Brothers Gain 700% On Hollywood Property In 5 Months, Net $42 Million
Memorial Healthcare System paid $49 million for the property with plans to redevelop the property into “a wellness hub.”
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Memorial Healthcare System paid $49 million for the property with plans to redevelop the property into “a wellness hub.”
This is the firm’s second development site acquisition in greater downtown Miami within a period of eight months.
An estimated $566 billion of debt maturities are coming due across the sector over the next five years.
Jordan Todd of United Realty Group represented Universal Chillers. Michael Waite and James Armstrong IV of The Easton Group represented the landlord, Seagis Property Group. Ronald Marrero of Seagis also worked on the deal.
The property consists of 1.61 acres of land and a 13,986-square-foot medical office that will be Blue Cloud Pediatric Surgery Center’s newest Florida location.
Colliers Executive Vice Presidents Michael Falk and Scott Weprin, Senior Associates Jason Weprin, Robert Dabrowski, and Associate Jonathan Temple represented the landlord, McCraney Property Company, in the deal. Managing Director and Partner David Kendall of SVN Safe Haven Advisors represented the tenant, GummyWorks, in the lease negotiations.
“The market is a shifting from a Seller’s market to a market-in-equilibrium and depending on future interest rate increases, it could shift to a Buyer’s market,” commented Osborne. “Demand is high for all asset classes and certain property types that are harder to locate and in demand and are trading quickly at top values like the 1771 S State Road 7 property.”
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Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
The approved plans included 180 residential units, 70 hotel rooms and 9,508 square feet of ground-floor retail.
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