South Miami Posts Two Record-Breaking Office-Retail Sales
The buildings sold at the submarket’s highest price per square foot, suggesting increased investor confidence.
Two office-retail buildings in South Miami have sold at the submarket’s highest price per square foot. Both brokered by Avison Young’s Florida Capital Markets group, the sales continue a trend seen since the beginning of the year in South Miami
Avison Young Principals Michael T. Fay, John K. Crotty,David Duckworth, Brian C. de la Fé, Emily Brais and Berkley Bloodworth completed the two transactions.
One was Sunset One, a 9,674-square-foot retail and office building at 5875 Sunset Drive in South Miami, which sold for $515 per square foot. The property has a diverse mix of professional office and retail clients. Avison Young represented the seller, Robert Berrin of Capital Realty Services, Inc., in the disposition to 5875 Sunset Group LLC, a local private family office.
The other sale was 6050 S. Dixie Highway, a two-story retail and office building totaling 4,900 square-feet sold for $714 per square foot. The vacant property was previously the South Miami Pharmacy. Avison Young represented the seller, Dr. Armando Bardisa, CEO of SMP Pharmacy Solutions, in the disposition to Dr. Roger Khouri, owner of Miami Hand Center, to be used as an additional practice.
Since the start of 2021, retail-related property investment activity has picked up in South Miami with notable sales including the Shops at Sunset Place, which sold for $65.5 million, and the Winn-Dixie-anchored site in downtown South Miami, which sold for $18.95 million. As investor confidence steadily ramps up, multi-use properties with high-visibility on highly-trafficked roadways will continue to achieve higher pricing, Avison Young says.
“The market’s limited inventory, diverse opportunities, and premier locations provided the perfect equation for the properties to sell at record prices-per-square foot,” said Brais in prepared remarks.