Cure-all? Miami doctor buys retail center near Kendall

Cure-all? Miami doctor buys retail center near Kendall

13353 Southwest 42nd (Credit: Realtor)

13353 Southwest 42nd (Credit: Realtor)

Coconut Grove real estate investor Ricardo Carozzi just sold Bird Road Plaza, a retail center near Kendall, for $5.1 million.

A company managed by the Carozzi family sold the 17,488-square-foot property at 13353 Southwest 42nd Street for $291 per square foot, records show. The buyer is KBD 95 LLC, which is managed by Dr. Keila Hoover, a family physician in Miami.

The property was built in 1987 and sits on a 58,040-square-foot lot. The retail center’s tenants include Basic Sound and Tint, a car stereo company; and Bahamas Fish Market.

The Carozzi family bought the property in 2002 for $2.6 million, records show.

Investor interest is growing in southwest Miami-Dade County in places like Kendall, as land prices are pushing people to buy houses in the suburbs.

In 2017, Carozzi bought a boutique condo development site at 1091 Galiano Street and 44 Santillane Avenue in Coral Gables for $2.55 million.

13th Floor scores $22M loan to redevelop golf course in west Delray Beach

13th Floor closed on the 110-acre property last year for $5.4M

Rendering of Avalon Trails and Mike Nunziata of 13th Floor Homes

Rendering of Avalon Trails and Mike Nunziata of 13th Floor Homes

13th Floor Homes closed on a construction loan for a massive redevelopment of a golf course in west Delray Beach.

Property records show that the homebuilding division of 13th Floor Investments received a $21.9 million loan from CIBC Bank for Avalon Trails, a 55-plus age restricted community planned for the shuttered 18-hole Marina Lakes Golf Course.

About a year ago, Marina Lakes LLC, tied to Peter Vitale, sold the 110-acre property at 4800 Cumberland Drive to 13th Floor for $5.4 million.

In all, Avalon Trails will have about 524 residential units, built next to the Villages of Oriole.

The 13th Floor development will include single-family homes, villas and multifamily units with prices ranging from the $300,000s to $500,000s.

Once it’s completed, Avalon Trails will feature clubhouses, resort-style pools, card rooms, gyms, business centers, game areas, tennis and pickleball courts, bocce ball, landscaped walkways, and lakefront park areas. The developers are also incorporating a 2.4-mile eco-fitness trail.

Zoning allowed for up to 1,200 units to be built, but nearby residents, who OK’d the current plan last year, were opposed to high-density development and wanted the project to be age-restricted. The Village of Orioles, which has 3,742 homes, is also restricted to residents who are at least 55 years old.

A number of developers are buying golf courses to convert them into single-family home communities, including Lennar Corp. and Pulte Group.

Last year, Lennar revealed plans for 415 single-family homes and townhomes on the site of the former Crystal Lake Golf Club, marking the homebuilder’s first master-planned community in Deerfield Beach in more than 25 years.

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NBC's Chuck Todd on the Miami Democratic Debate and His Favorite Florida Man Story

NBC's Chuck Todd on the Miami Democratic Debate and His Favorite Florida Man Story

The first debate of the Democratic presidential primary will be held in Miami at the Adrienne Arsht Center. We chatted with NBC moderator—and Miami native—Chuck Todd (who will be j…

UniVista: Cien días fatales

UniVista: Cien días fatales

Entre el Día de Recordación y el Día del Trabajo transcurren cien jornadas fatales para los conductores más jóvenes de nuestro país, por lo que recomendamos a los padres que tomen medidas extremas con sus hijos durante esta temporada de verano. Los adolescentes están de vacaciones y no debemos permitir que la recreación se convierta en tragedia.

Las leyes de California son muy rigurosas en este sentido y por eso queremos que las tengas presente.

En nuestro estado está prohibido que menores de 18 años utilicen dispositivos electrónicos, aunque sea en la modalidad de manos libres, mientras manejan. Tampoco pueden conducir de noche y con otros pasajeros. Bajo ningún concepto pueden ignorar las leyes de tráfico y está terminante prohibido conducir bajo la influencia de alcohol o drogas.

En Univista Insurance ofrecemos ahora seguros muy económicos para jóvenes conductores, no importa si lo están comprando por primera vez. Y los invitamos a manejar con prudencia para que disfruten sus vacaciones de verano y no se conviertan en una víctima más de estos cien días fatales.

