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Hollywood office property sells for $6.3M
Cushman & Wakefield negotiated the sale and a lease prior to the sale
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.”