Florida Commercial Real Estate News Roundup 2023

Oct 11
Florida Commercial Real Estate News Roundup 2023

The South Florida commercial real estate market has been a standard bearer for many years across multiple CRE sectors recently. Inevitably many news highlights touch on the challenges presented throughout 2020 through early-to-mid-2022. In the aftermath of the pandemic, new, major developments took place and many property refinances were sealed in several locations across The Sunshine State. Miami is becoming a hub for not only new residents relocating to the area, but also corporate entities and their operations.

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.


Florida Commercial Real Estate News – Q3 2023

The update for Q3 2023 includes: Miami joining top valued housing markets nationwide, a major $1B mixed-use project in Miami, and a few big CRE deals in the area.

Miami Joins Top Valued Housing Markets in the Country

Miami joins New York, Boston, San Francisco, and Los Angeles as a top valued housing market nationwide. The rise of real estate in Miami from the start of the pandemic to present day has been unprecedented. It went from 9th place in 2020 to 5th now. Read More

JV Partnership Planning $1B Mixed-Use Project in Miami

The JV of Black Salmon and The Allen Morris Company is planning to develop Highland Park Miami, a $1 billion mixed-use project that will span 7 acres. Read More

Miami Retail Shopping Center Trades Hands for $58M

Orion Capital Partners sealed the deal on Miami’s Greenery Mall for $58 million, and they also assume the existing $39 million mortgage that exists on the property. The mall is one of Miami’s oldest, as it was built in 1983. Read More

5 New Towers Proposed for Miami Worldcenter, Which Includes an Office Building

Plans for five new towers at Miami Worldcenter, which will total more than 4M square feet total, are under review currently for possible development at the massive real estate site. Read More

Apollo Realty Income Solutions Acquires Pembroke Pines Retail Center for $56M

An affiliate of Apollo Realty acquired a 135K-square-foot shopping center in Pembroke Pines for $56 million. It is another of a list of example of Wall Street firms buying into the retail real estate markets of South Florida. Read More

Inter Miami Acquires $75M from Ares Management for Future Stadium Construction

Ares Management, the private equity giant, just pumped in a big loan to continue the major plans for Inter Miami’s future stadium. The stadium and surrounding area project will be called Miami Freedom Park. Read More

Cushman & Wakefield Put Together $60M Sale of Warehouse / Distribution Center

Bang Energy’s former warehouse / distribution center is changing hands for $60M. The deal includes a vacant building on approximately 23.2 acres of land in Pembroke Pines, FL. Read More

Redevelopment Site In Tampa Sold for $15M

Boutique National represented the buyer for the acquisition of this assemblage deal in Tampa. The planned redevelopment will consist of a mixed-use multifamily and retail building. Read More

Miami Retail Is Leading the Nation In Rent Growth Currently

Michelin-starred chefs and luxury-brand retailers are continuing to pour into Miami’s retail market, as they are building on the trend of following their customers from places such as New York, Chicago, and California. Read More

Miami Worldcenter Inks $26M Loan to Finalize D-East Retail Project

Miami Worldcenter secured a $26M loan from Mexico-based Banco Inbursa. The loan will be used to finalize the development’s D-East retail real estate project. This part of the major project in Miami includes 54K square feet of space with a garage of around 1,000 parking spaces. Read More



Florida Commercial Real Estate News – Q2 2023

The update for Q2 2023 includes: Miami’s booming real estate market, several CRE acquisitions / sales in the area, and big development projects around Miami.

Booming Miami Real Estate Market Receives Increasing International Investments Despite “Challenging Conditions”

The CEO of Menessee International, Mariano Borges, is the latest international financial leader to bring money from abroad into the growing Miami real estate market. Read More 

Midtown Miami Development Site Acquired for $40M

Terra and Lion Development Group acquired 3501 NE First Ave in Miami for $40 million and plan a condo tower for the space. Read More

Downtown Miami Development Site Changes Hands for $1.2B

Genting Group sold 15.5 acres of land for development on Biscayne Bay in Downtown Miami. The land is being acquired for $1.2B from SmartCity Miami LLC, an investment group led by Terra (based in Miami). Read More

MG Developer Adds 3rd Phase to Development Project in Miami-Dade County

MG Developer and Baron Property Group are building the Metro Center apartments in Hialeah. The project will have more than 1,500 apartments. Read More

Messi Is On His Way To Miami, Meanwhile Inter Miami Face One Last Challenge for Their New Miami Stadium

Managing Partner of Inter Miami, Jorge Mas, made a statement in late June to say that the development of the new soccer stadium complex was “imminent”. Read More

NY Developers Get Going On First Development Project in Miami’s Edgewater

NY Developers, SB Development and Hazleton Capital Group, start their major project in Miami’s Edgewater district. Read More

Terra Invests $40M on Land for Multifamily Project in Miami

Miami-based Terra, in collaboration with Lion Development Group, just closed a $40 million acquisition of 1.6 acre property in Miami for a major multifamily real estate project. Read More

New Venture Project To Invest Over $1B in Multifamily Projects Around Florida

Leste Group, based in Miami, and Opportunity Fundo de Investimento Imobiliário, based in Rio de Janeiro, created LORE Development Group. The new venture plans to develop many multifamily real estate projects around South Florida. Read More

Madison Realty Capital Secures $262M Loan for Miami Luxury Condo Project

Madison Realty Capital originates $262 million for a construction loan to developers PMG and E11EVEN Partners. Read More


Florida Commercial Real Estate News – Q1 2023

The update for Q1 2023 includes: Miami’s corporate relocation boom continuing, proactive tax strategies for CRE property owners, and a few major property acquisitions from the region.

