M 4000 Alton Owner LLC, an affiliate of Miami-based Mast Capital, sold the 1.87-acre site on the west side of Alton Road, across from 37th Street, for $18.16 million to 3900 Alton Road Owner LLC, a joint venture between Dallas-based Rockpoint Group and Mast Capital.

The developer is currently in the city's design review process for this site.

Rockpoint Group focuses on value-based investments. Given the surge in condo sales in Miami-Dade County, there could be a good opportunity for a new building here.