Florida City, FL: The city of Florida City has successfully sold 14.6 acres located at 601 NW 3rd Avenue, Florida City along Krome Avenue just off of the Florida Turnpike. The sales price was $6,800,000 (or about $465,000 per acre). The ComReal Team based out of Doral under the leadership of Managing Member, Edward Redlich, and Mort Fetterolf were responsible for the sale. The property was purchased by the Treo Group.
“As our economy improved, the City recognized the opportunity to dispose of this property. We envision a new commercial development which will help beautify the Krome Avenue corridor, create employment opportunities, generate ad valorem property taxes for the city as well as be a wonderful new location within our community,” said Mayor Otis T. Wallace of Florida City.
The city was represented by Edward Redlich, SIOR, CCIM, Mort Fetterolf, and Patrick McBride with ComReal, a commercial real estate firm, and John P. Maas, P.A., attorney. The buyer, Treo Group, was represented by Otto Travieso, CCIM with Real Capital Partners and law firm, Holland & Knight. Despite the challenges and shutdown of the economy for nearly two years, a successful sales conclusion for Florida City and all involved was achieved.
Upon being retained in 2018 by Florida City, a municipal corporation, ComReal commenced a comprehensive marketing campaign to prospective end-users and/or commercial developers. The project was branded as “Krome @ Florida City.” The objective was to retain a new owner that shared the city’s vision of achieving the site’s greatest and highest use as a best-in-class mixed-use development. Having grown up in the area and being a proud member of the South Dade Chamber of Commerce, Edward Redlich took this assignment personally. “Our team shared the Mayor’s vision for making the city of Florida City a better place to work and live. We were determined to do right for the community, and we look forward to seeing the new project completed one day in the future,” said Redlich.
For more information about this sale and other properties, please contact the ComReal Industrial Team at 786-433-2380.
An aerial video of the land can be viewed HERE.
About the ComReal Team: The ComReal Team has been assisting clients with their South Florida commercial real estate needs for over 40 years. The industrial team specializes in the sales and leasing of industrial properties. Visit www.ComReal.com and/or call 786-433-2380 for more information.