Category: Commercial Real Estate

Categories
Commercial Real Estate Luxury Real Estate Marinas, Yacht Clubs and other Boating Information Miami Beach Neighborhood News Restaurants Selling

Live. Work. Play. Repeat in Sunset Harbour District of Miami Beach

 

Live in Sunset Harbour, Miami Beach

I love the Sunset Harbor area of Miami Beach.  It is a non-touristy part of Miami Beach, right before you get on the Venetian Causeway.  I have been going there for years, when it was just a bunch of auto repair warehouses with a great Italian restaurant, Sardinia.  Then came Scott Robins with his vision for the neighborhood.  Soon Barceloneta and Pubbelly Sushi moved in and the locals started coming.  Needless to say, it is no longer full of auto repair warehouses, though there are a few.  Now, new, fun, tasty restaurants, boutique clothing shops, yoga & pilates studios line the streets.  Popular workout and hangout spots like Flywheel and Panther Coffee, as well as both Publix and Fresh Market are here.

Work in Sunset Harbour, Miami Beach

For your working convenience, and a really short commute if you live here, there is buro, the community building co-working space.  Or you can work at any of the shops, restaurants, warehouses, or offices nearby.  Finally, and probably most importantly, if you live and work in Sunset Harbour, you don’t have to go too far to play.

Play in Sunset Harbour, Miami Beach

In addition to all of the shops, restaurants and workout places, Sunset Harbour is surrounded by water, spas, parks, running and walking paths.  Paddle board or kite surf in the harbor and if boating is your pleasure, there is the Sunset Harbour Yacht Club.  So, whether you are looking for a new place to live, work or play, or want a charming place where you can do all three, check out the Sunset Harbour District.  You won’t be disappointed!

 

Categories
Buying Commercial Real Estate

Is TAMI Coming To A Town Near You?

Google Puchase
Google’s Latest NYC Purchase

All of the large tech companies appear to be on a buying spree. Google’s $2.4 billion purchase of the Chelsea Market Place building shows how insatiable these large companies can be. Loaded with cash and apparently feeling bullish about how recent tax reform will affect them, they are on a purchasing and/or expansion binge.  This is great news for the economy as it keeps real estate and employment on an upward trend.

As reported last week by Lara O’Keefe of Bisnow the top tech companies are planning the following:

Google – open offices in 9 states throughout the U.S
Facebook – open five data centers over the next year.  Redevelop 3.45 M SF at the former Menlo Science & Technology Park
Apple – spend approximately $10 billion adding onto existing data center facilities.  Adding another campus at a yet to be determined location
Amazon – opening a second headquarter

So, what does this mean?  Both commercial and residential real estate prices in the areas where these companies put their offices, data centers, operation centers and warehouses are going to increase as will the employment rate and demand for skilled workers.  Since tech companies like to be with other tech companies as well as creative ones that focus on advertising, media and information, there will be an increased presence of these companies wherever Google, Facebook, Apple and Amazon locate their offices.  The effect that these companies, collectively referred to as TAMI (tech, advertising, media, information) have on an area’s real estate should not be underestimated.  Just take a look at the prices of real estate in Silicon Valley, the San Francisco Bay Area and Manhattan.

Categories
Buying Commercial Real Estate Investment Real Estate Selling

Florida Is The Top Destination For Foreign Buyers

Photo Credit - Rusty Diaz ProImage
Photo Credit – Rusty Diaz ProImage

In  a sign of Florida’s continued attraction as a place to visit, live, work and invest, the National and Miami Association of Realtors 2017 Profile of International Activity states that foreign buyers purchased $153 billion of residential properties last year, approximately $50 billion more than in 2016.  Though purchases were made throughout the U.S., Florida, Texas, California, New Jersey and Arizona accounted for 54% of the sales.

Out of Florida’s $24.2 billion of residential purchases by international buyers, South Florida accounted for $7.1 billion.  Although the majority of these buyers were from South America, France and Italy were also in the top buying countries followed by Canada, Israel, Mexico, Russia and Switzerland.  Increasing the diversity of South Florida’s population is great news and great for business!  The top purchasing country in Miami-Dade was Venezuela 12%, in Broward it was Canada also with 12%, and in Palm Beach County Canada accounted for 31% of all international purchases.

