Commercial real estate transactions of any kind can be complex and involve a number of negotiations during the process. A high-end real estate company based in Boston, TA-Realty, was involved in a transaction that could mean major changes to the Miami-Dade commercial real estate scene.
Realty Associates Fund IX, part of TA-Realty, recently sold 45 properties to real estate funds belonging to Brookfield Property Group based out of New York as part of a national portfolio deal worth $854.5 million.
Four industrial buildings in Miami-Dade County were sold to Brookfield for $60.8 million. The largest buildings in the deal are located on N.W. 23rd Street and N.W. 89th Place and are 173,871 and 85,091 square feet respectively. These properties were sold for over $28 million to Americas Gateway 1&2 LLC. BPREP has purchased numerous other buildings in the area in multi-million dollar deals.
Selling commercial real estate is very different from selling residential real estate. Commercial real estate requires you to analyze your business from a financial perspective and carefully value the property based on the net operating income. You should also focus on the investors point of view so that you can attract the right buyers and sell your property in a timely fashion. Consider the highlights of the location and make sure potential tenants are aware of these benefits. Lastly, make sure to complete repairs on the property so that it is in top shape before you start fielding offers. While commercial real estate transactions can be complicated, the right preparation will help ensure that your dealings will be successful.
Source: South Florida Business Journal, "Four buildings in Miami-Dade trade as part of $854M portfolio deal," Brian Bandell, April 18, 2017