Popular New Jersey Gastropub Asbury Ale House Commits to Downtown Fort Lauderdale’s Society Las Olas

Kaley Tuning 

 FORT LAUDERDALE, FL, Dec. 15, 2020 –Tricera Capital and Native Realty announce that New Jersey-based gastropub Asbury Ale House is opening its first South Florida location at Society Las Olas, where Tricera and Dev Motwani-led Merrimac Ventures own the ground floor retail space.

The transaction brings Society’s ground-floor retail to full occupancy. Native Realty represented Asbury in the lease.

                                                Ben Mandell

 Asbury Ale House is set to occupy 9,263 square feet at Society, the premier mixed-use project along the revitalized Riverwalk in the heart of downtown Fort Lauderdale.

It joins Thompson Hospitality’s Matchbox Restaurant and Big Buns Damn Good Burger Co., and casual health food restaurant Pura Vida Miami as tenants at the 301 SW First Ave. project.

Bruce Springsteen 

"We are thrilled to sign another major F&B lease during the pandemic and bring this exciting concept to downtown Fort Lauderdale,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said.

Jon Bon Jovi

“Asbury Ale House is a great complement to the restaurant, bar and retail offering at Society Las Olas and is an extremely synergistic co-tenant that will add a unique experience for the customer.”

 Native’s Kaley Tuning and firm Founder and CEO Jaime Sturgis facilitated the lease on behalf of Asbury Ale House.

Daniel Popper 

 “This transaction continues the broader trend of Northeast businesses, especially tenants in the restaurant, bar and entertainment space, increasingly coming down to South Florida,” Sturgis said.

“We are excited to bring another new concept to Downtown Fort Lauderdale and continue the evolution of our hometown. Our firm is actively working with other Northeast restaurant operators who are eager to expand into – or relocate to – South Florida.”

 Founded in 2015, the Gullace Family opened Asbury Ale House in Asbury Park – the Jersey Shore beach town known for cultivating legendary musicians including Bruce Springsteen and Jon Bon Jovi.

Jaime Sturgis 

The gastropub boasts more than 60 different draft beers on tap and culinary staples including wings, burgers, pizzas and small bites.

 The Asbury Ale House news follows the installation of a 14-ton, 27-foot public art piece at Society Las Olas. The sculpture, dubbed “Thrive,” was created by acclaimed South African artist Daniel Popper and went viral on social media upon being unveiled last month.

 Motwani’s Merrimac Ventures has been a driving force in the Riverwalk neighborhood’s reemergence. Merrimac acquired the former Las Olas Riverfront complex and brought in PMG to develop Society on a portion of the property before partnering with Tricera to acquire and curate the retail component.

Merrimac also owns the adjacent property and operates the Wharf Fort Lauderdale and Rivertail with Breakwater Hospitality Group.

Society Las Olas

 In 2018, Sturgis represented homegrown co-working space operator General Provision in its lease of a historic building, owned by Motwani, that is adjacent to Society Las Olas. General Provision’s expansion from its original location in FAT Village was another key catalyst for the neighborhood.

 Across the street from Society Las Olas, Menin Hospitality recently opened Bodega Taqueria y Tequila, the second location for the Miami-based Mexican street-food eatery.

 Tricera Capital is a Miami-based real estate investment firm specializing in value-add, urban retail, office and mixed-use assets. It is headquartered at 80 SW Eighth St. in Brickell.

 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.triceracap.com. 

www.nativere.com

South Florida industrial, retail and office portfolio refinanced

 

Melissa Rose

 MIAMI, FL, Dec. 15, 2020 – JLL Capital Markets announced today that it has arranged the $5.4 million refinancing for a fully leased, five-asset industrial portfolio with a small component of office and retail totaling 78,064 square feet in the South Florida community of Hialeah, Florida.

 JLL worked on behalf of AJF Properties to place the 10-year, fixed-rate loan with Valley Bank. Loan proceeds will be used to retire the portfolio’s existing senior loan.

 

The borrower acquired the portfolio in separate transactions between 2011 and 2015. At 100 percent leased, the properties are home to a diverse mix of tenants in industries including recycling, automotive repair, insurance, equipment rental, flooring and bakery sectors.

