options. It pays $189 per square foot triple-net, which is below current market rates, Shtulman said. The lease features a 10 percent rent increase every 10 years, starting June 1, 2025.

Shtulman said he is marketing the retail property to high net worth families around the globe, and has had initial interest from prospective buyers in Asia, South America and the Middle East.

Lincoln Road is set to receive a facelift that will include enlarging sidewalks and planting trees along the pedestrian promenade and enhancing the adjoining streets — all part of the Lincoln Road Master Plan designed by James Corner Field Operations. Nearby, the Miami Beach Convention Center is also undergoing a renovation and an expansion.


Source: The Real Deal

One Sotheby’s wins verdict for unpaid commission

Wednesday, October 18, 2017

Daniel de la Vega with 150 Arvida Parkway (Credit: Redfin)

A four-year legal war between One Sotheby’s International Realty and two former Gables Estates property owners ended this week when a jury sided with the luxury brokerage firm.

One Sotheby’s sued Warren and Leslie Lovell in 2013, alleging the couple pulled an end around to avoid paying the company founded by Mayi and Daniel de la Vega a 6 percent commission on a $12.4 million deal. In May 2012, One Sotheby’s signed an exclusive one-year listing agreement to handle the marketing and sale of the waterfront vacant lot at 150 Arvida Parkway, but the Lovells terminated the contract shortly prior to selling the property in December of that year.

Jurors awarded One Sotheby’s $744,000, which represents the amount of the commission.

“This was a total win for One Sotheby’s,” said the realty firm’s lead trial lawyer Bobby Gilbert. “Its agents worked hard to sell the Lovells’ property and their efforts resulted in a $12.4 million sales price, a record for vacant land in Gables Estates in 2012.”

Daniel de la Vega, president of One Sotheby’s, said the verdict vindicated the Realtors who worked on the deal. “We stand behind our agents’ hard work, professional services and dedication,” he said in a statement.

Juan Gabriel Miguel, the attorney for the Lovells, did not respond to a request for comment.

According to the suit, the agreement required the Lovells to provide One Sotheby’s with 30-days’ written notice in order to terminate the firm. Originally, the Lovells were asking for $14.9 million for the property, which they paid $1.5 million for in 1985.

In September 2012, Martiano and Sofia Perez and the Lovells negotiated the price through One Sotheby’s and EWM Realty International, which represented the interested buyers, the complaint states. The Perezes made a final offer of $12.2 million.

However, two days later the Lovells sent One Sotheby’s the notice that it was terminating the agreement in 30 days without giving a reason, the lawsuit states. Meanwhile, the Lovells continued to have dealings with the same buyers and their agents and ultimately reached an agreement on Oct. 15, 2012 to sell for $12.4 million. The deal closed on Dec. 10 of the same year.

The lawsuit claims the Lovells reached an agreement with the Perezes before the 30-day termination notice expired.

According to the verdict form, jurors agreed that the Lovells breached the listing agreement, as well as the implied covenant of good faith and fair dealing.


Source: The Real Deal

Tom Barrack’s messiah complex: Colony chief has a history of high-stakes rescues

Tuesday, October 17, 2017

Neverland Ranch. From left: Tom Barrack, Michael Jackson (Credit: Getty Images, Wikimedia Commons)

From TRD Los Angeles: If Tom Barrack’s Colony Capital succeeds in its quest to buy “all or a significant portion” of Weinstein Co., it won’t be the Trump chum’s first high-profile bailout of a controversial celebrity.

Barrack, who was chairman of President Trump’s inaugural committee and is his longtime friend, stepped outside his typical real estate investment wheelhouse when he paid for a $23 million loan on Michael Jackson’s Neverland Ranch in 2008, the Wall Street Journal reported. This allowed Jackson — who three years earlier was found not guilty of child molestation after a lengthy trial — a way out of his debt on the estate. Colony now owns the Santa Barbara property, which it listed earlier this year for $67 million — a major discount from its $100 million price tag two years ago.

Barrack also bought millions of dollars of debt from celebrity photographer Annie Leibovitz. He subsequently helped the acclaimed artist — who often comes under fire for controversial photos, including her nude-except-for-a-satin-sheet portraits of then-15-year-old Miley Cyrus for Vanity Fair in 2008 — raise the money back by promoting her work.

The Neverland Ranch bailout was a turning point for Barrack, his competitors told the Journal. Afterwards, the mogul began spending more time in the world of celebrities, creating a media and entertainment investment fund — with actor Rob Lowe as a partner. Barrack told New York Magazine in 2010 that “hundreds” of celebrities had reached out to him seeking financial support following the ranch purchase.

