FECI Sells Parcels Near Fort Lauderdale’s Brightline Station for $37M
By Julia Echikson July 26, 2021 5:59 pm
reprints
Florida East Coast Industries, the company which owns the Brightline train service, sold two vacant parcels around its Fort Lauderdale station for a combined $37.2 million, records show.
The 1.8-acre plot at 111 NW Second Street sold for $19.6 million, and the adjacent 1.7-acre plot at 130 NW 1st Avenue sold for $17.6 million, property records show. The buyers were NW Flagler Ave Development LLC in the first sale and Andrews Ave Development LLC in the second, both of which appear to belong to the same entity.
The two parcels are situated along Fort Lauderdale’s Brightline station less than a mile from Las Olas Boulevard, the city’s main drag. The train line shut down operations in 2020 due to the pandemic and is slated to reopen by the end of the year, operators previously announced.
For both transactions, Citrus State Properties Management and Berger Commercial Realty’s Shelby Smith were listed as the buyer’s representatives in public documents. Smith, who said he works as the property manager on behalf of the buyers, declined to divulge the entities’ identity.
The New York-based Fortress Investment Group, which owns FECI, has made real estate investments around Brightline stations a major piece of its strategy. The firm put five parcels in Fort Lauderdale and Miami on the market earlier this year, the South Florida Business Journal reported.
Fortress Investment Group tapped Cushman & Wakefield’s Robert Given, Brad Capas, Troy Ballard and Zachary Sackley to market the properties. All, through a representative, declined to comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
