Patrick Bet-David is ready for takeoff after paying $25 million for a Fort Lauderdale office building and airplane hangar
An entity tied to Bet-David acquired the mixed-use project at 1200 and 1400 Northwest 62nd Street in a bankruptcy sale, records show. Bet-David is an author and social media influencer with more than 10 million followers on Youtube, X, Instagram and Facebook.
An Avison Young team led by John Crotty and Michael Fay brokered the sale on behalf of B. Riley Advisory Services, the liquidating trustee for previous owner Cypress Creek Florida.
In 2003, Cypress Creek Florida, an affiliate of Fort Lauderdale-based First Choice Laboratory, paid $10 million for the 10.7-acre site. The 20,150-square-foot office building and 18,048-square-foot private airplane hangar with a two-bedroom apartment were completed in 1983.
In 2019, First Choice’s parent company, Americore Holdings, filed for Chapter 11 in Kentucky federal bankruptcy court, records show. Two years later, a Delaware entity that lent $11.4 million to Cypress Creek Florida filed a foreclosure lawsuit alleging the company defaulted on the mortgage. The debt grew to $16.7 million due to accruing interest and other fees.
The lender and the liquidating trustee reached a settlement to drop the lawsuit upon sale of the property and the mortgage payoff, court records show.
Bet-David and his wife Jennifer Bet-David planted roots in Fort Lauderdale in 2021. The couple paid $20.4 million for a 10,436-square-foot waterfront mansion in the city’s Bay Colony community. At the time, the home price marked a record for the exclusive enclave.
In other recent commercial deals in Fort Lauderdale, Citrix sold its headquarters complex for $37 million last month. The cloud computing and software company is leasing back the two office buildings from the buyer, an entity tied to Maksim Slyusarchuk, founder and CEO of mortgage lender A&D Mortgage and mortgage investment fund Imperial Fund, which are both based in Hollywood.
In June, Coconut Grove-based Related Group, Aventura-based BH Group and Boca Raton-based Pebb Enterprises paid $48.5 million for The Quay at 17th Street, a 7-acre mixed-use site in Fort Lauderdale that includes a shopping center, a two-story office building and a six-yacht marina.
Correction: A previous version of this story incorrectly identified individuals associated with Bet-David as being partners in the transaction. They are authorized representatives.