Two grocery-anchored retail trades and a ten-building warehouse park changed hands this month at prices that say more about where capital is going than any vacancy report will. Five stories, and the tenant read on each.
Doral Marketplace: $83M for 88,938 SF. SJC Ventures sold the Whole Foods-anchored center to a group led by Jonathan Perlman, who assumed $50.1 million of existing Bank of Texas debt to close it. That is roughly $933 per square foot. For context — county-recorded sales, not asking rents — Miami-Dade retail that traded in 2025 ran a middle band of about $337 to $920 per foot across 145 clean sales, median near $511. So $933 sits above the top quartile. Brand-new construction, 43,000 SF of Whole Foods on the anchor pad. It should.
What that means if you are a shop tenant there or in a center like it: an owner who assumed fixed-rate debt has a coupon to cover and less room than a cash buyer. That pressure shows up in the CAM reconciliation before it ever shows up in base rent. Read your next statement line by line, and if your lease has no cap on controllable CAM, that is the clause to fight for at renewal. Comparable Doral sale prices are worth pulling before you accept anyone's characterization of the market.
Coconut Creek industrial: $99M for 337,000 SF. CIP Real Estate bought the ten-building Lyons Business Park at 6601 Lyons Road with a $66.9 million BMO Bank mortgage behind it. Call it $294 per foot for multi-tenant small-bay.
Broward's own recorded comps cannot check that number right now. The county file shows four industrial sales in 2025 and one in 2026 — a recording gap in the source, not a collapse in Broward deal volume. Go back to 2024, where the file carries 115 clean sales, and Broward industrial ran roughly $230 to $336 with a median around $284. Against that, $294 is ordinary basis. Not aggressive. Small-bay tenants in that park should not brace for a repricing shock at renewal. They should expect a new owner who marks every suite to market and reads the holdover clause closely. Broward warehouse pricing in more detail, and what actually sold in Coconut Creek.
A California company took Suite 800 at 222 Lakeview. Stablecoin Development Corp — formerly NovaBay Pharmaceuticals — moved its headquarters from California into Esperanté Corporate Center, the 17-story, 256,000 SF West Palm Beach tower owned by Related Ross, JZ Capital Partners and Greenmont Group. The stated reason was cost.
That is the West Palm story in one lease. Companies are not arriving for the view. They are arriving because the all-in occupancy number pencils against California, and it still pencils after four years of Palm Beach rent growth. If you already occupy that building, your landlord now has a fresh comp signed by a tenant who moved 2,700 miles to pay it. Start your renewal survey earlier than you planned. West Palm Beach sale comps are a reasonable place to start.
376 apartments coming to 1055 N. Federal Highway. Pacific Life put up a $74 million construction loan for the eight-story Fort Lauderdale project, 207 units of it affordable. Rooftops pull retail demand behind them on an 18-to-30-month lag, fairly reliably. If you lease service or food space within a few blocks of that site, the moment to extend at today's rate is before the certificate of occupancy, not after. Fort Lauderdale comps here.
Miami's office record is still doing damage in renewal packets. The record Brickell lease from earlier this month has started appearing as an anchor in quotes for buildings that have nothing in common with a trophy tower. I wrote about that at length: Miami's record office rents aren't your number. Short version — a comp you would never compete for does not belong in your negotiation.
My read
Capital is paying up for income it can underwrite. Grocery anchors with credit tenants. Small-bay industrial with rent roll in place. Everything else is getting picked over. That is not a rising tide, it is a sorting, and the sorting favors tenants in the buildings capital has decided to skip.
And the limit
Every price above is one transaction. A single sale is a data point, not a comp set. Property value turns on things a county record cannot show — condition, remaining term, tenant credit, whether the roof is five years old or twenty-five, whether the seller had a choice. The recorded bands I quoted run weeks to a quarter behind the market on top of that, and I gave you the sample size next to each one for a reason. Use them to judge whether a number is plausible. Do not use them to price your building.
If you want a real one, that is a conversation, not a lookup. Talk to a tenant-rep advisor before you sign anything.
Own the building rather than lease it? See what property actually sold for in your city, or request a broker opinion of value. More market commentary in the blog archive.