New Office Leases At The Main Las Olas Reveal Trends In Flight To Quality And Growing Demand For Fort Lauderdale
The deals bring the 25-story, 387,402-square-foot “Class A” office community to over 50% leased following its November 2020 delivery.
The deals bring the 25-story, 387,402-square-foot “Class A” office community to over 50% leased following its November 2020 delivery.
Berger Commercial Realty Senior Vice President Joseph P. Byrnes and Senior Sales Associate John Forman represented the seller in the $8 million sale.
The property is currently 100% occupied with an average rent of $1,890 per month.
The new Main Las Olas location marks the internationally-renowned steakhouse’s fifth location in the state of Florida.
The transactions total $13.78 million.
The sale price equates to $136,750 price per unit; $200 per square foot; and a 4.8% capitalization rate.
The boutique firm was founded in 2016.
The properties comprise 656 units.
HGI purchased the property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades.
Phase I of the project was completed in 2020 and experienced rapid leasing velocity through the pandemic and is currently 99% occupied. Phase II is under construction and scheduled for completion in 2022. Upon completion, the project will total 401 units.
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