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Bill Pulte buys waterfront teardown in Boca Raton for $6M As reported in The Real Deal. The grandson of the late founder of PulteGroup paid $6 million for a waterfront teardown in Boca Raton’s Royal Palm Yacht & Country Club.  Records show William J. Pulte bought the house at 2020 Royal Palm Way in Boca Raton from Colleen Schumann and Marilyn R. Fazioli...

Tales from the industrial boom As reported in The Real Deal. A former Miami golf course turned into an industrial park. A Hollywood warehouse chopped up into six smaller offerings. And a bidding war over industrial space in East Hialeah. Commercial brokers recount these tales in South Florida, a market with high demand for wareh...

Miami-Dade condo sales, dollar volume fall during holiday week As reported in The Real Deal. Condo sales and closed dollar volume both fell dramatically last week in Miami-Dade County. A total of 105 condos sold for $58.4 million last week, down from the 174 condos that sold the previous week for $100.8 million. Units sold for an average price of about $556,0...

Federal housing agency extends forbearance options for multifamily landlords As reported in The Real Deal. Multifamily landlords that are having trouble with mortgage payments are in luck: The Federal Housing Finance Agency has extended forbearance options for loans backed by Fannie Mae and Freddie Mac until Mar. 31. The measure was originally set to expire on Dec. 31. Strug...

Real estate investor buys waterfront Jupiter home for nearly $7M As reported in The Real Deal. Real estate investor and author Justin Daniels spent $6.5 million on a waterfront home in Jupiter’s Admirals Cove neighborhood. Daniels and his wife, Robin, bought the house at 197 Spyglass Court in Jupiter from Edward D. Pluzynski and Susan Love Pluzynski, according ...

Multifamily developer buys former Boca Raton golf course As reported in The Real Deal. A multifamily developer acquired more than 125 acres on a former Boca Raton golf course, with plans that could include the construction of 115 single-family homes and 137 townhomes. North American Development Group paid $33 million for the land at 6541 Canary Palm Drive...

Here are South Florida’s biggest retail leases in 2020 As reported in The Real Deal. Plenty of retail locations closed for good this year, but other businesses saw those closures as opportunities. Even with the escalation of e-commerce, the average square footage of the top five retail leases this year was only 10,000 square feet short of last year’s...

South Florida home sales soar in November, led by luxury properties As reported in The Real Deal. Residential sales surged for a third straight month throughout South Florida, with luxury sales leading the charge. Total home sales across the region reached nearly $4.3 billion in November, according to the Miami Association of Realtors. Miami-Dade, Broward and Palm B...

Here are South Florida’s largest multifamily sales of 2020 As reported in The Real Deal. Loosened requirements on business closures may have helped keep more Floridians employed, and thus paying their rent, but the pandemic may have hurt top sales in the multifamily market. The top South Florida multifamily sale of 2020 didn’t beat 2019’s $322 million s...

Single-family housing starts now at 2007 bubble level As reported in The Real Deal. The number of housing units under construction grew for the third month in a row, as housing continues to drive the construction industry. The last time single-family homes were built at this pace was 13 years ago, just before the housing bubble burst. Housing starts ...

Here are South Florida’s biggest hotel sales in 2020 As reported in The Real Deal. The hotel market was among the hardest hit sectors of the coronavirus pandemic in 2020, resulting in many owners scrambling to survive. After many hotels laid off the majority of their staff in March and subsequent months, a number of properties remained closed until...

Knockout deal: Sylvester Stallone spends $35M on Palm Beach estate As reported in The Real Deal. Sylvester Stallone is the buyer of a Palm Beach estate. The Oscar-nominated star and his wife, Jennifer Flavin, purchased the mansion at 1480 North Lake Way for $35.4 million, according to the Palm Beach Daily News. Records show Stallone bought the home in the name of ...

Here are South Florida’s largest office sales of 2020 As reported in The Real Deal. Uncertainty over the future of workspaces may have taken a bite into the top deals in South Florida’s office market this year. Landlords have pulled out the stops to keep rents up and avoid the pitfalls of cities that have enacted more aggressive stay-at-home orde...

$35M closing at Faena House leads Miami’s weekly condo sales As reported in The Real Deal. Condo sales and closed dollar volume fell last week in Miami-Dade County, despite a pricey sale at the top: a $35 million closing at Faena House. A total of 137 condos sold for $90 million last week, down from the 186 condos that sold the previous week for $116 millio...

