Warehousing CEO pays $8M for waterfront Fort Lauderdale house

John Moran Jr. and 5 Isla Bahia Terrace, Fort Lauderdale

John Moran Jr. and 5 Isla Bahia Terrace, Fort Lauderdale

The CEO of a warehousing, logistics and transportation company bought a waterfront house in Fort Lauderdale’s Harbor Beach neighborhood for $7.5 million, The Real Deal has learned.

John Moran Jr., of Watsontown, Pennsylvania-based Moran Logistics, bought the 7,000-square-foot house at 5 Isla Bahia Terrace, which is on almost an acre of land, according to Sheryl Hodor of Compass Florida.

Sheryl Hodor and Troy Hotchkiss

Sheryl Hodor and Troy Hotchkiss

Hodor and her partner, Troy Hotchkiss, of the Hodor Hotchkiss Team, represented both the buyer and the sellers.

The sellers are Dr. Neil J. Principe and his wife, Aldona. Principe bought the land in 1992 for $1 million. The house was custom-built two years later, according to records.

It was listed for $8.9 million in October 2019, according to the listing.

The two-story house features a three-car garage, six bedrooms, eight full bathrooms and two half baths. It has 190 feet of water frontage.

Moran Logistics operates 5 million square feet of storage space in Pennsylvania, according to its website.

Moran made headlines in August when he joined others in stepping down from the controversial We Build the Wall organization that received a federal indictment charge alongside Steve Bannon, the former campaign manager for President Donald Trump, PennLive reported. Moran resigned after the indictment was announced. He was not indicted and held a ceremonial position in the organization, according to PennLive.

Recent home sales in Fort Lauderdale’s Harbor Beach include a $10.9 million and separate $7.8 million sale within one week in February.

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties

100 Las Olas & Pietro Belmonte, Marc Brandt, Gigi Giusti

100 Las Olas & Pietro Belmonte, Marc Brandt, Gigi Giusti

Douglas Elliman was hired to take over sales of 100 Las Olas, a luxury mixed-use condo tower in downtown Fort Lauderdale.

Elliman agents Pietro Belmonte, Marc Brandt, Cari Cascio and Gigi Giusti will lead sales of the project at 100 East Las Olas Boulevard, according to a press release.

OneWorld Properties, led by CEO Peggy Olin, previously handled sales and marketing of the Fort Lauderdale development. The high-rise is about 50 percent sold.

Kolter Urban, led by Bob Vail, developed the 46-story, mixed-use tower. It was completed in March, just as the pandemic began to shut business down in South Florida.

Olin wished the new sales team “the best of luck” in a statement provided to The Real Deal.

The 113 residential units range from two to four bedrooms and start in the $900,000s. They range from 1,811 square feet to 5,281 square feet.

The condo component starts on the 16th floor, above the 238-room Hyatt Centric. Amenities for residents include a rooftop pool deck with cabanas, a club lounge with an outdoor plaza, and a fitness center.

Dev Motwani nabs loan for Fort Lauderdale project

Dev Motwani, Johnny Allison, and 2401 West Broward Boulevard (Credit: Google Maps)

Dev Motwani, Johnny Allison, and 2401 West Broward Boulevard (Credit: Google Maps)

A company managed by Dev Motwani’s Merrimac Ventures and Hernandez Construction scored a $10.4 million loan for a self-storage and retail project in Fort Lauderdale.

Riverbend Storage Property LLC secured the loan from Centennial Bank for the four-story mixed-use self-storage facility at 2401 West Broward Boulevard. It will feature 110,698 square feet of leasable self-storage space and about 5,168 square feet of total retail on the ground floor.

Riverbend Storage Property LLC purchased the property in March 2019 for $2.5 million, records show. The building is planned to be completed at the end of 2020, according to a listing on LoopNet.

The project is across from a new Super Walmart, as well as Planet Fitness and Marshalls, and is just west of I-95.

