Fort Lauderdale Mixed-Use Shopping Center Trades for $43M
The fully-leased property, which also includes a marina and a two-story office building, was sold by Hudson Capital Group, Inc. Mast Capital financed the purchase with a loan from CIT bank, N.A.
FORT LAUDERDALE, FL—Mast Capital of Miami has purchased the Quay, a 73,000-square-foot mixed-use shopping center property here for $43 million.
The fully-leased property, which also includes a marina and a two-story office building, was sold by Hudson Capital Group, Inc. Mast Capital financed the purchase with a loan from CIT bank, N.A. Roberto Susi of Axiom Capital Advisors brokered the off-market transaction for the 6.7-acre property.
Major tenants at the Quay, which is located at the SE 17th Street commercial corridor, include the Boatyard restaurant, the United States Postal Service and Chipotle. The Quay is located near several large-scale redevelopment projects, including the Pier Sixty-Six Hotel, Port Everglades, and the Greater Fort Lauderdale/Broward County Convention Center. The property is also close to Fort Lauderdale Beach.
“This property generates strong in-place cash flows, which we believe has further upside,” says Camilo Miguel Jr., CEO and founder of Mast Capital. “The Quay’s unique waterfront location, proximity to major points of interest and frontage on the well-trafficked SE 17th Street corridor position it to benefit from Fort Lauderdale’s growing popularity as a city for people to live, work, and play.”
“With the property already 100% leased, the purchase provides Mast Capital with a strong, secure and long-term investment opportunity,” adds Axiom Capital’s Susi. “From its prime waterfront location to its remarkable accessibility to nearby attractions and transportation options, the property is and will remain attractive to tenants of all sizes.”
Since 2010, Mast has completed 17 transactions across residential, hotel, office, retail, and land with total projected capitalization of approximately $1 billion. Mast Capital’s development and investment portfolio includes such notable projects as the Miami River Walk, Conrad Brickell, Shipping Ave. Apartments and Treasures on the Bay.
Earlier this year, Mast Capital and joint venture partner AEW Capital Management secured a nearly $60- million construction loan for the Miami River Walk project, which broke ground in February.
The Miami River Walk site is to be developed in two phases and will involve the development of approximately 700 rental apartment units on a 6.3-acre site located on the Miami River, half a mile south of Miami’s Health District and within 1.5 miles of the Downtown/Brickell CBD.