UPDATED Oct. 17, 5:20 p.m.: This was no last minute deal for Impulsive Group.
The New York-based hospitality company just paid $21 million for the waterfront Sands Harbor Resort & Marina in Pompano Beach.
Impulsive Group paid $350,000 per room for the 60-room resort hotel and marina at 125 North Riverside Drive. Sands Harbor, a Pompano Beach-based company, led by Mohammad Al-Zayani, was the seller.
The 82,563-square-foot hotel was built in 1966. The property, which totals 175,000 square feet, includes three waterfront restaurants and a two-story commercial office space. In addition, a marina at Sands Harbor Resort has dockage for 50 boats up to 100 feet. It also includes a fuel dock and a fishing supplies store. The sale of the property equates to $120 per square foot.
Impulsive Group is led by president and CEO Hank Freid. The company finalized a long-term lease for the skydeck event space at 605 Lincoln Road in Miami Beach in 2016, with an option to buy the property.
Freid, who represented his firm in the purchase, said plans are to completely remodel the hotel and add the sushi restaurant Sushi by Bou of New York. His partner in the deal is his son, Brandon Freid. George Smith of Mandich Real Estate Advisors introduced Impulsive to the property.
Developers are increasingly looking at Pompano Beach as a hotspot for new waterfront development. Sabbia Beach, a 19-story, 68-unit condo tower at 730 North Ocean Boulevard is in the final stages of completion.
Dev Motwani is planning to build 27-story condo building at 1350 South Ocean Boulevard.
And Miami-based Lionheart Capital is looking to build a two-building luxury condo project at 1380 South Ocean Boulevard that would include a a 35-story, 354-foot tall building – the city’s tallest – and a 14-story building.