Universe 2004 LLC purchased the property, located at the Palmetto Expressway and Northwest 25th Street, after it had been on the market for more than a year. Palmetto Miami Co. LLC and Jersey Palmetto LLC were the sellers. The land sale closed March 5. The site consists of three parcels, a 180,000-sf building that originally housed an Incredible Universe store and a lake. Radioshack Corp. opened 17 Incredible Universe consumer electronics superstores in the US in the early 1990s, but all locations closed by the end of the decade.

Universe 2004 LLC, an investment group, plans to redevelop the site, which most recently was home to a flower distribution facility, and is looking at several possibilities for the property: industrial, retail, office and flex space. "They thought that this was a prime piece of property in this area, with potential upside for redevelopment," Alliance Cos. broker Ernesto Casal tells GlobeSt.com. Casal represented Universe 2004 LLC in the transaction.

Although Casal says Universe 2004 LLC is "looking at multiple options at this time," one possibility that the new owner sees demand for at this time is a retail-showroom-expo center, filled with companies that sell building materials, furniture, finishes and so on. That area has a lot of tile and furniture companies these types of businesses are already established in the area.

"There are so many different types of possibilities for this property, " Casal says. Once more details are worked out, the site development plans may end up including additional buildings, according to Casal.

The site has high visibility and originally was designed to be a high-traffic area, he says. In fact, in a statement, he says: "This site is one of the last prime parcels in Airport West and an excellent development opportunity. We are confident we secured a high-profile, high-visibility location for our client.

Instant Insights /

New Owner Mulls Plans for Former Incredible Universe Site

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