Amid a seemingly endless sea of allegations of sexual harassment and rape against Harvey Weinstein, Weinstein Co. fired the co-chairman earlier this month. It is not clear whether Weinstein would regain a role if Colony successfully buys it.

Barrack is not unfamiliar with the company. Colony was part of a consortium that bought Miramax from Walt Disney Co., which had bought it from Weinstein Co. Colony sold Miramax to Qatar-based BeIN Media Group in 2016. [WSJ]Hannah Miet


Source: The Real Deal

Battery-operated homes may soon be a thing

Monday, October 16, 2017

Eco-friendly house illustration (Credit: Getty Images)

Developers are getting ready to cut the cord on electricity, and a battery may take its place, according to the Wall Street Journal.

Homes are incorporating batteries that resemble modern versions of outdoor neighborhood junction boxes, but these can be put inside the house, according to the Journal.

Up to 4,000 energy-efficient homes planned by real estate developer Mandalay Homes will use 8 kilowatt-hour batteries from German maker Sonnen, according to the Journal. The majority will be in Prescott, Arizona.

In Vermont, a partnership with Tesla Energy and Green Mountain Power is offering 2,000 of its customers a 13.5 kilowatt-hour battery called the Tesla Powerwall for $15 a month.

The batteries cost $5,500, according to the Journal, but GMP CEO and President Mary Powell said the utility can afford to put them in homes because it helps the company save on grid infrastructure. GMP also uses batteries from Sonnen, SimpliPhi and Sunverge.

The shift toward renewable energy is a trend among builders and developers as more residential buyers slowly consider environmentally-friendly options, despite the added cost. Popular states looking to revamp their grids include New York, California, Massachusetts, Hawaii, Vermont and Arizona.

Prices for solar panels in Florida have fallen by 64 percent over the past five years, according to the Solar Energy Industries Association. South Miami recently became the first Florida city to mandate the installation of solar panels on all new homes. [Wall Street Journal]Amanda Rabines


Source: The Real Deal

Here’s what a million dollars buys you across the USA

Sunday, October 15, 2017

(Pexels, D. Ramey Logan)

From TRD New York: Not all locations are created equal. One million dollars gets you a different sized house depending on where you’re buying, Business Insider discovered.

Analyzing data from houses priced between $995,000 to $1.1 million, here’s how much square footage you get for a million bucks across 17 U.S. housing markets.

1. New York

Listing price: $995,000
Square feet: 822
Price per square foot: $1,210

2. Los Angeles

(Andrew Zarivny/Shutterstock)

Listing price: $999,000
Square feet: 1,407
Price per square foot: $710

3. Chicago

(Pixabay)

Listing price: $1,000,000
Square feet: 2,300
Price per square foot: $435

4. Dallas

(Wikimedia Commons)

Listing price: $999,000
Square feet: 3,469
Price per square foot: $288

5. Houston

Listing price: $995,000
Square feet: 4,424
Price per square foot: $225

6. Washington, DC

Listing price: $999,000
Square feet: 1,300
Price per square foot: $768

7. Philadelphia
Listing price: $1,100,000
Square feet: 2,400
Price per square foot: $458

8. Miami

Listing price: $995,000
Square feet: 2,898
Price per square foot: $343

9. Atlanta

(Wikimedia Commons)

Listing price: $999,000
Square feet: 6,854
Price per square foot: $146

10. Boston

(Shutterstock/Marcio Jose Bastos Silva)

Listing price: $1,050,000
Square feet: 1,285
Price per square foot: $817

11. San Francisco

(heyengel/Shutterstock)

Listing price: $995,000
Square feet: 1,100
Price per square foot: $905

12. Phoenix

(Wikimedia Commons)

Listing price: $995,000
Square feet: 3,173
Price per square foot: $314

13. Riverside/San Bernardino

(D. Ramey Logan)

Listing price: $999,890
Square feet: 4,078
Price per square foot: $245

14. Detroit

(Pixabay)

Listing price: $999,000
Square feet: 5,023
Price per square foot: $199

15. Seattle

(Flickr/Maëlick)

Listing price: $995,000
Square feet: 2,140
Price per square foot: $465

16. Minneapolis

(m01229/Flickr)

Listing price: $1,000,000
Square feet: 2,060
Price per square foot: $485

17. San Diego

(Tuxyso/Wikimedia Commons)

Listing price: $1,050,000
Square feet: 1,850
Price per square foot: $568

[Business Insider]


Source: The Real Deal

Huizenga’s son lists home, asks $6.75M

Saturday, October 14, 2017

H. Wayne Huizenga Jr.

H. Wayne Huizenga Jr. and his wife Fonda listed their house in Palm Beach County for sale with a $6.75 million asking price.

