CBRE Arranges $28.5M Off-Market Sale Of 1.1-Acre Development Site
The property features a full block’s frontage on Biscayne Boulevard between 25th and 26th streets.
The property features a full block’s frontage on Biscayne Boulevard between 25th and 26th streets.
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Colliers Vice President Virgilio Fernandez represented the seller and the buyer in the transaction.
The transaction — which closed Thursday afternoon —was direct with no brokers involved, and an all-cash deal.
The winning city can expect train service to begin in 2028.
The portfolio of 96 properties includes rental apartments, single-family homes, an office condo unit and a developable site zoned for a three-story rental building.
Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller, and John Crotty and Michael T. Fay of the Avison Young’s Miami office consulted with both parties on the transaction.
The site is expected to complete and obtain master permitting within four months.
Colliers South Florida Vice President Virgilio Fernandez represented the buyer and seller in the sales transaction.
Procacci has owned the land since at least 2013.
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