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South Florida News

  • Life-sciences sector proves safe haven for landlords
    Alexandria Real Estate Equities founder Joel Marcus and Alexandria Center for Life Sciences (Getty, Google Maps)

    Alexandria Real Estate Equities founder Joel Marcus and Alexandria Center for Life Sciences (Getty, Google Maps)

    The search for a cure for Covid-19 is lining the pockets of some landlords.

    While the pandemic wreaks financial havoc on hotels and retailers, landlords who cater to biotech and pharmaceutical tenants are seeing increased demand as companies research treatments for the coronavirus, according to the Wall Street Journal. The work of those tenants, too, is more difficult to replicate in a work-from-home setup than the typical office employee.

    Alexandria Real Estate Equities, one of the largest life-sciences-focused real estate investment trusts in the country, raised $1.1 billion last week through a share offering. In the past, the REIT had discounted prices by 3 percent to 8 percent, but this time its shares were priced at a discount of just 2.6 percent.

    Founder Joel Marcus told the Journal it was “the largest equity offering in the company’s history” and “massively oversubscribed.”

    Other major life-science landlords are in expansion mode, acquiring existing properties and planning new developments. It’s a departure from other commercial developers who are seeing demand fall for office space and retail space.

    Blackstone Group-owned BioMed Realty is planning 2.5 million square feet of new development across the country, adding to a portfolio of 11 million square feet of space. Brookfield Asset Management paid $251 million for a 50 percent stake in a 700-acre life-sciences campus near the University of Oxford in the U.K.

    Though developers and landlords are eager to break into the sector, there are still some challenges and hidden costs, such as installing medical-grade ventilation systems.

    Jason Kaufman, a senior vice president at Silverstein Properties, said that the industry is an “institutional focus du jour.”

    “Everyone who operates a loft-style building in New York City thinks they have a life-sciences building,” he said. [WSJ] — Dennis Lynch

    The post Life-sciences sector proves safe haven for landlords appeared first on The Real Deal Miami.

  • Lisa Perry and former Barneys majority owner Richard Perry sell Palm Beach home
    Lisa Perry, 3 Via Los Incas (Credit: Noam Galai/Getty Images, and Nicklas Sargent for Douglas Elliman)

    Lisa Perry, 3 Via Los Incas (Credit: Noam Galai/Getty Images, and Nicklas Sargent for Douglas Elliman)

    Fashion designer Lisa Perry and her husband, who led Barneys New York, sold a home she developed in Palm Beach for $9.1 million.

    Lisa Perry Homes sold the 5,686-square-foot home at 3 Via Los Incas for $1,600 per square foot, according to Realtor.com. The deal has not yet been recorded in Palm Beach County, so the buyer is unknown.

    Perry’s fashion line was sold at Barneys. Her husband, billionaire hedge fund manager Richard Perry, was chairman of Barneys, which closed all of its stores earlier this year after it was sold out of bankruptcy.

    3 Via Los Incas (Credit: Nicklas Sargent for Douglas Elliman)

    3 Via Los Incas (Credit: Nicklas Sargent for Douglas Elliman)

    Lisa Perry redeveloped the Via Los Incas home, which was originally built by homebuilder Robert Gottfried Regency in 1980.

    Burt Minkoff of Douglas Elliman was the listing agent, and Todd and Frances Peter of Sotheby’s International Realty represented the buyer.

    The six-bedroom house sits on a 17,498-square-foot lot and includes a pool. Property records show Lisa and Richard Perry paid $6.5 million for the property in 2018, and transferred ownership to LPR1 LLC in 2019.

    3 Via Los Incas (Credit: Nicklas Sargent for Douglas Elliman)

    3 Via Los Incas (Credit: Nicklas Sargent for Douglas Elliman)

    Richard Perry founded his New York hedge fund, Perry Capital, in 1988 and acquired a controlling interest in Barneys in 2012. He was worth about $1.2 billion in 2008, according to Forbes, and is the nephew of former Bear Stearns CEO James Cayne.

    The Perrys own other properties in Palm Beach, including units at the Palm Beach Towers Condominiums on Cocoanut Row, according to property records.

    The luxury home market in Palm Beach has been on fire, with $5 million-plus sales recorded almost daily. Since the pandemic began, two Palm Beach estates have sold for $70 million and up, including the Kennedy family’s former compound at 1095 North Ocean Boulevard.

