October 03, 2012 10:30AM
A rendering of the Margaritaville Resort
The proposed Margaritaville Hollywood Beach Resort project is creating strong investor demand in nearby properties, according to Berger Commercial Realty, which recently handled two transactions in the area. The first was a $650,000-square-foot purchase of a 3,300-square-foot retail/office building at 327 Johnson Street, the former site of the Twelve O’Clock High lounge. The second was an $800,000 purchase of the former Long Shore Motel and Apartments, which the buyer plans to renovate into an apartment complex. Berger’s Steve Hyatt and Greg Milopoulos brokered the transactions.
REAL DEAL MIAMI BEACH REAL ESTATE NEWS
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