Medical office building near Hollywood hospital sells for $11M

The office building at 3702 Washington St., Hollywood.

A medical office building connected via a pedestrian bridge to Memorial Regional Hospital South in Hollywood sold for $11 million.

The 43,606-square-foot medical office at 3702 Washington St. was sold by 3700 Building LLC, managed by Ariel Soffer, Dennis Spiller and Marshall Stauber in Hollywood.

The buyers were FMC 3702 Washington LP with a 75% interest and 439 9th Street Associates LLC with a 25% interest. They are managed by Chaim Cahane, president of Miami Beach-based Forte Capital Management; and Brooklyn, New York attorney Richard A. Kaplin, respectively.

Coral Gables-based Banesco USA provided a $7.15 million mortgage to the buyers.

In fact, the building at 3702 Washington St. was already added to Forte Capital Management’s website as part of its portfolio.

The price equated to $252 per square foot.

The building last traded for $4.37 million in 2004, so it enjoyed a significant gain in value. Memorial Healthcare System acquired the 324-bed hospital next door in 2006 and folded it into the operating license of the larger Memorial Regional Hospital. This likely boosted the value of the medical office buildings, which now house many medical practices that work closely with MHS.

The building was constructed on the 19,725-square-foot lot in 1994.