Investors Still Hot For Miami's Retail CRE
When David Duckworth put Northlake Promenade up for sale, he expected the West Palm Beach shopping center could fetch $12.5M at a cap rate near 6%. Rather than setting an asking price, Avison Young conducted a bid process that became “extremely competitive." Now, the 83k SF Publix-anchored West Palm Beach shopping center is scheduled to close mid-November at a low, 5% cap rate.
But that's the state of retail sales in Florida, a mix of a flight-to-safety mentality and a plethora of capital seeking safe harbor. The retail investment market is “extremely robust, extremely competitive,” David says.
While David also sells office buildings,…
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Miami Firm Buys Strategic Warehouse Complex
Equitable Real Estate Partners has beefed up its flex industrial holdings in Miami.
The firm purchased Airport East Distribution Center, a nearly 400k SF flex warehouse project at 7000 NW 32nd Ave, near Miami International Airport and PortMiami. Terranova Corp sold…
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Parking Lot Development, Car Ownership To Drop In Wake Of Autonomous Car Boom
As self-driving cars become more of a cultural norm, the future of mobility—how we transport people and goods—will significantly change. Think The Jetsons, though nothing that elaborate.
Experts say driverless cars will one day move about the city picking up people and goods and transporting them with little risk of accidents, essentially cutting down on consumer's need for personal vehicles and large, multi-leveled parking lots.
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The Real Countess Of Downton Abbey Opens Up About Highclere
Highclere Castle is one of the UK's most recognizable architectural landmarks, a beautiful house surrounded by Capability Brown-designed gardens flecked with white marble follies and sheep. The chatelaine of the castle, the 8th Countess of Carnarvon, is guardian of its history from its grand beginning to the set of the Emmy-winning drama series Downton Abbey. Bisnow talked with Lady Carnarvon about how she's changed Highclere Castle and why the public is so necessary to the success of the estate.
One cold January day, Fiona Aitken was invited to lunch at Highclere. She had been a guest often enough at her girlfriends' and sisters' stately homes to know that 1) she needed a pashima because huge old houses like Highclere…
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The 5 Largest EB-5 Funded Projects Still Under Development
It's not always easy for developers to find funding for their projects, especially when a project is massive. Enter EB-5, the program that incentivizes foreigners to invest in US developments by rewarding them with a visa if they pony up at least $500k in US projects employing at least 10 workers. Since the program's inception in 1990, nearly $9B has been invested in US commercial real estate through EB-5. Of the many projects EB-5 has helped fund over the years, following are the five largest still under development.
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