BH Group, PEBB and partners pay $40M for Miami development site
A group of developers paid $39.5 million for a development site near the Brightline passenger rail station in Miami’s Overtown neighborhood.
The Central LLC, an affiliate of Aventura-based BH Group and Aventura-based Meyers Group, sold the 1.03-acre site at 533 N.W. Second Ave. The buyer was a joint venture between BH Group, Boca Raton-based PEBB Enterprises, Miami-based Florida Value Partners and the Chicago-based John Buck Co.
Berkadia’s Jaret Turkell, Roberto Pesant, Scott Wadler, Yoav Yuhjtman, Omar Morales and Jose Mota represented the seller in the deal. Centennial Bank provided a $19.75 million loan to the buyers.
The property last traded for $4.3 million in 2016, so it had a huge gain in value.
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