Broward County’s commercial real estate market is experiencing significant activity, with notable transactions and leasing agreements shaping its landscape. From major retail site acquisitions to substantial office complex refinancing and new leasing mandates, the region demonstrates robust investment and development interest.
Key Transactions and Developments
- Midtown Group Acquires Former Sears Site at Broward Mall: Midtown Group has purchased the 17.8-acre site of a former Sears store at the Broward Mall in Plantation for $28 million. This acquisition from Seritage SRC Finance marks a potential turning point for the mall, which, along with its remaining anchor stores, could be redeveloped into a mixed-use project.
- Refinancing for Royal Palm I and II: JLL Capital Markets has successfully arranged a $68.2 million refinancing for Royal Palm I and II, a two-building, Class A office complex in Plantation. The deal, secured for Lincoln Property Company through Barclays, highlights continued debt liquidity for high-quality office assets in Florida.
- JLL to Lease Sunrise Corporate Headquarters: JLL has been appointed to lead property leasing efforts for a recently acquired industrial facility in Sunrise. The transaction, a swift all-cash deal facilitated by JLL, saw Lincoln Property Company and Walton Street Capital acquire the asset from Miller Property Group. The property boasts modern industrial features and strategic access to major transportation routes.
Market Insights and Trends
JLL’s latest reports indicate a strong performance in Broward County’s industrial sector, with a vacancy rate of 3.3% in the third quarter, the lowest in the tri-county region. Average rental rates have also seen an increase, reaching $16.05 triple net, with approximately 350,000 square feet of leasing activity recorded during the quarter. Factors such as legislative changes, affordable housing initiatives, land constraints, capital migration, and excellent highway connectivity are fueling growth and demand throughout the county.
Notable Office Leases and Sales
In other significant office market news, the Corradino Group has secured a new office space at Hillsboro Center in Deerfield Beach, with JLL representing the tenant. Additionally, Ginnis & Krathen, P.A. has established a new Fort Lauderdale office, further indicating the demand for professional office space in the area. These moves underscore the ongoing demand for well-located and amenity-rich office environments within Broward County.
Sources
- Broward Mall Sears Store Bought by Midtown Group, Connect CRE.
- $68.2M refinancing secured for Broward County office complex, JLL.
- JLL tapped to lease Sunrise Corporate Headquarters in Sunrise, Florida, Miami’s Community News.