Fort Lauderdale-based investor Felipe Yalale, who is behind an ambitious plan to transform Sistrunk Boulevard into a millennial hub, just paid $6 million for a lot next to a Chevrolet dealership in Fort Lauderdale.
Affiliates of Metro Motors Ventures and Grieco Motors, both led by Michael A. Grieco Sr. and his family, sold the lot at 1300 North Federal Highway for about $69 per square foot. Property records show the nearly 2-acre parcel holds a 2,995-square-foot office building within it.
Yalale bought the lot through two companies, 13th Street Federal Highway LLC and 220145 LLC.
Grieco still owns an adjacent 65,446-square-foot office building that the family bought last year for $29.5 million. The Griecos’ dealership was built on a 6.8-acre parcel along the Intracoastal Waterway in 2000.
Yalale is known for buying land ripe for development. In 2015 he sold a 78,050-square-foot lot in Wynwood for $15 million. He and Peter Flotz are also developing a five-story complex with 400 apartments in Fort Lauderdale, at the southwest corner of Sistrunk Boulevard and Northwest Seventh Avenue.