    The post Lisa Perry and former Barneys majority owner Richard Perry sell Palm Beach home appeared first on The Real Deal Miami.

  • Dezer Development’s plan to remake Intracoastal Mall moves forward
    Rendering of the proposed redevelopment of the Intracoastal Mall and Gil Dezer

    Rendering of the proposed redevelopment of the Intracoastal Mall and Gil Dezer

    Dezer Development can move ahead with its plans to transform Intracoastal Mall in North Miami Beach into a high-rise, mixed-use community.

    Despite opposition from several nearby homeowners, the North Miami Beach Planning & Zoning Board approved Dezer Developments’ amended plans for the mall on Monday.

    After deliberating for nearly five hours, the planning board voted 5 to 2 in favor of zoning amendments that will allow Dezer Development to replace the one-story, 234,000-square-foot Intracoastal Mall and the three-story Asa College office building with a development of more than 2 million square feet. Plans include 35-foot tall townhouses, 85-foot tall apartment buildings, and high-rises ranging between 160 feet to 495 feet in height. The amended code will also allow Dezer Development to build a 250-room hotel.

    By a narrower vote of 4 to 3, the planning and zoning board also approved a 30-year-development agreement with Dezer Development for the project that will include 2,000 residential units, 375,000 square feet of retail, 200,000 square feet of office, the 250-room hotel, and a new canal. The development agreement also envisions about 8 acres of parks, a transportation bus hub and water taxi. It also includes traffic mitigation that will increase the number of traffic lanes at Northeast 35th Avenue from four to six, and widen Intracoastal Mall’s entrance way at Northeast 36th Avenue and 163rd Street. It also requires Dezer Development to build a public community center, a police substation, and a fire rescue facility on site.

    The project, which will be built in phases, is projected to be completed by 2031, said Dezer Development’s attorney, Tracy Slavens.

    Several residents of Eastern Shores, an affluent residential area that is dominated by single-family homes, opposed approval of the development agreement, as well as the tweaks to Intracoastal Mall’s zoning. Those Eastern Shores residents fear that the zoning changes will create additional gridlock on the roads, cause an environmental disaster on the water, and cast the neighborhood in shadow.

    Tucker Gibbs, an attorney representing the Eastern Shores Property Owners Association, told the board that the zoning amendments will “negatively impact the Eastern Shores neighborhood.”

    Bernard Zyscovich, an architect and planner hired by Dezer Development to design Intracoastal Mall’s new site plan, insisted that the amended regulations allow more open space on the property. Zyscovich also said that the amended site plan reduces the envelope of future commercial space from 2.5 million square feet to 525,000 square feet.

    “We are very excited about the design,” Zyscovich said. “We want it to be memorable and one of these places that people want to come back to. We want to create a great sense of place.”

    But critics of the plan, including North Miami Beach Planning and Zoning Board Chairman Julian Kreisberg, pointed out that Dezer Development still doesn’t have the necessary approvals from the Florida Department of Transportation to implement its traffic improvements, nor permits from federal, state, and county officials to dig a new canal.

    “If the canal is not approved. If the road work is not approved. What is the purpose of the agreement? We’re back to square one,” Kreisberg said.

    Dezer Development, headed by Michael and Gil Dezer, paid $63.5 million for Intracoastal Mall in December 2013. Back then, future development rights for the 26-acre property was about 600 residential units plus about 16 million square feet of commercial with height capped at 15 stories. Two years later, Intracoastal Mall was up-zoned by the city of North Miami Beach to allow 2,000 residential units and 2.5 million square feet of commercial in buildings up to 40 stories tall. In March, the Dezers increased their territory to 29 acres after they purchased the neighboring Asa College building for $15 million.

    Kreisberg lamented the original zoning change, pointing out that the person who championed it, Mayor George Vallejo, resigned from office in April 2018 as part of a plea deal with the Miami-Dade State Attorney’s Office. Vallejo admitted to prosecutors to using campaign contributions donated to his political committees for personal expenses and that his wife secretly worked for the Dezers as an event planner.

    “You can’t ignore the corruption,” Kreisberg told his colleagues on the board.

