The Real Deal Miami

Hollywood office property sells for $6.3M

Cushman & Wakefield negotiated the sale and a lease prior to the sale
June 03, 2017 10:15AM

2700 Hollywood Boulevard

Real estate brokerage Cushman & Wakefield negotiated the sale of a two-building office campus in Hollywood for $6.3 million.

An affiliate of Rabina Properties, an 18-year client of Cushman, sold the 23,129-square-foot office property for $272 per square foot.

Prior to the sale, Cushman negotiated a lease for 11,700 square feet of the office property at 2700 Hollywood Boulevard with Fresenius Kidney Care South Broward.

The buyer of the two-building office campus, Elite Plastic Surgery, will occupy the rest of the property, located on a 1.2-acre site just east of Memorial Regional Hospital in Hollywood.

The office property includes a 60-year-old building that spans 18,850 square feet and a 50-year-old outparcel building with 4,534 square feet of space.

A three-member Cushman team – senior director Greg Masin, associate Andrea Vigil and director Frank Begrowwicz  – represented the seller in the $6.3 million transaction and negotiated the 11,700-square-foot lease prior to the closing.

“This was a complex transaction that involved a patient, consultative approach and was aided by the Fresenius lease,” Masin said in a prepared statement. “The addition of a credit tenant improved the asset’s capitalization rate.”