MIAMI—The Aquatic Center Plaza, a beachfront, multi-tenant retail center with in Fort Lauderdale, FL, is up for grabs. Marcus & Millichap listed the retail asset for $29.75 million.

Scott C. Sandelin, a vice president investments, and Edward Romo, an associate, both in M&M's Miami office, are representing the seller. The duo says the retail property has infinite redevelopment opportunities.

"This is an opportunity to acquire an exceptional oceanfront retail property with major redevelopment potential in the heart of Fort Lauderdale's Central Beach neighborhood with expansive, unobstructed views of the Atlantic Ocean and significant in-place net operating income," says Romo. "South Florida oceanfront sites are almost impossible to come by and we expect a flurry of interest from local, national, and international investors."

Originally built in 1954, the 21,000-square foot retail center is 100% occupied by a gym, restaurant and bar, souvenir shop, beauty salon and other local tenants. All in-place leases feature redevelopment demolition clauses. Current zoning allows for a variety of uses that would enhance and benefit from the property's resort and tourist destination location.

"The current owners have been business and property owners on Fort Lauderdale Beach for decades and are highly-regarded community leaders," says Sandelin. "Believing that a hospitality use is highest and best for this asset, they are engaged in the process of entitling the property as a 200-plus unit resort hotel with ground floor retail space, a sky bar, a pool deck and onsite structured parking. They anticipate completing the entitlement process by spring or summer 2016."

Located at 2933 Southeast 5th Street, the property occupies a complete city block between the principal northbound and southbound traffic routes of Fort Lauderdale's Central Beach. The property sits directly in front of Fort Lauderdale's Aquatic Center, which will undergo a multi-million dollar renovation.

Retail vacancy in Broward and Palm Beach counties has reached a six-year low. At the same time, average asking retail lease rates have exceeded the state average by over 5%.

"With the recession well behind us, developers are busy building more commercial, residential and industrial space, and there has been a significant amount of retail redevelopment along the US 1 corridor from Fort Lauderdale to Delray Beach. Penn-Florida Companies started construction on phase one of Via Mizner, a mixed-use project located in Downtown Boca Raton that will feature 130,000 square feet of retail, and PEBB Enterprises is making progress on Buckingham Plaza, a 90,000-square-foot shopping center in Wellington," Lisa Ferrazza, a vice president at CBRE, tells GlobeSt.com. "It is already 90% pre-leased, with TJ Maxx and Michaels as anchors. In Fort Lauderdale, Gatlin Development is nearing completion of Riverbed Marketplace, a 310,000-square-foot development anchored by Walmart and Planet Fitness."