Mast Capital has purchased The Quay, a 73,000 SF, mixed-use shopping center in Fort Lauderdale for $43 million. The property, which is currently 100% leased, includes major tenants such as the Boatyard restaurant, United States Postal Services, and Chipotle. Mast Capital acquired the property from Hudson Capital Group, Inc., and financed the purchase with a loan from CIT bank, N.A. Roberto Susi of Axiom Capital Advisors brokered the off-market transaction. The 6.97-acre site, which is located on the SE 17th Street commercial corridor, also includes a marina and a two-story office building. Acquisition of The Quay reflects Mast Capital’s strategy of identifying properties that display strong value-growth characteristics.
“This property generates strong in-place cash flows, which we believe has further upside,” said Camilo Miguel Jr., CEO and founder of Mast Capital. “The Quay’s unique waterfront location, proximity to major points of interest and frontage on the well-trafficked SE 17th Street corridor position it to benefit from Fort Lauderdale’s growing popularity as a city for people to live, work, and play.”
“With the property already 100 percent leased, the purchase provides Mast Capital with a strong, secure and long-term investment opportunity,” said Susi. “From its prime waterfront location to its remarkable accessibility to nearby attractions and transportation options, the property is and will remain attractive to tenants of all sizes.”