MIAMI—The former Match Point Tennis building in Oakland Park's burgeoning Culinary Arts District, has traded hands. The sale marks a clear trend in the South Florida commercial real estate industry worth exploring.

Jaime Sturgis of Fort Lauderdale commercial real estate firm Native Realty brokered the sale. The buyer of the 1510 East Oakland Park Boulevard building is Wynwood furniture retailer Antique to Chic. This is believed to be the first relocation of a Wynwood retailer to Oakland Park. Joe Caprio of Joe Caprio & Co. Real Estate represented Antique to Chic in the transaction.

“There is a trend of independent business owners looking to purchase real estate instead of leasing,” Sturgis tells GlobeSt.com. “Business owners want to take advantage of artificially low interest rates and owner-occupied financing opportunities before rates rise this year.”

The 6,052-square-foot retail building sold for nearly $1.1 million. The seller was Match Point Properties LLC. Antique to Chic is set to relocate from the Miami neighborhood to the Culinary Arts District. It joins an existing roster of retail, bar and restaurant tenants including Funky Buddha Brewery, Lucky's Market and Switchbox Coffee Roasters.

“We are seeing clients buy slightly larger buildings, and leasing the remaining space to cover some of their debt service,” Sturgis says. “There is a lack of faith in the stock market on a short-medium range basis, so income producing real estate, in strategic urban core markets, is a much safer risk adjusted return.”

(Sawgrass office buildings trade for $51.1 million. Get the details.)

The Match Point building was originally constructed in 1965 and remodeled in 2007. It was previously occupied by a dry cleaning depot. The property has on-site parking and signage opportunities with exposure to about 40,000 vehicles each day.

Located just north of Fort Lauderdale, the district has experienced a revitalization as part of Oakland Park's long-term initiative to renovate the downtown area. Funky Buddha served as a catalyst and centerpiece for the district after opening in April 2013. The company was acquired in August 2017 by international beer, wine and spirits giant Constellation Brands, which had previously paid $1 billion for San Diego-based Ballast Point Brewing Co.

“Attracting a Wynwood retailer represents a huge milestone in the evolution of the Oakland Park Culinary Arts District,” says Sturgis, whose team has closed more than $325 million in deals over the past few years. “The Match Point Tennis building was a staple in the community and is perfectly positioned for Antique to Chic to thrive. We are excited to continue curating the neighborhood and boosting the restaurant, retail and entertainment mix.”

(This city is ripe for coworking office space. Check it out.)

Instant Insights /

What's Driving The Latest 'Independent Business Buyer' Trend?

Related Stories

Recommended For You