Miami-Dade condo sales fell back down again last week, topped by the $4.7 million closing of a unit at the Related Group’s One Ocean in Miami Beach.

Condo sales totaled 121 closings for a combined $51.6 million, 52 fewer units fewer and about $12 million less than the previous week. Condos last week sold for an average price of about $427,000 or about $309 per square foot.

One Ocean unit 704, the priciest deal of the week, traded hands for $4.7 million, or $1,830 per foot. Darin Feldman represented the seller, and Luis Medeiros brought the buyer. It was on the market for about nine months before it sold.

The second-priciest condo sale was at Turnberry Ocean Colony. Unit 1104 sold for $3.15 million, or about $700 per foot, after 235 days on the market. Lana Bell brokered both sides of the deal.

Here’s a breakdown of the top 10 sales from Aug. 5 to Aug. 11. Click on the map for more information:

Most expensive
One Ocean #704, Miami Beach | 267 days on market | $4.7M | $1,830 psf | Listing agent: Darin Feldman | Buyer’s agent: Luis Medeiros

Least expensive
Key Colony I #263, Key Biscayne | 508 days on market | $1.4M | $705 psf | Listing agent: Enrique Garcia | Buyer’s agent: Paula Sanchez

Most days on market
Oceanside Fisher Island #7941, Miami Beach | 960 days on market | $2.83M | $900 psf | Listing agent: Jill Eber | Buyer’s agent: Karla Abaunza

Fewest days on market
Capobella #1203, Miami Beach | 94 days on market | $1.45M | $872 psf | Listing agent: Sergio Lopez De Mesa | Buyer’s agent: Romulo Ferrero

Ilan Bracha and John Davis of Keller Williams (Credit: Getty Images and t360)

Keller Williams franchises saw higher profits as agents closed more deals.

In the second quarter, the brokerage reported $98.3 billion in sales volume in the U.S. and Canada — up 8.7 percent from a year earlier. Franchisee owner profit rose 1.3 percent year over year to $70.3 million, according to a release from the company.

The growth comes as the firm has been expanding its artificial intelligence-based assistant, Kelle. Through the service, agents can access listings, market reports, referrals and contacts. In the second quarter, 8,680 live referrals were sent through Kelle, the company said. That represented $2.07 billion in sales volume.

“With market snaps and other new skills released into general availability recently, we’re seeing substantial jumps in our agents’ engagement with Kelle,” said Darryl Frost, a spokesperson for the company.

Keller Williams, the largest real estate franchise in the world by agent count, ended the quarter with more than 186,000 agents. It gained roughly 4,700 agents globally during the quarter.

Earlier this year, Keller Williams NYC saw a shakeup, with leadership departures, agent defections and plans to downsize. Josiah Hyatt, who had been the interim “team leader” for the Midtown-based franchise, left the firm. Lezley Charles, who held the position of CEO of that franchise, was reportedly laid off.

Prior to the changes, Keller Williams NYC generated around $1 million in profits each year since 2014.

Beth Butler and Giancarlo Cuffia

UPDATED, Aug. 14, 12:35 p.m.: Former Engel & Völkers broker Giancarlo Cuffia joined Compass to open a new office in Fort Lauderdale.

Cuffia and his family operated Engel & Völkers’ Sunny Isles Beach and Fort Lauderdale offices. Engel & Völkers Miami, led by managing broker Irving Padron, recently secured the rights to the Sunny Isles market, giving the franchisee control of Miami-Dade County.

Cuffia and his team of 20 agents joined Compass but are staying at his office at 908 East Las Olas Boulevard. The brokerage is opening a new 5,900-square-foot office at 1200 East Las Olas Boulevard later this month, according to a release.

Transwestern expanded its capital markets team with two new hires working under Managing Director John Bell: Nicholas Diaz-Silveira as an associate and Robert Saunders as an analyst. Diaz-Silveira was previously a headhunter in the medical device and pharmaceutical industry, as well as in the software industry. Saunders was an investment analyst for ESJ Capital Partners.

Marcos Puente left Colliers International South Florida to join MMG Equity Partners as director of acquisitions. Puente was previously vice president of capital markets at Colliers, and before that he worked at Marcus & Millichap.

