In recent months, we’ve discussed a range of topics relating to South Florida’s commercial real estate market. We’ve considered the current state of the market, the benefits of investing in commercial properties and foreclosures, as well as facts you should know before you lease commercial property.
As the commercial market attempts to recover from its slump, properties in Broward County are being purchased by some unexpected buyers – local municipalities. Cities like Sunny Isle Beach and Miami Gardens are taking advantage of commercial foreclosure deals and grabbing up real estate for future expansion projects.
Sunny Isles Beach
The city of Sunny Isles Beach recently secured nearly 1.5 acres of land to use to build a new park. The two retail buildings were purchased for $9.3 million, and the city is in the process of purchasing a third retail property. This follows a previous acquisition of a 2-acre parcel.
Tags: Broward County, commercial foreclosure, commercial real estate, Miami Gardens, Sunny Isle Beach
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