NY Investor KAR Adds to South Florida Stake
New York-based KAR Properties, which has bought three parcels on the Miami River in the last year and a site in Hallandale Beach, is back for more. It acquired just over an acre in Wynwood at 2050 N Miami Ave. KAR CEO Shahab Karmely tells us Wynwood’s reputation as an emerging arts district is more than a local phenomenon. “The area’s a catalyst to Miami’s evolution as a global city,” he says. Moreover, he believes Miami’s fundamentals will continue to strengthen through the current cycle as a result of the continued diversification of the local economy, employment growth, the presence of Latin American residents and companies, and the emerging Chinese interest in Miami.