KAR Properties, the New York-based real estate manager and developer led by CEO Shahab Karmely, has made another move on the Miami River with the acquisition of a 1.03-acre site in Wynwood for $12.5 million. KAR purchased the property in a cash transaction from Mega Shoes, represented by the Aztec Group; terms of the deal were not disclosed. Zoned for industrial development, the 27,500 square foot lot previously sold in 1995 for $280,000.
The purchase is the fifth for the company in South Florida, having most recently purchased a 1.3-acre oceanfront site in Hallandale Beach, and previously the property at Southwest 3rd Street between Miami Avenue and Southwest First Avenue for $33 million. 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, according to a GlobeSt.com report.
"These assets are strategic and focused on South Florida's emerging and established neighborhoods," said Shahab 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."
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