Zachary Bayer

 The portfolio includes four industrial properties located at 3572 E. 10th Ct., 1048 E. 26th St., 3500 NW 59th St. and 2498 W. 3 Ct.; one office and retail property at 491 Hialeah Dr.; and one retail asset at 3345 NW 79th St.

All the assets are in Hialeah, one of the best-performing infill industrial submarkets in South Florida.

 

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Melissa Rose and Analyst Zachary Bayer.

 

“Due to the strong tenant demand for small bay industrial in the Hialeah and the best-in-class sponsorship, we had a great execution on the recapitalization of this asset,” Rose said.

 

“Our sponsors have added tremendous value with tenant retention and leasing efforts throughout the pandemic, and the lender provided a seamless close.”

 

 CONTACT:

 

 Kimberly Steele

Senior Associate, Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

 us.jll.com/capitalmarkets

jll.com.

Tri Commercial Real Estate's Osborne Group Announces Construction of Ground-Up Medical Office Building in El Dorado Hills, CA

 

 Robb Osborne

El Dorado Hills, CA, Dec. 15, 2020 – TRI Commercial Real Estate’s The Osborne Group, a leading provider of commercial real estate services in the greater Sacramento area, announced today that construction is underway for a new ground-up medical office building at 8105 Saratoga Way in El Dorado Hills, California, an affluent submarket of Sacramento.

The mostly speculative Class A development, which is owned by a medical group through KFG & FOUR Cs LLC, demonstrates the strength and stability of the medical office sector in Sacramento as well as ongoing opportunity within the sector, according to Robb Osborne, Principal at TRI Commercial and The Osborne Group, which is representing the property for lease.

“While the pandemic has challenged and will continue to challenge many asset classes within the commercial real estate industry, medical office is well positioned for growth,” says Osborne.

Dr. Kelly Hunt 

“Maintaining health and wellness has clearly become a focal point for people. With the imminent release of a viable and safe COVID-19 vaccine and research showing that medical office investments are highly favored for their long-term leases, stable occupancy and income, and tenant credit quality, we anticipate this sector to continue to prosper.”

The affluent El Dorado Hills market where the medical building is being constructed boasts a median household income of $137,903, and 82.5% of the population within a three-mile radius is covered by health insurance.

 This creates a particularly strong location for the property use, notes Osborne.

“The El Dorado submarket contains only about 2.5 million square feet of office space,” says Osborne. “The vacancy rate has notably compressed since 2017, and with positive net absorption for the past three years, office demand has remained healthy.

"These solid fundamentals bode well for continuing demand for this type of new construction in the market.”

Osborne notes that he is optimistic about transaction volume in the Sacramento region heading into the new year as 2020 has been strong for his team, which focuses on office sales and leasing, as well as industrial and retail, in the market.

“In a year marked by a pandemic and financial uncertainty for many, the Osborne Group has performed extremely well, completing 36 lease transactions and 20 sale transactions comprising 250,000 square feet and more than $37 million to date in 2020,” says Osborne.

“In addition, we continue to expand and have added a new team member: Kannon Kuhn, who assists with listings, represents tenants and users, and gathers market research for both lease and sales transactions.

"We are looking forward to ongoing growth in 2021, beginning with the leasing up of this highly desirable asset.”

Kannon Kuhn

There are many medical office users and few high-end properties comparable to this new building in the Roseville/Rocklin/Folsom submarkets of Sacramento, according to 8105 Saratoga Way owner Dr. Kelly Hunt of KFG & FOUR Cs LLC.

“As physicians, we’re aware that this higher-end building is truly needed in our community.  

"We will occupy part of the building ourselves, and we have received considerable interest from other reputable medical groups in the area,” says Dr. Hunt.

“The demand for a quality medical office like 8105 Saratoga Way, which offers exceptional visibility and access for Sacramento and El Dorado Hills/Latrobe Road commuters, is already strong and demand will likely grow. 

"In fact, the population of El Dorado Hills has grown by nearly 10 percent in just the past five years.”

8105 Saratoga Way is a 33,000 square-foot, two-story building that will focus on dental, medical, and minor surgical uses. The property is adjacent to Highway 50 at the Latrobe Road exit and enjoys proximity to residential communities, shopping, daily needs retail, and restaurant centers.

 CONTACTS:

 

 Katie Haga / Jenn Quader

Brower Group

(949) 438-6262

khaga@brower-group.com