🏆 Commercial: An industrial property known as the Tamiami Trade Park at 13815 Southwest 139th Court in Miami sold for $10.5 million, marking the highest commercial deal to come online in the region. An LLC managed by Cofe Properties was the seller, and the buyer was an entity tied to Rodolfo Gonzalez. The one-story property, which dates to 1981, spans about 36,000 square feet, pricing the sale at roughly $290 per square foot.
🏆 Residential: In South Florida, the pricest home sale to hit records was in Palm Beach, where a vacant, waterfront plot of land along Tarpon Way traded for $27.3 million. The seller was Toronto-based Violet Hill Development Company, which had owned the 0.5-acre property for decades. The buyer was Could Be 81 LLC. Suzanne Frisbie with Corcoran had the listing, and Liza Pulitzer with Brown Harris Stevens of Palm Beach represented the buyer.
📊 Residential: In Miami Beach, a mansion at 4340 North Bay Road changed hands for $23.4 million. The seller was Amir Kermani, who the South Florida Business Journal identified as a chiropractor, and the buyer was an LLC named after the property’s address. The six-bedroom, waterfront home spans about 8,800 square feet and has six and a half bathrooms. Built in 2008, its last asking price was $30 million. Julian Johnston with Corcoran had the listing, and James Vanas, also with Corcoran, brought the buyer.
📊 Residential: Brad and Jill Miller paid $17.3 million for a newly-built, waterfront home at 1041 North Venetian Drive in Miami. The six-bedroom home spans about 6,500 square feet and was sold by an LLC led by Alejandro D. Gravier, founding partner of accounting firm Gravier Group. Humberto Ramirez with Avanti Way represented the seller, and Julian Johnston with Corcoran brought the buyers.
By the Numbers: U.S. office-to-apartment conversions hits new high
Developers are transforming office towers into residential properties at another record clip, driven by the rise of remote work and a persistent housing shortage.
The number of office-to-apartment conversions hit a high at the start of the year, with some 90,300 apartments under construction across the United States, according to RentCafe. That figure represents a 28 percent jump year over year and a staggering 291 percent increase since 2022.
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