    But most other planning and zoning board members were attracted by Dezer Developments’ claims that the project will produce 11,800 temporary jobs during construction, 2,700 permanent jobs after construction, and $11 million in annual property taxes.

    “In these uncertain times we need to bring jobs,” said board member Larry Shinbaum, who is also a real estate broker at Sunny Isles Beach-based Decorus Realty, adding that “progress supersedes a stagnant mall.”

    Board member Larry Thompson said he thought that Dezers’ proposed redevelopment of Intracoastal was a “beautiful project.” But he made his ‘yes’ vote contingent on a $500,000 water main project along Northeast 35th Avenue, which was originally slated to be funded by a state grant but vetoed from the budget, being funded by “other sources.” Thompson also wanted the city to include an art-in-public places feature in the project, and to encourage Dezer Development to hire workers within North Miami Beach. Thompson’s three conditions were included in the board’s recommendation to approve the 30-year development agreement.

    The North Miami Beach City Commission will have final say on approval of the zoning amendments and the 30-year development agreement. Even then, any decision by the city will likely be challenged in court, either by Eastern Shores residents or Dezer Development, warned Daniel Espino, North Miami Beach’s city attorney.

    The post Dezer Development’s plan to remake Intracoastal Mall moves forward appeared first on The Real Deal Miami.

  • Palm Beach County property appraiser tests positive for coronavirus
    Dorothy Jacks

    Dorothy Jacks 

    Palm Beach County Property Appraiser Dorothy Jacks tested positive for the coronavirus.

    The property appraiser’s administration department at the Palm Beach County governmental center is closed, as a result, according to the Palm Beach Post. Jacks received the results on Monday, after being tested Thursday.

    As of Tuesday, there have been 143,615 cases of Covid-19 in Florida, and more than 4,400 deaths, according to the state’s health department.

    Fewer than 20 employees in the property appraiser’s administration department will work from home until the office is sanitized, according to the Palm Beach Post. Jacks has been working remotely since she was tested last week.

    The property appraiser’s office had closed in late March, with employees working remotely. It reopened in May when Palm Beach County entered phase one of the state’s reopening.

    Jacks, who has been the county’s property appraiser since she was elected into office in 2017, ran for re-election unopposed this year.

    Municipalities throughout South Florida have been dealing with temporary office closures after employees testing positive for the virus, especially as the number of confirmed cases continues to skyrocket. [Palm Beach Post]  — Katherine Kallergis

    The post Palm Beach County property appraiser tests positive for coronavirus appeared first on The Real Deal Miami.

  • Hillsboro Beach oceanfront mansion sells for $18M
    1085 Hillsboro Mile Road

    1085 Hillsboro Mile Road

    A modern home that runs from the Intracoastal Waterway to the Atlantic Ocean in Hillsboro Beach sold for $18 million.

    Karen Lazovitz, trustee of the late real estate investor Stephen Lazovitz’s estate, sold the 14,758-square-foot mansion at 1085 Hillsboro Mile Road for $1,219 per square foot, records show. Jason R. Lambert bought the property.

    The property features 125 feet of beachfront on Hillsboro Mile. Amenities include a 90-foot infinity edge pool and spa, floor-to-ceiling glass windows, and 15-foot ceilings. It has a private gate and a two story, two-suite guest house, according to Realtor.com.

    The home was built in 2017, records show. It has six bedrooms and five bathrooms and sits on a 1.4-acre lot.

    The property last sold for $6.3 million in 2010, records show.

    Stephen Lazovitz partnered with Joseph DiLorenzo in 1994 to form SJS Realty Management, which invested and developed properties around the Jersey Shore, according to DiLorenzo’s website.

    The small town of Hillsboro Beach is home to some of the priciest residential properties in South Florida.

    In 2017, Patrón Spirits Company CEO Edward Brown paid $20 million for a spec home at 1115 Hillsboro Mile. In June 2019, David J. Stern, a disbarred lawyer, bought a 5,275-square foot home at 925 Hillsboro Mile for $10 million.

    The post Hillsboro Beach oceanfront mansion sells for $18M appeared first on The Real Deal Miami.

