Commercial Real Estate News

South Florida Commercial Real Estate News From CoStar Group

CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of commercial real estate information and commercial property listings available in its markets.

How a Reeling Retail Center in Miami Doubled in Value in Four Years

Downtown Dadeland in Miami. Credit: CREC The once-struggling retail part of the mixed-use Downtown Dadeland in Miami has more than doubled in value in four years, a success story rooted in renovations, robust demand for outdoor urban centers, selective tenant choices and efforts to cater to the broader community. Retail developers across the
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Posted: October 17, 2018, 8:00 am

Law Firms Moving to Fort Lauderdale's Largest Office Building Since 2007

The Stiles real estate firm is building a 357,000-square-foot office tower and a 341-unit rental in downtown Fort Lauderdale, Florida. Credit: Stiles. Two law firms and a real estate company will take a combined 85,000 square feet in what will be the largest new office building delivered in downtown Fort Lauderdale, Florida, in more than a decade. The law firms, Akerman and Berger Singerman, will join BBX Capital at The Main Las Olas, a mixed...
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Posted: October 16, 2018, 7:00 am

Florida Panhandle's Commercial Real Estate Market May Face Lengthy Recovery

First Federal Bank in Panama City, Florida.Credit: Jeff Gammons, @StormVisuals As workers assess the property devastation on the Florida panhandle from Hurricane Michael, the condition of the area's commercial real estate is on display over at the region's retail center for the past 40 years, the Panama City Mall. It remained closed – and the owners haven't even been able to start determining whe
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Posted: October 12, 2018, 7:45 am

Berkeley Partners Pays $15M for Park Central Industrial Portfolio

Berkeley Partners acquired the three-building Park Central Business Park at 3600-3890 Park central Blvd. N. in Pompano Beach, Florida, for $15 million, or about $131 per square foot, from Kei Properties LLC. The assets total 114,823 square feet of flex space in Broward County. At the time of the sale the three buildings where 100 percent leased. Douglas Mandel and Tyler Kuhlman with Marcus & Millichap represented teh seller. The buyer handled...
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Posted: October 12, 2018, 1:26 am

Hurricane Michael Imperiled More Than $25 Billion in Florida Commercial Property

The commercial property in the area struck by Hurricane Michael spans the Florida panhandle along the Gulf of Mexico. Hurricane Michael smashed into beach resorts, shopping centers, apartments and office buildings with 155-mile-per-hour winds and rising seas, threatening more than $25 billion in commercial property along the Florida Panhandle.
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Posted: October 11, 2018, 4:00 am

Wanted: Blockchain Companies for Fledgling Miami Tech Hub

Billionaire investor Moishe Mana plans to build a fledgling technology hub in this section of downtown Miami, tapping pent-up demand for this type of space.Courtesy of Property Markets Group. Billionaire i
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Posted: October 10, 2018, 8:00 am

AvalonBay's New York City Apartment Profits May Head to Denver, South Florida

Invesco Real Estate plans to buy an 80 percent stake in five apartment buildings owned by AvalonBay, including the Avalon Morningside in Manhattan. Real estate investment trust AvalonBay is considering a shift in its latest focus from apartments in New York City to Denver and southeast Florida, areas where the company expects steady job growth, consistently high occupancy rates and other solid real estate investment fundamentals to provide stability...
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Posted: October 9, 2018, 10:09 am

Shared Working, Living Spaces 'Coming on Us Like a Tsunami'

Real estate brokers and developers must get comfortable quickly with both shared office and living spaces -- concepts that are bringing about the “flexible intertwining of life and work,” according to Richard Florida, a nationally known urbanist. “It is coming on us like a tsunami,” he said in Fort Lauderdale, Florida, during a presentation to members of NAIOP, the commercial real estate development organization. “This is a big deal,” Florida...
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Posted: October 8, 2018, 9:47 am

Fort Lauderdale Luxury Apartment Tower Could Set Florida Price Record

A rendering of the rooftop lounge atop the ICON Las Olas apartments at 500 E. Las Olas Blvd. A 45-story, ultra-luxury apartment tower is for sale in downtown Fort Lauderdale, Florida, and indications are that it could top the $225 million record for the highest price of any apartment building in Florida history. The Related Group, a Miami-based developer, is tak
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Posted: October 8, 2018, 4:00 am

Kislak's Legacy Still Spans US Commercial Real Estate

Jay I. KislakJay Kislak, who built one of the largest privately held U.S. mortgage banks, celebrated his 95th birthday last year with a big party on a World War II museum and relic: The USS Intrepid aircraft carrier. It was fitting, because the ship was part of his own history – Kislak had been an aviator on the carrier, years after he had already earned his real estate license while still a New Jersey high school kid. Kislak, the chairman...
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Posted: October 5, 2018, 7:30 am

Tiffany & Co Building in Palm Beach Sells for $20M

In one of the rare retail property sales on iconic Worth Avenue in Palm Beach, Florida, the Tiffany & Co. building traded Tuesday for $20 million, or more than $1,200 per square foot. Madden Family Associates sold the 16,374-square-foot property at 259 Worth Ave. to Fortress Investment Group LLC, a New York-based investment firm with $41 billion in assets under management. “They saw an opportunity to enter a really strong area,” said Franklin...
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Posted: October 4, 2018, 5:04 am

Lakeshore Communities Acquires Mobile Home Park for $19.2M

Lakeshore Communities Inc., an Illinois-based development company specializing in mobile home park investments, acquired the 83.4-acre Meadowbrook Mobile Home Park at 1531 Drexel Rd. in West Palm Beach, Florida, from Stairs Management for $19.2 million, or about $44,000 per lot. Built in 1971, the mobile home park totals 304,500 square feet and has 435 home lots. Kyle Baskin of Marcus & Millichap represented the seller. The buyer handled the...
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Posted: October 4, 2018, 3:49 am

Avision Young Awarded Leasing and Management for 200 E Las Olas

Toronto-based commercial real estate services firm Avison Young has been retained to handle leasing and management of the 200 East Las Olas office building at 200 E. Las Olas Blvd. in Fort Lauderdale, Florida, a 287,043-square-foot, 21-story, class A office building known as “The original Las Olas Address.” Principal Greg Martin, along with Justin Cope and Lisa Hernandez, will be in charge of leasing responsibilities for the newly-renovated property...
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Posted: October 2, 2018, 7:30 am