Thank you for sharing!

Your article was successfully shared with the contacts you provided.

KENDALL, FL-The Wall Street Journal reports that local investors Tomas Cabrerizo and Maurice Cayon have acquired 4.5 acres from homebuilder Lennar Corp. for $2.3 million in this Miami suburb. The developers are planning a future 250-unit multifamily project on the site.

The article says that the acreage is part of a nine-acre plot acquired by Lennar Corp. in 2003 for $15 million. The land is located near Dadeland Mall, which is on N. Kendall Drive and the Palmetto Expressway.

“It’s an exceptionally strong buy,” Charles Forschini, a CB Richard Ellis broker who wasn’t involved in the transaction tells the Wall Street Journal. “When the market recovers, it’ll recover at that location first.”

The article goes on to say that Miami ranks behind Las Vegas and New York in Real Capital Analytics’ ranking of distressed real estate markets. Approximately $7.6 billion of property in the area was in default, delinquent, in bankruptcy or foreclosure as of last month, the article notes.

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?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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.