The Real Deal Miami

South Florida real estate in brief

April 03, 2009 05:17PM

Shopping center purchased
Hallandale-based Isram Realty Holdings has purchased Western Way, a 142,968-square-foot shopping center in Brooksville, from seller WR Dallas LP for $11.5 million. The shopping center is more than 90 percent leased, and tenants include Save-A-Lot, Beacon Theatres and Dollar General. Meanwhile, shopping centers in Palm Beach County saw positive absorption for the year ending in the third quarter of 2008, according to statistics from Terranova Corp. There were 527,084 more square feet of shopping center space occupied in 2008 than in the previous year, even though the county’s vacancy rate increased.

Auction to be held at Ocean Vistas

Accelerated Marketing Partners will conduct an auction for units at Ocean Vistas in Daytona on May 3. Twenty-six units, ranging from two-bedrooms to penthouses, will be up for sale. Bids will start at $255,000, and some units, which had asking prices up to $1.266 million, will go for as much as 73 percent below last asking prices. Units begin at 2,025 square feet.

Local vacancy to rise, report says
Retail vacancy in Miami-Dade County is likely to rise in 2009, according to Marcus and Millichap’s 2009 National Retail Research Report, released this week. Approximately 700,000 square feet worth of new construction is slated to come online in 2009, and job losses are expected to push the vacancy rate to 8.1 percent, the report said. Asking rents will likely drop 3.7 percent, to $23.70 per square foot, and taking rents will probably decline 4.1 percent, to $20.84 per square foot, according to the report. TRD