Why Rent In Wynwood When You Can Own In Oakland Park?
An artsy Wynwood furniture store is ditching Wynwood for the friendlier climes of Oakland Park. Antique to Chic purchased the Match Point Tennis building at 1510 East Oakland Park Blvd. in the Fort Lauderdale suburb.
“Attracting a Wynwood retailer represents a huge milestone in the evolution of the Oakland Park Culinary Arts District,” said broker Jaime Sturgis, whose Native Realty handled the sale of the 6K SF Match Point Tennis building for nearly $1.1M Jan. 31.
The buyers, he said, "were getting priced out of Wynwood. It was cost prohibitive for their business model to be down there."
Sturgis, a native of Fort Lauderdale, said that, generally speaking, “If you want be in Wynwood, you're paying $60-75 per foot, and around Main and Main, $75 to 100 a foot. In Fort Lauderdale, you could be paying $35 to $60. That's not half, but it's close."
According to a Colliers International Retail Market Report for South Florida for Q4, triple-net-lease retail rental rates in Miami-Dade were $38.70/ SF in Miami-Dade County and $20/SF in Broward County.
For at least five years, small businesses have been fleeing Wywood's high rents. A 2013 Miami New Times story said that many of the art galleries that gave Wynwood its cachet in the early 2000s had moved out, as had small cafés and retailers. The neighborhood is now home to a high-end Ducati motorcycle dealership and ever-pricier salons and restaurants.
Meanwhile, Oakland Park is in the midst of rebranding as a hip destination, with a Culinary Arts District in the city core. Funky Buddha Brewery opened in 2013, and was followed by Lucky’s Market and Switchbox Coffee Roasters.
Oakland Park, in Broward County, is approximately 30 miles from Wynwood, which is in Miami-Dade. Sturgis said that buying commercial buildings in Broward remains in reach for small businesses.
"Capital's cheap and people want to take advantage," he said. "Interest rates are set to rise. People want to lock in the artificially low rates. In the '80s, people were paying 18%. Now we're at four and a quarter. People want to take advantage of that."
Sturgis said Oakland Park might not have the international draw that Wynwood has developed with tourists, but that it would be successful in a different way by catering to a solid local base. With houses selling for $275K to $350K, the area is attractive to millennials seeking starter homes, and the food and beverage scene is increasing the appeal, he said.