Kar Properties’ lawsuit over the sale of 1428 Brickell was voluntary dismissed with prejudice yesterday (October 18).
It isn’t clear if the property will now be sold to Kar or to a competing buyer. Kar had offered at least $42 million, but a competing bid came in higher, according to court records.
Kar’s LOI stated that all but one of leases at the existing building on the property are to expire within 36 months, freeing the site for development.
A deal with any buyer will also have include a settlement with Walter Defortuna, who once tried to buy the property, court records show.