The Real Deal Miami

NY firm gets undeveloped land in Homestead

Sutherland Asset acquires nearly 21 acres through foreclosure auction
Google Maps view of Homestead site acquired by Sutherland Asset Management

Google Maps view of Homestead site acquired by Sutherland

A company tied to New York-based Sutherland Asset Management took ownership of a large chunk of undeveloped land in Homestead through a foreclosure auction.

With just a minimum bid during last week’s auction, Sutherland Asset I LLC acquired two sites totaling nearly 21 acres, according to Miami-Dade County records. It previously purchased two foreclosure judgments totaling about $18.6 million from BankUnited. JJL Investments LLC and Bay Plaza of North Bay Village Corp. were hit with the judgments in August 2013.

Sutherland’s acquisition includes a former mobile home park at 503 South Krome Avenue and nearby agricultural land east of U.S. 1. — Eric Kalis