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CRE Investors React To Federal Rate Increases

As many expected, the Federal Reserve recently decided to raise interest rates to the range of 1.5 percent to 1.75 percent, and the increases are likely to continue in 2018.

In March, the Federal Open Market Committee meeting announced its expectation for “further gradual increases” this year. Interest rates are extremely important in the evaluation and performance of any commercial real estate investment due to their impact on the present value of future cash flows. Higher rates make borrowing more expensive for owners, and tend to raise cap rates and reduce property values. However, higher rates also mean a stronger economy, which tends to be associated with a stronger real estate market.

So how will these increases affect commercial real estate investors? Alex Zylberglait, Marcus & Millichap’s senior managing director of investment, delves into how the increase in interest rates is impacting both foreign and domestic investment in U.S. real estate.

How will the rise in interest rates influence the commercial real estate market?

Zylberglait: The Federal Reserve recently raised interest rates by a quarter of a percentage point and is expected to raise rates twice more this year. As a broker who handles investment sales targeting properties in the range of $1 million to $20 million, which is the most active segment of the CRE market in South Florida, I can say that I haven’t seen much of an impact in the commercial real estate market yet. But having said that, I do anticipate a delayed effect, with rates influencing the market in the next three to six months. What I am beginning to see are prospective buyers locking in rates for long-term financing.

On the other hand, I am seeing more properties hitting the market, as property owners seek to cash out before cap rates go up as a result of rising interest rates. For example, one of my clients who owns an office building in Miami has a mortgage that’s maturing and debt coming due. Due to rising interest rates coupled with a maturing mortgage, my client wants to unload the property now instead of selling in a higher interest rate environment. But rising interest rates is one of many factors positioned to impact the CRE market this year.

How will higher interest rates impact foreign vs. domestic investment?

Zylberglait: The impact of rising interest rates will most likely be less on foreign investment than on domestic investment. The foreigners who use financing pay a much lower interest rate in the U.S. than in their home country.

However, what we’re seeing is foreigners unloading their CRE assets. For the past seven years, foreign investors have steadily moved away from buying pre-construction condos and turned their attention to CRE properties in Miami. As the Fed raises interest rates coupled with the real estate cycle nearing an end, foreigners are now cashing out for different reasons. Based on where we are in the real estate cycle, foreign investors are selling to capitalize on the rapid appreciation that the South Florida market experienced in the last five years. They no longer expect a significant appreciation so many of them have no reason to hold on to their properties.

Can you give an example?

Zylberglait: One of my clients from Argentina, who has been buying commercial properties in South Florida for nearly a decade, is now selling a single-tenant building occupied by Starbucks in one of Miami’s hottest markets, Doral. He recently renegotiated a nice lease deal with Starbucks to maximize sales proceeds in order to invest in value-add opportunities in the region.

Another one of my clients, Metro Capital Partners, which invests capital from Colombia in Miami, is another example of this trend. Metro recently sold an office building in Miami-Dade County’s West Kendall submarket for $7.9 million, after acquiring it in a 2014 distress sale for $3.2 million. For the most part, these investors are selling to either buy more assets in South Florida or pay down debt on other properties. Foreign investors continue to see our region as a safe place to grow and protect their capital even as interest rates continue rise.

What impact will the rate increase have on the South Florida market?

Zylberglait: In this real estate cycle, a significant amount of assets in South Florida were priced aggressively, with 2015 being the peak. As the market stabilizes or levels off, a rise in interest rates will contribute to faster stabilization of prices, resulting in investors preparing for slower growth and appreciation.

However, some of my clients who are more yield driven are looking outside of South Florida to places like Orlando and Tampa. We are starting to see a migration of investors and developers northward. For example, Dezer, a well-known developer in South Florida, recently purchased a shopping mall in Orlando with plans to redevelop it into an entertainment complex.

Another example is Riviera Point Development Group, a South Florida developer that purchased 3.3 acres on 11551 International Drive, a few miles from Seaworld, where he plans to build a dual-branded hotel, La Quinta Inns and Suites, and Tryp by Wyndham. Riviera Point developed five office buildings in South Florida and a Radisson Red Hotel near Miami International Airport in this real estate cycle. When it came time to purchase more land, Riviera Point’s CEO Rodrigo Azpurua chose Orlando because of land values and appreciation, which can mitigate the impact of rising interest rates. But having said that, I may add that land values in Orlando today are not as advantageous as they were a year ago.

How will the CRE market respond as interest rates continue to rise?

Zylberglait: Everyone knew rising interest rates were coming and as a result, we haven’t seen much of a reaction in the market. There’s no panic. However, the value for Class B and C assets is softening and I expect to see a divergence between Class A, B and C assets.

 

Source: Commercial Property Executive

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Palm Beach County Trying To Spur Development Of Affordable Housing As Rents, Prices Rise

Palm Beach County is searching for solutions to help teachers, restaurant managers and nurses find affordable housing when high rents and home prices are the norms in South Florida.

Suzanne Cabrera, president of Housing Leadership Council of Palm Beach County, said she hears far too often from moderate-income workers affected by the housing crunch.

“It’s hurting businesses needing to recruit entry-level employees,” Cabrera said. “It’s as bad as ever. I dread getting my phone calls. I dread reading my emails. People need things we just don’t have. I am really worried about the effect it’s going to have long term if we don’t address it.”

The county launched an initiative in 2006 to require developers to set aside a certain percentage of new homes and apartments as price-capped “workforce housing.” In exchange, developers could build more homes than allowed by county development rules. To qualify for workforce housing, a family of four would need to make between $40,740 and $95,060. But that program hasn’t produced the number of affordably priced units county leaders envisioned. One reason is builders have elected to pay an $81,500 per home buyout fee instead of constructing the workforce housing.

Not one price-capped single-family home has been built under the program. In its 12-year history, the program has produced 871 priced-capped apartments and 121 townhomes. Developers have contributed about $3 million into an affordable housing fund that commissioners are considering using to provide up to $38,500 in down-payment assistance for people looking to buy those below-market townhomes.

Now, county commissioners are looking at adjustments to the program that a consulting firm says could spur the development of affordable housing. One proposal would raise the developer’s buyout fee for a workforce home to $120,000. Developers would be granted even more density for building workforce housing, potentially doubling the density of their projects. An exchange would be created that would allow builders to partner with affordable housing developers to satisfy the requirement.

Housing prices throughout South Florida are rising. In Palm Beach County, an average apartment rents for $1,370, and the median price of a single-family home is $345,000. In Broward County, an average apartment rents for $1,858, while the median sales price for a home is $335,000. Miami-Dade tenants pay an average of $1,618, and the median price for a home is $332,500.