Partners in Fort Lauderdale-based Merrimac Ventures are involved in over $3 billion of projects, including the Four Seasons Hotel and Private Residences Fort Lauderdale, The Gale Boutique Hotel and Residences, Paramount Fort Lauderdale Beach, Broadstone Oceanside in Pompano Beach and the Flagler Village Hotel, according to its website.

In April 2019, Motwani won city approval to build a 34-story, 246-unit apartment building in Fort Lauderdale that will target older tenants.

Centennial Bank is a regional bank based in Conway, Arkansas, that has become one of the more active construction lenders in South Florida. The bank is a lender to developer Moishe Mana, who is seeking to redevelop downtown Miami’s historic Flagler Street area.

Griffin gets biggest tax bill in Palm Beach, late billionaire’s islands hit the market for $30M

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

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Hedge fund manager Ken Griffin is facing a $5.37 million property tax bill for 2019, the biggest in Palm Beach. Like property owners throughout Florida, Griffin received his bill in November. Griffin is one of nearly 60 property owners on the island who are billed at least $500,000 in property taxes, according to the Palm Beach Daily News. In Palm Beach, taxable values for residential properties rose to $17.32 billion, a 5.37 percent year-over-year increase. [TRD

A group of private islands in the Bahamas that hosted President Richard Nixon will hit the market for nearly $30 million. The nine islands were owned by the late billionaire Chris Cline, who died in a helicopter crash in July on his way off the property. Cline’s estate is selling the Bahamian compound, which is made up of 277 acres in the Abaco Islands, the Wall Street Journal reported. [TRD

Rent freeze in Berlin ends calls for expropriation, but may spark disinvestment. Deutsche Wohnen CFO Philip Grosse said in an interview with Bloomberg that the firm is holding off on construction in Berlin, and instead will look to other cities to make new investments. The company said earlier this month that limits on raising rents and potential mandated rent cuts put cash flow at risk. [TRD

Glenn Straub loses appeal on Palm House sale. Creditors of the Palm Beach condo-hotel project that was once at the center of South Florida’s largest EB-5 fraud case may be one step closer to getting paid. A federal appeals court denied an appeal by Wellington developer Glenn Straub to overturn the sale of the Palm House Hotel, according to the Palm Beach Daily News. [TRD

Disgraced casino mogul Steve Wynn to pay $20M to settle shareholder suit. The damages that Wynn will pay, with an additional $21 million from insurance carriers for Wynn Resorts employees, must be approved by a Las Vegas judge, according to the Los Angeles Times. Wynn has repeatedly denied any wrongdoing in connection with the allegations of sexual abuse. [TRD]

FEMA aid slow to reach Puerto Rico, Virgin Islands. Of more than 9,000 requests to fund long-term recovery projects in Puerto Rico, the Federal Emergency Management Agency has only funded 190. And in the Virgin Islands, only 218 such projects of more than 1,500 requests have received funding, according to the New York Times. [TRD

Millennials in search of more affordable digs are heading west, swapping Brooklyn for Boulder. And institutional investors are taking the hint. Apartment building rental income nearly doubled between 2004 and 2018 in the eight Mountain States, according to a report from Trepp that examined properties in eight states, as cited in the Wall Street Journal. [TRD]

Tiger Woods’ ex-wife Elin Nordegren relisted her North Palm Beach estate for $44.5 million. The former model first listed the 11-bedroom, 18-bathroom mansion last year for $49.5 million, according to the L.A. Times. Nordegren married Woods in 2004 and the couple got divorced in 2010, at which point she received a settlement of $100 million. [LAT]

CVS will demolish a Wellington store after it was deemed an unsafe structure. The pharmacy chain will keep the foundation, submit new permit applications to Wellington, and rebuild the store at 11936 Forest Hill Boulevard, according to the Palm Beach Post. A village building official said there “so many errors in this building” including builder errors, incorrect materials, issues with the roof system and the manufacturer. [Palm Beach Post]

