Miami  — A joint venture between Los Angeles-based Canyon-Johnson Urban Fund and Miami-based WSG Development has purchased a 31-acre site in Miami's Fontainbleau area for $22 million with plans to develop La Plaza at Flagler, a 235,000-square-foot shopping center. Wal-Mart is projected to anchor the center when complete in August 2013. Rents are being offered at $35 per square foot.

CJUF III Flagler bought the property from Fontainbleau Lakes LLC, which is co-managed by Shoma Homes President Masoud Shojaee and Terra Group CEO Pedro A. Martin. The sale allowed Shojaee and Martin to repay their mortgage. They previously sold another portion of the property to Miami-based Related Group to build an apartment project.