🏆 Residential: Nadim Ashi’s Fort Partners had the top residential deal to hit records. The firm sold another condo at the Seaway at The Surf Club North at 9165 Collins Avenue in Surfside for $41 million. The buyer of the 7,900-square-foot unit, a penthouse, was a trust. The transaction breaks down to nearly $5,200 per square foot.
🏆 Commercial: The top commercial real estate deal recorded in South Florida was the sale of an apartment complex, the Cascades at the Hammocks at 10605 Hammocks Boulevard in unincorporated Miami-Dade County, for $65.5 million. The buyer was an LLC tied to Thomas Neary’s Bowery Properties, based in Miami. The seller, an affiliate of Denver-based Grand Peaks Properties, purchased the property in 2021 for just under $63 million. The nearly 277,000-square-foot complex has 264 units, pricing the deal at $248,100 per unit.
📊 Residential: In Palm Beach, a home at 309 Chapel Hill Road changed hands for $21 million or about $4,700 per square foot. The seller was a trust tied to Ryan Wilson, and the buyer was 309 Chapel Hill Road LLC. The 4,500-square-foot home was built in the 1980s and has four bedrooms and five bathrooms. It sold in 2023 for $15.5 million and went on the market in February with an asking price of $23.9 million. Christian Angle with Christian Angle Real Estate represented both sides of the transaction.
📊 Residential: In Coral Gables, a nearly 1-acre vacant lot at 9175 Arvida Drive traded for $14.9 million or about $344 per square foot, its most recent asking price. The seller was an LLC managed by developer Humberto Ramirez, who paid $10.4 million for the property in 2023. The buyer was an LLC linked to architect Cesar Molina. Eddy Rengifo with Avanti Way Realty had the listing, and Roxanna Urban with One Sotheby’s International Realty brought the buyer.
📊 Residential: An LLC led by Samuel Bissu parted with a home at 4280 Ingraham Highway in Miami for $11.4 million. The buyer was a company managed by Lucie Berchem, Vincent Berchem and Marie Devo. Built this year, the home spans 7,300 square feet and has eight bedrooms and eight and a half bathrooms. The sale comes out to about $1,600 per square foot. Its last listing price was $12.5 million. The seller’s representative was Mark Chatburn with One Sotheby’s International Realty, and the buyer’s agent was Alvaro Garcia with Serhant.
By the Numbers: Office vacancy rates dip, but landlords continue to grapple with hybrid work
The office sector is improving, but recovery is uneven.
The national vacancy rate for office properties came in at 17.8 percent in March, down 210 basis points year over year, according to a report from research firm Yardi Matrix. Of the top 25 markets in the country, 18 posted yearly declines in their vacancy rates.
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