Three Landmark Beachfront Retail Properties Hit the Market in Fort Lauderdale at $75 Million
April 28, 2016
FORT LAUDERDALE, Fla., April 28, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced that it has obtained the exclusive listing for the Holiday Shops Portfolio, three adjacent oceanfront retail properties encompassing an entire city block facing the beach in Fort Lauderdale. The portfolio is listed for $7,775,000.
“This offering represents a rare opportunity to acquire a unique property with immense potential in a highly visible, incomparable locale,” says Scott C. Sandelin, a vice president investments in Marcus & Millichap’s Miami office. “Any investment required to modernize this property will be rewarded with the ability to command top rents. The property will directly benefit from investments to be made by the city’s Beach Community Redevelopment Area (CRA). The total CRA investment is estimated to surpass $100 million.”
Sandelin and Edward Romo, an associate, also in the firm’s Miami office, are marketing the property on behalf of the seller. They are also marketing the nearby Aquatic Center Plaza for $24.9 million and Las Olas Beach Center for $5 million.
The three adjacent oceanfront parcels of the Holiday Shops Portfolio form the easternmost block of East Las Olas Boulevard. The westernmost property is a 5,820-square-foot, two-story building that has three retail tenants on the ground floor and is currently vacant on the second floor. The middle property is a 1,050-square-foot, single-story, fully occupied two-tenant retail property. The easternmost property is the world-famous Elbo Room beach bar, which occupies a 3,570-square foot oceanfront building.
The portfolio’s street address is 3001 East Las Olas Boulevard.
For more information on this investment opportunity, please contact Scott Sandelin or Edward Romo at (786) 522-7000.