The Havertys Furniture retail building in Fort Lauderdale has been sold to a private investor for $5.7 million. The 1.45-acre site occupies a prime location at the southeast corner of North Federal Highway (US 1) and Northeast 37th Drive. The 52,399 square-foot building traded for just over $109 per square foot. Franklin Street Investments and Ross Feurring of Schmier and Feurring Realty, Inc., exclusively listed the property on behalf of the seller, The Geneva Group of Coconut Creek. With a cap rate of 6.46 percent, the sale sets a record for a South Florida furniture retail locations.
“This is a great time for sellers of South Florida single-tenant retail properties occupied by strong national credit tenants,” said Greg Matus, regional managing partner of Franklin Street said. “The same goes for investors who covet the security a property leased long-term to a retailer like Havertys provides.”
