Savvy Investors Moving Quickly on This Trend

MIAMI—A 38-acre land parcel at 345 East Palm Drive in Florida City, FL, has traded hands. The sale price: $6.7 million.

Avison Young Miami Capital Markets team of senior vice president and principal Jay A. Ziv, and principal and managing director Michael T. Fay, represented the seller, NCG Florida City. John Brunetti acquired the asset.

"This sale represents the spread of land transactions beyond Miami's core markets to areas, such as Florida City and Homestead, as part of the steady uptick in development activity," Ziv tells GlobeSt.com. "The location and high traffic counts of Florida residents and tourists traveling daily on the major thoroughfares surrounding this property made it the perfect site for the purchaser."

Visible from both US 1 and the Florida Turnpike, the 345 East Palm Drive parcel boasts over 1,300 square feet of frontage on East Palm Drive. The land sits directly across the street from the Florida Keys Outlet Center, which is home to 50 retailers. Corporate and consumer confidence as a result of strengthening fundamentals are positively impacting the increased activity in commercial real estate investment and development, according to Avison's research.

"There is a steadily decreasing number of available undeveloped parcels in Miami for purchase," says Fay. "As a result, land well-positioned in the outer submarkets of the city is gaining significant attention from high-profile investors and developers."

On the heels of Avison completing the sale of 3565 Northwest 36th Street, a 10-acre land parcel in the Miami Airport submarket, for $9.1 million, this recent 38-acre land sale represents a continuing trend of land previously used for RV parks being sold for development. Savvy investors are moving quickly to benefit from today's advantageous economic climate while the window remains open," Fay says. "Land poised for profitable development are receiving tremendous attention."