One-acre property in Brickell sells for $16 million

A nearly one-acre property just blocks away from the rapidly rising Brickell City Centre project has sold for more than $16 million in two separate deals, the latest one announced Tuesday.

“It’s a very interesting property because of how central it is,” said Octavio Rinaldi, co-owner of CWV Realty Group, which brokered the sale. “It’s a corner lot and there is a lot of value in the land. They can build at least 24 stories of hotel, condo and retail properties with city approval.”

Brickell is experiencing a real estate boom with construction happening around the neighborhood, including at Brickell City Centre, a $1 billion development that will feature condominium, hotel, office and retail space.

The nearby Starlite East Motel sold for $24.8 million late last year.

The area’s center-of-gravity is shifting west away from the water as more new housing and retail complexes spring up around the financial district, said Peter Mekras, a senior vice-president at the Coral Gables-based commercial real estate firm CREC.

The $16.45 million deal reflects that shift, said Mekras, who was not involved in the sale.

“15 years ago this would have been off-the-beaten-path,” Mekras said. “Now it’s incredible real estate.”

The buyer is Millennium Developments of Brickell LLC.

The parcel — comprised of two lots with addresses at 190 SW 8th Street, 195 SW 9th Street and 161 SW 9th Street — is zoned for mixed-use development. It is currently occupied by a gas station and two small apartment buildings. Millennium Developments bought the gas station property in May for $9.25 million.

The latest deal, the sale of the two family units, was valued at $7.2 million, or $436 per square foot.

The two lots had previously sold for a combined $4.6 million in separate deals that closed in 2004 and 2005.

Correction: A previous version of this story did not make it clear that the property was sold in two separate deals.

Nicholas Nehamas

This story was originally published February 4, 2015 at 5:37 PM with the headline "One-acre property in Brickell sells for $16 million."