The Real Deal Miami

Fort Lauderdale boat show operators HQ sells: $18M

Buyer is an investment company with offices in Boston and Miami
The industrial property at 1900 Northwest 21st Avenue in Fort Lauderdale

The industrial property at 1900 Northwest 21st Avenue in Fort Lauderdale

The headquarters of Show Management Convention Services, operators of the Fort Lauderdale International Boat Show, has sold for $17.8 million. 

The property is a 10.4-acre industrial site at 1900 Northwest 21st Avenue. It includes a large 88,900-square-foot warehouse where Show Management leases space.

A deed filed in Broward County last week transferred ownership of the property from Ivy 1900 Associates LLC to FEDEQ DV002 LLC for roughly $39.3 per square foot.

Ivy 1900, which is an affiliate of Ivy Realty in New Jersey, first paid $10.9 million for the property in 2011. After four years, the company has resold the industrial site for a hefty $6.9 million premium.

The buyer is an affiliate of the Federated Companies, a real estate investment group with offices in Boston and Miami. Federated financed the deal with an $8.8 million loan from the Hartford Life Insurance Co., according to county records.