MIAMI—The former immigration building has changed hands. Ackman-Ziff Real Estate Group closed the sale for $12.5 million free and clear of debt.

The Ackman-Ziff Miami investment sales team represented the seller, a Miami-based investment firm. David J. Hart of Immigrate USA, an international Chinese investor, represented the buyer.

“The timing could not have been more perfect to purchase this asset, with all of the redevelopment activity currently occurring in the area,” says George Vail, a managing director in Ackman-Ziff's Miami office. “The northern end of the region will benefit greatly from the on-going redevelopment of the Design District located just to the South. The buyer intends to redevelop the existing improvements into a mixed-use property consisting of hotel, residential and retail components.”

Completed in the 1960s, the office building was approximately 165,000 square feet and vacant at the time of sale. The sale also included a 25,000 square foot retail center and vacant land site totaling approximately one acre.