The Cushman & Wakefield South Florida Industrial Team – Christopher Thomson, Alex VanDresser, Rick Etner, Chris Metzger and Matt McAllister – represented the landlord, Cabot Properties, in the lease negotiations.
The asset sold for $3,000,000.
Vice President Michael Carpenter handled the leasing for SRG, a division of the full-service real estate development firm, Stiles. Both restaurants are anticipated to open in March 2021.
Jason Hochman, Mike Ciadella and Ron Granite of Cushman & Wakefield’s Equity Debt and Structured Finance team secured the new long-term, non-recourse loan through BankUnited.
The property was listed on November 16, under contract December 12 and closed on February 26 at 93.3% of list price.
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Avison Young’s John K. Crotty, CCIM, Michael T. Fay, David Duckworth, Brian C. de la Fé, and Associates Emily Brais and Berkley Bloodworth closed the sale on behalf of the seller, Hersha Hospitality Trust.
The buyer plans a multi-million-dollar project renovation to include an innovative restaurant design upgrade and additional penthouse units.
Hernandez Development , along with development partners Stiles, Merrimac Ventures and JL Capital and Management, have recently completed the 130,852-square-foot self-storage facility with ground floor retail in Fort Lauderdale.
The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.