Michael Carpenter of Fort Lauderdale commercial real estate agency Stiles represented the landlord, PRII SR 200 EAST LAS OLAS OWNER LLC, in a joint venture between Prudential and Stiles.

Broward retail market is strong, having seen a 0.3% increase in vacancy since Q2 2020, according to the Colliers' preliminary Q2 retail market report. Downtown Fort Lauderdale's direct vacancy rate was 5.3%, with the highest average direct triple-net asking rates in Broward County. 

'Tired of staying home'

Gefen says the retail market is starting to pick up like it was pre-pandemic, and she noted that the county's changing demographics present an opportunity.

"Especially on the Las Olas side, I was just there twice last week having dinner, and it was like there was never a pandemic. I think they're getting tired of staying home and ordering online and they want some human interactions, so I think that retail is up at the moment. I'm hoping for the foreseeable future it will continue on that uphill tick. That's what everybody's hope is," said Gefen.

Abe Ng, CEO of Sushi Maki in Florida. Courtesy photo,

Sushi Maki, founded by business leader Abe Ng, has more than 20 locations in South Florida. But this will be its first high street-urban location, and first restaurant in Broward County.  

Gefen says the transaction closed faster than others have before the pandemic, but the challenge was navigating new terms in leases.

"We're learning as we go. New meanings of what is force majeure and pandemic language that is now starting to become included in these proposals and these negotiations in the event that this pops up again. Tenants and landlords both want to be protected, and through it, we're trying to find middle ground as to finding that happy medium," Gefen said. 

Owner Ng is using this location as an introduction to a "polished fast-casual dining" concept that he hopes will become a new industry standard. The concept is different from the traditional fast-casual as it offers non-disposable glassware and flatware, allowing customers to choose whether to order from team members or QR codes, and giving them the option of eating indoors, outdoors or picking up their meals from "grab and go" parking spots.

"Expanding to Fort Lauderdale's bustling Las Olas corridor is a pivotal strategic step as part of our continued expansion as South Florida's go-to sushi restaurant brand," Ng said in a statement. "We are seeing a growing demand for quality lunch and dinner options on Las Olas as our business-friendly region continues to attract local and national professionals and families. These individuals are migrating to Fort Lauderdale based on its attractive benefits, including beautiful weather, great schools, access to mass transit, central location between Miami and Palm Beach, and unique entertainment and amenities in what is becoming a regional destination to live, work and play."

The restaurant is expected to open in October. The space was previously occupied by Beehive, a health food restaurant. 

"The space provides Sushi Maki with incredible visibility along the burgeoning Las Olas strip and an ideal venue for introducing a new sushi bar concept alongside the market's top retail operators," Gefen said. "This location will benefit from the area's daytime population of office workers, as well as the surrounding residential and nightlife crowds. The continued expansion of retailers and restaurants highlights the strength of our market as we move into the second half of 2021."