Stiles Negotiates $4.1 Million Sale of Former Sublime Waterfront Restaurant Along Retail Row in Fort Lauderdale
Posted on 4/18/2019Fort Lauderdale, Fla. — April 17, 2019 — Stiles Realty, a division of the full-service real estate development firm, Stiles, is pleased to announce it has arranged the sale of the former Sublime Restaurant, a 10,983-square-foot waterfront building, for $4.1 million. The asset is situated along retail row on North Federal Highway in the Coral Ridge neighborhood of Fort Lauderdale, one of Broward's most prestigious retail locations.
Stiles Realty Senior Vice President Dan Coyle represented the seller Veganese LLC while Elizabeth Lender with Keller Williams Realty Professionals represented the buyer Brickbox Atlantic LLC. Located at 1431 N Federal Highway, Sublime restaurant is situated on 1.3 acres on North Federal Highway adjacent to and across the street from prime retail, such as Trader Joes, Whole Foods and Nordstrom Rack. Traffic counts average more than 47,000 cars per day.
"This well-located, high visibility asset sits in the center of retail row and further establishes the strength of the east Ft Lauderdale investment market," said Coyle. "This asset garnered tremendous interest from the investment community, although the property carried multiple unique and complex contingencies that required open dialogue between both parties. We are proud to have had the opportunity to lead in navigating the process, accommodate both parties and successfully close," commented Coyle.
Constructed in 2002, Sublime was considered a Fort Lauderdale mainstay for vegan cuisine and was frequently visited by Hollywood stars and local athletes. The restaurant closed in May 2018 after 15 years of earning repeated accolades in the annual Best of South Florida competition as well as four-star reviews from the Sun Sentinel and SouthFlorida.com. The asset features premium signage fronting North Federal Highway as well as waterfront parking on the west side of the property.