Fortec Sells Private School Building in Hollywood for $12M
By Julia Echikson February 12, 2024 4:27 pm
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Fortec sold a private school in Hollywood, Fla., for $11.9 million, property records show.
In 2022, the Miami-based developer completed the 17,000-square-foot school — called Academy of Thought and Industry, and operated by Higher Ground Education — at 2216 Hollywood Boulevard, about half a mile west of the ArtsPark at Young Circle.
The buyer is Cove Capital Investments, a Torrance, Calif.-based investor that specializes in 1031 exchanges. Milo Spector of Northmarq represented the seller in the all-cash deal.
Fortec had purchased the 1-acre site for $4.1 million and secured a $6.3 million construction loan from RBI Private Lending in 2022 with plans to develop a high school for Higher Ground Education, a network of Montessori schools, which signed a 20-year lease.
Higher Ground Education also operates the Guidepost Montessori school next door. The 7,152-square-foot school, which serves students in pre-K through middle school, was not part of the sale to Cove Capital.
Demand for private schools in South Florida has grown since high-net-worth individuals relocated to the region during the pandemic.
Avenues The World School, 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, private Christian school Key Point Academy signed a 62,349-square-foot lease near Edgewater.
Julia Echikson can be reached at jechikson@commercialobserver.com.
