Monthly Archives: April 2017

Trump’s super-rich cabinet is shaking up DC’s housing market

Logan Circle in D.C. and Donald Trump

From TRD New York: Washington DC’s housing market is jolted whenever a new president takes office and new members of the administration shop for homes.

But the impact was aggravated this time, with the wealthiest president in US history appointing other super-rich people to help run the country.

According to the real-estate company Redfin, President Donald Trump’s administration contributed to a 32.6% year-over-year jump in luxury home prices in the area, reversing the trend of falling prices in that segment. The price jump outpaced other major housing markets tracked by Redfin.

Treasury Secretary Steve Mnuchin, a former hedge fund manager, bought a $12.6 million home in Massachusetts Heights. The neighborhood is popular with the uber-rich and is a quick drive to the White House ,according to the Washington Post. Mnuchin’s 16,000 square-foot home has nine bedrooms and was sold on Valentine’s Day, according to theWashington Business Journal.

And then, Commerce Secretary Wilbur Ross, a former banker, snagged a $10.75 million mansion not too far from Mnuchin’s home, according to Redfin. The Beaux Arts estate includes seven bedrooms, a library, and a theater, according to Curbed.

The average sale price of a luxury home in DC in the first quarter was $2.7 million, according to Redfin.

“We don’t typically see many home sales over $10 million in a year,” said Michael Alderfer, a Redfin agent in DC, in a report published on Thursday. “To have two back-to-back is significant. We may see some additional eye-popping purchases from Trump administration officials in the coming months.”

Rex Tillerson, the Secretary of State who was CEO of Exxon Mobil, reportedly bought a $5.5 million home in Kalorama. President Barack Obama and Ivanka Trump rent in the neighborhood.

Even outside of DC, luxury-home buyers enjoy more options compared to affordable starter homes where there is an inventory crunch. The glut in luxury housing is encouraging landlords to offer greater concessions and discounts to attract more buyers.

Source:: The Real Deal

Lennar breaks ground for Parkland Bay development

Local dignitaries and Lennar representatives break ground at Parkland Bay.

Miami-based Lennar Corp. broke ground last week for a master-planned development of single-family homes in Parkland, the only part of Broward County with enough vacant land for major home-building projects.

Lennar began construction and sales of the 552-home development, called Parkland Bay, located near the intersection of West Hillsboro Boulevard and Nob Hill Road.

The mayor of Parkland, Christine Hunschofsky, said the 400-acre Parkland Bay project is one of the last large-scale housing developments in the city’s pipeline of projects.

Homes at Parkland Bay will range in size from 2,250 square feet to 7,000 square feet. Prices will start in the $500,000s and range up to $2 million. Lennar expects the first buyers to occupy their homes in early 2018.

A 178-acre lake is located in the heart of the Parkland Bay site. Other shared amenities will include a clubhouse spanning 16,000 square feet plus tennis courts and a swimming pool, spa, fitness center, entertainment pavilion and culinary arts facility.

WCI Communities, which Lennar acquired earlier this year, initially sought city approvals for the Parkland Bay development. [Sun-Sentinel] – Mike Seemuth

Source:: The Real Deal

Investor, partners spend $63 million to amass parcels in Tampa’s Ybor City district

Tampa’s historic Ybor City district

A real estate investor and his partners have spent more than $60 million over the last three years to buy scores of parcels in and near Ybor City, a historic district in Tampa and a popular destination for dining and entertainment.

Darryl Shaw, 50, and his partners have paid about $63 million for at least 110 parcels in the Ybor City area since 2014, the Tampa Bay Times reported.

Operating through at least 10 limited liability companies, or LLCs, Shaw and his partners have purchased mostly vacant lots in the Ybor City area but also such properties as offices, stores, restaurants and warehouses.

Shaw’s investment partners include Joe Capitano Sr., a longtime developer in Ybor City who also runs a Tampa company called Radiant Oil, and Jacob “Booky” Buchanan, a real estate investor.

“They grew up in Ybor City and they have a passion for Ybor City,” Shaw told the Tampa Bay Times.

Shaw plans to build residential developments over the next 20 years on the vacant land he and his partners have accumulated in the Ybor City area, located northeast of downtown Tampa.

He told the Tampa Bay Times that Ybor City’s location is a good one for capitalizing on an urbanization trend as more people choose to reside close to their workplaces. But “there’s not a grand master plan,” he told the newspaper.

Some of Shaw’s properties have been discussed as a possible location for a baseball park for the Tampa Bay Rays. The Major League Baseball team may relocate from its existing baseball park in St. Petersburg.

