A Traina Companies affiliate just paid $5 million for an office building in Fort Lauderdale that’s part of the 1.35-million-square-foot mixed-use project called FATCity.
Third Street Development, LLC, led by Joseph R. Traina Sr., paid about $260 per square foot for the 18,771-square-foot building at 330 North Andrews Avenue, bringing the company’s total investment on the southeast corner block of Pratt Avenue and North Andrews Avenue to at least $13.65 million. The building sits on a 24,300-square-foot lot.
Records show the company also secured $8.5 million in financing from Oklahoma Fidelity Bank, a family owned bank. The seller, Southern Boating & Yachting Inc., bought the property in 2000 for $1.5 million.
Earlier this month, Traina Companies merged at least four companies to form Third Street Development, which is led by Traina Sr. Third Street Development now controls three acres for its FATCity project on Andrews Avenue between Northeast Third and Fourth streets. It’s about two blocks away from All Aboard Florida’s Brightline station in Fort Lauderdale, just south of Flagler Village.
The developer secured approval last year to build two 30-story towers with 270,000 square feet of office space, retail and hospitality, 612 residential units and more than 1,300 parking spaces on the site.
In March, Traina Companies announced it’s looking to joint venture or sell the development site.
A spokesperson for the firm could not immediately be reached for comment.