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Store closures and Americans’ reliance on e-commerce may have affected the top sales in South Florida’s retail market.
The region’s top retail sale of 2020, of $47 million, fell below 2019’s $96.8 million top sale and 2018’s $88 million top sale.
However, the average price per square foot among 2020’s top five retail sales bested last year’s average — $396 compared to $349.
Below is a breakdown of the top five retail sales in South Florida.
Whole Foods-anchored retail in Coral Gables sells for $47M. A fund managed by Zurich Alternative Asset Management purchased the Whole Foods-anchored retail portion of a building in Coral Gables. The Zurich-managed fund paid $46.75 million for the nearly 60,000-square-foot retail share of Plaza San Remo. Prudential Insurance Company of America sold the commercial condos at 6701 Red Road.
Clarion Partners sells BJ’s-anchored retail center for $40M. Clarion Partners sold a BJ’s Warehouse-anchored retail center in Royal Palm Beach for $39.5 million. New York-based Clarion Partners sold the 232,765-square-foot property at 500 North State Road for $169 per square foot. Coral Sky Retail LLC, managed by Kenneth R. Silverman of Key West, bought the retail center.
Weingarten Realty pays $36M for Wellington shopping center. Weingarten Realty Investors paid $35.5 million for a shopping center next to the Mall at Wellington Green. The Houston-based Real Estate Investment Trust bought the Village Green Center, anchored by Trader Joe’s, at 2803 South State Road 7 in Wellington. W & W V LLC, led by James Ward of Ward Real Estate Services of Wellington, sold the property.
Rand Real Estate sells four properties in Miami Gardens for $34M. A company tied to Rand Real Estate Services sold two industrial properties, a retail center and a bank branch in Miami Gardens for $33.6 million. The buyers are Core Palmetto Owner, tied to Core Investment Properties Fund; and Miami Beach-based TRG SBV II Owner LLC.
Taurus pays $31M for Civica Center, and an adjacent building in Miami’s Health District. A shopping center in Miami’s Health District changed hands from one Boston-based private equity firm to another, with plans for a major facelift. Taurus Investment Holdings paid a combined $30.5 million for Civica Center, a two-story, 47,000-square-foot retail center at 1050 Northwest 14th Street and an adjacent 4,200-square-foot building. A company affiliated with Russell M. Faibisch sold the adjacent two-story building at 1000 Northwest 14th Street. The shopping center alone sold for $26 million. Rockpoint had paid $16 million for the property in 2013 and built the shopping center two years later.
SOURCE: TRD analysis of brokerage data, as provided by Colliers International, news clippings and market reports.
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