Archives for posts with tag: investment

Hollywood-Land

Fabio Faerman of FA Commercial/Fortune International Realty (FIR) has brokered the sale of 16,676 SF residential lands located in Elm Street & N Surf Rd in Hollywood, FL at a price of $3,300,000 million. The fields, which are only separated by a street from the ocean, sold in an all-cash deal. Fabio Faerman represented the seller, who hold the property for more than 40 years.

These land lots are located in the Hollywood Beach Area of Broward County, Florida; in a mostly reserved land except for a few lots; the lots are surrounded by green, protected areas and are located in the corner across Hollywood Beach. “Since the lots are in a reserved area and only a few are available for sale and constructions, these properties represented a unique and exclusive deal for both, the buyer and the seller” Faerman said. The 16,676 SF are raw lots. The buyer plans to develop the property for future residential townhouses. In the same seller portfolio there are still available for sale 2 oceanfront lots of 6,400 SF. Lots are strategically located in N Surf Rd.

Hollywood, a classic Florida beachtown that’s enchanted visitors since the 1920s. Hollywood Beach features a one-of-a-kind oceanfront along the Atlantic Ocean. The easy ocean access and village-like feel make this a great destination for locals and turist. Numerous highly-rated restaurants, small inns and hotels right on the Broadwalk add a yesteryear charm. Hollywood Beach is among the first in Florida to be designated Blue Wave Beaches, a distinction that places them among the nations cleanest, safest and most user-friendly beaches.

Fabio Faerman and his team at FA Commercial are thrilled to contribute to the progress of Hollywood and the entire South Florida’s commercial real estate market with deals like this. Recently, Mr. Faerman proudly assisted on the closing of 4322 Hollywood Blvd., a former Blockbuster property. Currently, we have 2 new vacant commercial land listed for sale in Van Buren – Hollywood, FL. Additionally, Mr. Faerman and his team have worked on bring international business to South Florida such as Cipriani, a luxury restaurant owned by the sons of famed restaurateur Giuseppe Cipriani. Coya Restaurant already renowned in London and Dubai, Coya is an authentic yet modern Peruvian restaurant. La Cantina # 20 refined Mexican fare in a glitzy space with outdoor patio & authentic curios at the heart of Brickell. Mizzen Plaza a strip mall strategically located in between Coconut Grove and US1, the strip mall is next to Coconut grove metrorail station.

About FA Commercial Advisors
FA Commercial Advisors provides a complete range of commercial real estate brokerage services – including owner and tenant leasing, acquisition and sales, marketing and consulting – to owners, investors and lessees of all property types. With an extensive international network of real estate professionals throughout the world, we offer local market knowledge on a global level.
About Fortune International Realty Commercial Division
The Commercial Division was created to offer specific advice and service to sophisticated clients, searching for a deep understanding of real estate businesses. This division has the purpose of coordinating and providing services to Fortune International Realty clients as well as residential and commercial associates interested in pursuing commercial real estate transactions.

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Potential Development Property Summary:

  •  Property Type:  Land
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  •  Area: 142,005 SQ. FT. (3.26 ACRES)
  • Commercial Office Building with 4 floors and
  • 38,000 SQ. FT.+/-
  • 3 Level parking garage with 144 cars
  • 2 Floors of apartments with appox. 42 units & about 49,000 SF of area surface parking for around 90 cars
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International Interest

One Flagler

Article from DBR

Nearby, One Flagler at 14 NE First Ave. in downtown Miami plans a condo conversion that will sell its 141,000 square feet to investors, the Daily Business Review has learned. Following a $7 million renovation of the 1952 building, the goal is to sell office suites at $285 per square foot, according to a broker arranging the marketing.

Fabio Faerman, commercial division vice president at Fortune International Realty, told the DBR that investors can expect returns of 4.5 percent from renting the properties. Like Ballestas, he said the influx of money is coming from Latin American and European buyers looking for a cash-producing assets and feeling squeezed by the thin margins on residential condo rentals.

“The condo office product always gets hot when the residential market gets too saturated with product available for sale,” Faerman said.

 
Read full article at: http://www.dailybusinessreview.com/id=1202667920431/Downtown-Miami-Office-Space-Being-Sold-Off-To-Investors#ixzz3BVm3SOtI

Fabio Faerman sold over $70 Million in commercial properties in 2013 alone, servicing his clients as an advisor and consulting with a proven record to be a top member of the Platinum Circle of Excellence in the company since 2007 as well as the #1 Producer of the Year.

