CBRE Arranges $28.5M Off-Market Sale Of 1.1-Acre Development Site

CBRE has arranged the $28.5 million sale of a 1.1-acre development site in Miami’s Edgewater neighborhood to an undisclosed buyer.

Leslie Maister and Benjamin H. Silver of CBRE represented the seller, Infinity Real Estate LLC, in the off-market transaction. Infinity originally purchased the property at 2501 Biscayne Boulevard in June 2021.

“We were actively pursuing our development strategy when the opportunity presented itself to sell. Although we were not looking for an exit, this opportunity allowed our partnership to produce an attractive exit and focus our attention elsewhere,” said Infinity Partner David Berg.

The property features a full block’s frontage on Biscayne Boulevard between 25th and 26th streets. The land site houses Rima Mediterranean Grill & Bar and sits adjacent to Wynwood Bay, a 19-story apartment tower.

“CBRE identified an ideal buyer who has been interested in a high-profile development site and brought the opportunity to the landowner,” said CBRE Vice President Leslie Maister. “While the owner was not looking to sell, we were able to negotiate deal terms that made it an attractive transaction for both parties.”