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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.

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