MIAMI—It's one of the largest commercial realestate transactions in Ocean Reef Club. The Marina Innproperty in the exclusive Key Largo, FL club just sold for $20million.

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George Pino, president of State StreetRealty, along with William Dickinson,broker associate at Ocean Reef Club Real EstateCompany, represented the buyer, Marina InnLand, in the deal. Russell Post Sotheby'sInternational Realty represented the seller.

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“Over the past 24 months, State Street Realty has participatedin $35 million of transactions at the private and exclusive OceanReef Club,” says Pino. The Marina Inn property is less than an hourfrom Miami.

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The buyer plans to redevelop the Marina Inn site with 30 newluxury condo units. The three-acre property includes 750 feet ofwaterfront and currently consists of eight large two-bedroom rentalproperties.

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Commercial real estate players have been active in the FloridaKeys this year. In September, two beachfront resort and marinaassets in the Florida Keys traded hands. Both in Islamorada, the Postcard Inn BeachResort & Marina at Holiday Isle and the La Siesta Resort &Marina sold.

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In August, a five-hotel Florida Keys portfolio sold. DelrayBeach-based Ocean Propertiessnapped up the516-room portfolio, which includes the Courtyard Key Largo, HolidayInn Key Largo, Marina Del Mar Resort & Marina, and Marriott KeyLargo, as well as the Travelodge & Suites Bayside Resortlocated in Key West.

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It's not often you hear about Key West multifamily assets trading.But in June, a joint venture with Rockpoint Group,Miami-based Mast Capital acquired a fee simpleinterest in West Isles Club. The sale price was $39.5 million, or$205,700 per unit.

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Hersha bought a Key West hotel for $100 millionin May. And in February,a private island in the Florida Keys has hit the market. PumpkinKey, which is part of the exclusive Ocean Reef community and lessthan an hour from Miami, listed at $110 million.

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