EastGroup Taps Avison Young To Sell 7-Acre EO-Zoned Development Site

Jun 15, 2017 No Comments by

Avison Young has been retained by EastGroup Properties as the exclusive sales agent for a ±6.86-acre development site located at 21001 NW 27th Avenue in Miami-Dade County.

As Miami faces a scarcity of development opportunities along major thoroughfares, this land parcel is a rare user or development opportunity with direct frontage on Florida’s Turnpike, Turnpike Extension, and Countyline Road, creating exposure to an estimated 250,000 vehicles daily.

Avison Young’s Wayne Schuchts, Principal, and Bobby Benton, Brokerage Services, will lead the marketing and disposition of the land parcel on behalf of EastGroup.

 

“This is a rare and unique opportunity for a user or developer to own one of the last remaining Florida Turnpike-fronting land parcels while also being at the front of what will be a prominent industrial commerce park,” said Schuchts. “We anticipate brisk activity for this unique site combining an unparalleled location, ease of access, highly favorable zoning, built-in workforce, and substantial daily traffic.”

Situated at the entrance of Gateway Commerce Park, EastGroup’s 850,000-square-foot class A light industrial park spanning 54 acres planned to the south, the site’s Entertainment Overlay (EO) zoning permits more than 45 possible uses for development including office, retail, entertainment and hotel/lodging. This flexibility of development options offers investors the ability to provide key amenities for the Park’s built-in employment base and surrounding tourist and residential attractions such as the Hard Rock Stadium and Calder Casino.

According to market reports, Miami-Dade County’s retail market vacancy rate was 3.5 percent in the current quarter while net absorption was a positive 314,261 square feet. Quoted rental rates increased from fourth quarter 2016 levels, ending at $37.32 per square foot per year.

 

“While market reports play a factor in the decision making of investing and leasing, this ±6.86-acre development site is not reflective of the market conditions in the submarket in which it’s located,” said Benton. “The exceptional demand and limited availability of sites with comparable locations and ease of access to major crossroads creates an abundance of scenarios for mixed-use development potential.”

In November of 2016, EastGroup purchased approximately 61 acres from Churchill Downs Inc. to develop Gateway Commerce Park, which is poised to kick off construction in 2017 with delivery of the first building expected Q2, 2018. EastGroup Properties owns approximately 38,700,000 square feet in multiple markets.

EastGroup Properties’ strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets.

 

“Our tactical vision when purchasing the 61 acres was to carve out the appropriate square footage to provide a mix of complementary amenities enhancing Gateway Commerce Park’s overall desirability as well as serving as a commerce destination for local communities,” said Chris Segrest, Vice President for the Florida regional office for EastGroup.

 

 

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Industrial / Flex, Industry News, Miami-Dade County Industrial / Flex, Miami-Dade County Office, Miami-Dade County Retail, NA, Office, Retail
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