Pompano Beach Land Sells For $1.2 Million Per Acre

Aztec Group, Inc.’s Peter Mekras arranged the $2.7 million sale of 2.2 acres of land for residential development located in the desirable neighborhood of Palm Aire in Pompano Beach.

Located at 2606 Palm Aire Drive North, the property features 2.2 acres of land and is adjacent to the 5-million square-foot commercial redevelopment of 232-acre Isle Casino Racing Pompano Park.

The Seller of the property was a private investor group based in Pompano Beach.  Aztec Group was engaged on an exclusive basis by the Seller to conduct a broad marketing process.  Interest for the property was derived from private developers with regional and national presence.  After sourcing numerous competitive offers and assisting the Seller with selecting the most qualified purchaser, the deal was awarded to an Austria-based real estate development company with active residential development projects in South Florida and Central Europe.

“Despite the impact that the Covid-19 pandemic had on the real estate markets at large, South Florida’s economic and demographic fundamentals remain solid and attract a strong interest from local and out-of-state capital,” said Mekras, President of Aztec Group.