Waverly at Las Olas.Address (Waverly at Las Olas)
The sale of 22,655 square feet of retail space in downtown Fort Lauderdale brought prices not seen in more than a year, according to Stiles Realty.
Rising demand for retail condos at the Waverly at Las Olas, a mixed-use multifamily property developed in 2005, helped drive REIMS Waverly LLC’s $9.2 million sale of the property at 100 N. Federal Highway just north of Broward Boulevard.
At $406 per square foot, it was a record for the area and a rate not seen since 2012, real estate agents said.
“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,” said Stiles vice president of retail services Ryan Karlin, who along with senior retail associate Dan Coyle, represented the seller, REIMS Waverly LLC, in the transaction.
The buyer was Waverly 1 and 2 LLC, linked to Mel Stier in Miami. His representative in the deal was YUL Investments LLC principal Eric Finkelberg.
The retail condos house five national and local retail tenants and a single bay vacancy. Tenants include E*Trade Financial Corp., PNC Financial Services Group Inc., Egmondt Fine Bakery, Body Care by Dr. G Stratt and Inligua Language School.