MIAMI—KAR Properties is pressing hard into South Florida. The New York developer just acquired a 1.03-acre site in the trendy Wynwood neighborhood from Mega Shoes. Aztec Group represented KAR. Financial terms of the deal were not disclosed.

KAR has snapped up three parcels along the Miami River over the past year. Most recently, the investor closed on a 1.3-acre oceanfront site in Hallandale Beach, FL.

“These assets are strategic and focused on South Florida's emerging and established neighborhoods,” says KAR founder and CEO Shahab S. Karmely. “Each project will be in synergy with the other, creating a connection between the beach, arts and design neighborhood and burgeoning Miami River district. Wynwood, with its vibrant arts scene, is a significant catalyst to Miami's evolution as a global city, and we are pleased to have acquired this well located parcel.”

The Wynwood Arts District, formerly an industrial area once quiet after dark, is witnessing a bona fide transformation with new major art and fashion elements emerging. Vogue rated Wynwood ninth in its 2014 list of “Coolest neighborhoods in the world.” Wynwood is home to some of Miami's most cutting-edge eateries, contemporary galleries, and eclectic shops. Art Walk, popular art fairs during Art Basel, and dazzling Wynwood Walls are attracting resident and tourists alike.

In case you missed my report earlier this year, check out this article: Why Wynwood is Turning Lender Heads. You should also check out Will Wynwood CRE Simmer to a Boil?.

All told, the firm has invested over $100 million in South Florida and points to additional acquisitions in the months ahead at a time when land prices are climbing fast. Indeed, land values are escalating and developer yields are compressing in the  urban core especially, according to a new study the Miami Downtown Development Authority (DDA) commissioned.

In fact, the third quarter saw some of the biggest blockbuster land sales in history, including the Epic Marina Site in the CBD that sold for $125 million, representing $2,296 per square foot. Ten land sites have either recently sold or are being marketed for sale through July 2014. In addition, there are three additional land transactions all upward of $50 million expected to close by the fourth quarter 2014.

The third quarter saw some of the biggest blockbuster land sales in history, including the Epic Marina Site in the CBD that sold for $125 million, representing $2,296 per square foot. Ten land sites have either recently sold or are being marketed for sale through July 2014. In addition, there are three additional land transactions all upward of $50 million expected to close by the fourth quarter 2014.