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…
Towns And Cities Want In On Mall Redevelopment Game
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…
Investors Buy Land In Downtown South Miami, Plan Mixed-Use Project
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…
Nonbanks Eat Up Lending Market Share With 40% Increase In Loan Origination
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…
Miami Ranks 6 In America For Most Liveable, And What Makes The City Unique
The Economist Intelligence Unit released their annual The Global Liveability Index ranking last week, with 140 cities in America measured. Of the cities in America that were ranked, Miami was tied for sixth place with Chicago. Honolulu, Pittsburgh, Washington D.C., Minneapolis and Boston ranked ahead, while Seattle, San Francisco and Atlanta ranked lower. Miami’s overall rating was 89.8. The economist gave the city an 80.0 rating for stability, 91.7 for healthcare, 91.7 for culture and environment, 100 for education,…
Allapattah: Miami’s Next Hot Neighborhood
Located next to Wynwood and about five miles from the Miami International Airport. the home values of the roughly fIve-square-mile Allapattah neighborhood rose 25% in the past year.
Miami Takes Steps To Become A Truly International City
Johanna and Juha Mikkola personify Miami’s emerging economy: entrepreneurial, creative and shaped by cultures ranging from the Americas and the Caribbean, to Europe and Asia. In less than five years, the Finnish couple has scaled up their tech education business with a little help from some new friends. They’ve completed a first capital raise – $1 million from Academic Work, a global Swedish staffing company with just a handful of U.S. partners. The Swedes chose Wyncode, the Mikkolas’ company; they…
The Future Of Miami Real Estate Is In Its Adaptability
Miami real estate is an extraordinarily resilient investment, whether for personal or business reasons, due to the city’s ability to adapt. With a growing population of approximately half a million people, the city has repeatedly demonstrated its capacity to manage the natural needs of its residents and visitors, such as housing, banking, restaurants, etc. Miami has a magnificent ability to quickly absorb large groups of people, re-purpose commercial and residential real estate, add cultural events…
Miami-Dade Says It Has $8 Billion To Spend On New Transit Projects
In a few weeks, Miami-Dade plans to sit down with transit companies from around the world to start some tantalizing discussions: How might you spend nearly $8 billion on new projects? Ahead of meetings in late July with a Spanish company helping build a rail system in Brazil, an Australian investment firm specializing in infrastructure projects and at least a dozen other companies, Miami-Dade published financial projections for tax dollars available for projects through 2057….