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Minto Communities has unveiled plans for the 50-acre business park portion of the city of Westlake, which it is developing in western Palm Beach County.

The city was approved for 2.2 million square feet of commercial space, in addition to 4,500 homes. The home development is well underway, and hundreds of people are living there.

Minto Communities, the master developer, recently received city approval for the first phase of the commercial project. Deerfield Beach-based Konover South has agreed to buy 7 acres from Minto in order to build restaurant/retail buildings of 7,000 and 9,450 square feet. Called the Shoppes of Westlake Landings, it would be near the 7-Eleven service station that’s currently under construction.

Minto said another local developer has a 5.75-acre parcel in Westlake under contract in order to build a 107,290-square-foot self-storage facility. In addition, a 14.5-acre site is planned for an entertainment/sports concept and a 17.5-acre property is slated for a flex office/warehouse project. Minto said it’s discussing the latter two projects with several interested developers.

Publix also has plans for a 50,000-square-foot store in Westlake.

 

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The North Springs Improvement District is seeking developers to buy part of the Heron Bay Golf Club in Coral Springs.

The NSID, which provides water and drainage services for much of Parkland and Coral Springs, has the 220-acre shuttered golf course at 11801 Heron Bay Blvd. under contract for $32 million. It will convert much of the site into a preserve with walking trails and stormwater retention ponds. However, it has decided to sell 69 acres of the property along Nob Hill Road.

The North Springs Improvement District wants to sell 69 acres of the Heron Bay Golf Club in Coral Springs.
(IMAGE CREDIT: KATALYST REAL ESTATE)

Fort Lauderdale-based Katalyst Real Estate, led by President Don Ginsburg, was hired by the NSID to market the property. The NSID issued a request for proposals to consider bids for the land.

Ginsburg said the NSID wants to sell commercial development on the site for a use that will draw residents from the surrounding community. The only restriction is that the land can’t have homes. The RFP documents mentions about 20 retailers the community would like to see there, including bowling alleys, high-end retailers and sit-down restaurants.

 

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Skyscraper Buildings Made From Dollar Banknotes

The Green Street Commercial Property Price Index increased by 4.4% last month, with prices of every asset type included in Green Street’s index increasing.

The index is now a mere 1% below pre-pandemic levels.

“Top lines are improving, cap rates are declining, and property prices are quickly recovering lost ground,” said Peter Rothemund, managing director at Green Street. “In some cases, like self-storage, industrial, and manufactured home parks, prices are hitting new highs—and are now 15-25% higher than pre-COVID marks.”

Buyers and sellers have been in a standoff over pricing since the pandemic began, and rising prices suggest that buyers are now more willing to negotiate on price.

“While some discounting has occurred in unique situations, valuations of most asset types have largely held steady or surpassed pre-health crisis levels as strong buyer interest has aligned with limited for-sale inventory,” Marcus & Millichap notes in a recent report on the phenomenon. “This dynamic has also led to cap rate compression among sought after assets.”

Pricing may also be moving because of higher transaction volume, which helps with price discovery. Commercial real estate transaction volume is expected to recover relatively quickly through 2023, to $590 billion versus $500 billion in 2021, according to the Urban Land Institute.

 

Source: GlobeSt.