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Vulture Investors Circling In Search Of Dying Businesses And Available Space

Author: Admin
Categories: Commercial News,Retail

Faced with heightened restrictions due to a surge in Covid-19 cases, coupled with a desire to keep employees safe, some Miami restaurants are calling it quits.

Other eateries are mulling closing their dining rooms, temporarily shutting down, or changing their business models entirely. If the state or local governments order another shutdown, it could mark the “nail in the coffin” for as many as half the restaurants, said Felix Bendersky, restaurant broker and owner of F+B Hospitality.

Yet, some restaurants are still signing new deals or reopening during the pandemic, taking advantage of spaces that are back on the market.

New Restrictions

After several days of record Covid-19 cases statewide, stricter rules are putting renewed pressure on struggling businesses. On Wednesday, Florida’s total reached nearly 159,000 cases and 3,550 deaths.

Gov. Ron DeSantis ordered the closure of bars on Friday. On Tuesday, Miami-Dade Mayor Carlos Gimenez ordered restaurants (and bars that have been able to continue operating) to stop selling alcohol between 12:01 a.m. and 6 a.m. This past weekend, pool access and alcohol sales were restricted at hotels in Miami-Dade.

On Wednesday, Miami Beach established a curfew from 12:30 a.m. to 5 a.m. (food delivery is among the exceptions). The city is banning alcohol sales at all retail stores, including liquor stores, grocery stores and convenience stores, after 8 p.m. Restaurants can’t operate for dine-in or takeout between 12:01 a.m. and 6 a.m.

The new orders come as restaurants are still restricted to 50 percent occupancy.

Vultures Circle Amid Struggles

All the while, vulture investors are circling in search of dying businesses and available space, sources say.

In May, OpenTable CEO Steve Hafner predicted a quarter of U.S. restaurants that were closed or that were only offering takeout would not survive.

Bendersky said he’s receiving 20 to 30 calls a day from restaurateurs and brokers looking for second generation spaces ranging from 1,000 square feet to 1,500 square feet in neighborhoods such as Edgewater, MiMo, Brickell, Downtown, Coral Gables and South-of-Fifth.

Second generation spaces include built-out kitchens with a DERM-approved grease trap, which makes the space more valuable, especially now. It can save new operators between $300,000 and $750,000 in buildout costs, Bendersky said.

Meanwhile, many existing restaurants are on pause, trying to figure out when and if to reopen, whether to close their dining rooms, or sell.

“There’s a lot of different groups right now that are just evaluating whether or not it’s worth it right now to open back up,” said Aaron Butler, CEO of Avenue Real Estate Partners.

Mila, a rooftop restaurant on Lincoln Road in Miami Beach, is among those waiting to reopen, Butler said.

Chica in the MiMo District and Spring Chicken in Coral Gables are also waiting to reopen, according to a spokesperson for 50 Eggs Hospitality Group.

Michelle Bernstein, a prominent Miami restaurateur, posted on her Instagram account that she was closing Cafe La Trova’s dining room as of Monday.

Bernstein, whose restaurant is in Little Havana, said that despite following social distancing and CDC guidelines, “the health and safety of our employees and patrons has become too great of a concern to continue offering dine-in service under the circumstances.”

Laid Fresh, a cafe in Wynwood, also announced on Instagram that it was closing the location permanently.

Kush by Spillover, a Coconut Grove restaurant that Kush Hospitality recently rebranded and reopened, closed temporarily. Caja Caliente, a restaurant in Coral Gables, posted on social media that it was closing its indoor dining room, and would only have outdoor seating available. Politan Row, a food hall in the Miami Design District previously called St. Roch Market, has not yet reopened.

“The arbitrary changes and regulations have been pretty impactful because we find out hours before the changes are made,” said Ben Potts, co-owner of Beaker & Gray in Wynwood.

He said the county and city-mandated curfews put in place due to protests also had an effect.

Yet, his and other restaurants still remain open. Potts said Beaker & Gray has been open since May 27. “At the moment we’re planning on staying open,” he said.

And some new eateries are in the pipeline. In the Miami Design District, Itamae, Ovation and Cote are all expected to open later this year.

And Old Greg’s Pizza will operate a pop-up out of chef Brad Kilgore’s Kaido space in the Design District beginning on Friday, the pizza concept posted on Instagram Wednesday.