Miami’s Draw at a Corporate Relocation Center Is Getting Stronger and Stronger

Many headlines from corporate business around the country highlight layoffs, cost-cutting, and other less than positive news; however, Miami’s business sector is on another page entirely this year. There continue to be many big companies relocating to the area. Read More 

Financial Services Companies Add to the “Snowball Effect” for Commercial Real Estate in Florida

Financial services firms are moving some or all of their operations and corporate centers from colder regions to The Sunshine State. They are adding to the estimated 1,000 or so new residents moving to the state on a daily basis. Read More

Proactive Property Tax Strategies Benefit FL’s CRE Property Owners

“By being proactive, property owners can decrease their largest line-item cost” with their holdings in Florida properties. Read More

BlackRock’s Lease Renewal at 701 Brickell Take’s Real Estate Asset to 95% Occupancy

Nuveen Real Estate’s asset in Miami gets to 95% occupancy following the renewal of BlackRock’s lease in the property. 701 Brickel is in the city’s financial and tech neighborhood. Read More

Study Finds Record Number of Large South Florida Office Deals Inked in 2022

Companies around the South Florida area closed leasing deals of over 25,000 square feet at record volume numbers last year. Large block leasing deals in the region went up 11% compared to 2021. Read More

Undisclosed Tech Giant Plans 100K Square Foot Office in Miami

A globally known tech company is planning to expand its presence in Miami-Dade County with a 100,000-square-foot office space / headquarters. This will add 3,400 jobs to the region according to BisNow. Read More

Publix-Achored Shopping Center in Miramar Acquired for $15M

Phillips Edison & Co acquired the Shops at Sunset Lakes in Miramar for $15 million. They are a publicly traded company on the stock market. Read More

Terreno Realty Aquires 121 Acres in Hialeah Industrial Real Estate Park for $174M

Terreno Realty Corporation, a Bellevue,WA-based property owner and operator of industrial real estate assets around the country, acquired a 121-acre industrial property for in Hialeah. Read More

Limestone Asset Management, Orion Real Estate Seal the Deal on Second Pinecrest Retail Shopping Center for $71M

Miami-based Limestone Asset Management, via JV with Orion Real Estate Group, purchased Colonial Palms Plaza in Pinecrest neighborhood (Miami, FL). The asset changed hands for $70.5 million total, and it’s a 188,389-square-foot retail property. Read More

Florida Commercial Real Estate News – Q4 2022

The update for Q4 2022 includes: retail real estate trend prediction for 2023, Miami featured in Forbes, the record-breaking amount of companies moving to Miami-Dade, and two $1B projects in the area.

CRE Experts Predict Retail Real Estate Trends for 2023

MMG Equity Partners reached out to several CRE professionals to add their insights for retail real estate trends in 2023. Read More

A Record-Breaking 57 Companies Moved Headquarters or Expanded to Miami in 2022

Miami-Dade County saw a record amount of companies move to the region to call the place home. Many more companies are projected to move during 2023 as well. Read More

Miami Ranked In the Top 10 Places to Live in Florida by Forbes

Forbes compiled a list of the best places to live in Florida, and Miami made the cut for various economic reasons along with the opportunities the area presents for its citizens / residents. Read More

Miami CRE Experts Highlight the City’s “Economic Halo”

BisNow covers the potential recession feared by many CRE experts nationwide, and highlights the optimistic outlook of commercial real estate professionals in Miami regarding the city’s resilience and “economic halo”. Read More

Chetrit Group Begins Work on $1B River District Development Project

A Miami mixed-use project, The River District, that was originally planned years ago and was quiet during this time finally broke ground. Read More

Resia Proposes 900+ Multifamily Project in Miami-Dade Metrorail Station

Resia has already submitted the proposal for the apartment project to the county. It is pending “striking a land lease” with the county to move the project forward. Read More

Miami-Dade Industrial Park Sells for $198M

Dolphin Commerce Center in Miami-Dade County switched hands for nearly $200 million. The property covers over 37 acres total. Read More

Former Miami Herald Site Listed for $1B

The site, which is right on Biscayne Bay, had been listed by Genting Group for $1B. The developer planned to build a gambling resort, but the original plans fell through. Read More

Packaging Design Firm Inks Lease for HQ in Plantation, FL

Smurfit Kappa, a leader worldwide in paper-based packaging services, is moving its U.S. HQ to Royal Palm Business Campus in Plantation, FL. Read More

Limestone, Orion Purchase Miami Retail Center for Over $70M

Metlife Investment Management sells Pinecrest FL retail property, Colonial Palms Plaza. The purchase is another sign of Limestone and Orion’s expansion in Pinecrest (part of Miami-Dade County). Read More

Florida Commercial Real Estate News – Q3 2022

The update for Q3 2022 includes: a massive $1B redevelopment project, several CRE acquisitions, and big multifamily property deals.

