JLL’s Sky Groden Brokers $24 Million Sale Of 15 Acres In West Palm
Groden worked on behalf of the buyer, Jon Samuel of Midtown Group, in the sale from Realty Income. Palm Beach County has plans to occupy the property.
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Groden worked on behalf of the buyer, Jon Samuel of Midtown Group, in the sale from Realty Income. Palm Beach County has plans to occupy the property.
The sale price breaks down to approximately $417 per square foot.
This development is part of a strategic expansion of MMG’s portfolio into the residential sector. Widely regarded for its success in retail real estate, MMG is leveraging its expertise to create environments that seamlessly integrate commercial and residential uses.
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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