PMG Buys Johnson & Wales University Campus in North Miami for $60M

reprints


Developer Property Markets Group (PMG) has completed its purchase of the former Johnson & Wales University (JMU) campus in North Miami.

The real estate investment company paid “just under $60 million”, all in cash, CBRE’s David Wigoda, who represented the university, told Commercial Observer. 

SEE ALSO: Onni Buys Long Beach Multifamily Project for $68M

The property, located at 12900 Northeast 17th Avenue, spans 19 buildings, totaling 25 acres. PMG will likely redevelop the majority of the campus into multifamily homes and offices, Wigoda said.

The site, which sits adjacent to Bal Harbour along Biscayne Boulevard, has been empty since last summer, when JWU announced it would close the North Miami campus. In June, the Miami Herald reported that Doral College, which offers college classes to high school students, will be taking over eight acres.

JWU is relocating students to its main campuses in Rhode Island and Charlotte, N.C., per Wigoda. 

Founded in 1914, the private university has 12,000 students and offers degree programs in arts and sciences, business, engineering, food innovation, hospitality, nutrition, health and wellness, the organization says. 

PMG holds offices in both New York and Miami, and has developed more than $7 billion in real estate projects since inception in 1993, the firm says. In South Florida, it’s developing the Waldorf Astoria in Downtown Miami. With 100 stories, the tower is set to be one of the tallest residential buildings in the city. 

Julia Echikson can be reached at jechikson@commercialobserver.com.