Our acquisition started with securing the most vital component to the assemblage, the corner. The property was listed with CBRE, which has a very strong, long standing relationship with our firm. The deal had been brought to us months before our acquisition however we did not want to compete for an asset we knew we were the natural buyer for. It was our relationship combined with our curriculum vitae as one of the pre-eminent owner/ developers in the area that gave us an edge with ownership. After months of marketing, and entering into and out of contract multiple times, ownership was fatigued and considering keeping the asset and developing it themselves. The broker knew that if there was any time to make an aggressive move it was then, and at that time we tendered an all cash offer for $23,500,000 in cash with only 30 days for due diligence, and 15 days to close. Almost immediately after receiving our letter of intent, ownership requested a meeting with us, and at that meeting we hashed out the final details and proceeded to a very smooth closing. Through this transaction we cultivated a very good relationship with the owners which made for a great deal, making all parties happy. While in the midst of our negotiations and due diligence on the corner, the adjoining parcel, a 78,321 sq. ft. parcel of un-improved land was brought to us as an off-market deal by the same CBRE team that brought us the corner. Coincidentally we had an existing relationship with the owners which allowed us to quickly, and efficiently work out a deal to acquire the parcel for $12,700,000 with similar terms employed in the acquisition of the corner. Now, with 3.87 acres under control, we had what we thought was a significant development envelope to create a marquee project. With the middle parcel under control we engaged our Bilzin Sumberg team to commence talks with the Mayor of North Miami Beach and corresponding staff about our long term plans for the parcel, which were received very well. On September 17th, 2015 we closed on the corner and news of our acquisition spread quickly. A few days after the closing we were approached by the owner of the final parcel of our assemblage, a 47,611 sq. ft. parcel with a free standing single tenanted structure. What was so unique about this parcel, besides for the fact that it would give us nearly 5 acres that controlled this pivotal corner, was that it was the final piece of low density development separating our existing 3.87 acre assemblage, from 2 other projects on adjoining parcels which themselves would bring over 1,000 units of residential development to the overall swath of land. Additionally, the city expressed a great desire in our group acquiring the parcel so that it wasn’t the “odd man out” so to speak, as the other projects are already in advanced stages of planning and it would provide a strategic advantage to them. Once re-visiting our feasibility studies and project engineering, we decided the final parcel would make our assemblage even more valuable, and we proceeded to acquire the parcel for $12,600,000, the most expensive piece on a per sq. ft. basis. Our group is not only beyond satisfied with our investment and the prospect of what’s to come, we are overwhelmingly proud to own this one of a kind, historically significant asset which will prove to be one of South Florida’s most notable re-developments.