Investors pay $21M for Fort Lauderdale boat facility and dev site
Kash Patel, Peter Bostrom and Andrew Beachler acquired two properties near beach
A trio of investors, including a parking executive entangled in a 2018 Miami fraud case, paid a combined $21 million for a waterfront boat sales and repair facility and a development site near the beach in Fort Lauderdale.
An entity managed by Andrew Beachler, president of Miami-based Beachler Capital Corp., acquired the Marina Mar Building at 3100 East Oakland Park Boulevard and an adjacent parking lot on 1 acre for $12 million, records and Vizzda show. Beachler partnered with Kash Patel and Peter Bostrom, principals of Fort Lauderdale-based Asta Parking, to purchase the properties, a press release states.
The seller, an entity managed by James Powers in Palm Harbor, Florida, provided $2 million in financing to the buyers. James Govin with Hermann and Govin represented the buyer, and J. Paul Raymond with Macfarlane Ferguson & McMullen represented the seller, the release states.
In 2011, the Powers entity paid $900,000 for the parking lot and Marina Mar, a 73,000-square-foot facility on 0.6 acres completed in 1964, records show.
At the same time as the Marina Mar and parking lot purchase, another entity managed by Beachler paid $9 million for a 0.5-acre vacant parcel at 2933 Poinsettia Street in Fort Lauderdale, about three miles south of Marina Mar, records and Vizzda show. The property is adjacent to the Las Olas Beach Condos oceanfront tower. The seller, an entity managed by Ihab Mahmoud in Doral, paid $4.3 million for the site in 2006, records show.
That development site Beachler purchased is also about two miles north of Pier Sixty-Six, a proposed $1 billion-plus oceanfront mixed-use project by Orlando-based Tavistock Development Company. In October, Tavistock launched sales for Indigo, one of two planned condo buildings at Pier Sixty-Six. The same month, Coconut Grove-based Related Group launched sales for a Pininfarina-branded luxury condominium tower also proposed in Fort Lauderdale.
In 2018, Beachler and Gabriella Caltagirone were charged with multiple felonies, including organized fraud, in Miami-Dade County. At the time, the pair owned a car booting company that allegedly scammed the city of Miami out of hundreds of thousands of dollars by not paying a required $25 municipal fee for each vehicle immobilization, according to published reports.
In 2019, Beachler pleaded guilty to one count of organized fraud over $50,000. But he received a withhold of adjudication after completing probation and paying restitution, court records show.