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Nov 18 No Comments

South Florida: A Center For Hemispheric And Global Health Care

Author: Admin

By the time a foreign cardiac surgeon is standing side by side in the operating suite with Joseph Lamelas, M.D., to learn how to perform the minimally invasive cardiac surgery Lamelas perfected, that physician would have spent six months on a waiting list to do so.

That’s the allure and importance of training with University of Miami Health System’s chief of cardiac surgery. Whether to train the next generation of world physicians, or receive premier care, health care that reaches the hemisphere and beyond is a significant driver to the South Florida economy.

So much so that 2016 figures from Florida Tax Watch and the Agency for Health Care Administration found that medical tourism brings some $6 billion to Florida and “medical tourism” is a destination feature listed by the Greater Miami Convention & Visitors Bureau.

More than cosmetic procedures, however, patients seeking treatment and medical students hoping to advance their training are finding care and training that can be scarce in the region.

“UHealth delivers such care from locations in Miami-Dade, Broward, and Palm Beach counties, as well as elsewhere around the state,” says Chad Ritch, M.D., associate co-director of UHealth International at the University of Miami Health System.

Baptist Health International, a division of Baptist Health South Florida, served some 12,000 individuals, executives, and families in 2018. The recently opened Hilton Miami Dadeland hosted international patients visiting Miami for treatment. The network recently expanded into Broward and Palm Beach counties.

“Miami-Dade county-run Jackson Health System sees about 3,000 international patients annually,” says Diamela Corrales, director of the international programs and guest services division at Jackson Health System. “By treating major medical specialties such as trauma, neonatology, rehabilitation, transplant and neurosurgery, care is provided to patients hailing from locales where this type of medical technology and advances are not readily available.”

Certified translators at Hollywood-based Memorial Health System, which includes five hospitals plus Joe DiMaggio Children’s Hospital, all operate under the provider’s Global Health Initiative, first launched in 2013. Translators versed in 160 languages allow doctors to converse with patients and consult with fellow physicians in real time on-site or abroad.

Not included in this activity are advancements in health care technology, like those from Sensus Healthcare, Inc., the maker of non- and minimally-invasive treatments. Health tech, medical device and life science startups drive a third of all venture deals in South Florida in 2019, up from less than a quarter in 2018, according to the biannual “eMerge Insights” report.

Source: Florida Trend

Nov 15 No Comments

Retail Rental Rates Continue To Rise In Miami-Dade In Q3

Author: Admin

Categories: Commercial News,Retail,Trends

In what is still a supply constrained market, despite the continued instability of the retail sector, the vacancy rate for retail space in Miami-Dade County remained relatively flat in the third quarter.

MMG Equity Partners, in its third quarter report on the South Florid retail market, states that the third quarter vacancy rate for retail space rose by 0.1% from the second quarter to 4.4%.

The asking rental rate rose $0.56-per-square-foot to an average of $39.75-per-square-foot from the second quarter. In the past year, MMG Equity notes that the average asking rental rate has risen $4.21-per-square-foot from the $35.54-per-square-foot registered in the third quarter of last year.

The retail absorption rate moved up from +149,929 square feet in the second quarter of 2019 to +470,942 square feet in the third quarter, a +321,013-square-foot change quarter-to-quarter.

“On a macro level, South Florida remains a largely supply constrained market due to the scarcity of available land. Although there has been a softening in rates of non-core product within the market, all properties are still trading at a relatively lower rate than other Florida markets,” says Marcos Puente, director of acquisitions, MMG Equity Partners. “All new supply that has come to market by means of retailers shuttering has quickly been gobbled up by the development community to either backfill the former retail spaces with new stores, or be repurposed to a new use.”

The largest retail sale transaction in the third quarter was the $33.1-million sale 509 Collins Ave. in Miami Beach. The 22,875-square-foot building acquired by Allied Partners, Inc. traded for approximately $1,445-a-square-foot.

MMG Equity Partners reports that at the end of the third quarter there were 52 retail properties under construction in the Miami market representing 2.8 million square feet of new product.

The largest project under construction, which is scheduled to be delivered in the fourth quarter of this year is the 800,000-square-foot Warren Henry Auto Group project at 2300 NE 151 St. being developed by Turnberry Associates.

Source: GlobeSt.

