327 Johnson St. is a two-store commercial strip center. Golani anticipated the drastic potential to increase NOI due to the massive redevelopment of the area thanks to the huge Margaritaville Resort which was built adjacent to the property. Upon a cosmetic facelift of the property, with CRA (Community Redevelopment Agency) funds provided by the City of Hollywood, we were able to perform a cosmetic facelift and then increase market rates dramatically.
TYPE & CLASS OF PROPERTY
Retail strip center, two stores
Prime location in the heart of Hollywood Beach; destination point to all Hollywood Beach tourists.
Approximately 3,500 sqf
Golani obtained a commercial loan at a 70% LTV.
PLANNED HOLDING PERIOD
VALUE ADD OPPORTUNITIES
This retail strip center was purchased in 2012 with two tenants and was redesignated as a value-add opportunity which included a cosmetic facelift, and then a massive increase of rents due to a redevelopment that was done nearby.
ANTICIPATED RETURN TO INVESTORS