$1 Billion Redevelopment Project Revealed for Southland Mall Site

This massive redevelopment project is slated to be completed over the next seven years. The site is 20 miles south of downtown Miami and covers 80 acres. Read More

$148M Loan Acquired for Two-Tower Multifamily Project in Hialeah

MG Developer and Baron Property Group, in partnership with Township Capital, secured $148 million for a construction loan of a multifamily asset in Hialeah, FL. Read More

Related Group Forks Over $100 Million for Last Available Condo Site on Fisher Island

Fisher Island, an exclusive island with limited spaces available, will be the new site of a multifamily project to be built by Related Group. Read More

Tampa-Based Firm Acquires Phoenix Multifamily Asset for $93M

American Landmark, a Tampa-based CRE firm, just purchased another commercial real estate project in Arizona. It recently acquired its first property in the region in July. Read More

Hines Acquires Mixed-Use Building in Coral Gables for $430M

Gables Station, a 1.2 million-square-foot development in Coral Gables was recently acquired by Hines for $430 million. It’s one of the biggest deals in South Florida for 2022. Read More

State Street Seals Over 427K SF of CRE Deals

State Street Realty recently completed sales and lease deals with over 427,000 square feet of space and over $55 million in value. Read More

Miami Gardens Town Center Plan Submitted

The mixed-use project in Miami Gardens will include apartments, hotels, and entertainment / retail spaces. Read More

Starwood Set to Purchase Miami Beach Office Assets

The Miami Beach office property on Michigan Avenue in Miami Beach is set to set at a loss according to South Florida Business Journal. Read More

Florida Commercial Real Estate News – Q2 2022

The update for Q2 2022 includes: two major CRE projects for MMG, asset acquisitions in the region, interest rates in 2022, and more.

Miami-Dade Market Posts Sixth Consecutive Quarter of Positive Net Absorption

According to  Marcus & Millichap’s Q2 report, the city of Miami-Dade continues to experience record levels of domestic tourism as well as an influx of new residents, with its markets flexing their retail demand muscles with six consecutive quarters of positive net absorption. Read More

F1 Miami Race Launches 10-Year Run Of Generating ‘Huge Demand’ For Real Estate

Formula 1’s popularity in the U.S. continues to skyrocket off the back of a viral Netflix series, and now the attention is translating into more American races, complete with well-heeled visitors from around the world potentially boosting the real estate market in three already hot U.S. cities: Austin, Miami and Las Vegas. Read More

Spanish Fashion Retailer Plans To Open 30 New U.S. Stores By 2025

Spanish fashion retailer Mango plans to open 30 stores in the U.S. within the next three years, bringing its total to 40 by the end of 2024. The fashion giant laid out a three-phase plan for expansion into the U.S in an announcement in May, with the first stage including the opening of its flagship store, located at 711 Fifth Ave. in New York City. Read More

Developer Breaks Ground on Apartments at Coral Square Mall with $37M Loan

Ascend Properties is building the Metropolitan Coral Square apartments at the Coral Square Mall in Coral Springs. The project will rise eight stories. Read More

Berger Commercial Secures More Than 106,000 SF in Lease Transactions

Vice President Jonathan Thiel and Sales Associate Daniel Forman recently represented the landlord, Mancini & Sons in leasing 106,544 square feet of space to tenants in two buildings at the Enterprise Commerce Center in Deerfield Beach. Read More

Duke Realty Inks Its Largest Lease Deal in South Florida

The company announced the start of the 501,224 square foot speculative development in May 2021. The building is now 100 percent leased. Read More 

Redfin Report Shows That Miami and Tampa Are Where Most Want to Live

The reported net inflow in April and May make them prime destinations. The report detailed that inApril and May about one-third of those surveyed were looking to change metro areas with most looking to Miami and Tampa. Read More

Availability Sparse in Miami Apartment Market

It has never been more difficult for residents to find a vacant apartment in Miami-Dade. Marcus & Millichap ranks it second in the country, with new residents there likely to rent, but most often in luxury properties. Read More

Electra America, BH Group Buy Miami’s Southland Mall For $100M

A joint venture by the companies acquired the Southland Mall in the Cutler Bay section of Miami-Dade County, approximately 20 miles south of downtown Miami. The partners paid $100.35 million to purchase the 808,776-square-foot mall located on approximately 80 acres of land. Read More

Florida Commercial Real Estate News – Q1 2022

The update for Q1 2022 includes: two major CRE projects for MMG, asset acquisitions in the region, interest rates in 2022, and more.

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 


2021 Florida CRE News Roundup

2020 Florida CRE News Roundup

2019 Florida CRE News Roundup

2018 Florida CRE News Roundup

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