Lauderhill, FL – March 12, 2015 – (RealEstateRama) — CBRE arranged the sale of a 10.35-acre development opportunity at the northwest corner of Sunrise Blvd. and US 441/SR 7 in Lauderhill, Florida, across from the newly developed Lauderhill Performing Arts Center & Library and the Central Broward Regional Park. The Amera 441 parcel was acquired for $2.5 million from Eagle FL I SPE, LLC by Cricket Club Lauderhill, LLC, whose principals are Alan Benenson and Michael Sher. The purchaser has plans to redevelop the infill asset into a 160-unit townhome community.
“Once owned by McArthur Dairy, this property was recently up-zoned from a mixture of light industrial and residential zoning to a higher-density zoning that could accommodate 15 dwelling units per gross acre. Due to the scale and hard corner location at the gateway to Lauderhill, this infill redevelopment site, which serves as a cornerstone of the City of Lauderhill’s transit-oriented redevelopment of the 441 Corridor, attracted interest from users and developers for a wide range of uses, including residential,” said Senior Associate Miguel Alcivar of CBRE Investment Properties.
The new owners have named the future townhome community the Cricket Club, referencing the property’s proximity to the Central Broward Regional Park’s international cricket stadium. With a central location near major thoroughfares, employment centers, educational institutions, recreational facilities, and other points of interest, the parcel is accessible to approximately 402,448 people within a five-mile radius.
CBRE’s Scott O’Donnell and Dominic Montazemi, together with Jason Hochman of CBRE Debt & Structured Finance, collaborated with Mr. Alcivar in arranging the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.