Alex Kleyner and Diana Ullis have acquired a 1.5-acre development site in Fort Lauderdale for $30 million. The property, located at 551 Bayshore Drive, was purchased from Bayshore Concepts, represented by Par Sanda. The deal was financed by Bayshore Landco, represented by Parag Mehta from JPMorgan Chase. The acquisition marks the beginning of a legal dispute between Kleyner, Ullis, and Location Ventures' founder, Rishi Kapoor, as the buyers aim to recoup $25 million they claim to be owed after an agreement to buy back their interests in the company and projects. The property was initially intended for the Edition Residences Fort Lauderdale project.

Summary of transaction details:

• Property Type: Development Site
• Sale Price: $30,000,000
• Address: 551 Bayshore Drive
• Market: Fort Lauderdale
• Buyer: Alex Kleyner & Diana Ullis
• Seller: Bayshore Concepts - Par Sanda
• Lender: Bayshore Landco - Parag Mehta - JPMorgan Chase

The acquisition of the Fort Lauderdale development site by Alex Kleyner and Diana Ullis for $30 million brings attention to the ongoing legal dispute between the buyers and Rishi Kapoor of Location Ventures. Kleyner and Ullis seek to recover $25 million after an agreement to repurchase their interests in the company and associated projects. The property on 551 Bayshore Drive was originally intended for the Edition Residences Fort Lauderdale development.