• Real Estate Investing,  Travel & Lifestyle

    Menin, Galbut sell shuttered South Beach hotel to Blue Road for $14M

    1745 James Avenue, Jorge Savloff and Marcelo Tenenbaum Companies tied to Menin Hospitality and Russell Galbut’s Crescent Heights sold the shuttered Sanctuary Hotel in Miami Beach for $14.4 million to Blue Road. Sanctuary South Beach Inc., Sanctuary SB Properties LLC, Sanctuary RonRuss Properties and MJK Group LLC sold the 32-key condo-hotel at 1745 James Avenue to Jorge Savloff and Marcelo Tenenbaum’s Blue Road, according to Marcus & Millichap. Joseph P. Thomas, Adam G. Duncan, Brett McMahon, Alec Demetriou, Drew A. Kristol, and Kirk D. Olson of Marcus & Millichap brokered the deal. The Sanctuary, a now-vacant condo-hotel, was the first acquisition for Menin Hospitality, according to the company’s website. Menin…

  • Real Estate Investing,  Travel & Lifestyle

    WeWork’s IPO filing reveals a 100% male board

    The We Company CEO Adam Neumann and CCO Miguel McKelvey (Credit: Getty Images) The We Company’s IPO filing, which promoted a “culture of inclusivity,” revealed the company has a fully male board. The WeWork parent company filed S-1 papers Wednesday with the U.S. Securities and Exchange Commission for its imminent IPO, expected to take place as early as next month. Of its seven board members, three were appointed at the behest of investors, Benchmark, Hony Capital and SoftBank, according to Boss Betty, a female-focused business news site. Elsewhere in the co-working company — whose current valuation is $47 billion — the We Company has two women of six in high-ranking leadership…

  • Real Estate Investing,  Travel & Lifestyle

    From bankruptcy to bidding war? 157-acre Mountain of Beverly Hills to be sold at auction

    1652 Tower Grove Drive or “The Mountain” (Credit: Realtor and iStock) It has been a little over a year since the Mountain of Beverly hit the market for $1 billion, but despite a dramatic price cut earlier this year, there still hasn’t been a buyer. But that could soon change. The 157-acre plot of land will be auctioned off on Thursday, according to the Wall Street Journal. It it attracts a buyer, the long and storied — and troubled — history of Los Angeles’ most expensive listing will likely be over. Or at least a chapter of it will be over. The auction, to be held at the Civic Center…

  • Real Estate Investing,  Travel & Lifestyle

    REIT to pay $322M for sprawling Pembroke Pines apartment complex

    From left: Mark Okada and James Dondero In what will likely be the largest multifamily sale in South Florida this year, NexPoint Residential will pay $322 million for a 1,520-unit multifamily property in Pembroke Pines. NexPoint Residential, a publicly traded real estate investment trust, is under contract to buy the apartments, known as the Avant at Pembroke Pines, at 11801 Pembroke Road for about $212,000 per unit, according to a press release. Park City, Utah-based National Property REIT Corp. is the seller. The building is 96.1 percent occupied with an average effective monthly rent of $1,487, the release states. The deal is expected to close on Aug. 30. NexPoint Residential…

  • Real Estate Investing,  Travel & Lifestyle

    General contractors are suffering under Trump’s new tariffs on Chinese goods

    The trade war has created an uncertain environment for construction. (Credit: iStock and Getty Images) Anthony Rinaldi has learned first-hand what President Donald Trump’s trade war with China can mean for business. One of his eponymous firm’s current projects, backed by a Chinese-government-owned company, has recently stalled. He’s unsure when, or if, it will get back off the ground. Delays are one among many headaches general contractors are grappling with as the trade war escalates, pushing up the cost of materials and casting uncertainty over planned and existing contracts. “A number of projects that we have in our pipeline involve Asian developers, banks and investors,” Rinaldi said. “I’m not seeing…

  • Real Estate Investing,  Travel & Lifestyle

    Bridge Investment to pay $123M for offices in Medley and Doral

    Offices at Flagler Station and Offices at Doral Square and Bridge Investment Group Executive Chairman Robert Morse Bridge Investment Group is buying two office properties in Medley and Doral for nearly $123 million, a source told The Real Deal. New York-based investment manager DRA Advisors is selling the 387,000-square-foot Offices at Flagler Station in Medley and the 141,000-square-foot Offices at Doral Square, according to the company’s website. DRA’s partner on the Doral property is Banyan Street Capital, a Miami-based firm. The deals are expected to close this week, the source confirmed. CBRE’s Chris Lee, Jose Lobon, Amy Julian and Andrew Chilgren brokered the deal.  CBRE declined to comment. Offices at…

  • Real Estate Investing,  Travel & Lifestyle

    U.S. home mortgage surge past pre-recession record

    U.S. mortgage rates top 2008 levels (Credit: iStock) Home mortgage debt surged to a new high in the second quarter, leaving the pre-recession 2008 peak in the dust. The total mortgage balance grew during the second quarter by $162 billion to $9.406 trillion, according to the Federal Reserve Bank of New York, the Wall Street Journal reported on Tuesday. That’s more than the 2008 record of $9.294 trillion. Mortgage debt has been climbing since 2013, when it fell by 15 percent in the wake of the recession. Continuing 20 straight quarters of increase, total household debt also grew by 1.4 percent to $13.9 trillion. But today’s context is markedly different…

  • Real Estate Investing,  Travel & Lifestyle

    Setai and other Miami Beach property owners sue city over stormwater fees

    The Setai Miami Beach In the midst of near-daily rain storms and the semi-regular flooding in Miami Beach, a group of property owners in the city including the Setai hotel are alleging the way the city collects stormwater fees is illegal. The Nakash family, which owns The Setai Miami Beach, along with 24 other condo associations, multifamily owners and commercial property owners filed a lawsuit in Miami-Dade Civil Court alleging that the method the city uses to calculate stormwater fees is “unreasonable, arbitrary and discriminatory” and violates Florida law. The fees are collected to manage the city’s stormwater system. The suit further alleges the city is imposing an undue burden…

  • Real Estate Investing,  Travel & Lifestyle

    North Beach Yard is called off amid partnership split, developers score loan for Pura Vida Hialeah: Daily digest

    Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. ET. Please send any tips or deals to tips@therealdeal.com This page was last updated at 12:30 p.m.   Rendering of Pura Vida Hialeah with Michael Wohl, Stephen A. Blumenthal, Victor Brown, and David Brown A partnership of developers closed on construction financing for a mixed-use project in Hialeah. Coral Rock Development Group and Arena Capital Holdings secured a $12.75 million loan from BB&T Bank for Pura Vida Hialeah, a 9-acre development with 260 apartment units and…

  • Real Estate Investing,  Travel & Lifestyle

    Scion of construction behemoth Bechtel launches $100M construction tech fund

    Brick & Mortar Ventures’ Darren Bechtel (Credit: LinkedIn and iStock) A venture capital firm led by a scion of one of the world’s largest construction companies has launched a $100 million fund to invest in construction tech. The fund, launched by San Francisco-based Brick & Mortar Ventures, is the largest to focus exclusively on construction-technology startups, and will target seed and Series A funding rounds, the firm said Tuesday. Led by Darren Bechtel, Brick & Mortar Ventures raised $97.2 million from a dozen limited partners, including Autodesk, CEMEX, Ferguson Ventures, FMI, Hilti, Obayashi and Sidewalk Labs, a subsidiary of Google’s parent company Alphabet. A spokesperson for the firm said 10…