The buyer plans to develop the recently acquired site into a residential community featuring 78 or more affordable housing units, taking advantage of development opportunities available under Florida’s Live Local Act.
He brings more than a decade of commercial real estate experience to CBRE, most recently serving as Senior Vice President at Related Ross in West Palm Beach.
The transactions include medical office, retail, industrial, multifamily and mixed-use properties across South Florida and Texas.
The development was built on the site of the former Hollywood Bread Building, which served as the headquarters of the Hollywood Bread Company.
A six-acre property in Fort Lauderdale’s Cypress Creek area is being considered for a zoning change that could open the door to a significant multifamily redevelopment near I-95.
The transaction was arranged by a Cushman & Wakefield team led by Roberto Pesant, Jose Mota and Wouter Lips, who represented both the seller and the buyer.
To support its continued growth, Native is actively interviewing senior commercial real estate brokers to meet rising demand from its expanding client base.
The $32 million transaction closed quickly as an all-cash 1031 exchange acquisition, trading at a record price per unit for the submarket and a cap rate below 5 percent.
The Cove will rise on the site of a former hotel property, delivering 376 residential units in an eight-story building with structured parking.
The building, which dropped to a low of 62% leased during the pandemic, now stands at 97% occupied with a diversified tenant roster comprising 43 tenants in 15 distinct industries.