Other communities are crafting plans to help lower-income workers afford housing. Miami-Dade recently unveiled a proposal to build affordable housing for teachers next to schools in high-rent neighborhoods.

Home prices under Palm Beach County’s workforce housing program can range from about $142,000 to $264,000. That price range gets adjusted through the years, based on the county’s median family income.

Rental rates for homes built under the workforce housing program are also capped. For example, monthly rental prices allowed for a two-bedroom apartment under the program could range from $972 to $2,268.

The county’s consultant — BAE Urban Economics — wants to adjust the program to provide a minimum 10 percent profit margin for builders, an effort to ensure that it would be lucrative enough for developers to actually construct priced-capped housing.

Industry groups aren’t totally on board with the plan. Skeet Jernigan, president of the Community and Economic Development Council, said it shouldn’t fall solely on builders to pay for affordable housing efforts when restaurants and hotels don’t pay a wage that allows people to afford housing.

“You are never going to solve workforce housing by expecting to finance it solely on the back of the builders who build housing in the community,”Jernigan said. “It has to be a countywide effort, and other segments of the economy must be involved or this process will totally, totally fail. It’s also possible the county’s efforts could carry unintended consequences. Additional costs — such as higher fees — will be passed on to the buyers of homes not in the county’s workforce program.”

“Allowing developers greater density could create disputes, too, with neighbors,” Commissioner Hal Valeche said. “Commissioners are reviewing the proposals and will likely decide in coming months on how to alter the program. If we do this properly, the builders can be profitable with both market rate and affordable units.”

 

Source: SunSentinel

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Developers Reimagine South Florida’s Money-Losing Golf Courses

golf course

The Carolina Club, an 18-hole championship golf course in Margate, has served as a qualifying site for the PGA Honda Classic and is known for its fast, well-manicured greens and contoured fairways.

But the semi-private club, built in 1971, isn’t making the cut. Miami-based developer 13th Floor Homes plans to acquire the 140-acre facility and completely transform it into a 350-unit residential community, with single family homes and townhouses. The proposed homes would cost about $300,000 to $400,000 each, meaning the developer stands to make more than $120 million in total sales. The current owner, J&D Golf Properties, would also stand to profit from the sale. It purchased the club in 2002 for $5.3 million.

The Carolina Club conversion is just one of several planned golf course redevelopments in South Florida, as golf operators weigh the rising expense of maintaining fairways and greens against the diminishing revenue. Couple that with the game’s waning popularity nationwide, and owning a golf course is now a risky proposition.

“Less people play golf, and those who do play are playing less rounds,” said Mike Nunziata, president of 13th Floor Homes. “Operators are having to cut rates to attract players. The industry is now in a place where the revenue just isn’t enough to cover the costs to maintain itself.”

His company has developed a niche business statewide for building residential communities on former golf courses. From the 1970s to the 1990s, the game experienced a rise in golf course construction — spiking in Florida — along with some residential communities nestled alongside. Nunziata said that development far exceeded demand.

Despite several closings, Florida still has the highest number of 18-hole golf courses in the country. And just in Miami-Dade, Broward and Palm Beach counties, there are 177 18-hole equivalent golf course facilities, according to the National Golf Foundation. That’s down from 189 in 2007. But many others are barely hanging on, industry pros said.

“The golf courses were purely being built to sell the homes and support neighboring residential communities,” Nunziata said. “It was really more a real estate play and not so much a strategy that was centered around golf.”

In addition to his plans for Carolina Club, the developer is converting an 18-hole course in Delray Beach into Avalon Trails, a 521-unit residential community geared toward people 55 and older. Other projects in the works include a single-family home community over what are now two 18-hole golf courses in Tamarac.

In Hollywood, the Pulte Group is building 645 homes — including townhouses and single-family homes — at the former Hillcrest Golf & Country Club. The area covers 160 acres, and will rise over the 18- and 9-hole courses.

Atlanta-based Pulte is also developing 152 homes on nine of Woodmont Country Club’s 18 holes. It paid $10.2 million for the property in 2016.

But just as Tiger Woods appears to be on the comeback trail, the game itself has been evolving and companies are adapting to the next generation of fans and players.

Topgolf, a Texas-based entertainment and technology-themed firm, has been establishing a presence in major commercial centers around the world, including Miami. At least five Topgolf facilities have either opened or are being planned in Florida. The first opened in Miami Gardens in 2016.

Investors are also considering other uses for all that golf course land. Soccer superstar and entrepreneur David Beckham is considering transforming the Melreese Country Club in Miami into a 25,000-seat Major League Soccer stadium. Beckham and his partners, Marcelo Claure, Jorge and Jose Mas, and Simon Fuller have put the price tag at $200 million.

For Topgolf, facilities are typically three-story entertainment complexes that feature a driving range, restaurant and bar. The golf balls are microchipped so statistics like distance and accuracy can be tracked and translated into points for games.

In some cases, they’re being built on existing courses, as in West Palm Beach. There, a Topgolf facility will rise on the 196-acre West Palm Beach municipal golf course. And while it could be seen as a competitor to 18-hole courses, Topgolf says it works closely with institutions like the Professional Golfers’ Association to help some courses stay open.

Topgolf spokesperson Morgan Schaaf said Florida is a natural place for Topgolf to expand, which the company is doing at a rapid rate. Topgolf is aiming to open seven to 10 locations a year, she said. It’s also going international, with facilities planned for Australia, Canada and Mexico within the next five years. Schaaf added that half its customers are golf novices because the company makes it more accessible than a traditional course.

Despite Topgolf’s popularity, a love for the course is still strong in Florida.

Developer Lennar had been under contract to build homes on the 212-acre Ocean Breeze Golf Club in Boca Raton, which shut down in 2016 after having lost money and members for years. But plans skidded into the rough amid opposition from Boca Teeca duffers who were left with no options.

Sunrise-based GL Homes had already acquired the nearby Boca Raton Municipal Golf Course for $65 million. It plans to replace the 27-hole, 194-acre course with a community of 500 homes.

Earlier this month, the city of Boca Raton and its Greater Boca Raton Beach and Park District bought the 27-hole Ocean Breeze course for $24 million. The seller, Wells Fargo, seized the property through foreclosure. The renovated golf course, to be called the Boca Raton National Golf Club, is set to open in late 2019 or early 2020. It is expected to be a costly endeavor, up to $18 million to renovate and about $2.2 million per year to maintain.

