The six-parcel assemblage forms a contiguous development site located in Miami’s Arts & Entertainment District. and is one of the last collections of undeveloped parcels in Miami’s urban core.
The deal illustrates investor appetite for Build-to-Rent (BTR) product in land-constrained South Florida.
Grover Corlew anticipates immediately breaking ground with completion expected by May 2027.
The transaction marks the first time in over 25 years that the 78,000-square-foot retail center has changed hands.
JLL Capital Markets led the sales efforts for the 371,000-square-foot light industrial portfolio adjacent to Miami International Airport.
Newmark’s Co-Presidents of Global Debt & Structured Finance Jordan Roeschlaub and Jonathan Firestone, Vice Chairman Nick Scribani, and Director Chris Lozinak secured the financing from Barings.
Corebridge acquired the property from Longpoint Partners for $43.5 million.
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The 4,502-square-foot live-work, loft-style industrial building—located at 437 NW 1st Avenue—was sold by the Charles L. Peet Revocable Trust.
Based in Fort Lauderdale, he will focus on both retail tenant and landlord representation, drawing from nearly a decade of experience in retail brokerage and leasing across Florida.