Fort Lauderdale motel and land sells for $13.5M

Fort Lauderdale, Florida (January 29, 2003) – Cornerstone Development of Coral Gables has purchased the Ocean Hacienda and adjoining land parcels for $13.5 million, according to Fort Lauderdale commercial real estate development and brokerage firm IAG Florida, Inc., which said it was the financial adviser to the seller.

The company did not identify its client, the seller of the 3.03 acre property that includes the oceanfront site of the Ocean Hacienda Motel at 1924 N. Atlantic Blvd. and three parcels located on the west side of A1A. However, Broward County property records indicate GKC International owned at least the Ocean Hacienda Motel property.

IAG said Cornerstone Development plans to develop two residential condominium buildings on the property.

"The sale reflects interest by residential builders in Fort Lauderdale Beach as an alternative development location to the recent surge of downtown residential projects," said Mark H. Ellert, president of IAG Florida.

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