Test Is Coming

The real stress test could come in the next three to six month months, after money from the Small Business Administration’s Paycheck Protection Program loan program runs out, brokers say. Vulture investors of both kinds – hunting for real estate deals and for the restaurant and bar businesses themselves – are in the market.

“Larger, high-priced restaurants are more of a challenge because their overhead and carrying costs are so much higher,” said Butler of Avenue Real Estate Partners.

Many tenants had the wherewithal to survive in April, May and June, or had worked out deals with their landlords, and/or had received PPP money, experts say.

Moving forward, the types of tenants that will survive have been adapting successfully to the changes brought on by the pandemic.

Pizzerias and national chains are flourishing, because they lend themselves to takeout, said Scott Sandelin, a broker with Marcus & Millichap.

“This [pandemic] will accelerate that change in the food business,” Sandelin said. Yet, many restaurants and bars, he added, are in a “scary situation.”

 

Source:  The Real Deal

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There’s A New COVID-19 Store In Miami & It’s The First Of Its Kind

Author: Admin
Categories: Aventura,Commercial News,Retail

There is a store in South Florida that is dedicated to protecting you from the novel coronavirus. COVID-19 Essentials in Miami is open for business in the Aventura Mall. The pop-store is gearing Floridians with all the necessary tools for the pandemic.

COVID-19 Essentials sells any-and-everything novel coronavirus related, but with a dash of Miami flare added to the mix. Nadav Benismitzky, the owner of the store, has been operating the brick-n-mortar shop for about three weeks.

Before you even set foot in the store, patrons are prompted to a thermal imaging machine. Working with Kent Services, the machine checks prospective shoppers’ temperature and ensures that they’re wearing a mask before entry.

After passing the scanner, you’ll enter the chicest COVID-19-centric store you will ever lay your eyes on.

They sell $9 hand sanitizers, portable UV lamps, infrared thermometers, and fashionable face masks.

All of the store’s masks are made with 100 percent cotton, N95-grade material, and some are fashioned with LED lights, Benimetzky told Narcity. In short, these aren’t your Walmart face coverings on display.

In Miami, there is zero-tolerance for drab, so Benismitzky set out to change the lackluster mask scene in the area. He says he got the idea to open the store because he was “tired of seeing the ugly N95 masks around town.”

Working with Aventura Mall, he was able to land a lease for a space in the Nordstrom wing of the shopping center.

With most of South Florida now under some form of a face mask mandate, and a continued spike in cases in-and-around the region growing more worrisome by the day, Benimetzky’s unique store could see more business.

For now, the store is a pop-up, but Benimetzky says they’ll “be here as long as the pandemic is here,” with hopes that it’ll be a permanent fixture at Aventura.

The next time you’re on South Beach with your cool LED mask, raise a glass to Bemimetzky.

 

Source:  NARCITY

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Moishe Mana Unveils First Phase Of Downtown Miami Development

Author: Admin
Categories: Commercial News,Development,Multifamily,Offices,Retail

Moishe Mana could use the 50 buildings he owns to develop a mass of towers in the core of downtown Miami, but he’s moving forward with a different vision.

Mana will renovate buildings to attract tenants and limit the construction to about four stories, said Bernard Zyscovich, CEO Zyscovich Architects, which crafted the plan with Mana.

Mana spent hundreds of millions of dollars in recent years snapping up property downtown, especially along Flagler Street. The area has some of the oldest buildings in the city. Many of those Mana-owned buildings have vacant space on the ground floors as he works on development plans.

Now, Zyscovich says Mana has a multi-phase plan for his downtown properties, and he’s ready to start construction this summer.

While many of Mana’s properties are zoned for 50 to 80 stories, that’s not his vision, according to Zyscovich.

“We are looking at spreading development throughout downtown instead of coming up with tall buildings out of the box,” Zyscovich said. “We don’t think downtown is ready for high-rise max buildings. We need to develop it as a neighborhood.”

Mana will begin by renovating the 13-story building at 155 S. Miami Ave. Built in 1980 and totaling about 166,000 square feet, the building formerly house federal immigration offices and it looks the part of a staid government office. Zyscovich said its facade will be stripped away and replaced with an artistic facade, which will resemble an optical illusion. The ground floor of the building is currently not accessible from the street and will be opened up so there can be a coffee shop and social space.

Mana wants the building to house office and technology tenants.

“It’s a good first project because there’s enough square feet to occupy the building with many new uses,” Zyscovich said. “We have financing in place and hopefully before the summer is out we will start construction, which is really deconstruction.”

