JLL Capital Markets, along with 13th Floor Investments, has closed the $18.5 million sale of the 15.5-acre Ashworth Park development site, one of the last large-scale urban development sites in South Florida.
JLL represented the seller, TS&B III, LLC, and procured the buyer, 13th Floor Investments.
The Ashworth Park development site consists of parcels at 700 and 1000 NE 1st Ave. and 106, 200 and 2002 Pembroke Rd. and NE 7th St., which together comprise a 15.5-acre rectangular development site. The assemblage is positioned immediately adjacent to The Big Easy Casino and within close proximity to employment centers, hospitals, schools and world-class retail in the heart of the Hallandale Beach submarket. The property is equidistant from downtown Fort Lauderdale and downtown Miami and has excellent accessibility throughout the region being located just off of North Federal Highway, within a mile from Interstate 95.
The Ashworth Park site is zoned for a variety of uses, including but not limited to, residential, office, retail and seniors housing. In addition to being located within a designated opportunity zone, the site is part of the Hallandale Beach Community Redevelopment Agency’s program area, which fuels on-going development in the immediate area. Hallandale Beach is in the midst of urbanization with more than $1 billion of projects under construction, planned or approved by the city.
The JLL Capital Markets team representing the seller was led by Executive Managing Director Manny de Zarraga, Director Simon Banke, Managing Director Maurice Habif and Associate Jo Rousseau.
“This is a really exciting time for South Florida and the sale of the Ashworth Park development site represented a unique opportunity to acquire one of the last large-scale urban development sites in the rapidly urbanizing Hallandale market,” De Zarraga said.
“This is an exceptional property. We are very excited about having the opportunity to develop a Class A multifamily project at the confluence of Miami-Dade and Broward counties,” said Yair Wainberg, Associate Vice President at 13th Floor Investments. “The City of Hallandale has experienced tremendous growth in recent years, and we are motivated by the long-term prospects of this investment.”
Miami-based 13th Floor Investments has a long track record of success focused on opportunistic real estate transactions and value investments in income generating assets throughout Florida and growth-oriented markets across the Southeast U.S. 13th Floor has invested over $713 million in equity transactions since its inception in 2008, representing a total estimated project value of over $2.6 billion.
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