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

Brokers say the site could be developed into flagship restaurant property

Miami /
May.May 25, 2021 06:00 PM
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.

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.






    Related Articles

    arrow_forward_ios
    The Collection CEO Ken Gorin and developer Ugo Colombo. (Getty, Spring Engineering)
    Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership
    Ugo Colombo’s The Collection nabs $65M construction loan for second Coral Gables dealership
    Six people who were previously employed by Four Seasons Miami are going after the hotel in a class action labor suit. (Getty, District Court of Southern Florida, WikiMedia / Averette)
    Four Seasons in Miami leaves staff on “perpetual furlough” to avoid severance pay: lawsuit
    Four Seasons in Miami leaves staff on “perpetual furlough” to avoid severance pay: lawsuit
    Cain International's Jonathan Goldstein, OKO Group's Vlad Doronin and the Brickell condo renderings. (Getty, OKO Group & Cain International)
    Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
    Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
    JDS Development's Michael Stern with a rendering of the One Southside project (JDS Development)
    Michael Stern’s tower site deemed brownfield, paving way for tax breaks
    Michael Stern’s tower site deemed brownfield, paving way for tax breaks
    Brickell dev site hits market, broker expects it to fetch more than $25M
    Brickell dev site hits market, broker expects it to fetch more than $25M
    Brickell dev site hits market, broker expects it to fetch more than $25M
    Valerio Morabito and Ugo Colombo. (Getty, CMC Group/Morabito Properties)
    Trying to make waves? Ugo Colombo, Valerio Morabito launch sales of Onda condo development in Bay Harbor Islands
    Trying to make waves? Ugo Colombo, Valerio Morabito launch sales of Onda condo development in Bay Harbor Islands
    Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
    Silicon Valley’s Founders Fund inks Miami lease
    Silicon Valley’s Founders Fund inks Miami lease
    Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
    Related to partner with Baccarat on major Brickell high-rise development
    Related to partner with Baccarat on major Brickell high-rise development
    arrow_forward_ios

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

    Loading...