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Cities Close on Deals Too Good to Pass Up

MIAMI-Suburban officials compete with seasoned investors for discounted commercial properties.

By Eric Kalis | Updated on September 03, 2009

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

MIAMI-Encouraged by declining prices in a battered economy, municipal governments in Miami-Dade County have become aggressive buyers of commercial properties as they look to expand their inventories of public space.

While many elected officials are asking city and county managers to trim budgets and staffs to make up cash shortfalls, the cities of Sunny Isles Beach and Miami Gardens are being encouraged by councils and commissions to take advantage of declining property prices. Both cities have made several recent commercial real estate acquisitions and are in talks with other owners to buy more properties.

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