Asana Partners made a play on downtown Fort Lauderdale’s Flagler Village district, paying $18.3 million for nearly fully leased retail and office properties.
Charlotte, North Carolina-based Asana bought The Hive at 900-924 North Flagler Drive and Flagler Uptown at 723-737 Northeast Second Avenue, according to records.
Miami-based Tricera Capital and RRE Investments sold the buildings, which have a total of roughly 32,000 square feet of rentable space, according to a Tricera news release. The two firms had paid $13.3 million for the one-story properties in 2019.
Flagler Uptown is fully leased and The Hive has one 902-square-foot available space, according to Native Realty CEO and founder Jaime Sturgis, who brokered the 2019 deal and led leasing efforts.
Tenants include Wells Coffee, Heritage and Batch, the Cookie Company, Chick’nCone, Glitch Bar, Heritage Restaurant, JB&C (Juice Bar and Café) and Montce Swim. Tricera secured more than 20 new leases and renewals since 2019, according to its release.
The outside walls of The Hive and Flagler Village are adorned with murals of Marilyn Monroe, David Bowie, Jimi Hendrix and other icons, created by street artist Herbert Galarza.
The Hive and Flagler Uptown were previously warehouses, repurposed into retail and offices, mirroring the renaissance of the rest of Flagler Village. In recent years, the district’s industrial properties have reopened as commercial space, solidifying Flagler Village as a trendy spot similar to Miami’s Wynwood, where existing warehouses reopened as galleries, restaurants and bars, and are graced with murals.
Also much like in Wynwood, Flagler Village has seen more investor appetite, including for new apartment projects. In December, Germany’s Union Investment paid $226.5 million for EON Squared, a multifamily development, half of which was completed in 2019 and the rest in the summer of 2021.
In January 2021, Sterling Equities paid $92.4 million for the Solmar on Sixth apartment complex in Flagler Village.