Florida Commercial Real Estate News Roundup 2021 & 2022

Apr 05
Florida Commercial Real Estate News Roundup 2021 & 2022

The South Florida commercial real estate market has been a standard bearer for many years across multiple CRE sectors recently. Inevitably we have to focus on the challenges presented throughout 2020 and 2021. Despite the current pandemic, new, major developments took place and many property refinances were sealed in several locations.

Meanwhile, domestic and international investors contributed to the market, and overall the financial data in Florida’s CRE remains positive for the time being; however, analysts have changed their tone. Before they were much more bullish on the commercial real estate market here, and now they are expressing caution about the long-term situation in the region.

View our commercial properties in Florida to see what real estate assets are available for lease / sale.

We’ve compiled some of the commercial real estate news highlights and attention-grabbing headlines around Florida and nationwide to shed some light on the current state of the market. The update for Q1 2022 includes: two major CRE projects for MMG, asset acquisitions in the region, interest rates in 2022, and more.

 

Florida Commercial Real Estate News – Q1 2022

City of Sunny Isles Beach Acquires Navarro Pharmacy Building from MMG for $16M

In a unique transaction MMG Equity Partners donated a property located at 18500 Collins Ave to the City of Sunny Isles in exchange for transfer development rights (TDR’s). The total consideration paid by the city to an entity controlled by MMG was $15,826,875. Read More

Related Group, 13th Floor Offer $500M to Acquire Miami Beach Condo

The Miami Beach Condo was formerly the Playboy Plaza Hotel, and the proposed plan is to tear it down for a new development. Read More

Sperry CGA I RJ Realty Negotiates Sale of Retal Plaza in Oakland Park

Managing Director / Broker of Sperry CGA I RJ Realty, Ron Osborne, negotiated the sale of an Oakland Park retail plaza located at 1504 – 1538 E Commercial Blvd. Read More

What Do the Locations of the Biggest Office Towers and Corporate Campuses This Year Say About the Current Office Market?

It’s no secret that the office market across the United States was hit hard by the pandemic. South Florida Business Journal covers the largest office projects being delivered in 2022, and look into what the implications of those developments means for the post-pandemic office market. Read More

MMG Assembles 10.4 Acres in Plantation, FL with $3.5M Acquisition

MMG Equity Partners has acquired 8190 W Sunrise Blvd, a 4.83-acre site on W Sunrise Boulevard, just West of N University Drive in Plantation, FL. The property consists of a 19,178 sf office building built in 1974, occupied by Bank of America. Read More

Grocery Store-Anchored Retail Center in West Palm Beach Trades Hands for $25M

The Shoppes at Palm Coast Plaza in West Palm Beach sold for more than double the value of its last transaction. Read More

SVN Commercial Partners Negotiate Sale of Margate Retail Plaza at More Than 2x Previous Sale Price

SVN Commercial Partner’s Elon Gerberg negotiated the sale of Coral Gates Plaza in Margate for over $2M, or $189 / square foot. Read More

NFTs Are Making Noise in Commercial Real Estate

NFT, the buzzword that you may have heard about during the last year in tandem with the rise of cryptocurrencies is starting to factor into CRE. Florida restauranteurs are tapping the tokens from NFTs for new brick-and-mortar retail projects. Read More

CPP Investments and Lennar Corp Form Multifamily JV Valued at Nearly $1B

The multifamily-focused joint-venture between CPP Investments and Lennar Corp will develop class A communities across high-growth markets in the United States, including communities around Florida. Read More

Interest Rate Hikes Are Not Expected to Have a Big Effect in “Hot South Florida Market”

The expectation of the Federal Reserve raising interest rates this year is high; however, commercial real estate professionals in South Florida don’t see this having a major effect on the “booming market”, per BisNow’s report. Read More

Top 10 Cities with Fastest Rent Growth in The United States During 2021

GlobeSt reports on the latest numbers coming out of 2021 and the markets with fastest rent growth across the country, including Miami. Read More 

Florida Commercial Real Estate News – Q4 2021

The update for Q4 2021 includes: retail sales jumping 11%MMG acquiring a retail center in Plantation, predictions for South Florida’s CRE market in 2022, and a few CRE deals around the state.

