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FORT LAUDERDALE, FL-Miami Beach-based Transacta Prive Developers Ltd. has paid $20.6 million for the nine-story, 144-room Howard Johnson Ocean’s Edge Resort at 700 N Atlantic Blvd. in a tax-free 1031 exchange. The seller, identified as 700 Corp., is a family owner currently headquartered in the property, according to Bard Brenner, who put the deal together.

Brenner tells GlobeSt.com the building was constructed in 1967, and the lot has 200 feet of frontage on A 1A overlooking the Atlantic Ocean. “It is currently operated as a hotel, but the zoning allows for high-rise development,” he says. Brenner worked with Miami Beach-based Real Estate Transactions Inc., an in-house representative of the buyer, and Boca Raton-based I.P.O. Realty Inc., the in-house representative of the seller.

Brenner says the developer also acquired the full block surrounding the hotel in a series of transactions in which he was not involved, and plans to clear the block in order to construct a 300-unit luxury hotel. In addition to the Howard Johnson site, the Broward County Appraiser’s office lists 11 separate sales to Transacta for parcels between N. Atlantic Boulevard and the parallel Breakers Avenue, and from Vistamar to Belmar streets. According to the public records, the prices for the parcels range from $100,000 to nearly $1.5 million and aggregate approximately $6.3 million. They contain a variety of structures, including a small condominium and apartment building.

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