Aria Buys South Beach Property

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Aria Development Group has purchased a 7,310-square-foot, two-story, multi-family property in Miami's famed South Beach neighborhood, with plans to redevelop the parcel into a 10,000-square-foot retail complex.

Aria principals Joshua Benaim, Tim Gordon and David Arditi, in partnership with Wexford Capital and 13th Floor Investments, paid $5 million for the 0.16 acre site located on Collins Ave., between 5th and 10th Streets.

"Aria Development Group recognized the property's potential for a 'higher and better use' in the shopping district," said Miguel Alcivar, an associate with CBRE's Private Capital Group who represented the property's seller, FCI Miami Beach One.

Aria is also the group developing 321 Ocean, a boutique residential development, in South Beach's South of Fifth neighborhood.