IFly Acquires Development Site In Miami For $7.5M

iFly has purchased 1501 NW North River Drive in Miami for $7,500,000. The property is a development site with a total square footage of 24,435. The buyer plans to redevelop the site into an entertainment venue. The transaction was facilitated by DWNTWN Realty Advisors, with Tony Arellano, P.A. and David Lerner representing the buyer.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $7,500,000
• Address: 1501 NW North River Drive
• Market: Miami

SKL Investments sold the property to iFly. The site is zoned T6-8 O and includes a legacy two-story building of 11,994 sq ft. The sale represents a price of $306 per square foot for the land and $625.31 per square foot for the vacant office building. Tony Arellano, P.A. and David Lerner, an Executive at DWNTWN Realty Advisors, represented SKL Investments in the transaction.