X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Four years ago, Raanan Katz, president, 17070 Collins Avenue Shopping Center in suburban Sunny Isles, FL paid $1.7 million or $175,620 per acre ($4.03 per sf) for a 9.68-acre tract, eight miles north of Downtown Miami.

Katz’s company sold the dirt in the last two weeks for seven times more than what it had paid for the land–$12 million or $1.24 million per acre ($28.46 per sf), according to Integra Realty Resources, AREEA/South Florida, a Miami real estate research organization.

The deal included 16.12 acres of submerged land on Biscayne Bay that the buyers may develop as a marina. The buyers are Aventura Preserve Investors, affiliated with Times Square Capital Management of Hartford, CT.

Bard Brenner of Sam Brenner Inc., Miami Beach, brokered the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.