21,740 sf neighborhood center Rental Rate - $12 psf, NNN, $4.50 psf CAM Two spaces availalble 1,250 sf and 2,500 sf Located next to 7-11 and within walking distance to high school Near I-95 and Ives Dairy Road Located in un-incorporated Miami-Dade County, permits only needed with county Abundant parking 85 spaces; 4:1 parking ratio Join Day Care, Barber Shop, Dollar Store, Women' s salon Bravo Supermarket opening soon in nearby center
Space Available 1,250 - 2,500 SFRental Rate Yr $12 /SF/YrSpaces 2Building Size 21,740 SFProperty Sub-type Street RetailStatus Active
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The Hyperloop One could eventually come to Miami, creating a 26-minute route to Orlando, which would be a fraction of the four hours it would take to drive and less than half the hour it’d take to fly.
Of the 2,600 submissions in a global challenge from earlier in the year, among the 11 U.S. finalists is the Miami-to-Orlando route.
The process works by using a linear electric motor to move an electromagnetically levitated pod through a tube at speeds up to 620 miles per hour with no turbulence. Hyperloop One’s Senior VP Nick Earle says they plan to select two or three of the 11 finalists for further study.
“The question is where are we going to get the most collaboration and willingness to work together to jointly define the regulatory framework,” Earle said. “Because we can design the product in our development to meet the regulations.”
One of those collaborators is Alice Bravo, director of public works for Miami-Dade County in Florida. Bravo is proposing a hyperloop between Orlando and Miami, which could be a huge boon, not only for moving freight from the busy Miami port but also tourists back and forth between Disney World and Miami Beach.... Additional phases of the project could see the Florida hyperloop extend to Atlanta and then Chicago. “We think this is a corridor that could serve as a national stimulus,” Bravo said, “for this area of innovation and human capital intellect.”
There are also potential hyperloop routes being explored for six other countries.
Por es es conveniente invertir en propiedades de precio razonable y en lugares rentables entre Miami y Orlando.
La parte norte del Estado de la Florida tambien es una buena opcion para invertir aunque se vera apreciada en mucho mas tiempo, pero tiene ventajas por el clima y el nivel de elevacion sobre el nivel del mar, pensando en los cambios climaticos.
Para cualquier inversion en terrenos o propiedades en todo el estado de la Florida, le puedo servir con gusto a realizar su compra
Final rent + terms, along with all offers, are subject to approval of Walgreen Co.' s Real Estate Committee- Suggested Rent*: $425,000/yr. + sales tax * (inclusive of RET; R&M, insurance, utilities separate)- Minimum Term: 10 years; maximum term 8/31/35- Delivery: As-Is - Cooperating Broker: 2% (initial 10 years)- Offers Evaluated as Received Property Overview- Year Built: 2010- Master Lease Expiration: 8/31/35- Acreage: 1.53- Square Footage: 17,152 SF (First Floor 12,610 SF / Mezzanine 4,542 SF)- Parking: 82 Spaces- Access Points (shared): 2 adjacent on Galloway Rd / 3 on Bird Road- Signage: Building + double panels on Bird & Galloway pylons - Zoning: BRCUAD, Miami-Dade County- Lease Restrictions Include: Office related retail, copy services, gym, restaurant, offices, supermarket, bank, automotive & non-retail
Space Available 4,542 - 12,610 SFRental Rate Yr NegotiableSpaces 2Building Size 17,152 SFProperty Sub-type Free Standing BldgStatus Active
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This portfolio package consists of 18 residential units. The units are centrally located in the Miami-Dade and Broward County areas. The portfolio is being sold collectively with a Transferable Mortgage debt: $3,175,125.00. This portfolio consist of 11 duplexes, 2 Fourplex, 2 triplex and 3 single family homes totally 45 units. The rental portfolio has 54% section 8 tenant occupancy at market value .The Portfolio presents investors the opportunity to invest into 19 properties with separate folios above average cash flow beginning on day one of purchasing. Most of all the properties have received numerous major capital improvements and are being delivered turn-key. Portfolio is currently running at a 91% Occupancy with the ability to increase the rental income on the some of the properties to market rents.
