Azad Ali Acquires Mixed-Use Development Opportunity In Miami For $3.6 Million

This mixed-use property, located at 11920 Northwest 27th Avenue in the Miami market, was sold for $3,600,000. The asset encompasses a total of 60,168 square feet, translating to a price per square foot of $59.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $3,600,000
• Buyer: Azad Ali
• Buyer's Representative: Mauricio Fernandez Piqueras PLLC - Berkshire Hathaway HomeServices Florida Realty
• Sale Date: 08/12/2024
• Land Use: MM
• Developable Units: 337 +/- plus commercial
• Cost per door: $10,682.49
• Sub-District: Core
• Density: 3 Min – 15 Max
• Location: Corner of NW 119th Street and NW 27th Ave
• Traffic: Around 75,000 cars per day
• Proximity to Miami Dade College North Campus: Directly opposite
• Nearby residential development: 1000 +/- houses from Lennar Homes
• Distance to Miami-Opa Locka Executive Airport: 3 miles
• Distance to North Shore Medical Center: 3.5 miles

The transaction involved key individuals and companies, specifically Azad Ali as the buyer and Mauricio Fernandez Piqueras representing him through his firm, Berkshire Hathaway HomeServices Florida Realty. The broker noted significant development potential with the property situated in a high-traffic area, enhancing its attractiveness for future development opportunities.