MIAMI—Retail condos are turning heads in South Florida. The retail condo portion of Waverly at Las Olas in Downtown Fort Lauderdale just sold for $9.2 million.
Totaling 22,655 square feet, the retail property sold for about $406 per square foot. That's the highest price per square foot since 2012 for retail property along North Federal Highway in Downtown Fort Lauderdale, according to Stiles.
“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,” says Stiles 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 Boulevard, the retail condos are on the ground floor of the mixed-use multifamily property developed in 2005. YUL Investment's principal Eric Finkleberg represented the buyer, Waverly 1 and 2, LLC, in the 1031 exchange.
“We had a very limited timeframe to complete the deal, and most of the work was accomplished through the holidays,” says Coyle. “All parties worked through some extenuating challenges in terms of the timing and loan requirements.”
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