Avison Young's Florida Capital Markets Group Oversees FPL In $33 Million Sale Of ±71-Acre Development Site In East Miami-Dade

Avison Young’s Florida Capital Markets Group has negotiated the $33 million sale of a ±71-acre trophy development site on behalf of Florida Power & Light (FPL) at 6525 SW 152 St., positioned at the 67 Ave. and 148 St. intersection, in Miami-Dade County’s Palmetto Bay, Florida. Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John K. Crotty, CCIM; David Duckworth; Senior Vice President Jay A. Ziv; and Senior Associate Brian de la Fé completed the disposition of the property to developer Oscar Barbara, CEO and Chairman of LUXCOM.

“The 71-acre land parcel is the largest most recently on the market east of US-1 and is as close to a developmental anomaly ever presented in Miami-Dade County,” said Fay. “The site is ideally positioned adjacent to Deering Bay Yacht and Country Club in the foremost area of Palmetto Bay’s residential section and is the last major waterfront property with direct access to the ocean with no bridges and a marina basin in the entire county. Interest was brisk from local, national, and international investors. Ultimately, we successfully secured a mutually beneficial deal with a local buyer.”

Sears Lists Several Properties for Sale in Central Florida

Riding on the heels of an announcement last spring to close more than a 100 of its brick-and-mortar locations, Sears is continuing to unwind its real asset holdings. The struggling retailer has retained Avison Young Florida Capital Group in an exclusive to market and sell three department stores and the largest Sears distribution center in the state.

If successful, the sales will provide millions in much-needed cash flow to fund Sears struggling operations. The five properties, located in Daytona Beach, Port Richey, Tampa, and Ocala, total more than 2.35 million square-feet. The largest of the properties is the 1.93 million square-foot distribution center located at 655 Southwest 52nd Avenue in Ocala, and is also the largest industrial building in Florida.

Sale-leaseback deals have been a preferred method of disposition for Sears, which allow the retailer to downsize, but continue its day-to-day operations. It hopes to raise its liquidity and return to profitability.  

The Avison Young marketing team includes principal and managing director Michael T. Fay, principals John K. Crotty and David Duckworth, senior vice presidents Jay A. Ziv and Ray Hayhurst, and senior associates Joshua Ladle and Brian de la Fé.

Article by: Katya Demina