Native Realty Successfully Brokers Sale Of Oakland Park Restaurant Property
The freestanding building was previously home to Stout Bar & Grill.
The freestanding building was previously home to Stout Bar & Grill.
The plaza sits on more than 10 acres. The property was 89% leased at the time of sale.
The tenant is Sola Salon Studios, the country’s largest salon suite franchise, with more than 740 locations across the U.S. and Canada.
The portfolio includes four shopping centers located in Miami-Dade, Broward and Palm Beach counties.
The property is anchored by two charter schools, which comprised approximately 86% of the leased space at the time of sale.
The property was originally brought to market as a lease opportunity, with ownership having no initial plans to sell. However, within days of the property signage being installed, multiple prospective tenants expressed interest in purchasing the site rather than leasing it.
The property, which was 92% occupied at the time of sale, had been under the same private ownership for the past 20 years.
The transaction was represented by Mike Beckert, Chris Haass, and Scott Witkowski of Cohen Commercial Realty (CCR) on behalf of the tenant. Sabrina Stimming and Ruben Suarez of Colliers represented the landlord.
Plans call for 2,874 residential units, including 200 townhomes, along with 400,000 square feet of retail, 125,000 square feet of Class A office space and a 185-room hotel.
Market activity also comes as nearly 500,000 square feet of active new-to-market requirements are being tracked across Miami-Dade, according to Blanca’s Q1 Miami Office Market report, signaling a strong pipeline of future demand as companies continue to expand and relocate within the region.
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