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Brooklyn-based firms purchase high-rise development site in Urban Core Fort Lauderdale for $14.5M

Colliers South Florida’s Urban Core Division represented both the buyer and seller in the sale of the 31,224 SF building situated +/- 2 acres

FORT LAUDERDALE, FL | November 16, 2021 - As South Florida’s markets continue to strengthen from the migration of out-of-state developers, Colliers facilitated the off-market sale of the Himmarshee development site in Downtown Fort Lauderdale. Colliers’ Director Bradley Arendt and Executive Managing Director Mika Mattingly represented both the buyer, Heights Advisors, and the seller, 111 Property Group, in the transaction.

“This was a no brainer deal, perfectly located, a block from Brightline, surrounded by The Performing Arts Center and The Museum of Science,” says Arendt. “Not only is the location stellar, but the two one-acre sites produce in place income from existing bars, restaurants and a parking lot.”

The buyers, Heights Advisors and Legacy Partners, purchased the development site in a joint venture for $6.7M. Heights separately bought the retail portion for $7.8M for a total sales price of $14.5M.

Heights Advisors, a Brooklyn-based community real estate developer and investment management firm, has led more than $1.5 billion in real estate projects. Heights has also led more than $1 billion in real estate transactions as the direct developer. Heights currently oversees more than 1 million square feet of ground-up development and residential conversions in New York and Philadelphia, managing the construction administration in every project they work on.

“In addition to Fort Lauderdale’s incredible cultural arts, entertainment and business districts, its recent thoughtful and clear codification of its zoning rules has ensured its place as one of the prime centers for growth in the United States,” says Stephen Palmese from Legacy Partners , a family-owned investment company based in Brooklyn, New York.

At a time when development opportunities are few, investor interest in South Florida is peaking, particularly among out-of-state buyers. Approximately $1.6 billion has been invested in South Florida land opportunities year-to-date among out-of-state buyers, furthermore approximately $481.5 million or 30 percent of that, is sourced to the buyers in the NYC metro area.


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Bradley Arendt

Director - Urban Core

Fort Lauderdale

As a member of the firm’s Urban Core division, I focus on all product types in dense urban areas throughout South Florida. 

I use my extensive background in mortgages, real estate investments, property acquisitions, management, and auctions to assist clients with their brokerage and business development needs. 

Prior to joining Colliers International South Florida, I was with Realty Masters Advisors (RMA) of Fort Lauderdale, where my team and I made a name for ourselves during the real estate downturn, having transacted over $500M worth real estate statewide. Most notably the Naples Square project, whereby I put together joint venture to purchase the 20-acre mixed-use downtown Naples development site from Regions Bank. Other notable transactions include: the Riverbend Walmart site on Broward Boulevard, several Flagler Village multi-family sites, a prime re-development project on Federal Highway in Fort Lauderdale and many other income-producing east Broward assets.  

Prior to moving to South Florida in 2010, I was on a business development team in the Chicago office of Sheldon Good & Company. Our team focused on the accelerated disposition of assets during the real estate downturn of primarily excess developer inventory within condominium, townhome, and single-family projects all throughout the eastern half of the country, totaling more than $50 million.

In 2004 I was integral part of a boutique start-up real estate investment company which focused on the buying and selling of residential properties in Florida, Illinois, California and Arizona.

I am licensed in Florida and Illinois as a real estate broker and a member of the National Association of REALTORS®.

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Mika Mattingly

Executive Managing Director - Urban Core

Miami

In 2016, I joined the South Florida offices of Colliers International, launching the firm’s Urban Core division.

As co-leader of this group, our team specializes in urban renewal, off-market sales, and assemblages across core South Florida neighborhoods.

With a strong foundation of building-level market data and a knack for navigating the complexities of urban zoning and approvals, I have established myself as the premier real estate expert in the Downtown Miami area. I have been a driving force behind the market transformation from a neglected business corridor to a revitalized destination for real estate investing and community.

Through my perseverance and keen eye for highest and best use, I have sold many of these cherished historical buildings - some of which had been left unused for years and will now be reenergized with an influx of capital and urban renewal efforts. These landmark buildings include the Old Post Office, Dade Commonwealth Building, Thomas Center and Courthouse Tower. 

Prior to Colliers, I was an instrumental player in major assemblages, including being the lead broker on behalf of investor Moishe Mana, who has acquired a major presence in downtown Miami. Since 2014, I brokered 53 transactions worth $306 million targeting commercial properties on East Flagler Street and surrounding areas.

I began my career in real estate in late 2006, learning the ropes on the tail end of Miami’s last boom. Always on the grind, I sold notes in the dry years that followed. When the market began to recover, I turned my attention to the emerging neighborhoods in Miami’s urban core. I became known for my keen intuition in pinpointing blighted areas that were poised for explosive growth, well before they were on the radar.

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