Mana will follow with another project on the same block, at South Miami Avenue and S.W. 2nd Street. That includes a modest-sized new building along with renovations to the parking garage and some historic structures that could house restaurants.

The second area Mana will develop is Flagler Station, at 48 E. Flagler St., Zyscovich said. That will include new storefronts.

“It will become a cool neighborhood with the idea of providing urban services to innovators and technology people,” he said.

As the projects are completed, Mana plans to introduce a membership group called Mana Commons. Members would receive living quarters, office space, and discounts on local food and beverages, Zyscovich said.

“Moishe likes to say he’s not a developer,” Zyscovich said. “He’s a venture capital guy who wants to create something more innovative with real estate than renter space. We rent space, of course, but space oriented toward particular uses that might exchange rent for a venture capital interest.”

 

Source:  SFBJ

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Apartments With Ground Floor Retail Take A Hit On Rent Collections

Author: Admin
Categories: Commercial News,Leasing,Multifamily,Retail

COVID-19 precipitated shutdowns have crippled the retail sector and those troubles have been well-documented.

And the businesses that rent spaces on the ground floors of apartment buildings are generally not big stores or national chains and have had even more trouble meeting their obligations in recent months. As a result, multifamily owners have had to be forgiving in negotiating concessions with their retail tenants, even as rents from apartment tenants have generally held up better than expected.

“We know that small retail businesses have been hit very hard based on payroll figures,” says Kevin Cody, market analytics senior consultant for CoStar, based in Boston. “Their distress from the pandemic was likely amplified due to them having small cash buffers.”

The vast majority—over 80 percent—of the retail space located in apartment buildings can be found in urban areas, according to CoStar. In recent years, these areas were performing well due to strong demographic growth, employment growth, and high levels of tourism, says Cody.

That strong performance stopped with the spread of the coronavirus in early 2020.

“Retail assets in dense, urban areas have been heavily impacted by the current period,” says Cody. “People are working from home at a high rate and tourism has greatly diminished.”

Not surprisingly, the retail tenants that have held up the best for apartment owners in recent months are those that were deemed essential. Drugstores, convenience stores, restaurants equipped to do takeout business are among tenants that been able to continue operating amid the vary levels of shutdowns throughout the country.

From the landlord side, apartment owners have largely been willing to work with their retail tenants on an as-needed basis.

“We have heard that owners of retail space are offering rent deferrals or relief to some tenants that have been impacted by the virus,” says Cody.

“There [usually] isn’t a public balance sheet or strong capitalization,” adds Todd Siegel, senior vice president, CBRE, based in Chicago. “The solution to mutual success requires an individualized and bespoke approach.”

Fortunately, apartment properties generally don’t rely much on the income from  small retail tenants.

“On a pure, net operating income basis, it shouldn’t skew the balance sheet to warrant a default,” says Siegel. “Mixed-use retail in general doesn’t drive the overall value [of an apartment property].”

The managers of apartment properties are also not yet desperate to squeeze money where ever they can get it. That’s because the income from apartment rents has remained strong, so far.

“I would expect apartment owners to have a greater ability to offer rent deferral or relief for their retail tenants, due to the greater rate at which they have been able to collect rent from apartment renters,” says Cody.

As for down the line, while they will need to implement social distancing measures until a vaccine or reliable treatment becomes available, multifamily owners will continue to include ground-level tenants.

“Mixed-use was a strategy we really liked heading into the pandemic,” says Cody. “In the long-term we still believe in it… we expect urban areas to come back, but in the near to medium term, retail will experience reduced spending and foot traffic. We expect migration to slow; there has been a shift to working-from-home, which will sustain to some extent; and tourism has slowed, which will take time to recover.”

 

Source:  NREI

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These Big Retailers Stiffed Their Landlords In May

Author: Admin
Categories: Commercial News,Leasing,Retail,Shopping Centers

About 40 percent of national retail chains once again skimped on their rent in May, according to the latest monthly report on collection rates.

Among those are 24 Hour Fitness, AMC Theaters and Pier One, all of which have either announced potential bankruptcy or plans to liquidate assets.

Overall, national retailers paid 60.1 percent of rent, a small increase from April’s 56.7 percent collection rent, according to a report from the data firm Datex Property Solutions. Total collections – from both national and local retailers – checked in at 58.56 percent in May, up from 54 percent in April, according to the data.

