FORT LAUDERDALE, FL (JULY 21, 2022) – Lee & Associates South Florida Principal Matthew Jacocks, Senior Vice President Matthew Katzen and Firm President Matthew Rotolante teamed up to broker the sale of a retail condominium on the ground floor of the 350 Las Olas Place high-rise in downtown Fort Lauderdale. The $3.6 million sale of the 7,060-square-foot unit closed on July 15.

The brokers represented seller Georgia Notes 18, LLC in listing the 350 SE Second St., Fort Lauderdale retail condo, which is subdivided into two spaces. They were able to secure a full-price offer for the unit.

Buyer 350 SE 2nd Street Partners, LLC is affiliated with Empire Social Lounge, a cigar and whiskey lounge with existing locations in Miami. The buyer plans to open its first Fort Lauderdale location in one of the two spaces at 350 Las Olas Place and lease the second space.

“We are thrilled to complete another successful transaction on behalf of an existing client,” Lee & Associates South Florida President Matthew Rotolante said. “This deal underscores the strong demand for well-located commercial real estate in Fort Lauderdale’s urban core. The buyer has the opportunity for a win/win scenario by expanding its business to Fort Lauderdale and leasing the remaining space.”

The 350 Las Olas Place high-rise was constructed in 2005. It is surrounded by more than six million square feet of office space within walking distance to government buildings and federal courthouses. That gives operators of the building’s ground-floor retail space visibility in a heavily foot-traveled area near Las Olas Boulevard in a prime location in Downtown Fort Lauderdale.

South Florida’s retail sector is benefitting from rent growth and declining vacancies, according to Lee & Associates South Florida’s Q2 2022 market report. Average asking rents rose year-over-year from $29.90 per square foot NNN to $33.81. The vacancy rate declined from 4.3% to 3.4% during that span.