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COCOA, FL-This Space Coast city is preparing a planned $300-million project called Brevard Crossings on a 271-acre tract southeast of Interstate 95 and State Road 524. It will be the largest mixed-use commercial undertaking to date.

New York City-based GoldenTree InSite Partners and Katsikos & Kern Partners of Miami purchased the land for an undisclosed sum. However, area brokers familiar with the Cocoa submarket tell GlobeSt.com the dirt probably went for about $50,000 per acre ($1.15 per sf) or a total $14 million. A representative for the buyers declined to disclose the contract price, the date the deal closed and the seller’s corporate or individual identity. The Doran Jason Group brokered the deal.

The developers’ prepared statement notes New York-based Lehman Brothers provided acquisition financing. GoldenTree InSite Partners is an eight-month-old joint venture between GoldenTree Asset Management of New York City; Tom Shapiro, a former senior managing director at Tishman Speyer of New York City; and Josh Pristaw, a former principal and co-head of acquisitions at Coventry Real Estate Advisors.

The joint venture’s investment activity to date includes residential, retail and office projects with a gross value of $1.2 billion, according to the statement. GoldenTree Asset Management has over $6.5 billion under management. Katsikos & Kern Partners was founded this year.

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