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
REALLY GREAT !!!!!!!!!!!!!!!!!!!!!!!!!!
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