BOCA RATON, FL-New York-based Urban America has sold a 12-acre site to the Cornerstone Group, a Coral Gables development company, for $1.9 million or $158,333 per acre ($3.64 per sf).

The site is a portion of the Lakes Mall located at the northwest corner of State Road 7 and Oakland Park Boulevard in Lauderdale Lakes, FL. Cornerstone plans to use it for the development of a mixed-use rental apartment/retail project which will contain 246 rental units and 15,000 sf of retail space.

Richard Davis, senior vice president, multi housing investment advisor-Boca Raton, led the Grubb & Ellis South Florida team in representing Urban America.

The other team members are Rosendo Caveiro, senior vice president, multi housing investment-Miami and Teresa Talley, senior marketing specialist-Miami. Alan West, senior vice president, investment advisory services-Boca Raton, assisted.

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