From left: Joseph P. Thomas and Scott Havericak, with 3001 N. Federal Highway (Credit: Google Maps)

From left: Joseph P. Thomas and Scott Havericak, with 3001 N. Federal Highway (Credit: Google Maps)

The site of a bankrupt hotel in Fort Lauderdale sold for $10 million. Fort Lauderdale investor Michael Daniel bought the 102,000-square-foot property at 3001 North Federal Highway for $98 per square foot. The property is occupied by a vacant, 105-room, 45,432-square-foot former Ramada Inn. [TRD]

Compiled by Katherine Kallergis

Construction worker killed in Hallandale electrocution, developer under contract for site near Fort Lauderdale Brightline

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 9 a.m.

A construction worker was electrocuted at a construction site in Hallandale Beach. The accident happened near the Big Easy Casino. The worker, who has not been identified, later died at Aventura Hospital. [NBC 6 Miami]

Fort Lauderdale building

Fort Lauderdale building

A company tied to developer John K. Reilly is under contract to purchase a site in Fort Lauderdale near the Brightline station. Richard Mercedes is selling the 21,000-square-foot site, which includes a restored 5,000-square-foot building, at 199 Northwest Fifth Avenue. The buyer is Station Village LLC. Amanda and Chelsea Mercedes with Mercedes Real Estate listed the property for $4 million. The developer is planning multifamily on the site.

The U.S. Securities and Exchange Commission has launched an inquiry into WeWork to determine if the company violated reporting rules ahead of its doomed planned public offering. Citing two unnamed sources, Bloomberg reported that SEC investigators are scrutinizing disclosures made to investors while the company embarked on aggressive fundraising efforts and completed transactions that posed potential conflicts of interest. [TRD]

Jorge Pérez, president and CEO of Related Group, will give up some control to his son, Jon Paul Pérez, in 2020. Jon Paul was promoted to executive vice president over the summer. Matthew Allen, executive vice president and COO of Related Group, said it’s part of a succession plan that’s been in place “since day one.” [TRD]

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site. The son of Blockbuster video billionaire Wayne Huizenga successfully lobbied then-Gov. Scott to include the site of his $100 million West Palm Beach development into an Opportunity Zone, according to a ProPublica investigation. [TRD]

WeWork bonds fell thanks to anxieties over a delayed payment. A $3 billion portion of SoftBank’s $9.5 billion rescue package for the beleaguered co-working startup was supposed to arrive last Wednesday. The startup’s junk bonds fell and risk value shot up after TRD reported the news of the delay Thursday. [Reuters]

The AIDS Healthcare Foundation wants the city of Fort Lauderdale to approve apartment buildings based on city code, not on the income level of residents or areas where a project is located. The foundation wants voters to pass an initiative that would prevent the city from denying proposals based on income or location, according to the Sun Sentinel. Foundation officials are alleging their proposal to build a 15-story tower for low-income residents is being opposed by the city because nearby residents in a more affluent neighborhood don’t want it. But the city said the project isn’t allowed because it qualifies as a social service residential facility. [Sun Sentinel]

Bill Cunningham, the Corcoran Group’s president of sales, is leaving the firm. The move is part of a broader shakeup that will also see Gary Malin, president of sister firm Citi Habitats, add the role of COO of Corcoran to his responsibilities. In an email to agents Thursday, Corcoran CEO Pam Liebman said Cunningham’s departure is one of several changes underway at the company, which is a subsidiary of publicly traded Realogy. [TRD]

Avra Jain and a rendering of 225 NE 34th Street

Avra Jain and a rendering of 225 NE 34th Street

Avra Jain is planning to build a 15-story office building with $33M in Opportunity Zone money. Jain’s Vagabond Group Consulting LLC partnered with Los Gatos, California-based Bauen Capital to create an Opportunity Zone Fund. The office building, at 225 Northeast 34th Street, will be built on top of an eight-story parking deck and will have a large green space. It will be combined with an existing 47,000-square-foot building that includes Anatomy Gym. [TRD]

Compiled by Katherine Kallergis

Carl DeSantis buys Delray office building, Faena lists Miami Beach home: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6 p.m.