  • New York & Company parent files for bankruptcy
    RTW Retailwinds CEO and CFO Sheamus Toal and a New York & Company store (Getty, LinkedIn)

    RTW Retailwinds CEO and CFO Sheamus Toal and a New York & Company store (Getty, LinkedIn)

    New York & Company’s parent company is the latest chain to file for bankruptcy as the coronavirus has piled additional pressure on an already challenging retail landscape.

    RTW Retailwinds, whose other brands include Fashion to Figure and Happy x Nature, filed for Chapter 11 protection Monday, and has already kicked off liquidation sales, CNBC reported.

    “The combined effects of a challenging retail environment coupled with the impact of the Coronavirus pandemic have caused significant financial distress on our business, and we expect it to continue to do so in the future,” RTW Retailwinds CEO and CFO Sheamus Toal said in a statement.

    “As a result, we believe that a restructuring of our liabilities and a potential sale of the business or portions of the business is the best path forward to unlock value.”

    The retailer expects to close most, if not all, of its 378 stores, which are located in 32 states. RTW Retailwinds’ e-commerce operations and related intellectual property may also be sold as part of the bankruptcy proceedings.

    The company had warned of a likely bankruptcy filing in early June, and says that it now expects to fully repay the $12.7 million outstanding balance on a loan agreement with Wells Fargo.

    About 92 percent of the retailer’s bricks-and-mortar locations have reopened following coronavirus-related shutdowns. [CNBC] — Kevin Sun

    The post New York & Company parent files for bankruptcy appeared first on The Real Deal Miami.

  • Private jet charter founder pays $6M for Palm Beach home
    Brian C. Wille, Caroline Endzweig and Guy Endzweig, with 315 Tangier Ave (Credit: Google Maps and MAX RAPP/Patrick McMullan via Getty Images)

    Brian C. Wille, Caroline Endzweig and Guy Endzweig, with 315 Tangier Ave (Credit: Google Maps and MAX RAPP/Patrick McMullan via Getty Images)

    A former partner at Kostelanetz & Fink, LLP sold his Palm Beach home to the founder of a private jet charter company, as luxury homes continue to sell like hotcakes in the ritzy town.

    Robin A. Remick and Brian C. Wille sold the five-bedroom, 4,484-square-foot house at 315 Tangier Avenue to Guy Endzweig and Caroline Berley Endzweig, property records show. It sold for $6.2 million, or $1,384 per square foot.

    Wille led New York-based Kostelanetz & Fink’s civil litigation practice when he was a partner, and he currently divides his time between New York and Florida, according to his bio. Remick is also a lawyer.

    Guy Endzweig founded V2 Jets, a New York-based private jet charter business, in 2015. From 2009 to 2014, he was a partner at G-2 Trading, formerly known as the Royal Bank of Canada’s trading group.

    The Palm Beach home hit the market in 2018 for $7.5 million, and was most recently asking $6.9 million. Dana Koch of the Corcoran Group represented the sellers, and Simon Isaacs of Simon Isaacs Real Estate represented the buyers, according to Realtor.com.

    Wille and Remick paid $4.76 million for the house, which has been restored, in December 2009, property records show. The home was built in 1939 on a third of an acre of land.

    Palm Beach luxury sales have exploded in recent months.

    Just last week, Martin Brand, the co-head of U.S. acquisitions for Blackstone’s private equity group, paid $10 million for a house on Palm Beach’s Everglades Island.

    Since the pandemic began, two Palm Beach estates have sold for more than $70 million.

    In June, Robb E. Turner, a private equity investor turned maple syrup magnate, and his wife and business partner, Lydia Turner, sold their lakefront estate at 8 South Lake Trail for $71.85 million. And the Kennedy family’s former Palm Beach compound at 1095 North Ocean Boulevard also sold last month, to a trust for $70 million.

    The post Private jet charter founder pays $6M for Palm Beach home appeared first on The Real Deal Miami.

  • Bridge and PGIM buy Hialeah property to build spec cold storage facility
    Bridge Development Partners' Kevin Carroll and an aerial of the property between Northwest 162nd Street and Northwest 102nd Avenue (Bridge Development, Google Maps)

    Bridge Development Partners’ Kevin Carroll and an aerial of the property between Northwest 162nd Street and Northwest 102nd Avenue (Bridge Development, Google Maps)

    Bridge Development Partners and PGIM Real Estate bought a 20-acre site in Hialeah, with plans to build a spec cold storage facility.

