CBRE Hotels Announces Sale of Rare Miami Beach Oceanfront Site

Miami Beach, Florida – April 17, 2014 – CBRE Hotels has arranged the sale the former Golden Sands development site in Miami Beach, Florida – approximately one acre of developable land on Collins Avenue boasting over 125 feet of ocean frontage. In a joint venture partnership, SMG/Shamrock and W Capital Group of Miami Beach acquired the vacant lot at 6901 Collins Avenue, adjacent to the Canyon Ranch Hotel & Spa, from a subsidiary of Lehman Brothers. CBRE represented the seller.

The buyer plans to construct on the site a boutique, luxury 20-story tower comprised of  14 exclusive residences. Each residence, approximately 4,500 square feet, will occupy its own private floor. The penthouse residence will be 7,000 square feet and occupy the top two floors of the tower. All residences will boast stunning oceanfront and bay views. Groundbreaking is expected to occur in late 2014. 

 “The rebounding housing market combined with investors’ strong appetite for beachfront properties made this an opportune time to sell a rare site like this one,” said CBRE Hotel’s Christian Charre. “The property was widely marketed nationally and internationally, attracting investors not only from the United States but also from Europe, Latin America and Asia. There is a dearth of beachfront properties in Miami Beach, which results in a highly competitive environment among investors seeking entitled developable sites each time one comes onto the market.”

“In a region of megaprojects, the exclusivity of a boutique development situated on our pristine Miami beaches pushed the pricing in this transaction,” added CBRE’s Robert Given. “But in the world of gateway cities, this is still a very good transaction for the buyer.” 

Located on oceanfront in the highly sought after residential North Beach neighborhood, the 0.93-acre Golden Sands development site received approval in 2005 to allow up to 40 residential units comprising 57,945 net sellable square feet, 2,887 square feet of retail and 55 parking spaces in a 20-story building.

Christian Charre, Paul Weimer and Natalie J. Castillo of CBRE Hotels and Robert Given and Gerard Yetming of CBRE Capital Markets represented the seller.

CBRE Hotels is a specialized advisory group within CBRE Group, Inc. providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.