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Hersha Hospitality Trust sold a Marriott-branded hotel in Coconut Grove for $31 million,
The Real Deal has learned.
The Philadelphia-based hotel real estate investment trust sold the three-building, 140-unit Residence Inn by Marriott to AB Asset Management, led by Getzy Fellig and Sam Zalmanov. The Miami Beach-based buyer plans to upgrade the property at 2835 Tigertail Avenue in Miami and convert it to multifamily, Fellig and Zalmanov said.
AB Asset Management financed the deal with a $27.5 million bridge loan from Harbor Group International, arranged by FM Capital’s Joe Back.
The hotel sold for about $221,000 per unit.
Avison Young’s John K. Crotty, Michael T. Fay, David Duckworth, Brian C. de la Fé, Emily Brais and Berkley Bloodworth represented the seller.
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From left: Highline’s David Moret, Sefira’s Mijael Attias and Aby Galsky with 1040 Weston Road (Avison Young)
A partnership between two South Florida investment firms sold a Weston office building for $8.9 million.
Highline Real Estate Capital, based in Miami, and Sefira Capital, based in North Miami Beach, sold the 27,000-square-foot building at 1040 Weston Road, according to a press release.
The buyer is Shaked 21 LLC, managed by husband and wife Sagi and Anat Shaked. Sagi Shaked is a personal injury attorney and real estate agent in Aventura. Anat Shaked is also an attorney, according to records.
The real estate investment firms bought the building, constructed in 1990, in a two-building, $13 million deal in 2017, according to the release.