Newmark Facilitates Sale Of Three Multifamily Properties For $133 Million
The properties comprise 656 units.
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The properties comprise 656 units.
The acquisition increases the company’s South Florida portfolio to 103 buildings totaling over 5.4 million square feet.
“This free-standing, single-user industrial building is a rare find that is in high demand in today’s highly competitive industrial market,” said Etner.
The 92,972-square-foot development site, which is located at 16 SE 2nd St in downtown Miami, is currently home to a parking lot.
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CBRE Senior Vice President Larry Genet, Executive Vice President Tom O’Loughlin , Executive Vice President Jose Lobón, Vice Chairman Christian Lee and Senior Associate Jake Zebede represented Brookfield Asset Management in the purchase
The project will comprise 250,000 square feet of retail and 578 affordable senior housing units. Retail tenants Include Target, Aldi, Ross, Five Below and more.
Miami Herbert has partnered with Project Destined to award two full scholarships funded in part by its Real Estate Advisory Board to Project Destined students, an effort spearheaded by Manny de Zarraga, Executive Managing Director, Investment Sales Advisory Platform Leader with JLL; Malcolm Butters, CEO of Butters; and Jackie Mansfield, principal developer at Tricap.
Reese Stigliano, President of Stigliano Commercial Real Estate, represented the sellers, Neill Farms FP, LLC.
HGI purchased the property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades.
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