The Real Deal Miami

Private investment group buys 22 acres in Midtown Miami

December 07, 2011 02:40PM

Private investment group Midtown Opportunities has purchased 22 acres in the 56-acre Midtown Miami development. The deal includes 16 acres within Midtown Miami along with the six-acre Chiquita Banana facility that borders the project. The terms of the deal were not disclosed. Developer Alex Vadia will lead future development through Midtown Development, a limited liability company. Holliday Fenoglio Fowler arranged the deal, led by Manuel de Zarraga, executive managing director and Ike Ojala, director, who represented Midtown Equities. “Midtown Opportunities has been very attached to Midtown from the onset and shares the same long-term vision for this neighborhood as we have since launching the project in 2004,” said Joe Cayre, principal of New York-based Midtown Equities, which will continue to own and manage the property’s existing commercial real estate component. Cayre mentioned the land, particularly the Chiquita site, in an interview with The Real Deal earlier this year.