He is the Commercial Division VP since 2005 and the broker associate who developed a reputation of solid investment.  He advises international buyers, private funds, family funds and high net worth individuals.  His credentials include an MBA, CCIM certification & an Architecture Degree.

Broker Of The Year Award

With flagship retail popping up all over Lincoln Road, the pedestrian mall has never been more popular or, through the lens of real estate, more valuable. Until now, of course. This week, the record setting sale of 530 Lincoln Road gave us a glimpse into the area’s impressive future. The property was sold to Tristar Capital for $30 million.

South Beach, even with its luxurious retail market, has yet to see a deal like this. At 10,000 rentable square feet, the deal amounted to $3,000 per square foot. The building is an optimal site for redevelopment as the ground-floor is currently housing two short-term leases.

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530 Lincoln Road

The property, which was once owned by the family of The Miami Sound Machine’s own Gloria Estefan, was sold in 2010 to local business, Lincoln 530. Lincoln 530 purchased the building for $12 million and first began testing the market in March of 2012. At the time, they opened with an asking price of $28 million. The final sale ended up exceeding those grand expectations.

Tristar Capital is expected to request the city for permission to add 3,000 square feet to the building. Although, the property could easily be leased to multiple tenants, the opportunity exists for Tristar to take advantage of a recent Lincoln Road trend: two-story, single-tenant retail.

Recent notable retailers to open mega-stores on Lincoln Road include Forever 21, H&M, and Zara. In fact, 530 Lincoln is located directly across the street from the former Symphony Building that is now home to H&M’s flagship store. With the amount Tristar has invested in the property and the recent activity on Lincoln Road, expectations will be sky-high for 530 Lincoln.

Another new year is upon us and, as we do every year, we will look back at the past twelve months and marvel at the swiftness with which they raced by. However, rather than being taken aback by this perpetual occurrence, perhaps it is vital to accept that a year is actually not that long a span of time to begin with.

Through this lens, the upward statistical trends that commercial real estate experienced in 2013 may just be the beginning of strong momentum in 2014 and beyond. This idea is supported through research in a recent article from the Wall Street Journal.

Investment & Leasing Markets

The expectation is that investment sales in the commercial real estate sector will continue to grow in volume through 2014. In 2013, lending actually began to accelerate once again after having stalled in recent years. This along with an increased volume of money flowing to the asset class attributed to the recovery of investment sales. The ball is expected to keep rolling in the coming months and the expectation for 2014 is 10 percent year-over-year growth.

For the most part, the leasing market in the past year has been flat. This has certainly led to some worries of a gap between investment and leasing. However, there are a few indicators that leasing will soon be tipping in the right direction, none the least of which is the strong improvements in occupier sentiment. Corporate profitability is also soaring, specifically in the retail sector where large retailers are having their best year since 2010.

Office Market

We recently discussed the snail-like pace of the office market, but this is a sector that is tied heavily to the tech and energy industries. As those sectors continue their economic growth, we can also expect the office market to make a marked improvement in the coming year. Forecasters expect office rents to grow at about 5.5 percent. Despite this increase, trends in construction are expected to be below average until around 2015. However, in tech and energy heavy geographies, progress is clearly on the horizon for the office market.

Other Factors

Once again, the millennial generation will play a critical role in the improvement that we do or do not see in the coming year. As we know, this demographic holds a special place in their heart for urban environments. Most would project activity to continue to increase in these areas, but this does not spell doom and gloom for the suburbs, though we do expect them to adjust accordingly.

Most importantly, 2014 should see a genuine increase in demand, which is the most important factor for generating sales. The labor market has seen a long and steady pace of moderate monthly job growth. As a result, most industries have recouped job losses from the recession and demand is ready to be stimulated once again.

Lastly, a key contributing factor to the growth in commercial real estate is the accelerated growth in housing. Though the housing market has steadied in the past couple of months, experts had been waiting for a recovery like we saw in 2013 for several years. Continued growth in housing during 2014 will lead to more development, lending, retail and jobs growth.

Envision, if you will, a stadium in Miami that actually manages to represent the luxury that the city has to offer. If you were to do so, you might imagine attending a sporting event in which the vibrant environment is contrasted with a view of the calm waters of Biscayne Bay and nighttime events accentuate the glittering Brickell skyline.

This is also the vision that David Beckham’s group, Beckham Brand Limited, has for their potential Major League Soccer franchise in Miami.

As many local soccer enthusiasts may have heard, the group has been scouting locations for a 25,000-seat stadium for quite some time, with Arquitectonica as the rumored choice to design and plan the project. Though the group has surveyed around 30 potential sites, one has generated enough interest to inspire talks with Miami-Dade County.