Investor and hot sauce maker Carl DeSantis closed on an office building in Delray Beach. CDS Investments, led by Carl DeSantis and William Milmoe, paid $3.1 million for the 10,000-square-foot building at 401 West Linton Boulevard, according to brokers William Cunningham and Christopher McInnis of Park View Realty. They represented the buyer, while Marcus & Millichap represented the seller, Callisto Realty LLC. DeSantis, a real estate investor, co-created Tabanero hot sauce. 

Argentinian developer Alan Faena is looking to sell his waterfront Miami Beach estate. Faena is putting the 8,300-square-foot, nine-bedroom mansion on the market for $16.5 million. He paid $10.3 million for the 1-acre property at 4731 Pine Tree Drive in 2014. It features a master suite with a custom walk-in closet designed by Faena, a master bathroom with a Louis XV mirror, original 19th century Spanish chandeliers and hand-painted ceilings. [TRD

Adam Neumann accused of pregnancy discrimination. A complaint filed by Medina Bardhi with New York’s Equal Employment Opportunity Commission accuses the former WeWork CEO of demoting her twice after she revealed she was pregnant, and referring to her maternity leave as “retirement.” [NYT


Robert Reffkin paid pocket change for a stake in what’s now a $6.4 billion company. The Compass chief paid $335.50 for his stake in Urban Compass in 2012. That and more came to light from evidence in a case brought by Avi Dorfman, who is suing to be recognized as a Compass co-founder. [TRD]

Barneys has been reduced to rubble. Barneys will been sold to Authentic Brands Group and B. Riley for about $270 million. The deal, approved by Judge Cecilia Morris in bankruptcy court Thursday morning, means that ABG, a brand merchandiser, will own the luxury department store’s intellectual property. It also will allow the new owner to partner with rival department store Saks Fifth Avenue to use Barneys’ name in its stores. [TRD

A co-founder of Robbins Property Associates bought a home in Boca Raton’s Royal Palm Yacht and Country Club for $5.5 million. Mitchell Robbins purchased the 7,997-square-foot house at 461 South Maya Palm Drive for $687 per square foot, records show. [TRD

Jho Low to give up millions in assets in 1MDB scandal. The fugitive financier has given up his claim to assets including luxury apartments, jets, yachts and artwork that prosecutors claim he bought with stolen money. [TRD]

Developer Ugo Colombo completed Brickell Flatiron, a 64-story, 527-unit tower. Colombo’s CMC Group received its temporary certificate of occupancy for the 736-foot-high skyscraper, which means that closings are set to begin immediately, said Vanessa Grout, president of CMC Real Estate. The building at 1000 Brickell Plaza is about 95 percent sold. [TRD

Here’s how to sell a haunted listing. The onus is on the agent to broach the issue with prospective buyers, and Keller Williams’ James Gibbs said it can be “ridiculously hard” to move haunted properties. Gibbs and Compass’ Micha Hendel talk through their tactics at two haunted New York City homes. [TRD

Prologis CEO says the logistics business has legs for up to another 30 years. In an interview with Bloomberg, Hamid Moghadam also detailed the company’s expansion strategy. After purchasing Liberty Property Trust for $9.7 billion this month, the company added 107 million square feet of space to its portfolio. [Bloomberg

Bill Ackman says WeWork’s worth is “zero.” The hedge fund manager said at a conference that WeWork “has a pretty high probability of being a zero for the equity, as well as for the debt,” adding that SoftBank should have “walked away.” [CNBC

Meet the lawyer behind Adam Neumann’s $1.7 billion exit package. Corporate attorney Bob Schumer — brother of U.S. Sen. Chuck Schumer — proved an unlikely ally for founder and former CEO Neumann after the company’s failed IPO bid, helping him to secure the generous package as the company plans to lay off thousands of employees. [BI]

Silver Airlines signed a new lease for its new headquarters. The airline leased 29,438 square feet at 1100 Lee Wagner Boulevard in Fort Lauderdale, according to a press release. CBRE’s Larry Genet, Tom O’Loughlin, Ana Rivera and Jake Zebede represented the building’s owner, Avid Asset Management. Pete Garcia and Rudford Hamon of Binswanger Gateway Partnership represented the tenant.

