Stiles Negotiates $9.05 Million Sale of The Fresh Market in Downtown Fort Lauderdale
Posted on 7/2/2019Stiles Realty, a division of the full-service commercial real estate firm, Stiles, is pleased to announce it has arranged the sale of the The Fresh Market in downtown Fort Lauderdale. The 22,954-square-foot property located at 424 North Federal Highway was sold for $9.05 million, or approximately $394 per square foot, highlighting the continued strength of one of east Broward's most prestigious retail locations.
Stiles Realty Senior Vice President Dan Coyle represented the seller 424 North Federal Highway LLC while Fabio Faberman with Fortune International represented the buyer Nisa Gables LLC. Fully leased to Fresh Market, the property is situated across from Flagler Village and adjacent to Victoria Park, one of east Fort Lauderdale's most popular residential neighborhoods. Adjacent retail includes Doc B's Restaurant and Bar and Spatch Grilled Peri Peri Chicken. Traffic counts average more than 47,500 cars per day.
"The sale of this high visibility asset further establishes the strength of the east Ft Lauderdale investment market," said Coyle. "We remain highly committed to Fort Lauderdale and Broward County in general and continue to see tremendous opportunity for upside in the retail investment market, especially as the area continues to grow and expand with dense urban residential development." commented Coyle.
Constructed in 2012, The Fresh Market in Fort Lauderdale is considered a local mainstay for fresh prepared food and organic grocery shopping. The asset features premium signage fronting North Federal Highway.