Massive Miramar Sale Signals Strong Market

Written by Hayley Smith

November 5, 2019

Last week, multiple buyers purchased a 36.7-acre parcel of land in Miramar for $41 million. The land, located between Red Road and Miramar Parkway at the southern edge of Broward County, will be developed into luxury apartment buildings and a retail center near the Florida Turnpike.

According to the Miami Herald, the largest portion of the sale went to Boca-based property management company the Altman Development Corporation, which purchased 30 acres for $35 million. The remaining 6.7 acres went to Master Development Partners LLC of Dania Beach, partnered with Konover South LLC from Deerfield Beach, for $6 million.

The plans include two luxury rental buildings that span 650 units, as well as 56,683 square feet of retail space dubbed Miramar Park Place–both of which signal a strong market for the area. Miramar’s median household income is $65,000, and the project’s developers are looking to tap into the city’s rising property values and population growth. The surrounding trade area includes +12 million square feet of corporate office and warehouses, including Miramar Town Center.

ComReal is your go-to resource for South Florida Commercial Real estate. Contact us today for any of your sales or leasing needs.

You May Also Like…

Freestanding Warehouse for Lease

Freestanding Warehouse for Lease

The ComReal Industrial Team presents a freestanding warehouse located at 2358 NW 151st St., Miami, FL 33054 that is...