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April 15, 2020

Miami's Small, Boutique Office Market Could Be Coronavirus-Resistant
[Webinar] South Florida's Condo Market: A Deep Dive Into Impact Of The Coronavirus With Kar Properties Principal Shahab Karmely April 16

The year was off to a sweet start for the Miami office market: 100K SF of positive absorption focused in downtown Miami and Brickell, much of that driven by move-ins of WeWork and Industrious, according to JLL.

Miami's Small, Boutique Office Market Could Be Coronavirus-Resistant

Icahn Enterprises moved into the penthouse in the new Milton Tower trophy office property in Sunny Isles Beach. The average direct asking rent market-wide was $43.78 per SF.  Three Miami submarkets were named among the 100 most expensive in the country last year. "Year-over-year, compared to what was happening in early first…

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Bankrupt Earth Fare Sells 10 Stores, Gives Back Dozens More To Landlords
Bankrupt Earth Fare Sells 10 Stores, Gives Back Dozens More To Landlords  

Earth Fare has completed its bankruptcy proceedings, reaching deals to sell 10 of its stores to grocery operators and giving its other 47 leased spaces back to landlords. The company launched as Dinner for the Earth in Asheville, North Carolina, in 1975, selling health supplements and all-natural foods in bulk. In…

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For Properties in Crisis, ‘Middle Money’ Lenders Could Be A Savior
PRESENTED BY:   Korth Direct Mortgage
 
For Properties in Crisis, ‘Middle Money’ Lenders Could Be A Savior  

A light industrial asset half-leased and mired in a foreclosure battle. A multifamily building scarred by a fire. Where other lenders might have seen liabilities, Holly MacDonald-Korth saw opportunity. “Some of the complicating factors in these properties means that no traditional lender was willing to take them on,” MacDonald-Korth said.…

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Starwood Gets $76M Loan For New Miami Beach HQ
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When Starwood Capital Group moved its headquarters from Greenwich, Connecticut, to Miami Beach in 2018, it bought prime South Beach property from Avis, the rental car company. It has now secured financing to build a six-story headquarters for itself. A Starwood subsidiary has secured a $76.16M construction loan from Citizens Bank…

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Ghost Kitchens Aim To Capitalize During Coronavirus Pandemic
 

Jim Collins is torn.

As the CEO of Kitchen United, Collins is seeing his three ghost kitchens performing well during the coronavirus pandemic. But he also owns and operates a separate restaurant, which he had to close the dine-in portion of, as part of a state and local order to prevent the spread of the contagious disease COVID-19.

Also known as cloud kitchens and virtual food halls, a ghost kitchen is a single facility that houses multiple restaurant operators to prepare food for takeout or delivery only. In a way, it is sort of a coworking spot for restaurant operators, except there is no need for a wait staff.

The coronavirus has forced many restaurant owners to shift to a takeout and delivery model for survival and while some restaurateurs are closing shop, a few restaurant developers are accelerating plans to develop and open more ghost kitchen locations. 

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How To Be A Great Place To Work During A Pandemic

It’s one thing to be considered a good employer when things are normal. But what about when a pandemic hits?

Being a great place to work hasn’t typically meant having the fanciest amenities or perks, even in the best of times. Amid the mass work-from-home experiment, some lauded employers are discovering that robust communication, frequent employee surveys and acts of compassion are going a long way to keep workers happy and maintain corporate culture without in-person touch points.

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My New Normal: Newburger-Andes Chief Investment Officer David Andes

This series aims to capture a moment in time, talking to men and women in commercial real estate about how their lives and businesses are being transformed by the coronavirus pandemic.

David Andes likely hasn't met an Arby's he didn't like. Nor a Dollar General, a Dollar Tree, an Advance Auto Parts or even an O'Reilly Auto Parts.

Andes is chief investment officer with Atlanta-based Newburger-Andes, a 45-year-old real estate investment firm with a $500M portfolio that includes hundreds of tenants.

Newburger-Andes operates both a commercial real estate investment platform and a brokerage operation. While the firm owns close to 3M SF of flex office space, Newburger-Andes may be better known for its triple-net investments — mainly stand-alone retail stores backed by strong corporate credit tenants. The firm's syndicated funds involve some 900 private investors.

The firm has operated for most of its life from a small office building overlooking the immensely busy Interstate 285 ring around Metro Atlanta. But since the pandemic, Andes and his staff have done business another way — from bedrooms and balconies at their respective homes.

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