Nov 13 No Comments

Developers Are Excited As Transit Oriented Developments (TODs) Boost South Florida To Super Region Status

Author: Admin

Categories: Commercial News,Development,Retail,Trends

Today’s TOD real estate investor faces a bifurcated scenario when it comes to timing a project: Start at the inception of a TOD or take the wait-and-see approach. The former involves much coordination and understanding regarding a local government’s pre-existing ordinances and plans. On the other hand, the latter involves study and assessment of where a TOD-centric community is going in the way of economic and lifestyle demographics.

No matter which approach you might employ to develop real estate in the penumbra of a TOD, you must realize initially that moving people efficiently and economically stands at the forefront of priorities for local transportation agencies. Services and domiciles must, of course, offer amenities congruent to the demographics of the prevailing commuters.

When TODs started trending among local governments, agencies predominantly chose traditionally high-density neighborhoods where more traditional commuter options existed. These neighborhoods may accommodate a large university population, government administration centers, tech headquarters, or aircraft manufacturers.

Sometimes, new industries planning to relocate to a new neighborhood stay abreast of the local agencies’ TOD priorities and plans as it pertains to prospective real estate development. In these cases, your development or industry serves as one of the linchpins to a TOD’s success and vice versa. The project, resultantly, proves symbiotic for both the TOD and the developer. As a developer, you become vested from the very start, even though people movement is the main priority.

Recently, however, communities reliant on large arterials for mostly single-occupant transportation are breaking the stereotype for TODS. Take Orlando, Florida, for example. Here, as with many other auto-dominant communities and neighborhoods, space has become a high commodity—especially as it relates to parking and living domiciles.

High-density residences located near a modern transit hub, such as those serving high-speed rail, resolve many of the challenges sprawl can present to cities such as Orlando. Moreover, the changes in today’s urban lifestyle preferences—living, working, and playing within a relatively small radius—helps such communities stay vibrant.

In the case of downtown Orlando, many developers gained jump-starts via tax credits and similar incentives for playing a role in stemming sprawl, decreasing auto emissions, and revitalizing central neighborhoods that sometimes suffer abandonment by suburban or perimeter flight.

At Brownsville Transit Village, locating in the booming super region of South Florida, real estate developers teamed up with a not-for-profit organization’s initiative to include affordable housing for low-income families and the elderly in a community that fully serves all ages without the need of a car. Caribbean Village will soon follow with a strategically designed district that will also cater to low-income residents and the elderly.

The TOD outlook for Southern Florida’s horizon is bright as a handful of other transit-centered villages will either break ground or be completed within a year. Strategically incorporating mixed use real estate developments along each station, the region’s sole privately owned, operated, and maintained passenger rail system—Brightline—recently launched its express service connecting Miami, Fort Lauderdale, and West Palm Beach along the FEC corridor. These beautifully laid out TODs are paving the way for South Florida residents to take advantage of the “live, work, and play” dream, as all real estate concepts are now connected and thriving along this high-end rail system.

Because of the varying types of TODs, a real estate developer should first define which model of the TOD trend best fits the complex or business involved. Realtors must also pay attention to nascent trends, as a recent survey by a major infrastructure consultancy firm shows that 70 percent of millennials are willing to pay more in rent or mortgage in order to commute to work without a car while finding entertainment and recreation within a walkable radius.

Today, the evolution of TODs remains actively in play in South Florida. As a result, a developer strong in versatility gains the competitive edge.

Source: The Real Deal

Nov 11 No Comments

Co-Working Medical Office Space Operators Plans Major Expansion In Florida

Author: Admin

Categories: Commercial News,Healthcare

ShareMD, a San Diego-based investment firm led by President and managing partner George Scopetta, is looking to purchase medical office buildings throughout the Sunshine State’s major cities and convert vacant space into its co-working concept. The group has already purchased two buildings, one in South Miami and another in Coral Gables, where it plans to launch the operation in Florida.

The Bilmore Professional Building, located at 475 Biltmore in Coral Gables, Florida, a medical office building totaling ±51,423 square feet, and SOMI Center, a ±50,000-square-foot Class A mixed-use building located at 5966 S. Dixie Highway in South Miami, Florida were purchased by ShareMD for $33,152,500.

The transaction closed October 31.