Categories
Coconut Grove Commercial Real Estate Florida Life Investment Real Estate Luxury Real Estate Neighborhood News Selling Things To Do

If You Love Downtown Coconut Grove, Thank the Commercial Property Owners

Popular Spill Over Restaurant
Ritz Carlton and Grove at Grand Bay

 

Coconut Grove has been experiencing yet another revitalization.  It has been through at least three cycles of boom to gloom since I moved here in the early 1990’s but, thanks to the commercial property owners, who formed the Coconut Grove Business Improvement District and agreed to tax themselves, this boom feels different.  Why?  Because the Coconut Grove BID has worked hard to create a community by taking on projects and neighborhood improvements that the City of Miami was not able or was unwilling to.  From fixing sidewalks, trimming trees, and sponsoring three free community yoga classes a week through Dharma Studio, the BID has made the Grove a hangout for locals and tourists alike.

Popular Spill Over Restaurant

Since the BID formed in 2009, new restaurants such as Lokal and Spill Over, both by Matthew Kushner, Glass and Vine by Giorgio Rapicavoli, Strada, and Atchana’s to mention a few have moved in and prospered.  SapientRazorfish, one of the largest interactive advertising companies in the world, moved into the Shops at Mayfair and Cocowalk is getting a much needed redesign and tenant mix.   Any evening or weekend you can stroll through the shops, parks and restaurants and see the vibrant diversity of this popular neighborhood.  If you like what you see, thank the commercial property owners and their BID!

 

Categories
Commercial Real Estate Investment Real Estate

Don’t Hold A Funeral For Retail Just Yet

Lululemon Creates A Great Customer Experience
Consumer Spending at Luxury Retailers – Miami Design District

It seems like you couldn’t open a newspaper or business journal in 2017 without the headlines screaming, “Retail Is Dead“.  There are lists of store closures for 2018 and many large retailers are on those lists.  Toys R Us, Macy’s and The Gap are just a few that are closing stores and more companies will probably be added as the economy continues to improve but companies fail to adapt to the changing retail landscape.

E-commerce, demographics and consumer tastes are all contributing to the shift in, not death of, retail.  As Arden Karson, Senior Managing Director of South Florida for CBRE, emphasized in her presentation at the 2018 CCIM Commercial Real Estate Outlook Conference,  it isn’t that the consumer isn’t spending, or if they are they are only spending online, but rather that consumer spending is shifting.  In what she calls an economic bifurcation, where consumers are shopping at luxury retailers, such as Louis Vitton, and discount retailers, such as Home Goods, consumers are shunning the department stores.  Guess who makes up a large part of the closing lists?  Yep, department stores.

As to whether or not Amazon will be the final nail in the coffin to brick and mortar retail, according to eMarketer Amazon accounts for 4% of online sales.  Although online sales as a percent of consumer spending are increasing, they account for approximately 10% of retail sales and a lot of those sales are multi-channel, such as ordering online and picking up at the store or ordering online and then returning in the store.  My experience with a lululemon gift from my husband is a great example of how shoppers are changing how they shop.

Lululemon Creates A Great Customer Experience

I love lululemon workout clothes so my thoughtful husband ordered me new running pants and a top as a gift.  They were perfect, except the top was too large.  Instead of packing up the top, printing out the return label, taking it to the UPS store to return, tracking the return and the credit, and then ordering another top that hopefully fit, I will be returning it to my nearest lululemon store, where I will try on tops to make sure they fit.  So is retail dead?  I don’t think so.  The retailers that are doing well are adapting to what the consumer wants by making the entire purchasing process a pleasant experience.  Today’s consumer is more interested in the shopping experience than in shopping itself and they share that experience, whether or good or bad, online.

 

Categories
Buying Commercial Real Estate Selling

Why Amendment 2 Matters To YOU!

Amendment 2 Is For Everybody photo credit: Brian Sharpe- Sharpe Properties
Amendment 2 Is For Everybody photo credit: Brian Sharpe- Sharpe Properties

Although this year’s elections aren’t until November and every one is pretty tired of politics, I have to take this opportunity before all of the other campaigning starts to talk about Amendment 2 and why it matters to you.

Amendment 2 is not a tax cut, it would make a current 10% cap on non-homesteaded property tax increases permanent.  If Amendment 2 does not pass in November, the current cap will expire and property owners may see their taxes increase significantly.  If you own commercial or non-homesteaded residential property, such as an investment property or second home, I think you can see how this would affect you.  Even if you don’t own any property, significant tax increases on property will affect you.  How?  Your rent and the costs of goods and services may go up significantly.

First approved by voters in 2008 as part of the Save Our Homes portability constitutional amendment, the 10% cap on non-homesteaded properties was a non-partisan issue in the Florida Legislature last year.  In order to get Amendment 2 got on 2018’s ballot, the Florida Senate passed it unanimously and the House passed it with 97% voting for it.  As the Amendment tag line states:  “Amendment 2 is for Everybody”.

