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South Florida

Site near Brickell City Centre sells for $7.2M

Lots sold to Millennium Developments of Brickell
Lots sold to Millennium Developments of Brickell

Argentine businessman Alfredo Coto bought two lots south of the Miami River, The Real Deal has learned.

CWV Realty brokered the $7.2 million sale one block away from the future site of Brickell City Centre, the real estate company announced this week. Combined with a nearby lot Coto purchased in May, that brings his investment to $16.45 million.

Coto bought the lots at 195 Southwest Ninth Street and 161 Southwest Ninth Street. The Coto family is known for running a large supermarket chain in Argentina.

The site is already approved for development up to 24 stories tall, according to the press release. BMN Investments, represented by Fortune International Realty, was the seller.

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“Apart from the expertise and professionalism of our in-house brokers, CWV, also a development company, can provide counsel to clients and detect when land has potential,” CWV CEO Octavio Rinaldi said in a statement.

Rinaldi, Florencia Yagodnik and Maria Eugenia Alvarez Vitale brokered this week’s deal of 16,500 square feet. The two parcels last sold for $2.1 million in 2005.

The buyer, Millennium Developments of Brickell, bought an adjacent 19,466-square foot property at 190 Southwest Eighth Street in May for $9.25 million, Miami-Dade property records show. That brings Millennium’s acquisitions to less than an acre.

CWV, which represented Coto through Millennium Developments, also represented Coto in a record-breaking $125 million sale in downtown Miami last year.

An earlier version of this story incorrectly stated that the two parcels were sold for $16 million and totaled one acre of land. Together with the May acquisition, the three parcels sold for $16 million and totaled .8 acres.