MIAMI—Condo developers aren't letting up on Miami Beach opportunities. The former Golden Sands development site in Miami Beach has traded hands.

In a joint venture partnership, SMG/Shamrock and W Capital Group of Miami Beach acquired the vacant lot at 6901 Collins Avenue from a subsidiary of Lehman Brothers. CBRE represented the seller.

“The rebounding housing market combined with investors' strong appetite for beachfront properties made this an opportune time to sell a rare site like this one,” says CBRE's Christian Charre. “The property was widely marketed nationally and internationally, attracting investors not only from the United States but also from Europe, Latin America and Asia. There is a dearth of beachfront properties in Miami Beach, which results in a highly competitive environment among investors seeking entitled developable sites each time one comes onto the market.”