Tuesday, March 8, 2011

HFF closes $14.78 million sale of development site in Miami’s Brickell Financial District; Second development site sale by HFF in past two weeks

MIAMI, FL – HFF announced today that it has closed the sale of Coral Station, a three-acre development site located two blocks west of Brickell Avenue in Miami’s Brickell Financial District (top left photo). 

HFF represented the seller of the Brickell area site, BVT Development Partners, LLP, in the sale. 

A private foreign investment group led by Miami-based Alex Vadia purchased the site for $14.78 million all cash.  The HFF team representing the seller included executive managing director Manny de Zárraga, managing director George Vail and director Jaret Turkell.

The sale of this site represents the second major development site sale by HFF during the past two weeks.  The first land sale was the $25 million sale of a development site located in Surfside.  The buyers and sellers of the two sites are unrelated.

Coral Station is located at 1420 SW 1st Court adjacent to a Publix-anchored retail center in Miami’s Brickell area.  Potential development options may include residential and hotel, as well as retail. 

“The sale of the Coral Station site highlights the exceptional strength of the Brickell Financial District as the global financial capital of the Americas with a 24-hour live-work-play environment,” stated Manny de Zarraga.

Headquartered in Munich, Germany, with US operations based in Atlanta, Georgia, BVT provides equity capital across multiple sectors of the US real estate market, creating high quality offerings for the firm’s German investors and maximizing returns through disciplined investment management.

Manuel De Zarraga, HFF Executive Managing Director, (305) 448-1333 mdezarraga@hfflp.com                           
George Vail, HFF Managing Director, (305) 448-1333, gvail@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing,  (713) 852-3500,

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