🏆 Commercial: The top home sale recorded in South Florida was in Fort Lauderdale, where an industrial property at 3600 Northwest 54th Street traded for $17.2 million. The seller was an affiliate of Pennsylvania-based Link Logistics, which acquired the roughly 66,000-square-foot property in 2017 for $6.1 million. The buyer was an LLC tied to Dallas-based Dalfen International. The transaction works out to about $260 per square foot.
🏆 Residential: A waterfront Miami Beach estate at 4731 Pine Tree Drive changed hands for $24 million, representing the priciest home sale in the region. The seller was an LLC managed by Alejandro Moreno, and the buyer was AJS Miami, LLC. The nine-bedroom residence has seven full bathrooms and two half bathrooms. It measures more than 10,000 square feet and also has a guest house.
📊 Residential: In Palm Beach, James and Robin Carey — he is an investment executive — parted with a home at 232 Seabreeze Avenue for $23.9 million. The buyer was Cran Grape LLC. Built in 2020, the 5,000-square-foot home has five bedrooms and seven and a half bathrooms. Its last asking price was $24.5 million. Crista Ryan with Tina Fanjul Associates had the listing.
📊 Residential: Harold and Joan Griffith scooped up a 7,800-square-foot home at 22306 Bay Drive in Pompano Beach for $13.8 million or about $1,800 per square foot. The sellers were an LLC managed by entrepreneur Leathem Stearn, who reportedly invented the scrunchie, and Ute Mesa Lot 2 LLC. The home has five bedrooms and six and a half bathrooms. Its last asking price was just under $18 million.
By the Numbers: CRE deal volume fell 33% in April. Experts say don’t fret
Should the commercial real estate industry panic?
Deal activity, measured by sales volume, plunged 33 percent — to $24.7 billion — in April compared to the year before, according to the latest MSCI Capital Trends report.
If these figures concern industry watchers, they shouldn’t, said Jim Costello, executive director of MSCI’s research and development team. Year to date, deal volume hit $163.5 billion, a 14 percent year-over-year increase, indicating that activity is not on a downward spiral.
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