Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller,
the AIDS Healthcare Foundation., in the sale of 2.15 acres including 10 condos at Villa Tuscany, located at 409 SE 8th Street in Fort Lauderdale, Florida.
The buyer, Salt Air 20 Townhouses, LLC and Salt Air 20 Development, LLC, led by Robert Given, Al and Nelson Fernandez, paid $15,250,000
The deal closed March 28.
The property is located in downtown Fort Lauderdale, just south of the New River. Zoning is high density RAC-CC which allows for office and multifamily development. The immediate area has undergone tremendous growth in the past 5 years with multiple large-scale projects announced or underway. A portion of site was previously used for overflow parking for AHFs headquarters located next door but has subsequently been enlarged with other purchases by AHF for a planned multifamily development that did not occur due to zoning issues.
“Multiple large land sale transactions have occurred in the immediate area in the last 2 years,” explained Hyatt. The Salt Air group plans to develop a multifamily project on the site. They recognized the value of the site as being contiguous to the 3 block site purchased by internationally known OKO Group for $63 million in June of 2020 and their plans for a world class multi phased mixed use development just south of the tunnel“
The transaction marks the fifth Hyatt has executed for the Foundation between Fort Lauderdale and Miami Dade County.
About Berger Commercial Realty/CORFAC International: Berger Commercial Realty/CORFAC International is a regional, full service commercial real estate firm based in South Florida. Independent and privately owned since its founding in 1998, the firm is a member of CORFAC International, a global network of independently owned commercial real estate brokerage firms. The firm’s property management and brokerage services include tenant/landlord and buyer/seller representation; project and construction management; receiverships; agency/project leasing; capital advisory/investment sales; retail services and more. For more information about Berger Commercial Realty’s brokerage services, CALL 954.358.0900 or visit www.bergercommercial.com.
About CORFAC International: CORFAC International is a global network comprised of privately held entrepreneurial commercial real estate firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 75 offices in the U.S., Canada and international markets, including Australia, France, Germany, Ireland, Italy, Japan, Malaysia, Netherlands, Romania, Russia, Singapore, South Korea, Switzerland, Thailand and United Kingdom. CORFAC offices close an average of 10,000 lease and sales transactions valued in excess of $9.0 billion annually, totaling 500 million square feet closed and 65 million square feet managed worldwide.