Adam Neumann buys ground floor retail business in Fort Lauderdale for $17 million

The controversial former leader of We work paid $17 million for retail space on the ground floor of a downtown Fort Lauderdale apartment building, sellers say, Capital Tricera and Merrimac Ventures.

The 16,500 square meter retail space is part of Las Olas Societya 639-unit building located at 301 SW 1st Avenue. It is the house of Pura Vida, a popular health-conscious coffee chain; gastro pub Asbury beer houseand Thompson’s Hospitalityit is Matchbox Restaurant and Big Buns, damn good Burger Co.

According to state records, the company behind the purchase not only lists the address of Neunnman’s Gramercy Park apartment, but also that of Marc Lapidus, Former WeWork property manager, which has previously been linked to Neumann’s multi-family acquisitions. Although the record also lists the address of Real Estate Market Group (PMG), the developer of the Society property, a spokesperson for the company said it was not involved in the transaction.

The Retail Agreement completes Neumann’s ownership of the entire property. The investor purchased the residential component, according to The Wall Street Journal. The sale price has not yet been communicated.

Before Neumann took the stage, Merrimac – led by Dev Motwaniwho is also the master developer of Miami World Center — acquired the former Las Olas Riverfront complex. Motwani brought in PMG to develop the property, which was completed in 2020 and branded as PMG’s Society portfolio.

In joint venture with Scott Sherman and Bin Mandel‘s Tricera, Merrimac bought out the completed retail component for $3.8 million last year. At the time, the ground floor was only half full.

For Neumman, the retail deal is the latest in a series of real estate investments following his tumultuous departure from WeWork in 2019. In South Florida, he owns caobaa 43-story tower in Miami World Centerand Court 8a 387-unit rental building located near Midtown Miami.

As part of his exit package from WeWork, Neumman received hundreds of millions of dollars, which no doubt helped fund his next venture as a landlord.

In the Company’s retail, Douglas Mandel of Marcus & Millichap represented Tricera and Merrimac. The real deal first reported the matter.

Julia Echikson can be contacted at [email protected].

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