Fort Lauderdale-Area Medical Office Campus Trades for $6M
- Jun 06, 2017
Cushman & Wakefield negotiated the sale of 2700 Hollywood Blvd., a 23,129-square-foot, two-building campus in Hollywood, Fla. The medical office property changed hands in a $6.3 million deal.
Senior Director Greg Masin, Associate Andrea Vigil and Director Frank Begrowicz led the Cushman & Wakefield retail brokerage team that represented the seller, CSH-Hollywood Equities LP, an affiliate of Rabina Properties. The buyer was 2700 Hollywood Blvd LLC, an entity affiliated with Elite Plastic Surgery, while Bank of America originated $5.4 million in acquisition financing to facilitate the transaction. The 10-year loan is set to mature in March 2027, according to public records.
The advisory team also arranged an 11,700-square-foot lease with Fresenius Kidney Care South Broward prior to the sale, which allowed for a disposition at an enhanced return for the seller. Elite Plastic Surgery will utilize the remainder of the space for its practice.
The office campus sits on a 1.2-acre site composed of an 18,580-square-foot main building constructed in 1957 and a 4,534-square-foot outparcel building developed in 1967. Located just east of Memorial Regional Hospital and the Interstate 95-Hollywood Boulevard exit, the property offers visibility on Hollywood Boulevard and is a short distance from Fort Lauderdale-Hollywood International Airport, Port Everglades and the South Broward Regional Courthouse.
“This was a complex transaction that involved a patient, consultative approach and was aided by the Fresenius lease,” said Masin, in prepared remarks. “The addition of a credit tenant improved the asset’s capitalization rate and will ultimately lead to further job creation for the City of Hollywood,” he added.
Image courtesy of Cushman & Wakefield