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According to the Miami Herald, Quadrum Global, a London-based investment firm has purchased three parcels of land containing 30,000 square feet of vacant warehouse space in Miami's Wynwood neighborhood for $8.5 million. Zoning permits 12-story buildings and up to 249,000 square feet of development on the property. — the highest density allowed in the Wynwood district.

Quadrum has not announced specific plans for the land and declined to comment for this story. But the company, which owns more than $1 billion in investments around the U.S., specializes in redeveloping distressed properties into hotels.

Examples include the Nautilus Hotel at 1825 Collins Ave. on Miami Beach, which Quadrum acquired in 2011 and reopened in 2015. Quadrum has listed the 251-room hotel at an asking price of $180 million.

The Quadrum Wynwood purchase is the latest in a flurry of high-priced transactions that are fueling the rapid transformation of the former warehouse district into another upscale downtown Miami offshoot. It is located near Midtown, the Design District and the booming Edgewater area.

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