“That kind of community effort appears to be an outlier,” said Brent Baker, Pulte’s Southeast Florida division president. “Only two kinds of golf courses will stay open in the future. The first is the one that requires membership fees, and the second is a public golf course that is subsidized by taxpayers, though even those — as seen with the Boca Raton municipal course — have great difficulty staying afloat. The math usually doesn’t add up. To keep a golf courses operating you’re talking hundreds of thousands of dollars, sometimes millions of dollars a year.”

 

Source: The Real Deal

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Greater Fort Lauderdale Alliance Returns From Nashville With New Ideas For Job Creation

One lesson learned from the Greater Fort Lauderdale Alliance‘s past two annual trips: a city’s brand matters.

About 80 members of the Fort Lauderdale business community returned from a four-day trip to Nashville, Tennessee on Wednesday. The trip was led by Broward County‘s economic development partnership, the Greater Fort Lauderdale Alliance. The group met with city officials and leaders in the Nashville business community to discuss common challenges and best practices impacting the two areas.

The trip follows a similar trip to Austin, Texas last year to gain a better understanding of how other cities are attracting companies and fostering economic growth.

In an interview with the Business Journal, Bob Swindell said that one key insight he learned was how Nashville’s Music City brand has helped the city attract talent and create a camaraderie among residents.

“Their brand music is a brand that everyone can relate to,” said Swindell. “They own their brand.”

The Greater Fort Lauderdale Alliance had a similar takeaway on the importance of branding when the group visited Austin last year, which has worked to create a reputation as a technology hub.

“We learned to recognize Greater Fort Lauderdale’s and South Florida’s many strengths, and that perhaps we need to take a page from the Texas playbook and brag a bit more,” Swindell said. “Another lesson learned from the Nashville trip was just how much the two cities have in common.”

In addition to both being named finalists for Amazon’s second headquarters, the two cities face similar major challenges pertaining to workforce housing, homelessness and transportation.

Swindell said transportation, in particular, has been a big focus of Nashville Mayor Megan Berry, who has been communicating the need for action with the city’s business community.

“She says that today will be your best transportation day,” said Swindell, meaning that the problem is getting worse everyday and the need for action is imperative.

Other highlights of the trip included discussions on:

  • How to better align educational programs with target industries with Nashville’s Labor Educational Alignment Committee
  • Innovations in health care at Nashville’s DNA bank
  • Research collaborations and how to take that tech to market with the Vanderbilt Innovation Center
  • How to attract and develop more high-tech companies with the Nashville Technology Council

The trip was funded through several sponsors including JetBlue, the Florida Panthers, the City of Fort Lauderdale’s Executive Airport and Signature Grand.

The Greater Fort Lauderdale Alliance recently released its 2017 fiscal year results, which showed that the organization assisted more than 300 companies and surpassed its original goals for job creation and retention. For the 2017 fiscal year, the economic development partnership brought in 1,978 new jobs, exceeding initial expectations by 24 percent.

 

Source: SFBJ

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South Florida’s Boatmakers Hope To Ride Wave Of Prosperity

Amid signs the economy is strong overall — until last week, the stock market was reaching new peaks — boat retailers are anticipating a wave of new buyers.

And with two important boat shows coming to South Florida this week, there’ll be more good news for South Florida’s boating community — fishermen, recreational boaters, or anyone else who benefits from the approximately $11.5 billion that the industry generates for the region.

Boats made in South Florida will be featured among the top-of-the-line vessels from other parts of the country at the 2018 Progressive Insurance Miami International Boat Show and the Miami Yacht Show 2018. Popular center-console fishing boats on display in the water and on land at Virginia Key include models from SeaHunter Boats of Princeton, Doral-based SeaVee Boats, Dusky Marine of Dania Beach and Contender Boats of Homestead, as well as newcomer Streamline Boats of Opa-locka.

Cigarette Racing Team of Opa-locka, whose name is synonymous with high-performance powerboats, will introduce a couple of new models at the Miami Boat Show. Other popular brands on display include Sea Ray, Beneteau, Boston Whaler, MasterCraft, Regulator, Hatteras, Viking and Zodiac.

Denison Yacht Sales, which is headquartered in Fort Lauderdale, has 27 boats at the Miami Yacht Show along Collins Avenue in Miami Beach, including the GT50 by Beneteau, which is making its U.S. debut, and the 45 Express Bridge from Hatteras. Fort Lauderdale yacht brokerage G Marine has the new Spanish-made Astondoa 80 Flybridge.

If sales are strong, South Florida will also see an increased benefit from the shows.

A study by Thomas J. Murray & Associates, Inc., in conjunction with the University of Florida, released in 2017 showed that the Miami Boat Show alone has an annual economic impact of $854.2 million, which is more than twice what a Super Bowl generates. That impact includes approximately $350 million in sales of marine products at the show.

“The economy seems to be treating people very well, so we’re looking to be growing and expanding,” said Jordan DeLong, the director of marketing for Contender Boats, which has at least a dozen of its models on land and in the water at the Miami show. “The show’s going to be good to us, I’m sure of it.”

260,000 – The number of new powerboats that were sold in 2017, says the National Marine Manufacturers Association, which puts on the Miami Boat Show. That’s an increase of 6 percent over the previous year, which marked the sixth consecutive year of growth.

“Things are going quite well. The key is we’re always pushing the bar, trying to go higher and higher and higher,” said Skip Braver, the owner and CEO of Cigarette Racing Team, which will have its new 42-foot GTO Reserve and GTR Reserve at Virginia Key. “We’re firm believers that Miami is one of our best sales tools. There’s only one Miami. We take the magic of our city and the magic of our boats and we blend them together.”

Figures from the National Marine Manufacturers Association, which puts on the Miami Boat Show, back up this rosy view. The organization, which represents the country’s recreational boat, engine and marine accessory manufacturers, says that 260,000 new powerboats were sold in 2017 — an increase of 6 percent over the previous year, which marked the sixth consecutive year of growth. Compare that to the depths of the country’s economic downturn a decade ago, when the number of new powerboats sold in 2009 decreased 24 percent to 153,550.

The most current numbers have Florida leading the country in sales of new powerboats, engines, trailers and accessories in 2016 at $2.5 billion, up 5 percent over 2015. Florida was followed by Texas at $1.4 billion, Michigan ($868 million), Minnesota ($710 million) and North Carolina ($689 million).

“On the horizon, if economic indicators remain favorable to the recreational boating market with strong consumer confidence, a healthy housing market, rising disposable income and consumer spending, and historically low interest rates, the outlook is good for boat sales,” said NMMA president Thom Dammrich.

Chuck Collins, the executive director of another industry organization, echoes this view.

