Greg Masin, Andrea Vigil and Frank Begrowicz Represented CSM-Hollywood Equities, L.P. in the Disposition of 2700 Hollywood Boulevard
The Cushman & Wakefield Retail Brokerage team of Senior Director Greg Masin, Associate Andrea Vigil and Director Frank Begrowicz negotiated the $6.3 million disposition on behalf of CSM-Hollywood Equities, L.P., an affiliate of Rabina Properties, an 18-year client of the firm. The buyer was an affiliate of Elite Plastic Surgery.
Prior to the sale, Masin, Vigil and Begrowicz negotiated an 11,700-square-foot lease with Fresenius Kidney Care South Broward, an affiliate of Bio-Medical Applications of Florida, Inc. The long-term lease and credit associated with Fresenius allowed for a disposition at an enhanced return for the seller. Fresenius is an industry-leading network of more than 2,200 dialysis facilities, outpatient cardiac and vascular labs and urgent care centers.
Elite Plastic Surgery, the practice of Dr. Moises Salama and family, which attracts clients from the continental United States and abroad, will utilize the remainder of the space for its practice.
2700 Hollywood Boulevard comprises an 18,580-square-foot main building developed in 1957 and a 4,534-square-foot outparcel building constructed in 1967. The recent transactions represent the second time value was created on behalf of the client. Cushman & Wakefield also structured a long-term lease 12 years ago to Royal Caribbean Cruise Lines, which used the campus to train onboard entertainment staff.
The buildings sit on a 1.2-acre site just east of Memorial Regional Hospital and the Interstate 95-Hollywood Boulevard exit. The asset offers exceptional visibility on highly trafficked Hollywood Boulevard and is a short distance from Port Everglades, Fort Lauderdale-Hollywood International Airport and the South Broward Regional Courthouse.
“This was a complex transaction that involved a patient, consultative approach and was aided by the Fresenius lease,” said Masin. “The addition of a credit tenant improved the asset’s capitalization rate and will ultimately lead to further job creation for the City of Hollywood. We have had the privilege to represent Rabina Properties for an extended period of time. We count them amongst the most astute, long-term value creation investors we know.”
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