🏆 Commercial: In Doral, office buildings at 8200 and 8400 Northwest 33rd Street traded for $63.3 million. The buyer was an LLC tied to Miami-based Cofe Properties. The seller was an LLC linked to Denver-based Ascentris, a real estate private equity firm. The buildings span 261,600 square feet combined. The transaction breaks down to roughly $242 per square foot.
🏆 Residential: The top residential transaction to hit records was in Coral Gables, where a 10,400-square-foot, waterfront mansion at 12 Tahiti Beach Island Road changed hands for $32 million. The seller of the property, which was built in the 1990s and sits on a 0.9-acre lot, was Lauren Sturges, and the buyer was a trust. Sturges, widow of Miami businessman Charles M. Fernandez, had owned the property with her husband since 2008. Its last asking price was $40 million. Dora Puig of Luxe Living Realty had the listing.
📊 Commercial: In Palm Beach a retail property at 225 Worth Avenue sold for $43 million. The buyer was White Plains, New York-based Acadia Realty Trust, and the seller was an affiliate of Miami Beach-based JSB Capital Group. The one-story building spans 9,900 square feet, pricing the sale at roughly $4,300 per square foot. The property last sold in 2021 for just over $18 million.
📊 Residential: A waterfront home at 84 La Gorce Circle in Miami Beach sold for $31.5 million. The 5,300-square-foot home has four bedrooms and five and a half bathrooms; the sale works out to about $5,900 per square foot. The seller was an LLC tied to attorney Carlo Giovannetti and real estate executive Davor Ninkovic. The buyer’s identity was obscured by an LLC. Jonathan Alfonso with EXP Realty represented the seller, and Ryan Mendell with Maxwelle Realty brought the buyer.
By the Numbers: REITs outperform in first quarter amid macroeconomic concerns
Real estate investment trusts have emerged as a safer haven for investors as the broader stock market stumbles through volatility
Since January, the FTSE Nareit All Equity REITs index, which covers 132 firms, posted total returns of 2.22 percent for the quarter as of Monday. The performance is fueled by exceptionally strong demand for data centers and health care properties.
Meanwhile, the S&P 500 is down 7.05 percent over the same period, and the Dow Jones Industrial Average is down 5.54 percent.
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