Miami, FL – January 22, 2015 – (RealEstateRama) — CBRE arranged the sale of a vacant 7.35-acre development site in the Edgewater neighborhood of downtown Miami. A Florida-based private company acquired the site at the corner of NE 2nd Avenue and 17th Street from BDB Miami LLC for $64 million. This transaction is one of the largest non-waterfront land transactions to be completed in the Edgewater area. The site is zoned for mixed-use with rights to build up to 3 million square feet of residential, retail, hotel and office.
“BDB Miami is the perfect canvas for a visionary developer,” said CBRE Senior Vice President Gerard Yetming. “Population growth for the one-mile radius around this site is forecast at nearly 10% over the next five years. With this acquisition, the buyer has an opportunity to capitalize on all of the new energy associated with Miami’s most transformative commercial real estate development projects.”
The site sits squarely in the center of Miami’s most substantial new developments, including Miami World Center to the south and the Design District to the north. To the east lies Biscayne Boulevard and a slew of new residential developments, and to the west is the red hot Wynwood retail district.
In representing the property, Mr. Yetming is joined by Robert Given and Zachary Sackley of CBRE’s Capital Markets, Multifamily; Casey Rosen and Dennis Carson of CBRE National Retail Investment Group; and Tim Gifford of CBRE Global Capital Markets.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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