Miami Beach investor buys retail building in Surfside. A partnership between Imperium Capital and RWN Real Estate Partners sold the 2,000-square-foot building at 9569 to 9571 Harding Avenue for $2.5 million to a company managed by investor Joseph Cohen, records show. Drew A. Kristol and Kirk D. Olson of Marcus & Millichap brokered both sides of the deal. Tenants include an AT&T vendor and an ice cream shop.

United Real Estate merged with Charles Rutenberg Realty in Florida, adding 1,000 agents to the Dallas-based brokerage. United, led by president Rick Haase, said the merger brings its total agent count to 8,000 across 40 states. Charles Rutenberg Realty, with one office in Fort Lauderdale, will keep its name. [TRD]

On the corner of South Federal Highway and Lindell Boulevard, Walgreens is no longer its own landlord. Walgreens sold the 14,362-square-foot Deerfield Beach store at 3200 South Federal Highway for $6.54 million. The buyer is WBA FL 001 LLC, a Delaware company that is tied to Oak Street Real Estate Capital of Chicago. [TRD]

Compiled by Katherine Kallergis

Miami Beach OKs hotel development on Lincoln Road, Bank OZK’s construction lending is up: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6:30 p.m.

Miami Beach commission approves hotel development on Lincoln Road. The city commission gave the green light for hotels on the north side of the popular retail street from Pennsylvania and Lenox avenues. The hotels would have to be set back at least 75 feet from Lincoln Road. Sites of at least 30,000 square feet could be developed into hotels with at least 100 rooms. [SFBJ]

Bank OZK’s construction lending is up. The Arkansas-based bank reported that its third quarter construction loan portfolio grew to $6.68 billion from $6.49 billion a year earlier. It originated $2 billion in loans during the latest quarter. The bank has more than $23 billion in assets and is one of the most active construction lenders in New York, Chicago, Los Angeles and Miami. [TRD]

A joint venture between BentallGreenOak and Bridge Development Partners bought most of a mixed-use business park next to the Opa-locka Executive Airport for $126 million. The group purchased 948,000 square feet of space, with an additional 1 million square feet of industrial and aviation-related development rights on 47 acres at the AVE Aviation & Commerce Center. [TRD]

Miramar-based Spirit Airlines will consolidate its headquarters and other facilities in Broward County at a new $250 million campus in Dania Beach. Spirit’s project at the Dania Pointe mixed-use development, just south of Fort Lauderdale-Hollywood International Airport, will span up to 500,000 square feet. It will include corporate offices and a crew-training facility equipped with flight simulators. [TRD]

WeWork’s valuation might drop to $8 billion. That’s if it takes a lifeline from SoftBank. The figure is dramatically lower than the $47 billion valuation set earlier this year by the Japanese conglomerate, which has already sunk $10 billion into the company. [TRD]

Developer Glenn Straub sold a chunk of the Palm Beach Polo and Country Club property in Wellington for $16 million. The buyer is Scott Swerdlin, one of the top equine veterinarians in Wellington. Straub’s company provided $16 million in seller financing. [TRD]

Adam Kimmel is the sixth executive to resign from WeWork in the last month. Kimmel joined the company in 2017 as chief creative officer after a career in fashion, and designed the WeWork San Francisco office. The company is considering laying off as many as 2,000 people in the coming weeks. [Bloomberg]

Donald Trump (Credit: Getty Images)

Donald Trump (Credit: Getty Images)

