Worldcenter Developer Buys Property From Forbes At A Discount

An affiliate of mall developer The Forbes Company sold a property to an entity controlled by Worldcenter’s master developer at a loss.

Forbes Miami NE 1st Avenue LLC sold the land to Miami A/I LLC. The transaction was recorded on January 29.

Miami A/I paid $6,738,780 million for the vacant 5,000-square-foot parcel. Forbes bought it in July 2014 for $8 million.

Forbes and partner Taubman announced last month that they were cancelling plans to build an enclosed mall, in favor of high street retail. Miami A/I and other linked entities own most of the surrounding land where it would have been built.