TSG GROUP AND LINEAIRE GROUP PARTNER TO ACQUIRE MIAMI PARCEL IN DESIGNATED OPPORTUNITY ZONE
FOR IMMEDIATE RELEASE
ANDER & Co
Vanessa Fioravante (email@example.com)
Sophia Leavell (firstname.lastname@example.org)
MIAMI (March 15, 2019) ─ TSG Group – a South Florida boutique, diversified real estate development and investment company – and Linéaire Group, a Miami-based investment and design firm, announced today the acquisition of a 30,000-square-foot land parcel in the Arts & Entertainment District for $5.9 million. Colliers International represented both parties in the deal. This marks TSG Group’s first purchase in a designated Opportunity Zone.
Located at 1765 North Miami Ave., the property is set just blocks from Wynwood and is zoned for multifamily development. In the past decade, the neighborhood has seen immense population growth with continued steady increases projected, according to the Downtown Development Authority’s (DDA) most recent demographics report.
“This deal signifies our first land acquisition in an Opportunity Zone and bullish approach to growing our portfolio in many of South Florida’s emerging areas,” said Camilo Lopez, Managing Partner of TSG Group.
TSG Group Managing Partner Jorge Escobar, in collaboration with Diego Bonet of Linéaire Group, will spearhead the Opportunity Zone regulation process. Escobar and Bonet each boast extensive financial market expertise, with Escobar having formerly served as Global Market Head of Chile for HSBC Private Bank, and Bonet having previously worked in the real estate finance divisions at The Carlyle Group and Goldman Sachs & Co. Saul Ewing Arnstein & Lehr real estate attorney Luis Flores represented the buyer in the purchase. The deal was sourced and negotiated by Linéaire Group.
As part of TSG Group’s long-term real estate strategy, the company also has plans to engage in a commercial development project in the Design District – DD41 – to encompass nearly 9,000 square feet of leasable retail space. The site, purchased in 2015, was recently designated as an Opportunity Zone.