    The joint venture bought the property between Northwest 162nd Street and Northwest 102nd Avenue for $11 million, according to sources. Section 17 LLC, led by Lloyd Moriber of Bal Harbour, sold the property.

    The joint venture will build a 312,103-square-foot cold storage facility called the Bridge Point Cold Logistics Center, which will be able to accommodate multiple tenants, according to a release. The building will feature a front-load design with 50-foot clear heights, 39 dock-high doors, and three grade-level truck ramps.

    The project could be South Florida’s first-ever cold storage project built on spec, or with no immediate buyer, Kevin Carroll, a partner with Chicago-based Bridge Development Partners said in the release. It is expected to be completed in the fourth quarter of 2021.

    “Demand for temperature-controlled space is at an all-time high across the region,
    thanks in part to shifting consumer preferences towards fast, fresh products and online
    grocery deliveries,” said Brian Niven, a senior vice president at Bridge Development Partners, in a statement.

    Cushman & Wakefield’s Wayne Ramoski and Gian Rodriguez brokered the deal.

    The acquisition marks the first cold storage project in South Florida for the joint venture, according to the release. The group launched a $150 million national cold-storage investment program late last year, targeting $400 million in assets, and is looking to develop Class-A cold-storage facilities.

    Bridge Development Partners is a privately-owned firm that focuses on Class A industrial real estate in Miami, Chicago, New Jersey and New York, Los Angeles and San Francisco, and Seattle, according to the release.

    PGIM, based in Newark, is the asset management arm of the life insurance company Prudential Financial.

    The post Bridge and PGIM buy Hialeah property to build spec cold storage facility appeared first on The Real Deal Miami.

  • Colony Capital may lose control of 2 largest CMBS hotel portfolios
     Thomas Barrack, Sheraton San Jose Hotel in Milpitas, CA, Residence Inn Cypress Los Alamitos (Getty, Google Maps, Marriott)

    Thomas Barrack, Residence Inn Cypress Los Alamitos and Sheraton San Jose Hotel (Getty, Google Maps, Marriott)

    When Colony Capital revealed in May that it was in discussions with lenders after having defaulted on $3.2 billion in hotel loans, the Tom Barrack-led firm cautioned “there can be no assurances that the company will be successful in such negotiations.” In fact, at the time the Los Angeles-based investment firm had already defaulted on a forbearance agreement following earlier negotiations with one lender.

    Now, Colony is in jeopardy of losing control of its two largest CMBS-financed hotel portfolios — the 89-property, 8,585-key Tharaldson portfolio and the 48-property, 6,402-key Inland portfolio. Both are on track to be transferred to the control of receivers as negotiations with lenders have failed to yield long-term solutions, court filings and servicer commentary show.

    The fate of the Tharaldson (or THL) portfolio still depends on the outcome of a lawsuit. In mid-June, CMBS trustee Wells Fargo sued Colony Capital over defaults on the $768 million loan on the portfolio. Special servicer KeyBank National Association is acting on behalf of the trustee in the suit.

    Due to the economic impact of coronavirus, the suit notes, the operating deficit at the properties is expected to total between $15 and 25 million over three months, a deficit which Colony is “unwilling or unable to fund.” These deficits also put numerous franchise agreements at risk, which would further impact the properties’ value, and will require the lender to make protective advances.

    The Tharaldson and Inland portfolios are two of seven hotel portfolios Colony Capital currently owns, and which the company considers to be “legacy” assets as it focuses increasingly on digital properties like cell phone towers, optic fiber networks and data centers.

    Both portfolios stretch across the country: Tharaldson hotels are in the Midwest, West Coast and parts of the Northeast and the South; while Inland properties are scattered around the Northeast, South, Southwest and West Coast. The larger hotels in the Tharaldson portfolio include the 206-key Courtyard Dunn Loring Fairfax in Virginia and the 203-key Courtyard Newark Elizabeth in New Jersey. The Inland portfolio includes the 229-key Sheraton San Jose Hotel and the 214-key Four Points by Sheraton Pleasanton, both in the Bay Area.

    According to the suit, Colony first defaulted on a monthly loan payment in April, after which Wells provided a very short forbearance period of just one month. Colony then defaulted on the forbearance agreement as well by failing to make the subsequent May payment.

