Totaling 1.38 acres on the block running up to the iconic Lincoln Road, the portfolio includes 1.21 acres or 52,500 square feet of contiguous developable lots with an existing 55,516-square-foot mixed-use/retail structure along Alton Road and an additional 0.17-acre or 7,500-square-foot parking lot on the West Avenue side.
Avison Young’s Michael T. Fay and his team – John K. Crotty, David Duckworth, Brian C. de la Fé, and Berkley K. Bloodworth are spearheading the sale, pro bono.
The 120,000-square-foot medical center will offer teams of physicians, an on-site lab, pharmacy, and an AI-powered diagnostic center.
Colliers’ Executive Managing Director Mika Mattingly, Associate Cecilia Estevez, and Associate Christina Searles are handling the listing on behalf of the Klugler Family, the seller.
The project will add 244 new affordable senior housing units in Sweetwater.
The development site will be home to The M Tower, an approved 53-story, 440-unit apartment tower.
Skyler Marinoff represented both the buyer and seller in the off-market transaction.
The project will have a total cost of $25.4 million, consisting of a pair of five-story apartment buildings spread between 3.5 acres of land on the border of Miami-Dade and Broward County.
The asset was completed in Q2 2020 and is approximately 98 percent leased.
The properties comprise 656 units.
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