I drove by The Underline’s Brickell Backyard, the first phase of 9 phases, and am excited to see that construction has started. This ambitious project will convert 10 miles and 120 acres of unused space under the existing MetroRail into a vibrant linear park. In the process, it will transform the real estate along the 10 mile corridor as well.
Part of what I do every year is travel to Tallahassee and Washington D.C. to lobby for private property rights and issues that affect commercial real estate. This year, we had a lot of wins, especially at the state level, with Governor DeSantis signing several bills we supported into law in the last month. These laws will be going into effect between July 1, 2019 and January 1, 2020 and all have an impact on commercial real estate.
Florida Gov. Ron DeSantis signed several bills into law that have a direct impact on real estate. The results include the following:
If there is an issue in your neighborhood or that you are facing that restricts your private property rights or that affects how you conduct business in a negative way, give me a call to discuss.
If you do, congratulations! Warehouse is currently the most sought after asset class in South Florida. So many of the older warehouse areas, such as Wynwood, have been re-imagined into vibrant neighborhoods and the warehouses have been replaced with new offices, condos, and retail space. In an area where PortMiami and Miami International Airport are top international freight gateways, warehouse space is critical. I have buyers for both large and small warehouses.
Today, several MIAMI Realtor Board members were present for the visit of Walid Moussa, who is FIABCI Arabic Countries President and FIABCI World President Elect. The MIAMI Association of REALTORS signed an international collaboration agreement with FIABCI Arabic Countries to promote Miami as a place to do business and create opportunities to work together to sell properties in South Florida.
At a time when commercial real estate investors from around the world are showing an interest in Miami, these agreements help create the relationships required to get deals done.
NAR’s annual conference was held in Boston earlier this week, and there were several takeaways for those of us who buy, sell and own commercial real estate. Like the light shining forth to the Prudential building pictured above, Florida’s economy is strong and the future for bright.
I just received my copy of RH’s catalogue and immediately loved the building pictured on the front. I liked RH as a brand even more when I opened the front cover and read CEO Gary Friedman’s piece, The Death of Retail Is Overrated. In it, he states that “…most retail stores are archaic, windowless boxes that lack any sense of humanity” fresh air or natural light. Just that description of a retail store would make me shop more online, from the comfort of my home or office, both of which have plenty of windows and light.
However, he goes on to state that since we are both social and physical creatures we still like experiences. This of course ties in to the whole “experiential retail” trend that the industry is pursuing to keep the customers it still has and bring new customers in. RH New York – The Gallery is the building featured on the cover. It is RH’s latest space that integrates food, wine, art and design in the Historic Meat Packing District.
In addition to 5 Ways Retailers Can Engage Consumers, brick an mortar stores can follow RH’s example by creating spaces that:
In Don’t Hold A Funeral For Retail Just Yet, I emphasized that retail wasn’t dead but rather shifting and that brands that provided their customers with options and experiences would fare well. Mr. Friedman worded it eloquently when he wrote: “… the physical manifestation of a brand will prove to be the most compelling and cost effective way to engage and inspire customers in a physical world.”
As predicted by Baum+Whiteman, experts at creating destination-dining attractions, 2018 has been the year for plant-based dining and Miami is no exception. Ranked number nine on PETA’s 2018 Top Ten Vegan Cities, Miami has a diversity of vegan restaurants.
In addition to the more informal dining options such as Choices, Eden and Eden, and Glam Vegan, there are some pretty upscale options as well. Plant at Sacred Space is one of my favorites and you can’t beat the beautiful location.
Since Food and Beverage continue to be the retail darling in many centers, if you are a landlord looking to bring traffic to your space, or if you have a unique setting, consider a restaurant such as one of these top vegan restaurants in Miami as a tenant.
As reported in Vizzda’s Quarterly Report For South Florida Commercial Real Estate, the total dollar amount of multi-family sales in Miami-Dade County rose to $232,943,000 in the second quarter of 2018, up from $196,115,503 in the first quarter. This is approximately half of the $462,372,302 worth of sales in the second quarter of 2017.
The largest transaction was for Sundance Village Apartments, a 304 unit complex at 11325 NW 7 St., which closed for $65,600,000 or approximately $215,789 per unit.
What will third quarter activity look like? Stay tuned for our next report or subscribe to our blog, so you don’t miss it. Mill Creek Residential just closed on a 127 unit apartment complex in Dania Beach for $37.2 million. Will it make the top 5 list of largest transactions in 3Q2018?