“The price of fuel is still cheap, the price of money is still cheap. Interest rates are low. Every single thing is positive,” said Collins, who heads the Marine Industries Association of Palm Beach County.

The boating industry’s outlook is even brighter factoring in the new tax legislation approved by Congress at the end of 2017, many say.

“I think it’s really positive given what happened federally to make U.S. business more competitive,” said Phil Purcell, the executive director of the Marine Industries Association of South Florida, which has more than 500 members in Broward, Miami-Dade and Palm Beach counties and supports 136,000 marine-related jobs. “The feedback I’m getting from our members is now they can put some money back into infrastructure and they have the ability to make five-year plans and three-year plans.”

The climate also is good for sales of big boats said Bob Denison of Denison Yacht Sales, which has 20 offices ranging from Miami Beach, Naples and Montauk, N.Y., to Seattle, San Diego, Puerto Rico and St. Thomas in the U.S. Virgin Islands.

“This year’s Miami Yacht Show is expected to be a solid one. Consumer confidence is near 20-year highs, the stock market is going through the roof and other metrics in housing and employment are strong,” Denison said last month. “More than that, there’s going to be a lot of cool boats on the docks.”

Because of the robust economy, says Nautical Ventures CEO Roger Moore, more South Florida residents will get into boating or upgrade their boats or move into bigger boats.

“We’re extremely optimistic about 2018,” said Moore, whose company has stores in Dania Beach and Palm Beach County that sell everything from standup paddleboards and kayaks to inflatables, center consoles and cruisers, and which has displays at both boat shows this week.

$2.5 Billion – The sales of new powerboats, engines, trailers and accessories in 2016 in Florida, which is No. 1 out of all states in this category. That figure is up 5 percent over 2015..

For many years, people were conservative in their spending, he said, “so they’re looking for an excuse to do something fun, and I hope it’s boating.” Another factor that could boost boat show sales is the damage done by Hurricane Irma in September.

“The hurricane destroyed a lot of boats,” Collins said. “These people are getting their insurance checks, they’re not going to give up boating just because their boat got destroyed. Boats that didn’t get destroyed are going to get repaired.”

Michael Brown, who grew up in his family’s boating business and is the vice president of Dusky Marine in Dania Beach, says those in the market for a new boat are looking at bigger models with bigger motors and more features.

“‘More everything’ seems to be selling,” said Brown, who will have Dusky’s 28- and 33-footers at the Miami Boat Show. “More power, more electronics, more toys, more cup holders. “The cost of fuel’s gone up a little bit, but outboard motors are a lot more efficient. Instead of two 115-horsepower motors, people are buying a pair of 175s. Instead of a single 225 on my 25-footer, which runs great, now it’s a 350. The difference in price is about $7,000 and the fuel economy is almost the same. People no longer want to run at 40 mph, they want 50 or 60 mph.”

SeaHunter Boats of Princeton will formally introduce its new Floridian 28 at the Miami Boat Show. Since word got out about the 28-foot, 5-inch boat, which is designed to fish inshore and offshore, the company can’t build them fast enough.

“It’s something we’re really pushing,” marketing director Isabel Rubio said. “We’re actually on back order right now.”

The Floridian features a higher freeboard that makes it safe to fish offshore. Power options range from a single 350-horsepower outboard motor to twin 350s, which produce a top speed of 70 mph for the 28-foot center console.

Two relatively new local boat builders, Angler Pro Boats and Streamline Boats, both of Opa-locka, hope to take advantage of the healthy economy.

Pedro “Pete” Garcia started Streamline Boats less than a year ago. Garcia, 32, has held about every job in the boating industry. His career began in 2003, straight out of Coral Shores High School in Tavernier. He worked for Regulator, Hydra-Sports and SeaHunter and also started his own boat service company. When his friends Lazaro Hernandez and Luis Blanco offered to partner in a boat company with Garcia.

“They presented me with an opportunity I couldn’t turn down. I decided it was my turn to do my own thing, said Garcia. “My parents said, ‘This is what you’re going to do? Go for it!’ They’ve given me 100 percent support.”

Streamline currently makes a 26-foot center console with a stepped hull in a tournament edition and a sport model. Garcia says he should have a 34-footer available in three or four months. Every boat is built to a customer’s specifications.

“We’re offering a fully custom boat at an entry level price. I cannot emphasize how important that is. We want to be able to sell boats to cops and firefighters,” said Garcia, who has a 26TE at the Miami Boat Show. “It’s 110 percent your boat. You can have whatever hull color you want, you can have 150 rod-holders. We’re not a fly-by-night company. You’re not going to a company buying a red one or a blue one. Every boat is tailored to every individual.”

Chris Grillo, 26, is the CEO, owner and president of Angler Pro Boats and says he was “born and raised” in the boating industry. His father, Elio, owned Angler Boats, which Grillo says made the No. 1-selling 20-foot boat in the world. The elder Grillo sold the company to foreign investors about six years ago, but it folded, so his son, who studied business at St. Thomas University, bought the Angler molds and started his own company in 2016 with a commitment to excellence and value.

The boats, which are sold through dealers, come in five models ranging from a 17-foot flats boat to a 28-foot center console. All the boats are made using new lamination schedules that Grillo says make them stronger and lighter.

“I restructured everything from the ground up,” Grillo said. “The way we laminate the boats, the quality of the fiberglass, the quality of the resin. Other companies are going to put in the $20 bilge pump, we’re going to put in the $60 bilge pump. I’m going to put in the extra $40 to make sure that boat’s going to last you a lifetime. For me, I don’t have to make a killing. I don’t have to be a billionaire. We’re building a very high-quality custom boat for an affordable price.”

