Prices approached or surpassed the height of the real estate boom of the mid 2000s in many sectors. Cap rates in South Florida were low compared to other regions, which drove prices higher.
There were 15 transactions here of over $100 million each.
Of these deals, five were retail, five were office, three were apartments, and two were hotels. Miami-Dade County led the way with 11 deals of $100 million-plus, including four on Brickell and three in Miami Beach.
Palm Beach County landed three deals above $100 million, all in West Palm Beach. Broward County had only one mega deal.
This list only covers compensated recorded on deeds in county records, and not transactions that didn’t require recording fees.
1. $370 Million: A block of retail buildings, from 1001 to 1035 Lincoln Road, Miami Beach, was sold by Ungar-Marshall Co., 1021 Lincoln Road Ltd., and 1035 Lincoln Road Ltd. (Michael Comras and Jonathan Fryd) to Playa Retail Investments (Amencio Ortega Gaona).
2. $278.4 Million: The Palm Beach Outlets, at 1751 Palm Beach Lakes Blvd., West Palm Beach, was sold by Palm Beach Mall Holdings (New England Development, Eastern Real Estate, Lubert-Adler) to Palm Beach Outlets I (Clarion Partners, New England Development).
3. $245.5 Million: The Phillips Point office building at 777 S. Flagler Drive and 201 Lakeview Ave., West Palm Beach, was sold by Phillips Point II (Prudential Real Estate Investors, Colonnade Properties) to CPT Phillips Point (AEW Capital Management).
9. $118.5 Million: The Alhambra office building at 2 Alhambra Plaza and 95 Merrick Way, Coral Gables, was sold by South Florida Equities REIT (USAA Real Estate) to DGE Alhambra (Deutsche Asset & Wealth Management).
10. $116.7 Million: The Marketplace at the Outlets retail plaza at 1821 Palm Beach Lakes Blvd., West Palm Beach, was sold by PBM Power Center (New Englad Development) to CLPR Marketplace (Clarion Partners).
11. $113.5 Million: The Mary Brickell Village retail center at 900 and 901 South Miami Ave., 911 Southwest 1st Ave., Miami, was sold by Brickell Main Street (Ivanhoe Cambridge) to MB Village Owner (Rockpoint Group.)
12. $111.6 Million: The 800 Brickell/StateTrust office building at 800 Brickell Ave., Miami, was sold by GRE 800 Brickell (Guggenheim Real Estate and Stiles Corp.) to RAR2-800 Brickell (RREEF Property Trust).
13. $110.2 Million: the Shops at Sunset Place at 5701 SW 72 Street, South Miami, was sold by Bakery Associates (Simon Property Group) to FRIT Shoppes at Sunset Place (Federal Realty Investment Trust, Grass River Partners, and Comras Co.)
14. $104.5 Million: The Modera Dadeland apartment complex at 8250 SW 72nd Court, Miami, was sold by Colonnade at Dadeland Owner (Mill Creek Residential) to PPF AMLI 8250 SW 72nd Court LLC (AMLI Residential).