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SUNNY ISLES BEACH, FL-The Sunny Isles Beach Marina has been sold for $23 million to Urbis & Key International and Sunny Marina LLC, whose principals are from Spain and have recently invested in properties in Miami. The marina, at 400 Sunny Isle Blvd., is located on 2.5 acres with 640 feet of frontage on the Intracoastal Waterway, and the sale also includes 70,000 sf of submerged land.

The sellers are Fort Apache Marina LLC and Alfred R. Chouinard II. According to public records, Chouinard acquired the property for $7.3 million in July 2002, which indicates a gain of $15.7 million on the asset in just more than three years.

Bard Brenner of Miami-based Sam Brenner Inc. brokered the sale. He tells GlobeSt.com the new owners plan to develop the property into a condominium of more than 200 units. “Sunny Isles has just been rezoned,” he says, “and this is in an area that is now called `town center’ and allows for mixed-use development. Currently, zoning allows for 75 residential units per acre with a 14-story height limit.”

However, there are transfer development rights in which portions of a property can be donated to the city in exchange for variances, according to Brenner. The marina property now contains two buildings along with a dry storage area and is still in operation. “Plans for the new development have not been submitted yet,” he says, “so the 100%-final plan for the property is downstream. There are big potential variables, and, based on my discussions with the owners, development won’t begin for at least a year.”

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