Brokers Steve Hyatt and Greg Milopoulos Represent Investor in Two Purchases Totaling $1.45 Million
Berger Commercial Realty Senior Vice President Steve Hyatt and broker Greg Milopoulos recently represented real estate investors in the purchase of two beach-area properties in Hollywood. Both deals closed Aug. 30.
According to Hyatt, the area’s proposed Margaritaville Hollywood Beach Resort project is creating strong investor interest in nearby properties. The $126 million, 349-room resort is planned for a five-acre site between Johnson and Michigan streets.
“Many smaller, older mom-and-pop properties are being turned over and redeveloped,” said Hyatt. “With the City of Hollywood as a strong redevelopment ally, investors are actively seeking properties near the city’s popular beach corridor.”
Hyatt and Milopoulos represented Mile Marker 97, LLC in the purchase of a 3,300-square-foot building, located at 327 Johnson St., from Landmark Bank, N.A for $650,000. The building can be used as office or restaurant space and was formerly known as Twelve O’Clock High Lounge.
Hyatt and Milopoulos also represented Beach Star, LLC in the purchase of a 12-unit motel, located at 2710 N. Ocean Drive, from Landmark Bank, N.A. for $800,000. The property, formerly known as Long Shore Motel and Apartments, was built in 1956 and will be renovated into apartments.