In Southern California, ShareMD has locations in La Jolla, San Diego, Encinitas, Temecula, Oceanside and Los Angeles.

The company operates as WeShareMD, but is in the process of changing its name. It offers fully furnished medical office space and patient rooms available by the half-day, day, week or month, according to its website. Locations also have private storage areas, meeting space and common waiting rooms.

Source: The Real Deal

Nov 08 No Comments

CRE Momentum To Continue Into 2020

Author: Admin

Categories: Commercial News,Offices,Retail,Trends

The market for commercial real estate from occupiers and investors has continued to be relatively flat overall in the third quarter.

The latest Commercial Property Monitor from international real estate body RICS reveals generally solid conditions for the office and industrial sectors but retail continues to have a tough time as the shift to online shopping remains. Interest from occupiers and investors in retail declined in Q3 2019.

For the coming year though, retail should see a modest uptick, while office and industrial sectors look likely to see strong gains, especially in prime markets.

“While there is an industry-wide effort to invest in and transform real estate for a more connected and sustainable future, these innovations in how people live, work and play aren’t yet the standard, especially outside prime markets,” said Neil Shah, Managing Director for RICS in the Americas. “What this means for the overall retail sector is continued underperformance, particularly in secondary markets, in comparison to the office and industrial spaces.”

Capital Projections

Capital value projections over 12 months are positive for all sectors apart from retail, although for industrial the projections have cooled despite ongoing sentiment.

“Real estate leaders are increasingly believing that, after a protracted period of growth, the market is now approaching the top of the cycle,” said Tarrant Parsons, Economist with RICS. “While indicators are still generally solid for other sectors, the troubles in the retail sector show no signs of abating. The downward demand trends, particularly in secondary locations, is likely to result in a significant decline in capital values over the year to come.”

Survey respondents were asked to compare conditions over the latest three months with the previous three months, as well as their views on the overall market outlook.

Source: Mortgage Professional America

Nov 06 No Comments

New York-Based Multifamily Investors Flock To South Florida

Author: Admin

Categories: Allapattah,Aventura,Commercial News,Miami Beach,Multifamily,Neighborhoods,Trends,Wynwood

There is a wave of investors who are currently selling their New York-based properties to invest in the South Florida area. Why?

Mainly because of the recent rent control law and its negative impact on returns on investments. It has been estimated, for example, apartment property values dropped 20%-30% as soon as the laws went into effect. Some investors are now mainly focused on getting their money out of New York and are looking to invest in properties that will produce better yields—specifically in non-regulated rent control markets, such as South Florida.

Why South Florida?

“There is zero incentive for New York multifamily investors to purchase a building and spend money on renovations if they can’t raise rents in these rent-controlled environments. Florida has always been a market with attractive yields. This is why most NY investors are choosing South Florida,” says Rafael Fermoselle, managing partner of Eleventrust Real Estate. “They either have their New York properties under contract to be sold, have already sold them, are in 1031 exchanges, or in some cases looking for diversification.”

Investors are selling their assets in New York and reinvesting in deals that yield more and ideally, are located under one roof. However, since Miami’s inventory is compressed with a lot of smaller multifamily properties and it’s difficult to find buildings with high unit counts under one roof, investors are turning to multifamily portfolios that are comprised of 4 – 8 buildings totaling 50-120 units. Although not all under one roof, investors are finding the 100+ units they are seeking with room to add value.

“Investors are working closely with Eleventrust because we have the inventory other brokerages don’t, plus, many of the deals they are transacting are happening off market, which many investors prefer,” explains Fermoselle.

Opportunity Zones

Opportunity Zones are another big reason why this new wave of investors are looking to South Florida. Miami, Fort Lauderdale and West Palm Beach are among the best places to invest in Opportunity Zones. There are about 123 Opportunity Zones in South Florida, including 67 in Miami-Dade, 30 in Broward and 26 in Palm Beach counties.

“Almost 16% of South Florida’s commercial assets are located in Opportunity Zones, one of the highest rates in the nation,” Fermoselle tells GlobeSt.com.

Tax Savings

New York investors looking to move to Florida also benefits from the state not having an income tax for Florida residents. New York state tax rates range from 4% to 8.82%. Additionally, the effective real estate property tax rate for Florida residents is approximately 0.98%, compared to 1.68% in New York.

