The $32 million transaction closed quickly as an all-cash 1031 exchange acquisition, trading at a record price per unit for the submarket and a cap rate below 5 percent.
Kripalani and Fernandez join C&W from Colliers.
The site spans 2.03 acres and encompasses two parcels. The East Parcel falls under Hialeah’s TOD zoning overlay, permitting up to 125 units per acre and building heights ranging from 3 to 15 stories. The West Parcels are zoned for mixed-use projects, allowing up to 60 units per acre.
The site’s zoning allows for 44 units, three stories in height, with a total buildable area of 126,341 square feet by right.
The properties offer premium positioning across the street from FIU’s main campus.
Colliers’ Mitash Kripalani, Director of Investment Services, represented the seller in the transaction.
Douglas Elliman Commercial Division Associate and CCIM Miami District Director Mitash Kripalani, CCIM negotiated the sale on behalf of the seller. CLICK ON THE HEADLINE FOR MORE
Douglas Elliman Commercial Associate and CCIM Miami District Director Mitash Kripalani negotiated the sale. CLICK ON THE HEADLINE FOR MORE
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