Executive Airport Property in Fort Lauderdale Sells for $25M

FXE Gateway Complex, a two-parcel, 10.7-acre property at the Fort Lauderdale Executive Airport in South Florida, has sold for $25.2 million in a bankruptcy transaction, Avison Young announced this week.

The mixed-use property at 1200 and 1400 NW 62nd Street includes a 20,150-square-foot building and an attached 18,048-square-foot private hangar that can hold up to four planes. The property also features a two-bedroom apartment overlooking the runway, along with vacant land zoned for additional airplane hangars or industrial use.

FXE Gateway Complex was ensnared in a Medicare fraud case. Earlier this year, South Florida businessman Daniel Hurt agreed to pay $27 million to resolve allegations that he and his companies submitted false claims for unnecessary cancer tests, the U.S. Department of Justice said. An entity controlled by Hurt owned the property.

The complex last sold in 2003 for $10 million, according to property records.

The buyer is 1200 W. Cypress Creek Property LLC, whose managers include Thomas Ellsworth, an executive with PHP Agency and Valuetainment Investments Group and the host of the Biz Doc Podcast.

John Crotty of Avison Young was lead broker on the sale. The firm’s Michael T. Fay, David Duckworth, Brian C. de la Fé and Philip Shapiro also were involved in the sale.

The sale comes as the Fort Lauderdale Executive Airport plans to expand one of its runways to accommodate larger jets.

“The buyer has an opportunity to deliver industrial or aviation-related buildings at a time where there’s an unprecedented shortage of new product in the market,” Duckworth said in a statement.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.