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Florida & Gulf Coast  + South Florida  + Apartments  | 
PPG Development has purchased the Bay Harbor Towers condos in Bay Harbor Islands, FL for $32 million.

PPG Development Lands $32M Condo in Bay Harbor Islands after Bidding War

Blanca Commercial Real Estate and MSP Group, LLC, have completed the sale of Bay Harbor Towers condominiums in the Miami submarket of Bay Harbor Islands for $32 million ($1,066,667 per existing unit). The companies had exclusive listing agreements with 100% of the 30-unit owners.

“Coordinating a sale of an entire association is one of the most rewarding transactions,” said Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group. “It brings life-changing wealth to so many people as the existing units traded for over 300% of their market value on an individual basis.” 

The property was acquired after a bidding war by PPG Development, LLC, which is also has 700 planned multifamily units in development in North Miami Beach and is redeveloping the Diplomat in Hallandale.  PPG recently purchased The Altair Hotel in the Bay Harbor market.


Inside The Story

Blanca Commercial Real Estate's Cohen

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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