Fort Lauderdale, FL – October 16, 2014 – (RealEstateRama) — CBRE arranged leases for four premier retail tenants at The Manor@Flagler Village, developer Related Group’s new mixed-use development at 525 North Federal Highway in Fort Lauderdale, FL, which will feature 382 apartment units and 22,476 square feet of street-level retail.
The following tenants signed leases, totaling 8,565 square feet, at the under-construction development: Source Salon (1,740 square feet), an Aveda Lifestyle Salon with an existing location in Wilton Manors; The Brass Tap Beer Bar (2,878 square feet), a craft beer bar with locations throughout Florida; Venetian Nail Spa (2,420 square feet), a salon with locations throughout Miami-Dade and Broward counties; and new-to-market Colada Cuban Coffee House & Eatery (1,527 square feet), a new concept by the owners of the 30-year-old Miramar Bakery.
All tenants are expected to occupy and open during the first quarter of 2015. They will join Mellow Mushroom Pizzeria, which signed a 5,500-square-foot lease at the retail center in June 2014.
“The quality of these new tenants speaks to downtown Fort Lauderdale’s exceptionally strong fundamentals and the superior location of this site,” said CBRE’s Danny Diaz. “Downtown Fort Lauderdale’s population is poised to nearly double over the next few years. This is the newest retail project on North Federal Highway and one of the only projects south of Sunrise Boulevard that is part of an apartment complex. Tenants here will benefit from both the built-in customer base, as well as the thousands of new residential units that are expected to be built downtown over the next five years.”
According to CBRE Research, there were only 1,553 residential units in the downtown CBD prior to 2014. In 2014, 962 additional units were delivered; 948 are under construction; and more than 2,164 are approved or planned.
“Population and job growth are driving residents and offices back to the downtown area for the live-work-play environment,” said CBRE South Florida Managing Director Ken Krasnow. “New luxury multi-family development and an overall revitalization of Fort Lauderdale’s urban core is having a transformative impact on commercial real estate dynamics downtown.”
Flagler Village’s retail spaces feature 20-foot ceiling heights and are situated along a landscaped plaza that is available for outdoor dining. The retail component is accessible via key access points on NE 5th Street and NE 6th Street and offers great drive-by visibility to retailers
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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