If Kroger Co.’s reported plans to buy Walgreens and Rite Aid stores come to fruition, it could give the grocer a major competitive edge over Publix Super Markets Inc. When Rite Aid and Walgreens (NASDAQ: WBA) complete their merger later this year, about 500 of their stores will likely be put up for sale —…
A mixed-use project featuring a CubeSmart self-storage center and retail could be built west of U.S. 1 in Pompano Beach. The city’s Development Review Committee will consider the proposal for the 1.7-acre site at 950 E. McNab Road on Sept. 7. The application was filed by McNab Grove Inc., a Weston-based company managed by Somashekar…
Rendering of Metropica Add Metropica in west Broward County to the list of South Florida real estate developments in the market for EB-5 money. The developer of Metropica, a vast mixed-use development in Sunrise, is trying to raise foreign investment in the project through the federal EB-5 program. Metropica developer Joseph Kavana, chief executive officer…
The buildings at 328 and 330 Northwest 29th Street (Inset: Matteo Soldatini) Matteo Soldatini, a Miami investor tied to the massive Panama Papers investigation of opaque offshore companies, just paid $6.3 million for a pair of Wynwood warehouses. The deal covers the small mid-century commercial buildings at 328 and 330 Northwest 29th Street. Together, the…
The 91-year-old Dade-Commonwealth Building in downtown Miami could be redeveloped to more than double in size so a Spanish hospitality company could transform it into its first hotel in the United States. The city’s Historic Preservation Board will review plans for the adaptive reuse and reconstruction plan on Sept. 9. It was filed by Dream…
A 2011 photo of downtown Miami’s skyline (Credit: Lonny Paul) and the Chinese flag (Credit: Daderot) The Miami Association of Realtors is bullish about bringing Chinese buyers to South Florida, and now has a new partnership that will put Miami properties on the screens of thousands of prospective buyers. The association partnered with Juwai, China’s…
A lender disposed of a pair of foreclosed medical office buildings in Boynton Beach, resulting in a $4.35 million loss to a loan fund, according to Trepp LLC. U.S. Bank, representing a commercial mortgage-backed securities (CMBS) trust, won a $10.5 million foreclosure judgement in March against El Clair Ltd., managed by Kerry A. Greenwald in…
Massimiliano Fuksas and a rendering of the renovated Beverly Center, slated for completion in 2018 (Credit: Alchetron, Massimiliano Fuksas) From the New York website: The Beverly Center mall, owned by Taubman Centers, may have a $500 million renovation budget, but Massimiliano Fuksas, the architect spearheading the transformation, only has one goal — to make you feel something when…
A mixed-use project just north of South Beach’s famous and heavily trafficked Lincoln Road Mall broke ground after the developer scored a $17 million construction loan. SunTrust Bank awarded the mortgage to 1664 Lenox LLC, an affiliate of Miami Beach-based UIA Management led by President Robert S. Wennett. The developer recently started construction of a…