Thursday, April 18, 2013

HFF closes $29 million sale of development site on Biscayne Bay in Miami, FL




 4.5-acre development site along 
Biscayne Bay
 in Miami, Florida.

MIAMI, FL – HFF announced it has closed the sale of a 4.5-acre development site along Biscayne Bay in Miami, Florida.

Mannuel
de Zarraga
                HFF marketed the property exclusively on behalf of the seller, Equity Residential.  The Related Group purchased the site for $29 million. 

                The property is located between NE 31st and NE 32nd Street in the Biscayne Corridor close to the American Airlines Center, Arsht Center and downtown Miami. 

The 3.1-acre south parcel abuts Biscayne Bay with 180 linear feet of water frontage.  The north parcel has 1.4 acres and can be developed with a maximum of 219 residential units.  

Jaret Turkell
Once developed, the units will feature direct views of Biscayne Bay, Miami Beach, downtown Miami and Brickell and the Atlantic Ocean.

                The HFF investment sales team representing the seller was led by executive managing director Manuel de Zárraga and director Jaret Turkell, and supported by real estate analysts Scott Wadler and Maurice Habif.

“This is a favorable transaction for both parties and further evidences the strength of the Miami real estate market,” said Turkell.   

Biscayne Bay, Miami, FL
HFF’s Florida multi-housing and land group has closed more than $780 million of multi-housing transactions for the 12 months ending December 31, 2012, and the firm was also ranked as a top capital markets intermediary nationally by the Mortgage Bankers Association for the past five years.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

No comments:

Post a Comment