Miami Skyline Though global financial turmoil has brought doubt on foreign real estate investment in the United States, 2015 was still a banner year for South Florida. Foreign investment in the region’s commercial real estate surged to a nine-year high during 2015, according to a new report from commercial brokerage CBRE, but that same windfall…
Boca Raton officials received two major development proposals in June, according to documents obtained from the city. Both projects, a condominium project across from the beach and a hotel in a business park, fall in line with the recent trends of luxury residential and hospitality development in the wealthy city. The Ocean Palm project would…
Wells Fargo is relocating its largest branch in South Florida, moving its main Miami outpost about one-tenth of a mile to MDM Group’s new $1 billion Metropolitan Miami development. The new branch will occupy 3,421-square-feet in MDM’s Met 1 residential tower, the first tower complete in the Met Miami project. Met 1 is a 40-story,…
Miami-based Key International acquired a hotel development site on Fort Lauderdale beach for a combined $9.56 million in three transactions and began demolition on the property. Dan Teixeira, VP of business development at Douglas Elliman Florida, brokered the deal for the 0.71-acre site at 3017-3029 Alhambra Street. Key International affiliate KW Alhambra Property acquired the…
A West Palm Beach office building leased to a single tenant sold for $10.25 million, a 20.6 percent gain from its last trade two years ago. CBRE’s Todd Weintraub, Mark Drazek and Ray Ramano represented seller NL Ventures Wekiva, an affiliate of Dallas-based AIC Ventures. The 40,254-square-foot building, at 1920 Wekiva Way, was sold to…
The Holiday Inn Hotel in downtown Miami, which had been envisioned as a redevelopment with a 77-story tower, sold for $22.5 million below its last trade. The transaction was a bit unusual, as the seller executed a lease back with the buyer and both parties obtained financing. The 200-room hotel was sold for $42.5 million…
The Dolphin Park of Commerce III, a commercial condominium with three types of uses, broke ground in Sweetwater after securing financing. Centerstate Bank of Florida provided a $10 million construction loan to Dolphin Park of Commerce III LLC, managed by Robert S. Lechter of Miami-based RemsGroup. It funded the 90,035-square-foot project at 10887 N.W. 17th…
Tate Capital has acquired a controlling interest in an office building near the Dadeland Mall and plans to redevelop the site with a mixed-use project. Coral Gables-based Marquis Bank provided $8.5 million of acquisition financing to Kendall Drive Joint Venture and 7300 Kendall Drive LLC, both affiliates of North Miami Beach-based Tate Capital, led by…
Local developer Navarro Lowery wants West Palm Beach officials to approve the conceptual site plan of its $134.6 million redevelopment of the city’s former city hall. Frank Navarro, president of the developer, will present the design for the mixed-use project to the City Commission on Monday evening, but the Business Journal has a first look…
A large chunk of Plant City farmland is officially in the hands of a South Florida group planning a massive warehouse development on the site. McCraney Property Co., based in West Palm Beach, has closed on 70 acres at the intersection of County Line and Rice roads in Plant City. The land is part of…