Native Realty Closes Deal with JEY Hospitality for New Concept in Flagler Village

 

Representing the building’s owner, Native Realty closed a deal with JEY Hospitality on a 10-year lease for an entertainment/dining venue in the MASS District of Flagler Village.

JEY Hospitality signed a lease for an entertainment/dining venue in Fort Lauderdale’s Music & Arts South of Sunrise (MASS) District within Flagler Village, according to broker Jaime Sturgis.

JEY secured a 10-year lease for the roughly 3,200-square-foot building at 810 Northeast Fourth Avenue. Sturgis, CEO of Native Realty, represented the building’s owner, RWL 4 Inc. The building sits on a 9,750-square-foot lot that includes a large courtyard JEY will use, Sturgis said.

Asking rent was $32.50 per square foot, triple net, and JEY will have a tiered rent structure in lieu of the landlord providing improvements. JEY will pay 33 percent of rent in the first year, 66 percent in the second year and full rent by the third year. Sturgis said he received three full-price offers for the space.

The building was previously occupied by Jump The Shark, a bar. Sturgis expects the new concept to open within six to nine months.

Marc Falsetto, co-founder of JEY, could not immediately be reached for comment. The hospitality group’s restaurants include Rok:Brgr, Tacocraft and Henry’s Sandwich Station nearby at 545 Northwest First Avenue.”

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