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 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 sale consists of three folios totaling 13,000 square feet of land, with the southernmost folio hosting a 3,111-square-foot single-story building.
Avison Young’s Michael T. Fay and his team – John K. Crotty, David Duckworth, Brian C. de la Fé, and Berkley K. Bloodworth are spearheading the sale, pro bono.
The office building represents McGuire Development Company’s first Southeast Florida acquisition.
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