Investment Group Buys 2.8 Acres Of Land In Greater Downtown Miami Published on 3/27/2012 3:05:33 PM
A real estate investment group with ties to Southern California has paid more than $8.7 million – about $71 per square foot - for nearly 2.8 acres of land just west of Biscayne Boulevard in Greater Downtown Miami, according to a new report from CondoVultures.com.
The land is located in the vicinity of the proposed Miami Worldcenter mixed-use complex that was reported to be a potential casino location until the Florida legislature rejected a bill in January 2012 that sought to bring full-fledged gambling to South Florida.
The buyer – Delaware-based Miami Third LLC with a mailing address of Centurion Partners AC LLC in Newport Beach, Calif. – acquired 17 parcels with more than 123,700 square feet of land located between Northeast 1st and Northwest 1st avenues, and 7th and 11th streets on March 15, 2012, according to Miami-Dade County records.
The buyer paid a price that about equals the combined 2011 assessed value of nearly $8.7 million set for the developable land by the Miami-Dade County Property Appraiser’s office.
It is worth noting the Miami Worldcenter Associates – a “joint venture” between Centurion Partners and Boca Raton-based Falcone Group – obtained approval in 2008 from the Miami City Commission for its proposed nine-block project that is envisioned to have more than 11 million square feet of hotel, retail, residential, office, and conference center space, according to a company statement.
In the March 2012 land transaction, the seller – OB Florida CRE Holdings LLC with an address in Fort Lauderdale – had only acquired most of the land a month earlier in February 2012 byway of a foreclosure auction initiated by Iberiabank as successor of the failed Orion Bank of Naples, Fla., according to government records.
In November 2011, Iberiabank obtained a “Final Default Judgment Of Foreclosure” in the amount of nearly $21.8 million - a combination of $18.3 million in principal, $2.9 million in interest, $462,500 in property taxes, and $33,300 in late charges - that set the auction date for January 2012, according to the order signed by Miami-Dade Circuit Court Judge Jerald Bagley.
Iberiabank subsequently entered into an “assignment of foreclosure bid, final judgment of foreclosure, and loan documents” to transfer its interest to OB Florida CRE Holdings LLC that in turn ultimately sold the land to the new buyer Miami Third LLC.
Leading up to the January 2012 auction, Iberiabank filed a notice of Lis Pendens – the first step in the foreclosure process – in June 2011 against the previous owner and borrower 13 Parcels LLC with ultimately Arthur Falcone of Boca Raton, according to Miami-Dade County and Florida Secretary of State records.
It is unclear what the new owner plans to do in the near future with the nearly three acres of developable land west of Biscayne Boulevard in the Downtown Miami.
Some proponents of South Florida casinos are optimistic the Florida legislature could reconsider – and approve – gambling during next year’s session, industry watchers said.
In the interim, South Florida is entering a new phase of condo development with nearly 30 new towers with more than 5,500 units already proposed near the coast for the tricounty region of Miami-Dade, Broward, and Palm Beach, according to the CondoVultures.com Preconstruction Condo Projects list.
As of March 23, 2012, at least five towers are under construction in South Florida, according to a recent CondoVultures.com report.
As of Dec. 31, 2011, nearly 4,300 developer units were unsold out of a supply of 49,000 units created during the condo boom that began in 2003 in South Florida’s seven largest coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to a recent CondoVultures.com report.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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