New York investors will also save on capital gains tax in Florida where the top marginal tax rate on capital gains in Florida is 25% and top marginal tax rates on capital gains in New York is 33.82%.

“We currently have 4 successful deals with New York investors including multifamily properties with 9-18 units,” says Fermoselle. “We also have properties located in emerging neighborhoods that are garnering interest from east coast investors.”

Source: GlobeSt.

Nov 03 No Comments

A Quick Shot Of Healthcare Trends

Author: Admin

Categories: Healthcare,Trends

Cushman & Wakefield’s Healthcare Advisory Practice presents five trends related to medical office investment. From sale activity to leasing and absorption to GDP spending, this growing sector plays a significant role in the country’s economy.

The trend toward lower cost outpatient care and an aging MOB inventory are fueling everything from a rise in Urgent Care centers to growth in medical office rents to consistent construction output. The sector continues to look strong through the end of 2019. See below for Cushman & Wakefield‘s summary of Q3 medical office trends.

The interactive infographic works best on a desktop, laptop or tablet. Click here to view.

Source: HREI

Oct 31 No Comments

A Wynwood Tri-Rail Station? Brightline’s Aventura Station Gives Idea A Second Wind

Author: Admin

Categories: Commercial News,Development,Retail,Wynwood

After Miami-Dade’s decision to build a new Brightline express train station in Aventura, Wynwood business owners and some local transit officials have begun circulating a new proposal for a long-discussed Tri-Rail station in the fast-blooming neighborhood.

Members of the Wynwood Business Improvement District, led by local property owner Bill Rammos, say the station would relieve increasing traffic congestion and offer an additional transit option as the once blighted area continues to morph into a shopping and tourist magnet.

“In the last five years, the 27th Street artery between Wynwood and Edgewater has become a major artery, especially for micromobility, like scooters and bikes,” Rammos said. “And not just for local residents that work here, but also for a lot of tourists.

“So It’s now becoming clearer to me that it would be a great location for a train station.”

A new set of drawings commissioned by Rammos would see the trains landing on Florida East Coast-owned tracks at a station between Northwest 25th and 27th streets. Rammos is among the largest property owners along that site.

Currently, public transit options to Wynwood are limited to buses and trolleys. Parking on a Saturday night costs as much as $4.73 an hour.

Some Wynwood BID members and other civic leaders argue the county’s decision to finance the Aventura Brightline station for $76 million raises the question of whether the county would join any effort to expand Tri-Rail services along Coastal Link.

A station in Wynwood, Midtown, Edgewater or the Design District has been proposed for years. It received a new push last year as a “demonstration station” project for the area was floated. However, that idea has been delayed.

At a Miami Transportation Planning Organization meeting last week, officials said they’d be willing to forego the demonstration project entirely in favor of a permanent station.

The proposal remains preliminary, said Steven Abrams, director of the South Florida Regional Transportation Authority, the organization that runs Tri-Rail. Abrams said a funding scheme has been proposed; the sources, which include the Florida Department of Transportation, Miami-Dade County, the city of Miami, and the Miami Parking Authority — are still meeting to come up with a final plan of action.

Alice Bravo, Miami-Dade County’s transit director, said Tri-Rail must nail down further details about the station.

“Tri-Rail has the lead on this,” she said in a phone interview.

And it would be Florida East Coast Railway — the Brightline sister company that operates the freight tracks along which Tri-Rail would run — that would have final say over the project. The deal between Virgin and Tri-Rail that will eventually get the latter into MiamiCentral also allows for another station somewhere between 71st Street and downtown, on two conditions: that the other station not obstruct Virgin trains and that Tri-Rail pays for any improvements needed to minimize obstruction.

An FEC representative could not immediately be reached by phone.

Rammos’ Wynwood allies include Carlos Rosso of Related Group, which recently completed the Wywnood 25 luxury apartment complex, and has another development, Wynwood 26, nearing completion.

“All the pedestrian traffic is coming to Wynwood,” Rosso said. “So it makes more sense.”

They also include Gary Nader, an art dealer who owns a gallery near the proposed station.

“It would be a lot of acres around that area,” he said. “We need to work together to do a nice project. It’s going to be very interesting.”

