Cushman & Wakefield Represents iHeart In Sale Of 22.43-Acre Miami Gardens Development Site

Cushman & Wakefield represented iHeart Media + Entertainment, Inc. in the $14 million sale of a 22.43-acre development site in Miami Gardens.

Cushman & Wakefield’s Scott O’Donnell, Deme Mekras, Miguel Alcivar, Greg Miller and Mike Ciadella represented iHeart Media + Entertainment, Inc. in the transaction with Bluenest Development, which plans to develop a townhome community at the site.

Located at 20700 NW 42^nd Ave. in Miami Gardens, the site is currently utilized by iHeart Media + Entertainment, Inc. to host multiple antennae and sits at the northern edge of Miami Gardens, immediately south of the Ronald Reagan Turnpike. The property is within two miles of numerous schools, a fire station and global entertainment destination, Hard Rock Stadium.

“While the site was predominantly zoned agricultural, there was a clear path to rezoning it for a residential use given that a small piece is already zoned R-1, the concentration of existing single-family homes directly surrounding the site and the strong demand for residential land in Miami-Dade County,” said Mekras, Cushman & Wakefield Senior Alliance Director with Global Corporate Services. “The transaction assists iHeart Media with achieving its objectives and brings Bluenest’s planned, quality residential development to the area.”

 

“After executing a broad marketing campaign that targeted speculative land bankers and developers from various industries, we identified Bluenest Development, which is a very entrepreneurial residential developer who could execute swiftly with more limited development contingencies than traditional homebuilders,” said O’Donnell, Senior Managing Director, Capital Markets, Cushman & Wakefield.