Lauderdale-by-the-Sea Plaza Changes Hands For $7 Million

Jul 11, 2018 No Comments by

Native Realty, the Fort Lauderdale commercial real estate firm led by Jaime Sturgis, has closed the $6.75 million sale of Seagrape Commons, a fixture in Lauderdale-by-the-Sea for more than 50 years.

Sturgis and the firm’s Amanda Roy arranged the off-market transaction.

Located at 218 and 222 E. Commercial Blvd., Seagrape Commons is a unique mixed-use plaza that is home to numerous restaurants, including the brand-new Billy Jack’s Shack – Florida’s first location for the American franchise, Basilic Vietnamese Grill, Dr. Juice and Pump Sushi.

The 37,027-square-foot plaza also includes ground-floor retail, office space on the second floor and two residential units.

The seller, Seagrape Commons, LLC, completed substantial upgrades to the building in 2015. It maintained the plaza’s mid-century modern style that is prevalent in Lauderdale-by-the-Sea.

ACS 218, LLC is the buyer. The sale closed on Friday, June 29.

 

“Lauderdale-by-the-Sea is popular year round between locals and tourists, so the town is coveted by commercial real estate investors as it is less affected by season,” Sturgis said. “But opportunities to acquire signature assets like Seagrape Commons are extremely rare, with only a handful of trades occurring in the market. We are thrilled to have the opportunity to facilitate the sale of this iconic property.”

The Seagrape Commons transaction continues a busy stretch of activity for Native Realty.

In May 2018, the firm’s Sara Dorfman completed the record-breaking sale of an Airbnb rental property in the city’s popular Victoria Park neighborhood. The 808-812 NE 16th Terrace changed hands for $1.65 million, the highest sale price in Victoria Park since at least 2006 and the most expensive in the history of the neighborhood on a price per unit basis.

Also in May, Sturgis represented homegrown co-working space operator General Provision in a long-term lease for a brand-new location in downtown Fort Lauderdale. General Provision is set to soon open the three-story location inside a historic building at 300 SW First Ave., Suite 155 – adjacent to the mixed-use X Las Olas project.

 

 

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Broward County Retail, Industry News, NA, Retail
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