Q3-2020 Lease & Sales Comps - Aventura, North Miami & North Miami Beach, FL

Sales Comparables: According to Costar, 3 commercial buildings/properties were sold in Q3 2020 in Aventura, North Miami or North Miami Beach. Notable was a NJ auto dealership's acquisitions of 2150 Northeast 163rd Street, 16200 West Dixie Highway, 2151 Northeast 161st Street and 16050 West Dixie Highway, totaling a reported 9.25 acres, currently home to Honda of Aventura and Aventura Chrysler Jeep Dodge Ram dealerships in North Miami Beach. All parcels are located fronting or just off NE 163rd Street. The recorded sale price was stated to be $21,000,000, or $320.53/sf. Please contact me if you would like additional details on any of the referenced transactions!

Lease Comparables: According to Costar 48 commercial leases were signed in Q3 2020 in Aventura, North Miami or North Miami Beach. Worth mentioning is the 15,000sf of showroom space leased in July 2020, at 2650 NE 189th Street. Note that of all the reported lease transactions, 31 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: The time has come for retail Landlords to carefully reevaluate their restaurant tenant leasing retention strategies and posture. If your property has a struggling restaurant tenant please know that there are many experienced local restaurant operators that will consider 2nd generation opportunities now.

Berger Commercial Wins Another Award! Berger Commercial Realty Ranked Among Top Property Management Firms by the South Florida Business Journal. Read the additional details here, https://www.bergercommercial.com/berger-commercial-realty-ranked-among-top-property-management-firms-by-the-south-florida-business-journal-2/.

Finally, 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.