Holiday Sales Reported to Have Jumped 11% from Pre-Pandemic Levels

The Real Deal reports that early holiday shoppers and e-commerce sales raised sales during the holiday season above 2019. The data is drawn from Mastercard’s SpendingPulse Report. Read More

South Florida’s CRE Predicted to Be Strong In 2022

South Florida Biz Journal highlights that South Florida’s real estate market will continue to be strong in 2022. They also mention that there will be challenges ahead. Read More

Industrial Real Estate’s Vacancy Rate Hits Record Low

This record low is exhibited across the country’s industrial real estate market, and Chicago led the way with 13.5M of new leases last quarter. Read More

Bridge Industrial Acquires Pompano Industrial Campus for $46M

Bridge Industrial is starting a national “value-add” strategy with the acquisition of several industrial real estate assets. The Pompano Beach Commerce Park is among one of their acquisitions for a total of $46.25M. Read More

MMG Acquires Plantation Community Plaza for $17.1M

MMG Equity Partners added to a list of acquisitions in 2021 with the purchase of Plantation Community Plaza, a retail center in Plantation, FL. Read More

South Florida Biz Journal Reports on Ft Lauderdale Apartment Building Sale for $227M

A Ft Lauderdale multifamily property asset exchanged hands for $227 million to a CRE company from Germany. This highlights the extensive presence of foreign investments pouring into the Florida commercial real estate market. Read More 

Large Retail Center in Miami Sells for $108M

JLL Capital Markets closed the $108M sale and $43.5M financing of Shops at Beacon Lakes, a large-scale, regional shopping center development in Miami. Read More

Luxury Hotel Planned at Riverside Wharf

The developers want to break ground on the 10-story luxury hotel project in 2022 and complete three years later. Read More

Naples Shopping Center Exchanges Hands for $97M

Granada Shopped, a 370K-square-foot shopping center in Naples, FL was acquired by Brixmor Property Group. The center is 98% leased and anchored by Trader Joe’s, Marshall’s, and P.F. Changs. Read More

Miami Real Estate Developer Selected for Redo of 84-Acre Site for Tropicana Field in St Petersburg

The developers for the $2B, 56-acre mixed-use Midtown Miami project have been chosen by the city of St Petersburg, FL for the redevelopment of Tropicana Field and the acres that surround it. Read More

Florida Developer Leads the Way for Largest Shipping Container Multifamily Project in the Country

A Florida-based real estate development team is building the 52-unit multifamily asset with 130 shipping containers in West Palm Beach, FL. Read More

 

Florida Commercial Real Estate News – Q3 2021

The update for Q3 2021 includes: South Florida CRE booming, a new Miami WorldCenter tenant, a Broward County record industrial transaction, and more.

Miami WorldCenter Now Home to $100M Health Innovator

Futuristic $100 wellness center will occupy 10 floors in the Miami WorldCenter. Adventist Health and Legacy Hotel & Residences have teamed up to bring a place for well-being. Read More

MMG Refinances a South Florida Retail Real Estate Property

MMG Equity Partners has secured $26.6 million and refinances retail center, Town and Country Plaza, located at 13712 SW 152nd Street in Miami, FL.  Guardian Life Insurance Company of America provided the loan for the shopping center. Read More

$18M Industrial / Flex Property Transaction in Broward County Set Record

Avison Young negotiated the $18 million sale of Miramar Park of Commerce, an industrial/flex building at 10315 USA Today Way in Miramar. The transaction represents the highest price / square foot for an industrial / flex property in Broward County. Read More

Most Expensive Multifamily Property in SouthEast USA Up for Sale

An 816-unit luxury multifamily property in downtown Miami is the largest multifamily asset for sale in the Southeastern United States. ParkLine Miami, its flagship residential high-rise above Brightline’s MiamiCentral Station, is for sale for $500 million. Read More

South Florida CRE Is Off the Charts

GlobeSt.com reports that “All eyes are on the South Florida’s real estate market as companies large and small from across the country relocate or expand to enjoy its sunny climes and tax benefits, accelerated by the pandemic. Big businesses are breathing life into South Florida’s office market…” Read More

Disney Set to Spend Nearly $1B On New Campus in FL

The campus will be in Lake Nona, and it will cost around $864M to build and furnish. The new Disney campus in Orlando will move some 2,000 workers from California. Read More

Ft Lauderdale CRE Set to Boom from Now till 2030

BisNow reports on Ft Lauderdale’s many deals in the works at the moment in addition to possibly getting a transferred NHL team. The city is expected to experience a robust boom in the next decade. Read More

Celebrity Partners and $150M Announced for Sports Destination Project

The location, celebrity partners and the funding have been announced for a sports destination coming to Miami-Dade County. Read More

Pitbull Weighs in On 220-Acre Raceway Project in FL

Palm Beach County has a 2-mile racecourse that is one of the only places in South Florida that allows members of the public to race their own cars. Hence why Pitbull is chiming in on the project… Read More

 

Florida Commercial Real Estate News – Q2 2021

The update for Q2 2021 includes: recovery of retail real estate in Miami, Miami’s office real estate market leading the rebound for the sector, another Amazon industrial real estate purchase, and more.

