Thursday, September 18, 2014

AIDS Healthcare Foundation Sells South Beach, FL Property for $4.5 Million


Steve Hyatt
FORT LAUDERDALE, FL – Berger Commercial Realty Senior Vice President Steve Hyatt recently represented the AIDS Healthcare Foundation in selling a highly sought-after South Beach retail property for $4,572,000 to Heritage Investors, LLC.

Located at 1501 Alton Road and 1509 W. Ave. in Miami Beach, just two blocks south of the popular Lincoln Road shopping area, the property includes a 7,500-square-foot retail building and a three-unit apartment building on 15,000 square-feet of land.

 The retail building has housed the Foundation's Out of the Closet thrift shop since 2011.  The thrift shop will continue to operate at its current location under a short-term lease-back agreement until relocating to a nearby storefront.

 "This property was one of the largest contiguous retail spaces available for sale in the South Beach market," said Hyatt. "With its excellent location and retail zoning, the property was in high demand with a bidding war over the purchase price."

This is the third real estate transaction that Hyatt has closed for the Foundation over the past two years. In January, he represented the Foundation in the sale of a 24,000-square-foot office building and adjoining parking lot, located at 955 S. Federal Highway in Fort Lauderdale, for $2,025,000 to Sapphire Investment Fund, LLC.


 In March 2013, Hyatt closed the Foundation's $4.925 million purchase of the Courthouse Law Plaza, located at 700 and 750 S.E. 3rd Ave in Fort Lauderdale. 

The Foundation later hired Berger Commercial Realty to manage the 52,000-square-foot office property.

For a complete copy of the company’s news release, please contact:

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

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