Entertainment
Fortec sells private school building in Hollywood for $12 million – Commercial Observer
Fortress sold a private school in Hollywood, Fla., for $11.9 million, according to real estate records.
In 2022, the Miami-based developer completed the 17,000 square foot school called Academy of Thought and Industryand operated by Higher Education has 2216 Hollywood Boulevardabout 800 meters west of ArtsPark at Young Circle.
The buyer is Cove Capital Investmentsa Torrance, California-based investor specializing in 1031 exchanges. Milo Spector of Mark of the North represented the seller in the all-cash transaction.
Fortec had purchased the one-acre site for $4.1 million and secured a $6.3 million construction loan from RBI Private Loans in 2022 with the project of developing a high school for Higher Ground Education, a network of Montessori schools, which has signed a 20-year lease.
Higher Ground Education also manages the Montessori guide school next door. The 7,152 square foot school, which serves kindergarten students through college, was not part of the sale to Cove Capital.
Demand for private schools in South Florida has increased since wealthy individuals moved to the area during the pandemic.
Avenues The School of the World, an institution with locations in New York and Brazil, is developing a 700,000 square foot campus in Miami’s Little Haiti neighborhood. Last month, a private Christian school Key Points Academy sign a 62,349 square foot lease near Edgewater.
Julia Echikson can be contacted at [email protected].
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