Fort Lauderdale, FL – May 14, 2013 – (RealEstateRama) — May 14, 2013 – CBRE arranged the sale of a two-acre waterfront development site on Biscayne Bay. The property known as Midtown Bay, at 475 NE 32nd Street and 3117 NE 7th Avenue in Miami, FL, was acquired by AXA Strategic Management for an undisclosed amount that included initial cash consideration of $20 million.
“Miami is no longer being defined by Brickell and South Beach. This transaction demonstrates the strong demand for well-located sites in fast emerging neighborhoods,” said Senior Vice President Gerard Yetming of CBRE Investment Properties.
With 321 feet of frontage on Biscayne Bay, the property’s zoning allows the development of a high-rise tower with up to 60 floors. The former owner had explored the development of a 33-story residential building.
Midtown Bay is located in the fast-developing Edgewater neighborhood of Miami, half a mile south of Miami’s Design District and eight blocks east of the Wynwood Arts District. It is within walking distance of some of the city’s most popular shops, nationally recognized restaurants, and nightlife within the Midtown Miami development. Proximity to Interstates 95 and 195 provides quick access to the area’s major employment centers, including Downtown Miami, Brickell Financial District, Miami International Airport, Miami Beach and the Hospital District.
CBRE’s Robert Given, Gerard Yetming and Zachary Sackley represented the seller.
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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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 Web site at www.cbre.com.
Marketing Director, FL
elizabeth.cross (at) cbre (dot) com
Marketing & Communication Specialist
tempe.seibel (at) cbre (dot) com