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Miami commercial real estate purchased by high profile investor

Along with the summer sun in July, real estate in Miami just keeps getting hotter and hotter. Announcements of new purchases, sales, and redevelopments are constantly in the Florida news, and the prices reflect confidence in the Miami commercial real estate market. In sharp contrast to the real estate slump during the recent recession, well-respected investors are turning to Miami with the expectation that the good times are here to stay, at least for the foreseeable future.

Bruce Berkowitz is the most recent high profile investor to take part in Miami’s real estate market boom. Berkowitz is well known for his stock picks in the Fairholme Fund, a mutual fund anchored in Miami followed by many in the industry. Berkowitz additionally manages a company, Fairholme Midtown Association, which just purchased a commercial real estate site in the Edgewater district of Miami. The purchase price of the parcel was $7.6 million dollars, and it is expected that Berkowitz’s company will place a new office building on the 47,415-square-foot site. Analysts believe that Berkowitz’s purchase sends a message to developers and potential property owners that Miami commercial real estate is a strong investment right now.

Involvement in a complex commercial real estate transaction can be rewarding, both personally and financially. A skilled attorney can assist with all aspects pertaining to the purchase or sale of real property.  Such steps can include contract negotiation, drafting a purchase agreement, asset-based lending, real estate closing, secured transactions, commercial mortgages, venture capital, and additional due diligence and documentation.

Source: South Florida Business Journal, “Investment guru Berkowitz buys Miami development site for $8M,” Brian Bandell, July 10, 2013

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