Marcus & Millichap today announced that it has obtained the exclusive listing for The Aquatic Center Plaza, a beachfront, multi-tenant retail center with infinite redevelopment potential in Fort Lauderdale.
The asset is listed for $29.75 million.
Scott C. Sandelin, a vice president investments, and Edward Romo, an associate, both in Marcus & Millichap’s Miami office, are representing the seller.
“This is an opportunity to acquire an exceptional oceanfront retail property with major redevelopment potential in the heart of Fort Lauderdale’s Central Beach neighborhood with expansive, unobstructed views of the Atlantic Ocean and significant in-place net operating income,” says Romo. “South Florida oceanfront sites are almost impossible to come by and we expect a flurry of interest from local, national, and international investors.”
Originally built in 1954, the 21,000-square foot retail center is 100 percent occupied by a gym, restaurant and bar, souvenir shop, beauty salon and other local tenants. All in-place leases feature redevelopment demolition clauses. Current zoning allows for a variety of uses that would enhance and benefit from the property’s resort and tourist destination location.
“The current owners have been business and property owners on Fort Lauderdale Beach for decades and are highly-regarded community leaders,” adds Sandelin. “Believing that a hospitality use is highest and best for this asset, they are engaged in the process of entitling the property as a 200-plus unit resort hotel with ground floor retail space, a sky bar, a pool deck and onsite structured parking. They anticipate completing the entitlement process by spring or summer 2016.”
Located at 2933 SE 5th St., the property occupies a complete city block situated between the principal northbound and southbound traffic routes of Fort Lauderdale’s Central Beach. The property is situated directly in front of Fort Lauderdale’s Aquatic Center, which will undergo an extensive, multi-million dollar renovation to reestablish the property as a world-class competitive swimming and diving facility.
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