Property Markets Group paid $30 million for less than an acre of oceanfront in Sunny Isles Beach as the New York City-based developer expands its reach in South Florida.
Working with partners S2 Development, PMG purchased the 0.85-acre parcel at 17141 Collins Avenue from Mexican developers Palermo Beach LLC, who had plans for architect Kobi Karp to design a 42-story condo high-rise called Unique.
Palermo paid $20 million for the land, sandwiched in between Jade and Trump Ocean, in March 2012, netting a 50-percent return in only 18 months, according to Miami-Dade County records.
Mario Borda, the chief of Engle & Volkers’ commercial division, brokered the sale, a spokesperson told The Real Deal.
Earlier, New York-based Mission Capital Advisors announced it had lined up $128.5 million in construction loans for PMG’s high-end residential projects, Echo Brickell and Echo Aventura.
Source: The Real Deal