Now that you know why Amendment 2 matters to you, please help get the word out to your neighbors, tenants, friends, business associates, and every Florida resident you know.  Need more information or material to share?  Check out www.EverybodyIsFor2.com

 

 

Categories
Commercial Real Estate Florida Life Investment Real Estate Luxury Real Estate Miami Design District Neighborhood News Things To Do

5 Reasons To Visit The Miami Design District

Carole Feuerman Sculpture

If you haven’t been to the Miami Design District lately and still need a 2018 New Year’s resolution, here is an easy one.  Go visit the Miami Design District.  It is so Miami!  In case you need more reasons than that, here are 5:

  1. Interesting architecture – Okay, between Miami Beach’s art deco district and an abundance of starchitect buildings Miami is full of interesting architecture.  However, in the Miami Design District just about every single building is interesting.  Some have textured exteriors, others vivid colors or geometric designs.  No two buildings are alike and unlike some areas of South Florida that crave and even demand uniformity, the Miami Design District is definitely outside of that box.
    Christian Louboutin– Miami Design District
  2. Plenty of public art – If the architecture isn’t enough to keep you entertained as you explore, there are public art installations sprinkled throughout the district.
    Carole Feuerman Sculpture – photo credit: House & Hive
  3. Unique stores, shops, and restaurants in addition to the luxury brand names.  If small, local, independent shops appeal to you, don’t let the concentration of luxury, brand name designer shops fool you.  There are plenty of small delightful stores and restaurants with a variety of products that you won’t find elsewhere.  The spaces themselves are inviting and the people that I met manning them were helpful, charming and friendly.
    Roses et Pivoines
  4. Institute of Contemporary Art It is free! A generous gift to Miami’s entire community by Miami Design District Associates, who donated the majority of the land, and Norman and Irma Braman, ICA is a bright, open space with installations sure to get you thinking and an outside sculpture garden perfect for selfies.
    The art starts on the outside of ICA MIAMI
  5. Great public spaces to sit and chat, people watch, or enjoy our beautiful weather – the sculpture garden at ICA, the walls around the various planters and water fountains and the meeting bowls are just a few places to grab a seat.  If sitting around is not active enough for you, come up with creative videos to post on #MeetingBowls.  For inspiration, click on the link below.
    Meeting Bowls – A Public Art Project (and meeting space!) by mmmm…

Categories
Commercial Real Estate Investment Real Estate

Signing New Commercial Leases in 2018? Remember To Drop The Sales Tax To 5.8%

Publix on Miami Beach FL
Publix on Miami Beach FL

If you are a landlord signing new leases in 2018, remember that the state sales tax on commercial leases has dropped from 6% to 5.8%.  As a result, the sales tax rate in Miami-Dade County will drop to 6.8% and in Broward it will drop to 5.8%.  Although the drop in rate may not sound like much, it amounts to an estimated $60 million a year savings to businesses.

Florida is the only state in the nation that charges a sales tax on all commercial leases and Florida Realtors, Florida Chamber, International Council of Shopping Centers, Florida Ports Council, and many others have been working diligently to get the tax reduced in order to keep Florida competitive with other states.  The sales tax is levied on all businesses leases, large and small, regardless of profitability and therefore disproportionally affects small businesses and start ups.  Florida Realtors will continue to work with legislators to get the tax on leases reduced further.

Categories
Brickell/Downtown Miami Commercial Real Estate Investment Real Estate Neighborhood News Selling

Self-Contained Amenities and Neighborhood Key in The Conrad Brickell Hotel Sale

The Brickell Arch - photo credit Rusty Diaz Photography
The Brickell Arch – photo credit Rusty Diaz Photography

Though the pace of commercial real estate transactions in South Florida has slowed down a bit, Miami continues to rack up big sales with the recent purchase of The Conrad Brickell Hotel for $72 million by Mast Capital and Angelo, Gordon and Company.  The 203-room hotel will be managed by HEI Hotels & Resorts, it’s first property in Miami.  At a time when the number of hotel rooms has outpaced demand, this purchase shows that experienced investors believe in the long term viability of Miami as an investment.  Both Mast Capital and Angelo, Gordon, and Company like to purchase value-add properties and it will be interesting to see if they hold onto it or sell it once the planned renovation is completed.

Categories
Brickell/Downtown Miami Commercial Real Estate

Collaboration Is Key In Commercial Real Estate

Wells Fargo Center - Gold LEED Certified
Wells Fargo Center – Gold LEED Certified

I just completed another successful lease transaction with Andrew Trench and Ryan Holtzman of Cushman and Wakefield.  It is the second office lease we have done together and they are wonderful to work with.  In addition to being the consummate professionals you would expect when dealing with Cushman, they are extremely responsive and readily available.    Collaborating with Andrew and Ryan created a smooth transition for the tenant I represented and is why I look forward to working with them again in the near future.