FORT LAUDERDALE, Fla., Feb. 21, 2022 – Marcus & Millichap (NYSE: MMI) announced today the sale of Society Las Olas Riverfront, the 17,084-square-foot retail center located on the ground floor of the newly constructed 639-unit Society Las Olas apartment tower in Downtown Fort Lauderdale, Florida. The property sold for $17 million.

Douglas K. Mandel, executive managing director in Marcus & Millichap’s Fort Lauderdale office along with Tyler Kuhlman, senior associate, had the exclusive listing to market the property on behalf of the seller, Tricera Capital and Merrimac Ventures. The buyer was PMG-Greybrook Riverfront LLC.

“The sale demonstrates continued support for Florida retail in high-quality locations. Downtown Fort Lauderdale continues to see tremendous growth and development with the addition of renowned culinary offerings, the construction of +4,300 residential units, the addition of 900 more hotel rooms, and 7.6 million square feet of office space,” said Mandel.

The retail property is a 2020-build, surrounded by Fort Lauderdale’s major tourist attractions, including The Wharf, Las Olas Boulevard, Millionaires Row, and the Riverwalk. Ground-floor tenants of the Society Las Olas Riverfront retail center is currently tenanted by Matchbox, Big Buns, Pura Vida, and Asbury Ale House.

A plan for the second phase of Society Las Olas would bring the unit count to 1,200 apartments. Additionally, it is planned to include a 30,000-square-foot co-working space on the 2^nd and 3^rd floors, offering a live-work experience within the Riverfront neighborhood.