Population Growth Fuels Retail Real Estate’s Rebound

GlobeSt reports on the recovery of retail real estate in Miami due to a growing population in the region. This is shown by the flat vacancy rates and increased rents / square foot. Read More

MMG Acquires South Florida Retail Shopping Center in Plantation

MMG Equity Partners acquired a shopping center in South Florida in Plantation, FL for $12M. The property is 79% occupied at closing with 13,700 sf available for lease. Read More

Amazon Buys Property for New Location in Riviera Beach, FL

As part of its massive expansion plan across the nation, Amazon (the e-commerce giant) purchased land for industrial real estate purposes in Riviera Beach, FL. Read More

Miami Beach Office Growth Leading Office Real Estate Growth in South Florida

Miami Beach’s office real estate market is leading the way for the sector in the area with Class A office spaces rebounding to nearly $57 / square foot. Miami is also emerging as one of the largest fintech hubs in the nation. Read More

Miami-Dade to Audit Older Buildings After Collapse of Major Apartment Complex

The national news around the collapse of an apartment complex in Miami has led industry experts to look into the older buildings in the area in order to mitigate such an event from occurring again. Read More

Downtown Miami Retail Properties Sold for $27M

A set of retail real estate assets on Flagler Street sold for $27 million. The new owners plan to renovate the retail properties in an attempt to attract more people downtown. Read More

Coconut Grove Reimagined Retail Real Estate Experience

Coconut Grove, Miami’s “Neighborhood with a Soul” is reimagining the retail real estate experience for retail customers and tenants alike. A new report from BisNow covers the new retail projects in the area. Read More

Is Tampa the New Austin, Texas?

$3.5 billion development project in Tampa by Bill Gates and Jeff Vinik is leading the way for the transformation of Tampa. It is starting to attract new tech companies and other successes in the area are bringing an evolving dynamic to the city similar to that of Austin, Texas. Read More

Prakas & Co Negotiates Mixed-Use Real Estate Complex Transaction

A mixed-use commercial real estate complex in Boca Raton, FL changed hands thanks to the brokerage team at Prakas & Co. Dean Poll, owner of the New York-based Gallagher’s Steakhouse purchased the property for $16,250,000. Read More

 

Florida Commercial Real Estate News – Q1 2021

The update for Q1 2021 includes: tech firms flocking to Miami1st ever CRE bitcoin transaction, a distressed real estate investment fund, and much more.

Miami Considered to Be a Top Destination for Bay Area Tech Firms Seeking New Homes

Miami offers tech companies a lot vis-a-vis environment (beaches) and business (low taxes). These points are making it a top prospect for companies leaving the Bay Area. Read More

Will a Miami Nightclub Be the First Commercial Real Estate Sale in Bitcoin?

Treehouse, a nightclub in Miami Beach could be the first ever sale of a commercial real estate property using bitcoin according to Avison Young. Read More

American Venture Partners Creates $1 Billion Fund for Distressed CRE Investments

South Florida-based real estate investment firm, American Ventures Partners, launched a new fund to invest specifically in distressed commercial real estate properties across the United States. Read More

Downtown Miami Revamp Starts to Pick Up Steam

New York developer, Time Century Holdings, acquired a $24M loan to redevelop the Metro Mall in Downtown Miami into a luxury jewelry center. Read More

Former PepsiCo Regional HQ and Distribution Center in Doral Changes Hands

Terra and Terranova Corp just sold the 23.7-acre site for $55M. They sale occurred three years after they acquired it for $40M. Read More

Florida Seen as Key Growth Market for Aldi in the United States with New Regional HQ Construction

Aldi is building a new regional headquarters and distribution center as part of its plans to expand its presence in the United States. Florida is considered a kew growth market for the company. Read More

Commercial Real Estate Investors Seek Safety, Yield in Florida Real Estate

BisNow covers the recent interest from CRE investors in Florida, specifically in Miami. There are several positive metrics that attract both domestic and foreign investors. Read More 

South Miami’s Sunset Place Sells for $65.5M, at a Deep Discount From Its Last Sale

The Shops at Sunset Place, an iconic retail center in South Miami just changed hands for 60% less than its sale price five years prior. Read More

 

2020 Florida CRE News Roundup

2019 Florida CRE News Roundup

2018 Florida CRE News Roundup


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