Berger Commercial Realty’s St. George Guardabassi, Jordan Beck Rep Seller In Sale Of Complete City Block For $15.2 Million
Berger Commercial Realty/Corfac International Senior Vice Presidents St. George Guardabassi and Jordan Beck represented the Seller in the sale of a portfolio of properties situated on 2.66 acres of land in Fort Lauderdale, Florida.
The Seller, 4451 Associates and associated entities, sold the parcels, widely known as the Hill York property, to Andrews Apartments, LLC for $15,200,000.
The properties, which comprise a complete city block of various industrial and office buildings with nearly 300 feet of frontage on South Andrews Avenue, are located just south of SE 17th Street Causeway.
The Seller owned and successfully operated Hill York HVAC on the site for over 40 years. After selling the business, the Seller retained the real estate in order to capitalize on the land value.
The Buyer plans to redevelop and build 250 multifamily apartments on the site.
“This transaction marks one of the first following the increased density approvals for the S-RAC zoning, which is helping the City achieve its goal of driving development to the south side of New River, similar to the Progresso/Flagler neighborhoods to the North,” explained Guardabassi.
“The transaction also sets a new benchmark price of just over $130 per square foot in this area,” added Beck. “It also marks the extension of development along Andrews Avenue South of New River near Broward General Hospital.”
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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.
