SOUTH FLORIDA NEWS - Boca Raton

Major Lakeshore Plaza office building sold at $17 million loss in Broward

In a significant transaction that reflects the evolving landscape of the commercial real estate market, Galium Capital recently purchased the Lakeshore Plaza II office building in Sunrise, Broward County, for $17 million. This sale comes at a steep discount, as the property’s value has dropped nearly 50% from its last sale price of $32 million in 2013. The deal highlights the challenges suburban office buildings face as remote and hybrid work models become more prevalent, but it also underscores the potential for recovery through strategic investment.

A Closer Look at the Transaction

The seller, TR Lake Shore Plaza LLC, an affiliate of Charlotte-based Barings Real Estate, was represented by a team from CBRE and Blanca Commercial Real Estate. The…

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New 18-Story Luxury Condo Proposed for West Palm Beach’s Waterfront

A significant transformation could be coming to West Palm Beach’s waterfront, as the Kolter Group and Perko Group are planning to replace an older condo building with an 18-story luxury condominium. This new development, called Flagler House, will offer expansive views of the Intracoastal Waterway and Mar-a-Lago, blending upscale living with modern design.

Revitalizing a Prime Waterfront Location

The proposed Flagler House would replace a three-story condominium built in 1962 at 3705 South Flagler Drive. This older structure, home to 39 units, would make way for a modern high-rise with the same number of units, but with significantly larger living spaces and state-of-the-art amenities.

On September 12, the city’s Plans & Plats Review…

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AI Used in New Real Estate Scam in Broward County

The real estate market in South Florida has long been a hotspot for buyers, sellers, and investors, but now it’s also becoming a target for a more sinister player: artificial intelligence (AI). As technology continues to advance, fraudsters are finding new ways to exploit it, and one local man almost fell victim to a high-tech scam that could have cost him his savings.

Here’s the story of Udi Levi, a first-time investor, and how AI nearly duped him into a $52,000 real estate scam.

The Dream Investment

At just 19 years old, Udi Levi had already made up his mind about investing in real estate. Like many young investors, Udi was eager to find the right opportunity to grow his wealth and secure a solid financial future. After searching for the right…

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Boca Raton Office Market Booms: Two Key Buildings Now Over 90% Leased

Boca Raton's commercial office scene continues to heat up as four prominent law firms secure prime office spaces in two of the city’s top office buildings. Thanks to these deals, the properties, both owned by private equity real estate firm PEBB Enterprises, are now more than 90% leased.

Let’s dive into the details and what this means for Boca’s booming office market.

Eighteen Zero One Reaches 94% Leasing Capacity

Eighteen Zero One, a sleek three-story office building at 1801 N. Military Trail, is now 94% leased after welcoming two law firms to its tenant roster. The building, which PEBB Enterprises purchased for $18.35 million back in June 2021, secured deals with both DarrowEverett and Hersh Kirtman.

• DarrowEverett, a New York-based…

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Boca Raton Company Aims to Cool Cities with Heat-Absorbing Concrete

As temperatures rise every year, cities, especially in South Florida, are facing intense heat waves that make life increasingly uncomfortable. The hottest day ever recorded was on July 22, 2024, breaking a previous record set in July 2023, according to NASA’s global temperature data. These temperature increases are particularly problematic in urban areas, where dense structures and surfaces like concrete and asphalt absorb and trap heat, creating what’s known as the urban heat island effect.

But a Boca Raton-based company, Carbon Limit, is stepping up with a sustainable solution to help cool down cities and mitigate the effects of climate change. Their newest innovation, CoolCrete, is a concrete additive that not only helps cool urban environments but…

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Miami Beach Mansion Teardown Follows $15 Million Sale on Hibiscus Island

A luxury property on Miami Beach’s prestigious Hibiscus Island is set for demolition after being sold for a staggering $15 million. The 3,646-square-foot home, built in 1952, sits on a prime 21,000-square-foot waterfront lot. The sale price reflects the growing demand for land in this high-end neighborhood, where wealthy buyers often prefer to build new mansions rather than renovate older homes.

This transaction highlights a broader trend in Miami Beach real estate, where investors and high-net-worth individuals are willing to pay top dollar for land, even if it means tearing down existing homes. Let’s take a closer look at the details of this sale and what it signifies for Miami Beach's real estate market.

Details of the Sale

The property,…

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Sea-to-Lake Estate in Manalapan Hits Market at $85M—More Than Double Its 2020 Sale Price

The barrier island community of Manalapan, once considered a quieter neighbor to Palm Beach, is making waves in the luxury real estate market. The latest property to catch attention is a stunning ocean-to-lake estate at 640 S. Ocean Blvd., which has just hit the market for an eye-popping $85 million—a price that includes furnishings. This listing marks one of the highest-priced residential properties ever listed for sale in Manalapan.

What’s even more striking is that the property, completed in 2019, was sold just four years ago in 2020 for $36.05 million, meaning its price has more than doubled in value. The $85 million price tag is reflective of the dramatic rise in real estate values in Manalapan, particularly during the pandemic, when many…

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Top U.S. Cities for Real Estate Investments: Florida dominates the charts

Real estate investors looking for profitable markets in 2024 are focusing heavily on the South, with Florida, North Carolina, and Texas leading the charge. According to a new report by Agent Advice, which ranks markets based on factors like home price growth, population trends, and personal income growth, these states dominate the top 10 spots. Whether you're a seasoned investor or new to the game, here’s a breakdown of why these regions are ripe for opportunity—and what risks might still linger.

The South Takes the Lead in Real Estate Investment

The findings from Agent Advice show that the South continues to be a powerhouse for real estate investment. Florida alone boasts four of the top 10 markets, while North Carolina and Texas each claim two…

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West Palm Beach's Antique Row shaken with Costly Repairs and Owner Discord

Once heralded as a beacon of the real estate rebound in 2014, The Villas on Antique Row, a luxury townhome community in West Palm Beach, is now facing a much different reality. Nearly a decade after its debut, residents of the three-story townhomes along South Dixie Highway are grappling with a proposed $12.6 million in repairs, sparking discord within the community.

Homeowners are facing the possibility of a massive financial hit, with a worst-case scenario predicting an assessment of up to $221,000 per unit to cover the needed repairs. The costly estimate has left some owners questioning the necessity and fairness of the across-the-board fee, particularly as not all units appear to have the same level of damage.

Structural Concerns and a…

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What the Sale of Shops at Midtown Miami Means for Future Developments

The Shops at Midtown Miami, one of the most bustling shopping centers in the city, has changed hands in a major deal. Site Centers Corp. (NYSE: SITC) sold the 347,740-square-foot retail center, located at 3401 N. Miami Ave., to Benderson Development. This high-profile transaction, though the price remains undisclosed, signals significant movement in Miami’s commercial real estate sector.

With JLL Capital Markets brokering the deal, this sale has piqued interest across the business community. In this blog, we’ll explore the sale’s implications for the local economy, why Midtown Miami remains a prime retail destination, and what it means for future developments.

Why This Sale is Important for Miami’s Retail Scene

The Shops at Midtown Miami isn’t…

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