South Florida’s weak resi markets still “healing”: Elliman

October 19, 2017 | Miami Real Estate
Miami Beach Hurricane Irma threw a wrench in residential sales during the third quarter, according to the recently released Douglas Elliman reports. But despite steep declines in closings, the region's residential markets remain on the path to recovery, with the condo market generally outperforming single-family homes, according to the third-quarter reports. Sales dropped across the board, including in Miami Beach and the barrier islands, Fort La
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Hersha’s Courtyard Cadillac Miami Beach to become an Autograph Collection Hotel

October 19, 2017 | Miami Real Estate
Courtyard Cadillac Miami Beach Hotel (Credit: Courtyard Cadillac) Hersha Hospitality Trust is rebranding its Courtyard Cadillac Miami Beach Hotel under Marriott's luxury chain banner, Autograph Collection Hotels. Neil Shah, Hersha's president, revealed his company's plan during a hospitality luncheon on Thursday hosted by Marcus & Millichap. Before a small crowd of hotel executives and industry players at the Miami Hilton Airport, Shah said t
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Walgreens on Lincoln Road hits the market

October 19, 2017 | Miami Real Estate
Diego Lowenstein and The Ritz Carlton (Credit: Lionstone) Walgreens' retail space on Lincoln Road just hit the market — as a ground lease priced at $78.9 million. The 19,000-square-foot retail space at 1 Lincoln Road, at the corner of Collins Avenue, is on the ground floor of the Ritz-Carlton South Beach. The 129-year ground lease has 111 years remaining, according to an offering memorandum from Chicago-based Stream Capital Partners, obtained b
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Palm Beach financier picks up polo facility in Wellington

October 19, 2017 | Miami Real Estate
4370 South Road in Wellington A Wellington property, home to the Lechuza Caracas polo team, just sold for $17.1 million. Property records show PBC Polo Properties LLC, a company owned by Palm Beach financier Nate Ward, purchased the 62-acre estate at 4360 South Road. Ward is partner and co-founder of Palm Beach Capital, a private equity investment firm based in West Palm Beach. He financed the sale with a $14.1 million mortgage from Stifel Bank &
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The little trick WeWork’s Adam Neumann uses to charm investors

October 19, 2017 | Miami Real Estate
Adam Neuman, Jared Kushner and WeWork in Philadelphia (Credit: Getty Images and WeWork) From TRD New York: Before WeWork CEO Adam Neumann invites investors to his Chelsea headquarters, he sometimes directs employees to “activate the space,” for example by throwing a party. Then, when the investor arrives, he casually points out the great work atmosphere. The trick, reported by the Wall Street Journal, is just one of the tools Neumann used to
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South Florida lease roundup: One Biscayne Tower scores 65,000 sf of leases & more

October 19, 2017 | Miami Real Estate
Clockwise from top left: Corporate Centers at the Gardens, One Biscayne Tower, Mizner Park Office Tower (Credit: Cushman & Wakefield) One Biscayne Tower adds more than 65,000 square feet of leases Several companies have signed leases at One Biscayne Tower in downtown Miami, according to the firm that brokered the deals. Combined, the leases take up more than 65,000 square feet of office space at the tower at 2 South Biscayne Boulevard. Cushma
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Shahab Karmely launches sales of luxury condo project in Hallandale

October 19, 2017 | Miami Real Estate
Rendering of 2000 Ocean and Shahab Karmely (Credit: One Riverpoint) Shahab Karmely isn't concerned about launching a new condo project amid a slowdown. Karmely's KAR Properties is kicking off sales of 2000 Ocean, a 64-unit luxury condo building in Hallandale Beach, on Thursday. “I believe we have a successful project and if it takes a little longer to sell, I don't care,” he said. The 38-story development at 2000 South Ocean Drive, designed b
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Blackstone president still sees opportunity in US real estate

October 19, 2017 | Miami Real Estate
Tony James and the Seattle skyline From TRD New York: The U.S. real estate market may have slowed down, but Blackstone Group president Tony James still sees plenty of opportunities for profit. “Real estate is a gargantuan market,” he said during the company's quarterly earnings media call Thursday. “There are always undermanaged assets.” Blackstone has been investing heavily in logistics real estate, hoping to capitalize in the rise of on
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ESG Kullen picks up Boynton Beach bulk condo

October 19, 2017 | Miami Real Estate
Monteverde at Renaissance New York-based ESG Kullen just paid $17.9 million for a bulk condo deal in Boynton Beach, property records show. A company tied to the firm paid $151,500 per condo for the 118-unit purchase at Monteverde at Renaissance, according to attorney Mark Meland, who represented ESG Kullen. NXT Capital provided a $20.33 million loan. An affiliate of Delma Properties, also based in New York, is the seller. Records show Delma pai
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Follow The Real Deal South Florida on Instagram

October 19, 2017 | Miami Real Estate
On the run but still have time to check your Insta? Stay up to date with breaking industry news, the best in South Florida architecture and the hottest projects around by following us on social. ...read more
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