Nearly 10-acre Fuel Depot on Fisher Island Hits the Market for $200 Million
May 24, 2024
When Fisher Island seemed to have exhausted its development sites, a nearly 10-acre fuel depot on the exclusive enclave is now available.
TransMontaigne Partners, a Denver-based energy company that operates fossil fuel storage terminals, is selling its facility at 1 Fisher Island Drive, according to an offering memorandum obtained by The Real Deal. The asking price isn’t included in the memorandum. Still, the seller is seeking $200 million, according to a source who shared the document on condition of anonymity.
A spokesperson for CBRE, which is representing TransMontaigne, declined to comment.
Exclusive Fisher Island, off the coast of Miami Beach, is a favorite among South Florida luxury residential buyers. It is accessible only by ferry, helicopter, or boat.
TransMontaigne, led by CEO Randy Maffett, acquired the Fisher Island fuel depot and six other energy storage facilities, including one at Fort Lauderdale’s Port Everglades, for $156 million in 2003, according to published reports. Deed records do not show how much TransMontaigne paid for the Fisher Island property near the island’s ferry terminal and golf course. The 9.6-acre property is being sold as is and “with all faults,” according to the offering.
“All bidders must investigate all aspects of the property,” the offering states. “Bidders are responsible for evaluating any zoning, environmental, land use, regulatory, title, or other constraints relating to the use or operation of the property.”
Furthermore, the closing will not be delayed by any pending government “entitlements or approvals desired by the purchaser,” the memo states. Another caveat: TransMontaigne may not be able to cease its fossil fuel operations on the property until 2027.
If a winning bidder is comfortable with those terms, they would gain control of a prime slice on Fisher Island, which was thought to have run out of buildable land. In 2022, Fisher Island developer Heinrich Von Hanau sold the last remaining development site for $122.6 million.
A partnership between Jorge Pérez’s Coconut Grove-based Related Group, Aventura-based BH Group, billionaire Teddy Sagi, and Chicago-based Wanxiang America RE Group acquired the property at 6 Fisher Island Drive. The joint venture is planning what is supposed to be the final project in the enclave: Six Fisher Island, a 50-unit boutique condominium with units starting at about $30 million.
