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South Florida

KAR Properties buys Wynwood site for $12.5M

KAR Properties CEO Shahab S. Karmely
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.

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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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KAR PropertiesWynwood