Downtown Miami site sells for $8M to Aria Development Group affiliate

501 Northeast First Avenue in downtown Miami
501 Northeast First Avenue in downtown Miami

A company affiliated with Aria Development Group bought a building and adjoining parking lots in downtown Miami for $8.25 million last week.

Virginia Cole Investment Corporation sold four parcels near Miami-Dade College’s Wolfson campus to Aria 501 Acquisition on Jan. 8, according to Miami-Dade records.

The two-story building, located at 501 Northeast First Avenue, was built in 1924 and has an adjusted square footage of 23,800 with a lot size of 10,000 square feet. It was last sold for $1 million in December 1995, along with 5,000 square feet directly north at 511 and 515 Northeast First Avenue, which includes a paved parking lot.

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The seller, Aria 501 is tied to Aria Development Group, which is building a Yotel hotel nearby at 227 Northeast Second Street, it announced in December 2014.

The sale also includes a 7,500-square-foot parking lot directly west of the building at 121 Northeast Fifth Street. The parking lot last sold in April 1996 for $200,000.

Real estate investment firm Aztec Group handled the transaction for Aria Development, according to a news release.