The building occupied by Havertys Furniture in Fort Lauderdale has sold for $5.725 million or about $110 per square foot, Franklin Street announced this week.
Franklin Street’s Greg Matus, Pete Crane and Robert Grande
The Geneva Group of Coconut Creek sold the 52,399-square-foot building, at 3700 North Federal Highway. Broward County records show that Jonas Realty, a Somerset, New Jersey-based firm, purchased the property.
Franklin Street’s Greg Matus, South Florida regional managing partner; Pete Crane, retail investment associate; and Robert Granda, director of investment sales, listed the building along with Ross Feurring of Schmier and Feurring Realty. They secured a buyer within two days of listing the 1.45-acre property, according to a press release.
Havertys will remain a tenant. The home furnishings retailer has a long-term, triple-net lease. In a statement, Matus said the sale marks a cap rate record of 6.46 percent for South Florida furniture stores.
The Geneva Group recently made capital improvements to the property, which the company purchased in 2013 for $2 million. It’s near the Coral Ridge Mall, which closed on a $50 million mortgage earlier this year, and national retailers Best Buy and Whole Foods.
The buyer is a real estate management company with more than 334,000 square feet of properties in its portfolio, according to the firm’s website.
The Geneva Group, based in Coconut Creek, has properties in South Florida, Atlanta, the Czech Republic and the West Indies, according to its website. – Katherine Kallergis