Downtown Hollywood Developer Buys Young Circle Shopping Center for $16M
The buyer plans to redevelop the shopping center site and the nearby Hollywood Bread Building, which it has under contract.
Developer and investor BTI Partners LLC bought downtown Hollywood’s Young Circle Shopping Center for $15.75 million with plans to redevelop the site as part of its bigger vision for the growing area.
BTI Partners based in Fort Lauderdale plans to create a mixed-use complex with residential, office and retail development in downtown Hollywood.
BTI also has the nearby Hollywood Bread Building under contract to purchase and plans a high-rise, high-end apartment tower on that site.
BTI bought the shopping center Friday from publicly traded real estate investment trust Regency Centers Corp. based in Jacksonville. The purchase breaks down to $244 a square foot.
The 64,574-square-foot shopping center sits on 3.25 acres east of Young Circle between Tyler and Harrison streets at 100-1735 E. Young Circle.
Publix occupied a 24,318 square-foot space at the shopping center from 1961 until a recent relocation, prompting a rise in vacancies at the shopping center.
The location has been attracting attention with the 10-acre ArtsPark at Young Circle regularly hosting events.
“We are bullish on the future of Hollywood’s urban core,” Noah Breakstone, CEO of BTI, said in a news release. “Many cities are turning to large-scale, mixed-use development to fuel new growth and urban revitalization. Downtown Hollywood is prime for this growth and is undergoing a resurgence.”