KAR Properties Pays $12.5M For Wynwood Property

KAR Properties has acquired another property in Miami, this time in Wynwood.

 

NEW YORK DEVELOPER ACQUIRES FIFTH SITE IN SOUTH FLORIDA

KAR Properties closes on Wynwood parcel in strategic expansion

MIAMI (December 18, 2014) – As part of its strategic South Florida expansion, New York developer KAR Properties announced today it has acquired a 1.03-acre site in Wynwood, one of Miami’s trendiest neighborhoods. The property, at 2050 N. Miami Ave., marks KAR’s fifth South Florida acquisition and signals its continued commitment to the South Florida real estate market.

The firm, led by founder and CEO Shahab S. Karmely, purchased three parcels along the Miami River over the past year and most recently closed on a 1.3-acre oceanfront site in Hallandale Beach in November. KAR Properties has invested more than $100 million in South Florida with additional acquisitions on the horizon. KAR Properties did not disclose the financial terms of the deal. The seller was Mega Shoes, LLC. and was represented by Aztec.

“These assets are strategic and focused on South Florida’s emerging and established neighborhoods. Each project will be in synergy with the other, creating a connection between the beach, arts and design neighborhood and burgeoning Miami River district,” Karmely said. “Wynwood, with its vibrant arts scene, is a significant catalyst to Miami’s evolution as a global city, and we are pleased to have acquired this well located parcel.”

The Wynwood Arts District, formerly an industrial area once quiet after dark, is undergoing a significant transformation into a new hipster neighborhood with major art and fashion elements. Vogue Magazine rated Wynwood ninth in its 2014 list of “Coolest neighborhoods in the world.” Wynwood is home to some of Miami’s most cutting-edge eateries, contemporary galleries, and eclectic shops. Its well-attended Art Walk, popular art fairs during Art Basel, and dazzling Wynwood Walls have helped it evolve into a popular destination for residents and visitors alike.