Miami International Boat Show

The Progressive Miami International Boat Show features 1,400 boats on land and in the water and more than 1,100 exhibitors.
When: Feb. 15-19 from 10 a.m.-6 p.m. each day.
Where: Miami Marine Stadium Park & Basin on Virginia Key, 3501 Rickenbacker Causeway, Miami.
Boats: Powerboats include cruisers, trawlers, center consoles, bay boats, flats skiffs and inflatables. Strictly Sail Miami, which had been held at the Miamarina at Bayside, is at Miami Marine Stadium with more than 50 sailboats in the water, plus sailing-related booths on land.
Admission: Premier Day, which is Feb. 15, costs $40. Thereafter, adult tickets for ages 13 and older are $25. A two-day pass, good from Feb. 16-19, is $45 and a five-day pass is $100. Children 12 and younger are free when accompanied by a paid adult. There are group discounts for 15 or more people. Purchase tickets online at www.miamiboatshow.com/admission#/select.
Parking: Parking can be purchased online at www.miamiboatshow.com/public-transportation. Parking is $35 and $50 at lots on Virginia Key, with free shuttle bus service to and from the show from 9 a.m.-7 p.m. Parking is $25 at AmericanAirlines Arena at 601 Biscayne Boulevard, with free shuttle bus service from 9 a.m.-7 p.m. Free water taxi service to and from the show is 9 a.m.-7 p.m. from AA Arena and Bayfront Park, 100 Chopin Plaza. There is no show parking at Marlins Park this year.
Economic Benefit: A 2017 study by Thomas J. Murray & Associates, Inc., in conjunction with the University of Florida, showed that the Miami Boat Show has an annual economic impact of $854.2 million, which is more than twice what a Super Bowl generates. That impact includes approximately $350 in sales of marine products at the show.
Information: Visit www.miamiboatshow.com, call 954-441-3220 or email info@miamiboatshow.com

Miami Yacht Show

The Miami Yacht Show features more than 500 boats and yachts on display in the water.
When: Feb. 15-19 from 10 a.m.-6 p.m. (10 a.m.-5 p.m. Feb. 19).
Where: On the Indian Creek Waterway along Collins Avenue between 41st and 54th Streets in Miami Beach.
Boats: Powerboats include motoryachts, superyachts (100 feet and longer), cruisers and sportfishermen.
Admission: Adults $25, children 15 and younger free. Purchase tickets online at www.miamiyachtshow.com.
Parking: General parking is $15 at the 17th Street Garage at 599 17th Street and $30 at the 67th Street Garage at 6625 Indian Creek Drive. Free shuttle bus service to and from the garages and the show is 9 a.m.-7 p.m. Free water taxi service is available from the Water Taxi docks at 65th Street and 24th Street. Valet parking is $60 a day from Feb. 15-18 at 4601 Collins Ave. and can be purchased at www.miamiyachtshow.com.
Information: Visit www.miamiyachtshow.com, call 954-764-7642 or email marketing@showmanagement.com.

Angler Pro Boats

The relatively new Angler Pro Boats uses the proven molds of the former Angler Boats company with the newest boat-building technology in fiberglass, resin and lamination schedules to build a flats boat, a bay boat and three offshore models. In the works are a catamaran and a boat for a jet-drive engine. Angler, however, will not be in the boat show this year.
Founded: 2016 in Hialeah
Run By: CEO, owner and president Chris Grillo
Location: 2337 NW 149th St., Opa-locka, a 14,000-square-foot facility.
Employees: Eight to 15, depending on how many boats are under construction.
Sales: Grillo started the business in 2016, began manufacturing boats in 2017 and sold 15-20 of them through the company’s dealer network. He expects to build and sell nearly 100 boats in 2018.
Most popular models: Angler Pro’s boats range from a 17-foot flats skiff that sells for $29,995 to a 20-footer with a T-top, a 150-horsepower Yamaha outboard motor and a trailer for $39,995 to an “almost fully loaded” 28-foot center console with twin Yamaha 300s that retails for $140,000.
Telephone: 305-525-4943
Website: www.anglerproboats.com

Seahunter Boats

SeaHunter is formally introducing its new Floridian 28 at the Miami Boat Show. Since word got out about the 28-foot, 5-inch boat, which is designed to fish inshore and offshore, the company can’t build them fast enough. “It’s something we’re really pushing,” marketing director Isabel Rubio said. “We’re actually on back order right now.”
Founded: 2002 in Princeton
Run By: President Ralph Montalvo
Location: 25545 SW 140th Ave., Princeton. Boats are built in a 46,000-square-foot building and there’s also a 20,000-square-foot facility that houses the engineering and service departments. Last year the company purchased what is now called SeaHunter Marina at Manatee Bay, a full-service marina in Key Largo for SeaHunter owners.
Employees: About 115
Sales: Around 50 new boats and 150 pre-owned boats sold in 2017
Most Popular Models: SeaHunter makes boats from 28 feet to 45 feet. Prices range from $180,000 for a nicely rigged 28 Floridian to $750,000 for a 45-footer with four outboards, a tower, a Seakeeper anti-roll gyro and other accessories.
Telephone: 305-257-3344
Website: www.seahunterboats.com

Contender Boars
Contender has its upgraded 35- and 39-foot center console models at the Miami Boat Show. The 35 has a new cap — the upper part of a boat that is attached to the hull — which has a more rounded design than the old 35. “It’s basically an aesthetic improvement to modernize the boat,” director of marketing Jordan DeLong said. “The 39 will have a brand new console.”

Founded: 1984 in Miami, began building a factory in Homestead in 1994 and moved there in 1997.
Run By: President and owner Joe Neber.
Location: 1820 SE 38th Ave. in Homestead.
Employees: 250
Sales: Approximately 300 boats built annually. “We put a fairly large number of boats out for the size of our facility,” DeLong said. “It’s a very efficient process.”
Most Popular Models: Contender models range from 22 feet to 39 feet. Prices range from about $75,000 to more than $500,000.
Telephone: 305-230-1600
Website: www.contenderboats.com

Dusky Marine

The Dania Beach company constantly upgrades its models with new innovations, such as joysticks that allow a boat to be moved sideways, which makes for easy docking, and bigger consoles to accommodate 16-inch screens for chartplotters, depthfinders and other electronics.
Founded: 1967
Run By: President Ralph Brown and vice president Michael Brown.
Location: 110 North Bryan Rd., Dania Beach. In addition to a manufacturing facility, the site has the Dusky Sport Center, which sells marine supplies ranging from anchors and fishing tackle to aluminum boats and outboard motors.
Employees: 49
Sales: Around 60 boats sold annually
Most Popular Models: Dusky models range from a 16-foot flats boat to a 33-foot center console. Dusky’s top seller is its 27-foot, 8-inch 278 model. Prices range from $30,000 to $250,000, depending on the options and accessories.
Telephone: 954-922-8890
Website: www.dusky.com

Cigarette Racing Team

The company has its new 42-foot GTO Reserve at the Miami Boat Show that features a 12-foot beam and four 400-horsepower outboard motors. Also at the show is Cigarette’s GTR Reserve.
Founded: 1969 in Miami
Run By: CEO Skip Braver
Location: 4355 NW 128th St., Opa-locka.
Employees: About 75
Sales: Not provided
Most Popular Models: Cigarette makes models from 38 to 50 feet. Prices range from $400,000 to over $1 million, depending on the model.
Telephone: 305-931-4564
Website: www.cigaretteracing.com

Streamline Boats

The company, which is less than a year old, sells one-off custom boats direct to the public. It will have a 26-foot tournament edition center console at the Miami Boat Show. Streamline is building a 34-foot center console that should be available by late spring or early summer.
Founded: 2017 in Opa-locka
Run By: Owners Lazaro Hernandez, Luis Blanco and vice president and manager Pedro “Pete” Garcia.
Location: The company is moving from a 3,000-square-foot facility in Opa-locka to a new 20,000-square-foot factory in North Miami.
Employees: 10
Sales: So far, Streamline has built six boats, which Garcia said has the company ahead of schedule.
Most popular models: Streamline currently offers a 26-foot tournament edition center console and a 26 sport model. Depending on the options, prices range from $85,000 to $126,000.
Telephone: 305-394- 4480
Website: www.streamlineboat.com is currently being updated, so check out @streamline_boats on Instagram.