Puente has brokered more than $200 million in sales throughout Florida and the Southeast. MMG’s commercial portfolio includes about 40 properties totaling 2.5 million square feet.

An earlier version of this story incorrectly stated that Cuffia will be working out of Compass’ new office. 

Elysee at 788 Northeast 23rd Street and Reid Boren of Two Roads

Two Roads Development just secured a $138 million construction loan from JPMorgan Chase for its 57-story luxury condo tower Elysee in Miami’s Edgewater neighborhood.

The developer, which completed the nearby Biscayne Beach condo tower last year, has secured nearly 50 percent in presales, according to a release. Traditional construction lenders typically require at least 50 percent in presales. Construction of the 100-unit tower at 788 Northeast 23rd Street began last year and went vertical last month.

The loan marks the largest construction loan in South Florida so far this year. Michael Stern’s JDS Development had previously received the largest construction loan of the year in April when the company secured $137 million from Madison Realty Capital for Monad Terrace.

Two Roads is developing Elysee with entities managed by New York-based investment firm DW Partners. The developer launched sales about three years ago.  Cervera Real Estate is handling the exclusive sales and marketing of the project, which is expected to be completed in 2020.

In October 2017, Mosaic Real Estate Credit, a Calabasas, California-based alternative lender, provided a $16.5 million loan for the first phase of construction at Elysee.

The bayfront building will have units ranging from 2,300 square feet to 4,000 square feet, with prices starting at about $1.5 million and going up to more than $10 million. Bernardo Fort-Brescia’s Arquitectonica is the architect and interior designer Jean-Louis Deniot is designing the common spaces and amenities. Amenities will include a pool deck with a bar, summer kitchen and barbecue terrace, a waterfront fitness center and yoga studio, a sky lounge on the 30th floor and more.

X Miami and Ryan Shear

Property Markets Group is bringing a hotel component to X Miami, its newly completed apartment tower in downtown Miami.

The Guild Hotels, a tech-oriented, boutique hotel group, is opening on four floors with 64 units of the 32-story, 464-unit building at 240 Northeast Fourth Street. Hotel guests will have access to X Miami’s amenities, which include a gym, sky dog park, screening lounge, co-working lab, pool deck, a covered bar, grilling area, mini market, courtyard, and coffee and cocktail lounge in the lobby.

The hotel is set to open in September, according to a spokesperson, who declined to provide hotel rates. PMG delivered the apartment tower earlier this year, and it’s about 50 percent leased. Alliance is handling the majority of leasing with ISG’s Alex Vidal and Joe Azar. Rents range from the $1,300s and go up to about $3,000. The building offers rent-by-bedroom options.

X Miami is part of PMG’s X Social Communities portfolio of apartments. The New York and Miami developer has about 10,000 rental units in its pipeline, including X Las Olas, a redevelopment of the Las Olas Riverfront with about 1,200 multifamily units.

The Guild Hotels is based in Austin and operates 10 properties in Texas. The company describes itself as a collection of hotels with virtual check-ins and check-outs.

(Credit: Raphaël Biscaldi via Unsplash and iStock)

Rising interest rates are putting a damper on efforts to build affordable housing across the U.S.
According to developers, rates offered by national lenders have steadily increased in the past two years. Bridge Housing, one of the largest affordable housing developers on the west coast, told the Wall Street Journal that rates for both short- and long-term debt have been on the incline.

“It makes the difference between feasibility and infeasibility,” Cynthia Parker, president and chief executive of Bridge Housing, told the Journal. “Developers have to pull things out of units, and it may take a bit longer because you have to assemble other funding sources. By the time you get those, you might have to rebid out the project and it might be more expensive.”

The number of multifamily housing bonds, which are commonly used to fund affordable housing projects, has also declined 29 percent year-over-year, according to data compiled by Thomas Reuters. The number of affordable housing units built in 2018 is expected to reach 97,000, according to Novogradac. That’s up from last year’s 91,434 units, but is a down from levels seen in 2015 and 2016. Over the next 10 years, the number of affordable housing units built is expected to drop by 230,000, due to the devaluation of low-income housing tax credits — a product of the new tax law.

