Colliers Reportedly Notes Miami-Dade’s Retail Properties Posts Net Negative Absorption and Rent Declines ~ 2020 Q3

REBusinessOnline has posted an article noting that Colliers reports that Miami-Dade County’s retail market posted 120,934 square feet of negative net absorption in its third quarter (2020), but noting it as a big improvement from the prior quarter. There has been a plethora of big box retailers like Neiman Marcus, Chuck E. Cheese’s, 24 Hour Fitness, JC Penney, CMX Cinemas, Pier 1 Imports, Sears, and many more that are closing stores, thus this should not be surprising. 

The article also notes that rents, per this same report, continued to decline in Miami-Dade’s shopping centers in that same third quarter, albeit slightly. Less rent growth, if not contraction, of course tends to accompany negative absorption, thus this also should not be a s huge surprise

Commercial Real Estate Trades in Miami Gardens

Commercial real estate in the Miami Gardens area has been active of late. Consider a few transactions this year.

Concorde Group Holdings sold a couple of commercial buildings near Miami Gardens for just under $20 million, which was a 61 percent increase from the last sale price of the properties in 2016. These were 139,495-square-foot buildings located at 900 and 1000 Park Centre Boulevard. 

Also, the behemoth Blackstone purchased two Miami Gardens industrial properties for $14 million,  adding to its burgeoning South Florida portfolio. This was a combined 122,078-square-foot industrial site located at 5120 Northwest 165th Street. These are in the Palmetto Lakes Industrial Park.

A near acre industrial redevelopment site trades in the Sunshine State Park area sold. The buyer's broker, James Hawkins of The Keyes Company Commercial Division, pursued this 40,000 square-foot unlisted property on NW 13th Avenue for his buyer.

Finally, Dalfen Industrial acquired Amazon-leased Golden Glades Fulfillment Center, a 201,491-square-foot multi-tenant industrial building located within the city limits of Miami Gardens. 

This is but a small sampling of commercial property sales that have taken place in Miami Gardens, Florida in recent months. There are developments on the horizon, and surely more interesting trades to follow.

Buzz Increasing Around Hialeah Commercial Real Estate

We are noticing an increasing amount of buzz in the Hialeah market. Hialeah, which somewhat gets lost as part of Miami, is a major city of its own. It is, in fact, the 6th largest in Florida, with nearly a quarter of a million people residing within it.

Some of the articles we've noticed include:

• Avra Jain, Terra among developers planning new projects in Hialeah
• Is Hialeah “the next big thing” for real estate investment in SoFla?
• Cervera Real Estate Ventures buys Hialeah shopping center, plans renovations
• Retail Property Sales Lighting Up in Hialeah
• Mobile home park in Hialeah sells for $12M

This is but a few of the articles we've found related to recent commercial real estate sales with the City of Hialeah. We can't claim data analysis here; we're just sharing a sense that the buzz in the area is increasing. Read the artilces yourself, and google Hialeah commercial real estate news. Then, you be the judge.

New Commercial Property Data Formats at Expanded HawkinsCRE.com

HawkinsCRE.com, the website of commercial real estate broker James Hawkins at Keyes Commercial, has recently expanded, adding tens of thousands of pages of data pertinent to Miami area commercial real estate.

Detailed commercial property information pages continue to be a major part of the site. The number of properties with such pages has expanded dramatically recently. Below are links to examples of these types of pages.

• Detailed Information About the Commercial Property Located at 13700 Nw 115 Ave, Medley, Florida 33178
• Detailed Information About the Commercial Property Located at 1568 Washington Ave, Miami Beach, Florida 33139
• Detailed Information About the Commercial Property Located at 8298 Ne Miami Ct, Miami, Florida 33138

Pages listing properties that share an owner's address, and thus perhaps have common beneficial ownership, are a new addition to James Hawkins's site.  Pages now exists for tens of thousands of owner addresses, with properties sharing the address listed on its page.  Follow the links below to see what some of these pages look like.

• Miami Commercial Real Estate Properties Sharing an Owner's Address of 701 Nw 1st Ct -10th Flr, Miami, FL 33136
• Miami Commercial Real Estate Properties Sharing an Owner's Address of 180 Island Dr, Key Biscayne, FL 33149-2410
• Miami Commercial Real Estate Properties Sharing an Owner's Address of 477 S Rosemary Ave Ste 301, West Palm Beach, FL 33401

Pages for owners of commercial property have also been created, with these pages then listing the proeprties owned by said owner(s). In many cases different commercial real estate properties with the same underlying owner is formally owned by an LLC or corporation.  For these, each LLC or corporation will have its own page.  Some examples of these pages include:

• Miami Commercial Real Estate Owned by Loli Consulting Inc
• Miami Commercial Real Estate Owned by Greenwich Studio Inc
• Miami Commercial Real Estate Owned by Annegret Kulhanjian Tr