 

Source: Miami Herald

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CRE Florida Partners Closes On Deerfield Beach Industrial Sale

Tom Robertson, Co-Founder and Senior Managing Partner with CRE Rauch Robertson, CRE Florida Partners company, recently completed the sale of an industrial property located at 3411 SW 11th Street in Deerfield Beach to RMB Holdings LLC for $2,700,000.

This ±21,165 square foot facility, built in 1987, is situated on ±1.3 acres, which fronts both SW 10th and SW 11th Street.

Robertson has represented the leasing and sale interests for this building since 2002.

“The property’s close proximity to Sawgrass Expressway and I-95 via SW 10th Street certainly added tremendous value to the offering,” said Robertson.

The available sale inventory is low and CRE Florida Partners is currently working with several buyers looking for similar properties in North Broward and Southern Palm Beach County.

Tom Robertson

“This acquisition represents the ‘down leg’ sale of an IRC1031 Tax Free Exchange,” explained Robertson. “We are very pleased to represent this seller in both the “down leg” and “up leg” purchase of this tax free exchange.”

Michael Rauch

“This is just another example of how our firm handles long term relationships with our clients,” added Michael Rauch, CRE Florida Partners’ Senior Managing Partner. “Tom managed this property through lease up and sale with skill and patience while armed with critical market intelligence.”

CRE Rauch, Robertson & Co. is seeking leasing and investment sales professionals for its growing commercial real estate expansion in Broward and Palm Beach counties. Multiple positions are available within these and other Florida markets that offer a unique ground floor career opportunity to work closely with the firm’s Founders Tom Robertson and Michael Rauch to move their vision for the CRE Florida Partners brand forward. Commission and benefits are commensurate with experience. A Florida Real Estate License and Commercial Real Estate experience are required. Only qualified candidates should apply by forwarding resumes to mail@crefloridapartners.com.

 

 

 

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Strong Economy Sets Stage For More Growth In Palm Beach County In 2018

Meet the new year, same as the old year. Or maybe better.

Palm Beach County’s economy is expected to continue its strong growth, as the year wrapped up with a still-booming real estate market, combined with continued business growth in the area.

President Donald Trump’s part-time residence at his Mar-a-Lago mansion on Palm Beach has drawn attention to the county both as a business and tourist destination. But even prior to Trump’s January inauguration, the county already was flush with new hotel construction geared to the rise in tourism.

“The county’s newest hotel, the Hilton at the Palm Beach County Convention Center, had a strong first with 85 percent occupancy,” according to Ken Himmel, president of Related Urban, the hotel’s developer.

More hotels are under construction, including an Aloft Hotel in Delray Beach and a Canopy Hotel in West Palm Beach. Tourism wasn’t the county’s only booming field.

“The past 12 months saw growth in a variety of industries,” said Kelly Smallridge, president of the Business Development Board, the county’s business recruitment arm.

Among the companies growing are Bee Access, a scaffolding manufacturer in West Palm Beach; Jupiter-based Parametric Solutions, which engineers and makes gas turbine engines for aircraft and industrial power applications; and GeoGlobal Partners, which designs and makes pumps and valves in West Palm Beach.

“We’re one of the rare counties that has six to eight solid industries,” Smallridge said, ticking off manufacturing, equestrian, tourism, agribusiness, financial services, corporate headquarters and distribution and logistics.

Another growing area: Companies run by entrepreneurs. Moderning Medicine, a Boca Raton-based medical records firm and one of the fastest-growing technology companies in South Florida, said in 2017 it plans to hire 800 people, in addition to the more than 500 it already employs.

Helping boost more corporate growth in the coming year: The Brightline passenger train, slated to start regular service in the coming weeks.

“Companies already are saying they feel more comfortable opening offices in Palm Beach County because they know they can pull employees from Broward or Miami-Dade counties,” Smallridge said.

Of course, the biggest driver of Palm Beach County remains real estate. Growth, particularly in the housing market, was hot in 2017 and will remain so in 2018, experts say. This is despite the lengthy real estate boom that now is stretching into its eighth year.

Housing analyst Jack McCabe said he expected to see a market correction on the horizon, but he now thinks a slowdown will be delayed by the the tax legislation passed by Congress. The sweeping tax law limits deductions for state and local taxes.

“This is bad news for residents in such high-tax states as New Jersey and New York but good news for Florida, which has no state income tax and already is a destination for residents from the Northeast,” said McCabe, of McCabe Consulting in Deerfield Beach.

It’s not just the housing market that will get a boost from the tax bill, business leaders said.

“Executives already have been making inquiries about bringing their companies to Palm Beach County,” Smallridge said. “We’ve seen 20 plus calls over the last month. There’s already a steady stream of inquiries by companies seeking to relocate. Among them are corporate headquarters and financial services firms out of Manhattan, Boston, Greenwich and even Chicago. Tax attorneys in the Northeast are hard at work figuring out how to domicile companies in Florida.

If they consider moving companies, corporate leaders will find rental housing available but for-sale homes difficult to find. That’s because there’s been little new home construction during the past decade.

“Homeowners are staying in their homes longer, prompting a number of residents to remodel existing homes,” said Brad Hunter, chief economist of HomeAdvisor, which connects homeowners with local service professionals to complete home improvement or remodeling jobs.

Although new apartment complexes are cropping up throughout the county, many come with rents that can reach nearly $2,000 a month or more.

“It’s very tough for people to rent right now, and if they do, it’s hard to save up for any down payment for a home,” McCabe said.

Among the new apartment complexes that opened in 2017: The 400-unit Altis apartments in Boca Raton; the 205-unit apartment tower dubbed The Alexander in West Palm Beach. Other projects commenced construction, including the 315-unit Broadstone City Center and the 290-unit Park-Line in West Palm Beach, both of which are expected to attract renters who may use the Brightline train station nearby.

