The Real Deal Miami

Atlantic | Pacific nabs 72 acres in Broward for $12M

County last appraised land at $7M

October 21, 2015 02:00PM
By Katherine Kallergis

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Development site in Lauderdale Lakes and Tamarac

Development site in Lauderdale Lakes and Tamarac

A company tied to Atlantic | Pacific Management has made a big purchase in Lauderdale Lakes. The developer paid $12.33 million for about 72 acres, Broward County records show.

Coral Ridge Presbyterian Church Inc. sold the two adjacent parcels – an 83,094-square-foot lot in Tamarac and a 70-acre recreational park and land in Lauderdale Lakes – to Atlantic Cypress Creek LLC, a company tied to the Bay Harbor Islands-based residential firm.

The Lauderdale Lakes site, at 4850 North State Road 7, includes baseball fields, a track and a lake. The second parcel, directly north, is along West Commercial Boulevard.

Together, the land has been appraised at about $7 million, according to Broward County property records.

An Atlantic | Pacific spokesperson declined to comment on plans for the property.

Earlier this year, Atlantic | Pacific announced that it was expanding its portfolio in South Florida by 2,000 residential units in Brickell, the Miami Design District, Miami Beach, Fort Lauderdale and Delray Beach. The privately owned real estate company’s existing real estate management portfolio in South Florida includes the Buena Vista Design Plaza in the Design District, Apogee in Miami Beach and MyBrickell.

In January, Atlantic | Pacific acquired six multifamily communities in Georgia and Texas for $200 million.

The seller, Coral Ridge Presbyterian Church, is based in Fort Lauderdale.

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