Cushman & Wakefield Represents Seller In $69M Sale Of Three Building Medical Office Campus
Cushman & Wakefield represented the joint venture of Fox Ridge Capital, Jax Capital Investments and TKF Real Estate Investment in the sale of Venture Center, a premier, professional and medical office complex located at 3440 Hollywood Boulevard and 200-300 S Park Road in Hollywood.
The final sale price was $69 million.
Cushman & Wakefield’s Scott O’Donnell, Dominic Montazemi, Mike Davis, Rick Brugge, Rick Colon, Mike Ciadella, Greg Miller, and Miguel Alcivar represented the joint venture. Chris Lee of CBRE represented the buyer, South Broward Hospital District, a political subdivision of the State of Florida.
“This transaction represents the culmination of a successful business plan in a challenging environment and an exit to the perfect buyer,” said O’Donnell, Executive Managing Director at Cushman & Wakefield. “We always believed there would be interest from Memorial Hospital from the outset, but the successful repositioning of this property into a desirable medical campus is a testament to the hard work and execution from this joint venture.”
Located in Hollywood, the suburban, campus style, professional and medical office complex totaling 254,015 square feet is comprised of three, four-story buildings built between 1982 and 1986 and is situated on 16 acres at the highly trafficked intersection of Hollywood Boulevard and South Park Road. This central location is a half mile west of I-95 and 2.25 miles east of the Florida Turnpike, enjoying easy access to many nearby amenities, including Memorial Hospital’s Main Campus and South Campus.
“We are extremely proud of what we accomplished at Venture Center and the transformation of the property throughout our ownership,” said Grant Horwitz of Fox Ridge Capital. “From the beginning, our objective was to identify an opportunity where we could create meaningful value through strategic improvements, strong leasing and thoughtful repositioning. The successful sale to South Broward Hospital District is a great outcome for our partnership and validates the vision and execution of our investment strategy.”
Key Facts
- Property: Venture Corporate Center
- Location: 3440 Hollywood Boulevard and 200–300 S. Park Road, Hollywood, Florida
- Asset Type: Three-building office/medical office campus
- Transaction Type: Sale
- Buyer: Memorial Healthcare System
- Seller: Venture Center Owner LLC
- Size: 253,742 square feet
- Price: $69 million
- Price Per SF: Approximately $272 per square foot
- Brokers: Cushman & Wakefield represented the seller
- Other Notable Details: The campus is located near Memorial Regional Hospital and includes three four-story buildings. Memorial Healthcare System’s acquisition expands its real estate footprint in Hollywood. The property previously sold for $50 million in 2021.
