Tag Archives: Miami

Colombia beats our Brazil for interest in Miami

Mark Chatburn

For the first time in more than a year, Brazil has been dethroned as the country most frequently searching for properties in Miami.

The ranking comes from the Miami Association of Realtors, which produces a list every month of the top 10 foreign countries using its website to look for local real estate.

During July, Colombia racked up more searches for Miami properties than any other country in the world. The country has lagged behind in the No. 2. spot for the past few months, while its neighbor Brazil spent the last 13 months as the top country interested in Miami.

“Colombian home buyers have a long history of purchasing South Florida real estate, so the fact Colombia has overtaken Brazil for the most web property searches is not a surprise,” Christopher Zoller, the association’s 2015 residential president of Miami, wrote in a release. “Colombians are so comfortable here in Miami. Our tremendous diversity, world-class shopping, and global business center not only attract Colombian buyers, but all consumers – international and domestic.”

Typically, Colombians moving to Miami are upper-middle-class families that pay an average of $420,000 per property — the third highest price paid by foreigners in all South Florida. Last year, residents of the country accounted for 8 percent of all property transactions in the tri-county region, according to the Miami Association of Realtors.

Other countries growing hungry for Miami real estate include Venezuela and France, which have risen to the third and fourth spots, respectively. Though no longer the king of property searches, Brazil ranked second.

TheRealDeal.com

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Mary Brickell Village Sells for $113.5 Million

Mark Chatburn

Quebec-based Ivanhoe Cambridge has sold Mary Brickell Village for $113.5 million according to a deed filed in Miami-Dade County records on Thursday. Dallas, Texas-based Rockpoint Group is the buyer.  Ivanhoe Cambridge affiliate Brickell Main Street LLLP sold the mall to MB Village Owner LLC, a company tied to Rockpoint Group, a real estate private equity group. The affiliate also closed on a $62.25 million mortgage from ONC Bank National Association, records show. Rockpoint general counsel Ron Hoyl signed the loan. Mary Brickell Village, a 195,188-square-foot shopping center in Miami’s Brickell area, was completed in 2007. It includes 59 stores and 800 parking spaces, according to Ivanhoe’s website. Tenants of the shopping center include the Oceanaire Seafood Room, Rosa Mexicano, Fado Irish Bar, Blo Blow Dry Bar, L.A. Fitness and Publix. The sale does not include the residential condos at Nine at Mary Brickell Village, which share the same site, at 911 Southwest First Avenue, 900 South Miami Avenue and 901 South Miami Avenue, which is across the street. Rockpoint, which has hotels in Key West and the site of the Seashore condo tower in Sunny Isles Beach, already has a presence in the area with Brickell Heights. Rockpoint affiliates recently closed on a $160.5 million construction loan for its two condominium towers. Also nearby is Brickell City Centre, the $1.05 billion mixed-use development north of Mary Brickell Village. When completed, it will include a 500,000-square-foot shopping component, two condominium towers, two Class A office buildings, and its EAST, Miami Hotel. The condominium, office, and hotel components at Brickell City Centre are set to open at the end of this year.

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