High land prices have made it difficult for home developers to find locations to build. Some are turning to infill sites, such as golf courses, for new homes, while others are looking west. In July, Minto Communities started construction on Westlake, a newly-created city set to contain 4,500 new homes. The city is off Seminole Pratt Whitney Road north of Okeechobee Boulevard.

Also in demand are new offices and industrial space. But both are hard to find, said Rebel Cook of Rebel Cook Real Estate and president of the Economic Forum, a business group.

“Industrial space, particularly small sizes, is virtually impossible to find, crimping growth by companies that want to expand their businesses here,” said Cook. “If you’re a growing company and you want to go from 5,000 to 10,000 square feet, I can’t find you anything here. This is the first time in 35 years of selling warehouses that I don’t have one warehouse for sale. Not one.”

New offices could be coming to West Palm Beach but not right away. In early 2018, The Related Cos. of New York is expected to propose construction of an urban-style office building next to CityPlace in West Palm Beach. In addition, billionaire Palm Beach investor Jeff Greene has pledged he will start construction on One West Palm, a twin-tower office/hotel/housing complex set for 550 Quadrille Blvd. in West Palm Beach.

 

Source: Palm Beach Post

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Tax Overhaul Could Be Big Win For U.S. Real Estate Investors

U.S. commercial real estate is a likely winner in the evolving Republican tax overhaul, which is poised to lower rates for property owners, spur new investment and increase demand for rental housing, according to a new report.

Owners and developers of commercial real estate stand to gain from a new tax break for “pass-through” entities, which don’t pay corporate tax but instead pass income through to their owners’ individual tax returns, according to the report, by Cushman & Wakefield Inc. The House and Senate have reached a tentative agreement to create a 20 percent deduction for pass-throughs, which the report notes are responsible for 61 percent of investment in U.S. commercial real estate.

It’s not as big a boon for the industry as it might have been. The House bill passed last month slashed the top tax rate on pass-through income to 25 percent from a current top rate of 39.6 percent. That would have been a “huge win,” said Revathi Greenwood, head of Americas research for Cushman & Wakefield.

The Senate bill has tied the new deduction to the amount of wages the business pays, said Greenwood, meaning larger savings for ownership structures with more employees, such as real estate investment trusts. It’s unclear whether the House-Senate compromise retains that provision.

Representatives of the two chambers are meeting this week to reconcile their versions of the legislation, setting the stage for President Donald Trump, who made his fortune in commercial real estate, to sign a bill into law as early as next week.

In the weeks since the House of Representatives unveiled its tax plan, on Nov. 2, housing experts have warned of its potential effects on the U.S. housing market. Proposed changes to the treatment of mortgage interest and state and local taxes could reduce incentives for buying a new home. Potential effects on commercial real estate have gotten less attention, perhaps because the industry doesn’t have much to complain about.

Opportunity for Malls

Still, not every sector will benefit equally. The tax plan should favor residential landlords, the report said, with the tax benefits of homeownership curbed. It is also likely to benefit retail landlords by lowering taxes on companies that rent space and leaving consumers with more discretionary income to spend.

“Mall operators are looking at restructuring anyway, remaking their properties to give shoppers experiences they can’t get online,” Greenwood said. “We think some of the money saved in taxes will be reinvested back into the business. Office landlords are likely to see more-modest gains. While corporate tenants are key beneficiaries of the tax plan, they’re likelier to return tax savings to shareholders than to increase spending. The tax overhaul could benefit the office sector by discouraging companies from moving their headquarters abroad to save on taxes. Health-care companies are likely to pare back investment in real estate.”

That’s partly because a Senate provision to repeal Obamacare’s individual mandate could curtail demand for services, and partly because both the Senate and House bills reduce exemptions for charitable gifts, which are often used to fund the construction of new hospital buildings.

Click here to view the Bloomberg news video ‘House, Senate, Said To Reach Tentative Tax Deal’

 

Source: Bloomberg

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Equity Office Pays More Than $110M For Portfolio In Broward & Palm Beach

Prologis just sold a portfolio of properties in Broward and Palm Beach counties to Chicago-based Equity Office for more than $110 million, property records show.

The portfolio includes industrial buildings in Delray Beach, Mangonia Park, Hollywood, Dania Beach, Fort Lauderdale, Pompano Beach and Coconut Creek. The deal was financed with an $83.5 million loan from Wells Fargo.

Equity Office, which is owned by the Blackstone Group, also bought properties in Seminole and Miami-Dade counties, as well as Illinois and Wisconsin. The sales in Miami-Dade County have not yet cleared records. Prologis and Equity Office were not immediately available to comment.

Records show the Blackstone affiliate picked up an industrial complex at 430 South Congress Avenue for $9.5 million and an industrial site at 1335 West 53rd Street for $4.6 million.

In Broward, industrial complexes at 3601 and 3613 North 29th Avenue in Hollywood sold for $23.5 million; properties at 3700 North 29th Avenue, 3401 North 29th Avenue and 5555 Angler Avenue in Dania Beach sold for $14.6 million; buildings at 3600 Northwest 35th Avenue, and 5535 and 5545 Northwest 35th Avenue in Fort Lauderdale closed for $12.1 million; and the warehouse complexes at 2800 North Andrew Avenue in Pompano Beach and 4801 Johnson Road in Coconut Creek sold for a combined $39.7 million.

The properties were originally owned by KTR Capital Partners, which was acquired by Prologis and Norway’s sovereign wealth fund in 2015 for $5.9 billion.

Equity Office owns a portfolio of more than 50 million square feet of office space across the country, according to its website. Blackstone acquired its assets in a $39 billion leveraged buyout in 2007.

 

Source: The Real Deal

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Is 2018 Gearing Up To Be A Good Year For Real Estate Investment?

The real estate market is one of the most in-tune economic barometers; its transactions add up to nearly 15 percent of GPD.

As globalization and digitization continue to disrupt established labor and business patterns, housing needs and investment opportunities evolve as well. In certain go-to metro areas like Silicon Valley or Dallas Fort Worth, the workforce struggles with a housing impasse. Historic luxury property magnets like New York or Los Angeles are seeing a heated bidding war between domestic and international buyers, competing for investment.

While regional hubs benefit from available housing to attract talent, there is a growing body of evidence to suggest a direct correlation between rising housing costs and stagnating job rates. That’s a worrisome prospect. In better news, millennials are finally beginning to transition from renting to buying,rejuvenating upscale home sales. But that still raises a few questions, like is 2018 gearing up to be a good year to invest in real estate? If so, where should one look? What incongruities should buyers watch out for?

