New York Investment Firm Buys Development Site Near FIU’s Main Campus

Feb 02, 2020 No Comments by

Colliers International recently brokered the sale of a 24,451-square-foot development site near FIU’s main campus for $5.2 million.

Colliers brokers Virgilio Fernandez, Gerard Yetming, Mitash Kripalani and Julian Zuniga represented the seller, Kendra Parker, whose family owned the property for a long time, in the transaction.

Interestingly, a New York-based real estate investment firm, Adam America Real Estate, purchased the property, which is adjacent to a property they recently purchased for $20 million in August 2019. The buyer needed the corner to maximize the potential of the development site they own next door and with a larger site they will be able to lower their construction costs, according to Virgilio.

Located at 10703-10712 SW 7th Terrace, the property is one of the best located and last developable sites on 7th Street. Virgilio says that the property is a great example for the growing demand for quality housing near the FIU main campus as students seem to be flocking away from dorms and older functionally obsolete buildings. He also says that these new quality housing projects may tap into the Sweetwater market which lacks new housing. As the FIU main campus and Engineering center continues to grow this demand will continue.



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