After years of collecting dust and depleting bank accounts, the Fashion Mall has been sold via auction to the South Florida based investment firm, Encore. They are responsible for multiple developments across South Florida. One of which is the well publicized Paramount condominium project on Fort Lauderdale beach.
The Real Estate recovery was first noticed on the residential side, but acquisitions like this show us that the appetite to invest is back on a large scale. This is a massive project, one that will require more capital to renovate and open then the 37.7 million required to purchase the property. With that said, if executed properly, Encore has purchased itself an asset with incredible value add.
I look forward to seeing a lot more 100,000+ SF projects in the works. They are a great indication of a rebounding real estate market.