Electra America, BH Group Buy South Florida Mall For $100.4M, Plan Mixed-Use Redevelopment
The mall was 80 percent leased at the time of sale to more than 100 tenants.
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The mall was 80 percent leased at the time of sale to more than 100 tenants.
The property is located in downtown Fort Lauderdale, just south of the New River. Zoning is high density RAC-CC which allows for office and multifamily development.
The portfolio consists of seven multi-tenant office buildings totaling 308,305 square feet.
Phase I of the highly successful logistics park totals 1.1 MSF and is fully leased; Phase II totals 1.6 MSF of Class-A industrial space and will be delivered in 3Q 2023.
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Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, a private investor, to arrange a seven-year, fixed-rate loan from Bank United.
The 1972-built boutique office building is situated on .37 acres of land.
The logistics center totals approximately 124,000 square feet.
The seller achieved 25% asset appreciation in 14 months with a strategic value-add plan.
1801 Building is now 97% occupied following the latest transactions; Infinity Sales Group moves into the company’s Park at Broken Sound building.
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