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South Florida

Recent $9M sale shows Omni’s Genting affect

Victor Ticona’s Meridian TC Real Estate Group purchased 0.6 acres near the Omni Center for $9 million, the South Florida Business Journal reported, twice what the land sold for in 2004.

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The site, at 1837 NE Fourth Avenue, was part of a larger liquidation sale stemming from a $5.7 million foreclosure judgment against two properties formerly owned by Cameo Apartments and A-1 Management Corp. The pair defaulted on a $4 million mortgage, and filed for Chapter 11 bankruptcy protection, which was changed to a liquidation. Meridian scooped up the site with a $3 million loan from Cameo Apartments.

The Journal noted the elevated sales price reflects the huge uptick in land values since Genting Group purchased the Miami Herald building and the Omni Center with plans for a mega development. [SFBJ]