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• Facebook parent grabs another 1M sf in Bay Area

  by By Matthew Niksa on December 1, 2021

  UPDATED Dec. 1, 2021, 6:40 p.m.: Facebook parent Meta said Wednesday it signed more than 1 million square feet of new leases in the Bay Area to reduce worker commute times. The company has leased new space in Burlingame and Sunnyvale, spokesperson Chloe Meyere said in a statement. “These offices will help support our employees’ evolving workforce needs and help make progress on our company’s net-zero carbon emission goal by reducing commute times and supporting ... [more] The post Facebook parent grabs another 1M sf in Bay Area appeared first on The Real Deal South Florida.

• Overlooked downtown West Palm Beach area poised for redevelopment as Nora District

  by By Lidia Dinkova on December 1, 2021

  Downtown West Palm Beach’s growth has caught the eye of developers and real estate investors, but one district has been left out of the activity. Now, this is poised to change. The city, working with NDT Development and Place Projects, wants to implement a set of building regulations aimed at breathing life into the area anointed the Nora District. Stretching between Quadrille and Palm Beach Lakes boulevards and from Dixie Highway to the FEC Railroad ... [more] The post Overlooked downtown West Palm Beach area poised for redevelopment as Nora District appeared first on The Real Deal South Florida.

• Aventura assisted living and medical offices project scores $84M construction loan

  by By Lidia Dinkova on December 1, 2021

  An assisted-living facility project with medical offices and retail in Aventura scored an $83.8 million construction loan. Rieber Development is building 1212 Aventura with 163 luxury assisted-living units near Aventura Hospital and Medical Center. The financing breaks down to a $63.5 million senior construction loan from Miami-based BridgeInvest, and a $20.3 million mezzanine loan from an overseas lender, according to the broker’s news release. Jeffrey Donnelly and Dmitry Levkov of Colliers’ structured finance team arranged ... [more] The post Aventura assisted living and medical offices project scores $84M construction loan appeared first on The Real Deal South Florida.

• Blackstone buys logistics portfolio for $2.8B

  by TRD Staff on December 1, 2021

  The Blackstone Group reportedly picked up a portfolio of 124 properties from Cabot Properties across the United States and Europe for $2.8 billion. The properties were sold in two deals, according to Bloomberg. One deal handed the firm 102 U.S. properties and the other 22 properties in the United Kingdom, Germany and the Netherlands. All told, the properties encompass 17.4 million square feet. The Blackstone Real Estate Income Trust was responsible for the purchase of ... [more] The post Blackstone buys logistics portfolio for $2.8B appeared first on The Real Deal South Florida.

• WATCH: Jeffrey Soffer and Dave Grutman talk post-Covid concepts and branching into the Vegas market

  by By Hannah Kramer on December 1, 2021

  Miami’s tourism market is booming after a brief lockdown, but restaurants, clubs, and hotels have struggled to navigate staffing shortages. “When the government gave out big checks, people stayed home,” Jeffrey Soffer, chairman and CEO of Fontainebleau Development said. But he doesn’t anticipate that problem lingering. “The money is wearing off. The free ride is over.” Developers Soffer and David Grutman of GROOT Hospitality aren’t satisfied to just ride the hospitality recovery wave. Grutman’s group ... [more] The post WATCH: Jeffrey Soffer and Dave Grutman talk post-Covid concepts and branching into the Vegas market appeared first on The Real Deal South Florida.

• Major Food Group partners with Michael Stern on its first branded condo tower in Miami

  by By Katherine Kallergis on December 1, 2021

  Developer Michael Stern is partnering with Major Food Group to build a branded luxury condo tower in Miami’s Brickell neighborhood, The Real Deal has learned. Stern’s JDS Development Group and the New York-based restaurant and hospitality group plan to build Major, a 259-unit tower at 888 Brickell Avenue, Major Food Group partner Jeff Zalaznick confirmed. The 1 million-square-foot project will mark the first time Major Food Group expands into residential real estate. The company, led ... [more] The post Major Food Group partners with Michael Stern on its first branded condo tower in Miami appeared first on The Real Deal South Florida.

