The Aloft hotel in the upcoming Aventura ParkSquare mixed-use project has secured a $36.67 million construction loan. Boston-based Citizens Bank awarded the mortgage to Norwich Aventura I LLC, an affiliate of Sanibel-based Norwich Partners of Florida led by David Leatherwood. It will fund the 207-room hotel at 2910 NE. 207th Street. The hotel developer acquired…
Real estate brokerage Compass has opened its second office in Miami-Dade County less than a year after the company entered the market by establishing a presence in Coconut Grove. New York-based Compass is a fast-growing firm that focuses on a technology platform for brokers. The fast-growing company established its Miami Beach office in August 2015…
Mixed-use hotel projects involve, by definition, a complex interplay of real estate assets, development plans, multiple and diverse operating businesses, stakeholders with diverging interests, and often, residential owners or purchasers. Such projects are often located in environmentally sensitive areas and are almost always characterized by complicated governmental entitlement concessions. Distressed mixed-use hotel projects can quickly…
The Camino Square shopping center in Boca Raton could be redeveloped into an apartment complex, with a new grocery store to be built later. The city received the development application on April 7 from Kimco Corp., a New Hyde Park, New York-based real estate firm (NYSE: KIM) that owns the 9.1-acre site at 171 West…
Plans for the Sea Vault boat slip condo project along the Miami River have been revamped with more slips and living quarters for yacht owners and crew. The Miami River Commission’s Urban Infill & Greenways Subcommittee will meet on May 19 to consider the new plans for the 9.4-acre site at 1583 N.W. 24th Ave.…
About 150 people attended the Breakfast with the Business Journal on May 12 hosted by the Research Park at Florida Atlantic University in Boca Raton. The event kicked off with a networking hour, then an overview of the Research Park and its contributions to the South Florida tech scene by Research Park at FAU President…
RelatedISG president Alex Vidal and the Wise Realtors team RelatedISG International Realty acquired Wise Realtors, a Wynwood-based brokerage, as it continues to expand in South Florida. Wise Realtors, founded by Julio Ospina and Jorge Llano, will bring its 19-person team to RelatedISG, a joint venture between the Related Group and ISGWorld. The Wynwood firm, which…
Three bank branch buildings in Broward County changed hands as part of a national portfolio sale between Gramercy Property Trust and Pontus Capital. The three transactions in Broward County between First States Investors 6000D, an affiliate of New York-based Gramercy Property Trust (NYSE: GPT), and Pontus Vault Portfolio, an affiliate of Pontus Capital in La…
A Chicago-based real estate firm acquired a retail building in the heart of Miami’s Coconut Grove for $23 million. RKF Managing Director Benjamin Mandell said he represented L3 Capital in the acquisition of the 28,731-square-foot retail building at 3034 Grand Ave. from Grove Corner LLC, managed by Peter Gardner. The deal equates to $801 per…
Broward County While industrial real estate might not share the glamour of high-rise offices and condos, warehouses and distribution centers play a huge part in the expansion of a region’s economy. In South Florida’s three counties, the industrial real estate market continues to tighten as vacancies drop across the board and rental rates gradually climb,…