Miami Commercial Real Estate

Commercial Property Sales Close in Coral Gables Central Business District as South Florida City Continues to Evolve

The Coral Gables central business district is quickly taking on a new form. The Plaza, to the east of the Ponce Circle, is coming online, with one office tower completed and another expected to be completed at the end of 2021. Together, these towers will add nearly half a million square feet of office space to the area. Big tenants have reportedly already signed up, including the digital payments firm ACI Worldwide Corp and Bradesco BAC Florida Bank’s (for its new headquarters). Allen Morris is planning a mixed use property, Ponce Park Residences, to have 171 residential units with retail and restaurant space on the ground level. Also, Codina Partners reportedly just completed a three-way land swap with the city of Coral Gables and Mercedes-Benz of Coral Gables to set up a luxury residential development of its own. With all this going on, it seems worth taking a moment to note other notable commercial property sales in the Coral Gables central business district.

A penthouse office condo with 2,887 square feet at 2601 Douglas Road, unit PH1, traded for $1.4 million, $484.93 per square foot, on October 7th of 2020. The Coral Gables zoning is MX2, the land use Office Building – Multistory: Condominium – Commercial. The buyer was 2600 Douglas Center LLC, the seller Fortune Capital Partners Inc., which had purchased the unit for $425,000 in 2011.

A 2,019 square foot retail condo at 1805 Ponce de Leon Blvd 160 sold on October 28, 2020 for $800,000, $396.24 per square foot. The property is zoned (Coral Gables) MX1, with the preceding MX indicating one of the city’s mixed-use designation, with a land use of Store: Condominium Commercial. The buyer was Old Bull Holdings, LLC, which purchased the property from Il Lugano Holding, LLC. The seller had acquired the property in 2014 as part of a multiple parcel purchase totaling $7,035,000 from CDG Gables LLC.

A 3,987 square foot 2-story medical office building on a 2,500 square foot lot in central Coral Gables recently sold for $1,725,000, $432,65 per square foot. Previously the offices of Coral Gables Plastic Surgeon Dr. Emilio J. Carullo, the property is one of few freestanding office buildings in the Coral Gables central business district that exists. The property, built in 1951 with updates subsequent, was ready made for a medical user, as the buyer indeed was. The buyer was 266 Palermo Professional
Building Inc, the seller the Beatriz K Carullo Trust. The zoning of the property is (Coral Gables) MX2, the land use Professional Service Building: Office Building. The broker for the transaction was James Hawkins, Principal Broker of Hawkins Commercial Realty.

On the 21st of September, 2020, a 14,572 2-story office building at 147 Alhambra Circle sold for $5,275,000, $361.89 per square foot. The buyer was 147 Alhambra PLC LLC, the seller Alhambra Circle Investments LLC. The seller had purchased the property for $1,200,000 in 2002. The zoning is Coral Gables MX3, and the land use is Professional Service Building: Office Building.

Like much of Miami-Dade county, Coral Gables is rapidly changing. Odds are, there’s more and bigger things to come.

Lakefront Miami International Commercial Center Industrial Property Trades

A 7,143 square feet light industrial property at 7961 NW 14th Street has sold for $1,455,000, $203.70 per square foot. Situated on a 21,593 square feet / half acre lot backing up to a scenic lake, the building offers a class B+ office environment with a water view aside its workhorse warehouse area. The office area features a lesser square footage second floor overlooking the lake, nicely maximizing water views for its users. These features are typical of this area, with a set of buildings in its immediate vicinity with highly similar features, including one just to its west at 7963 NW 14th Street which sold a year prior for $1,452,500. The seller of 7961 NW 14th Street, Delasur Enterprises Inc., had purchased the property in 2005 for $750,000, $104.99 per square foot. Property taxes in 2019 were $16,721 on an assessed value of $936,000.

Located within the city limits of Doral, Florida, the folio is zoned Industrial District (I). The city of Doral established this district to allow for industrial uses in the city so as to increase the economic activity with the area’s close proximity to Miami International Airport (MIA) and to retain and continue allowing industrial uses in the city. In a similarl vein, the land use shown by the Miami-Dade Property Appraiser is “4837 warehouse terminal or storage ; warehouse or storage,” while that noted as for other government agencies, presumably in this case the City of Doral, is “320 – industrial, intensive, heavy-light manufacturing, and warehousing-storage type of use.”

The buyer is Miami based Viaper Enterprises LLC. The commercial buyer’s brokers on the transaction was James Hawkins, Principal Broker of Hawkins Commercial Realty.