• Oceanfront Palm Beach spec mansion sells for $41M

  by TRD Staff on December 1, 2021

  An oceanfront spec mansion in Palm Beach changed hands for the princely sum of $41 million. Ocean Villa Holdings LLC, managed by Jagbir Singh, sold the house at 1700 South Ocean Boulevard to an LLC with the same name, managed by real estate attorney Robert S. Raynes Jr, records show. Singh founded and is the president of Sujani Enterprises, a Bernardsville, New Jersey-based company that specializes in marketing semi-finished metal products, according to Bloomberg. The ... [more] The post Oceanfront Palm Beach spec mansion sells for $41M appeared first on The Real Deal South Florida.

• Virtual real estate speculators notch another record deal

  by By T.P. Yeatts on December 1, 2021

  The number of virtual real estate deals is rising as quickly as their real-world value. Republic Realm, an investor and developer of virtual land, paid $4.3 million on Tuesday for property in The Sandbox, a popular metaverse oriented toward gaming that launched this week after four years of development, according to the website NonFungible.com. That easily tops the $2.4 million that Tokens.com, which facilitates investment in digital assets, paid for an estate last week in ... [more] The post Virtual real estate speculators notch another record deal appeared first on The Real Deal South Florida.

• Watchdog org: Put home-sale commissions in buyers’ hands

  by By Cordilia James on December 1, 2021

  It’s enough to make any consumer watchdog suspicious. Agents’ commissions across more than 10,000 Northeast home sales examined by the Consumer Federation of America were highly uniform, the group revealed Tuesday. “Uniform rates are strong evidence of industry price setting,” said Stephen Brobeck, a senior fellow at the organization. “And if prices are being set, it’s important to understand why, so that effective measures can be taken to increase price competition.” Not only do agent ... [more] The post Watchdog org: Put home-sale commissions in buyers’ hands appeared first on The Real Deal South Florida.

• Homebuyers looking to leave hearts (and homes) in San Francisco, Redfin data show

  by By Emily Landes on December 1, 2021

  San Francisco has more homebuyers looking to leave the area than any other metro in the country as remote work sets off a national game of musical chairs in the most-expensive urban markets. Nationwide, about 30% of buyers were looking to relocate in the third quarter of 2021, according to Redfin data gleaned from searches by about 2 million of its users. That is down from the peak of 31.5% in the first quarter of ... [more] The post Homebuyers looking to leave hearts (and homes) in San Francisco, Redfin data show appeared first on The Real Deal South Florida.

• Two Roads, Alpha Blue score $122M construction loan for West Palm Beach condo project

  by By Lidia Dinkova on December 1, 2021

  Two Roads Development and Alpha Blue Ventures scored a $121.5 million construction loan for their luxury condominium tower in West Palm Beach. The development duo are planning the 24-story waterfront Forté at 1309 South Flagler Drive, overlooking the Lake Worth Lagoon and Palm Beach. Little Rock, Arkansas-based Bank OZK provided the financing, according to a news release. Forté will have 41 large condos, with two units per floor spanning three to four bedrooms and 4,200 ... [more] The post Two Roads, Alpha Blue score $122M construction loan for West Palm Beach condo project appeared first on The Real Deal South Florida.

• Vanilla Ice is back with a new home makeover show based in South Florida

  by By Katherine Kallergis on December 1, 2021

  Vanilla Ice is back with a brand new show. The South Florida-based rapper, actor and professional home flipper is partnering with BrandStar Studios to launch “The Vanilla Ice Home Show,” The Real Deal has learned. The show, based in South Florida, is expected to be picked up by a network by the second quarter of next year. Vanilla Ice, whose real name is Robert Van Winkle, said each season will be 13 episodes long, and ... [more] The post Vanilla Ice is back with a new home makeover show based in South Florida appeared first on The Real Deal South Florida.