Asana Buys Flagler Village Office, Warehouse Buildings
7070 Northeast Third Avenue, Fort Lauderdale; Asana Partners’ Terry Brown, Sam Judd and Jason Tompkins (Felipe Calderon, Asana Partners)
Roughly six months after it scooped up two marquee Flagler Village properties, Asana Partners is expanding its portfolio in the neighborhood with an office and industrial purchase.
The Charlotte, North Carolina-based real estate investment firm paid $10 million for the building at 707 Northeast Third Avenue in Fort Lauderdale and the warehouse immediately to the west, according to a release from broker Jaime Sturgis of Native Realty. It was an off-market deal.
Seller Telecom Building is led by B. Michael Wiggins, state corporate records show. This is the first time the three-story, 18,251-square-foot office building traded since it was constructed in 1983, according to property records. It includes a parking lot. The one-story, 6,520-square-foot warehouse was built in the 1950s.
Asana plans to renovate the almost fully leased properties, according to a spokesperson for Native Realty.
This is the company’s second investment in the quickly redeveloping Flagler Village neighborhood this year. In January, Asana bought Flagler Uptown at 723-737 Northeast Second Avenue and The Hive at 900-924 North Flagler Drive. Both are in walking distance from the recently purchased properties. Miami-based Tricera Capital and RRE Investments sold the buildings to Asana for $18.3 million.
Sturgis, who also brokered that deal, curated the tenants at the two buildings.
Flagler Uptown and The Hive are warehouses repurposed into offices and retail. They are adorned with murals of Marilyn Monroe, David Bowie, Jimi Hendrix and other icons, created by artist Herbert Galarza. In that, they mirror Flagler Village’s evolution from a mostly warehouse district to a trendy neighborhood with industrial buildings transformed into other uses.
Asana also invested in West Palm Beach’s Warehouse District, an area of industrial real estate repurposed into retail space.
In 2018, Asana paid $18.5 million for the properties along Elizabeth Avenue, wedged between I-95 and Parker Avenue.
Flagler Village has experienced new construction and is poised for more. In May, Miki Naftali’s Naftali Group bought the almost 1-acre buildable site at 201 North Federal Highway for $20 million. Naftali called it a prime development opportunity.
Denver-based Aimco scooped up a 5.6-acre redevelopment property at 901-927 North Federal Highway for $64 million in June.
In March, A California-based buyer tied to property management company Thomas Tomanek & Associates paid $195 million for the newly built Motif apartment building at 500 North Andrews Avenue.