President Trump will host the G-7 summit at Trump National Doral. His acting chief of staff, Mick Mulvaney, said Trump has “pretty much made it very clear since he got here that he doesn’t profit from being here” and that the hotel would host the conference “at cost,” the New York Times reported. The decision drew criticism about whether it was a conflict of interest to choose one of his own properties. A recent report by the Washington Post found that overall revenue at the golf resort is down since 2015 and net operating income declined by 69 percent from 2015 to 2017.  [NYT]

The Florida Panthers’ nonprofit will pay for a $45M renovation of the War Memorial Auditorium in Fort Lauderdale. The city of Fort Lauderdale owns the building, which was built in 1950, and is contributing an $800,000 grant for the project. It’s also leasing the 7-acre property for $1 a year for the next 50 years. [Sun Sentinel]

From left: E.B. Solomont, Ron Shuffield, Mike Pappas, Oren Alexander and Phil Gutman

From left: E.B. Solomont, Ron Shuffield, Mike Pappas, Oren Alexander and Phil Gutman

Unrealistic pricing is bogging down Miami’s luxury condo market. Douglas Elliman agent Oren Alexander; Phil Gutman, president of Brown Harris Stevens Miami; Mike Pappas, president of the Keyes Company; and Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty, said that sellers overpricing properties is contributing to the slow market, during a panel discussion about “Bucking the Buyer’s Market” at The Real Deal’s 2019 Real Estate Showcase & Forum on Thursday. [TRD]

Compiled by Katherine Kallergis

Rise in climate-related home buyouts could worsen housing inequality, Eurostars parent buys historic downtown Miami property: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:00 p.m.

The federal government will likely buy more homes as climate change intensifies. That move is expected to exacerbate housing inequality because wealthier counties can afford to arrange more government buyouts of homes in those affected areas, according to a study the Miami Herald reported on. “There is a real potential for our responses in a changing climate to make the fat cats fatter, so to speak, and to be to the detriment of our marginalized front line communities,” a co-author of the study said. [Miami Herald]

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

From left: Stambul’s Daniel Peña, Hotusa Group’s Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Stambul sold the Langford hotel in downtown Miami to the parent company of its operator, Eurostars Hotels. Hotusa, a hospitality conglomerate based in Barcelona, paid $37 million for the 126-key hotel. Stambul spent over two years restoring the historic bank building and adding onto the property. [TRD]

An oceanfront estate on Billionaires’ Row in Golden Beach sold at a hefty discount. Sheldon Schlesinger, a noted Fort Lauderdale attorney; and Barbara Schlesinger, a philanthropist and socialite — who both died in recent years — were the owners. It sold for $19 million to a hidden buyer, 55 percent off the original asking price of $42.5 million. [TRD]

President Trump faces another hurdle in shielding tax returns. A federal judge in Manhattan rejected the president’s defense that he is immune from criminal investigation. Prosecutors are seeking eight years of tax returns for an investigation into alleged hush money. [NYT]

Bob Sheetz and 133 West Coconut Palm Road

Bob Sheetz and 133 West Coconut Palm Road

Sheetz convenience store founder Robert Sheetz is now flipping luxury homes in Boca Raton. Sheetz sold a waterfront estate at 133 West Coconut Palm Road in the Royal Palm Yacht & Country Club for $11.45 million to the Trust of 133 West Coconut Trust. [TRD]

Amazon is getting into home entry. The retail giant invested an undisclosed sum in SmartRent, a two-year-old startup that provides keyless entry and other automation devices to owners of multifamily properties. The firm raised $32 million in June. [CO]

FDOT’s chief engineer said the street under FIU’s pedestrian bridge that collapsed in 2018 should have been closed while crews worked to repair the structure. Southwest Eighth Street should have been “completely closed to traffic if the contractor was undertaking activities that posed a risk to the public,“ engineer Will Watts wrote, according to the Miami Herald. The collapse in March 2018 killed six people. [Miami Herald]

