Key Biscayne Development Sells for $14M

MIAMI-Key Colony Plaza, a 30,527-square foot mixed-use property in the village of Key Biscayne, was recently sold to a Canadian investor based in Nova Scotia for $13.7 million. The seller was Tesaurus Holdings, whose principal, Fritz Scharenberg, also owns commercial real estate in Europe, says Christian Johannsen, senior vice president at Colliers International in Miami, who represented the seller.

Key Colony, which was built by Scharenberg, opened in August  2008. The property has 12,000-square feet of retail, 12,000 square feet of office and 6,000 square feet of storage space. Lead tenants include Starbucks, Mount Sinai Medical Center and Origin Asian Bistro & Sushi. The property was 96% occupied at closing. The transaction was a cash deal. After a letter of intent was received by the seller, the sale closed in less than 30 days, says Johannsen.