Updated May 29, 2025
Melo Group Acquires 2.8-Acre Development Site In Miami For $211.5M From Swire Properties
799 Brickell Avenue
$211,500,000
Building Size
—
Asset Type
Development Site
Closing
May 28, 2025
About this deal
AI
Swire Properties sold a 2.8-acre development site located at 700-799 Brickell Avenue in Miami. The property was sold for $211.5 million in an all-cash deal. The previous plans for the site included a 1,000-foot One Brickell City Centre tower, which have since been scrapped.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $211,500,000
- Buyer: Martin Melo, Jose Luis Ferreira de Melo & Carlos Melo - Melo Group
- Seller: Henry Bott - Swire Properties
- Brokers: Robert Given & Troy Ballard - CBRE
- Acres: 2.8
Robert Given and Troy Ballard of CBRE represented the sale of the property. Melo Group has not yet announced any development plans for the recently acquired site.
On the Map
$211,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93