MIAMI—One of the last
10-acre assemblages of land near the Palmer Lake commercial real estate development areas in the
Miami Airport submarket has traded hands. The sale price: $9.1 million.
Avison Young senior vice president Jay A. Ziv and principal and managing director Michael T. Fay, represented the seller, Dade Mobile Home Park JV. DL Real Estate acquired the asset. Jack Thomas, Inc. assisted Avison on the deal.
“We are in the midst of
a demand-driven market in theindustrial sector
with very few remaining parcels of land for industrial use,
as most of undeveloped land parcels throughout Miami have been absorbed and
those that remain are rapidly being absorbed,” Fay tells GlobeSt.com. “This
denotes the significance of the 3565 NW 36th Street
sale, one of the last sizable parcels remaining in the Miami Airport
submarket.”
After holding the parcel
until a portion of it was taken by eminent domain for the expansion of the
Metro Rail, Ziv explains, the seller was eager to sell by marketing the NW 36th
Street land’s mixed-use development attributes. Visibility from the Airport
Expressway (State Road 112) and the airport branch of the Metrorail were also
prime attractions.
“We were retained to
guide the seller through the process of dealing with two different
municipalities,” Ziv says. “There were challenges associated with a portion of
the property being located within the City of Miami limits with one zoning and
the other portion within County jurisdiction with another zoning.”
2015 marks the first
time since the Great Recession that the Miami metro area ranked among the top
10 global commercial real estate investment
destinations, coming in at number seven. Sitting in the heart of the Miami
Airport submarket, 3565 NW 36th Street is a quarter-mile from the proposed
Palmer Lake project, an area in the process of being annexed by the City of
Miami for concentrated commercial development.
“At the locational
convergence of the renaissance we are experiencing in Miami, this land sale
represents a meaningful exchange between a buyer and seller both benefitting
from the heat of the commercial investment market,” says Fay. The site is also
close to Miami International Airport, the Design District-Midtown-Wynwood area,
Coral Gables, and Downtown Miami.
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