Colliers represented the seller and buyer in the sale of the Downtown Fort Lauderdale property.
FORT LAUDERDALE, FL, December 13, 2022 – Colliers closed on the sale of a freestanding retail building, part of the High Street Himmarshee portfolio, for $8.5 million on December 9th. The property is located at 301 SW 2nd Street in the heart of Downtown Fort Lauderdale’s Arts & Entertainment District. The 8,650-square-foot building is situated on a 20,964-square-foot lot and is occupied by 00 Saloon, a traditional American restaurant/bar.
Colliers Director Bradley Arendt and Executive Managing Director Mika Mattingly represented the seller, 301 Second Corporation, and the buyer, Heights Advisors, in the transaction. Heights Advisors is a private family office, real estate developer, and investment management firm based in Brooklyn, NY. The firm has served as the lead investor in real estate projects with a total value of more than $1.5 billion and as the direct developer in real estate transactions with a total value of more than $1 billion. Heights Advisors purchased the two-acre development site behind the retail building for $14.5 million in November 2021.
“As development ramps up with the migration of out-of-state developers to South Florida, this transaction illustrates the rebirth of Himmarshee,” said Arendt. “Our buyer successfully expanded their South Florida footprint by acquiring part of an assemblage in front of the development site they purchased last year with excellent potential for high-rise development.”
The Himmarshee neighborhood is rapidly evolving as an extension of Downtown Fort Lauderdale as the transformations begin to break ground. The property is less than a block from Las Olas, Downtown Fort Lauderdale, and Brightline Fort Lauderdale Station. More than 2,000+ residential units are to be built within 200 feet of the property as the influx of new residents migrating to Fort Lauderdale continues to drive the demand for residential and retail development.
Let us know if you’re interested in speaking with Bradley Arendt about this deal or activity in the Downtown Fort Lauderdale market.