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Updated: 39 min 15 sec ago

Costco-anchored center in South Florida sells for $97M

Tue, 07/16/2019 - 06:55
InvenTrust Properties Corp. acquired Costo-anchored Southern Palm Crossing in Royal Palm Beach for $96.75 million. BPP Southern Palm LLC, an affiliate of Chicago-based ShopCore Properties - the retail arm of Blackstone Group - sold the 343,009-square-foot shopping center at 11001 Southern Blvd. to IVT Southern Royal Palm Beach 1031 LLC, an affiliate of Downers Grove, Illinois-based InvenTrust. The price equated to $282 per square foot. “It is not often a premier property such as this is available…
Categories: Business

Miami River developer proposes Allapattah project

Tue, 07/16/2019 - 06:45
Lissette Calderon, a developer best known for her projects along the Miami River, now has Allapattah in her sights.
Categories: Business

Related Group, East End complete Wynwood's first apartments (Photos)

Tue, 07/16/2019 - 06:29
The Related Group and East End Capital have completed the first large apartment building under Wynwood's new zoning code. Wynwood 25 is the start of a transformation for the Miami neighborhood, as thousands of people move in to enjoy its arts, culture and food. Some of the units in the nine-story building face Wynwood Walls, which is across the street. See the photo gallery for a tour of Wynwood Walls. Located at 240 N.W. 25th St., Wynwood 25 has 289 apartments and 31,000 square feet of retail.…
Categories: Business

South Florida rent remains above the national average and is rising (Slideshow)

Mon, 07/15/2019 - 14:41
Midway through 2019, rent in South Florida is continuing its upward trend. That is according to a mid-year report released Monday by RENTCafé revealed. According to the report, rent in the region remains above the national average monthly rent of $1,465 and ticked upward in June. Out of the 10 South Florida municipalities in the report, Fort Lauderdale has the region's highest average rent once again at $1,945, which is $480 above the national average. Miramar had the second highest with…
Categories: Business

Next phase of Miami Worldcenter could be built by Chicago developer

Mon, 07/15/2019 - 14:39
The two-phase project would total 1.1 million square feet.
Categories: Business

Aerospace manufacturer acquires Hollywood-based company

Mon, 07/15/2019 - 13:40
Sintavia has acquired non-destructive testing (NDT) services firm QC Laboratories, Inc. The financial terms of the deal between both Hollywood-based companies were not disclosed. Doug Hedges, Sintavia's president and chief technology officer, said the acquisition will enhance the company's NDT capabilities for the aerospace and defense industries. NDT refers to a range of analysis techniques used to evaluate the properties of a material or component without causing damage. "We have worked…
Categories: Business

Coral Gables mansion sold for $14M (Photos)

Mon, 07/15/2019 - 13:40
A trust led by investor Tony Blank sold a Coral Gables mansion for $14 million. The 8,713-square-foot home at 9501 Journeys End Lane was sold to Anthony M. Lopez. The deal was brokered by Dennis Carvajal of One Sotheby’s International Realty. The price equated to $1,606 per square foot. It was built on the 2.12-acre site in 2007 by Blank. It sits along a canal leasing to Biscayne Bay just north of Matheson Hammock Park. The home has six bedrooms, 7.5 bathrooms, a theater room, a built-in bar,…
Categories: Business

Geo Group named in House investigation of private prison contractors

Mon, 07/15/2019 - 13:39
Shares of the company have plummeted since June, when U.S. Sen. Elizabeth Warren released a plan to end government contracts with private prison companies.
Categories: Business

Michelin-starred restaurant to open first US location in Miami

Mon, 07/15/2019 - 13:38
Miami Beach will be home to yet another high-end eatery with the opening of Michelin Star-rated Japanese restaurant Kosushi. The 2,880-square-foot eatery, opening in July at 801 South Pointe Drive, will serve traditional Japanese food with an emphasis on sushi. The first Kosushi opened in São Paulo in 1988 and later expanded to other parts of the country. This is the chain's first location in the United States. The Miami Beach eatery will seat 66 guests, with an additional 10 at the sushi bar…
Categories: Business

Miami developer proposes dual-tower apartment project in downtown (Photos)

Mon, 07/15/2019 - 12:44
The project would total 1.5 million square feet.
Categories: Business

Israeli developer proposes 63-story project in downtown Miami

Mon, 07/15/2019 - 12:42
The site plan shows a six-story podium with towers of 63 stories and 55 stories rising from it.
Categories: Business

Mansion of embattled Palm Beach developer sells for $30M (Photos)

Mon, 07/15/2019 - 12:31
Philadelphia businessman Vahan H. Gureghian paid $30.275 million for the Palm Beach mansion that belonged to embattled Palm Beach developer Robert V. Matthews. Singer Island Tower Suite LLC, part of DB Private Wealth Mortgage, sold the nearly 16,000-square-foot home at 101 Casa Bendita to Gureghian. The lender seized the home in April under orders of U.S. Bankruptcy Court in Matthew’s personal Chapter 11 filing. DB Private Wealth Mortgage, part of Deutsche Bank, had a $27.4 million loan on…
Categories: Business

Report: Florida ranks low for student debt

Mon, 07/15/2019 - 07:17
A recent WalletHub study showed in addition to Florida being a great place to start a business and for military retirees, it also has one of the lowest student debt amounts. The study breaks down the 50 states and Washington, D.C. on a dozen metrics including student loan indebtedness, grant and student work opportunities, unemployment rank for 25- to 34-year-olds and student debt as a percentage of income. The Sunshine State comes in at No. 45 on the list, with Utah being the state with the lowest…
Categories: Business

South Florida company buys Pennsylvania medical marijuana dispensary operations for $63M

Mon, 07/15/2019 - 07:14
Jushi Holdings, a Boca Raton-based cannabis and hemp company, closed its previously announced $63 million acquisition of all of the membership interests in Franklin Bioscience-Penn LLC. The deal covers the Pennsylvania medical marijuana dispensary operation of Franklin Bioscience and its subsidiaries, which have a total of four dispensary permits issued by the state health department. Those permits allow for the holder to open a total of 12 medical marijuana dispensaries in Pennsylvania. On the…
Categories: Business

Developer proposes 38-story tower in Miami Arts & Entertainment District

Mon, 07/15/2019 - 07:06
The building would include micro apartments.
Categories: Business

Virgin Trains rolls out customizable corporate rates

Mon, 07/15/2019 - 06:27
Florida Power & Light is the largest company to buy into the new program.
Categories: Business

Bay Harbor Islands condo project files Chapter 11 bankruptcy

Fri, 07/12/2019 - 15:38
The developer hopes to sell the condos through Bankruptcy Court.
Categories: Business

Canadian sports manufacturer to create 100 jobs in South Florida

Fri, 07/12/2019 - 15:35
Fluorotek manufactures custom products for professional sports teams, including the Boston Red Sox, Cleveland Cavaliers and Seattle Seahawks.
Categories: Business

Ventures Roundup: 25 startups to compete at SUP-X in Fort Lauderdale; Miami launches Easy Permits online

Fri, 07/12/2019 - 14:46
This week's technology and ventures news.
Categories: Business

Aerospace firm expands its South Florida headquarters, creates 100 jobs

Fri, 07/12/2019 - 14:37
The company has about $1.8 billion in revenue.
Categories: Business