North Miami Beach Goodyear Tire Location Deal Inked

A 7,372 square feet retail building on a 19,333 square feet lot located at 1098 North Miami Beach Boulevard in North Miami Beach has been secure as a Goodyear Tire location. The property, owned by Aventura, Florida based Athenas Commercial LLC, was previously the location for another business that also operated a retail tire business there. Representing the tenant on the transaction was James Hawkins, Broker Associate of The Keyes Company Commercial Office in downtown Miami.

The property, located within the city limits of North Miami Beach, is zoned B-2 General Business District. The city’s stated purpose and intent of this district is to provide suitable sites for the development of retail and service commercial uses of a general nature which serve the diverse consumer needs of the entire community and in areas consistent with the City’s Comprehensive Plan Land Use Element. Property taxes for this property in 2018 were $18,713.09 on an assessd value of $842,700.

The Miami-Dade County Property Appraiser shows a land use for this location of “2719 AUTOMOTIVE OR MARINE : AUTOMOTIVE OR MARINE,” while that noted as for other government agencies, presumably in this case the City of North Miami Beach, is “110 – SALES AND SERVICES (WHOLESALE FACILITIES, SPOT COMMERCIAL, STRIP COMMERCIAL, NEIGHBORHOOD SHOPPING CENTERS/PLAZAS), EXCLUDES OFFICE FACILITIES.”

Editor’s Note: James Hawkins is with Hawkins Commercial Realty as of May 2020.

Industrial Land Trades in Miami Gardens’ Sunshine State Park

A 40,000 square feet industrial lot at 16555 NW 13th Avenue in Miami Gardens, Florida, has sold for $1,000,000, $25.00 per square foot of land. The seller, William C Webb Jr Foundation Inc, had acquired the property a couple of years prior in a transaction with affiliated parties. Property taxes in 2019 were $18,062.39 on an assessed value of $704,200. A single story office building with 5,110 square feet and built in 1961 is located on the property.

Located within the city limits of Miami Gardens, Florida, the folio is zoned I-1. The land use shown by the Miami-Dade Property Appraiser is “1713 OFFICE BUILDING – ONE STORY : OFFICE BUILDING,” while that noted as for other government agencies, presumably in this case the City of Miami Gardens, is “342 – INDUSTRIAL INTENSIVE, OFFICE TYPE OF USE.”

The buyer was Miami based One Fish LLC. The commercial brokers on the transaction were James Hawkins, a top producing Broker Associate of The Keyes Company Commercial Office located in downtown Miami, and William Webb of Webb Commercial Realty.

Editor’s Note: James Hawkins is with Hawkins Commercial Realty as of May 2020.

Iconic Miami Office Property at US 1 and 27th Terrace Trades

The iconic Bloom & Kinnear office building at 2486 SW 27th Terrace has sold. Listed for sale with James Hawkins of Keyes Commercial, the property was under contract for more than a year before closing on May 4, 2018 at a sales price of $2 million.

Consisting of 3,045 square feet of premium office property, at sale the handicap accessible building possessed six private offices, a conference room, and a reception area surrounding a generous open secretarial area. It had generally open construction, allowing for easier-than-average reconfiguration for any number of uses, including law offices, medical offices, and more.

The property had been under contract with another buyer. When that (first) buyer asked for an extension of due diligence with no consideration offered, Hawkins suggested that making a portion of a deposit on a (second) backup contract immediately non-refundable upon it becoming the active contract might incent the seller to not provide an extension of due diligence to the first buyer. The second buyer indeed presented a backup offer with this provision. When the due diligence extension was not granted to the first buyer, the first buyer cancelled his contract, at which point the second buyer’s contract became effective. That second buyer closed on the purchase of the property thereafter.

Although the address is on 27th Terrace, the property clearly fronts US 1, with some of the most prominent visibility available on this key strip of road just out of downtown Miami and at the crossroads of desirable areas such as Coconut Grove, Coral Gables, and South Miami. An estimated 110,000 cars pass this location daily, 40 million per year. The location is approximately 1,000 feet from the Coconut Grove Metrorail Station and near the primary entrance to Coconut Grove off of US 1. The property sits on a 10,000 square foot lot zoned T4-O and has 11 parking spaces. Its location benefits from the 27th Terrace angular exit from US 1 for northbound drivers, and from a dedicated exit land for the same for southbound drivers, making the property unusually accessible for the street.

The property was occupied by its now former owner, which vacated upon sale. The buyer intends to renovate the property for his use.

Editor’s Note: James Hawkins is with Hawkins Commercial Realty as of May 2020.