Palm Beach Gardens approves $43 million recreation facility to be built as a public-private partnership with the Palm Beach North Athletic Foundation. The 200,000-square-foot project would include ice rinks, rock-climbing, basketball, hockey, curling and indoor golf, among other activities. The county will also have to approve the agreement because it owns the land where the rec center will be built. [Palm Beach Post]

The Riverwalk on the Tarpon River

The Riverwalk on the Tarpon River

Developers are “going SOLO” and betting on neighborhood South of Las Olas Boulevard. A surge of apartment development in downtown Fort Lauderdale is starting to spread south of Las Olas Boulevard, the southern border of the city’s central business district along the Tarpon River. [TRD]

Compiled by Katherine Kallergis

Jeffrey Soffer taps ex-Turnberry CEO to lead resi division, PMG and Greybrook big loan for co-living tower: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:30 p.m.

James Harpel and The Bristol in West Palm Beach

James Harpel and The Bristol in West Palm Beach

Edgewater developer snagged a condo at The Bristol in West Palm Beach. James Harpel, who is a partner at Eastview Development, bought unit 1204 at the luxury condo development at 1100 South Flagler Street from the development group. [TRD]

Jeffrey Soffer taps ex-Turnberry CEO to lead resi division at his new company. In March, brother and sister duo Jeffrey and Jackie Soffer officially split up their interests in Turnberry Associates. Jeffrey left to launch Fontainebleau Development, and has hired Bruce Weiner, a man he once sued. [TRD]

South Florida Logistics Center

South Florida Logistics Center

JPMorgan buys an Amazon-leased warehouse next to Miami International Airport. Fueled by growth in the e-commerce sector, South Florida’s industrial market isn’t showing signs of slowing down. And when Amazon is the tenant, it’s a seller’s market for a company looking to unload that property. [TRD]

Brookfield, RXR are among major companies urging action on gun violence. Some of the country’s biggest landlords and developers have thrust themselves into perhaps the most contentious national debate: gun control. [TRD]

PMG and Greybrook land $162M loan for a downtown Miami co-living tower. Kevin Maloney’s Property Markets Group and Greybrook Realty Partners closed on a $161.5 million loan for a rental tower it’s planning in downtown Miami. [TRD]

Babylon Apartments and Francisco Martinez-Celeiro (Credit: Google Maps and Wikipedia)

Babylon Apartments and Francisco Martinez-Celeiro (Credit: Google Maps and Wikipedia)

Showdown in Miami? A former Spaghetti Western star has lost his final battle with the Miami City Commission. The commission did not override Mayor Francis Suarez’s veto. The veto prevents developer Francisco Martinez-Celeiro from securing the rezoning of the former Babylon Apartments to allow for a 24-story residential building. [TRD]

Forever 21 may be winding down, but Old Navy is only getting bigger. Fashion retailer Old Navy said it planned to open 800 new stores over an unspecified period as it prepares to split with Gap, its parent company. Old Navy has been outperforming its sister companies, Gap and Banana Republic. [WSJ]

Blackstone says it has closed a $20 billion fund — the largest in real estate history. The company surpassed its own record of $15.8 billion, which it set in 2015. Blackstone has earned itself a reputation for bringing in double-digit returns on its “opportunistic” funds. [WSJ]

President Trump wants to the Fed slash interest rates below zero. He tweeted Wednesday that the Fed should slash interest rates to zero or below, raising questions about how negative rates would work, and what they would do for the economy. [NYT]

Miami Beach claims over 7 percent of its stores are vacant. With about 7.4 percent of the city’s commercial spaces vacant, the city will seek to beautify buildings with empty shops. A July survey found 117 empty storefronts in Miami Beach. In the second quarter of this year, the city’s retail vacancy rate rose slightly by 1.7 percent year over year. [Miami Herald]

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M. Amid a growing influx of high-end apartments in Fort Lauderdale, a company tied to a former Silicon Valley executive bought a new 292-unit apartment complex in Flagler Village for $92 million, or about $315,000 per unit. [TRD]

