The Real Deal Miami

Ojus development site trades for $6.4M

Buyer has renderings for seven-story building on site

September 23, 2015 03:00PM
By Sean Stewart-Muniz

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An aerial view of the lot at 17990 West Dixie Highway and a rendering of the site from Transamerican

An aerial view of the lot at 17990 West Dixie Highway and a rendering of the site from Transamerican

A chunk of vacant land in Ojus, an unincorporated neighborhood between North Miami Beach and Aventura, was just sold to a developer for $6.435 million, The Real Deal has learned. 

The land is split into three parcels at 17990 West Dixie Highway in North Miami Beach. Two of the parcels are side-by-side and face West Dixie, while the third is separated by a small easement to the west. Altogether, they measure roughly two acres and are sandwiched between a condo complex to the south and single-family homes to the north.

The seller is Aventura Village LLC, which paid $1.65 million to acquire the parcels in 2003. Corporate records show the company is managed by Christopher G. Korge, a Miami lawyer and real estate developer.

A source close to the deal said the seller received just less than $4.4 million for the property. However, the buyer confirmed to The Real Deal that the sale price was $6.435 million.

A deed recorded Wednesday in Miami-Dade County transferred ownership to West Dixie Holdings, managed by Albert Benalloun. He’s a principal of the Transamerican Development Corp. based in Miami Beach. The company’s website has a rendering for the site, showing a seven-story building.

Engin Yergin and Steven Brosky of brokerage Common Capital Partners represented the buyer for this deal.

Yergin told TRD that the sellers were represented by Barry Goldmeier. His LinkedIn page shows that he is the owner of Goldmeier & Associates Property Brokerage & Consulting, as well as a member of the LandKo Investments development firm.

UPDATED 9/24/2015: Benalloun, principal of Transamerican, confirmed to The Real Deal that the final sale price was $6.435 million. He said he and his partner Hernan Gleizer, CEO of Optimar International Realty, are planning to develop a mixed-use project on the lots.

The easement splitting the parcels has already been vacated, and Benalloun said he plans to file a unity of title to combine all three lots into one contiguous property.

The whole area is finally redeveloping,” he said. “Since there’s no land left in Aventura and Biscayne Boulevard, the natural way of expansion is through West Dixie Highway; that whole area is growing tremendously.” 

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