FORT LAUDERDALE, FL, March 17, 2022 – As out-of-state investors continue their expansion into South Florida’s markets, Colliers facilitated the off-market sale of the Himmarshee development site in Downtown Fort Lauderdale. Colliers’ Managing Director- Debt & Equity, Tony Gannacone, represented the buyer, the offices of Heights Legacy, in securing the loan and Managing Director Bradley Arendt and Executive Managing Director Mika Mattingly represented the seller in the transaction. 

“Despite the financing challenges presented by COVID, our team worked collaboratively with the bank to meet the client’s needs,” says Gannacone. “The result was a financing solution with great leverage and rate that supported the acquisitions group’s expansion into the market.”

The buyer, the offices of Heights Legacy, purchased the development site in a joint venture for $6.7M. Heights separately bought the retail portion for $7.8M for a total sales price of $14.5M.

“This was a no-brainer deal, perfectly located, a block from Brightline, surrounded by The Performing Arts Center and The Museum of Science,” says Arendt. “Not only is the location stellar, but the two one-acre sites produce in-place income from existing bars, restaurants and a parking lot.”

At a time when development opportunities are few, investor interest in South Florida is peaking, particularly among out-of-state buyers. Approximately $1.6 billion has been invested in South Florida land opportunities year-to-date among out-of-state buyers, furthermore, approximately $481.5 million or 30 percent of that, is sourced to the buyers in the NYC metro area.