Northport Under Sales Contract to Triple-Threat Team
Daily Business Review (Fort Lauderdale, FL) June
19, 2003 - by Terry Sheridan
Photo by: Melanie Bell
team of buyers that includes a former Republic Services executive,
a prominent Fort Lauderdale hotelier and a retail real estate
investor has entered into a contract to buy the long-troubled
Northport Marketplace near Port Everglades.
property will be repositioned as an upscale yachting and marine
services center to be called Portside Yachting Center.
buyers’ group consists of Mark Ellert, president of
IAG Florida Group and developer of the Atlantic condo-hotel
on Fort Lauderdale’s beachfront and the Renaissance
Hotel near Northport; Steve Hudson, a former vice president
of waste hauler Republic Services and now president of Hudson
Capital Group; and Andrew Martin, a Fort Lauderdale investor
who owns several shopping centers near Northport.
group could close on the 75,000-square-foot property at 1850
SE 17th Street Causeway as early as June 26, but it has an
option that extends the closing to mid-July, said Sylvan Rothschild,
vice president of asset management for Lend Lease Real Estate
Investments Inc. in Dallas, the asset manager for seller LaSalle
is the best deal for everyone involved with this property,
including the county and the 17th Street business corridor,”
Rothschild said. “It’s been an eyesore for too
declined to name a purchase price, saying only that it is
between $5 million and $10 million.
who is traveling, could not be reached for comment.
of the property to a yachting center fits the 17th Street
Causeway, whose business mix includes marine-oriented companies.
fact, Hudson will move his International Yacht Collection,
a yacht brokerage, management, construction and charter company,
from its 4,800-square-foot berth at the nearby Quay plaza
to 11,000 square feet at the new Portside building.
whose uncle is Fort Lauderdale billionaire H. Wayne Huizenga,
said he first considered buying Northport two years ago, but
tenants did not commit.
and Andy knew of my intention to move my yacht business because
I was out of space and wanted better exposure, and the deal
just made sense,” Hudson said.
he added, is not involved in the purchase.
group has begun talks with Broward County about a potential
joint venture to develop a parking garage on the property,
Ellert said. Northport sits on about four acres of county-owned
have a belief in the market, and that larger-scale development
will come to pass in the Northport vicinity,” Ellert
said, adding that Broward County officials remain interested
in building a convention hotel adjacent to the county convention
center, which in turn is adjacent to Northport.
County Administrator Roger Desjarlais did not return a phone
is designated as a development of regional impact, or DRI.
Renewed last year, the state-approved development plan expires
property includes development rights for almost 200,000 square
feet of office space.
Martin-Ellert-Hudson group stepped in almost immediately after
the last would-be buyer, Harborside Center LLC, canceled its
purchase contract earlier this year.
date, Northport has been on the market for more than three
years. Four purchase deals have fallen through and an auction
last year not only failed to produce a buyer, but was sharply
criticized for how it was conducted.
three-year ordeal is coming to an end,” said J. Brett
Houston of Resource Real Estate Group Inc. in Miami, Lend
Lease’s broker for Northport. “We have finally
arrived with a group that has all the pieces and the financial
wherewithal to make this happen.”