Portside Yachting Center LLC paid between $6 million and $7 million for the property in Broward County. The buyer is headed by Andrew Martin, a local retail developer and investor. Plans call for the center to have a special focus on yachting and related businesses.

Located on 17 Street Causeway, adjacent to the Broward County Convention Center, the building sits on 3.89 acres. The property is leased from Broward County for 99 years with 90 years left. The buyers purchased the lease, according to J. Brett Houston, a broker involved in the deal, and the building should be back in business soon.

"We've already identified our first tenant," Mark Ellert, a principal in Portside Yachting Center LLC, tells GlobeSt.com. Locally based International Yacht Collection, a large mega-yacht brokerage, is taking approximately 11,500 sf.