There were plenty of headline-grabbing commercial real estate deals in South Florida in 2019, but there were fewer $100 million-plus mega deals than the year before.
County records showed a dozen commercial real estate sales of over $100 million as this year comes to a close, compared to 15 in 2018. It appears bigger properties were harder to move, even though lower interest rates have made credit less expensive for buyers.
This count only includes deals where the transaction amount was recorded on the deed, or multiple related deeds. In some cases, neighboring buildings were traded at the same time by the same buyer and seller and that was counted as a single deal.
However, financial compensation that wasn’t recorded on a deed, which often occurs when operating businesses like hotels are sold, was not included. Sometimes properties change hands without a deed.
Six of the $100 million-plus deals occurred in Miami-Dade County. Broward County followed with four, and Palm Beach County had two.
By property type, apartments lead the way with five mega deals. Next was office space with three deals. Hotels and industrial properties each had two deals of over $100 million.
For the second year in row, there were no retail deeds of over $100 million recorded in South Florida. Investors may be reluctant to purchase large shopping centers and malls given the challenges facing traditional retailers.
Below are Broward County’s commercial real estates sales of $100 million or more in 2019.
Atlantic Cypress Creek – $102.9 Million
Seller: Atlantic Pacific Cos.
Buyer: Frankforter Group
Location: Lauderdale Lakes
Type: Apartments
One Financial Plaza – $117 Million
Seller: Crocker Partners and Walton Street Capital
Buyer: Alliance HSP
Location: Fort Lauderdale
Type: Office
Broadstone Harbor Beach – $136 Million
Seller: Invesco Advisors And Alliance Residential
Buyer: TGM
Location: Fort Lauderdale
Type: Apartments
Avant At Pembroke Pine – $322 Million
Seller: National Property REIT Corp.
Buyer: NexPoint Residential Trust
Location: Pembroke Pines
Type: Apartments
Source: SFBJ
