MIAMI—A six-property portfolio on Fort Lauderdale's emerging 13th Street is up for grabs. Portfolio owner Abby Laughlin, a Fort Lauderdale-based investor, spent nearly $3.5 million assembling the site over the past two years.
Jaime Sturgis of Native Realty is marketing the portfolio, which includes more than 24,000 square feet of commercial space. The properties are on 535, 545 and 603 Northeast 13th Street, which is centrally located between the Flagler Village Arts District and Wilton Manors. Warsaw Coffee, Milk Money bar and restaurant, Gulfstream Brewing and men's barber shop Buck & Beards are among the current tenants.
“As construction costs rise, investors and developers are rethinking ground up construction and realizing that there is tremendous value in repurposing existing structures,” Sturgis tells GlobeSt.com. “As the inventory of land in the urban core becomes limited, we are finding our clients opportunities in emerging markets just outside the CBD that are cash flowing today, with the option for vertical redevelopment in the future. These covered land plays have multiple exit strategies making them desirable to investors. We are experiencing the evolution of neighborhoods as the urban core continues to expand and the traditional role of neighborhoods are being redefined.”
The City of Fort Lauderdale has made significant improvements to the corridor through its Northeast 13th Street Complete Streets Project. Covering the stretch of 13th Street from Northeast Fourth to Ninth avenues, the project created multi-modal access for all users through lane reductions, bike lanes, enhanced crosswalks, pedestrian-scale street lights, on-street parking and landscaping. Public art installations have also helped beautify the neighborhood.
“We are excited to curate this up-and-coming neighborhood,” says Sturgis. “Traditionally considered a local cut through to avoid traffic, 13th Street is reinventing itself and quickly becoming a young Las Olas.”
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