MIAMI—The former MacArthur Diary site in Miami has traded hands for $8.5 million. Jersey Art Holdings, a company led by Moishe Mana, a prolific land purchaser who invested in a string of Flagler commercial real estate properties last year, acquired the asset.

Avison Young principal John K. Crotty, Jay Ziv, senior vice president, and Michael T. Fay, principal and managing director of the Miami office, represented the seller, Paradise Dairy Acquisitions. The 5.32-acre development site sits at 2451 Northwest 7th Avenue, next to the Health District and Wynwood.

“Mixed-use and residential land continues to be pursued by developers and investors who recognize the lack of larger tracts of land five acres or greater available for development near core areas in Miami,” says Crotty. Under the Miami 21 plan, the site is currently zoned as a T6-8-0 and allows for 150 units per acre.