Midtown land trades for $12.3 million

Fifteen Group company bought site for $5.3 million four years ago

TRD MIAMI /
Jul.July 16, 2014 03:00 PM

A company tied to Miami-based Fifteen Group sold a land assemblage in the Midtown neighborhood at a significant premium from what it paid four years ago.

Fifteen Midtown Properties completed the sale of nine properties totaling a little more than one acre for $12.3 million in a transaction recorded last week, according to Miami-Dade County records. The company paid $5.3 million for the 3601, 3610, 3630, 3651 and 3701 North Miami Avenue and 17 and 25 Northeast 36th Street parcels in November 2010.

The 2010 transaction also included an office building at 47 Northeast 36th Street that was not part of last week’s sale.

The buyer is Aventura Hotel Properties. State corporate records identify Francisco Arocha of Miami as the company’s manager. Aventura Hotel received a $7.5 million mortgage from Midtown 8 Land LLC for the acquisition.

Adam Greenberg, Michael Lapointe and Krystelle Lopez of Newmark Grubb Knight Frank marketed the property on behalf of the Fifteen Group company. The site’s existing zoning would allow mixed-use construction of up to 20 stories.

As the buyer’s company name suggests, a hotel is planned for the site, Lapointe told The Real Deal.

“This sale shows the continued strength of the market and investor demand for the area,” he said. “This property in particular is planned to be a hotel. That reflects the demand for alternative uses in the area around Midtown and the Design District.”

Another Fifteen Group company took in $15.8 million from the sale of the Baltus building in the nearby Design District in April. Thor Equities paid about $12 million more than Fifteen Group spent on the property in January 2012.— Eric Kalis


Related Articles

arrow_forward_ios
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)

Virgin Trains seeks $350M to build five stations in Miami-Dade

Virgin Trains seeks $350M to build five stations in Miami-Dade
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...