$14.5 Million Development Site in Fort Lauderdale Sells to Brooklyn-based Firms

A two-acre development site in Fort Lauderdale’s Hirmmarshee neighborhood recently sold for $14.5 million. Colliers, a commercial real estate brokerage firm, facilitated the transaction with Director Bradley Arendt and Executive Managing Director Mika Mattingly, representing the buyer, Heights Advisors and the seller, 111 Property Group, in the transaction of the Himmarshee development site in Downtown Fort Lauderdale

“This was a no-brainer deal, perfectly located, a block from Brightline, surrounded by The Performing Arts Center and The Museum of Science,” Arendt says. “Not only is the location stellar, but the two one-acre sites produce in-place income from existing bars, restaurants and a parking lot.”

The 31,224 square-foot building is situated on two acres. Heights Advisors and Legacy Partners purchased the development site in a joint venture for $6.7 million. Heights separately bought the retail portion for $7.8 million for a total sales price of $14.5 million. Approximately $1.6 billion has been invested in South Florida land opportunities year-to-date among out-of-state buyers. Furthermore, about $481.5 million (30%) is sourced to the buyers in the NYC metro area. 

“In addition to Fort Lauderdale’s incredible cultural arts, entertainment and business districts, its recent thoughtful and clear codification of its zoning rules has ensured its place as one of the prime centers for growth in the United States,” says Stephen Palmese from Legacy Partners, a family-owned investment company based in Brooklyn, New York. 

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Drew Limsky

Drew Limsky



Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.