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.
At approximately $90,000 per unit, the site’s per-unit pricing is the highest ever paid for a South Miami development site.
Kripalani and Fernandez join C&W from Colliers.
Colliers Vice President Virgilio Fernandez and Associate Alain Crego represented the seller, Robinson Julien, in the transaction. The buyer was self-represented in the purchase of the site.
The property includes 45,770 square feet of office space, 11,255 square feet of ground-floor retail, and a 40,000 square-foot parking garage, all contributing to a steady income.
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.
Colliers’ Vice Presidents Virgilio Fernandez and Pablo Camposano represented the seller in the transaction.
Colliers Vice President Virgilio Fernandez represented the seller and the buyer in the transaction.
Colliers Vice President Virgilio Fernandez represented the seller and the buyer in the transaction.
Colliers South Florida Vice President Virgilio Fernandez represented the buyer and seller in the sales transaction.
CRE-sources, Inc. is committed to ensuring that individuals with disabilities can access all of the goods, services, facilities, privileges, advantages, and accommodations that we offer through our website.If you are having trouble accessing the website, please call us at 954.290.3866 for assistance.
