LaSalle to buy famous 'Miami Vice' tower

Miami Office Building - Miami Commercial Properties

A Chicago-based real estate investment giant is approaching a deal to buy the ‘Miami Vice’ tower. This iconic Miami office building, located at 100 S.E. 2nd Street, came to symbolize the city by being featured weekly in the opening of 1980s TV show “Miami Vice.”

In 2003, the current owner paid $85 million for the multi-tiered, 600,000-square-foot, high-rise in downtown Miami. The Miami commercial property however faces some challenges....

Full Article....LaSalle to buy famous 'Miami Vice' tower

Seville Hotel sold for in $58M short sale

Hotels in Miami - Miami Commercial real estate

An affiliate of Courtyard by Marriott purchased one of the hotels for sale in South Beach, the Seville, for $57.5 million. The foreclosure claim filed on the Miami commercial real estate property was $9.5 million more then what it was purchased for.

The $67 million foreclosure lawsuit against Fortune International President Edgardo Defortuna and Lionstone Group managing member Alfredo Lowenstein was promptly released when the short sale was allowed by First Bank Puerto Rico on June 30th.

Complete Article....Seville Hotel sold for in $58M short sale

Miami restaurant for sale, Miami commercial properties

Dave & Busters Miami sell for $570 Million

Dave & Buster’s reported in a news release on Monday that their Miami commercial properties will be sold for $570 million. The buyer, Oak Hill Capital Partners, an independent private equity firm, has ties to the Bass family of Fort Worth, Texas.

Wellspring Capital Management, LLC currently owns Dave & Buster’s, which has Miami commercial properties in Miami and Hollywood. It previously mentioned placing its Miami restaurant for sale as a concept which would include 56 entertainment restaurants that cater to adults.

Full article...Miami restaurant for sale, Miami commercial properties

Miami Condos, Miami Beach Real Estate

Miami Condos, Bills Force Associations into Bankruptcy

Some Miami condos’ and their associations are turning to bankruptcy because unpaid association fees mounting, a largely unproven strategy that could bring even more financial risk.

At least seven Florida and Miami condos associations have filed for bankruptcy since the real estate market took a nose dive and there may be more on the way.

Bankruptcy could be the last defense against their hallways going dark and their spigots running dry, for a growing number of strapped Miami condos’ associations.

The creditors of Maison Grande in Miami Beach are planning to meet Tuesday to discuss the bankruptcy, in one of the most recent Chapter 11 filings.

Full Article...Miami Condos, Miami Beach Real Estate

Florida Economy, Miami Beach Real Estate

South Florida Economy, Recovery May Be Near

According to data in a report released Wednesday by an influential Washington thinktank, South Florida economy may finally be close to turning the corner on a recession that has hit the region far harder than most major U.S. metropolitan areas.

As of March 2009, the report published by the Brookings Institution, ranks South Florida #85 among the nation's 100 largest metropolitan areas in economic performance, based on employment, unemployment rates, wages, gross metropolitan product, housing prices and Florida foreclosures rates.

The gross metropolitan product is the value of all the goods and services produced in Broward, Miami-Dade and Palm Beach counties.

Full Article...Florida Economy, Miami Beach Real Estate

Aventura Mall, Commercial Real Estate

Aventura Mall adds $125 Million in Upscale Retailers

Consumer confidence may be down and the economy cooling down but that has not discouraged Turnberry Associates, owner and manager of The Aventura Mall, from completing a $125 million dollar, commercial real estate project. The new project consists of a three level wing of upscale stores and restaurants to the mall. This expansion includes a 167,000 square foot Nordstrom department store.

With this new commercial real estate project underway, Aventura Mall is set to become one of the nations largest with its plan to add 300,000 square feet in fall 2007.

The 2.8 million square foot shopping mall was opened in 1983 at 19501 Biscayne Boulevard and expanded twice, in 1997 and again in 2006.

Already regarded as one of the nation's top malls in terms of sales productivity, the upscale luxury mall is among the five highest grossing shopping malls in the country.

Full Article...Aventura Real Estate, Commercial Real Estate

Miami Housing Market, Commercial Real Estate

Commercial Real Estate Property Sector Hurt by Housing's Decline

According to a leading bank regulator, the U.S. commercial real estate market will see increased losses and bank failures in the coming month as a result of the decline in the housing market.

The Financial Times reported on Friday that John Dugan, Currency comptroller, for the Office of the Comptroller of the Currency (OCC), which charters, regulates and supervises all national banks and federal branches and agencies of foreign banks, said regulators have become more and more concerned regarding the state of U.S. banks that have been damaged by the housing market...

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