Swire Properties Inc, one of South Florida’s leading international developers of real estate, today announced the acquisition of 700 Brickell Avenue, a property long occupied by the Florida headquarters of Northern Trust Bank.
Ten-Story building Concorde Centre II has been sold for an unspecified amount and is being renamed Aventura View.
Investor Sells 106,000-SF Office Tower
A joint venture has acquired the Concorde Centre II office building in Aventura for an undisclosed amount.
In a JV, Steelbridge Capital and a real estate investment fund managed and advised by affiliates of Apollo Global Real Estate Management have acquired Concorde Centre II, the largest office purchase in Aventura, Fla. this year.
MIAMI-Concorde Centre II, a 10-story, 106,500-square foot office building in Aventura, has traded.
Steelbridge Capital, a value focused real estate investor based in Miami, and a real estate investment fund managed and advised by affiliates of Apollo Global Real Estate Management, L.P., today announced the joint venture, off-market acquisition of Concorde Centre II, a ten-story, 106,500 square foot office building in Aventura.
In South Florida’s most expensive office sale of 2010, a downtown Miami building that houses the Adrienne Arsht Center for the Performing Arts Foundation and trust has been sold for $31.52 million.
Shops at Sunset Place in South Miami appears to have everything going for it: It’s 90 percent leased, it easily covers the debt service on its $76.6 million mortgage and its last appraisal valued it significantly above its loan.
Weak fundamentals and a gap between buyer and seller expectations are among the factors that are likely to keep Miami’s office towers off the market for the foreseeable future.
The Biscayne Corridor, never a thriving office market, continues to struggle to find its niche.
Indiana developer Mark Siffin’s plan to move ahead with the $230 million purchase of 10 acres near the Miami Herald headquarters sounds like a project from 2006-when downtown Miami land sold at top dollar and banks handed out loans like promotional pens.
With a new 27,000 square-foot lease in hand, the Omni Offices is more than half full.
North Miami’s defunct Biscayne Landing commercial project could be reborn soon as a winter-themed recreation center inside a manmade mountain and a tennis facility.
Wells Fargo Bank is auctioning off the mezzanine loan of the entity that owns the Landmark Las Olas Centre office complex in downtown Fort Lauderdale.
More special services will bring loans to auction after Jones Lang LaSalle and Real Estate Disposition Corp. recently sold 35 small-balance commercial loans that way.
LNR Property Corp. plans to offer $1 billion in small-balance commercial mortgage-based securities (CMBS) loans, and Miami-based commercial investment house Steelbridge Capital is among the interested buyers.
A Miramar office building that houses a division of the Federal Aviation Administration has been sold for more than $24 million.
The notion of costly deleveraging and growing numbers of distressed properties make for a grim outlook for access to capital for South Florida commercial deals in 2010.
The bleak outlook for Miami’s commercial real estate market is not confined to the downtown core. Even in the formerly robust Airport West submarket, marquee projects like One Park Doral are flagging.
Facing a $45 million budget shortfall, the city of Miami is considering selling off real estate in a market that heavily favors bargain-hunting buyers.
Defaults of South Florida properties covered by commercial mortgage-backed securities (CMBS) accelerated in the fourth quarter as aggressive loans made during the boom years went sour.
A developer and a media giant are caught in a waiting game. Who’ll be declared a winner-if there is to be one-will depend on how quickly the real estate market rebounds.
DeVry University and Royal Caribbean Cruises have a new landlord after a New Jersey investor paid $43 million for two buildings in Miramar.
Casting aside an unexpected wave of initial public offerings and new real estate funds, watch pension fund advisors U.S. Realty Advisors, Urdang & Associates Real Estate Advisors, United Trust Fund and Sentinel Real Estate Corp. to jump into acquisitions mode.
If real estate watchers think Flagler’s recent $460 million deal signals an immediate resurrection of the commercial mortgage-backed securities (CMBS) market, they will likely be disappointed, experts say.
Shortly after Bacardi U.S.A. moved its headquarters into a Coral Gables office tower, one of the world’s richest men picked up the building for more than $120 million.
Steelbridge Capital is planning a $250-500 million opportunity separate account venture to target acquisitions in Florida.
Did you ever play kick the can when you were a kid? If you didn’t, don’t worry; real estate bankers and commercial real estate owners have a chance to play it again.
When Gustaf Arnoldsson began courting potential investors to form a real estate investment fund , he felt like a high school student worried about arriving late to the dance.
With very few sales of any class commercial real estate consummated this year, brokers say it’s tough to get a fix on current values.
MIAMI-South Florida commercial real estate investors are tired of sitting around waiting for sellers and bankers to get in gear.
South Florida commercial real estate investors are tires of sitting around waiting for sellers and buyers to get in gear.
The commercial lending crisis has caught up with Las Olas Centre, one of downtown Fort Lauderdale’s marquis office properties-which set a record at the height of the real estate boom as the priciest in South Florida.
Office brokers experienced in the South Florida scene say there are some signs the market is nearing the bottom, but that should not be confused with recovery.
The commercial real estate market in South Florida, already stung by a slew of economic factors that first battered the residential market, faces a long road to recovery.
Institutions that own commercial real estate prefer to outsource property management, local brokers say, and are expecting companies in trimming expenses.
Investors remain on the sidelines waiting for the gap between bids and asking prices on commercial properties to narrow.
MAITLAND–The for-sale sign is up at the Maitland Colonnades but local real estate experts don’t expect it to stay up for long.
MIAMI-A joint venture of locally based Steelbridge Capital LLC and Wilton, CT-based Commonfund Realty Inc. has acquired the 80,000-sf Office in the Grove at 2699 South Bayshore Dr.
New York-based Tishman Speyer bought the Courvoisier Centre office complex on Miami’s Brickell Key for about $130 million in its first Florida investment, sources said on condition of anonymity.
SOUTHSIDE– Florida Office Property Co. has invested in office space in major cities all over the state, but Jacksonville is no longer one of them.
While the residential real estate market suffered in 2006, commercial property surged in comparison.
With the sale of Doral Corporate Center, Florida Office Property Co. has nearly finished divesting its South Florida properties.
The only office complex on Miami’s Brickell Key has been put up for sale for the first time.
Almost nine years ago, Gavin Campbell gambled big on a potentially risky deal.