South Miami Avenue Parcel Sells For $28.2 Million

Colombian auto executive Carlos Mattos has continued his aggressive land-banking in the Brickell area with the $28.2 million purchase of 2.53 acres on South Miami Avenue, according to Miami-Dade County records.
Miami River Holdings LLC, a Miami company tied to Mattos, on Friday acquired the two-property site at 431 and 451 S. Miami Ave., according to a special warranty deed recorded Monday by the county. No financing or any other documents related to the transaction were recorded.
The seller is Miami Retail Partners LLC, which is managed by New York-based Millennium Partners. Millennium had once planned a massive mixed-use complex with residential towers, retail space and a movie complex in that area, but construction never began. Last year, the company sold more than 2 acres on South Miami Avenue for $14 million to Swire Properties, the Hong Kong-based company that is now developing the mixed-use Brickell CitiCentre there.
Mattos appears to be the latest investor to amass a sizeable land portfolio in the Brickell area.
In April, another company tied to Mattos acquired eight properties, including the 626 S. Miami Ave. home of Tobacco Road, for about $14 million. The broker who handled the sale said that Tobacco Road Property Holdings LLC, the Mattos-led company, acquired the site with the Brickell area’s evolution in mind. Any development of the site is not expected for the next five years, especially because Mattos and his partners already signed the Tobacco Road to a three-year lease with a pair of one-year renewal options.
Source: DBR



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