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4 Federal Highway

Tricera And Merrimac Secure Tenants For Soleste Seaside Development In Dania Beach
LEASEDCommercial

Tricera And Merrimac Secure Tenants For Soleste Seaside Development In Dania Beach

4 Federal Highway

Building Size

7,200 SF

Asset Type

Commercial

Closing

Oct 10, 2023

AI

Tricera Capital, along with Merrimac Ventures, has successfully secured two new tenants for the Soleste Seaside development located in Dania Beach. Memorial Healthcare System has leased 4,700 square feet of commercial space, while Antonio's Pizza has signed a lease for 2,500 square feet. This leasing activity highlights Tricera's ability to activate ground-floor commercial spaces in large mixed-use developments. Soleste Seaside, which includes 340 upscale rental units, is expected to attract additional tenants in the near future.

Summary of Transaction Details:

  • Property Type: Commercial
  • Transaction Amount: Not specified
  • Square Footage: 7,200
  • Address: 4 North Federal Highway
  • Market: Dania Beach

The landlord representatives for this deal were Ben Mandell and Dustin Ballard from Tricera Capital, along with Dev Motwani from Merrimac Ventures. On the tenant side, Melida Akiti represented Memorial Healthcare System while Antonio's Pizza negotiated the lease independently. The transaction was facilitated by the broker representatives Donald VanBeach, Kaley Tuning, and Elizabeth Metott from Native Realty.

Players

Kaley Tuning

Native Realty

Broker

$18.2M

vol

9 deals

Broker
AP
Antonio's PizzaTenant

Dania Commercial Market Snapshot

Boundary boundary · Commercial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93