Procacci has owned the land since at least 2013.
The $244-per-square-foot transaction underscores the attractiveness of medical office assets as overall office sale activity has slowed.
Avison Young Principals Michael T. Fay, Jay Ziv, John K. Crotty, David Duckworth, and Brian C. de la Fé completed the sale.
One of the largest contiguous land sites available in South Florida, the development has a buildable program of 2,500 residential units, 240 hotel rooms, 480,000 square feet of retail space, and 650,000 square feet of office space.
The site is the largest undeveloped waterfront property in Miami’s urban core.
The sale closed at a record $784 per square foot.
The parcels total ±19.4 acres.
In the less than 24 hours since Bloomberg first reported the listing, investors from the U.S., Latin America, Europe, the United Arab Emirates and Canada have already expressed interest in acquiring the site.
The parcels sold for a total of $7 million which, coupled with the recently acquired 1.6-acre riverfront property on 7th Street, brings Newgard’s total land investment to $57.5 million.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented Alton Road Invest, LLC, during the disposition
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