Labor shortages and subsequent higher construction costs, along with tariffs on building materials, are also making affordable housing development more difficult. [WSJ] — Kathryn Brenzel

90 Northeast 11th Street, Art Falcone, Nitin Motwani and Romie Chaudhari

A Los Angeles-based family office just picked up a piece of the Miami Worldcenter pie.

Romie Chaudhari’s Chiron Investments paid about $16.5 million for the former nightclub building at 90 Northeast 11th Street in Overtown, property records show. The seller is Miami First LLC, led by Miami Worldcenter developer Nitin Motwani.

Chiron affiliates Pug44 and Pug45 LLC financed the deal with a $10.5 million mortgage from Titan Capital. The property includes an 11,250-square-foot building on a 12,500-square-foot lot. The warehouse was built in 1941, according to property records.

Motwani and Art Falcone are the master developers of the 27-acre, mixed-use project. The property they sold is not within Miami Worldcenter, a spokesperson for the project said. It’s immediately west of Block A, the northeasternmost corner of the development site. Block A is part of one of the eight locations in South Florida that Amazon included under the “Miami” umbrella in its search for a second headquarters.

In a statement, Miami Worldcenter Associates said it is seeing “heightened interest among investors and developers hoping to benefit from the new amenities, infrastructure upgrades, and commercial and residential activity” created by Miami Worldcenter.

The complex includes Paramount Miami Worldcenter, a 562-unit luxury condo tower, along with about 450,000 square feet of high street retail, an 1,100-space parking garage and an apartment tower. A 1,700-room convention center hotel and an office tower are also slated to break ground this year. Paramount, which is being co-developed by Dan Kodsi, recently topped off.

Chaudhari founded Chiron in 2007, according to the company’s website. It focuses on real estate in the U.S. through direct investments, joint ventures and non-traditional financing. The firm could not immediately be reached for comment.

7500 Northwest 82 Place and Robert G. Fordi, CEO of Realterm Logistics (Credit: Relaterm)

Realterm Logistics just purchased an industrial site in Medley for nearly $10 million, property records show.

Realterm Logistics is an affiliate of the real estate private equity firm Realterm. The recent deal gives the company control of more than 10 acres of industrial land at 7500 Northwest 82nd Place, including a two-story, 28,000-square-foot warehouse.

The seller, Dones & Krissel Management, is led by Angel Dones and Richard Krissel. Dones is president of Southeastern Trailer & Container Repairs, which specializes in automotive repair.

The deal, which includes an adjacent 143,762-square-foot lot, breaks down to $20 per square foot for the land, and about $350 per square foot for the warehouse. Previous sales information is not available online.

A representative for Realterm Logistics was not immediately available to comment. The development and property management firm is based in Annapolis, Maryland and specializes in acquiring logistics facilities serving the transportation industry. Last year, it paid $16 million for a warehouse in Boca Raton leased to FedEx Express. 

South Florida’s industrial real estate market is strong, especially in the Hialeah, Airport/Doral and Medley submarkets. Last year, PriceSmart, a publicly traded warehouse chain and operator of membership warehouse clubs, paid $45.56 million for the site of its new Medley facility.

Gramercy Property Trust is also active in the market. It paid $18 million for a nearby warehouse in June 2017.

Palazzo Del Sol condo

Hedge fund manager Hal Mintz and his wife just purchased a unit at Palazzo del Sol for $10.1 million, according to property records.

Mintz, a Sabby Management manager, and Allison Mintz paid about $2,150 per foot for the 4,689-square-foot, four-bedroom Fisher Island unit at 7012 Fisher Island Drive. PDS Development, led by Heinrich Von Hanau, sold the unit. The 10-story, 43-unit building was completed in 2016.

Dora Puig is leading sales for the developer. Alexander Goldstein of Miles Goldstein Real Estate represented the buyer. Goldstein declined to comment on the buyer’s identity.

The unit sold furnished by Artefacto and includes an infinity edge pool overlooking Government Cut and South Beach, and a 5,343-square-foot lanai.

Hal Mintz is the principal of New Jersey-based Sabby Management, which invests in the public equity and alternative investment markets in the U.S. The firm primarily invests in options, according to Bloomberg.

