Shoppes at Pinecrest

The Shoppes of Pinecrest retail center in southern Miami-Dade County has sold for $8.5 million, according to Marcus & Millichap, which represented seller Adler Dixie in the deal. The 12,271-square-foot property sold for an average price of $692 per square foot. Douglas Mandel, Kirk Olson and Drew Kristol had the exclusive listing for Adler Dixie since February. It is located at 9095 South Dixie Highway. Current tenants include Cold Stone Creamery, Starbucks, T-Mobile, GameStop and FedEx Office. — Alexander Britell

Broward County’s apartment market is continuing to show strength, following a decrease in vacancy in the first three months of 2012, according to a report from Marcus & Millichap. With still-limited construction, the firm projects the area’s vacancy to decrease further in the rest of the year. The only market-rate property under construction is the Jefferson at Monterra in Cooper City, which is slated to come online in the third quarter of 2013. Marcus & Millichap projects vacancy to drop 100 basis points this year to 4.3 percent, following a 130-basis-point decrease in 2011. Rents are also projected to rise, with a 2.8 percent increase to $1,111 per month. — Alexander Britell

The medical office market in West Palm Beach continues to outperform, according to a report from Marcus & Millichap. With increased demand for medical services from Palm Beach County’s older and affluent population, the area could see significant net absorption in the near term. Vacancy is also projected to drop more than 100 basis points to the low-12 percent range, according to the report. [more]

Fresh Market in Fort Lauderdale

The Fresh Market in Fort Lauderdale has been sold for $6.82 million, according to Marcus & Millichap, which represented the seller, a developer, in the transaction. The sale of the 19,1760-square-foot property represented an average price of $356 per square foot. “This newly-developed, state-of-the-art facility is located in an affluent area of South Florida,” said Lior Regenstreif, a vice president investments and senior director at Marcus & Millichap’s Net Leased Properties Group. [more]

Wells Fargo Financial Center in Miami

Miami’s office market is projected to see its most significant annual decline in vacancy since 2006, according to a report from Marcus & Millichap. Miami’s market has attracted a number of U.S. and international firms in the last year, contributing to the vacancy drop. The firm projects vacancy in the Miami market to fall by 90 basis points this year to 16.2 percent, erasing most of what was a 120-basis-point jump in 2011. Asking rents are also expected to increase by 2 percent, along with a 3 percent rise in effective rents to $24.86 per square foot. — Alexander Britell

1000 Ponce

The 18,500-square-foot 1000 Ponce office building in Coral Gables has sold for $5.15 million, according to Gregory Matus, vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office. The deal worked out to an average price of $277 per square foot. “This sale represents one of the highest price-per-foot closings for a Coral Gables multi-tenant office building since December 2009,” said Benjamin Silver, senior associate at the firm, who represented the seller along with Douglas Mandel, vice president for investments. [more]

The Courtyard building

The Courtyard office building in Boca Raton has sold for $6.25 million, according to Marcus & Millichap, which represented the seller, a Boca Raton-based partnership. The buyer, a local investor, plans to upgrade the building. “The property is currently 42 percent occupied with below market rents, providing strong upside potential,” said Douglas Mandel, vice president for investments in the firm’s Fort Lauderdale Office, who represented the seller along with Benjamin Silver in the Miami office. — Alexander Britell

The retail condos at the Bentley Bay

A group of South Beach retail condominiums has been sold for $3.19 million, according to Marcus & Millichap’s Drew Kristol, who brokered the transaction on behalf of seller BB&T Bank. [more]

Croydon Arms in Miami Beach

The vacant Croydon Arms apartment building in Miami Beach has sold for $6.75 million, according to Greg Matus, vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office. The sale of the 96-unit property represented an average price of $71.809 per unit. [more]

South Beach's Sense Hotel

The national hospitality sector is heading to its third year of recovery, according to a report from Marcus & Millichap. Hotel occupancy nationwide is expected to reach nearly 61 percent this year, with ADR slated to increase by 4 percent on a year-over-year basis. The three strongest hotel markets are North Dakota, Nevada and Texas at present. [more]