Franklin Street and Schmier and Feurring Realty, Inc., announce the sale of the Havertys Furniture retail building at 3700 N. Federal Highway in Fort Lauderdale for $5.725 million.
The Franklin Street Investment Sales team included Greg Matus, regional managing partner of South Florida, Pete Crane, retail investment associate, and Robert Granda, director of investment sales.
Both the Franklin Street Investment Sales team and Ross Feurring of Schmier and Feurring Realty, Inc., exclusively listed the property on behalf of the seller, The Geneva Group of Coconut Creek. The transaction closed on December 4.
The transaction closed on December 4.
The Franklin Street Investment Sales team, in collaboration with Feurring, identified the buyer – a private investor from the Northeast U.S. – within 48 hours of listing the 52,399-square-foot building.
The sale price is believed to be a national record for a Havertys retail property, and the cap rate of 6.46 percent is a record for a South Florida furniture retail location.
Havertys, a full-service home furnishings retailer founded in 1885, is at the beginning of a long-term triple-net lease. The 1.45-acre site is in a prime location at the southeast corner of the intersection of North Federal Highway (US 1) and Northeast 37th Drive. The Coral Ridge Mall is situated 0.3 miles to the south of the Havertys building, along with a slew of national retailers, including Best Buy, Bed Bath and Beyond, Dick’s Sporting Goods and Whole Foods.
The Geneva Group made $2.7 million in capital improvements to the property before engaging Franklin Street to sell it.
Substantial capital improvements were made to the property before Franklin Street was engaged to sell it.
“We are thrilled to achieve a record-setting price for The Geneva Group through our collaboration with Ross Feurring,” Matus said. “This is a great time for sellers of South Florida single-tenant retail properties occupied by strong national credit tenants. The same goes for investors who covet the security a property leased long-term to a retailer like Havertys provides.”
The Havertys sale continues an extremely busy fourth quarter for Franklin Street’s Investment Sales team, which recently sold a pair of open-air shopping centers in Palm Beach County to Perkins Realty Management, LLC for $9.1 million in October.