Retail's as Steamy as a Miami Summer
South Florida retail isn’t merely hot, CBRE managing director Ken Krasnow tells us. “It’s on fire.” (It also lacks the appendages and dexterity to stop, drop, or roll.) Retailers want to be here, developers want to develop, and lenders want to lend to make it happen.
There’s an influx of new national tenants which, combined with regional and local tenants, makes for a very dynamic market, Ken says. (It's the "We are the World" of a real estate market.) Miami’s urban core is attracting a lot of high-end, luxury retailers, while all around South Florida there are a lot of new restaurant concepts, grocery stores, and food retailers; health/wellness centers and specialty gyms; and a ton of new medical users, or “Med-tail” tenants. “Retailers that sell an experience, not just a product, are the ones that are thriving in this cycle and will do well in the foreseeable future,” he predicts. Hear more of what Ken has to say as a panelist at Bisnow’s South Florida Retail & Hospitality Summit at the InterContinental Miami on April 1 (sign up here)
The heat is bringing in buyers looking for stable, unlevered, high-quality assets with solid demographics, CBRE’s Casey Rosen says. Such as 4650 University Dr in Coral Springs, anchored by Walmart, which Income Real Estate Trust recently acquired from Dizengoff Group for $11M. Casey and colleague Dennis Carson repped the seller in the deal, along with Avison Young.
