In order to add further context to the South Florida Retail Real Estate Quarterly Report, MMG puts together an update of the Top 10 Retail Real Estate Property Sales in the region.
In the last 12 months, there have been 356 retail properties sold with an average cap rate of 5.8% between all of them. The average price per square foot on those transactions was $267, and the properties had an average vacancy rate of 4.8% at the time of sale.
SOUTH FLORIDA RETAIL REAL ESTATE SALES STATISTICS- Past 12 Months
Sales Comparables: 356 (318 in Q2 2020)
Average Cap Rate: 5.8% (6.3% in Q2 2020)
Average Price/ SF: $267 ($355 in Q2 2020)
Average Vacancy at Sale: 4.8% (6.0% in Q2 2020)
SOUTH FLORIDA TOP RETAIL SALES TRANSACTIONS – Q4 2020
1. The Shops at Sunset Place (5701 Sunset Dr)
Price: $65,500,000
Size: 523,000 SF
Price/ SF: $125
Cap Rate: Not Listed
Vacancy: 5.8%
2. Plaza San Remo (6705 SW 57th Ave)
Price: $46,750,000
Size: 56,694 SF
Price/ SF: $783
Cap Rate: 5.2%
Vacancy: 1.7%
3. Venice at Crystal Lakes (677 NE 35th Ave)
Price: $37,560,000
Size: Not Listed
Price/ SF: Not Listed
Cap Rate: Not Listed
Vacancy: 0%
4. Civica Center (1050 NW 14th St)
Price: $26,000,000
Size: 36,000 SF
Price/ SF: $722
Cap Rate: Not Listed
Vacancy: 50.9%
5. Crystal Lakes Shopping Center (3316 – 3338 NE 7th St)
Price: $22,713,640
Size: 36,000 SF
Price/ SF: $265
Cap Rate: 6.7%
Vacancy: 1.4%
6. Westland Gateway (1460 W 49th St)
Price: $21,000,000
Size: 108,000 SF
Price/ SF: $194
Cap Rate: Not Listed
Vacancy: 0%
7. Klein Motors (16050 W Dixie Hwy)
Price: $21,000,000
Size: 65,517 SF
Price/ SF: $321
Cap Rate: Not Listed
Vacancy: 0%
8. 10760 NW 17th St
Price: $20,400,00
Size: 46,000 SF
Price/ SF: $443
Cap Rate: Not Listed
Vacancy: 0%
9. 8300 Park Blvd
Price: $19,217,500
Size: 113,600 SF
Price/ SF: $169
Cap Rate: Not Listed
Vacancy: 0%
10. 48 NW 25th St
Price: $17,000,000
Size: 22,462 SF
Price/ SF: $757
Cap Rate: 5%
Vacancy: 0%
Data sources: MMG Equity Partners and CoStar
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