COVID-19’s impact on commercial real estate is beginning to show its ugly wake. In late April Steve Madden reportedly notified Thor Equities, led by founder and CEO Joseph Sitt, that they would not be renewing their 2,269 SF lease at 663 Lincoln Road, which represents roughly 45% of the building.
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Apex Capital Realty Oversees Acquisition of Former Midas Retail Site On Le Jeune Road
Apex Capital Realty’s Miguel Pinto acted as the sole broker in the 5,718 SF retail building deal at 900 S Le Jeune RD in Miami, FL which closed for $1,575,000 on Friday. Coral 900 LLC. which controlled by Christian Vasquez, purchased the 5,718 Square Foot retail site from the HAROLD NOORDHOEK Revocable Trust.
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Avison Young Oversees Zaragon Acquisition of RAM Steel Framing Headquarters For $7.55 Million
Avison Young’s Florida Capital Markets Group closed the $7.55 million industrial sale-leaseback of the 105,000 SF RAM Steel Framing headquarters location at 7400 N.W. 37th Ave. in Miami. Zaragon, Inc., purchased the property.
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$800 Million Sale of Second Largest Hotel in South Florida Falls Through
A roughly $800 million deal between Jeffrey Soffer’s Fontainebleau Development to acquire Brookfield Property Partner’s Diplomat Beach Resort Hollywood was called off on May 8 as the effects of COVID-19 on South Florida’s hotel and tourism industries continues to cause havoc.
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Malls Across Miami Are Reopening Today As Miami Enters Phase 1 Of Reopening From The COVID-19 Shutdown
“Although we live in a city without seasons, this feels like Spring,” said Miami Design District visionary Craig Robins as Miami enters Phase 1 of its reopening plan. As per approval by Governor Ron DeSantis, Miami-Dade and Broward County can begin to reopen as of today, May 18, 2020, following the COVID-19 lockdown that has marred the United States since early March.
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Rieber Developments Breaks Ground on 12|12 Aventura in the Aventura Health District
Aventura-based Rieber Developments has announced the groundbreaking of 12|12 Aventura, a 10-story complex comprising of a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of offices, a 160-residence luxury senior residential component, and a structured parking garage, all with interiors designed by Interiors by Steven G.
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WeWork Lawsuit-Threat By Tenants Requesting Rent Relief Sends Shudders Through $5.5 Billion Of CMBS Debt
A group of WeWork’s members have moved toward suing the co-working giant in a letter sent by Walden Macht & Haran demanding that WeWork cease collecting rental fees. Many tenants have already requested rent relief, cancellation of their leases or stopped paying, which has put over $5.5 billion of CMBS loans backed by WeWork occupied properties at risk,
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Artefacto Begins Construction on New DOMO-Designed U.S. Flagship In Coral Gables
Brazilian furnishings brand Artefacto has celebrated the groundbreaking of their new US flagship in Coral Gables located on the high traffic US1. The 45,000 SF bi-level structure will feature an eye-catching modernist design by the renowned DOMO Architecture + Design, with interiors by Patricia Anastassiadis.
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Lennar Locks Down $44.8 Million Construction Loan For Wynwood Green
Lennar has locked down a $44.8 million construction loan for Wynwood Green, an 11-story, 189-unit residential rental apartment building which will also feature 17,000 SF of commercial space and 324 parking spaces. The loan was provided by Santander Bank.
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Clockwise from the top-left corner: James Tate, Demetri Demascus, Shahab Karmely and W. Allen Morris.
Why Rent Strikes Are Bad for Everyone and What’s Going to be Done about Unemployment?
Since thousands of businesses were deemed non-essential and forced to shut their doors, reemployment assistance claims over the last six weeks have surpassed two million in South Florida. With a tourism-dependent economy plus an older population, Florida is more vulnerable to economic shock, which is why it is one of the top five states with the highest number of claims.
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