Port-Miami

PortMiami has been interested for quite some time in creating a better connection with the mainland

According to the Mayor’s office, Beckham’s group has asked them to consider allowing the stadium to be built in the southwest corner of PortMiami in Dodge Island. PortMiami has been interested for quite some time in creating a better connection with the mainland. A soccer stadium may fit perfectly with their 25-year master plan for the southwest corner that would include a hotel, retail and office space.

25 acres would be available for the group to lease and build on, but the location raises some questions. For one, the port is only accessible through Port Boulevard and the Port Tunnel that is scheduled to open next year. Adding the event traffic to roads already clogged with cruise ship travelers on weekends may add up to a local nightmare. Similarly, the issue of parking would cause a major stir, though the idea to build an underground garage like that of the American Airlines Arena has been discussed.

Either way, the discussion between Beckham’s group and the county has just begun and any plan would eventually require approval from the Miami-Dade County commission. As a matter of fact, MLS has yet to formally announce an expansion franchise for the city of Miami.

However, a professional soccer stadium built with private money could be a boon to the local economy and provide a large opportunity for retail in the underutilized PortMiami area.

Over the summer statistics pointed to South Americans as the heroes in the South Florida real estate market. However, recently it seems that cash-buyers from down south may have some competition in the northeast. That’s right, the new boon to the Miami market is coming from the Big Apple.

Brokers in the area have reported a 25 percent uptick in purchases from New Yorkers. Our northeast neighbors are now competing with foreign investors for prime Miami real estate and, in many cases, are willing to pay more. The main reason? Their lack of sensitivity to rising prices in the area. New York is widely known as one of the most expensive markets in the country, giving residents of the state a thick skin for the prices in Miami’s luxury markets.

New York is now the largest feeder market for South Florida. As a matter of fact, New Yorkers have accounted for approximately 15 percent of sales in the luxury real estate market this year. Luxurious condos in Brickell are seen as a bargain in comparison to Manhattan prices.

Purchasing real estate in Miami has tremendous benefits for New Yorkers, as well. The main bonus for these buyers is the opportunity to escape their rising state taxes and head on down to Florida, where there is no state income tax . Setting up shop in South Florida has become a great way for high earners from New York to save a ton of extra cash, making it so that these luxury condos practically pay for themselves.

Of course, New Yorkers do not have to sacrifice much culturally when making the move to Miami, either. Like New York, Miami has no lack of places to visit or events to take part in. Specifically, the rising Wynwood art scene and multiple cultural festivals make for an easy sell to prospective buyers looking for the New York lifestyle.

With their low sensitivity to Miami’s beachfront prices and their desire to escape burdensome income tax, New Yorkers are making the transition without missing a beat. With buyers coming from both foreign and domestic regions, the Miami-Dade market is on the rise.

This past week Miami Today spoke to FA Commercial Advisor’s very own, Fabio Faerman to get his perspective on the booming real estate market in Miami’s downtown area. Faerman divulged some interesting tidbits for investors interested in the future of Brickell.

Take a stroll down the streets of downtown Miami these days and it is easy to see that times are once again changing. While South Florida may have experienced one of the largest busts in the real estate crash years ago, the recovery, particularly that of the Brickell area, may be one of the most rapid in the nation. Several sites are set for demolition and construction cranes have now become the “unofficial bird” of our city. Existing buildings are chipping in, too. Many office buildings have begun pouring millions of dollars into upgrades.

Faerman says that all of this excitement is attracting celebrities, financial advisors and families alike to move downtown and experience life on Miami’s sunny shores. Faerman receives calls from buyers looking to invest in Brickell about one to two times per day.

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The beautiful Brickell skyline

Last year, a buyer purchased a package from Faerman that included the landmark Tobacco Road, River Seafood & Oyster Bar, as well as six parcels on Seventh Street for $12.45 million. With values currently sky-rocketing, Faerman estimates that the same assemblage would be sold for double that amount this year.

Those are prices that buyers these days are more than willing to pay, if the investment properly fits their objectives. For example, this past summer Swire spent $64 million to acquire 700 & 710 Brickell in order to build One Brickell CityCentre, the 80-story gateway to their $1 billion Brickell mega-project. Faerman believes this deal was good for Swire because it gave them the Brickell Avenue frontage that their project needed.

Faerman touted a river-facing site behind Brickell CityCentre that could have that type of value for the right buyer. The 2.52-acre off-market property would give a potential investor the opportunity to create a mixed-use project of up to 1.98 million square feet. The owners are seeking a buyer in the range of $100 million for this site, which Faerman says has, “huge potential.”