Archives for posts with tag: Hollywood

Hollywood-Land

Fabio Faerman of FA Commercial/Fortune International Realty (FIR) has brokered the sale of 16,676 SF residential lands located in Elm Street & N Surf Rd in Hollywood, FL at a price of $3,300,000 million. The fields, which are only separated by a street from the ocean, sold in an all-cash deal. Fabio Faerman represented the seller, who hold the property for more than 40 years.

These land lots are located in the Hollywood Beach Area of Broward County, Florida; in a mostly reserved land except for a few lots; the lots are surrounded by green, protected areas and are located in the corner across Hollywood Beach. “Since the lots are in a reserved area and only a few are available for sale and constructions, these properties represented a unique and exclusive deal for both, the buyer and the seller” Faerman said. The 16,676 SF are raw lots. The buyer plans to develop the property for future residential townhouses. In the same seller portfolio there are still available for sale 2 oceanfront lots of 6,400 SF. Lots are strategically located in N Surf Rd.

Hollywood, a classic Florida beachtown that’s enchanted visitors since the 1920s. Hollywood Beach features a one-of-a-kind oceanfront along the Atlantic Ocean. The easy ocean access and village-like feel make this a great destination for locals and turist. Numerous highly-rated restaurants, small inns and hotels right on the Broadwalk add a yesteryear charm. Hollywood Beach is among the first in Florida to be designated Blue Wave Beaches, a distinction that places them among the nations cleanest, safest and most user-friendly beaches.

Fabio Faerman and his team at FA Commercial are thrilled to contribute to the progress of Hollywood and the entire South Florida’s commercial real estate market with deals like this. Recently, Mr. Faerman proudly assisted on the closing of 4322 Hollywood Blvd., a former Blockbuster property. Currently, we have 2 new vacant commercial land listed for sale in Van Buren – Hollywood, FL. Additionally, Mr. Faerman and his team have worked on bring international business to South Florida such as Cipriani, a luxury restaurant owned by the sons of famed restaurateur Giuseppe Cipriani. Coya Restaurant already renowned in London and Dubai, Coya is an authentic yet modern Peruvian restaurant. La Cantina # 20 refined Mexican fare in a glitzy space with outdoor patio & authentic curios at the heart of Brickell. Mizzen Plaza a strip mall strategically located in between Coconut Grove and US1, the strip mall is next to Coconut grove metrorail station.

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.

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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

Condominium developer The Related Group has partnered with Miami-based International Sales Group, and is planning to launch up to six new condo projects in the next year.

BY TOLUSE OLORUNNIPA
 

Miami’s largest condo developer has launched a new partnership and is planning to break ground on up to six new high-rises in the next year, the newly formed Related ISG announced Thursday.

The Related Group, the Miami-based developer responsible for erecting condo towers throughout South Florida during the region’s housing boom, joined forces with Miami-based marketing firm International Sales Group to market its new projects to Latin American buyers. The partnership’s strategy is to focus on the international market, relying on cash-wielding buyers to finance much of the construction with large down payments.

“The next couple of years will be dominated by South Americans,” ISG president Craig Studnicky said of South Florida’s real estate market. “In Bogotá, Colombia, condos are selling for more than downtown Miami. In São Paolo, condos are now $1,000 a square foot. When the Brazilians come up here, their mouths drop.”

Related, which had previously announced plans to build a 49-unit, 22-story condo in Hollywood called Apogee Beach and a 234-unit project in downtown Miami called My Brickell, is considering at least four additional projects and has acquired the land necessary to build them.

Related CEO Jorge Perez said details of the projects are still being determined, but locations are already known. Two condos are set to be built in the Brickell neighborhood of downtown Miami, one will be a waterfront building in North Miami and two will be waterfront buildings in the Hallandale Beach/Hollywood area.

The plan is to begin with a single project in Hollywood and another in Brickell, and gauge buyer interest before deciding what to do on the other land sites, Perez said.

“The land is ready,” he said. “We’ve been working on these for a while, and we’re ready to strike.”

The announcement comes at a time when South Florida’s housing market continues to struggle with a large number of underwater homeowners, high rates of foreclosure and unemployment and a glut of nearly 7,000 new unsold condos left over from the mid-decade overbuilding.

ISG chairman Philip Spiegelman said a number of trends, including strong condo sales, growing economies in Latin America, and an improving rental market, justify building new condos in this market.

“We’re selling standing inventory, and that inventory is rapidly diminishing,” said Spiegelman, whose company is also leading sales efforts at condo projects like Vizcayne in downtown Miami and Mei in Miami Beach. “Selling faster than anybody anticipated. It well may be that in a year or a year-and-a-half, we may be sold out.”

The business model for the new projects—which relies on South American buyers to finance most of the construction—shields Related from a lot of the risk it faced during the condo crash, when buyers walked away from their sales contracts and deposits, leaving several condo projects to fall into foreclosure.

By the time construction is finished on the projects, buyers will have paid as much as 80 percent of the purchase price, paying in installments during the course of construction, Perez said.

“This is a method that is unknown in the U.S.,” he said. “But that is the way things are done in Latin America.”

Read more: http://www.miamiherald.com/2011/06/09/2259121/plans-for-new-south-florida-condo.html#ixzz1PGDJL5J2