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LAUDERDALE LAKES, FL-AgU Entertainment Corp. has agreed to sell its 162,000-sf building and 23-acre parcel at 3200 W. Oakland Park Blvd. to Tarragon South Development Corp., an affiliate of New York City-based Tarragon Corp., for $15 million. AgU acquired the former Bazaar Flea Market site for $8.5 million in December 2004 with plans to create a recording, film and television production studio.

It has since dropped that plan in order to focus on the rollout of the Tube, an e-commerce all-music channel. In connection with the sale, David Levy, president of AgU, says Tarragon is providing the seller with a $2.5-million bridge loan as a third-mortgage, secured by the real estate. The transaction is set to close by year’s end.

Calls to Tarragon were not returned by deadline. However, the company has submitted preliminary plans for a mixed-use office, retail and residential condo complex at that site to the city’s redevelopment authority, which estimates a project cost of up to $120 million. While the authority encourages redevelopment, the parcel would require rezoning, which the authority estimates could take up to a year for approval.

Tarragon has offices in Wallingford, CT; Dallas, and Fort Lauderdale, Jacksonville and Orlando. According to its website, it is an urban homebuilder with a focus on multifamily and mixed-use developments in urban markets with high barriers to entry and pent-up demand.

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