Merrimac Ventures just went on a shopping spree in Fort Lauderdale, grabbing a cluster of retail and office buildings along North Andrews Avenue in Flagler Village and tightening its grip on one of the neighborhood’s busiest redevelopment corridors. The four-parcel assemblage at 400, 416, 424 and 412–414 North Andrews totals roughly 20,200 square feet of existing commercial space. Merrimac says it plans to keep the properties active in the near term while it works on larger residential projects nearby.
What Merrimac Picked Up
The deal is centered on 400 North Andrews, a three-story office building of roughly 16,200 square feet, backed up by smaller retail parcels adding about 4,000 square feet. LoopNet lists 400 North Andrews at roughly 16,200 square feet, and an MLS listing shows 412 North Andrews at about 4,091 square feet. Those figures line up with the roughly 20,200 square feet Merrimac has now assembled along North Andrews.
Deal Terms And A Near-Term Tenant
According to Florida YIMBY, Merrimac paid about $7.35 million for the package, with roughly $5.75 million for 400 North Andrews and $1.6 million for 412–414 North Andrews. The developer has already inked a 10,000-square-foot lease at 400 North Andrews with a private school, giving the building an immediate anchor tenant while the rest of the plan comes together.
“This assemblage represents a strategic step in our continued investment in Flagler Village,” Merrimac co-managing partner Dev Motwani said in the announcement. The purchase gives the local firm a contiguous commercial foothold as it lines up larger residential moves in the surrounding blocks.
Leasing Plans And Short-Term Playbook
Native Realty is marketing the remaining space and is listed as the broker on current property listings, pitching the building to institutional, educational and creative office users. CommercialSearch presents the 400 North Andrews space as turnkey office with parking and plug-and-play infrastructure, a setup that makes it easier for tenants to move in without a long buildout.
Merrimac has indicated it will activate the ground-floor retail while holding and leasing the upper-floor office space as its larger vision for the area advances. In other words, keep the storefronts lively now, while the bigger projects work through the slower cycles of planning and approvals.
How This Fits Into The Flagler Village Remix
Flagler Village continues to lure developers thanks to its proximity to downtown Fort Lauderdale, the Brightline station and several big master plans in the pipeline, and Merrimac’s latest buy plugs directly into that momentum. Florida YIMBY notes that the firm is also pushing ahead with ArtsPark Lofts, a 301-unit Opportunity Zone project across from the assemblage, and is planning a partnership on two residential towers totaling roughly 775 units…