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Miami Real Estate - Miami Real Estate news

Tuesday, December 21, 2010

Biggest South Florida Commercial Real Estate Sales

Even with high vacancy rates and increasing delinquencies, there were some bright spots for the South Florida commercial real estate market. According to data from the CoStar Group, a real estate research company, the 10 biggest commercial transactions of the year totaled just under $1 billion.

Six of the 10 South Florida commercial real estate properties were residential bulk transactions. Eight of the top 10 deals were from Broward and Palm Beach counties. Four of the commercial deals were more than $100 million totaling $928.16 million. 

Two of the properties were Miami commercial properties: 8801-8901 NW Seventh Avenue, which was purchased by U.S. Citizenship and Immigration, and Palmetto Distribution, an industrial site at 7939-8187 NW 84th Street. 

According to a senior real estate strategist at CoStar, the size of these deals is a good sign for South Florida commercial real estate market.

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