Mast Capital buys The Quay shopping center in Fort Lauderdale

The project marks the Miami-based developer's first major investment in Fort Lauderdale

TRD MIAMI /
Apr.April 05, 2019 02:30 PM

Mast Capital’s Camilo Mast Jr., the Quay Fort Lauderdale

Mast Capital paid $43 million for The Quay, a waterfront mixed-use shopping center in Fort Lauderdale, marking the Miami developer’s first big investment in Fort Lauderdale.

The company purchased the 73,000-square-foot shopping center at 1515 Southeast 17th Street for $589 per square foot, according to a press release.

The property is currently 100 percent leased, with tenants including Boatyard restaurant, United States Postal Services, and Chipotle. The 6.97-acre site also includes a marina and a two-story office building. The property is close to Pier Sixty-Six Hotel & Marina, Port Everglades and the Greater Fort Lauderdale/Broward County Convention Center.

Mast Capital bought the property from Hudson Capital Group and financed it with a loan from CIT bank, according to the release.

Roberto Susi of Axiom Capital Advisors brokered the deal.

Records show Hudson Capital bought the property in 2007 for $34.8 million. The shopping center was built in 1988.

The deal shows the growing demand for commercial properties in Fort Lauderdale. Many developers are moving to the Broward County city due to the strong job market and growing population. Land costs in Fort Lauderdale are also cheaper than in Miami.

Led by Camilo Mast Jr., Mast Capital is also developing the Miami River Walk, a mixed-use project with 688 residential units. The firm also owns the Conrad Hotel Brickell, and 3811 Shipping Avenue, which will have 254 apartments. Since 2010, Mast has completed 17 deals with total projected capitalization of about $1 billion.

In August, Mast Capital sold a historic French chateau at 1500 Brickell Avenue for $6.25 million, where it planned to bring an Italian restaurant.


Related Articles

arrow_forward_ios
1 Pelican Drive, Tim Elmes and Addison Ruff of Compass, Kelly Drum of Drum Realty

Auto magnate buys waterfront Fort Lauderdale house for $9M

Auto magnate buys waterfront Fort Lauderdale house for $9M
Andy Eversbusch and 623 Middle River Dr. (Credit: Google Maps)

Waterfront Fort Lauderdale house sells for $6.8M

Waterfront Fort Lauderdale house sells for $6.8M
27359 South Dixie Highway and Longpoint Realty Managing and Founding Partner Dwight Angelini (Google Maps)

Longpoint buys Fresco Y Mas-anchored center in Naranja

Longpoint buys Fresco Y Mas-anchored center in Naranja
150 North Federal Highway and Jaime Sturgis

Downtown Fort Lauderdale dev site hits market for $12.5M

Downtown Fort Lauderdale dev site hits market for $12.5M
Bridge Investment Executive Chairman Robert Morse, Bayview Corporate Tower (Credit: Google Maps)

Bridge Investment sells Fort Lauderdale office building for $83M

Bridge Investment sells Fort Lauderdale office building for $83M
Hard Rock Cafe at Bayside Marketplace (Hard Rock)

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...