Avison Young’s Florida Capital Markets Group negotiated the $20 million sale of the 1.24-acre development site at 121 E. Broward Blvd. in downtown Fort Lauderdale.
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.
Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; David Duckworth; John K. Crotty, CCIM; and Vice President Brian C. de la Fé represented the seller and long-time client, Broward GP, LLC, during the disposition. The sale brings the total dollar volume of transactions the team closed during the last week of April 2022 alone to $154 million.
“Investor appetite across all property types has been strong and shows no signs of slowing despite concerns in other urban markets nationally,” said Fay. “The buyer has been very active in the Fort Lauderdale market and understood the significance of the site’s location, being the crown jewel and gateway into Fort Lauderdale.”
With easy access to Interstate 95 to the west, and just a few blocks away from Brightline’s Fort Lauderdale station, the site is the only vacant private property on Broward Boulevard between the train tracks and the Intracoastal Waterway. Over the past decade, downtown Fort Lauderdale has seen significant multifamily development, rising office rental rates, and exciting new retail and dining options, making it an amenity-rich live-work-play area that is attractive to modern professionals and residents. Hence, the 121 E. Broward Blvd. property has doubled in value since it last sold in 2004.
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