The Real Deal Miami

Aquatic Center Plaza in Fort Lauderdale hits market: $29.75M

Owners bought property in August for $2.5M

December 28, 2015 04:30PM

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Aquatic Center Plaza

Aquatic Center Plaza

Fort Lauderdale’s Aquatic Center Plaza, a beachfront multi-tenant retail center, has hit the market at $29.75 million, billed as a redevelopment site for a resort hotel.

The property, at 2933 Southeast 5th Street, occupies a city block. It sits directly in front of Fort Lauderdale’s Aquatic Center, which is set to undergo an extensive, multi-million dollar renovation.

Originally built in 1954, the 21,000-square-foot Aquatic Center Plaza is 100 percent occupied by a gym, restaurant and bar, souvenir shop, beauty salon and other local tenants. All the leases feature redevelopment demolition clauses. Current zoning allows for a variety of uses, according to Marcus & Millichap, which has the listing.

Broward County property records show the owners as Sophia Enterprises, which bought the property in August for $2.5 million. Sophia Enterprises’ president is Aiton Yaari and vice president Lior Avidor, corporate records show. Sophia Enterprises also owns 419-437 South Fort Lauderdale Beach Boulevard, a mixed-use property near the Aquatic Center Plaza.

“The current owners have been business and property owners on Fort Lauderdale Beach for decades and are highly-regarded community leaders,” Sandelin said in a statement. “Believing that a hospitality use is highest and best for this asset, they are engaged in the process of entitling the property as a 200-plus unit resort hotel with ground floor retail space, a sky bar, a pool deck and onsite structured parking. They anticipate completing the entitlement process by spring or summer 2016.”

Marcus & Millichap’s Scott C. Sandelin, a vice president of investments, and Edward Romo, an associate, both in the firm’s Miami office, are representing the seller.

The site is about one-and-a-half miles from the site of the future Paramount Fort Lauderdale Beach, which is now 70 percent sold. — Ina Cordle