DEVELOPMENT

SITE SELLS FOR $41.5M

Real estate investment and development firms Aria Development Group and Wexford Real Estate Investors have sold a 28,000-square-foot parcel with 100 feet of direct ocean frontage at 9163-9165 Collins Ave. in Surfside, Florida. Aria in partnership with Wexford sold the property to Fort Partners for $41.5 million.

The partnership acquired the land in 2013 while the site was encumbered by a long-term ground lease in a complex off-market transaction. They used the financial principles applied to a long-term zero-coupon bond that is inflation protected and saw that the investment had upside with limited downside risk.

FORBES GLOBAL PROPERTIES ADDS LONDON’S CHESTERTONS TO GLOBAL NETWORK

Forbes Global Properties has welcomed Chestertons to its global network. Established in 1805, and now owned by Chairman Salah Mussa, Chestertons will exclusively represent the Forbes Global Properties brand.

Boasting one of London’s largest network of offices, the firm has nearly 600 employees who draw from an unparalleled depth of data-backed local market knowledge. Chestertons combines innovative online and traditional marketing platforms to deploy personalized campaigns that ensure optimal exposure and maximize results for sellers.