An affiliate of New York investment giant Blackstone Group paid $117 million for the Portofino at Biscayne apartment complex in North Miami. Stellar Biscayne Owner, managed by Laurence Gluck of New York-based Stellar Management, sold the 871-unit complex at 1820 N.E. 142nd Street to BRE Portofino MF Property Owner, an affiliate of New York-based Blackstone…
Colliers International expanded its South Florida offices in all three counties, including one new location. The commercial real estate brokerage wants to grow its market share after reaching 110 real estate professionals. It ranked No. 8 on the Business Journal’s Commercial Real Estate Brokerages list in 2015 with $560 million in sales and leases. Colliers…
The Related Group is best known for building high-rise condos in Miami’s urban core, but its new $12.5 million acquisition is in rural Royal Palm Beach. The sellers were entities managed by Robert Shelley and Brian Tuttle in Hillsboro Beach, named TLH 20 Hughes, TLH 23 Hill, TLH 30 Quareshi, and TLH 27 Lemaster. They…
The Related Group is best known for building high-rise condos in Miami’s urban core, but its new $12.5 million acquisition is in rural Royal Palm Beach. The sellers were entities managed by Robert Shelley and Brian Tuttle in Hillsboro Beach, named TLH 20 Hughes, TLH 23 Hill, TLH 30 Quareshi, and TLH 27 Lemaster. They…
The Miami-Dade County Commission approved the ground lease for the $464 million Link at Douglas Station mixed-use project on Tuesday. A joint venture between local developers 13th Floor Investments and Adler Group were the top bidders in a request for proposal (RFP) process for the 7-acre site around the busy Douglas Station Metrorail stop south…
Broward College sold 14.7 acres in Miramar to Medley-based Megacenter for a mixed-use industrial development. The board of the state college sold the property at 7451 Riviera Blvd. for $10 million to Megacenter Miramar LLC, managed by Patricio Ureta and Pablo Wichmann. Megacenter specializes in flexible-length rentals of industrial, self-storage and office space. The property…
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,…