South Florida Market Update |
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A development site a block south of the New River in downtown Fort Lauderdale sold for $16 million.
SWFLB LLC, managed by James F. Ellis of Fort Lauderdale-based Ellis Diversified, sold the 26,292-square-foot parking lot at 488 S.W. First Ave. to 488 S.W. First LLC, which has the same address in Highland Ranch, Colorado as UDR, a multifamily developer with more than 49 years of experience. It focuses on big urban centers, especially on the West Coast.
The property last traded for $2.2 million in 2015, so it had a big gain in value. That’s a reflection of the spike in apartment rents in downtown Fort Lauderdale.
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CenterPoint Properties paid $170.1 million for a trio of warehouses in Miramar in one of the biggest industrial deals in South Florida this year.
Icon Owner Pool 5 South FL LLC and Icon IPV Allagash Florida Owner Pool 5 South FL LLC, both managed by Sonya Huffman of New York-based Link Logistics Real Estate, the industrial arm of Blackstone, sold the 550,212-square-foot warehouse at 3701 Flamingo Road plus the warehouses of 80,600 square feet and 109,109 square feet at 2601 and 2701 S.W. 145th Ave., respectively. The buyer was CenterPoint Flamingo, in care of Oak Brook, Illinois-based CenterPoint Properties. The price equated to $230 a square foot. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Tom O’Loughlin with CBRE represented the seller in the deal. They said the warehouses are fully leased to six tenants.
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A Pompano Beach warehouse with screen and digital printing company Screen Graphics as a tenant sold for $25 million.
Little Bear 2 LLC, managed by Nick and Katina Glaros, who are also the managers of Screen Graphics, sold the 114,340-square-foot warehouse at 1801 N. Andrews Ave.
The buyer was FR 1801 Andrews LLC, managed by Chicago Deferred Exchange Co., a business that helps investors purchase real estate through tax-deferred exchanges to reduce tax liabilities. The price equated to $219 a square foot.
It last traded for $3.45 million in 2012, so the warehouse had a tremendous gain in value, which is probably a reflection of it being occupied by Screen Graphics now.
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A retail center in the West Kendall neighborhood of Miami-Dade County that’s anchored by Best Buy sold for $17.8 million.
Severn Realty Partners, managed by Allen H. Brill in New York, sold the 49,456-square-foot retail center at 12495 S.W. 88th St./Kendall Drive to 12495 Kendall LLC, managed by Eric Gordon of Miami-based Frontier Cos. City National Bank of Florida provided a $11.38 million mortgage to the buyer. The price equated to $360 a square foot.
The property last traded for $7.4 million in 1996, so it more than doubled in value.
It was developed on the 4.15-acre site in 1995. It’s located just west of Florida’s Turnpike, near Kendall Soccer Park.
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A recently renovated office building in Miami Gardens sold for $16.8 million.
Commons Plaza LLC, managed by Norberto Roman in Miami, sold the 56,601-square-foot office building at 5901 Miami Gardens Drive to MG Office Plaza LLC, managed by Diego Lowenstein of Miami-based Lionstone Development. Miami-based Ocean Bank provided a $12.56 million mortgage to the buyer. The price equated to $297 a square foot. Alex D. Zylberglait of Marcus & Millichap represented the seller in the deal.
The building is divided into 144 office suites. Two of those suites were not included in the deal.
It last traded for $4.88 million in 2019, so the building more than tripled in value.
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A retail space adjacent to a hotel in Miami Beach with CVS Pharmacy as a long-term tenant sold for $17.73 million.
Sukkah Miami Beach Acquisitions LLC, managed by Todd Rosenberg, head of Boca Raton-based Pebb Capital, sold the retail condo next to the Hampton Inn at 4000 Collins Ave. to Cove Pharmacy Net Lease 46 DST, in care of Torrance, California-based Cove Capital Investments, which serves as an investment vehicle for accredited investors. Emerald Creek Capital 3 LLC provided a $13.3 million mortgage to the buyer.
The property owner recently converted the 75,200-square-foot building into a condominium so it could sell the retail space separately from the 100 hotel rooms, which were renovated in 2019. According to an online listing for the property by Cushman & Wakefield, the retail space totals 8,896 square feet in two levels and CVS signed a 25.5-year lease there in May 2021.
The price equated to $1,993 a square foot.
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The company that runs the Winter Equestrian Festival, one of the largest equestrian shows in North America, sold a Wellington shopping center for $16 million.
Far Niente Stables V LLC, in care of Equestrian Sport Productions in Wellington, sold the 46,848-square-foot retail center at 13501 South Shore Blvd. to Worth Capital Holdings 101 LLC, managed by Charles “Rusty” Holzer in Wellington. The price equated to $342 a square foot.
The property last traded with another affiliate of Equestrian Sport Productions in February. Before that, it last sold for $7.2 million in 2010, so it more than doubled in value in that time.
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A strip of shops on high-end Worth Avenue in Palm Beach sold for $78 million.
Wilson 151 Worth LLC, in care of New York-based O’Connor Real Estate Advisors, sold the 48,578 square feet of retail space at 151 Worth Ave. to 151 Worth LLC, managed by Jeffrey Camp in Palm Beach. The price equated to $1,606 a square foot.
The property last sold for $40 million in 2014, so it nearly doubled in value. That’s a reflection of the high demand for retail space on Worth Avenue, the most well-known shopping and dining destination in the wealthy town. Many more wealthy people have been moving to Palm Beach lately, driving real estate prices even higher.
The retail center was built on the 1-acre site in 2000.
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A West Palm Beach-based real estate fund purchased the two-building Yamato Office Center in Boca Raton for $45.9 million.
AKF3 Yamato LLC, part of Adler Real Estate Partners in Miami, sold the 171,724 square feet of office space at 999 and 1001 Yamato Road to West Palm Beach-based MHCommercial Real Estate Fund II, in a joint venture with an undisclosed New York-based institutional real estate fund. The price equated to $266 a square foot.
The offices last sold for $32.25 million in 2015, so they had a nice gain in value.
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Exclusively Listed by The DeMarco Real Estate Group™
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Turn-Key Restaurant Space with Full Commercial Kitchen located directly on State Rd 7/441. Brand Name "Villa Rose" with over 50 year track record can be included. Ample Parking. All Equipment is Included. |
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Exclusively Listed by The DeMarco Real Estate Group™
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FOR SALE
19,974 SF Lot at $2,600,000
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Mixed-Use Corner Lot in desirable Dania Beach, FL. High traffic area with 31,000+ Cars daily. The subject property includes 3 parcels of land totaling 19,974 SF and a 2,664 SF Triplex. Located in the Liberal SFED-MU Zoning District allowing a variety of commercial uses. |
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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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