Lennar pays $12.5M for Fort Lauderdale land

Property was sold by former Blockbuster exec

Aug.August 21, 2015 12:45 PM

A chunk of vacant land in Fort Lauderdale was just sold for $12.5 million to an affiliate of the Lennar Corp., one of the largest homebuilding companies in the nation, Broward County records show. 

The deal includes six parcels that measure 2.2 acres of land altogether. They’re located at 120 Northeast Fourth Street, next to several low-rise commercial buildings and the 21-story condo tower, 315 Strada.

An affiliate of Lennar’s multifamily division was named as the buyer, according to Broward County records.

The seller was a company managed by Jim Ellis, a former Blockbuster video store executive. Ellis, who founded a development company named Ellis Diversified, bought the properties at auction for an unknown amount in 2005 after former owner Glenn B. Wright lost them in a foreclosure judgement. Before that, the last recorded sale price was for $1.65 million in 2004. 

This is the second time Ellis has sold vacant land to a prominent developer this year. In June, his company traded 1.3 acres of vacant Fort Lauderdale land to Miami Worldcenter principal Art Falcone.

Related Articles

Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Alan Hooper and 516 Northwest 1st Avenue (Credit: Google Maps)

FATVillage developer buys missing piece for mixed-use project

Bridge Development Partners partner Southeast Region Kevin Carroll and 3233-3303 Southwest 12th Avenue Fort Lauderdale

Bridge Development sells Fort Lauderdale warehouses for $28M

2300 Aqua Vista Boulevard (Credit: Realtor)

Crane mogul drops $12M on waterfront Fort Lauderdale mansion

400 Northeast Third Avenue, Morgan Group CEO (Credit: Google Maps)

TA Realty drops $112M on apartments in Flagler Village

Matthew Rieger and a rendering of Village View

HTG scores financing for Fort Lauderdale senior affordable housing

Rendering of the project, Victor G. Harvey, Sr. and Flo Rida

Flo Rida is building a vodka distillery in Fort Lauderdale Opportunity Zone

John Sasso and 1020 Northeast 7th Avenue (Credit: Google Maps)

Fort Lauderdale apartment portfolio sells for $10M