A 17.34-acre commercial parcel, dubbed Riverbend, in Fort Lauderdale sold for $5.9 million.
The site, located at 2201-2307 West Broward Boulevard north of the Fort Lauderdale International Airport, is approved for up to 180,000 square feet of office space and 71,000 square feet of retail, according to GlobeSt.
Drew Kristol and Kirk Olson, vice presidents of investments in Marcus & Millichap’s Miami office, had the listing. The duo also represented the buyer. Both seller and buyer were limited liability companies.
“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,” Kristol said. “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.” [GlobeSt.] – Christopher Cameron