**Investor Group Acquires Miami Beach Parcels for Mixed-Use Development**
Eastern Union and Benmark Capital have finalized the purchase of two parcels in Miami Beach, with plans to develop a 90,000-square-foot, mixed-use project that will feature retail, residential, and Class-A office space. The development will consist of two adjacent five-story buildings situated on the newly acquired sites.
The partnership acquired the parcels for a total of $15 million. One of the sites currently houses a CVS store, while the other is an at-grade parking lot. The properties are located at 7410 Collins Avenue and 7400 Harding Avenue, directly across from the future Ocean Terrace development.
To complete the transaction, the buyers secured an $11.8 million acquisition loan provided by Benmark Capital. The investment group includes Abraham Bergman of Eastern Union and Charles Hoffman of Opal Realty NY, in collaboration with The Scharf Group—all based in New York.
Construction is slated to begin in July of next year.