South Florida Miami-dade and Broward County
Opa Locka, FL 33054 - Opa-Locka MF Submarket
42,862 SF Class C Apartments Building Built in 1969 Property is for sale at $3,400,000 ($79.32/SF)
Gated, Off-Street ParkingCentral Location in Miami-Dade CountyTwo of Three Roofs Have Been ReplacedExcellent Unit MixCentral Air-Conditioning and HeatMany Capital ImprovementsHistorically High Occupancy
The The proposed retail site, the Shoppes at Coral Way, has excellent frontage directly on the 2700 block of Coral Way, a major thoroughfare between Coral Gables and Brickell/Downtown Miami. Currently the site is home to a Chase Bank, with over $171M in retail deposits, making it a top 3 bank branch in Miami-Dade County. The branch does close to 500,000 transactions per year. The newly constructed project has one of Floridas highest traffic Chase Bank locations and a single tenant Publix center located adjacent to the South. The newly built project has multiple points of ingress / egress and enjoys traffic counts of over 40,000 per day. Owner is seeking to pre-lease the retail and office spaces (site plan on next page) with an expected delivery date of mid-2016 or will also entertain a ground lease on the +/- 40,000 SF remaining land. Demographics include population of 253,443 and a median housing value of $354,541 within a 3 mile radius. Nearby tenants, highlighted in the above map, include Starbucks, Publix, Winn Dixie, Staples, CVS, Big Lots, Office Depot, GNC, McDonalds amongst many others.
Space Available 10,000 SFRental Rate Yr NegotiableSpaces 1Building Size 23,491 SFProperty Sub-type Retail (Other)Status Active
It looks like the legal fight between developers and unit owners of an aging North Miami condo complex is starting to boil over.
This week, developers of the ultra-modern Apeiron project and the condo associations of the Jockey Club lobbed lawsuits at each other aimed at control of the condo complex’s common areas.
Apeiron Miami, led by Horst Schulze, Michael Bedner and Muayad Abbas, wants to build an ultra-modern condo and hotel complex on 13 acres of common grounds at the Jockey Club condo complex at 11111 Biscayne Boulevard, which it purchased for $3.25 million in 2014. Plans call for two 40-story towers with a total of 90 hotel rooms and 240 condos, with the residences receiving service from the hotel portion. As it stands now, the Jockey Club complex has three condo towers, two of which are 21-stories and one is 13-stories. They were built between 1971 and 1982 and house 411 units in total.
In March, the Apeiron team ran into trouble when the condo associations of two Jockey club towers — Jockey Club I and Jockey Club II — filed suit to try and stop the development, alleging Apeiron was trampling over a pair of binding agreements dating back to 1977 and 1995 that essentially blocked all further development at the club.
The situation became even messier when Jockey Club III pledged support for Apeiron, with the other two associations alleging their counterpart had been bought out by the developer to the tune of $10 million.
These most recent suits were filed in quick succession to the 11th Judicial Circuit Court of Miami-Dade County.
On one end, the Jockey Club I and II associations are alleging that Apeiron is trying to wrest control of maintenance for the common areas, and that Jockey Club III has stopped making any contributions to the shared maintenance costs.
Glen Waldman of Heller Waldman, the plaintiff’s attorney, told The Real Deal that Apeiron’s strategy is to leverage control of the common areas to help gain county approvals for its project.
Waldman said that could lead to neglect for a number of necessary maintenance issues in the complex, because Apeiron wouldn’t want to fix something it is going to demolish in the future.
“On their best day, they won’t be shoveling the ground for one to two years,” he said. So Apeiron is basically saying “‘We’re not going to fix it, because eventually we’re gonna build here.”’
The suit the associations have filed is seeking damages and relief from Apeiron, which would legally prevent it from taking over management of the Jockey Club’s common areas, as well as requesting that Jockey Club III continue making its maintenance payments.
The point of view painted in Jockey Club III’s suit, however, is much different. It alleges that the Jockey Club’s maintenance has been severely mismanaged, with no official budget, work done without permits that has drawn notices of violation from the county, and no payroll records for employees.
Jockey Club III filed an emergency motion with the court to have a third-party receiver appointed for managing the common areas, though the judge has since ruled that the situation is not an emergency.
