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.
Fort Lauderdale, FL -- (SBWIRE) -- 01/27/2014 -- 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.
RE/MAX Consultants is a locally operated real estate brokerage and management business boasting an experienced real estate team with 15 plus years in the real estate industry. RE/MAX Consultants Specializes in brokering luxury Homes and Condominiums throughout Broward County.
McIntosh and Berger are the top-producing agents from this brokerage business. Micheal Sposato commented, “We are extremely pleased with the completion of this closing. This is a great milestone for RE/MAX Consultants. We are well positioned to move forward with our business and will continue to provide our clients with the best service in the industry. RE/MAX Consultants has had much success and local support, our clients have made this possible for us and we look forward to continuing to provide our services to new clients.”
A representative of RE/MAX Consultants Irena Sposato (Broker Associate) has detailed the specifications of the house in question. This 5,995 square foot home, has five bedrooms and 5.5 bathrooms and a two-car garage. The home has pristine finishings consisting of luxury kitchen, marble, wood floors, swimming pool, hot tub, and is located on 200’+ of Deep water with ocean access and dockage.
About Las Olas Condos
Las Olas is located in Fort Lauderdale, the area boasts, a vast array of shopping, unique architecture, dining, nightlife, and the Beach. Las Olas is home to 10 major international art galleries, 2 museums and over 65 shops. The subject property is situated in this area giving our clients the ability to walk and enjoy all of the features of Fort Lauderdale.
RE/MAX Consultants is a full service real estate brokerage and business located in Florida. Located in Broward County, the services offered by span the entire Southeast Florida region. for more details visit http://lasolasfortlauderdalecondos.com/