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The parcels sold for a total of $7 million which, coupled with the recently acquired 1.6-acre riverfront property on 7th Street, brings Newgard’s total land investment to $57.5 million.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Vice President Brian C. de la Fé represented Alton Road Invest, LLC, during the disposition
South Florida-based Two Roads Development acquired the 3.5-acre prime waterfront site with plans for an ultra-luxury branded residential property.
One of the few remaining vacant parcels in the central business district, the property is primed for office, multifamily, hotel, or mixed-use development totaling more than 500,00 square feet of rentable space.
The mall was 80 percent leased at the time of sale to more than 100 tenants.
The seller achieved 25% asset appreciation in 14 months with a strategic value-add plan.
The project is expected to cost over $500 million to develop.
The building sits on five acres in Sawgrass International Corporate Park.
Totaling 1.38 acres on the block running up to the iconic Lincoln Road, the portfolio includes 1.21 acres or 52,500 square feet of contiguous developable lots with an existing 55,516-square-foot mixed-use/retail structure along Alton Road and an additional 0.17-acre or 7,500-square-foot parking lot on the West Avenue side.
The 56,072-square-foot building is located within Miramar Park of Commerce.