The Real Deal Miami

Pointe at Brickell Village site sells for $5.4 million

June 21, 2010 10:30AM

A private equity group has paid $5.4 million for a one-acre site in
Miami’s financial district. The June 11 sale by Union Credit Bank was
for approximately 36,000-square feet, working out to about $150 per
square foot. The site, at 1100 South Miami Avenue, had been repossessed
from developer Village Partners, which had intended to build Pointe at
Brickell Village on the site. At the time of foreclosure, Union Credit
Bank had been owed $7.6 million in principal. [SFBJ]