The former Bertram Yacht headquarters and marine service center on the Miami River in Florida was sold for $35.5 million.
The yacht builder left the site in 2012 and relocated to Merritt Island. It has since been searching for an anchor tenant.
MMM Northwest 37 LLC, an affiliate of San Francisco-based Alecta Real Estate Investment, sold the 20.85-acre property in two transactions to Interterra Investments Group and Intermarine Investments, according to the South Florida Business Journal.
Both buyers are based in Fisher Island, Fla., and are managed by Jorge H. Bernstein and Nicolas P. Bernstein. Birch Commercial Mortgage provided a $16 million loan for the deal.
The deed document indicates that a law firm in Argentina worked on the transaction, so it’s likely that foreign capital was involved.
Given zoning restrictions that favor the marine industry, it could be difficult to redevelop the riverfront portion of the property for other uses. The 15.5-acre piece at 3663 N.W. 21st Street is not directly on the river, but it’s still zoned heavy industrial. In fact, it was once floated as a possible home for the Miami Herald before the newspaper moved to Doral.
The property last traded for $17 million in 2011.
The following four properties changed hands in the deal:
- 3663 N.W. 21st Street, which has 311,100 square feet of industrial space in several buildings
- 3660 N.W. 21st Street, which has 12,234 square feet of marine industrial space
- 3550 N.W. 21st Street, which has 11,536 square feet of marine industrial space
- 3480 N.W. 21st Street, which has 9,868 square feet of marine industrial space.