Source: Miami Herald

Oct 30 No Comments

More Than 7 Acres Up For Sale In Allapattah

Author: Admin

Categories: Allapattah,Commercial News,Development,Multifamily,Neighborhoods,Retail,Shopping Centers

More signs that Allapattah is the hot place to be: the heir to the Bill Seidle auto dealerships has put a portfolio of three tracts equaling 7.6 acres on the market. Asking price: $18.35 million.

The parcels belong to Bob Seidle — son of the late Bill Seidle — and Bob’s wife Tracy. Some are currently home to small shopping centers and parking lots. They are zoned T6-8, which means they can be redeveloped with buildings up to 8 stories tall, said listing agent Cesar Carasa of One Stop Realty. They are located in the city of Miami.

The three parcels lie south of the 112 Expressway between Wynwood and the Miami International Airport. Each of the three parcels edges NW 36th Street. The parcels are not contiguous; two of them sit on opposite sides of NW 36th Street.

One parcel includes five folios along the north side of NW 36th Street, beginning just west of NW 27th Avenue to 29th NW Avenue on the west and extends north several blocks.

The second parcel includes eight folios along the north side of NW 36th Street, beginning just west of NW 31st Avenue to NW 32nd Avenue; it extends two blocks to the north.

The third parcel includes 11 folios on the south side of NW 36th Street between NW 27th and NW 28th Avenues.

The properties were placed on the market two weeks ago and have attracted six inquiries thus far.

The central location of the parcels — a 12-minute drive to Miami International Airport and a 20-minute drive to South Beach — make them ideal for residential redevelopment, said Carasa. He said, “That section is very well located for the middle class.”

“People can’t afford to pay a lot of the rentals. Apartments in that part of town would be cheaper than other areas like Brickell,” said Carasa.

The neighborhood has attracted long-term residents.

Carasa said, “Because it’s a central location, I’ve seen people move from Homestead to here because of traffic.”

Tired of handling leases, the Seidle family decided to sell at market price of $54 to $55 a square foot. They hope to sell the three parcels for $18.35 million but are willing to consider individual sales.

The per-square-foot listing price is comparable to other area transactions, said Carlos Fausto Miranda of Fausto Commercial. But the total amount is rare, he said.

The listing price a square foot between $54 and $55 is comparable to other transactions in the area, said Carlos Fausto Miranda of Fausto Commercial, but what is unique is the amount of land offered in the portfolio.

Over the past year, the area just west of Wynwood has become Miami-Dade’s new real estate darling. The Rubell Family Art Collection has abandoned its former Wynwood space in favor of Allapattah, and art collector and developer Jorge Perez also will open a private museum this fall. Developer Robert Wennett has announced a massive residential-mixed use project in the area designed by star architect Bjarke Ingels, and developer Moishe Mana has also expanded his Allapattah holdings.

“It’s a great but underutilized neighborhood,” said Miranda. It’s one of the few east-west corridors that takes you straight from the beaches to the swamps.”

Due to increasing interest in the area, Carasa said, “For commercial properties it usually takes a year, but, for these it would take no more than two to three months to sell.”

Source: Miami Herald

Oct 28 No Comments

Healthcare Real Estate Gains Steam As Possible Downturn Nears

Author: Admin

Categories: Commercial News,Development,Healthcare,Trends

Professionals involved in owning, developing, leasing or financing medical office buildings (MOBs) often point to the Great Recession as an instigator for new investors to become interested in the property type.

To be sure, the healthcare real estate (HRE) space and MOB development and investment certainly suffered during the big downturn of 2007-09. However, thanks to other, unrelated circumstances, existing properties performed well, retaining their physician and health system tenants and, as a result, maintaining their values.

With many economic and business pundits predicting that the country’s economy is once again heading toward a downturn – albeit not as severe as the last one – the recession-resistant qualities of MOBs are once again piquing the interest of a wide range of would-be investors as well as providing a sense of comfort for those already involved.

A panel of well-known, experienced HRE professionals recently explored this topic, as well as a host of others, while discussing the short- and long-term outlook for the sector during a panel session at the recent InterFace Healthcare Real Estate Conference in Dallas. The panel, titled “What is the Short- and Long-Term Outlook for Healthcare Real Estate?” was moderated by Murray W. Wolf, publisher of Healthcare Real Estate Insights.

