In a noteworthy real estate transaction, a big box retail building in Aventura, home to a Ross Dress For Less store, has sold for $17.7 million. The sale marks a modest profit over its last sale price, reflecting the ongoing demand for retail space in South Florida.
Details of the Sale
The building, located at 18495 Biscayne Boulevard, fetched $17.7 million, which equates to approximately $624 per square foot. This sale comes seven years after the property last changed hands in 2017 for $16.38 million, resulting in a gain of over $1.3 million for the seller. The property is strategically located just five miles from the Aventura Mall, one of the region’s most popular shopping destinations, and is surrounded by other notable retailers, including a Dick’s Sporting Goods, Publix, and Olive Garden.
Real Estate Trends in South Florida
This sale adds to the list of significant retail property transactions in Florida in recent months. Notably, the Lee Vista Promenade in Orlando sold for $68.5 million, and a retail center at 318 Lincoln Road in Miami Beach recently changed hands for $13.6 million, albeit at a loss. These transactions highlight the fluctuating dynamics of the commercial real estate market in the region, with some properties experiencing gains while others face challenges.