Related pays $20.5M for Miami site

A 33.75-acre site in the Fontainebleau area of Miami has been sold to a Related affiliate for $20.5 million, the South Florida Business Journal reported. The seller was Fontainbleau [sic] Lakes LLC, which kept ownership of a portion of the land west of Northwest 97th Avenue. Fontainbleau is co-managed by Shoma Homes’ Masoud Shojaee and Pedro Martin, head of Terra Group. [SFBJ]