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Sabal Development and 8290 Partners have sold a 10.17-acre parcel in Miami for $24.5 million to Lennar Homes.

Sabal Development Trades 10-Acre Miami Parcel to Lennar Homes for $25M

Miami, FL-based Sabal Development and 8290 Partners have sold a 10.17-acre parcel located at 8290 SW 120th Street in Miami for $24.5 million. Lennar Homes acquired the property; no listing agents were involved in the off-market transaction.

 Sabal Development purchased the parcel for $6.3 million in January 2015. The company originally requested to rezone the site to build 20 single-family homes in a community known as Veridian Grove. Following a new Comprehensive Development Master Plan), Sabal requested to rezone the site to permit 34 townhomes and 20 homes.

“We are thrilled to sell this special 10-acre Miami parcel for $24.5 million to Lennar Homes, who will make our vision for the community come to life,” said Pascal Nicolai, founder and CEO of Sabal Development.

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Inside The Story

Sabal Development's Nicolai

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.

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