Forte Capital Management buys Hollywood medical offices for $11M

Property is adjacent to Memorial Regional Hospital South

Miami /
Oct.October 19, 2021 02:30 PM

Behind: 3702 Washington Street in Hollywood, FL. Front: Chaim Cahane (President, Forte Capital Management, LLC) & Dov Tepper (Director of Acquisitions, Forte Capital Management, LLC) (loopnet.com, fortecap.com)

Forte Capital Management bought a Hollywood medical office building adjacent to Memorial Regional Hospital South for $11 million.

The Miami Beach-based company purchased the property at 3702 Washington Street, according to Chaim Cahane, president of Forte.

A group of five doctors, including at least three with offices at the property, sold the building through an affiliate, records show. That entity bought the building in 2004 for $4.4 million.

The 43,606-square-foot building, constructed in 1995, spans nearly half an acre, according to property records.

The four-story building is 92 percent leased, said Cahane, who worked with Forte’s Dov Tepper to close the off-market deal.

The real estate investment firm plans roughly $250,000 in improvements to the vacant spaces, common areas and building exterior, allowing rent increases. Rents now are 40 percent below market rate, Cahane said.

The medical office market has proved buoyant amid the pandemic. Florida continues to be a magnet for retirees, many of whom require medical care. The Hollywood medical office building connects through a pedestrian overpass to the hospital.

In one of the biggest medical office and hospital deals of the year, Medical Properties Trust bought five South Florida properties for roughly $900 million.

Forte Capital, which focuses on buying underperforming assets and increasing their value through improvements, has properties in South Florida, New York, New Jersey and Connecticut, according to its website.

In March, Forte and Jon Krasner’s 7G Realty purchased a Wynwood retail property at 310-318 Northwest 25th Street for $11.8 million. East End Capital sold the property, which previously had been in foreclosure. The suit was dismissed as the buyers restructured the debt.





    Related Articles

    arrow_forward_ios
    Seagis pays $30M for rental car center near FLL, plans warehouse
    Seagis pays $30M for rental car center near FLL, plans warehouse
    Seagis pays $30M for rental car center near FLL, plans warehouse
    Gomez Development scores $45M loan to build Aventura medical building
    Gomez Development scores $45M loan to build Aventura medical building
    Gomez Development scores $45M loan to build Aventura medical building
    JV buys West Palm Beach office building for $13M
    JV buys West Palm Beach office building for $13M
    JV buys West Palm Beach office building for $13M
    Key International, Wexford snatch Pompano Beach Marriott for $54M
    Key International, Wexford snatch Pompano Beach Marriott for $54M
    Key International, Wexford snatch Pompano Beach Marriott for $54M
    Aventura assisted living and medical offices project scores $84M construction loan
    Aventura assisted living and medical offices project scores $84M construction loan
    Aventura assisted living and medical offices project scores $84M construction loan
    Wyndham Grand in Hollywood by Sharon Sharaby
    Kosher hotels planned near Seminole Hard Rock Hotel & Casino
    Kosher hotels planned near Seminole Hard Rock Hotel & Casino
    Chad Carroll sells waterfront Hallandale Beach home for record $5M
    Chad Carroll sells waterfront Hallandale Beach home for record $5M
    Chad Carroll sells waterfront Hallandale Beach home for record $5M
    American Commercial Realty buys North Palm Beach property for $36M
    American Commercial Realty buys North Palm Beach property for $36M
    American Commercial Realty buys North Palm Beach property for $36M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...