Shaw said he has talked to the team’s management about its interest in putting a ball park on one of his properties, a 7.6-acre site of a former gasification plant called Gas Worx, but the team probably will need a bigger piece of land. [Tampa Bay Times] – Mike Seemuth

Source:: The Real Deal

13th Floor launches third single-family home development in Tamarac

Rendering of a home at Hidden Trails in Tamarac

The home-building division of 13th Floor Investments began sales and construction of Hidden Trails, the company’s third development of single-family homes in Tamarac.

13th Floor Homes has more than 30 pre-construction reservations for homes at Hidden Trails. Mike Nunziata, president of 13th Floor Homes, told the South Florida Business Journal that the 30-plus reservations reflect “pent-up demand for attainably priced new-construction homes.”

Hidden Trails is a 214-home development at 4893 Northwest 55 Place in Tamarac, near the interchange of Florida’s Turnpike and Commercial Boulevard.

Homes at Hidden Trails will range in size from 1,580 square feet to 2,086 square feet. Prices start at $286,990 and range up to $349,990. The development’s amenities will include a swimming pool, cabana, lounge and garden, plus walking trails.

Thee home-building division of 13th Floor Investments has launched two other single-family home developments in Tamarac called Central Parc and Manor Parc.

13th Floor Homes has sold out Central Parc and has sold more than 45 percent of the homes planned for Manor Parc, which has been under construction since November. [South Florida Business Journal] – Mike Seemuth

Source:: The Real Deal

Local firm starts building WPB self-storage facility

SROA’s self-storage facility at 424 Park Place in West Palm Beach

A locally based company began construction of a self-storage facility near the Palm Beach Outlets shopping center on Palm Beach Lakes Boulevard in West Palm Beach. The three-story building will have 830 air-conditioned storage units.

West Palm Beach-based SROA Capital expects to open 100,000-square-foot building at 1620 North Congress Avenue early next year. SROA bought the two-acre development site last year for $1.3 million. SROA runs 59 self-storage buildings in Delaware, Florida, Kentucky, Ohio and South Carolina. [Palm Beach Post] – Mike Seemuth

Source:: The Real Deal

Boca Raton office building hits market without an asking price

301 Yamato

A 206,946-square-foot office building in Boca Raton has been listed for sale without an asking price.

Institutional Property Advisors (IPA), a division of commercial real estate brokerage Marcus & Millichap, is the exclusive adviser for the sale of the office building, called 301 Yamato.

The building, which has a 92 percent occupancy rate, is located east of Interstate 95 and just west of U.S. Highway 1 in Boca Raton, within one mile of the city’s Tri-Rail station.

Built in 1987 and never previously offered for sale, 301 Yamato features a reflective glass design and a four-story, naturally lit atrium lobby with glass curtain walls and indoor and outdoor water features.

The four-story office building has an attached five-story parking garage connected to the building by an air-conditioned bridge.

Douglas K. Mandel, senior managing partner investments of IPA, said in a prepared statement that 301 Yamato is the “preeminent office building in the Boca Raton East submarket.” Its tenants represent such industries as law, insurance, banking, accounting, advertising, real estate and financial services.

Mandel also said office rents in Boca Raton are forecast to increase 15 percent over the next five years, and rents for buildings comparable to 301 Yamato are “rapidly moving into the $30s per square foot on a triple-net basis.”

Mandel and C. Todd Everett, director of the National Office and Industrial Properties Group of Marcus & Millichap, are representing the seller.

“There hasn’t been an impactful new supply of office deliveries to the area in several years, and there is no development pipeline activity in the near-term forecast,” Everett said in a statement.

Source:: The Real Deal

Fort Lauderdale industrial park sells for $14.8M

East Port Center, 1881 to 1887 State Road 84 in Fort Lauderdale

East Port Center, a fully occupied industrial park in Fort Lauderdale, sold for $14.8 million, or $136 per square foot.

Two senior vice presidents of Berger Commercial Realty/CORFAC International, St. George Guardabassi and Judy Dolan, represented the seller, EJP East Port, LLC.

The buyer, East Port Center, LLC, retained Berger Commercial Realty as the exclusive leasing agent and property manager for the industrial park following the April 26 closing of the transaction.

“We look forward to continuing our track record of keeping the property at 100 percent occupancy,” Dolan said in a prepared statement.

Dolan and Guardabassi have handled leasing at East Port Center for several years and have signed such major tenants as Azimut Benetti, Dow Electronics and Pantropic Power.

East Port Center is located at 1881 to 1887 State Road 84, within two miles of Fort Lauderdale/Hollywood International Airport and Port Everglades.

The property’s location at the intersection of Interstate 95 and Marina Mile Road makes it accessible from major roadways including I-595, Florida’s Turnpike, State Road 7 and Federal Highway.

Source:: The Real Deal

Another ex-Miami Heat player lists a Pinecrest home

5826 SW 107th Street in Pinecrest (Source: Zillow)

Another former Miami Heat basketball player has listed a house for sale in the exclusive Pinecrest suburb of Miami.

