MIAMI-Hollywood Hills Plaza, one of South Florida's earliest shopping centers 20 miles north of Downtown Miami, is under new ownership headed by Barry Ross and William D. Matz.
The 25-year-old, 441,566-sf property, originally developed by William D. Horvitz, was sold by an investor group that includes Miami developer Michael Swerdlow to RM Hollywood Hills Plaza Shopping Center for $28.85 million or $65.34 per sf.
Adjoining outparcels housing three free-standing restaurants, a store and four sites totaling 12,862 sf were sold to the same buyer for $4.15 million, according to Michael Y. Cannon, managing director, Integra Realty Resources, AREEA/South Florida.
Merrill Lynch Mortgage Co. arranged $22.9 million in financing for the buyer. The Swerdlow group has owned Hollywood Hills Plaza for the past 10 years, buying the asset from Horvitz.
Colony Capital Corp and General Electric Capital previously held equity positions in the shopping center ownership but sold their interests in 1996 for an estimated $20 million, according to Cannon.
The property is north of Hollywood Boulevard and east of North Park Road in Hollywood.
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