FORT LAUDERDALE, Fla. (PRWEB) November 01, 2021

Chapter Two Investments, LLC, managed by Steve Hudson & Charlie Ladd, has purchased South Harbor Plaza on 17th Street Causeway for $40MM. Las Olas Capital – Real Estate Fund III, LLC, managed by Las Olas Capital Advisors, provided $18 million in equity financing to the Buyers.

This acquisition marks the third transaction that Las Olas Capital has partnered with Hudson and Ladd on this summer. The two previous transactions were Oakland Park Festival Centre, a 145,692-square-foot retail center at 3400-3580 N. Andrews Avenue and Primavera Plaza, a 51,594-square-foot office/strip center at 830 & 840 Oakland Park Boulevard, totaling $73MM investment. South Harbor Plaza sits on +/- 8.22 acres with 750 feet of frontage along 17th Street and 91,634 square feet of retail and office space.

Across all three transactions, Chapter Two Investments, LLC acquired $73 million in property. Las Olas Capital – Real Estate Fund III provided a total of $37.5 million in equity for the three properties. The Fund, which is 7% oversubscribed, is not accepting new investors at this time.

“We are very excited to partner with Foreward Management on this property, the crown jewel of 17th Street,” said Paul C. Tanner, Founder & Managing Director of Las Olas Capital. “The latest addition to a portfolio of properties procured in partnership with Steve Hudson and Charlie Ladd for the betterment of greater Fort Lauderdale” Tanner said.

As vacancy rates continue to drop, rents have surpassed pre-pandemic levels. A Colliers third quarter report showed that Broward’s average asking rent reached $22.96 per square foot, up from a previous high of $22.83 a square foot in the Q4:2019.

The property includes long term tenants Carlos & Pepe’s, Clearsight Opticians, Carrabba’s Italian Grill and Stretch Zone. The property will be managed by Fort Lauderdale based Foreward Management, operated by Charlie Ladd and Steve Hudson.

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