Merrimac Ventures Acquires Prime Commercial Properties In Downtown Fort Lauderdale For $14 Million

Sep 29, 2020 No Comments by

Tiktin Real Estate Investment Services (TREIS) announced the sale of five adjacent commercial properties totaling 1.75 acres along North Federal Highway between NE 3rd Street and NE 4th Street in Downtown Fort Lauderdale.

The site includes a two-story retail building occupied by Sherwin Williams and a Greyhound Bus Stop.

The entity, 616 SE 4th Avenue, LLC, managed by Dev Motwani of Merrimac Ventures acquired the properties from J&C Fox Family, LLC and Joel Fox, Inc., for $14 million in a 1031 Exchange.

Adam J. Tiktin and Alejandro Snyder of TREIS represented both the seller and the buyer. Closing took place Sept. 29th.

 

“We couldn’t be more excited about this acquisition,” stated Motwani, president and CEO, Merrimac Ventures. “This property is one of the best parcels left in Flagler Village with great visibility and frontage along US1. We appreciate the team at Tiktin Real Estate for making this a seamless transaction.”

 

“It was a real pleasure working with the Fox family on this transaction,” stated Tiktin, president and broker, TREIS. “We first started working together 18 years ago and were thrilled with the opportunity to help them sell these properties which they have owned for the past 37 years. We congratulate Dev Motwani and his team at Merrimac Ventures on acquiring this trophy asset.”

The site boasts an entire city block of frontage along North Federal Highway in downtown Fort Lauderdale. North Federal Highway is one of the busiest thoroughfares in Broward County with traffic counts of over 53,000 vehicles per day.

 

 

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Broward County Retail, Industry News, NA, Retail
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