Falcon Funds Local Miami Developer on Airport Project
Falcon Real Estate Investment Company, LP is pleased to announce that it has acted as real estate advisor for an investment in the Venamerica Project. This is a joint venture development project with respect to 6.83 acres of land located immediately adjacent to Miami International Airport in Miami, Florida. Mr. Robert Cambo, President of Alliance-Commercial Real Estate Group of Miami, will act as Developer of the project.
The land, which is located at 7675 NW 12th Street in Miami, also contains a 31,000 square foot office/warehouse facility. The purchase price for the land was $4 million and construction financing for the proposed development was obtained from Hamilton Bank, Miami.
The investment group represented by Falcon, which includes a number of investors from outside the United States, will collect the entire proceeds from the investment until the group receives a specified minimum priority return. Afterwards the group will split the remaining proceeds with the Developer under a pre-arranged formula.
Mr. Robert Moreira, Vice President of Falcon Real Estate in the company’s Miami office, said, “The area around Miami International Airport is developing very rapidly, since this is one of the most active cargo airports in the world and the demand for warehouse space is very strong. This was a unique opportunity to acquire a piece of land that is excellently located and will have many potential users for any industrial or retail buildings that might be built on the land. We expect to have a fairly quick and profitable turn around on this project.”