A Cushman & Wakefield team in Fort Lauderdale closed the $34 million sale of two Miami Beach properties, signaling more investment in properties on the barrier island.
A.D.M.E. Real Estate LLC sold the 52,133-square-foot vacant property at 550 Ninth St., which used to be an assisted living facility, to 550 Ninth LLC for $17.6 million, according to the Miami-Dade County property appraiser’s office. The deal closed Feb. 15.
In the second transaction, TwoFifty Collins LLC sold the 23,260-square-foot, 27-unit luxury multifamily building at 250 Collins Ave. to Drago Capital Miami LLC for $14.6 million March 7.
Cushman & Wakefield executive managing director Calum Weaver and senior financial analyst Perry Synanidis, both in Fort Lauderdale, represented the sellers in both deals.
Both properties are vacant. The apartment building has been renovated and is ready for occupancy, but Weaver said the former ALF needs renovations.
Generally, it’s tough selling vacant properties, but this wasn’t an obstacle in these deals, he added.
“The common theme we found in both is we noticed an uptick of people looking in Miami Beach for opportunities. Selling vacant buildings is not the easiest, but in this case we got a ton of interest from investors both locally and in these cases internationally who wanted to put their flag on the beach,” he said.
The buyers are international investors, according to Weaver.
The expected uptick of investment and sales in Miami Beach this year would be a change from the past year. The city, although internationally recognized and a major tourist destination, experienced a sales slowdown amid the rise of neighborhoods across the causeway, such as Miami’s Edgewater and Wynwood.
This competition isn’t all bad for Miami Beach, Weaver said.
“The ability to invest or live in these other neighborhoods has kind of helped the beach to step their game up,” he said.
The renovation of the Miami Beach Convention Center and investment along Washington Avenue in turn are prompting more investors to look at Miami Beach.
The sale price for the closed ALF breaks down to $338 per square foot, while the apartment sale price breaks down to $540,000 per unit and $628 per square foot.
The property at 550 Ninth St. was the 196-bed Oceanside Extended Care Center. It could be redeveloped into, among other uses, a hotel, apartments or offices.
The units in the property at 250 Collins Ave. average 702 square feet and range from one to three bedrooms.