5,000 SF Retail Building Near New Hard Rock Hotel & Casino Fetches $428 PSF

Apr 17, 2019 No Comments by

The ONE Sotheby’s Commercial Team of Manny Chamizo, Commercial Director, and Federico Rojkes represented Ocean Investments LLC in the $2,100,000 sale of 5191 State Rd 7, a 4,900-SF retail building located just blocks from the new Seminole Hard Rock Hotel & Casino guitar-shaped resort.

The deal, which closed Friday, April 12, equates to $428 per square foot.

 

“The proximity of this property to the Hard Rock Hotel was a tremendous advantage in the marketing of the property,” said Chamizo, who led the ONE Sotheby’s team.

 

“The New Hard Rock Hotel is one of the most transformative projects to occur in the Hollywood if not the Southeast United States in quite some time,” he added, noting the desirability of the submarket for tenants and investors in the area. “Interest in the State Road 7 submarket shows no signs of slowing down as we just acquired 3 more listings in the area and rents are rising substantially.”

The team approached aggressive buyers in the market “who had the vision of the area.” More than 8 groups expressed interest in the 1964-built property, which is situated on 2 lots totaling 38,400 or .88 acres of land.

 

“The buyer will look back years in the future and be very pleased with this purchase,” commented Rojkes.

 

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!

 

 

Go Ahead...Share!
  • email
  • Print
  • LinkedIn
  • Twitter
  • Facebook
  • Google Bookmarks
  • RSS
  • Add to favorites
Broward County Retail, Industry News, NA, Retail
No Responses to “5,000 SF Retail Building Near New Hard Rock Hotel & Casino Fetches $428 PSF”

Leave a Reply