FORT LAUDERDALE, Fla. (Sept. 29, 2020)—Tiktin Real Estate Investment Services (TREIS), a leading commercial real estate investment sales brokerage firm, has 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 Dev 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 Adam J. 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.
For more information, please call 305-363-4750 or 844-4-TIKTIN or visit www.tiktinrealestate.com.
About Tiktin Real Estate Investment Services
Tiktin Real Estate Investment Services (TREIS) is a South Florida-based commercial real estate investment sales brokerage firm specializing in the sale of shopping centers and office buildings in Florida and single tenant net lease properties nationally. Founded in 2001 by industry veteran Adam J. Tiktin, TREIS is committed to a higher level of service and an unmatched standard of integrity. The investment sales firm is distinguished by its personalized approach, transactional expertise, comprehensive market analysis and aggressive strategies. www.tiktinrealestate.com.
About Merrimac Ventures
Merrimac Ventures is a real estate investment and development firm based in Fort Lauderdale, FL. The firm’s primary focus is on prime resort and mixed-use development with extensive investments in multi-family communities, condominiums, retail and office projects as well. Partners in Merrimac Ventures are currently involved in over $3 billion in projects, including Miami Worldcenter, the Four Seasons Hotel and Private Residences Fort Lauderdale, The Gale Boutique Hotel and Residences, Paramount Fort Lauderdale Beach, Broadstone Oceanside in Pompano Beach and the Flagler Village Hotel, among others. Launched in the late 1970’s by the late Ramesh “Bob” Motwani and his wife Ramola Motwani, the firm initially began as an import/export business in St. Charles, MO. In the 1980’s, Merrimac Ventures expanded into the hotel business by acquiring hotels and properties along Fort Lauderdale’s famed A1S strip with a common vision of redeveloping and transforming the Fort Lauderdale Beach into a world-class resort destination, a vision also shared by the local community and government. After Bob Motwani passed away in 1994, Ramola continued to pursue that shared vision with a tireless determination. Under her guidance, Merrimac Ventures has continued to expand its footprint throughout the US and India, Today, Ramola serves as Chairwoman of the firm where she is responsible for setting its long-term goals and vision, while her sons hold leadership roles. Nitin Motwani serves as the firm’s Principal and is the Managing Partner for Miami WorldCenter, while Dev Motwani serves as President and CEO, where he is responsible for the day-to-day operations and oversight of the investments in which the firm acts as the Principal. For more information, please visit http://merrimacventures.com.