CBRE Arranges $23.5 Million Sale Of North Miami Beach Development Site

CBRE has arranged the sale of a prime 2-acre development site at the gateway to Sunny Isles Beach and Aventura, two of the fastest-growing, affluent neighborhoods in South Florida.
The property, located in North Miami Beach on the northeast corner of U.S.1/Biscayne Boulevard and 163rd Avenue, a highly-visible crossroads two miles from the Atlantic Ocean and Aventura Mall, was acquired for $23.5 million by a partnership between Aventura real estate investors and developers CK Holding Group and Privé Land Banking. It is currently home to a single-tenant retail building under a triple-net lease to a nightclub, but is located within a district recently rezoned for high-density redevelopment.
CBRE’s Calum Weaver and Gerard Yetming brokered the sale.

Prive Group CEO Javier Rabinovich commented: “There are very few development sites in South Florida featuring such a valuable combination of main thoroughfare visibility and access, proximity to affluent neighborhoods and flexible development potential.”

 

“163rd & Biscayne is a ‘main and main’ location in North Miami Beach  that serves as the gateway to both Aventura and Sunny Isles,” said Mr. Weaver. “The opportunity was well received in the market due to its prime location and in-place cash flow.”

The new owners are currently developing a plan for the mixed-use development of the parcel designed by renowned Miami-based architectural firm Arquitectonica.
The property at 2355 NE 163rd Street in North Miami Beach provides quick access to neighboring Sunny Isles and Aventura.
The site provides exceptional visibility with a combined average daily traffic count of more than 120,000 cars. Immediately east, Sunny Isles Beach is a city of growing affluence and international acclaim, home to condominium towers featuring average pricing well in excess of $1,000 per square foot.
To the north of the site, Aventura is home to one of Miami’s most affluent communities with an average household income of over $86,000 and Aventura Mall, the third-largest shopping mall in the United States. Both neighborhoods are expected to see strong population growth of 11% over the next five years.