{"id":1004659475,"date":"2023-04-27T14:03:54","date_gmt":"2023-04-27T22:03:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004659475"},"modified":"2023-04-28T05:19:28","modified_gmt":"2023-04-28T13:19:28","slug":"terra-led-investment-group-pays-1-2b-for-miami-waterfront-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/terra-led-investment-group-pays-1-2b-for-miami-waterfront-site\/","title":{"rendered":"Terra-Led Investment Group Pays $1.2B for Miami Waterfront Site"},"content":{"rendered":"
\"\"

The property formerly housed the offices of the Miami Herald. Image courtesy of Avison Young<\/em><\/p><\/div>\n

SmartCity Miami<\/strong>, an investment group led by Miami-based Terra<\/strong>, is acquiring a mixed-use property in downtown Miami from Genting Group<\/strong> for $1.23 billion. The deal is expected to close before the end of the year.<\/p>\n

The 15.5-acre development known as BayCity Miami, which formerly housed the headquarters of the Miami Herald, is located on Biscayne Bay in downtown Miami. Situated midway between Miami Beach and Miami International Airport, the site is the largest undeveloped waterfront property in the city\u2019s urban core and encompasses more than 800 feet of direct frontage along Biscayne Bay.<\/p>\n

The Avison Young team that represented Genting Group comprised Michael Fay, John Crotty, David Duckworth and Brian de la F\u00e9. Suzanne Amaducci led a team at law firm Bilzin Sumberg<\/strong> representing the seller. Ricardo Fraga of Greenberg Traurig<\/strong> and Laura Gangemi of Gangemi Law Group<\/strong> represented SmartCity Miami.<\/p>\n

There were nine offers on the property from prospective buyers, five of which exceeded $1 billion. Genting is retaining ownership of what it called a \u201csignificant\u201d portion of land adjacent to the project.<\/p>\n

In the office sector, Miami leads other southern markets for sales activity, CommercialEdge’s national office report shows<\/a>. As of March, deals in the metro totaled $435 million year-to-date, with assets being traded at an average rate of $396 per square foot.<\/span><\/p>\n

The Brookdale Group<\/strong> recently acquired Cornerstone Corporate Center I<\/a>, a 170,172-square-foot, Class A office building in Plantation, Fla., for $37.9 million, while Atlantic Coast Automotive Inc.<\/strong> affiliate Biscayne Real Estate Holdings LLC<\/strong> acquired Biscayne Centre<\/a>, a 156,446-square-foot office building in North Miami, Fla., for $39 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property is the largest of its kind in the city’s urban core.<\/p>\n","protected":false},"author":3154,"featured_media":1004659478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,1492,21752,21742,32781],"tags":[33022,38758,52001,35692,37836,51998,51997],"class_list":["post-1004659475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-miami","category-mixed-use","category-latest","category-southeast","tag-avison-young","tag-bilzin-sumberg","tag-gangemi-law-group","tag-genting-group","tag-greenberg-traurig","tag-smartcity-miami","tag-terra"],"acf":[],"yoast_head":"\nTerra-Led Investment Group Pays $1.2B for Miami Waterfront Site - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"SmartCity Miami, an investment group led by Miami-based Terra, is acquiring a mixed-use property in downtown Miami from Genting Group for $1.23 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/terra-led-investment-group-pays-1-2b-for-miami-waterfront-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terra-Led Investment Group Pays $1.2B for Miami Waterfront Site\" \/>\n<meta property=\"og:description\" content=\"SmartCity Miami, an investment group led by Miami-based Terra, is acquiring a mixed-use property in downtown Miami from Genting Group for $1.23 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/terra-led-investment-group-pays-1-2b-for-miami-waterfront-site\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-27T22:03:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-28T13:19:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Miami.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Fotios Tsarouhis\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/terra-led-investment-group-pays-1-2b-for-miami-waterfront-site\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/terra-led-investment-group-pays-1-2b-for-miami-waterfront-site\/\",\"name\":\"Terra-Led Investment Group Pays $1.2B for Miami Waterfront Site - 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