South Florida Market Update |
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The Pelican Bays, a collection of small bay warehouses in Davie, sold for $50 million.
A trust in the name of Charles M. Rowars sold the 196,164 square feet of warehouses at 4651 and 4650 S.W. 51st St.; 5150 S.W. 48th Way; and 4960, 4980 and 5000 S.W. 52nd St. The buyer was Pelican Bays Ground Lessor LLC, in care of Dallas-based MSP Capital Investors. The buyer immediately signed a ground lease with Pelican Bays LLC, managed by Isaac Schlesinger and Shimon Dushinsky of New York-based Dependable Equities. The price equated to $255 a square foot.
The warehouses were developed between 1990 and 1997. This is the first time they have sold. They are located on the east side of U.S. 441, just north of the Seminole Hard Rock Hollywood.
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A Fort Lauderdale roofing warehouse sold for $17.5 million, more than tripling in value from its prior trade.
Summerwind Properties LLC, managed by Gregg E. Wallick in Fort Lauderdale, sold the 93,193-square-foot warehouse, at 1600 N.E. 12th Terrace, in the Studio City neighborhood to LPF Realty-FL LLC, managed by Perry Fine and Lonnie Fine in Valley Stream, New York. Jaime Sturgis of Native Realty brokered the off-market deal. The price worked out to $188 a square foot.
It last sold for $4.85 million in 2015, so it had a tremendous gain in value. That’s a reflection of the spike in industrial rents in Fort Lauderdale as occupancy rates are near record highs.
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The Township Plaza retail and office center in Coconut Creek sold for $15.75 million, a big gain from its last sale three years ago.
Township Plaza Holdings LLC, an affiliate of Aventura-based S2 Development, sold the 66,266-square-foot plaza with ground-floor retail and second-floor office space at 4400 W. Sample Road to Freshwater Group LLC, a private equity firm in New York. Benjamin H. Silver of CBRE represented the seller in the deal. The price equated to $238 a square foot.
Township Plaza last traded for $10.1 million in 2019. The gain in value shows how strong demand for retail and office space in Broward County has pushed up rents, causing investors to pay more for properties.
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Premium Development, an Austrian company with a Miami office, sold the recently completed First Apartments in the Little Havana neighborhood for $92 million.
The 194-unit apartment complex at 700 S.W. First St., Miami was Premium Development’s first project in the United States. Miami-based multifamily investor Lloyd Jones purchased the property.
Walker & Dunlop brokered the deal, which equated to $474,227 a unit. That strong valuation reflects the rising rents that landlords are charging in Miami as occupancy rates remain high.
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RPT Realty (NYSE: RPT) acquired the Shops at Mary Brickell Village, one of the most prominent retail centers in Miami’s financial district, for $216 million.
MB Village Owner LLC, in care of Rockpoint Group in Dallas, sold the 539,722-square-foot commercial complex at 900 and 901 S. Miami Ave., plus 999 S.W. First Ave., to MBV R2G Owner LLC, in care of New York-based RPT Realty. The complex has about 200,000 square feet of multi-tenant retail, a 31,000-square-foot Publix and an 800-space parking garage.
The deal did not include the residential portion of Mary Brickell Village.
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A Miami Gardens shopping center anchored by Walmart Neighborhood Market sold for $15 million.
Rise Star LLC, managed by Valentina Georgescu in Hollywood, sold the 63,652-square-foot shopping center at 3753 and 3791 N.W. 167th St., plus 16770 N.W. 37th Ave. to EL Family Property Owner LLC, RL Family Property Owner LLC, and SLMJL Family Property Owner LLC. All of the buyers are based in Rosedale, New York and their respective managers are Emilio Lamanna, Sabatino Lamanna and Rossana Lamanna.
BayVanguard Bank and Pacific Coast Bankers’ Bank jointly provided a $5.25 million mortgage to the buyers. The price equated to $236 a square foot
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An affiliate of LRP Publications purchased a mostly empty office building in Jupiter for $19 million.
GCO12 Jupiter FL LLC, in care of Gladstone Commercial Corp. in McLean, Virginia, sold the 60,568-square-foot office complex at 1395 University Blvd. to LRP Properties Abacoa LLC, led by executives at Palm Beach Gardens-based LRP Publications and its real estate arm. The price equated to $314 a square foot.
The building last traded for $15.5 million in 2012, so it gained in value. It was built on the 1.13-acre lot in the Abacoa neighborhood in 2010 and it served as the home of GS4 security.
Recently, the entire building was listed for lease online, asking $27 a square foot.
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The Commons at Royal Palm shopping center in Royal Palm Beach traded for $34 million.
Royal Center LLC, managed by Yoram Izhak as CEO of North Miami-based IMC Equity Group, sold the 165,064-square-foot retail center at 501, 573 and 561 N. State Road 7 to 511 SR7 Owner LLC, managed by John Blizzard of DJK Capital Management in Miami Beach. ConnectOne Bank provided a $24.38 million mortgage to the buyer. The pride equated to $206 a square foot.
It last sold for $23.7 million in 2016, so the property had a nice gain in value.
The shopping center was built on the 20.50-acre site in 2001. It’s a few blocks north of Southern Boulevard.
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A pair of Boca Raton office buildings, one of which serves as the corporate headquarters of a publicly traded health care staffing agency, recently traded for $29.85 million.
Boca Raton-based Pebb Enterprises and Contrarian Capital Management, a Greenwich, Connecticut investment firm, closed on the deal to acquire the Meridian Office Center on June 30, according to a release from Pebb Enterprises.
The seller was Ivy Realty, a Fort Lauderdale firm that invests in commercial buildings. Ivy Realty paid $26.99 million for the office complex in December 2015. Christian Lee, Sean Kelly, and Marcos Minaya from CBRE represented Ivy Realty in the transaction. Coral Gables-based community bank Professional Bank handled the financing for the purchase.
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR SALE
1,421 SF / 20,033 SF Lot at $4,750,000
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Auto Spa Car Washing & Service Center located in Hollywood, FL. Business & Real Property are for sale. The subject property is situated on a 0.5 Acre lot with a 1,421 SF retail building. Property consists of 4 car wash bays, 2 car mechanics garage and 5 lifts plus one alignment machine. |
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR SALE
21,500 SF / 70,721 SF Lot at $6,950,000
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Coral Spring Multi-Tenant Flex Building. Property is sitting on a 2 Acre lot with 21,500 SF structure consisting of warehouse/office space. The Property is 100% Tenant occupied with a 6% Pro-Forma Cap Rate. Large 24 ft ceilings, ample parking, LED lights throughout the exterior of the property, roof was resurfaced as of June 2022, and fresh exterior paint. |
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John DeMarco, CCIM, ACP, CAM, CDPE
Broker/Owner
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RE/MAX 5 Star Realty & The DeMarco Real Estate Group™
(954) 453-1000
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The DeMarco Real Estate Group™
1901 Harrison St. Hollywood, FL 33020
Office: (954) 453-1000
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