Marcus & Millichap’s First Vice President Investments Ryan Shaw, along with Quinn Sousa, had the exclusive listing to bring the generational assets to market for the first time.
As the largest design campus of its kind, DCOTA showcases more than 775,000 square feet and is home to more than 35 luxury interior and design showrooms.
Klein and Gerberg represented the buyer, Brickbox Management LLC, in the transaction.
JLL Capital Markets closed the sale and secured the equity for the 793-unit Modera Academical Village.
The 71,307 square foot property features prominent frontage on South Federal Highway in the heart of Fort Lauderdale.
“This sale continues the trend of the purchase of land or buildings on Federal Highway and Sunrise Boulevard for redevelopment spreading north from downtown and The Flagler Village area,” commented Hyatt.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
The buyer intends to renovate and lease the property.
New Associate Adam Docktor specializes in retail leasing and investment sales in emerging markets.
Seneca Town Center is anticipated to be one of the first of many major redevelopment projects throughout the Town of Pembroke Park.