Tuesday, February 9, 2016

$3.2 Million Sale of Development Site in Fort auderdale, FL Brokered by Marcus & Millichap

Joseph Thomas
FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Tidewater Development Site,  a 30,538-square foot waterfront land parcel located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,200,000.

“The northern section of Fort Lauderdale Beach is experiencing a tremendous amount of redevelopment. This was a unique opportunity to acquire a AAA waterfront location on the Barrier Island,” says Duncan, a senior associate in Marcus & Millichap’s Fort Lauderdale office.

“We received 18 offers in two weeks, 16 of which were at or above list price.  Ultimately, the sellers selected the buyer who could close in the shortest amount of time, offered $700,000 above list price and waived all due diligence contingencies upon the execution of the contract.”

Duncan along with Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Baldwinsville, NY, and the buyer, a private investor from Fort Lauderdale, Fla.

Derek Soven
“The property is currently zoned RMH-60, which provides the buyer with the potential to redevelop the site into a residential building of up to 42 units or a hotel of up to 60 rooms,” says Thomas. “Auberge Beach Residences, a two-tower, 171-unit oceanfront condominium estimated for completion in late 2017, is located nearby.”

Situated a few blocks south of Oakland Park Boulevard and a few blocks west of North Ocean Boulevard (A1A), the Tidewater development site consists of two adjacent waterfront parcels totaling 0.7011 acres of land with approximately 219 linear feet of water frontage. The site is currently improved with a 17-unit multifamily complex.

The property allows for convenient access to many local shops, restaurants and attractions, including Bokampers Sports Bar & Grill, Shooters Waterfront, Lauderdale-by-the-Sea fishing pier, the Coral Ridge Mall and The Galleria at Fort Lauderdale.

Tidewater development site is located at 3115 - 3209 NE 28th Street in Fort Lauderdale. 

For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager, Fort Lauderdale

(954) 245-3400

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