CBRE arranged the sale of a 31,835-square-foot infill development site in Miami’s Edgewater neighborhood to a private investor for $12.5 million.
Benjamin Silver and Leslie Maister with CBRE represented the seller, Canada-based developer 35 Oak US 3 Inc., in the transaction.
The development site is situated in the center of Miami’s urban core on the southwest corner of Northeast 27th Street and Northeast 5th Avenue, just minutes from Wynwood, Midtown and the Design District. The property consists of six parcels with T6-36A-L zoning, which allows for the highest density and greatest variety of uses within Miami’s urban core, including 382,020 buildable square feet and a maximum height of 36 stories.
“The property’s location as one of few remaining undeveloped infill sites in South Florida fueled investor interest. Ultimately, CBRE sourced a national private buyer who was interested in accumulating substantial sites to hold long-term rather than developing immediately,” said CBRE Senior Vice President Silver.
CBRE Vice President Maister added, “The buyer’s investment horizon allowed it to pay a higher price for the property consistent with future appreciation, which was attractive to the seller.”
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