Ocean Land Doubles Investment in Just Six Months in Downtown Fort Lauderdale Flip
By Mark Hallum May 2, 2022 8:00 am
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This South Florida firm invested just six months into a Downtown Fort Lauderdale property, and more than doubled its money in a $20 million sale.
Ocean Land Investments sold the 36,500-square-foot parcel occupied by a tire store to Naftali Group for $20 million, after acquiring it in October 2021 for $8 million in an off-market sale, according to Broward County records.
The property, at 201 North Federal Highway, is currently home to an auto shop, but the site has the potential for 700,000 vertical square feet, according to Naftali Group.
The group is planning to build a residential building on the site in Flagler Village, a section of Downtown Fort Lauderdale that has recently seen growth in more commercial uses, such as dining, nightlife and entertainment. Specific plans have not yet been filed, according to a representative from Naftali Group.
“The property’s desirable location, nestled between Flagler Village to the north and west – an area known for its young population, art scene and nightlife options — and Downtown Fort Lauderdale and Las Olas to the south, presents a prime opportunity to develop in an eclectic and burgeoning neighborhood of Fort Lauderdale,” Miki Naftali, CEO of Naftali Group, said in a statement.
Ocean Land said at the time that the land would be redeveloped once the current tenant, Tires Plus, a subsidiary of Bridgestone, relocated. Marc Andre-Roy, senior vice president of Ocean Land, said they were “exploring their options” and have a history of “timely, prudent land acquisitions.”
Ocean Land declined to comment on the sale.
Mark Hallum can be reached at mhallum@commercialobserver.com.
