Berger Commercial Realty’s Steve Hyatt Negotiates Sale Of 3.88-Acre Vacant Parcel In Fort Lauderdale

Berger Commercial Realty  /   December 19, 2024

Abacus Acquisitions, LLC/4 Rivers Property Group has successfully closed on the acquisition of a 3.88-acre parcel of vacant land located at 1400 Progresso Drive in Fort Lauderdale.

The property, which was previously utilized as an automobile storage lot by Audi Fort Lauderdale, was purchased for $6.5 million from Broward Automotive, Inc. The transaction was brokered by Steve Hyatt, Senior Vice President at Berger Commercial Realty/CORFAC International, who represented the seller in the deal.

The buyer plans to develop the property into a 4-building self-storage facility, with plans already approved for a 150,000 square foot self-storage complex.

The property’s strategic location, just north of downtown Fort Lauderdale in the rapidly growing Central City/Progresso area, makes it an ideal site for development. The area has seen significant residential growth, with over 15,000 new residential units completed or under construction, driving demand for self-storage.

Steve Hyatt noted, “This property’s prime central location, combined with the strong demand for self-storage, made it an attractive opportunity for the buyer. I am pleased to have helped facilitate this successful transaction.”

Hyatt previously sold the property to Broward Automotive Group in May 2013 for $3,150,000 and also represented Audi Fort Lauderdale in the purchase of their current dealership location at 1200 North Federal Highway in Fort Lauderdale. Hyatt represented the seller in that transaction.

Hyatt has extensive experience in the automotive retail industry and has represented multiple dealership groups with their real estate needs in South Florida and across multiple national markets. Prior to Berger, Hyatt served as a corporate development executive with publicly traded AutoNation (NYSE: AN) from 1996 to 2008.

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