Premier waterfront retail property in Fort Lauderdale trades
JLL Capital Markets led the sales efforts for The Quay on 17th Street, a 93%-leased retail center with additional development potential
MIAMI, May 24, 2024 – JLL Capital Markets announced today that it has closed the sale of The Quay at 17th Street, a premier waterfront mixed-use development in Fort Lauderdale, Florida.
JLL represented the seller, a joint venture between Mast Capital, Inc. and AEW Capital Management, and procured the buyer, a joint venture between BH Group, PEBB Enterprises and Related Group.
The Quay on 17th Street consists of three buildings totalling 72,904 square feet and six yacht slips along the Intracoastal Waterway. Tenants at the 93%-leased property include Boatyard restaurant, Chipotle, USPS, Azimut Benetti Yachts and Sanlorenzo Yachts. The 6.97-acre site is also entitled for a 361-unit multi-housing development. Located in the highly trafficked SE 17th St. corridor, the property is immediately adjacent to approximately $2.3 billion of transformative redevelopment projects; The Broward Convention Center Expansion and the Pier Sixty-Six mixed-use development.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Danny Finkle, Managing Director Maurice Habif and Senior Directors Jorge Portela and Eric Williams.
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, please visit JLL’s newsroom.
About Mast Capital, Inc.
Established in 2006, Mast Capital is a value-oriented real estate investment company with integrated development and asset management teams. Mast Capital has made successful acquisitions in the residential, hospitality, office, retail and land sectors, and targets opportunistic and value-add investments in existing property, ground-up development, distressed real estate, and note purchases. The firm employs a sophisticated approach to structuring its acquisitions, maximizing value to its investors while providing creativity and flexibility to sellers and other third parties to execute highly complex transactions. Mast Capital is led by a senior management team with over 75 years of combined real estate experience and transactions totaling more than $3.5 billion. For more information on Mast Capital’s portfolio, visit MastCapital.com.
About AEW
For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors, AEW and its affiliates manage $87.5 billion in private real estate equity, debt and listed securities across North America, Europe and Asia (as of December 31, 2023). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities. For more information, please visit aew.com.
About BH Group
About BH Group: BH Group is a Miami-based real estate development firm focused on the ground-up development of luxury projects throughout South Florida. BH has extensive experience in the acquisition, construction, design, capital structuring and asset management of complex developments. For the last 20 years, BH Group has been involved in many large-scale real estate transactions and developments by utilizing strong relationships to provide investors with opportunities not otherwise available in the real estate market. For more information, please visit bhgroupmiami.com/.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.