To navigate a market fraught with mixed messages, the Observer turned to Justin Fichelson, luxury real estate advisor and TV personality on Bravo’s Million Dollar Listing San Francisco, who’s built a thriving business on referrals and exclusive repeat clients.

With markets rallying and prices rising, is it a good time to buy?

Absolutely! The real estate markets in the major urban centers in the United States have increased dramatically; $300K in the mid-1980s in San Francisco could get you a house that’s worth over $5 million today. Long-term, real estate will only go up if you buy wisely in resilient markets connected to innovation-driven industries. For example, the West Village in NYC saw townhouse values soar 150 times, within one generation. If you think ahead, strategic real estate purchasing is key to peace of mind for you and your family. If we map the economy dynamics now, Austin, Texas continues to grow as does Charlotte, North Carolina and many towns around the Bay Area including Vallejo, Walnut Creek and Petaluma.

How will price hikes affect real estate markets in 2018?

The phenomenon of being priced out of a neighborhood is real, both for older longtime residents and people starting their professional lives in a new place. Look for areas where young people are moving next. For example, San Francisco with its strict zoning laws has a highly coveted and extremely limited stock. As a result, people are moving to outlying areas within strong transportation networks which are being developed to accommodate such expansion. Places like Vallejo and Richmond are attractive for those looking to flip a property. Of course, there are always safe bets in historic neighborhoods like Pacific Heights or SoHo.

Is there a difference between clients based in New York versus San Francisco?

Bay Area clients are mostly in tech-related industries, while NYC customers come from a far more diverse array of industries like finance, entertainment and fashion; they often originate from abroad, which makes sense. The American market is one of the most resilient due to being supported by perhaps the most diverse economy in the world. People are still looking to live the American dream! NYC clients also tend to have a more sophisticated eye, when it comes to the architecture and design of high-end new development projects.

So, what does a million dollars buy in the USA?

That depends on where you’re looking to explore. A million in San Francisco is a good one-bedroom or a mediocre two-bedroom apartment. In NYC, that may be a one-bedroom in more accessible areas or a shoebox in the hot spots. In Miami, that’s a spacious two-bedroom or a decent home away from the beach. In LA, a million-dollar property can range from a small single-family home to a tiny plot of dirt in a commercially lucrative area. In most urban places, the pricing varies dramatically, depending on the neighborhood.

What questions should prospective buyers ask themselves?

What are you trying to achieve with this purchase? Is it a family home or something convenient for a couple years with the goal of getting a larger space later? Realistically, how much are you comfortable spending and how will that alter your lifestyle? Then, think about who you are going to work with to accomplish this. For example, a home in the trendy Cow Hollow area of San Francisco sold for a million over its asking price the day before it was to be brought on the market
the West Coast is gaining popularity as an international home-buying destination, so buyer competition is real. It’s all about knowing the right local experts and building a relationship with an agent you trust.

If you were to retire now, where would you live and what would you do?

I’d split my time between San Francisco, NYC and London. I’m a San Francisco native, NYC is the center of the world, full stop, meanwhile, London has the perfect combination of urban beauty, world history and the geographic convenience of getting anywhere in Europe within a few hours. I’d probably increase my involvement with charitable causes. I am a founding member of the Exploratorium Lab which raises money for the Exploratorium, one of the world’s premier interactive science museums. I believe that education, ultimately, is the key to success in any undertaking—including buying a home.

 

Source: Observer

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Development Spreads In Fort Lauderdale’s Sistrunk Neighborhood

Real estate development is picking up in the Sistrunk Boulevard corridor, a long-overlooked African-American community in Fort Lauderdale.

Developments planned there range from residential buildings and a performing arts center to a new YMCA, blues club and microbrewery.

Most of the developers are applying for public subsidies from Fort Lauderdale’s Community Redevelopment Agency, which focuses on eliminating blighted properties.

Among the planned developments is the Sistrunk Market and Brewery at 115 West Sistrunk Boulevard. The Fort Lauderdale City Commission will vote soon on a forgivable loan of $1.4 million to finance the transformation of a 23,000-square-foot warehouse to a food hall with a microbrewery and a rooftop gathering place. The manager of the development is Steven Dapuzzo.

Rendering of Six13 residential development at 613 NW Third Ave. in Fort Lauderdale

Just west of the site of the planned microbrewery location, Affiliated Development is preparing to build an 11-story residential tower with 142 units. The city has extended a forgivable $7 million loan to finance the planned development at 613 Northwest Third Avenue, called Six13.

A five-story complex with 400 apartments is planned at the southwest corner of Sistrunk Boulevard and Northwest Seventh Avenue. Felipe Yalale, an entrepreneur, and developer Peter Flotz bought almost the entire block for the complex, which would include 30,000 square feet for restaurants and retail stores. Flotz expects to present plans for the project to city officials in March and to seek a subsidy for a parking garage that would be part of the development.

The city has agreed to spend $10 million to fund construction of a new YMCA at 1409 West Sistrunk Boulevard, now occupied by the old Mizell Center. Just west of the site of the new YMCA, Miguel Pilgram, a Florida Lotto winner, bought properties between Northwest 14 Way and Northwest 14 Avenue for construction of a performing arts center and commercial plaza.

Pilgram also  has acquired a two-story building on the southeast corner of Sistrunk Boulevard and Northwest 15 Avenue, where plans to open a blues club upstairs and a restaurant downstairs.

 

Source: Real Deal

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Port Everglades Sets Cargo Record

Port Everglades has topped its previous record for containerized cargo volumes with 1.076 TEUs moving through the Port in fiscal year 2017, which ended 30 September 2017.

Containerized cargo increased a 4 percent compared with the previous year, and was up 1.5 percent on the previous record set in 2015 of 1.06m TEUs.

“The volumes of refrigerated produce coming into Florida through Port Everglades from Central America is significant,” said Port Everglades chief executive and port director Steve Cernak. “It represents more than half of all perishable cargo that arrives in Florida by ocean.”

Operating revenue for the year-long period remained steady at US$163m.

“Port Everglades is an economic generator for Broward County and Florida that delivers financial stability and jobs in our community,” said Broward County mayor Barbara Sharief. “This record year is a positive indication of Broward’s commitment to the businesses that choose to locate here.”

Meanwhile, It was also announced that Mission Produce and its Colombian partner Cartama had just sent the first direct shipment of Colombian avocados to the US, arriving at Port Everglades.

 

Source: Fruitnet