🏆 Commercial: The priciest commercial deal recorded in South Florida was for an office property at 2125 Biscayne Boulevard in Miami, which traded for $19 million. The seller was an entity tied to Chicago-based co-working firm Expansive. The buyer was a company linked to Miami-based Valoro Capital. The four-story property spans nearly 74,000 square feet, pricing the sale at roughly $260 per square foot. It last sold in 2019 for $20.6 million.
🏆 Residential: Miami Beach had the top home sale to hit records in South Florida, with the sale of a waterfront property at 1417 North Venetian Way for $27.5 million, or about $3,600 per square foot. The 7,600-square-foot residence has five bedrooms, five full bathrooms, two half bathrooms, a dock and a pool. Built in 2023, the home last sold in 2024 for $23.9 million. It went back on the market in February, with an asking price of just under $28 million. Dora Puig with Luxe Living Realty represented both sides of the transaction. The seller was a trust tied to Mark David Sutcliffe, founder of a software company, and his wife, Siobhan Sutcliffe. The buyer was another trust.
📊 Residential: In Wellington, an equestrian estate at 15293 Sunnyland Lane changed hands for $11 million. The property spans more than 7 acres and previously traded for $4 million in 2022. The seller was an LLC managed by Nicolas Paillot of Paillot Equestrian. The buyer was an LLC linked to Wolfgang Stamp, a horse breeder. The main residence measures 5,000 square feet. The property’s equestrian facilities include 12 stalls, tack and feed rooms and large grass paddocks, according to Zillow. Its last asking price was just under $12 million. Anne Caroline Valtin with Engel & Volkers Wellington had the listing, and Lauren Brody with Partnership Realty brought the buyer.
📊 Residential: A waterfront home at 1011 North Venetian Drive sold for $10.8 million. The seller was Alejandro Chaban, and the buyer was Gustavo Gutierrez. Built in 1959, the home spans around 3,700 square feet and has three bedrooms and three bathrooms, along with a pool. Chaban purchased the property in 2024 for $10 million.
By the Numbers: Fewer deals, firmer prices — CRE’s mixed February
U.S. commercial real estate deals contracted in February, more so because of last year’s outliers than because of a troubled market.
CRE transaction volume fell to $30.3 billion in February, representing a 13 percent year-over-year decline, according to the latest capital trend report from research firm MSCI. However, volume is up 21 percent for the past 12 months.
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