Blanca Commercial Real Estate Sells Land to Related Group

MIAMI—Developers are actively planning their next commercial real estate projects in Miami—and that’s leading to land sales. The most recent parcel of developable land to trade hands is a 33-acre tract in West Miami-Dade County.
 
Related Development purchased the parcel from Fontainebleau Lakes for $20.5 million. The property is located at the junction of Northwest 97th Avenue and the Dolphin Expressway, or the 836, at the entrance to the City of Doral. The site is located near Florida International University and Carlos Albizu University, as well as multiple shopping centers, such as Miami International Mall and Dolphin Mall.

Tere Blanca, president and CEO of Blanca Commercial Real Estate represented seller in the transaction. Blanca associate Andres del Corral assisted.

“The Fontainebleau site is well located at the gateway of Doral and within Miami’s Airport West submarket, which is home to a 180,000-person daily workforce and major multinational corporations including Ryder System, Carnival Cruise Lines, Univision and soon, the Miami Herald Media Company,” Blanca tells GlobeSt.com.  “This workforce creates natural demand for rental housing that will grow with time as Miami attracts additional new-to-market companies. Related Development will look to meet this need with its new multifamily project.”

Related Development’s plans call for a 720-unit multifamily rental project built in two phases, each with 360-units. The complex will offer a mix of one-, two-, and three-bedroom units. Amenities will include a resort style pool, tennis courts, private garages, a fitness trail, wireless Internet service in public areas and a car wash. Construction will begin in the third quarter of this year.

“This is a prime location for infill multifamily development in an area benefitting from above-average occupancy rates and significant barriers to entry,” Blanca says. “We expect additional parcels to be acquired by well-capitalized developers.”