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Avison Young closes $14M sale of Le Jeune Station development site in Miami

Avison Young closes $14M sale of Le Jeune Station development site in Miami January 28, 2021

Multifamily developer demand rises as Miami sees growth in key industries and corporation influx

Miami – Avison Young’s Florida Capital Markets Group negotiated the $14 million sale of Le Jeune Station, a ±2.79-acre development site encompassing nearly an entire city block near the Le Jeune Road and NW 7th Street intersection in Miami. The site’s 10-parcel footprint at 4238-42 NW 7th Street represents a mixed-use development opportunity with a zoning mix allowing a total as-of-right density of ±260 units. A successful up-zoned project could boast ±300 residential units and more than 625,000 square feet.

Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of the seller, Ocean Bank.

“The Le Jeune Station sale signifies continued demand from developers seeking quality multifamily sites in South Florida, as the market has seen growth in key sectors despite the pandemic and has become a magnet for companies and individuals desiring to escape high taxes and population density,” said Crotty. “The site is ideal for an area-defining project due to its prime location along the Le Jeune Corridor, which runs from Miami International Airport to the north and Coral Gables to the south.” 

Market research shows that where many U.S. metro markets saw significant rent drops in 2020, Miami’s multifamily rents have remained stable. Despite overall employment losses, several industries have gained jobs year-over-year, such as tech, which saw a workforce increase of 3% in 2020. Avison Young expects Miami rents and vacancy rates to outperform the U.S. average over the next 12-24 months; therefore, developers remain motivated to buy now.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2020 winner of Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

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For more information:

John K. Crotty, CCIM, Principal, Avison Young: 305.447.7865

Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842

David Duckworth, Principal, Avison Young: 954.938.1806