The biggest recent deals in South Florida's Opportunity Zones

Some of South Florida’s biggest commercial trades in the last six months lay within the federally designated Opportunity Zones

Jun.June 17, 2019 11:00 AM

It’s one of the hottest topics of the commercial real estate world, and in South Florida, Opportunity Zones have inspired investors to put their money where their mouths are. The federal program has promised to be a game changer for lenders, developers and others looking to cash in on the legislation, enacted as part of the Tax Cuts and Jobs Act of 2017. The new rules allow investors to delay paying capital gains taxes on projects built in the designated zones — “economically distressed communities” — if they hold the investment for at least 10 years. In April, federal guidance on how the program will work was finally issued, allowing many to move forward with their plans.

The Real Deal dove into property records in Broward, Miami-Dade and Palm Beach counties to learn about the biggest deals for properties within Opportunity Zones that closed between December 1, 2018, and May 15, 2019. This is not a comprehensive list; only fee simple sales were included and REIT-share sales excluded. TRD used the Economic Innovation Group’s Certified Opportunity Zones map tool to determine whether sales occurred in Opportunity Zones.

—Additional reporting by Nicholas Severin.

 

(Click to enlarge)

Miami-Dade County

1. $32.38M
1100 West Palm Drive, Homestead
Seller: GREC Homes
IX LLC
Buyer: Brickless Developer Group Corp.
Property Use: Land
Closed: March 6, 2019

2. $25M
7200 Northwest 25th Street, Miami
Seller: Cofe Properties
Buyer: AEW Capital Management
Property Use: Industrial
Closed: April 29, 2019

3. $22M
21440 Biscayne Boulevard, Miami
Seller: Aventura Center No. 21440 Land Trust
Buyer: Jasmin Investments
Property Use: Land
Closed: March 8, 2019

4. $15.5M
3801 Northeast
Second Avenue, Miami

Seller: J. Safra Real Estate
Buyer: Nader Hakakian; Daniel Hakakian
Property Use: Retail
Closed: February 8, 2019

5. $12.15M
16175 Northwest 49th Avenue, Hialeah
Seller: Tamel
Properties
Buyer: Sunway Holdings
Property Type: Industrial
Closed: December 3, 2019

6. $12M
301 Southeast Sixth Avenue, Homestead
Seller: Treevita Group
Buyer: Jeremy Bronfman
Property Type: Multifamily
Closed: April 9, 2019

7. $6.79M
453 Northwest Third Street, Miami
Seller: Omni New York
Buyer: Atlantic Housing Foundation
Property Type:
Multifamily
Closed: March 12, 2019

8. $6M
5796 Southwest 58th Terrace, Miami
Seller: EFC Holdings
Buyer: Ca Ventures
Property Type: Multifamily
Closed: March 5, 2019

 

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Palm Beach County

1. $11.7M
3541 Dr. Martin Luther King Jr. Boulevard,
West Palm Beac
h
Seller: Silverman Group
Buyer: Harry Spitzer
Property Type: Industrial
Closed: March 4, 2019

2. $10.03M
1700 Avenue L, West Palm Beach
Seller: Silverman Group
Buyer: Genet Property Group
Property Type: Industrial
Closed: December 21, 2019

3. $9M
1220 Tangelo Terrace, Delray Beach
Seller: Beaver Properties
Buyer: Levy Realty Advisors
Property Type: Industrial
Closed: December 20, 2018

4. $8.7M
1601 Hill Avenue, West Palm Beach
Seller: Barbara Gaeta, Kristen Gaeta
Buyer: Alliance HSP
Property Type: Industrial
Closed: April 11, 2019

5. $6.05M
5028 Okeechobee Boulevard, West Palm Beach
Seller: Brightwork Real Estate
Buyer: Joel D. Horowitz
Property type: Retail
Closed: April 3, 2019

 

Broward County

1. $11.45M
1801 Northwest 49th Street, Fort Lauderdale
Seller: Goddard Investment Group
Buyer: Broward County
Property Type: Office
Closed: February 24, 2019

2. $9.1M
2011 Northwest 55th Avenue, Fort Lauderdale
Seller: Michael Rand
Buyer: Eli Ran
Property Type: Multifamily
Closed: February 12, 2019

3. $6.8M
999 and 1007 West Prospect Road, Fort Lauderdale
Seller: USA Pro Realty
Buyer: Schulman Properties
Property Type: Multifamily
Closed: December 14, 2018

4. $6.05M
205 Northwest 12th Street, Pompano Beach
Seller: Ferrari of Fort Lauderdale
Buyer: Xtreme Manufacturing
Property Type: Office
Closed: January 11, 2019

5. $3.2M
513-599 Sistrunk Boulevard,
Fort Lauderdale

Seller: Felipe Yalale
Buyer: Fuse Funding
Property Type: Land
Closed: April 10, 2019


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