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Carlyle And Crow Buy Miami Industrial Site For $24M

2811 SW 70th Avenue 1200x600

A joint venture between private equity giant Carlyle Group and developer Crow Holdings bought land west of Coral Gables, likely for industrial development.

The duo paid $24 million for an 8.6-acre parcel at 2811 SW 70th Avenue, just south of Coral Way and adjacent to the Palmetto Expressway, and simultaneously secured a $72.1 million loan from Comerica Bank, property records show.

The joint venture will likely build warehouses on the site, which now serves as a surface parking lot for a towing company, and is zoned for heavy industrial manufacturing, wholesale distribution facilities, storage facilities and offices.

 

Source:  Commercial Observer