Wilshire Marina Short Sale Completed in Hollywood, FL

 FORT LAUDERDALE, FL, Sept. 24, 2012 - The former Wilshire Marina (top left photo), located at 2308 S. Ocean Drive, Hollywood, FL has sold in an all cash transaction for $3.37 million.

Achikam Yogev (middle right photo), Senior Vice President and Ron Osborne, Vice President, represented the seller, Wilshire Marina, LLC in the transaction, which was well below the original loan amount.

 The 87,120-square-foot property was originally going to be redeveloped into a high end hotel condominium with a marina component. The downturn in the economy had the developer, Wilshire Marina, LLC, looking for alternative uses, including a high end destination restaurant and marina.

 The project was caught in a tough market and faced delays. As a result of the downturn, the property had been in foreclosure for several years and the lender for the property, New Orleans-based Gulf Coast Bank & Trust Company, reached out to Colliers International for advice and assistance.

The lender requested Colliers reach out to the borrower, who Osborne had a previous relationship with. They borrower engaged Colliers to exclusively list the property as a short sale. Within a week of signing the agreement they had contacted several buyers and fielded several offers, from which the seller choose the buyers, Mark and Michael Walsh, to negotiate the sale.

"The property was sold and closed within 45 days of being brought to market," says Yogev. "This was accomplished through a strong relationship with both the lender and property owner." The closing actually would have been even sooner, if not for Hurricane Issac, which was hitting New Orleans, making communications with the bank difficult and postponing the closing for one week.

"The property's location on A1A and Nevada on Hollywood Beach, among the development activity within that CRA, will bring even more traffic to the property and increase value," says Osborne. 

For further information, please contact:  

 Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com