The sale highlights the continued strength of the industrial real estate market in Fort Lauderdale, driven by increasing demand for warehousing solutions.
“This off-market sale was uniquely timed, allowing both parties to capitalize on the opportunity.”
Forman Capital’s Ben Jacobson, Scott Mehlman and Ty Regnier originated the loan on behalf of the borrower/sponsor. Jay Miller, Spencer Miller and Noah Rothman of BayBridge Real Estate Capital brokered the financing. The transaction closed on August 29.
The initial phase of the project includes the construction of a 200,000-square-foot building, with plans for two additional buildings to follow. This phase can accommodate tenants seeking spaces as small as 50,000 square feet.
The multifamily property is located to the east of Biscayne Boulevard, making it one of the few rental buildings located east of US-1. Additionally, Florida International University’s Biscayne Bay Campus is within walking distance, and the property is near several mixed-use developments in the area.
Douglas Mandel, Tyler Kuhlman, and Zachary Levine, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an entity tied to Malcolm Butters, and secured the buyer, LMP Boca, LLC.
The site is zoned for a variety of uses, including but not limited to, residential, office, retail and seniors housing.
JLL represented the seller, Ivy Realty, in the sale of the property.
Reese Stigliano, President of Stigliano Commercial Real Estate, represented the sellers, Neill Farms FP, LLC.