Avison Young and Fisher Auction complete the court-appointed receivership sale of Heron Pond Condominium Complex for $20.5 million

Integra acquired the 25-acre site, which offers a blank canvas for redevelopment

Pembroke Pines, FL – Global real estate advisor Avison Young and Fisher Auction, at the direction of Daniel J. Stermer of YIP Associates as court-appointed Receiver for Heron Pond Condominium Association in case number CACE 24-005243 pending in Broward County, arranged the sale of the Heron Pond Condominium complex, a 304-unit, 19-building condominium community positioned on a contiguous ±25-acre site at 8400 SW 1st Street, Pembroke Pines, Florida for $20.5 million to Integra, a multi-disciplinary real estate investment and development firm.

Avison Young Principals John K. Crotty, David Duckworth, Michael T. Fay, who is also the Chairman of Avison Young’s U.S. Capital Markets Group Executive Committee and Brian C. de la Fé, along with Fisher Auction Company CEO Lamar Fisher, President Francis Santos and Executive Vice President Paul Fisher, led the marketing and auction process.

Berger Singerman Partners Brian Rich and Michael Niles served as lead counsel, and Eisinger Law Partners Alessandra Stivelman and Alex Alonso and Greenspoon Marder Partner Dennis Mele served as additional legal advisers. Development Specialists, Inc. Senior Managing Director George E. Shoup and Associate Sal Arena served as financial advisors.

“Achieving the best possible result for the underlying stakeholders of this condominium association required a disciplined and expansive marketing effort that attracted interest from a broad range of qualified buyers,” said Crotty. “The competitive process ultimately led to an outcome that maximized value and provided a clear path toward redevelopment of this unique infill site. In today's market, opportunities of this size and scale in Broward County are exceptionally rare.”

All units located on the property have been vacated due to general safety concerns, resulting in the Receivership and the termination of the Condominium Association, which allowed for the Receiver to market and sell as one fee simple sale.

Offered on an “as-is” basis, the site sits in an ideal infill location in the heart of Pembroke Pines, one of Fort Lauderdale’s most desirable suburbs, with close proximity to major employment hubs, retail centers and educational institutions. The in-place zoning allows for as many as 321 units by-right and the unit count could more than double with upzoning or utilizing a land use plan map amendment. 

Florida ranks first among U.S. states in net migration with many relocating from high-tax states like New York and California, along with financial services firms, investment companies, and hedge funds, which is driving up housing demand. This influx has resulted in sustained demand for new residential developments and pushed rents and home prices to record highs. With top- ranked schools, a high average household income, elevated median home values and excellent proximity to employment centers and commuter thoroughfares, Pembroke Pines is one of Broward County’s most desirable suburbs.

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