BB&T sells repossessed site in Broward to residential developer

Branch Banking & Trust Co. sold a repossessed 10.35-acre site in Lauderhill to a residential developer.

The bank (NYSE: BBT) seized 23.9 acres there in 2012 as part of a $5.55 million foreclosed mortgage with Amera Corp. Bank affiliate Eagle FL I SPE recently sold 10.35 acres of the property at the northwest corner of Sunrise Boulevard and U.S. 441 for $2.5 million to Cricket Club Lauderhill LLC.

CBRE brokers Miguel Alcivar, Scott O’Donnell, Dominic Montazemi, and Jason Hochman arranged the deal.

Cricket Club Lauderhill is managed by Alan Benenson and Michael Sher and plans to build 160 townhomes on the property, according to CBRE. The site is near the county’s international cricket stadium.

“Once owned by McArthur Dairy, this property was recently up-zoned from a mixture of light industrial and residential zoning to a higher-density zoning that could accommodate 15 dwelling units per gross acre,” Alcivar said in a news release. “Due to the scale and hard corner location at the gateway to Lauderhill, this infill redevelopment site, which serves as a cornerstone of the City of Lauderhill’s transit-oriented redevelopment of the 441 corridor, attracted interest from users and developers for a wide range of uses, including residential.”

BB&T still owns about 12.55 acres on the east side of U.S. 441 near the stadium.

***** *****
Story by: Brian Bandell – Mar 12, 2015, 2:30pm EDT
Photo Courtesy: CBRE

Link to original story