Longtime Industry Veterans Join Forces To Sell Adjacent Waterfront Multifamily Buildings

Longtime industry veterans Judith (Judy) A. Dolan, Senior Vice President with Levy Realty Advisors, LLC, and Stephen Hyatt, Senior Vice President with Berger Commercial Realty, joined forces to sell two adjoining properties in Fort Lauderdale.

Dolan and Hyatt represented the sellers in the combined $16 million transaction. The buyer is 3019 Harbor Properties, LLC, an entity managed by Eduardo Pelaez, which was represented by Leslie Cooper with Compass.

The first building, an off-market, 14-unit, ±9,868-square-foot apartment building with 4 boat slips, is situated on a ±16,500-square-foot lot located at

3019 Harbor Drive and was sold by Floribbean Properties, LLC. The second property is a 10-unit cooperative situated on a ±16,500-square-foot lot with 2 boat slips located at 3013 Harbor Drive and was sold by various individual sellers of the Mar Vista Cooperative.

The properties are located just west of A1A on Harbor Drive along the New River Sound, overlooking the planned Bahia Mar redevelopment. Under a 100-year master lease, developer Rahn Bahia Mar LLC can build a $1 billion mixed-use development featuring 256 new hotel rooms, 360 condominium units and 88,000 square feet of commercial space on 39 acres of city-owned land.

The buyer plans to eventually redevelop the properties.

“The lack of available waterfront property for sale and the rise in pricing enticed Floribbean properties to sell,” explained Dolan. “Floribbean purchased the property in 2003 and was able to maximize the value in the sale. Additionally, the challenge for the cooperative was getting all parties to agree to the sale – the owners of the ten units and the various owners of underlying land lease.”

 

“The initial plans that the buyer has for the property will be to update the properties and make them more compatible with the South Beach area,” added Hyatt. “The two properties combined were very attractive to the buyer, particularly being directly across the canal from the new Bahia Mar development”