However, an increase in collections may not be a silver lining. Many retailers have negotiated rent relief with their landlords, which could make the numbers seem higher than they actually are, according to Datex CEO Mark Sigal.

At the end of May 2019, national retail chains were able to pay 96 percent of their rent. Even just two months ago, that figure was at 94 percent.

The plummet in rent collections is largely a consequence of the coronavirus pandemic, which has shuttered stores, in some cases permanently.

Fifteen companies, out of the 131 companies included, have not paid a dime of rent last month. Bed Bath & Beyond, H & M, Century City, AMC Theaters, Regal Cinemas, The Gap and Party City are among those. Seven others have paid very little, including Barnes & Noble and DSW Shoe Warehouse. On Wednesday, The Real Deal first reported that Simon Property Group sued The Gap for $66 million for withholding rent in April, May and June.

“A lot of the growth has been around more lifestyle oriented retail, the kind of retail where there’s a goodness to being present,” Sigal said. “With social distancing, the retailers that most build around that, folks like gyms and yoga studios or movie theaters — the types of operators where people are in the same space and close quarters — are the ones that have been most existentially impacted.”

The report counts major chains as those that have a minimum gross monthly rent of $250,000 or lease 10 or more locations. It is based on verified collections from Datex’s portfolio of clients that report payment information from thousands of U.S. properties.

However, not all companies are on their landlord’s naughty list this month. Unsurprisingly, grocery stores like Giant and Aldi have paid almost all their rent.

Between competitors, companies’ collections differed greatly. PetSmart, according to Datex, paid 89 percent of its collective bill, while Petco paid 42 percent. Hobby Lobby similarly paid 99 percent, while Michael’s trailed behind at 39 percent, per the data.

In part, this may be due to different franchisees or unsuccessful expansions in different areas, according to Sigal.

“This is a tsunami that is unanticipated,” Sigal said. “Within that, you may have heard of this quote, ‘bad companies are destroyed by crises; good companies survive them; great companies are improved by them.’ Retail is that story”

The restaurant sector experienced similar contrasts. McDonalds and Taco Bell, for example, paid the majority of their bills, while Jamba Juice and Five Guys paid less than half of theirs.

 

Source:  The Real Deal

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Four Stores Closed Permanently At Brickell City Centre. Here’s Why

Author: Admin
Categories: Commercial News,Leasing,Retail

Four stores at Brickell City Centre — Adolfo Domínguez, Emporio Armani, Musart and Stuart Weitzman — have closed permanently, a Swire spokesperson confirmed. BCC attributed some of the closures to the coronavirus pandemic.

“We have been prepared that some retailers may close or accelerate their closures as a result of COVID-19. It is an unfortunate result of this unprecedented pandemic,” said a Swire spokesperson by email.

But one tenant said problems emerged prior to the pandemic. The tenant, who asked to remain anonymous for fear of reprisal, blamed rising rents and lower-than-expected foot traffic.

“I got evicted as I couldn’t pay rent in full. Nobody can,” the tenant said. “COVID just accelerated the process. It was the icing on the cake.”

The tenant said he put down $75,000 in deposits and spent another $250,000 to build out his space. He saw increasing revenues: $328,000 in 2017, $452,000 in 2018 and $484,000 in 2019. But the number of transactions fluctuated, growing from 3,344 in 2017 to 3,886 in 2018, then dropping to 3,355 in 2019. Meanwhile, rent rose from $50,000 in 2017 to $60,000 in 2018. In 2019, rent was $110,000 plus 16% of sales in 2019, or $7,500, he said.

“I had a tremendous increase in rent while the traffic has gone down,” the tenant said.

The mall declined to comment on rents but said it had seen double-digit growth in foot traffic between its 2016 opening and the end of the year in 2019, with a 17% year-over-year increase from 2018 to 2019. Brickell City Centre uses wireless beacon technology to measure the shopping center’s foot traffic, said David Martin, vice president of Swire Properties.

Store closures are normal at a new mall, Martin said in a December interview. “Any mall as it evolves will have openings and closings.”

A mall spokesperson said via email that a roster of new retailers will be announced soon.

“Each of these new retailers remained steadfast on their opening timelines despite the delays from COVID-19, a promising sign of the resurgence and resilience of retail in mixed-use open-air shopping centres such as BCC.”

