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Empire Social Lounge Acquires Retail Property In Las Olas, Fort Lauderdale For $3.6M

Property Image
SOLD
$3,600,000
Alejandro (Alex) Diaz
Scott Miller
+ 4

Florida

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Retail7,060 SF
Sold 07/15/2022
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Property Image
SOLD

Empire Social Lounge Acquires Retail Property In Las Olas, Fort Lauderdale For $3.6M

350 Southeast 2nd Street

See Similar Deals
Retail7,060 SF
Sold 07/15/2022
Alejandro (Alex) Diaz
Scott Miller
+ 4
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$509
Total Square Footage:7,060 SF
Transaction Type:Sale

The retail property located at 350 SE 2nd St 2 in the Las Olas market of Fort Lauderdale has been sold for a price of $3,600,000. The property has a total area of 7,060 square feet, resulting in a price per square foot of $510.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $3,600,000
  • Address: 350 SE 2nd St 2, Las Olas, Fort Lauderdale
  • Market: Las Olas, Fort Lauderdale

The buyer of this property is Empire Social Lounge, who is expanding their business. The buyer was represented by Luis Gonzalez and Alejandro Diaz from Bravo & Partners Realty. The seller was represented by Matthew Rotolante, Matthew Jacocks, and Matthew Katzen from Lee & Associates. Scott Miller from Meridian Capital Group acted as the mortgage broker in this transaction.

Empire Social Lounge's decision to expand into this location is based on their proven customer loyalty and success in their other two locations. The new market on Las Olas Boulevard in Fort Lauderdale not only meets their requirements but also aligns perfectly with their brand.

Players

Alejandro Diaz-Bazan
20 deals$368.5M volume(305) 431-9565
BROKER

Luis Gonzalez
Bravo & Partners Realty
9 deals$376.3M volume(305) 967-5029
BROKER

Matthew Rotolante
Lee & Associates
5 deals$14.9M volume
BROKER

Matthew Jacocks
Lee & Associates
5 deals$44.9M volume
BROKER

Scott Miller
Meridian Capital Group
14 deals$596.9M volume
BROKER

Matthew Katzen
Lee & Associates
2 deals$3.6M volume
BROKER

Alejandro (Alex) Diaz
Bravo & Partners Realty
3 deals$9.3M volume
BROKER

Details

SOLD
IMAGE: Alejandro Diaz, Luis Gonzalez & Scot Miller DATE: 07/15/2022 ADDRESS: 350 SE 2nd St 2 MARKET: Las Olas, Fort Lauderdale ASSET TYPE: Retail BUYER: Empire Social Lounge (@EmpireSocialLounge_Miami) BUYER'S REP: Luis Gonzalez (@LuisGonzalez.CRE) & Alejandro Diaz (@AlejandroDiaz.RE) - Bravo & Partners Realty (@BravoandPartners) SELLER'S REP: Matthew Rotolante & Matthew Jacocks, & Matthew Katzen - Lee & Associates (@LeeSouthFlorida) MORTGAGE BROKERS: Scott Miller (@Scott_Miller294) - Meridian Capital Group (@Meridian.Capital.Group) SALE PRICE: $3,600,000 SF: 7,060 ~ PPSF: $510 NOTE FROM @BravoandPartners: Empire Social Lounge is expanding, and its newest location marks a milestone for the already established company. Its proven customer loyalty and success as a brand in its two other locations pave the way for a new market that not only meets the requirements for Empire but fits perfectly in the vicinity of popular Las Olas Boulevard in Fort Lauderdale.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$12,790.04
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