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• Ready players: 5M-sf e-sports complex rises in Shanghai

  by TRD Staff on January 16, 2021

   A nearly 5.4-million-square-foot e-sports complex will be built in Shanghai, meant to solidify the city as the center of the competitive gaming industry. Work has begun on the Shanghai International New Cultural and Creative E-Sports Center, expected to cost nearly $900 million, according to CNBC. “E-sports” refers to both competitive video games and the wider industry that’s emerged around them. That industry generated about $1.1 billion last year, according to games market research firm Newzoo, ... [more] The post Ready players: 5M-sf e-sports complex rises in Shanghai appeared first on The Real Deal South Florida.

• Sun Life Financial unit pays $700M for Tokyo office tower

  by TRD Staff on January 16, 2021

  BentallGreenOak isn’t wasting any time putting into action its plan to spend billions on Japanese real estate. The unit of Canadian insurance giant Sun Life Financial agreed to pay $693 million for an 18-story Tokyo office building, according to the news outlet Mingtiandi. The building is the headquarters of Avex Group, a Japanese entertainment conglomerate that recently announced it expected operating losses for 2020 because of the pandemic. BentallGreenOak, the investment unit Sun Life, said ... [more] The post Sun Life Financial unit pays $700M for Tokyo office tower appeared first on The Real Deal South Florida.

• Retail rent collections rebound to 90%

  by By Sasha Jones on January 15, 2021

   The pandemic has exacerbated the retail sector’s pre-existing problems, deteriorating rent collections and forcing landlords to make compromises with their tenants. But there were some encouraging signs as 2020 came to a close. Before the pandemic, national tenants paid 94 percent of rent. When Covid-19 hit, that all came crashing down, according to the latest report by Datex Property Solutions, with that figure dropping to just 62 percent in the second quarter of 2020. “It ... [more] The post Retail rent collections rebound to 90% appeared first on The Real Deal South Florida.

• Real estate stocks hold gains even as market doesn’t

  by By Orion Jones on January 15, 2021

  Real estate stocks ended the week in positive territory while the broader market gave up its gains after President-elect Joe Biden rolled out a $1.9 trillion stimulus proposal. Stocks tend to rise when Washington injects money into the economy, but negative reaction from some members of Congress — or fears that the measure would pass and spark inflation — might have triggered some selling. For real estate, though, the damage was muted. “Employment and economic ... [more] The post Real estate stocks hold gains even as market doesn’t appeared first on The Real Deal South Florida.

• Invesca CEO Christopher Longsworth dies at 36

  by By Wade Tyler Millward on January 15, 2021

  Christopher Forest Longsworth, CEO and founder of Plantation-based Invesca Development Group, has died. He was 36. Longsworth died on Dec. 22, according to an online obituary. His company confirmed his death on its website. The obituary did not give a cause of death and the Los Angeles County Medical Examiner-Coroner’s office said more testing was required to determine the cause. Longsworth died in West Hollywood. “Chris was a leader, a visionary and a shining light ... [more] The post Invesca CEO Christopher Longsworth dies at 36 appeared first on The Real Deal South Florida.

• Texas Realtor faces criminal charges for role in Capitol attack

  by By Amy Plitt on January 15, 2021

  A Texas real estate agent is facing criminal charges for her participation in last week’s attack on the U.S. Capitol Building. Jenna Ryan, a Realtor based in Frisco, Texas, was charged with disorderly conduct and “knowingly entering or remaining in any restricted building or grounds without lawful authority,” according to a criminal complaint filed in federal court on Friday. She was part of a group who flew on a private plane from Denton, Texas, to ... [more] The post Texas Realtor faces criminal charges for role in Capitol attack appeared first on The Real Deal South Florida.

• Island Capital affiliate pays $64M for Margate apartments

  by By Wade Tyler Millward on January 15, 2021

  A Texas-based real estate investment company paid $64 million for a 282-unit Margate apartment complex. An affiliate of C-III Capital Partners bought the 295,000-square-foot complex at 5555 Celebration Pointe Lane, called “Celebration Pointe,” according to records. The deal equates to about $227,000 a unit. C-III is owned by real estate merchant bank Island Capital Group, based in New York. Both are led by Andrew Farkas. The seller is an affiliate of Pride Homes, a Miami-based ... [more] The post Island Capital affiliate pays $64M for Margate apartments appeared first on The Real Deal South Florida.

• Porch snaps up four startups for over $122M

  by TRD Staff on January 15, 2021

  Porch isn’t wasting time on the acquisition front: Just three weeks after going public, the home-services startup scooped up four companies for $122 million. The Seattle-based company said it inked a deal to buy Homeowners of America, a Texas insurance company, for $100 million in cash and stock, Geekwire reported. It will also buy V12, a marketing platform, for $22 million in cash, plus two smaller startups — PalmTech and iRoofing — for an undisclosed ... [more] The post Porch snaps up four startups for over $122M appeared first on The Real Deal South Florida.

• Miami Beach approves 8-story addition for International Inn

  by By Erik Bojnansky on January 15, 2021

  Miami Beach approved a redevelopment deal that will preserve the 65-year-old waterfront International Inn in North Beach while allowing the owner the right to build an 80-foot-tall, or eight-story addition. Commissioners approved the historic designation and zoning amendment for the International Inn at 2301 Normandy Isle on first reading Wednesday afternoon. The ordinance will come back for a final vote on Feb. 10. Nancy Liebman, a former Miami Beach commissioner and board member of the ... [more] The post Miami Beach approves 8-story addition for International Inn appeared first on The Real Deal South Florida.

• NBA owes Moinian $7.5M in rent for Fifth Ave store

  by By Sasha Jones on January 15, 2021

  UPDATED, Jan. 15 2020, 4:15 p.m.: Talk about a foul: The NBA Store at 545 Fifth Avenue, which has remained closed throughout the pandemic, now owes $7 million to its landlord, the Moinian Group. The dispute is the basis of a lawsuit, first filed in New York State Supreme Court in June, by the landlord against NBA Media Ventures. At the time the suit was filed, the NBA owed the landlord nearly $1.9 million in ... [more] The post NBA owes Moinian $7.5M in rent for Fifth Ave store appeared first on The Real Deal South Florida.

• Silicon Valley exodus: Where’d everyone go?

  by TRD Staff on January 15, 2021

   As the pandemic rages across the U.S., it’s unclear when employees will be able to return to their offices. That’s led to a huge shift in San Francisco real estate that may impact the city for years to come. While companies try to figure out what the future of work looks like, some of their employees have abandoned the Bay Area, the New York Times reported. Now, those firms are following suit. Some of the ... [more] The post Silicon Valley exodus: Where’d everyone go? appeared first on The Real Deal South Florida.

• Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M

  by By Jordan Pandy on January 15, 2021

   The former CEO of Cantor Fitzgerald sold his mansion in Boca Raton’s Royal Palm Yacht & Country Club for $9.4 million. Records show Philip Marber and Siobhan Carty sold their home at 298 West Key Palm Road to Steven R. Dingle, vice president of SRD Building Corp. Until 2009, Marber was the CEO and president of equity capital markets at New York-based financial firm Cantor Fitzgerald. In December, he bought a different house in the ... [more] The post Former Cantor Fitzgerald CEO sells Boca Raton mansion to homebuilder for $9M appeared first on The Real Deal South Florida.