CREC Brokers Sale Of 7-Acre Development Site To Lennar At Triple 2013 Price
As homebuilders rush to meet rising demand for scarce land opportunities in South Florida, Continental Real Estate Companies (CREC) has closed the $2.9 million sale of a 7.32-acre unimproved site for sixty-eight (68) townhomes in Tamarac.
The site is located at 5931 W. Commercial Blvd. and sits just west of the Florida Turnpike.
CREC’s Peter Mekras, Senior Vice President, represented the seller, Perry Ventures, and buyer, Lennar Homes, in the transaction. The sale was the second time CREC sold the property over the last 14 months. Mekras represented Perry Ventures on its acquisition of the property in late 2013 for just under $1 million. Mekras was assisted by CREC Associate Andre Remick.
“Homebuilder lot inventory in the Broward County market has evaporated as demand for new homes far exceeds deliveries,” Mr. Mekras said. “Large tracts of land that can be entitled for the homes that the masses can afford no longer exist in South Florida. A national homebuilder buying a site for only 68 homes is indicative of that trend.”
Mekras leads CREC’s multifamily and land practices, which has completed $175 million in South Florida transactions over the last 12 months. He is currently marketing over 600 lots geared towards homebuilders in Miami-Dade County, Palm Beach County and the Orlando MSA.
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