Cymbal scores $60M construction loan for Oasis Pointe apartments in Dania Beach As reported in the Real Deal. Cymbal Development closed on a $60.3 million construction loan for an apartment building next to the Dania Pointe mixed-use development in Dania Beach. Oasis Pointe, a 301-unit canal-front apartment building, will be built at the northeast corner of Stirling Road and So...

Niven Patel, Graziano’s ink restaurant leases at Life Time Coral Gables As reported in The Real Deal. Chef and restaurateur Niven Patel and the Argentinian restaurant group Graziano’s are each leasing space at Life Time Coral Gables, a $500 million mixed-use development that’s expected to be anchored by a Trader Joe’s grocery store. Developer Nolan Reynolds Intern...

Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower As reported in The Real Deal. Continuum South Beach developer Ian Bruce Eichner is joining TSG Group and its partners to develop a luxury condo tower in Brickell, The Real Deal has learned. The project will mark the second for Eichner’s Continuum Company in South Florida, following the completio...

MDH Partners pays $27M for Palm Beach Park of Commerce warehouse As reported in The Real Deal. An Atlanta-based industrial investment group bought a newly built warehouse in the Palm Beach Park of Commerce in a $27.2 million deal. MDH Partners bought the 218,000-square-foot building at 15335 Park of Commerce Boulevard and about 6 acres of vacant land at 15200 Cor...

Dezer, Related Group team up on waterfront Hillsboro Beach project As reported in The Real Deal. Gil Dezer’s Dezer Development is partnering with the Related Group to develop on an Intracoastal-to-ocean property in Hillsboro Beach. Dezer sold the 12-parcel assemblage to Hillsboro Mile Property Owner LLC, a 50-50 partnership between Dezer and Related, for $30 mil...

Condo sales rebound in Miami-Dade after Thanksgiving As reported in The Real Deal. Condo sales and closed dollar volume rebounded in Miami-Dade County after dropping during Thanksgiving week. A total of 186 condos sold for $116 million last week, up significantly from the 88 condos that sold the previous week for $39 million. Condos sold for an aver...

Rent-to-own startup Divvy Homes expands to South Florida As reported in The Real Deal. Rent-to-own startup Divvy Homes is expanding to Miami and Fort Lauderdale. The company, which buys homes and then leases them back to renters for a period of three years, is also launching in Denver, Houston, Jacksonville, Minneapolis and Orlando, according to a release...

Hollywood approves downtown demolition, paving way for mixed-use apartment project As reported in The Real Deal. Hollywood commissioners approved the demolition of a 93-year-old building to clear a downtown site for Soleste Hollywood Boulevard, an eight-story, mixed-use development with 347 residential units. Commissioners voted 6-1 to reject an advisory board’s recommendation ...

Group P6 lands $69M construction loan for Boca Raton project As reported in The Real Deal. Group P6 closed on a $68.5 million construction loan for Royal Palm Residences in Boca Raton. The developer, led by Ignacio Diaz and Jose Padua, secured the non-recourse debt from CIM Group, according to a press release from Meridian Capital Group, which arranged the lo...

Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach As reported in The Real Deal. Fort Lauderdale commissioners approved a site plan for Bahia Cabana Hotel, a mixed-use project with 124 hotel rooms and six apartments in the city’s south beach area. The site has been vacant since the 2019 demolition of the old Bahia Cabana hotel and restaurant, a lo...

South Florida resi contracts continue growing in November, with Palm Beach in the lead As reported in The Real Deal. Prospective buyers continued to sign contracts for single-family homes and condos in South Florida last month, as the region continues to attract out-of-state buyers. Here’s a breakdown of each county: Miami-Dade New signed contracts for single-family homes in the cou...

Eagle Arc buys two South Florida nursing facilities for $36M As reported in The Real Deal. New York-based real estate investment firm Eagle Arc spread its wings with the purchase of two South Florida nursing facilities for $36.41 million. The company, formerly known as BM Eagle Holdings, bought the 99-bed Boynton Health Care Center near Boynton Beach for $16....

Boca Beach House condo project scores $43M construction loan As reported in The Real Deal. Key International and Integra Investments secured a $42.6 million construction loan from Bank OZK for a luxury condo project in eastern Boca Raton. The developers also broke ground on the 32-unit project, called Boca Beach House Luxury Residence & Marina, at 725 South O...