Recuerde:

  • Conducir distraído: bajo la ley de California menores de 18 años no tienen permitido usar dispositivos electrónicos, aunque sea por medio del «manos libres». 
  • Conducir de manera imprudente.
  • Usar marihuana u otras drogas.
  • Conducir de noche y con otros pasajeros.
  • Ignorar leyes de tráfico

El problema es que durante esta época los adolescentes pasan más tiempo en las carreteras y las distracciones y su falta de experiencia los ponen en peligro.

www.univistainsurance.com 

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La entrada UniVista: Cien días fatales se publicó primero en Miami Diario.

SoFla luxury real estate now tied to former Odebrecht execs implicated in corruption probe

SoFla luxury real estate now tied to former Odebrecht execs implicated in corruption probe

From left, clockwise: Marquis Miami, the Bath Club, an Odebrecht sign, and Peninsula 2 condos (Credit: Wikipedia)

Three former executives of the Brazilian construction firm Odebrecht or their families were able to purchase condos at the Bath Club in Miami Beach, Peninsula II in Aventura and Marquis Miami in downtown Miami, according to leaked documents.

The documents, shared with the Miami Herald and other publications, show the direct ties between Odebrecht and real estate in Miami, where the company has a major U.S. presence.

Odebrecht S.A. pleaded guilty in December 2016 and agreed to a pay $2.6 billion as part of a corruption settlement with the U.S. Department of Justice and regulators.

The documents show that one of the former executives, Fernando Migliaccio, moved to Miami and said Odebrecht purchased a luxury condominium for him. Property records show the condo is at the Peninsula II high-rise in Aventura. The purchase was made through a British Virgin Islands company, according to the Herald.

Migliaccio was arrested in Switzerland in February 2016 as he was trying to transfer funds and close accounts.

Another executive, Luiz Eduardo da Rocha Soares, who was involved in the corruption scheme, bought a condo at the Marquis building on Biscayne Boulevard, according to the Herald. The unit was also purchased with a British Virgin Islands company and had an assessed value last year of more than $1.1 million.

Yet another troubled Odebrecht executive connected to Miami is the former longtime head of Venezuela operations, Euzenando Azevedo. The Brazilian was a close friend of Hugo Chávez.

The son of Azevedo owns a $1.3 million unit at the Bath Club on Collins Avenue in Miami Beach. It was purchased in 2011, then “sold” in 2013 to a new limited liability company called Azevedo Bath Club LLC, according to the Herald. [Miami Herald]Keith Larsen

The doctor will see you soon: developer scores $36M loan for medical office condos

Office condo and hotel project expected to open in Q1 2020

Rendering of Ivory 214 and Bernardo Rieber

Rendering of Ivory 214 and Bernardo Rieber

UPDATED, June 26, 1:05 p.m.: Rieber Developments closed on a $36 million construction loan for a mixed-use medical office condo and hotel project next to Aventura Hospital.

The Aventura-based firm, led by Bernardo Rieber, secured the financing for Ivory 214 from Miami-based BridgeInvest. Rieber affiliate Shalev Development Group is building the 10-story medical and professional office building, which will include nearly 11,000 square feet of retail space, a 100-room Tapestry Collection by Hilton Hotel and 313 parking spaces.

The project at 2820 Northeast 214th Street is under construction and is expected to be delivered in the first quarter of next year, according to a release. Cervera Real Estate is handling sales of the office condos, where four units remain unsold out of 34. Prices for the remaining units range from $402,600 for a 670-square-foot unit to about $3.4 million for a 6,257-square-foot office suite.

Driftwood Hospitality Management will manage the hotel, with 100 extended-stay rooms with kitchenettes. The hotel will also have a fitness center, pool and cabanas, meeting rooms, a lounge area, restaurant and bar and rooftop terrace.

Rieber Developments also recently launched plans for 1212 Aventura at 21290 Biscayne Boulevard, which will have 30,000 square feet of retail space, 30,000 square feet of office condo space, 150 luxury senior living units and a parking garage. Cervera Real Estate was also tapped to handle sales of 1212 Aventura, where the office condo units start at $329,000.

The developer plans to break ground on 1212 Aventura in December and complete the project in 2021.

Aventura and surrounding neighborhoods are home to a number of medical and professional office properties, in addition to other medical-oriented real estate.

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Univista: Pagas menos por tu seguro

Univista: Pagas menos por tu seguro

Todas las personas no pagan lo mismo por el seguro de sus vehículos, pues hay un importante grupo de factores que inciden en el precio de cada póliza. Algunos de esos factores, como el lugar donde resides, o el tiempo que llevas manejando, no dependen de ti, pero hay otros que sí.

