Avison Young announced the sale of the 10-acre land parcel at 3565 NW 36th Street in Miami, one of the last ±10-acre assemblages of land near the Palmer Lake commercial development area in the Miami Airport submarket, for $9,100,000.
On behalf of the seller, Dade Mobile Home Park JV, Avison Young’s Jay A. Ziv, CCIM, Senior Vice President, and Michael T. Fay, Principal and Managing Director, Miami, facilitated the disposition of the property to DL Real Estate, LLC. In representation of the seller, Avison Young was assisted by Jack Thomas, Inc., REALTORS, a firm which has been representing commercial buyers and sellers in South Florida since 1962.
“After holding the parcel until a portion of it was taken by eminent domain for the expansion of the Metro Rail, the seller was eager to sell by marketing the NW 36th Street land’s ideal mixed-use development attributes and extensive visibility from the Airport Expressway (State Road 112) and the airport branch of the Metrorail,” said Ziv. “We were retained to guide the seller through the process of dealing with two different municipalities, as 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.”
The property 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, and boasts close proximity to Miami International Airport, the Design District / Midtown / Wynwood area, Coral Gables, and Downtown Miami.
“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 benefiting from the heat of the commercial investment market,” said Fay.