    “Given the precarious position of the hotels and the millions of dollars [Wells Fargo] will be required to advance to maintain hotel operations,” Wells seeks to appoint a receiver to operate the hotels, KeyBank’s lawyers note. The special servicer nominated JLL’s receivership practice to take over the properties.

    Once in receivership, the Tharaldson portfolio properties would then be foreclosed on or sold, according to the suit. That process could take several months, given the scores of hotels in nearly two dozen states.

    Colony and KeyBank did not respond to requests for comment. Colony has until the end of this week to respond to KeyBank’s complaint.

    As for the Inland portfolio, Colony and the lender on that $780 million CMBS loan have agreed on a receivership transition without having to go to court. The two sides have not been able to negotiate a loan modification. But the note said Colony “has agreed to an orderly transition of the properties to a receiver since agreeable terms for a loan modification could not be reached.”

    Colony was previously a junior mezzanine lender on the Tharaldson portfolio, which at the time included 135 hotels in 28 states, and took control of the hotels in 2017 after prior owner Whitehall defaulted on the debt.

    Colony owns a 55-percent stake in the Tharaldson portfolio alongside “certain managed investment vehicles.” According to loan documents, those vehicles include Colony Distressed Credit Fund II, Colony THL Co-Investment Partners, and a partnership of South Korean co-investors.

    The Inland portfolio, meanwhile, is one of two portfolios that Colony owns 90-percent stakes in alongside minority partner Chatham Lodging Trust.

    The U.S. hospitality industry continues to face serious uncertainty, as occupancy rates declined last week amid growing concerns about a second wave of coronavirus infections. CMBS loans are likely to be a major stress point because servicers have little leeway to make meaningful loan modifications, industry experts say.

    Contact Kevin Sun at ks@therealdeal.com

    The post Colony Capital may lose control of 2 largest CMBS hotel portfolios appeared first on The Real Deal Miami.

  • TRD Insights: Home loan forbearance rates fall for fourth week


    Mortgages in forbearance fell for the fourth consecutive week as many Americans returned to work after being furloughed or laid off.

    Home loans in forbearance made up 8.18 percent of servicers’ portfolios for the week ending July 5, according to figures released Monday by the Mortgage Bankers Association. That’s down from 8.39 percent for the week ending June 28 and from 8.47 percent for the week prior. Roughly 4.1 million homeowners are now in forbearance plans.

    Homeowners often request forbearance in times of hardship, when they can’t make interest payments on their mortgages. The forbearance rate rarely exceeded 1 percent before the coronavirus pandemic.

    Although many Americans returned to work last week, the MBA found that more than four in 10 mortgagors in forbearance plans asked for extensions beyond the initial term. The percentage of Americans exiting forbearance who asked for deferrals, meaning borrowers who requested to push off loan payments until a later date, dropped to just over 10 percent from 16 percent the week prior.

    Forbearance rates often vary by the kinds of institutions that keep the mortgages on their balance sheets. Rates are typically higher for low-interest, low-credit loans issued by federal agencies and guaranteed by Ginnie Mae.

    This week was different, however, because many Ginnie Mae-guaranteed loans were bought out of Ginnie Mae MBS pools by bank servicers and moved on to bank balance sheets.

    “These buyouts enable[d] servicers to stop advancing principal and interest payments, and to work with borrowers in the hope that they can begin paying again before they are re-securitized into Ginnie Mae pools,” MBA chief economist Mike Fratantoni said in prepared remarks.

    For this reason, the Ginnie Mae forbearance rate dropped below that of portfolio lenders or private labels for the first time since the coronavirus pandemic hit the United States. Ginnie Mae’s share of loans in forbearance dropped to 10.56 percent in the week ending July 5, down 116 basis points from the week prior. Meanwhile, the forbearance share for loans originated by portfolio lenders or purchased by private labels jumped to 10.93 percent, up 85 basis points from the week prior. This was the biggest movement in forbearance rates for loans of both vintages in several months.

    Mortgages purchased by Fannie Mae and Freddie Mac, both government sponsored entities, saw forbearance rates drop for the fifth week in a row to 6.07 percent, down 10 basis points from the week prior.

    The post TRD Insights: Home loan forbearance rates fall for fourth week appeared first on The Real Deal Miami.