Portfolio near Brickell CityCentre sells for $22M

Land by massive development trading at premium prices

November 27, 2013 10:30 AM

302 Southwest Seventh Street

An eight-property portfolio near the site of the massive Brickell CityCentre development has sold for $22 million, The Real Deal has learned.

Two Miami-based companies traded the portfolio between Southwest Seventh and Eighth streets and Southwest Third and Fourth avenues, according to Miami-Dade County records. The site includes an eight-unit apartment building, small warehouse and six vacant lots totaling 1.4 acres. The transaction closed on Nov. 14 and was recorded by the county last Friday.

Brickell Main Gate sold the portfolio to La Chanson Overseas. The buying company is managed by Jose Maria Carneiro da Cunha, according to state corporate records. No financing was recorded.

Swire Properties is currently building the $1 billion Brickell CityCentre near the site sold to La Chanson. Market observers say the mixed-use development should transform the surrounding area. With that in mind, numerous investors have paid a premium for nearby land.

For instance, The Related Group paid $32 million for an undeveloped 1.4-acre parcel steps away from CityCentre in June. The property previously traded for $18.1 million in 2005 and just $9 million three years ago.

Around the same time, a company tied to a Russian oligarch paid $21.5 million for nearly 34,000 square feet across from CityCentre. That transaction was part of the bankruptcy cases of Miami developer Renzo Renzi. — Eric Kalis

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