POMPANO BEACH, FL—The Herrick Co. has sold a two-acre oceanfront development site here for $10.5 million.
The site was sold to an unnamed joint venture partnership for development as a residential condominium project. Chris Wood of CBRE represented the buyer and the seller in the deal.
The $10.5-million purchase price represents a significant increase in value from when Herrick first purchased the property in 2007 for approximately $4 million. The development site is zoned for 81 residential units.
“The southeast Florida market has been incredibly active, with strong interest in prime development opportunities from both foreign and domestic investors looking to capitalize on healthy demand, particularly in the condominium sector,” says Norton Herrick, chairman of The Herrick Company. “We purchased this site in Pompano Beach when the market was heading into a down cycle, which allowed us to realize significant returns from its recent disposition.”
He adds, “We will look to redeploy the proceeds from this sale into new real estate opportunities, targeting oceanfront or intercostal land sites in southeast Florida, as well as investments that will expand our portfolio of investment grade, single-tenant, long-term net leased assets throughout the country.”