MIAMI—Early this week in Florida saw an interesting report come out about a Puerto Rico migration flow into Florida. Marcus & Millichap and Cushman & Wakefield were especially active.

BY THE NUMBERS

Economic fundamentals in Jacksonville are strengthening as indicated by a 90 basis point drop in the unemployment rate over the trailing 12-month period to a current 4.1%, over 24,000 new jobs added during the same period, healthy leasing activity, and slow but steady rental rate growth within top tier properties. (Source: Avison Young)

NEWS & NOTABLES

MIAMI—Cushman & Wakefield published Puerto Rican Diaspora: Migration Flows to Florida and Economic Effects, a report examining the potential impact of a mass Puerto Rican migration to the US mainland in the wake of Hurricane Maria. Florida officials are estimating up to 250,000 people will relocate, a number that could grow by several hundred thousand more over the next year. Thousands of working-age Puerto Ricans will be arriving at a time when Florida's economy is running at full steam. Most markets with sizeable Puerto Rican communities have unemployment rates around 4%. New arrivals with some skills should easily find work in their immediate areas, especially if they are bilingual.

DEAL TRACKER

MIAMI—Institutional Property Advisors (IPA), a division of Marcus & Millichap, has been appointed to broker the sale of Aventura Business Park, a three-building, 204,819-square-foot small-bay industrial park in Miami. The price is open bid. “Aventura Business Park is the highest-quality small-bay industrial project in the Aventura submarket, one of South Florida's fastest-growing and more prestigious residential and commercial communities,” says Douglas K. Mandel, senior managing director. “With no new small-bay construction either planned or under construction and land values rapidly rising, the Aventura submarket is poised to experience significant rental growth for several years.” Mandel and Benjamin Silver, director, are representing the seller, a real estate and development firm based in San Francisco.

FORT LAUDERDALE, FL—IPA is brokering the sale of Prospira National Pain Institute portfolio, a six- property assemblage of outpatient medical centers that features five free-standing, single-tenant, net-leased buildings and one single-tenant, net-leased condominium. The properties are located throughout Central and South Florida. The price is $24.9 million. “The offering presents the investment community with a unique opportunity to purchase a net-leased medical office portfolio located in key submarkets throughout Florida and occupied by one of the largest and most highly respected pain management operators in the country,” says Mandel. Mandel, Robbie McEwan, and Braden Dwyer, associate are representing the seller, a private investor.

MIAMI—State Street Realty leased 82,000 square feet of industrial space to Amcar Freight, at 12600 Northwest 25 Street. That's in Beacon Lakes Business Park located within the Miami-Airport West submarket. Frank Trelles and George Pino represented the tenant. Brian Smith and Audley Bosch of JLL represented the landlord. Amcar Freight is a provider of freight consolidations for shipments to Aruba, Bonaire, Curacao, the Dominican Republic, Central America and South America.

DORAL, FL—Cushman & Wakefield and Behar Real Estate Group negotiated an 81,000-square-foot relocation lease with Florida Blue at Doral Court. According to Cushman & Wakefield research, this the largest office relocation lease of 2017 in Miami-Dade, Palm Beach and Broward Counties. Gordon Messinger negotiated the lease on behalf of a joint venture of Banyan Street Capital and DRA Advisors LLC. David Behar of Behar Real Estate Group represented Florida Blue. Florida Blue will fully occupy the top four floors (eighth, seventh, sixth and fifth) of Doral Court, and half of the first.

BUILDING BLOCKS

MIAMI—University Developments released a collection of new renderings of University Bridge Residences—a condominium purpose-built for student tenants located across the street from the main campus of Florida International University (FIU). Presented by Cervera Real Estate, University Bridge Residences offer floorplans ranging in size from 317 square feet to 1,634 square feet, including studios, one, two, three and four bedroom units, as well as three and four bedroom townhouses. Prices range from the $190,000s to the $600,000s.

Instant Insights /

Middle Market Digest: Early This Week in Florida

Related Stories

Recommended For You