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Morrocco Enterprises Buys 1.91 Acres; Future Development Possible

MIAMI-The company purchased the land for $4.225 million with proceeds from the sale of an apartment property. The city wants a retail/multifamily project developed there, says a broker involved in the transaction.

By Melissa Bogdany | Updated on July 09, 2003

MIAMI-Morrocco Enterprises Inc. has purchased nearly two acres of land here that the company will probably develop in the long term, according to a broker involved in the sale.

The 1.91 acres of land sold for $4.225 million, or about $2.21 million per acre, and the seller was Citibank FSB.

The property, located at 1770 Biscayne Blvd., includes one older building, which broker Rosendo Caveiro of Grubb & Ellis calls “functionally obsolete.” Citibank has a branch in the building and will be there for a minimum of 18 months, says Caveiro, who represented Citibank FSB in the sale. Eventually, plans are to close it, he adds.

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