One River Point developer Shahab Karmely announced the $5.4 million acquisition of a 18,000-square-foot parcel along the Miami River on Thursday. The deal complements the proposed adjacent One River Point high-rise residential project. Karmely aims to develop a two-story Mediterranean restaurant and lounge on the newly acquired property at 131 N.W. South River Drive in…
With the latest approvals from the Miami Beach Commission, a developer can move forward on plans to revamp the city’s historic Ocean Terrace District. The commission voted 6-1 Wednesday to approve the maximum height for the North Beach area to 235 feet. Commissioner Kristen Gonzalez voted no. The previous allowed height was 75 feet on…
Expanding your business from one location to multiple locations is a natural progression of success. An even bigger progression: Taking your company to the next level by expanding internationally. There are several factors to consider before your company joins the ranks of international entities. For those seeking to expand internationally, it is important to recognize…
Strategic Storage Trust II, a national real estate investment trust based in Ladera Ranch, California, paid $181.6 million to acquire seven self-storage facilities in Broward and Palm Beach counties. The sellers were all managed by Jeffrey S. Petcher, the head of Tristar Management in Delray Beach. SST II has been aggressively building up self-storage property…
Extra Space Storage could redevelop and expand its self-storage facility in Miramar. The Bedford, Texas-based company (NYSE: EXR) would expand its complex from 68,372 square feet in eight buildings to 111,993 square feet in three buildings, with a height increase from two to three stories. The city’s Development Review Board will consider the proposal on…
The Sabina Shopping Center in southwest Miami-Dade County sold for $12.5 million, a 131 percent gain from its last trade four years ago. Carlos Segrera, director of acquisitions and finance at North Miami-based IMC Equity Group, said his company sold the 51,000-square-foot retail center at 4001 S.W. 152nd Ave. to Venetto Group. The deal was…
The Wyndham Grand Hotel broke ground in Dania Beach after the developer secured a $15.4 million construction loan. Branch Banking & Trust Co. (NYSE: BBT) increased its previous mortgage to Dania Beach Hospitality Group by $14.4 million. The developer is an affiliate of Hollywood-based AD1 Global, managed by Jose Daniel Berman. Located at 129 N.…
Two mixed-use projects that would combine residential and office space have been proposed in Miami’s urban core. Plans for M-Tower and Megacenter Brickell will be considered by the city’s Urban Design Review Board on June 15. M-Tower would be at 56 S.W. 1st Street in downtown Miami and make use of the neighboring parking garage…
Quest Workspaces signed a 22,000-square-foot lease to bring its co-working space to 150 S. Pine Island Road in Plantation. NGKF’s Lance Benson represented Quest in the deal, which was valued at more than $4.9 million. The facility will have an open floor plan in addition to private offices, meeting rooms, a walking treadmill and relaxation…