Un especialista me dio hace poco algunos consejos para bajar mi póliza y ahora quiero compartirlos contigo. Ante todo debes cuidar tu historial de manejo, pues un accidente reciente o una infracción de tránsito pueden provocar que aumente tu póliza, que la puedes bajar si la pagas de una sola vez y no con mensualidades, o si aumentas tu deducible.

Otro factor que te puede ayudar es tener alarma antirrobos. También te ahorrará dinero  combinar con la misma compañía el seguro de carro con otros como el de casa o el de vida. También puedes analizar si necesitas o no toda la cobertura que estás pagando, pues si necesitas menos podrías eliminar cobertura y menos pagarás.

Llama hoy mismo a un agente de Univista Insurance para que empieces a pagar menos por tu seguro de carro.

www.univistainsurance.com 

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La entrada Univista: Pagas menos por tu seguro se publicó primero en Miami Diario.

Virtual brokerage eXp hit with trademark suit on heels of NY launch

Virtual brokerage eXp hit with trademark suit on heels of NY launch

eXp Realty CEO Glenn Sanford with eXp Realty and EXP Realty Advisors logos (Credit: iStock)

eXp Realty CEO Glenn Sanford with eXp Realty and EXP Realty Advisors logos (Credit: iStock)

Less than a month after launching in New York City, virtual brokerage eXp Realty is in hot water with a local competitor claiming trademark infringement.

In a lawsuit filed Tuesday, EXP Realty Advisors, a boutique commercial real estate firm in Midtown, accused the newcomer of “false advertising” and “cybersquatting,” after it allegedly registered domain names and social media accounts that are confusingly similar to its own.

EXP Realty Advisors president Robert James

EXP Realty Advisors president Robert James

According to the suit, EXP Realty Advisors has been in business since 2009. Although it never registered with the U.S. Patent and Trademark Office, it’s been using certain “marks” — or logos — to advertise its services for the past decade.

In the complaint, EXP claims eXp was fully aware of this fact. In April, the suit said, an affiliate of the virtual firm named Robert Creamer emailed EXP to ask about acquiring the name “eXp Commercial” since it was planning a foray into commercial brokerage.

Despite EXP’s resistance, the suit said, eXp has “continued their use of confusingly similar marks, and in fact have begun to use such marks in connection with commercial real estate services.” Earlier this month, EXP alleges, a residential agent in New York mistakenly wrote to the commercial brokerage asking join its ranks.

Founded in 2009 by CEO Glenn Sanford, eXp is one of the fastest-growing residential brands in the U.S. It had 15,570 agents at the end of 2018, up from 2,401 in 2016. It’s since surpassed 18,000 agents.

The Bellingham, Wash.-based firm launched in New York City this month, after hosting info sessions for agents at the Park Lane Hotel in April.

Kim Canvan is eXp’s managing broker for New York; Matt Parrella is heading eXp’s New York City operation.

In the suit, EXP said it was seeking damages, to be determined at a jury trial. It also asked the court to have eXp destroy all labels, brochures and social media posts that are confusing, and cancel its websites or transfer them to EXP.

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Mortgage bond abandoned after the financial crisis reemerges

Cerberus Capital Management CEO Steve Feinberg (Credit: iStock)

Cerberus Capital Management CEO Steve Feinberg (Credit: iStock)

A mortgage bond that fell out of favor after the financial crisis has been issued by a New York private equity firm; one of a series of unconventional structures to emerge in the past year.

A unit of Cerberus Capital Management LP issued bonds last week that were backed completely by home-equity lines of credit, The Wall Street Journal reported.

Financial products that culled together arcane pieces of the mortgage market have become less common in the decade since the collapse of the housing market, when entities backed by the federal government propped up the mortgage market. But some of the products have slowly started to come back in favor.

“We are starting to have a lot more creative issuance around mortgage credit,” Neil Aggarwal, Semper Capital Management’s head of trading and deputy chief investment officer, told the Journal. “I wouldn’t be surprised if there’s more to follow after this transaction.”

Cerberus Capital’s issuance, valued at $174 million, received a triple-A rating from Fitch Ratings and three other agencies.

Home-equity lines allow borrowers to pull cash out of their properties as needed. When the financial crisis hit and housing prices fell, many owners who had been drawing from equity generated by rising prices ended up owing more than their properties were worth.

While issuers were reportedly cautious about new mortgage bonds, there had been a recent shift toward bringing certain structures back, the Journal reported, including mortgages issued for people with hard-to-trace incomes. [WSJ]Sylvia Varnham O’Regan