Since the building opened about two years ago, 32 units have sold, according to property records. Other owners at Palazzo Del Sol include billionaire and former Hasbro CEO Alan Hassenfeld, Yard House founder and CEO Steele Platt, and former Formula One driver Enrique Bernoldi. Last year, the largest penthouse in the building sold for $31.26 million.

PDS plans to complete construction of Palazzo del Sol’s sister 50-unit condominium, Palazzo Della Luna, next summer.

Rendering of Related’s office building and Mayor Jeri Muoio

The West Palm Beach City Commission approved the controversial Okeechobee Business District on Monday evening, paving the way for the Related Companies’ plan for a luxury office tower in the neighborhood.

The commission gave its final OK after a year-and-a-half of public hearings and debates, including a vote last September that nearly killed the district, according to the Palm Beach Post.  Mayor Jeri Muoio supported the plan, claiming that it would limit what could be built on a desirable downtown site owned by the community redevelopment agency.

Related wants to build a 25-story in what was a five-story zone at Flagler Drive and Okeechobee Boulevard along the Intracoastal Waterway.

Since the Okeechobee plan was voted down in September, two new commissioners were elected. The commission gave its final stamp of approval on Monday, despite the Florida Department of Transportation, Palm Beach and Palm Beach County recommending the city wait for a state traffic study on the zoning change’s potential impact.[Palm Beach Post] – Katherine Kallergis

9439 West Commercial Boulevard and New York Life Real Estate Investors’ Brian Seaman

Prologis just sold a warehouse in Tamarac for $25.72 million.

The 285,600-square-foot warehouse at 9439 West Commercial Boulevard traded hands for about $90 per square foot. The buyer is a company tied to New York Life Investments, which operates as the investment management arm of the U.S. insurer New York Life Insurance Company.

The distribution center was originally owned by KTR Capital Partners, which paid $13.5 million for the property in 2006, records show. KTR was acquired by Prologis and Norway’s sovereign wealth fund in 2015 for $5.9 billion. 

The industrial site features 122,000 square feet of warehouse space with office space on the second level. Tenants include Ferguson Plumbing and Kitchen Craft. Other features include dock doors, drive-in doors, overhead cranes, an outside storage area and signage on Commercial Boulevard.

NYL Investments manages about $245 billion for its parent company New York Life Insurance and select strategic partners, according to its website. The insurance company is also a major commercial real estate lender. 

Prologis, meanwhile, has been busy selling off its collection of industrial properties. In December it sold a portfolio of properties in Broward and Palm Beach counties to Chicago-based Equity Office for more than $110 million. 

Tony James and Bill Helm (Credit: LinkedIn)

The Blackstone Group‘s biggest business is its real estate division, so it’s only fitting that the firm’s vice chairman would look there when managing his own investments.

Tony James recently hired Bill Helm for the newly created role of head of real estate investments at Jefferson River Capital, a family office that invests on James’ behalf. Jefferson River has yet to make a real estate investment, Bloomberg reported.

The focus, initially, will be on multifamily, industrial and office properties in the Northeast and Southeast, the report said.

James’ wealth is estimated at $2.5 billion and is spread across at least two family offices. His real estate holdings include a duplex on the Upper East Side that he bought in 2011 for $24.9 million. His Swift River Investments acquired the 34,000-acre Hamilton Ranch in Montana in 2011, Bloomberg said.

Before joining Jefferson River in May, Helm worked at DLJ Real Estate Capital Partners for about eight years. It was spun off from Credit Suisse Group AG in 2010. DLJ sold a 12-story Brooklyn Heights rental building in 2015 for north of $40 million, was an investor in Alloy Development’s 1 John Street condo project and handled the conversion of the Jarmulowsky Bank Building on the Lower East Side into a boutique hotel.

Prior to his time at DLJ, Helm spent a combined 15 years at Credit Suisse and Donaldson, Lufkin & Jenrette. DLJ

Jonathan Gray, Blackstone’s former head of real estate, which as of June 30 had $120 billion under management, replaced James as president and COO in March. [Bloomberg] — Meenal Vamburkar

Clockwise from top left: The London in College Station, Texas, The Crimson in Tuscaloosa, Alabama, The Ivy in Tampa, Florida, and The Harrison in Harrisonburg, Virginia (Credit: CLS Living)

As more investors have funded housing near universities, overbuilding has been a danger for some properties, Bloomberg reported. Investors are being more cautious as some backers have seen their bonds downgraded, the report said.

