Avison Young closes $20M sale of vacant development site in Downtown Fort LauderdaleMay 10, 2022
Rare 1.24-acre site primed for office, multifamily, hotel or mixed-use development
Fort Lauderdale, Fla. – 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, Florida. 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.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.
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For more information:
Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842
David Duckworth, Principal, Avison Young: 954.938.1806
John K. Crotty, CCIM, Principal, Avison Young: 305.447.7865