NEWS

In its latest project for Foundry Commercial, Miller Construction Company is underway with two new Class A industrial buildings totaling 318,043 square feet at the Miami Central Commons business park in Doral. Purchased by Foundry Commercial in 2017, the business park at 2301 NW 107 Avenue was previously known as Miami Free Zone. The park has two existing buildings. Miller’s $20.6 million tilt-wall construction project is creating 155,350 square feet of showroom space with Building 1 and 162,693 square feet of industrial…

With manufacturing on the decline, developers are increasingly turning old industrial buildings into distribution centers to meet growing demand for warehouse space. According to a report by Newmark Knight Frank, e-commerce is driving demand for industrial properties that can be repositioned into or demolished to make way for distribution centers. In the past decade, the U.S. has lost roughly 640,000 manufacturing jobs, according to the Bureau of Labor Statistics. Thomas Hanna, president of Harvey Hanna…

While not everyone may agree with the policies of President Trump, the fact of the matter is that the United States economy seems to be performing well. In fact, recent figures highlighted the fact that the jobless rate is now at a 49-year low of only 3.9 percent. While this is great news for the economy as a whole, we still need to keep in mind that many Florida-based small businesses are facing a number of challenges….

MIAMI, FL – October 3, 2018 – Lee & Associates Miami, one of the largest privately owned national real estate firms that has recently expanded into South Florida, has just announced their latest addition of veteran broker Victor Pastor as Senior Vice President of Retail Investment Sales. “We are very excited to have Victor’s wealth of knowledge and experience in the office, and we are confident his client’s will be thrilled with the culture of…

Real estate economists continue to have a generally bullish outlook for the U.S. economy, capital markets, and real estate fundamentals. Overall, expectations have improved since the prior forecast in March 2018, and the strong second-quarter gross domestic product (GDP) growth rate of 4.2 percent was fresh in forecasters’ minds as they weighed in on future years. Based on this forecast, the U.S. economy will easily surpass the current record for length of expansion (120 months)…

TA Realty just paid $92.25 million for a ten-parcel industrial portfolio in Medley and Hialeah Gardens. Miami-based commercial real estate firm Cofe Properties sold the nearly 932,500-square-foot portfolio. Property records show Cofe bought the assemblage in 2013 for $48.3 million. South Florida’s industrial market remains strong, and Hialeah is among the top-performing submarkets. According to a recent CBREreport, about half of all industrial transactions in Miami-Dade County in the second quarter took place in Hialeah. Cofe and TA Realty have bought and sold from each other before. In January, TA Realty sold 41 warehouses totaling roughly 376,000 square feet…

Local governments around the country are doing what few investors will — buying up dead or underperforming mall properties for redevelopment. Towns and cities are scooping up the beleaguered malls with the hopes of redeveloping or repurposing them for the community, according to the Wall Street Journal. The acquisitions are often made through land banks at bargain prices because no other investor is willing to take the risk. In Springfield, Ohio, the Clark County land…

More changes are coming to downtown South Miami. Edgewater Capital Investments just entered the development business with a $1.8 million purchase of vacant land at 7435 Southwest 61st Avenue, where the firm is planning to build a mixed-use project. Manny Mato, a principal at Edgewater Capital, said the firm wants to develop a four-story building that will be equipped with apartments, office space and retail on its ground floor. Prior to the purchase, Edgewater Capital…

While banks struggle with financial regulations, non-conventional lenders are taking a bite out of market share. Nonbanks originated nearly $60 billion last year, a 40 percent increase from 2014, the Wall Street Journal reported, citing data from Green Street Advisors. Now, those lenders account for 10 percent of market share, up from 2 percent in 2014. Private equity firms, pension funds and government funds are delving into higher-risk lending including construction and bridge loans, while…