HFF Brokers Sale of Beachfront Redevelopment Site to Related Group’s Perez
- Apr 26, 2010
Ft. Lauderdale, Fla.–The Miami office of HFF (Holliday Fenoglio Fowler LP) has closed a joint venture and sale of a 4.6-acre beachfront redevelopment site in Ft. Lauderdale, Fla. for $27.1M to investors including Jorge Perez of The Related Group.
The HFF Miami team was led by Executive Managing Director Manny de Zarraga and director Ike Ojala, who marketed the redevelopment site on behalf of the original developer, a partnership between Fortune International, the Ireland family/Fairwinds Group pursuant to an agreement with the existing lender.
A new venture including Perez of The Related Group and a foreign investor purchased the site from the original partnership. Fortune International, the Ireland family/Fairwinds Group retained a partnership interest in the new venture and will be involved in the eventual development of the site.
Located at 2220 North Atlantic Boulevard, the redevelopment site has direct beachfront access and is approximately four miles northeast of downtown Ft. Lauderdale. The site is entitled for the development of up to 622,178 square feet of buildable area with residential, hotel and/or retail uses.
“The combination of Jorge Perez, the Ireland family and Fortune International brings together an exceptional development team with the vision, experience and commitment to bring a world-class project to Fort Lauderdale,” says de Zarraga.