71-Acre Development Site Trades For $33 Million

Dec 30, 2018 No Comments by

Avison Young’s Florida Capital Markets Group negotiated the $33 million sale of a 71-acre trophy development site at 6525 SW 152 St. (at the 67 Ave. and 148 St. intersection) in Miami-Dade County’s Palmetto Bay.

On behalf of Florida Power & Light (FPL), Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; David Duckworth;  Senior Vice President Jay A. Ziv; and Senior Associate Brian de la Fé completed the disposition of the property to developer Oscar Barbara, CEO and Chairman of LUXCOM.

 

“The 71-acre land parcel is the largest most recently on the market east of US-1 and is as close to a developmental anomaly ever presented in Miami-Dade County,” said Fay. “The site is ideally positioned adjacent to Deering Bay Yacht and Country Club in the foremost area of Palmetto Bay’s residential section and is the last major waterfront property with direct access to the ocean with no bridges and a marina basin in the entire county. Interest was brisk from local, national, and international investors. Ultimately, we successfully secured a mutually beneficial deal with a local buyer.”

 

 

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