SOUTH BEACH REDEVELOPMENT WAVE CONTINUES WITH SALE OF COLLINS AVENUE FASHION DISTRICT PROPERTY

Miami, FL – June 12, 2013 – (RealEstateRama) — The CBRE Private Capital Group (PCG) arranged the sale of a 7,310-square-foot redevelopment property in the heart of the Collins Avenue Shopping District in Miami Beach, FL. The two-story, multi-family building at 825 Collins Avenue was acquired by Aria Development Group (principals Joshua Benaim, Tim Gordon and David Arditi) in partnership with Wexford Capital and 13th Floor Investments. The property is slated for a 10,000 square foot flagship retail development. CBRE represented the seller, FCI Miami Beach One, an entity affiliated with The Federated Companies. This is the second Collins Avenue redevelopment deal CBRE facilitated in 2013, indicating this renowned corridor’s continued appeal to developers.