As South Florida’s markets continue to strengthen from the migration of out-of-state developers, Colliers facilitated the off-market sale of the Himmarshee development site in Downtown Fort Lauderdale.
Colliers’ Director Bradley Arendt and Executive Managing Director Mika Mattingly represented both the buyer, Heights Advisors, and the seller, 111 Property Group, in the transaction.
“This was a no-brainer deal, perfectly located, a block from Brightline, surrounded by The Performing Arts Center and The Museum of Science,” says Arendt. “Not only is the location stellar, but the two one-acre sites produce in-place income from existing bars, restaurants and a parking lot.”
The buyers, Heights Advisors and Legacy Partners, purchased the development site in a joint venture for $6.7 million. Heights separately bought the retail portion for $7.8 million for a total sales price of $14.5 million. The development site is zoned RAC-AS. Eventually, both sites will be developed into high rise sites, but the retail will stay as-is for now.
Heights Advisors, a Brooklyn-based community real estate developer and investment management firm, has led more than $1.5 billion in real estate projects. Heights has also led more than $1 billion in real estate transactions as the direct developer. Heights currently oversees more than 1 million square feet of ground-up development and residential conversions in New York and Philadelphia, managing the construction administration in every project they work on.
“In addition to Fort Lauderdale’s incredible cultural arts, entertainment and business districts, its recent thoughtful and clear codification of its zoning rules has ensured its place as one of the prime centers for growth in the United States,” says Stephen Palmese from Legacy Partners, a family-owned investment company based in Brooklyn, New York.
At a time when development opportunities are few, investor interest in South Florida is peaking, particularly among out-of-state buyers. Approximately $1.6 billion has been invested in South Florida land opportunities year-to-date among out-of-state buyers, furthermore, approximately $481.5 million, or 30 percent of that, is sourced to the buyers in the NYC metro area.
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