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.
