Monthly Archives: May 2016

The Wrap: Tremont Towing planning to build new headquarters in Sunset Harbour, exploring what $3,500 rents across Miami…and more

Rendering of Tremont Towing’s proposed development in Sunset Harbour (Credit: The Next Miami)

1. Tremont Towing planning to build new headquarters in Sunset Harbour [The Next Miami]
3. Exploring what $3,500 rents across Miami [Curbed Miami]
3. Developers feel the media has painted wrong picture of Miami real estate [GlobeSt]
4. China’s real-estate firms rush to tap capital Markets [Wall Street Journal]

Sean Stewart-Muniz

Source:: The Real Deal

Terranova sells Suniland Shopping Center to Dividend Capital: $66.5M

Suniland Shopping Center

A Terranova Corp. affiliate just sold the Suniland Shopping Center to Denver-based Dividend Capital for $66.5 million.

Terranova’s Suniland Associates Ltd. had owned the property for 22 years, originally purchasing the center in two transactions: paying $9.3 million in 1994, then buying an out-parcel for $1.12 million in 1996. The total was $10.4 million for the 82,000-square-foot property on 7.11 acres at 11325 South Dixie Highway in Pinecrest.

The latest sale price equates to $811 per square foot.

Investors received an annualized internal rate of return over the investment period of 33 percent, Terranova said in a release. “Suniland has provided one of the most remarkable returns on a real estate investment ever, returning an equity multiple of twenty five times,” Terranova Chairman Stephen Bittel said in a statement.

Bittel was on a plane flight on Tuesday, but responded to The Real Deal via email, saying his company chose to sell the property now because it was “the highest income ever. It’s a wide open capital market with huge demand for A quality assets in A markets.”

Bittel said there was “enormous interest in purchasing the asset from buyers throughout the country.” But Dividend Capital’s price was the highest “and they were fast,” Bittel said.

The sale was brokered by Mark Gilbert of Cushman and Wakefield.

The shopping center’s tenants include Flanigans, Piola, SunTrust, Citicorp, the U.S. Post Office, CVS, Nicklaus Children’s Hospital, Pete’s Barber Shop and Wagons West.

Dividend Capital, a real estate investment trust, has been expanding its holdings in South Florida. In December 2015, the company purchased the Bank of America Tower in Boca Raton from Clarion Partners for $35.75 million. The firm primarily invests in commercial assets, and has a portfolio of 59 properties, totaling roughly 9.8 million square feet, according to its website.

Source:: The Real Deal

The week in luxury: A map of Miami-Dade’s priciest condo sales

Miami-Dade County’s condo market held mostly steady last week, with sales volume barely budging from the previous week and a well-rounded handful of multimillion-dollar closings rounding out the list of top 10 priciest condo sales.

Last week’s biggest deal was the $3 million sale of penthouse 2407 at the South Pointe Tower in South Beach. With two levels, three bedrooms and three bathrooms, the unit fetched nearly $1,345 per square foot after spending 144 days on the market with listing agent Michael Feuling of Miami Investment Property. The unit boasts 20-foot ceilings and a 600-square-foot terrace, though its listing description said the unit “is in original condition and in need of renovation.”

Following that closing was the $2.2 million sale of unit 1506 at the 7000 Williams Island building in Aventura. Luiz Correa of Decorus Realty had the massive six-bedroom, seven-bathroom on the market for 63 days before closing at $418 per square foot. The double-unit has balconies for every bedroom, modern appliances, marble floors and bay views.

And last week’s third-priciest sale was for unit 1002 at the Aqua complex in Miami Beach. Nancy Batchelor of Esslinger Wooten Maxwell closed the $1.62 million deal after it spent 114 days on the market. The two-bedroom, two-and-a-half-bathroom unit has views of the Intracoastal Waterway through floor-to-ceiling windows, modern appliances and 12-foot ceilings. Its price breaks down to $713 per square foot.

After those top three deals, the week’s remaining seven most-expensive sales ranged in price from $1.6 million to $906,000.

Miami-Dade saw 170 condo sales last week for a total of $57.380 million. Though 12 more condos were sold than the previous week, dollar volume was down by roughly $2.11 million. Average prices were $337,530 per unit and $258 per square foot.

