Stiles Realty Closes Record Sale of 22,655 SF of Retail Condos in Downtown Fort Lauderdale
Posted on 1/23/2014Signaling robust market demand for quality retail properties in urban downtown locations, Stiles Realty announced today the $9.2 million sale of the retail condo portion of the Waverly at Las Olas in downtown Fort Lauderdale. The property totaling 22,655 square feet captured approximately $406 per square foot, the highest price per square foot for retail property along North Federal Highway in Downtown Fort Lauderdale since 2012.
"The market price captured for this property is a testament to its quality and "main-and-main" location, as well as the momentum building in the Downtown Fort Lauderdale retail submarket and the Federal Highway corridor," commented vice president of retail services Ryan Karlin.
Karlin and senior retail associate Dan Coyle exclusively represented the seller, REIMS Waverly LLC, in the transaction. Located at 100 North Federal Highway, the retail condos house five national and local retail tenants and a single bay vacancy. Tenants include E* Trade, PNC Bank, Egmondt Bakery, Body Care by Dr. Stratt, and Inligua Language Center. Fronting North Federal Highway and Broward Blvd, the retail condos are situated at the ground floor of the Waverly at Las Olas, a mixed-use multi-family property developed in 2005. YUL Investment's principal Eric Finkleberg represented the buyer, Waverly 1 and 2, LLC, in the 1031 exchange.
"This sale represents a true collaboration of not only the brokerage companies, but also the principals, attorneys, lenders, associations and other parties involved. We had a very limited timeframe to complete the deal, and most of the work was accomplished through the holidays. All parties worked through some extenuating challenges in terms of the timing and loan requirements," added Coyle.
The assignment allowed Karlin and Coyle to showcase the ability of its Investment Sales division, which formed in late 2012 with a focus on high-profile quality office and retail opportunities below $12 million. This group maintains a strong emphasis on creating value for sellers by leveraging its strong relationships in South and Central Florida as well as its ability to structure creative and complicated deals. Supported by Stiles' veteran investment research and analyst team, Karlin and Coyle were assisted by investment analyst Michael Yianilos and director of research Suzanne McDonough.
Since its inception, the Investment Services division has completed 16 office and retail sale transactions totaling more than 551,418 square feet with a combined value of $43,219,500 million. The group's impressive roster of national and local clients includes City Furniture, Harley Davidson, BBX Capital and BB&T Bank.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and recently opened an office in Charlotte, North Carolina. Stiles is responsible for more than 40 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.