MIAMI—Dania Beach is seeing quite a lot of commercial real estate investment activity this quarter. The latest deal is the sale of a 1.94-actre parcel of land at 180 East Dania Beach Boulevard for $1.6 million.
Avison Young facilitated the sale on behalf of the seller, Asset Recovery X, LLC. The buyer is Village at Dania Beach, LLC, which plans to use the land to develop a residential project.
David Duckworth, vice president of Investment Sales with Avison, in a co-listing with Cary Cohen of Flagler Real Estate Services, oversaw the execution of the quick sale of the Dania land parcel. From market to closing the sale took less than four months.
“The Dania Beach land parcel was highly sought after from investors attracted to its unique zoning which allows for the potential development of up to 75 residential units per acre and up to seven stories,” says Duckworth. “The high level of interest in the property is a testament to the potential that developers see in Dania Beach.”
With more than 150 new condo towers proposed for construction in South Florida, the region’s real estate market shows signs of a recovery. Combined with the renovations and expansion of offerings at Dania Jai-Alai, buyer interest in the submarket is on the rise.
Located between Fort Lauderdale and Hollywood, the 1.94-acre development site is less than two miles from the ocean in Dania Beach and minutes away from Fort Lauderdale-Hollywood International Airport. The property is in the East Dania Beach Boulevard Corridor Mixed-Use District, which is in an Enterprise zone encouraging medium- to high-intensity redevelopment of the corridor including retail, office, residential, and lodging.
Just days ago, Bridge Development Partners, a Chicago-based real estate investment firm, has closed on its second land acquisition in 30 days. Bridge snapped up a 16.5-acre industrial zoned land parcel in Dania Beach, FL. In July, Bridge acquired a 15-acre plot of industrially zoned land in Port 95 Commerce Park.
“We’ve carved out a niche in Dania Beach which will separate us from new construction under development in Broward County,” says Kevin Carroll, principal with Bridge in Miami. “With our second land acquisition, our positioning and timing will enable us to fill an important need for new class A construction, as industrial space in Florida is absorbed at a rapid rate.”