Miami

The Miami City Commission will be asked to approve a settlement that would allow construction of hotels, stores and a garage on the island off downtown Miami.

Walker & Dunlop brokered the transaction for the 180-unit property, which is capturing some of the highest rents in the state, for Bluerock.

The two locations add a combined 59,262 square feet of co-working commercial space to CGI Merchant Group's The Nexus Workspaces portfolio.

The sale price more than likely is north of $100 million since CrossHarbour acquired the property in 2016 for $101 million and since then undertook a multi-million-dollar capital improvement plan at the hotel that was completed in 2017.

Davis, Kellogg and Morrison have worked as team for more than four years and bring 40 years of combined experience in the Orlando office market.

With the additional guidance provided with these new regulations, I expect to see a significant uptick of investments in those and other areas in South Florida, including Coral Gables, Allapattah, and up the coast into Fort Lauderdale and Hollywood.

The sale of the Wellington charter school property follows the late March sale of two charter schools in Orlando and Wellington by ESJ Capital Partners and MG3 Developer Group of Hollywood, FL to affiliates of Charter Schools USA of Fort Lauderdale.

The new lease deal was signed on April 19, two days after the office building was sold, according to Colliers International. The lease expands the company's presence at the property from 73,005 square feet to 106,957 square feet.