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Before sharing the market transaction data, please be aware of a recent and important lease execution procedure change. After June 30, 2020, it is no longer required to have witnesses join in a real property lease – whether commercial or residential – for it to be valid. Please read more details by clicking this link.
Sales Comparables: According to Costar, 7 commercial buildings/properties were sold in Q2 2020. Notably the final recorded sale of this quarter, dated 6-4-2020 was 1755-1791 NE 162nd Street (162nd Center), a 10,056 sf fully occupied multi tenant retail property, located just off NE 163rd Street. The recorded sale price was stated to be $1,200,000, or $119.00/sf. Please contact me if you would like additional details on any of the referenced transactions!
Lease Comparables: According to Costar 19 commercial leases were signed in Q2 2020 in North Miami or North Miami Beach. Among the notable retail leases executed was one for a new 2,200 sf Starbucks, which will occupy the former Ferguson plumbing supply space, at 2983 NE 163rd Street, in a multi tenant retail building close to Sunny Isles, FL. Note that of all the reported lease transactions, 8 were for office properties, with the remainder for retail or industrial spaces. Please contact me if you would like additional details on any of the referenced transactions!
Summary/Notes: With our commercial markets still being affected by the ongoing COVID-19 pandemic, performance expectations remain varied by asset class. While there is some office activity, even some retail activity, the most steady property type remains industrial.
If we can help you evaluate and market your properties for sale or for lease, please let us know, we are happy to consult with you and offer helpful market intelligence and analysis.
Finally, note that Berger Commercial Realty is currently marketing office and retail spaces in North Miami and North Miami Beach, for lease and purchase, please feel free to explore and review the details by clicking on the links below:
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