Jaime Sturgis-led firm brokers prominent developer’s $6.4 million acquisition of multifamily development property and $4.25 million sale of Chops + Hops property
FORT LAUDERDALE, FL – Sept. 22, 2022 –Native Realty, the industry disruptor and neighborhood placemaker led by CEO Jaime Sturgis, brokered a pair of notable investment sales transactions in Fort Lauderdale’s Flagler Village. The firm represented both sides of developer Dev Motwani’s $6.4 million purchase of a portion of a multifamily development site in the neighborhood, and successfully represented the seller of a mixed-use property that is home to the popular Chops + Hops.
Sturgis and Native Sales Director Kaley Tuning arranged the multifamily development property sale to Motwani’s Merrimac Ventures. Located at 407 N. Andrews Ave., the property is part of an assemblage approved for high-rise apartment development. Merrimac has announced plans to develop the 30-story ArtsPark Lofts there.
The overall project site also includes an adjacent property that was not part of this transaction.
ArtsPark Lofts is planned to include 289 apartments, with a mix of studios, one-bedroom, one-bedroom plus den and two-bedroom units, nearly 2,000 square feet of commercial space and a six-story parking garage. Construction is not expected to begin before the end of 2023.
In the meantime, Native has been retained to lease the remaining vacant space at the site’s existing commercial buildings. Turnkey Class A space is available for lease.
Elsewhere in Flagler Village, Sturgis and Senior Associate Dan Ross brokered the $4.25 million sale of a mixed-use property at 702-704 NE First Ave. The 8,864-square-foot building is home to Chops + Hops Axe Throwing Lounge, which has been voted “Best of Fort Lauderdale in many categories including “Best Craft Cocktail List” and “Best Date Night.” Other tenants include Fort Liquordale Wine + Spirits, Mama Hank’s speakeasy and kitchen and Crossed Keys Society tattoo studio.
Barkan Investments LLC sold the property to the Strachman Family Trust.
“These two sales reflect the versatility and unique local knowledge of the Native team,” Sturgis said. “Our long-term placemaking efforts in Flagler Village have created encyclopedialike knowledge of our markets, allowing us to connect the best buyers and sellers for Multifamily development sites, triple-net (NNN) deals and everything in between.”
The latest transactions follow a busy summer highlighted by Sturgis completing more than $50 million in deals in a 30-day span.
Native now operates from a new Fort Lauderdale office that is double the size of its previous headquarters. The 4,000-square-foot office is located at 1926 E. Sunrise Blvd. in the city’s Victoria Park neighborhood.
About Native Realty: Founded in 2017 by pioneering Fort Lauderdale-based commercial real estate broker Jaime Sturgis, Native Realty is disrupting the real estate industry and redefining what it means to be a broker. Sturgis and his team of passionate brokers specialize in leasing and investment sales in the urban core and emerging markets in South Florida. Instead of looking at individual listings and transactions in a vacuum, Native takes a holistic approach to the urban neighborhoods the company’s brokers live, work and play in. The firm is best known for its role curating Fort Lauderdale’s Flagler Village neighborhood, completing more than 1 million square feet in transactions in the last few years. It is now expanding its placemaking efforts to urban core neighborhoods throughout South Florida. Native works with all types of clients, from Fortune 500 companies to small businesses. Notable clients have included Coca-Cola, Integra Realty Resources, U.S.A. Parking and many more. Native is headquartered at 1926 E. Sunrise Blvd. in Fort Lauderdale. For more information, visit www.nativerealty.com.