“We’re optimistic that we have clear legal standing to proceed with Apeiron at the Jockey Club, and we look forward to delivering a first-rate project that includes major property improvements that will benefit all Jockey Club residents,” Abbas, one of the Apeiron’s developers, said in a statement. “Unfortunately, current residents – many of whom support Apeiron – are now stuck paying the steep legal bills that their Condo boards have saddled them with by filing these lawsuits.”
Bal Harbour Shops has purchased the Church by the Sea’s lot for $30 million, marking another step forward for Whitman Family Development’s expansion plans for the upscale shopping center.
Miami-Dade County records show the now torn down church, formerly the oldest in Bal Harbour, sold last week to Bal Harbour Shops LLLP. The 27,000-square-foot property was part of a contentious battle between the Miami-Dade County’s historic preservation board and the church, the latter of which agreed to sell to the Whitman family. The board voted against protecting the church from demolition in November. It was torn down in December.
The church has been a key part of the neighboring mall’s renovation and expansion. The $400 million project will include a new entrance, wider sidewalks, a new canopy, landscaping and some new exterior walls. The upgrades will also include the addition of Barneys New York, expansions of existing Neiman Marcus and Saks Fifth Avenue stores, and new luxury boutiques. Bernard Zyscovich of Zyscovich Architects is the lead designer on the project.
Whitman has also agreed to build a new home for the congregational church.
Last year, Whitman president and CEO Matthew Whitman Lazenby said that “without exaggeration the last 40 years have been spent trying to negotiate a deal with the congregational church,” and that Whitman’s plans ensure “that the Village of Bal Harbour remains the center for luxury living.”
As Miami-Dade County’s condo market shows signs of slowing due in part to a stronger dollar, an out-of-state developer envisions a pair of new condo towers with more than 550 units combined as a key component for a proposed $160 million mixed-use project in Coral Gables.
The latest condo project proposed for the Coral Gables area — a wealthy suburb of local residents and foreign investors — is the Gables Station complex slated to be developed on a 4.3-acre site located on the north side of the 200 block of South Dixie Highway near the upscale Shops At Merrick Park retail center, according to city of Coral Gables records.
“The applicant is proposing a mixed-use residential/hotel/retail project, which will be composed of three towers with a maximum height of 155 feet with about 168 hotel units totaling 111,583 square feet, 554 luxury condominium residences and 87,900 square feet of retail space,” according to the cover letter included with the developer’s application to the city of Coral Gables.
To build the project as proposed, the prospective developer — a “contract purchaser” based in Minnesota called NP International USA LLC with Charles D. Nolan and Brent Reynolds — is seeking a number of revisions to current land-use and zoning regulations, according to government records.
Currently, the owner of record of the proposed development site is a Coconut Grove-based corporation called Gables Station LLC with Jeffrey L. Berkowitz that had previously announced plans to build a retail-and-parking facility with 330,000 square feet after acquiring the land in 2005, according to government records.
With this newest project, the Coral Gables area now has 17 new condo buildings with nearly 1,400 units announced in South Florida since this current cycle began in 2011, according to the preconstruction condo projects website CraneSpotters.com as of Monday. (For disclosure, my firm operates the website.)
The total number of new Coral Gables units for this cycle would have been even higher if not for earlier decisions by unrelated developers to revise the original plans of the proposed Collection Residences project with 126 units and the Antilla Coral Gables project with 32 units.
To date, developers have revised plans to build nearly 20 new condo buildings with nearly 2,900 units since 2011. Most of the units in question were to be developed in Miami-Dade, according to the data.
Overall, South Florida developers have already completed 57 new condo buildings with more than 4,300 units in the coastal tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 129 new condo buildings with more than 12,900 units are currently under construction in South Florida.
A combined 233 new condo buildings with nearly 33,000 units — about 66 percent of the total tri-county pipeline — are currently in the planning or presale phase of development in South Florida.
In the Coral Gables market, no new condo buildings have been completed to date during this cycle.
A trio of new condo buildings with a combined 265 units are currently under construction in the Coral Gables market as of Monday.
An additional 14 new condo buildings — including the newly announced Gables Station project — with more than 1,120 units are currently in the planning and presale phase of development in Coral Gables, according to the data.
