FORT LAUDERDALE, Florida - January 30, 2013 -- BBX Capital (NYSE: BBX), formerly BankAtlantic Bancorp, announced that it's subsidiary BBX Capital Asset Management has sold an 8.5-acre land parcel located on the southwest corner of West Cypress Creek Road and Northwest 21st Avenue in Fort Lauderdale.
The property, a vacant lot adjacent to the former BankAtlantic headquarters, was sold for $7.2 million to Cypress Creek Property Holdings, for approximately $847,000 an acre.
"Over the last several months, BBX Capital has transitioned from a bank holding company into a diversified investment and asset management company. This transaction is a sample of our growing traction and momentum in the marketplace and our focus towards effectively monetizing our legacy real estate portfolio, all leading to the goal of allocating capital towards our core business growth," commented Seth Wise, President of BBX Capital Asset Management.
About BBX Capital Corporation: BBX Capital (NYSE: BBX), is a diversified investment and asset management company. The business of BBX Capital includes real estate ownership, direct acquisition and joint venture equity in real estate, specialty finance, and the acquisition of controlling and non-controlling investments in operating businesses. For more information, visit www.BBXCapital.com.