Here’s a breakdown of the data for the week of May 22 to May 28. Click on the map for more information:

Most expensive
South Pointe Tower penthouse 2407, South Beach | $3.3M | $1,347 psf | 144 days on market | Michael Feuling of Miami Investment Property

Least expensive
Normandy unit 187-6, Miami Beach | $906,000 | $415 psf | 223 days on market | Darryl Fox of One Sotheby’s International Realty

Most days on market
The Courts unit 10015, South Beach | 288 days on market | $1.205M | $576 psf | Mario Ojeda of Ojeda Lazar Real Estate

Least days on market
Belle Towers unit 6f, Bell Isle | 36 days on market | $1.295M | $1,193 psf | William Hahne of Hahne Real Estate

Source:: The Real Deal

Mika Mattingly, Gerard Yetming join Colliers to lead urban division

Mika Mattingly and Gerard Yetming

Colliers International South Florida has brought on Mika Mattingly and Gerard Yetming to lead its new urban core division.

Mattingly joins Colliers from Sterling Equity Commercial, and Yetming was previously with CBRE.

The new group will focus on real estate across sectors in urban South Florida neighborhoods, starting in downtown Miami, downtown Fort Lauderdale and West Palm Beach.

“It’s something we’ve created in response to what we see happening in South Florida,” Ken Krasnow, executive managing director of Colliers, told The Real Deal. “You really need to understand the dynamics of what’s happening in the neighborhood,” he said, citing the potential for zoning and infrastructure issues.

Mattingly, active in downtown Miami, has brokered 53 deals in the Flagler Street area, according to a press release. She’s also been the lead broker for Moishe Mana, who spent more than $200 million in downtown Miami’s Flagler district alone.

“Colliers’ national and international platform will help us access a larger pool of investors, pioneers and visionaries who are eager to tap into the potential of South Florida’s urban cores,” Mattingly said. Krasnow cited international demand and urbanization as the two major drivers of investment in South Florida.

Projects like Brickell City Centre, Miami Worldcenter, All Aboard Florida’s downtown Miami station will fuel more investment, he said.

“The Urban Core division will be entirely neighborhoods-driven, as opposed to having a focus on specific product types,” Yetming said in a statement. “In the urban core, it is critically important to know every detail on every building on every block, whether they are multifamily, retail, office, mixed-use and so on.”

Yetming, a former senior vice president of Institutional Properties, Multifamily at CBRE’s Fort Lauderdale office, brokered deals that include the $125 million sale of the Epic East development site, the sale of the Capital at Brickell development site to a subsidiary of China City Construction for $75 million in 2014.

“We’re looking to build upon what they’ve done,” Krasnow told TRD. “We think we’re just getting started in markets like downtown Miami.”

Source:: The Real Deal

Louise Sunshine breaks up with Compass

From left: Louise Sunshine and David Snider

From the New York website: Less than six months into a gig as an adviser to Compass, new development guru Louise Sunshine is out, citing a clash of cultures with the venture capital-backed brokerage.

“I felt that my business practices and those of Compass were not aligned,” Sunshine told The Real Deal. “Compass, they have their own way.”

Three decades ago, Sunshine founded her eponymous firm the Sunshine Group, which merged with the Corcoran Group in 2005. She is considered a pioneer in the field of new development marketing in New York, and joined Compass earlier this year to advise the brokerage on how to grow its new-development marketing arm nationally.

She worked out of the Compass office in Miami, which opened last fall.

She spoke highly of Compass CEO Robert Reffkin and president Leonard Steinberg, but appears to have clashed with David Snider, a Bain Capital alumnus who serves as Compass’ chief operating officer.

“They’re very data driven. And with youth comes a certain arrogance,” she said. “They don’t have a healthy respect for experience or knowledge. I think the key word is respect. I did not feel respected in any way, shape or form, and when you don’t feel respected, you have to go.”

A Compass spokesperson said Sunshine’s gig with Compass was just one among several consulting jobs and outside projects she worked on.

“Although that consulting relationship has ended, we appreciate the contributions she made in her advisory role,” the spokesperson wrote. “She is a true industry leader, and we wish her every success in the future.”

Last year Roy Kim, whom Compass lured away from Extell Development to head up its new development business, left after just nine months at the firm. He later joined Douglas Elliman, and said of his time at Compass that “when your heart’s not in it, it’s time to go.”

Sunshine’s last day at Compass was May 25, she said. She said she had been seriously considering leaving for a month or two, but wanted to stick around to see the launch of the Compass Global Council – a network of 30 top-producing agents in the company nationwide. The group met for the first time last week during a networking event in Miami.

Among her other consulting projects, Sunshine worked on Vornado Realty Trust’s 220 Central Park South, and is involved with developing several Four Seasons hotels and residences in Florida. She’s also in talks to publish a book and launch a television show, both of which will focus on real estate.

