Society Las Olas Riverfront Sells for $17 Million
Investors plan to add additional apartment units and a co-working space to the Fort Lauderdale property
Marcus & Millichap (NYSE: MMI), a leading specialist in commercial real estate investment sales, financing, research and advisory services, helped broker the $17 million sale of Society Las Olas Riverfront, a 17,084-square-foot retail center located on the ground floor of the newly constructed 639-unit Society Las Olas apartment tower in downtown Fort Lauderdale.
The exclusive listing to market the property on behalf of the seller, Tricera Capital and Merrimac Ventures, was Douglas K. Mandel, executive managing director in Marcus & Millichap’s Fort Lauderdale office, along with Tyler Kuhlman, a senior associate. The buyer was PMG-Greybrook Riverfront LLC.
“The sale demonstrates continued support for Florida retail in high-quality locations,” Mandel says. “Downtown Fort Lauderdale continues to see tremendous growth and development with the addition of renowned culinary offerings, the construction of +4,300 residential units, the addition of 900 more hotel rooms, and 7.6 million square feet of office space”.
The retail property was constructed in 2020 and is surrounded by Fort Lauderdale’s major tourist attractions, including The Wharf, Las Olas Boulevard, Millionaires Row and the Riverwalk. Ground-floor tenants of the Society Las Olas Riverfront retail center are currently occupied by Matchbox, Big Buns, Pura Vida and Asbury Ale House.
Planning for the second phase of Society Las Olas would add nearly 600 apartments to the property, including a 30,000-square-foot co-working space on the 2nd and 3rd floors to provide a live-work experience within the Riverfront neighborhood.