Miami Firm Completes $320M Sellout Of Tony Condo Tower

Law360, New York (December 7, 2011, 3:56 PM EST) -- Cervera Real Estate has completed the sale of all 525 luxury condominium residences in a downtown Miami skyscraper for a total of $320 million in closings, which the firm said Wednesday signals a comeback for the struggling south Florida real estate market.

The residences in the 63-story tower located near the American Airlines Arena, where the NBA's Miami Heat play, sold for more than $400 per square foot and are now completely gone, according to a statement.

The sellout of the property at 900 Biscayne Bay, developed by Miami-based Terra...
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