Business & Investment

Miami Market Updates: Increasing Investor Interest

As of July, five office properties totaling approximately 600,000 square feet were traded within Miami Metro, with a total selling price of $ 54 million, according to Commercial Edge.

The Miami office market trades $ 1.5 billion annually through July, with an average selling price of $ 312 per square foot and Metro above the national average of $ 288 per square foot. Compared to last year’s findings, the market recorded a significant rise in investment activity. In the first seven months of 2020, the transaction value was only $ 262 million and the average selling price was $ 182 per square foot.

The largest office asset that changed in July was the three approximately 251,000-square-foot Aventura Corporate Centers. Renaissance Properties has pocketed $ 140 million for the ensemble, or $ 556 per square foot. This is well above the metro average. Ladder Capital Debt Funds has provided a $ 112.8 million loan to purchasers of Atlanta-based Stonecutter Capital Management. The property was last traded in 2016 and was ordered $ 105.3 million.

In late July, MG3 Developer Group acquired Doral Concourse, a 240,144-square-foot, six-story building in Doral, Florida. DRAAdvisors sold the property for $ 96 million with a $ 56 million loan from Citibank. Back in 2000, Class A properties sold for about $ 400 per square foot.

For small transactions, the relevant group moved to a newly completed facility, 315 South Biscayne Blvd. Sold the former headquarters building in. Coconut Grove 2850 Tigertail Avenue.. BEA Equities acquired 34,341 square feet of real estate for $ 24 million, at a whopping $ 701 per square foot, more than double the metro average.

CommercialEdge covers more than 8 million real estate records in the United States.View the latest Commercial Edge National Monthly Office Report here..

Miami Market Updates: Increasing Investor Interest Miami Market Updates: Increasing Investor Interest

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