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.

Multifamily Property Near Florida International University Fetches $60M

The 302-unit Advenir at University Park apartment complex in Miami. Advenir, a real estate investment company, paid $59.75 million, or nearly $198,000 a door, for an apartment complex adjacent to Florida International University in Miami. The seller, Miami-based Rilea Group, built the 302-unit property in 1993 at 10495 SW 14th Terrace. It’s now called Advenir at University Park, but formerly was known as Vista Verde at Westchester. The studio...
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Posted: August 16, 2018, 6:53 am

Colliers Broker Joins MMG Equity Partners in Bet on South Florida Shopping Centers

­­A private investment firm in South Florida has hired Colliers International broker Marcos Puente to build its commercial property portfolio, making a bet on large shopping centers in the region. Puente will be director of acquisitions for MMG Equity Partners, based in Pinecrest, FL. The firm currently has about 40 properties totaling more than 2.5 million square feet. The Navarro family started MMG in 2008 after selling its Navarro Discount...
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Posted: August 16, 2018, 4:06 am

Industrial Developer Bullish on Coral Springs

Coral Springs Commerce Center at 4020 NW 126th Ave. in Coral Springs, Florida. The Fort Lauderdale, Florida, suburb of Coral Springs is a mecca for single-family homes, but Exeter Property Group believes the sprawling city in northwest Broward County is overdue for warehouses. The firm is planning five buildings to complete Coral Springs Commerce Center I and II. The 800,000 square feet will go up on spec, without tenants in place, though a...
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Posted: August 16, 2018, 3:15 am

McDonald's Outlines $6 Billion National Plan to Build, Renovate Restaurants

By: Paul Owers and Linda Moss McDonald’s Corp. is using its substantial real estate holdings across the United States to fend off competitors eating into its bottom line. The fast-food chain is outlining its spending plans
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Posted: August 14, 2018, 7:45 am

Florida Community Convinced $100M Downtown Revitalization Key to its Future

Homestead Station, a 65,000-square-foot building in development will include movies, bowling and an arcade as the centerpiece of Homestead’s downtown revitalization efforts. Credit: City of Homestead. Decades after suburban shopping malls left downtowns in disrepair, communities across the country have
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Posted: August 13, 2018, 7:30 am

3-D Architecture, Urban Farming Part of Proposed Development for Miami's Allapattah Neighborhood

The Bjarke Ingels Group in New York said a proposed project with developer Robert Wennett in Miami’s Allapattah neighborhood would be a destination that maintains the industrial feel of the area.Credit: Bjarke Ingels. An innovative development featuring three-dimensional architecture, urban farm
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Posted: August 10, 2018, 11:30 am

E-Commerce Marketing Company Signs Largest Office Lease in a Year in Fort Lauderdale's Cypress Creek Submarket

The Cypress Creek office market in northern Fort Lauderdale, FL snagged its largest lease in a year as e-commerce marketing company Tambourine signed on for 25,000 square feet at Trade Centre South. Tambourine will more than triple its space when it moves into the 225,000-square-foot building at 100 W. Cypress Creek Rd. in January, said Sal Bonsignore of Colliers International South Florida, which represented the tenant. The company has 100...
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Posted: August 8, 2018, 5:14 am

Lee & Associates Opening Miami Office, Adding Third Location in Florida

ROTOLANTE Lee & Associates will open an office in Miami, after tapping veteran Miami broker Matt Rotolante, SIOR, CCIM, to lead the new office as founding principal. Located at 7925 NW 12th St. in Doral, FL, the new office will provide the broker-owned commercial real estate services firm its third location in
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Posted: August 8, 2018, 5:13 am

Rental Townhomes in Hollywood Fetch $23M

A private investment firm searching for multifamily properties across Florida has paid almost $22.78 million, or more than $330,000 per unit, for the Royal Oaks Townhomes, a rental community in Hollywood, FL. Preston Giuliano Capital Partners LLC bought the 69-unit development at 3200 Stirling Rd. from Royal Oaks United LLC of Miami. The seller acquired it nearly three years ago for $19 million ($275,000 /unit) from the developer, Chetrit Organization...
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Posted: August 7, 2018, 6:38 am

Avanath Capital Adds to Growing Affordable Housing Portfolio

A California-based real estate investment manager has added to its portfolio of affordable and workforce housing with acquisitions in New Jersey and Florida, totaling 273 units for a combined $29.4 million. The moves by Avanath Capital Management LLC of Irvine, CA, are part of its strategy to purchase affordable housing complexes in areas where there is a limited supply of such multifamily housing located in markets seeing strong economic growth...
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Posted: August 6, 2018, 8:12 am

Popeyes Moving Headquarters to Miami From Atlanta, Reports Say

A rendering of the building that Popeyes and Burger King will share when the brand moves to Miami, Florida. After building a base in Atlanta, the Popeyes restaurant chain appears to be moving its headquarters to Miami, according to published reports. The South Florida Business Journal reported last week that Restaurant Brands International, which owns Popeyes, Tim Hortons and Burger King, will combine operations of the three chains in Miami....
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Posted: August 6, 2018, 5:40 am

CoStar Market Insights: Spotlight on Homestead

Credit: City of Homestead.   As one of the few areas left in Miami-Dade with an ample amount of vacant land, the Homestead submarket has eclipsed all other submarkets outside of the downtown core for multifamily development this cycle. The Homestead submarket currently has more units underway than any ot
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Posted: August 2, 2018, 8:47 am