Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $35.5 million sale of Miami International Centre, a 20.89-acre former yacht manufacturing facility and existing 90-slip marina with access to the Miami River in Miami.
HFF marketed the asset on behalf of the seller, Alecta Real Estate Investment. Interterra Investments Group purchased the offering.
Miami International Centre is poised to be home to a world-class mixed-use development featuring retail, hotel, residential, office and/or marina uses. At almost 21 acres, it is the largest land parcel located immediately east of the Miami International Airport and is directly across from the Miami Intermodal Center, Florida’s most significant rail transportation hub. The site is part of the recently-created 220-acre Palmer Lake Metropolitan Urban Center zoning district established by Miami-Dade County to foster the creation of a modern urban center.
Miami International Centre consists of the Upland Parcel, which houses six warehouse buildings totaling 360,626 square feet, and the Marina Parcel, which has 37,982 square feet of existing buildings plus 90 covered boat slips. The site has access to Biscayne Bay via its proximity to the Miami River.
The HFF capital markets team representing Alecta was led by executive managing director Manuel De Zárraga, associate director Maurice Habif, managing director Jaret Turkell and director Marty Busekrus.
“With its proximity to Miami International Airport, the Miami Intermodal Center, the Miami River and the Dolphin Expressway (SR 836), we feel that the Miami International Centre site is the most highly-connected development opportunity in Florida,” Habif said. “With the recent zoning changes to Palmer Lake, the site and the immediate area are ready to become the next great hub of development within South Florida.”
Speaking on the Miami International Centre, Interterra Investments Group head Jorge Hector Bernstein has voiced that he considers the property the epicenter of Palmer Lake, and the property’s proximity to an international airport ties into one of his personal mottos: Look for today’s busiest airports, and you will find the great urban centers of tomorrow.
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