BCC reopened some stores last week with limited hours and COVID-19 protocols similar to those at other Miami malls. Its restaurants will open for dine-in service Wednesday. First weekend foot traffic met expectations, a spokesperson said.

“Several retailers reported strong foot traffic and sales, with some exceeding their sales goals. We expect traffic will ramp up further as our restaurants open for dine-in service.”

The store closures are a precursor of the challenging local retail landscape that will likely struggle for the next 12 to 18 months, said Beth Azor, founder and head of the Weston-based Azor Advisory Services.

“These luxury stores don’t see the foreign travelers coming in and buying these high-ticket items. And their customers are going to be significantly decreasing in those numbers.”

Luxury malls and shopping areas — such as Aventura Mall, Bal Harbour Shops and the Design District — will have to compete for the luxury consumer market in South Florida, she said.

“The luxury consumer is there, but I don’t know if the South Florida consumer is enough.”

Retailers elsewhere in Miami are struggling to keep their doors open, including small business owners, said Michael Comras in early May. Comras, one of South Florida’s largest commercial landlords, said he’s seeing some retailers and restaurants close their doors permanently.

“This has propelled the demise of some of our great brick-and-mortar retailers,” he said.

But some brands and retailers are seeing a rise in activity, Azor said. Pizza vendors, Target, Walmart and home supply stores such as Home Depot are performing well because they “cater to lower-priced items and are offering curbside pickup.”

 

Source:  Miami Herald

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From Bankruptcies To Rent Relief, Here’s How Retail Landlords Can Prep For The Coming Fallout From Covid-19

Author: Admin
Categories: Commercial News,Leasing,Retail,Trends

For the last 18 months, Noah Shaffer has been counseling retail landlords who lease space to Pier 1 Imports to be ready for the company to declare bankruptcy.

Pier 1, known for its eclectic mix of home goods and furniture, filed for Chapter 11 bankruptcy protection in March. This week, the Fort Worth, Texas-based retailer said that it was unable to find a buyer for its business and that it will close all stores nationwide. Shaffer’s clients, however, were ready and already in talks with new tenants to take the space.

Navigating tenant bankruptcies will be far more challenging in the era of Covid-19. The novel coronavirus pandemic has forever changed the restaurant and retail business, beginning with stay-at-home orders across the U.S. in March and April to a severe drop-off in consumer spending. A wave of bankruptcies is expected in both the retail and restaurant industries in the coming months, affecting everyone from national chains to mom-and-pop shops.

 

Source:  SFBJ

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Construction Of Mixed-Use Development In Miami’s Wynwood District Tops Out

Author: Admin
Categories: Commercial News,Development,Multifamily,Offices,Retail,Wynwood

CIM Group announced that it has topped out construction of the two eight-story towers set above the ground floor retail and three levels of office space which comprise CIM’s significant mixed-use development at 2201 N Miami Avenue in the Wynwood Arts District of Miami.

The development, which is a major contributor to the evolving Wynwood district, includes approximately 60,000 square feet of office space, 27,000 square feet of street-level retail and studio space, 257 apartments and approximately 480 parking stalls. The 1.78-acre site spans a full city block bounded by NE 22nd and NE 23rd Streets, with approximately 250 linear feet of frontage on N. Miami Avenue to the west and fronts the Brightline Rail to the east.

Three office floors are located above the street-level retail and studio space and extend across the full block creating expansive office space that allows for flexible configurations and the ability to divide the approximately 20,000-square-foot floor plates into office suites. The newly-constructed raw space provides the user the ability to design interiors to meet individual needs as well as a fresh approach to delineated employee spaces and distancing that reflect the demands of our new environment. Abundant floor-to-ceiling windows infuse the space with natural light, while 12-foot high ceilings add to the spaciousness.

Set above the retail and office base are two eight-story towers, at the northern and the southern ends of the block, providing contemporary apartments in a variety of sizes and floor plans, from studios to three-bedroom units.

The development has a central position in Wynwood, a distinctive area in the urban core of Miami, nationally recognized as a center for arts, innovation and culture, as well as one of the major settings for Art Basel, and one of the world’s largest street art installations. The ground floor retail space will accommodate a variety of shops, cafes and restaurants, galleries or other businesses that desire a prominent location in Wynwood.

The Wynwood Arts District has been transitioning from an industrial zone to a flourishing center for art, fashion and creative enterprises, with rehabilitated factories and warehouses repurposed for galleries, studios, bars, workshops, and offices — an evolving neighborhood, which includes more residential offerings.

