HFF closes $10.3 million sale of development site across from Dadeland Mall in Miami
MIAMI, FL – July 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $10.3 million sale of a 0.9-acre development site situated directly across from Dadeland Mall in Miami’s Kendall neighborhood.
HFF marketed the site on behalf of the seller, Dadeland Building LLC, and procured the buyer, Greystar.
The site is strategically located at the heart of the Dadeland Golden Triangle near the nexus of U.S. 1, Kendall Drive, the Palmetto Expressway and Metrorail providing access to all of Miami-Dade County. The development potential for the site is driven by the close proximity of Dadeland Mall and major employment generators, including Baptist Hospital System and the University of Miami. The site will be home to a newly-built, high-rise seniors housing property, which will be known as Overture Dadeland. The 216-unit, active adult (55+) community will be part of Greystar’s growing national Overture™ platform (www.liveoverture.com).
The HFF investment sales team representing the seller was led by executive managing director Manny de Zárraga, managing director Jaret Turkell and associate director Maurice Habif.
HFF’s multi-housing team continues to be active throughout the State of Florida. During the past 24 months, the team has closed 25 multi-housing and land transactions in the greater Miami area and more than 120 transactions throughout the state, including sales, joint ventures and financings.
”With its central location within the Dadeland Golden Triangle, one of Miami’s most active and thriving urban neighborhoods, we feel that the Overture Dadeland is poised to perform exceptionally well for years to come,” said Habif. “It will serve a true need in this very desirable submarket.”
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, and Latin America, Greystar is the largest operator of apartments in the United States, managing over 400,000 units in over 160 markets globally. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $14 billion in gross assets under management, including $6.3 billion of developments underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. To learn more about Greystar, visit www.greystar.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.