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500 North Andrews Avenue

Native Realty Secures Multiple Leases For Motif Mixed-Use Building In Fort Lauderdale's Flagler Village
LEASEDRetail

Native Realty Secures Multiple Leases For Motif Mixed-Use Building In Fort Lauderdale's Flagler Village

500 North Andrews Avenue

Building Size

15,325 SF

Asset Type

Retail

Closing

Aug 21, 2023

AI

The property involved in this lease transaction is a retail space located at 500 North Andrews Avenue in Fort Lauderdale. The property spans approximately 15,325 square feet and is situated in the Fort Lauderdale market.

Summary of transation details

  • Property Type: Retail
  • Transaction Amount: Lease
  • Address: 500 North Andrews Avenue
  • Market: Fort Lauderdale
  • Square Footage: 15,325 SF

Jaime Sturgis and Kaley Tuning, brokers from Native Realty, played a key role in securing the lease for this retail space. The tenants who will occupy the retail and restaurant spaces at Motif, a mixed-use apartment building in Fort Lauderdale's Flagler Village, include Olivia restaurant, BFT Fitness, Salon Lofts, and Dog Drop. With the addition of these new tenants, the ground-floor retail and restaurant space at Motif is now over 97% occupied, catering to the building's apartment residents.

Players

Jaime Sturgis

Native Realty

Broker

$243M

vol

48 deals

Broker

Avenue Retail Market Snapshot

Boundary boundary · Retail · 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