The Top South Florida Commercial Deals Of 2019

The South Florida real estate is still sizzling as the market enters a decade of an unprecedented construction boom. Here’s a look back at the top commercial real estate deals of 2019:

Avant at Pembroke Pines, Pembroke Pines: $322 million

NexPoint Residential bought a 1,520-unit apartment complex at 11801 Pembroke Road for $322 million. The publicly traded real estate investment trust paid about $212,000 per unit and the property is 96.1 % occupied. Built in phases between 1986 and 1990, Avant at Pembroke Pines features three swimming pools, resident clubhouses, walking and jogging trails, tennis courts, and two playgrounds. NexPoint also plans on spending close to $9 million renovating the 966 apartments. The deal exemplifies the strong demand for multifamily in South Florida suburbs driven by people fleeing high rents and home prices in urban submarkets like downtown Miami and downtown Fort Lauderdale.

Centergate at Gratigny, Hialeah: $178 million

RREEF America, an affiliate of Deutsche Bank, paid $178 million for a three-building and warehouse complex at 5801 and 6301 East 10th Avenue. Totaling 1.6 million square feet, Centergate at Gratigny features two new distribution facilities with 602,657 square feet and a 978,164-square-foot warehouse. The anchor tenant is Bullet Line, a supplier of low-price promotional products, and other tenants include Carnival Cruise Lines and Veritiv, a business-to-business distributor of packaging, print and publishing products. Industrial remains one of the strongest performing commercial sub-markets in South Florida as institutional investors continue seeking deals that capitalize on the rise in e-commerce.

2 MiamiCentral and 3 MiamiCentral, Miami: $159.4 million

Shorenstein Properties picked up the two office buildings connected to the MiamiCentral station for $159.4 million. The San Francisco-based REIT bought the properties from Florida East Coast Industries, the parent company of VirginTrains USA, the high-speed commuter train with stops in Palm Beach, Fort Lauderdale and downtown Miami. In addition to the two office buildings, the deal included ground floor retail and a parking structure at 600 Northwest First Avenue. Tenants at 2 MiamiCentral and 3 MiamiCentral include Viacom, the Confederation of North Central America and Caribbean Association Football (CONCACAF), Carlton Fields and Atlantic | Pacific Companies. The properties have a total of 185,000 square feet of office and 35,000 square feet of retail.

Walgreens, Miami Beach: $33 million

In September, New York-based Allied Partners paid $33 million for a Walgreens-leased property in the heart of South Beach. Investor Sam Herzberg’s shell corporation D&R Design District LLC sold the two-story, 22,875-square-foot building at 509 Collins Avenue, which was originally listed for $36 million. According to Marcus & Millichap, the listing agent, Walgreens has more than 14 years left on a triple-net lease and the property has an net operating income of $1.62 million.

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