38-Acre Redevelopment Site Purchased For $6.7 Million

Dec 08, 2015 No Comments by

Avison Young completed the sale of the 38-acre land parcel at 345 E. Palm Drive in Florida City on behalf of the seller, NCG Florida City, to Hialeah Park Racing and Casino owner John Brunetti for $6,735,000.

Avison Young’s Miami Capital Markets team including Jay A. Ziv, CCIM, Senior Vice President, and Michael T. Fay, Principal and Managing Director, Miami, facilitated the disposition of the property.

On the heels of Avison Young completing the sale of 3565 NW 36th Street, a 10-acre land parcel in the Miami Airport submarket, for $9,100,000, this recent 38-acre land sale represents a continuing trend of land previously used for RV parks being sold for development.

 

“This investment opportunity was highly favorable to buyers due to its desirable infill location coupled with its high potential for development of a structure that will benefit from the high traffic of Florida residents and tourists that travel through the area frequently,” said Ziv. “Located at the entrance to the Florida Keys at the intersection of E. Palm Drive and SW 176th Avenue, the site is the ideal acquisition for this particular buyer.”

The 345 E. Palm Drive parcel boasts over 1,300 square feet of frontage on E. Palm Drive and is situated directly across the street from the Florida Keys Outlet Center, home to 50 retailers. According the recent market reports, corporate and consumer confidence as a result of strengthening fundamentals are positively impacting the increased activity in commercial real estate investment and development.

 

“Savvy investors are moving quickly to benefit from today’s advantageous economic climate while the window remains open,” said Fay. “Land poised for profitable development are receiving tremendous attention.”

 

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