- April 3, 2014
-- FA Commercial is proud to announce the recent sale of the strip center property located at 4322 Hollywood Boulevard in Hollywood, FL. Fabio Faerman of FA Commercial brokered the deal as a representative of the seller. Initially, Fabio was the broker who sold the property in 2009 while it was being leased to Blockbuster, a provider of home movies and video game rental services. A few years later, Blockbuster was closed due to bankruptcy. Instead of opening the property up to a new tenant in 2012, Fabio suggested that the building which was originally built in 1989 to be renovated and divided into three separate spaces. After the renovation of the building, Fabio set out to bring in national tenants to the center, and soon enough Jimmy John’s and For Eyes had become the strip center’s new tenants. Jimmy John’s is a well-known franchised gourmet sandwich restaurant that has grown to more than 1,800 locations and For Eyes is a major retail optical company that has been operating since 1972.
After the successful opening of the two new tenants, Fabio was able to broker the deal and the newly renovated property was sold for $1,220,000. With the strip center having a land area of 18,388-square-
feet and a 5,974-square-
foot building size, the sale amounted to $204 per square foot. The strip center is in close proximity to I-95 and the Florida Turnpike allowing for convenient access to Fort Lauderdale, Miami and other points of interest in the South Florida region. Just a few minutes away is the location of the Young Circle ArtsPark which is a dynamic inner city park featuring 10 acres of lush green space, a spectacular fountain and a modern Amphitheater which is regularly used for public shows and concerts. The deal proved to be very positive as the investor made an ROI of 78% and an IRR of 32% on the holding period.
Fabio Faerman and his team at FA Commercial are pleased to contribute to the progress of commercial real estate market with deals like these. Faerman also recently assisted in the sale of the land used to develop ECHO Brickell. The residential high rise on the east side of Brickell Avenue features 180 state-of-the-
art residences. Designed by renowned architect Carlos Ott, the building has added to Brickell’s status as an international destination.
About FA Commercial Advisors
FA Commercial Advisors provides a complete range of commercial real estate brokerage services – including owner and tenant leasing, acquisition and sales, marketing and consulting – to owners, investors and lessees of all property types. With an extensive international network of real estate professionals throughout the world, we offer local market knowledge on a global level.
About Fortune International Realty Commercial Division
The Commercial Division was created to offer specific advice and service to sophisticated clients, searching for a deep understanding of real estate businesses. This division has the purpose of coordinating and providing services to Fortune International Realty clients as well as residential and commercial associates interested in pursuing commercial real estate transactions