Orlando Padron picks up Regency hotel near the airport. A company tied to the Miami investor has acquired a 3.8-acre hotel property near Miami International Airport and David Beckham’s planned soccer and retail complex. OPB Capital Group Fund 1 LLC paid $25.8 million for the Regency Miami Hotel at 1000 Northwest 42nd Avenue. [TRD]

Compiled by Keith Larsen

$634M public-private partnership proposed in Dania Beach, buyer at luxury condo project in Pompano Beach sues developer: Daily digest

A daily roundup of South Florida real estate news, deals and more for August 23, 2019

August 23, 2019 04:00PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m. and 4 p.m. ET. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m.

Two developers want to build a $634 million project on mostly city land in Dania Beach. Armada Hoffler Properties and Capital Group’s proposal to build The Dania Beach City Center project, with residential, office, retail and hotel development, will be considered by the Dania Beach commission next week, according to South Florida Business Journal. The city issued a request for proposals in March to develop the property at 100 West Dania Beach Boulevard. [SFBJ

The former CEO of La Quinta Holdings is suing the development group of Sabbia Beach. Wayne Goldberg is alleging the developer falsely induced him to purchase a condo for $5.35 million. He is now seeking to close on the penthouse and recover compensation for the harm he and his family have suffered. The complaint alleges that Fernbrook Florida falsely represented that only seven units at the Pompano Beach condo project were still available at the condo development, driving up the sales price. [TRD]

Billionaire David Koch died at 79 on Friday. He was the 11th richest person in the world. In Palm Beach, the industrialist paid $10.5 million for an estate at 150 South Ocean Boulevard in 1998. The 13-bedroom, 20,378-square-foot mansion was built in 1920 on nearly 2 acres of land across the street from the ocean, according to property records. [TRD

Atlantic | Pacific Real Estate Group and Blue Arch Advisors closed a $140 million portion of a fund that invests in multifamily properties. The fund is looking to raise a total of $300 million, which will give it buying power of over $750 million. Investors in the fund include domestic and international institutional investors as well as high net worth individuals. [TRD

Development has been ramping up in Hialeah. Avra Jain is looking to bring back the glory days of Hialeah, starting with a major adaptive re-use commercial development on about 6 acres of land in east Hialeah, she said during a panel hosted by CREW Miami at Four Seasons Hotel Miami earlier this week. [TRD

Fort Lauderdale has a big water problem. The city will hold on fixing its water treatment plant after the lowest bid it received was $15 million higher than the city’s budget, according to the Sun Sentinel. The city commission still plans to use about $10 million in utility funds to pay for other city services, despite the city’s aging water and sewer systems, and crumbling pipes. [Sun Sentinel]

Developer Jeff Greene is back to building condos on a West Palm Beach site he’s building on. Greene bought the property at 550 Quadrille Boulevard in 2014, and planned to build 84 luxury condos at the mixed-use project. Then, he decided to replace the condos with rental apartments when he reconfigured his plan to include less office space. Now, he told the Palm Beach Post that there is “such a demand for smaller units that are super luxurious and have an enormous amount of amenities” that he’s leaning toward selling the 300-plus units as condos. [Palm Beach Post]

Robert Finvarb and Tony Cho closed on a $67 million loan for a mixed-use hotel near Brickell City Centre. The partnership secured the financing from City National Bank to build a 21-story, 264-key dual-branded hotel on the property. The project, designed by Arquitectonica, would also feature 25,000 square feet of retail space, structured parking and a rooftop terrace. [TRD]

Ex-members of Trump National Doral have been waiting to inch forward on the refund list at the Doral golf course and resort — and they may have to wait decades more. To move up on the list by one spot, four new members need to join the golf club, and the list is more than 265 people long, according to the Miami Herald. Few members have joined between December 2017 and January 2019. One member said that he moved up by two spots, which means only eight members had joined in that period of time. [TRD]

Compiled by Katherine Kallergis