MIAMI—Miami International Centre, a 20.89-acre former yacht manufacturing facility and existing 90-slip marina with access to the Miami River in Miami, has traded hands. The sale price: $35.5 million.

HFF marketed the asset on behalf of the seller, Alecta Real Estate Investment. Interterra Investments Group purchased the asset.

Miami International Centre is poised to be home to a world-class mixed-use development featuring retail, hotel, residential, office and/or marina uses. At almost 21 acres, it is the largest land parcel located immediately east of the Miami International Airport and is directly across from the Miami Intermodal Center, Florida's most significant rail transportation hub.

“With its proximity to Miami International Airport, the Miami Intermodal Center, the Miami River and the Dolphin Expressway, we feel that the Miami International Centre site is the most highly-connected development opportunity in Florida,” says HFF associate director Maurice Habif. “With the recent zoning changes to Palmer Lake, the site and the immediate area are ready to become the next great hub of development within South Florida.”

The site is part of the recently-created 220-acre Palmer Lake Metropolitan Urban Center zoning district established by Miami-Dade County to foster the creation of a modern urban center. It consists of Upland Parcel, which houses six warehouse buildings totaling 360,626 square feet, and the Marina Parcel, which has 37,982 square feet of existing buildings plus 90 covered boat slips.  The site has access to Biscayne Bay via its proximity to the Miami River.

Speaking on the Miami International Centre, Interterra Investments Group head Jorge Hector Bernstein has voiced that he considers the property the epicenter of Palmer Lake, and the property's proximity to an international airport ties into one of his personal mottos: Look for today's busiest airports, and you will find the great urban centers of tomorrow.