MIAMI—KAR Properties is pressing hard into South Florida. The New York developer just acquired a 1.03-acre site in the trendy Wynwood neighborhood from Mega Shoes. Aztec Group represented KAR. Financial terms of the deal were not disclosed.

KAR has snapped up three parcels along the Miami River over the past year. Most recently, the investor closed on a 1.3-acre oceanfront site in Hallandale Beach, FL.

“These assets are strategic and focused on South Florida's emerging and established neighborhoods,” says KAR founder and CEO Shahab S. Karmely. “Each project will be in synergy with the other, creating a connection between the beach, arts and design neighborhood and burgeoning Miami River district. Wynwood, with its vibrant arts scene, is a significant catalyst to Miami's evolution as a global city, and we are pleased to have acquired this well located parcel.”