Former Miami Heat center Chris “Birdman” Andersen listed his 7,629-square-foot residence at 5826 Southwest 107 Street in Pinecrest with a reduced asking price of $3.94 million.

Chris “Birdman” Andersen (Source: Wikipedia)

Andersen initially listed the home for sale for $4.55 million on April 7 before reducing his asking price. He bought the Pinecrest property in 2013 for $1.89 million, according to property records.

Two other former Heat players, Lamar Odom and Anfernee “Penny” Hardaway, also have put their Pinecrest properties on the market.

Andersen, well known for his tattoos and Mohawk haircut, played for the Miami Heat from 2012 to 2016. The Heat traded him to another National Basketball Association (NBA) team, the Memphis Grizzlies, in February of last year.

His Pinecrest residence has five bedrooms, five bathrooms and a half bathroom. The property’s features include marble flooring, 10-foot ceilings, a temperature-controlled wine cabinet, fireplace, swimming pool and gazebo, plus a court for playing basketball and tennis.

The broker with the listing, Asheley M. Velez, told the Sun-Sentinel that Andersen completely remodeled the residence. The property comes with a two-car garage, but its circular driveway is large enough for 10 parked cars, said Velez, president and founder of P.U.R.E. Investments in Coral Gables.

Odom, a reality TV star and ex-husband of Khloé Kardashian, has listed his Pinecrest home at 9401 Southwest 63rd Court for sale, according to published reports. Odom played for the Miami Heat during the 2003-2004 season. Odom retired from the NBA as a forward for the Los Angeles Lakers.

Hardaway listed his Pinecrest home at 5940 Southwest 108 Street for $3.8 million earlier this month. Hardaway finished his career in the NBA during the 2007-2008 season as a guard for the Miami Heat.

Current Miami Heat guard Tyler Johnson paid $4.85 million last year for a six-bedroom home at 9700 West Suburban Drive in Pinecrest. [Sun-Sentinel] – Mike Seemuth

Source:: The Real Deal

Magic City owner wants to put a casino in Edgewater

Magic City Casino (Source: Miami New Times)

The owner of the Magic City Casino in Miami has applied for a license to open a new casino in the city’s Edgewater neighborhood at 3000 Biscayne Boulevard.

West Flagler Associates, Ltd., had applied in 2015 to open a new poker room in downtown Miami. The state Division of Pari-Mutuel Wagering rejected the application, but a state appeals court overruled the division’s action this month.

West Flagler filed an amended application April 20 with the state pari-mutuel division to open a casino at the Edgewater location, as first reported by news website Next Miami.

Miami-based real estate company Crescent Heights owns the Edgewater property at 3000 Biscayne Boulevard, formerly occupied by Legal Services of Greater Miami.

Neighborhood associations with members who reside near the Edgewater property are likely to oppose West Flagler’s plan to open a casino there.

According to a study by the National Association of Realtors, casinos have a negative effect on the communities that surround them. [Miami New Times] – Mike Seemuth

Source:: The Real Deal

Developer lands $43M loan to build retail center with Miami-Dade’s 1st Wawa

Rendering of Wawa store that will be part of the Gardens Promenade shopping center

Miami-based Ocean Bank made a $43 million loan to finance construction of a shopping center in Miami Gardens with a group of tenants including Miami-Dade County’s first Wawa convenience store.

North Miami-based IMC Equity Group secured the loan through an affiliate to finance is construction of Gardens Promenade, expected to open in August 2018.

IMC will build the 251,489-square-foot shopping center on a 32.8-acre site at 18000 Northwest 27 Avenue. The project’s cost is $60 million.

Carlos Segrera, director of acquisitions and finance at IMC, told the South Florida Business Journal the center is 80 percent leased.

Signed tenants other than Wawa include Advance Auto Parts, Boston Market, Burlington Coat Factory, CitiTrends, DD’s Discounts, Dollar Tree, Five Below, Marshalls, McDonalds, Ross Dress for Less, Shoe Carnival and Taco Bell.

The Pennsylvania-based Wawa chain plans to open four locations in Miami-Dade. The location at Gardens Promenade will be the first in Miami-Dade to enter the construction phase of development.

Hawkins Construction is the general contractor of the Miami Gardens shopping center project. In the project’s second phase, IMC will build a 120,000-square-foot facility for self storage.

Ralph Gonzalez-Jacobo, executive vice president of Ocean Bank, told the Business Journal that the financing for IMC is typical of the bank’s loans to developers, citing IMC’s substantial investment in Gardens Promenade and an “excellent loan-to-value ratio.” [South Florida Business Journal] – Mike Seemuth

Source:: The Real Deal