The project is anticipated to be complete in mid-2021. CIM acquired the fully-entitled site in October 2018.

 

Source:  BusinessWire

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How Will Food Halls Fare Post COVID-19?

Author: Admin
Categories: Commercial News,Retail

Food halls will struggle as states reopen businesses and some may close permanently, say industry sources. Over the long term, however, they should return to their pre-COVID-19 success.

Before the virus hit, there were approximately 226 food halls operating in the U.S., according to Phil Colicchio, executive managing director of Colicchio Consulting, the specialty food and beverage, hospitality and entertainment group at Cushman & Wakefield

“Prior to the current health crisis, food halls were a growing trend that catered to a macro trend among consumers looking for more authentic and varied dining options, as well as more experiential and community elements,” says Scott Holmes, senior vice president and national director of the retail division with brokerage firm Marcus & Millichap. “While there will be time needed, and perhaps some operating changes that will need to be implemented, we expect that macro trend to continue, making these retail centers attractive to consumers and investors alike.”

But initially, food halls will struggle as they reopen due to several factors and considerations for the operator, says Anjee Solanki, national director of retail services with real estate services firm Colliers International. Those considerations include the need for reduced customer entry, strategic seating arrangements and safety measures such as contactless ordering, kiosk ordering and rotating staff. There will also have to be a significant increase in cleaning, according to Adam Williamowsky, director of restaurants at Streetsense, a design and strategy firm specializing in retail and restaurants. This will in turn create higher labor and materials costs to keep food hall spaces safe and prolong the amount of time it will take for food halls to rebound.

“I wouldn’t say [food halls] are dead, they’re just put on the shelf,” says Solanki. “Of course, food halls are going to take a little longer to open compared to drive-throughs or restaurants that have the ability to quickly flip and provide curbside delivery.”

Some brokers in secondary markets are saying restauranteurs and quick-service restaurants are struggling to get their employees back to work because their unemployment benefits are higher than their original wages, says Solanki. Furthermore, the cost of operating will continue to go up in the entire supply chain for the food and beverage industry.

“The current sentiment is generally negative related to these categories, since many have been forced to shut down, through no fault of their own,” says Holmes. “Once the shutdowns are lifted, and consumers begin to feel more at ease, we would expect all of these categories to come back strongly, but it will take time for that to happen.”

In order to proceed with reopening, food hall owners will need to rethink the operations of their establishments, so they comply with social distancing and other state- and city-mandated health and safety guidelines. For national companies with multiple locations this is an added challenge as reopening plans will need to be customized locally, says Solanki. Williamowsky notes that some food halls will be forced to close permanently.

However, food halls will also have some advantages over traditional restaurant venues in regaining their footing once the lockdowns end.

“The trend that I think is most important is the trend of the economic structure that most food halls are built on,” says Cushman & Wakefield’s Colicchio. “The cost of opening up in a food hall for a vendor is staggeringly low when you compare it to either a food truck or a stand-alone restaurant. And that is going to also be a very important component of the bounce back that we all hope to see.”

In addition to many independent restaurants being severely undercapitalized pre-COVID-19, a big issue for the traditional restaurant model was high fixed rent, says Trip Schneck, executive director at Cushman & Wakefield. But in the food hall model, under a percentage rent deal structure, the landlord and the tenants share the risks and rewards of the enterprise.

 

Source:  NREI

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South Florida Real Estate Leaders Confident About The Market, Despite Pandemic

Author: Admin
Categories: Commercial News,Development,Leasing,Multifamily,Offices,Retail,Shopping Centers,Trends

Despite the challenges caused by the coronavirus pandemic, a panel of five South Florida real estate veterans said Wednesday they feel optimistic about the market.

The webinar, called “Lessons from the Past,” featured professionals who managed their firms during the Great Recession and are using those experiences to inform current strategies.

On the panel were developers Adolfo Henriques, vice chairman of Related Group, and Masoud Shojaee, chairman of Shoma Group; Al Dotson Jr., managing partner of Bilzin Sumberg law firm; Bruce Moldow, CFO of Moss Construction, and Judy Zeder, Realtor-Associate with the JillsZeder Group.

The event was hosted by the Miami Herald’s RE|source Miami newsletter; a recording is available online at https://bit.ly/2KsJPZS. (Password: 7i*=$s7@)

 

Source:  Miami Herald

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