MIAMI-An affiliate of Miami-based Related Group and the Related Cos. of New York City has shelled out $17 million for a Hollywood beachfront parcel that could be home to a future condo-hotel tower.
The 1.3-acre property was sold by Beach One Resort, which is managed by Fortune International Realty President Edgardo Defortuna, according to the South Florida Business Journal. Beach One acquired the property in 2005 for $23 million.
The buyer was 4111 South Ocean Drive, which is managed by PRH Investments, a partnership between Jorge Pérez's Related Group and Miami Stephen Ross' Related Cos. See story in the South Florida Business Journal.
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