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The HFF team of executive managing director Manuel de Zarraga, senior managing directors Dan Carlo and Dan Peek and associate directors Jaret Turkell and Luis Castillo served as the exclusive sale advisor to the owner of the property, SBR-Fortune Associates LLLP ("SBR"). SBR is a 50/50 partnership comprised of affiliates of Sonesta International Hotels Corporation and Fortune International Realty, headed by Edgardo de Fortuna. The property was purchased for $78 million by an affiliate of Consultatio, S.A., a Buenos Aires, Argentina-based real estate investment and development firm.
"The former Sonesta site in Key Biscayne is the premier oceanfront development site along the eastern seaboard of the U.S. in what is far and away Florida's most vibrant residential and hotel market catering to the affluent markets of South America and Europe," said de Zarraga.
"That a prominent development group from overseas was the ultimate buyer of this unique property is a testament to how the international community views greater Miami as a very desirable venue for long-term investments," added Carlo.
The site contains an aggregate 10.3 acres with over 500 linear feet fronting the Atlantic Ocean and is entitled for 165 residential units.
HFF (NYSE: HF | Quote | Chart | News | PowerRating) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. www.hfflp.com.
SOURCE: HFF
HFF Executive Managing Director Manuel A. de Zarraga, 305-448-1333 mdezarraga@hfflp.com or Associate Director, Marketing Kristen Murphy, 713-852-3500 krmurphy@hfflp.com
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