The Chinese pullback won’t bring down real estate prices, according to Brookfield exec

Posted:Mon, 21 Aug 2017 16:45:47 +0000

From TRD New York: A pullback from Chinese investors won’t have a major impact on real estate prices, according to Brookfield Property Partners CEO Brian Kingston. Investors from Europe and the Middle East are still hungry for real estate, and a global shift from low-yield, fixed-income assets to real estate will push property prices for the foreseeable future, Kingston told Bloomberg. “There was a lot of headlines around how much capital was coming out of ... [more]

Michael Comras picks up missing piece of South Beach assemblage

Posted:Mon, 21 Aug 2017 16:00:53 +0000

Michael Comras just picked up the missing piece of an assemblage he’s stitching together in South Beach. The investor paid $5 million for a parcel that will allow him to build a new retail complex in the neighborhood. Comras’ MAC 1045 5th St LLC bought the 7,000-square-foot site at 1031 Fifth Street from an affiliate of Carefree Lifestyle, property records show. Carefree is a luxury concierge service led by CEO Gary Marotta. Comras paid $714 per ... [more]

Investors pick up riverfront building in Fort Lauderdale for $5.8M

Posted:Mon, 21 Aug 2017 15:20:27 +0000

A group of investors just paid $5.75 million for a property fronting Fort Lauderdale’s Tarpon River, records show. George Dermksian, Krikor Gazarian and Linéaire Group 10 New River LLC bought the mixed-use, 23,600-square-foot building at 400 and 408 South Andrews Avenue. Azorra Properties sold the site for $244 per square foot for the building and $261 per square foot for the land. Property records show Azorra paid $2.5 million for the building in 2001. It was built ... [more]

CoStar asks federal court to dismiss Xceligent lawsuit

Posted:Mon, 21 Aug 2017 14:30:55 +0000

From TRD New York: CoStar Group filed a motion last week asking a federal judge to dismiss rival data company Xceligent’s antitrust lawsuit. The Washington, D.C.-based firm filed a 27-page motion in the U.S. District Court for the Western District of Missouri arguing that Xceligent did not make an adequate case for a court judgment, Bisnow reported. “Xceligent’s antitrust claims should be dismissed because Xceligent fails to plead facts sufficient to allege that CoStar blocks ... [more]

This is the salary you need to earn to buy a home right now in New York, Miami and LA

Posted:Mon, 21 Aug 2017 13:45:22 +0000

From TRD New York: Using the National Association of Realtors’ data on housing affordability, Business Insider gathered a list of the US metro areas where the minimum salary required to qualify for a mortgage, after a 20 percent down payment, is highest. What they found was that the salary needed to qualify in the top-five metro areas — four of which are located in California — exceeds $100,000. Here’s what it you need to be earning ... [more]

Mill Creek nabs $80M construction loan for phase two of Dadeland apartments

Posted:Mon, 21 Aug 2017 12:45:10 +0000

Mill Creek Residential just closed on an $80 million loan for the second phase of Modera Metro Dadeland, a 25-story apartment tower planned near Dadeland Mall, property records show. New York-based CIT Bank is the lender. Mill Creek, a Dallas-based multifamily developer, is building the 422-unit building at 8215 Southwest 72nd Avenue. Records show Mill Creek’s Metro Dadeland II LLC paid $11.4 million for the 1.8-acre development site in 2014. Mill Creek is wrapping up ... [more]

Seattle firm gets $35M loan to buy Tampa student housing

Posted:Sun, 20 Aug 2017 20:00:12 +0000

A Seattle-based landlord secured $35 million of financing for the acquisition of a 206-unit student housing complex in Tampa. The debt and structured finance group at CBRE arranged the permanent financing on behalf of Horizon Realty Advisors, which bought the student-housing complex for $46.6 million. Benjamin Roelke in the Dallas office of CBRE secured the financing for Horizon’s acquisition of the property, called Venue at North Campus. A LEED-certified development, Venue at North Campus is ... [more]

University plans to sell 150-acre golf course in Pensacola

Posted:Sun, 20 Aug 2017 19:00:36 +0000

The University of West Florida in Pensacola plans to sell a 150-acre golf course by Aug. 31 for an undisclosed price. The university bought the Scenic Hills Country Club for $2.2 million in 2012. The Pensacola golf course wraps around the southwest side of the university campus. Ed Ranelli, treasurer of a real estate arm of the University of West Florida called BEI, declined to disclose the sale price. But Ranelli told the Pensacola News-Journal ... [more]

Owners set to sell Jacksonville newspaper, keep waterfront site

Posted:Sun, 20 Aug 2017 18:00:33 +0000

A family that agreed to sell a daily newspaper in Jacksonville would retain the publishing company’s waterfront property downtown. Family-controlled Morris Communications Co. this week announced a deal to sell the Florida Times-Union in Jacksonville and 10 other daily newspapers to Gatehouse Media. The sale is expected to close Oct. 2. Under terms of the deal, the Morris family would retain a building bearing the name of the Times-Union plus 18 acres of property in ... [more]

Sales team at Related ISG is marketing Dominican condo-hotel project

Posted:Sun, 20 Aug 2017 17:00:43 +0000

The Haller Group, a sales team at Related ISG International Realty headed by brothers David and Brett Haller, will serve exclusively as the U.S. marketing group for a condo-hotel development in the capital city of the Dominican Republic. The 121-unit development in Santo Domingo will be the city’s first yoo-branded residential development. Sales launched this summer. The developer, Grupo Zagalo, signed an exclusive branding contract earlier this year with London-based yoo Studio, co-founded by acclaimed ... [more]

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