Investors pick up riverfront building in Fort Lauderdale for $5.8M

UPDATED August 23rd, 11:00 a.m.: A group of investors just paid $5.75 million for a property fronting Fort Lauderdale’s New River, records show.

George Dermksian, Krikor Gazarian and Linéaire Group 10 New River LLC bought the mixed-use, 23,600-square-foot building at 400 and 408 South Andrews Avenue. Azorra Properties sold the site for $244 per square foot for the building and $261 per square foot for the land.

Property records show Azorra paid $2.5 million for the building in 2001. An executive from Fort Lauderdale’s Historical Society said the building was the former Maxwell Arcade, which was completed in 1926. Records show it sits on a half-acre lot. Tenants include the restaurant The Historic Downtowner as well as the city of Fort Lauderdale’s marine facilities office.

Linéaire Group 10 New River LLC is led by Alejandro and Diego Bonet and George Samarjian. Bonet is a managing partner at Linéaire Designs, which has worked on projects like Cassa Brickell and the Epic, according to its website.

South Andrews Avenue has become a hot spot for developers looking to tap into the rising downtown Fort Lauderdale real estate market. In recent months, the Fort Lauderdale’s Design Review Committee approved a 2.3 million-square-foot, mixed-use development along the avenue called Southside City Centre. The project will bring apartments, hotel rooms, offices and retail stores to the neighborhood.

The Related Group and Property Markets Group are also planning mixed-used projects along the river.