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Hospitality fund that counts A-Rod among investors buys renovated Ocean Drive hotelby By Katherine Kallergis on August 5, 2021
A hospitality fund that counts Alex Rodriguez as one of its investors purchased an Ocean Drive hotel in Miami Beach. Optimum Development USA, led by Ricardo Tabet, sold the Celino South Beach hotel complex at 640 Ocean Drive to CGI Hospitality Opportunity Fund I. Rodriguez’s A-Rod Corp and joint venture partner Adi Chugh of Maverick Commercial Properties joined CGI Merchant Group’s $650 million fund late last year. The 132-key hotel will open in the fall ... [more] The post Hospitality fund that counts A-Rod among investors buys renovated Ocean Drive hotel appeared first on The Real Deal South Florida.
Foundry and HighBrook buy Doral warehouse for $18Mby By Francisco Alvarado on August 5, 2021
Foundry Commercial teamed up with real estate private equity firm HighBrook Investors to buy an industrial park in Doral. The partnership paid $18 million for the Americas International Center at 9300-9380 Northwest 13th Street. The property has a 147,000-square-foot industrial facility that is 95 percent leased, according to a Foundry press release. It is within the Airport West submarket, one of the most active in the county. Orlando-based Foundry and New York-based Highbrook paid roughly ... [more] The post Foundry and HighBrook buy Doral warehouse for $18M appeared first on The Real Deal South Florida.
Bid request to begin soon for Surfside collapse siteby By Lidia Dinkova on August 4, 2021
An offering memorandum for the Surfside condominium collapse site could be ready within a month, as Avison Young smooths out zoning and other details for the former Champlain Towers South property. In the meantime, an appraiser is determining the fair market value of each of the units, as a way to hammer out disbursements to survivors and victims’ families from the future sale. Avison Young’s planned offering memorandum for 8777 Collins Avenue is the latest ... [more] The post Bid request to begin soon for Surfside collapse site appeared first on The Real Deal South Florida.
Colliers reports major rebound in revenueby By Akiko Matsuda on August 4, 2021
Colliers International reported $946 million revenue in the second quarter, up 72 percent from a year ago and 27 percent from 2019. The strong performance was seen across the board except for office leasing. “Office leasing is anything but clear right now, and I think that applies virtually around the world,” said Jay Hennick, Colliers’ chairman and CEO, during an earnings call Wednesday. Hennick said office tenants are taking time to understand how to configure ... [more] The post Colliers reports major rebound in revenue appeared first on The Real Deal South Florida.
Upcoming issue: Surreal estateby By Raji Pandya on August 4, 2021
A 14-foot-tall, bright red bunny rabbit in the lobby of an office building. A grifting developer skimming quarters from a laundromat. A landlord allegedly threatening tenants with a gun that didn’t exist. A politician fighting to strengthen foreclosure protections — while his own home is in foreclosure. In the words of a Nobel Prize laureate, something is happening here, but you don’t know what it is. But these are neither Dalí-painted scenes nor Bob Dylan ... [more] The post Upcoming issue: Surreal estate appeared first on The Real Deal South Florida.
Robert Finvarb sells AC Hotel Miami Beach to TPGby By Francisco Alvarado on August 4, 2021
Global investment firm TPG continues its hotel buying spree in South Florida. An affiliate of TPG paid $45.3 million for the 150-room AC Hotel Miami Beach at 2912 Collins Avenue, records show. The price represents what TPG paid for the real estate, but it is not the total price for the hotel asset, which the buyer and seller declined to disclose. At $45.3 million, the price equates to $302,000 per room. The seller is 2912 ... [more] The post Robert Finvarb sells AC Hotel Miami Beach to TPG appeared first on The Real Deal South Florida.
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71Mby By Isabella Farr on August 4, 2021
Chatham Lodging Trust is expanding its lodging portfolio in Texas, taking advantage of demand from tech companies. The West Palm Beach-based REIT acquired a 132-key Residence Inn and a 137-key TownePlace Suites for $71.2 million, the company announced on Wednesday. Both hotels are located at the Domain — a mixed-use complex where Amazon, Facebook and IBM have offices. Addison-based Texas Western Hospitality previously owned both hotels, property records show. It opened the TownePlace Suites hotel ... [more] The post Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M appeared first on The Real Deal South Florida.
Casino REIT Vici Properties acquires MGM Growth Properties in $17B dealby TRD Staff on August 4, 2021
Real-estate investment trust Vici Properties is gambling big bucks on a leader in the resort and casino business, agreeing to buy fellow REIT MGM Growth Properties in a deal that values the latter company at $17.2 billion. Vici will assume about $5.7 billion in debt in the transaction. MGM Resorts, which spun off MGM Growth Properties back in 2016 but remains in its control, will receive about $4.4 billion in cash in the stock-for-stock deal, ... [more] The post Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal appeared first on The Real Deal South Florida.
Professional race car driver buys Boca Raton manse for $19Mby By Lidia Dinkova on August 4, 2021
Professional race car driver Jason McCarthy bought a Boca Raton mansion for $19 million. Records show McCarthy and his wife, Newsha McCarthy, bought the house at 379 East Alexander Palm Road in the Royal Palm Yacht & Country Club from David and Holly Meehan. The buyers borrowed $10.8 million from JPMorgan Chase Bank. McCarthy is a racer in the Ferrari Challenge, which holds championships in the U.S. and Europe. The two-story, 11,753-square-foot mansion has five ... [more] The post Professional race car driver buys Boca Raton manse for $19M appeared first on The Real Deal South Florida.
Flex workspace tech firm essensys eyes US, APAC expansionby By T.P. Yeatts on August 4, 2021
Armed with fresh funding, the flexible workspace software provider essensys is expanding its presence in the U.S. and Asia. The U.K.-based firm, which listed on the London Stock Exchange in 2019, raised $46 million in a primary share placement and plans to use the funds to double its U.S. workforce in the coming year, Jeremy Bernard, the firm’s North America CEO, told The Real Deal. The company also will expand in the Asia-Pacific region, having ... [more] The post Flex workspace tech firm essensys eyes US, APAC expansion appeared first on The Real Deal South Florida.
Montreal developer pays $6M for waterfront Pine Tree Drive teardownby By Francisco Alvarado on August 4, 2021
Montreal developer Georges Dayan is dipping his toes into the hot Miami Beach single-family home market. Dayan, through his 5515 Pine Tree Dr Development, paid $6.1 million for a four-bedroom house that fronts the Intracoastal Waterway. Dayan is president of Groupe Dayan, a commercial real estate firm that manages more than 6 million square feet and has developed projects exceeding $250 million in Montreal, according to the company’s website. Dayan’s new property is next door ... [more] The post Montreal developer pays $6M for waterfront Pine Tree Drive teardown appeared first on The Real Deal South Florida.
Black realtor and client handcuffed for showing homeby TRD Staff on August 4, 2021
A Black real estate agent in Michigan is accusing local police of racial profiling after he, a client and the client’s son were handcuffed during the showing of a home. Eric Brown was inside the house in Wyoming, Michigan, with client Roy Thorne and Thorne’s 15-year-old son on Sunday when police were seen gathering outside the house. Thorne tried to introduce himself from the window, according to Newsweek. The police then reportedly ordered all three ... [more] The post Black realtor and client handcuffed for showing home appeared first on The Real Deal South Florida.