New Owner Mulls Plans for Former Incredible Universe Site

MIAMI-The 27-acre former site of the Incredible Universe in the Airport West submarket of the city, has been sold for $12.5 million and redevelopment plans are in the works.

Universe 2004 LLC purchased the property, located at the Palmetto Expressway and Northwest 25th Street, after it had been on the market for more than a year. Palmetto Miami Co. LLC and Jersey Palmetto LLC were the sellers. The land sale closed March 5. The site consists of three parcels, a 180,000-sf building that originally housed an Incredible Universe store and a lake. Radioshack Corp. opened 17 Incredible Universe consumer electronics superstores in the US in the early 1990s, but all locations closed by the end of the decade.

Universe 2004 LLC, an investment group, plans to redevelop the site, which most recently was home to a flower distribution facility, and is looking at several possibilities for the property: industrial, retail, office and flex space. “They thought that this was a prime piece of property in this area, with potential upside for redevelopment,” Alliance Cos. broker Ernesto Casal tells GlobeSt.com. Casal represented Universe 2004 LLC in the transaction.