The 55,000-square-foot automotive retail property was formerly occupied by the MINI franchise, which relocated to the new Lauderdale BMW dealership located 7 blocks north.
The company will move its headquarters from Sunrise to Davie.
Construction has already begun in Coral Springs at the Pine Ridge Square shopping center. Additional storefronts in Broward and Palm Beach Counties are also planned.
The project will deliver more than 850 residential units across three towers, Class AA office space with an industrial character with modern conveniences, more than 80,000 square feet of food, shopping, entertainment, art studios, and galleries, and a 1,200-space commercial parking structure. FAT Village aims to become a lifestyle hub for creatives to live, work, eat, and relax.
“The exceptional 22-acre hard corner location provides new ownership with the potential to add additional outparcels and develop up to 225 units of multifamily housing.”
As Fort Lauderdale faces a scarcity of available commercial investment properties, savvy investors are redirecting their focus towards well-located assets in surrounding submarkets, particularly Oakland Park.
Vice President Michael Carpenter handled the leasing for SRG, a division of the full-service real estate development firm, Stiles.
In this new role, he will serve as team leader for Native’s commercial agents and provide training, mentorship and any guidance the agents need to be successful.
Upon completion, phase 1 will contain 601 multifamily units; approximately 180,000 square feet of creative office space in Hines’ proprietary, heavy timber T3 (Timber, Transit, Technology) building; and more than 70,000 square feet of retail.
SRS Capital Markets Executive Vice President & Market Leader Patrick Nutt and Senior Vice President William Wamble who are based in Fort Lauderdale and Tampa, represented the seller in the transaction.