The panelists comprised: Lee Asher, vice chairman of the U.S. Healthcare Capital Markets team with CBRE Group Inc.; John Pollock, CEO of San Ramon, Calif.-based Meridian; Gordon Soderlund, executive VP, strategic relationships with Charlotte, N.C.-based Flagship Healthcare Properties; Jonathan L. “John” Winer, senior managing director and chief investment officer with White Plains, N.Y.-based Seavest Healthcare Properties; and Erik Tellefson, managing director with Capital One Healthcare Financial Services.

As the session kicked off the conference on Sept. 17, one of the panelists, Mr. Winer of Seavest, said that during “recessions, healthcare facilities, in particular those with the characteristics that we all know about, do just fine.” But he added that if there is a caveat to that perspective. If a recession is indeed eminent, he cautioned, investors should make sure not to acquire assets with only short-term prospects for success, be they aging buildings and/or those that will not provide flexibility as the healthcare delivery model changes in the future.

“The assets most of us are going to be looking for are newer assets that we’re very comfortable with as a long-term hold; we’re not looking for short-term turnaround plays,” Mr. Winer said. “But otherwise, I think we’re in good shape and I think businesses (in this sector) are in good shape, whether a downturn occurs or not.”

Other Panelists Agreed

“We operate a private REIT (real estate investment trust),” said Mr. Soderlund of Flagship, “and so we have a very long-term view of holding assets, and we are becoming more aggressive, reasonably aggressive in pursuing acquisitions. We want to build our portfolio and we … figure out what we should (hold on to and) not hold on to. We’ve been through that process. There’s a continuing imbalance of supply and demand, and until that changes, and until interest rates maybe go in a different direction, we’re all in a relatively safe place right now.”

Mr. Pollock of Meridian, which often redevelops value-add medical facilities, noted that during a recent meeting with investors from various sectors of commercial real estate, he was “peppered” with questions about HRE.

When he told that group that the tenant retention rate in medical facilities is often in the 85 percent to 90 percent range, “they were like, ‘You’re kidding!’” Mr. Pollock said.

“In general office, it’s 70 percent across the board,” Pollack said. “I think what we’re all seeing is that investors who are in industrial, multifamily and office are now asking more about healthcare. So we’re seeing pension funds that haven’t been in the sector, institutional investors who haven’t been allocating to the space with the theme being that medical office assets are performing better and they’re readying, maybe not for an economic downtown, but toward diversifying their investor base,”

Source: HREI

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Category: <span>Property Sectors</span>

South Florida: A Center For Hemispheric And Global Health Care

“UHealth delivers such care from locations in Miami-Dade, Broward, and Palm Beach counties, as well as elsewhere around the state,” says Chad Ritch, M.D., associate co-director of UHealth International at the University of Miami Health System.

Retail Rental Rates Continue To Rise In Miami-Dade In Q3

Developers Are Excited As Transit Oriented Developments (TODs) Boost South Florida To Super Region Status

Co-Working Medical Office Space Operators Plans Major Expansion In Florida

CRE Momentum To Continue Into 2020

Capital Projections

New York-Based Multifamily Investors Flock To South Florida

Why South Florida?

“Investors are working closely with Eleventrust because we have the inventory other brokerages don’t, plus, many of the deals they are transacting are happening off market, which many investors prefer,” explains Fermoselle.

Opportunity Zones

“Almost 16% of South Florida’s commercial assets are located in Opportunity Zones, one of the highest rates in the nation,” Fermoselle tells GlobeSt.com.

Tax Savings

“We currently have 4 successful deals with New York investors including multifamily properties with 9-18 units,” says Fermoselle. “We also have properties located in emerging neighborhoods that are garnering interest from east coast investors.”

A Quick Shot Of Healthcare Trends

More Than 7 Acres Up For Sale In Allapattah

“People can’t afford to pay a lot of the rentals. Apartments in that part of town would be cheaper than other areas like Brickell,” said Carasa.

Carasa said, “Because it’s a central location, I’ve seen people move from Homestead to here because of traffic.”

“It’s a great but underutilized neighborhood,” said Miranda. It’s one of the few east-west corridors that takes you straight from the beaches to the swamps.”

Due to increasing interest in the area, Carasa said, “For commercial properties it usually takes a year, but, for these it would take no more than two to three months to sell.”

Healthcare Real Estate Gains Steam As Possible Downturn Nears

Other Panelists Agreed

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