Miami Beach Oceanfront Development Opportunity Hits the Market
The Castle Beach Club site represents the rare opportunity for developers to build a project that would re-shape the Miami Beach Skyline.
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The Castle Beach Club site represents the rare opportunity for developers to build a project that would re-shape the Miami Beach Skyline.
In addition, Berkadia lined up a $280.3 million loan for the acquisition.
JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995.
New York-based DRA Advisors bought the 1.7 million-square-foot office park
Once completed in the spring of 2022, the project will be a state-of-the-art warehouse facility with modern features such as a 36-foot clear height and 110 dock-high doors.
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With a sale price of ±$185 per square foot, the sale established a new high watermark for small bay warehouses.
Stiles Vice President Bill Pace negotiated the transactions.
The firm moved from Palmetto Park City Center at 120 E. Palmetto Park Road.
Drew A. Kristol and Kirk D. Olson, both Senior Vice Presidents of Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Konover South.
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