13th Floor Investments buys Broward County development site for $18.5M
JLL Capital Markets led sales efforts for the Ashworth Park development site adjacent to The Big Easy Casino in Hallandale Beach, Florida
MIAMI, Nov. 18, 2021 – JLL Capital Markets, along with 13th Floor Investments, announced today that it has closed the $18.5 million sale of the 15.5-acre Ashworth Park development site, one of the last large-scale urban development sites in South Florida.
JLL represented the seller, TS&B III, LLC, and procured the buyer, 13th Floor Investments.
The Ashworth Park development site consists of parcels at 700 and 1000 NE 1st Ave. and 106, 200 and 2002 Pembroke Rd. and NE 7th St., which together comprise a 15.5-acre rectangular development site. The assemblage is positioned immediately adjacent to The Big Easy Casino and within close proximity to employment centers, hospitals, schools and world-class retail in the heart of the Hallandale Beach submarket. The property is equidistant from downtown Fort Lauderdale and downtown Miami and has excellent accessibility throughout the region being located just off of North Federal Highway, within a mile from Interstate 95.
The Ashworth Park site is zoned for a variety of uses, including but not limited to, residential, office, retail and seniors housing. In addition to being located within a designated opportunity zone, the site is part of the Hallandale Beach Community Redevelopment Agency’s program area, which fuels on-going development in the immediate area. Hallandale Beach is in the midst of urbanization with more than $1 billion of projects under construction, planned or approved by the city.
The JLL Capital Markets team representing the seller was led by Executive Managing Director Manny de Zarraga, Director Simon Banke, Managing Director Maurice Habif and Associate Jo Rousseau.
“This is a really exciting time for South Florida and the sale of the Ashworth Park development site represented a unique opportunity to acquire one of the last large-scale urban development sites in the rapidly urbanizing Hallandale market,” De Zarraga said.
"This is an exceptional property. We are very excited about having the opportunity to develop a Class A multifamily project at the confluence of Miami-Dade and Broward counties,” said Yair Wainberg, Associate Vice President at 13th Floor Investments. “The City of Hallandale has experienced tremendous growth in recent years, and we are motivated by the long-term prospects of this investment.”
Miami-based 13th Floor Investments has a long track record of success focused on opportunistic real estate transactions and value investments in income generating assets throughout Florida and growth-oriented markets across the Southeast U.S. 13th Floor has invested over $713 million in equity transactions since its inception in 2008, representing a total estimated project value of over $2.6 billion.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About 13th Floor Investments
13th Floor Investments is a leading investment and development firm focused on value-add and opportunistic real estate opportunities in Florida and the Southeastern U.S. The firm has invested over $713 million of equity in 53 real estate transactions ranging from residential, commercial, industrial, and multifamily, representing $2.6 billion in real property. As a value investor with a hyper-focus on downside protection, the firm has built a dynamic and diverse portfolio consisting of positive returns from 100% of realized investments, while adhering to a leverage-light strategy. Since its inception in 2008, the firm has targeted, and generated, net returns of 2.0x multiples and 20%+ IRR's for individual and institutional investors.
Current assets within the company’s portfolio include: transit-oriented developments (Core at Link and Cascade at Link); multifamily developments (The Boulevard and The Reserve at Coconut Point); single-family-home communities (Hidden Trails and Arbor Parc); and commercial property (Chevron Station MiMo and Grove Plaza). Learn more at 13fi.com.