TransMontaigne Seeks to Sell Fisher Island Fuel Depot
05.24.2024 By Tank Terminals - NEWS

May 23, 2024 [The Real Deal]- Fisher Island potential dev site hits market, bids starting at $200M. Just when it seemed like Fisher Island was tapped out of development sites, a nearly 10-acre fuel depot on the exclusive enclave is now in play.

 

TransMontaigne Partners, a Denver-based energy company that operates fossil fuel storage terminals, is putting its facility at 1 Fisher Island Drive on the market, according to an offering memorandum obtained by The Real Deal. The asking price is not included in the offering, but the seller is seeking $200 million, according to a source who shared the document on the condition of anonymity.

A spokesperson for CBRE, which is representing TransMontaigne, declined comment.

Exclusive Fisher Island, off the coast of Miami Beach, is popular 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, as well as six other energy storage facilities, including 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, which is 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 make their own investigations regarding 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.”

In addition, 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, then that developer would take control of a prime slice on Fisher Island, which had supposedly 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.

 

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