The Town Executive Center and the Cypress Executive Center

Two South Florida office properties totaling 187,000 square feet have hit the market asking $33.75 million, Marcus & Millichap Real Estate Investment Services, which has the listings, announced today.  [more]

501 Collins Avenue

A 22,857-square foot Walgreens drugstore in Miami Beach has traded for $30 million — or $1,312 per square foot — making it the second highest price paid for a drugstore in the United States this year and the highest price attained by a net-leased asset in Miami Beach so far this year, Marcus & Millichap Real Estate Investment Services, who handled the deal, announced today.

Sean Shahar Ziv, an associate in Marcus & Millichap’s San Diego office, represented the seller, Trans World Entertainment. The buyer, an international investor, paid all cash for the two-story building, located at 501 Collins Avenue. [more]

2121 Biscayne Boulevard

A Staples store near Miami’s Design District has hit the market asking $17.3 million, or $852 per square foot, Marcus & Millichap Real Estate Investment Services, which has the listing, announced today. The 20,388-square-foot store is located at 2121 Biscayne Boulevard across from a Frank Gehry-designed campus for the National Young Arts Foundation.

Alvin Mansour, senior vice president of investments in Marcus & Millichap’s San Diego office, is representing the seller, 2121 Biscayne Blvd. LLC. Alex Zylberglait, vice president of investments in the firm’s Miami office and Ryan Shaw, an associate in the same office, are also working with the seller. — Christopher Cameron

Marcus & Millichap has promoted three South Florida agents to vice presidents for investment, according to Gene Berman, executive vice president and managing director. The new vice presidents include hospitality specialist and former associate vice president David Greenberg, who works in the firm’s Fort Lauderdale office, along with former senior associates Drew Kristol and Kirk Olson, both of whom are retail and net-leased specialists in Marcus & Millichap’s Miami office. — Alexander Britell

Developers are ramping up on production on multi-family projects that will come online next year as greater West Palm Beach’s multi-family sector continues to show resilience, according to a report from Marcus & Millichap. [more]

Marcus & Millichap has the exclusive listing on a 1.58-acre land parcel on NE 1 Place and NE 1st Avenue in Miami, the firm announced. The listing price on the site is just under $10 million, according to Marcus & Millichap’s Ryan Shaw and Arthur Porosoff, who are representing the seller, a Miami-based limited liability company. “Many developers are looking to invest in new multi-family and mixed-use projects in this area,” Shaw said. The site is approved for a 31-story mixed-use tower. It is located at 1602-1621 NE 1st Place and 1604-1630 NE 1st Avenue. — Alexander Britell

The Miami-Dade County retail market is outperforming the national market as retailers fill vacant space and developers remain reluctant to increase inventory, according to a report from Marcus & Millichap. The Miami/Miami Beach submarket has led the way on the construction front in the county, which saw a total of 240,000 square feet of retail space. The county’s retail sales push will lead to a projected 70-basis-point drop in vacancy to 6.2 percent. Vacancy dropped 90 basis points in 2011. Stronger tenant demand in Miami is projected to boost rents 1.7 percent in 2012 to $23.69 per square foot, with effective rents advancing 2.2 percent to $20.10 per square foot. — Alexander Britell

A shopping center in Davie

The retail market in Broward County is seeing the pace recovery pick up, buoyed by low levels of construction and improved retail sales, according to a report from Marcus & Millichap. As consumer confidence increases and Florida tourism drives sales, more tenants could be attracted to the county’s retail market, according to the report. The combination of low construction and an improving economy are projected to push Broward’s retail vacancy down 50 basis points to 9.8 percent, following a 110-basis-point reduction in 2011. [more]

A recovering job market is helping the West Palm Beach apartment market show signs of life, with the area’s vacancy rate continuing to drop, according to Marcus & Millichap. West Palm Beach’s rents also rose for the ninth consecutive quarter, as an expanding number of property owners are successfully imposing higher rents as lease roll over. [more]

Miami continues to be the strongest apartment market in South Florida, according to a second-quarter report from Marcus & Millichap. With plummeting vacancies and the “gradual restoration of rents to former peaks,” Miami-Dade County is leading the tri-county area, in large part due to increased tenant demand. Further expansion in service employment will help lead to a projected 60-basis-point decline in the vacancy rate this year to 4.1 percent. [more]