New York-based real estate investment firm RAF Ridge has acquired a three story office building in Hollywood, Fl for $6.55 million. Trading for $327 per square foot the three-story, 20,000 square-foot office building is located at 3801 Hollywood Blvd. Financing was provided by City National Bank with a five-year, 4.25% fixed interest rate loan based on a 25-year amortization schedule. The multi-tenant office building is anchored by Bank of America and is nearly fully occupied.
āWith Broward Countyās office market gaining strength and investors seeking income-producing properties to add to their real estate portfolios, this off-market transaction represented a unique investment opportunity for the New York buyer,ā concluded Charles Penan, Director of Aztec Group.