Huizenga, son of billionaire H. Wayne Huizenga, has owned the custom-built, seven-bedroom, 10-bathroom house at 16191 Quiet Vista Circle since it was completed in 2008.

The five-acre property is the largest in the Stone Creek Ranch residential development, located in an unincorporated area west of Delray Beach and Florida’s Turnpike.

Billy Nash of the Nash Group is marketing the house together with The Keyes Co. on behalf of Huizenga Jr., who serves as president of Huizenga Holdings Inc. of Fort Lauderdale and as chief executive officer of Rybovich Superyacht Marina in West Palm Beach.

Huizenga’s billionaire father co-founded Waste Management Inc., led the Blockbuster video-rental company in the 1990s and has owned three professional sport teams in South Florida: the Miami Marlins, the Miami Dolphins and the Florida Panthers. [Daily Business Review] — Mike Seemuth


Source: The Real Deal

Rok picks up industrial building in Miami Gardens

Friday, October 13, 2017

Jason Morjain and the warehouse at 15801 Northwest 49th Avenue (Credit: Jason Morjain)

An affiliate of Rok Acquisitions just bought an industrial building in Miami Gardens for $8.8 million, records show.

The warehouse at 15801 Northwest 49th Avenue spans about 150,000 square feet, according to the buyer. Records show the Rok affilate, Warehomes Precision LLC, led by Marcos and Jason Morjain, scored $6.65 million in financing from City National Bank of Florida.

Precision Trading Corp. sold the property for about $59 per square foot. Records show Precision bought the property in 2007 for $8.4 million.

Precision leased back about 60,000 square feet at building, according to Jason Morjain. The company is an OEM manufacturer and distributor of electronic products and housewares appliances in Latin America and the Caribbean.

The seller was represented by Lee Katsikos of The Katsikos Group, and the buyer was represented by Ted Konigsberg of Infinity Commercial Real Estate.

The property, formerly home to Warner Brother’s printing, falls under IU-2 zoning code, which permits a number of different industrial uses like manufacturing or technology. Konigsberg, who is also handling leasing at the property, said interested tenants include an indoor marijuana growing operation, and FEMA, which inked a 94,000-square-foot building in Doral last week.

Demand for industrial properties is climbing as rents increase across the nation. Rents for U.S. industrial spaces reached $5.35 per square foot in the second quarter of 2017, jumping from $5.25 in the first quarter, according to new data from JLL.

In Miami, booming e-commerce and a growing population is also propelling the demand for industrial properties. In August, CenterPoint Properties paid $59 million, or about $61 per square foot, for a 961,345-square-foot industrial facility in Opa-locka.

Nearby, EastGroup Properties is building an 850,000-square-foot industrial park called Gateway Commerce Park in Miami Gardens.


Source: The Real Deal

New retail and restaurants head to Coconut Grove

Thursday, October 12, 2017

Rendering of CocoWalk and the Bonobos store (Credit: Comras Company, CocoWalk)

Three new retail and restaurant tenants are coming to Coconut Grove.

Bonobos, Le Pain Quotidien and Poke305 just inked leases in the Grove, according to the Comras Company, which brokered the leases.

Bonobos, a clicks-to-bricks men’s clothing company, took over Kit + Ace’s 1,960-square-foot space in Coconut Grove at 3401 Main Highway. Kit + Ace, a luxury clothing and accessories brand, opened its first Florida store at the Grove’s Engle Building in late 2015.

An entity controlled by architect Bernardo Fort-Brescia’s family owns the building, which is also home to Büro Group, Harry’s Pizzeria and Panther Coffee. Bonobos opened on Wednesday. Its first Florida store is at the Wynwood Arcade.

The Brussels-founded Le Pain Quotidien plans to open in a 4,142-square-foot space at 3425 Main Highway, also owned by Fort-Brescia, in November.

And Poke305, a fast-casual restaurant, will open at 3415 Main Highway this month. The 1,152-square-foot lease marks the second location for Poke305.

Comras Company is also leading leasing at CocoWalk across the street. Asking rents in the neighborhood range from $50 per square foot to $120 per square foot, depending on size and location, Michael Comras said earlier this year. CocoWalk’s owners, Federal Realty Investment Trust Grass River Property and Comras, plan to renovate and redevelop parts of the shopping center.


Source: The Real Deal