Updated: March 28, 2014 12:27pm ET
Land Grab: Prime Broward Tract Sells
FT LAUDERDALE—Land is selling in South Florida as the construction boom continues—and it’s not all in Downtown Miami or Biscayne Boulevard. The 17.34-acre Riverbend commercial land tract in Fort Lauderdale, FL has traded for $5.9 million.
Drew A. Kristol and Kirk D. Olson, vice presidents of investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property for the seller, a limited liability company from Sunrise, FL. The duo also represented the buyer, a limited liability company from Fort Lauderdale.
“This was a rare opportunity to own a core commercial development opportunity in the heart of Fort Lauderdale on Broward Boulevard, just west of the Interstate 95 on ramp,” says Kristol. “The previous owner invested in all utilities and site improvements for development based on the current approved site plan. The buyer plans to re-position the asset over time after working with the city and county to create an appropriate and redevelopment strategy.”
Zoned B-1 commercial, the site is approved for up to 180,000 square feet of office space and 71,000 square feet of retail. The property is located minutes north of the Fort Lauderdale/Hollywood International airport and east of Downtown Fort Lauderdale. The address is 2201-2307 West Broward Boulevard in Fort Lauderdale.
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