2013’s top commercial deals in SoFla
South Florida’s multifamily, retail, office and hospitality sectors were all represented in The Real Deal‘s list of the 10 most expensive commercial real estate sales of 2013.
Out-of-market investors flocked to the region to pick up prime commercial properties throughout the year. With most sectors recovered from the Great Recession, these investors had to pay aggressive prices to add to their South Florida portfolios.
Even properties that need significant improvements, like the Resort at Pembroke Pines apartment community, sold at premium rates.
In the most expensive closed commercial real estate transaction of the year, the Atlanta-based Carroll Organization paid $225 million for the 1,520-unit complex in Pembroke Pines. Built during the 1980s, the Resort went through an extensive renovation six years ago. But many of the fixtures and amenities are outdated and could use further upgrades.
Out-of-town buyers also took part in South Florida’s second-priciest commercial sale, the nearby Shops at Pembroke Gardens. Jeffrey Anderson Real Estate of Cincinnati and an undisclosed partner paid for $188 million for the nearly 400,000-square-foot shopping center, which is home to more than 70 retailers.
Two additional Broward County transactions cracked the top 10 list: the $115 million sale of the Broward Mall in Plantation and the $77 million sale of the Sunforest apartment complex in Davie.
In Miami-Dade County, the $185 million acquisition of the Sabadell Financial Center office building by Prudential Real Estate Investors topped all other commercial purchases in the county by nearly $70 million. Joseph Chetrit and his New York-based development firm made the list as both a buyer and seller. Chetrit picked up the prominent Miami Beach Resort for $117 million and netted a nearly $60 million profit in the $109.5 million sale of the historic Versailles Hotel to Argentinian developer Alan Faena and his longtime partner, billionaire investor Len Blavatnik. The hotel will be incorporated into the planned Faena Miami Beach mixed-use development.
No commercial deals in Palm Beach County ranked among the top 10.
Below is The Real Deal‘s list of the 10 most expensive commercial sales of the year. The list is based on closed transactions recorded by Miami-Dade, Broward and Palm Beach counties.
1. The Resort at Pembroke Pines sells for $225 million
2. Cincinnati investor pays $188 million for the Shops at Pembroke Gardens
3. Prudential gets Sabadell United building for $185 million
4. Chetrit acquires Miami Beach Resort for $117 million
5. Broward Mall sells for $115 million as part of larger portfolio deal
6. Chetrit flips Versailles Hotel for nearly $110 million to Faena
7. Doral West apartment complex sells for nearly $94 million
8. Miracle Marketplace fetches $92 million
9. BAC Colonnade building sells for $81 million
10. Sunforest apartments change hands in $77 million deal