“The success of this sale is a testament to the strong investor demand for forward-thinking, mixed-use projects,” says Taft. “The site's prime location in a residential neighborhood with strong market fundamentals; coupled with its immediate access to public transit, were important factors in securing this deal.”

MIAMI—Gables Station, a 4.3-acre development site in Coral Gables, FL, has traded hands. The sale price: $60.25 million. Coral Gables has been winning with tenants and investors this past 18 months. Developers are also looking for opportunities.

Aztec Group senior managing director Howard Taft, director Charles Penan, and vice president Jason Katz represented Berkowitz Development. An affiliate of NP International acquired the site.

“Development sites like Gables Station are rare opportunities and the incredible potential of the property was a driving factor in the closing of this deal,” Penan tells GlobeSt.com. Berkowitz Development acquired the site in 2005 and planned to build a vertical, big-box retail project.

Gables Station is located at 251 South Dixie Highway at the intersections of LeJeune Road, Ponce de Lean Boulevard and South Dixie Highway. NP International plans to develop a mixed-use, transit-oriented project on the site. This July, the buyer received conditional approval to build 526 luxury multifamily units, 66 hotel extended-stay units, 75,294 square feet of retail space, and a paseo with green space.

“The success of this sale is a testament to the strong investor demand for forward-thinking, mixed-use projects,” says Taft. “The site's prime location in a residential neighborhood with strong market fundamentals; coupled with its immediate access to public transit, were important factors in securing this deal.”