A large residential property in Miami Beach has sold for $11.5 million, The Real Deal has learned.
Coral Gables-based B.A.W. Realty acquired the waterfront parcel at 4567 Pinetree Drive, according to Miami-Dade County records. The county recorded the transaction on Jan. 8. No financing was recorded.
Kestenor Holdings of Palmetto Bay sold the 1.8-acre property. It paid $12.1 million for the land in July 2006.
The property was most recently assessed at $5.2 million by the county appraiser’s office. — Eric Kalis