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Mark Freerks

Jesse P. Gaddis has sold a Fort Lauderdale site for $13 million.

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An affiliate of The Related Group purchased the site at the northwest corner of Federal Highway and Northeast 5th Street in Fort Lauderdale.

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Brian Bandell

Senior Reporter - South Florida Business Journal

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An affiliate of Miami-based residential developer The Related Group The Related GroupLatest from The Business JournalsCoreLogic: South Florida foreclosure rate much higher than nationPhoto gallery: New River project to draw inspiration from BrooklynLuxury condo construction returnsFollow this company has bought a Fort Lauderdale site from Yellow Cab mogul Jesse P. Gaddis.

The Fort Lauderdale businessman seized the 5.3-acre site from Minto Communities in 2010 after foreclosing on a $12.6 million mortgage. Minto planned to build 416 rental units on the site, on the west side of Federal Highway between Northeast Fifth Street and Northeast Sixth Street, but no major construction took place.

On Dec. 16, Gaddis sold the property for $13 million to RD Flagler Village, which is affiliated with The Related Group. Gaddis also provided a $10 million mortgage to the buyer.

The Broward County Property Appraiser's Office valued the site at $5.7 million in 2011.

http://www.sanlorinproperties.com