Real estate fund managers raised $1.9 billion, through July, for student housing projects globally, the same amount as they raised in all of 2017.

Portfolios are trading at high prices, too. As a part of Greystar Real Estate’s $3.2 billion purchase of Education Realty Trust in June, the company formed a joint venture the Blackstone Group to buy some off-campus locations for another $1.2 billion.

At the same time, existing portfolios are commanding steep prices. The influx of money has divided the market in two: areas where supply is tight and others where it’s excessive.

Student housing also faces unique pressures. For example, there’s much more turnover among tenants, so landlords have to constantly fill units. Robert Bronstein — president and co-founder of Scion Group, which owns more than 60,000 beds nationally — likened it to selling cruise tickets.

“Once you leave the dock, if you haven’t sold the room, you’re not going to,” he told Bloomberg.

Demographics are changing, too. As millennials age out of their college years, analysts warn demand could drop. [Bloomberg] — Meenal Vamburkar

(Credit: iStock)

The median home price in New Zealand has surged more than 57 percent since 2010 and now the Kiwi nation has decided to do something about it: ban outsiders from buying their homes.

The Wall Street Journal reported New Zealand’s parliament approved new regulations on Wednesday that prohibit currently existing residential properties from being purchased by foreigners.

“This Government believes that New Zealanders should not be outbid by wealthier foreign buyers,” trade minister David Parker said.

Chinese investment in the New Zealand real estate market had been growing in recent years, especially in Auckland, the country’s capital and financial center. But western celebrities and businessmen like Matt Lauer and Peter Thiel have also made well-publicized luxury home purchases.

Under the new law, foreigners will still be able to buy new construction homes, however, such as units in condominium projects. Foreign developers who build large housing complexes will be allowed to market some units to foreign buyers, the Journal reported. [WSJ] — Will Parker

South Florida’s biggest retail sales

As legacy retailers close their doors and the so-called “retail apocalypse” nears, South Florida remains somewhat of an exception. Retail in the area has performed better than the national average and with the approval of the American Dream mega-project earlier this year, the region will eventually be home to the largest mall in the country.

A few notable properties traded hands in July, including one part-owned by gubernatorial candidate Philip Levine in Miami Beach that sold for more than $68 million. Even outside of South Florida’s urban cores, such as in Delray Beach and Pompano Beach, shopping centers traded at a markup from their previous sales prices.

The July investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.

Sunset Harbour retail – Asana Partners | $68.75M

Levine and developer Scott Robins sold a retail portfolio in Miami Beach’s Sunset Harbour neighborhood for $68.75 million to Charlotte, North Carolina-based Asana Partners.

The deal marked the largest retail sale in South Florida in July. The seven-building, 61,400-square-foot portfolio at 1787, 1919, 1928 Purdy Avenue; 1900, 1916, 1930 Bay Road; and 1935 West Avenue hit the market in December and sold for about $1,120 per square foot.

Asana, founded by Terry Brown, Jason Tompkins and Sam Judd, is a real estate investment firm based in Charlotte, North Carolina.

Levine owns more than $100 million in real estate in Miami, Miami Beach, Okeechobee and New York. He is currently competing in a close Democratic primary in the race for Florida governor.

Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF represented the seller.

Magnolia Shoppes – Williams Magnolia Properties | $23.2M

Williams Magnolia Properties bought a Coral Springs shopping center it purchased from Regency Centers for $23.2 million.

The Coral Springs-based buyer paid about $180 per square foot for the 130,400-square-foot Magnolia Shoppes at 9645 Westview Drive. The shopping center is anchored by a 73,500-square-foot Regal Cinemas.

Williams Magnolia Properties financed the deal with a $15.5 million loan from Citibank.

The shopping center was built in 1998 on a nearly 15-acre lot on the southwest corner of University Drive and the Sawgrass Expressway. Tenants include Dollar Tree, W Salon, Creative Child Learning Center and Moon Thai & Japanese.

Delray Commons – Kroger’s subsidiary TopValco | $17M

Kroger’s real estate subsidiary paid $17 million for a Delray Beach shopping center and an adjacent former bank branch, causing many to speculate whether Kroger would open its first South Florida store at the property.

