MIAMI, FL – HFF announced today that it has closed the sale of 22 acres of land within Midtown Miami comprised of 16 acres within the 56-acre Midtown Miami development (top left photo)and the six-acre former Chiquita Banana facility bordering the development.
HFF marketed the property on behalf of the seller, Midtown Equities, LLC. Midtown Opportunities, LLC, a private investment group, acquired the land for $57.25 million in an all cash transaction.
Midtown Miami, located over the bridge from Miami Beach and close to downtown, is a 56-acre development that is currently improved with more than 110,000 square feet of retail and office space.
(Miami Midtown development photo by Miami Herald, bottom right)
Retail tenants include Sugarcane raw bar grill, Mercadito Midtown, The Cheese Course, Sustain, DogBar, BLO Blow Dry Bar and Green Monkey.
The vacant lots acquired by the buyer are defined by Northeast 36th Street to the north, Northeast 29th Street to the south, East Coast Avenue to the east and Buena Vista Avenue to the west.
The former Chiquita Banana distribution site is located on Northeast 29th Street and Northeast 2nd Avenue. Midtown Development, LLC, led by Miami-based developer Alex Vadia, will lead future development of the parcels.
The HFF investment sales team representing the seller was led by executive managing director Manny de Zárraga and director Ike Ojala (lower left photo).
Midtown Equities is a privately-held real estate investment and development company that serves as the investment platform for the Cayre family. Headquartered in New York, the firm maintains a portfolio of more than 100 properties that encompass more than 14 million square feet in the retail, office, residential, industrial and hospitality sectors.
Contacts:
MANUEL DE ZÁRRAGA IKE OJALA
HFF Executive Managing Director HFF Director
(305) 448-1333 (305) 448-1333
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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