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C&W’s Mike Davis, Rick Brugge, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented the seller in the transaction with support from Zachary Eicholtz and Brooke Tulley.
Plans for the parking lot include a 12-story, 100,000 square foot Class “A” office tower on top of structured parking.
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.
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.
HGI purchased the property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades.
Gridline Properties’ brokers Alfredo Riascos and Yonatan Missika represented Rilea Group in the off market transaction located at 56 NE 29th Street.
The 97-key boutique hotel marks the most recent acquisition for the group as part of its plans to acquire $300 million in hospitality assets across the U.S.
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