Blanca Commercial Real Estate, along with MSP Group, LLC, a boutique investment sales shop based in Miami, announced the sale of Bay Harbor Towers, a luxury waterfront residential property located at 10141 and 10143 East Bay Harbor Drive in Bay Harbor Islands.
The 1.03-acre property sold for $32 million, which equated to a price of $1,066,667 per existing unit.
Prior to the marketing of the site, the Board of Directors at Bay Harbor Towers designated a committee and instructed them to explore the sale, which led to their interviewing and receiving proposals from several brokerage houses, including some of the world’s largest firms. After a highly competitive interview process, the committee elected to have Cary Cohen of Blanca Commercial Real Estate along with Deme Mekras of MSP Group, represent the many owners of Bay Harbor Towers. The duo signed exclusive listings with 100% of the 30-unit owners and commenced a far-reaching marketing campaign.
“Bay Harbor is no longer Dade County’s hidden treasure. Our extensive marketing process elicited global interest from numerous top-tier developers, as we expected, given the truly unique nature of this opportunity,” said the listing team. The duo shared that “Coordinating a sale of an entire association is one of the most rewarding transactions. It brings life changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.”
This rare, waterfront Bay Harbor Islands development site was highly sought after due to its immediate views of Biscayne Bay, Bal Harbor, Sunny Isles and distant views of South Beach, Edgewater, and Downtown Miami.
The buyer, PPG Development, LLC, led by Founder and CEO Ari Pearl, is a commercial and residential real estate developer focused on the South Florida market, which has a substantial pipeline of development projects already underway, such as 700 planned multifamily units in North Miami Beach and the ongoing redevelopment of the Diplomat in Hallandale. PPG also has recent experience in Bay Harbor market with their purchase of The Altair Hotel.
The pair of listing agents also shared that “The unit owners at Bay Harbor Towers knew that their dated building sat on irreplaceable real estate and wanted to take advantage of current market conditions; we were pleased to deliver best-in-class results to this group of sellers. Development sites with amazing bay views rarely come to market anywhere in Miami, much less on coveted Bay Harbor Islands. Ultimately, a significant bidding war ensued leading to a $32 million sales price and we firmly believe this was a win-win for both buyer and sellers.”
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