Unlocking the value of five prime outparcels for owner Iberia Bank, Reichel Realty recently brokered the $2.5 million sale of 8.5 acres along Palm Avenue, a major thoroughfare in fast-growing Miramar.
Over 18 months, the property, just north of Miramar Blvd., was under contract 5 times before Reichel Realty broker Peter Philomena brought the buyer, Mirabella 26 LLC, to the table.
What looked from the outside like a ‘no brainer’ was, in fact, a veritable Rubix Cube of a real estate deal. The five commercial outparcels were linked to the original owner’s adjacent residential subdivision with encumbrances related to drainage, easements, off-site mitigation and other issues. It took months to align the pieces, dealing with various entities from the City to the South Florida Water Management District, and to clear a viable path for a new owner.
“When it comes to developing vacant land in Broward and Palm Beach, the adage holds true: ‘it’s harder than it has been, but not as hard as it’s going to be,’” said Bill Reichel, president. “With the market outlook and McDonald’s and Walgreen’s located on the two additional adjacent outparcels, this property has terrific upside potential but it took finding and guiding a new owner willing to work through this process. That scenario is likely to become more and more common.”
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