Instead, Lucky’s Market, which is owned by Kroger, will be moving into the shopping center.

Kroger’s subsidiary TopValco purchased the 73,841-square-foot property known as Delray Commons for $15 million, or about $200 per square foot. It also purchased a 4,824-square-foot bank branch for $2 million or $415 per square foot, records show.

TopValco purchased the shopping center at 5024 West Atlantic Avenue and bank building from Mall 5020 and Lot 5070, controlled by companies based in Weston and Key Biscayne.

Pompano Beach shopping center – Companies led by Michael Cosculluela | $11.5M

Diversified Realty Development sold a Planet Fitness-anchored shopping center in Pompano Beach for $11.5 million.

Pompano Beach Plaza DK and Pompano Beach Plaza ML, companies managed by Miami Lakes attorney Michael Cosculluela, purchased the 46,000-square-foot retail property at 1400 South Powerline Road for about $250 per square foot.  The 5-acre property previously sold in 2014 for $2.85 million.

The buyers took out a $8.5 million mortgage from Argentic Real Estate Finance to finance the latest deal.

Diversified Realty renovated the property and tenants include Little Caesar’s Pizza, Enterprise Rent-A-Car, according to a press release. CBRE’s David Donnellan and Patricia Friend represented the seller.

Wynwood retail – RRE Investments | $9.15M

San Francisco-based RRE Investments paid $9.15 million for a retail property in Wynwood.

151 NW 24th St Partners LLC, led by general partners Dan Arev of Link Real Estate and Chaim Cahane of Forte Capital Management and equity partner Joe Serure of Jameson Realty Group, sold the building at 151 Northwest 24th Street, according to Dwntwn Realty Advisors brokers Tony Arellano and Devlin Marinoff. 

The buyer, RW NW 24th St LLC, is a Delaware company controlled by RRE’s Tommy Rincon, state records show. Rincon is managing partner of San Francisco-based RRE and a former Redsky Capital associate, according to his LinkedIn profile.The RRE affiliate financed the deal with a $6.25 million loan from First National Bank of South Miami.

The building was initially listed for $9.85 million and sold within three months.

Miami Stadium Apartments

Low-income and market-rate housing developer Lewis Swezy just closed on a $36 million refinancing of Miami Stadium Apartments in Miami-Dade County’s Allapattah neighborhood.

The 336-unit affordable housing community at 2625 Northwest 10th Avenue sits on the former site of the Miami Marlins stadium, built in 1949 and razed in 2001 to make way for apartments, which were completed a year later.

Eric Rosenstock, of New York City-based real estate lender Greystone, originated the loan insured by the U.S. Department of Housing and Urban Development. The FHA financing replaces a Fannie Mae loan and extends for 35 years with an unspecified fixed interest rate, according to a press release.

Swezy owns the real estate management company Centennial Management, which has a portfolio of industrial and affordable housing projects throughout Miami-Dade and Broward counties. He’s built apartment complexes in Miami Lakes, Naranja, Miami, Hialeah and Homestead.

Other stadiums that have been demolished in Miami-Dade include the Orange Bowl in Little Havana, which was home to the Miami Dolphins and the University of Miami Hurricanes football teams; and the Miami Arena in Overtown – the original home of the Miami Heat, which was demolished in 2008 and replaced by the AmericanAirlines Arena on Biscayne Bay. – Amanda Rabines

Renderings Of Triptych

HES Group refinanced the site of a planned mixed-use hotel across from Midtown Miami Shops and bought out its former partner, JQ Group of Companies.

Property records show HES affiliate Aventura Hotel Properties scored two loans for $15 million and $8.2 million from LV Midtown LLC and QR Triptych LLC, respectively, for the development site at 3601 North Miami Avenue.

Jose Herrera, HES Group general manager, said the refinancing was used in part to buy out the developer’s previous partner on the project, JQ Group of Companies. JQ purchased a stake in the land and project in 2016, which it valued at more than $10 million at the time.

As planned, Triptych will include a 297-room Hilton Curio Collection hotel and about 38,000 square feet of retail space, Herrera said. New plans for the building no longer include office space. The 20-story tower was approved by the city of Miami in 2015.

