Miami-Dade - Big Deals - Brief Article

South Florida CEO, Jan, 2003

Good Investment Return: 75 Acres LLC of Surfside sold 26.5 acres at SW 138th Avenue and 143 Street for $13.87 million ($12 per square foot), to GFB Enterprises Management LLC. 75 Acres had purchased the parcel as part of a 75.92-acre, $10.1 million deal in March 2000.

Kendall Complex: Jetam Investment Ltd. sold the 375-unit Waterview Apartments for $23.05 million, to a buyer named after the complex, which is at 14901 SW 82nd Terrace in the Kendall area.

Turnpike Parcels: Rinker Materials of Florida sold two commercial land parcels bounded by NW 107th Avenue, Florida's Turnpike and 138th Street in Miami-Dade County. The sales were to Panama American Business Park Ltd., for $8 million and to Sysco Food Services of South Florida, for $13.42 million.

Golf Course View: A 330-unit apartment complex on the Country Club of Miami golf course sold for $21.25 million to Massachusetts-based Sawyer Realty Holdings. The company purchased the Ver-million Apartments, at 7055 NW 186th St. in northwest Miami-Dade County, for $64,394 per unit, from Jupiter Realty Corp., which had paid $15.92 million for the complex in April 2000.

RELATED ARTICLE: Deal Spotlight: Miami-Dade

On the Beach: The state of Florida has sold 10 lots in Altos Del Mar, Miami Beach's only single-family oceanfront area, located on the east side of Collins Avenue between 76th and 79th Streets. Buyer General Real Estate, run by Augstin "Tino" Herran (son of Sedanos CEO Manuel Herran) paid $7.55 million for the lots, which are spread throughout the neighborhood (six facing the ocean and four facing the street) and zoned for 4,500-square-foot, single-family homes. The lots represent about half of the those purchased by the state in the 1980s with the idea of turning them into a city park. The city ended up buying 11 of the lots in 1998, and still plans to turn them into a park