Native Realty Closes Nearly $40 Million In New CRE Sales

Native Realty closed nearly $40 million in new investment sales transactions. The latest deals mostly occurred in Broward and Palm Beach counties and span restaurant, retail, warehouse, multifamily, mixed-use, gas station and parking property types.

On Sept. 28, Native Realty CEO Jaime Sturgis andExecutive Director of Commercial Dan Ross brokered the $3.28 million sale of a medical building in Coconut Creek. Sturgis represented buyer 3880 Coconut Creek Realty LLC, and Ross represented seller 3880 Coconut Creek Medical. The 10,664-square-foot building is located at 3880 Coconut Creek Parkway.

Ross also brokered four of the recent sales:

• 900 Sunrise Lane, Fort Lauderdale ($1.83 million): Ross represented 900 Sunrise FTL LLC in the sale of this 3,337-square-foot restaurant and bar building on Fort Lauderdale Beach. The buyer was 900 Sunrise Lane LLC.
• 5055 10th Ave. North, Greenacres ($2.4 million): Ross represented the buyer, Macaw Holdings VI LLC, in its purchase of an 8,394-square-foot Family Dollar location from TGC Greenacres LLC. This location is the No. 1 performer within 15 miles and a top 10% location for Family Dollar, both in Florida and nationwide. Ross facilitated a 1031 exchange opportunity for his client, who was able to trade a management-intensive, multi-tenant property for this strong single-tenant building.
• 5280 10th Ave. North, Greenacres ($2.25 million): Ross represented the seller in the all-cash sale of this 9,280-square-foot small bay warehouse to the City of Greenacres. The land will be part of the city’s plan to provide a new Youth Programs building for the kids of Greenacres.
• 541 and 545 NE 17th Way, Fort Lauderdale ($1.65 million): Ross represented buyer Victoria Park Towns LLC in the off-market purchase of an 8-unit multifamily property. His client is an experienced, large-scale multifamily developer in Toronto and was looking to start small with its first project in South Florida, resulting in this desirable boutique site in the city’s Victoria Park.

Sturgis brokered the $3.1 million sale of a parking lot on North Ocean Drive in Lauderdale-by-the-Sea, one block from the town’s Anglin Square and Beach Pier. The buyer was not disclosed.

Sturgis and Ross also brokered the $2.66 million sale of 702-704 NE First Ave. in Fort Lauderdale’s Flagler Village, a neighborhood where he plays a leading role in placemaking. A family trust sold the 8,863-square-foot mixed-use building to 702 Flagler LLC. The property is home to popular axe-throwing bar Chops & Hops and adjacent to the FAT Village mixed-use district.

The total also includes the previously announced $10.75 million off-market sale of a commercial building in Fort Lauderdale’s Studio City on Sept. 1, in which Sturgis represented the seller and Ross represented the buyer.

Native’s Logan Newell represented the buyers in two multifamily transactions in Fort Lauderdale. Properties at 942 NW First Ave. and 848 NW Second Ave. were sold for $1.65 million and $900,000, respectively.

Sturgis also brokered three gas station property sales in Texas for a combined $9 million.

Key Facts

• Transaction Type: Investment sales
• Brokerage: Native Realty
• Total Volume: Nearly $40 million in recent transactions
• Markets: Primarily Broward and Palm Beach counties, plus three gas station sales in Texas
• Asset Types: Medical office, restaurant/bar, retail, small bay warehouse, multifamily, mixed-use, parking and gas station properties
• Notable Transactions:
  • 3880 Coconut Creek Parkway, Coconut Creek: $3.28 million; 10,664-square-foot medical building; buyer 3880 Coconut Creek Realty LLC; seller 3880 Coconut Creek Medical; Jaime Sturgis represented the buyer and Dan Ross represented the seller.
  • 900 Sunrise Lane, Fort Lauderdale: $1.83 million; 3,337-square-foot restaurant/bar building; buyer 900 Sunrise Lane LLC; seller 900 Sunrise FTL LLC.
  • 5055 10th Ave. North, Greenacres: $2.4 million; 8,394-square-foot Family Dollar; buyer Macaw Holdings VI LLC; seller TGC Greenacres LLC; transaction involved a 1031 exchange.
  • 5280 10th Ave. North, Greenacres: $2.25 million; 9,280-square-foot small bay warehouse; purchased by the City of Greenacres in an all-cash transaction.
  • 541 and 545 NE 17th Way, Fort Lauderdale: $1.65 million; eight-unit multifamily property; buyer Victoria Park Towns LLC.
  • 702-704 NE First Ave., Fort Lauderdale: $2.66 million; 8,863-square-foot mixed-use property; buyer 702 Flagler LLC; seller was a family trust.
• Brokers: Jaime Sturgis, Dan Ross and Logan Newell of Native Realty