Where’s The Crazy Money Going?
by Reese Stigliano
Following the money, based on per square foot prices, here is a countdown of the most expensive commercial real estate transactions in South Florida so far this summer.
So…“Where is the crazy money going?”
Here’s the countdown:
5. Federal Government Leased Building: A 35,737 sq.ft. building located at 2805 SW 145th Street in Miramar which is leased to the U.S. Immigration and Customs Enforcement Office (ICE) sold for $13.14 million or $367 per square foot.
4. Retail Strip Centers: Restaurant anchored and Class A located retail demanding top dollar: A 33,469 retail strip center located at 1451-1535 North Federal Highway in Fort Lauderdale sold for $13.8 million or $412 per square foot. In addition, a brand new 19,403 sq.ft. restaurant anchored, strip center located at 6300 North Andrews Avenue sold for $11 million or $566 per square foot.
3. Medical Office Building: A 22,110 sq.ft. building located at 501 West Glades Road, Boca Raton, FL sold for $13.8 million or $624 per square foot.
2. Free Standing Drug Stores: A 15,792 sq.ft. Walgreens built in 2009 located at 12711 Quail Roost Drive, Miami, FL sold for $10.15 million or $634 per square foot.
1. Free Standing Bank Branches: Breaking the $1,000 per square foot barrier: In the month of July, there were three recent TD Bank branch sales:
- TD Bank located at 1701 East Sunrise Blvd. in Fort Lauderdale totaling 4,698 sq.ft. sold for $5.32 million or $1,133 per square foot.
- TD Bank located at 3600 North Federal Highway Lighthouse Point totaling 3,439 sq.ft. sold for $5 million or $1,453 per square foot.
- TD Bank located at 1800 North Pine Island Road in Plantation totaling 3,539 sq.ft. sold for $5.33 million or $1,506 per square foot.
Source: ReeseOnRealEstate
