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Sales Comparables: According to CoStar one retail property sold in the first quarter of 2020. The Royal Cleaners building located at 2100 NE 123rd Street North Miami, FL 33181, was purchased as an investment property with in place leasehold income for $1,055,000, or $386.59/sf. (see image above) Note also that CoStar currently shows one retail property under contract, 1911- 1963 NE 164th Street North Miami Beach, FL 33162 is listed for sale at $11,000,000, with a 17,751 multi tenant building on and also adjacent to 78,240sf of land. (see image below) These parcels are likely to become redeveloped once purchased.
Lease Comparables: According to CoStar twelve new first floor retail leases were executed in Q1 2020. The largest lease was for 15,000 sf (formerly Boga Style Home) located at 14652 Biscayne Blvd North Miami, FL, for an undisclosed rental rate. The smallest deal signed was for 535 sf, at 1675 NE 123rd Street North Miami, FL, for a reported $28.00/sf. The full map of executed leases is below, please contact me if you have any questions on details not contained in this brief summary!
Summary/Notes: 2020 started off well, until mid March. Unlike office tenants (lawyers, accountants, architects, etc.) retailers cannot operate or generate revenues when closed by government order. There is not much that digital/internet tools offer as a solution, retailers just need to be open for business. With April rents now due we are advising our ownership clients on ways to handle these unique and challenging times, based on the experiences our firm has over it's vast 7,000,000 sf South Florida portfolio. Please let us know if we can be of help to you as you navigate dealing with your tenants! We are happy to advise you on tenant communication strategies and tactics to help with rental income continuity.
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