Acquisitions

BH Group, PEBB Enterprises and Related Group closed the $48.5 million acquisition of a waterfront mixed-use shopping center with fully entitled development rights in Fort Lauderdale. The joint venture plans a transformative mixed-use project with brand-new residences, retail and restaurant space. This strategic acquisition underscores the collaborative vision of the partners to enhance urban living and dining experiences in Fort Lauderdale.

Located at 1515 SE 17th St. in the city’s Harbordale neighborhood, the 7-acre site is entitled for the development of 361 residential units and 12,000 square feet of retail and restaurants. The site is home to an existing 73,000-square-foot shopping center, The Quay, with the popular Boatyard restaurant, a variety of additional eateries and yachting tenants. It also includes a marina and two-story office building. The property will undergo significant improvements to align with the new development vision.

The transaction closed on May 22. Amerant Bank provided acquisition financing.

This deal represents a significant milestone in the ongoing development boom within the submarket.

“Opportunities to acquire an infill waterfront site in a high-traffic area near downtown Fort Lauderdale do not come around often,” PEBB Chief Investment Officer Eric Hochman said. “Our partnership is well-positioned to maximize the site’s tremendous potential. This project will bring unique value to the local community, including new job opportunities and enhanced lifestyle amenities.”

BH, PEBB and Related plan to unveil project details in the coming months.

This marks the third joint venture between BH, PEBB and Related. Their ongoing collaborations have set strong precedents for successful, large-scale developments.

The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail (formerly known as the Office Depot headquarters) in Boca Raton. The proposed project includes 500 multifamily units, a 36,700-square-foot luxury gym and four retail and restaurant outparcel buildings totaling +/- 42,000 square feet. Two existing office buildings totaling 407,500 square feet will remain with the northern tower being converted into a class-A multi-tenant office building.

This planned redevelopment aims to create a vibrant, multifunctional space that caters to both residential and commercial needs.

BH, PEBB and Related also own the 65,908-square-foot Ocean Walk retail plaza in Singer Island and plan a mixed-use development there.

“We are thrilled to expand our relationship with PEBB and Related,” Isaac Toledano of BH Group said. “This Fort Lauderdale site is just a few blocks from Port Everglades, the Broward County Convention Center and Pier Sixty-Six Hotel & Marina. Our future development will add much-needed complementary uses to a highly desirable area.”