New York developer Steven Samuels just paid $7.35 million for a vacant 60,000-square-foot industrial flex building in Hollywood, with plans to reconfigure and re-tenant the property.
A company led by Ervin Mendel and Sam Yecutieli sold the 2.5-acre parcel at 2850 Greene Street. The partners are related to the operators of the indoor trampoline center Off The Wall Family Entertainment. Records show they paid $5 million for the property in 2016.
Ted Konigsberg of Infinity Commercial Real Estate represented the sellers. He said they began letting go of tenants after purchasing the property to potentially build-out an entertainment facility, but plans fell through.
Instead, the sellers intend to use the proceeds of the sale to open additional Off The Wall centers throughout South Florida, according to a press release. Previous tenants include the U.S. Census Bureau, a chocolate and pastry ingredients importer and an international watch company, Konigsberg said.
The property features a mix of office, showroom and distribution space. Other features include an elevator that connects to upstairs offices, 24-foot ceiling heights and parking. It is located between Stirling Road and Sheridan Street, has frontage along I-95.
Samuels, a principal at Avid Asset Management, plans to invest roughly $1 million in renovating the property, according to Konigsberg. Samuels is known for repurposing buildings in Manhattan and Brooklyn. He also currently serves as a zoning commissioner of the Village of Atlantic Beach.
Jeffrey Cebula of NAI Merin Hunter Codman represented Samuels in the deal.
Konigsberg, who is also handling leasing for the property, said the vacant building has so far garnered interest from prospective tenants including a luxury car dealership, pharmaceutical and perishable product companies, as well as a few law firms.
Records show Samuel’s Avid Assets Properties Hollywood, LLC financed the purchase with a $6.5 million loan from Ready Capital. The loan was arranged by Bob Dockerty and Nancy Dockerty of Dockerty Romer & Co.
Hollywood has seen an influx of tech and creative tenants in recent years. Major companies by Hollywood include the aerospace manufacturer HEICO Corporation and the online pet retailer Chewy.com.
The property is near the long-planned shopping and entertainment center Dania Pointe, as well as Sheridan Street Tri-Rail Station. It also neighbors the South Florida Design Park and is close to the Design Center of the Americas.