The Real Deal Miami

Edgewater investor banks $7.3M profit – in three months

Dallas-based JLB Partners flips vacant property for $14.5 million
212 Northeast 23rd Street (credit: J. Albert Diaz)

212 Northeast 23rd Street (credit: J. Albert Diaz)

In another example of skyrocketing Edgewater land values, Dallas developer JLB Partners flipped a property in the Miami neighborhood for a $7.3 million profit just three months after buying the land, The Real Deal has learned.

JLB 2201 NE 2nd Ave sold the 71,650-square-foot commercial parcel at 212 Northeast 23rd Street for $14.5 million last month, according to Miami-Dade County records. The company acquired the property from the United Teachers of Dade for about $7.2 million on Feb. 24. Between February and May, the land’s sale price per square foot rose from about $100 to more than $202.

Northeast Twenty-Third Street of Miami is the buyer. State corporate records identify J and R Managers of New York as the buying company’s manager. It did not obtain financing for the land purchase.

The property traded for about $9.6 million in August 2005.

Edgewater’s land price surge is being driven by aggressive investment from developers like Russian oligarch Oleg Baybakov, who spent nearly $40 million in property acquisitions between February and May. More than 10 condo or condo-hotel projects are planned or under construction in the neighborhood.