ALM Properties, Inc.
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Filling Station condo project sells for $9.2 millionThe unfinished 81-unit Filling Station condo project north of downtown Miami has a buyer. The property sold for $9.2 million, and investors plan to spend $11 million on completion.
2013-01-22 12:00:00 AM
The site of the unfinished Filling Station condominium project north of downtown Miami has been sold for $9.2 million.
A partnership between Miami-based NR Investments LLC and Aventura-based Taho Investments LLC closed Friday on the acquisition, according to an announcement from the buyers' brokerage. The companies plan to spend about $11 million to finish the 81-unit apartment project at 1650 NE Miami Court by the first quarter of 2014. The project includes ground-floor retail space.
The transaction has not been recorded by Miami-Dade County.
The seller is PAC Capital LLC, a Miami company managed by members of the Galbut family.
Construction of Filling Station was halted in 2010.
Metro 1 Properties Inc. president Tony Cho and commercial associates Fabian Graff and Mike Mattingly represented the buyers. Robert Kaplan of Ackman-Ziff Real Estate Group LLC represented PAC Capital in the sale.