Dealmaker: Marcus & Millichap Sells Miami Beach Waterfront Development Portfolio

Marcus & Millichap, Calabasas, Calif., sold a waterfront development portfolio on Normandy Isle in Miami Beach, Fla. The combined properties sold for $15.8 million. 

Shelly Argy, Associate in Marcus & Millichap’s Miami office, said the firm sold Pierre on the Bay and 2095 Bay Drive. “We had a tremendous amount of activity on this site from both developers and multifamily investors,” she said. “A real estate investment group based in Canada, Magnum Holding Co., acquired the site, as they strongly believe in the revitalization of Normandy Isles.” She said Magnum Holding Co. has a strong presence in central Florida and is expanding its footprint into south Florida.

Argy and Marcus & Millichap First Vice President of Investments Ryan T. Shaw listed the property for seller Manapoli 18 LLC and procured the buyer. Jonathan Kotler, Broker with Keller Williams, served as the buyer’s broker.

Pierre on the Bay at 2050 Bay Drive is a development site currently housing two multifamily buildings. The 70-unit, 35,405-square-foot property sold for $13.9 million. The waterfront property has views of Biscayne Bay in an area with significant demand for development opportunities. The other property, 7,250-square-foot development site 2095 Bay Drive, sold for $1.9 million.