9-Acre Land Site Fetches $10 Million

Avison Young’s Florida Capital Markets Group helped facilitate the $10 million sale of a vacant 9-acre development site at 3100 S.W. 145th Avenue in Miramar.

The land will be used for a 250-unit multifamily project called Alexan Miramar as part of Miramar’s Monarch Lakes residential community.

Avison Young Principal Keith O’Donnell and Colliers Executive Managing Director Mark Rubin coordinated the off-market transaction between the seller, Workspace Property Trust, and the buyer, Trammell Crow Residential.

“We were approached by the seller to gauge interest from our investor-developer relationships in the South Florida region,” said Rubin. “In a short time, we secured a sales price $2 million higher than the appraisal value. The seller was pleased to part with the property without the added time and cost of bringing it fully to market.”

The multifamily development plan for the 9 acres of land includes two six-story apartment buildings with 125 units each, a clubhouse, and a swimming pool. A four-story office building stands adjacent to the land site.

“The property was previously zoned for ‘community business’ and slated for Phase III of an office development,” said O’Donnell. “Upon reviewing a development proposal from Trammell Crow, the Miramar City Commission unanimously voted to rezone the land for ‘mixed-use,’ allowing for multifamily development.”

The property sits on the northwest corner of Southwest 145th Avenue and Miramar Parkway, just east of Interstate 95. Nearby amenities include a supermarket, restaurants, retail, and bank offices.

 

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