COLLIERS CLOSES $33.1M LAND SALE FOR MIAMI RIVER VILLAGE

MIAMI — Colliers International South Florida has arranged the sale of two sites totaling nearly three acres in Miami’s central business district (CBD) for $33.1 million, or $256 per square foot. Larry Stockton, Alex Morcate and Jeff Resnick of Colliers International represented the sellers, Riverfront Parcel 5 LLLP and Riverfront Parcel 6 LLLP, both controlled by Intergra Investments. The buyers, MRP Parcel 5 LLC and MRP Parcel 6 LLC, are both controlled by KAR Properties. The land parcels are part of Miami River Village, Miami CBD’s only gated waterfront community. KAR is approved to develop 1,426 units in three high-rise towers, the first of which is an 800-foot tall condominium property. Colliers International has another multifamily site in Miami’s Brickell neighborhood that is under agreement, according to Stockton.