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.
The deal is an expansion for Cano Health, who previously occupied 29,834 square feet at the park.
Avison Young’s Florida Capital Markets Group negotiated the sales.
The State Attorney’s Office will be relocating from Civic Park Plaza.
The report further highlights need for more industrially designated land in the southern portion of Miami-Dade County in order to properly service residents in today’s e-commerce economy.
Transwestern Senior Managing Directors John Bell and Kevin Markwordt arranged the disposition on behalf of the undisclosed seller.
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