The Real Deal Miami

KAR Properties buys Wynwood site for $12.5M

Land last sold in 1995 for $280K

December 19, 2014 05:21PM

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KAR Properties CEO Shahab

KAR Properties CEO Shahab S. Karmely

A New York developer bought a 1.03-acre site in Wynwood on Thursday for $12.5 million.

The property, at 2050 North Miami Avenue, is KAR Properties’ fifth in South Florida. CEO Shahab S. Karmely said in a news release that the company is focused on South Florida’s emerging and established neighborhoods. The developer paid cash for the Wynwood property.

The lots are 45,000 square feet with an adjusted 29,266 square feet. It’s zoned industrial and the land was last sold in 1995 for $280,000. Aztec represented the seller, Mega Shoes Inc., which paid the mortgage off back in July 2014.

“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,” Karmely said in the release.  Katherine Kallergis

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