“It’s going to be a show on how to and when to invest in real estate and how best to create value,” she said. “Such a show does not exist.”

Sunshine, of course, got her start in real estate working for Donald Trump, whom she’s frequently praised – both prior to and during his bid for the Republican presidential nomination.

She didn’t have to go to Trump, though, for advice on launching a media career.

“I don’t need to get advice from Donald. I just follow his example,” she said. “Donald’s advice is engrained in me.”

Source:: The Real Deal

Happy Memorial Day from The Real Deal!

The Real Deal won’t be posting any stories on Monday, May 30 — but will keep our eyes peeled for any breaking news. Don’t forget to check back Tuesday morning, when we’ll resume regular posting starting at 7:30 a.m.

Enjoy the sunshine! — TRD

Source:: The Real Deal

Tennis headquarters in Daytona moving to Orlando

Rendering of USTA National Campus in Orlando

The Florida branch of the United States Tennis Association (USTA) will break ground ceremonially June 3 for a new headquarters in Orlando, where USTA is building a national tennis campus and tournament venue with more than 100 courts. The Florida branch of the USTA will move its headquarters from Daytona Beach to a 10,000-square-foot building at the USTA National Campus, now under construction in southeast Orlando’s Lake Nona area.

The total cost of the new statewide headquarters is $3 million. The Florida branch, which has 40,000 members, moved its headquarters several times since leaving its longtime home in Miami Shores. The state headquarters has been in a city-owned rental space in Daytona Beach for the last 14 years. The USTA is the national governing body of tennis. [Orlando Sentinel] — Mike Seemuth

Source:: The Real Deal

Developer plans condo, hotel on U.S. 41 near Naples

Anthony Fortino

Developer Anthony Fortino plans to build condo units and hotel rooms on land along U.S. 41 near Naples.

Fortino submitted plans to Collier County for a mixed-use nine-story structure at the corner of U.S. 41 and Davis Boulevard, just outside Naples city limits.

Construction could start by October, said Fortino of Fortino Construction and Development LLC, with offices in Naples and Hackensack, New Jersey.

The development site, now home to an automotive body and rim shop, is adjacent to five acres that Collier County sold to another developer planning to build an 11-story hotel and an 18-story condo there.

Collier County Commissioner Penny Taylor told the Naples Daily News, “It’s kind of becoming hotel row … It’s certainly a step above what’s there now.”

The nine-story Fortino development would include high-end condominium units, extended-stay hotel rooms and a ground-floor restaurant. [Naples Daily News] — Mike Seemuth

Source:: The Real Deal

Hallandale emerges as vertical development hot spot

Rendering of Hallandale Oasis

Hallandale Beach is rapidly morphing from a quiet coastal suburb to a vertical development hub.

The city’s fast-changing built environment will include two recently approved projects: a 28-story office building, called Optima II, and Hallandale Oasis, a mixed-use development with a 19-story hotel and twin 26-story condos.

Hallandale city commissioners granted approval May 18 to Optima II and Hallandale Oasis, and in June, they will consider whether to approve a 23-story residential development, together with a hotel and commercial space, at 900 South Federal Highway.

Earlier this year, the owners of the 127-acre Diplomat Golf & Tennis Club in Hallandale Beach won city approval to construct condo and condo-hotel buildings ranging in height from 20 stories to 30 stories.

Jack McCabe, a real estate analyst in Deerfield Beach, told the Sun-Sentinel, “We’re going to see Hallandale go through a metamorphosis in the next five, six years. Just 10 years ago, that area was fairly blighted. But we’ve seen Hallandale undergo a gentrification process.” [Sun-Sentinel] — Mike Seemuth

Source:: The Real Deal

McCraney picks Plant City site for logistics center

Steven E. McCraney, president and CEO, McCraney Property Company

West Palm Beach-based McCraney Property Company bought land for a 1.3 million-square-foot industrial development in Plant City, located about 30 miles from Tampa along Interstate 4.

MCraney paid an undisclosed amount for 70 acres and plans to construct four industrial buildings there, including one that would span 876,240 square feet. The sellers of the 70 acres are berry farmer Carl Grooms and his wife, Dee Dee Grooms.

Plant City’s planning and zoning department is reviewing the proposed development, named the County Line Logistics Center at Fancy Farms.

Plant City also is the location of other commercial real estate developments including a 100,000-square-foot building on County Line Road that Central Florida Development (CFD) began constructing in January.

In April, CFD announced plans for another project on County Line Road in Plant City, a 72-acre business park development. [Plant City Observer] — Mike Seemuth

Source:: The Real Deal