Tricera Capital, the Miami-based real estate investment firm, closed the $18.25 million off-market sale of The Hive and Flagler Uptown retail buildings in Fort Lauderdale’s Flagler Village. The mural-adorned Hive and Flagler Uptown are two of the most recognizable buildings in the popular neighborhood and home to notable retailers and food-and-beverage operators including Wells Coffee, Heritage and Batch.
The transaction closed on Jan. 28. The buyer was not disclosed.
Located at 900-924 N. Flagler Drive and 723-737 NE Second Ave., The Hive and Flagler Uptown have a combined ±32,000 square feet of rentable space. Tricera acquired the buildings for $13.25 million in January 2019.
Over the course of Tricera’s ownership, the firm secured more than 20 new leases and renewals at The Hive and Flagler Uptown. Tricera played a significant role in bringing high-quality, innovative food-and-beverage and retail experiences to meet the pent-up demand of the recently developed customer base in Flagler Village.
“This transaction is a great exit for us, but our desire to invest in downtown Fort Lauderdale and Flagler Village remains strong,” Tricera Co-Founder and Managing Principal Scott Sherman said. “We are bullish on Fort Lauderdale’s urban core and target new acquisition opportunities in the market.”
The Hive and Flagler Uptown are former industrial buildings that were renovated for retail and creative office use, with renowned street artist Herbert Galarza creating murals of Marilyn Monroe, David Bowie, Jimi Hendrix and other icons on the buildings’ exterior walls. With Flagler Village’s residential population surging in recent years, the buildings helped fill the void for quality shops, hangouts and eateries.
Tenants at The Hive and Flagler Uptown include Batch, the Cookie Company; Chick’nCone; Glitch Bar; Heritage Restaurant; JB&C (Juice Bar and Café); Montce Swim; and Wells Coffee Co.
“The Hive and Flagler Uptown are shining examples of Tricera’s guiding thesis that well-located, urban core retail can withstand e-commerce and other challenges facing the traditional retail sector,” Tricera Co-Founder and Managing Principal Ben Mandell said. “Even the pandemic couldn’t slow down our leasing momentum at both properties. Fort Lauderdale will continue to attract retailers and food-and-beverage operators of the highest caliber as the city’s residential and professional population keeps growing.”
Tricera has been active in downtown Fort Lauderdale over the past several years. The firm forward-purchased and curated the ground-floor of Society Las Olas, the premier mixed-use project along the city’s revitalized Riverwalk. It secured leases with high-profile tenants such as Thompson Hospitality, which leased over 6,000 square feet of space for its Matchbox Restaurant and Big Buns Damn Good Burger Co. concepts; casual health food restaurant Pura Vida; and New Jersey-based gastropub Asbury Ale House.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.