The affiliate of the Miami-based industrial land developer would net about $5.6 million from the sale when the deal closes. In July 2000, the company negotiated the rights to acquire the property for $9.4 million, or about $97,917 per acre ($2.25 per sf), from AT&T.
The decision to sell is bit of departure for the Southern Facilities affiliate, which received approval earlier this year from Lauderhill City Commission to plat the property with the intention of building a 1.6 million-sf industrial park.
Subsequently, county officials identified the property as ideally situated as green space for an underserved population of mostly minority residents who live near the site.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
