Integra Investments just sold two parcels on the Miami River totaling almost three acres for more than $33M; the company bought them in 2011 for just shy of $12M. (We weren't math majors, but that seems like a big win.)
The company acquired the riverfront properties at an ideal time and at the right basis, according to Integra principal Nelson Stabile, and “we felt that the sale opportunity allowed us to realize substantial gains,” he tells us with a gift for understatement. The land at 300 South Miami Ave was purchased by KAR Properties, in a deal brokered by Colliers International.
The parcels are zoned for roughly 900 multifamily units (we used the Bisnow time machine to take a picture of the river in about 1900, but had no luck in buying the land for six bits). Nelson says the sale is part a larger trend of full turnarounds for formerly distressed properties now coming online at a premium price, driven by demand for development. Even though he doesn’t expect to find deals exactly like this anymore, Nelson adds that the locally based firm remains bullish on Miami.
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