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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.
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| 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.
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| 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
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