On the most recent Fried On Business program, I had the unique opportunity to interview someone who’s not only an expert in South Florida investment real estate but also a fan of the show and a great friend.
I first met Adam Tiktin of Miami-based Tiktin Real Estate Investment Services more than 20 years ago when we were both doing a community service project.
We’ve kept in touch ever since. He spent some 15 years with Marcus & Millichap to become their No. 1 agent in the Miami office.
But now he has struck out on his own, with a focus on commercial real estate investment sales. He specializes in shopping centers and single-tenant net lease properties across the state and office buildings in the tri-county area.
“There is a lot of cash sitting on the sidelines right now. I’d say there’s as much cash looking out there looking for deals as I’ve ever seen, so there’s a huge amount of demand in the marketplace – and there’s very little supply,” he said.
Tiktin said retail property owners are holding tight to their properties because the tenants are paying, the cash is flowing, and vacancies in South Florida are at an all-time low.
“There’s definitely deals out there. They’re just hard to find, and you really have to find good people – good advisors who can help you find the opportunities,” he said.
Vacancy in the South Florida retail market is around 3.7%, Tiktin said, and in suburban areas there is very little new construction.
But, geographically speaking, there are pockets of opportunity – so-called sleeper markets that are just now beginning to wake.
One of those, we both agree, is North Miami Beach. The place is exploding, with a very pro-development city government and lots of quality folks doing amazing work in the area.
Tiktin likes it so much that he recently moved back, taking up residence at Marina Palms.
“There’s so much happening in that area that there’s an energy about it. There’s that saying, ‘What’s old is new again.’ It’s basically like Lincoln Road was 15, 20, 25 years ago, where it was really run down but people started pumping money into it and it really came up,” he said.
“That whole corridor from I-95 going all the way to Sunny Isles Beach has been run down for years, but there’s some big money going into that area and people are taking notice.”
Now, in full disclosure, Tiktin and I are working on a significant deal in North Miami Beach. We have an exclusive listing on what will become Aventura Greynolds Village on West Dixie Highway at 179th Street.
It consists of three acres next to Greynolds Park. The 139-unit development is approved for mixed-use, but most people are starting to look at it for apartment development.
It’s really a once-in-a-lifetime opportunity.
The North Miami Beach office market is strong also, Tiktin said. Several new projects are slated for development, and there’s some completed space on 163rd Street.
Across South Florida, occupancy is tight and, in some markets, land prices are very high, he added. That’s prompting developers to look outward to areas like North Miami Beach.
This was a great interview with lots of detail for anyone interested in South Florida investment real estate.
Click here to listen to the full conversation with Adam Tiktin of Tiktin Real Estate Investment Services.