Costco sells site near Doral to Trammell Crow for $19M
Property will be home to 7-building, 356-unit apartment development
UPDATED Jan. 4, 2021, 2:09 p.m.: Trammell Crow Residential and investment firm The Carlyle Group paid $19.2 million for a development site near Doral with plans to build an apartment project.
Costco Wholesale Corp. sold the 11.3-acre property, previously home to one of its locations, at 8300 Park Boulevard to the Tramell Crow affiliate. The buyer, CRP/Maple 8300 Park Owner LLC, also landed a $53 million loan from Santander Bank.
Jenny Arias May with Melnick Real Estate Advisors represented the buyer with Saul Perez of Trammell Crow Residential.
The developer plans to build Alexan Fontainebleau Lakes, a seven-building, 356-unit apartment project with a dog park, pool and clubhouse, according to documents filed with Miami-Dade County.
Trammell Crow, part of Crow Holdings, is based in Dallas and has a Boca Raton office. Ken Valach is CEO of Trammell Crow Residential. The Carlyle Group is based in Washington, D.C., and led by Kewsong Lee.
Other proposed multifamily developments in South Florida include a 79-unit apartment building with ground-floor retail space in west Dania Beach. Earlier this month, Alta Developers paid $17.5 million for 1.5 acres of land in Coral Gables to develop a 215-unit multifamily, mixed-use project.
Costco bought the Fontainebleau site in 1988 for $5.3 million, according to property records.
In October, a former Costco in Torrance, California, sold for $81 million to Realterm US.