Ugo Colombo’s CMC Group sells Brickell Flatiron sales center to Argentine investors

Brokers say the site could be developed into flagship restaurant property

Ugo Colombo with renderings of the project. (Getty)
Ugo Colombo with renderings of the project. (Getty)

Ugo Colombo’s CMC Group sold the Brickell Flatiron’s sales center for $6.5 million to Argentine investors who plan to build a retail project on the site.

The 11,088-square-foot triangle-shaped lot at 1101 South Miami Avenue is immediately south of Brickell Flatiron. CMC affiliate BP Development Holdings LLC sold the property. The buyer is Retail Ocean LLC, according to the brokers involved in the deal, Fabio and Sebastian Faerman of Fortune International’s FA Commercial.

The Faermans said the buyer is a group of Argentine investors who plan to attract a restaurant group looking for a flagship Miami location. The investment group would likely structure the deal as a ground lease to leave the buildout to the tenant, they said, declining to identify the investors. State records show the LLC is managed by Karina Grosman, a Fortune real estate agent.

In a statement provided to The Real Deal, Ugo Colombo said that now that Brickell Flatiron is completed and sold out, “we no longer have a need for a sales center.” Colombo said the firm is now focusing on its new projects.

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Chris Suarez of CMC Group represented the seller in the deal. The developer purchased the property as part of a larger assemblage for Brickell Flatiron in 2013. Sales of the luxury condo building launched in 2014.

CMC completed Brickell Flatiron, a 64-story, 527-unit tower in October 2019 at 95 percent sold, and later sold out the remaining units. The developer paid off the project’s $236 million construction loan at the end of 2019.

Colombo’s firm is partnering with developer Valerio Morabito on Onda, a 41-unit, eight-story project in Bay Harbor Islands. Sales launched earlier this year.