South Florida’s real estate market continues to demonstrate remarkable strength, with a Miami medical facility claiming the top commercial transaction of the week at $32 million. The property, located at 8665 Bird Road in the Coral Gables area, served as an off-campus emergency center for Coral Gables Hospital and sits on nearly 8 acres of prime land.
The landmark sale saw an affiliate of Amdur Management, which had owned the property for decades, transfer ownership to an LLC managed by Miami-based Supermarket Management. This significant transaction highlights the continued investor interest in healthcare-related real estate throughout the region.
On the residential front, Palm Beach took the crown with a stunning $25 million sale at 239 Emerald Lane. Tech entrepreneur Mac Cummings, co-founder of Terakeet, purchased the impressive 7,200 square foot estate featuring six bedrooms and nine and a half bathrooms from Buck House Limited. Meanwhile, in Pinecrest, attorney Jose Armas and his wife Stephanie sold their mansion on Old Cutler Road for $17.5 million to healthcare executives Nicholas and Francesca DeStefane.
Adding to Miami’s real estate prominence, the city has now surpassed New York as the location with the highest office asking rents in the nation. According to a recent LoopNet analysis examining 5,000 office listings across 50 markets, Miami logged an average asking rent of $59.66 per square foot, compared to New York’s $50.56. This milestone underscores Miami’s transformation into a premier business destination attracting companies and investors from across the country.
