Brokered by Steve Hyatt of Berger Commercial Realty, the deal includes a 7,500-square-foot retail building currently housing the Foundation’s Out of the Closet Thrift Shop
FORT LAUDERDALE, Fla. (September 22, 2014) – 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.
The Los Angeles-based AIDS Healthcare Foundation is a global organization providing leading-edge medicine and advocacy to more than 200,000 patients in 28 countries. The Foundation’s pharmacies, thrift stores, healthcare contracts and strategic partnerships generate funding to provide medical and advocacy services across the globe. It currently operates four Out of the Closet thrift shops in South Florida.
Founded in 1998, Berger Commercial Realty is a full service commercial real estate firm. A regional, independent and privately-owned firm, its services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory/investment sales, construction/project management, and retail services. For more information, visit bergercommercial.com.