The Aquatic Center Plaza, a multi-tenant beachfront retail center in Fort Lauderdale has been placed on sale at $29.75 million. The property comprises a full city block in front of Fort Lauderdale’s Aquatic Center at 2933 Southeast 5th Street. The 21,000 square-foot retail plaza is 100 percent occupied by a restaurant and bar, souvenir shop, and other local tenants whose leases feature a redevelopment demolition clause. Marcus & Millichap’s Scott C. Sandelin, and Edward Romo are representing the seller Sophia Enterprises.
“The current owners have been business and property owners on Fort Lauderdale Beach for decades and are highly-regarded community leaders,” Sandelin said in a statement. “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.”
