The Real Deal Miami

Banco Popular unloads Miami-Dade site

June 08, 2012 12:45PM

Banco Popular North America has sold a 112.2-acre vacant site it seized in a foreclosure in western Miami-Dade County for $12.27 million, according to the South Florida Business Journal. It had acquired the property in 2011 after Royal Gardens Investments defaulted on a $9 million mortgage. The buyer was Atlas Hialeah Heights. The site, which is located outside of the Urban Development Boundary of Miami-Dade County, could signal a return by speculators. [SFBJ]