Below article reports the sale of the exclusive “South of Fifth” project, which is located in the Miami Beach neighborhood carrying the same name, between 1st and 2nd St on Ocean Drive. I will be interesting to see how the new owner & Related Cervera will be pricing and marketing the units. We will be reporting on it once there are further news….
“Commercial real estate investor iStar Financial (SFI: 190841088.00 +8.15%) acquired luxury Miami Beach real estate condominium project South of Fifth. The oceanfront property includes 28 residential units, three office units and one retail unit.
The price of the acquisition was not publicly disclosed, nor was the seller.
Cervera Real Estate was recruited to manage the property’s marketing and sales efforts.
Senior Vice President of iStar Anthony Burns said his firm has big plans for the complex, including a multimillion-dollar redesign of the seven-story building.
“iStar is excited to begin work on South of Fifth, and we’re confident our successful repositioning of the property will only further complement the property’s already world-class South Beach location,” Burns said.
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