The combination of announced units that are in the planning or presale phase of development represent more than 80 percent of the total number of condos in the pipeline for the Coral Gables market during this cycle.
The Coral Gables market ranks as South Florida’s ninth most active preconstruction condo market based on announced units.
On the resale front, buyers acquired 275 condo units last year for an average of nearly 23 transactions monthly, according to data from the Southeast Florida MLXchange.
Based on the 2015 resale statistics, the Coral Gables condo resale market currently has about 6.7 months of supply of units available for purchase.
A balanced market is considered to have about six months of resale supply available for purchase. More months of condo resale supply suggests a buyer’s market, and less months indicates a seller’s market.
While the supply of condo units is encouraging, the average resale transaction price per square foot in Coral Gables was unchanged at $320 in 2015, just as it was in the previous year of 2014, according to the data.
Currently, the average asking price for a condo resale unit available for purchase is $431 per square foot, according to the data.
While Broward County might not have the same glitz and glamour of its southern cousin Miami-Dade, the county had plenty of big-ticket commercial deals last year that racked up millions.
The Real Deal analyzed data from the CoStar group, an information company, to compile a list of Broward’s biggest commercial buyers during 2015.
#1 Prologis – $407.5 millionPrologis, one of the country’s biggest industrial real estate firms, racked up more pricey property purchases in Broward than any other company.The company sank a total of $407.5 million into 23 properties spread throughout the county, mostly concentrated in Hollywood and Fort Lauderdale.What helped push Prologis to the top this year was its $820 million acquisition of a 21-property portfolio from Morris Realty Associates. Three of those properties were located in Broward, totaling about $69.4 million.
#2 Starwood Capital Group – $281.9 millionSecond on the list was investment firm Starwood Capital Group, headquartered in the wealthy enclave of Greenwich, Connecticut.The firm put $281.9 million down on 13 properties in Broward, most of which were office buildings located in Fort Lauderdale business parks.Not to be outdone, Starwood also closed on a massive commercial sale last year. The investment firm was one of three buyers that paid $1.1 billion for Duke Realty’s portfolio of 62 properties in the Southeastern United States.Among those properties were eight office buildings in Fort Lauderdale and one in Pompano Beach, which made up the bulk of Starwood’s investment total for Broward County last year. Together, they totaled almost $180 million worth of properties.
#3 Norges Bank – $272.3 millionClose behind Starwood was the Norwegian central bank, which had a serious hankering for South Florida real estate last year.Norges Bank assembled $272.3 million worth of Broward County commercial properties during 2015, landing it in third place for the year’s list of biggest buyers.Those purchases were spread out over 13 properties between Fort Lauderdale, Hollywood, Pompano Beach, Hallandale and Dania Beach.All 13 were purchased in a joint-venture with Prologis — our No. 1 contender — as part of the $5.9 billion acquisition of KTR Capital Partners’ portfolio of 322 distribution properties throughout the U.S.Norges Bank is one of many foreign sovereign wealth funds picking up big chunks of U.S. real estate.
#4 TIAA-CREF – $238.8 millionTIAA-CREF is a Fortune 100 company that provides pensions for teachers and other professionals. It’s also one of the country’s largest real estate investment companies, and holds the No. 4 spot on the list of Broward’s biggest commercial buyers.The company spent $238.8 million on Broward County properties last year. The interesting part? That was split between just two purchases.In the first deal, the financial giant picked up Orlando-based Zom’s Casa Palma apartment complex in unincorporated Broward for nearly $90 million.Next, TIAA-CREF paid the Related Group an incredible $149 million for its Manor at Flagler Village apartment project in Fort Lauderdale.
#5 Global Logistics Properties – $187.7 millionLast but certainly not least is Chicago-based Global Logistics Properties, a multinational real estate firm that specializes in — you guessed it — logistics properties.Last year, GLP put down an impressive $187.7 million for 11 Broward County properties, all but one of which was located in Fort Lauderdale.The commercial giant continued this list’s trend of massive portfolio deals with its purchase an Industrial Income Trust assemblage in a deal valued at $4.55 billion.In Broward, that portfolio’s biggest piece was Sunrise Distribution Center in Fort Lauderdale. It alone fetched $43.8 million.