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South Florida

Related closes on $18.5 million purchase of 1300 South Miami Avenue

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Related Group’s purchase of the 1300 South Miami Avenue development site has now closed, according to HFF, which marketed the property on behalf of the seller, South Miami Ave, a limited liability company. The site is approved for the development of a 556-unit residential tower on a 1.29-acre mixed-use tract. It is also approved for 15,049 square feet of retail space and 38,357 square feet of office space. HFF’s Manny de Zarraga and Jaret Turkell represented the seller, an investment group led by Miami-based Alex Vadia. — Alexander Britell

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