Russell Galbut Of Crescent Heights Acquires Development Site In Miami Beach For $15M

A 1.27-acre development site located at 1901 Alton Road in Miami Beach was sold for $15 million. The property includes a 6,654 square foot bank building that is set to be demolished. The new development will feature a 53,391 square foot, four-story Whole Foods market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $15,000,000
• Address: 1901 Alton Road
• Market: Miami Beach
• Asset Size: 1.27 acres
• Buildable Square Footage: 58,511
• Price Per Square Foot: $256
• Buyer: Russell Galbut - Crescent Heights
• Seller: Charles W. Scharf - Wells Fargo

This transaction involved Russell Galbut, who leads Crescent Heights, acquiring the property from Charles W. Scharf, representing Wells Fargo Bank. The deal highlights the ongoing development initiatives within the Miami Beach market.