A 12.2-acre vacant parking lot located at 831 North Federal Highway in Hallandale Beach was sold in a transaction that highlights a significant investment in the market. The property was sold for $31,100,000, equating to over $2.5 million per acre.

Summary of transaction details:

• Property Type: Parking Lot
• Transaction Amount: $31,100,000
• Address: 831 North Federal Highway
• Market: Hallandale Beach
• Acres: 12.2
• Buyer: Alejandro Chaberman & Joseph Melul - Kadima Developers
• Seller: Jeffrey Soffer - Fontainebleau Development
• Loan Amount: $17,600,000

The deal involved Kadima Developers, represented by Alejandro Chaberman and Joseph Melul, who financed part of the acquisition with a substantial loan. They also executed a subsequent transaction, flipping 3 acres to an affiliate of Persea Ventures for $12 million. Kadima Developers has plans for a master-planned mixed-use development across the full site.