MIAMI—One of the last 10-acre assemblages of land near the Palmer Lake commercial real estate development areas in the Miami Airport submarket has traded hands. The sale price: $9.1 million.

Avison Young senior vice president Jay A. Ziv and principal and managing director Michael T. Fay, represented the seller, Dade Mobile Home Park JV. DL Real Estate acquired the asset. Jack Thomas, Inc. assisted Avison on the deal.

"We are in the midst of a demand-driven market in the industrial sector with very few remaining parcels of land for industrial use, as most of undeveloped land parcels throughout Miami have been absorbed and those that remain are rapidly being absorbed," Fay tells GlobeSt.com. "This denotes the significance of the 3565 NW 36^th Street sale, one of the last sizable parcels remaining in the Miami Airport submarket."

After holding the parcel until a portion of it was taken by eminent domain for the expansion of the Metro Rail, Ziv explains, the seller was eager to sell by marketing the NW 36th Street land's mixed-use development attributes. Visibility from the Airport Expressway (State Road 112) and the airport branch of the Metrorail were also prime attractions.

"We were retained to guide the seller through the process of dealing with two different municipalities," Ziv says. "There were challenges associated with a portion of the property being located within the City of Miami limits with one zoning and the other portion within County jurisdiction with another zoning."

2015 marks the first time since the Great Recession that the Miami metro area ranked among the top 10 global commercial real estate investment destinations, coming in at number seven. Sitting in the heart of the Miami Airport submarket, 3565 NW 36th Street is a quarter-mile from the proposed Palmer Lake project, an area in the process of being annexed by the City of Miami for concentrated commercial development.

"At the locational convergence of the renaissance we are experiencing in Miami, this land sale represents a meaningful exchange between a buyer and seller both benefitting from the heat of the commercial investment market," says Fay. The site is also close to Miami International Airport, the Design District-Midtown-Wynwood area, Coral Gables, and Downtown Miami.