HES, a Venezuelan hotel development firm with an office in Miami, recently completed the Aloft Coral Gables hotel. It’s been sitting on the Midtown Miami site since it bought the property in 2014 for $12.25 million.

Herrera said the firm is negotiating a construction loan with plans to break ground on Triptych in the first quarter of next year. He declined to provide an amount, but said it would be less than the $120 million the project was previously looking to secure.

In October, HES closed on a $9.5 million loan for the site from 21 Brands S.A., a Panamanian lender.

McDonald’s new flagship restaurant in Chicago

McDonald’s is making a supersized effort to modernize its restaurants across the country.

The ubiquitous fast food joint and its franchisees plan to spend $6 billion renovating and updating its U.S. restaurants by 2020. Much of that will be spent incorporating tech and infrastructure to cater to new trends in fast food, the Associated Press reported.

The new restaurants will feature digital self-order kiosks, digital menu boards, new counters to allow for table service, and designated parking spots for pick up via mobile ordering. They’ll also have new interior and exterior designs. The chain will give its McCafe coffee and breakfast brand more real estate at its locations.

The Chicago-based company operates just over 14,100 restaurants across the country. Divided among them equally, the $6 billion investment would average $424,000 per restaurant.

McDonald’s opened a new flagship restaurant in Chicago last week that includes many of the features that will make their way to locations around the country over the next two years. Designed by Ross Barney Architects, the glassy 19,000-square-foot restaurant also includes trees and solar panels.

Last month, the chain completed an expansion of delivery service via Uber Eats to 5,000 restaurants in the U.S. and 12,000 worldwide. [CNBC] – Dennis Lynch 

Photo of the warehouse at 2101 Northwest 82 Avenue Pepe Badia

Badia Spices is peppering its portfolio with the purchase of a Doral warehouse for $9.5 million.

The global spice company headquartered in Doral purchased the 54,361-square-foot warehouse at 2101 Northwest 82nd Avenue from Lagunita Holdings, records show. The price equates to $175 per square foot for the warehouse, which sits on a 119,535-square-foot lot.

Lagunita Holdings, led by Holy Rincon, vice president of the logistics company Clover Group, purchased the property in 1988 for $780,918. The warehouse was built in 1989, according to property records.

Badia also owns five other warehouse properties in Doral, including one at 1400 Northwest 93rd Avenue and one at 1571 Northwest 93rd Avenue, according to property records.

Badia Spices was founded in 1967 by Jose Badia, a Cuban exile. His son Pepe Badia is now the majority owner and president. Today, the company manufactures and distributes spices, seasoning blends, marinades, sauces, teas, health items and other products to more than 70 countries, according to its website.

In March 2017, Pepe Badia paid $12.4 million for a ritzy, six-bedroom, 14,097-square-foot waterfront Coconut Grove estate at 3575 Stewart Avenue.

Setai unit and David Guetta

David Guetta has a new Miami Beach getaway at the Setai in Miami Beach that he purchased from New York developer Richard LeFrak.

Property records show the French DJ and music producer paid $9.5 million, or about $3,800 per foot, for unit 3709 at 101 20th Street in late June. LeFrak sold the 2,521-square-foot, three-bedroom corner unit to What a View LLC, managed by real estate agents Michael Wiesenfeld and Anita Zelda Freud.

The unit features two master suites, motorized shades and wraparound balconies. It’s listed for rent at $30,000 a month with Freud, according to Zillow.com. Wiesenfeld, of Barnes International Realty, told the Wall Street Journal that Guetta will be renting out the unit for most of the year.

Lourdes Gutierrez of Compass represented Guetta in the off-market deal. LeFrak paid $6.75 million for the unit in 2012. The billionaire CEO of the LeFrak Organization also developed the nearby 1 Hotel & Homes South Beach with Barry Sternlicht.

Earlier this year, Russian oligarch Oleg Baibakov sold his penthouse at the Setai for $9.53 million, or nearly $2,700 per square foot. The building was also home to Theory co-founder Andrew Rosen, who sold his penthouse in 2017 for $8.5 million, or about $3,400 per foot.

The 40-story hotel-condo building features three oceanfront swimming pools, a spa, gardens and a gym. [WSJ] – Katherine Kallergis