MIAMI-South Florida's real estate industry continued to struggle in 2010, but as indicated by the Daily Business Review's annual report on the biggest deals of the last 12 months, institutional buyers did their part in giving the market a boost.
Institutional players, including pension funds, real estate investment trusts and large equity funds, acquired a number of trophy properties in the region. However, their dealmaking came at the expense of smaller, local investors who were often out-bid by the well-funded national buyers.
Major institutional deals included the $170 million purchase of the Las Olas Centre office buildings. An affiliate of USAA Real Estate bought that high-profile property on behalf of two funds.
In the multifamily sector, The Resort at Pembroke Pines, a 1,520-unit apartment complex, was purchased for $193 million by a fund affiliated with California-based Richard Ellis Investors. A real estate investment trust that owns several high-profile industrial properties in South Florida, added to its holdings. AMB Property paid $66.75 million for the Palmetto Distribution Center in Medley.
Information for this report was collected from public records, published reports and other sources but may not be exhaustive. Selections were based on sale prices for closings since Oct. 15, 2009.
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