Native Realty Represents Miami Developer/Investor in First Fort Lauderdale Acquisition

Eduardo Pelaez

FORT LAUDERDALE, FL –– Native Realty, the pioneering Fort Lauderdale-based commercial real estate firm, closed another impactful real estate transaction in one of the city’s hottest emerging neighborhoods.

 Firm CEO Jaime Sturgis represented a Miami developer active in Wynwood and Little River in his inaugural Fort Lauderdale investment.

Eduardo Pelaez’s Wellmeaning Investments acquired the 1.21-acre site of the Fourth Avenue Church of God for $2.4 million on June 15.

The church sold the 1219 and 1239 NE Fourth Ave. properties, which include 6,721 and 12,508-square-foot buildings, to Pelaez’s company. It plans to relocate following the sale.

Fourth Avenue Church of God
Fort Lauderdale, FL 

“This transaction speaks to the increasing appeal of Fort Lauderdale’s urban core neighborhoods and the 13th Street corridor’s role in expanding the momentum created by Flagler Village,” Sturgis said.

“The fact that investors and developers who primarily focused on Miami’s urban neighborhoods are now planting their flags here shows that our long-term place-making efforts in the city are paying off.”

Pelaez’s company, a family-owned private investment and development firm that assembled four blocks in Wynwood starting in 2009 and introduced new concepts to the neighborhood including food halls and a theater, intends to embark on a substantial adaptive re-use of the Fort Lauderdale buildings.

 Pelaez said he envisions a vibrant mixed-use destination with a food hall with additional retail and entertainment uses.

“I can see a project similar to what we were doing in Wynwood early last decade, with concepts reminiscent of Zak the Baker and Panther Coffee,” he said.

Jaime Sturgis 

 “This is such a promising stretch of Fort Lauderdale that will benefit from gastronomy and entertainment. We hope this is the first of many developments for our company in the city.”

There is a precedent for creative repurposing of structures such as churches in the neighborhood.

Earlier this year, Sturgis finalized a lease with the restaurant and bar operator David Cardaci for the entire ground floor of a historic Flagler Village church building.

Dan Ross 

 Cardaci plans to open an 8,000-square-foot restaurant, bar and live music venue called The Sanctuary inside the 441 NE Third Ave. building.

Sturgis and Native’s Dan Ross are exclusively marketing one of the last available land assemblages in Flagler Village.

 The 600, 614 and 618 NE Third Ave. and 313 NE Sixth St. assemblage is priced at $7.7 million and has zoning that allows for a wide variety of development up to 150 feet.

Native Realty is headquartered at 719 NE Second Ave. in Flagler Village.

 CONTACT:

Eric Kalis

Vice President

BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

www.nativere.com.