Jaime Sturgis Of Native Realty Completes Record-Breaking Transactions In Fort Lauderdale’s Flagler Village

Jan 23, 2019 No Comments by

Jaime Sturgis, Founder and CEO of Fort Lauderdale commercial real estate firm Native Realty, has set a new benchmark for the city’s Flagler Village. Sturgis successfully brokered two Flagler Village sales that break pricing records in the neighborhood.

Sturgis closed the milestone sales of the Flagler Uptown and Hive mixed-use buildings on Jan. 15. Each site sold for $6.625 million, for a total sale price of $13.25 million.

The transactions set Flagler Village records on both a price per building square foot and land square foot basis. Flagler Uptown traded for $362 per building square foot and $267 per land square foot, while The Hive changed hands for $428 per building square foot and $228 per land square foot.

Miami-based Tricera Capital and RRE Investments are the buyers of both sites. Tricera has been particularly active in Miami’s urban core neighborhoods of Wynwood and the Design District. This is the company’s first acquisition in Flagler Village.

For Sturgis, these sales are the culmination of his multi-year efforts successfully curating Flagler Uptown and The Hive with a vibrant mix of tenants.

 

“It is amazing to see how much the neighborhood has evolved in the last few years,” said Sturgis. “We have a passion for curating the neighborhoods we live, work and play in. In this instance, the buyer’s significant investment in Flagler Village underscores how the neighborhood is no longer ‘emerging’ – it has arrived.”

Located at 900 N. Flagler Drive, The Hive is a 15,000-square-foot mixed-use complex known for its world-class murals from street artist Herbert Galarza and popular tenants like the Glitch Bar, Red Pearl Yoga, JB & C Juice Bar and Café and the Bean to Brew coffee shop. Formerly a warehouse building constructed in 1961, The Hive went through an extensive renovation before Sturgis leased up the complex with an exciting mix of creative retail, office and restaurant/bar tenants.

Like The Hive, Flagler Uptown was a repurposed industrial property that Sturgis successfully leased up. The 18,000-square-foot complex at 750 N. Flagler Drive is home to Invasive Species Brewing, Wells Coffee and renowned bikini shop Montce Swim.

 

 

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Broward County Industrial / Flex, Broward County Office, Broward County Retail, Industrial / Flex, Industry News, NA, Office, Retail
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